ResMed’s Share Price Jumps After Positive Trading Update

The ResMed share price jumped 4.5% on Thursday after the medical device company released a positive trading update.

The company said that it expects to report revenue growth of 14-16% in the first half of the 2023 financial year, with underlying net income growth of 12-14%. This is ahead of analysts’ expectations, who had been forecasting revenue growth of 12.5% and underlying net income growth of 11.5%.

ResMed said that the strong performance was driven by growth in all of its key markets, including the Americas, Europe, and Asia-Pacific. The company also said that it is seeing strong demand for its new products, such as the AirSense 11 CPAP machine and the Astral Sleep Monitor.

The positive trading update was welcomed by investors, who sent the ResMed share price up 4.5%. The shares are now trading at $35.50, which is their highest level since July 2022.

Analysts said that the strong performance from ResMed is a sign that the company is well-positioned to benefit from the growing demand for medical devices. The company is also benefiting from the increasing prevalence of chronic diseases, such as sleep apnea and COPD.

ResMed is a global leader in the development and manufacture of medical devices for sleep apnea, COPD, and other respiratory conditions. The company’s products are used by millions of people around the world.