American investors couldn’t get enough of Resmed shares overnight Tuesday – the chased the stock so hard that at one stage it was outperforming Netflix. In early trading resmed shares were up 17.7% against a 13.2% gain for Netflix.
Near the end of Wall Street trading Resmed shares were up 14.8% at $US100.25, the first time share shares have cracked that level. Netflix shares were up more than 10% at over $US251.
Resmed was the best performed share in the S&P 500 after they were up 8.4% on Tuesday to $A11.97. At Tuesday’s Wall Street levels Resmed is valued at more than $US14.2 billion, an all time high.
ResMed shares surged in Australia after it revealed strong sales numbers for the December quarter.
Overall revenue for the three months to December was up 13% to $US601.3 million. Revenue for Brightree, cloud-based clinical software business acquired in April 2016, was $38.7 million, an increase of 14%.
“We had a strong quarter with double-digit revenue and operating profit growth” said Mick Farrell, ResMed’s chief executive officer.
“Our masks have performed well around the world, device sales are solid, and our cloud-based software continues to grow rapidly..
The company said it will release its ResMed-branded portable oxygen concentrator, Mobi, before the end of the current quarter.
