ResMed has just missed analyst expectations for its March-quarter earnings, with chief executive Mick Farrell describing conditions in the key US market as challenging.
The company, which makes products to help patients with sleep breathing disorders, posted revenue of $US397.8 million ($428 million) for the three months to March 31. This was just below analysts' consensus expectations of $US401 million, but up from $US383.6 million in the previous period.
Diluted earnings a share rose from US58¢ to US63¢, just missing analyst expectations of US64¢.
The company's shares fell 1.79 per cent to $US46.75 on Wednesday in the US. The stock is up 3.04 per cent over the past year. ResMed previously had its primary listing on the ASX before moving to the New York Stock Exchange.
Mr Farrell said the company was ''pleased with our third-quarter results in the face of challenging market conditions, particularly in the US''.
''Our Americas business showed encouraging trends and we continue to benefit from our globally diversified business, with constant currency revenue growth of 6 per cent in combined Europe and Asia-Pacific businesses for the quarter.
''In particular, our European results were strong across the board, with most countries showing solid growth.''
