By Bageshri Banerjee
April 30 (Reuters) – Medical device maker ResMed beat third‑quarter profit estimates on Thursday, driven by strong demand for its medical devices, while appointing Aaron Bloomer as its new chief financial officer.
The company, whose flagship devices help manage sleep apnea, also downplayed the impact of increasingly popular GLP‑1 weight‑loss drugs on demand. Obesity often increases the chances of developing sleep apnea, a common disorder marked by repeated interruptions in breathing.
• ResMed said adjusted profit for the quarter ended March 31 was $2.86 per share, compared with analysts’ average estimate of $2.80 per share, according to data compiled by LSEG.
• Quarterly revenue came in at $1.43 billion, up 11% from a year earlier and higher than Wall Street estimates of $1.42 billion.
• ResMed denied that weight-loss drugs would have an impact on demand for its sleep trackers.
• “Both GLP1s and wearables alike are driving more patients to talk with their doctors, and ultimately, we believe this will lead to more patients coming into the ResMed ecosystem,” said Chairman and CEO Mick Farrell.
• Meanwhile, the company said Aaron Bloomer, formerly with Exact Sciences, has joined ResMed as its chief financial officer, replacing Brett Sandercock.
• Founded in Australia and now headquartered in California, ResMed makes non‑invasive continuous positive airway pressure (CPAP) devices, which help manage sleep apnea.
(Reporting by Bageshri Banerjee; Editing by Jonathan ananda)
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