By Ben Glickman
Shares of ResMed sank Friday after the company profit and revenue missed estimates in the fiscal fourth quarter.
The stock was down 17% to $181.71 in morning trading, on pace for its largest percentage point fall since January 2019. Shares have shed 12% so far this year.
The San Diego-based medical device company reported a fiscal fourth quarter profit of $229.7 million, or $1.56 a share, compared with $195.1 million, or $1.33 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.60.
The company’s revenue rose 23% to $1.12 billion, missing the $1.14 billion forecast by analysts, according to FactSet.
The company’s margins tightened in the quarter because of unfavorable product mix and higher component and manufacturing costs.
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