(Reuters) – Medical equipment maker ResMed reported fourth-quarter revenue in line with estimates on Thursday, on steady demand for its sleep apnea treatment devices.
The company’s quarterly revenue rose 9% to $1.22 billion, in line with estimates of $1.22 billion.
ResMed makes ventilators and machines that provide continuous and bilateral positive airway pressure, known as CPAP and BIPAP, which are used for non-invasive treatment of sleep apnea.
Sleep apnea is a condition where the airway gets blocked multiple times while sleeping.
The California-based company reported adjusted profit of $2.08 per share for the quarter ended June 30, narrowly beating estimates of $2.07 per share, according to LSEG data.
Separately, Eli Lilly said in June that its popular weight-loss drug Zepbound helped resolve moderate to severe obstructive sleep apnea in up to 52% of patients in two late-stage trials.
ResMed has previously shrugged off concerns over weight-loss drugs such as Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound being tested to treat sleep apnea.
Shares of the company were down 4.7% at $204.51 after the bell.
(Reporting by Unnamalai L and Sneha S K in Bengaluru; editing by Alan Barona)
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