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Friday, Jul 19, 2024
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ResMed’s Q1 Net Income Drops to $88.5 Million

San Diego medical device company ResMed Inc. reported a drop in net income for the first quarter of 2016.

The company, which primarily makes devices for sleep-disordered breathing, reported an $88.5 million net income for Q1, down from last year’s $91 million net income in the same period.

ResMed also reported $455 million Q1 revenue, up from $422.5 million in the same quarter last year.

The earnings reflect expenses associated with ResMed’s acquisition of both Inova and Brightree earlier this year, the company stated.

ResMed shares closed at $60.95 on Tuesday, trading on the New York Stock Exchange under the stock symbol RMD.

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