Home Top Movers Here is why ResMed Inc. (RMD) stock plummeted on Thursday

Here is why ResMed Inc. (RMD) stock plummeted on Thursday

ResMed Inc.(RMD) stock lost 6.21% and closed at $195.00 per share in the after-hours session on Thursday, April 29, 2021. Earlier in the morning, RMD lost 1.08%.

RMD shares have gained 33.01% over the last 12 months, and they have moved down by 0.15% in the past week. Over the past three months, the stock has lost 3.71%, while over the past six months, it has surged 12.47%.

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Financial results

On April 29, 2021, ResMed Inc announced financial results for its third fiscal 2021 quarter ended March 31, 2021.

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Q3 2021 highlights

  • Q3 20201 revenue was $768.8 million compared to 769.5 million in Q3 2020
  • GAAP gross margin was 58.2% for the reported quarter compared to 58.4% in Q3 2020
  • ResMed net income was (loss) 78.5 million in Q3 2021compared to $163.1 million in Q3 2020.
  • Q3 2021, GAAP diluted earnings (loss) per share was $0.54 compared to $1.12 per share in Q3 2020.
  • Non-GAAP diluted earnings per share were $1.30 in the reported quarter compared to $1.29 per share in Q3 2020.

Participation in the investor conference

ResMed will be participating virtually at the Macquarie Australia Conference on Wednesday, May 5, 2021. The conference will begin at approximately 8:45 a.m. (Australian Eastern Standard Time) via video webcast.

Earlier, the company participated in a virtual fireside chat at the KeyBanc Capital Markets’ Life Sciences & MedTech Investor Forum held on Tuesday, March 23, 2021.

Rob Douglas, president, and chief operating officer, and Brett Sandercock, the chief financial officer of ResMed presented the company.

2nd quarter 2021 financial results

On January 28, 2021, ResMed announced results for its 2nd 2021 quarter ended December 31, 2020.

  • Q2 2021 revenue was $800.0 million compared to $736.2 million in Q2 2020.
  • GAAP gross margin was 57.8% in Q2 2021, compared to 58% in Q2 2020.
  • Net income was $179.5 million or earning per share of $1.23 in Q2 2021 compared to $160.6 million or earning per share of $1.10 in Q2 2020.
  • SG&A expenses were $169.5 million in Q2 2021 compared to $171.4 million in Q2 2020.
  • R&D expenses were $54.9 million compared to $49.9 million in the same quarter in 2019.
  • Non-GAAP net income was $206.4 million or non-GAAP diluted earnings per share of $1.41 for the reported quarter compared to $176.3 million or non-GAAP diluted earnings per share of $1.21 in Q2 2020.

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Conclusion

The poor financial results announcement was the reason behind its sinking on Thursday. RMD can further slump on Friday based on its recent financial result announcement.

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