ResMed sees top and bottom line Q1 beats on strong demand for sleep devices

• ResMed's (NYSE:RMD) Q1 2023 financial results beat on both lines.
• Net income in the quarter rose ~30% compared to the prior-year period to $232.5M ($1.58 per share, basic and diluted vs $1.22).
• ResMed (RMD) said it was helped in the quarter by continued high demand for its sleep and respiratory care devices. The company has benefitted as a result of rival Philips (PHG) recall of some of its CPAP and BiPAP devices.
• Operating expenses rose ~23% year over year to $317.1M.
• The company ended the quarter with cash and cash equivalent of ~$227.9M, a ~17% decline compared to Dec. 31, 2022.

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