ResMed (NYSE: RMD) reported Q3 EPS of $1.29, $0.25 better than the analyst estimate of $1.04. Revenue for the quarter came in at $769.5 million versus the consensus estimate of $722.52 million.

Third Quarter 2020 Highlights

• Year-over-year revenue grows 16%, non-GAAP operating profit up 31%
• Balanced growth across product portfolio, software solutions, and global markets
• Focused on combating COVID-19 pandemic through increased ventilator production and ongoing partnership and support of key global stakeholders

All comparisons are to the prior-year period

• Revenue increased 16% to $769.5 million; up 17% on a constant currency basis
• GAAP gross margin of 58.4%; non-GAAP gross margin expanded 70 bps to 60.0%
• Net operating profit increased 39%; non-GAAP operating profit up 31%
• GAAP diluted earnings per share of $1.12; non-GAAP diluted earnings per share of $1.29

“We are operating during unprecedented times, and I am extremely proud of the way our global ResMed team has responded to the COVID-19 crisis,” said Mick Farrell, ResMed’s CEO. “Our primary goals are the safety and well-being of our team members, and the preservation of life – helping people breathe while their immune system fights this coronavirus. We have rapidly pivoted our business to respond by ramping up production of life support ventilators, non-invasive ventilators, and ventilation mask systems for the people who need them most, wherever they live.

“We continue to execute our long-term strategy, supporting customers around the world with digital health technologies and out-of-hospital management software, enabling them to continue to provide better care for those suffering from sleep apnea, COPD, asthma, and for people in out-of-hospital care settings. As we progress through the global COVID-19 pandemic, we are delivering world-leading solutions to governments, health authorities, hospitals, physicians, providers, and, most importantly, to patients.

“Looking ahead, we are confident in our ability to navigate through the challenging clinical and economic environment to deliver for all our stakeholders. Our culture, operational resilience, strong balance sheet, business continuity plans, and growth prospects have positioned us well. In the near term, we remain vigilant and thoughtful about the outlook for our business as we continue to serve our customers and successfully weather the crisis. Over the longer term, we believe our strong foundation will accelerate the adoption of much-needed digital health solutions in the field of respiratory medicine.”

For earnings history and earnings-related data on ResMed (RMD) click here.