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ResMed shares fall as 1Q results miss expectations

The Associated Press

NEWS: ResMed Inc. said Thursday that its fiscal first-quarter net income rose 14 percent, but results still missed Wall Street expectations and shares fell in after-hours trading.

DETAILS: The San Diego-based company makes medical products for respiratory disorders. ResMed's CEO said in a statement that the company faced tough competition during the quarter. But sales of its new Quattro Air breathing mask were strong.

NUMBERS: Net income rose to $80.9 million, or 56 cents per share, in the three months that ended Sept. 30. That compares with $71.3 million, or 49 cents per share, in the same period a year ago.

Revenue rose 5 percent, to $357.7 million from $339.7 million.

Analysts expected earnings of 58 cents per share and revenue of $373.5 million, according to FactSet.

STOCK: In after-hours trading, ResMed shares fell 12 percent $49.35. They slipped 80 cents, or 1.4 percent, to close at $56.31 earlier Thursday, up 36 percent for the year.