UPDATE 1-ResMed quarterly profit rises nearly 7 pct
(Adds earnings details)
LOS ANGELES, Aug 5 (Reuters) - U.S. respiratory equipment maker ResMed Inc (RMD.N) reported a nearly 7 percent rise in quarterly profit on Tuesday on sales of its devices to assist sleep-related breathing disorders.
The company posted a net profit of $29.6 million, or 38 cents per share, for its fiscal fourth quarter, compared with a profit of $27.7 million, or 35 cents per share, a year ago.
Excluding product recall expenses, San Diego-based ResMed said it earned 40 cents per share. Analysts on average expected 39 cents per share, according to Reuters Estimates.
Revenue jumped 23 percent to $235.2 million for the quarter ended June 30, ahead of the Reuters Estimates forecast of $220.3 million.
ResMed and bigger rival Respironics Inc control about 80 percent of the $2 billion U.S. market for sleep breathing devices, a rapidly growing market as people become more aware of the links between sleep disorders and heart disease and diabetes.
Shares of ResMed, which rose 2.5 percent to close at $38.25 on the New York Stock Exchange, were unchanged in after hours trading. (Reporting by Deena Beasley, editing by Leslie Gevirtz)
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