August 5, 2008 / 8:41 PM / 11 years ago

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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