Market Mover | ResMed shares jump 7%, released strong quarterly results

-Revenue increased by 7% to $1.2 billion, up 7% on a constant currency basis compared with the prior year period. This was driven by increased demand for its sleep devices and the strong growth across its mask product portfolio.

-Gross margin grew 260 bps to 57.9%, and non-GAAP gross margin grew 240 bps to 58.5% compared with the prior year period. These improvements were attributed to reduced freight and manufacturing costs.

-Income from operations increased 25%, and non-GAAP operating profit up 23% compared with the prior year period.

-Diluted earnings per share increased 29%, and non-GAAP diluted earnings per share increased 27% compared with the prior year period, predominantly attributable to strong sales and gross margin as well as modest growth in operating expenses.

Additionally, a quarterly dividend of $0.48 per share has been declared. It is important to recognize that this amount translates to 4.8 US cents per share for ResMed's securities listed on the ASX.

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