ResMed [ASX: RMD] stocks were sent soaring today after the sleep apnoea company reported record fourth-quarter and year-end earnings.
Revenue for the year ended June 30, 2008 was A$914 million, up 17 per cent on last year, with net profit A$120 million.
The final quarter of the financial year - which has been muted at best for other biotech stocks - saw earnings of over A$277 million, up 23 per cent on the same quarter last year.
ResMed CEO Kieran Gallahue said the industry in the US had received positive signals of continued growth, in addition to a welcome consensus statement from the International Diabetes Foundation recommending that type 2 diabetics are screened for sleep apnoea.
The ResMed share price has soared since the announcement, increasing over 14 per cent to $4.61 today.
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