Shares in ResMed slumped 13 per cent after the medical equipment maker said currency exchange movements led to an 11 per cent fall in its first quarter net profit.
Resmed said its net profit for the three months to September 30 was $US50.5 million ($A48.35 million), down from $US56.7 million ($A54.28 million) in the previous corresponding period.
The company, in a statement on Tuesday, said its operating expenses in the quarter were higher due to the appreciation of the Australian dollar and of the euro against the US dollar.
That offset higher net revenues in the first quarter, up 12 per cent from the previous corresponding period to $US314.8 million ($A301.37 million).
Shares in the company dropped 39 Australian cents, or 13 per cent, to close at an almost three-month low $A2.61.
Resmed develops equipment to manage breathing and respiratory disorders that inhibit sleep.
Chief executive Peter Farrell said revenue in the Americas increased by nine per cent on the previous corresponding period, and revenue in its other markets was up 15 per cent.
“Worldwide, our growth in flow generators was mainly driven by sales of the S9 AutoSet and VPAP Adapt SV,” he said in a statement on Monday (US time, Tuesday AEDT).
“Patient interface sales continue to perform strongly in all regions.”
