The ResMed Inc (ASX: RMD) share price climbed 1.84% higher on Tuesday to a new 52-week high of $21.84 per share.
The S&P/ASX 200 Index (INDEXASX: XJO) bounced back on Tuesday and ResMed was one large-cap stock leading it higher.
So, what's driving the ResMed share price higher and is there still time to buy in 2019?
Why the ResMed share price is climbing higher
The ResMed share price has climbed 36.16% higher in 2019 as the medical device company continues to grow.
ResMed's strong Q4 result rounded out a strong FY 2019 result for ResMed and its shareholders.
The company's full-year revenue jumped 11% to US$2.6 billion and ResMed's gross margin climbed 80 basis points to 59%.
ResMed continued the strong earnings growth trend in October with an impressive Q1 2020 result.
The ResMed share price rocketed as much as 15% on 25 October after reporting year-on-year (YoY) net operating profit growth of 19%.
Consensus earnings per share was 87 US cents, but ResMed smashed those expectations by delivering 93 US cents.
Improvements in operating leverage and strong customer demand from its mask category were big drivers of the strong result.
Targeted acquisitions throughout the year have also helped build out ResMed's earnings profile to both expand and diversify revenue streams.
Investors have been scrambling to get a hold of the company's shares in 2019 as the outlook for FY 2020 is also looking quite solid.
Is there still time to buy?
While the ResMed share price hit a new 52-week high yesterday, the company is far from a top performer on the ASX 200 this year.
My calculations put ResMed in the top 50 or so performing stocks amongst the benchmark group in 2019.
However, the Aussie medical group does boast a market cap of $9.17 billion and could provide good large-cap exposure in your portfolio.
ResMed is currently yielding 0.70% per annum so I wouldn't be relying on it for strong dividend income in the coming years.
