ResMed is well-positioned for growth amid an underpenetrated sleep apnoea market.
Narrow-moat ResMed delivered a strong final quarter with solid growth on all fronts and geographies despite falling slightly short of our expectations for the full year. Non-GAAP net income of USD 508 million on group revenue of USD 2.3 billion, was up 27% and 13% respectively, year on year, compared with our forecasts of USD 551 million and USD 2.3 billion. Nonetheless, mask sales impressed, growing at around 13%, in constant currency, in the fourth quarter and above market rates for the full y...
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