ResMed Set to Finish Fiscal 2019 Strongly; but Performance Already Baked Into Our Unchanged FVE
Shares in ResMed are beginning to screen as overvalued following the release of third-quarter results. Revenue growth of 11% in the nine months ended March is broadly in-line with our updated full-year forecast of 12%. We pull back our forecasts for the core devices business, which slightly trailed our expectations, but our long-term estimates remain intact. ResMed has carved a narrow economic moat and commands a dominant position in sleep apnoea. We expect the firm can continue to bolster its s...
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