Strong Sales Growth in Consumables Masks ResMed's Sluggish Device Sales
We retain our USD 101 fair value estimate for narrow-moat-rated ResMed following the release of second-quarter results to December 2018. Strong momentum in mask sales continued from the first quarter, while device sales, particularly outside the Americas, disappointed. Although the strong sales growth in the firm's small software-as-a-service business was impressive, ResMed's earnings and moat are underpinned by its core sleep apnoea business, which enjoys switching costs and a commanding market...
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