Resmed/RMD

The ResMed quarterly is out, looks like a beat to consensus expectations.

Revenues are growing strongly, with Resmed moving into new markets, and rolling out the flagship new product, Airsense 11.

There was a bunch of restructuring and redundancies across the quarter, resulting in the difference between underlying operating earnings (which grew 20%) and actual, which was flat.

The restructuring is an attempt to respond to some of the margin pressures that ResMed has been feeling, from the inflationary backdrop (like all firms, searching for cost savings).

Overall, a good result. Airsense should drive revenues for a number of years, and the company has the track record to suggest margins will rebound over time in line with expectations.

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