Also Macquarie
ResMed Inc. (RMD AU)Taking a breatherKey points RMD’s 2Q19 result was below our forecasts, with revised cost guidanceahead of expectations. Americas growth remains robust, but with a moderation in RoW devicesgrowth anticipated over the balance of FY19. We see medium-longer term opportunities from SaaS acquisitions, but nearterm risks for the core sleep business. Retain an Underperform rating.
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