Ann: ResMed Announces Results for the First Quarter of FY2024, page-36

Thank you for sharing, key takeaway i can see from this:
- Management saying record number of new patients starting up, i will give them that. the growth of new patient is however in decline i would argue. combined device sale has saw two quarters of consequtive decline, which is a big red flag to me as device sale makes up over 50% of their total revenue.


- They also been comparing current market penentration to 2050 addressable market, which is rather misleading. Hopefully in good intention.
- only possitive sign is their mask sale continued to grow, reasonablely expected as more patients means more comsumptions.

- SaaS revenue has been flat in the last 3 quarters, persumabley this should have a good growth profile with more patient starting and a higher margin?


Overall, my conclusion is RMD has hit a bottle neck in improving the growth rate of new patient uptake, hence the margin and multiple contraction.
If they can maintain the level of new patients, at the same time improve SaaS and mask sales and their margin on that. at current multiple, still a good investment.

again, my 3 cents worth hopefully can get more disccussion of this page and help understand RMD better.