As you've mentioned in the past, IXHL holders shouldn't expect to receive 100% of the TAM in this space, or 100% of the market share. So I'm unsure the relevance of your screenshot and the current SP for Resmed. Are you implying that their success is equal to our failure? IXHL can only win if Resmed's SP is regressing? This is just one of any factors.
Your chart shows me that the demand for OSA solutions is increasing and there is enough demand to go around. At $4bn, even just 5% of Resmed's current market share is a healthy $200m in revenue per year. And Resmed's SP can take a very sharp dive overnight with strong trial results from IXHL (or any material competitor disruption). These historic gains you're presenting wouldn't mean very much then.
Just wondering what is the point you're trying to make exactly?
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