Intrinsic value of ResMed - RMD

Previous Close

$113.83

  Intrinsic Value

$62.96

stock screener

  Rating & Target

sell

-45%

Previous close

$113.83

 
Intrinsic value

$62.96

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of RMD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 16.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.10
  14.09
  13.18
  12.36
  11.63
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.11
  5.99
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
Revenue, $m
  2,379
  2,714
  3,072
  3,451
  3,853
  4,275
  4,718
  5,182
  5,667
  6,172
  6,698
  7,245
  7,814
  8,405
  9,020
  9,658
  10,322
  11,012
  11,729
  12,476
  13,253
  14,062
  14,905
  15,783
  16,700
  17,656
  18,654
  19,696
  20,785
  21,923
Variable operating expenses, $m
  1,805
  2,040
  2,291
  2,558
  2,840
  3,137
  3,449
  3,775
  4,115
  4,470
  4,707
  5,092
  5,492
  5,907
  6,339
  6,788
  7,254
  7,739
  8,243
  8,768
  9,314
  9,883
  10,475
  11,093
  11,737
  12,409
  13,110
  13,842
  14,608
  15,408
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,805
  2,040
  2,291
  2,558
  2,840
  3,137
  3,449
  3,775
  4,115
  4,470
  4,707
  5,092
  5,492
  5,907
  6,339
  6,788
  7,254
  7,739
  8,243
  8,768
  9,314
  9,883
  10,475
  11,093
  11,737
  12,409
  13,110
  13,842
  14,608
  15,408
Operating income, $m
  574
  674
  780
  893
  1,012
  1,138
  1,270
  1,407
  1,551
  1,702
  1,990
  2,153
  2,322
  2,498
  2,681
  2,870
  3,068
  3,273
  3,486
  3,708
  3,939
  4,179
  4,430
  4,691
  4,963
  5,247
  5,544
  5,853
  6,177
  6,515
EBITDA, $m
  786
  897
  1,015
  1,141
  1,273
  1,413
  1,559
  1,713
  1,873
  2,040
  2,214
  2,394
  2,582
  2,778
  2,981
  3,192
  3,411
  3,639
  3,877
  4,123
  4,380
  4,647
  4,926
  5,216
  5,519
  5,835
  6,165
  6,510
  6,869
  7,246
Interest expense (income), $m
  28
  58
  71
  84
  98
  113
  129
  145
  163
  181
  200
  220
  241
  263
  285
  308
  333
  358
  384
  411
  440
  469
  500
  532
  565
  600
  636
  673
  713
  754
  797
Earnings before tax, $m
  516
  603
  696
  795
  899
  1,009
  1,124
  1,244
  1,370
  1,501
  1,770
  1,912
  2,060
  2,213
  2,372
  2,538
  2,710
  2,888
  3,075
  3,268
  3,469
  3,679
  3,898
  4,126
  4,363
  4,611
  4,870
  5,141
  5,423
  5,718
Tax expense, $m
  139
  163
  188
  215
  243
  272
  304
  336
  370
  405
  478
  516
  556
  597
  640
  685
  732
  780
  830
  882
  937
  993
  1,052
  1,114
  1,178
  1,245
  1,315
  1,388
  1,464
  1,544
Net income, $m
  377
  440
  508
  580
  657
  737
  821
  908
  1,000
  1,096
  1,292
  1,396
  1,503
  1,615
  1,732
  1,852
  1,978
  2,109
  2,244
  2,386
  2,533
  2,686
  2,845
  3,012
  3,185
  3,366
  3,555
  3,753
  3,959
  4,174

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,463
  3,950
  4,471
  5,024
  5,608
  6,223
  6,868
  7,543
  8,248
  8,984
  9,749
  10,546
  11,374
  12,234
  13,129
  14,058
  15,024
  16,029
  17,073
  18,160
  19,291
  20,468
  21,695
  22,974
  24,308
  25,700
  27,152
  28,670
  30,255
  31,911
Adjusted assets (=assets-cash), $m
  3,463
  3,950
  4,471
  5,024
  5,608
  6,223
  6,868
  7,543
  8,248
  8,984
  9,749
  10,546
  11,374
  12,234
  13,129
  14,058
  15,024
  16,029
  17,073
  18,160
  19,291
  20,468
  21,695
  22,974
  24,308
  25,700
  27,152
  28,670
  30,255
  31,911
Revenue / Adjusted assets
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
Average production assets, $m
  1,220
  1,392
  1,576
  1,771
  1,976
  2,193
  2,421
  2,659
  2,907
  3,166
  3,436
  3,717
  4,008
  4,312
  4,627
  4,955
  5,295
  5,649
  6,017
  6,400
  6,799
  7,214
  7,646
  8,097
  8,567
  9,057
  9,569
  10,104
  10,663
  11,246
Working capital, $m
  530
  605
  685
  770
  859
  953
  1,052
  1,156
  1,264
  1,376
  1,494
  1,616
  1,742
  1,874
  2,011
  2,154
  2,302
  2,456
  2,616
  2,782
  2,955
  3,136
  3,324
  3,520
  3,724
  3,937
  4,160
  4,392
  4,635
  4,889
Total debt, $m
  1,309
  1,554
  1,815
  2,092
  2,386
  2,694
  3,018
  3,357
  3,711
  4,080
  4,464
  4,864
  5,280
  5,712
  6,161
  6,628
  7,113
  7,617
  8,141
  8,687
  9,254
  9,845
  10,461
  11,103
  11,773
  12,472
  13,201
  13,962
  14,758
  15,590
Total liabilities, $m
  1,738
  1,983
  2,245
  2,522
  2,815
  3,124
  3,448
  3,787
  4,141
  4,510
  4,894
  5,294
  5,710
  6,142
  6,591
  7,057
  7,542
  8,046
  8,571
  9,116
  9,684
  10,275
  10,891
  11,533
  12,203
  12,901
  13,631
  14,392
  15,188
  16,019
Total equity, $m
  1,724
  1,967
  2,227
  2,502
  2,793
  3,099
  3,420
  3,757
  4,108
  4,474
  4,855
  5,252
  5,664
  6,093
  6,538
  7,001
  7,482
  7,982
  8,502
  9,043
  9,607
  10,193
  10,804
  11,441
  12,105
  12,798
  13,522
  14,277
  15,067
  15,892
Total liabilities and equity, $m
  3,462
  3,950
  4,472
  5,024
  5,608
  6,223
  6,868
  7,544
  8,249
  8,984
  9,749
  10,546
  11,374
  12,235
  13,129
  14,058
  15,024
  16,028
  17,073
  18,159
  19,291
  20,468
  21,695
  22,974
  24,308
  25,699
  27,153
  28,669
  30,255
  31,911
Debt-to-equity ratio
  0.760
  0.790
  0.820
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
Adjusted equity ratio
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  377
  440
  508
  580
  657
  737
  821
  908
  1,000
  1,096
  1,292
  1,396
  1,503
  1,615
  1,732
  1,852
  1,978
  2,109
  2,244
  2,386
  2,533
  2,686
  2,845
  3,012
  3,185
  3,366
  3,555
  3,753
  3,959
  4,174
Depreciation, amort., depletion, $m
  212
  223
  235
  248
  261
  275
  290
  305
  321
  338
  223
  241
  260
  280
  300
  322
  344
  367
  391
  416
  441
  468
  496
  526
  556
  588
  621
  656
  692
  730
Funds from operations, $m
  589
  663
  743
  828
  918
  1,012
  1,110
  1,214
  1,322
  1,434
  1,515
  1,637
  1,764
  1,895
  2,032
  2,174
  2,322
  2,475
  2,635
  2,801
  2,974
  3,154
  3,342
  3,538
  3,742
  3,954
  4,177
  4,409
  4,651
  4,905
Change in working capital, $m
  70
  75
  80
  85
  89
  94
  99
  103
  108
  113
  117
  122
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  188
  196
  204
  213
  223
  232
  243
  254
Cash from operations, $m
  519
  589
  664
  743
  828
  917
  1,012
  1,110
  1,214
  1,321
  1,398
  1,515
  1,637
  1,763
  1,895
  2,032
  2,174
  2,322
  2,475
  2,635
  2,801
  2,974
  3,154
  3,342
  3,537
  3,741
  3,954
  4,176
  4,408
  4,651
Maintenance CAPEX, $m
  -69
  -79
  -90
  -102
  -115
  -128
  -142
  -157
  -173
  -189
  -206
  -223
  -241
  -260
  -280
  -300
  -322
  -344
  -367
  -391
  -416
  -441
  -468
  -496
  -526
  -556
  -588
  -621
  -656
  -692
New CAPEX, $m
  -160
  -172
  -184
  -195
  -206
  -217
  -227
  -238
  -249
  -259
  -270
  -281
  -292
  -303
  -315
  -328
  -340
  -354
  -368
  -383
  -399
  -415
  -432
  -451
  -470
  -490
  -512
  -535
  -559
  -584
Cash from investing activities, $m
  -229
  -251
  -274
  -297
  -321
  -345
  -369
  -395
  -422
  -448
  -476
  -504
  -533
  -563
  -595
  -628
  -662
  -698
  -735
  -774
  -815
  -856
  -900
  -947
  -996
  -1,046
  -1,100
  -1,156
  -1,215
  -1,276
Free cash flow, $m
  291
  338
  390
  446
  507
  572
  642
  715
  792
  874
  923
  1,011
  1,104
  1,200
  1,300
  1,404
  1,512
  1,624
  1,740
  1,861
  1,987
  2,117
  2,253
  2,394
  2,541
  2,694
  2,854
  3,020
  3,194
  3,375
Issuance/(repayment) of debt, $m
  230
  245
  261
  277
  293
  309
  324
  339
  354
  369
  384
  400
  416
  432
  449
  467
  485
  504
  524
  545
  568
  591
  616
  642
  670
  699
  729
  762
  796
  832
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  230
  245
  261
  277
  293
  309
  324
  339
  354
  369
  384
  400
  416
  432
  449
  467
  485
  504
  524
  545
  568
  591
  616
  642
  670
  699
  729
  762
  796
  832
Total cash flow (excl. dividends), $m
  520
  582
  651
  724
  800
  881
  966
  1,054
  1,146
  1,243
  1,307
  1,411
  1,519
  1,632
  1,749
  1,870
  1,997
  2,128
  2,264
  2,407
  2,555
  2,709
  2,869
  3,036
  3,211
  3,393
  3,583
  3,782
  3,989
  4,206
Retained Cash Flow (-), $m
  -226
  -243
  -259
  -275
  -291
  -306
  -321
  -336
  -351
  -366
  -381
  -397
  -412
  -429
  -445
  -463
  -481
  -500
  -520
  -541
  -563
  -587
  -611
  -637
  -664
  -693
  -723
  -756
  -789
  -825
Prev. year cash balance distribution, $m
  462
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  756
  339
  392
  448
  510
  575
  644
  718
  795
  877
  926
  1,014
  1,107
  1,203
  1,303
  1,407
  1,516
  1,628
  1,744
  1,865
  1,991
  2,122
  2,258
  2,399
  2,547
  2,700
  2,860
  3,026
  3,200
  3,381
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  725
  311
  341
  369
  395
  417
  435
  449
  457
  460
  440
  433
  421
  404
  383
  358
  330
  300
  269
  237
  206
  176
  148
  122
  99
  79
  61
  47
  35
  25
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ResMed Inc. is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases. SDB includes obstructive sleep apnea (OSA) and other respiratory disorders that occur during sleep. Its cloud-based software digital health applications, along with its devices, are designed to provide connected care to improve patient outcomes. The Company's portfolio of products includes devices, diagnostic products, mask systems, headgear and other accessories, dental devices, portable oxygen concentrators (POCs) and cloud-based software informatics solutions. The Company produces Continuous Positive Airway Pressure (CPAP), Variable Positive Airway Pressure (VPAP) and AutoSet systems for the titration and treatment of SDB.

FINANCIAL RATIOS  of  ResMed (RMD)

Valuation Ratios
P/E Ratio 47.3
Price to Sales 7.8
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 39.1
Price to Free Cash Flow 47.2
Growth Rates
Sales Growth Rate 12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.4%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 55.1%
Total Debt to Equity 55.1%
Interest Coverage 16
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 13.3%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 14.8%
Return On Equity 18.7%
Return On Equity - 3 Yr. Avg. 20.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 58.2%
Gross Margin - 3 Yr. Avg. 58.8%
EBITDA Margin 27%
EBITDA Margin - 3 Yr. Avg. 29%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 22.7%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 23.4%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 18.9%
Effective Tax Rate 18.4%
Eff/ Tax Rate - 3 Yr. Avg. 19.1%
Payout Ratio 54.4%

RMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RMD stock intrinsic value calculation we used $2066.737 million for the last fiscal year's total revenue generated by ResMed. The default revenue input number comes from 0001 income statement of ResMed. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RMD stock valuation model: a) initial revenue growth rate of 15.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RMD is calculated based on our internal credit rating of ResMed, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ResMed.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RMD stock the variable cost ratio is equal to 76.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RMD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for ResMed.

Corporate tax rate of 27% is the nominal tax rate for ResMed. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RMD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RMD are equal to 51.3%.

Life of production assets of 15.4 years is the average useful life of capital assets used in ResMed operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RMD is equal to 22.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1960.266 million for ResMed - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 142.684 million for ResMed is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ResMed at the current share price and the inputted number of shares is $16.2 billion.

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COMPANY NEWS

▶ 5 Companies Hit 52-Week Highs   [Sep-11-18 11:44AM  GuruFocus.com]
▶ What Do Analysts Think About ResMed Incs (NYSE:RMD) Growth?   [Aug-14-18 11:34AM  Simply Wall St.]
▶ ResMed: Fiscal 4Q Earnings Snapshot   [06:15PM  Associated Press]
▶ ResMed to Announce Fourth Quarter Fiscal Year 2018 Results   [Jul-05-18 04:05PM  Business Wire]
▶ Brightree Announces eReferral Integration with athenahealth   [Jun-14-18 09:05AM  Business Wire]
▶ [$$] ResMed to Acquire Pamlico Capital's HealthcareFirst   [May-29-18 01:51PM  The Wall Street Journal]
▶ 3 Stocks for Baby Boomers to Reach Their Goals   [May-22-18 10:34AM  Motley Fool]
▶ Are ResMed Incs (NYSE:RMD) Interest Costs Too High?   [May-05-18 07:47PM  Simply Wall St.]
▶ ResMed's Profits Jump 32%   [02:03PM  Motley Fool]
▶ ResMed: Fiscal 3Q Earnings Snapshot   [Apr-26-18 04:37PM  Associated Press]
▶ Company Profile for ResMed   [Apr-06-18 10:40AM  Business Wire]
▶ ResMed to Announce Third Quarter Fiscal Year 2018 Results   [Mar-29-18 04:05PM  Business Wire]
▶ GEMCO Medical Announces Brightree Partnership   [Feb-07-18 11:36AM  PR Newswire]

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