ResMed: Interim result 2014

ResMed's latest result was a case of deja vu: sales continue to suffer from US competitive bidding, but margins improved thanks to the lower $A.

The anaologies were coming thick and fast in the conference call for ResMed’s interim result. We were told that the second round of Medicare competitive bidding in the US was like a thunderstorm that passed through town and we’re now dealing with the clean-up, and that the flow of patients in the US is like a kinked hose that the company is trying to straighten out. But it all amounts to the same thing – the ‘dislocation’ caused by US competitive bidding reported in the first-quarter results is ongoing and shows few immediate signs of going away.

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