ResMed

With cash piling up on its balance sheet, we initiated coverage on sleep apnoea treatment company ResMed recently in ResMed v Cochlear a two horse race on 20 Mar 12 (Hold – $3.02). Despite significant research and development and share buyback programs, ResMed still has more cash than it knows what to do with. As at 31 March, the company had net cash of $US540m on its balance sheet. So it makes sense that ResMed has decided to commence paying dividends at US$0.17 per quarter from the first quarter of the 2013 fiscal year. This represents a payout ratio...

With cash piling up on its balance sheet, we initiated coverage on sleep apnoea treatment company ResMed recently in ResMed v Cochlear a two horse race on 20 Mar 12 (Hold – $3.02). Despite significant research and development and share buyback programs, ResMed still has more cash than it knows what to do with. As at 31 March, the company had net cash of $US540m on its balance sheet.

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