RESMED WKN 895878 - Medtechwert mit großem Wachstum auf Jahre hinaus - 500 Beiträge pro Seite

[spaceistheplace]

Hallo,

ist jemand von Euch in RESMED WKN 895878 investiert? Ich bin es seit Kurzem und für mich eine Top-Aktie im Medizintechniksektor. Resmed ist ein führender Hersteller für medizinische Geräte zur Behandlung von Schlafapnoe und anderen Atemwegserkrankungen. Dieser Sektor hat weiteres Potential. Resmed ist erst in den Anfängen sein Tätigkeitsbereich weltweit auszudehnen.
Rel. konstante Wachstumsraten über Jahre und diese auch noch rel. hoch um die 30% per anno.
Der aktuelle kleine Rücksetzer im Kurs kann als Einstiegschance genutzt werden.
Der Chart spricht Bände, wenn man die Übertreibung Ende der 90er und die dann notwendigerweise erfolgte Konsolidierung herausnimmt, zeigt der Chart fast eine Gerade von linbks unten nach rechts oben.

Unten noch ne aktuelle meldung zum Marketing in Europa.

Gruss space



01.09.2006 10:21
ResMed Europe verstärkt Marketingteam
Heike Geiling zum Director Marketing Communication Europe bestellt Basel (ots) - Heike Geiling hat die Leitung Marketingkommunikation bei ResMed Europe übernommen. Sie verantwortet in dieser Funktion den Markenauftritt des Unternehmens in Europa, die strategische Zielgruppenansprache der verschiedenen Geschäftsbereiche, die Steuerung nationaler PR-Kampagnen, die Organisation europäischer Veranstaltungen sowie die Mediaplanung. Mit dem Ausbau des Marketings will ResMed einen einheitlichen Markenauftritt gegenüber seinen Kunden sicherstellen. Zuvor leitete Heike Geiling die Marketingkommunikationsabteilung der ResMed GmbH&Co. KG in München. Das Unternehmen ResMed ResMed ist ein führender Hersteller für medizinische Geräte zur Behandlung von Schlafapnoe und anderen Atemwegserkrankungen. Wir widmen uns der Entwicklung innovativer Produkte, um das Leben der unter dieser Störung leidenden Menschen zu verbessern und um bei Patienten und Fachleuten im Gesundheitswesen ein erhöhtes Bewusstsein dafür zu schaffen, dass Schlafapnoe bei mangelnder Behandlung potenziell gravierende gesundheitliche Folgen haben kann. Für weitere Informationen über ResMed besuchen Sie bitte die Website http://www.resmed.com. ots Originaltext: ResMed Europe Internet: www.presseportal.ch Kontakt: Heike Geiling Director Marketing Communication Europe ResMed Europe C/o ResMed Schweiz AG Viaduktstrasse 40 4051 Basel Schweiz Tel. [phone]'70'55 Fax [phone]'70'80 E-Mail: [e-mail]

[spaceistheplace]

was für Quartalszahlen von RESMED !!!!
Diese Story ist noch lange nicht vorbei...
Gruss space

09.11.2006 00:52
ResMed 1Q profit, sales rise
SAN DIEGO (AFX) - Respiratory medical equipment maker ResMed Inc. (Nachrichten) on Wednesday said first-quarter net income grew by more than 52 percent on strong sales of its core products.

Net income of $25 million, or 32 cents per share, compared with $16.4 million, or 23 cents per share, last year. Barring one-time costs, the company reported a profit of $28.8 million, or 37 cents per share, compared with $21.5 million, or 28 cents per share, in the year-ago period.

Revenue for the quarter jumped 29 percent to $163.6 million from $127.1 million last year buoyed by a 34 percent jump in domestic sales and a 23 percent increase in international revenue, according to the company.

Analysts polled by Thomson Financial, on average, expected a profit of 32 cents per share on sales of $161.6 million.

'This quarter we saw continued strength in the sales of our core products, including the Swift nasal pillows system and our full face masks,' said Peter C. Farrell, ResMed's chairman and chief executive, in a statement, adding that the initial response to the company's newly launched VPAP Adapt SV, used to treat complex or mixed sleep apnea is encouraging.

Shares of ResMed slid 3 cents to $43.75 in after-hours trading on the INET electronic stock exchange after dipping 14 cents to end at $43.78 on the New York Stock Exchange.


Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

[Simonswald]

Hej Space!

Welche Gründe gab's denn eigentlich für die Schwächephase in 02? Immerhin mal glatt halbiert damals! Nur eine Korrektur einer Übertreibung oder was anderes? Die Gefahr solcher Kursturbulenzen hält mich immer davon ab, groß in solche "Einproduktfirmen" einzusteigen.

Ich denke zwar auch, dass RMD zum Besten im US-Medtech-Bereich gehört. Aber wie gesagt, würde ich immer nur eine kleine Position darin halten wollen.
Und wie sicherst du gegen Dollarverfall ab?

Was ist eigentlich mit Respironics los? Die sind immerhin knapp dopptelt so groß (nach Umsatz), wachsen aber deutlich langsamer und haben eine kleinere Nettomarge als RMD. Auch das KGV ist mir 22 vs 30 bei RMD deutlich geringer. Siehst du da Potenzial bei RESP?

[spaceistheplace]

Antwort auf Beitrag Nr.: 25.993.582 von Simonswald am 07.12.06 12:19:08

Jou Simonswald, das war ne Übertreibung wie bei allen Aktien auch aus dem gesundheitssektor. Ne Pfizer hatt auch mal ein KGV von fast 50. Der Gewinntrend ist bei RMD seit Jahren in Takt, immer so um die 30% per anno. das 2007er KGV liegt nach US-ASngaben bei rd. 26, also eigentlich fair, wenn die wachstumsraten so bleiben sollten. Klar können mal schlechte Nachrichten kommen...
Ich habe nicht so viel darin investiert, weil mir der spekulative Charakter bewußt ist, jedoch habe ich mein Investment bisher nicht bereut.
Bei einem Kursrücksetzer würde ich an Deiner stelle mal ein paar teile kaufen...
Deine andere Firma kenne ich nicht...habe auch zu wenig zeit, mich darum zu kümmern...

Gruss space

[spaceistheplace]

Die Aussichten für RSMED sind bestens!!! STRONG BUY auch jetzt noch...
Gruss space

ResMed predicts its growth by 2011
Sunday January 14, 2007, 3:49 pm

Sleep disorder and equipment manufacturer ResMed Inc has predicted its growth will double within four years as it helps people get a better night's sleep.

ResMed, which is based in Australia and the US, creates personal breathing devices that help people who have sleeping disorders.

ADVERTISEMENT


Chief executive and founder Peter Farrell said on Sunday ResMed had only entered into three per cent of the US market and almost two per cent of the rest of the world.

He predicted growth of 20 per cent a year, doubling within four years.

"It's a marathon and we're just lacing up our shoes," he told Sky News Sunday Business.

"Could we do better? Maybe. It takes a while to get traction. But our limit to growth is our ability."

In November, ResMed posted a net income of $US24.99 million ($A32.47 million) for the September quarter, compared with $US16.4 million ($A21.03 million) in the previous corresponding quarter.

Revenue for the quarter was $US163.6 million ($A209.78 million) - up 29 per cent.

ResMed said the result was boosted by a 34 per cent sales increase in the US, and 23 per cent in the rest of the world.

Mr Farrell, the founding chairman of Resmed, which is now having to employ an additional 500 staff a year, said the company had tapped only a small proportion of the market for sleep devices.

He said sleeping disorders were a major problem for three out of 10 adults and left untreated could lead to serious illnesses including heart disease.

He said the disorders, which start with snoring, were related to hypertension.

"It wasn't even a horse in the race a few years ago," he said.

"Hypertension is the number one cause of heart disease and the number one killer, the number two is cancer, the number three killer is stroke.

"Hypertension is the number one cause of stroke. So one can argue that left untreated it's the number one and the number three causes of death in the Western world.

"Occupational health could well be the biggest of them all."

Mr Farrell said ResMed's program - Sleep for a Healthy Life - basically helped people get a better sleep and stopped life threatening illnesses from developing.

[spaceistheplace]

und noch ne Analyse...

January 13, 2007

THE sleep disorder market is the biggest untapped medical market in the world.
It starts with snoring and sleep apnoea but it extends to heart attacks, diabetes, impotence, occupational health, obstetrics and many other areas.

Australian-based ResMed is the global leader in this market and is almost certainly one of Australia's premier growth stocks among the top 50 companies.

Only ABC Learning would rival it among the non-resource stocks.

ResMed is forecasting 20 per cent growth into the foreseeable future but it has been growing at an average annual rate of 32 per cent for 10 years.

The company's internal targets are closer to past performance.

Any company with turnover of around $1 billion growing at more than 20 per cent a year has a significant management challenge.

The market is backing ResMed management to deliver.

Excluding stock-based compensation, restructuring and acquisition expenses, the company earned $US1.42 a share in 2005-06 or $1.82 based on a US78c exchange rate.

Three years of 25 per cent growth would take earnings per share to about $3.50 and a 30 per cent growth rate would lift earnings to about $4.

That's why the stock is priced around $63 or a price-earnings ratio of 35.

If you use official US accounting standards, earnings per share fall to $US1.16 or $1.49, which takes the PE ratio above 40.

If anything goes wrong with a stock like ResMed over the next three years, the price will be severely punished.

ResMed and the US company Respironics each have about 40 per cent of the global sleep market. But ResMed has been growing its sleep business at twice the rate of the US company.

ResMed founding chairman and CEO Peter Farrell explains why the potential market for sleep disorder treatment is so huge.

He believes that about one in three or four people in the Western world have sleep disorders, of which the main disorder is obstructive sleep apnoea (OSA), which is the No1 cause of hypertension.

Hypertension is the main cause of two of the top three Western world killer illnesses - heart failure and stroke.

But it has also been discovered that sleep disorder problems exist in a large number of type 2 diabetes sufferers. Sleep disorders also play a role in obstetric and gynaecology problems.

Farrell says that although ResMed has achieved enormous growth rates, the potential is huge because the medical profession is only just waking up to the role of sleep disorders in so many of their patients' illnesses.

The sleep market starts with the "simple" problem of snoring.

Farrell says: "The problem is that if you are 'just a snorer', it is your bed partner that suffers and it probably breaks up more marriages than infidelity and financial issues.

"And we can fix it. Unfortunately, there is an appalling lack of education about sleep disordered breathing and obstructive sleep apnoea in medical schools.

"As a consequence, physicians often incorrectly refer patients with sleep disorders to urologists (study of urine), gastroenterologists (stomach), cardiologists (heart), neurologists (headaches), psychiatrists (personal), and so on, without any appreciation of the underlying sleep disorder pathology."

In addition, in the US the market for sleep disorder treatments is greatly slowed because a simple treatment process is made much more complex by elaborate testing bureaucracies.

Farrell says that apart from the lack of education in medical schools, one of the reasons the profession has been so slow to recognise the role of sleep disorders in so many killer illnesses is that "medicine stops when the lights go out".

"Think of a hospital," he says. "You've got the least qualified staff volunteering to work all night. And at night, there is the lowest number of staff to patients. The guy (just) sits there with a book."

A buzzer goes off. He goes down and fixes the drip. He goes back to the book. There is no observation.

"It is a bit like Sherlock Holmes to Doctor Watson," Farrell says. "Doctor Watson, you see but you don't observe. There is no observation at night.

"It is all 'I'll see you in the morning'."

ResMed is working to change medical attitudes, but it is a slow process.

It has about 4 million patients being treated around the world and it sells about 80,000 breathing devices and 360,000 masks each month.

The devices vary from a standard $1000 unit to sophisticated ventilators that closely measure breathing for patients with severe heart problems. Margins on the standard lower-priced units are low, but are much higher once more sophisticated equipment is used.

Most patients need new masks regularly, so the company has a substantial annuity income and the mask business is high-margin.

And because the cause of people's illness is being curbed, their lives are being extended and so the ResMed annuity stream is a long-term one.

If there is a big rise in the usage of sleep disorder treatments, then not only will ResMed enjoy initial income from the sale of devices but its annuity stream will underwrite a higher level of long-term earnings.

And to further assist annuity streams, many of the new ResMed masks actually trigger a re-ordering process once they are near the end of their life.

ResMed is working in the US to simplify its apparatus and therefore widen the market.

It has been helped by the US private trucking giant Schneider, which has about 15,000 drivers.

Chief executive Chris Lofgren went on a ResMed machine and saw the benefits. Now 1000 of his truck drivers have had their sleep disorders eliminated by ResMed machines. Lofgren has told them: "If you don't use your machine, go find another job."

Penetrating the US occupational health and safety market will be a long process, but the Schneider policy was a big breakthrough and if, longer-term, Schneider health problems are substantially reduced, it will help open the US market.

What can go wrong with ResMed? Obviously, the current dramatic results linking sleep disorders to so many killer illnesses must not be contradicted by later findings and the high machine safety record must be maintained.

It is remarkable that so few companies compete in this market.

To protect its market leadership, ResMed has 1000 patents existing or in progress and has effectively established a spider web of patents so that if a patent is about to expire, the company has intellectual property process to follow through.

The company believes this protects its position, but obviously if a new sleep disorder treatment breakthrough was made by a rival it would affect its growth, although big new developments usually take time.

ResMed spends about 6 per cent of its revenue on research and has a strong pipeline of new products to improve sleep treatments and develop new markets.

The pains of growth won't be easy to manage. The company recently spent $250 million building a factory in Sydney and now thinks it probably should have spent four times that, given the growth rate.

Because of the growth rate required by the market, management succession will be important.

It is likely that in the next year or two Farrell will hand over the CEO reins to his No2, Kieran Gallahue, but he will remain as founding chairman.

Two years ago Gallahue was promoted to president of ResMed Global, assuming responsibility for global operations, new business development and product innovation, in preparation for a future CEO handover.



The Australian

[Pontiuspilatus]

Heute + 3,5%

Is ja nicht grad viel los hier space

Naja die meisten deutschen haben entweder gar keine Aktien, investieren in die Telekom, Optionsscheine,
oder ins gute alte Sparbuch

Nun ja jedem seine. Schade eigentlich das sich keiner Resmed interessiert.

Also falls doch jemand mal hier reinschauen sollte, ein paar Fakten zu Resmed:

Marktkapitalisierung: ca 4 Mrd. $
Erwarteter Umsatz 2007; ca. 750 Mio.
" 2008: ca. 900 Mio.
gescätztes Wachstum der nächsten 5 Jahre ca. 20 % p.a.
KGV 2008 27,8

US Börsenkürzel: RMD

Man muss dazu sagen das das Wachstum beim Umsatz in den letzten Jahren eher bei 30% + und beim Gewinn noch wesentlich höher (ca.+50 %)lag.
Ich gehe davon aus das auch die zukünftigen Wachstumsraten sehr konservativ geschätzt sind.

Aber nun zum wichtigsten: Wer ist Resmed und was machen die?

ResMed ist der führende Hersteller auf dem Gebiet der respiratorischen Medizintechnik und spezialisiert auf die Entwicklung innovativer Lösungen für die Diagnose und Therapie schlafbezogener Atmungsstörungen.

Das schöne dabei ist das der Markt bisher kaum erschlossen ist und noch auf Jahre hinaus hohe Wachstumsraten haben wird.
Wer am zweifeln ist, sollte einfach mal auf www.bigcharts.com gehen und den chart bei dem Börsenkürzel rmd auf maximum stellen

Nachteile:
Als Nachteil fällt mir nur die zugegebenermasen doch recht hohe Bewertung ein. Der Nachteil relativiert sich jedoch wenn man sieht das Resmed immer teuer war und dies solange die Wachstumsraten stimmen vermutlich auch bleiben wird.

Also falls sich doch noch jemand finden sollte der in diese Perle investieren will, wärs schön wenn mal ein bisschen leben in den thread kommt.


gruß pontius

[spaceistheplace]

Antwort auf Beitrag Nr.: 27.378.492 von Pontiuspilatus am 02.02.07 20:27:29

Schön, Pontiuspilatus, dass Du Dich auch hier meldest. Wir sind auf dem gleichen Dampfer, glaube ich (STRYKER, COACH...). Immerhin wird der Thread hier wohl öfters gelesen, wenn die Statistik bi WO stimmt.
Ich weiß auch nicht, warum niemand etwas dazu schreibt. Okay, die nachrichtenlage ist auch in den USA nicht üppig, aber trotzdem. Ein Unternehmen solcher Konstanz wie RESMED findet mal in Europa kaum, mir fäkllt nur die Deutsche STRATEC ein, jedoch ist die spekulativer. Die daten, die Du aufführst, sprechen für sich. Klar ein KGV 2008 von 27 ist nicht ohne, aber Qualität hat seinen Preis.
Ich bin zufrieden, wenn die Aktie im Rahmen der jährlichen Gewinnsteigerungen an Wert zulegt. Bei 20-30% per anno, was will man mehr.....
In den letzten Monaten gings rasant nach oben. ich könnte mir da jetzt schon vorstellen, dass mal eine kleine Korrektur kommt, die nur gesund sein kann.

Noch ein schönes Wochenende
Gruss space

P.S.: Wie wärs mit nem Thread zu COACH, damit wir nicht bei STRYKER schreiben müssen....

[Pontiuspilatus]

Coach thread ist grad online gegangen ;-)

[Pontiuspilatus]

@ space

Ja wir scheinen unsere Aktien nach ähnlichen Kriterien zu wählen.
Wichtig ist es mir nicht einfach irgendwas zu kaufen sondern die Firmen kritisch zu analysieren und bei Rückschlägen einzusteigen bzw zuzukaufen.

In Deutschland gibt es leider nicht viele konstant überdurchschnittlich stark wachsende Unternehmen die eine erstklassige Marktposition haben.

Deutsche Unternehmen haben meist in den zyklischen Branchen eine sehr starke Position z.B Maschinenbau. Dadurch explodieren die Aktien zwar im Konjunkturaufschwung wie man z.b an MAN oder Thyssen Krupp sieht aber wenn die Konjunktur nicht mehr läuft brechen die Gewinne und mit Ihnen die Aktienkurse zusammen.
Momentan habe ich an Deutschen Werten nur Rhön Klinikum und United Internet (seit IPO 1998, hab den ganzen Börsencrsh mitgemacht und nicht verkauft. Gott sei dank United internet hat sich nämlich seit Ende 2001 ganz gut erholt ;-) )

Mein Ansatz ist es meine Investments unter Unternehmen auszuwählen die vom Konjunkturzyklus weitestgehend unabhängig sind.
Schwerpunkte sind deswegen insbesondere in den Branchen Pharma (AMGN, PFE), Medizintechnik (SYK,RMD,MDT), Dienstleistungen (CTSH,APOL)und nichtzyklische Konsumgüter (PG,JNJ,MO)

RMD, und auch COH mögen im Moment zwar teurer sein als der Durchschnitt aber eben auch nicht ohne grund

bis dann

Pontius

[spaceistheplace]

Antwort auf Beitrag Nr.: 27.420.226 von Pontiuspilatus am 04.02.07 16:33:42

Jou Pontius, wir denken gleich. Meine Favoriten sind ebenfalls Firmen, die rel konjunkturunabhängig sind, deren Story stimmt, die gut gemanagt werden (eines der wichtigsten Kriterien für mich) und daher langfristig wachsen. Früher oder später erreichen diese Aktien neue Höchsstände, wenn die Wachstumsstory stimmt.

Meine Favoriten sind:
USA: Danaher, Stryker, Resmed, Bank of Nova Scotia, Coach, Starbucks; spekulativ: Bombardier
EU: H&M, Roche, Serco, Pernod Ricard; spekulativ:Stratec Biomedical

Gruss space

[spaceistheplace]

heute kommen nachbörslich die Quartalszahlen.....mal sehen, was sie uns bringen werden...
Gruss space


Reminder - ResMed to Webcast Second Quarter 2007 Earnings Conference Call

Last Update: 7:45 AM ET Feb 6, 2007


SAN DIEGO, Feb 06, 2007 /PRNewswire-FirstCall via COMTEX/ --
RESMED INC. announced today that on Tuesday, February 6, 2007, it will release its second quarter 2007 earnings for the period ended December 31, 2006. ResMed will issue an earnings press release after 1:00 p.m. Pacific Time and will host a conference call to review its quarterly results, market trends, and future outlook.
The conference call is scheduled to begin at 2:00 p.m. Pacific Time and will be webcast on ResMed's website at www.resmed.com. The online archive of the broadcast will be available approximately 30 minutes after the live call and will continue to be available for two weeks.
International conference call times will be:

10:00 p.m. London
9:00 a.m. Sydney, Australia (February 7, 2007)

[Pontiuspilatus]

ResMed Inc. Announces Record Financial Results for Quarter and Six Months Ended December 31, 2006
Tuesday February 6, 4:30 pm ET

SAN DIEGO, Feb. 6 /PRNewswire-FirstCall/ -- ResMed Inc. (NYSE: RMD - News) today announced record revenue and income results for the quarter ended December 31, 2006. Revenue for the quarter was $178.4 million, a 22% increase over the quarter ended December 31, 2005. For the current quarter, pro forma income from operations and pro forma net income were $47.0 million and $33.7 million, an increase of 23% and 25%, respectively (pro forma measures exclude the impact of stock-based compensation costs, restructuring expenses and amortization of acquired intangible assets, which are described below). Pro forma diluted earnings per share for the quarter ended December 31, 2006, were $0.43, an increase of 20%, compared to the December 31, 2005, quarter. GAAP operating income was $40.7 million for the current quarter, while net income was $29.0 million or $0.37 per diluted share. Gross margin was 62.6% for the quarter ended December 31, 2006.

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Pro forma selling, general and administration (SG&A) costs for the quarter were $53.5 million, an increase of $8.2 million, or 18%, over the same period in fiscal 2006. Pro forma SG&A costs were 30% of revenue in the December quarter, compared to 31% in the same period in fiscal 2006. GAAP SG&A costs were $57.3 million for the quarter, an increase of $8.4 million or 17% over the quarter ended December 31, 2005. The increase in SG&A was primarily due to the addition of selling and administration personnel and related expenses necessary to support our sales growth.

Pro forma research and development expenditure during the quarter was $11.5 million, or approximately 6% of revenues. GAAP R&D expense during the quarter was $12.0 million or approximately 7% of revenue. GAAP R&D expenses increased 40% year over year and are expected to remain between 6% and 7% of net revenue through fiscal year 2007.

For the six months ended December 31, 2006, revenues were $342.0 million, an increase of 25% over the $273.5 million for the six months ended December 31, 2005. For the six months ended December 31, 2006, pro forma income from operations and pro forma net income were $87.6 million and $62.5 million, an increase of 28% and 31%, respectively. GAAP net income for the six months ended December 31, 2006, was $54.0 million or $0.69 per diluted share.

Amortization of acquired intangibles of $1.7 million ($1.1 million net of tax) incurred during the quarter ended December 31, 2006, consisted of amortization of acquired intangible assets associated with our acquisitions of Resprecare, Hoefner, Saime, PolarMed and Pulmomed. Stock-based compensation costs incurred during the quarter ended December 31, 2006, of $4.6 million ($3.6 million net of tax) consisted of expenses associated with stock options granted to employees and the employee stock purchase plan.

The Company is providing tabular reconciliation of GAAP operating income and GAAP net income with pro forma operating income and pro forma net income, excluding the impact of stock-based compensation costs, restructuring expenses and amortization of acquired intangible assets, for the three-month and six-month periods ended December 31, 2006, and December 31, 2005.

Inventory, at $141.9 million, increased by $25.7 million compared to June 2006 levels primarily to accommodate sales growth and the introduction of new products including the Adapt SV and Tango. Accounts receivable days sales outstanding, at 72 days, were marginally higher than the December 2005 levels of 70 days.

Peter C. Farrell, PhD, Chairman and Chief Executive Officer, commented, "In the second quarter of fiscal 2007, overall Americas sales for our sleep products increased by 23%; including sales from our motor division, Americas sales increased by 20% over the year ago quarter. In this regard it is noted that the ResMed motor division has significantly reduced sales of low margin non-core products to concentrate more exclusively on the supply of motors for ResMed products. Sales growth in sleep products for the Americas reflects continuing strong demand for our Swift nasal pillows system, our full-face masks and the Adapt SV, which was only launched in the previous quarter. Sales outside of the Americas totaled $84.4 million, a 24% increase over last year. Operating cash flow for the September quarter was $18 million."

Dr. Farrell continued, "We are pleased with the in-roads we continue to make into the cardiology and complex sleep apnea markets with the Adapt SV and we are making good progress with our Occupational Health strategy. We are also excited by the upcoming launch of the Tango into the value end of the CPAP market."

[spaceistheplace]

nachbörslich gings dann 3% nach unten. Ich denke, dass dies an den gegenüber First Call leicht verfehlten Umsätzen erfolgt ist. Jedoch alles in allem super zahlen!
Gruss space

ResMed quarterly earnings rise

SAN FRANCISCO (MarketWatch) -- ResMed Inc. after Tuesday's closing bell reported second-quarter net earnings of $29 million, or 37 cents a share, compared with $22.3 million, or 30 cents a share, in the same period last year, boosted by higher sales of sleep products. Excluding stock-based compensation, among other items, the maker of medical equipment posted per-share earnings of 43 cents vs. 36 cents last year. Revenue rose 22% to $178.4 million from $146.4 million. Analysts polled by Thomson Financial had expected revenue of $182 million.

[Pontiuspilatus]

heute - 7,5 %
Die Börse hat wohl noch mehr erwartet.
Würd ich aber trotzdem als sell on good news betrachten.
Aussichten bleiben Positiv. Paar Tage dann berappelt sich auch der Kurs wieder.

gruß pontius

[Pontiuspilatus]

ResMed Shares Fall on 2Q Sales Cutback
Wednesday February 7, 4:05 pm ET
ResMed Shares Drop As 2Q Revenue Falls Short on Sales Halt of Low Margin Products

NEW YORK (AP) -- Shares of ResMed Inc. fell Wednesday after the medical device maker booked second-quarter revenue below Wall Street estimates after cutting back on sales of lower-margin products.

ResMed shares dropped $4, or 7.4 percent, to $50.07 in afternoon trading on the New York Stock Exchange at nearly five times their average volume. Shares have traded between $38.19 and $56.16 over the past 52 weeks.

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On Tuesday after the closing bell, the maker of respiratory devices for sleeping disorders posted adjusted earnings of 39 cents per share, in line with analysts' target, according to Thomson Financial, but booked revenue of $178.4 million, under the consensus of $182 million. The company decided to stop selling lower-margin, non-health care products during the quarter.

First Albany analyst Jason Mills downgraded the company to "Neutral" from "Buy," recommending that shareholders not sell the stock. In a research note, Mills said he anticipates slowing growth stemming from the decision to stop selling the low margin products, and from supply constraints on the company's new Tango continuous positive airway pressure device, which may delay a full launch.

William Blair & Co. analyst Ben Andrew believes that the company would have brought in about $181 million in revenue had it not stopped sale of the non-health care products.

[spaceistheplace]

spätestens bei 40 Dollar kaufe ich nach...

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.078.831 von spaceistheplace am 02.03.07 20:42:29

nein, muss mich korrigieren...habe heute ein paar teile dazu gekauft, wir sind rd. 20% unter Hoch.
Trotzdem verwundert es mich, dass sich außer Simonswald und Pontius keiner für so einen Wert interessiert. Da können Fresenius und Konsorten zu Hause bleiben gegen Resmed...
Gruss space

[Pontiuspilatus]

denke auch das mann bei kursen zwischen 42 und 46 gut nachkaufen kann.
KGV 2008 momentan ca. 23. Dies ist für resmed relativ günstig. Wachstumsraten betragen zwischen 20 - 30 % p.a.
Würd auch nachkaufen wenn ich nicht schon so nen hohen depotanteil in resmed hätte.

Ja das sich keiner für resmed interresiert ist schon ein phänomen.
Die meisten leute denken bei ihren investments einfach zu national.
Dabei ist es gerade hier wichtig einen möglichst breiten horizont zu haben um die vielen ausländischen top unternehmen zu entdecken.

gruß pontius

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.156.505 von Pontiuspilatus am 06.03.07 22:30:08

Hallo Pontius, schön, wieder was von Dir zu hören!
Gestern 3% plus, nicht schlecht...jedoch müssen wir mit weiteren Turbulenzen rechnen, ich glaube nicht, dass die Sache schon ausgestanden ist.
ja, Du hast recht, dass viel zu viele z.B. nur in Deutschland / Europa investieren, wo doch die besten Firmen der Welt in den USA hocken. das kann keiner bestreiten. Sag mir einen Wert in Deutschland / Europa, der so einen Langfristchart aufweist wie Resmed oder auch Stryker oder Bank of Nova Scotia (super Zahlen gestern! 20% wachstum, KGV 2008 von 10, Dividende 4%, eine der besten Bankaktien weltweit, Chart seit 93 wie an der Schnur gezogen...).
Das will vestehen, wer will....selbst schuld...in Deutschland jedenfalls kauft keiner diese tollen Aktien, die Umsätze sind praktisch Null. Wir sind hier die Rufer in der Wüste...
Gruss space

[Pontiuspilatus]

klar turbulenzen sind sicherlich noch nicht vorbei aber der markt in dem resmed tätig ist verspricht noch jahre hohes wachstum und der einzige ernstzunehmende konkurrent scheint respironics zu sein wobei hier resmed in der vergangenheit immer wesentlich besser abschnitt.

Im medtech bereich wird auch langsam eine medtronic wieder interessant nachdem der kurs viele jahre seitwärts gelaufen ist ( wegen der extrem hohen bewertung) gewinne haben sich seit dem jahr 2000 vervierfacht kurs ist gleichgeblieben. Im Verhältnis zum wachstum ist die aktie jetzt so günstig wie seit 15 jahren nicht mehr.
Wächst sehr kontinuierlich mit 15 % und kam auch in der korrektur der letzten tage kaum unter die räder.

Solangs in deutschland so tolle aktien wie Commerzbank,man thyssen krupp und Telekom gibt kauft man doch als guter deutscher keine Papiere ausländischer firmen

Sehr gute charts haben auch Donaldson (DCI) und graco (GGG).

bis dann ciao

pontius

[Pontiuspilatus]

ach und im finanzdienstleistungsbereich geht nichts über Moodys (MCO)
wollt ich 2000 mal kaufen aber habs leider nicht .
Ist immer recht hoch bewertet aber das geschäftsmodell ist genial.
Wenn mans sehr ruhig und entspannt mag ist auch eine Ambac (ABK) zu empfehlen

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.170.773 von Pontiuspilatus am 07.03.07 18:37:35

Pontius, danke für die tollen Tipps. medtronic hatte ich lange in den 90ern und gutes Geld damit verdient. Ja, die sind günstig wie schon ewig nicht mehr. Aber das Gewinnwachstum hat sich auch etwas abgeschwächt. In den 90ern war es immer über 20% und KGVS von 30-40...
Graco kenne ich auch ein bißchen, machen Pumpen und so ein Zeugs. Die leiden wohl aktuell ein bißchen unter dem Rückgang bei den Immobilien / Hausbauten. Super langfristchart, keine GFrage!

Die anderen kenne ich nicht so...

Welche Aktie auch so günstig ist wie schon ewig nicht mehr ist GE mit KGV von 14, 12-14% Gewinnwachstum un bestens positioniert für die Zukunft. Ich habe aber schon meine Danaher als Mischkonzern im Depot und kaufe daher GE nicht...

Resmed macht das rennen weiterhin, Respironics hat mehr Umsatz, aber nicht das wachstum, vielleicht auch die etwas schlechteren Prdukte, aber das kann ich nicht beurteilen.

Okay, hab noch nen schönen Abend, ich guck jetzt mal handball auf DSF...
Gruss space

[spaceistheplace]

In Europa fallen mior noch 2 teure Aktien ein: Straumann und Phonak (Hörgerätehersteller), aber auch noch zu teuer. Insbesondere bei Hörgeräten sehe ich großen bedarf in Zukunft...
Die Implantate von Straumann sind auch nicht ohne, noch heißer ist Nobel Biocare. Eine der Aktien werde ich mal kaufen, aber da müssenb erstmal die Bewertungen sich in einen normalen Rahme bewegen..
Gruss space

[Pontiuspilatus]

Antwort auf Beitrag Nr.: 28.173.173 von spaceistheplace am 07.03.07 20:28:07

@ space

Straumann hab ich seit sommer im depot. Als ausgleich zu meinem usa lastigen depot. Insbesondere die dividendenentwicklung bei denen ist super. Ein freund von mir ist zahnarzt und so das ich weiss was das zeug von denen kostet und was die für eine einmalig gute marktstellung die haben. Nobel biocare ist ähnlich gut aber wächst etwas langsamer.

phonak wollte ich vor ein paar jahren mal kaufen. Waren mir zu teuer
naja hab ich mich geirrt
jetzt sind sie viel teurer.

Interessant ist auch die italienisch geox. Das sind diejenigen die die Schuhe die atmen herstellen.

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.176.320 von Pontiuspilatus am 08.03.07 01:20:04

Pontius, tja, mit der USA-Lastigkeit...bei mir siehts ja auch nicht anders aus, habe rd. 65% Ami-Aktien im Depot zur zeit. Gäbe es solche Aktien wie unsere Lieblinge in Europa, würde ich weniger Ami-Aktien halten, allein schon wegen dem Dollar...
Wenn ich aktuell was kaufenn wollte, dann in Europa, um meine Depot nicht noch stärker zu Amilastig auszulegen...
Mein Konsum-Favorit in Europa ist Pernod Ricard, denn gesoffen wird immer, vor allem in schlechten Zeiten (z.B. wenn die Börse crasht :laugh. Geox guck ich mir mal an...
meinst Du , dass man in Straumann jetzt noch reingehen kann? 08er KGV von 24, Wachstum auch so ungefähr in dem Bereich...hm...ist schon teuer...
Stratec finde ich immer noch akzeptabel bewertet, die wachsen auch über 20%....
Und meine englische Serco, hat gestern ein Mehrjahreshoch erreicht trotz der Turbulenzen. Outsourcing-Unternehmen, sehr gut positioniert....

Ich glaube, wir müssen mal nene neuen Thread aufmachen, um uns auszudiskutieren, vielleicht machen noch andere mit. Wenn Du Lust hättest, sollten wir aber einen guten Titel wählen...
Gruss space

[spaceistheplace]

noch ein weiteres ganz heißes Teil: Schulthess aus der Schweiz....die bauen Wärmepumpen, die immer mehr gebraucht werden auch bzgl. alternativer Energien....

Gruss space

[Pontiuspilatus]

Antwort auf Beitrag Nr.: 28.176.758 von spaceistheplace am 08.03.07 08:04:32

neuen thread können wir gerne aufmachen. Titel sollte recht allgemein gehalten sein. ich überlege mir mal was

[Pontiuspilatus]

zu straumann.

Aktie ist wirklich etwas teuer. Aber die Zahnimplantate sind die zukunft. Und gerade nobel und strauman teilen sich diesen markt untereinander auf.
Das Unternehmen hat keine schulden, wächst mit ca. 20 % in einem von der konjunktur unabhängigen wachstumsmarkt und nicht zu vergessen schweizer franken im depot sind sicher nicht schlecht.

Ach ja noch was zum $: klar die dollar schwäche verdirbt manchmal etwas die laune aber wenn man es langfristig sieht haben währungsschwankungen keine auswirkungen auf die depotentwicklung.
Soll heissen wenn der dollar schneller abwertet z.B. wegen höherer inflation dann werden die aktien im dollarraum schneller steigen.

Im übrigen finde ich die € aufwertung ziemlich ungerechtfertigt. Zwischen USA und europa existiert nämlich kaum ein handelsbilanzdefizit der USA.Interessant ist auch das der euro auch gegen Yen, Pfund und Franken aufwertet obwohl es dort noch weniger gründe gibt. gegenüber dem dollar halte ich den € gut 20 -25 % überbewertet. Dies ergibt sich jedenfalls bei einem vergleich nach kaufkraftparitäten. Ich denke ein realistischer E/$ Wechselkurs liegt vermutlich zwischen 1,00 - 1,10.
Man muss nur sehen das alle negativ für den $ gestimmt sind dieser aber im prinzip seit 3 jahren per saldo seitwärts läuft.

Längerfristig gesehen liegt das zukünftige potentielle wirtschaftswachstum der usa aufgrund der bevölkerungsentwicklung
(im jahr 2050 werden die usa 450 mio einwohner haben) weit über dem europäischen ( Bevölkerungsrückgang).

Ich persönlich habe mich darum entschlossen den wechselkurs aus meinen investitionsentscheidungen auszuklammern, rechne aber aufgrund der oben genannten tatsachen lägerfristig eher mit einem stärkeren dollar im verhältnis zum euro.

[Pontiuspilatus]

von simonswald gibts 2 threads die es eigentlich recht gut treffen würden.

einmal der thread über die gewinnerbranchen und dann noch der sammelthread für höchstprofitable, wachstumsstarke nicht zyklische nebenwerte

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.185.409 von Pontiuspilatus am 08.03.07 16:04:41

Pontius, danke für Deine Postings...ich habe sie gerade kurz überflogen, habe heute aber kaum Zeit...werde mich morgen früh wieder melden können. Ja, die Simonswald-Threads sind ganz nett, glaube ich, da könnten wir und ran hängen..aber ich muss dort erstmal noch ein bißchen lesen..
Gruss und schönen Abend....heute ist ja wieder alles im grünen bereich....
space

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.185.350 von Pontiuspilatus am 08.03.07 16:02:27

Ja, Pontius, gebe Dir voll und ganz recht. Ich denke auch, gerade weil alle den Dollar schlecht reden, muss ersteigen...antizyklisch isdt oft das Beste, was man machen kann.....

Bzgl. Implantate: Nobel und Straumann scheinen wirklich optimal aufgestellt zu sein aktuell. Aber meinst Du nicht, dass in diesem Bereich die asiatische Konkurrenz mit billigeren Implantataen dann zumindest mal die Preise drücken könnten? Vor 2-3 Monaten habe ich mal so was gelesen und inm TV gehört, dass da chinesische Produkte auf den markt drängen. Und da man ja zuzahlen muss und nicht wenig, könnte ich mir schon vorstellen, dass da ein Preisdruck entsteht. Simonswald hat so was auch mal im Stryker Thread geschrieben, jedoch glaube ich, dass bei einem Hüftgelenk das in einer anderen Liga spielt und man da eher nicht auf Billigprodukte ausweichen wird.

Jetzt noch zum Thread: Der eine von Simonswald über wachstumswerte ist schon alt, der ist ausgeschaltet, da kann man nix mehr reinschreiben, der andere ist aktuell. da könnten wir uns reinhängen, wäre dafür.

Gruss space

[Pontiuspilatus]

bezüglich asiatischer konkurrenzprodukte zu implantaten.
Also ich geh jetzt mal von mir aus. falls ich mal zahnimplantate brauchen würde hätte ich lieber schweizer qualität im mund als chinesische billigware. Ich halte das risiko von dieser seite für nicht besonders groß da der anteil von lohnkosten im endpreis der implantate vermutlich sehr gering ist so das die billigeren chinesischen löhne hier nicht so eine große rolle spielen dürften.

falls es chinesische firmen gibt die bereits solche implantate herstellen können dauert es vermutlich noch lange bis sie so einen guten ruf wie die schweizer haben (wenn das überhaupt jemals der fall sein wird).

Dann hängen wir uns an den thread ran (er wird ja nichts dagegen haben hoffe ich)

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.205.671 von Pontiuspilatus am 09.03.07 16:39:08

bloss viel Format hat der Thread auch nicht, daschreiben echt ein paar, die sich drüber lustig machen...wir sind da viel zu anständig...aber wir können mal. Übers Wochenende werde ich da mal mein Favoriten bzw. besser unsere ein wenig darstellen.
Gruss sund schönes Wochenende space

[Simonswald]

Vielen Dank für Eure freundliche Erwähnung meiner Threads.

Sieht so aus, als ob wir uns immer wieder bei den gleichen Titeln treffen, weil wir wohl ganz ähnliche Kriterien bei der Auswahl haben!

zu den Zahnimplantaten:

Auf die Nobel bin zum ersten Mal 2002 auf einer Investorenpräsentation aufmerksam geworden. Damals war sie mir zu teuer. Das ist sie mir auch heute noch.
OK, in der Zwischenzeit hat sie sich trotzdem verdrei- oder vierfacht...

Dass die Nobel langsamer wächst als Straumann stimmt nicht mehr!!! Das war von 1998 bis ca. 2002 richtig. Seit bei der Nobel der neue CEO ist, hat sich das gedreht. Nobels Umsatzwachstum liegt jetzt regelmäßig bei 20 bis 23 %, während Straumann nur noch bei ca 17% liegt.
Entscheidend wird sein, welche der beiden den US-Markt gewinnen wird. Denn die USA werden noch viel weniger Implantate pro Kopf verwendet. Darum werden die USA der entscheidende Wachstumsmarkt der kommenden 5 Jahre in diesem Bereich sein.
Nobel steht dort viel besser da als Straumann. Straumann hatte zwar immer sehr ambitionierte Ziele für die USA sngekündigt und wollte dort Nr.1 werden, aber schaffen es einfach nicht. Darum dort auch letztes Jahr die komplette Führungsmannschaft ausgetauscht.

Nobel hat das viel aggressivere Marketing, aber Straumann hat andererseits ein etwas seriöseres-sorgfältigeres Image, ist mein Eindruck.

Bei der Zielgruppe der Zahnärzte kommt aber gleichwohl das Nobel-Marketing besser an, habe ich den Eindruck.

Und trotzdem würde ich glaub ich eher wieder auf Straumann setzen.

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.210.101 von Simonswald am 09.03.07 20:21:04

ja, Simonswald, stimme Dir zu...unsere Ansatz schein ähnlich zu sein, vor allem auf Firmen zu setzen, die rel. konjunkturunabhängig sind und ne gute Story aufweisen.
Zudem schauen wir uns auch im Ausland bzw. vor allem im Ausland um, ws wohl rel. wenige tun, wenn ich unsere Thread so anschaue. da hört man fast nichts zu solch topllen Werten aus dem Medtech-Bereich...

Okay, ich denke auch, dass ich akztuell eher Straumann bevorzugen würde, die Nobel hat schon sehr viel Phantasie eingepreist...

Oder Simonswald, sollen wir nen neun Thread aufmachen zu unsreren Lieblingen, in dem wir verschiedene Aktien analysieren? Wie denkst Du?

Gruss und schönes Wochenende
space

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.210.101 von Simonswald am 09.03.07 20:21:04

Nobel oder Straumann? Beide kaufen...

[spaceistheplace]

was auch immer das heißen mag...

ResMed above average (Caris & Company)


Rating-Update:
New York (aktiencheck.de AG) - Die Analysten von Caris & Company stufen die Aktie von ResMed (ISIN US7611521078/ WKN 895878) in ihrer Ersteinschätzung mit "above average" ein. (14.03.2007/ac/a/u)
Analyse-Datum: 14.03.2007

Analyst: Caris & Company
Rating des Analysten: above average


Quelle: aktiencheck.de 14.03.2007 10:05:00

[Pontiuspilatus]

ja mit den analysten gebrabbel ist das immer so eine sache. Da hör ich schon lange nicht mehr hin.

Wenn die deutsche bank eine einschätzung abgibt mach einfach immer das gegenteil dann liegst immer richtig

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.300.904 von Pontiuspilatus am 14.03.07 22:55:52

Ja, Pontius, auf die Analos höre ich auch nimmer....manchmal kann man nur bei der darstellung der Zahlen mal zwischen den zeilen lesen, die Empfehlung an sich beachte ich auch nicht. Oft ist es ja so, wenn alle zum Verkauf blasen ist oft schon die Wende zum Positiven da...mit antizyklischem Verhalten fährt man meist besser.daher sehe ich auch, das die aktuelle Korrektur bald vorbei sein wird. Der Pessimismus in diesen tagen ist ja groß....

Gruss space

[spaceistheplace]

RMD geht heute ab...da könnten wir das kürzliche Tief bei 45 Dollar schon hinter uns gebracht haben und auf dem Weg zu neuen Höhen. Gerade in unsicheren zeiten flüchten oft viele Investoren in Werte die unzyklischer sind.

Gruss und schönen Abend space

[Pontiuspilatus]

wie gesagt rmd ist und bleibt bis auf weiteres top. medtech ist eine absolute zukunftsbranche und profitiert wie keine andere von der alterung der menschheit.

zu bb medtech interessanter wert ich persönlich finde jedoch bb biotech interessanter da man sich bei biotechwerten für gewöhnlich schwerer mit der einschätzung des zukünftigen potentials tut so das hier meiner meinung nach ein größerer vorteil besteht auf das fachwissen der profis vonn bb zurückgreifen zu können.

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.474.049 von Pontiuspilatus am 24.03.07 15:04:17

Ja, hast recht und die Leute von BB, egal ob Medtech oder Biotech, sindfit, keine Frage. Die haben ja auch Amgen im Depot. Gößte Pos. ist Celgene, sehr hioch bewertet, KGV über 50..
Deren webseiten sind interessant, vor allem die news und Kommentare.

Gruss space

[Pontiuspilatus]

rmd heut wieder mal schön im plus und das gegen einen schwachen markt.

[Pontiuspilatus]

Nun ja resmed schlägt langfristig fast alles
Momentan siehts ja auch gar nicht so schlecht aus. vermutlich gehts aber über den sommer weiter seitwärts. Im folgenden ein kleiner Artikel

The Terror-Proof Portfolio Fallacy
By Todd Wenning
March 22, 2007

Since the horrible events of September 2001, a slew of financial pundits have offered their opinions on how to "terror-proof" your portfolio.

Their advice usually centers on investing in Treasury bonds, gold, Treasury bills, or some combination of the three, with the logic being that these vehicles will remain firm during periods of stock market volatility.

Sure, gold prices have moved higher in past bear markets, but they're also quite volatile; Treasury bonds and bills are backed by the "full faith and credit of the U.S. government." While these vehicles may have a place in your portfolio, over the long run, none of them has proven to be a great wealth builder.

For instance, from 1928 to 2006, gold has returned 4.4% per year on average, bonds 5.2%, and bills about 3.9%.

That's only modestly better than the historical rate of inflation. You can do better.

A roadmap to "better"
The U.S. stock market, on the other hand, is among the greatest wealth creators the world has ever known. And it's also proven to be quite resilient. Think about it: In the past 100 years, the market has persisted through two World Wars, the Cold War, the Great Depression, two major market crashes (1929 and 1987), and numerous other major events. And yet, somehow, despite these trying times, the market managed to generate approximately 10% average annual gains.

Even in just the past 10 years, the market has endured a tech bubble/bust, a recession, rising oil prices, and the war on terror. But the market has continued to be strong over this period. Consider:



Total Return, 1997 to 2007

Time Warner (NYSE: TWX) 611%

ResMed (NYSE: RMD) 1769%

Target (NYSE: TGT) 446%

Best Buy (NYSE: BBY) 4240%

Legg Mason (NYSE: LM) 729%

SanDisk (Nasdaq: SNDK) 1255%

Monster Worldwide (Nasdaq: MNST) 487%

S&P 500 101%

Putting it all together
It's perfectly natural to worry about what's going to happen to your portfolio when the next shockwave rattles the financial markets. No one wants to see their stocks drop 10% or more in a short period of time. But if you follow three rules of investor temperament, the stock market is your single best option for growth:

* Have a long time horizon.
* Regularly add to your stocks.
* Develop the patience and mindset to stomach volatility.

The secret to superior stock market returns has always been, and always will be, buying stocks of companies with quality management that are built to last for generations.

Quality comes in many shapes and sizes. The companies in the table above certainly qualify (as their returns illustrate).

[spaceistheplace]

Pontius und ich sind ja jetzt schon hier seit ner ganzen Weile als Alleinunterhalter unterwegs. Gibts denn niemand mehr bei WO, der investiert ist? Das wäre ja grob fahrlässig...
Ich würde schon mal ein Einwurf begrüßen hier...

Gruss space

[Pontiuspilatus]

scheint so als ob wir die letzten mohikaner in resmed sind

Am 23.04 kommen übrigens die zahlen

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.833.519 von Pontiuspilatus am 16.04.07 11:01:22

ja, Pontius! Die Letzten werden aber die Ersten sein....
Ja, heute in einer Woche kommen die Quartalszahlen nachbörslich, dann wird es wieder spannend. Bei den letzten Zahlen gings ja mal geschwind 7% nach unten, dieses mal veiklleicht die Umkehr? We will see....

Gruss und genieße den tollen Tag...
space

[spaceistheplace]

heute kommen die Quartalaszahlen nachbörslich. Wetten, dass die Kurse anziehen werden? Ich sehe die Wahrscheinlichkeit hierfür bei 80:20....

Gruss space

23.04.2007 13:49
Reminder - ResMed to Webcast Third Quarter 2007 Earnings Conference Call

SAN DIEGO, April 23 /PRNewswire-FirstCall/ -- RESMED INC. (Nachrichten), announced today that on Monday, April 23, 2007, it will release its earnings for this third quarter of fiscal year 2007, ended March 31, 2007. ResMed will issue an earnings press release after 1:00 p.m. Pacific Time and will host a conference call to review its quarterly results, market trends, and future outlook.

The conference call is scheduled to begin at 2:00 p.m. Pacific Time and will be webcast on ResMed's website at http://www.resmed.com/. The online archive of the broadcast will be available approximately 30 minutes after the live call and will continue to be available for two weeks.

International conference call times will be: 10:00 p.m. London 7:00 a.m. Sydney, Australia (April 24, 2007)

TO PARTICIPATE in the conference call, please call one of the below numbers at least 10 minutes before the call begins and identify yourself to the operator:


Domestic: 866-713-8395 International: 617-597-5309 Conference Name: ResMed Inc. 3Q 2007 Earnings Call Participant Passcode: 30431856

The replay of the conference call will be available approximately 30 minutes after the call and will be accessible for two weeks at:


Domestic: 888-286-8010 International: 617-801-6888 Passcode: 95921197

ResMed is a leading manufacturer of medical equipment for the treatment and management of sleep-disordered breathing and other respiratory disorders. Further information can be obtained by contacting Matthew Borer at ResMed Inc. at [phone], or by visiting the Company's Web site at http://www.resmed.com/.

[Pontiuspilatus]

wieso bist du so sicher das die kurse anziehen?

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.957.480 von Pontiuspilatus am 23.04.07 18:54:49

ich bin mir nicht sicher, ist so ein Gefühl, oft liege ichda nicht falsch. Bei RMD war es bei den letzten Zahlen auch so, dass wir da nen 7%igen Abschlag gesehen haben, seitdem der Kurs dahindümpelt mehr oder minder. D.h. viel Investoren haben wohl ihre Erwartungen heruntergeschraubt und meiner meinung wohl zu viel. Die aktuellen Zahlen, auch im Medtechbereich sind sehr gut, ich glaube schon, dass RMD positiv überraschen könnte, wenn nicht, machts aber auch nichts.
Ich weiß natürlich nichts...
Mal sehen heute Abend..

Gruss space

[Pontiuspilatus]

ResMed Announces Financial Results for Quarter and Nine Months Ended March 31, 2007
Monday April 23, 4:48 pm ET

SAN DIEGO, April 23 /PRNewswire-FirstCall/ -- ResMed Inc. (NYSE: RMD - News) today announced revenue and pro forma income results for the quarter ended March 31, 2007. Revenue for the quarter was $183.0 million, a 13% increase over the quarter ended March 31, 2006. For the current quarter, pro forma income from operations and pro forma net income were $44.3 million and $31.1 million, an increase of 5% and 3% respectively (pro forma measures exclude the impact of stock-based compensation costs, restructuring expenses, amortization of acquired intangible assets and voluntary product recall expenses, as described below). Pro forma diluted earnings per share for the quarter ended March 31, 2007, were $0.39. GAAP operating loss was $(21.9) million for the current quarter, while GAAP net loss was $(15.4) million or $(0.20) per diluted share. These results were significantly impacted by a $59.7 million ($41.8 million net of tax) charge for voluntary product recall expenses. Gross margin was 29.6% for the quarter ended March 31, 2007. Excluding voluntary product recall expenses gross margin was 62.3% for the quarter ended March 31, 2007, which is consistent with the year ago figure of 62.2%.

ADVERTISEMENT
Pro forma selling, general and administration (SG&A) costs for the March quarter were $57.4 million, an increase of $7.3 million, or 15%, over the same quarter in fiscal 2006. Pro forma SG&A costs were 31% of revenue in the March quarter, consistent with the same period in fiscal 2006. GAAP SG&A costs during the March quarter were $61.3 million. The increase in SG&A was primarily due to the addition of selling and administration personnel and related expenses necessary to support sales growth.

Pro forma research & development expenditure during the March quarter was $12.6 million. GAAP R&D expense during the quarter was $13.1 million or approximately 7% of revenue. GAAP R&D expenses increased 43% year over year and are expected to remain at approximately 7% of net revenue through the end of this fiscal year.

Amortization of acquired intangibles of $1.7 million ($1.1 million net of tax), incurred during the quarter ended March 31, 2007, consisted of amortization of acquired intangible assets associated with our acquisitions of Resprecare, Hoefner, Saime, Pulmomed and PolarMed. Stock-based compensation costs incurred during the quarter ended March 31, 2007, of $4.7 million ($3.5 million net of tax), consisted of expenses associated with stock options granted to employees and the employee stock purchase plan.

As described in a press release issued concurrently with this earnings release, ResMed has announced that it will conduct a worldwide voluntary recall affecting approximately 300,000 of its S8 flow generators. The Company is currently in discussion with the US Food & Drug Administration, and other regulatory authorities, regarding this action. The estimated cost of this action is $ 59.7 million which has been recognized as a charge to cost of sales in the consolidated statement of income and accrued in the Company's consolidated balance sheet as of March 31, 2007. These costs are still subject to finalization and approval of the Company's recall plan by regulatory authorities.

For the nine months ended March 31, 2007, revenue was $525.0 million, an increase of 20% over the $435.8 million for the nine months ended March 31, 2006. For the nine months ended March 31, 2007, pro forma income from operations and pro forma net income were $131.9 million and $93.6 million, an increase of 19% and 21%, respectively. On a GAAP basis, income from operations was $54.1 million, while net income for the nine months ended March 31, 2007, was $38.6 million or $0.49 per diluted share.

The Company has provided tabular reconciliation of GAAP operating income and GAAP net income with pro forma operating income and pro forma net income, (excluding the impact of stock-based compensation costs, restructuring expenses, amortization of acquired intangibles and voluntary product recall expenses) for the three month and nine month periods ended March 31, 2007, and March 31, 2006.

Inventory at $156.9 million as of March 31, 2007, increased by $15.0 million compared to December 2006 levels. Accounts receivable days sales outstanding, at 73 days, increased marginally compared to the December 2006 quarter of 72 days.

Peter C. Farrell PhD, Chairman and Chief Executive Officer, commented, "In the third quarter of fiscal 2007, overall Americas sales increased by 10%; excluding sales from our motor division, Americas sales increased by 13% over the year ago quarter. Sales growth for the Americas were impacted by challenging year ago comparables and competitor discounting. However, there was continuing strong demand for our Swift nasal pillows system, our full-face masks and the Adapt SV. Sales outside of the Americas totaled $88.4 million, a 16% increase over last year. Operating cash flow for the March quarter was $20.3 million."

Dr. Farrell continued, "The voluntary recall we are announcing today reflects ResMed's absolute commitment to both quality and our patients. We are confident our decision is in the best interests of our distribution partners and the many patients who rely on our devices to control their sleep disordered breathing although this initiative significantly impacts this quarter's earnings. To date the problem of particular concern has been observed in only 7 of approximately 300,000 early production S8 devices. The issue was due to potentially faulty power supply connectors provided by one of our long-term suppliers. S8 devices produced after May 2006 are unaffected. On a more positive note, we are excited by the launch this week at Medtrade of two new flow generators, the full scale release of C-Series Tango and the VPAP Malibu as well as three new mask offerings: the Swift II, the Quattro full face mask and the Liberty, a full face mask incorporating our nasal pillow technologies. These new product introductions will provide physicians with a complete selection of sleep therapy solutions for their patients."

About ResMed

ResMed is a leading manufacturer of medical equipment for the treatment and management of sleep-disordered breathing and other respiratory disorders. We are dedicated to developing innovative products to improve the lives of those who suffer from these conditions and to increasing awareness among patients and healthcare professionals for the potentially serious health consequences of untreated sleep-disordered breathing. For more information on ResMed, visit www.resmed.com.

ResMed will host a conference call at 2:00 p.m. U.S. Pacific Standard Time today to discuss these quarterly results. Individuals wishing to access the conference call may do so via ResMed's Web site at www.resmed.com or by dialing [phone] (domestic) or [phone] (international) and entering conference I.D. No. 30431856. Please allow extra time prior to the call to visit the Web site and download the streaming media player (Windows Media Player) required to listen to the Internet broadcast. The online archive of the broadcast will be available approximately 90 minutes after the live call and will be available for two weeks. A telephone replay of the conference call is available by dialing [phone] (domestic) and [phone] (international) and entering conference I.D. No. 95921197.

Further information can be obtained by contacting Matthew Borer at ResMed Inc., San Diego, at [phone]; Brett Sandercock at ResMed Limited, Sydney, on ([phone]; or by visiting the Company's multilingual Web site at www.resmed.com.

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the Company's future revenue, earnings or expenses, new product development, new markets for the Company's products and the impact of future developments related to the recently announced product recall, and are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. The Company cannot be certain that it has accurately predicted the costs of the product recall, which could change in response to additional feedback from ongoing discussions with the FDA and with various foreign regulatory bodies, any patient injuries associated with the products that are being recalled or other unforeseen circumstances. In addition, the product recall could affect the Company's reputation. Additional risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for its most recent fiscal year and in other reports the Company files with the U.S. Securities & Exchange Commission. Those reports are available on the Company's Web site.

[Pontiuspilatus]

richtung 40

[Pontiuspilatus]

wenn mann die aussergewöhnlichen belastungen rausrechnet kommt man auf ca 40 c gewinn,

[Pontiuspilatus]

erwartung lag bei 42 c.

mal sehn wie stark die börse das bestraft

[Simonswald]

@space, pontius:
Ihr kennt die RMD sicher besser als ich, sind die 13% Umsatzwachstum nur ein Ausrutscher oder hat sich strukturell was im Umfeld verändert? Was sagt Ihr?
Eine MDT würde dann genau so schnell wachsen und wäre aber viel billiger zu haben.

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.963.159 von Simonswald am 24.04.07 01:03:11

Guten morgen zusammen, also wenn ich das so überschaue, sind das klar schlechtere Ergebnisse als erwartet, zudem kommt noch ne Rückrufaktion dazu, das den Ruf schädigt. Und diese wird erst mit den nun vorliegenden Quartalszahlen überhaupt an die Öffentlichkeit gebracht, obwohl die Geschichte wohl schon eione Weile läuft...das nenne ich eine schlechte Informationspolitik. Nachbörslich 14% im Minus. Mal sehen, was heute dann so im regulären Handel daraus gemacht wird. Die Umsätze im nachbörslichen handel waren hoch, rd. 1/6 tel der Umsätze auf dem Parkett.

summa summarum wohl enttäuschend

Gruss space

[Pontiuspilatus]

ich denke das verhältnismäßig niedrige umsatzwachstum ist darauf zurückführbar das die sich letztes quartal aus einem bereich zurückgezogen haben der nicht so rentabel war um sich auf die rentableren bereiche zu konzentrieren.

die vergleichszahlen mit dem vorjahresquartal sind daher nicht repräsentativ für das erwartete wachstum der letzten und nächsten jahre. der verlust kam wegen einmalbelastungen zustande und sollte daher nicht bei einer kaufentscheidung berücksichtigt werden.
die börse sieht vermutlich heute diese beiden faktoren nicht so und wird die aktie verprügeln.
langfristig bleibt die aktie top.
sobald die vergleichszahlen mit dem vorjahr wieder vergleichbar sind
d.h. sobald der verzehreffekt wegfällt ist das wachstum wieder höher.
ab 49 kann man ans nachkaufen denken ab 35 strongest buy.
auf keinen fall jetzt verkaufen.

[Pontiuspilatus]

NEW YORK, April 23 (Reuters) - ResMed Inc. (RMD.N: Quote, Profile , Research), which makes respiratory products, on Monday reported an unexpected quarterly loss due to its voluntary withdrawal of 300,000 flow generators used to treat sleep apnea, sending shares 12 percent lower.

The San Diego-based company, which announced the product recall on Monday, posted a net loss for the fiscal third quarter of $15.4 million, or 20 cents per diluted share. That compared with a profit in the prior-year quarter of $26.4 million, or 34 cents per share.

Quarterly results were hurt by a $59.7 million charge in the 2007 period related to expenses of the global withdrawal of its S8 flow generators made between July 2004 and May 15, 2006.

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Analysts had been expecting a quarterly profit of $31.8 million, or 40 cents per share, according to Reuters Estimates.

The company said potentially faulty power supply connectors, the problem of particular concern, had been seen in 7 of about 300,000 of the S8 devices. Devices made after May 2006 are unaffected, the company said.

Company revenue of $183 million was below the Reuters Estimates average analyst forecast of $194 million for the quarter.

Sales, general and administrative expenses rose 15 percent to $57.4 million, as the company hired more sales and administrative staff to support sales growth. Spending on research and development jumped 43 percent in the period, to $13.1 million, ResMed said. (Additional reporting by Susan Kelly in Chicago)

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.963.601 von Pontiuspilatus am 24.04.07 07:26:46

na, pontius, da lag ich gestern mit meinem Tipp voll daneben, gell?
Nichtsdestotrotz bleibe ich dabei...danke für Dein statement. Heute können locker 20% minus drin sein...we will see....
Gruss space

[Pontiuspilatus]

analysten erwarteten 40 cent gewinn und ohne sondereffekte waren es auch 40

also bloß nicht verrückt machen lassen.
unternehmen konzentriert sich auf die rentableren bereiche darum kurzfristig wachstumsrückgang. langfristig ist das aber positiv.
zusätzlich hat das unternehmen sehr viel neues verkaufspersonal eingestellt. auch dies wird mittelfristig das wachstum treiben.

@simonswald

strukturell hat sich nichts geändert. der markt ist jung und rmd ist der platzhirsch. ist vermutlich ein einmaliger ausrutscher.
wenn du kaufen willst dann warte am besten 3-4 tage bis sich der kurs beruhigt hat.

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.963.624 von Pontiuspilatus am 24.04.07 07:33:41

sorry, potius, aber der Platzhirsch in diesem Segment ist Respironics, die haben weitaus mehr Umsatz. Die bringen diese Woche auch noch ihre ERgebnisse, da kann man auch mal darauf achten, was die so bringen...
Ich sah auch nichts vom Ausblick für 2007 in der Meldung, habe ich da was verpasst? Das wollten sie auch melden...

Gruss space

[spaceistheplace]

habe heute aufgestockt bei 30,20 EUR, hatte in Frankfurt ein tiefes limit gesetzt in der Hoffnung, dass einer seine Teile schmeisst und es hat geklappt. RMD wird zu stark abgestraft, auf längere Sicht sind das aktuell klare Kaufkurse.

Gruss space

[spaceistheplace]

hier noch ein paar Infos und Einschätzungen u den Quartalszahlen

Gruss space

ResMed Shares Sink on Earnings, Recall
Tuesday April 24, 11:28 am ET
ResMed Shares Plunge on Lower-Than-Expected 3rd-Quarter Results and Product Recall


NEW YORK (AP) -- Shares of medical equipment maker ResMed Inc. sank Tuesday on lower-than-expected fiscal third-quarter results and the recall of about 300,000 sleep apnea devices because of short-circuit problems.
ADVERTISEMENT


The stock lost $5.34, or 11 percent, to $43.31 on the New York Stock Exchange in morning trading. Shares have traded between $38.19 and $56.16 over the last 52 weeks.

Late Monday, the company reported it fell to a loss of $15.4 million, or 20 cents per share, from a year-earlier profit of $26.3 million, or 34 cents per share.

Excluding restructuring charges and costs, the company earned 35 cents per share. That figure includes stock option expenses.

Revenue rose 13 percent to $183 million from $162.3 million.

Analysts polled by Thomson Financial expected a higher profit of 42 cents per share on revenue of $194.2 million.

Also, during the quarter, the company spent $59.7 million on voluntary product recalls. The company also announced Monday the recall of 300,000 S8 flow generator systems for sleep apnea. The products could short circuit in the power supply connector.

Banc of America analyst Glenn J. Novarro reaffirmed a "Neutral" rating on the stock but lowered the price target to $50 from $51.

"Given the recall, and the distraction to its sales force, the company commented that the near-term outlook would be challenging," Novarro said in a note to investors.

He reduced earnings per share estimates for the fiscal fourth quarter to 44 cents from 46 cents and trimmed his revenue projection to $199 million from $205 million. Novarro also cut his earnings per share expectations for the full year to $1.51 from $1.60 and revenue to $724 million from $736 million.

Blair, William & Co. analyst Ben Andrew reaffirmed a "Outperform" rating for the company, citing demand for the company's devices and the company's pricing power, along with a growing market for sleep apnea devices.

"We expect that ResMed's new products will prove the decisive factor both taking advantage of still-strong market volume growth, as well as protecting the company against the need to broadly discount prices," he wrote in a note to investors.

[spaceistheplace]

na, und da gibts ne Heraufstufung mit Kursziel 52 Dollar:

ResMed buy (Caris & Company)

Rating-Update:
New York (aktiencheck.de AG) - Die Analysten von Caris & Company stufen die Aktie von ResMed (ISIN US7611521078/ WKN 895878) von "above average" auf "buy" hoch. Das Kursziel werde bei 52 USD gesehen. (25.04.2007/ac/a/u)
Analyse-Datum: 25.04.2007

Analyst: Caris & Company
Rating des Analysten: buy


Quelle: aktiencheck.de 25.04.2007 09:19:00

[spaceistheplace]

Antwort auf Beitrag Nr.: 28.982.791 von spaceistheplace am 25.04.07 09:36:36

ResMed relieved as shares decline
Clara Pirani, Medical reporter
April 28, 2007

MOST chief executives - upon hearing the news that their company's share price had plummeted 15 per cent within a matter of minutes - would feel a little concerned, alarmed even.
However, medical device manufacturer ResMed chief executive Peter Farrell was decidedly relieved.

The company's reputation as Australia's leading supplier of equipment to treat sleeping disorders was facing its first serious threat in 18 years when it announced a worldwide recall of its premier product on Monday.

More than 300,000 of the devices were recalled in the US, Europe and the Asia-Pacific after reports that several of the units had short-circuited.

It coincided with the release of ResMed's third-quarter results - a net loss of $US15 million ($18 million), compared with a profit in the prior-year quarter of $US26 million.

At ResMed's head office in California, executives were expecting the share price to take a hammering.

"Most of us thought it would be worse," Mr Farrell said.

"We were all sitting in the boardroom and we said, 'OK, a $5 bet each, with the winner takes all - what do you think the closing stock price will be?'

"Some were talking about a 30 per cent drop."

ResMed's shares fell 14 per cent to a 14-month low of $5.08 following the announcement, before climbing back to finish the week at $5.34.

The recall, which is expected to cost $72 million, involves ResMed's top-end product, the S8 flow generator, winner of the 2006 Australian Design Award.

It is used by about 13,000 Australians who experience sleeping disorders, including obstructive sleep apnoea, a condition that causes sufferers to stop breathing and wake up.

Users wear a mask which is connected to a portable airflow generator that delivers slightly pressurised air to keep the airways open.

Mr Farrell said the problem occurred when the company's supplier suggested a minor alteration to the generator.

"We had bought 4 million power suppliers from this supplier before. So we were very familiar with their work.

"They said they had an improvement that would provide greater stability to the product."

Instead, the change, which involved using a slightly longer pin inside the generator, is thought to have caused the machine to short-circuit and switch off.

Mr Farrell said ResMed was surprised by the defect, but not particularly concerned, as there were no reports of harm to patients or property.

"There were seven reports of thermal damage.

"We weren't overly worried about it because the air path is completely isolated from the electronics in our device.

"We had an electrical engineer and a fire expert look at it and they said there was no real danger of an adverse event, because it uses a very low temperature flame.

"The flame in our tests didn't even burn the hairs on the back of your hand, and it's only on for a second or two."

However, an investigation of one of the units in particular, which sustained more extensive thermal damage, did not rule out the possibility that other machines would become defective with long-term use.

Mr Farrell said the decision to recall the product was not easy.

"It was a big call - a $US60 million big call.

"But because we couldn't give a clear explanation to the people who use our products or to our staff, we decided to pull the plug."

He said the negative publicity that would occur if other faulty devices were found would be far more damaging to the company's future than the cost of the recall.

"We thought that if it was something that kept happening, people would say, 'Well, why isn't the company doing something about this?"'

ResMed is negotiating with its supplier to recoup the cost of the recall. Mr Farrell is optimistic the companies will come to an agreement which will offset ResMed's cost, while guaranteeing supply.

"We are considerably bigger than they are, and it's not in our interest to send them broke. If we went after all $US60 million, it would send them into bankruptcy.

"I think the likely outcome is that we will come to an arrangement where they will supply an equivalent number of power suppliers."

He described the company's third-quarter results as an "aberration" and was confident ResMed's share price would recover.

"The share price will come back. We've had 48 quarters of growth on the trot."

Deutsche Bank analyst David Low believes the recall will not have a lasting effect on ResMed's performance.

"The reason the share price has gone down has less to do with the recall and more to do with the fact that their earnings fell short of expectations.

"ResMed had a difficult quarter. They didn't have any product launches and they had very good growth in the previous corresponding period."

Next month ResMed will launch five new products, including three masks and a generator targeted at the lower end of the market.

Mr Farrell said the machine would be 50 per cent cheaper than the existing devices, which were fully automated.

"It has fewer of the bells and whistles and will allow us to play in the value end of the market and that's a pretty big market in the US, Brazil and Spain.

"And our current masks are very good but they only fit about 80 per cent of our patients whereas these will fit 95 per cent of customers."

Mr Farrell believes the rising incidence of obesity and diabetes, which significantly increase the risk of sleeping disorders, will provide ResMed with an enormous customer base.

"We're signing deals with big trucking companies in the US. People are on the road, working long hours, not exercising, and eating horse manure and developing sleeping disorder.

"This market is worth billions and billions and billions of dollars."



The Australian

[spaceistheplace]

RESMED hält sich gut die Tage...

ResMed Rises Modestly on Upgrade
Monday May 14, 3:49 pm ET
ResMed Shares Rise Slightly After Analyst Upgrades, Calling Recent Selloff Overdone


NEW YORK (AP) -- ResMed Inc. shares rose slightly Monday after an analyst said that a recent selloff of the stock had been overdone.
Also stirring the sector was Cardinal Health agreement to buy ResMed's fellow respiratory products maker Viasys Healthcare Inc. for about $1.42 billion.

ADVERTISEMENT





Shares of ResMed rose 82 cents to $45.14 in afternoon trading at above-average volume.

On April 24, shares of ResMed dropped 10 percent to finish trading at $43.85 after the company reported lower-than-expected fiscal third-quarter results and recalled about 300,000 sleep apnea devices because of short-circuit problems. Sleep apnea occurs when muscles relax during sleep, allowing soft tissue to block the airway. Sleep apnea devices, or continuous positive airway pressure devices, create pressure in the airway to keep it open.

BMO Capital Markets Joanne Wuensch upgraded ResMed to "Outperform" from "Market Perform," on the belief that investors overreacted to the negative news, and held on to her $51 price target.

Wuensch wrote that the company will launch five new products in an underpenetrated sleep apnea market, which is growing at a rate of 15 percent to 20 percent annually. The analyst said that ResMed should take full part in this growth in about two quarters following completion of its recall.

The respiratory devices sector was in the spotlight Monday after Cardinal Health agreed to buy Viasys to grow its international markets and product holdings in the respiratory care and infection prevention field. Viasys shares jumped $11.57, or 36.7 percent, to $43.12 in afternoon trading on extremely heavy volume, after Cardinal offered $42.75 per share for outstanding shares.

Shares of ResMed's main competitor Respironics Inc. also rose 14 cents to $42.09 on above average trading.

Wuensch, however, remarked in an interview that the acquisition announcement was not likely a significant factor in ResMed and Respironics trading since the two companies hold about 80 percent of the obstructive sleep apnea treatment market.

[spaceistheplace]

Hallo zusammen,

ich melde mich jetzt schon mal für 2 Wochen ab, ich bin ab Morgen mal in Urlaub nach dem ganzen Börsenstreß und werde keinen Zugriff auf WO oder auch mein Depot haben. Ich habe auch keinerlei stop-losses oder so ein Zeugs gemacht, warum auch....
Also machts gut, bis dann...

Gruss space

[Pontiuspilatus]

aktie bewegt sich weiter seitwärts. 2009 er kgv ca 18
gute halteposition. sobald die rückrufaktion verdaut ist dürften wir langsam wieder zu steigen anfangen

[spaceistheplace]

RMD befindet sich jetzt wieder auf dem Niveau des Einbruchs nach den letzten Quartalszahlen. Ich denke, jetzt könnte man relativ bedenkenlos einsteigen oder aufstocken.

[Pontiuspilatus]

vermutlich hast du recht. längerfristig machst du da nichts falsch. bin aber trotzdem vorsichtig da intakter mittelfristiger abwärtstrend. ich denk die 40 sehn wir schon noch. aufwärtstrend bei ca 33. kommt auf den gesamtmarkt an wenn der schwächer geht wird sich auch rmd nicht entziehn können.

bewertung ist inzwischen recht moderat. mit nachkaufen würd ich noch warten da noch nicht extrem überverkauft.

kgv 2009 ist 18. erwartetes wachstum nächste 5 jahre ca 20 %pa.

[Pontiuspilatus]

40 wir kommen
bei 35 massivst nachkaufen

[spaceistheplace]

Antwort auf Beitrag Nr.: 30.351.755 von Pontiuspilatus am 27.06.07 17:07:28

mal sehen, ob wir die 35 sehen, glaube es eher nicht, aber wer weiss....
Gruss und gute Nacht space

[spaceistheplace]

Antwort auf Beitrag Nr.: 30.327.298 von Pontiuspilatus am 26.06.07 16:03:39

mit nachkaufen würd ich noch warten da noch nicht extrem überverkauft.

Hallo pontius, ich habe mal ne Frage an Dich wegen der Bemerkung oben: Welchen Indikator nimmst Du zur Feststellung des überverkauften ZUstandes?. Ich denke, der RSI rel. Stärkeindex bringt da was, oder?
Bei einem RSI(14) von unter 30 befindet man sich normalerweise im überverkauften Zustand, wie es z.B. bei SBUX gerade immer noch so ist.
Vielleicht kannst Du mir mal kurz nen Tipp geben, das wäre nett. ich habs mit der Charttechnik nicht so...

Gruss space

[Pontiuspilatus]

bezog sich nicht auf einen indikator. war einmfach eine intuitive aussage

ich rechne auch nicht mit 35 ich rechne mit 40. gestern wars ja schon 40,60. ich meinte nur falls es auf 35 fallen sollte, dass dan die zeit zum nachkaufen beginnt. da die aktie dann beginnt im sonderangebot zu sein.

[spaceistheplace]

Antwort auf Beitrag Nr.: 30.368.563 von Pontiuspilatus am 28.06.07 15:25:03

okay pontius, alles klar. Ich dachte, Du beobachtest oft Charttechnische Indikatoren. Der RSI ist nicht schlecht zum Erkennen eines überkauften oder überverkauften Zustandes.

Gruss space

[Pontiuspilatus]

indikatoren schau ich eigentlich weniger an da sehr viele fehlsignale.
ein indikator taugt evtl. um die eigene intuition zu bestätigen bzw als ergänzung zu charttechnik. aber auch charttechnik ist nur dann sinnvoll wenn wirklich massive unterstützungen vorhanden sind und die nachrichtenlage kaum mehr schlechter werden kann.

im prinzip schaue ich mir erst an ob eine aktie im verhältnis zu den zukünftigen gewinnen momentan zu günstig ist. falls das der fall ist schau ich mir die charttechnik an sowie versuche die stimmung in dem wert zu erfassen. ob ich dann kaufe oder nicht entscheide ich dann meist nach "nase".
normalerweise liege ich mit meinen einstiegszeitpunkten in ca 7 von 10 fällen richtig

[Pontiuspilatus]

Resmed hält sich in dem etwas rauheren börsenumfeld sehr gut


ResMed Sees Larger Sleep Apnea Market
Thursday June 28, 5:03 pm ET
ResMed CFO: Market for Sleep Apnea Products Will Grow As Public's Awareness Improves

NEW YORK (AP) -- Respiratory products maker ResMed Inc. said Thursday it expects the market for its sleep-apnea products to grow rapidly in the next few years as public awareness of the disorder increases.

ADVERTISEMENT
At the Wachovia Securities 2007 Nantucket Equity Conference, President Kieran Gallahue said the market for sleep-apnea aids - such as its continuous positive airway pressure devices - is almost untapped, even in the U.S. But ResMed and its competitors are campaigning to spread the word to the public, he said.

Sleep-apnea patients frequently stop breathing while asleep, usually because of blockages in their airways.

Gallahue said the market for ResMed's products will grow as more people become aware of sleep apnea and as more people develop conditions, such as obesity, that contribute to it.

Studies show a number of other disorders are linked to sleep apnea. Most people with drug-resistant hypertension and type 2 diabetes have the ailment, as do half of all congestive heart failure patients, said Gallahue. Sleeping problems can contribute to those diseases, he said, as well as increase the risk of stroke.

Shares of the Poway, Calif.-based company gave back earlier gains Thursday to close down 6 cents at $41.57.

Questions or comments about this story should be directed to the Financial News desk of The Associated Press at [phone].

[spaceistheplace]

Antwort auf Beitrag Nr.: 30.962.361 von Pontiuspilatus am 01.08.07 09:37:20

danke pontius, für den Artikel. Ich bin gerade echt am überlegen, ob ich noch mal aufstocken soll, das zweite Mal wäre es dann.
RMD ist sehr stabil zur Zeit und könnte am Boden angekommen sein, natürlich nur vom Kurs her gesehen...
Es müssten auch bald die neuen Zahlen kommen, dann wissen wir mehr. In den letzten 2 Quartalen gings ja immer schnell nach unten nach den Zahlen, jetzt könnte es auch mal anders herum kommen.

Gruss space

[spaceistheplace]

Antwort auf Beitrag Nr.: 30.963.054 von spaceistheplace am 01.08.07 10:17:28

am 7. August kommen nachbörslich die zahlen

[Pontiuspilatus]

kommt drauf an ob die rückrufaktion schon verdaut ist. von kgv und zukünftigen wachstum gesehen ist die firma inzwischen nicht mehr zu teuer

[spaceistheplace]

Antwort auf Beitrag Nr.: 30.963.252 von Pontiuspilatus am 01.08.07 10:27:13

ich meinte gelesen zu haben, dass die Kosten der Rückrufaktion schon in den letzten Quartalszahlen eingerechnet wurden, oder täusche ich mich da? Zumindest wurde der Kostenumfang genannt, wieviel weiß ich aber gerade nicht.

We will see....

Gruss space

[spaceistheplace]

heute kommen nachbörslich die Quartalszahlen...wird wieder spannend....

Gruss space

[Pontiuspilatus]

gar nicht mal so schlecht. umsatzwachstum etwas mager für resmeds verhältnisse aber wird wohl bald wieder anziehen

UPDATE 1-ResMed 4th-quarter earnings rise 20 pct
Tue Aug 7, 2007 4:58PM EDT
Email | Print | Digg | Reprints | Single Page | Recommend (-)
[-] Text [+]

(Adds revenue, R&D details, company comment)

NEW YORK, Aug 7 (Reuters) - ResMed Inc. (RMD.N: Quote, Profile, Research) reported on Tuesday that its quarterly profit rose 20 percent on increased demand for its equipment to treat sleep-related breathing disorders.

For its fiscal fourth quarter ended June 30, ResMed said net profit rose to $27.7 million, or 35 cents per share, from $23.1 million, or 30 cents per share, a year ago.

Excluding items, San Diego-based ResMed earned 41 cents a share. Wall Street analysts, on average, had expected 40 cents, according to Reuters Estimates.

Revenue for the quarter rose 12 percent to $191.3 million, shy of Wall Street estimates of $194.4 million.

Research and development spending rose 28 percent to $14.2 million. The company said it expects R&D expenses to remain between 6 percent and 7 percent of net revenue through fiscal 2008.

Sales in the Americas rose 10 percent despite a product recall initiated during the quarter.

"While we are not satisfied with our fourth quarter results, we had a robust fiscal year 2007 and we remain optimistic about our growth moving forward," Chief Executive Peter Farrell said in a statement. (Reporting by Bill Berkrot, editing by Jeffrey Benkoe)

[spaceistheplace]

Antwort auf Beitrag Nr.: 31.072.467 von Pontiuspilatus am 07.08.07 23:24:55

ja, sieht nicht schlecht aus. Mal sehen, was heute die US-Märkte draus machen...

Gruss space

[Pontiuspilatus]

schaut euch mal qsii an. nach den vordergründig schlechten zahlen von vorgestern. und den daraufhin erfolgten abgeben durch schwache hände, hätte man ganz schön was verdienen können seit gestern

im tief 27,8 € und jetzt knapp 30 €

[spaceistheplace]

Antwort auf Beitrag Nr.: 31.080.535 von Pontiuspilatus am 08.08.07 15:40:03

Pontius, wolltest wohl im Wachstumsthread posten, oder? RMD säuft heute wieder ab....nun ja was solls...

Gruss space

[Pontiuspilatus]

ja verkehrter thread sorry

[Pontiuspilatus]

liegt vermutlich daran das das umsatzwachstum recht niedrig war.

ich bleib trotzdem in der aktie drin da, dies in 1 2 quartalen wieder anziehen dürfte

[spaceistheplace]

aber RMD scheint sich doch wieder aufzurappeln heute: Eröffnung bei 29,80 EUR jetzt schon wieder bei 31,50 EUR

[Pontiuspilatus]

ja könnte sein das die noch ins plus ziehen. Wie gesagt an der börse wird die zukunft gehandelt und die ist bei resmed ausgesprochen positiv. Die rückrufaktion und das vorübergehend schwächere umsatzwachstum (auch weil die vorjahresquartalszahlen bombastisch waren) sin schon eingepreisst. bei resmed dürfte es ähnlich wie bei qsii sein. Das tief haben wir gesehen...

[Pontiuspilatus]

resmed verhält sich momentan genau andersherum als der gesamtmarkt. Der gesmtmarkt stürzt ab resmed zeigt stärke und zieht entgegen dem trend an. und nun zieht der gesmtmarkt an und resmed tendiert etwas schwächer. Momentan absolut negative korrelation

[spaceistheplace]

jou, heute nippelt alles ab, RMD fast 3% im PLus. Es setzt sich wohl die Meinung nach den gestrigen frühen Abschlägen durch, dass die Quartalszahlen doch gar nicht so schlecht waren. Jedenfalls fast 10% rebound nach fast 8% Miesen gestern zur Eröffnung.

Gruss space

[Pontiuspilatus]

resmed steckt noch immer in der korrektur. diese könnte noch einige monate anhaltenbevor sich ein neuer aufwärtstrend bildet.

am wahrscheinlichsten wird die aktie noch eineige zeit seitwärts tendieren.

ResMed Rests Easy
By Billy Fisher August 9, 2007

3 Recommendations

Shareholders of ResMed (NYSE: RMD) probably slept better last night, after the medical device maker reported a healthy Q4. Pro forma earnings per share totaled $0.41, up by a penny year over year, on a 12% increase in revenue.

ResMed produces and markets various devices for screening and treating patients suffering from sleep and respiratory disorders. The specialized sleep therapy market has been growing increasingly lucrative since ResMed's IPO in mid-1995. In the past five years alone, shares of ResMed have appreciated 250%. Shares of competitor Respironics (Nasdaq: RESP) have appreciated approximately 200% in the same period.

In its most recent quarter, ResMed benefited from 10% sales growth in its Americas segment, and 14% sales growth in all other regions. The company also continued to expand sales of its Adapt SV device, specifically designed to treat central sleep apnea (difficulty breathing during sleep).

Is now a good time to buy into ResMed? The company appears to have overcome the resistance that its stock faced upon a voluntary product recall in April, and it plans to launch a number of new products in its mask and flow-generator segments in the upcoming quarters. ResMed has also received a warm response to its newly launched full-face masks. If these initiatives continue to gain steam, and ResMed maintains its historically strong gross margin, I think a return to the 52-week high it posted last February might not be beyond investors' wildest dreams.

[Pontiuspilatus]

ResMed: Gallahue to Become CEO in 2008
Friday August 31, 7:46 am ET
Kieran Gallahue to Become ResMed Chief Executive in 2008

SAN DIEGO (AP) -- Medical equipment maker ResMed Inc. said late Thursday Kieran Gallahue will be promoted to chief executive, effective Jan. 1, 2008.

Gallahue, 44, succeeds founder Peter Farrell, 65, as part of the company's executive management succession plan. Farrell will remain as executive chairman of the board of directors until June 30, 2008, at which time he will become non-executive chairman.

Gallahue, who previously served as president and chief operating officer of ResMed Global, will also become a board member.

[spaceistheplace]

Antwort auf Beitrag Nr.: 31.288.364 von Pontiuspilatus am 24.08.07 22:57:45

resmed steckt noch immer in der korrektur. diese könnte noch einige monate anhaltenbevor sich ein neuer aufwärtstrend bildet.

Hallo pontius, ist ruhig geworden hier, aber der RMD-Kurs macht ja auch nicht viel. Jedenfalls befinden wir uns gerade am untern Ende des sich jetzt seit Monaten ausbildenden Seitwärtsbandes. Die 40 Dollar scheinen schon eine Unterstützung zu sein. Am 1.November kommen die nächsten Quartalszahlen, da könnte es wieder spannend werden...
Ich habe leider vor 6 Monaten bei rd. 44 Dollar gleich nach den schlechten Quartalszahlen etwas zu früh aufgestockt, hattest damals recht, dass man die Situation sich beruhigen lassen sollte, ich war echt zu schnell bei der Sache, habe aber keinerlei Bedenken, dass ich diese Kurse wieder sehen werde....

Aber wenn jemand in dieses Unternehmen investieren will, das in einem der am schnellsten wachsenden Medizintechnikbranchen (neben Implantaten und Wirbelsäulenprodukten)sein Geld verdient, der sollte es ganz oben auf der watchlist haben. Wer den Kitzel mag, kann sich ja ein paar teile vor dem 1.11. ins DEpot legen, wer auf Nummer Sicher gehen will, wartet die zahlen ab.

Gruss space

[spaceistheplace]

ach so, noch was, 5-Jahreswachstum wird auf 20% per anno prognostiziert, das bedeutet ein KGV in 2011 von 11, sollte es so kommen.

Gruss space

[Larry.Livingston]

Sieht aus wie eine gute Basis bei $40, vl. sollte ich es mal wagen. Je nachdem was ISRG noch vorhat...

[spaceistheplace]

Antwort auf Beitrag Nr.: 32.152.323 von Larry.Livingston am 25.10.07 18:50:11

Klar Larry, so eine Kerze wie bei ISRG wirds bei RMD wohl kaum geben, jedoch ein absolut solides Unternehmen mit soliden Bilanzzahlen.
Ich habe schon 2 Tranchen im DEpot, hätte aber auch kein Problem noch mal nachzulegen. Das management müsste schon riesen Bockmist bauen, wenn die Gewinne nicht steigen sollten die nächsten Jahre. Mit 3,3 Mio Market cap zudem auch noch übernahmefähig, aber das würde ich gar nicht begrüßen wollen, so wie auch bei Kyphon nicht.
Überlege es Dir, langfristig machst Du da nichts falsch.

Gruss space

[spaceistheplace]

Hier dieakt.Zahlen von gestern. Ab 2008 solls wieder aufwärts gehen...


ResMed Announces Financial Results for Quarter Ended September 30, 2007

SAN DIEGO, Nov. 1 /PRNewswire-FirstCall/ -- ResMed Inc. (NYSE: RMD) today announced revenue and income results for the quarter ended September 30, 2007. Revenue for the quarter was $185.7 million, a 14% increase over the quarter ended September 30, 2006. For the current quarter, pro forma income from operations and pro forma net income* were $40.4 million and $30.6 million, respectively. Pro forma diluted earnings per share for the quarter ended September 30, 2007, were $0.39, an increase of 5%, compared to the September 2006 quarter. GAAP operating income was $31.8 million for the quarter, while net income was $24.1 million or $0.31 per diluted share. GAAP gross margin was 60.2% for the quarter ended September 30, 2007.

Pro forma selling, general and administration (SG&A) costs for the quarter were $59.0 million, an increase of $8.5 million, or 17%, over the same period in fiscal 2007. Pro forma SG&A costs were 32% of revenue in the September quarter, compared to 31% in the same period in fiscal 2007. GAAP SG&A costs were $62.9 million for the quarter, an increase of $9.4 million or 18% over the same period in fiscal 2007. The increase in SG&A was primarily due to the addition of selling and administration personnel and related expenses necessary to support our sales growth and the depreciation of the US dollar. In constant currency terms, pro forma SG&A costs increased by 11% compared to the same period in fiscal 2007.

Pro forma research and development expenditure during the quarter was $12.6 million, or approximately 7% of revenues. GAAP R&D expense during the quarter was $13.0 million or approximately 7% of revenue. GAAP R&D expenses increased 20% year over year and are expected to remain at approximately 7% of net revenue through fiscal year 2008. In constant currency terms, pro forma research and development expenditure increased by 9% compared to the quarter ended September 30, 2006.

Amortization of acquired intangibles of $1.8 million ($1.2 million net of tax) incurred during the quarter ended September 30, 2007, consisted of amortization of assets associated with our acquisitions of Resprecare, Hoefner, Saime, Polarmed and Pulmomed. Stock-based compensation costs incurred during the quarter ended September 30, 2007, of $4.5 million ($3.4 million net of tax) consisted of expenses associated with stock options granted to employees and the employee stock purchase plan.

Restructuring expenses incurred during the quarter ended September 30, 2007, of $2.3 million ($1.8 million net of tax) predominantly consisted of expenses associated with the Company's decision to streamline the European regional office and some of the associated management costs. Total restructuring expenses, including expenses recognized in the September quarter, are estimated to be $2.5 million. The Company expects to incur the balance of restructuring expenses or $0.2 million in Q2 2008.

The Company is providing tabular reconciliation of GAAP operating income and GAAP net income with pro forma operating income and pro forma net income, excluding the impact of stock-based compensation costs, restructuring expenses and amortization of acquired intangible assets, for the quarters ending September 30, 2007 and 2006.

Inventory, at $167.1 million, increased by $9.9 million compared to June 2007. Accounts receivable days sales outstanding, at 79 days, increased from the June 2007 quarter of 77 days.

Peter C. Farrell, Ph.D., Chairman and Chief Executive Officer, commented, "In the first quarter of fiscal 2008, overall Americas sales increased by 9%, or 11% if sales from our motor division are excluded. Sales outside of the Americas totaled $88.1 million, an encouraging 19% increase over last year. Operating cash flow for the September quarter was a robust $28.1 million."

Dr. Farrell continued, "We are encouraged by the market response to our new full face mask offerings: the Quattro and Liberty, with strong early sales being achieved by these efficacious new products. We are also excited about the positive reception to the recently launched flow generator, the S8 II, in the Asia Pacific and select European markets. This product incorporates our recently developed Easy-Breathe technology and improved motor characteristics which deliver therapy at significantly lower noise levels. The combination of the new S8 II and our recently released Swift II nasal pillows mask, provides us with the ability to deliver one of the quietest CPAP systems in the world. We are confident in the market fundamentals and, with new products on the horizon, we expect to see a return to historical market growth rates during the second half of fiscal 2008."

* Pro forma measures exclude the impact of stock-based compensation costs, restructuring expenses and amortization of acquired intangible assets.

About ResMed

ResMed is a leading manufacturer of medical equipment for the treatment and management of sleep-disordered breathing and other respiratory disorders. We are dedicated to developing innovative products to improve the lives of those who suffer from these conditions and to increasing awareness among patients and healthcare professionals for the potentially serious health consequences of untreated sleep-disordered breathing. For more information on ResMed, visit http://www.resmed.com.

ResMed will host a conference call at 2:00 p.m. U.S. Pacific Standard Time today to discuss these quarterly results. Individuals wishing to access the conference call may do so via ResMed's Web site at www.resmed.comor by dialing [phone] (domestic) or [phone] (international) and entering conference I.D. No. 12441080. Please allow extra time prior to the call to visit the Web site and download the streaming media player (Windows Media Player) required to listen to the Internet broadcast. The online archive of the broadcast will be available approximately 90 minutes after the live call and will be available for two weeks. A telephone replay of the conference call is available by dialing [phone] (domestic) and [phone] (international) and entering conference I.D. No.92500400.

Further information can be obtained by contacting Matthew Borer at ResMed Inc., San Diego, at [phone]; Brett Sandercock at ResMed Limited, Sydney, on ([phone]; or by visiting the Company's multilingual Web site at http://www.resmed.com.

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the Company's future revenue, earnings or expenses, new product development, new markets for the Company's products and the impact of future developments related to the recently announced product recall are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. The Company cannot be certain that it has accurately predicted the costs of the product recall, which could change in response to additional feedback from ongoing discussions with the FDA and with various foreign regulatory bodies. In addition, the product recall could affect the Company's reputation. Additional risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for its most recent fiscal year and in other reports the Company files with the U.S. Securities & Exchange Commission. Those reports are available on the Company's Web site.


ResMed Inc. and Subsidiaries
Consolidated Statements of Income (unaudited)
(In US$ thousands, except per share data)



Three Months Ended
September 30,
2007 2006

Net revenue $185,740 $163,605
Cost of sales (A) 73,963 62,309
Gross profit 111,777 101,296

Operating expenses
Selling, general and administrative (A) 62,882 53,444
Research and development (A) 13,013 10,855
Amortization of acquired intangible assets 1,821 1,681
Restructuring expenses 2,297 -
Total operating expenses 80,013 65,980
Income from operations 31,764 35,316

Other income (expense), net:
Interest income (expense), net 2,314 1,497
Other, net (266) (574)
Total other income (expense), net 2,048 923

Income before income taxes 33,812 36,239
Income taxes 9,687 11,240
Net income $24,125 $24,999


Basic earnings per share $0.31 $0.33
Diluted earnings per share (1) $0.31 $0.32
Pro forma diluted earnings per share excluding the
impact of stock-based
compensation costs, restructuring expenses and $0.39 $0.37
amortization of acquired
intangibles (1) & (2)
Basic shares outstanding 77,569 75,897
Diluted shares outstanding (1) 78,941 78,056
(A) Includes stock-based compensation costs as
follows:
Cost of sales $257 $306
Selling, general and administrative 3,842 2,870
Research and development 447 448
Total stock-based compensation costs $4,546 $3,624

(1) See reconciliation of Basic and Diluted Earning per Share in table at
end of press release.
(2) See reconciliation of non-GAAP financial measures in table at end of
press release.



ResMed Inc. And Subsidiaries
Consolidated Balance Sheets (Unaudited)
(In US$ thousands except share and per share data)



September 30, June 30,
2007 2007
Assets
Current assets:
Cash and cash equivalents $277,764 $277,742
Accounts receivable, net 166,416 167,821
Inventories 167,072 157,204
Deferred income taxes 46,608 42,109
Income taxes receivable - 6,605
Prepaid expenses and other current assets 14,842 15,971
Total current assets 672,702 667,452
Property, plant and equipment, net 328,079 310,580
Goodwill 216,252 206,778
Other Intangibles 47,648 46,575
Deferred Income taxes 10,212 9,206
Other assets 10,854 10,104
Total Non current assets 613,045 583,243
Total assets 1,285,747 1,250,695

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $48,150 $53,039
Accrued expenses 78,913 98,324
Deferred revenue 20,949 18,865
Income taxes payable 9,067 2,063
Deferred Income taxes 436 415
Current portion of long-term debt 25,375 28,350
Total current liabilities 182,890 201,056
Non current liabilities:
Deferred income taxes 16,682 18,297
Deferred revenue 13,544 12,472
Long-term debt 90,540 87,648
Total non-current liabilities 120,766 118,417
Total liabilities 303,656 319,473

Stockholders' Equity:
Common stock 310 311
Additional paid-in capital 432,875 421,701
Retained earnings 462,318 436,954
Treasury stock (59,998) (43,497)
Accumulated other comprehensive income 146,586 115,753
Total stockholders' equity 982,091 931,222
Total liabilities and stockholders' equity $1,285,747 $1,250,695



Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In US$ thousands, except share and per share data)

In managing its business, ResMed makes use of certain non-GAAP financial
measures in evaluating the Company's results of operations. The measure,
"pro forma operating income" is reconciled with GAAP operating income in the
table below:



Three Months Ended
September 30,
2007 2006
GAAP operating income 31,764 35,316
Stock-based compensation expense 4,546 3,624
Restructuring expenses 2,297 -
Amortization of acquired intangible assets 1,821 1,681
Operating income (excluding the impact of
stock-based compensation
costs, restructuring expenses and amortization of
acquired intangible
assets) 40,428 40,621

The measure "net income, excluding the impact of stock-based compensation costs, restructuring expenses and amortization of acquired intangible assets," is reconciled with GAAP net income in the table below:


Three Months Ended
September 30,
2007 2006
GAAP net income 24,125 24,999
Stock-based compensation costs, net of tax 3,421 2,715
Restructuring expenses, net of tax 1,809 -
Amortization of acquired intangible assets, net
of tax 1,204 1,112
Net income, excluding the impact of stock-based
compensation costs,
restructuring expenses and amortization of
acquired intangible assets 30,559 28,826


ResMed believes that presenting diluted earnings per share, excluding the impact of stock-based compensation costs, restructuring expenses and amortization of acquired intangible assets is an additional measure of performance that investors can use to compare operating results between reporting periods. In addition, the events giving rise to the restructuring expenses are not associated with the Company's normal operating business and are expected to result in future market opportunities, cost savings, and other benefits.

Management of the Company uses non-GAAP information internally in planning, forecasting, and evaluating the Company's results of operations in the current period and in comparing it to past periods. The Company also uses these non-GAAP measures in evaluating management performance for compensation purposes. Management believes that this information also provides investors better insight in evaluating the Company's earnings performance from core operations and provides consistency in financial reporting.

Management believes disclosure of non-GAAP earnings has economic substance because the excluded expenses represent non-cash expenditures, or relate to transactions that are variable in nature between reporting periods. Our use of non-GAAP earnings is intended to supplement, and not to replace, our presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. We compensate for the inherent limitations of non-GAAP measures by not relying exclusively on non-GAAP measures, but rather by using such information to supplement GAAP financial measures.


Reconciliation of Basic and Diluted Earnings per Share (Unaudited)
(In US$ thousands, except share and per share data)



Three Months Ended
September 30,
2007 2006
Numerator:
Net income, used in calculating basic and diluted
earnings per share 24,125 24,999
Adjustment for stock-based compensation costs 3,421 2,715
Adjustment for restructuring expenses 1,809 -
Adjustment for amortization of acquired intangible
assets 1,204 1,112
Pro forma net income, used in calculating diluted
earnings per share, excluding the impact of
stock-based compensation costs, restructuring
expenses, and amortization of acquired
intangible assets 30,559 28,826

Denominator:
Basic weighted-average common shares outstanding 77,569 75,897
Effect of dilutive securities:
Stock options 1,372 2,159
Diluted weighted average shares 78,941 78,056
Increase in diluted weighted average shares:
Stock option adjustment due to the impact of SFAS
123(R ) 307 521
Pro forma diluted weighted average shares,
excluding the impact of SFAS 123(R ) 79,248 78,577
Basic earnings per share $0.31 $0.33
Diluted earnings per share $0.31 $0.32
Pro forma net income, used in calculating diluted
earnings per share, excluding the impact of
stock-based compensation costs, restructuring
expenses and amortization of acquired intangible
assets $0.39 $0.37

SOURCE ResMed Inc. - 11/01/2007

CONTACT:
Matthew Borer of ResMed Inc., San Diego,
[phone], or
Brett Sandercock of ResMed Limited, Sydney,
on [+612] 8884-2090
Web site: http://www.resmed.com
© 2000-2007 ResMed. All rights reserved.

* Legal Disclaimer
* Intellectual Property
* Privacy Notice

[spaceistheplace]

Larry, bist Du eingestiegen? IN NYC hat RMD mit 40,10 knapp DEin Limit geschrammt....am Fr. hättest Du sie in D. zum 4%-Rabatt bekommen können:

Da sieht man mal, was die deutschen Anleger und Börsenbertreiber für penner sind. RMD hat in Australien um fast 4% zugelegt (siehe meldung unten von 11 Uhr vormittags) und in München und Frankfurt gabs die teile zum Schlusskurs bis 13 Uhr zukaufen. Erst als der vorbörsliche hadel in NYC los ging, kam der Kurs in die Pötte.

Gruss space



Aussie stocks fall on credit worries; ResMed gains
Friday November 2, 2007, 11:21 am

(Adds ResMed, updates indexes)

SYDNEY, Nov 2 (Reuters) - Australian shares fell 1.7 percent on Friday, with financial firms such as Macquarie Bank Ltd (ASX: MBL.ax) slumping after analysts' downgrades of the two largest U.S. banks reignited concerns about credit markets.

Australia's benchmark S&P/ASX 200 index .AXJO fell 117.7 points to 6,711.0 by 0013 GMT, retreating from a record closing high set in the previous session.

The index had fallen as much as 2.2 percent in early trade, posting its biggest one-day percentage fall since Aug. 15.

New Zealand's benchmark NZX-50 index .NZ50 fell 1 percent, or 42.08 points, to 4,165.81. The top stock, Telecom Corp of New Zealand Ltd (NZX: TEL.nz) , fell 2.6 percent to NZ$4.17.

Telecom, which is being forced to split up by the government, posted a flat first-quarter net profit and slightly increased its profit forecast range, but said its forecasts were clouded because of regulatory issues [ID:nWEL179157].

Its chief executive also told Reuters in an interview that it will not sell its fixed-line network [ID:nWLF000622].

STOCKS ON THE MOVE

* ResMed Inc (ASX: RMD.ax) RMD.N rose 3.8 percent to A$4.68. ResMed, a maker of equipment to treat sleep-related breathing disorders, reported a 14 percent rise in quarterly sales, in line with market forecasts, though profit dipped on higher research costs [ID:nSYD299807].

0012 GMT

[spaceistheplace]

Also wenn ich die Aussage von CEO Farrell richtig sehe, schwenkt RMD wieder auf den alten Wachstumstrend ein mit mind. 20% Gewinnwachstum (Branche wächst so viel). Das Schlimmst schein vorbei zu sein, ein Einstieg könnte sich jetzt lohenen, das dürfte jetzt wahrlich der Boden sein.
Larry, wäre ein antizyklisches Investment in eine Firma, die neben Respironics, den Markt fast alleine beherrscht und auch technologisch führend ist.

Gruss space


ResMed feels the pinch of higher $A
Friday November 2, 2007, 1:21 pm

Sleep management products company ResMed Inc has booked higher revenue for the first quarter of 2007/08, but net income fell as the drop in the US dollar pushed up costs.

ResMed's net income for the three months ended September 30 was $US24.1 million ($A26.47 million), down from $US24.9 million ($A27.35 million) in the prior corresponding period.

Pro-forma net income rose to $US30.6 million ($A33.61 million), from $US28.8 million ($A31.63 million).

Diluted earnings per share fell to 31 US cents, from 32 US cents.

Net revenue for the quarter rose to $US185.7 million ($A203.97 million), up 14 per cent from $US163.6 million ($A179.69 million).

The US-based company, which is listed in Australia, said it was confident about its outlook.

ResMed chief executive Peter Farrell said the company had been encouraged by market response to ResMed's new full-face masks, which had achieved strong early sales.

"We are confident in the market fundamentals and, with new products on the horizon, we expect to see a return to historical market growth rates during the second half of fiscal 2008," Dr Farrell said.

But Dr Farrell said the sharp fall of the US dollar against the Australian dollar had impacted earnings per share by about 1.25 US cents.

"So that was a pretty big hit," he said.

Selling, general and administrative costs had risen more than 17 per cent to $US62.8 million for the quarter.

"Again, we were hit by the depreciating US dollar," Dr Farrell said.

The lower value of the US dollar also had contributed significantly to a 20 per cent lift in research and development costs.

Dr Farrell said that at the end of the first quarter a year ago, the Australian dollar was worth about 75 US cents but was now pushing 93 US cents.

Gross margins had been impacted, too, by pressure on prices.

Dr Farrell said a major competitor had dropped its prices significantly, which had put pressure on prices, mostly in the US.

"But it looks as though the pricing has stabilised," he said.

Dr Farrell said that in the first quarter of fiscal 2008, overall sales in the Americas increased by nine per cent, or 11 per cent if sales from the motor division were excluded.

Sales in the rest of the world totalled $US88.1 million ($A96.77 million), up 19 per cent.

ResMed shares were 16 cents higher at $4.67 at 1244 AEDT Friday.

[Larry.Livingston]

Nein bin (noch) nicht drin. Hatte mir Paychex gekauft.

[spaceistheplace]

Antwort auf Beitrag Nr.: 32.266.154 von Larry.Livingston am 03.11.07 15:05:51

Das geht natürlich auch in Ordnung!

[Larry.Livingston]

Mein Gefühl das bei ca. $40 ein Einstieg in RMD vorteilhaft sein könnte hat mich nicht getrügt. Mir ist die konservativere PAYX auf deren aktuellen Niveau aber noch lieber. So günstig gabs die selten. Ich könnte mir vorstellen das der andere Teil in einen Techwert wie MSFT als erste Position eingeht. Der Rest des Geldes habe ich eigentlich schon fest veranschlagt für einen Neueinstieg bei ISRG.

[spaceistheplace]

Antwort auf Beitrag Nr.: 32.273.816 von Larry.Livingston am 04.11.07 12:11:59

Ja, Larry, da gebe ich Dir recht, drum habe ich ja PAYX auch vor ein paar tagen gekauft. Was den neueinstieg bei ISRG angeht musste wohl noch ein bißchen warten, denke ich. Ich habe am FR. auch verkauft und warte mal ab. Grundsätzlich mit die interessanteste Story im Medtechbereich für mich, keine Frage. Ich werde mir die auch wieder kaufen, aber zum aktuellen Niveau keinesfalls mehr.

Gruss und einen schönen Sonntag
space

[spaceistheplace]

hier das komplette earnings call transcript:


ResMed, Inc. Q3 2007 Earnings Call Transcript
posted on: November 02, 2007 | about stocks: RMD

ResMed, Inc. (RMD)

Q3 2007 Earnings Call

November 1, 2007 5:00 pm ET

Executives

Peter Farrell - Chairman and Chief Executive Officer

Kieran Gallahue - President

Brett Sandercock - Chief Financial Officer

Keith Serzen - Chief Operating Officer

Analysts

Paul Choi - Merrill Lynch

Tim Lee - Caris & Company

Ben Andrew - William Blair

Glenn Navarro - Banc of America Securities

Mike Madsen - Wachovia

Joanne Wuensch - BMO Capital Markets

Joshua Zable - Natixis

Andrew Goodsall - UBS

Presentation

Operator

Ladies and gentlemen, the company has asked me to address certain matters. First, ResMed does not author the recording of any portion of this conference call for any purpose. Second, during the call ResMed may make forward-looking statements such as projections of the future revenue or earnings, new product development or new markets for the Company's products.

These statements are made under the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Risks and uncertainties exist that could cause actual results to materially differ from the forward-looking statements. These factors are discussed in ResMed's SEC filings, such as Forms 10-Q and 10-K, which you may access through the Company's website at www.resmed.com.

With that said, I would like it turn the call over to Dr. Peter Farrell, ResMed's Chairman and CEO. Dr. Farrell, please go ahead.

Peter Farrell

Thank you, Jeremy, very much. Let me start straight into it. Revenue for the quarter was $185.7 million, around $186 million, an increase of 14% over the year ago quarter. Pro forma income from operations was $40.4 million, and pro forma net income was $30.6 million.

Pro forma diluted EPS for the quarter was $0.39, an increase of 5% compared to the '06 September quarter. GAAP operating income was $31.8 million for the quarter, while net income was $24.1 or $0.31 per diluted share. GAAP gross margin was $60.2 million for the quarter ended September 30, '07.

Let me note that the closing price on the U.S. dollar to the Aussie was $0.75 a year ago quarter and this quarter was $0.89, so there was a 19% increase due to the depreciation of the U.S. dollar and that's basically unprecedented. If we run that through EPS, it’s about $0.025. So that as a pretty big hit.

Pro forma SG&A for the quarter was $59 million, an increase of $8.5 million or 17%. Pro forma SG&A costs were 32% of revenue for this quarter just ended, compared to 31% in the same quarter a year ago. GAAP SG&A was $62.9 million, 18% up, and in constant currency terms pro forma SG&A costs increased by 11% compared to the same period a year ago.

Again, we were a hit by the depreciating U.S. dollar, which flowed through to, as I already mentioned to EPS, and we're looking at 11% constant currency versus the actual number of 18. So that's quite a hit.

Pro forma R&D expenditure was $12.6 million, 7% of revenues. GAAP virtually the same, $13 million, again 7% of revenues and this increased 20% over the year ago quarter and again U.S. depreciation, U.S. dollar depreciation was a significant contributor to the 20% R&D expense and in constant currency was actually 9%.

Amortization of acquired intangibles, $1.8 million, 1.2 net of tax and the amortization of assets was associated with various acquisitions. Stock based compensation during the quarter was as expected, $4.5 million, $3.4 million net of tax.

Restructuring, there was a restructuring cost for a Basel office downsizing, $2.3 million. And as noted there is another $200,000, which will hit the quarter we're currently in. Inventory $167 million, increased by $9.9 million, and DSOs at 79 days were essentially consistent with the June DSOs.

In the first quarter of the fiscal year '08, overall American sales were up 9%, but actually 11% when we take into account the motor division sales or excluding those. And parenthetically let me note that was around $300,000, in the year ago quarter it was $2.1 million.

So, there was a loss there of $1.8 million and going forward the comparables are going to be a little more favorable to us. Sales outside of the Americas, $88.1 million, an encouraging 19% increase year-over-year, and operating cash flow for the quarter just ended the September quarter, $28.1 million and that's fairly encouraging, that compares with a net income of $24.1 million.

A couple of comments. The new full face mask offerings, the Quattro and the Liberty, are going extremely well. They're excellent products and in our view more than competitive and allows us to keep a price differential.

We're also excited about the launch of our new S8, an extremely quiet SA-2 flow generator. It has been launched in Asia Pac and selected European markets, in particular Germany. We have incorporated in this our easy breathe technology, really improved motor characteristics and if one combines the Swift II with the S82, the Whisper, it is the quietest CPAP on the market, in fact the SA2 has a noise level of around 23 decibels, which is basically below our ability to hear.

In fact, we had reports back from some customers saying that they had to actually touch the device to make sure it was actually operating, and there is not much vibration there, either. So we remain very confident about market fundamentals and we have some new products on the horizon. And we're hopeful as we move forward in fiscal '08, Q3, Q4, we're hopeful of achieving our more usual growth pattern for the people that have been expecting over the past decade or so.

I will also note finally, we have an extremely strong balance sheet, cash, cash equivalents, $278 million and our retained earnings are getting close to $0.5 billion are actually a shade over $460, but very close to $0.5 billion in retained earnings. So, we have a very strong balance sheet, which gives us flexibility.

So now let me throw it open to Q&A.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from the line of Paul Choi with Merrill Lynch. Go ahead.

Paul Choi - Merrill Lynch

Good afternoon, Peter.

Peter Farrell

Paul, how are you?

Paul Choi - Merrill Lynch

Fine. Thank you. Let me first say congratulations to you and also to Kieran on the recent announcement there. Best of luck to both of you here.

Peter Farrell

Thank you, Paul.

Kieran Gallahue

Thank Paul.

Paul Choi - Merrill Lynch

Okay. Maybe for my first question here, just if I could focus on the gross margin here, historically I think in terms of your business mix we've usually seen an uptick in masks as a percentage of revenue here in the first quarter versus the previous quarter, which I think generally tends to help on you the margin side.

But could you help us understand a little bit what effects contributed in terms of your margin tick down here, and also what factor are sort of price played in here in terms of the sequential gross margin decline?

Peter Farrell

Right. Well the first point is, which I have are already alluded to Paul is that we had an unprecedented 19% increase in our costs just simply due to the depreciation of the U.S. dollar relative to the Aussie. The closing currency was $0.75 U.S. to 1 Aussie dollar a year ago quarter and now it was $0.89, and I think today it has hit $0.93.

So this is, that's unprecedented. However, having said that, there were certainly price pressures, ASPs, which we talked about on the previous two earnings calls. There has been pressure due to our major competitor dropping prices significantly by 7, 10 type of activity, so on the lower end products this obviously impacted the gross margin.

We think it looks as though, as best we can assess it looks as though the pricing has stabilized, and Keith you might want to make a comment on that in the U.S. which is where most of the price pressure was. We still are getting because of the quality of our products, we're still getting a 10 to 15% uptick in our masks. We expect that to continue.

The Swift II, the Quattro and the Liberty are extremely good products. We're very happy with them. But as far as gross margin going forward, as we look into the wild blue yonder, with the U.S. dollar as I said trading at around $0.93 to the Aussie dollar as of this morning.

We'll be looking at around a 60 to 61 mark, but probably more likely a 60 as far as we can see. Do you to make a comment, Keith or Brett?

Kieran Gallahue

Actually, this is Kieran. Let me just add one thing to that. We have not been, as you're suggesting, we have not seen in the United States and some of the other, actually some of the European countries, we have not seen prices go below where we saw them, sort of the most aggressive deals several months ago.

What we are seeing is it is sort of going across the market now, and you're seeing more customers getting those similar prices. So the positive sign here is it appears that there has been a floor, there has been established here for a number of months, and the market dynamic is that we'll see those prices go to a broader range of customers over time.

So pretty much what we expected to see is it is pretty much what we've been saying here the last three, four months that we expected to see throughout this year, and I don't think there is any change in that dynamic at that point.

Peter Farrell

Okay.

Paul Choi - Merrill Lynch

Okay. Then in just maybe as my follow-up, the international growth up-ticked a little bit here, it looks like to rates we haven't seen here in a couple of quarters. Can you help us sort of parse out maybe what the currency benefit was or are we starting to see deeper penetration overseas?

Peter Farrell

I think, with the exception of Germany, we had extremely strong growth. And Germany, we're through that, unfortunately, Lance Abayer (ph) is traveling, arrives in Australia later today, but Germany is softer than we would like.

We've done what we believe we need to do in Germany. It is a work in progress, but even given Germany being weaker than we would like, the results were pretty good, and the constant currency figures, Brett, do you have that in front of you?

Brett Sandercock

Yes. It conceptually the impact on revenues of the appreciating Euro and Aussie pretty much added around $6 million to the revenue number for this quarter.

Paul Choi - Merrill Lynch

Okay. Great. Thank you very much.

Operator

And your next question is from the line of Tim Lee with Caris & Company. You may proceed.

Tim Lee - Caris & Company

Good afternoon, gentlemen.

Peter Farrell

How are you, Tim?

Tim Lee - Caris & Company

Just in the U.S., with pricing somewhat stabilizing, are we turning the corner and we can kind of think of this quarter as the low water mark and we can move up here from growth here on a going-forward basis?

Peter Farrell

Well, Tim, I think we flagged last earnings call, in fact, I know we did. The first two quarters of '08 were going to be a struggle, and that's mainly because of the comparables, I mean we have got the ResMed motor technologies which we talked about on the last couple of calls.

We've still got a couple of million there, and as you know, the sales there have basically gone very far south. So we still got top comparables for Q2 '08, and I think as we look into the future, Q3 and Q4 look pretty comfortable for us.

Tim Lee - Caris & Company

Okay. And just in terms, one quick follow-up on the international side again. The 18% growth, I mean that's kind of the blended number, so what is the international growth ex-Germany, so give us a sense of what growth could get to once Germany gets back on track.

Peter Farrell

Love to answer that, Tim, but that's not on the agenda.

Tim Lee - Caris & Company

Thought I'd try.

Peter Farrell

But thanks for the question.

Tim Lee - Caris & Company

All right. I'll get back in queue. Thank you.

Peter Farrell

Okay.

Operator

And your next question is from the line of Ben Andrew with William Blair.

Ben Andrew - William Blair

Good afternoon, Peter.

Peter Farrell

How are you, Ben?

Ben Andrew - William Blair

Very well, thanks.

Peter Farrell

Good.

Ben Andrew - William Blair

And just maybe being a bit more specific on some of the P&L items, if you back out currency completely from the equation, what is the overall impact on EPS, by your calculations?

Peter Farrell

I will throw that to Brett. My rough calculation is $0.015. Brett?

Brett Sandercock

Yeah, if you roll it through and watch all accounting impact through and try and model that, Ben, when we had a look at it, I think it is in the order of $0.01 to $0.015 for EPS, so the previous number there is pretty much spot-on as you roll it through.

That's the sort of impact. If you look at that against overall net income, you're looking at about a 4%, roughly that sort of number, impact from currency. You can't be, levels stay as they are, that's probably what will end up washing through the course of '08. So that's pretty much the impact as we see it at the moment.

Peter Farrell

The bottom line, Ben, is that it is not fair.

Ben Andrew - William Blair

Let's call the Fed and tell them to start raising rates.

Peter Farrell

Yeah, well, somebody has got to help.

Ben Andrew - William Blair

My follow-up question then is, as you think about the sheer magnitude of new products that you've got flowing through, Peter, why aren't we seeing better traction in sales?

I mean, is price just that flat-out important to people but with sales growth, I should say, with the Quattro the Liberty, all the different things coming through, why isn't that having a bigger impact?

Peter Farrell

Kieran referred to the price spread, and that's just something that's happened. It is hard to get an actual, definite figure, how many of the customers it flowed through to, but I suspect we're through all of that. My guess would be 90%.

So, you’ve got those lower prices. Now it is mainly impacting the S8 Escape, the Tango, that lower end that 25% issue of the market.

We've been able to maintain, as I already indicated, 10% to 15% higher prices for the masked products, and we're doing extremely well with the order-setting products, and of course the VPAP Adapt SV, I mean, ResRanks (ph) have come out with their competitive product, and they're hammering that pretty well.

We're very confident that as people get exposed to our algorithm, with the easy-breathe technology and the much easier ease of use of our products, and they're pre-emptive.

And we've had a couple of cases where patients just have not done well on the competitive product, and have switched to the VPAP Adapt SV, or the ACS2 as it is outside the U.S. It’s just a very robust unit.

Now, there is a lot of stuff that's got to wash through, but we are very, very happy with the Swift II, the Quattro, and the Liberty.

Traditionally, you do see an uptick when we come out with new products, and we are doing well with them, but it is a balance between the price pressures and, as Kieran mentioned, flowing through particularly the U.S. market, which is 53% of our total revenues of the Americas, and it just is what it is.

I mean, you know, it is sort of inexplicable. We looked at some of those actions, and it’s not exactly logical to us. Maybe it is a game plan there.

But since there were no real price pressures coming from the customers, the DMEs and the HMEs, it was just a grab for market share, and we just didn't jump over the cliff.

Ben Andrew - William Blair

But, is it fair to say that unit volumes you would normally expect with a new product cycle are coming through but they're being partially offset by price?

Peter Farrell

Correct.

Ben Andrew - William Blair

So you are not saying…

Peter Farrell

You should have answered my questions -- you should have answered your question.

Ben Andrew - William Blair

I am just trying to get…

Peter Farrell

That's it in a nutshell.

Ben Andrew - William Blair

You're not disappointed by the unit volume on the new products, though?

Peter Farrell

No.

Kieran Gallahue

Not at all. The new products are doing very, very well. The challenge really comes down to on -- some of the existing products where we have premiums that start to -- the delta in pricing between our closest competitors start to get above that 10% to 15% range, when they start to get to 20% to 25%, there is volume implications on that

Ben Andrew - William Blair

Right, but the…

Kieran Gallahue

But the new products are doing great.

Ben Andrew - William Blair

But your unit volume growth overall for the masks and generators is satisfying, but it is being partially offset by price.

Peter Farrell

Right. Now, look, if you look at individual products, and you say well, Pete, why isn't that doing better, et cetera. I think we talked about the Tango, and it’s a terrific unit, but it is in fact D featured.

I mean in terms of its characteristics, operating characteristics, noise, et cetera, you can tick all the boxes, but it doesn't have EPR on it, and we've seen that our guys are just not as good as selling into that low or essential care model as Brett calls it, selling into that space.

So that hasn't gone as well as we would have liked. I might say that it's improved, and there was the distraction of the recall, that's where we're working through that, but we're going to have to live with that through to the end of fiscal year, but it is much less frenetic.

I mean, it's down from spending a quarter's of the guy's times on the average to around 10% to 15%, that did still having a small impact, but again as I said, it is fading.

But yeah, at the lower end there which is -- call it 25% to 30% of the market, and the price pressures are pretty significant, and the competition has been dropping their prices in their featured units, and that makes it a difficult space to operate in.

Ben Andrew - William Blair

Okay. Thank you.

Peter Farrell

Keith, I don't know if you want to add anything to that.

Keith Serzen

No, Peter, I think you did a fine job with that.

Operator

And gentlemen, your next question comes from the line of Glenn Navarro with Banc of America Securities. Go ahead.

Glenn Navarro - Banc of America Securities

Thanks. Good afternoon, guys. Peter, on your guidance for the second half, you commented that you expected growth to get back to more market-like growth, and I am assuming you're referring to top line.

Peter Farrell

Yes.

Glenn Navarro - Banc of America Securities

So a couple of questions, do you view market growth as 15% or closer to 20%, and just to piggyback off of Ben's questions, are you referring to unit growth being back to market because I would imagine you're still going to face some pricing pressures on a year-over-year basis in the back end of the year?

So that's a question one. If you can answer, and then you didn't mention anything about the SA recall. Should we assume at this point it is completely behind you? Thanks.

Peter Farrell

Okay. Let me take your first question, Glenn. We are talking unit growth. In fact, we were at a conference yesterday and there was a big discussion.

There was a panel discussion where people from the U.S. were hooked in and so on and so forth. I am in Sydney.

And the general consensus, and there is a bit of an echo chamber to this sort of thing, like you start believing your own echoes a little bit, but we still believe that outside the U.S. it is around 15%, and that's ROW in general, and in the U.S. it’s around 20%, and we are indeed talking about volumes of devices.

Now, you can picture some scenarios where you can get an uptick going forward, as we penetrate into some of the areas we're focusing on like occupational health and safety, for example.

We are sort of optimistic, but at the moment as we look out there, I think you can almost put the better volume growth of the order of 15 ROW and 20% in the U.S.

And again, you're quite right. The pricing pressures, the prices, the prices, they're not going to go away unless you innovate, and you've got features where people say, my God, I have always wanted one of those, whatever it is.

We know that you can ask for and get higher prices. We are optimistic on some of that stuff, but we can't talk about that specifically at the moment.

Glenn Navarro - Banc of America Securities

Just from a modeling point of view, in our reported revenue numbers in our models we should be a touch below that 15% to 20%, which would reflect the pricing pressures you'd still face on a year-over-year basis.

Peter Farrell

Or I think that's fair. I think that’s fair. Now, on your second question, the recall, our estimate is that we're 30% to 40% through it, but the thing now is it's going reasonably smoothly. I mean as well as these things can go the stuff that we do ourselves where we're well and truly on top of it and obviously we’re using Stericycle.

And when it is once removed from your control, you do tend to have things not run at quite as smoothly, but I think on the average, and I will get Keith to comment on this, on the average I think we're fairly satisfied.

We're satisfied with the amount of provisioning we made. We're satisfied, if you looked into the wild blue yonder and said we're a shade under 40% of the units back, you'd say, well, we would like a higher number, but it is what it is.

It is like you take your car in, and you get something in the mail, and your Mercedes, something wrong with the brakes, and I don't know what you do, but I wait until my next service. So, there is a bit of that going on but, Keith, do you want to add anything?

Keith Serzen

Peter, I believe that you've answered that adequately as well.

Peter Farrell

Okay, well, thank you.

Keith Serzen

We have the inventory under control, Stericycle has the process under control, the start-up issues that you'd have anytime you go through something this large are for the most part behind us, and I think we're gathering momentum with this very nicely, but it will be with us for the balance of this calendar year, as we said all along.

Glenn Navarro - Banc of America Securities

Is it by any chance, again a piggybacking off of one of Ben's questions, as to why maybe you're not doing a little bit better with these launches because usually you do very well with a new product launch?

Do you think, is there any more sales force distraction out there or is that behind us?

Kieran Gallahue

Glenn, what Peter mentioned earlier on is that we still are getting some level of sales force distraction, hard to quantify it in specific terms.

We estimate it to be in the 10% to 15% kind of a range, which means it has some impact, but not much, certainly not like it was in the first quarter and actually at a declining rate as we move forward.

And I would imagine that, as we get closer and closer to the end of this that any commitments of the sales force time on this will continue to get smaller.

Glenn Navarro - Banc of America Securities

Okay, great. Thanks for taking my questions.

Peter Farrell

And, Keith, I just listening to your answers, there I just wish you were on the compensation committee.

Operator

Sir, your next question comes from the line of Mike Madsen with Wachovia.

Mike Madsen - Wachovia

Thanks for taking my call.

Peter Farrell

Hi, Mike.

Mike Madsen - Wachovia

I guess first of all, just I know about this time last year, you all had implemented your internet policy, and I know it is a very small percentage of your sales, but I guess I believe that you're going to be lapping that starting in the December quarter, so that may give you a slight boost to your revenue growth.

Is that a fair assessment?

Peter Farrell

I think it is. Keith is very close to the internet policy, and I think in fact Keith was the person who was most adamant that we really needed to put our foot down concerning internet sales.

And just to reiterate what we said before, that is because guys that are selling on the Internet feel no responsibility, at least a lot of them that don't have DME attached to it or an HME, they don't feel any responsibility to call the patient because they don't get paid for it.

So, we just think its bad medicine, but Keith, why don't you give us an update.

Keith Serzen

I just got a message from one of our Vice Presidents of Sales this morning that told me about two customers in the northeastern part of the United States that had made a decision within the last two days to switch over all of their business to ResMed because we are the only one with an internet policy.

And we are getting more stories like that as people do understand what our messaging has been. They do understand the impact on patient care and the impact on the DME service model, and are now beginning to take action on just how they're directing their business.

So, Mike, in answer to your question about whether we measure anything in relationship to the anniversary date of our internet policy, I don't think we've got it quantified like that in any way, shape or form.

It is more of a gut-level check from what we're hearing from the sales force as our customers understand the messaging that we've been trying to get across and are now taking action on that messaging. We remain very pleased with our internet policy, and we remain very committed to our internet policy.

Mike Madsen - Wachovia

All right.

Peter Farrell

I think what we actually would like is for some of our competitors, one in particular, to follow suit. We just think it is just better medicine. If you don't get compliance, everybody loses.

Mike Madsen - Wachovia

It is understandable, let's see. Just on competitive bidding, and I apologize if this question has come up, I was on another conference call, but just what are you hearing from the HMEs in the initial areas?

I realize it’s a very small portion of your revenues at this point, but just trying to understand maybe what the longer-term impact of that will be? Do you have any kind of sense of where the bids are ending up or anything along those lines?

Peter Farrell

I am going to try that. You're quite right. It’s not right in our sweet spot there in terms of concerns. I am going to throw that again to Keith.

Keith Serzen

So we don't know where the bids are coming in yet. We, know just as you do, Mike, when the bids are coming in, and supposed to be sorted out. The long-term impact of that, you know, who knows?

It is really interesting to us that it seems that more of the bidders within a given marketplace seem to be not from that given marketplace, that we've got people who haven't done business in a given market are now using this as an opportunity to try to expand their business models into a different geographical area.

But inn terms of, it basically is a discussion point for people in the industry. It is a worry point for what the long range implications are, but you still have a lot of people that wondering whether they will ever be able to pull it off and go from the first ten MSAs to the second level with this.

And once again as you heard us discuss many times before, it is still at the end of the day such a relatively small part of our business that we don't think it is going to have a material effect on our business.

Mike Madsen - Wachovia

Okay. And then just, can you provide an update on your sales force structure, just how much are they focusing on the sleep labs versus HMEs, because I guess it seems like in the past I know I guess Respironics had made more of a push into the sleep labs, and I know you guys probably had a presence in both, but just wondering if you can give us an update there?

Keith Serzen

Are you asking me to answer that question for the U.S. market, Mike?

Mike Madsen - Wachovia

More U.S. focused I guess, to be honest.

Keith Serzen

Okay. So we have for the last several years had an increased level of focus on the sleep lab with our sales reps as well as with our clinical team. That continues. We view the sleep labs as an incredibly important call point for us, both from a standpoint of the scripting that they do as well as from the increasing level of vertical integration with the sleep labs dispensing therapy.

So our call pattern has not changed much over the last two years. We continue to market our technology to the sleep labs, and our Adapt SV, and the success we've had with that, kind of speaks to the presence that we've had in the sleep labs. It remains high, will remain high.

Mike Madsen - Wachovia

Okay. That's all I've got. Thanks a lot.

Operator

And your next question is from the line of Joanne Wuensch with BMO Capital Markets. Go ahead.

Joanne Wuensch - BMO Capital Markets

Thank you for taking my question.

Peter Farrell

Hi, Joanne.

Joanne Wuensch - BMO Capital Markets

Hi. Can you give us a breakout between masks and flow generators in the quarter?

Peter Farrell

Yeah, we can certainly attempt to do that. Give me two seconds here. Okay. I will give you a geographic mix which is 53, in fact, that's almost identical to the last few quarters. But 53% for the Americas, 39% was Europe, and 8% was Asia Pac.

In looking to flow generators, and masks and accessories, the flow generators were 14% increase. The masks and accessories were 13% increase, and the overall was 14%. So they are pretty in line. But you asked for the split.

And I think Joanne, you wanted the split between the sales. What percentage was masks and accessories, right?

Joanne Wuensch - BMO Capital Markets

And what percentage came from what markets?

Keith Serzen

So the Americas versus ROW (ph), do you want me to give those, Peter?

Peter Farrell

Yes, why don't you do that Chris?

Kieran Gallahue

Kieran, here.

Peter Farrell

Yes.

Keith Serzen

Hasn't done this for about 15 years, but that's all right.

Kieran Gallahue

The Americas, let me just do the normal breakout, in the Americas flow generators were up 12%, masks and accessories were up 7%, for a total of 9%.

Peter Farrell

Bare in mind the total increase was 11% because that's messed up a little bit by ResMed Motor Technologies, so the overall was bottom was 11% if we're…

Kieran Gallahue

And if we back out RMD, the flow generators were 12% and masks and accessories 11%.

Peter Farrell

12% and 11% is closer to the truth. The 7% reflects that impact of our loss of external business for RMD.

Kieran Gallahue

On the ROW side, flow generators were up 16%, masks and accessories were up 25%, for a total of 19%, and then again that puts down to the 14% total business.

Joanne Wuensch - BMO Capital Markets

Okay. And if I did my math right, it looks like you had a lower tax rate this quarter, in the 28% range. Can you comment on that and tell me what we should be thinking about on a go-forward basis?

Brett Sandercock

Joanne, it is Brett. That's right. That tax rate for this quarter is a little lower. In Germany they actually reduced their corporate tax rate by around 10%, so we did have a one-off benefit around 700,000.

And we restated some of our deferred tax balances over there, so if you back that out, we're back to more like a 30.8% effective tax rate, and I think going forward it should be sort of around that sort of level, certainly won't continue at that low tax rate for Q1, but around sort of 30.8% mark.

Joanne Wuensch - BMO Capital Markets

Okay. And then, can you comment on where you think diagnosis is going to come out?

Peter Farrell

Yeah. Again, there was a discussion, a panel yesterday, and I don't want to give any investment bank a free kick, but the consensus was that it will happen. And if you ask me, I am saying it’s about 75% sure.

Why do I say that? First of all it’s you have the rumor mill, which is never very accurate. But second, when NCDs are looked at and normally when CMS makes a decision, they rarely reconsider it within a five-year period at least that's what we've been told. This is about two years and it would seem that there is some feeling within CMS that portal monitoring is a sensible way to go.

Now, if you look at the prevalence of sleep disorder breathing versus, say, type-2 diabetes or asthma. And if you use that as kind of a model, you cannot even imagine a circumstance, where every asthmatic patient for a Ventolin dose had to go and see a pulmonologist or a respirologist, I mean the system would just collapse.

And the same is also true, if one looks at diabetes. I mean management of diabetes is really mostly primarily care physicians, internists, and so forth. The specialists see the acute exacerbations, so when the dam actually breaks and the sleep market starts to mature, people will be begging for portable monitoring.

And we see the growth potential beyond the current structure, where you have the structure of DMEs and HMEs, they'll still be very important going forward, but we see that that paradigm could has to change really because it is just not set up for scalability. And portal monitoring will become part of it and I am pretty sure we're on the right tack there.

When are these things going to happen? Obviously a favorable NCD ruling is going to be right in the sweet spot. The question is, how prescriptive or restrictive will that be? And that I think is really where we're very, very unsure.

Now, clearly the AASM, the American Academy of Sleep Medicine who opposed, very adamantly opposed portable monitoring. One might say there is a little conflict there because of lot of the members of the AASM actually own their own sleep labs.

But my comment to that would be you're much better off fishing in the Pacific Ocean than Lake Ontario. In other words, you got these big nets you pull in all sorts of other sleep disorder problems. It will be a different mix than what the labs are currently addressing.

There will be much more narcolepsy, cataplexy etcetera. And also complex sleep apnea, which is really the space where that ought to be treated in the sleep lab, so the easy low hanging fruit, if you like, will be taken care of I think outside the current structure.

But look, that's just blue sky. I think, yes, it will be approved. I could be wrong, obviously. I don't know, but I would say it’s a 75%. What would be the concern is how restrictive is that and is CMS trying to keep everybody happy in which case, if it’s very restrictive then, you know, it’s not going to really advance the field.

Joanne Lynch - BMO Capital Markets

Thank you very much.

Peter Farrell

Thank you.

Operator

Then your next questions from the line of Joshua Zable of Natixis, go ahead.

Joshua Zable - Natixis

Hey, guys. Thanks for taking my question.

Peter Farrell

Hi, Joshua.

Joshua Zable - Natixis

Just wanted to get some more color on SA2. I know I am surprised no one else asked this earlier. I know you went into a little detail about the technology.

I am trying to understand -- the name obviously of the SA2 would indicate that is in the same footprint as the SA but the name changed as opposed to one of those fancy names you usually give it, maybe it's more than that, just not technology, I don't know. Can you give me a little bit more color on it?

Peter Farrell

Yes. The naming is always one of these things, you know, why isn't it an S9 and so on, but it is the same footprint, and I guess that's what really determined in most people's minds, the consensus if you like, to call it an SA. But it is a really completely redesigned motor.

I mean, mean, I was in Europe and Sweden for the European Respiratory Society meeting towards the end of September, and we had the guys there had done some demonstrations in Switzerland and Austria. And two sleep physicians, our sales guys, and the reports back were just incredibly encouraging.

This is one quiet unit, but in addition to that, with the redesign of the internal, in particular the motor, the breathing characteristics are just absolutely stunning. You know, breathing in and out, there is virtually no change at all in the pressure.

In other words, some devices, you go back years ago, you get swings of 4 to 5 centimeters breathing in and breathing out. It was just awful impedance. This thing is almost zero impedance. It is quiet as a mouse. I mean, you can believe your own dreams to a certain extent, but I talked to the Austrian and Swiss guys who did the demonstration. And this is a great product.

Joshua Zable - Natixis

I guess what I am trying to understand is the way to think about it, sort of as the highest end of the S8 family or is this going to be -- even though it’s the same footprint. Is this going to replace the S8 and sort of the same way the S8 took over for the S7, the SA2 in a similar footprint but now you get all the different features of the various S8 models but on a much quieter model.

Peter Farrell

Listen, Joshua, if you want to buy quite a few of the older versions, we can probably help you out. Yes. The characteristics will flow through all of the S8 family, and we think it is going to be -- it is going to be really well received as I said, so yes, it is going to flow through all the family. And frankly we're excited about it.

Kieran Gallahue

And this is Kieran, just to add a little to Peter's comments, when you say substantially the same, Josh, this is actually the same. So, from the outside of the box, you're not going see a difference other than some of the labeling. We're using the same box so that we can get scale opportunities on that. So, you can use the same accessories.

It is seamless from a customer perspective, but it got a totally new engine in it. And the second thing to note is it hasn't been released yet, in the U.S. or in the Americas. It doesn't come until later in the fiscal year. So, we'll see that impact later on. This product is absolutely incredible. The engine, as Peter was noting, is quiet. It is capable, and it allows an increase in functionality.

Peter Farrell

In fact, the breathing characteristics, just to follow on from Kieran's comments there, are just so much better even though, the S8 is a great product, the breathing characteristics on this just kind of knock your socks off. It is a bit like getting a Porsche Turbo and putting a chip in it, and going from 450-horsepower to 600-horsepower. This is really a swish unit.

Joshua Zable - Natixis

Great. And then just on SAN (ph), can we get an update? I know I usually ask this once a quarter.

Peter Farrell

We'll have to wait until lassie (ph) comes. The wrinkles are out of the VS Series, the Ultra, the Integre, etcetera, that is coming off the blocks very nicely. We're happy with that. Still, some work to do on the 150, 250 and 350 Elise'e. Everything is moving in the right direction. Kieran, you might want to comment because you just were over with the European leadership team, but it was the same was a good buy.

We did get a few more surprises than we anticipated. We were locked in, as we said in previous conference calls, to not expanding the customer base, and we're getting ready now to go beyond that. Kieran, you might want to say a few words.

Kieran Gallahue

I think what you said is right on target. We're making very good progress on the quality side. We're moving a substantial portion, in fact all of it by the end of the year of the VS production down to our plant in Sydney, because the technology has stabilized to the point. And the quality levels have risen to the point, where we have the ability to do that.

So, it is a very encouraging sign from both quality and from the ability to increase capacity. And quality levels of Elise’s, particularly the Elise'e 150 have increased dramatically. So, team is making very, very good progress on it. The business itself has grown in double-digits. So, we're quite pleased with it.

Peter Farrell

And just to add one more thing there, the 150 is obviously the main line product. The 250s and 350s are more your hospital-based products, so the 150 as a portable ventilator is where we want to be with a nice big screen, very customer friendly. If the thing works the way it is supposed to work.

Joshua Zable - Natixis

Great.

Peter Farrell

That's the more important one.

Joshua Zable - Natixis

Thanks, guys.

Operator

And your next question is from the line of Andrew Goodsall of UBS. You may proceed.

Andrew Goodsall - UBS

Good morning, team. I just wanting to get an indication…

Peter Farrell

Good meeting yesterday, Andrew.

Andrew Goodsall - UBS

Yes, great, glad you came along. We really appreciated it. Try to give me a bit of information on what sort of contribution Adapt SV had made to this result.

Peter Farrell

Yes. We don't breakdown products into how is X, Y and Z going, but it is double-digit growth.

Andrew Goodsall - UBS

Okay. Great. Thanks very much.

Peter Farrell

All right, Andrew.

Operator

And there are no further questions at this time.

Peter Farrell

Excellent. Thanks.

Kieran Gallahue

All right. So, why don't we wrap up the call. Peter, do you want to do the wrap-up?

Peter Farrell

I think we've probably exhausted everything, Kieran, unless you want to say goodbye to everybody. I am happy to say goodbye.

Kieran Gallahue

Sounds like a good idea. Thank you for all your interest today.

Peter Farrell

Thanks very much, guys.

Operator

Thank you for your participation in today's conference, ladies and gentlemen. This does conclude the presentation and you may now disconnect. Have a wonderful day.

[spaceistheplace]

Gestern nur 0,5% im Minus bei dem Einbruch, das sieht aktuell recht gut aus bei RMD. In den letzten tagen verhält sich RMD eh recht stabil. Ich bin überzeugt, dass bei 40 der Boden ist. Spätestens 2008 sollte der Kurs wieder langsam anziehen

Gruss space

[spaceistheplace]

einige Insiderkäufe gestern bei RMD. Auch gegen den trend zugelegt. das dürfte jetzt so langsam das Ende der Duststrecke sein...

Gruss space

http://investor.resmed.com/phoenix.zhtml?c=70291&p=irol-sec

[clearasil]

Antwort auf Beitrag Nr.: 32.375.549 von spaceistheplace am 10.11.07 11:59:08

Chart sieht langsam wieder besser aus. Erste signfikante Käufe.
Jetzt muß noch der Abwärtstrend geknackt werden, könnte noch dauern.
Das passt ja auch zu den fundamentalnews.

gruß clearasil

[Pontiuspilatus]

das zeigt das der markt interessant ist umsonst macht philips für den direkten rmd konkurrenten wohl nicht 5 milliarden locker

Philips to buy Respironics for $5.1 billion
By Steve Goldstein, MarketWatch
Last update: 6:51 a.m. EST Dec. 21, 2007
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LONDON (MarketWatch) -- Philips Electronics said Friday it's going to buy U.S. home respiratory-care provider Respironics for $5.1 billion as the Dutch conglomerate made its second acquisition of the week and its fourth in the last two months.
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PHG 44.15, +0.43, +1.0%) (NL:00953: news, chart, profile) has announced 10 billion euros ($14.7 billion) of deals and 10.2 billion euros of realized or announced share buybacks since 2005 as part of a plan to achieve an "efficient" balance sheet by 2009. Read Wednesday's story about Philips.
Philips' latest deal has it acquiring Murrysville, Pa.-based Respironics (RESP:
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RESP 53.11, +0.65, +1.2%) for $5.1 billion in cash, or $66 a share. That works out to a 24% premium over Respironics' Thursday closing price.
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Respironics generates three-quarters of its $1.2 billion in annual sales from its sleep and home-respiratory business, which provides diagnostic and therapeutic devices for sleep-related breathing disorders.
Philips has been expanding in home health care with the acquisitions of Lifeline Systems, Health Watch and Rayel Cardiac Services. The Respironics deal will lift operating profit margins and revenue growth immediately, the acquirer said.
"The Respironics activities fit well with Philips' current product offering in the medical-systems market," said Knut Woller, an analyst at HVB.
Chart of RESP
He noted, however, that Philips paid a price-to-earnings multiple of around 30 times, based on 2009 consensus analyst estimates. It will have to justify such a premium through synergies and the sales leverage of the Philips distribution network, Woller said.
Shares of Philips Electronics slipped 0.6% in Amsterdam, trading lower in a generally stronger market.

[Pontiuspilatus]

dementsprechend springt rmd heute schön nach oben das wars dann mit abwärtstrend

[spaceistheplace]

Antwort auf Beitrag Nr.: 32.837.828 von Pontiuspilatus am 21.12.07 14:01:25

dementsprechend springt rmd heute schön nach oben das wars dann mit abwärtstrend

wird ja auch mal Zeit...
jedenfalls kann dieser Anstieg ja auch nur von temporärer Natur sein...we will see....
warum nehmen die RESP statt RMD, wo RMD günstiger ist und schneller wächst? Nun ja, wird Phillips-Geheimnis bleiben, ist mir aber auch egal.
Jedenfalls sieht man daran, dass so ne Übernahme dann schlecht für ASS ist.

Gruss space

[Pontiuspilatus]

warum nehmen die RESP statt RMD, wo RMD günstiger ist und schneller wächst?

rmd ist teurer als resp. wahrscheinlich war resp leichter zu übernehmen

[spaceistheplace]

Antwort auf Beitrag Nr.: 32.839.382 von Pontiuspilatus am 21.12.07 16:10:56

RESp market cap 4,8, RMD 4,0, wobei man davon heute 22% für RESP und 12% für RMD abziehen müsste, also gibt sich das nicht viel...Aber mir ists egal, der Kurssprung ist ganz nett, wird sich aber wiefder relativieren, wenn nix nachkommt. JNJ könnte da ja mal hin langen...

Gruss space

[Pontiuspilatus]

RESp market cap 4,8, RMD 4,0, wobei man davon heute 22% für RESP und 12% für RMD abziehen müsste, also gibt sich das nicht viel...

ja von der market cap recht ähnlich aber resp hat wesentlich mehr umsatz so das rmd schon im verhältnis teurer ist.

bist noch in rmd??

Kurs hat sich ja im sommer und bis jetzt gegen die marktschwäche sehr gut gehalten.
Überbewertung ist auch abgebaut.

wachstum für die absehbare zukunft um die 20 % konjunkturunabhängig und phantastischer track record.
alles was wir mögen

die rückrufaktion im frühjahr erweist sich rückblickend gesehen mal wieder als idealer kaufzeitpunkt

ähnlich wie bei mdt vor einiger zeit

[spaceistheplace]

Antwort auf Beitrag Nr.: 32.842.649 von Pontiuspilatus am 21.12.07 19:31:46

bist noch in rmd??

Ja, pontius, bin dabei, mein nachkauf war so ziemlich am Tief vor ein paar Wochen...
Werde die Aktie aber bis Ende 2008 wohl verkaufen.

Gruss space

[spaceistheplace]

Buyout Drives Respironics, ResMed Shares
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Posted 21 December 2007 @ 07:04 pm EST

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NEW YORK (AP) - Shares of Respironics Inc. hit an all-time high Friday after Dutch conglomerate Royal Philips Electronics NV bid $5.1 billion for the respiratory medical device maker. The news also pushed shares of rival ResMed up sharply.
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Respironics shares rose $12.21, or 23 percent, to close at $65.32, having hit a new high of $65.54 earlier in the session and approaching the $66 per share buyout offer from Philips. The purchase price represents a 24 percent premium to Respironics' closing price Thursday.

The deal shone a brighter spotlight on competitor ResMed, which saw shares rise $6.10, or 13 percent, to $53.09. The stock has traded between $38.34 and $56.16 over the last 52 weeks.

"We view the acquisition as good for Respironics, a positive for ResMed, and a signal that M&A is still alive and well in medical technology," said BMO Capital Markets analyst Joanne Wuensch, in a note to investors.

Murrysville, Pa.-based Respironics' main products assist or monitor breathing and are used in homes and hospitals for patients with respiratory problems. The biggest sellers are for sleep apnea, a disorder involving periodic blocked air flow during sleep. During its most recent quarter, the company's sleep and home respiratory group revenue rose 19 percent to $235.1 million.

Poway, Calif.-based ResMed makes similar products for sleep apnea and breathing disorders. Wuensch maintained a "Outperform" rating for the stock.

Caris & Co. analyst Timothy Lee downgraded Respironics to "Average" from "Above Average" after shares rose past his previous price target of $57.

"While we can not rule out the possibility of another suitor emerging, we think the transaction is largely a done deal at this point," he said in a note to investors. Meanwhile, he reaffirmed a "Buy" rating for ResMed, citing its viability as a buyout target capable of garnering between $53 and $57 per share.

Canaccord Adams analyst Jason R. Mills upgraded ResMed to "Buy" from "Hold" and raised his price target to $58 from $46. He said competitive dynamics in the market could shift toward ResMed's advantage temporarily, with large medical device makers looking for growth likely turning to ResMed next.

Mills forecast that the sleep therapy market will grow at a compounded rate of 16.1 percent annually through 2010. Combined, ResMed and Respironics command about 80 percent of the sleep apnea market.

"There is already evidence that obstructive sleep apnea is receiving more attention by cardiologists and other specialists, and we expect this to increase, based on the American Medical Association's recognition of sleep as a medical subspecialty and the concomitant rising number of sleep specialists," Mills said in a note to investors.

[Larry.Livingston]

Wow Glückwunsch Jungens. Wäre ich doch mal besser eurem Rat gefolt und zu $40 eingestiegen... (gab aber dafür PAYX).

[Pontiuspilatus]

ich denke das resmed seinen vorteil daraus ziehen kann das der hauptkonkurrent von einem relativ trägem großkonzern geschluckt wurde.

ich denke das resmeds wachstum als spezialist für diesen bereich vermutlich eher zulegen wird da sie bei geschicktem vorgehen philips marktanteile abnehmen werden

[Pontiuspilatus]

Wow Glückwunsch Jungens. Wäre ich doch mal besser eurem Rat gefolt und zu $40 eingestiegen..

kannst ja einsteigen wenns noch mal etwas zurückkommt. wir sind ja noch in der seitwärtsbewegung. für die investierten rate ich zum drinbleiben rmd ist historisch einer der besten medtechwertte und sehe keinen grund wieso sich dies in den nächsten jahren gravierend ändern sollte hier mal ein vergleich mit ein paar anderen medis

wachstum ist mit 20 % auf sicht der nächsten 5 jahre recht schön und die bewertung liegt mit einem 09er kgv von 24 (quelle nasdaq.com ) im grünen bereich

[Pontiuspilatus]

ge ist da übrigens meiner meinung die halten ca 2,6% an rmd

[spaceistheplace]

Zahlen sind wohl nicht der Knüller, nachbörslich gehts 5% runter.

Gruss space

ResMed 2Q Net Falls On Restructuring, Other Expenses2-7-08 4:28 PM EST | E-mail Article | Print Article

DOW JONES NEWSWIRES

ResMed Inc.'s (RMD) fiscal second-quarter net income decreased to $26.9 million, or 34 cents a share, from $29 million, or 37 cents a share, a year earlier.
Excluding restructuring costs, stock-based compensation expenses and the amortization of intangibles, per-share earnings were 41 cents.

The San Diego maker of medical respiratory products said revenue increased 14% to $202.7 million in the period ended Dec. 31 from $178.4 million in the year- ago period.

On average, analysts polled by Thomson Financial expected per-share earnings of 37 cents and revenue of $202 million.

-Melissa Korn; 201-938-5400; [e-mail]

Order free Annual Report for ResMed Inc.

Visit http://djnewswires.ar.wilink.com/?link=RMD or call 1-888-301-0513

(END) Dow Jones Newswires
02-07-081628ET
Copyright (c) 2008 Dow Jones & Company, Inc.

[spaceistheplace]

in Australien fällt der Wert auch:


ResMed shares tumble as costs balloon

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Staff writers | February 08, 2008

SHARES of ResMed fell more than 6 per cent today after the maker of medical respiratory equipment posted a fall in first-half profits as costs ballooned.

The Australian and US-listed company, which is based in San Diego, said net profit for the six months ended December 31 was $US50.99 million ($57 million), down from $US53.99 million.

Sales rose 14 per cent to $US388.4 million.

Operating costs soared 20 per cent to $US164.5 million.

ResMed said it had a tough second quarter in the Americas.

“Looking forward, we are encouraged by the opportunities for growth,” chief executive Kieran Gallahue said in a statement.

“I am excited about our future as we continue to see penetration into new markets, including diabetes and cardiology, and I firmly believe we are very well positioned to capitalise on the continuing development of our industry.”

ResMed was down 6.6 per cent at $4.64 by late morning. The benchmark S&P/ASX 200 Index was up 1.2 per cent.

[spaceistheplace]

Guten Morgen miteinander,

will mich mal melden, denn ich habe Euch was mitzuteilen:

Ich werde mich ab sofort aus WO und aus dem ganzen Börsengeschehen mehr oder minder zurückziehen. Ich habe mir das schon länger überlegt und bin jetzt über Ostern zu diesem Schluss gekommen.

Ich habe gestern fast komplett meinen Aktienbestand verkloppt. Ich habe mit meiner Bank, bei der ich einen Kredit über unser Haus laufen habe, ein große Sondertilgung vereinbart und werde diese in diesen Tagen durchführen. Da fließt das Geld hinein. Lieber meinen Kredit tilgen bzw. abbezahlen als auf im Endeffekt höhere Renditen am Markt spekulieren. Das kann böse in die Hose gehen bzw. ich denke, das eben die Renditen an den Märkten in den nächsten jahren nicht zum Himmel wachsen. Nummer Sicher, fertig...

Ein sehr kleiner Rest ist noch nicht über die Spekufrist (sind aber eh keine großen Gewinne drauf), warte diese aber ab. Bis Ende des Jahres wird dann der Rest des Kredites abbezahlt.

Zudem bin ich auch zum Schluss gekommen, hier bei WO meine Aktivitäten einzustellen. Ich hatte ja schon öfters geschrieben, dass ich zu viel Zeit aufwende und dann doch immer wieder in die gleiche Schiene verfallen bin, einfach zu viel Zeit dafür aufzuwenden, oft auch einfach zu verbissen war, was ich als nicht gut empfinde. Daher werde ich jetzt komplett aufhören und mich auch abmelden, sonst wird das wieder nix.

Also macht es gut, haltet den Thread auch ohne mich als Threadgrünmder warm…
Liebe Grüße an alle
space

[spaceistheplace2]

Hallo zusammen,

I'm back on board bei WO zwar unter einem anderen Usernamen, aber immer noch der Gleiche mit den gleichen Favoriten. Ich wüsste auch nicht, was sich grundsätzlich an diesen Unternehmen groß geändert haben sollte, Krise hin oder her....

Ich poste hier, damit der Thread nicht einschläft und werde mich gegebenfalls einbringen, wenn ich es für notwendig erachte. Die "Versorgung" mit news hier werde ich aber so nicht mehr wie gewohnt durchführen, allein schon wegen Zeitmangels.
Vornehmlich werde ich aber im Gewinnerthread " Gewinnerbranchen der Jahre 2006 bis 2040" posten.

Gruss space

[spaceistheplace]

Hallo,

so, ich habe mir jetzt wieder den alten Namen freischalten lassen von WO, bin also wieder wie gewohnt unter dem namen "spaceistheplace" on board.

Gruß
space