Ann: Financial Results For 4th Qtr 14 & Fiscal Year 2014, page-6

From MF:

The lower-than-anticipated quarterly results were the result of a worrying sales decline in its key North American markets. Recently selling for $5.50 (US$51.50) the market has been pricing ResMed as a growth stock selling on more than 21 times diluted earnings per shares of $US2.39 for financial year 2014. This growth stock status is likely to come under pressure as the weak North American numbers suggest changes to U.S. Medicare spending and reimbursement patterns have taken their toll.

(One para only - see MF site for more)

I got out a few weeks ago (wisely or unwisely) on the back of a warning from one analyst about changing US regs around Medicare which might affect RMD. Now hoping for a reentry further down the price scale, as punters assess/reassess the scale of the "growth" narrative on which SP has been rising.

Thoughts?