Ann: ResMed Announces Results for the Second Quarter of FY 2019, page-40

In the quarter just ended alone it completed a larger scale acquisition of $US750 million ($1.1 billion) of MatrixCare and announced the $US225 million aquisition of Propeller Health.

Comparing the business where it is today and a slide to last February's price point subsequent to consecutive qoq strong results and large strategic acquisitions does not do it justice and not sure what your basing this on.

While risks have been highlighted that these recent acquisitions have being dilutive to the core franchise, devices still represent the dominant component of earnings. Something also noteworthy in the recent report card is that gross margins have improved although all the focus has being on the miss on the top line compared to analyst expectations. The company registered growth at consensus estimate revenue I believe across all geographical regions, except France and Japan where device sales were impacted as customers completed their connected device upgrade programs.The company expects this impact to persist in the next few quarters.

There's no disputing that it may take a little while for it reach the price level pre-earnings announcement but the reality is that a 12% smack down is hard to rationalise given only a 3% topline miss yet increase in gross margins. 

This should IMO cover at least half of Friday's losses and revert to a level which justifies the earnings and expected growth in earnings.