Resmed (RMD, TP $4.10) - HOLD RMD reported FY08 NPAT of $113.2,...

Resmed (RMD, TP $4.10) - HOLD
RMD reported FY08 NPAT of $113.2, up 4.7 per cent on the pcp.
RMD had better-than-expected revenue growth, with sales in the EU
increasing 32 per cent on pcp.
However, the gross margin suffered due to an appreciating AUD vs
the USD.
We continue to foresee potential upside from US home diagnosis in
2H09F.
In this quarter, RMD released three new machines into the US
market - the S8 II, the S8 Elite and the S8 Escape.
The company also entered the market with the Swift II LT mask,
which had strong take-up in markets where it was released.
ANALYST: Dr David Stanton, ABN AMRO