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RMD 2Q result not taken well in US aftermarket
A timely downgrade to Hold from Dr Wong-Pan earlier this week as RMD 2Q disappointed on sales numbers, coming in with $651m of revenue, 4% below our numbers. Device growth was slower than expected, and seems to have been the main drag, as well as focus of US investors who have pushed it down as much as 9% in the aftermarket.
We were looking for double digit growth in the US market and high single digit in RoW, neither of which were reached. France and Japan in the RoW category were particularly weak and expected to continue to struggle in the medium term. Mask growth has been OK as new product launches have been received well.
Gross margin was the only real positive note, up to 58.9% vs last quarter and DBe of 58.3%. This was driven primarily by benefits from manufacturing and procurement efficiencies, product mix changes and higher margin contribution from MatrixCare, which added 30bps of this expansion. The company now expect margins to continue at this level.
There was an increased focus on SaaS post last year’s acquisitions, revenues have increased 63% compared to the pcp in 2018. However Brightree has continued to slow its rate of growth. Any recovery they were hoping for now looks to be longer dated. This now raises questions about the deployment of capital into this part of the business which has consistently not lived up to expectations...
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