“We were taking market share for the last seven years from Philips before the recall, now they’ve foot faulted, given us a game…we’re going to win the match when they come back on court and stop foot faulting, because we have better stuff that lowers the cost and better outcomes,” he said.
He said the company was now focused on sustainable market share growth for the years to come.
ResMed CEO Mick Farrell says the global supply chain environment “remains very challenging”.
“What we’re doing is looking at the long term and saying, we’re winning the ball, let’s make sure the accounts and the new patients we get, we get for life.”
The company is confident that patient demand for sleep apnoea products will continue to return to pre-COVID despite the rise of the Omicron variant. Sleep treatment practices have adapted well to hygiene and safety requirements, Mr Farrell said.
The equities team at RBC Capital Markets were underwhelmed with the quarterly numbers.
“While the company delivered 13 per cent constant currency revenue growth, the numbers were below expectations and the main miss in the result. This was partially offset by lower selling, general and administrative costs,” Craig Won-Pan wrote in a note.
ResMed investors will see a quarterly dividend of 42 US cents to be paid on March 17. Shares were 0.1 per cent lower to $31.36 just after midday.
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