SAN FRANCISCO, Aug. 5 /PRNewswire/ -- The following is being issued by
BancBoston Robertson Stephens, a member of the National Association of
Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior medical device and medical technology
analyst Wade H. King, M.D., today reiterated his Buy rating on ResMed, Inc.
(Nasdaq: RESM). The company, headquartered in San Diego, Calif., produces a
family of products that address upper airway obstruction, which results in
obstructive sleep apnea (OSA).
"We are reiterating our Buy rating on ResMed following the company's
announcement of strong fiscal-fourth-quarter 1999 earnings," said King. "The
company reported record revenues of $25.1 million, ahead of our $24.5 million
projection and a 30 percent increase over the same period last year.
Earnings-per-share came in at $0.30, representing 50 percent growth and
matching our Street-high expectation.
"Clearly, the recent extraneous comments that ResMed would report the same
difficulties as its competitor, Respironics, have been misguided," said King.
"By the end of 1999, we look for shares of ResMed to trade at 30 times our
calendar 2000 earnings-per-share estimate of $1.50, yielding a price target of
$45," said King. "This offers investors, at current levels, the opportunity
for over 50 percent return-on-investment."
Clients interested in receiving more information should contact their
salesperson at 415-781-9700.
BancBoston Robertson Stephens is a leading international investment
banking firm focused on growth companies. The firm's 55 equity and high yield
research analysts cover more than 600 companies. Additional information is
available upon request.
The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security. Although opinions
and estimates expressed herein reflect the current judgment of BancBoston
Robertson Stephens, the information upon which such opinions and estimates are
based is not necessarily updated on a regular basis; when it is, the date of
the change in estimate will be noted. In addition, opinions and estimates are
subject to change without notice. This Report contains forward-looking
statements, which involve risks and uncertainties. Actual results may differ
significantly from the results described in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
those discussed in "Investment Risks." BancBoston Robertson Stephens from
time to time performs corporate finance or other services for some companies
described herein and may occasionally possess material, nonpublic information
regarding such companies. This information is not used in the preparation of
the opinions and estimates herein. While the information contained in this
Report and the opinions contained herein are based on sources believed to be
reliable, BancBoston Robertson Stephens has not independently verified the
facts, assumptions and estimates contained in this Report. Accordingly, no
representation or warranty, expressed or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information and opinions contained in this Report.
BancBoston Robertson Stephens, its managing directors, its affiliates, and/or
its employees may have an interest in the securities of the issue(s) described
and may make purchases or sales while this report is in circulation.
BancBoston Robertson Stephens International Ltd. is regulated by the
Securities and Futures Authority in the United Kingdom. This publication is
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N.A., and are subject to investment risk, including possible loss of any
principal amount invested.
SOURCE BancBoston Robertson Stephens
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