This medical device company’s shares just hit a new record high…
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The ResMed Inc. (ASX: RMD) share price has been a very positive performer on Tuesday.
In morning trade, the sleep treatment focused medical device company’s shares lifted almost 3% to a record high of $38.34.
Why is the ResMed share price charging higher today?
Investors have been bidding the ResMed share price higher today following the announcement of a key new product launch.
According to the release, ResMed has launched its next-generation positive airway pressure (PAP) device, AirSense 11, in the United States.
The PAP device is designed to help hundreds of millions of people worldwide with sleep apnoea start and stay on therapy to treat and manage obstructive sleep apnoea.
AirSense 11 is initially available in the United States, but other countries will follow soon.
What are AirSense 11’s features?
The release explains that AirSense 11 includes new features such as Personal Therapy Assistant and Care Check-In. These have been designed to provide tailored guidance to PAP users, helping ease them into therapy and comfortable nightly use.
Other features include the availability of remote software updates so users can enjoy the latest version of these tools every night.
ResMed’s President of Sleep and Respiratory Care, Jim Hollingshead, commented: “AirSense 11’s new tailored features along with our myAir patient engagement app help give people the support they need to use PAP – the gold standard for treating sleep apnea – comfortably and confidently every night. And when digital health helps guide patients, it enables clinicians to provide great care to all their patients more efficiently.”
Another positive, which may be helping the ResMed share price, is the inclusion of tools that improve adherence. This could make the products sticky and keep sufferers out of the reach of competitors.
The release notes that AirSense 11 gives access to ResMed’s myAir patient engagement app and AirView remote monitoring platform for clinicians. Combined, these help bring overall patient adherence to as high as 87%.
The myAir app tracks the amount of time patients spend using CPAP therapy, the number of sleep apnoea events per hour, mask leaks, and the number of times a mask was removed. It also provides nightly data on breathing, coaching tips, and support directly to the user’s phone.
The ResMed share price is up an impressive 39% since the start of the year.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.