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Here are 1-3 brief analogies for ResMed:

• Dexcom for sleep and breathing disorders. (Similar focus on specialized medical devices, consumables, and data management for chronic conditions.)
• Insulet for sleep apnea. (Like Insulet provides insulin pumps and ongoing supplies for diabetes, ResMed offers CPAP machines and supplies for sleep apnea.)
• The Gillette of sleep apnea devices. (Emphasizes the recurring revenue model from selling essential masks and accessories after the initial device purchase.)

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• Sleep Apnea Devices: A range of devices, including CPAP and APAP machines, designed to deliver therapy for obstructive sleep apnea.
• CPAP Mask Systems: Various types of masks that interface with sleep apnea devices, providing comfort and an effective seal for therapy delivery.
• Ventilators & Respiratory Care Devices: Devices for both invasive and non-invasive ventilation, addressing chronic respiratory diseases and critical care needs.
• Digital Health & Software Solutions: Software-as-a-Service (SaaS) platforms and connected care solutions for remote patient monitoring, data management, and therapy management in sleep and respiratory care.

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ResMed (symbol: RMD) primarily sells its medical devices and software solutions to other companies (Business-to-Business, or B2B) rather than directly to individual consumers. These customer companies then provide ResMed's products and services to patients.

ResMed's major customers generally fall into the following categories:

• Home Medical Equipment (HME) and Durable Medical Equipment (DME) Providers: These companies are the primary channel through which ResMed's sleep apnea, COPD, and other respiratory care products (e.g., CPAP machines, masks, ventilators) reach patients in their homes. They handle sales, rentals, and often insurance billing and patient support.
• Hospitals and Other Healthcare Facilities: For acute and chronic care settings, particularly for hospital-grade ventilators and specialized respiratory devices, ResMed sells directly to hospitals, skilled nursing facilities, and other clinical institutions.
• Distributors: In certain markets or for specific product lines, ResMed may sell to large medical distributors who then supply HME providers or healthcare facilities.

While ResMed does not typically disclose specific customer names or their percentage of revenue due to the fragmented nature of the HME market and competitive reasons, the largest publicly traded HME providers in major markets (such as the U.S.) would logically be significant purchasers of ResMed's products. Based on their market presence and scale, the following public companies are strong candidates for being major customers:

• AdaptHealth Corp. (symbol: AHCO)
• Owens & Minor, Inc. (symbol: OMI) - through its ownership of Apria Healthcare Group Inc.
• Linde plc (symbol: LIN) - through its ownership of Lincare Holdings Inc.

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Michael "Mick" Farrell, Chief Executive Officer and Chairman of the Board

Michael "Mick" Farrell was appointed ResMed's CEO in March 2013 and became Chairman of the Board in January 2023. He joined ResMed in 2000, holding various senior roles including President of the Americas region from 2011 to 2013 and Senior Vice President of the global sleep apnea business unit from 2007 to 2011. Before joining ResMed, Mick worked in management consulting, biotechnology, chemicals, and metals manufacturing at companies such as Arthur D. Little, Sanofi Genzyme, Dow Chemical, and BHP. He also serves on the board of directors of Zimmer Biomet (NYSE: ZBH), a public medical technology company.

Brett Sandercock, Chief Financial Officer

Brett Sandercock was appointed Chief Financial Officer in January 2006. He joined ResMed's finance department in 1998 and previously served as Vice President of Treasury and Finance from November 2004 to December 2005, and Group Accountant and Controller from 1998 to 2004. Prior to ResMed, Brett was a manager of financial accounting and group reporting at Norton Abrasives, a division of Saint-Gobain, and held finance and accounting roles at Health Care of Australia. He also worked at Pricewaterhouse Coopers in Sydney from 1989 to 1994, specializing in audits. From June 2019 to August 2021, he served as non-executive chairman of the board of directors of Osteopore Limited (ASX: OSX), an Australian- and Singapore-based medical technology company.

Michael Rider, Chief Legal Officer

Michael Rider was appointed Chief Legal Officer in July 2023. He joined ResMed in June 2012, and his prior roles include Senior Vice President, Deputy Global General Counsel, and Legal Business Partner for ResMed's Sleep & Respiratory Care team from July 2019 to June 2023, and Vice President and General Counsel-Americas. Michael has nearly 40 years of legal experience.

Vered Keisar, Chief People Officer

Vered Keisar was appointed ResMed's Chief People Officer in March 2021. In this role, she is responsible for driving the company's global culture and people strategy.

Justin Leong, Chief Product Officer

Justin Leong was appointed Chief Product Officer in November 2023. Prior to this role, he served as President of Asia and Latin America for ResMed. He holds a Bachelor of Commerce and a Bachelor of Laws from the University of New South Wales, Sydney, and a Master of Business Administration from the Harvard Business School.

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The key risks to ResMed's business include an intensely competitive market, potential supply chain disruptions, and the evolving regulatory landscape.

1. Competitive Landscape and Market Normalization: ResMed operates in a highly competitive respiratory care device market, requiring continuous innovation and product differentiation to maintain its market position and profitability. The benefits gained from a competitor's product recall could be challenged if competitors resolve their issues swiftly or if new private competitors intensify the market, potentially leading to pricing concessions.
2. Supply Chain Disruptions: The company's complex manufacturing and supply chain processes are susceptible to disruptions, quality control issues, and component shortages, particularly for semiconductor chips critical for its connected devices. Such disruptions have previously impacted sales and can lead to increased costs or delayed product launches, affecting financial performance and competitive positioning. ResMed is actively working to diversify its supply chain and carry more inventory to mitigate these vulnerabilities.
3. Regulatory and Compliance Risks: As a medical device company, ResMed is subject to extensive and rapidly changing U.S. federal, state, local, and international regulations. Non-compliance can result in product recalls, substantial fines, and criminal charges. Additionally, the increasing use of artificial intelligence (AI) in ResMed's products introduces new risks related to flawed algorithms, biased data, and evolving AI regulations, which could necessitate product modifications or lead to negative financial impacts.

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The rise and increasing adoption of GLP-1 receptor agonist drugs (such as Ozempic, Wegovy, and Zepbound) for weight loss presents a clear emerging threat. As obesity is a primary risk factor for obstructive sleep apnea (OSA), significant and sustained weight loss achieved through these medications has the potential to reduce the incidence and severity of OSA, thereby diminishing the long-term addressable market for ResMed's core CPAP devices and associated therapies.

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Sleep Apnea Devices

Respiratory Care Devices (including COPD)

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ResMed (RMD) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives, as outlined in its 2030 Strategy and recent earnings commentary:

1. Growth in the Core Sleep Apnea Franchise: ResMed plans to differentiate and expand its leading position in the sleep apnea market by introducing new product innovations, including advanced mask platforms and AI/ML-driven technology improvements in CPAP devices. This focus also extends to driving mask and accessory resupply through education and execution.

2. Expansion into Broader Sleep and Breathing Health Markets: The company is actively capitalizing on opportunities in adjacent markets beyond traditional sleep apnea, such as insomnia and Chronic Obstructive Pulmonary Disease (COPD). This strategic expansion aims to address a wider patient population with sleep and breathing issues.

3. Investment in an Integrated Digital Ecosystem and AI-Powered Solutions: ResMed is significantly investing approximately 7% of its revenue into R&D to create an integrated digital ecosystem for home health technology. This includes developing advanced cloud-connected device platforms, digital health software, and deploying AI-powered patient support tools to enhance patient engagement, adherence, and outcomes. The company leverages data from platforms like AirView™ and myAir™ and integrates with consumer wearables to optimize patient care.

4. Geographic Expansion and Direct-to-Consumer (DTC) Market Penetration: ResMed is accelerating its growth in direct-to-consumer markets globally, specifically mentioning regions such as China, India, Korea, Australia, and New Zealand. This push aims to expand market reach and access to its products and services.

5. Strategic Acquisitions and Operational Efficiencies: The company has made strategic tuck-in acquisitions, such as VirtuOx, which contribute to revenue growth and enhance diagnostic and therapeutic technologies. Additionally, ResMed is committed to operational excellence, focusing on improving gross margins through procurement, manufacturing, and logistics efficiencies, which supports profitability and allows for continued investment in growth areas.

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Share Repurchases

• ResMed allocated approximately $1.295 billion to share repurchases over the past three years, representing 37% of its total capital allocation of $3.5 billion.
• The company resumed its share buyback program in December 2023 after a four-year pause.
• Share repurchase activity is planned to increase from $100 million per quarter to $150 million per quarter for fiscal year 2026.

Share Issuance

• In October 2025, ResMed reported a net decrease of 3,891,110 CHESS Depositary Interests (CDIs) due to transfers between CDIs and common stock on the NYSE.
• New share issues, primarily related to stock options, restricted stock units, and employee stock purchase plans, contributed to an increase in non-CDI securities.
• Net proceeds from the issuance of common stock were $8.205 million in Q1 FY2026 (ended September 30, 2025) and $8.383 million in Q1 FY2025 (ended September 30, 2024).

Outbound Investments

• Mergers and acquisitions constituted 26% of ResMed's $3.5 billion capital allocation over the past three years.
• Recent acquisitions include VirtuOx in May 2025, an independent diagnostic testing facility, and Somnoware in July 2023, a leader in sleep and respiratory care diagnostics software.
• ResMed's strategy emphasizes a disciplined approach to "tuck-in acquisitions" to enhance its ecosystem, with other recent examples including Inhealthcare (June 2024), mementor GmbH (August 2022), and Ectosense (October 2021).

Capital Expenditures

• ResMed's capital expenditures averaged $109.3 million annually from fiscal years 2021 to 2025.
• Capital expenditures peaked at $134.8 million in June 2022 and reached a five-year low of $89.865 million in June 2025.
• The company is making strategic investments in U.S. manufacturing and distribution, including a new facility in Indianapolis expected by 2027 and a $30 million facility in Calabasas, California, opened earlier in 2025, to enhance capacity and proximity to customers.