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    Dan Hurren

    Healthcare Analyst at MST Marquee

    Dan Hurren is a Healthcare Analyst at MST Marquee, specializing in Australian and Asia-Pacific healthcare equities with extensive coverage of major names such as ResMed Inc, Integral Diagnostics, Neuren Pharmaceuticals, Ansell, EBOS Group, Fisher & Paykel Healthcare, Capitol Health, Medical Developments International, Opthea, Oneview Healthcare, and Alterity Therapeutics. He and his research partner Andrew Goodsall have a distinguished track record, being ranked as the #1 healthcare research team from 2004 to 2014 while at Citi and UBS, and Hurren later led the UBS Australian Sales Desk in Singapore for six years. He began his finance career after 15 years as an Australian Regular Army Officer and joined MST Marquee in 2021, holding a Bachelor of Arts from the University of New South Wales and a Masters of International Studies from Sydney University. Hurren is an authorised representative of Health Finance Group Pty Ltd under MST Financial, though specific securities licenses or FINRA registrations are not publicly listed.

    Dan Hurren's questions to RESMED (RMD) leadership

    Dan Hurren's questions to RESMED (RMD) leadership • Q4 2025

    Question

    Dan Hurren from MST Financial asked for details on the significant gross margin expansion and the key factors supporting the strong guidance for fiscal year 2026.

    Answer

    CFO Brett Sandercock attributed the margin improvement to procurement, manufacturing, and logistics efficiencies, noting that favorable FX accounted for nearly half the sequential gain. CEO Michael Farrell added that a new science-based approach to supply chain gives them confidence in the 61-63% guidance for FY26.

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    Dan Hurren's questions to RESMED (RMD) leadership • Q4 2025

    Question

    Dan Hurren from MST Financial asked for details on the strong gross margin performance and the factors supporting the optimistic guidance for fiscal year 2026, including the impact of foreign exchange.

    Answer

    CFO Brett Sandercock attributed the Q4 margin expansion to procurement, manufacturing, and logistics efficiencies, with favorable foreign currency movements accounting for nearly half of the sequential improvement. CEO Michael Farrell added that a new 'science-based approach' to supply chain provides confidence in the FY2026 guidance of 61% to 63%, noting a sustainable pipeline of improvements.

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    Dan Hurren's questions to RESMED (RMD) leadership • Q3 2025

    Question

    Dan Hurren of MST Marquee, on behalf of Andrew Goodsall, asked if the U.S. tariff exemption applies to all CPAP therapy imports, noting a competitor might be pulling Chinese-made products.

    Answer

    CEO Michael Farrell clarified that ResMed's exemption, which it has held for decades and recently reaffirmed, is specific to its products imported from Australia and Singapore under the Nairobi Protocol. He suggested that competitors importing from other countries, such as China, would face a different situation and should be asked directly about their status.

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    Dan Hurren's questions to RESMED (RMD) leadership • Q2 2025

    Question

    Dan Hurren inquired about the forward-looking impact of foreign currency fluctuations on ResMed's P&L, particularly on gross margin, based on current spot rates and the strong U.S. dollar.

    Answer

    Executive Brett Sandercock explained that while Q2 saw a $0.02 negative impact on EPS from FX, the outlook for Q3 is expected to be relatively neutral for gross margin. He noted that benefits from a weaker Singapore and Australian dollar would likely offset the weakness in the euro, with a slight net benefit expected on a headline basis for R&D and SG&A.

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