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    David Low • JPMorgan Chase & Co.

    David Low's questions to Resmed Inc (RMD) leadership

    David Low's questions to Resmed Inc (RMD) leadership • Q3 2025

    Question

    David Low of JPMorgan Chase & Co. asked about the slight slowing in device growth, the commentary on sleep lab backlogs, and ResMed's strategy to address challenges in the patient diagnosis channel.

    Answer

    CEO Michael Farrell attributed the sequential growth pattern to normal seasonality, particularly the reset of high-deductible health plans in the March quarter. He reiterated that underlying market growth is mid-single digits for devices and high-single digits for masks, and ResMed aims to outperform this through targeted demand generation, including new patient acquisition and resupply programs.

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    David Low's questions to Resmed Inc (RMD) leadership • Q1 2025

    Question

    David Low asked about the primary drivers of the sustained double-digit growth in North American mask sales, questioning the contribution from masks per patient, adherence, and market share.

    Answer

    CEO Michael Farrell confirmed the growth is a combination of all factors: solid new patient flow, expanding ReSupply programs like Brightree, and an increasing number of masks used per patient annually. He emphasized that the largest opportunity remains market expansion, as the global market is less than 5% penetrated.

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