David Low's questions to Resmed Inc (RMD) leadership • Q2 2025
Question
David Low from JPMorgan revisited the topic of market growth, asking for specific drivers behind ResMed's device growth significantly outpacing the market, and questioned the contribution from price, mix, and the rePAP cycle.
Answer
Executive Michael Farrell attributed the outperformance to a combination of factors beyond simple market growth. He highlighted the company's ability to partner with providers and leverage technology like Brightree to drive share and ReSupply. While not quantifying each lever, he confirmed that driving the rePAP cycle is an active part of their strategy, alongside converting new patients through optimized processes. He described it as a 'complex portfolio management approach' to demand.