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    Lyanne Harrison • BofA Securities

    Lyanne Harrison's questions to Resmed Inc (RMD) leadership

    Lyanne Harrison's questions to Resmed Inc (RMD) leadership • Q3 2025

    Question

    Lyanne Harrison from Bank of America asked for a detailed breakdown of the factors contributing to the strong gross margin expansion in the quarter.

    Answer

    CFO Brett Sandercock attributed the 140 basis point year-over-year increase in gross margin to several meaningful factors. These included manufacturing and distribution efficiencies, improved factory recoveries, freight cost improvements, benefits from the ongoing AirSense 10 to AirSense 11 platform transition, lower component costs, and a favorable product mix with stronger mask growth relative to devices.

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    Lyanne Harrison's questions to Resmed Inc (RMD) leadership • Q1 2025

    Question

    Lyanne Harrison requested an update on AirSense 11 production, its allocation status, the sales mix versus AirSense 10 in the U.S., and the potential for a patient backlog.

    Answer

    CEO Michael Farrell confirmed that AirSense 11 production is "firing on all cylinders" and that the "vast, vast majority" of U.S. device sales are now AirSense 11. He acknowledged a potential backlog exists for patients awaiting the new device for their 5-year replacement, identifying this "recap" cycle as a significant opportunity.

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