ResMed Inc. is a global leader in digital health and cloud-connected medical devices, focusing on treating and managing respiratory disorders such as sleep apnea and chronic obstructive pulmonary disease (COPD), as well as other chronic diseases . The company designs innovative solutions to improve patient quality of life, reduce the impact of chronic disease, and lower healthcare costs by shifting care from hospitals to home settings . ResMed's product lines include medical devices like CPAP systems, mask systems, diagnostic products, and cloud-based software applications for connected care .
- Masks, Diagnostic Products, and Accessories - Develops and markets a range of masks, diagnostic tools, and accessories essential for the treatment and management of respiratory disorders.
- Software as a Service (SaaS) - Offers out-of-hospital software platforms that support healthcare providers in managing patient care outside of hospitals, enhancing operational efficiencies and patient outcomes.
- CPAP Systems - Provides continuous positive airway pressure (CPAP) systems designed to treat sleep apnea and improve patient breathing during sleep.
- Cloud-Based Software Applications - Delivers connected care solutions through cloud-based software, facilitating remote monitoring and management of patient health data.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael Farrell ExecutiveBoard | Chairman and CEO | Board Member at Zimmer Biomet; Trustee at UC San Diego Foundation, Rady Children’s Hospital, and Father Joe’s Villages; Advisory Board Member at UCSD Rady School of Management and Boston College Engineering. | Joined ResMed in 2000; CEO since March 2013; Chairman since January 2023; extensive experience in healthcare and technology. | View Report → |
Bobby Ghoshal Executive | Chief Commercial Officer, SaaS | None | Joined ResMed in 2016; previously CTO and President of SaaS business; over 25 years of experience in technology across multiple industries. | |
Brett Sandercock Executive | Chief Financial Officer (CFO) | None | Joined ResMed in 1998; CFO since January 2006; previously VP of Treasury and Finance; certified chartered accountant. | |
Justin Leong Executive | Chief Product Officer | None | Joined ResMed in 2013; previously President of Asian and Latin American markets; extensive experience in strategy and international business. | |
Michael Rider Executive | Global General Counsel and Secretary | None | Joined ResMed in 2012; promoted to Global General Counsel in July 2023; extensive legal experience in healthcare and corporate governance. | |
Carol Burt Board | Director | Board Member at IQVIA Holdings and EBR Systems; Senior Advisor at Consonance Capital Partners; Trustee at The Nature Conservancy. | Director since 2013; extensive experience in healthcare and financial services; former SVP at WellPoint. | |
Christopher DelOrefice Board | Director | EVP and CFO of Becton, Dickinson and Company (BD). | Director since August 2024; extensive experience in finance and healthcare; previously VP of Investor Relations at Johnson & Johnson. | |
Desney Tan Board | Director | Corporate VP at Microsoft; Board Member at 1910 Genetics and Artificial; Advisor at IntuitiveX and Proprio. | Director since 2021; expert in AI, machine learning, and digital health; leads health and life sciences R&D at Microsoft. | |
Harjit Gill Board | Director | CEO of APACMed; Board Member at Alticor Inc. and MAS Holdings. | Director since 2018; extensive experience in consumer healthcare and international business; former EVP at Philips. | |
Jan De Witte Board | Director | President and CEO of Integra Life Sciences; Board Member at AdvaMed. | Director since May 2019; extensive experience in healthcare technology and global operations; former CEO of Barco and GE Healthcare executive. | |
John Hernandez Board | Director | Head of Health Impact at Google; Board Member at Carmat, SA. | Director since 2021; extensive experience in health economics and digital health technologies; leads AI-driven healthcare initiatives at Google. | |
Karen Drexler Board | Director | Board Member at Outset Medical, EBR Systems, VIDA Diagnostics, Huma.ai, and Bone Health Technologies; Mentor at Astia and StartX. | Director since 2017; extensive experience in digital health and medical devices; former CEO of Sandstone Diagnostics. | |
Richard Sulpizio Board | Lead Independent Director | Honorary Board Member at UCSD Sulpizio Family Cardiovascular Center. | Director since 2005; former President and COO of Qualcomm; extensive experience in technology and governance. |
- Given your expansion into adjacent areas like insomnia and COPD, can you elaborate on how you plan to effectively compete in these markets and what specific investments you're making to ensure growth in these areas?
- With major consumer tech companies like Apple and Samsung entering the sleep apnea detection space, how do you intend to differentiate ResMed's offerings to capture the potential increase in patient demand and prevent possible disruptions to your traditional business model?
- Considering the price increases implemented last year due to supply chain challenges, what is your pricing strategy moving forward, and how do you anticipate this will impact your relationships with customers and your competitive position in the market?
- Despite increasing production capacity for the AirSense 11, you mentioned there might still be a backlog of patients waiting for this device; what challenges are you facing in fully meeting the demand, and how might this impact your market share if competitors fulfill orders more promptly?
- Your recent "tuck-in" acquisitions like Snap Technologies, Somnoware, and NightOwl have added new capabilities; can you clarify your M&A strategy going forward, specifically regarding the scale of acquisitions you're considering and how you plan to balance these investments with capital management as your free cash flow increases?
Research analysts who have asked questions during RESMED earnings calls.
Anthony Petrone
Mizuho Group
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Dan Hurren
MST Marquee
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Saul Hadassin
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4 questions for RMD
David Bailey
Morgan Stanley
3 questions for RMD
David Low
JPMorgan Chase & Co.
3 questions for RMD
Lyanne Harrison
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3 questions for RMD
Davinthra Thillainathan
Goldman Sachs
2 questions for RMD
Laura Sutcliffe
UBS
2 questions for RMD
Matt Taylor
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2 questions for RMD
Michael Matson
Needham & Company
2 questions for RMD
Andrew Paine
CLSA
1 question for RMD
Daniel Hurren
MST Marquee
1 question for RMD
Margaret Kaczor Andrew
William Blair
1 question for RMD
Mathieu Chevrier
Citigroup Inc.
1 question for RMD
Matthew Taylor
Jefferies
1 question for RMD
Steven Wheen
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1 question for RMD
Suraj Kalia
Oppenheimer & Co. Inc.
1 question for RMD
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Philips BV | A primary competitor in the Sleep and Respiratory Care market, competing on product features, value-added solutions, quality, reliability, and price. |
Fisher & Paykel Healthcare Corporation Limited | A primary competitor in the Sleep and Respiratory Care market, competing on product features, value-added solutions, quality, reliability, and price. |
DeVilbiss Healthcare | A primary competitor in the Sleep and Respiratory Care market, competing on product features, value-added solutions, quality, reliability, and price. |
Apex Medical Corporation | A primary competitor in the Sleep and Respiratory Care market, competing on product features, value-added solutions, quality, reliability, and price. |
BMC Medical Co. Ltd. | A primary competitor in the Sleep and Respiratory Care market, competing on product features, value-added solutions, quality, reliability, and price. |
React Health Corporation | A primary competitor in the Sleep and Respiratory Care market, competing on product features, value-added solutions, quality, reliability, and price. |
Lowenstein | A primary competitor in the Sleep and Respiratory Care market, competing on product features, value-added solutions, quality, reliability, and price. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
MEDIFOX DAN | 2022 | Completed on November 21, 2022, this $997.5 million acquisition—funded via a revolving credit agreement—brought advanced German software solutions for out‑of‑hospital care to ResMed, enhancing its SaaS business with significant goodwill and intangible assets (goodwill: $767.7M; intangible assets: $250.6M), and contributed notably to fiscal year 2024 revenue growth. |
Somnoware | 2023 | Closed in the fourth quarter of 2023, the acquisition of this U.S.-based leader in digital sleep and respiratory care diagnostics software strengthened ResMed’s end-to-end healthcare ecosystem through an upstream diagnostic management platform, with the deal terms being commercially non-material and partly financed through a revolving credit facility. |
mementor | 2022 | Completed in 2022, the acquisition of this German and Swiss digital health startup—developer of somnio, the first permanently approved DiGA in sleep medicine—allowed ResMed to expand beyond sleep apnea therapy into broader sleep disorder treatment, supporting its strategy to grow in the European market. |
Recent press releases and 8-K filings for RMD.
- ResMed detailed its 2030 strategy targeting double-digit volume growth in devices, masks, and software to improve 500 million lives by 2030, leveraging 30 million cloud-connected devices and 23 billion nights of respiratory data.
- The company highlighted its strong financial position, generating $1.7 billion in free cash flow over the last 12 months and delivering 230 bps gross margin accretion year-on-year and 150 bps quarter-on-quarter in Q4 FY 2025.
- Innovation releases include the AirTouch N30i fabric mask, AirFit F40, and the NightOwl home sleep test device, while tariff relief under the Nairobi Protocol ensures duty-free distribution across major manufacturing hubs.
- ResMed is driving demand through real-world evidence—showing adherence gains from 50% to 73%, and up to 87% with app engagement—collaborations with payers in France and the UK, and has trained 20,000 primary care physicians to capture tailwinds from GLP-1 therapies and wearable sleep detectors.
- ResMed delivered $1.35 B in Q4 revenue (+10% YOY headline, +9% constant currency) and expanded gross margin to 61.4% (+230 bps YOY) with operating margin of 35%, driven by procurement, manufacturing and logistics efficiencies.
- Achieved robust cash generation: $1.7 B free cash flow in FY2025 and $539 M operating cash flow in Q4, ending the quarter with $541 M net cash on the balance sheet.
- Board authorized a 13% dividend increase to $0.60 per share and ramped up share repurchases to $150 M per quarter beginning in FY2026.
- Completed acquisition of Vertuox for $140 M, adding an annual revenue run rate of $45 M, with the business neutral to non-GAAP EPS in Q4.
- Provided FY2026 guidance: 61–63% gross margin, 19–20% SG&A and 6–7% R&D expense as a percentage of revenue, and an effective tax rate of 21–23%.
- Revenue growth: Revenue increased by 8% to $1.3B (reported at $1,291.7M vs. $1,197.0M last Q3 FY24) with solid margin expansion and improved operational efficiencies .
- Operating performance: GAAP Operating Income reached $426.3M with operating cash flow of $579M, underscoring robust earnings .
- Free cash flow & liquidity: Free cash flow hit $1,568.8M and the balance sheet remained strong with net cash of $260M, supporting strategic investments .
- Capital allocation: Updated strategy featuring an increased quarterly share buyback (from $75M to $100M) alongside a declared quarterly cash dividend of $0.53 per share .
- Product & market innovation: Launch of the AirSense 11 VPAP Tx and enhancements to digital health platforms (NightOwl, myAir, Somnoware) further reinforce ResMed’s digital health leadership and strong market demand .