Operating Cash Flow ($M) Free Cash Flow ($M) $134.1 $113.9 $109.0 LTM 3Q22 LTM 3Q23 LTM 3Q24 $364.1 $421.5 LTM 3Q22 LTM 3Q23 LTM 3Q24 Total debt outstanding $1,007M Net Debt $769M (Financial data as of March 31, 2024) 16 © 2024 ResMed | Q3 2024 Earnings Presentation – Apr. 25, 2024 Capital deployed over last 3 years (through March 31, 2024) Reinvest for growth • Reinvest in product development for high-return organic growth • Pursue targets aligned with long-term strategic goals and financial objectives • R ...

ResMed Inc. (NYSE:RMD) Q3 2024 Earnings Conference Call April 25, 2024 4:30 PM ET Company Participants Amy Wakeham - Chief Communications and Investor Relations Officer Mick Farrell - Chief Executive Officer Brett Sandercock - Chief Financial Officer Conference Call Participants Dan Hurren - MST Marquee Laura Sutcliffe - UBS Craig Wong-Pan - RBC David Bailey - Macquarie Anthony Petrone - Mizuho Group Suraj Kalia - Oppenheimer Margaret Kaczor-Andrew - William Blair Gretel Janu - E&P Brett Fishbin - KeyBanc M ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________________________________________________________________________________________ FORM 10-Q ______________________________________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For ...

ResMed Inc. Announces Results for the Third Quarter of Fiscal Year 2024 Note: A webcast of ResMed's conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com SAN DIEGO, April 25, 2024 – ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended March 31, 2024. Third Quarter 2024 Highlights All comparisons are to the prior year period "ResMed's strong third-quarter fiscal year 2024 results reflect robust patient and customer demand for our products and softwar ...

Financial Data and Key Metrics - Net income for the December quarter increased by 13%, and non-GAAP diluted earnings per share also increased by 13% [8] - Cash flow from operations for the quarter was $273 million, reflecting solid underlying earnings and relatively stable working capital balances [4] - Capital expenditure for the quarter was $23 million, and depreciation and amortization totaled $45 million [4] - The effective tax rate for the December quarter was 20.7%, up from 18.3% in the prior year quarter, primarily due to a reduction in tax benefits related to employee equity compensation [8] - Group revenue for the December quarter was $1.16 billion, a 12% headline increase and 11% in constant currency terms [110] Business Line Data and Key Metrics - Software-as-a-Service (SaaS) revenue increased by 24% in the December quarter, driven by the MEDIFOX DAN acquisition and strong performance in the HME vertical [26] - Excluding the MEDIFOX DAN acquisition, SaaS revenue grew by 10% in the December quarter [26] - Device sales globally increased by 11%, while masks and other sales increased by 9% [25] - In the U.S., Canada, and Latin America, device sales increased by 7%, and masks and other sales increased by 10% [111] - In Europe, Asia, and other markets, device sales increased by 16%, while masks and other sales increased by 4% [111] Market Data and Key Metrics - Sales in the U.S., Canada, and Latin America increased by 9%, while sales in Europe, Asia, and other markets increased by 12% [25] - The company's AirSense 11 platform is the best-in-class globally, with regulatory approvals in key markets and ongoing efforts to expand to all 140 countries [19][152] - The company is monitoring potential headwinds from the Middle East conflict, which could increase sea freight costs and shipping lead times [113] Company Strategy and Industry Competition - The company is focused on leveraging digital health technology, including AI-driven solutions like Compliance Coach, to improve patient adherence and outcomes [20][80] - ResMed is investing in alternative therapies for patients who do not adhere to positive airway pressure, including dental devices and hypoglossal nerve stimulation technology [63] - The company is competing globally with other players in the respiratory health market, maintaining its leadership position with innovative products like the AirSense 11 [19][42] - ResMed is leveraging megatrends from Big Pharma (e.g., GLP-1 medications) and big consumer tech (e.g., sleep wellness tracking) to drive patient growth [12][103] Management Commentary on Operating Environment and Future Outlook - Management expects sustainable organic growth in SaaS solutions to be in the high-single digits for fiscal year 2024, with stable double-digit growth expected through fiscal year 2025 and beyond [14] - The company is focused on driving topline revenue growth, cost discipline, and operational efficiencies to accelerate profitability [22] - Management highlighted the positive impact of GLP-1 medications on patient engagement and growth in the sleep apnea treatment market, with a 10% higher likelihood of patients starting CPAP therapy when prescribed GLP-1 [37][78] - The company is closely monitoring freight disruptions in the Red Sea, which could impact shipping costs and lead times in the coming quarters [148] Other Important Information - The company recorded a $6.4 million provision for expected costs related to the Masks with magnets field safety notification, treated as a non-GAAP item [4] - Restructuring-related charges of $64.2 million were recorded in the quarter, including employee severance and intangible asset impairments [9] - The company resumed its share buyback program, purchasing 335,000 shares for $50 million in the December quarter [10] - ResMed is investing in R&D, with R&D expenses increasing by 6% in the quarter, representing 6.4% of revenue [29] Q&A Session Summary Question: Impact of GLP-1 medications on CPAP therapy growth [15] - Management agreed that GLP-1 medications could lead to a 13% larger market annually, with a 10% higher likelihood of patients starting CPAP therapy when prescribed GLP-1 [37][78] Question: Gross margin trajectory and pricing impact [34] - Management noted that gross margin increased by 90 basis points, driven by reduced freight costs and higher average selling prices, with some pricing benefits expected to roll through progressively [113][52] Question: Philips' re-entry into the market and competitive dynamics [56] - Management stated that Philips is re-entering markets with a focus on low-end competition, but ResMed remains confident in its leadership position with superior technology like the AirSense 11 [42][57] Question: Compliance Coach and AI-driven solutions [47] - Compliance Coach is an AI tool designed to improve patient adherence, with success measured by lower costs, higher efficiency, and improved adherence rates [49][144] Question: Impact of Red Sea disruptions on freight costs [148] - Management acknowledged potential headwinds from Red Sea disruptions, with increased freight costs and lead times expected, particularly for shipments to Europe and the U.S. [148] Question: Transition timeline for the AirSense 11 platform [152] - Management explained that the transition to the AirSense 11 platform is ongoing, with regulatory approvals required in each of the 140 countries where ResMed operates [152][153]

In addition to historical information, this presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on ResMed's current expectations of future revenue or earnings, new product development, new product launches, new markets for its products, integration of acquisitions, leveraging of strategic investments, litigation, and tax outlook. Forward-looking statements can generally be identified by term ...

Revenue Performance - Net revenue for Sleep and Respiratory Care products reached $1,017,855 thousand in Q2 2023, a 11% increase from $916,981 thousand in Q2 2022[11] - Total net revenue for the six months ended December 31, 2023, was $2,265,122 thousand, up 14.2% from $1,984,038 thousand in the same period last year[11] - Total net revenue for the company for the three months ended December 31, 2023, was $1,162.8 million, an increase of 12.5% from $1,033.7 million in the same period of 2022[51] - Net revenue for the three months ended December 31, 2023, was $1.2 billion, an increase of 12% compared to $1.03 billion for the same period in 2022[122] - Revenue from the Sleep and Respiratory Care segment for the six months ended December 31, 2023, was $1,980,892 thousand, up 12.4% from $1,761,424 thousand in 2022[30] - Software as a Service (SaaS) revenue for the six months ended December 31, 2023, reached $284,230 thousand, a 27.7% increase from $222,614 thousand in the prior year[30] - Net revenue from Software as a Service (SaaS) increased by 24% to $144.9 million for the three months ended December 31, 2023[125] - Net revenue from devices for the six months ended December 31, 2023 increased to $1,170.7 million, a 10% increase from $1,060.4 million for the same period in 2022[137] Profitability and Earnings - Gross profit for the three months ended December 31, 2023, was $646,934 thousand, compared to $579,715 thousand in Q2 2022, reflecting a 11.6% increase[11] - Net income for the three months ended December 31, 2023, was $208,800 thousand, a decrease of 7.2% from $224,914 thousand in Q2 2022[11] - Basic earnings per share for Q2 2023 was $1.42, down from $1.53 in Q2 2022[11] - The gross margin for the three months ended December 31, 2023, was 55.6%, slightly down from 56.1% in the same period of 2022[122] - Net income for the six months ended December 31, 2023, was $428,222 thousand, compared to $435,392 thousand for the same period in 2022, reflecting a decrease of approximately 1.5%[22] - Non-GAAP net income for the three months ended December 31, 2023, was $277.3 million, compared to $244.4 million for the same period in 2022, an increase of $32.9 million[168] Expenses and Investments - Research and development expenses increased to $73,880 thousand in Q2 2023, up from $69,874 thousand in Q2 2022, indicating a focus on innovation[11] - Selling, general, and administrative expenses for the six months ended December 31, 2023 increased to $445.0 million, a 10% increase from $404.9 million for the same period in 2022[148] - Research and development expenses for the six months ended December 31, 2023 increased to $149.6 million, a 12% increase from $133.1 million for the same period in 2022[153] - The company incurred restructuring expenses of $64.2 million during the three months ended December 31, 2023, compared to no restructuring expenses in the same period of 2022[51] - The company incurred $110,688 thousand in business acquisitions during the six months ended December 31, 2023, compared to $1,011,225 thousand in the same period of 2022[22] Cash Flow and Liquidity - Cash flows from operating activities for the six months ended December 31, 2023, were $559,115 thousand, significantly higher than $173,298 thousand in the same period of 2022[22] - Total cash and cash equivalents at the end of the period were $210,247 thousand, down from $253,199 thousand at the end of December 2022[22] - The company had $955.0 million available for drawdown under the revolving credit facility as of December 31, 2023[72] - Cash provided by operating activities was $559.1 million for the six months ended December 31, 2023, an increase of $385.8 million compared to $173.3 million for the same period in 2022[179] - Cash used in investing activities was $190.1 million for the six months ended December 31, 2023, a significant decrease of $895.1 million compared to $1,085.2 million for the same period in 2022, primarily due to the acquisition of MEDIFOX DAN in 2022[180] Assets and Liabilities - Total assets as of December 31, 2023, were $6,905,088 thousand, an increase from $6,751,708 thousand as of June 30, 2023[8] - Total liabilities decreased to $2,423,234 thousand as of December 31, 2023, from $2,621,805 thousand as of June 30, 2023[8] - Stockholders' equity increased to $4,481,854 thousand as of December 31, 2023, compared to $4,129,903 thousand as of June 30, 2023[8] - As of December 31, 2023, total debt amounted to $1,226.7 million, a decrease from $1,441.1 million as of June 30, 2023[66] Dividends and Share Repurchase - The company declared a dividend of $0.48 per share for Q2 2023, up from $0.44 per share in Q2 2022[11] - The company declared dividends of $141,275 thousand for the six months ended December 31, 2023, compared to $128,931 thousand in the same period of 2022, representing an increase of 9.4%[22] - The company paid cash dividends of $0.48 per common share totaling $70.7 million during the three months ended December 31, 2023[182] - The company has repurchased a total of 7.5 million shares for an aggregate of $462.7 million since the share repurchase program began in 2014, with 335,474 shares repurchased at a cost of $50.0 million during the six months ended December 31, 2023[183] Legal and Regulatory Matters - The Patent Trial and Appeal Board invalidated all challenged claims in the patents asserted by New York University against ResMed in December 2023[83] - ResMed's petition challenging the validity of U.S. Patent No. 10,076,269 was denied by the PTAB, but the decision is pending reconsideration[87] - The first trial in the patent infringement cases filed by Philips against communications module defendants is set for April 1, 2024[86] Market and Economic Conditions - The company is exposed to inflationary pressures that may adversely affect operating results, particularly in maintaining gross margin and operating expenses[205] - A hypothetical 10% change in interest rates would not have had a material impact on pretax income for the three months ended December 31, 2023[204]

ResMed Inc. (NYSE:RMD) Q1 2024 Results Conference Call October 26, 2023 4:30 PM ET Company Participants Amy Wakeham - Chief Communications and Investor Relations Officer Mick Farrell - Chief Executive Officer Brett Sandercock - Chief Financial Officer Rob Douglas - President and Chief Operating Officer Conference Call Participants David Bailey - Macquarie David Low - JPMorgan Dan Hurren - MST Chris Cooper - Goldman Sachs Craig Wong-Pan - RBC Sean Laaman - Morgan Stanley Margarette Kaczor - William Blair Ste ...

FORM 10-Q ______________________________________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number: 001-15317 __________________________________________________________________________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________________________________________ FORM 10-K ___________________________________________________________________________________________ [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 Commission file number: 001-15317 ___________________________________________________________________________________ ...