ResMed Inc. (RMD) Stock Analysis

ResMed's CPAP, bilevel (AirCurve 11 Series), and ventilation products serve more than 30 million patients across 140-plus countries through the cloud-connected AirView platform, with over 10 million patients registered on the myAir app. The company operates two segments — Sleep and Breathing Health, and Residential Care Software — with combined Europe, Asia, and other international sales representing approximately 36% of net revenues in fiscal year ended June 30, 2025. In May 2025, ResMed acquired VirtuOx, an independent diagnostic testing facility for in-home sleep and respiratory testing.

Sleep and Breathing Health revenue derives from CPAP and bilevel device sales, masks, accessories, high-flow therapy devices, non-invasive ventilators, and connected software — sold through DME/HME providers, sleep clinics, and physicians. Residential Care Software generates subscription and maintenance fees from HME, home infusion, home health and hospice, skilled nursing, and senior living providers; those platforms support more than 160 million individual patient accounts. ResMed manufactures substantially all products outside the U.S., with supply chains subject to tariff escalation that the 10-K says 'could have a material adverse effect' if U.S.-imposed and retaliatory tariffs expand. Government and private payor reimbursement rates — particularly Medicare and Medicaid coverage policies for home respiratory equipment — are a primary demand driver. Philips remains a named competitor operating under a U.S. consent decree following its CPAP recall, with ResMed noting it cannot predict the 'timing or nature of their substantial return.'