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43rd Annual J.P. Morgan Healthcare Conference Mick Farrell – Chairman & CEO Dr. Carlos Nunez – Chief Medical Officer January 13, 2025
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20252 Presentation of financial information & forward-looking statements Historical financial and operating data in this presentation reflect the consolidated results of ResMed Inc., its subsidiaries, and its legal entities for the periods indicated. This presentation includes financial information prepared in accordance with accounting principles generally accepted in the United States, or GAAP, as well as other financial measures referred to as non-GAAP. The non-GAAP financial measures in this presentation, which include non-GAAP Income from Operations, non-GAAP Net Income, and non-GAAP Diluted Earnings per Share, should be considered in addition to, but not as substitutes for, the information prepared in accordance with GAAP. For reconciliations of the non-GAAP financial measures to the most comparable GAAP measures, please refer to the earnings release associated with the relevant reporting period, which can be found on the investor relations section of our corporate website (investor.resmed.com). 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. The words “believe,” “expect,” “intend,” “anticipate,” “will continue,” “will,” “estimate,” “plan,” “future” and other similar expressions, and negative statements of such expressions, generally identify forward-looking statements, including, in particular, statements regarding expectations of future revenue or earnings, expenses, new product development, new product launches, new markets for our products, the integration of acquisitions, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and the expected impact of macroeconomic conditions on our business. ResMed’s expectations, beliefs, and forecasts are expressed in good faith and are believed to have a reasonable basis, but actual results could differ materially from those stated or implied by these forward-looking statements. ResMed assumes no obligation to update the forward-looking information in this presentation, whether as a result of new information, future events, or otherwise. For further discussion of the various factors that could impact actual events or results, please review the “Risk Factors” identified in ResMed’s quarterly and annual reports filed with the SEC. All forward-looking statements included in this presentation should be considered in the context of these risks. Investors and prospective investors are cautioned not to unduly rely on our forward-looking statements.
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20253 ResMed | The global leader in connected and digital health Headquarters San Diego, CA Founded 1989 LTM 1Q25 Revenue $4.8B Listed (NYSE, ASX) 1995, RMD LTM 1Q25 Operating Margin (non-GAAP/GAAP) 33% | 30% Countries served 140+ Total employees ~10,000 Key Statistics Sleep Health Breathing Health Residential Care Software Delivering a market-leading patient experience through innovative solutions that lower overall costs for treating Sleep Apnea patients and improve clinical outcomes by leveraging global digital health solutions Improving the lives of patients with COPD, and other key chronic respiratory diseases on their healthcare journey – lowering costs, preventing hospitalization, and creating end- to-end care solutions (was respiratory care) Providing a network of residential care software (RCS) management solutions (previously called out-of-hospital SaaS) that help home medical equipment and other providers deliver personalized care, measurable results, and improved outcomes. Devices Masks & Other OOH RCS U.S., Canada, and Latin America Europe, Asia, and Other OOH RCS (U.S. & Germany) Our businesses Revenue by business LTM 1Q25 Revenue by region LTM 1Q25 58%29% 13%13% 35% 52%
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20254 Large and underpenetrated market of people worldwide with unmet sleep health and breathing health needs – this is an epidemic… 2.3B+ PEOPLE 1B+ Sleep Apnea People who need health tech at home 860M Insomnia COMISA 480M COPDOverlap syndrome Our foundation 4
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20255 Consumers are more focused on their health than ever before Wearables from Apple, Samsung spotlight on sleep apnea and sleep quality in general Consumers demand an elevated experience for healthcare products AI and digital health are changing how healthcare is delivered Pressure on healthcare systems is massive and payer/providers are laser-focused on preventative care Our opportunity | Leveraging megatrends in the global marketplace
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20256 Pressure on healthcare systems is massive AI and digital health are changing how healthcare is delivered 1. Administration on Aging's "2021 Profile of Older Americans" November 2022 (https://acl.gov/sites/default/files/Profile%20of%20OA/2021%20Profile%20of%20OA/2021ProfileOlderAmericans_508.pdf) 2. AAMC's "Aging patients and doctors drive nation’s physician shortage" June 2021 3. International Council of Nurses; “Recover to Rebuild; March 2023. (https://www.icn.ch/sites/default/files/2023-07/ICN_Recover-to- Rebuild_report_EN.pdf#zoom=50) 4. National Center for Health Workforce Analysis' "Long-Term Services and Support: Demand Projections, 2020-2035" November 2022 (https://bhw.hrsa.gov/sites/default/files/bureau-health-workforce/LTSS-Projections-Factsheet.pdf) 5. Accenture "Health Industries" webpage (https://www.accenture.com/us-en/industries/health) 6. Rock Health Digital Health Venture Funding Database; data through March 31, 2024 (https://rockhealth.com/insights/q1-2024-digital-health-funding-great- reset-expectations/) 7. Brookings’ “Automation and Artificial Intelligence: How machines are affecting people and places” January 2019; https://www.brookings.edu/research/automation-and-artificialintelligence-how-machines-affect-people-and-places/ 8. McKinsey & Company's "Telehealth: A quarter-trillion-dollar post-COVID-19 reality?" July 2021; https://www.mckinsey.com/industries/healthcare/our- insights/telehealth-a-quarter-trillion-dollar-post-covid-19-reality#may29 9. ResMed's "99% of Hospitals and Physicians More Likely to Refer Patients to Post-Acute Care Providers Who Can Support Interoperability: Survey by Brightree, MatrixCare" April 2023; https://www.matrixcare.com/press-release/99-of-hospitals-and-physicians-more-likely-to-refer-patients-to-post-acute-care- providers-who-can-support-interoperability-survey-by-brightree-matrixcare/ expected 65+ population by 2040, more than double the number in 20001 increase in demand for clinicians from 65+ population by 20342 projected shortage of nurses by 20303 growth in demand for long-term services and support settings projected between 2020 and 20354 1.82x increase in home and virtual care expected by 20345 $10.8B: U.S. digital health funding in 20236 30% administrative tasks that can be automated or reassigned using AI7 $250B+: current U.S. healthcare spend that can be virtualized8 95% post-acute care providers acknowledge importance of interoperability in serving patients9 Addressing key industry trends and challenges
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20257 Identifying sleep and breathing health risk Assists with identification of sleep apnea, COPD and other conditions Device and accessory resupply Facilitates resupply revenue to customers on ResMed devices to maintain treatment Revenue synergies Infrastructure synergies Getting on therapy Helps patients get the right ResMed products for their condition Common functionality across ResMed Shared technology and data infrastructure Documentation Patient onboarding Patient engagement Route planning Cybersecurity, cloud computing, privacy, compliance AI/ML, data, analytics, software engineering velocity Innovation and scale across ResMed’s interoperability fabric Significant synergies between Residential Care Software and our core business
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20258 © 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20258 Improve patient experience 1 Increase long-term adherence 4 Lower cost of delivery2 Improve health and business outcomes 5 Solve labor and clinical staff shortages with automation 3 Improve QOL outcomes 6 We integrate intelligent products and solutions to drive better experience, lower costs, and better outcomes AI-DRIVEN DIGITAL PLATFORM PATIENT- CENTRIC Scale in adoption and installed base drive data & insights advantage… Intelligent Consumer Engagement "Dawn" Digital Concierge myAir Intelligent Therapies, Diagnostics, Monitors Device Portfolio NightOwl Diagnostic Mask Portfolio Intelligent Provider Solutions AirView …Creating a more personalized & seamless experience Mask/accessory resupply within ecosystem Somnoware Brightree 1. Malhotra et al CHEST 2018 2. Wimms et al. Lancet Respir Med 2019 MERGE, Project Electrum 3. Munafo, et al. Sleep Breath 2016 4. Hwang, et al., AJRCCM 2017, Malhotra et al CHEST 2018, Benjafield, et al. AJRCCM 2018 (abstract) 5. Pepin JL et al. Chest 2022, Wimms et al. Lancet Respir Med 2019 MERGE, Munafo, et al. Sleep Breath 2016 6. Wimms et al. Lancet Respir Med 2019 MERGE Driving value for patients, providers and ResMed
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 20259 ResMed is the global leader in connected & digital health 29.5+ million 3.6+ million 285+ API 27+ million 155+ million 8.8+ million patients in AirView diagnostic tests processed in the cloud calls per second from integrators 100% cloud connectable devices worldwide accounts in Residential Care Software network patients have signed up for myAir Nearly 20 billion nights of respiratory medical data (Data as of September 30, 2024)
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202510 ResMed’s 2030 operating model accelerates ability to reach consumers where they are, execute and unlock value PRODUCT-LED CUSTOMER-CENTRIC BRAND-ENHANCED Dynamic global revenue team … increase profitable growth Focused and strategic roadmap … increase product velocity © 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202510 Unified global marketing team … increase brand awareness and ROI
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202511 OUR MISSION We envision a world where every person can achieve their full potential through better sleep and breathing, with care delivered in their own home We create life- changing health technologies that people love Empower our teams Prioritize AI Build trust We will achieve industry leading growth and profitability We will empower 500M people worldwide to achieve their full potential in 2030 Sleep Health Breathing Health Health Tech at Home ResMed 2030 OUR GLOBAL IMPACT + Resolute integrity + Resourceful innovation + Responsible quality + Respectful diversity + Resounding impact OUR VALUES OUR BEHAVIORS OUR FINANCIA L GOAL OUR STRATEGY OUR FOCUS AREAS OUR VISION + Drive collaboration + Develop people + Optimize for ResMed + Lead others with purpose + Own the results OUR KEY CAPABILITIES We will create products people love as well as seamless, personalized pathways for access to life-changing care 11
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202512 We’re building and launching AI/ML solutions that help make better business and clinical decisions that improve outcomes and lower costs PATIENT OUTCOMES PROVIDER OUTCOMES OPERATIONAL OUTCOMES CLINICAL OUTCOMES © 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202512
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202513 How we accelerate market growth Create amazing products and solutions that people love. Drive brand leadership and market engagement. Develop new channels and business models. Form strategic partnerships and execute disciplined M&A for expanded reach and impact. WE WILL… + Releasing products at an unprecedented velocity with new product team structure + Delivering more consumer-friendly products integrated as a digital ecosystem + Driving consumer loyalty through omnichannel, person-centric engagement + Activating prescribers and raising awareness through educational campaigns + Leveraging omnichannel success in APAC across major markets + Deploying subscription models to help patients stay engaged with therapy and brand + Partnering with healthcare players and big tech to reach and help many more people sleep and breathe better + Pursuing disciplined M&A to acquire key products and capabilities to accelerate our strategy execution + Accelerating major and high-growth markets across the Americas, APAC and EMEA + Implementing comprehensive and scalable sales strategy customized by region ...while driving strong operating leverage through our key capabilities Record of operational excellence enhanced by new 2030 Operating Model Consistent, strong cash generation to fund growth initiatives Leading AI capabilities powering the shift to a digital connected leader Transform our position in main geographies and accelerate expansion into high-growth markets.
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202514 Data-driven sleep apnea therapy – improve patient adherence AirSense 11 is the device platform enabling us to deploy AI/ML into sleep therapy • AirSense 11 is a two-way communication data platform ꟷ Both cellular and Bluetooth connectivity ꟷ Seamless pairing with myAir app and directly to the cloud Very rich consumer experience on myAir app Patient questions and prompts on the device ꟷ Built for Over-the-Air (OTA) upgrades Add new features without new hardware • Improved patient adherence ‒ >50% uptake of myAir patient engagement app vs ~25% on AS10 ‒ Up to 87% adherence with use of myAir, AirView, AirSense ecosystem • Even more streamlined provider workflows and lower costs • Improved patient management ꟷ Capability for Patient Reported Outcomes Metrics (PROMs) for providers, payers and comprehensive health systems
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202515 Consumer-centric design: our new AirTouch N30i mask New ComfiSoft cushion fuses fabric and silicone to create a soft and secure seal New fabric-wrapped frame with full surround soft-touch, quick-drying fabric sleeve provides extra comfort and instant appeal rated AT N30i to be appealing or very appealing for its look and feel 1ResMed conducted an external, 90-day, take-home study of the AirTouch N30i mask with 120 adults who had been on PAP therapy for OSA (≥ 6 months) and were using either the AirFit N30i or DreamWear nasal masks. The study took place at two sites in the U.S. from May 31 to November 6, 2023. Delivering comfort and appeal consumers desire1... 96.7% 94.4% 94.4% 89.8% 92.6% prefer AT N30i over their own mask for long-term use with CPAP therapy said AT N30i was comfortable or very comfortable prefer the feeling of the fabric material on their face to the silicone material of their own mask found AT N30i provided a good or excellent level of freedom in sleeping positions Redefine PAP therapy
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202516 • ALASKA study1 conducted using data from SNDS, one of the largest anonymized claims databases in the world representing over 99% of the French population ‒ Included n=176,000 patients ‒ New CPAP users aged 18+ • OSA patients who continued CPAP therapy over the 3-year study period were 39% more likely to survive than those who discontinued CPAP therapy Large real-world data show CPAP treatment decreases mortality rates by 39% CPAP treatment is a case of life or death HR 0.61, 95% confidence interval [CI] 0.57-0.65; Log-rank p<0.01 Objective: to investigate the effects of CPAP therapy use on all-cause mortality in patients with OSA 1Pepin, et al. ERJ suppl (ERS) 2021
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202517 Real-world data analysis in Sleep Apnea population shows significant positive correlation between GLP-1s and PAP therapy Source: IQVIA LRX data and Diagnostic claims, July 2021 – June 2024 1Total patients with an OSA diagnosis claim from July 2021 – June 2024; those who were diagnosed with OSA prior to July 2021 are not included in this analysis. 2GLP-1 initiation is defined by presence of GLP-1 claim at any point from July 2021 – June 2024 (n=989k patients); initiation does not demonstrate GLP-1 treatment adherence, so patients may not be actively taking GLP-1s today. 3Values show absolute percentage difference in presence of any PAP-related claim from July 2021 – June 2024 comparing OSA patients who used GLP-1s versus OSA patients with no GLP-1 use. 4Values show absolute percentage difference in presence of any PAP-related claim at each timepoint post PAP setup from July 2021 – June 2024 comparing OSA patients who used GLP-1s versus OSA patients with no GLP-1 use. 5Majority of patients in the analysis population were prescribed newer GLP-1 drugs: semaglutide or tirzepatide PAP resupply rates4 1-year post-setup PAP resupply rates4 2-year post-setup +320 bps GLP-1Non-GLP-1 +530 bps GLP-1Non-GLP-1 GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1 +1080 bps GLP-1Non-GLP-1 Likely to initiate PAP therapy3 Large real-world data analysis: n = 989,000 patients with GLP-1 initiation, sleep apnea diagnosis, and Rx for PAP therapy5 Patients with an OSA diagnosis and prescribed a GLP-1 drug are 10.8% more likely to initiate PAP therapy and have higher PAP resupply rates 1-year and 2-years post setup
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202518 FDA de novo clearance for moderate to severe sleep apnea detection (2024) Samsung® Galaxy Watch FDA clearance for sleep apnea detection (2024) Apple® Watch Our opportunity | Significant funnel growth potential from consumer tech detection of sleep apnea Apple, Apple Health and Apple Watch are trademarks of Apple Inc., registered in the U.S. and other countries. Samsung and Galaxy Watch are trademarks of Samsung Electronics Co., Ltd.
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Financials
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202520 Track record of strong financial returns for shareholders Revenue ($B) Non-GAAP Operating Income ($M) Non-GAAP EPS $2.7 $4.8 LTM 1Q20 LTM 1Q25 $750 $1,566 LTM 1Q20 LTM 1Q25 $3.77 $8.29 LTM 1Q20 LTM 1Q25 12% CAGR 16% CAGR 17% CAGR (Financial data as of September 30, 2024)
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202521 © 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202521 Long-term targets driven by strong foundation and focused 2030 Strategy Near-term guidance 59% - 60% Gross Margin 5-year outlook 18% - 20% of revenue SG&A 6% - 7% of revenue R&D High single digits Revenue Growth Earnings growth higher than revenue growth + Increasing overall market growth via accelerating demand generation + Optimizing the patient pathway to diagnosis and therapy + Delivering on our pipeline of next-generation products + Continuing to drive operating excellence Underpinned by 2030 Strategy:
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© 2025 ResMed | JPMorgan Healthcare Conference | January 13, 202522 During the last 12 months, we empowered over 144 million lives with our digital health products and cloud-based software solutions1 Our goal is to empower 500 million lives in 2030 We're proud to offer connected and digital heath tech solutions that help those with sleep and breathing health challenges live happier, healthier lives with care in the comfort of the home or care setting of their choice 1Lives calculated under 2030 methodology introduced September 202422 © 2025 ResMed | JPMorgan Healthcare Conference | January 13, 2025
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Contact Investor Relations Phone: (858) 836-5000 Email: investorrelations@resmed.com Website: investor.resmed.com