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Q4 FY2025 Earnings July 31, 2025
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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 Gross Profit, non-GAAP Gross Margin, 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. © 2025 Resmed. 2
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Resmed | The global leader in connected and digital health Headquarters San Diego, CA Founded 1989 FY 2025 revenue $5.1B Listed (NYSE, ASX) 1995, RMD FY 2025 Operating Margin (GAAP/Non-GAAP) 33% | 34% Countries served 140+ Total employees >10,000 Sleep Health Breathing Health Residential Care Software (RCS) 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 (OOH) SaaS) that help home medical equipment and other providers deliver personalized care, measurable results, and improved outcomes Devices Masks & Other RCS U.S., Canada, and Latin America Europe, Asia, and Other RCS (U.S. & Germany) Our areas of focus 58%30% 12%12% 36% 52% Revenue by business FY 2025 Revenue by region FY 2025 1As of 7/31/25. Resmed ‘s fiscal year end is June 30th. © 2025 Resmed. 3 Key Statistics1
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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 We will create products people love as well as seamless, personalized pathways for access to life-changing care 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 2030 STRATEGY OUR STRATEGY OUR FOCUS AREAS OUR MISSION OUR GLOBAL IMPACT OUR VISION OUR KEY CAPABILITIES OUR FINANCIAL GOAL Resolute integrity Resourceful innovation Responsible quality Respectful diversity Resounding impact OUR VALUES Drive collaboration Develop people Optimize for Resmed Lead others with purpose Own the results OUR BEHAVIORS
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Improve patient experience1 Increase long-term adherence4 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 improve outcomes Driving value for patients, providers, and Resmed 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 © 2025 Resmed. Company confidential. 5 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
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Resmed is the global leader in connected & digital health More than 23 billion nights of respiratory medical data 33+ million patients in AirView 30+ million 100% cloud connectable devices worldwide 4.1+ million diagnostic tests processed in the cloud 165+ million accounts in Residential Care Software network v v 375+ API calls per second from integrators 10.3+ million patients have signed up for myAir vv © 2025 Resmed. 6
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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 Unified global marketing team … increase brand awareness and ROI Focused and strategic roadmap … increase product velocity © 2025 Resmed. Company confidential. 7
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During the last 12 months, we empowered more than 154 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 December 2024 © 2025 Resmed. 8
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Financial Results Q4
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A compelling investment amid global macro uncertainty © 2025 Resmed. 10 Free cash flow totaled ~$1.7B for fiscal year 2025, up ~28% year-over-year; free cash flow yield of more than 4% Balance sheet in a net cash position of $541M as of year-end fiscal year 2025 Gross margins continue to improve through manufacturing and other operational excellence efforts, as well as the benefit of foreign exchange translation in Q4 FY25 Supply chain flexibility via increasing U.S. manufacturing; OUS production with key U.S. trading partners Industry advocacy via AdvaMed work and leadership roles Current leadership successfully managed through global financial crisis and COVID Markets are large and underpenetrated, with global TAM >2.3B lives
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Q4 FY25 financial results NOTE: See reconciliation to GAAP in Appendix 52% 36% 12% Devices Masks and other RCS Revenue by Business Q4 FY25 Revenue by Region Q4 FY25 58%30% 12% U.S., Canada, & Latin America Europe, Asia, & Other RCS (U.S. & Germany) $400.5 $476.4 Q4 FY24 Q4 FY25 Non-GAAP Operating Income ($M) $2.08 $2.55 Q4 FY24 Q4 FY25 Non-GAAP EPS $1,223.2 $1,348.0 Q4 FY24 Q4 FY25 Revenue ($M) $381.2 $454.5 Q4 FY24 Q4 FY25 GAAP Operating Income ($M) $1.98 $2.58 Q4 FY24 Q4 FY25 GAAP EPS © 2025 Resmed. 11
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Total debt outstanding $668M Less: Cash & cash equiv. $1,209M Net Cash $541M Unused borrowing capacity $1,500M Strong free cash flow and balance sheet $119.7 $99.5 $89.9 FY 2023 FY 2024 FY 2025 Capital Expenditures ($M) $573.6 $1,301.8 $1,661.7 FY 2023 FY 2024 FY 2025 Free Cash Flow ($M) Provides financial flexibility to both invest in the business and return capital to shareholders $693.3 $1,401.3 $1,751.6 FY 2023 FY 2024 FY 2025 Operating Cash Flow ($M) © 2025 Resmed. 12
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Track record of strong financial returns for shareholders Revenue ($M) GAAP / Non-GAAP Operating Income ($M) GAAP / Non-GAAP EPS $2,957 $5,146 FY 2020 FY 2025 $891 $1,763 FY 2020 FY 2025 $4.76 $9.55 FY 2020 FY 2025 (Financial data as of June 30, 2025) $810 $1,685 FY 2020 FY 2025 $4.27 $9.51 FY 2020 FY 2025 NOTE: See reconciliation to GAAP in Appendix © 2025 Resmed. 13 12% CAGR 16% CAGR GAAP 15% CAGR Non-GAAP 17% CAGR GAAP 15% CAGR Non-GAAP
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26% 37% 24% 13% Strategic capital allocation framework prioritizes innovation $3.5B Strategic Growth Priorities Capital Returns to Shareholders Reinvest in R&D M&A Dividends Share repurchase(A) (A): Resmed resumed its buyback program during the quarter ended 12/31/23; program had been paused since the quarter ended 12/31/2019 Capital deployed over last 3 years (through June 30, 2025) © 2025 Resmed. 14 • Reinvest in product development for high-return organic growth • 6-7% of revenue invested in R&D • Actively evaluate potential acquisitions • Pursue targets aligned with long-term strategic goals and financial objectives • Regular return of capital to shareholders • Resmed’s Board approved a 13% increase in the quarterly dividend to $0.60/share • Opportunistic return of capital • Share repurchase increased to $150M/quarter for FY26 Reinvest for Growth Pursue M&A Support Dividends Share Repurchases Disciplined focus on delivering total return
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Driving long-term shareholder value Growth & Innovation Market Dynamics Financial Results • Reinvest in product development for high-return organic growth • 6-7% of revenue invested in R&D • >10,000 patents and designs1 • Also actively evaluating potential acquisitions • Pursue targets aligned with long- term strategic goals and financial objectives • Large and underpenetrated market of more than 2.3 billion people worldwide with sleep health and breathing health needs • GLP-1s and wearables are driving awareness • AI and digital health are changing how healthcare is delivered • Pressure on healthcare systems; payer/providers are laser-focused on preventative care • Sustained strong revenue and profit growth • Commitment to continued operational excellence and operating leverage • Strong track record of disciplined capital deployment © 2025 Resmed. 15 Resmed is the global leader in connected and digital health 1 includes both pending and registered patents and designs
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Contact Investor Relations Phone: (858) 836-5000 Email: investorrelations@Resmed.com Website: investor.Resmed.com 16
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APPENDIX
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Resmed has a very large, under-penetrated opportunity to reach and serve OSA patients globally, including a broad range of pharma impact scenarios 2015 2020 2025 2030 2035 2040 2045 2050 0 0.1 B 0.2 B 0.3 B 0.4 B 0.5 B 0.6 B 0.7 B 0.8 B 0.9 B 1.0 B 1.1 B 1.2 B 1.3 B 1.4 B Global OSA prevalence [1] Benjafield AV, Ayas NT, Eastwood PR, et al. Estimation of the global prevalence and burden of obstructive sleep apnoea: aliterature-based analysis. Lancet Respir Med. Aug 2019;7(8):687-698. [2] Internal Resmed analysis based on World Bank forecasted population growth for those aged 30-69 across 193 countries [3] Mid-to-high impacts ranging from ~7.5% to 15% OSA prevalence reduction due to weight-loss pharma, with impact starting in 2024 and ramping by 2029 [4] Historical growth in Resmed connected device volumes ranges from 5-6% YOY; Growth here shown as 6%; Note revenue growth historically exceeds device volume growth with recurring revenue from masks, accessories & software. 2050: ~129M[4] 2025: 30M ~1.4B[2] patients ~1.3B[3] patients ~1.2B[3] patients 2015 prevalence estimate: 936M[1] global OSA patients TAM without pharma impact TAM mid-pharma impact TAM high-pharma impact Resmed Connected Devices in market Market growth opportunity Global OSA patient prevalence from latest epidemiology data © 2025 Resmed. 18
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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 – March 2025 1. Total patients with an OSA diagnosis claim from July 2021 –March 2025; those who were diagnosed with OSA prior to July 2021 are not included in this analysis. 2. GLP-1 initiation is defined by presence of GLP-1 claim at any point from July 2021 – March 2025 (n=1,601k patients); initiation does not demonstrate GLP-1 treatment adherence, so patients may not be actively taking GLP-1s today. 3. Values show absolute percentage difference in presence of any PAP-related claim from July 2021 – March 2025 comparing OSA patients who used GLP-1s versus OSA patients with no GLP-1 use. 4. Values show absolute percentage difference in presence of any PAP-related claim at each timepoint post PAP setup from July 2021 – March 2025 comparing OSA patients who used GLP-1s versus OSA patients with no GLP-1 use. 5. Majority 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 +300 bps GLP-1Non-GLP-1 +500 bps GLP-1Non-GLP-1 GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1 +1100 bps GLP-1Non-GLP-1 Likely to initiate PAP therapy3 Large real-world data analysis: n = 1,601,000 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 11.0% more likely to initiate PAP therapy and have higher PAP resupply rates 1-year and 2-years-post setup © 2025 Resmed. 19
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Reconciliation of non-GAAP financial measures The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles related to cost of sales and are reconciled below: (Unaudited; $ in thousands, except for per share amounts) Note regarding non-GAAP reconciliations (A) Resmed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notificationexpenses, acquisition related expenses, and associated tax effects, in addition to tax benefits from business cessation, and the tax effect of interest and penalties on tax refunds from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. Resmed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. Resmed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. Resmed believes this information provides investors better insight when evaluating Resmed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. © 2025 Resmed. 20 Three Months Ended Twelve Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenue $ 1,347,993 $ 1,223,195 $ 5,146,327 $ 4,685,297 GAAP cost of sales $ 527,923 $ 507,668 $ 2,091,357 $ 2,029,994 Less: Amortization of acquired intangibles (A) (9,367) (7,987) (32,116) (32,963) Less: Masks with magnets field safety notification expenses (A) 1,512 — 1,512 (6,351) Less: Astral field safety notification expenses (A) — — — (7,911) Non-GAAP cost of sales $ 520,068 $ 499,681 $ 2,060,753 $ 1,982,769 GAAP gross profit $ 820,070 $ 715,527 $ 3,054,970 $ 2,655,303 GAAP gross margin 60.8 % 58.5 % 59.4 % 56.7 % Non-GAAP gross profit $ 827,925 $ 723,514 $ 3,085,574 $ 2,702,528 Non-GAAP gross margin 61.4 % 59.1 % 60.0 % 57.7 %
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Reconciliation of non-GAAP financial measures, cont’d The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below: (A) Resmed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notificationexpenses, acquisition related expenses, and associated tax effects, in addition to tax benefits from business cessation, and the tax effect of interest and penalties on tax refunds from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. Resmed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. Resmed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. Resmed believes this information provides investors better insight when evaluating Resmed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. (Unaudited; $ in thousands, except for per share amounts) Note regarding non-GAAP reconciliations © 2025 Resmed. 21 Three Months Ended Twelve Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 GAAP income from operations $ 454,543 $ 381,217 $ 1,685,363 $ 1,319,893 Amortization of acquired intangibles—cost of sales (A) 9,367 7,987 32,116 32,963 Amortization of acquired intangibles—operating expenses (A) 11,928 11,262 45,273 46,521 Restructuring (A) — — — 64,228 Masks with magnets field safety notification expenses (A) (1,512) — (1,512) 6,351 Astral field safety notification expenses (A) — — — 7,911 Acquisition-related expenses (A) 2,031 — 2,031 483 Non-GAAP income from operations $ 476,357 $ 400,466 $ 1,763,271 $ 1,478,350
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Reconciliation of non-GAAP financial measures, cont’d The measure “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below: (Unaudited; $ in thousands, except for per share amounts) © 2025 Resmed. 22 Note regarding non-GAAP reconciliations (A) Resmed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notificationexpenses, acquisition related expenses, and associated tax effects, in addition to tax benefits from business cessation, and the tax effect of interest and penalties on tax refunds from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. Resmed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. Resmed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. Resmed believes this information provides investors better insight when evaluating Resmed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. Three Months Ended Twelve Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 GAAP net income $ 379,705 $ 292,237 $ 1,400,723 $ 1,020,951 Amortization of acquired intangibles—cost of sales (A) 9,367 7,987 32,116 32,963 Amortization of acquired intangibles—operating expenses (A) 11,928 11,262 45,273 46,521 Restructuring expenses (A) — — — 64,228 Masks with magnets field safety notification expenses (A) (1,512) — (1,512) 6,351 Astral field safety notification expenses (A) — — — 7,911 Acquisition-related expenses (A) 2,031 — 2,031 483 Tax benefit from business cessation (21,430) — (21,430) — Income tax effect of interest and penalties on income tax refunds (A) — — (29,976) — Income tax effect on non-GAAP adjustments (A) (5,544) (5,145) (20,448) (40,114) Non-GAAP net income (A) $ 374,545 $ 306,341 $ 1,406,777 $ 1,139,294 GAAP diluted shares outstanding 147,037 147,533 147,340 147,550 GAAP diluted earnings per share $ 2.58 $ 1.98 $ 9.51 $ 6.92 Non-GAAP diluted earnings per share (A) $ 2.55 $ 2.08 $ 9.55 $ 7.72