RMD · ResMed

334 filings

RMD SEC Filings

ResMed - 334 total filings

Filing record · 2016–202610-K1410-Q338-K85

Showing 1–50 of 334 filings

ResMed Quarterly Report for Q1 Ended Sep 30, 2026

ResMed Inc. reported net revenue of $1.4 billion for the three months ended September 30, 2026, up 6% from the prior year period. Sleep and Breathing Health revenue rose 8% to $1,260 million, driven by increased demand and unit sales of devices and masks, while Residential Care Software revenue fell 7% to $155 million, mainly due to the September 1, 2026 sale of the MatrixCare business. Gross margin was 61.5% compared with 61.2%. Diluted earnings per share were $2.92, compared with $2.37, and net income was $418 million compared with $349 million, an increase of 20%. Results were helped by a $62 million pre-tax gain on the MatrixCare divestment, which is preliminary and included in other income, and by $86 million of total other income, net. Operating income was $453 million compared with $447 million. Cash and cash equivalents declined to $1.0 billion from $1.5 billion at June 30, 2026. Cash flows reflected $1,278 million used in financing activities, including $936 million of treasury stock purchases and $250 million repayment of senior notes, partly offset by $392 million provided by investing activities, mainly $451 million of net proceeds from the MatrixCare divestment. Operating cash flow was $422 million compared with $457 million, which the company attributed to higher working capital, including higher inventory. Total debt was $410 million at September 30, 2026, down from $659 million, and $1,500 million remained available under the revolving credit facility. The company declared a quarterly dividend of $0.66 per share on October 29, 2026, and has an accelerated share repurchase agreement of $450 million expected to settle no later than December 29, 2026. The filing also discloses ongoing patent litigation with Cleveland Medical Devices and a patent suit by Fractus, S.A. For these matters, the company states it is unable to make a reasonable estimate of loss or range of losses, if any, for matters that remain open. One customer accounted for 11% of total net revenue in the quarter.

Oct 30, 2026 8-K

ResMed 8-K Report, Financial Results (Oct 29, 2026)

Resmed Inc. (NYSE: RMD, ASX: RMD) reported results for its first quarter of fiscal year 2027, the quarter ended September 30, 2026, in an press release furnished as Exhibit 99.1. Revenue rose 6% to $1.415 billion (7% on a core constant currency basis). GAAP diluted EPS was $2.92, up 23% from $2.37, and non-GAAP diluted EPS was $2.91, up 14% from $2.55. GAAP net income was $418.4 million versus $348.5 million a year earlier. Operating cash flow was $422 million and free cash flow was $374 million. The company returned more than $1.0 billion to shareholders through share repurchases and dividends during the quarter, with treasury stock purchases of $936.4 million, and completed the divestiture of the MatrixCare business. Revenue growth was led by Americas Sleep and Breathing Health (up 7% core constant currency) and Rest of World Sleep and Breathing Health (up 8%), while Residential Care Software rose 5% on a core constant currency basis. Non-GAAP gross margin expanded 50 basis points to 62.5%. Fiscal 2027 guidance was reaffirmed, with core constant currency revenue growth of 5% to 7%, reported revenue of $5.75 to $5.85 billion, and non-GAAP diluted EPS of $12.00 to $12.25, all unchanged from the August 6, 2026 guidance. The board declared a quarterly cash dividend of $0.66 per share, payable December 17, 2026 to holders of record on November 12, 2026, with an ex-dividend date of November 11, 2026. The company also announced that Carol Burt will become Lead Director effective November 15, 2026, following the planned retirement of Ron Taylor.

Oct 29, 2026 8-K

ResMed 8-K Report, Corporate Update (Sep 1, 2026)

ResMed Inc. disclosed in this Form 8-K, dated September 1, 2026, that on August 31, 2026 it entered into an accelerated share repurchase (ASR) agreement with Citibank, N.A. to repurchase $450.0 million of its common stock. The repurchase is being made under a share repurchase authorization for an aggregate of 20,000,000 shares approved by the board of directors in February 2014. The company intends to fund the transaction with proceeds from the sale of its MatrixCare business and cash on hand. Under the agreement, ResMed will pay Citibank $450.0 million on September 3, 2026, and expects to receive on the same day an initial delivery of shares equal to 80% of $450.0 million divided by the closing price on September 2, 2026. The final share count will be based on the average daily volume weighted average price of the common stock over the term of the agreement, less a discount and subject to adjustments. At settlement, Citibank may deliver additional shares, or in certain circumstances ResMed may deliver shares or make a cash payment at its election. Final settlement is scheduled for December 2026, though Citibank may elect to complete it earlier. The filing states that this ASR transaction was contemplated in the fiscal year 2027 guidance the company issued during its Q4 FY26 earnings call on August 6, 2026.

Sep 1, 2026 8-K

ResMed 8-K Report, Auditor Change (Aug 17, 2026)

ResMed Inc. (NYSE: RMD) filed this Current Report on Form 8-K dated August 17, 2026, disclosing two governance and accounting changes. First, under Item 4.01, the company dismissed KPMG LLP as its independent registered public accounting firm effective August 13, 2026, and appointed PricewaterhouseCoopers LLP as its new auditor, subject to completion of PwC's standard client acceptance procedures, for the fiscal year ending June 30, 2027. The filing states that KPMG's reports on the fiscal 2026 and 2025 consolidated financial statements contained no adverse opinion or disclaimer and were not qualified or modified, and that there were no disagreements or reportable events during the relevant periods. KPMG's letter to the SEC is referenced as Exhibit 16.1. Second, under Item 5.02, director Ronald Taylor informed the Board on August 13, 2026 that he will not stand for election at the 2026 Annual Meeting, expected to be held November 18, 2026, and will retire from the Board at that time. The filing states his decision is not due to any disagreement with the company on its operations, policies or practices. The Board appointed Carol Burt, who chairs the Nominating and Governance Committee, as lead director effective November 15, 2026. Per the attached press release (Exhibit 99.1), Taylor joined the Board in 2005 and had served as Lead Director since 2013. The filing describes a competitive review process by the Audit Committee for selecting the new auditor. It does not state a reason for the auditor change beyond that review, and it contains no financial results or operating figures.

Aug 17, 2026 10-K

ResMed Annual Report, Year Ended Jun 30, 2026

ResMed Inc. reported fiscal 2026 (year ended June 30, 2026) net revenue of $5.65 billion, up 10% from $5.15 billion, with net income of $1.52 billion, or $10.43 per diluted share, versus $9.51 a year earlier. Gross margin rose to 61.1% from 59.4%, driven by procurement, manufacturing and logistics efficiencies, partly offset by Astral field safety notification expenses. Sleep and Breathing Health revenue grew 10% to $4.98 billion, while Residential Care Software grew 5% to $676 million. Operating cash flow was $1.81 billion and cash and cash equivalents were $1.47 billion at June 30, 2026. Portfolio activity was significant in the year. In June 2026 the company acquired Noctrix Health, LLC, a maker of a restless legs syndrome device, for $335 million. On June 30, 2026 it agreed to sell its MatrixCare business for $490 million in cash, expected to close in the first quarter of fiscal 2027; the filing says MatrixCare generated about $220 million of revenue and $28 million of operating profit in fiscal 2026. The company repurchased $700 million of treasury stock during the year and paid $350 million in dividends. Risk factors center on competition from Philips and new pharmaceutical treatments such as GLP-1 drugs, reimbursement and Medicare policy changes, tariffs and supply chain constraints including rare earth magnets, and ongoing patent litigation with Cleveland Medical and Fractus. Total debt was $660 million at June 30, 2026, and the company declared a quarterly dividend of $0.66 per share on August 6, 2026.

Aug 13, 2026 8-K

ResMed 8-K Report, Financial Results (Aug 6, 2026)

Resmed Inc. reported results for its fourth quarter and fiscal year ended June 30, 2026, in a press release furnished as Exhibit 99.1. Fourth-quarter revenue rose 9% to $1,464 million (8% in constant currency), and GAAP diluted earnings per share increased 2% to $2.64. Non-GAAP diluted earnings per share rose 16% to $2.95. For the full fiscal year, revenue increased 10% to $5,653 million, GAAP diluted EPS was $10.43, and non-GAAP diluted EPS was $11.17, an increase of 17%. Operating cash flow for the year was $1,806 million and free cash flow was $1,650 million. Fourth-quarter GAAP gross margin fell 200 basis points to 58.8%, reflecting $41.9 million of Astral field safety notification expenses, which the company excludes from its non-GAAP measures. GAAP income from operations declined 1% to $449 million, while non-GAAP income from operations rose 8% to $515 million. Fourth-quarter free cash flow decreased 21% to $404 million. The board declared a quarterly cash dividend of $0.66 per share, a 10% increase over the prior quarterly dividend, with a record date of August 20, 2026 and payment on September 24, 2026. The company also disclosed an agreement to sell its MatrixCare business, expected to close in the first quarter of fiscal 2027, and the completed acquisition of Noctrix Health. For fiscal 2027, the company is guiding to more than $1.85 billion in capital returned to shareholders through share repurchases and dividends.

Aug 6, 2026 8-K

ResMed 8-K Report, Financial Results (Jul 7, 2026)

ResMed Inc. (NYSE: RMD) reported in an Item 2.02 Form 8-K filed July 7, 2026 that on June 30, 2026 it entered into a definitive agreement to sell its MatrixCare business to Frazier Healthcare Partners, a private equity firm focused exclusively on healthcare, for $490 million in cash, subject to certain closing adjustments. The transaction is expected to close during the first quarter of fiscal year 2027, subject to required regulatory approvals and customary closing conditions. Resmed intends to use the net proceeds to return capital to shareholders, including through an accelerated share repurchase (ASR) program, and for general corporate purposes. According to the filing, MatrixCare represented approximately $220 million of revenue and approximately $55 million of non-GAAP operating profit based on preliminary full fiscal year 2026 results. Resmed expects transition services agreements to largely offset first-year post-closing stranded costs and intends to mitigate remaining stranded costs over time. The company also said its recently completed Noctrix acquisition is expected to contribute approximately $30 million of revenue and reduce non-GAAP diluted EPS by approximately $0.20 in fiscal year 2027. Resmed continues to expect its Residential Care Software (RCS) segment to accelerate to high single digit percentage year-over-year revenue growth, along with operating leverage, in fiscal 2027. It reiterated its fiscal 2026 outlook for non-GAAP gross margin, non-GAAP SG&A and R&D as a percentage of revenue, and non-GAAP tax rate, along with its fourth-quarter fiscal 2026 outlook for net interest income and planned share repurchases. Full fiscal 2027 guidance will be provided on the fourth-quarter fiscal 2026 earnings call on August 6, 2026.

Jul 7, 2026 10-Q

ResMed Quarterly Report for Q3 Ended Mar 31, 2026

ResMed Inc. reported net revenue of $1,431.4 million for the three months ended March 31, 2026, an increase of $139.7 million or 11% (8% on a constant currency basis) from $1,291.7 million a year earlier. Net income rose to $398.7 million from $365.0 million, and diluted earnings per share were $2.74 compared to $2.48. Gross margin was 62.2% versus 59.3% in the prior-year quarter, driven by manufacturing and logistics efficiencies and component cost improvements. For the nine months, net revenue was $4,189.8 million, up $391.5 million or 10%, and net income was $1,139.9 million, up 12%. Balance sheet and cash flow remained strong. Cash and cash equivalents reached $1,660.5 million at March 31, 2026, up from $1,209.5 million at June 30, 2025, while total debt was $664.1 million. Operating cash flow for the nine months was $1,351.2 million. The company repurchased $500.0 million of stock during the nine months and declared a quarterly dividend of $0.60 per share payable June 18, 2026. Total debt outstanding under its revolving credit, term credit and senior notes facilities was $665.0 million, and the company stated it was in compliance with its debt covenants. Operating items to note include $21.7 million of restructuring charges recorded in the nine months for workforce planning, $5.9 million of acquisition and portfolio review expenses in the current quarter, and an effective tax rate of 20.6% for the quarter versus 12.6% a year earlier. Ongoing patent litigation involving Cleveland Medical, Fractus and NYU is described in the filing, and the company stated it does not expect these matters to have a material adverse effect on its consolidated financial statements.

May 1, 2026 8-K

ResMed 8-K Report, Financial Results (Apr 30, 2026)

ResMed Inc. (NYSE: RMD, ASX: RMD) furnished an 8-K on April 30, 2026 reporting results for its third quarter of fiscal year 2026, the quarter ended March 31, 2026. Revenue rose 11% to $1,431.4 million (up 8% on a constant currency basis). GAAP gross margin was 62.2%, up 290 basis points from 59.3%, and GAAP income from operations rose 17% to $499.8 million. GAAP diluted earnings per share were $2.74 versus $2.48 a year earlier, and non-GAAP diluted EPS were $2.86 versus $2.37, a 21% increase. Operating cash flow for the quarter was $554.1 million, and the company paid $87.2 million in dividends and repurchased 673,000 shares for $175.0 million. By segment, Total Sleep and Breathing Health revenue grew 11% to $1,260.5 million, while Residential Care Software revenue grew 6% to $170.9 million (4% on a constant currency basis). SG&A rose 16% on a GAAP basis, partly reflecting additional expenses from the VirtuOx acquisition and $5.9 million of acquisition and portfolio review related expenses tied to evaluating strategic transactions. The board declared a quarterly cash dividend of $0.60 per share, with a record date of May 14, 2026, an ex-dividend date of May 13, 2026, and payment on June 18, 2026. The filing also notes a new distribution center in Greenwood, Indiana, scheduled to begin operations in 2027.

Apr 30, 2026 8-K

ResMed 8-K Report, Executive Changes (Apr 30, 2026)

ResMed Inc. announced on April 30, 2026 that Chief Financial Officer Brett Sandercock will retire from his roles as Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer. He will remain CFO until May 4, 2026, then serve as Special Advisor to Chairman and CEO Mick Farrell through December 31, 2026, and continue in a consulting role from January 1, 2027 through December 31, 2027. The filing states his retirement did not result from any disagreement with the Company on operations, policies, or practices. He will keep his current salary, benefits and long-term equity vesting, and remain eligible for a six-month, pro-rata payment of his fiscal year 2027 short-term incentive. Aaron Bloomer, age 40, was appointed Chief Financial Officer effective May 4, 2026, serving as Principal Financial Officer and Principal Accounting Officer. He most recently was Executive Vice President and CFO of Exact Sciences Corporation and previously held senior finance roles at Baxter International and 3M. His compensation includes an annual base salary of $725,000, a $150,000 sign-on bonus subject to repayment if he leaves voluntarily within 24 months, an annual short-term incentive target of 80% of base salary (pro-rated for fiscal year 2026), a long-term performance equity grant of $3,300,000 on joining, relocation assistance to San Diego, and an additional $3,300,000 equity grant eligible in November 2026 for fiscal year 2027, subject to committee approval. The press release (Exhibit 99.1) states that ResMed reported third quarter fiscal year 2026 results the same day and reiterated its fiscal year 2026 outlook, including gross margin of 62-63%, SG&A expenses of 19-20%, R&D expenses of 6-7%, and an effective tax rate of 21-23%.

Apr 30, 2026 10-Q

ResMed Quarterly Report for Q2 Ended Dec 31, 2025

ResMed Inc. reported net revenue of $1,422.8 million for the three months ended December 31, 2025, an increase of $140.7 million, or 11% (9% on a constant currency basis), compared with $1,282.1 million a year earlier. Sleep and Breathing Health revenue rose 12% to $1,255.9 million, led by devices and masks, with masks and other up 16%. Residential Care Software revenue grew 7% to $166.9 million. Gross margin expanded to 61.8% from 58.6%, which the company attributed primarily to manufacturing and logistics efficiencies and component cost improvements. Net income increased 14% to $392.6 million, and diluted EPS was $2.68 versus $2.34. Non-GAAP diluted EPS was $2.81 versus $2.43. For the six months ended December 31, 2025, net revenue was $2,758.4 million, up 10%, and net income was $741.1 million, up 13%. Operating cash flow was $797.1 million, compared with $634.2 million in the prior-year period. Restructuring expenses totaled $21.7 million for the six months, related to workforce planning. Selling, general and administrative expenses rose 15% in the quarter, which the company attributed mainly to employee-related costs, VirtuOx acquisition expenses, and marketing and technology investments. The balance sheet strengthened over the period. Cash and cash equivalents were $1,417.1 million at December 31, 2025, against total debt of $663.8 million, and $1,500.0 million was available under the revolving credit facility. The company repurchased $325.0 million of its stock in the six months and paid $0.60 per share in quarterly dividends, with a further $0.60 dividend declared on January 29, 2026. Pending litigation includes several patent suits, including Cleveland Medical and Fractus matters, and the company is unable to estimate a range of loss for open matters. The company also disclosed that the NYU patent case was dismissed with prejudice in November 2025.

Jan 30, 2026 8-K

ResMed 8-K Report, Financial Results (Jan 29, 2026)

ResMed Inc. reported results for the second quarter of fiscal year 2026, the quarter ended December 31, 2025, in Exhibit 99.1 furnished with this 8-K. Revenue rose 11% to $1,422.8 million (up 9% on a constant currency basis), compared with $1,282.1 million a year earlier. Gross margin was 61.8%, up 320 basis points, and non-GAAP gross margin was 62.3%, up 310 basis points, driven by manufacturing and logistics efficiencies and component cost improvements. Income from operations increased 18% to $491.7 million, and non-GAAP income from operations increased 19% to $517.2 million. Net income was $392.6 million, with diluted earnings per share of $2.68 (non-GAAP diluted EPS of $2.81). Operating cash flow for the quarter was $339.7 million. SG&A expenses rose 15% to $278.4 million, or 19.6% of revenue versus 18.8% a year earlier, mainly due to VirtuOx acquisition costs, employee costs, and marketing and technology investments. The company recorded $5.9 million of restructuring expenses tied to workforce planning undertaken in the first quarter. Cash and cash equivalents were $1,417.1 million at December 31, 2025, while short-term debt rose to $259.9 million from $9.9 million at June 30, 2025, and long-term debt fell to $403.9 million from $658.4 million. During the quarter the company paid $87.6 million in dividends and repurchased 704,000 shares for $175.0 million. Separately, the board declared a quarterly cash dividend of $0.60 per share, with a record date of February 12, 2026, payable March 19, 2026, and an ex-dividend date of February 11, 2026 for common stockholders and CDI holders.

Jan 29, 2026 8-K

ResMed 8-K Report, Executive Changes (Nov 20, 2025)

ResMed Inc. (RMD) filed this Form 8-K reporting results of its 2025 annual meeting of stockholders held on November 19, 2025, along with governance changes. Richard Sulpizio did not seek re-election, and his term expired at the conclusion of the meeting, creating a board vacancy. The board approved reducing the number of directors from twelve to eleven. Stockholders elected the eleven nominees, ratified KPMG LLP as independent registered public accounting firm for the fiscal year ending June 30, 2026, approved on an advisory basis the compensation of named executive officers, and approved the amendment and restatement of the 2009 Incentive Award Plan and the 2018 Employee Stock Purchase Plan. The 2009 Plan Amendment increases the shares reserved for issuance by 2,400,000, eliminates the plan's fixed term, and authorizes incentive stock options. The ESPP Amendment increases the shares that may be issued by 3,000,000, eliminates the fixed term, and provides for options intended to be tax qualified under Section 423 of the Internal Revenue Code. Both amendments were adopted by the board on August 15, 2025, subject to stockholder approval, and became effective upon approval. Voting results show broad support for the slate and proposals. Each director received between 98.9 million and 109.4 million votes for, with against votes ranging from 135,377 to 10,615,305 depending on the nominee. The say-on-pay proposal received 98,435,762 votes for and 11,004,916 against, and the 2009 Plan Amendment received 104,708,816 votes for and 4,739,662 against.

Nov 20, 2025 10-Q

ResMed Quarterly Report for Q1 Ended Sep 30, 2025

ResMed Inc. reported net revenue of $1,335.6 million for the three months ended September 30, 2025, up from $1,224.5 million a year earlier, an increase of $111.1 million or 9% (8% on a constant currency basis). Sleep and Breathing Health revenue was $1,169.4 million, up 10%, and Residential Care Software revenue was $166.1 million, up 6%. Gross margin rose to 61.5% from 58.6%, which the company attributed primarily to manufacturing and logistics efficiencies and component cost improvements. Net income was $348.5 million, up 12%, and diluted earnings per share were $2.37 compared with $2.11. Non-GAAP diluted earnings per share were $2.55 compared with $2.20. Operating results also absorbed $15.8 million of restructuring charges for employee severance and termination benefits tied to workforce planning. Cash provided by operating activities was $457.3 million, compared with $325.5 million a year earlier. Cash and cash equivalents were $1.4 billion at September 30, 2025, and total debt outstanding was $670.0 million under the revolving credit facility, term credit agreement and senior notes. The company repurchased 523,212 shares for $150.0 million and paid dividends of $0.60 per share, totaling $87.8 million. On October 30, 2025, the board declared a further $0.60 per share dividend payable December 18, 2025. Litigation remains a watch item. The Federal Circuit affirmed PTAB decisions invalidating the claims of the NYU patents on August 8, 2025, and Fractus filed a new patent infringement suit against ResMed Corp. and ResMed Inc. on October 9, 2025. The company stated that it cannot make a reasonable estimate of loss or range of losses for matters that remain open.

Oct 31, 2025 8-K

ResMed 8-K Report, Financial Results (Oct 30, 2025)

ResMed Inc. reported results for its first quarter of fiscal year 2026, the quarter ended September 30, 2025. Revenue rose 9% to $1.3 billion ($1,335.6 million, up from $1,224.5 million), or 8% on a constant currency basis. GAAP gross margin expanded 290 basis points to 61.5%, and non-GAAP gross margin rose 280 basis points to 62.0%, which the company attributed to manufacturing and logistics efficiencies and component cost improvements. Income from operations increased 15% to $446.5 million, while non-GAAP income from operations rose 19% to $482.1 million. GAAP diluted earnings per share were $2.37 and non-GAAP diluted EPS were $2.55, up 16% year over year. Operating cash flow was $457.3 million, and the company paid $87.8 million in dividends and repurchased 523,000 shares for $150 million during the quarter. Cash and cash equivalents increased to $1.38 billion at September 30, 2025, from $1.21 billion at June 30, 2025. Short-term debt rose to $259.9 million from $9.9 million, while long-term debt fell to $408.7 million from $658.4 million. The company recorded $16 million of restructuring charges tied to workforce planning aligned with its 2030 strategic priorities. The board declared a quarterly cash dividend of $0.60 per share, with a record date of November 13, 2025, an ex-dividend date of November 12, 2025, and payment on December 18, 2025. The filing also furnishes a press release announcing the quarterly results and notes board changes, including the election of Nicole Mowad-Nassar effective August 15, 2025, and the upcoming retirement of Rich Sulpizio at the November 19, 2025 Annual Meeting.

Oct 30, 2025 8-K

ResMed 8-K Report, Executive Changes (Aug 18, 2025)

ResMed Inc. (NYSE: RMD) filed this Form 8-K on August 18, 2025 to report two board changes. On August 15, 2025, the company elected Nicole Mowad-Nassar to its board of directors effective immediately, with an initial term expiring at the 2025 annual meeting of stockholders on November 19, 2025. Ms. Mowad-Nassar is Senior Vice President of AbbVie Inc. and President of its specialty and U.S. therapeutics operations, and she will serve on the Compensation and Leadership Development Committee. She will receive compensation under the company's non-executive director program on a pro rata basis, and the board approved an increase in the fiscal 2026 cash retainer to $75,000. The filing also discloses that director Richard Sulpizio, a board member since 2005, will not stand for election in November 2025 and will retire from the board at the 2025 annual meeting. The company states that his decision is not due to any disagreement with ResMed on its operations, policies or practices. The accompanying press release, furnished as Exhibit 99.1, is described in the filing as a press release dated August 18, 2025 regarding results of operations. For investors, the changes are governance-related and do not include any financial figures beyond the director retainer amount. The filing adds a new director with pharmaceutical commercial and digital health experience and states that Mr. Sulpizio's departure is amicable.

Aug 18, 2025 10-K

ResMed Annual Report, Year Ended Jun 30, 2025

ResMed Inc. reported fiscal year 2025 (ended June 30, 2025) net revenue of $5,146.3 million, up 10% from $4,685.3 million, with net income of $1,400.7 million, or $9.51 per diluted share, versus $1,021.0 million, or $6.92 per diluted share, in fiscal 2024. Gross margin rose to 59.4% from 56.7%, driven by procurement, manufacturing and logistics efficiencies and the absence of $14.3 million of field safety notification expenses recorded in fiscal 2024. Income from operations was $1,685.4 million, compared with $1,319.9 million a year earlier. Operating cash flow was $1,751.6 million, and cash and cash equivalents ended the year at $1,209.5 million, against $1,500.0 million of undrawn revolving credit capacity. The company operates two segments: Sleep and Breathing Health, which produced $4,504.9 million of revenue, and Residential Care Software, which produced $641.4 million. Devices accounted for approximately 52% of net revenues in fiscal 2025, and masks, diagnostic products, accessories and other products for approximately 36%. The company acquired VirtuOx, an independent diagnostic testing facility, in May 2025, which the filing describes as not material to financial results. The filing also flags regulatory and reimbursement uncertainty, including changes to Medicare payment rules, Medicaid funding under the One Big Beautiful Bill Act, VA sleep apnea disability rating proposals, and supply constraints tied to rare earth magnet export controls from China. Capital returns continued during the year. The company paid dividends of $2.12 per share totaling $310.9 million and repurchased $300.0 million of treasury stock. Total debt stood at $670.0 million at June 30, 2025, and the board declared a quarterly dividend of $0.60 per share on July 31, 2025.

Aug 8, 2025 8-K

ResMed 8-K Report, Executive Changes (Aug 1, 2025)

ResMed Inc. filed a Current Report on Form 8-K under Item 5.02(b), disclosing a senior executive departure. The filing states that on July 28, 2025, Bobby Ghoshal, the company's chief commercial officer for its residential care software business ("RCS"), notified ResMed that he intends to resign effective August 1, 2025. The filing says Mr. Ghoshal is leaving to pursue an opportunity as chief operating officer of a software company in an industry that is not competitive with ResMed's. The filing does not name a successor or describe any transition arrangements. The report was signed on July 31, 2025 by Brett Sandercock, Chief Financial Officer. The filing contains no financial results or other financial data.

Aug 1, 2025 8-K

ResMed 8-K Report, Financial Results (Jul 31, 2025)

ResMed Inc. (NYSE: RMD, ASX: RMD) reported results for the fourth quarter and fiscal year ended June 30, 2025, in a press release furnished as Exhibit 99.1. Fourth-quarter revenue rose 10% to $1,348.0 million (up 9% on a constant currency basis), and gross margin improved 230 basis points to 60.8%. GAAP income from operations increased 19% to $454.5 million, and diluted EPS was $2.58, up 30%, while non-GAAP diluted EPS was $2.55, up 23%. Operating cash flow for the quarter was $538.8 million. For the full fiscal year, revenue increased 10% to $5,146.3 million, and GAAP income from operations rose 28% to $1,685.4 million. GAAP diluted EPS was $9.51 and non-GAAP diluted EPS was $9.55. Operating cash flow was $1.75 billion, and cash and cash equivalents closed the year at $1,209.5 million, up from $238.4 million a year earlier. The company also reported that it paid $78 million in dividends and repurchased 419,000 shares for $100 million during the quarter. The board declared a quarterly cash dividend of $0.60 per share, a 13% increase, with a record date of August 14, 2025, payable September 18, 2025, and an ex-dividend date of August 13, 2025. The company also announced its pending acquisition of VirtuOx, an independent diagnostic testing facility for sleep, respiratory, and cardiac conditions.

Jul 31, 2025 10-Q

ResMed Quarterly Report for Q3 Ended Mar 31, 2025

ResMed Inc. reported net revenue of $1,291.7 million for the three months ended March 31, 2025, up from $1,197.0 million a year earlier, an increase of $94.8 million or 8% (9% on a constant currency basis). Growth came from both segments: Sleep and Breathing Health revenue rose to $1,130.6 million, and Residential Care Software revenue rose to $161.2 million. Gross margin improved to 59.3% from 57.9%, and income from operations increased to $426.3 million from $374.6 million. Net income for the quarter was $365.0 million, up 21%, and diluted earnings per share were $2.48 versus $2.04. For the nine months, net revenue was $3,798.3 million, net income was $1,021.0 million (up 40%), and diluted EPS was $6.93 versus $4.94. Cash flow and balance sheet strength improved over the period. Cash and cash equivalents rose to $932.7 million from $238.4 million at June 30, 2024, and net cash provided by operating activities was $1,212.8 million for the nine months, compared with $961.1 million a year earlier. The company repurchased $200.0 million of treasury stock and paid $233.3 million in dividends during the nine months. Total debt outstanding was $675.0 million, and $1,500.0 million remained available under the revolving credit facility. The company declared a quarterly dividend of $0.53 per share on April 23, 2025. The filing also flags risks. Management cites uncertainty from U.S. healthcare policy changes, FDA oversight disruptions, and newly announced tariffs on imports from Canada, Mexico, and China. The company is also party to patent litigation with New York University and Cleveland Medical, though it states it cannot estimate potential losses from matters still open. Non-GAAP diluted EPS for the quarter was $2.37, compared with $2.13 a year earlier, and the quarter's GAAP results included a $30.0 million income tax benefit from interest and penalties on IRS refunds.

Apr 24, 2025 8-K

ResMed 8-K Report, Financial Results (Apr 23, 2025)

ResMed Inc. reported results for its third quarter of fiscal year 2025, the quarter ended March 31, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K. Revenue rose 8% to $1.3 billion ($1,291.7 million, up 9% on a constant currency basis). Gross margin improved 140 basis points to 59.3%, and income from operations increased 14% to $426.3 million. Diluted earnings per share were $2.48, and non-GAAP diluted earnings per share were $2.37, up 11%. Net income was $365.0 million. Cash generation was strong, with operating cash flow of $579 million. That figure includes $107 million in IRS tax refunds, and excluding those refunds operating cash flow was $471 million. During the quarter the company paid $78 million in dividends and repurchased 314,000 shares for $75 million. Cash and cash equivalents were $932.7 million at March 31, 2025, up from $238.4 million at June 30, 2024. The filing also announces a quarterly cash dividend of $0.53 per share, with a record date of May 8, 2025, payable June 12, 2025, and an ex-dividend date of May 7, 2025. Holders of CHESS Depositary Instruments on the Australian Securities Exchange will receive an equivalent amount in Australian currency.

Apr 23, 2025 10-Q

ResMed Quarterly Report for Q2 Ended Dec 31, 2024

ResMed Inc. reported results for the three and six months ended December 31, 2024. Net revenue for the quarter was $1.3 billion ($1,282.1 million), up 10% from $1,162.8 million, and up 10% on a constant currency basis. Sleep and Breathing Health revenue rose 11% to $1,125.6 million, and Residential Care Software revenue rose 8% to $156.5 million. Gross margin improved to 58.6% from 55.6%, helped by lower non-recurring field safety notification expenses in the prior year, manufacturing efficiencies, and lower amortization of acquired intangibles. Income from operations was $417.2 million, compared with $275.1 million a year earlier, and net income was $344.6 million, up 65%. Diluted earnings per share were $2.34, compared with $1.42. Non-GAAP diluted earnings per share were $2.43, compared with $1.88. For the six months, net revenue was $2.51 billion, up 11%, and net income was $656.0 million, up 53%. Net cash from operating activities was $634.2 million, versus $559.1 million a year earlier. Cash and cash equivalents rose to $521.9 million from $238.4 million at June 30, 2024. Total debt was $672.8 million, and $1,500.0 million remained available under the revolving credit facility. The company repurchased $125.0 million of treasury stock during the six months and declared a quarterly dividend of $0.53 per share on January 30, 2025. Restructuring expenses of $64.2 million were recorded in the prior-year quarter and none in the current period. The filing discloses ongoing patent litigation, including suits brought by New York University and Cleveland Medical Devices, for which the company states it cannot make a reasonable estimate of loss or range of losses. Management states that the outcome of litigation is not expected to have a material adverse effect on the consolidated financial statements, and that current liquidity sources will be sufficient for the next 12 months and beyond.

Jan 31, 2025 8-K

ResMed 8-K Report, Financial Results (Jan 30, 2025)

ResMed Inc. filed this Form 8-K on January 30, 2025 to furnish its press release reporting results for the second quarter of fiscal year 2025, the quarter ended December 31, 2024, and to announce a quarterly cash dividend. Revenue rose 10% to $1,282.1 million, and gross margin improved 300 basis points to 58.6%, with non-GAAP gross margin up 230 basis points to 59.2%. GAAP income from operations increased 52% to $417.2 million, which the company attributes partly to the prior year including $64.2 million of restructuring-related charges. Non-GAAP income from operations rose 19% to $435.9 million. Net income was $344.6 million, or $2.34 per diluted share, compared with $1.42 a year earlier. Non-GAAP diluted earnings per share were $2.43, up 29%. Operating cash flow for the quarter was $308.6 million. During the quarter the company paid $78 million in dividends and repurchased 307,000 shares for $75 million. Cash and cash equivalents were $521.9 million at December 31, 2024, up from $238.4 million at June 30, 2024. Separately, the board declared a quarterly cash dividend of $0.53 per share, with a record date of February 13, 2025 and payment on March 20, 2025. The ex-dividend date is February 12, 2025. The company also cited continued growth in its Residential Care Software business, up 8% on a constant currency basis, and management's view that consumer wearables tracking sleep and GLP-1 therapy use could drive increased patient flow.

Jan 30, 2025 8-K

ResMed 8-K Report, Shareholder Vote Results (Nov 21, 2024)

ResMed Inc. filed this Current Report on Form 8-K dated November 21, 2024, to report the results of matters submitted to a vote of security holders at its annual meeting of stockholders held on November 20, 2024. The filing covers Item 5.07 only and contains no financial results, guidance, or operating metrics. Stockholders took three actions. They elected eleven nominees to the board of directors, each to serve until the 2025 annual meeting and until their successors are elected and qualified. They ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2025. They also approved, on an advisory basis, the compensation of the named executive officers, as disclosed in the proxy statement. Vote tallies show broad support for most nominees and for the auditor ratification. Richard Sulpizio drew the most opposition among the directors, with 88,007,747 votes for and 22,003,356 against. Ronald Taylor received 95,465,730 for and 14,705,330 against, and Karen Drexler received 101,135,602 for and 9,042,745 against. On say-on-pay, 92,885,004 votes were cast for and 17,284,647 against, with 87,620 abstentions and 4,969,328 broker non-votes. The filing was signed by Michael Rider, Chief Legal Officer, Global General Counsel and Secretary.

Nov 21, 2024 10-Q

ResMed Quarterly Report for Q1 Ended Sep 30, 2024

ResMed Inc. reported net revenue of $1,224.5 million for the three months ended September 30, 2024, up from $1,102.3 million a year earlier, an increase of $122.2 million or 11%. Sleep and Breathing Health revenue reached $1,067.7 million, up 11%, with devices at $625.8 million and masks and other at $442.0 million. Residential Care Software revenue was $156.8 million, up 13%. Gross margin expanded to 58.6% from 54.4%, which the company attributed mainly to manufacturing efficiencies, component cost improvements, higher average selling prices, and lower amortization of acquired intangibles in cost of sales. Income from operations rose to $387.3 million from $289.0 million, and net income increased $91.9 million, or 42%, to $311.4 million. Diluted earnings per share were $2.11 compared with $1.49. Non-GAAP diluted earnings per share were $2.20 compared with $1.64. On the balance sheet, cash and cash equivalents increased to $426.4 million from $238.4 million at June 30, 2024. Total assets were $7.2 billion and stockholders' equity was $5.2 billion. Total debt outstanding was $680.0 million across the revolving credit facility, term credit facility and senior notes, and the company stated it was in compliance with its debt covenants. Cash provided by operating activities was $325.5 million, up $39.3 million from the prior year period. The company repurchased $50.0 million of treasury stock and paid dividends of $0.53 per share totaling $77.9 million. On October 24, 2024, the board declared a quarterly dividend of $0.53 per share payable December 12, 2024. The filing also discloses ongoing patent litigation, including a New York University suit concerning AirSense 10 AutoSet features, in which the PTAB invalidated the challenged NYU claims and NYU has appealed, and a Cleveland Medical Devices suit with an inter partes review decision expected by May 6, 2025. The company stated it cannot estimate a reasonable range of loss for matters that remain open.

Oct 25, 2024 8-K

ResMed 8-K Report, Financial Results (Oct 24, 2024)

ResMed Inc. reported results for its first quarter of fiscal year 2025, the quarter ended September 30, 2024. Revenue rose 11% to $1,224.5 million ($1.2 billion), up 11% on a constant currency basis. Gross margin improved 420 basis points to 58.6%, and non-GAAP gross margin improved 320 basis points to 59.2%. Income from operations increased 34% to $387.3 million, and non-GAAP income from operations rose 27% to $406.4 million. Net income was $311.4 million, or diluted earnings per share of $2.11, compared with $1.49 a year earlier. Non-GAAP diluted earnings per share was $2.20, up 34%. Operating cash flow was $325.5 million, compared with $286.3 million in the prior-year quarter. During the quarter, ResMed paid $78 million in dividends and repurchased 222,000 shares for $50 million. Cash and cash equivalents rose to $426.4 million at September 30, 2024, from $238.4 million at June 30, 2024. Long-term debt fell to $667.6 million from $697.3 million. The company also announced a quarterly cash dividend of $0.53 per share, with a record date of November 7, 2024, payable December 12, 2024, and an ex-dividend date of November 6, 2024. Management highlighted the 2030 strategy unveiled at its 2024 Investor Day, the renaming of its reporting units to Sleep and Breathing Health and Residential Care Software, and the upcoming launch of the AirTouch N30i fabric mask.

Oct 24, 2024 8-K

ResMed 8-K Report, Executive Changes (Aug 16, 2024)

ResMed Inc. filed a Form 8-K dated August 16, 2024 reporting that its board of directors was expanded to 11 members and that Christopher DelOrefice was elected to the board effective immediately, on August 15, 2024. DelOrefice, age 53, is executive vice president and chief financial officer of Becton Dickinson and Company, a role he has held since September 2021. He was also appointed to the board's audit committee. His term runs until ResMed's 2024 annual meeting of stockholders on November 21, 2024, and he will stand for re-election at that meeting. As a non-executive director, DelOrefice will participate in ResMed's director compensation program on a pro rata basis, and ResMed is entering into its standard form of indemnification agreement with him. The filing states that ResMed is not aware of any transactions with him that would require disclosure under Item 404(a) of Regulation S-K. The filing also furnishes a press release dated August 15, 2024, regarding results of operations as Exhibit 99.1. The appointment itself is the main disclosed event; the filing does not report any financial figures beyond the board size and the director's background.

Aug 16, 2024 10-K

ResMed Annual Report, Year Ended Jun 30, 2024

ResMed Inc. reported fiscal year 2024 (ended June 30, 2024) net revenue of $4,685.3 million, up 11% from $4,223.0 million in fiscal 2023. Gross profit rose to $2,655.3 million, with GAAP gross margin of 56.7% versus 55.8% a year earlier. Net income was $1,021.0 million, or $6.92 per diluted share, compared with $897.6 million, or $6.09 per diluted share, in fiscal 2023. The company operates two segments: Sleep and Respiratory Care, which generated $4,101.2 million of revenue, and Software as a Service (SaaS), which generated $584.1 million, up 17% primarily due to the MEDIFOX DAN acquisition. Profitability was affected by restructuring expenses of $64.2 million, comprising $28.6 million of employee severance and $33.2 million of intangible asset impairments tied to winding down certain business activities. Field safety notification expenses of $14.3 million related to masks with magnets and Astral ventilation devices also weighed on results. Operating cash flow improved sharply to $1,401.3 million from $693.3 million, mainly due to lower inventory purchases. The company repurchased $150.0 million of stock and paid dividends of $1.92 per share totaling $282.3 million. Total debt was $710.0 million at June 30, 2024, down from the prior year after repayment of the revolving credit facility, and $1,470.0 million remained available under that facility. The filing highlights ongoing patent litigation with NYU and Cleveland Medical, where the company says it is unable to estimate potential losses for matters still open. It also discusses risks from competition, including Philips' ongoing product recall, and from reimbursement changes and the expiration of the company's Corporate Integrity Agreement, which is expected to close out by the end of fiscal 2025.

Aug 9, 2024 8-K

ResMed 8-K Report, Financial Results (Aug 1, 2024)

ResMed Inc. reported results for the fourth quarter and full fiscal year ended June 30, 2024, in a press release furnished as Exhibit 99.1. Fourth-quarter revenue rose 9% to $1,223.2 million (up 10% on a constant currency basis), and gross margin improved 350 basis points to 58.5%. GAAP income from operations increased 38% to $381.2 million, while non-GAAP income from operations rose 30% to $400.5 million. GAAP diluted earnings per share were $1.98 versus $1.56 a year earlier, and non-GAAP diluted EPS were $2.08 versus $1.60. Operating cash flow for the quarter was $440.1 million, and the company repaid $300 million of borrowings. For the full fiscal year, revenue increased 11% to $4,685.3 million and gross margin improved 90 basis points to 56.7%. Income from operations rose 17% to $1,319.9 million, and GAAP diluted EPS was $6.92 versus $6.09. Operating cash flow was $1,401.3 million, and debt repayments totaled $835 million. Software as a Service revenue grew 17% for the year to $584.1 million, and the company repurchased shares for $150 million during the fiscal year. The board declared a quarterly cash dividend of $0.53 per share, a 10% increase, with a record date of August 15, 2024 and payment on September 19, 2024. The company also announced it will host an Investor Day on September 30, 2024.

Aug 1, 2024 10-Q

ResMed Quarterly Report for Q3 Ended Mar 31, 2024

ResMed Inc. reported net revenue of $1,196,980 thousand ($1.2 billion) for the three months ended March 31, 2024, up 7% from $1,116,898 thousand a year earlier (also 7% on a constant currency basis). Growth was driven by Sleep and Respiratory Care, where devices rose 5% and masks and other rose 10%, and by Software as a Service (SaaS) revenue of $147,957 thousand, up 8%. Gross margin improved to 57.9% from 55.3%, which the company attributed mainly to lower freight costs and manufacturing cost improvements. Net income was $300,492 thousand, or $2.04 diluted EPS, compared with $1.58 in the prior-year quarter, an increase of 29%. For the nine months ended March 31, 2024, net revenue was $3,462,102 thousand, up 12% (11% on a constant currency basis), and diluted EPS was $4.94. Gross margin was 56.0% versus 56.1%, reflecting $14.3 million of field safety notification expenses for masks with magnets and Astral devices. The company recorded $64.2 million of restructuring charges in the nine-month period under a plan to increase operational efficiency, and that restructuring was substantially complete at March 31, 2024. Cash provided by operating activities was $961.1 million for the nine months, compared with $455.9 million a year earlier, mainly due to lower cash outflows on inventory purchases. At March 31, 2024, cash and cash equivalents were $237.9 million, total assets were $6.8 billion, and stockholders' equity was $4.6 billion. Total debt outstanding under the revolving credit facility, term credit agreement and senior notes was $1,010.0 million, down from $1,441,136 thousand in total debt at June 30, 2023, and the company stated it was in compliance with its debt covenants. The Board declared a quarterly dividend of $0.48 per share on April 25, 2024.

Apr 26, 2024 8-K

ResMed 8-K Report, Financial Results (Apr 25, 2024)

ResMed Inc. reported results for its third quarter of fiscal year 2024, the quarter ended March 31, 2024, in a press release furnished as Exhibit 99.1. Revenue rose 7% to $1,196,980 thousand (about $1.2 billion), with 7% growth on a constant currency basis. Gross margin increased 260 basis points to 57.9%, and non-GAAP gross margin grew 240 basis points to 58.5%. Income from operations increased 25% to $374.6 million, and non-GAAP income from operations rose 23% to $393.6 million. Net income was $300.5 million, or diluted earnings per share of $2.04, compared with $1.58 a year earlier. Non-GAAP diluted earnings per share were $2.13, up 27%. Operating cash flow for the quarter was $402.0 million, and the company repaid $220.0 million of debt. During the quarter it paid $70.5 million in dividends and repurchased shares for $50.0 million. Nine-month revenue was $3.46 billion, up 12%, and nine-month diluted EPS was $4.94 against $4.53 a year earlier. Revenue growth was led by mask and accessories, with management citing double-digit mask and accessories revenue growth and Software-as-a-Service revenue up 8% for the quarter. Separately, the board declared a quarterly cash dividend of $0.48 per share, with a May 9, 2024 record date and a June 13, 2024 payment date. The ex-dividend date is May 8, 2024 for common stockholders and CDI holders on the Australian Securities Exchange.

Apr 25, 2024 10-Q

ResMed Quarterly Report for Q2 Ended Dec 31, 2023

ResMed Inc. reported net revenue of $1,162.8 million for the three months ended December 31, 2023, up from $1,033.7 million a year earlier, an increase of $129.1 million or 12%. Sleep and Respiratory Care revenue was $1,017.9 million, and Software as a Service revenue was $144.9 million, up 24%, driven mainly by the MEDIFOX DAN acquisition. Gross margin declined to 55.6% from 56.1%, reflecting a $6.4 million field safety notification provision for masks with magnets and higher amortization of acquired intangibles. Diluted EPS was $1.42, compared with $1.53, and net income was $208.8 million, down from $224.9 million. Non-GAAP diluted EPS was $1.88, compared with $1.66. The quarter included $64.2 million of restructuring expenses tied to a review of operations aimed at improving efficiency, comprising $28.6 million of severance and termination benefits and $33.2 million of intangible asset impairments from winding down certain businesses. Management also announced a new operating model that adds dedicated leadership in Product, Revenue, and Marketing. For the six months, operating cash flow was $559.1 million, up from $173.3 million, and total debt outstanding was $1,230.0 million, with $955.0 million available under the revolving credit facility. Litigation includes the NYU patent case, where the PTAB invalidated the challenged NYU claims in December 2023, and the Cleveland Medical patent suits, which remain pending. The company stated it cannot estimate a range of loss for open matters. The board declared a quarterly dividend of $0.48 per share, payable March 14, 2024.

Jan 25, 2024 8-K

ResMed 8-K Report, Financial Results (Jan 24, 2024)

ResMed Inc. reported results for the second quarter of fiscal year 2024, the quarter ended December 31, 2023. Revenue rose 12% to $1,162.8 million (11% on a constant currency basis), with growth in devices, masks and accessories, and Software-as-a-Service revenue, which increased 24%. Income from operations declined 2% to $275.1 million because of $64.2 million in restructuring charges, while non-GAAP income from operations rose 20% to $365.5 million. GAAP diluted earnings per share were $1.42, compared with $1.53 a year earlier, and non-GAAP diluted earnings per share were $1.88, up from $1.66. Gross margin contracted 50 basis points to 55.6%, mainly due to costs tied to a field safety notification for masks with magnets. Operating cash flow was $272.8 million for the quarter. The company resumed its share repurchase program, buying 335,000 shares for $50 million, and paid $70.7 million in dividends. Its board declared a quarterly cash dividend of $0.48 per share, with a record date of February 8, 2024 and payment on March 14, 2024. The filing also notes management changes, including the retirement of Rob Douglas as President and Chief Operating Officer effective January 1, 2024, and the appointment of Justin Leong as Chief Product Officer. Management also reported that it successfully defended a patent infringement complaint brought by New York University.

Jan 24, 2024 8-K

ResMed 8-K Report, Bylaw Amendment (Nov 20, 2023)

ResMed Inc. filed a Form 8-K dated November 20, 2023 reporting two actions. First, on November 17, 2023, the Board of Directors approved an amendment and restatement of the company's bylaws, now the Eighth Amended and Restated Bylaws, which address the SEC's universal proxy rules by requiring compliance with Rule 14a-19 for any proxy solicitation for non-Board nominees, reserve the white proxy card color exclusively for the Board, and make other technical, clarifying and conforming updates. Second, at the annual meeting of stockholders held on November 16, 2023, shareholders elected all ten director nominees, ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2024, and approved on an advisory basis the compensation of named executive officers. Stockholders also approved an annual frequency for future say-on-pay votes, and the Board determined to hold them annually. For investors, the say-on-pay result was the most notable vote: 84,318,661 shares were cast for, against 19,649,791 against, with 77,972 abstentions and 7,126,855 broker non-votes. The director elections and auditor ratification passed with substantial support, and the bylaw changes mainly modernize governance procedures for proxy contests.

Nov 20, 2023 8-K

ResMed 8-K Report, Executive Changes (Nov 9, 2023)

On November 9, 2023, ResMed announced a new operating model intended to accelerate long-term growth, introducing dedicated leadership in Product, Revenue, and Marketing to the global executive team. The change aims to increase the velocity of product development and sharpen customer and brand focus, with the stated goal of accelerating profitable growth while driving greater value and improved care across the outside hospital care continuum. The CEO, Mick Farrell, said success will be measured by product velocity, long-term profitable revenue delivery, and brand engagement with stakeholders. As part of the reorganization, Robert Douglas, chief operating officer and president, will transition to special advisor to the CEO effective immediately and retire effective January 1, 2024. Under the transition terms, he will keep his current salary, benefits, and equity vesting until retirement, remain eligible for a pro-rata fiscal 2024 short-term incentive payment based on employment through December 31, 2023, and serve as a consultant from January 2, 2024 through December 31, 2024 at $10,000 per month, with continued vesting of outstanding equity awards during that period. Lucile Blaise, former president of sleep & respiratory care, moves to senior vice president, strategy & business development, reporting to the Chief Strategy Officer. The filing also names new executives: Justin Leong as Chief Product Officer, Katrin Pucknat as Chief Marketing Officer, and Mike Fliss as Chief Revenue Officer, all effective immediately. The digital health technology product organization will now report to Justin Leong, and Urvashi Tyagi, current chief technology officer, will become special advisor to the Chief Product Officer through January 1, 2024, and remain in a consulting role through December 31, 2024.

Nov 9, 2023 10-Q

ResMed Quarterly Report for Q1 Ended Sep 30, 2023

ResMed Inc. reported net revenue of $1,102.3 million for the three months ended September 30, 2023, up 16% from $950.3 million a year earlier (15% on a constant currency basis). Sleep and Respiratory Care revenue rose 14% to $963.0 million, with devices up 9% and masks and other up 22%. Software as a Service (SaaS) revenue rose 32% to $139.3 million, which the filing attributes predominantly to the MEDIFOX DAN acquisition; excluding that acquisition, SaaS revenue increased 7%. Profitability was mixed. Gross margin declined to 54.4% from 56.9%, due primarily to a $7.9 million provision for expected costs of an Astral ventilation device field safety notification, along with higher component and manufacturing costs. Income from operations was $289.0 million, net income was $219.4 million (up 4%), and diluted earnings per share were $1.49 compared with $1.43. Non-GAAP diluted earnings per share were $1.64 versus $1.51. Net cash provided by operating activities was $286.3 million, compared with $44.7 million a year earlier, driven mainly by lower inventory outflows and higher customer collections. The balance sheet reflects acquisition activity and debt. Goodwill increased to $2.81 billion, and cash used for business acquisitions, net of cash acquired, was $103.2 million, mainly for Somnoware. Total debt was $1.36 billion at September 30, 2023, with $825.0 million available under the revolving credit facility. Interest expense, net, rose to $15.0 million from $7.1 million, attributed to borrowings used for MEDIFOX DAN. The company declared a $0.48 quarterly dividend and, in October 2023, announced its board had reactivated share repurchases, with 12.9 million shares remaining under the authorization.

Oct 27, 2023 8-K

ResMed 8-K Report, Financial Results (Oct 26, 2023)

ResMed Inc. reported results for the first quarter of fiscal year 2024, the quarter ended September 30, 2023. Revenue increased 16% to $1.1 billion ($1,102.3 million), or 15% on a constant currency basis. Gross margin contracted 250 basis points to 54.4%, and non-GAAP gross margin contracted 160 basis points to 56.0%, mainly due to costs associated with a field safety notification on Astral devices and higher component and manufacturing costs. Income from operations rose 5% to $289.0 million, and non-GAAP income from operations rose 10% to $318.8 million. Net income was $219.4 million and diluted earnings per share were $1.49; non-GAAP diluted earnings per share were $1.64, up 9%. By segment, Software-as-a-Service revenue increased 32%, reflecting the acquisition of MEDIFOX DAN and organic growth. Revenue in the U.S., Canada, and Latin America, excluding Software-as-a-Service, grew 10%, while revenue in Europe, Asia, and other markets, excluding Software-as-a-Service, grew 18% on a constant currency basis. Operating cash flow was $286.3 million, and the company paid $70.6 million in dividends during the quarter. The company also announced and closed the acquisition of Somnoware, a digital sleep and respiratory care diagnostics software provider. The board declared a quarterly cash dividend of $0.48 per share, with a record date of November 9, 2023 and payment on December 14, 2023. The ex-dividend date is November 8, 2023. The press release also states that ResMed expects to resume its share repurchase program during the upcoming quarter.

Oct 26, 2023 10-K

ResMed Annual Report, Year Ended Jun 30, 2023

ResMed Inc. (NYSE: RMD) reported fiscal year 2023 (year ended June 30, 2023) net revenue of $4.22 billion, up 18% from $3.58 billion, with net income of $897.6 million, or $6.09 per diluted share, compared with $779.4 million, or $5.30 per diluted share, in fiscal 2022. Growth was led by the Sleep and Respiratory Care segment, where net revenue rose to $3.73 billion, and by the Software as a Service (SaaS) segment, which rose to $498.0 million, driven largely by the MEDIFOX DAN acquisition completed on November 21, 2022 for $997.5 million. Gross margin declined slightly to 55.8% from 56.6%, reflecting unfavorable product mix, higher component and manufacturing costs, and foreign currency movements. Balance sheet and cash flow changed materially. Total assets rose to $6.75 billion and total debt reached $1.44 billion, up from $775.2 million, as the company borrowed under its revolving credit facility to fund the MEDIFOX DAN purchase. Operating cash flow was $693.3 million, compared with $351.1 million in fiscal 2022, which had included the $284.8 million final payment to the Australian Taxation Office. Cash and cash equivalents were $227.9 million at year end, and $745.0 million remained available under the revolving credit facility. The company paid dividends of $1.76 per share totaling $258.3 million and did not repurchase shares during the year. The filing also flags ongoing risks, including supply constraints on semiconductors and other components, competitor Philips' product recall, reimbursement pressure in the United States, healthcare fraud and privacy regulation, and pending patent litigation with New York University and Cleveland Medical Devices. Management states that it does not expect the outcome of these matters to have a material adverse effect on the consolidated financial statements taken as a whole.

Aug 11, 2023 8-K

ResMed 8-K Report, Financial Results (Aug 3, 2023)

ResMed Inc. reported results for the quarter and fiscal year ended June 30, 2023 in a press release furnished as Exhibit 99.1. Fourth-quarter revenue rose 23% to $1.1 billion ($1,122.1 million), up 23% on a constant currency basis. Gross margin contracted 210 basis points to 55.0%, and non-GAAP gross margin contracted 200 basis points to 55.8%, mainly due to unfavorable product mix and higher component and manufacturing costs, partially offset by higher average selling prices. Income from operations increased 8% to $275.3 million, and non-GAAP income from operations rose 13% to $307.0 million. Diluted earnings per share were $1.56, and non-GAAP diluted earnings per share were $1.60. For the full fiscal year, revenue increased 18% to $4.2 billion ($4,223.0 million), up 21% on a constant currency basis. Income from operations increased 13% to $1,131.9 million, and net income was $897.6 million. Diluted EPS was $6.09 and non-GAAP diluted EPS was $6.44. Operating cash flow for the year was $693.3 million, compared with $351.1 million in the prior year period, and the company reported business acquisitions, net of cash acquired, of $1,012.7 million in fiscal 2023. Software-as-a-Service revenue grew 34% in the quarter, reflecting the MEDIFOX DAN acquisition and organic growth. The board declared a quarterly cash dividend of $0.48 per share, a 9% increase, with a record date of August 17, 2023 and payment on September 21, 2023. The ex-dividend date is August 16, 2023. The filing also notes the announced acquisition of privately held Somnoware, whose financial terms were not material and not disclosed.

Aug 3, 2023 10-Q

ResMed Quarterly Report for Q3 Ended Mar 31, 2023

ResMed Inc. reported net revenue of $1,116.9 million for the three months ended March 31, 2023, up 29% from $864.5 million a year earlier (31% on a constant currency basis). Net income rose to $232.5 million, and diluted earnings per share were $1.58, compared with $1.22. For the nine months, net revenue was $3,100.9 million and net income was $667.9 million, with diluted EPS of $4.53. Sleep and Respiratory Care revenue grew 28% in the quarter, driven by device demand and reduced competitive supply. Software as a Service revenue rose 35%, mainly due to the MEDIFOX DAN acquisition completed November 21, 2022, for $997.5 million. Gross margin declined to 55.3% from 56.8%, which the company attributed mainly to unfavorable product mix, higher component costs and higher warehouse costs. Selling, general and administrative expenses rose 25% in the quarter, and interest expense, net, increased to $15.0 million from $5.5 million due to higher debt used to fund the acquisition. Total debt was $1,585.9 million at March 31, 2023, up from $775.2 million at June 30, 2022. Cash and cash equivalents were $227.9 million, and $605.0 million was available under the revolving credit facility. Cash from operations was $455.9 million for the nine months. The company declared a quarterly dividend of $0.44 per share on April 27, 2023, and did not repurchase shares during the quarter. Management stated that current liquidity is sufficient for the next 12 months and beyond. The filing reports no reasonable estimate of loss for the open patent litigation matters, including suits brought by New York University and Cleveland Medical Devices.

Apr 28, 2023 8-K

ResMed 8-K Report, Financial Results (Apr 27, 2023)

ResMed Inc. (NYSE: RMD, ASX: RMD) reported results for its third quarter of fiscal year 2023, the quarter ended March 31, 2023, in a press release furnished as Exhibit 99.1. Revenue rose 29% to $1,116.9 million (up 31% on a constant currency basis). Growth was driven by device sales, with Devices revenue up 40% globally to $607.9 million. Software-as-a-Service revenue increased 35% to $136.8 million, reflecting the MEDIFOX DAN acquisition and organic SaaS growth. Management said the company had ramped up production and delivery of its cloud-connected flow generators and now has full global availability of its connected AirSense 10 platform. Profitability grew more slowly than revenue. Gross margin contracted 150 basis points to 55.3%, and non-GAAP gross margin contracted 200 basis points to 56.1%, mainly due to unfavorable product mix and higher component costs, partly offset by higher average selling prices. Income from operations rose 28% to $300.7 million, and net income was $232.5 million, or $1.58 per diluted share. Non-GAAP diluted earnings per share were $1.68, up 27%. Operating cash flow was $282.6 million for the quarter, and dividends paid were $64.6 million. The company also declared a quarterly cash dividend of $0.44 per share, with a record date of May 11, 2023 and payment on June 15, 2023. The ex-dividend date is May 10, 2023. Separately, David Pendarvis, Chief Administrative Officer & Global General Counsel, will retire effective June 30, 2023, and Amy Wakeham was promoted to Chief Communications & Investor Relations Officer effective April 1, 2023.

Apr 27, 2023 8-K

ResMed 8-K Report, Executive Changes (Mar 30, 2023)

ResMed Inc. (NYSE: RMD) disclosed in this Form 8-K that David Pendarvis, its global general counsel, chief administrative officer, and secretary, notified the company on March 29, 2023 that he intends to retire effective June 30, 2023. Pendarvis has served as an executive officer for over 20 years and has a 39-year career in law and business. ResMed has started an internal candidate search for his successor and expects to name a new global general counsel and secretary well ahead of his retirement date. Pendarvis will keep his current salary, benefits, and long-term equity vesting until retirement, and remains eligible for a fiscal 2023 short-term incentive cash payment on the same basis as similarly situated executives, based on continued employment through June 30, 2023. From July 1, 2023 through December 31, 2023, he will serve as a consultant to assist with the transition, at a rate of $10,000 per month, and will continue to vest in outstanding equity awards during that period under the terms of the applicable plans and grants. In the accompanying press release (Exhibit 99.1), ResMed also announced that Amy Wakeham, currently Vice President of Corporate Communications & Investor Relations, has been appointed Chief Communications and Investor Relations Officer effective April 1, 2023, succeeding Pendarvis in his role leading corporate public affairs. She will report to the Office of the CEO and join the executive leadership team.

Mar 30, 2023 10-Q

ResMed Quarterly Report for Q2 Ended Dec 31, 2022

ResMed Inc. reported net revenue of $1,033.7 million for the three months ended December 31, 2022, up from $894.9 million a year earlier, an increase of 16% (20% on a constant currency basis). Growth was led by Sleep and Respiratory Care devices, which rose 20% to $542.8 million, and Software as a Service revenue, which rose 18% to $116.8 million. Net income was $224.9 million, or $1.53 per diluted share, compared with $201.8 million and $1.37 a year earlier. Gross margin was 56.1%, compared with 56.4%, which the company attributed mainly to unfavorable product mix, higher distribution and warehouse costs, and unfavorable foreign currency movements. For the six months ended December 31, 2022, net revenue was $1,984.0 million, up 10%, and diluted earnings per share were $2.95. The most significant development in the period was the acquisition of MEDIFOX DAN, a German out-of-hospital care software provider, completed on November 21, 2022 for $997.5 million and funded by the Revolving Credit Agreement. Goodwill rose to $2,767.2 million from $1,936.4 million, and total debt increased to $1,800.6 million, net, from $775.2 million at June 30, 2022. Interest expense, net, rose to $10.3 million for the quarter from $5.9 million. At December 31, 2022, the company had $253.2 million in cash and cash equivalents and $390.0 million available under its revolving credit facility, and stated it was in compliance with its debt covenants. The company also disclosed pending patent litigation, including a suit filed by New York University and a suit filed by Cleveland Medical Devices Inc., for which it stated it was unable to make a reasonable estimate of loss or range of losses. Its share repurchase program remained temporarily suspended, and the board declared a cash dividend of $0.44 per share on January 26, 2023.

Jan 27, 2023 8-K

ResMed 8-K Report, Financial Results (Jan 26, 2023)

ResMed Inc. (NYSE: RMD, ASX: RMD) filed this Form 8-K on January 26, 2023 to furnish its second-quarter fiscal 2023 results (quarter ended December 31, 2022), announce a board leadership change, and declare a quarterly dividend. Revenue rose 16% to $1,033.7 million (up 20% on a constant currency basis), and income from operations increased 13% to $280.2 million. Diluted earnings per share were $1.53, and non-GAAP diluted earnings per share were $1.66, up 13% from $1.47. Gross margin contracted 30 basis points to 56.1%, and non-GAAP gross margin contracted 80 basis points to 56.8%, mainly due to unfavorable product mix and foreign currency movements. Management attributed growth to increased demand for sleep and respiratory care devices and reduced competitive supply, and noted the completed acquisition of MEDIFOX DAN, a German out-of-hospital software business. On the governance side, the board appointed CEO Michael J. "Mick" Farrell as chair effective January 25, 2023, combining the chair and CEO roles. Founder Dr. Peter C. Farrell became chair emeritus and remains a director and non-officer employee, and Ron Taylor continues as lead director. The filing states there are no compensation changes tied to these appointments. The board also declared a quarterly cash dividend of $0.44 per share, with a record date of February 9, 2023 and payment on March 16, 2023. Balance sheet and cash flow data show that long-term debt rose to $1,790.7 million at December 31, 2022 from $765.3 million at June 30, 2022, reflecting borrowings that funded business acquisitions. Operating cash flow for the quarter was $128.6 million, which the company attributed to higher working capital, and business acquisitions used $992.1 million of cash in the quarter.

Jan 26, 2023 8-K

ResMed 8-K Report, Shareholder Vote Results (Nov 17, 2022)

ResMed Inc. reported the results of its annual meeting of stockholders held on November 16, 2022. Stockholders elected the ten nominees listed in the filing to the board of directors, ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2023, and approved, on an advisory basis, the compensation of the named executive officers ("say-on-pay"). The filing shows that the director nominees each received substantial support. Carol Burt received 112,920,252 votes for and 1,611,838 against, while Richard Sulpizio received 102,238,286 for and 12,686,008 against, and Ronald Taylor received 102,459,467 for and 12,464,667 against. KPMG's ratification received 113,914,469 votes for and 6,001,739 against. The say-on-pay proposal received 103,364,254 votes for and 11,566,190 against, with 254,814 abstentions and 4,934,277 broker non-votes. The filing is a routine Item 5.07 disclosure of voting results and does not describe any new financial results, transactions, or changes in corporate strategy. Investors may note the higher level of opposition to the say-on-pay proposal and to the votes for Mr. Sulpizio and Mr. Taylor relative to other nominees.

Nov 17, 2022 10-Q

ResMed Quarterly Report for Q1 Ended Sep 30, 2022

ResMed Inc. reported net revenue of $950.3 million for the three months ended September 30, 2022, up from $904.0 million a year earlier, an increase of $46.3 million or 5% (9% on a constant currency basis). Sleep and Respiratory Care revenue was $844.4 million and Software as a Service revenue was $105.9 million. Gross margin was 56.9% compared with 56.0% in the prior-year quarter, and net income rose to $210.5 million from $203.6 million. Diluted earnings per share were $1.43 versus $1.39. Management attributed the Sleep and Respiratory Care growth primarily to higher device and mask unit sales in the U.S., Canada and Latin America, while combined Europe, Asia and other markets declined 16% (6% on a constant currency basis), reflecting continued electronic component shortages. Movements in international currencies reduced net revenue by approximately $36.2 million. Cash and cash equivalents fell to $207.2 million at September 30, 2022, from $273.7 million at June 30, 2022. Operating cash flow was $44.7 million, compared with cash used of $65.7 million a year earlier, which had included the $284.8 million final payment to the Australian Taxation Office. Total debt was $795.3 million, and the company had $1.4 billion available under its revolving credit facility. Subsequent to the quarter, the board declared a $0.44 per share dividend payable December 15, 2022. The pending acquisition of MEDIFOX DAN, for consideration of EUR 950 million expected to close in fiscal 2023, is a key item for investors. The filing states that the company paid $19.1 million for business acquisitions during the quarter, mainly for mementor. No share repurchases were made during the quarter, and the company said it had temporarily suspended its repurchase program.

Oct 28, 2022 8-K

ResMed 8-K Report, Financial Results (Oct 27, 2022)

ResMed Inc. reported results for its first quarter of fiscal year 2023, the quarter ended September 30, 2022. Revenue rose 5% to $950.3 million, or 9% on a constant currency basis. Gross margin expanded 90 basis points to 56.9%, and non-GAAP gross margin expanded 40 basis points to 57.6%. Income from operations increased 5% to $275.7 million, and non-GAAP income from operations increased 4% to $290.8 million. Net income was $210.5 million and diluted earnings per share were $1.43, versus $1.51 non-GAAP diluted earnings per share, which was flat year over year. Revenue growth was driven by Sleep and Respiratory Care devices and reduced competitive supply. Revenue in the U.S., Canada, and Latin America, excluding Software-as-a-Service, grew 18%, while revenue in Europe, Asia, and other markets declined 6% on a constant currency basis. SG&A expenses rose 16% on a constant currency basis and increased to 20.4% of revenue from 19.5% a year earlier, mainly on higher employee-related and travel expenses. Operating cash flow was $44.7 million, reflecting higher working capital, and dividends paid totaled $64.4 million. The board declared a quarterly cash dividend of $0.44 per share, with a record date of November 10, 2022 and payment on December 15, 2022. The ex-dividend date is November 9, 2022. The company also announced the acquisition of mementor, a German digital health company, and reported updated global COPD prevalence estimates of over 480 million people.

Oct 27, 2022 8-K

ResMed 8-K/A Report, Regulation FD Disclosure (Aug 12, 2022)

ResMed Inc. filed this Form 8-K/A on August 12, 2022 to amend and restate its June 14, 2022 Current Report. The amendment reclassifies the disclosure of a June 13, 2022 Sale and Purchase Agreement from Item 1.01 (Entry into a Material Definitive Agreement) to Item 8.01 (Other Events). Under the agreement, ResMed's German subsidiary, ResMed Germany SaaS, will acquire 100% of the shares of MediFox-Dan Investment GmbH from Miami Holding S.à r.l. and acquire receivables under a shareholder loan to MEDIFOX DAN Holding GmbH. The total acquisition consideration is a Base Purchase Price of EUR 810,000,000, based on an enterprise value of EUR 950,000,000, plus daily BPP Interest of EUR 18,047 accruing from the January 1, 2022 Effective Date until Closing. The price is fixed under a locked box mechanism with no post-Closing purchase price adjustment, and the seller must compensate ResMed Germany SaaS euro-for-euro for any leakage other than permitted leakage. ResMed intends to fund the transaction with existing cash and borrowings under its existing credit facility, with ResMed Germany SaaS borrowing the funds from ResMed through an intercompany loan. Closing is subject to German merger control, foreign investment and BaFin clearances, and the parties currently expect Closing by December 31, 2022. The agreement can be terminated by the seller if Closing has not occurred by March 31, 2023, or by ResMed if Closing has not occurred by June 30, 2023. A EUR 10,000,000 termination fee is payable to the seller if it terminates because BaFin clearance is not obtained. The filing also furnishes, under Item 7.01, a June 14, 2022 press release and investor presentation (Exhibits 99.1 and 99.2), which are incorporated by reference from the Original Report. The Original Report stated that a live webcast was held on June 14, 2022, at 11:00 a.m. ET. The amendment speaks only as of the date of the Original Report and has not been updated for later events.

Aug 12, 2022 10-K

ResMed Annual Report, Year Ended Jun 30, 2022

ResMed Inc. (NYSE: RMD) reported its annual results for the fiscal year ended June 30, 2022 in this Form 10-K, filed August 12, 2022. Net revenue rose to $3,578.1 million from $3,196.8 million, an increase of 12% (13% on a constant currency basis). Gross profit was $2,024.3 million, with gross margin of 56.6% versus 57.5% a year earlier, as higher logistics and manufacturing costs offset favorable product mix and higher average selling prices. Net income increased to $779.4 million, or $5.30 per diluted share, compared with $474.5 million, or $3.24 per diluted share, in fiscal 2021. Fiscal 2021 results included a $1.70 per diluted share impact from unrecognized tax benefits related to the Australian Taxation Office transfer pricing dispute, which was settled in September 2021. The company operates two segments: Sleep and Respiratory Care, which generated $3,177.3 million in revenue, and Software as a Service (SaaS), which generated $400.8 million. Management attributed growth to recovering core sleep patient flow and increased demand following a recall by competitor Philips. Supply chain constraints, particularly for semiconductor chips, limited the company's ability to meet all available demand during the year. Operating cash flow fell to $351.1 million from $736.7 million, primarily due to the $284.8 million final ATO payment and higher inventory purchases. Cash and cash equivalents were $273.7 million at year end, with $1.4 billion available under the revolving credit facility. Total debt was $780.0 million, and the pending MEDIFOX DAN acquisition carries consideration of $994.2 million, expected to close in fiscal 2023 subject to regulatory clearances.

Aug 12, 2022 8-K

ResMed 8-K Report, Financial Results (Aug 11, 2022)

ResMed Inc. furnished an 8-K on August 11, 2022 reporting results for the fourth quarter and full fiscal year ended June 30, 2022. Fourth-quarter revenue rose 4% to $914.7 million (8% on a constant currency basis), with gross margin up 110 basis points to 57.1% and income from operations up 6% to $255.4 million. Diluted EPS was $1.33, flat year over year, while non-GAAP diluted EPS rose 10% to $1.49. For the full year, revenue grew 12% to $3.6 billion (13% constant currency), income from operations rose 11% to $1.00 billion, and diluted EPS was $5.30, up from $3.24, with non-GAAP diluted EPS of $5.79. Management attributed growth to demand for sleep and respiratory care devices and reduced competitive supply, and cited the AirSense 11 platform and the AirSense 10 Card-to-Cloud device. Gross margin pressure in the full year came from higher freight and manufacturing costs, and SG&A rose to 21.3% of quarterly revenue from 20.7%. Operating cash flow for the full year was $351.1 million, down from $736.7 million, reflecting working capital increases, including inventory growth from $457.0 million to $743.9 million. The company also announced a definitive agreement to acquire MEDIFOX DAN, a German out-of-hospital software provider, for approximately US$1.0 billion (€950 million), expected to be funded through existing credit facilities and to close by December 31, 2022, subject to regulatory clearances. The board declared a quarterly dividend of $0.44 per share, a 5% increase, payable September 22, 2022.

Aug 11, 2022