Resmed Inc. · NYSE:RMD
Resmed — Q3 2025 Earnings Presentation
22 slides from Resmed's earnings presentation, Apr 23, 2025
Slide 1: Q3 FY2025 Earnings
Q3 FY2025 Earnings April 23, 2025
Slide 2: Presentation of financial information & forward-looking statements
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 prepar
Slide 3: Resmed | The global leader in connected and digital health
Resmed | The global leader in connected and digital health Key Statistics1 Headquarters San Diego, CA 12% 12% Founded 1989 Revenue Revenue LTM 3Q25 revenue $5.0B 36% by business 29% by region LTM 3Q25 52% LTM 3Q25 59% Listed (NYSE, ASX) 1995, RMD LTM 3Q25 Operating Margin 32% | 34% (GAAP/Non-GAAP) C
Slide 4: 2030 Our Strategy
2030 OUR STRATEGY STRATEGY OUR OUR KEY FOCUS CAPABILITIES AREAS We will create products people love as well as Sleep Health seamless, personalized Empower our teams pathways for access to Breathing Health life-changing care Prioritize AI OUR OUR Health Tech at Home Build trust FINANCIAL MISSION GOAL
Slide 5: We integrate intelligent products and solutions to drive better experience, lower costs, and improve outcomes
We integrate intelligent products and solutions to drive better experience, lower costs, and improve outcomes Mask/accessory Driving value for patients, resupply within providers, and Resmed ecosystem Intelligent Consumer Engagement Improve patient Increase Scale in adoption experience1 long-term an
Slide 6: Over 22 billion nights of respiratory medical data
Resmed is the global leader in connected & digital health Over 22 billion nights of respiratory medical data ~32 million 29+ million patients in AirView 100% cloud connectable devices worldwide v ~4 million v 160+ million diagnostic tests processed in the cloud accounts in Residential Care Software
Slide 7: Resmed's 2030 operating model accelerates ability to reach consumers
Resmed’s 2030 operating model accelerates ability to reach consumers where they are, execute and unlock value Focused and strategic roadmap PRODUCT-LED … increase product velocity Dynamic global revenue team CUSTOMER-CENTRIC … increase profitable growth Unified global marketing team BRAND-ENHANCED …
Slide 8: Our goal is to empower 500 million lives in 2030
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 During the last 12 months, we
Slide 9: Q3 Financial Results
Q3 Financial Results
Slide 10: A compelling investment amid global macro uncertainty
A compelling investment amid global macro uncertainty Gross margins continue to improve through manufacturing and other operational excellence efforts Free cash flow totaled ~$1.6B (yield ~5%) over the last 12-months (3Q25), up ~3.7x in 2-years Balance sheet in a net cash position ($260M) as o
Slide 11: Q3 FY25 financial results
Q3 FY25 financial results GAAP Operating Income GAAP EPS ($M) Revenue by Business $2.48 Q3 FY25 $426.3 $2.04 $374.6 13% Devices Revenue ($M) Masks and other 52% 35% OOH RCS $1,291.7 $1,197.0 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Revenue by Region Q3 FY25 Non-GAAP Operating Non-GAAP EPS Income ($M) $444.6
Slide 12: Solid balance sheet
Solid balance sheet Operating Cash Flow Capital Expenditures Free Cash Flow ($M) ($M) ($M) $1,568.8 Total debt outstanding $673M $1,652.9 $1,198.6 $1,089.6 Less: Cash & cash equiv. $933M $113.9 Net Cash $260M $109.0 $535.4 $421.5 $84.2 Unused borrowing capacity $1,500M LTM 3Q23 LTM 3Q24 LTM 3Q25 LTM
Slide 13: Track record of strong financial returns for shareholders
Track record of strong financial returns for shareholders (Financial data as of March 31, 2025) Revenue ($B) GAAP / Non-GAAP Operating Income ($M) GAAP / Non-GAAP EPS $1,612 $8.91 18% CAGR 20% CAGR GAAP GAAP $5.0 $707 $3.53 12% CAGR $2.9 LTM 3Q20 LTM 3Q25 LTM 3Q20 LTM 3Q25 $9.08 $1,687 15% CAGR 16%
Slide 14: Strategic capital allocation framework prioritizes innovation
Strategic capital allocation framework prioritizes innovation Strategic • Reinvest in product development for Capital deployed over last 3 years Reinvest high-return organic growth Growth (through March 31, 2025) Priorities for Growth • 6-7% of revenue invested in R&D 11% • Actively evaluate potenti
Slide 15: Driving long-term shareholder value
Driving long-term shareholder value Growth & Innovation Market Dynamics Financial Results • Global leader in digital health for • Underpenetrated markets in sleep • Historical revenue and profit sleep and breathing health and COPD growth • Long-term growth opportunities • Healthcare costs continue t
Slide 16: Contact Investor Relations
Contact Investor Relations Phone: (858) 836-5000 Email: investorrelations@Resmed.com Website: investor.Resmed.com 16
Slide 17: Appendix
APPENDIX
Slide 18: Global OSA prevalence
Resmed has a very large, under-penetrated opportunity to reach and serve OSA patients globally, including a broad range of pharma impact scenarios Global OSA patient prevalence from latest epidemiology data 1.4 B ~1.4B[2] patients 1.3 B ~1.3B[3] patients 1.2 B ~1.2B[3] patients 1.1 B Global OSA prev
Slide 19: Real-world data shows correlation between GLP-1s and PAP therapy
Real-world data analysis in Sleep Apnea population shows significant positive correlation between GLP-1s and PAP therapy GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1 Patients with an OSA diagnosis and prescribed a Likely to initiate PAP resupply rates4 PAP resupply rates4 GLP-1 drug are
Slide 20: Reconciliation of non-GAAP financial measures
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) Three Months Ended Nine M
Slide 21: Reconciliation of non-GAAP financial measures, cont'd
Reconciliation of non-GAAP financial measures, cont’d The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below: (Unaudited; $ in thousands, except for per share amounts) Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, 2025 2024 2
Slide 22: Reconciliation of non-GAAP financial measures, cont'd
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) Three Months Ended N