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ResMed Inc. develops, manufactures, distributes, and markets medical devices and cloud-based software applications to diagnose, treat, and manage respiratory disorders in the United States and internationally. The company operates in two segments, Sleep and Breathing Health, and Residential Care Software. It offers sleep recorders for the diagnosis and titration of sleep apnea in sleep clinics, hospitals, and at home, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry; and EasyCare Tx, a sleep lab solution. The company also provides AirView, a cloud-based system that enables remote monitoring and changing of patients' device settings; myAir, a personalized therapy management application for patients with sleep apnea that provides support, education, and troubleshooting tools for increased patient engagement and improved compliance; and connectivity module which provides a cellular connection between compatible ventilation devices and AirView system. In addition, the company offers Brightree solutions which are solutions and services for organizations in home medical equipment and pharmacy, orthotic and prosthetic, and home infusion; HEALTHCAREfirst solutions that offers electronic health record, software, billing and coding services, and advanced analytics that enables home health and hospice agencies to optimize clinical, financial and administrative processes; MatrixCare EHR software as a service solutions used by skilled nursing and senior living providers, life plan communities, and home health and hospice sectors; and MEDIFOX DAN software solutions that is used by residential care providers, such as home health and nursing home providers. ResMed Inc. was founded in 1989 and is headquartered in San Diego, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.1B | $1.9B | $1.4B | $1.7B | 23.5% | 9.8% | 37.2% |
| 2024 | $4.7B | $1.6B | $1.0B | $1.3B | 21.0% | 10.9% | 13.7% |
| 2023 | $4.2B | $1.3B | $898M | $559M | 21.7% | 18.0% | 15.2% |
| 2022 | $3.6B | $1.2B | $779M | $195M | 23.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,578.13 | 4,222.99 | 4,685.30 | 5,146.33 |
| Operating Revenue | - | 3,578.13 | 4,222.99 | 4,685.30 | 5,146.33 |
| Cost Of Revenue | - | 1,553.82 | 1,867.33 | 2,029.99 | 2,091.36 |
| Gross Profit | - | 2,024.31 | 2,355.66 | 2,655.30 | 3,054.97 |
| Operating Expense | - | 1,022.16 | 1,203.66 | 1,271.18 | 1,367.58 |
| Research And Development | - | 253.58 | 287.64 | 307.52 | 331.28 |
| Selling General And Administration | - | 737.51 | 874 | 917.14 | 991.02 |
| Total Expenses | - | 2,575.98 | 3,071 | 3,301.18 | 3,458.93 |
| Operating Income | - | 1,002.15 | 1,152 | 1,384.12 | 1,687.39 |
| Total Operating Income As Reported | - | 1,000.29 | 1,131.87 | 1,319.89 | 1,685.36 |
| EBITDA | - | 1,176.64 | 1,349.56 | 1,600.33 | 1,923.20 |
| Normalized EBITDA | - | 1,178.50 | 1,349.46 | 1,664.56 | 1,925.24 |
| EBIT | - | 982.80 | 1,152 | 1,384.12 | 1,687.39 |
| Interest Income | 0.36 | - | - | - | - |
| Interest Expense | 23.99 | 22.31 | 47.38 | 45.71 | - |
| Net Interest Income | - | -22.31 | -47.38 | -45.71 | 4.11 |
| Other Non Operating Income Expenses | - | 3.20 | -5.71 | -3.49 | -5.26 |
| Other Income Expense | - | -19.36 | -2.95 | -73.61 | -13.94 |
| Interest Income Non Operating | 0.36 | - | - | - | - |
| Interest Expense Non Operating | 23.99 | 22.31 | 47.38 | 45.71 | - |
| Net Non Operating Interest Income Expense | - | -22.31 | -47.38 | -45.71 | 4.11 |
| Pretax Income | - | 960.48 | 1,101.66 | 1,264.80 | 1,677.57 |
| Tax Provision | - | 181.05 | 204.11 | 243.85 | 276.84 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.35 | 0.02 | -12.40 | -0.34 |
| Net Income Continuous Operations | - | 779.44 | 897.56 | 1,020.95 | 1,400.72 |
| Net Income From Continuing And Discontinued Operation | - | 779.44 | 897.56 | 1,020.95 | 1,400.72 |
| Net Income From Continuing Operation Net Minority Interest | - | 779.44 | 897.56 | 1,020.95 | 1,400.72 |
| Net Income | - | 779.44 | 897.56 | 1,020.95 | 1,400.72 |
| Net Income Common Stockholders | - | 779.44 | 897.56 | 1,020.95 | 1,400.72 |
| Net Income Including Noncontrolling Interests | - | 779.44 | 897.56 | 1,020.95 | 1,400.72 |
| Normalized Income | - | 780.95 | 897.47 | 1,072.78 | 1,402.42 |
| Diluted NI Availto Com Stockholders | - | 779.44 | 897.56 | 1,020.95 | 1,400.72 |
| Basic Average Shares | 145.31 | 146.07 | 146.76 | 147.02 | - |
| Diluted Average Shares | 146.45 | 147.04 | 147.46 | 147.55 | - |
| Reconciled Depreciation | - | 193.84 | 197.56 | 216.21 | 235.81 |
| Reconciled Cost Of Revenue | - | 1,391.05 | 1,711.79 | 1,860.31 | 1,900.82 |
| Total Unusual Items | - | -1.86 | 0.10 | -64.23 | -2.03 |
| Total Unusual Items Excluding Goodwill | - | -1.86 | 0.10 | -64.23 | -2.03 |
| Special Income Charges | - | -1.86 | 0.10 | -64.23 | -2.03 |
| Other Special Charges | - | - | -20.23 | - | - |
| Restructuring And Mergern Acquisition | - | 1.86 | 20.13 | 64.23 | 2.03 |
| Gain On Sale Of Security | 14.52 | -12.20 | 9.92 | -4.04 | - |
| Depreciation Amortization Depletion Income Statement | - | 31.08 | 42.02 | 46.52 | 45.27 |
| Depreciation And Amortization In Income Statement | - | 31.08 | 42.02 | 46.52 | 45.27 |
| Total Other Finance Cost | - | 22.31 | 47.38 | 45.71 | -4.11 |
| Earnings From Equity Interest | - | -20.69 | 2.66 | -5.89 | -6.66 |
| Amortization | - | 31.08 | 42.02 | 46.52 | 45.27 |
| Amortization Of Intangibles Income Statement | - | 31.08 | 42.02 | 46.52 | 45.27 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ResMed Inc.this co. | RMD | $28.2B | 20.12↑ premium | 4.72 | 23.5% | 14.47 |
| Zoetis Inc. | ZTS | $33.3B | 12.47 | 10.01 | 80.2% | 9.90 |
| IQVIA Holdings Inc. | IQV | $31.2B | 22.93 | 4.80 | 20.9% | 13.04 |
| Centene Corporation | CNC | $31.0B | -4.64 | 1.55 | -33.4% | -6.54 |
| GE HealthCare Technologies Inc. | GEHC | $29.0B | 13.93 | 2.80 |
| - |
| - |
| - |
| - |
| 20.1% |
| 9.24 |
| Biogen Inc. | BIIB | $29.0B | 22.43 | 1.59 | 7.1% | 12.51 |
| DexCom, Inc. | DXCM | $28.0B | 33.49 | 10.20 | 30.5% | 20.97 |
| Mettler-Toledo International Inc. | MTD | $23.9B | 27.44 | - | -3676.8% | 20.87 |
| Insmed Incorporated | INSM | $22.7B | -17.81 | 30.77 | -172.8% | - |
| Peer Median | - | 18.18 | 4.80 | 13.6% | 12.51 | |