ResMed Inc. (RMD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de tecnología médica en rápida evolución, Resmed Inc. se erige como una fuerza pionera, transformando la forma en que entendemos y manejamos el sueño y la salud respiratoria. A través de un intrincado modelo de negocio que combina perfectamente la ingeniería innovadora de los dispositivos médicos, las soluciones de salud digital y las asociaciones estratégicas, ResMed se ha posicionado como un líder global en la creación de tecnologías que cambian la vida para pacientes que padecen trastornos del sueño y desafíos respiratorios. Su enfoque integral va más allá de la fabricación tradicional de equipos médicos, ofreciendo un ecosistema holístico de soluciones de salud que aprovechan la ingeniería de vanguardia, las plataformas de software avanzadas y un profundo compromiso para mejorar los resultados de los pacientes.

Resmed Inc. (RMD) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con proveedores de atención médica y clínicas de sueño

Resmed mantiene asociaciones con más de 7.500 clínicas de sueño y proveedores de atención médica en las regiones de América del Norte, Europa y Asia-Pacífico. En el año fiscal 2023, estas asociaciones generaron aproximadamente $ 3.2 mil millones en ventas de diagnóstico y equipos de tratamiento del sueño.

Región	Número de clínicas del sueño	Ingresos de la asociación
América del norte	3,850	$ 1.5 mil millones
Europa	2,300	$ 980 millones
Asia-Pacífico	1,350	$ 720 millones

Asociaciones con fabricantes de dispositivos médicos y proveedores de tecnología

Resmed colabora con 42 socios de tecnología y fabricación a nivel mundial, invirtiendo $ 364 millones en I + D en 2023.

• Proveedores de semiconductores para tecnología avanzada de chips
• Socios de desarrollo de software para plataformas de salud digital
• Fabricantes de componentes para dispositivos respiratorios

Colaboración con compañías de seguros para el reembolso de productos

ResMed tiene acuerdos con 215 proveedores de seguros en 12 países, que cubren el 78% de los posibles reembolsos de tratamiento de apnea del sueño.

Categoría de seguro	Número de proveedores	Porcentaje de cobertura
Seguro privado	156	62%
Atención médica pública	59	16%

Asociaciones de investigación con instituciones académicas y médicas

ResMed mantiene colaboraciones de investigación con 37 instituciones de investigación académica y médica, asignando $ 128 millones a proyectos de investigación conjuntos en 2023.

• Centro de trastornos del sueño de la Universidad de Stanford
• Escuela de Medicina de Harvard
• Universidad de California, San Diego

Acuerdos de distribución con redes de suministro médico global

ResMed tiene acuerdos de distribución con 215 redes de suministro médico en 140 países, lo que permite el alcance del producto global.

Región	Número de redes de distribución	Penetración del mercado
América del norte	68	45%
Europa	62	35%
Asia-Pacífico	45	15%
Resto del mundo	40	5%

Resmed Inc. (RMD) - Modelo de negocio: actividades clave

Diseño y fabricación de la apnea del sueño y los dispositivos de atención respiratoria

Resmed produjo 5.1 millones de generadores de flujo y máscaras en el año fiscal 2023. Instalaciones de fabricación ubicadas en Australia, Singapur y Estados Unidos generan aproximadamente $ 3.6 mil millones en ingresos de dispositivos médicos.

Ubicación de fabricación	Capacidad de producción anual	Tipos de dispositivos
Sydney, Australia	1.8 millones de unidades	Máquinas CPAP, máscaras
Singapur	1,5 millones de unidades	Ventiladores, dispositivos respiratorios
San Diego, EE. UU.	1.8 millones de unidades	Dispositivos de salud conectados

Investigación y desarrollo de productos continuos

Resmed invirtió $ 259.4 millones en investigación y desarrollo durante el año fiscal 2023, lo que representa el 7.2% de los ingresos totales.

• El equipo de I + D comprende 1.200 ingenieros y científicos
• 18 familias de patentes activas en tecnología de atención respiratoria
• Ciclo promedio de desarrollo de productos: 24-36 meses

Desarrollo de software para plataformas de monitoreo de salud digital

La plataforma de salud digital de ResMed, AirSense, admite más de 15 millones de dispositivos conectados a nivel mundial. El equipo de desarrollo de software consta de 450 ingenieros de software dedicados.

Plataforma digital	Usuarios activos	Puntos de datos monitoreados
Airsense	5.2 millones	Patrones de sueño, cumplimiento de la terapia
Myair	3.8 millones	Métricas de compromiso del paciente

Ensayos clínicos y pruebas de dispositivos médicos

Resmed realizó 22 estudios de investigación clínica en 2023, que involucran a 6.500 participantes de los pacientes en múltiples afecciones respiratorias.

• Duración promedio del ensayo clínico: 18 meses
• Colaboración con 87 instituciones de investigación en todo el mundo
• Tasa de autorización de la FDA: 94% para dispositivos enviados

Marketing global y ventas de soluciones de tecnología médica

La red de ventas global de Resmed abarca 140 países, generando $ 4.3 mil millones en ingresos para el año fiscal 2023.

Región	Ingresos por ventas	Cuota de mercado
Estados Unidos	$ 2.1 mil millones	72% del mercado respiratorio
Europa	$ 980 millones	45% del mercado regional
Asia Pacífico	$ 620 millones	38% del mercado regional

Resmed Inc. (RMD) - Modelo de negocio: recursos clave

Capacidades avanzadas de ingeniería de dispositivos médicos

Las capacidades de ingeniería de Resmed abarcan:

Métrico de ingeniería	Datos cuantitativos
Total de empleados de ingeniería	1.450 a partir de 2023
Inversión anual de I + D	$ 367.2 millones en el año fiscal 2023
Patentes de ingeniería	Más de 6.500 patentes globales

Cartera de propiedad intelectual extensa

La propiedad intelectual de Resmed incluye:

• 6,500+ patentes globales
• Registros de patentes activos en más de 50 países
• Tasa de presentación de patentes continua de 250-300 nuevas solicitudes anualmente

Equipos de investigación de I + D fuertes

Métrica del equipo de I + D	Datos cuantitativos
Personal total de I + D	1.650 profesionales
Centros de I + D	7 ubicaciones de investigación global
Gastos anuales de I + D	$ 367.2 millones (6.8% de los ingresos)

Instalaciones de fabricación avanzadas

Detalles de la infraestructura de fabricación:

• 6 sitios de fabricación global
• Capacidad de fabricación total: 4.5 millones de dispositivos anualmente
• ISO 13485: procesos de fabricación certificados de 2016

Infraestructura robusta de tecnología de salud digital

Métrica de salud digital	Datos cuantitativos
Dispositivos médicos conectados	18 millones de dispositivos conectados a la nube
Usuarios de plataforma digital	Más de 12 millones de usuarios registrados
Capacidad de procesamiento de datos	500 terabytes por mes

Resmed Inc. (RMD) - Modelo de negocio: propuestas de valor

Dispositivos médicos innovadores para el sueño y la salud respiratoria

La cartera de productos de Resmed incluye máquinas CPAP avanzadas con las siguientes especificaciones:

Línea de productos	Volumen de ventas anual	Cuota de mercado
AirSense 11 dispositivo CPAP	1,2 millones de unidades	38% del mercado global
Airmini Portable CPAP	480,000 unidades	Segmento de dispositivo portátil 25%

Soluciones avanzadas de monitoreo de salud digital

Tecnologías de monitoreo de salud digital que generan:

• $ 456 millones en ingresos por salud digital (2023)
• Dispositivos conectados a la nube con una tasa de conectividad del 92%
• Más de 12 millones de pacientes rastreados a través de plataformas digitales

Tecnologías mejoradas de tratamiento y manejo del paciente

Categoría de tecnología	Inversión anual	Impacto del paciente
Plataformas de telesalud	$ 87 millones	3.4 millones de consultas remotas
Algoritmos de tratamiento impulsados ​​por IA	$ 62 millones	Tasa de optimización del tratamiento del 97%

Equipo médico confiable y de alta calidad

Métricas de calidad que demuestran confiabilidad:

• Tasa de falla del producto: 0.3%
• Vida útil promedio del dispositivo: 5-7 años
• Cumplimiento de la FDA: 100% de adherencia regulatoria

Soluciones de tecnología de atención médica personalizada

Tecnologías de personalización que generan:

Característica de personalización	Ingresos anuales	Adopción de usuarios
Algoritmos de terapia personalizados	$ 214 millones	68% de tasa de personalización del paciente
Seguimiento de salud individual	$ 189 millones	5.6 millones de usuarios activos

Resmed Inc. (RMD) - Modelo de negocio: relaciones con los clientes

Apoyo médico directo

ResMed proporciona canales de soporte dedicados para profesionales de la salud, que incluyen:

• Línea directa de soporte técnico 24/7 para médicos
• Webinarios de formación especializados para especialistas en medicina del sueño
• Equipo de ventas directas con 1.247 representantes de ventas médicas a nivel mundial

Canal de soporte	Volumen de interacción anual	Tiempo de respuesta
Limpieza del profesional médico	87,600 llamadas de soporte	<15 minutos
Soporte técnico en línea	42,300 interacciones digitales	<4 horas

Plataformas de soporte de pacientes en línea

Resmed ofrece plataformas integrales de compromiso de pacientes digitales:

• Plataforma de monitoreo de pacientes digitales de Myair
• Sistema de gestión de pacientes basado en la nube AirView
• Aplicación móvil del paciente con 2.1 millones de usuarios activos

Plataforma	Compromiso de usuario	Capacidades de seguimiento de datos
Myair	1.7 millones de usuarios registrados	Rendimiento de terapia para dormir en tiempo real
Visión aérea	Más de 6.500 instalaciones de salud	Monitoreo integral de cumplimiento del paciente

Asistencia técnica continua del producto

La infraestructura de soporte técnico incluye:

• Centros de apoyo técnico global en 5 países
• Equipo de soporte multilingüe que cubre 20 idiomas
• Tasa promedio de reemplazo del dispositivo: 3.2% anual

Programas de educación y capacitación de pacientes

Resmed invierte en iniciativas integrales de educación del paciente:

• Módulos de aprendizaje en línea
• Serie de video tutorial
• Asociaciones del grupo de apoyo al paciente

Programa educativo	Participantes anuales	Tipo de programa
Módulos de aprendizaje en línea	128,700 pacientes	Capacitación digital a sí mismo
Serie de seminarios web	47,500 participantes	Sesiones interactivas en vivo

Servicios personalizados de monitoreo de atención médica

Soluciones de monitoreo personalizadas avanzadas:

• Optimización de la terapia impulsada por IA
• Alertas de mantenimiento predictivo
• Recomendaciones de tratamiento personalizadas

Servicio de monitoreo	Cobertura	Puntos de datos rastreados
Monitoreo de terapia remota	92% de los usuarios de dispositivos activos	Más de 15 parámetros fisiológicos
Mantenimiento de dispositivos predictivos	Más de 5 millones de dispositivos conectados	Métricas de rendimiento del equipo

Resmed Inc. (RMD) - Modelo de negocio: canales

Ventas directas a instituciones de atención médica

Resmed generó $ 3.63 mil millones en ingresos en el año fiscal 2023, con ventas directas a hospitales, clínicas de sueño e instalaciones médicas que representan una parte significativa de su estrategia de distribución.

Tipo de institución de atención médica	Volumen de ventas anual	Penetración del mercado
Clínicas del sueño	$ 1.2 mil millones	62%
Hospitales	$ 850 millones	48%
Centros médicos especializados	$ 580 millones	41%

Plataformas de comercio electrónico en línea

Los canales de ventas digitales de Resmed generaron aproximadamente $ 420 millones en 2023, lo que representa el 11.5% de los ingresos totales de la compañía.

• Ventas directas del sitio web: $ 280 millones
• Plataformas de equipos médicos de terceros: $ 140 millones

Distribuidores de equipos médicos

Las ventas de la red de distribuidores representaron $ 1.05 mil millones en 2023, con asociaciones estratégicas en 40 países.

Categoría de distribuidor	Venta anual	Cobertura geográfica
Distribuidores médicos globales	$ 680 millones	25 países
Proveedores médicos regionales	$ 370 millones	15 países

Conferencias de atención médica y ferias comerciales

Resmed invirtió $ 42 millones en marketing de conferencias y ferias comerciales en 2023, generando aproximadamente $ 180 millones en oportunidades de ventas directas e indirectas.

Plataformas de marketing digital y telemedicina

El marketing digital y los canales de telemedicina generaron $ 220 millones en 2023, con 46% de crecimiento año tras año.

• Usuarios de la plataforma de telemedicina: 380,000
• Alcance de marketing digital: 2.1 millones de profesionales de la salud
• Plataformas de participación del paciente en línea: $ 95 millones

Resmed Inc. (RMD) - Modelo de negocio: segmentos de clientes

Pacientes con trastorno del sueño

Resmed se dirige a aproximadamente 936 millones de adultos en todo el mundo con apnea del sueño. Desglose de la demografía del paciente global:

Grupo de edad	Población de pacientes	Porcentaje
30-60 años	562 millones	60%
Más de 60 años	374 millones	40%

Profesionales de la salud

Resmed sirve múltiples segmentos profesionales:

• Pulmonólogos: 54,000 en Estados Unidos
• Especialistas en medicina del sueño: 7,500 a nivel mundial
• Terapeutas respiratorias: 173,000 en América del Norte

Clínicas y hospitales del sueño

Distribución del segmento de mercado:

Tipo de instalación	Número de instalaciones
Clínicas del sueño (EE. UU.)	2,510
Hospitales con centros de sueño	1,200

Proveedores de atención médica en el hogar

Segmentos clave del mercado:

• Proveedores de equipos médicos duraderos (DME): 8.200 en Estados Unidos
• Empresas de atención domiciliaria: 4.500 a nivel mundial

Organizaciones de gestión de seguros y atención médica

Paisaje de cobertura:

Tipo de organización	Número de organizaciones
Aseguradoras de salud privadas	900
Medicare/Medicaid	51 programas estatales

Resmed Inc. (RMD) - Modelo de negocio: estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Resmed Inc. invirtió $ 367.2 millones en gastos de investigación y desarrollo, lo que representa el 7.2% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 367.2 millones	7.2%
2022	$ 335.4 millones	6.9%

Costos de fabricación y producción

Los costos totales de fabricación y producción de Resmed para 2023 fueron de aproximadamente $ 1.2 mil millones.

• Instalaciones de producción ubicadas en Australia, Singapur y Estados Unidos
• Gastos generales de fabricación total: $ 456 millones
• Costos laborales directos: $ 287 millones
• Gastos de materia prima: $ 457 millones

Inversiones globales de marketing y ventas

Los gastos de marketing y ventas para ResMed en 2023 totalizaron $ 684.3 millones, lo que representa el 13.4% de los ingresos totales.

Región	Gasto de marketing	Porcentaje del presupuesto total de marketing
América del norte	$ 342.2 millones	50%
Europa	$ 205.3 millones	30%
Asia-Pacífico	$ 136.8 millones	20%

Mantenimiento de la infraestructura tecnológica

Resmed asignó $ 128.6 millones para el mantenimiento de la infraestructura tecnológica en 2023.

• Infraestructura de computación en la nube: $ 47.3 millones
• Inversiones de ciberseguridad: $ 36.5 millones
• Actualizaciones de sistemas de TI: $ 44.8 millones

Gastos de cumplimiento y certificación regulatoria

Los costos de cumplimiento regulatorio para ResMed en 2023 fueron de $ 92.4 millones.

Categoría de cumplimiento	Gastos
Certificación de la FDA	$ 38.6 millones
Cumplimiento de CE Mark	$ 29.8 millones
Otras certificaciones globales	$ 24 millones

Resmed Inc. (RMD) - Modelo de negocio: flujos de ingresos

Venta de dispositivos médicos

En el año fiscal 2023, Resmed reportó ingresos totales de $ 3.92 mil millones. Las ventas de dispositivos médicos generaron específicamente $ 3.43 mil millones.

Categoría de productos	Ingresos (2023)
Dispositivos CPAP	$ 1.45 mil millones
Máscaras	$ 1.22 mil millones
Accesorios	$ 760 millones

Servicios de monitoreo de salud digital basados ​​en suscripción

Los servicios de monitoreo de salud digital generaron $ 290 millones en ingresos recurrentes para 2023.

• Dispositivos de atención conectada: 1.5 millones de suscriptores activos
• Tarifa de suscripción mensual promedio: $ 15- $ 25 por usuario

Licencias de software para proveedores de atención médica

Los ingresos por licencia de software alcanzaron los $ 127 millones en 2023.

Plataforma de software	Usuarios con licencia	Ingresos anuales
Visión aérea	25,000 instalaciones de atención médica	$ 72 millones
Brightree	12.500 proveedores de atención médica	$ 55 millones

Contratos de mantenimiento de equipos recurrentes

Los contratos de mantenimiento y servicio generaron $ 85 millones en 2023.

• Valor promedio del contrato: $ 3,500 por centro de atención médica
• Tasa de renovación del contrato: 87%

Servicios de telesalud y monitoreo remoto

TeleHealth Services contribuyó con $ 65 millones a los ingresos totales en 2023.

Tipo de servicio	Usuarios activos	Ganancia
Monitoreo de pacientes remotos	750,000 pacientes	$ 45 millones
Consultas virtuales	350,000 consultas	$ 20 millones

ResMed Inc. (RMD) - Canvas Business Model: Value Propositions

You're looking at the core value ResMed Inc. delivers, which is all about connecting devices, data, and care outside the hospital walls. It's a powerful setup, especially when you see the numbers behind the digital push.

Integrated digital health ecosystem for remote patient monitoring

ResMed Inc. built an ecosystem that captures massive amounts of patient data for remote patient monitoring (RPM). This is where the scale really shows up; they are tracking care across 140 countries. The AirView software platform now supports approximately 32 million patients. Furthermore, the company has more than 29 million cloud-connectable devices sending data back to the cloud. This connectivity means they have aggregated over 22 billion nights of respiratory medical data for analysis. To further streamline the diagnostic side of this ecosystem, ResMed acquired VirtuOx in 2025 to enhance at-home diagnosis for sleep, respiratory, and cardiac conditions.

Improved patient adherence and clinical outcomes for chronic diseases

The digital tools are designed to directly impact how patients use their therapy, which translates to better health. For instance, patients using the myAir application show an average usage time of 46 minutes longer per night compared to patients not using it. This adherence focus also shows up in new patient pathways; data presented in 2025 indicated that patients prescribed GLP-1 drugs were 10.8% more likely to start Positive Airway Pressure (PAP) therapy. For those already on therapy, the same group showed higher resupply rates, being 3.1 percentage points higher at one year and 5.2 percentage points higher at two years post-setup.

Reduced overall healthcare costs for providers and payors

The value proposition here centers on the 'triple aim' of healthcare: improving quality, preventing disease progression, and lowering costs. Keeping patients managing chronic conditions at home instead of in a hospital setting is inherently less expensive. ResMed Inc.'s vision explicitly targets lower costs for consumers and healthcare systems across the 140 countries it serves. This focus on home-based care helps reduce the impact of chronic disease, which is a key driver for payor savings.

Premium, comfortable masks and quiet, small CPAP devices

The hardware remains central, with strong global demand for their devices and masks driving financial results. For the full fiscal year 2025, net revenue from the Sleep and Breathing Health business grew 10% year-over-year to $4,504.9 million. The AirSense 11 CPAP platform is a key revenue driver. In terms of patient experience, the company received dual Red Dot Product Design 2025 awards for the AirTouch N30i mask, which features a soft, breathable, fabric-wrapped frame. The overall market for these therapeutic devices, the leading segment in 2025, was valued at USD 9.7 billion.

Here's a quick look at the scale of ResMed Inc.'s operations as of late 2025:

Metric	Value (as of late 2025)
FY2025 Total Revenue	$5.15 billion
FY2025 Net Income	$1.40 billion
AirView Connected Patients	32 million
Total Cloud-Connectable Devices	More than 29 million
Nights of Sleep Data Monitored	22 billion
Residential Care Software Revenue Growth (Q4 FY25)	9 percent (constant currency)

Comprehensive software solutions for out-of-hospital care management

The software-as-a-service (SaaS) component is a significant growth area, supporting professionals managing care in the home. For the fourth quarter of fiscal year 2025, the Residential Care Software revenue showed continued organic growth, increasing by 9 percent on a constant currency basis. This contrasts with the 8 percent growth seen in the second quarter of fiscal year 2025. ResMed Inc. has an ambitious vision tied to this segment: to improve 250 million lives through out-of-hospital healthcare by the end of 2025.

You should note the growth in the software segment is a key part of the overall financial picture, which saw total revenue rise 10% in FY2025. Finance: draft 2026 budget assumptions for software segment growth by next Tuesday.

ResMed Inc. (RMD) - Canvas Business Model: Customer Relationships

You're looking at how ResMed Inc. (RMD) keeps its customers-both the patients using the devices and the providers selling and managing them-locked in. It's a mix of high-tech remote care and direct provider support, all aimed at long-term adherence and recurring sales.

Automated, remote patient monitoring via AirView platform

The core of the connected care relationship is the remote monitoring ecosystem. ResMed Inc. (RMD) uses its cloud-connected devices to feed data back for proactive management. As of the August 2025 10-K filing, the AirView platform was used to monitor over 28 million patients. This system allows healthcare professionals to identify issues quickly, often using a manage by exception feature, which is based on a similar tool in U-Sleep that reduced clinicians' patient management time by 59%. Studies show that for patients on cloud-connected devices via AirView, the likelihood of therapy termination decreased by over 50% after one year, based on data from approximately 100,000 patients.

The relationship is quantified by platform scale:

Metric	Value (As of Late 2025)	Source Context
Patients on AirView Platform	28 million	July 2025 data point
Patients Registered on myAir Platform	Over 10 million	August 2025 10-K filing
myAir User Adherence Benefit	Average of 46 minutes longer per night on CPAP	Compared to non-myAir patients

Dedicated sales and support teams for HME/DME providers

ResMed Inc. (RMD) supports its primary channel partners-Home Medical Equipment (HME) and Durable Medical Equipment (DME) providers-with dedicated resources. The company maintains a global footprint across more than 140 countries. To service these providers and the broader out-of-hospital care market, ResMed Inc. (RMD) had approximately 8.5K employees as of October 2025. The company uses both direct sales teams and distributors to maintain market coverage. The U.S. market penetration for their solutions exceeds 10%, while international markets are still under 10%, indicating a focus area for these relationship teams.

Digital self-service and educational content for end-users

For the end-user, the relationship is managed through digital engagement tools like the myAir app. This platform provides motivational data tracking and coaching to boost compliance. The scale of this direct-to-patient relationship is significant, with over 10 million patients registered on myAir as of the August 2025 10-K. This digital self-service component helps patients stay engaged, which is critical since myAir users use their devices an average of 46 minutes longer per night than other patients.

High-touch, consultative sales for Residential Care Software clients

The Software as a Service (SaaS) segment, which includes Residential Care Software solutions like Brightree, MatrixCare, and MEDIFOX DAN, relies on a more consultative sales approach to facility-based organizations, home health, and skilled nursing providers. This business unit is a key enabler for the overall strategy. The focus on this segment is yielding results, with Residential Care Software revenue showing organic growth of nearly 10% for the first half of fiscal year 2025, and growing by 9% on a constant currency basis in Q4 Fiscal Year 2025.

Long-term relationship focus driven by recurring resupply needs

The relationship is fundamentally long-term because of the ongoing need for consumables, like masks and accessories, which is the engine for recurring revenue. This focus is evident in the growth of the core Sleep and Respiratory Care business, where revenues from Masks and other businesses grew 12% year over year across the U.S., Canada, and Latin America in the first quarter of fiscal year 2026, reflecting continued growth in resupply and new patient setups. The company's overall FY2025 revenue reached $5.15 billion, with the recurring nature of supplies being a key driver of financial stability.

• The company executed a stock buyback worth $125 million during the first half of FY2025, showing strong cash flow generation supporting shareholder returns.
• The company is focused on enhancing therapy performance and user experience through innovation, which directly supports long-term adherence and resupply cycles.

Finance: draft 13-week cash view by Friday.

ResMed Inc. (RMD) - Canvas Business Model: Channels

The Channels block for ResMed Inc. details how the company delivers its value propositions-sleep and breathing health devices, masks, and out-of-hospital software-to its diverse customer segments.

Global network of Durable Medical Equipment (DME) providers

ResMed Inc. relies heavily on established healthcare infrastructure for device and mask distribution. In many geographies, the channel involves selling products directly to Home Medical Equipment (HME) providers or hospitals, which then dispense the products to patients. This segment faces consolidation, as HME providers, DME suppliers, and residential health providers are consolidating, potentially leading to greater concentration of purchasing power among these channel partners.

For fiscal year 2025, total Net Revenue for ResMed Inc. reached $5,146.3 million, a 10% increase compared to fiscal year 2024. The segment encompassing masks and other products, which heavily flows through these provider channels, generated $1,839.7 million for the year ended June 30, 2025.

In specific markets like Germany, Australia, New Zealand, and South Korea, ResMed Inc. bypasses some of the traditional DME/HME intermediary role by operating home healthcare businesses, providing products and services directly to patients via a vertically integrated network.

Direct sales force to hospitals and sleep labs

A dedicated employee sales organization supports the distribution of certain product lines, particularly the Residential Care Software segment. The company also directly engages with clinical settings. For instance, the launch of the AirSense 11 version of VPAP Tx, a sleep lab testing and titration platform, indicates continued direct channel focus toward specialized clinical environments.

The overall revenue contribution from Devices was 52% of total revenue in the third quarter of fiscal year 2025, while Masks and other products accounted for 35%.

Residential Care Software direct sales to care facilities

The Residential Care Software (RCS) business, which includes solutions like MatrixCare, utilizes a direct sales approach to reach its primary customers: senior living, skilled nursing, life plan communities, home health, home care, and hospice agencies. MatrixCare management solutions are primarily sold through direct sales, while ancillary solutions use both direct sales and channel sellers. RCS revenue showed organic growth, increasing by 10% on a constant currency basis in the third quarter of fiscal year 2025.

E-commerce and direct-to-consumer (DTC) for mask resupply

ResMed Inc. is actively reflecting growing direct-to-consumer engagement through its online presence. The resmed.com online store generated annual sales of $462.5 million in 2024, with a forecast of 5-10% growth for 2025. In September 2025 alone, the website recorded online sales of $41,492,993 with an average order value (AOV) ranging from $325 to $350.

The company is investing in its distribution footprint to support this channel, including opening a $30 million facility in Calabasas, California, earlier in 2025, which doubled its U.S. manufacturing and distribution capacity for items like mask resupply.

International distributors and partners in over 140 countries

ResMed Inc. has a broad global reach, marketing products in most major countries across combined Europe, Asia, and other geographies. The company operates in over 140 countries.

The international channel strategy involves a combination of a direct sales force and independent distributors selected based on their knowledge of respiratory medicine. The company maintains wholly owned subsidiaries in numerous key international markets:

• Australia
• Austria
• China
• Czech Republic
• Denmark
• Finland
• France
• Germany
• India
• Ireland
• Japan
• Korea
• Netherlands
• New Zealand
• Norway
• Poland
• Sweden
• Switzerland
• Taiwan
• Thailand
• United Kingdom

Geographically, for the third quarter of fiscal year 2025, the U.S., Canada, and Latin America generated 58% of revenue, while Europe, Asia, and other regions contributed 29%.

The following table summarizes the revenue contribution by product type, which is indicative of the channels used for delivery:

Revenue Component (Q3 FY2025)	Percentage of Revenue	Primary Channel Implication
Devices	52%	DME Providers, Hospitals, Direct Sales
Masks and Other Products	35%	DME Providers, E-commerce/DTC Resupply
Out-of-Hospital Respiratory Care Software (OOH RCS)	13%	Direct Sales to Care Facilities

The company is focused on achieving world-class delivery in the U.S., aiming to get to 90% of customers within two business days of delivery, supported by expanded domestic manufacturing and distribution.

ResMed Inc. (RMD) - Canvas Business Model: Customer Segments

You're looking at the core groups ResMed Inc. serves to generate its $5,146.3 million in net revenue for fiscal year 2025. It's a mix of direct patients, the providers who treat them, and the software users managing care outside the hospital. Honestly, understanding these buckets is key to seeing where the money comes from.

Patients with Obstructive Sleep Apnea (OSA) and COPD

This is the ultimate end-user base, and the scale of the need is massive. While ResMed Inc. generated $4,504.9 million from its Sleep and Breathing Health segment in FY2025, the potential patient pool continues to grow. For instance, a study led by ResMed Inc. researchers projects that by 2050, OSA will affect nearly 77 million U.S. adults. To put that in perspective, globally, OSA affects nearly 1 billion people, with more than 80% of cases going undiagnosed and untreated. For COPD, approximately 16 million adults in the U.S. are affected. The company's devices, which accounted for approximately 52% of net revenues in FY2025, directly serve these individuals.

Home Medical Equipment (HME)/Durable Medical Equipment (DME) providers

HME/DME providers are critical channel partners; they are typically the ones purchasing the therapy equipment from ResMed Inc. and then selling or renting it to the patient. The U.S. DME market itself was valued at USD 66.81 billion in 2024, showing the size of the ecosystem ResMed Inc. operates within. Many of these providers are consolidating, which means ResMed Inc. is dealing with fewer, but larger, purchasing entities. The company's mask systems and accessories, which made up about 36% of net revenue, are also distributed through this channel.

Here's a quick look at the revenue generated from the Sleep and Breathing Health segment that flows through these providers:

Revenue Component (FY2025)	Amount (Millions USD)	Percentage of Total Net Revenue (FY2025)
Sleep and Breathing Health Segment Total	$4,504.9	Approximately 87.5%
Devices Revenue (Approximate)	$2,676.1	Approximately 52%
Mask Systems/Accessories Revenue (Approximate)	$1,854.8	Approximately 36%

Sleep labs and pulmonologists (referring physicians)

These clinicians are essential for diagnosis and prescription, which initiates the entire patient journey for ResMed Inc.'s core products. The company directly educates physicians and sleep clinics about its offerings. The high number of undiagnosed OSA cases-over 80% globally-represents a significant opportunity for these referring physicians to drive new patient flow into the system.

Residential care facilities and home health agencies (SaaS users)

This segment is served by the Residential Care Software business, which brought in $641.4 million in net revenue for fiscal year 2025, representing about 12% of the total. These platforms, like Brightree, are sold to providers in post-acute care settings. The company has a large installed base leveraging its digital ecosystem, with more than 28 million patients on its AirView platform and over 8.3 million on the myAir platform (data from late 2024, but indicative of the scale).

The software customer base includes:

• Providers of business management software for HME in the U.S.
• Home health and hospice organizations using EHR platforms.
• Providers needing secure digital collaboration platforms for care teams.
• Organizations requiring scalable, cloud-hosted services.

Healthcare payors and government health systems

Payors, including both private insurers and government programs, are key decision-makers influencing which products are reimbursed and used. ResMed Inc.'s strategy explicitly aims to improve patient outcomes and lower overall healthcare costs, which directly appeals to these entities. The company's focus on digital health and remote monitoring is designed to provide data that helps manage chronic disease more efficiently, thereby reducing the financial burden on payors. In certain markets, like Germany and Korea, ResMed Inc. receives payments directly from these payors.

ResMed Inc. (RMD) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive ResMed Inc.'s operations as of late 2025. It's a mix of making the hardware, selling it globally, and investing heavily in the software side of the business.

Cost of Goods Sold (COGS) for devices and masks, impacting the non-GAAP gross margin of 60.0% in FY2025

The cost to produce the flow generators, masks, and accessories is managed to keep the gross margin high. For the full year ended June 30, 2025, the non-GAAP gross margin improved to 60.0%. This margin reflects efficiencies gained in production and distribution.

Metric	FY2025 Full Year Amount (Approximate)
Full Year Revenue	$5.146 billion
Non-GAAP Gross Margin	60.0%
Implied COGS (100% - 60.0%)	$2.059 billion

Selling, General, and Administrative (SG&A) expenses, projected at 18%-20% of revenue

SG&A covers the costs of running the global sales force, marketing, and general overhead. Management projected this expense category to fall between 18% and 20% of revenue for the remainder of FY2025. For the quarter ended June 30, 2025, the actual SG&A expense was 19.7 percent of revenue. That's a tight range for a company operating in over 140 countries.

Research and Development (R&D) expenses, projected at 6%-7% of revenue

ResMed Inc. maintains a commitment to reinvesting in innovation, particularly around connected care and digital health platforms. The company is committed to utilizing around 6% to 7% of its revenue for R&D. For context, R&D expenses as a percentage of revenue was reported at 6.3% in a prior period of FY2025.

Manufacturing and logistics costs for global distribution

These costs are a key component of COGS, and efficiencies here directly boost the gross margin. The improvement in gross margin to 59.9% in Q3 FY2025 and 60.0% for the full year was driven by manufacturing and logistics efficiencies. The company produces its devices in key locations:

• Sydney
• Singapore
• Atlanta

Further investment in this area includes the opening of a new manufacturing facility in Calabasas, California, which is set to double the U.S. manufacturing footprint.

Employee-related costs for a global workforce of over 10,000

Personnel costs are a significant driver within operating expenses, especially SG&A. The total number of employees for ResMed Inc. in 2025 was 10,600. Increases in SG&A expenses in Q3 FY2025 were mainly attributed to increases in employee-related costs and marketing expenses. Here's a look at the scale of the workforce:

Metric	FY2025 Figure
Total Employees	10,600
Geographic Presence	Over 140 countries
SG&A Impact	Driver of SG&A increase in Q3 FY2025

ResMed Inc. (RMD) - Canvas Business Model: Revenue Streams

You're looking at the core ways ResMed Inc. brings in cash as of late 2025. The overall picture for the full fiscal year 2025 shows solid growth, with total revenue hitting $5.1 billion, marking a 10% increase year-over-year. On the profitability side, the Non-GAAP diluted earnings per share (EPS) for that same fiscal year landed at $9.55. That tells you the business is scaling well across its different revenue engines.

The real detail comes when you break down the revenue mix from the third quarter of fiscal year 2025, which totaled $1.29 billion. The streams are clearly segmented, showing a balanced approach between hardware sales and recurring service/software revenue. Here's the quick math on how those streams contributed during Q3 FY2025:

Revenue Stream Category	Q3 FY2025 Revenue Contribution
Sales of Devices (CPAP, ventilators)	52%
Recurring Sales (Masks and Accessories)	35%
Software as a Service (SaaS) Subscriptions	13%

The largest piece, the sales of devices like CPAP and ventilators, accounted for 52% of that quarter's revenue. This is the upfront sale of the core medical hardware that patients need to start therapy. Still, the recurring revenue from masks and accessories is a very strong second pillar, making up 35% of the revenue base. This resupply component is key for patient adherence and predictable cash flow.

The fastest-growing component, though smallest in percentage terms, is the Software as a Service (SaaS) segment. This stream accounted for 13% of the Q3 FY2025 revenue. This revenue is driven by the continued adoption of their digital health ecosystem, which includes platforms like Brightree and MEDIFOX DAN. This segment represents the future focus for ResMed Inc. because it locks in customers and provides high-margin, predictable income.

The SaaS revenue is built on several key offerings:

• Residential Care Software (OOH RCS) growth.
• Continued organic growth in the software portfolio.
• Revenue from platforms like Brightree.
• Revenue from solutions such as MEDIFOX DAN.

Finance: draft 13-week cash view by Friday.