ResMed Inc (NYSE: RMD) is a medical device and software company that develops, manufactures, and sells devices and cloud-based solutions for sleep-disordered breathing and other respiratory conditions. Revenue comes from two segments: Sleep and Breathing Health products, which include CPAP, bilevel, and ventilation devices plus mask systems and accessories, and Residential Care Software, which accounted for approximately 12% of net revenue in each of fiscal years 2025, 2024, and 2023. The Sleep and Breathing Health segment sells through home medical equipment providers, sleep clinics, and physicians who prescribe and distribute products to patients. ResMed was founded after the development of continuous positive airway pressure therapy and has since expanded into diagnostic products, dental devices, and software platforms for home health, hospice, skilled nursing, and pharmacy organizations. The company invested $331.3 million in research and development in fiscal year 2025, equal to 6.4% of net revenues. ResMed is headquartered in San Diego, California, with products sold across geographic markets that include the United States, Europe, and other international regions.
- Revenue model
- Product sales of CPAP, bilevel, and ventilation devices, mask systems, headgear, and accessories sold through HME providers, sleep clinics, and physicians. Recurring software-as-a-service revenue from Residential Care Software platforms including Brightree, MatrixCare, HEALTHCAREfirst, and MEDIFOX DAN, which provide EHR, billing, revenue cycle management, and business management solutions to residential care organizations. Residential Care Software represented approximately 12% of net revenue in fiscal year 2025.
- Products and services
- Sleep and Breathing Health: AirSense 11 (CPAP with touch screen), AirCurve 10 ST-A (bilevel ventilation), Stellar 100 and 150 ventilators (invasive and non-invasive, home and clinical settings), Astral 100 and 150 life support ventilators, Lumis VPAP S/ST/ST-A ventilators, mask systems, headgear, accessories, dental devices, and diagnostic products. Residential Care Software: Brightree (cloud-based HME and pharmacy business management), MatrixCare (EHR SaaS for skilled nursing, senior living, home health, and hospice), HEALTHCAREfirst (EHR, billing, coding, and analytics for home health and hospice), MEDIFOX DAN (software for residential care providers in Germany).
- Customers and end markets
- Primary customers are home medical equipment providers, sleep clinics, and physicians who diagnose and treat obstructive sleep apnea, central sleep apnea, COPD, obesity hypoventilation syndrome, neuromuscular disease, and other respiratory conditions. Residential Care Software customers include skilled nursing facilities, senior living providers, life plan communities, home health and hospice agencies, HME and pharmacy organizations, and home infusion providers. End markets span both home and clinical care settings.
- Value-chain role
- ResMed manufactures devices and develops software, then sells and markets to HME providers, sleep clinics, and physicians who in turn prescribe and distribute products to patients. The company does not sell directly to most end patients; it depends on these intermediaries to recommend, prescribe, and sell its products. Reimbursement from government and third-party payers flows to HME providers, who face ongoing price pressure from declining reimbursement rates.
- Geographic exposure
- Products sold across global geographic markets including the United States and international markets such as the European Union, the United Kingdom, and Germany, based on GDPR compliance obligations and MEDIFOX DAN software operations described in the FY2025 10-K filed 2025-08-08.
