ResMed (RMD) 10-K risk factor changes: FY2025 vs FY2024

- Our inability to compete [added: with new and existing technology to treat OSA] successfully may harm our business.

- Global macroeconomic conditions, including [added: the direct and indirect effects of] inflation, supply chain disruptions, [added: reciprocal tariffs,] and fluctuations in foreign currency exchange rates, could adversely affect our operations and profitability.

- Our business depends on our ability to market effectively to dealers of home healthcare [removed: products and] [added: products,] sleep [removed: clinics.][added: clinics, and physicians.]

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- [removed: Our SaaS business] [added: The success of our software offerings] depends substantially on customers entering, renewing, upgrading and expanding their agreements for cloud services, term licenses, and maintenance and support agreements with us.

- If our [removed: SaaS] [added: software] products fail to perform properly or if we fail to develop enhancements, we could lose customers, become subject to service performance or warranty claims and our sales could decline.

- If there are interruptions or performance problems associated with our technology or infrastructure, our existing [removed: SaaS] [added: software] customers may experience service outages, and our new customers may experience delays in the deployment of our platforms.

- Climate change and natural disasters, or other [removed: environmental] events beyond our control, could negatively impact our business operations and financial condition.

- Healthcare reform or other cost-cutting measures, including changes in coverage policy for our [removed: products,] [added: products and services,] by government or commercial payors may have a material adverse effect on our industry and our results of operations.

- We are subject to various risks relating to our compliance with fraud and abuse laws and transparency laws relating to our interactions with our customers, healthcare providers, and patients, which could subject us to government investigation, litigation, or other penalties to the extent our activities or relationships are found not to comply or could otherwise cause us to incur significant costs to defend our actions, and could result in substantial fines, penalties, harm our [removed: reputation,] [added: reputation in the market,] divert our management’s attention, or result in changes in our business operations that could harm our ability to successfully market and sell our products and services.

- Disruptions at the FDA and other government agencies caused by funding [removed: shortages] [added: shortages, personnel reductions,] or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, cleared or approved or commercialized in a timely manner or at all, which could negatively impact our business.

- Tax laws, regulations, and enforcement practices are [removed: evolving] [added: evolving, are aggressively pursued in some jurisdictions,] and may [removed: have] [added: cause expense as well as management distraction, which may result in] a material adverse effect on our results of operations, cash flows and financial position.

- Sustainability and corporate governance issues [added: are constantly evolving, leading to distraction and expense, and] may have an adverse effect on our business, financial condition and results of operations and reputation.

Our inability to compete [added: with new and existing technology to treat OSA] successfully may harm our business. The geographic markets for our products, which encompass Sleep and [removed: Respiratory Care] [added: Breathing Health] products and [removed: SaaS] [added: Residential Care Software] offerings, are highly competitive and are characterized by frequent product improvements and evolving [removed: technology.][added: technology, and new therapies, including existing and new pharmaceuticals.]

Our ability to compete successfully depends, in part, on our ability to develop, manufacture and sell innovative new products and to enhance existing [removed: products.][added: products that treat OSA more effectively than competing treatments.]

For our Sleep and [removed: Respiratory Care] [added: Breathing Health] business, the development of innovative new products by our competitors or the discovery of alternative treatments or potential cures for the conditions that our products treat could make our products noncompetitive or obsolete.

For example, certain pharmaceutical treatments, such as [removed: GLP-1’s] [added: GLP-1s] currently [removed: used] [added: approved] to treat diabetes [removed: or] [added: and] for weight loss, may enhance patient health, lower the occurrence of obesity, [added: or] potentially reduce the severity [removed: of OSA,] or [removed: be approved for treatment] [added: existence] of OSA.

For [removed: SaaS,] [added: Residential Care Software,] the demand for business management software is highly competitive, rapidly evolving, subject to changing technology, with low barriers to entry, shifting customer [removed: needs] [added: needs, increased use of AI] and frequent introductions of new products and services.

If we are unable to develop innovative new products, maintain competitive pricing, enhance existing products, and offer products that purchasers perceive to be as good as those of our competitors, [added: including the use of pharmaceuticals,] our sales and gross margins could decrease which would harm our business.

Consolidation in the healthcare industry and healthcare payment reform could have an adverse effect on our revenues and results of operations. Many [removed: home healthcare dealers] [added: HME providers, durable medical equipment (DME) suppliers,] and [removed: OOH] [added: residential] health providers are consolidating, which may result in greater concentration of purchasing power.

Numerous initiatives and reforms by legislators, regulators, and third-party payors to curb the rising cost of healthcare have catalyzed a consolidation of aggregate purchasing power where we sell our [removed: products.][added: products and services.]

Global macroeconomic conditions, including [added: the direct and indirect effects of] inflation, supply chain disruptions, [added: reciprocal tariffs,] and fluctuations in foreign currency exchange rates, could [removed: continue to] adversely affect our operations and profitability. Global economic conditions, geopolitical instability, [added: the impact of tariffs] and [added: trade wars on our suppliers, and] other macroeconomic factors, including inflation, supply chain disruptions, such as recent shipping disruptions in the Red Sea, interest rate and foreign currency rate fluctuations, and volatility in the capital markets could negatively impact our business, financial condition, and results of operations.

The growth of our business and demand for our products [added: and services] are affected by changes in the health of the overall global economy.

Deterioration in the global economic environment may cause decreased demand for our products [added: and services] which could result in lower product sales, [removed: lower prices for our products, or reduced reimbursement rates by third-party payors, while increasing the cost of operating our business.][added: services]

Macroeconomic conditions may impact our global supply chain, primarily through constraints on [added: or increased cost of acquiring] raw materials and electronic components.

[added: These constraints on raw materials and electronic components may also impact companies outside] of our direct industry, which could result in a competitive supply environment causing higher costs, requiring us to commit to minimum purchase obligations as well as make upfront payments to our suppliers.

We are subject to various risks relating to international activities that could affect our overall profitability. We manufacture substantially all of our products outside the [removed: United States] [added: U.S.] and sell a significant portion of our products outside the [removed: United States.][added: U.S. Sales in combined Europe, Asia and other regions accounted for approximately 36% and 36% of our net revenues in the]

In December 2021, the [removed: United States] [added: U.S.] adopted the Uyghur Forced Labor Prevention [removed: Act (“UFLPA”)] [added: Act, or the UFLPA,] which creates a rebuttable presumption that any goods, wares, articles, and merchandise mined, produced, or manufactured in whole or in part in the Xinjiang Uyghur Administrative Region of China, or that are produced by certain entities, are prohibited from importation into the [removed: United States] [added: U.S.] and are not entitled to entry.

While we are not presently aware of any direct impacts these restrictions have had on our suppliers’ supply chains, disruptions resulting from the conflict in [added: Iran and] Ukraine and the UFLPA may materially and negatively impact our suppliers’ ability to obtain a sufficient supply of raw materials necessary to meet the quantity and/or timing of our product demands.

[added: Further, it is not possible to] predict the short- and long-term implications of [removed: this] [added: global] conflict, which could include but are not limited to further sanctions, uncertainty about economic and political stability, increases in inflation rate and energy prices, cyber-attacks, supply chain challenges and adverse effects on currency exchange rates and financial markets.

Our [added: combined] sales [added: of medical devices] into [added: Iran,] Russia and Ukraine did not constitute a material portion of our total revenue in fiscal year [removed: 2024.][added: 2025.]

Our products are the subject of clinical trials conducted by us, our competitors, or other third parties, the results of which may be unfavorable, or perceived as unfavorable, and could have a material adverse effect on our business, financial condition, and results of operations. As a part of the regulatory process to obtain marketing clearance [added: or approval] for new products and new indications for existing products, or for other reasons, we conduct and participate in numerous clinical trials with a variety of study designs, patient populations, and trial endpoints.

[removed: The results of clinical trials may be unfavorable or] inconsistent with previous findings or could identify safety signals associated with our products.

[removed: Even if infringement claims] against us are without merit, defending a lawsuit takes significant time, may be expensive and may divert management’s attention from other business matters.

Competition for top talent in the healthcare, technology and [removed: SaaS] [added: Residential Care Software] industries can be intense.

Our leverage and debt service obligations could adversely affect our business. As of June 30, [removed: 2024,] [added: 2025,] our total consolidated debt was $0.7 billion and we may incur additional indebtedness in the future.

Disruptions in the price or supply of configured components may limit our ability to manufacture [added: our devices in a timely or cost-effective manner, which could result in a significant reduction in sales and profitability.]

[removed: We are increasingly dependent on information technology systems and infrastructure.] [added: Failed, substandard or delayed efforts to improve our IT System infrastructure may result in disruption to our business or materially increased costs.] We rely on information technology systems and infrastructure, including technologies and services provided by third parties, to support our business processes and activities, products and customers.

These technology systems are potentially vulnerable to [added: obsolescence,] breakdown or other interruption by fire, power loss, system malfunction, unauthorized [removed: access] [added: access, migration or updates,] and other events.

While we have invested heavily in [added: upgrading our systems, as well as] the protection of data and information technology and [removed: in] related training, there can be no assurance that our efforts will prevent significant breakdowns, breaches in our systems or other cyber incidents that could have a material adverse effect upon the reputation, business, operations or financial condition of the company.

- We are subject to new areas of direct healthcare oversight by federal government agencies due to our acquisition of VirtuOx.

Failed, substandard or delayed efforts to improve our IT System infrastructure may result in disruption to our business or materially increased costs.

- We are subject to ongoing tax audits by local tax authorities, some of which are aggressively pursuing taxes on discontinued local operations.

- Our ability to sustain or grow dividends or repurchase shares is subject to board discretion.

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Additionally, one of our competitors, Philips, continues to operate in the U.S. under a consent decree resulting from its product recall.

The temporary ban against sales of Philips flow generators has provided an opportunity for smaller companies to compete for customers.

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revenue, lower prices for our products, or reduced reimbursement rates by third-party payors, while increasing the cost of operating our business.

We sell our products in many countries, and we also source many components and materials for our products from and manufacture our products in various countries.

Recently, the U.S. government imposed significant tariffs, as well as increases to existing tariffs, impacting a wide variety of goods across multiple countries and indicated that additional tariffs may be imposed in the near future.

In response to the tariffs announced by the U.S., other countries have imposed, are considering imposing, and may in the future impose new or increased tariffs on certain exports from the U.S. The extent to which these threats will be enacted and the duration for which enacted tariffs will be in place remain uncertain and could lead to economic decline, which could negatively impact demand for our products and adversely affect our results of operations.

Tariffs or trade restrictions that may be implemented by the U.S. or retaliatory trade measures or tariffs implemented by other countries could result in reduced economic activity, increased costs in operating our business, reduced demand and changes in purchasing behaviors for our customers, limits on trade with the U.S. or other potentially adverse economic outcomes.

Additionally, specific legislative and regulatory proposals may be introduced to change international trade law, regulations or interpretations thereof (possibly with retroactive effect) of various jurisdictions or limit trade relief benefits that, if enacted, could materially increase the cost of our goods to export internationally, increase our effective tax rate, or have a material adverse impact on our financial condition and results of operation.

We cannot predict whether our own or industry initiatives to maintain, extend or create tariff relief for our products and manufacturing will be successful.

We also cannot predict the effect, if any, of the imposition of new or increased tariffs by one country and retaliatory responses by other countries who are trade partners.

It is possible that these changes could adversely affect our business beyond the resilience of our current supply chain and investment in manufacturing flexibility.

Further, actions we take to adapt to new tariffs or trade restrictions may increase our costs or risks or may cause us to modify our operations, which could be time-consuming and expensive; impact pricing of our products, which could impact our sales, profitability, and our reputation; or cause us to forgo new business opportunities.

While tariffs and other retaliatory trade measures imposed by other countries on U.S. goods and services have not yet had a significant impact on our business or results of operations, we cannot predict further developments, and such existing or future tariffs could have a material adverse effect on results of our operations, financial position and cash flows.

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years ended June 30, 2025 and June 30, 2024, respectively.

The conflict between Israel and Iran may lead to fluctuations in oil prices and global economic instability, resulting in higher supply and transportation costs.

Clinical trials are very expensive and difficult to design and implement, in part because they are subject to rigorous regulatory requirements.

The clinical trial process is also time consuming.

Furthermore, failure can occur at any stage of the trials, and we could encounter problems that cause us to abandon or repeat clinical trials.

The results of clinical trials may be unfavorable or

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Even if infringement claims

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We are subject to new areas of direct healthcare oversight by federal government agencies due to our acquisition of VirtuOx. In May 2025, we acquired VirtuOx, a software-enabled IDTF and provider of technology solutions to facilitate in-home and remote testing services for sleep, respiratory, cardiac, and other health conditions across the U.S. As a Medicare-enrolled IDTF, VirtuOx is subject to laws, regulations and policy pertaining to its Medicare enrollment, state Medicaid participation, and direct billing of both governmental and commercial insurance programs.

These laws include but are not limited to the federal Anti-Kickback Statute, the federal civil and criminal False Claims Acts, the Civil Monetary Penalty Law’s beneficiary inducement prohibition, and their state law equivalents.

VirtuOx is also subject to HIPAA as a covered entity, which requires additional compliance efforts to meet all provisions under the HIPAA Privacy Rule and applicable requirements under the Electronic Standard Transactions Rule.

As Resmed has historically only been subject to HIPAA as a business associate, these additional compliance requirements will require new policies, procedures, and data processing protocols, as well as the dedication of additional privacy, security and compliance personnel to ensure compliance with HIPAA.

Further, VirtuOx’s direct billing status increases its risk relative to Resmed under the healthcare fraud and abuse laws and false claims laws.

IDTFs, in particular, have extensive Medicare participation, billing and documentation requirements that will require additional compliance and legal resources to ensure that ongoing operations comply with applicable laws.

If we become the subject of a government investigation, payor audit, or whistleblower lawsuit based on an allegation of noncompliance with one or more of these requirements, we risk potential refund of overpayments, financial penalties for violations, potential removal of participation in federal, state, and/or commercial payor programs, negative publicity, loss of public trust, and diversion of management’s time, attention and resources.

Many of these risks exist even if we are able to successfully defend against such allegations.

In the event that a violation is found, or we are forced to resolve a dispute with a governmental entity, our revenue, reputation, strategic goals, and business operations could suffer.

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In particular, export controls and other trade restrictions on rare earth materials from China could limit the availability and increase the cost of key inputs in our supply chain.

\-22-

- We are subject to tax audits by various tax authorities in many jurisdictions.

\-23-

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Additionally, one of our competitors, Philips, has an ongoing product recall.

These constraints on raw materials and electronic components may also impact companies outside

Sales in combined Europe, Asia and other regions accounted for approximately 36% and 36% of our net revenues in the years ended June 30, 2024 and June 30, 2023, respectively.

Further, it is not possible to

our devices in a timely or cost-effective manner, which could result in a significant reduction in sales and profitability.

In particular, a global semiconductor supply shortage has had and continues to have wide-ranging effects across multiple industries, and it has impacted suppliers that incorporate semiconductors into the parts they supply to us.

High demand and shortages of supply have adversely affected and could materially adversely affect our ability to obtain sufficient quantities of semiconductors and electronic components on commercially reasonable terms or at all.

While we have entered into agreements for the supply of many components, there can be no assurance we will be able to extend or renew these agreements on similar terms or that suppliers will fulfill their commitments under existing agreements.

Furthermore, to secure necessary components, we may be obligated to purchase them at prices that are higher than those available in the current market and/or may incur significant price increases from suppliers in the future.

In addition, we have and may continue to be required to commit to greater purchase volumes and/or make prepayments to our suppliers.

Purchase obligations, extended lead times, and decreased availability of key components may also cause an adverse effect on our financial condition or results of operations.

Delays in our ability to produce and deliver our devices could cause our customers to purchase alternative products from our competitors.

manufacture our products for a substantial amount of time and our sales and profitability may decline.

The ACA made changes, effective over time, that significantly impacted the healthcare industry, including medical device manufacturers.

This excise tax was applicable to our products that are primarily used in hospitals and sleep labs, which includes the ApneaLink, VPAP Tx and certain respiratory care products.

on our results of operations or financial condition.

Various healthcare reform proposals have also emerged at the state level within the United States.

exchange for or to induce either the referral of an individual for, or the purchase, lease, order or recommendation of, any good, facility, item or service for which payment may be made, in whole or in part, under federal healthcare programs such as Medicare and Medicaid.

To provide our covered entity clients with services that

For example, the European Commission and the United Kingdom have adopted new standard contractual clauses under which entities may transfer personal data from the European Union and the United Kingdom, which we may be required to implement.

medical device, while there may be software offerings that are considered exempt from the “device” definition even when utilizing data coming from an FDA regulated medical device.

Significant government regulation also exists in Canada, Japan, Europe, and other countries in which we conduct business.

Separately, in response to the COVID-19 pandemic, on March 10, 2020, the FDA announced its intention to postpone most foreign inspections of manufacturing facilities, and subsequently, on March 18, 2020, the FDA temporarily postponed routine surveillance inspections of domestic manufacturing facilities.

Regulatory authorities outside the United States adopted similar restrictions or other policy measures in response to the COVID-19 pandemic.

On July 10, 2020, the FDA announced its intention to resume certain on-site inspections of domestic manufacturing facilities subject to a risk-based prioritization system.

During the COVID emergency, the FDA issued numerous guidances providing for enforcement discretion or processes for issuance of Emergency Use Authorizations (EUAs) for certain devices that had the effect of

relaxing certain regulatory requirements with respect to selected devices during the pendency of the COVID emergency.

Recently, in anticipation of the termination of the COVID emergency effective May 11, 2023, on March 27, 2023, the FDA released two final guidance documents to assist with transitioning medical devices: (i) that were subject to certain enforcement policies issued during the COVID emergency, and (ii) that were issued emergency use authorizations (EUAs).

These guidance documents finalize the corresponding draft guidance documents that were issued on December 23, 2021.

The guidance calls for a “phased transition process” with respect to devices that fell within the expiring COVID enforcement policies.

To the extent our devices have been authorized for market based on COVID-related enforcement discretion or EUAs, we may need to implement a transition plan for such devices, the outcome of which may be uncertain and could potentially affect our ability to market such devices in the post-COVID regulatory environment.

However, recently

proposed tax legislation, if enacted, would restore the ability to deduct currently domestic research and development expenditures through 2026 and would retroactively restore this benefit for 2023 and 2024.

Finally, several countries, including the United States and other members of the Organization for Economic Cooperation and Development (“OECD”) have reached agreement on a global minimum tax initiative (“Pillar Two”).

Pillar Two will be in effect in some of the jurisdictions in which we operate beginning in 2025.

On September 19, 2021, we concluded the settlement agreement with the Australian Taxation Office (“ATO”) in relation to the previously disclosed transfer pricing dispute for the tax years 2009 through 2018 (“ATO settlement”).

Management’s discussion and analysis of financial condition and results of [removed: operations (“MD&A”)] [added: operations, or the MD&A,] is intended to help the reader understand our results of operations and financial condition.

We are a global leader in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered [removed: breathing (“SDB”),] [added: breathing, or SDB,] chronic obstructive pulmonary disease, neuromuscular disease and other chronic diseases.

Our [removed: cloud-based] digital [removed: software] [added: cloud-based] health [added: software] applications, along with our devices, are designed to provide connected care to improve patient outcomes and efficiencies for our customers.

During fiscal year [removed: 2024,] [added: 2025,] we invested [removed: $307.5] [added: $331.3] million on research and development activities, which represents [removed: 6.6%] [added: 6.4%] of net revenues with a continued focus on the development and commercialization of new, innovative products and solutions that improve patient outcomes, create efficiencies for our customers and help physicians and providers better manage chronic disease and lower healthcare costs.

[removed: During fiscal year 2024, we continued the launch of] [added: For example, our newest device,] AirSense 11, [removed: which introduces] [added: introduced] new features such as a touch screen, algorithms for patients new to therapy, digital enhancements and over-the-air update capabilities.

[removed: Through our acquisitions of Brightree in 2016, HEALTHCAREfirst and MatrixCare in 2018, and MEDIFOX DAN in November 2022, our] [added: Our] operations include [removed: out-of-hospital] [added: residential care] software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice.

These platforms comprise our [removed: SaaS] [added: Residential Care Software] business [removed: and] [added: and,] along with our cloud-based remote monitoring and therapy management system, and a robust product pipeline, [added: these products] should continue to provide us with a strong platform for future growth.

We have determined that we have two operating segments, which are the sleep and respiratory disorders sector of the medical device [removed: industry (“Sleep] [added: industry, or Sleep] and [removed: Respiratory Care”)] [added: Breathing Health,] and the supply of business management software as a service to [removed: out-of-hospital health providers (“SaaS”).][added: residential healthcare providers, or Residential Care Software.]

Net revenue in fiscal year [removed: 2024] [added: 2025] increased to [removed: $4,685.3] [added: $5,146.3] million, an increase of [removed: 11%] [added: 10%] compared to fiscal year [removed: 2023.][added: 2024.]

Gross profit increased for the year ended June 30, [removed: 2024] [added: 2025] to [removed: $2,655.3] [added: $3,055.0] million, from [removed: $2,355.7] [added: $2,655.3] million for the year ended June 30, [removed: 2023,] [added: 2024,] an increase of [removed: $299.6] [added: $399.7] million or [removed: 13%.][added: 15%.]

Our net income for the year ended June 30, [removed: 2024] [added: 2025] was [removed: $1,021.0] [added: $1,400.7] million or [removed: $6.92] [added: $9.51] per diluted share compared to net income of [removed: $897.6] [added: $1,021.0] million or [removed: $6.09] [added: $6.92] per diluted share for the year ended June 30, [removed: 2023.][added: 2024.]

Total operating cash flow for fiscal year [removed: 2024] [added: 2025] was [removed: $1,401.3] [added: $1,751.6] million and at June 30, [removed: 2024,] [added: 2025,] our cash and cash equivalents totaled [removed: $238.4] [added: $1,209.5] million.

At June 30, [removed: 2024,] [added: 2025,] our total assets were [removed: $6.9] [added: $8.2] billion and our stockholders’ equity was [removed: $4.9] [added: $6.0] billion.

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We paid a quarterly dividend of [removed: $0.48] [added: $0.53] per share during fiscal [removed: 2024] [added: 2025] with a total amount of [removed: $282.3] [added: $310.9] million paid to stockholders.

However, constant currency measures should not be considered in isolation or as an alternative to [removed: U.S.] [added: United States, or U.S.,] dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with accounting principles generally accepted in the United [removed: States (“GAAP”).][added: States, or GAAP.]

For discussion related to the results of operations and changes in financial condition for the fiscal year ended June 30, [removed: 2023] [added: 2024] compared to fiscal year June 30, [removed: 2022,] [added: 2023,] please refer to Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the Year Ended June 30, [removed: 2023,] [added: 2024,] which was filed with the [removed: United States] [added: U.S.] Securities and Exchange [removed: Commission] [added: Commission, or SEC,] on August [removed: 11, 2023.][added: 9, 2024.]

Fiscal Year Ended June 30, [removed: 2024] [added: 2025] Compared to Fiscal Year Ended June 30, [removed: 2023][added: 2024]

Net revenue for the year ended June 30, [removed: 2024] [added: 2025] increased to [removed: $4,685.3] [added: $5,146.3] million from [removed: $4,223.0] [added: $4,685.3] million for the year ended June 30, [removed: 2023,] [added: 2024,] an increase of [removed: $462.3] [added: $461.0] million or [removed: 11% (an 11%] [added: 10% (a 10%] increase on a constant currency basis).

The following table summarizes our net revenue disaggregated by segment, product and region for the year ended June 30, [removed: 2024] [added: 2025] compared to the year ended June 30, [removed: 2023] [added: 2024] (in thousands):

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | % Change | | | | | | Constant Currency* | | |

| Devices | | | $ | [removed: 1,522,758] [added: 1,654,413] | | | | | $ | [removed: 1,444,361] [added: 1,522,758] | | | | | [removed: 5] [added: 9] | | % | | | | | | |

| Masks and other | | | [removed: 1,199,798] [added: 1,343,101] | | | | | | [removed: 1,039,026] [added: 1,199,798] | | | | | | [removed: 15] [added: 12] | | | | | | | | |

| Total U.S., Canada and Latin America | | | $ | [removed: 2,722,556] [added: 2,997,514] | | | | | $ | [removed: 2,483,387] [added: 2,722,556] | | | | | 10 | | | | | | | | |

| Devices | | | $ | [removed: 921,253] [added: 1,010,760] | | | | | $ | [removed: 826,341] [added: 921,253] | | | | | [removed: 11] [added: 10] | | % | | | | [removed: 10] [added: 9] | | % |

| Masks and other | | | [removed: 457,363] [added: 496,616] | | | | | | [removed: 415,289] [added: 457,363] | | | | | | [removed: 10] [added: 9] | | | | | | 8 | | |

| Total Combined Europe, Asia and other markets | | | $ | [removed: 1,378,616] [added: 1,507,376] | | | | | $ | [removed: 1,241,630] [added: 1,378,616] | | | | | [removed: 11] [added: 9] | | | | | | [removed: 10] [added: 9] | | |

| Devices | | | $ | [removed: 2,444,011] [added: 2,665,173] | | | | | $ | [removed: 2,270,702] [added: 2,444,011] | | | | | [removed: 8] [added: 9] | | % | | | | [removed: 7] [added: 9] | | % |

| Masks and other | | | [removed: 1,657,161] [added: 1,839,717] | | | | | | [removed: 1,454,315] [added: 1,657,161] | | | | | | [removed: 14] [added: 11] | | | | | | [removed: 13] [added: 11] | | |

| Total | | | $ | [removed: 4,685,297] [added: 5,146,327] | | | | | $ | [removed: 4,222,993] [added: 4,685,297] | | | | | [removed: 11] [added: 10] | | | | | | [removed: 11] [added: 10] | | |

Net revenue from our Sleep and [removed: Respiratory Care] [added: Breathing Health] business for the year ended June 30, [removed: 2024] [added: 2025] increased to [removed: $4,101.2] [added: $4,504.9] million from [removed: $3,725.0] [added: $4,101.2] million for the year ended June 30, [removed: 2023,] [added: 2024,] an increase of [removed: $376.2] [added: $403.7] million or 10%.

Movements in international currencies against the U.S. dollar positively impacted net revenues by approximately [removed: $15.2] [added: $4.0] million for the year ended June 30, [removed: 2024.][added: 2025.]

Excluding the impact of currency movements, total net revenue from our Sleep and [removed: Respiratory Care] [added: Breathing Health] business for the year ended June 30, [removed: 2024] [added: 2025] increased by 10% compared to the year ended June 30, [removed: 2023.][added: 2024.]

Net revenue from our Sleep and [removed: Respiratory Care] [added: Breathing Health] business in the [removed: United States,] [added: U.S.,] Canada and Latin America for the year ended June 30, [removed: 2024] [added: 2025] increased to [removed: $2,722.6] [added: $2,997.5] million from [removed: $2,483.4] [added: $2,722.6] million for the year ended June 30, [removed: 2023,] [added: 2024,] an increase of [removed: $239.2 million or 10%.][added: $275.0]

Net revenue from our Sleep and [removed: Respiratory Care] [added: Breathing Health] business in combined Europe, Asia and other markets increased for the year ended June 30, [removed: 2024] [added: 2025] to [removed: $1,378.6] [added: $1,507.4] million from [removed: $1,241.6] [added: $1,378.6] million for the year ended June 30, [removed: 2023,] [added: 2024,] an increase of [removed: $137.0] [added: $128.8] million or [removed: 11%] [added: 9%] (a [removed: 10%] [added: 9%] increase on a constant currency basis).

Net revenue from devices for the year ended June 30, [removed: 2024] [added: 2025] increased to [removed: $2,444.0] [added: $2,665.2] million from [removed: $2,270.7] [added: $2,444.0] million for the year ended June 30, [removed: 2023,] [added: 2024,] an increase of [removed: $173.3] [added: $221.2] million or [removed: 8%,] [added: 9%,] including an increase of [removed: 5%] [added: 9%] in the [removed: United States,] [added: U.S.,] Canada and Latin America and an increase of [removed: 11%] [added: 10%] in combined Europe, Asia and other markets (a [removed: 10%] [added: 9%] increase on a constant currency basis).

Excluding the impact of foreign currency movements, device sales for the year ended June 30, [removed: 2024] [added: 2025] increased by [removed: 7%.][added: 9%.]

Net revenue from masks and other for the year ended June 30, [removed: 2024] [added: 2025] increased to [removed: $1,657.2] [added: $1,839.7] million from [removed: $1,454.3] [added: $1,657.2] million for the year ended June 30, [removed: 2023,] [added: 2024,] an increase of [removed: 14%,] [added: 11%,] including an increase of [removed: 15%] [added: 12%] in the [removed: United States,] [added: U.S.,] Canada and Latin America and an increase of [removed: 10%] [added: 9%] in combined Europe, Asia and other markets [removed: (a] [added: (an] 8% increase on a constant currency basis).

Excluding the impact of foreign currency movements, masks and other sales increased by [removed: 13%,] [added: 11%,] compared to the year ended June 30, [removed: 2023.][added: 2024.]

Net revenue from our [removed: SaaS] [added: Residential Care Software] business for the year ended June 30, [removed: 2024] [added: 2025] was [removed: $584.1] [added: $641.4] million, compared to [removed: $498.0] [added: $584.1] million for the year ended June 30, [removed: 2023,] [added: 2024,] an increase of [removed: $86.1] [added: $57.3] million or [removed: 17%.][added: 10%.]

During fiscal year 2025, we renamed our operating segments from Sleep and Respiratory Care to Sleep and Breathing Health and from Software as a Service to Residential Care Software in alignment with our 2030 strategy.

There have been no changes in the preparation and disclosure of financial information by operating segment.

| Total Sleep and Breathing Health | | | $ | 4,504,890 | | | | | $ | 4,101,172 | | | | | 10 | | | | | | 10 | | |

| Residential Care Software | | | 641,437 | | | | | | 584,125 | | | | | | 10 | | | | | | 10 | | |

Sleep and Breathing Health

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

million or 10%.

Residential Care Software

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | | | | | | | | | |

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

June 30, 2024.

The constant currency increase in research and development expenses was primarily due to increases in employee-related costs.

The decrease in amortization of acquired intangibles is due to certain acquired intangible assets reaching the end of their useful lives and becoming fully amortized, partially offset by increases from amortization of acquired intangibles associated with new acquisitions.

We did not incur material restructuring expenses during the year ended June 30, 2025.

| | | | | | | | | | | | | | | | | | |

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

The decrease in our effective tax rate for the year ended June 30, 2025 was primarily due to the IRS refund of interest and penalties and tax benefits realized from the cessation of certain business activities.

The Organization of Economic Co-operation and Development (OECD) and the G20 Inclusive Framework on Base Erosion and Profit Shifting (the Inclusive Framework) has put forth two proposals—Pillar One and Pillar Two—that (i) revise the existing profit allocation and nexus rules and (ii) ensure a minimal level of taxation, respectively.

Effective in our fiscal year beginning July 1, 2024, various jurisdictions in which we operate began implementing the global minimum tax prescribed under Pillar Two.

These changes in legislation did not have a material impact on our income tax expense and cash flows for the fiscal year ending June 30, 2025.

On June 28, 2025, the G7 issued a joint statement in which its members agreed that Pillar Two will operate alongside the U.S. system of tax and proposed that U.S.-parented multinational groups would not be subject to the income inclusion rules and undertaxed profits rules of Pillar Two.

The remaining OECD countries are likely to consider changes to existing and proposed tax laws to align with the recommendations and guidelines proposed by G7.

We are continuing to evaluate the potential impacts of the Inclusive Framework for future periods.

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

| | | | 2025 | | | | | | 2024 | | |

| Amortization of acquired intangibles - cost of sales | | | 32,116 | | | | | | 32,963 | | |

| Amortization of acquired intangibles - operating expenses | | | 45,273 | | | | | | 46,521 | | |

| Restructuring expenses | | | — | | | | | | 64,228 | | |

| Masks with magnets field safety notification expenses | | | (1,512) | | | | | | 6,351 | | |

| Astral field safety notification expenses | | | — | | | | | | 7,911 | | |

| Acquisition-related expenses | | | 2,031 | | | | | | 483 | | |

| Tax benefit from business cessation | | | (21,430) | | | | | | — | | |

| Income tax effect of interest income on tax refunds | | | (29,976) | | | | | | — | | |

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

investment needs and the cash flow needs we have in the U.S., such as for the repayment of debt, dividend distributions, and other domestic obligations.

| | | | | | | | | | | | |

| | | | 2025 | | | | | | 2024 | | |

During fiscal year 2024, we announced a new operating model to accelerate long-term growth.

The new operating model introduces dedicated leadership in Product, Revenue, and Marketing to the global executive team.

This change aims to increase the velocity of product development and sharpen our customer and brand focus.

Ultimately, the goal is to accelerate profitable growth, while driving greater value and improved care throughout the outside hospital care continuum and the patient journey.

\-49-

| Total Sleep and Respiratory Care | | | $ | 4,101,172 | | | | | $ | 3,725,017 | | | | | 10 | | | | | | 10 | | |

| Software as a Service | | | 584,125 | | | | | | 497,976 | | | | | | 17 | | | | | | | | |

Sleep and Respiratory Care

\-50-

Software as a Service

The increase was predominantly due to our acquisition of MEDIFOX DAN, which was acquired on November 21, 2022.

| | | | 2024 | | | | | | 2023 | | | | | | | | | | | | | | | | | | | | |

Selling, general and administrative expenses,

\-51-

The constant currency increase in research and development expenses was primarily due to increased investment in our digital health technologies and SaaS solutions as well as additional expenses associated with the consolidation of recent acquisitions.

The increase in amortization expense was primarily attributable to our acquisition of MEDIFOX DAN.

| Gain on insurance recoveries | | | — | | | | | | 20,227 | | | | | | (20,227) | | |

During the year ended June 30, 2023, we recognized recoveries from business interruption insurance for $20.2 million.

\-52-

million for the year ended June 30, 2023.

The increase in our effective tax rate for the year ended June 30, 2024 was primarily due to a shift in our geographic mix of earnings and lower tax deductions in the current year associated with the vesting or settlement of employee share-based awards.

\-53-

| | | | 2024 | | | | | | 2023 | | |

| Gain on insurance recoveries | | | — | | | | | | (20,227) | | |

The $1,542.2 million increase in cash flow used in financing activities was primarily due to borrowing activity under our Revolving Credit Agreement in order to finance our acquisition of MEDIFOX DAN during the year ended June 30, 2023 and subsequent repayments during the year ended June 30, 2024.

We did not purchase any shares under our share repurchase program during the year ended June 30, 2023.

| Debt | | | $ | 712,647 | | | | | $ | 12,647 | | | | | $ | 10,000 | | | | | $ | 440,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 250,000 | |

| Interest on debt | | | 92,923 | | | | | | 28,831 | | | | | | 27,393 | | | | | | 19,209 | | | | | | 8,625 | | | | | | 8,625 | | | | | | 240 | | |

| Operating leases | | | 186,673 | | | | | | 32,490 | | | | | | 25,759 | | | | | | 21,675 | | | | | | 19,894 | | | | | | 18,262 | | | | | | 68,593 | | |

| Purchase obligations | | | 1,023,088 | | | | | | 845,432 | | | | | | 113,067 | | | | | | 24,125 | | | | | | 3,709 | | | | | | 1,675 | | | | | | 35,080 | | |

| Total | | | $ | 2,015,331 | | | | | $ | 919,400 | | | | | $ | 176,219 | | | | | $ | 505,009 | | | | | $ | 32,228 | | | | | $ | 28,562 | | | | | $ | 353,913 | |

| Standby letter of credit | | | $ | 10,587 | | | | | $ | 4,256 | | | | | $ | 523 | | | | | $ | — | | | | | $ | — | | | | | $ | 189 | | | | | $ | 5,619 | |

| Guarantees* | | | 3,453 | | | | | | 3,377 | | | | | | 15 | | | | | | 8 | | | | | | 20 | | | | | | — | | | | | | 33 | | |

| Total | | | $ | 14,040 | | | | | $ | 7,633 | | | | | $ | 538 | | | | | $ | 8 | | | | | $ | 20 | | | | | $ | 189 | | | | | $ | 5,652 | |

In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws.

On September 19, 2021, we concluded the settlement agreement with the Australian Taxation Office (“ATO”) in relation to the previously disclosed transfer pricing dispute for the tax years 2009 through 2018 (“ATO settlement”).

The ATO settlement fully resolved the dispute for all prior years, with no admission of liability and provides clarity in relation to certain future taxation principles.

The final net impact of the ATO settlement was recorded during the years ended June 30, 2021 and 2022 in the amount of $238.7 million, which represents a gross amount of $381.7 million, including interest and penalties of $48.1 million, and adjustments for credits and deductions of $143.0 million.

As a result of the ATO settlement and due to movements in foreign currencies, we recorded a benefit of $14.1 million within other comprehensive income, and a $4.1 million reduction of tax credits, which was recorded to income tax expense.

As a result of the ATO settlement, we reversed our previously recorded uncertain tax position.

The notional value of outstanding foreign cross-currency swaps was [added: $1,128.3 million and] $1,026.2 million at June 30, [removed: 2024.][added: 2025 and June 30, 2024, respectively.]

The notional value of the outstanding non-designated hedges was [removed: $1,340.0] [added: $1,410.2] million and [removed: $954.7] [added: $1,340.0] million at June 30, [removed: 2024] [added: 2025] and June 30, [removed: 2023,] [added: 2024,] respectively.

These contracts mature at various dates prior to [removed: September] [added: June] 15, [removed: 2025.][added: 2026.]

[Table of [removed: Contents](#i7fe754a0eb594e619b22be4f3387c577_7)][added: Contents](#i12a12641041043a9978dbf1b6961a4a2_7)]

The table below provides information (in U.S. dollars) on our significant foreign-currency-denominated financial assets by legal entity functional currency as of June 30, [removed: 2024] [added: 2025] (in thousands):

| Net Total | | | [removed: —] [added: 3,872] | | | | | | [removed: 4,140] [added: 15,140] | | | | | | [removed: 727] [added: —] | | | | | | [removed: —] [added: 2,871] | | |

| Foreign Currency Hedges | | | [removed: (360,000)] [added: (470,000)] | | | | | | [removed: (128,467)] [added: (241,298)] | | | | | | — | | | | | | — | | |

The table summarizes information on instruments and transactions that are sensitive to foreign currency exchange rates, including foreign currency call options, collars, forward contracts and cross-currency swaps held at June 30, [removed: 2024.][added: 2025.]

| | | | | | | | | | | | | | | | Total | | | | | | June 30, [removed: 2024] [added: 2025] | | | | | | June 30, [removed: 2023] [added: 2024] | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 495,000] [added: 340,000] | | | | | | [removed: 730] [added: 2,969] | | | | | | [removed: (1,064)] [added: 730] | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | AUD 1 = USD [removed: 0.6677] [added: 0.6521] | | | | | | | | | | | | | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | AUD 1 = EUR [removed: 0.6275] [added: 0.5777] | | | | | | | | | | | | | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | SGD 1 = [removed: Euro 0.6797] [added: EUR 0.6716] | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 360,000] [added: 470,000] | | | | | | [removed: (2,054)] [added: 3,031] | | | | | | [removed: (4,133)] [added: (2,054)] | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | SGD 1 = USD [removed: 0.7460] [added: 0.7826] | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 27,520] [added: 27,918] | | | | | | [removed: (112)] [added: 374] | | | | | | [removed: (31)] [added: (112)] | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | AUD 1 = CNY [removed: 4.8538] [added: 4.6233] | | | | | | | | | | | | | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | USD 1 = EUR [removed: .9610] [added: 0.9610] | | | | | | | | | | | | | | |

| Contract amount | | | | | | | | | | | | | | | [removed: 29,238] [added: 36,711] | | | | | | [removed: (143)] [added: 370] | | | | | | [removed: 156] [added: (143)] | | |

| Ave. contractual exchange rate | | | | | | | | | | | | | | | CAD 1 = USD [removed: 0.7274] [added: 0.7416] | | | | | | | | | | | | | | |

At June 30, [removed: 2024,] [added: 2025,] we held cash and cash equivalents of [removed: $238.4] [added: $1,209.5] million principally comprising of bank term deposits and at-call accounts and are invested at both short-term fixed interest rates and variable interest rates.

At June 30, [removed: 2024,] [added: 2025,] there was [removed: $210.0] [added: $170.0] million outstanding under the [removed: revolving credit and] term loan facilities, which were subject to variable interest rates.

A hypothetical 10% change in interest rates during the year ended June 30, [removed: 2024,] [added: 2025,] would not have had a material impact on pretax income.

\-66-

| Net Assets/(Liabilities) | | | 409,575 | | | | | | (201,058) | | | | | | (63) | | | | | | 37,600 | | |

| Foreign Currency Hedges | | | (340,000) | | | | | | 188,330 | | | | | | — | | | | | | (27,918) | | |

| Net Total | | | 69,575 | | | | | | (12,728) | | | | | | (63) | | | | | | 9,682 | | |

| Net Assets/(Liabilities) | | | — | | | | | | 333,760 | | | | | | 37,442 | | | | | | — | | |

| Foreign Currency Hedges | | | — | | | | | | (329,578) | | | | | | (36,711) | | | | | | — | | |

| Net Total | | | — | | | | | | 4,182 | | | | | | 731 | | | | | | — | | |

| Net Assets/(Liabilities) | | | 473,872 | | | | | | 256,438 | | | | | | — | | | | | | 2,871 | | |

\-67-

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

| Contract amount | | | | | | | | | | | | | | | 276,610 | | | | | | (1,203) | | | | | | (1,610) | | |

| Contract amount | | | | | | | | | | | | | | | 258,954 | | | | | | (1,426) | | | | | | 825 | | |

| Contract amount | | | | | | | | | | | | | | | 1,128,329 | | | | | | (128,631) | | | | | | (31,743) | | |

\-68-

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

\-61-

| Net Assets/(Liabilities) | | | 516,532 | | | | | | (198,361) | | | | | | — | | | | | | 33,605 | | |

| Foreign Currency Hedges | | | (495,000) | | | | | | 171,289 | | | | | | — | | | | | | (27,520) | | |

| Net Total | | | 21,532 | | | | | | (27,072) | | | | | | — | | | | | | 6,085 | | |

| Net Assets/(Liabilities) | | | — | | | | | | 303,896 | | | | | | 29,965 | | | | | | — | | |

| Foreign Currency Hedges | | | — | | | | | | (299,756) | | | | | | (29,238) | | | | | | — | | |

| Net Assets/(Liabilities) | | | 375,902 | | | | | | 125,365 | | | | | | — | | | | | | 1,747 | | |

| Net Total | | | 15,902 | | | | | | (3,102) | | | | | | — | | | | | | 1,747 | | |

\-62-

| Contract amount | | | | | | | | | | | | | | | 251,580 | | | | | | (1,610) | | | | | | (915) | | |

| Contract amount | | | | | | | | | | | | | | | 176,642 | | | | | | 825 | | | | | | (1,760) | | |

| Contract amount | | | | | | | | | | | | | | | 1,026,231 | | | | | | (31,743) | | | | | | (60,546) | | |

\-63-

Our comprehensive [removed: out-of-hospital, or OOH,] [added: residential care] software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice.

[Table of [removed: Contents](#i7fe754a0eb594e619b22be4f3387c577_7)][added: Contents](#i12a12641041043a9978dbf1b6961a4a2_7)]

We employ [removed: over 9,980] [added: more than 10,600] people and sell our products in [removed: over] [added: more than] 140 countries through a combination of wholly owned subsidiaries and independent distributors.

We make our periodic reports, together with any amendments, available on our investor relations website (https://investor.resmed.com), free of charge, as soon as reasonably practicable after we electronically file or furnish the reports with the [added: U.S.] Securities and Exchange Commission, or SEC.

We operate in two segments, which are the Sleep and [removed: Respiratory Care] [added: Breathing Health] segment and [removed: the] [added: Residential Care] Software [removed: as a Service, or SaaS,] segment.

We are focused on sleep and related [removed: respiratory care,] [added: breathing health,] both of which we believe are globally underpenetrated, and where we believe our products can improve patient outcomes, create efficiencies for our customers, help physicians and providers better manage chronic disease and reduce overall healthcare system costs.

Additionally, our software solutions are focused on [removed: OOH] [added: those who provide residential] care, which we believe is fragmented and underserved, and where we see significant opportunity to transform and significantly improve [removed: OOH] [added: residential] healthcare through a strategy of enabling better patient care, improving clinical decision support, and driving interoperability across [removed: OOH] [added: residential] care settings.

Non-REM sleep is subdivided into [removed: four] [added: three] stages that generally parallel sleep depth; stage 1 is the lightest and stage [removed: 4] [added: 3] is the deepest.

These breathing events result in a lowering of blood oxygen concentration, causing the central nervous system to react to the lack of oxygen or increased carbon [removed: dioxide and] [added: dioxide,] signaling the body to respond.

A long-term epidemiology study published in 2013 estimated that 26% of adults [removed: age] [added: aged] 30-70 have some form of obstructive sleep apnea.

Of those [removed: impacted,] [added: impacted globally,] it was estimated that more than 424 million would have moderate to severe sleep apnea.

It is estimated that less than 20% of those with OSA have been diagnosed or [removed: treated.][added: treated in the U.S., and 10% or less in other markets.]

While sleep apnea has been diagnosed in a small portion of a broad cross-section of the population, until [removed: recently,] [added: recently] it has [removed: typically] [added: most frequently] been diagnosed among middle-aged men with obesity.

[removed: A] [added: Among all patients, a] strong association has been discovered between sleep apnea and a number of cardiovascular and metabolic diseases.

[removed: Alternative] [added: Recently,] pharmaceutical therapy treatments [removed: expected to be indicated] [added: have been cleared] for [removed: OSA] [added: the] treatment [added: of OSA and others] are [added: reportedly] under development.

CPAP was first used as a treatment for OSA in 1980 by Dr. Colin Sullivan, the past Chairman of our Medical Advisory Board, and was commercialized for treatment of OSA in the [removed: United States, or U.S.,] [added: U.S.] in the mid-1980s.

Our aim is to provide [removed: respiratory care] [added: breathing health] solutions to patients with COPD and other chronic respiratory diseases, such as overlap syndrome, obesity hypoventilation syndrome, or OHS, and neuromuscular disease, including amyotrophic lateral sclerosis, or ALS.

Our products cover patients ranging from those who only require therapy from CPAP systems at night to those who are dependent on non-invasive or invasive ventilation for [removed: life-support.][added: life support.]

We supply CPAP and bilevel device systems, high flow therapy device systems (HFT), non-invasive and invasive ventilators, humidifiers, and accessories, including masks, nasal cannula, [added: headgear,] and tubing.

Patients with emphysema have more normal blood gases, are usually thin and hyperinflated [added: and have a decreased diffusion capacity.]

[removed: Our SaaS strategy is to develop a portfolio] [added: We also provide management software] that assists durable or home medical equipment (DME/HME) providers, and other long-term care providers operate more effectively and efficiently across various [removed: OOH] [added: residential] care settings.

[removed: With a] comprehensive set of software and services offerings, our [removed: SaaS] [added: software] solutions enable providers to streamline workflow and deliver an improved patient experience across our existing vertical markets including HME and home infusion, facility-based organizations including skilled nursing, senior living, and life plan communities, home health and hospice providers, and to adjacent providers through a growing portfolio of value-added solutions with broad applicability.

[removed: Our offerings can help providers perform analytics, manage documentation and implement new] reimbursement requirements as well as more effectively transfer data as patients move between different care settings.

We believe the [removed: treatment of] sleep [removed: apnea] and [removed: respiratory care] [added: breathing treatments] will continue to grow due to a number of factors, including increasing awareness of OSA, CSA and COPD; improved understanding of the role of sleep apnea treatment in the management of [removed: cardiac, neurologic, metabolic, and related disorders;] [added: adjacent pathologies;] improved understanding of the role of [added: bilevel therapy and] non-invasive [added: ventilation in the management of COPD; and an increase in the use of digital and product technology to improve patient outcomes and create efficiencies for customers and providers.]

Our strategy for expanding our business operations and capitalizing on the growth of [removed: the] sleep [removed: apnea] and [removed: respiratory care,] [added: breathing health markets,] as well as growth in [removed: OOH] [added: residential] care settings, consists of the following key elements:

[removed: Likewise, we] [added: We] are committed to ongoing innovation of our [removed: respiratory care products that serve the needs of patients with COPD and neuromuscular diseases,] [added: breathing health products,] providing advanced and expanded integrations of our therapy-based software [removed: solutions] [added: solutions,] including [removed: AirView for Respiratory Care,] [added: AirView,] enabling clinicians to remotely monitor patients on some ventilation devices and bilevel devices.

- [removed: Broaden our Digital Health Technology Foundation.] [added: Invest in an Integrated, Intelligent Digital‑Health Ecosystem Delivered at Home.] Digital enablement is central to our strategy.

We are expanding our cloud-based patient management and engagement platforms, such as [removed: AirView,] [added: AirView and other systems used by providers,] enabling remote monitoring, over-the-air trouble [removed: shooting and] [added: shooting,] changing of device settings, [removed: U-Sleep enabling] [added: as well as] automated patient coaching through a text, [removed: email] [added: email,] or interactive voice phone call and myAir, a patient engagement application that provides sleep [removed: coaching and] [added: data,] a daily score based on [removed: users' sleep data.][added: a user's previous night’s data and coaching for patients.]

We are connecting capabilities across the platforms in these [removed: OOH] [added: residential] care settings to help our customers be more efficient, better serve people, keep them out of hospital, and provide care in lower-cost, higher-quality care settings.

Today, our [removed: SaaS] [added: Residential Care Software] solutions support [removed: out of hospital] [added: residential care] providers serving [removed: over 150] [added: more than 160] million individual patient accounts.

- [removed: Increase Public and Clinical] [added: Accelerate Market Growth through] Awareness. We continue to expand our existing [removed: promotional] [added: educational] activities to increase awareness of sleep apnea, COPD, and other clinical conditions that can be treated with our industry-leading solutions.

These [removed: promotional] activities target both the population predisposed to sleep apnea and medical specialists, such as pulmonologists, sleep medicine specialists, primary care physicians, cardiologists, [added: neurologists, and other medical subspecialists who treat these conditions and their associated comorbidities.]

[removed: Studies] [added: Additionally, studies] have established a clinical association between OSA and both stroke and chronic heart failure and have recognized sleep apnea as a cause of hypertension or high blood pressure.

[removed: Additionally, research] [added: Research] supported by [removed: ResMed] [added: Resmed] has demonstrated that the addition of non-invasive ventilation to patients with severe COPD who are receiving oxygen therapy provides meaningful clinical benefits to the patient and the broader healthcare system.

Devices in total accounted for approximately 52%, [removed: 54%,] [added: 52%,] and [removed: 52%] [added: 54%] of our net revenues in fiscal years [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] respectively.

Masks, diagnostic products and accessories together accounted for approximately [added: 36%,] 35%, [removed: 34%,] and [removed: 37%] [added: 34%] of our net revenues in fiscal years [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] respectively.

We have been a consistent innovator in [removed: small] nasal, nasal pillows, and full-face masks, by improving patient comfort while minimizing size and weight.

The table below provides an [removed: of] overview of our [added: frontline] mask systems by category.

| Freedom | | | AirFit N30i, AirFit [added: X30i, AirFit] P30i, and AirFit F30i freedom masks, which feature top-of-head tubing design allowing flexibility to easily switch sleep positions. | | |

| Ultra Soft | | | The AirTouch [added: N30i, AirTouch] F20 and AirTouch N20 masks feature [removed: a] soft and breathable [removed: AirTouch cushion] [added: materials] designed to enhance CPAP mask comfort. | | |

With a

In May 2025, we acquired VirtuOx, a software-enabled independent diagnostic testing facility, or IDTF, and provider of technology solutions to facilitate in-home and remote testing services for sleep, respiratory, cardiac, and other health conditions across the United States, or U.S. This acquisition strengthens our position in the sleep and breathing health market by expanding our ability to offer end-to-end solutions, including home-based diagnostics and patient monitoring.

VirtuOx will operate as a wholly owned subsidiary of Resmed.

The acquisition is not material to our financial results.

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

Sleep and Breathing Health

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

We also offer myAir, a patient engagement application that provides sleep data and a daily score based on a user's previous night’s data to improve compliance.

Breathing Health

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

Residential Care Software

Our Residential Care Software business provides cloud-based solutions to healthcare providers operating in the residential care market, including HME and home infusion providers, home health and hospice providers, skilled nursing facilities, private duty nursing organizations, senior living facilities, and life plan communities.

These providers face increasing operational and compliance complexities due to factors such as evolving reimbursement frameworks, workforce constraints, and demographic shifts.

Our Residential Care Software offerings are designed to support customers in addressing these challenges by helping providers perform analytics, manage documentation and implement new

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

Our Residential Care Software platforms include capabilities for billing and business management, electronic medical records, revenue cycle management, operational analytics, patient engagement, and workforce management.

We envision a world where every person can achieve their full potential through better sleep and breathing, with care delivered in their own home.

- Grow and Differentiate Our Core Sleep Apnea Portfolio. We are the leader in developing smaller, quieter, more comfortable and more connected products.

We aim to continue differentiating our products by integrating artificial‑intelligence and machine‑learning, or AI and ML, algorithms to further enhance therapy performance and user experience.

Sleep is becoming a more important aspect of our customers' lives, and we intend to drive higher rates of screening, diagnosis, and therapy adoption through simpler care pathways.

In April 2025, we made our home sleep apnea test, NightOwl, available across the U.S., providing a simplified, accurate, and efficient way to diagnose OSA from the comfort of an individual’s home.

In May 2025, we acquired VirtuOx, an IDTF, to expand our ability to partner with healthcare providers to help streamline the diagnostic process, while expanding collaboration with home medical equipment providers to efficiently support patients to start treatment.

- Capitalize on Broader Sleep and Breathing Health Adjacencies. Our evolution is designed to capitalize on key macro trends, including the enhanced spotlight on sleep apnea due to pharmaceuticals and consumer technology.

Through our brand leadership and expertise, we are positioned to serve large, unmet needs in insomnia, COPD and other respiratory and related conditions.

We can

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

leverage our installed base of more than 30 million patients using cloud‑connected devices on AirView and over 10 million patients registered to our myAir platform to enable personalized, efficient and data‑driven care.

Our own efforts to drive increased therapy adoption, as well as increased adoption through use of wearables with sleep monitoring functionality, will allow us to further build upon our data advantage.

- Align Solutions to Enable Smarter, Connected Care. Our leading Residential Care Software solutions are a key enabler of our Sleep and Breathing Health business, driving revenue synergies, contributing to demand generation and providing cohesion and interoperability for our AI-driven digital platform.

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

| EasyCare Tx | | | A comprehensive sleep lab solution that treats a range of patients, designed to support comfortable, uninterrupted sleep for effective titration. | | |

Residential Care Software Products

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

Further, we source many components and materials for our products from and manufacture our products in various countries.

Changes to trade policy, including tariff measures introduced in February 2025, may drive new inflation risks in our supply chain for these components and materials.

On April 5, 2025, U.S. Customs and Border Protection issued a Notice of Implementation confirming that current tariff relief for products like ours continues.

The current impact of global tariffs is dynamic, however.

If reciprocal tariffs go into widespread effect, they could have a material impact on our business and financial statements through interruption of supply chains, increases in our costs as our suppliers deal with an uncertain global trade environment or an increase or disruption of global shipping.

We also provide management software to agencies providing OOH care, including but not limited to home medical equipment, or HME, home health and hospice, skilled nursing, life plan community, senior living, outpatient therapy and private duty services.

Sleep and Respiratory Care

Respiratory Care

and have a decreased diffusion capacity.

Software as a Service

Due to multiple acquisitions, including Brightree in April 2016, HEALTHCAREfirst in July 2018, MatrixCare in November 2018, and MEDIFOX DAN in November 2022, our operations now include software platforms that comprise our SaaS business.

ventilation in the management of COPD; and an increase in the use of digital and product technology to improve patient outcomes and create efficiencies for customers and providers.

- Continue Product Development and Innovation in Sleep Apnea and Respiratory Care Products. We are committed to ongoing innovation in developing products for the diagnosis and treatment of sleep apnea.

We have been a leading innovator of products designed to treat sleep apnea more effectively, increase patient comfort, convenience, and encourage compliance with prescribed therapy.

We have introduced a full suite of masks in our AirFit and AirTouch and other ranges, and we offer advanced and expanded integrations of our therapy-based software solutions used by providers, including AirView, to promote greater patient adherence to therapy.

Our acquisitions have also included adding a portfolio of sleep apnea products such as through our acquisition of Curative Medical in 2015.

In the United States we have released ResMed MaskSelector, an easy-to-use digital tool to make ResMed mask selection and sizing easier for patients and more effective for providers.

Sleep is becoming a more important aspect of our customers' lives.

We believe increased adoption of wearables with sleep monitoring functionality will drive more sleep-concerned consumers into care pathways.

We believe that the combination of continued product development, product and technology acquisitions and innovation are key factors of our ongoing success.

Approximately 19% of our employees are devoted to research and development activities.

- Expand SaaS Solutions in Out-of-Hospital Care Settings. Our vision is to transform and significantly improve OOH healthcare through a strategy of enabling better patient care, improving clinical decision support, and driving interoperability across OOH healthcare settings.

Since acquiring Brightree in 2016, plus MatrixCare and HEALTHCAREfirst in 2018, we offer software solutions across multiple OOH healthcare settings including HME, home health and hospice, skilled nursing, life plan communities, senior living, and private duty.

Our acquisition of MEDIFOX DAN in 2022 expanded ResMed’s SaaS business to Germany and added new OOH care sectors to our ecosystem, including outpatient therapy.

- Expand Geographic Presence. We offer our products in more than 140 countries to sleep clinics, home healthcare dealers, patients and third-party payors.

We intend to increase our sales and marketing efficiency in our principal geographies, as well as expand the depth of our presence in other high-growth geographic regions.

In 2015, we acquired Curative Medical to invest in China and expand our growth potential in sleep apnea, COPD and respiratory care there.

In 2019, we acquired HB Healthcare, a privately owned HME that serves both reimbursed and cash-pay customers of sleep and respiratory care devices in South Korea.

In 2021, we acquired Tong-il, another leading sleep and respiratory care HME provider in South Korea, reinforcing both our commitment and capability to serve South Koreans living with sleep apnea, COPD, and other chronic respiratory diseases.

neurologists, and other medical subspecialists who treat these conditions and their associated comorbidities.

We believe that recent interest in GLP-1 weight loss drugs will potentially drive additional patients into our treatment funnel, as previously untreated sleep apnea is diagnosed as part of their clinical evaluation.

- Expand into New Clinical Applications. We continually seek to identify new applications of our technology for significant unmet medical needs.

- Leverage the Experience of our Management Team. Our senior team has extensive experience in the medical device industry in general, and in the fields of sleep apnea, respiratory care and healthcare informatics in particular.

We intend to continue to leverage the experience and expertise of these individuals to maintain our innovative approach to the development of products and solutions and to increase awareness of the serious medical problems caused by untreated sleep apnea and the use of non-invasive ventilation, and in-home life-support ventilation to treat COPD and other chronic respiratory diseases.

We are expanding our cloud-based patient management and engagement platforms, such as AirView, enabling remote monitoring, over-the-air trouble shooting, and changing of device settings, U-Sleep enabling automated patient coaching through a text, email, or interactive voice phone call and myAir, a patient engagement application that provides sleep data and a daily score based on a user's previous night’s data.

| U-Sleep | | | A compliance monitoring solution that enables providers to streamline their sleep programs to achieve better business and patient outcomes. | | |

SaaS Products

Our primary markets are HME, pharmacy, home infusion, orthotics and prosthetics.

The most disruptive effects of the COVID-19 pandemic are behind us and the global recall instituted by one of our major competitors continues to drive global demand for our devices.

In some

The

These include product listing and establishment registration requirements, which help facilitate FDA inspections and other regulatory actions.

We are required to adhere to

of a medical device that is already placed on the market.

Therefore, we are required to comply with the HIPAA Security Rule, Breach Notification Rule and certain provisions of the HIPAA Privacy Rule, as well as the terms of our business associate agreements that we enter into with our covered entity customers.

For the fiscal year ended June 30, [removed: 2024][added: 2025]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of registrant as of December 31, [removed: 2023] [added: 2024] (the last business day of the registrant’s most recently completed second fiscal quarter), computed by reference to the closing sale price of such stock on the New York Stock Exchange, was

At August [removed: 5, 2024,] [added: 4, 2025,] the registrant had [removed: 146,932,119] [added: 146,414,839] shares of Common Stock, $0.004 par value, issued and outstanding.

This number excludes [removed: 42,664,067] [added: 43,925,747] shares held by the registrant as treasury shares.

Portions of the registrant’s definitive Proxy Statement to be delivered to stockholders in connection with the registrant’s [removed: 2024] [added: 2025] Annual Meeting of Stockholders, to be filed within 120 days after the end of the fiscal year covered by this Form 10-K, are incorporated by reference into Part III of this report.

| | | | | | | [Cautionary Note Regarding [removed: Forward Looking Statements](#i7fe754a0eb594e619b22be4f3387c577_13)] [added: Forward-Looking Statements](#i12a12641041043a9978dbf1b6961a4a2_13)] | | | [removed: [1](#i7fe754a0eb594e619b22be4f3387c577_13)] [added: [1](#i12a12641041043a9978dbf1b6961a4a2_13)] | | |

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| [Part [removed: IV](#i7fe754a0eb594e619b22be4f3387c577_211)] [added: IV](#i12a12641041043a9978dbf1b6961a4a2_217)] | | | [Item [removed: 15](#i7fe754a0eb594e619b22be4f3387c577_214)] [added: 15](#i12a12641041043a9978dbf1b6961a4a2_220)] | | | [Exhibits and Consolidated Financial Statement [removed: Schedules](#i7fe754a0eb594e619b22be4f3387c577_214)] [added: Schedules](#i12a12641041043a9978dbf1b6961a4a2_220)] | | | [removed: [104](#i7fe754a0eb594e619b22be4f3387c577_214)] [added: [109](#i12a12641041043a9978dbf1b6961a4a2_220)] | | |

As used in this 10-K, the terms [removed: “we”, “us”, “our”] [added: "Resmed", "we", "us", "our"] and [removed: “the Company”] [added: "the Company"] refer to ResMed Inc., a Delaware corporation, and its subsidiaries, on a consolidated basis, unless otherwise stated.

[Table of [removed: Contents](#i7fe754a0eb594e619b22be4f3387c577_7)][added: Contents](#i12a12641041043a9978dbf1b6961a4a2_7)]

In addition, important factors to consider in evaluating such forward-looking statements include changes or developments in healthcare reform, social, macroeconomic, market, legal or regulatory circumstances, including the impact of public health crises; changes in our business or growth strategy or an inability to execute our strategy due to changes in our industry or the economy generally, the emergence of new or growing competitors, disruptions and delays in the supply chain, the actions or omissions of third parties, including suppliers, customers, competitors and governmental authorities, geopolitical and economic conditions in foreign jurisdictions impacting our business, [added: including the direct or indirect effects of new or increased tariffs, the indirect costs associated with global trade disruption] and various other factors.

$33,419,694,564.

| | | | [Item 9B](#i12a12641041043a9978dbf1b6961a4a2_190) | | | [Other Information](#i12a12641041043a9978dbf1b6961a4a2_190) | | | [107](#i12a12641041043a9978dbf1b6961a4a2_190) | | |

| | | | [Item 11](#i12a12641041043a9978dbf1b6961a4a2_205) | | | [Executive Compensation](#i12a12641041043a9978dbf1b6961a4a2_205) | | | [108](#i12a12641041043a9978dbf1b6961a4a2_205) | | |

| | | | [Item 16](#i12a12641041043a9978dbf1b6961a4a2_223) | | | [Form 10-K Summary](#i12a12641041043a9978dbf1b6961a4a2_223) | | | [110](#i12a12641041043a9978dbf1b6961a4a2_223) | | |

| | | | | | | [Signatures](#i12a12641041043a9978dbf1b6961a4a2_226) | | | [111](#i12a12641041043a9978dbf1b6961a4a2_226) | | |

$25,155,017,346.

| | | | [Item 9B](#i7fe754a0eb594e619b22be4f3387c577_187) | | | [Other Information](#i7fe754a0eb594e619b22be4f3387c577_187) | | | [102](#i7fe754a0eb594e619b22be4f3387c577_187) | | |

| | | | [Item 11](#i7fe754a0eb594e619b22be4f3387c577_199) | | | [Executive Compensation](#i7fe754a0eb594e619b22be4f3387c577_199) | | | [103](#i7fe754a0eb594e619b22be4f3387c577_199) | | |

| | | | [Item 16](#i7fe754a0eb594e619b22be4f3387c577_217) | | | [Form 10-K Summary](#i7fe754a0eb594e619b22be4f3387c577_217) | | | [105](#i7fe754a0eb594e619b22be4f3387c577_217) | | |

| | | | | | | [Signatures](#i7fe754a0eb594e619b22be4f3387c577_220) | | | [106](#i7fe754a0eb594e619b22be4f3387c577_220) | | |

Our cybersecurity program is designed to protect information and information systems from unauthorized access, use, disclosure, disruption, [added: modification, or destruction.]

[Table of [removed: Contents](#i7fe754a0eb594e619b22be4f3387c577_7)][added: Contents](#i12a12641041043a9978dbf1b6961a4a2_7)]

To identify and assess material risks from cybersecurity threats, we use a risk assessment process aligned with standard industry frameworks such as the National Institute of Standards and [removed: Technology (NIST),] [added: Technology, or NIST,] International Organization for [removed: Standardization (ISO)] [added: Standardization, or ISO,] 27001 and other industry standards.

Additionally, we require those third parties that could introduce significant cybersecurity risk to us to provide ISO certifications or Service Organization [removed: Controls (SOC)] [added: Controls, or SOC,] 2 reports as evidence of a cybersecurity audit and these reports are reviewed and assessed for risk.

Our risk management program is also reviewed annually as part of SOC 2 and Health Information Trust [removed: Alliance (HITRUST)] [added: Alliance, or HITRUST,] Common Security Framework audits.

The board of directors is informed of our cybersecurity risk management and receives an overview of our cybersecurity program from the Chief Information Security [removed: Officer (CISO)] [added: Officer, or CISO,] at least annually.

That overview covers, among other topics, [added: the] cybersecurity risk landscape and trends, data security posture, results from third-party assessments, training and vulnerability testing, our incident response plan, material cybersecurity risks, whether developing or actual, as well as the steps management has taken to respond to such risks, emerging cybersecurity regulations, technologies and best practices.

Our CISO, [removed: our] Chief Financial Officer, [removed: our] Global General Counsel, internal audit, and privacy teams are responsible for management’s oversight of cybersecurity governance, awareness, and security compliance.

In the event of a material cybersecurity incident or investigation, management will, in compliance with escalation protocols in place, [added: promptly report to the board of directors, as appropriate, in accordance with our incident response plan and other policies, and determine the timing of action, and necessary response.]

He holds an MBA degree and [removed: holds] several relevant certifications, including Certified Information Security Manager, Certified Information Systems Security Professional, Certified in Risk and Information System Control, and Certified Information Privacy Professional.

\-48-

The audit committee is responsible for reviewing proposed disclosures in connection with any material cybersecurity incident consistent with our disclosure obligations under Item 1.05 of Form 8-K.

\-43-

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| PART I | | | Item 1B — 4 | | |

| RESMED INC. AND SUBSIDIARIES | | | | | |

modification, or destruction.

\-44-

promptly report to the board of directors, as appropriate, in accordance with our incident response plan and other policies, and determine the timing of action, and necessary response.

Other facilities are in Atlanta, Georgia, Moreno Valley, California, Chatsworth, California, and Calabasas, California, U.S.A.; Singapore; [removed: Munich, Germany;] [added: Johor Bahru, Malaysia;] Lyon, France; [removed: Suzhou, China; Halifax, Canada;] [added: Gremsdorf] and [removed: Johor Bahru, Malaysia.][added: Munich, Germany; and Suzhou, China.]

At June 30, [removed: 2024,] [added: 2025,] our principal owned and leased properties were as follows:

| Atlanta, Georgia | | | Leased | | | [removed: 522,000] [added: 55,000] | | | [removed: Manufacturing, warehouse and distribution, SaaS] [added: Residential care software] sales and administration, engineering, research and development | | |

| Johor, Malaysia | | | Leased | | | [removed: 155,000] [added: 284,000] | | | Manufacturing, engineering, research and development | | |

| Lyon, France | | | Leased | | | [removed: 60,000] [added: 132,000] | | | Sales, manufacturing and distribution | | |

(1)We expect to transition operations from our Chatsworth, California location to our Calabasas, California location during fiscal year [removed: 2025.][added: 2026.]

\-49-

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| PART I | | | Item 1B — 4 | | |

| RESMED INC. AND SUBSIDIARIES | | | | | |

| Atlanta, Georgia | | | Leased | | | 467,000 | | | Manufacturing, warehouse and distribution | | |

| Gremsdorf, Germany | | | Leased | | | 51,000 | | | Warehouse and distribution, sales and administration | | |

[Table of [removed: Contents](#i7fe754a0eb594e619b22be4f3387c577_7)][added: Contents](#i12a12641041043a9978dbf1b6961a4a2_7)]

\-50-

\-45-

As of July 31, [removed: 2024,] [added: 2025,] there were [removed: 28] [added: 27] holders of record of our common stock, although the actual number of stockholders of our common stock is greater than this number of holders of record and many of these holders of record own shares as nominees on behalf of other beneficial owners.

The following table summarizes our purchases of common stock during the three months ended June 30, [removed: 2024:][added: 2025:]

[removed: There is no expiration date for this program, and the] [added: The share repurchase] program may be accelerated, suspended, delayed or discontinued at any time at the discretion of our board of directors.

Since approval of the share repurchase program in 2014 through June 30, [removed: 2024,] [added: 2025,] we have [removed: repurchased, during open window periods following earnings releases,] [added: repurchased] a total of [removed: 7.9] [added: 9.2] million shares for an aggregate of [removed: $562.7 million as of June 30, 2024.][added: $862.7 million.]

As of June 30, [removed: 2024, 12.1] [added: 2025, 10.8] million additional shares can be repurchased under the approved share repurchase program.

[Table of [removed: Contents](#i7fe754a0eb594e619b22be4f3387c577_7)][added: Contents](#i12a12641041043a9978dbf1b6961a4a2_7)]

The following graph compares the cumulative total stockholders return on our common stock from June 30, [removed: 2019] [added: 2020] through June 30, [removed: 2024,] [added: 2025,] with the comparable cumulative return of the S&P 500 index, the S&P 500 Health Care index, and the Dow Jones U.S. Select Medical Equipment index.

The graph assumes that $100 was invested in our common stock and each index on June 30, [removed: 2019.][added: 2020.]

[removed: ][added: ]

The following table shows total indexed return of stock price plus reinvestments of dividends, assuming an initial investment of $100 at June 30, [removed: 2019,] [added: 2020,] for the indicated periods.

| Index | | | [removed: 2019 | | | 2020 | | |] 2021 | | | 2022 | | | 2023 | | | 2024 | | | [added: 2025 | | |]

| April 1 - 30, 2025 | | | | | | 97,600 | | | | | | $ | 234.98 | | | | | 43,604,613 | | | | | | 11,111,400 | | |

| May 1 - 31, 2025 | | | | | | 321,134 | | | | | | 239.98 | | | | | | 43,925,747 | | | | | | 10,790,266 | | |

| June 1 - 30, 2025 | | | | | | — | | | | | | — | | | | | | 43,925,747 | | | | | | 10,790,266 | | |

| Total | | | | | | 418,734 | | | | | | $ | 238.81 | | | | | 43,925,747 | | | | | | 10,790,266 | | |

\-51-

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | |

| ResMed Inc. | | | 129 | | | 109 | | | 114 | | | 100 | | | 136 | | |

| S&P 500 | | | 139 | | | 122 | | | 144 | | | 176 | | | 200 | | |

| S&P 500 Health Care | | | 126 | | | 128 | | | 133 | | | 146 | | | 135 | | |

| Dow Jones U.S. Select Medical Equipment | | | 136 | | | 114 | | | 128 | | | 127 | | | 142 | | |

| April 1 - 30, 2024 | | | | | | — | | | | | | $ | — | | | | | 42,432,422 | | | | | | 12,283,591 | | |

| May 1 - 31, 2024 | | | | | | 231,645 | | | | | | 215.85 | | | | | | 42,664,067 | | | | | | 12,051,946 | | |

| June 1 - 30, 2024 | | | | | | — | | | | | | — | | | | | | 42,664,067 | | | | | | 12,051,946 | | |

| Total | | | | | | 231,645 | | | | | | $ | 215.85 | | | | | 42,664,067 | | | | | | 12,051,946 | | |

\-46-

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | As of June 30, | | | | | | | | | | | | | | | | | |

| ResMed Inc. | | | 100 | | | 158 | | | 206 | | | 175 | | | 184 | | | 162 | | |

| S&P 500 | | | 100 | | | 105 | | | 146 | | | 129 | | | 151 | | | 186 | | |

| S&P 500 Health Care | | | 100 | | | 109 | | | 137 | | | 139 | | | 144 | | | 159 | | |

| Dow Jones U.S. Select Medical Equipment | | | 100 | | | 110 | | | 150 | | | 125 | | | 141 | | | 140 | | |

The following table summarizes certain selected consolidated financial data for, and as of the end of, each of the fiscal years in the five-year period ended June 30, [removed: 2024.][added: 2025.]

The consolidated statement of income data for the years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] and the consolidated balance sheet data as of June 30, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] are derived from our audited consolidated financial statements included elsewhere in this report.

The consolidated statement of income data for the years ended June 30, [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] and the consolidated balance sheet data as of June 30, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020] [added: 2021] are derived from our audited consolidated financial

[Table of [removed: Contents](#i7fe754a0eb594e619b22be4f3387c577_7)][added: Contents](#i12a12641041043a9978dbf1b6961a4a2_7)]

| (In thousands, except per share data): | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Net revenue | | | | | | $ | [removed: 4,685,297] [added: 5,146,327] | | | | | $ | [removed: 4,222,993] [added: 4,685,297] | | | | | $ | [removed: 3,578,127] [added: 4,222,993] | | | | | $ | [removed: 3,196,825] [added: 3,578,127] | | | | | $ | [removed: 2,957,013] [added: 3,196,825] | |

| Cost of sales (exclusive of amortization shown separately below) | | | | | | [removed: 1,997,031] [added: 2,059,241] | | | | | | [removed: 1,836,935] [added: 1,997,031] | | | | | | [removed: 1,514,166] [added: 1,836,935] | | | | | | [removed: 1,312,598] [added: 1,514,166] | | | | | | [removed: 1,189,624] [added: 1,312,598] | | |

| Amortization of acquired intangible assets | | | | | | [removed: 32,963] [added: 32,116] | | | | | | [removed: 30,396] [added: 32,963] | | | | | | [removed: 39,650] [added: 30,396] | | | | | | [removed: 45,127] [added: 39,650] | | | | | | [removed: 49,603] [added: 45,127] | | |

| Total cost of sales | | | | | | [removed: 2,029,994] [added: 2,091,357] | | | | | | [removed: 1,867,331] [added: 2,029,994] | | | | | | [removed: 1,553,816] [added: 1,867,331] | | | | | | [removed: 1,357,725] [added: 1,553,816] | | | | | | [removed: 1,239,227] [added: 1,357,725] | | |

| Gross profit | | | | | | [removed: 2,655,303] [added: 3,054,970] | | | | | | [removed: 2,355,662] [added: 2,655,303] | | | | | | [removed: 2,024,311] [added: 2,355,662] | | | | | | [removed: 1,839,100] [added: 2,024,311] | | | | | | [removed: 1,717,786] [added: 1,839,100] | | |

| Selling, general and administrative expenses | | | | | | [removed: 917,136] [added: 991,019] | | | | | | [removed: 874,003] [added: 917,136] | | | | | | [removed: 737,508] [added: 874,003] | | | | | | [removed: 670,387] [added: 737,508] | | | | | | [removed: 676,689] [added: 670,387] | | |

| Research and development expenses | | | | | | [removed: 307,525] [added: 331,284] | | | | | | [removed: 287,642] [added: 307,525] | | | | | | [removed: 253,575] [added: 287,642] | | | | | | [removed: 225,284] [added: 253,575] | | | | | | [removed: 201,946] [added: 225,284] | | |

| Amortization of acquired intangible assets | | | | | | [removed: 46,521] [added: 45,273] | | | | | | [removed: 42,020] [added: 46,521] | | | | | | [removed: 31,078] [added: 42,020] | | | | | | 31,078 | | | | | | [removed: 30,092] [added: 31,078] | | |

| Restructuring expenses | | | | | | [removed: 64,228] [added: —] | | | | | | [removed: 9,177] [added: 64,228] | | | | | | [removed: —] [added: 9,177] | | | | | | [removed: 8,673] [added: —] | | | | | | [removed: —] [added: 8,673] | | |

| Acquisition related expenses | | | | | | [removed: —] [added: 2,031] | | | | | | [removed: 10,949] [added: —] | | | | | | [removed: 1,864] [added: 10,949] | | | | | | [removed: —] [added: 1,864] | | | | | | — | | |

| Total operating expenses | | | | | | [removed: 1,335,410] [added: 1,369,607] | | | | | | [removed: 1,223,791] [added: 1,335,410] | | | | | | [removed: 1,024,025] [added: 1,223,791] | | | | | | [removed: 935,422] [added: 1,024,025] | | | | | | [removed: 908,127] [added: 935,422] | | |

| Income from operations | | | | | | [removed: 1,319,893] [added: 1,685,363] | | | | | | [removed: 1,131,871] [added: 1,319,893] | | | | | | [removed: 1,000,286] [added: 1,131,871] | | | | | | [removed: 903,678] [added: 1,000,286] | | | | | | [removed: 809,659] [added: 903,678] | | |

| Interest expense, net | | | | | | [removed: (45,708)] [added: 4,114] | | | | | | [removed: (47,379)] [added: (45,708)] | | | | | | [removed: (22,312)] [added: (47,379)] | | | | | | [removed: (23,627)] [added: (22,312)] | | | | | | [removed: (39,356)] [added: (23,627)] | | |

| Loss attributable to equity method investments | | | | | | [removed: (1,848)] [added: 3,644] | | | | | | [removed: (7,265)] [added: (1,848)] | | | | | | [removed: (8,486)] [added: (7,265)] | | | | | | [removed: (11,205)] [added: (8,486)] | | | | | | [removed: (25,058)] [added: (11,205)] | | |

| Gain on insurance recoveries | | | | | | — | | | | | | [removed: 20,227] [added: —] | | | | | | [removed: —] [added: 20,227] | | | | | | — | | | | | | — | | |

| Total other income (loss), net | | | | | | [removed: (55,095)] [added: (7,797)] | | | | | | [removed: (30,207)] [added: (55,095)] | | | | | | [removed: (39,803)] [added: (30,207)] | | | | | | [removed: (20,016)] [added: (39,803)] | | | | | | [removed: (76,571)] [added: (20,016)] | | |

| Income before income taxes | | | | | | [removed: 1,264,798] [added: 1,677,566] | | | | | | [removed: 1,101,664] [added: 1,264,798] | | | | | | [removed: 960,483] [added: 1,101,664] | | | | | | [removed: 883,662] [added: 960,483] | | | | | | [removed: 733,088] [added: 883,662] | | |

| Income taxes | | | | | | [removed: 243,847] [added: 276,843] | | | | | | [removed: 204,108] [added: 243,847] | | | | | | [removed: 181,046] [added: 204,108] | | | | | | [removed: 409,157] [added: 181,046] | | | | | | [removed: 111,414] [added: 409,157] | | |

| Net income | | | | | | $ | [removed: 1,020,951] [added: 1,400,723] | | | | | $ | [removed: 897,556] [added: 1,020,951] | | | | | $ | [removed: 779,437] [added: 897,556] | | | | | $ | [removed: 474,505] [added: 779,437] | | | | | $ | [removed: 621,674] [added: 474,505] | |

| Basic earnings per share | | | | | | $ | [removed: 6.94] [added: 9.55] | | | | | $ | [removed: 6.12] [added: 6.94] | | | | | $ | [removed: 5.34] [added: 6.12] | | | | | $ | [removed: 3.27] [added: 5.34] | | | | | $ | [removed: 4.31] [added: 3.27] | |

| Diluted earnings per share | | | | | | $ | [removed: 6.92] [added: 9.51] | | | | | $ | [removed: 6.09] [added: 6.92] | | | | | $ | [removed: 5.30] [added: 6.09] | | | | | $ | [removed: 3.24] [added: 5.30] | | | | | $ | [removed: 4.27] [added: 3.24] | |

| Dividends per share | | | | | | $ | [removed: 1.92] [added: 2.12] | | | | | $ | [removed: 1.76] [added: 1.92] | | | | | $ | [removed: 1.68] [added: 1.76] | | | | | $ | [removed: 1.56] [added: 1.68] | | | | | $ | 1.56 | |

| Basic shares outstanding | | | | | | [removed: 147,021] [added: 146,716] | | | | | | [removed: 146,765] [added: 147,021] | | | | | | [removed: 146,066] [added: 146,765] | | | | | | [removed: 145,313] [added: 146,066] | | | | | | [removed: 144,338] [added: 145,313] | | |

| Diluted shares outstanding | | | | | | [removed: 147,550] [added: 147,340] | | | | | | [removed: 147,455] [added: 147,550] | | | | | | [removed: 147,043] [added: 147,455] | | | | | | [removed: 146,451] [added: 147,043] | | | | | | [removed: 145,652] [added: 146,451] | | |

| Consolidated Balance Sheet Data (In thousands): | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Working capital | | | | | | $ | [removed: 1,447,064] [added: 2,486,485] | | | | | $ | [removed: 1,609,297] [added: 1,447,064] | | | | | $ | [removed: 1,242,179] [added: 1,609,297] | | | | | $ | [removed: 662,991] [added: 1,242,179] | | | | | $ | [removed: 920,698] [added: 662,991] | |

| Total assets | | | | | | $ | [removed: 6,872,394] [added: 8,174,391] | | | | | $ | [removed: 6,751,708] [added: 6,872,394] | | | | | $ | [removed: 5,095,853] [added: 6,751,708] | | | | | $ | [removed: 4,728,125] [added: 5,095,853] | | | | | $ | [removed: 4,587,376] [added: 4,728,125] | |

| Long-term debt, [removed: less current maturities] [added: net] | | | | | | $ | [removed: 697,313] [added: 658,392] | | | | | $ | [removed: 1,431,234] [added: 697,313] | | | | | $ | [removed: 765,325] [added: 1,431,234] | | | | | $ | [removed: 643,351] [added: 765,325] | | | | | $ | [removed: 1,164,133] [added: 643,351] | |

| Total stockholders’ equity | | | | | | $ | [removed: 4,864,043] [added: 5,967,859] | | | | | $ | [removed: 4,129,903] [added: 4,864,043] | | | | | $ | [removed: 3,360,751] [added: 4,129,903] | | | | | $ | [removed: 2,885,679] [added: 3,360,751] | | | | | $ | [removed: 2,497,027] [added: 2,885,679] | |

\-52-

| Gain (loss) on equity investments | | | | | | (10,299) | | | | | | (4,045) | | | | | | 9,922 | | | | | | (12,202) | | | | | | 14,515 | | |

| Other, net | | | | | | (5,256) | | | | | | (3,494) | | | | | | (5,712) | | | | | | 3,197 | | | | | | 301 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

\-53-

[Table of Contents](#i12a12641041043a9978dbf1b6961a4a2_7)

\-47-

| Litigation settlement expenses | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (600) | | |

| Other, net | | | | | | (7,539) | | | | | | 4,210 | | | | | | (9,005) | | | | | | 14,816 | | | | | | (12,157) | | |

\-48-

| [Report of Independent Registered Public Accounting [removed: Firm](#i7fe754a0eb594e619b22be4f3387c577_91)] [added: Firm](#i12a12641041043a9978dbf1b6961a4a2_91)] (KPMG LLP, San Diego, CA, Auditor Firm ID: 185) | | | [removed: [65](#i7fe754a0eb594e619b22be4f3387c577_91)] [added: [70](#i12a12641041043a9978dbf1b6961a4a2_91)] | | |

| [Consolidated Balance Sheets as of June 30, [removed: 2024] [added: 2025] and [removed: 2023](#i7fe754a0eb594e619b22be4f3387c577_94)] [added: 2024](#i12a12641041043a9978dbf1b6961a4a2_94)] | | | [removed: [67](#i7fe754a0eb594e619b22be4f3387c577_94)] [added: [72](#i12a12641041043a9978dbf1b6961a4a2_94)] | | |

| [Consolidated Statements of Income for the years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i7fe754a0eb594e619b22be4f3387c577_97)] [added: 2023](#i12a12641041043a9978dbf1b6961a4a2_97)] | | | [removed: [68](#i7fe754a0eb594e619b22be4f3387c577_97)] [added: [73](#i12a12641041043a9978dbf1b6961a4a2_97)] | | |

| [Consolidated Statements of Comprehensive Income for the years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i7fe754a0eb594e619b22be4f3387c577_100)] [added: 2023](#i12a12641041043a9978dbf1b6961a4a2_100)] | | | [removed: [69](#i7fe754a0eb594e619b22be4f3387c577_100)] [added: [74](#i12a12641041043a9978dbf1b6961a4a2_100)] | | |

| [Consolidated Statements of Stockholders’ Equity for the years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i7fe754a0eb594e619b22be4f3387c577_103)] [added: 2023](#i12a12641041043a9978dbf1b6961a4a2_103)] | | | [removed: [70](#i7fe754a0eb594e619b22be4f3387c577_103)] [added: [75](#i12a12641041043a9978dbf1b6961a4a2_103)] | | |

| [Consolidated Statements of Cash Flows for the years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i7fe754a0eb594e619b22be4f3387c577_106)] [added: 2023](#i12a12641041043a9978dbf1b6961a4a2_106)] | | | [removed: [71](#i7fe754a0eb594e619b22be4f3387c577_106)] [added: [76](#i12a12641041043a9978dbf1b6961a4a2_106)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i7fe754a0eb594e619b22be4f3387c577_109)] [added: Statements](#i12a12641041043a9978dbf1b6961a4a2_109)] | | | [removed: [72](#i7fe754a0eb594e619b22be4f3387c577_109)] [added: [77](#i12a12641041043a9978dbf1b6961a4a2_109)] | | |

| [Schedule II – Valuation and Qualifying Accounts and [removed: Reserves](#i7fe754a0eb594e619b22be4f3387c577_172)] [added: Reserves](#i12a12641041043a9978dbf1b6961a4a2_175)] | | | [removed: [98](#i7fe754a0eb594e619b22be4f3387c577_172)] [added: [103](#i12a12641041043a9978dbf1b6961a4a2_175)] | | |

Quarterly Financial Information (unaudited)—The quarterly results for the years ended June 30, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] are summarized below (in thousands, except per share amounts):

| [removed: 2023] [added: 2025] | | | | | | First Quarter | | | | | | Second Quarter | | | | | | Third Quarter | | | | | | Fourth Quarter | | | | | | Fiscal Year | | |

| Basic earnings per share | | | [removed: | | |] $ | [removed: 1.44 | | | | | $ | 1.53 | | | | | $ | 1.58] [added: 9.55] | | | | | $ | [removed: 1.56] [added: 6.94] | | | | | $ | 6.12 | |

| Diluted earnings per share | | | [removed: | | |] $ | [removed: 1.43 | | | | | $ | 1.53 | | | | | $ | 1.58] [added: 9.51] | | | | | $ | [removed: 1.56] [added: 6.92] | | | | | $ | 6.09 | |

[Table of [removed: Contents](#i7fe754a0eb594e619b22be4f3387c577_7)][added: Contents](#i12a12641041043a9978dbf1b6961a4a2_7)]

We have audited the accompanying consolidated balance sheets of ResMed Inc. and subsidiaries (the Company) as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended June 30, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule II (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended June 30, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated August [removed: 8, 2024] [added: 7, 2025] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

*Critical Audit [removed: Matters*][added: Matter*]

As discussed in Notes 2(i) and 5 to the consolidated financial statements, the Company’s goodwill balance was [removed: $2,842] [added: $3,047] million as of June 30, [removed: 2024.][added: 2025.]

- evaluating information from analyst reports in the enterprise software and sleep and [removed: respiratory care] [added: breathing health] industries, which were compared to industry and market considerations used by the Company