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Resmed Inc. Announces Results for the Fourth Quarter of Fiscal Year 2025

  • Year-over-year revenue grows 10%, operating profit up 19%, non-GAAP operating profit up 19%
  • Operating cash flow of $539 million
  • Quarterly dividend increases 13% to $0.60 per share

Note: A webcast of Resmed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com

SAN DIEGO, July 31, 2025 (GLOBE NEWSWIRE) -- Resmed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended June 30, 2025.

Fourth Quarter 2025 Highlights
All comparisons are to the prior year period

  • Revenue increased by 10% to $1.3 billion; up 9% on a constant currency basis 
  • Gross margin improved 230 bps to 60.8%; non-GAAP gross margin improved 230 bps to 61.4%
  • Income from operations increased 19%; non-GAAP income from operations up 19%
  • Operating cash flow of $539 million
  • Diluted earnings per share of $2.58; non-GAAP diluted earnings per share of $2.55

Full Year 2025 Highlights
All comparisons are to the prior year period

  • Revenue increased by 10% to $5.1 billion; up 10% on a constant currency basis 
  • Gross margin improved 270 bps to 59.4%; non-GAAP gross margin improved 230 bps to 60.0%
  • Income from operations increased 28%; non-GAAP income from operations up 19%
  • Operating cash flow of $1.8 billion
  • Diluted earnings per share of $9.51; non-GAAP diluted earnings per share of $9.55

“Our strong finish to fiscal year 2025 reflects ongoing momentum across our business, driven by robust global demand for our market-leading sleep and breathing health devices, as well as our expanding digital health ecosystem,” said Resmed’s Chairman and CEO, Mick Farrell.

“In the fourth quarter, we delivered 10% headline revenue growth, 230 basis points in non-GAAP gross margin expansion, and 23% non-GAAP EPS growth. These results are a testament to the value that our best-in-class solutions deliver to our customers, and the unwavering dedication of our global team. Our connected care platform continues to set the standard for digital health innovation, empowering millions of people to take control of their sleep and breathing health with hardware, software and healthcare solutions delivered in their own homes.

“As we move into fiscal year 2026, we will continue to invest in innovation, scale our digital health capabilities, and partner with patients, providers, payers, and policymakers to ensure more people around the world have access to the care they need to sleep better, breathe better, and live longer and healthier lives.”

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

  Three Months Ended
  June 30,
2025
  June 30,
2024
  % Change   Constant
Currency (A)
Revenue $ 1,348.0     $ 1,223.2     10 %   9 %
Gross margin   60.8 %     58.5 %   4      
Non-GAAP gross margin (B)   61.4 %     59.1 %   4      
Selling, general, and administrative expenses   265.1       242.2     9     8  
Research and development expenses   86.4       80.9     7     7  
Income from operations   454.5       381.2     19      
Non-GAAP income from operations (B)   476.4       400.5     19      
Net income   379.7       292.2     30      
Non-GAAP net income (B)   374.5       306.3     22      
Diluted earnings per share $ 2.58     $ 1.98     30      
Non-GAAP diluted earnings per share (B) $ 2.55     $ 2.08     23      


  Twelve Months Ended
  June 30,
2025
  June 30,
2024
  % Change   Constant
Currency (A)
Revenue $ 5,146.3     $ 4,685.3     10 %   10 %
Gross margin   59.4 %     56.7 %   5      
Non-GAAP gross margin (B)   60.0 %     57.7 %   4      
Selling, general, and administrative expenses   991.0       917.1     8     8  
Research and development expenses   331.3       307.5     8     8  
Income from operations   1,685.4       1,319.9     28      
Non-GAAP income from operations (B)   1,763.3       1,478.4     19      
Net income   1,400.7       1,021.0     37      
Non-GAAP net income (B)   1,406.8       1,139.3     23      
Diluted earnings per share $ 9.51     $ 6.92     37      
Non-GAAP diluted earnings per share (B) $ 9.55     $ 7.72     24      


(A) In order to provide a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency” basis, which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
   
(B) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
   


Discussion of Fourth Quarter Results
All comparisons are to the prior year period unless otherwise noted

  • Revenue grew by 9 percent on a constant currency basis, driven by increased demand for our sleep devices and masks portfolio, as well as solid growth across our Residential Care Software business.
    • Revenue in the U.S., Canada, and Latin America, excluding Residential Care Software, grew by 9 percent.
    • Revenue in Europe, Asia, and other markets, excluding Residential Care Software, grew by 9 percent on a constant currency basis.
    • Residential Care Software revenue increased by 9 percent on a constant currency basis, reflecting continued organic growth in our Residential Care Software portfolio.
  • Gross margin increased by 230 basis points mainly due to procurement, manufacturing and logistics efficiencies as well as favorable foreign currency movements. Non-GAAP gross margin increased by 230 basis points due to the same factors.
  • Selling, general, and administrative expenses increased by 8 percent on a constant currency basis. The increase in SG&A expenses was mainly due to increases in employee-related costs and marketing expenses, including investments associated with our recent global brand launch along with demand generation activities. SG&A expenses improved to 19.7 percent of revenue in the quarter, compared with 19.8 percent in the same period of the prior year.
  • Income from operations increased by 19 percent and non-GAAP income from operations increased by 19 percent.
  • Net income for the quarter was $380 million and diluted earnings per share was $2.58. Non-GAAP net income increased by 22 percent to $375 million, and non-GAAP diluted earnings per share increased by 23 percent to $2.55, predominantly attributable to strong sales growth and gross margin improvement.
  • Operating cash flow for the quarter was $539 million, compared to net income in the current quarter of $380 million and non-GAAP net income of $375 million.
  • During the quarter, we paid $78 million in dividends to shareholders and repurchased 419,000 shares for consideration of $100 million as part of our ongoing capital management.

Other Business and Operational Highlights

  • Announced our acquisition of VirtuOx, a leading independent diagnostic testing facility (IDTF) for sleep, respiratory, and cardiac conditions. With VirtuOx’s at-home diagnostic services, we will be better positioned to support patients earlier in their journey and help healthcare providers and homecare companies deliver care in a simpler, more connected way.
  • Named the Official Sleep Partner of the Qatar Airways British and Irish Lions Tour to Australia and launched ‘Tackle Your Sleep,’ a digital and content focused campaign featuring legendary rugby players.
  • Showcased our research at the SLEEP 2025 conference, reinforcing our leadership in sleep science and innovation. Focus areas included presentations on PAP therapy adherence and healthcare utilization, gender disparities in OSA diagnosis, patient-reported outcomes and quality of life, and the use of AI to better understand the provider’s role in therapy engagement.

Dividend program
The Resmed board of directors today declared a quarterly cash dividend of $0.60 per share. The dividend will have a record date of August 14, 2025, payable on September 18, 2025. The dividend will be paid in U.S. currency to holders of Resmed’s common stock trading on the New York Stock Exchange. Holders of CHESS Depositary Interests (“CDIs”) trading on the Australian Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend date will be August 13, 2025, for common stockholders and for CDI holders. Resmed has received a waiver from the ASX’s settlement operating rules, which will allow Resmed to defer processing conversions between its common stock and CDI registers from August 13, 2025, through August 14, 2025, inclusive. 

Webcast details
Resmed will discuss its fourth quarter fiscal year 2025 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the call can be accessed on Resmed’s Investor Relations website at investor.resmed.com. Please go to this section of the website and click on the icon for the “Q4 2025 Earnings Webcast” to register and listen to the live webcast. A replay of the earnings webcast will be accessible on the website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately three hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13754703. The telephone replay will be available until August 14, 2025.

About Resmed
At Resmed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit Resmed.com and follow @Resmed.

Safe harbor statement
Statements contained in this release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding Resmed’s projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and the expected impact of macroeconomic conditions of our business – are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in Resmed’s periodic reports on file with the U.S. Securities & Exchange Commission. Resmed does not undertake to update its forward-looking statements.


Condensed Consolidated Statements of Operations
(Unaudited; $ in thousands, except for per share amounts)

  Three Months Ended   Twelve Months Ended
  June 30,
2025
  June 30,
2024
  June 30,
2025
  June 30,
2024
               
Net revenue $ 1,347,993     $ 1,223,195     $ 5,146,327     $ 4,685,297  
               
Cost of sales   520,068       499,681       2,060,753       1,982,769  
Amortization of acquired intangibles (1)   9,367       7,987       32,116       32,963  
Masks with magnets field safety notification expenses (1)   (1,512 )           (1,512 )     6,351  
Astral field safety notification expenses (1)                     7,911  
Total cost of sales $ 527,923     $ 507,668     $ 2,091,357     $ 2,029,994  
Gross profit $ 820,070     $ 715,527     $ 3,054,970     $ 2,655,303  
               
Selling, general, and administrative   265,125       242,187       991,019       917,136  
Research and development   86,443       80,861       331,284       307,525  
Amortization of acquired intangibles (1)   11,928       11,262       45,273       46,521  
Restructuring expenses (1)                     64,228  
Acquisition related expenses (1)   2,031             2,031        
Total operating expenses $ 365,527     $ 334,310     $ 1,369,607     $ 1,335,410  
Income from operations $ 454,543     $ 381,217     $ 1,685,363     $ 1,319,893  
               
Other income (expenses), net:              
Interest (expense) income, net $ 5,757     $ (5,920 )   $ 4,114     $ (45,708 )
Gain (loss) attributable to equity method investments   1,269       868       3,644       (1,848 )
Gain (loss) on equity investments   (2,533 )     (15,473 )     (10,299 )     (4,045 )
Other, net   (983 )     (2,960 )     (5,256 )     (3,494 )
Total other income (expenses), net   3,510       (23,485 )     (7,797 )     (55,095 )
Income before income taxes $ 458,053     $ 357,732     $ 1,677,566     $ 1,264,798  
Income taxes   78,348       65,495       276,843       243,847  
Net income $ 379,705     $ 292,237     $ 1,400,723     $ 1,020,951  
               
Basic earnings per share $ 2.59     $ 1.99     $ 9.55     $ 6.94  
Diluted earnings per share $ 2.58     $ 1.98     $ 9.51     $ 6.92  
Non-GAAP diluted earnings per share (1) $ 2.55     $ 2.08     $ 9.55     $ 7.72  
               
Basic shares outstanding   146,472       146,915       146,716       147,021  
Diluted shares outstanding   147,037       147,533       147,340       147,550  


(1) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
   

 

Condensed Consolidated Balance Sheets
(Unaudited; $ in thousands)

  June 30,
2025
  June 30,
2024
Assets      
Current assets:      
Cash and cash equivalents $ 1,209,450     $ 238,361  
Accounts receivable, net   939,492       837,275  
Inventories   927,711       822,250  
Prepayments and other current assets   428,952       459,833  
Total current assets $ 3,505,605     $ 2,357,719  
Non-current assets:      
Property, plant, and equipment, net $ 550,790     $ 548,025  
Operating lease right-of-use assets   167,497       151,121  
Goodwill and other intangibles, net   3,511,541       3,327,959  
Deferred income taxes and other non-current assets   438,958       487,570  
Total non-current assets $ 4,668,786     $ 4,514,675  
Total assets $ 8,174,391     $ 6,872,394  
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $ 278,157     $ 237,728  
Accrued expenses   402,253       377,678  
Operating lease liabilities, current   30,506       25,278  
Deferred revenue   166,030       152,554  
Income taxes payable   132,274       107,517  
Short-term debt   9,900       9,900  
Total current liabilities $ 1,019,120     $ 910,655  
Non-current liabilities:      
Deferred revenue $ 156,803     $ 137,343  
Deferred income taxes   77,682       79,339  
Operating lease liabilities, non-current   153,015       141,444  
Other long-term liabilities   141,520       42,257  
Long-term debt   658,392       697,313  
Total non-current liabilities $ 1,187,412     $ 1,097,696  
Total liabilities $ 2,206,532     $ 2,008,351  
Stockholders’ equity      
Common stock $ 761     $ 588  
Additional paid-in capital   2,033,599       1,896,604  
Retained earnings   6,081,490       4,991,647  
Treasury stock   (2,073,292 )     (1,773,267 )
Accumulated other comprehensive income   (74,699 )     (251,529 )
Total stockholders’ equity $ 5,967,859     $ 4,864,043  
Total liabilities and stockholders’ equity $ 8,174,391     $ 6,872,394  
 


Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)

  Three Months Ended   Twelve Months Ended
  June 30,
2025
  June 30,
2024
  June 30,
2025
  June 30,
2024
Cash flows from operating activities:              
Net income $ 379,705     $ 292,237     $ 1,400,723     $ 1,020,951  
Adjustment to reconcile net income to cash provided by operating activities:              
Depreciation and amortization   63,628       43,677       198,473       176,870  
Amortization of right-of-use assets   10,660       11,077       37,338       39,339  
Stock-based compensation costs   24,751       21,392       91,661       80,184  
(Gain) loss attributable to equity method investments, net of dividends received   (1,269 )     (868 )     (3,644 )     1,848  
(Gain) loss on equity investments   2,533       15,473       10,299       4,045  
Non-cash restructuring expenses                     33,239  
Changes in operating assets and liabilities:              
Accounts receivable, net   (5,215 )     (57,523 )     (76,684 )     (134,278 )
Inventories, net   (32,133 )     8,910       (80,165 )     172,203  
Prepaid expenses, net deferred income taxes and other current assets   47,017       (16,237 )     82,629       (115,213 )
Accounts payable, accrued expenses, income taxes payable and other   49,089       121,975       90,958       122,072  
Net cash provided by (used in) operating activities $ 538,766     $ 440,113     $ 1,751,588     $ 1,401,260  
Cash flows from investing activities:              
Purchases of property, plant, and equipment   (30,585 )     (24,881 )     (89,865 )     (99,460 )
Patent registration and acquisition costs   (3,193 )     (1,442 )     (10,777 )     (15,396 )
Business acquisitions, net of cash acquired   (138,578 )     (19,697 )     (139,248 )     (133,464 )
Purchases of investments   (2,013 )     (3,073 )     (6,416 )     (12,765 )
Proceeds from exits of investments   250       750       4,628       1,000  
Proceeds (payments) on maturity of foreign currency contracts   40,406       1,833       41,633       (9,699 )
Net cash provided by (used in) investing activities $ (133,713 )   $ (46,510 )   $ (200,045 )   $ (269,784 )
Cash flows from financing activities:              
Proceeds from issuance of common stock, net   30,156       27,696       74,439       53,094  
Purchases of treasury stock   (100,008 )     (50,004 )     (300,025 )     (150,011 )
Taxes paid related to net share settlement of equity awards   (590 )     (421 )     (18,077 )     (8,757 )
Payments of business combination contingent consideration               (855 )     (1,293 )
Acquisition of consolidated subsidiary   (10,855 )           (10,855 )      
Proceeds from borrowings, net of borrowing costs                     105,000  
Repayment of borrowings   (5,000 )     (300,000 )     (40,000 )     (835,000 )
Dividends paid   (77,590 )     (70,553 )     (310,880 )     (282,320 )
Net cash provided by (used in) financing activities $ (163,887 )   $ (393,282 )   $ (606,253 )   $ (1,119,287 )
Effect of exchange rate changes on cash $ 35,573     $ 130     $ 25,799     $ (1,719 )
Net increase (decrease) in cash and cash equivalents   276,739       451       971,089       10,470  
Cash and cash equivalents at beginning of period   932,711       237,910       238,361       227,891  
Cash and cash equivalents at end of period $ 1,209,450     $ 238,361     $ 1,209,450     $ 238,361  
 


Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)

The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles and are reconciled below:

  Three Months Ended   Twelve Months Ended
  June 30, 2025   June 30, 2024   June 30, 2025   June 30, 2024
               
Revenue $ 1,347,993     $ 1,223,195     $ 5,146,327     $ 4,685,297  
               
GAAP cost of sales $ 527,923     $ 507,668     $ 2,091,357     $ 2,029,994  
Less:Amortization of acquired intangibles(A)   (9,367 )     (7,987 )     (32,116 )     (32,963 )
Less: Masks with magnets field safety notification expenses(A)   1,512             1,512       (6,351 )
Less: Astral field safety notification expenses(A)                     (7,911 )
Non-GAAP cost of sales $ 520,068     $ 499,681     $ 2,060,753     $ 1,982,769  
               
GAAP gross profit $ 820,070     $ 715,527     $ 3,054,970     $ 2,655,303  
GAAP gross margin   60.8 %     58.5 %     59.4 %     56.7 %
Non-GAAP gross profit $ 827,925     $ 723,514     $ 3,085,574     $ 2,702,528  
Non-GAAP gross margin   61.4 %     59.1 %     60.0 %     57.7 %
                               

The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below:

  Three Months Ended   Twelve Months Ended
  June 30, 2025   June 30, 2024   June 30, 2025   June 30, 2024
               
GAAP income from operations $ 454,543     $ 381,217     $ 1,685,363     $ 1,319,893  
Amortization of acquired intangibles—cost of sales (A)   9,367       7,987       32,116       32,963  
Amortization of acquired intangibles—operating expenses (A)   11,928       11,262       45,273       46,521  
Restructuring (A)                     64,228  
Masks with magnets field safety notification expenses (A)   (1,512 )           (1,512 )     6,351  
Astral field safety notification expenses (A)                     7,911  
Acquisition-related expenses (A)   2,031             2,031       483  
Non-GAAP income from operations $ 476,357     $ 400,466     $ 1,763,271     $ 1,478,350  
 


Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)

The measures “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below:

  Three Months Ended   Twelve Months Ended
  June 30, 2025   June 30, 2024   June 30, 2025   June 30, 2024
               
GAAP net income $ 379,705     $ 292,237     $ 1,400,723     $ 1,020,951  
Amortization of acquired intangibles—cost of sales (A)   9,367       7,987       32,116       32,963  
Amortization of acquired intangibles—operating expenses (A)   11,928       11,262       45,273       46,521  
Restructuring expenses (A)                     64,228  
Masks with magnets field safety notification expenses (A)   (1,512 )           (1,512 )     6,351  
Astral field safety notification expenses (A)                     7,911  
Acquisition-related expenses (A)   2,031             2,031       483  
Tax benefit from business cessation   (21,430 )           (21,430 )      
Income tax effect of interest and penalties on income tax refunds (A)               (29,976 )      
Income tax effect on non-GAAP adjustments (A)   (5,544 )     (5,145 )     (20,448 )     (40,114 )
Non-GAAP net income (A) $ 374,545     $ 306,341     $ 1,406,777     $ 1,139,294  
               
GAAP diluted shares outstanding   147,037       147,533       147,340       147,550  
GAAP diluted earnings per share $ 2.58     $ 1.98     $ 9.51     $ 6.92  
Non-GAAP diluted earnings per share (A) $ 2.55     $ 2.08     $ 9.55     $ 7.72  


(A) Resmed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition related expenses, and associated tax effects, in addition to tax benefits from business cessation, and the tax effect of interest and penalties on tax refunds from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance.
   
  Resmed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. Resmed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. Resmed believes this information provides investors better insight when evaluating Resmed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP.
   


Revenue by Product and Region
(Unaudited; $ in millions, except for per share amounts)

  Three Months Ended
  June 30,
2025
(A) June 30,
2024
(A) % Change   Constant
Currency (B)
U.S., Canada, and Latin America              
Devices $ 432.8   $ 406.2   7 %    
Masks and other   359.2     321.2   12      
Total U.S., Canada and Latin America $ 791.9   $ 727.4   9      
               
Combined Europe, Asia, and other markets              
Devices $ 261.1   $ 228.8   14 %   10 %
Masks and other   127.9     115.0   11     7  
Total Combined Europe, Asia and other markets $ 389.0   $ 343.9   13     9  
               
Global revenue              
Total Devices $ 693.9   $ 635.1   9 %   8 %
Total Masks and other   487.1     436.2   12     11  
Total Sleep and Breathing Health $ 1,181.0   $ 1,071.3   10     9  
               
Residential Care Software   167.0     151.9   10     9  
Total $ 1,348.0   $ 1,223.2   10     9  
               


  Twelve Months Ended
  June 30,
2025
(A) June 30,
2024
(A) %
Change
  Constant
Currency (B)
U.S., Canada, and Latin America              
Devices $ 1,654.4   $ 1,522.8   9 %    
Masks and other   1,343.1     1,199.8   12      
Total U.S., Canada and Latin America $ 2,997.5   $ 2,722.6   10      
               
Combined Europe, Asia, and other markets              
Devices $ 1,010.8   $ 921.3   10 %   9 %
Masks and other   496.6     457.4   9     8  
Total Combined Europe, Asia and other markets $ 1,507.4   $ 1,378.6   9     9  
               
Global revenue              
Total Devices $ 2,665.2   $ 2,444.0   9 %   9 %
Total Masks and other   1,839.7     1,657.2   11     11  
Total Sleep and Breathing Health $ 4,504.9   $ 4,101.2   10     10  
               
Residential Care Software   641.4     584.1   10     10  
Total $ 5,146.3   $ 4,685.3   10     10  


(A) Totals and subtotals may not add due to rounding.
   
(B) In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
   


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+1 858-836-5000 ‘+1 619-510-1281
investorrelations@resmed.com news@resmed.com

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