# EDGAR Filing Document

**Accession Number:** 0000943819
**File Stem:** 0001193125-25-170512
**Filing Date:** 2025-7
**Character Count:** 37828
**Document Hash:** 917339c4c31a318555a2cfabdf991136
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-170512.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001193125-25-170512

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RESMED INC
- **CENTRAL INDEX KEY:** 0000943819
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 980152841
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15317
- **FILM NUMBER:** 251171637

**BUSINESS ADDRESS:**
- **STREET 1:** 9001 SPECTRUM CENTER BLVD.
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92123
- **BUSINESS PHONE:** 8587462400

**MAIL ADDRESS:**
- **STREET 1:** 9001 SPECTRUM CENTER BLVD.
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92123

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Under Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported):

#### July 31, 2025

## ResMed Inc.

#### (Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-15317** | **98-0152841** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

#### 9001 Spectrum Center Blvd.

#### San Diego, California 92123

#### (Address of Principal Executive Offices)
(858) 836-5000

#### (Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, $0.004 par value | RMD | NYSE |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter) ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.**  |

---

On July 31, 2025, we issued the press release furnished as Exhibit 99.1. The press release describes the results of our operations for the quarter and fiscal year ended June 30, 2025.

The information furnished in this Current Report on Form 8-K under Item 2.02 and the attached exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

---

On July 31, 2025, we announced that our board of directors declared a quarterly cash dividend of US $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 Instruments 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.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| Exhibits: | Description of Document |
| 99.1 | [Press Release dated July 31, 2025, regarding results of operations](d926247dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL, document) |

---

------

#### SIGNATURES
We have authorized the person whose signature appears below to sign this report on our behalf, in accordance with the Securities Exchange Act of 1934.

---

| | | |
|:---|:---|:---|
| Date: July 31, 2025 | **ResMed Inc.** | **ResMed Inc.** |
|  | (registrant) | (registrant) |
|  | By: | /s/ Brett Sandercock |
|  | Name: | Brett Sandercock |
|  | Its: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g926247g0730084953957.jpg)

---

| | |
|:---|:---|
| **For investors** | **For media** |
| +1 858-836-5000 | +1 619-510-1281 |
| <u>investorrelations@resmed.com</u> | <u>news@resmed.com</u> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Year-over-year revenue grows 10%, operating profit up 19%, non-GAAP operating profit up 19%* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *Operating cash flow of $539 million* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *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 <u>http://investor.resmed.com</u>* 

SAN DIEGO, July 31, 2025 – 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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue increased by 10% to $1.3 billion; up 9% on a constant currency basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin improved 230 bps to 60.8%; non-GAAP gross margin
improved 230 bps to 61.4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income from operations increased 19%; non-GAAP income from
operations up 19%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow of $539 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue increased by 10% to $5.1 billion; up 10% on a constant currency basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin improved 270 bps to 59.4%; non-GAAP gross margin
improved 230 bps to 60.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income from operations increased 28%; non-GAAP income from
operations up 19%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow of $1.8 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

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| | |
|:---|:---|
| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***2*** *of* ***10*** |

---

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 | Three Months Ended | Three Months Ended | Three Months Ended |
|  | June 30,<br>2025 | June 30,<br>2024 | % Change | Constant<br>Currency *<sup>(A)</sup>* |
|  Revenue | $1348.0 | $1223.2 | 10% | 9% |
|  Gross margin | 60.8% | 58.5% | 4 |  |
|  Non-GAAP gross margin *<sup>(B)</sup>* | 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 *<sup>(B)</sup>* | 476.4 | 400.5 | 19 |  |
|  Net income | 379.7 | 292.2 | 30 |  |
|  Non-GAAP net income *<sup>(B)</sup>* | 374.5 | 306.3 | 22 |  |
|  Diluted earnings per share | $2.58 | $1.98 | 30 |  |
|  Non-GAAP diluted earnings per share *<sup>(B)</sup>* | $2.55 | $2.08 | 23 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | June 30,<br>2025 | June 30,<br>2024 | % Change | Constant<br>Currency *<sup>(A)</sup>* |
|  Revenue | $5146.3 | $4685.3 | 10% | 10% |
|  Gross margin | 59.4% | 56.7% | 5 |  |
|  Non-GAAP gross margin *<sup>(B)</sup>* | 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 | 1685.4 | 1319.9 | 28 |  |
|  Non-GAAP income from operations *<sup>(B)</sup>* | 1763.3 | 1478.4 | 19 |  |
|  Net income | 1400.7 | 1021.0 | 37 |  |
|  Non-GAAP net income *<sup>(B)</sup>* | 1406.8 | 1139.3 | 23 |  |
|  Diluted earnings per share | $9.51 | $6.92 | 37 |  |
|  Non-GAAP diluted earnings per share *<sup>(B)</sup>* | $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.

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| | |
|:---|:---|
| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***3*** *of* ***10*** |

---

***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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue in the U.S., Canada, and Latin America, excluding Residential Care Software, grew by 9 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue in Europe, Asia, and other markets, excluding Residential Care Software, grew by 9 percent on a
constant currency basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

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| | |
|:---|:---|
| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***4*** *of* ***10*** |

---

***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 <u>investor.resmed.com</u>. 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 <u>Resmed.com</u> 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.

– More –

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|:---|:---|
| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***5*** *of* ***10*** |

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**RESMED INC. AND SUBSIDIARIES** 

**Condensed Consolidated Statements of Operations** 

*(Unaudited; $ in thousands, except for per share amounts)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | June 30,<br>2025 | June 30,<br>2024 | June 30,<br>2025 | June 30,<br>2024 |
|  Net revenue | $1347993 | $1223195 | $5146327 | $4685297 |
|  Cost of sales | 520068 | 499681 | 2060753 | 1982769 |
|  Amortization of acquired intangibles *<sup>(1)</sup>* | 9367 | 7987 | 32116 | 32963 |
|  Masks with magnets field safety notification expenses *<sup>(1)</sup>* | (1512) |  | (1512) | 6351 |
|  Astral field safety notification expenses *<sup>(1)</sup>* |  |  |  | 7911 |
|  Total cost of sales | $527923 | $507668 | $2091357 | $2029994 |
|  Gross profit | $820070 | $715527 | $3054970 | $2655303 |
|  Selling, general, and administrative | 265125 | 242187 | 991019 | 917136 |
|  Research and development | 86443 | 80861 | 331284 | 307525 |
|  Amortization of acquired intangibles *<sup>(1)</sup>* | 11928 | 11262 | 45273 | 46521 |
|  Restructuring expenses *<sup>(1)</sup>* |  |  |  | 64228 |
|  Acquisition related expenses *<sup>(1)</sup>* | 2031 |  | 2031 |  |
|  Total operating expenses | $365527 | $334310 | $1369607 | $1335410 |
|  Income from operations | $454543 | $381217 | $1685363 | $1319893 |
|  Other income (expenses), net: |  |  |  |  |
|  Interest (expense) income, net | $5757 | $(5920) | $4114 | $(45708) |
|  Gain (loss) attributable to equity method investments | 1269 | 868 | 3644 | (1848) |
|  Gain (loss) on equity investments | (2533) | (15473) | (10299) | (4045) |
|  Other, net | (983) | (2960) | (5256) | (3494) |
|  Total other income (expenses), net | 3510 | (23485) | (7797) | (55095) |
|  Income before income taxes | $458053 | $357732 | $1677566 | $1264798 |
|  Income taxes | 78348 | 65495 | 276843 | 243847 |
|  Net income | $379705 | $292237 | $1400723 | $1020951 |
|  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 *<sup>(1)</sup>* | $2.55 | $2.08 | $9.55 | $7.72 |
|  Basic shares outstanding | 146472 | 146915 | 146716 | 147021 |
|  Diluted shares outstanding | 147037 | 147533 | 147340 | 147550 |

---

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

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|:---|:---|
| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***6*** *of* ***10*** |

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**RESMED INC. AND SUBSIDIARIES** 

**Condensed Consolidated Balance Sheets** 

*(Unaudited; $ in thousands)* 

---

| | | |
|:---|:---|:---|
|  | June 30,<br>2025 | June 30,<br>2024 |
|  **Assets** |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $1209450 | $238361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 939492 | 837275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 927711 | 822250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other current assets | 428952 | 459833 |
|  Total current assets | $3505605 | $2357719 |
|  Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant, and equipment, net | $550790 | $548025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 167497 | 151121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill and other intangibles, net | 3511541 | 3327959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes and other non-current assets | 438958 | 487570 |
|  Total non-current assets | $4668786 | $4514675 |
|  Total assets | $8174391 | $6872394 |
|  **Liabilities and Stockholders' Equity** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $278157 | $237728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 402253 | 377678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current | 30506 | 25278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 166030 | 152554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable | 132274 | 107517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term debt | 9900 | 9900 |
|  Total current liabilities | $1019120 | $910655 |
|  Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | $156803 | $137343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 77682 | 79339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, non-current | 153015 | 141444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities | 141520 | 42257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 658392 | 697313 |
|  Total non-current liabilities | $1187412 | $1097696 |
|  Total liabilities | $2206532 | $2008351 |
|  Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | $761 | $588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 2033599 | 1896604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 6081490 | 4991647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock | (2073292) | (1773267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | (74699) | (251529) |
|  Total stockholders' equity | $5967859 | $4864043 |
|  Total liabilities and stockholders' equity | $8174391 | $6872394 |

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|:---|:---|
| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***7*** *of* ***10*** |

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**RESMED INC. AND SUBSIDIARIES** 

**Condensed Consolidated Statements of Cash Flows** 

*(Unaudited; $ in thousands)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | June 30,<br>2025 | June 30,<br>2024 | June 30,<br>2025 | June 30,<br>2024 |
|  **Cash flows from operating activities:** |  |  |  |  |
|  Net income | $379705 | $292237 | $1400723 | $1020951 |
|  Adjustment to reconcile net income to cash provided by operating activities: |  |  |  |  |
|  Depreciation and amortization | 63628 | 43677 | 198473 | 176870 |
|  Amortization of right-of-use assets | 10660 | 11077 | 37338 | 39339 |
|  Stock-based compensation costs | 24751 | 21392 | 91661 | 80184 |
| (Gain) loss attributable to equity method investments, net of dividends received | (1269) | (868) | (3644) | 1848 |
| (Gain) loss on equity investments | 2533 | 15473 | 10299 | 4045 |
|  Non-cash restructuring expenses |  |  |  | 33239 |
|  Changes in operating assets and liabilities: |  |  |  |  |
|  Accounts receivable, net | (5215) | (57523) | (76684) | (134278) |
|  Inventories, net | (32133) | 8910 | (80165) | 172203 |
|  Prepaid expenses, net deferred income taxes and other current assets | 47017 | (16237) | 82629 | (115213) |
|  Accounts payable, accrued expenses, income taxes payable and other | 49089 | 121975 | 90958 | 122072 |
|  Net cash provided by (used in) operating activities | $538766 | $440113 | $1751588 | $1401260 |
|  **Cash flows from investing activities:** |  |  |  |  |
|  Purchases of property, plant, and equipment | (30585) | (24881) | (89865) | (99460) |
|  Patent registration and acquisition costs | (3193) | (1442) | (10777) | (15396) |
|  Business acquisitions, net of cash acquired | (138578) | (19697) | (139248) | (133464) |
|  Purchases of investments | (2013) | (3073) | (6416) | (12765) |
|  Proceeds from exits of investments | 250 | 750 | 4628 | 1000 |
|  Proceeds (payments) on maturity of foreign currency contracts | 40406 | 1833 | 41633 | (9699) |
|  Net cash provided by (used in) investing activities | $(133713) | $(46510) | $(200045) | $(269784) |
|  **Cash flows from financing activities:** |  |  |  |  |
|  Proceeds from issuance of common stock, net | 30156 | 27696 | 74439 | 53094 |
|  Purchases of treasury stock | (100008) | (50004) | (300025) | (150011) |
|  Taxes paid related to net share settlement of equity awards | (590) | (421) | (18077) | (8757) |
|  Payments of business combination contingent consideration |  |  | (855) | (1293) |
|  Acquisition of consolidated subsidiary | (10855) |  | (10855) |  |
|  Proceeds from borrowings, net of borrowing costs |  |  |  | 105000 |
|  Repayment of borrowings | (5000) | (300000) | (40000) | (835000) |
|  Dividends paid | (77590) | (70553) | (310880) | (282320) |
|  Net cash provided by (used in) financing activities | $(163887) | $(393282) | $(606253) | $(1119287) |
|  Effect of exchange rate changes on cash | $35573 | $130 | $25799 | $(1719) |
|  Net increase (decrease) in cash and cash equivalents | 276739 | 451 | 971089 | 10470 |
|  Cash and cash equivalents at beginning of period | 932711 | 237910 | 238361 | 227891 |
|  **Cash and cash equivalents at end of period** | $1209450 | $238361 | $1209450 | $238361 |

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| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***8*** *of* ***10*** |

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**RESMED INC. AND SUBSIDIARIES** 

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  Revenue | $1347993 | $1223195 | $5146327 | $4685297 |
|  GAAP cost of sales | $527923 | $507668 | $2091357 | $2029994 |
|  *Less:* Amortization of acquired intangibles *<sup>(A)</sup>* | (9367) | (7987) | (32116) | (32963) |
|  *Less*: Masks with magnets field safety notification expenses *<sup>(A)</sup>* | 1512 |  | 1512 | (6351) |
|  *Less*: Astral field safety notification expenses *<sup>(A)</sup>* |  |  |  | (7911) |
|  Non-GAAP cost of sales | $520068 | $499681 | $2060753 | $1982769 |
|  GAAP gross profit | $820070 | $715527 | $3054970 | $2655303 |
|  GAAP gross margin | 60.8% | 58.5% | 59.4% | 56.7% |
|  Non-GAAP gross profit | $827925 | $723514 | $3085574 | $2702528 |
|  Non-GAAP gross margin | 61.4% | 59.1% | 60.0% | 57.7% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  GAAP income from operations | $454543 | $381217 | $1685363 | $1319893 |
|  Amortization of acquired intangibles—cost of sales *<sup>(A)</sup>* | 9367 | 7987 | 32116 | 32963 |
|  Amortization of acquired intangibles—operating expenses *<sup>(A</sup>*<sup>)</sup> | 11928 | 11262 | 45273 | 46521 |
|  Restructuring *<sup>(A)</sup>* |  |  |  | 64228 |
|  Masks with magnets field safety notification expenses *<sup>(A)</sup>* | (1512) |  | (1512) | 6351 |
|  Astral field safety notification expenses *<sup>(A)</sup>* |  |  |  | 7911 |
|  Acquisition-related expenses *<sup>(A)</sup>* | 2031 |  | 2031 | 483 |
|  Non-GAAP income from operations | $476357 | $400466 | $1763271 | $1478350 |

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| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***9*** *of* ***10*** |

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**RESMED INC. AND SUBSIDIARIES** 

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  GAAP net income | $379705 | $292237 | $1400723 | $1020951 |
|  Amortization of acquired intangibles—cost of sales *<sup>(A)</sup>* | 9367 | 7987 | 32116 | 32963 |
|  Amortization of acquired intangibles—operating expenses *<sup>(A)</sup>* | 11928 | 11262 | 45273 | 46521 |
|  Restructuring expenses *<sup>(A)</sup>* |  |  |  | 64228 |
|  Masks with magnets field safety notification expenses *<sup>(A)</sup>* | (1512) |  | (1512) | 6351 |
|  Astral field safety notification expenses *<sup>(A)</sup>* |  |  |  | 7911 |
|  Acquisition-related expenses <sup>(A)</sup> | 2031 |  | 2031 | 483 |
|  Tax benefit from business cessation | (21430) |  | (21430) |  |
|  Income tax effect of interest and penalties on income tax refunds *<sup>(A)</sup>* |  |  | (29976) |  |
|  Income tax effect on non-GAAP adjustments *<sup>(A)</sup>* | (5544) | (5145) | (20448) | (40114) |
|  Non-GAAP net income *<sup>(A)</sup>* | $374545 | $306341 | $1406777 | $1139294 |
|  GAAP diluted shares outstanding | 147037 | 147533 | 147340 | 147550 |
|  GAAP diluted earnings per share | $2.58 | $1.98 | $9.51 | $6.92 |
|  Non-GAAP diluted earnings per share *<sup>(A)</sup>* | $2.55 | $2.08 | $9.55 | $7.72 |

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(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.

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| *RMD Fourth Quarter 2025 Earnings Press Release – July 31, 2025* | *Page*  ***10*** *of* ***10*** |

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**RESMED INC. AND SUBSIDIARIES** 

**Revenue by Product and Region** 

*(Unaudited; $ in millions, except for per share amounts)* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
|  | June 30,<br>2025 | ***<sup>(A)</sup>*** | June 30,<br>2024 | % Change | Constant<br>Currency *<sup>(B)</sup>* |
|  **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** | $**1181.0** |  | $**1071.3** | **10** | **9** |
|  **Residential Care Software** | **167.0** |  | **151.9** | **10** | **9** |
|  **Total** | $**1348.0** |  | $**1223.2** | **10** | **9** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | June 30,<br>2025 | ***<sup>(A)</sup>*** | June 30,<br>2024 | %<br>Change | Constant<br>Currency *<sup>(B)</sup>* |
|  **U.S., Canada, and Latin America** |  |  |  |  |  |
|  Devices | $1654.4 |  | $1522.8 | 9% |  |
|  Masks and other | 1343.1 |  | 1199.8 | 12 |  |
|  Total U.S., Canada and Latin America | $2997.5 |  | $2722.6 | 10 |  |
|  **Combined Europe, Asia, and other markets** |  |  |  |  |  |
|  Devices | $1010.8 |  | $921.3 | 10% | 9% |
|  Masks and other | 496.6 |  | 457.4 | 9 | 8 |
|  Total Combined Europe, Asia and other markets | $1507.4 |  | $1378.6 | 9 | 9 |
|  **Global revenue** |  |  |  |  |  |
|  Total Devices | $2665.2 |  | $2444.0 | 9% | 9% |
|  Total Masks and other | 1839.7 |  | 1657.2 | 11 | 11 |
|  **Total Sleep and Breathing Health** | $**4504.9** |  | $**4101.2** | **10** | **10** |
|  **Residential Care Software** | **641.4** |  | **584.1** | **10** | **10** |
|  **Total** | $**5146.3** |  | $**4685.3** | **10** | **10** |

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(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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