ResMed

American medical equipment company

NYSE: RMD
S&P 500 component
ASX: RMD
S&P/ASX 200 component

IndustryMedicalFounded1989; 35 years ago (1989)FounderPeter C. FarrellHeadquartersSan Diego, California, U.S.

Key people

Michael "Mick" Farrell (CEO)
Brett Sandercock (CFO)
Justin Leong (CPO)
Katrin Pucknat (CMO)
Mike Fliss (CRO)

ProductsMedical equipment for sleep-disordered breathing and other respiratory disordersRevenue

US$4.22 billion (2023)

Operating income

US$1.13 billion (2023)

Net income

US$898 million (2023)Total assets

US$6.75 billion (2023)Total equity

US$4.13 billion (2023)

Number of employees

10,140 (2023)Websiteresmed.comFootnotes / references
Financials as of June 30, 2023^[update].^[1]

ResMed Inc. is an American medical equipment company based in San Diego, California. It primarily provides cloud-connectable medical devices for the treatment of sleep apnea (such as CPAP devices and masks), chronic obstructive pulmonary disease (COPD), and other respiratory conditions. ResMed produced hundreds of thousands of ventilators and bilevel devices to help treat the respiratory symptoms of patients with COVID-19. ResMed also provides software to out-of-hospital care agencies to streamline transitions of care into and between these care settings for seniors and their care providers (i.e. home health, hospice, skilled nursing facilities, life plan communities, senior living centers, and private duty).

ResMed employs more than 8,000 employees worldwide as of June 2022.^[2] The company operates in more than 140 countries worldwide,^[3] and has manufacturing facilities in Australia, Singapore, France, and the United States. Revenue was US$3.6 billion in fiscal year 2022.^[4]

History

ResMed was established in 1989 by Peter Farrell in Australia. It relocated to San Diego in 1990.

Leadership

On March 1, 2013, Peter's son Mick Farrell became the company's new CEO. Peter transitioned to a non-executive role at the end of the year.^[5]

In November 2023, there were many changes to the executive team at ResMed.^[6] Rob Douglas stepped down as COO and President after announcing he would retire in January 2024.^[7] In the same month, it was announced that Justin Leong will serve as CPO. Leong will also take over the digital health technology team.^[6] Katrin Pucknat will serve as the new CMO and Mike Fliss will serve as the new CRO. ^[6]

False claims settlement

In January 2020, ResMed Inc. agreed to pay more than $37.5 million to resolve alleged kickbacks paid to DME suppliers, sleep labs, and other healthcare providers in violation of the Anti-Kickback Statute.^[8]^[9]

References

^ "FY 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. August 11, 2023.
^ "San Diego's ResMed expands its cloud software footprint in Europe by acquiring German firm for $1 billion". San Diego Union-Tribune. 14 June 2022. Retrieved 2022-08-11.
^ Burima, Boh (2018-05-01). "ResMed solid third quarter". Queensland Country Life. Retrieved 2018-06-25.
^ "ResMed Inc. Announces Results for the Fourth Quarter of Fiscal Year 2022" (Press release). 11 August 2022.
^ "Founder of ResMed to Step Down as CEO; Mick Farrell to Take Top Post". San Diego Business Journal. February 20, 2013. Archived from the original on July 28, 2017. Retrieved May 26, 2018.
^ ^a ^b ^c Park, Andrea (13 November 2023). "ResMed revamps operating model with C-suite shuffle, bids farewell to COO and CTO". Fierce Biotech. Retrieved 20 November 2023.
^ "ResMed Reshuffles Executive Team, COO to Retire". MarketWatch. Retrieved 2023-11-20.
^ "Resmed Corp. To Pay the United States $37.5 Million for Allegedly Causing False Claims Related to the Sale of Equipment for Sleep Apnea and Other Sleep-Related Disorders". 15 January 2020.
^ "ResMed Corp. $37.5 Million Settlement and Corporate Integrity Agreement". 3 February 2020.