ResMed Inc. (RMD) Stock Analysis

ResMed’s primary competitive advantages stem from its scale, proprietary digital health ecosystem, and brand strength in sleep and respiratory care. The company is the global leader in sleep apnea therapy, with a presence in over 140 countries and a portfolio of more than 29 million cloud-connected devices. Its AirView and myAir platforms aggregate over 23 billion nights of patient data, enabling superior remote monitoring, patient engagement, and provider workflow integration—capabilities that rivals such as Philips and Fisher & Paykel Healthcare have struggled to match in breadth and depth.

ResMed’s product innovation is another differentiator. The company consistently launches smaller, quieter, and more comfortable devices and masks, such as the AirSense 11 and AirTouch N30i, which have received high patient satisfaction scores (e.g., 96.7% of users rated the N30i as appealing or very appealing). Its R&D investment, at 6–7% of revenue, supports a robust pipeline and rapid product iteration.

Brand reputation and clinical evidence further reinforce its moat. ResMed’s devices are widely regarded as the “gold standard” for sleep apnea, supported by over 1,000 peer-reviewed publications. The company’s scale and operational excellence have delivered industry-leading gross margins (59.4% in FY25) and operating margins (33%), outpacing most competitors.

Risks include intensifying competition from Philips’ re-entry post-recall, new entrants leveraging consumer tech, and potential disruption from GLP-1 drugs. However, ResMed’s integrated digital ecosystem, data assets, and global reach provide a durable edge.