Investment Thesis

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Competitive Moat

ResMed enjoys a strong competitive moat primarily derived from its intangible assets, including proprietary technology and a well-established brand in the sleep and respiratory care sectors. The company's regulatory approvals for its devices further enhance its durability over the next 5-10 years. Key competitive threats include emerging players in the telehealth space and traditional medical device companies expanding into respiratory solutions, which could erode market share if not addressed.

Growth Engine

Future revenue growth for ResMed is expected to stem from the expanding total addressable market (TAM) in sleep apnea and chronic obstructive pulmonary disease (COPD), estimated to grow significantly as awareness and diagnosis rates increase. The company is well-positioned to capitalize on this trend through organic growth, particularly via its innovative myAir and AirView platforms, enhancing patient engagement and adherence. ResMed is gaining market share in both domestic and international markets, bolstered by strategic partnerships and a robust distribution network.