ResMed

Revenue has compounded to $5.15B in FY2025 (+10% YoY) with Q1 FY2026 up 9% constant currency. Predictability stems from recurring resupply of masks and the Residential Care Software segment (~$641M in FY2025, +10% YoY).

Device cycles and payer policies add variability, but the large undiagnosed OSA population (hundreds of millions globally) and increasing sleep health awareness provide multi‑year demand support.

GLP‑1 OSA therapy introduces a new variable; pivotal data included a PAP‑on arm, and real‑world adherence/cost will determine substitution vs complementarity. We model steady mid‑single to low‑double‑digit growth with periodic lumpiness from product cycles and reimbursement changes.