ResMed

Gross margin expanded to 59–62% across FY2025–Q1 FY2026 on procurement, manufacturing and logistics efficiencies and product mix, indicating some ability to pass through costs and maintain premium positioning.

Durable pricing is stronger in masks/consumables and software than in devices where reimbursement and competitive bids limit list‑price leverage. AirView‑enabled adherence and remote monitoring drive value for providers, supporting pricing for software and service bundles.

Latent power exists if Philips’ U.S. re‑entry is slow, but we assume this tailwind fades. Overall: solid but not monopolistic pricing power, with sustainable contribution from masks and software.