- 2030 ambition to help more than 500 million people worldwide achieve their full health potential
- Showcases integration of intelligent products and solutions within the ResMed ecosystem, designed to deliver a better experience, lower costs, and enhanced outcomes for patients and providers
- Introduces updated five-year financial outlook
NEW YORK and SAN DIEGO, Sept. 30, 2024 (GLOBE NEWSWIRE) -- ResMed (NYSE: RMD, ASX: RMD) today unveiled its 2030 Strategy to drive growth, profitability, and shareholder returns at an Investor Day in New York City. ResMed also announced its five-year revenue and earnings growth outlook, reflecting ResMed's plans to accelerate product and technology innovation, operational excellence, commercial execution, and financial strength. Driven by the new strategy, ResMed expects to help more than 500 million people worldwide achieve their full health potential in 2030.
"At ResMed, we are celebrating 35 years of growth and innovation with continued evolution, cutting-edge new products, and an unwavering commitment to consumers, providers, and shareholders," said Mick Farrell, Chairman & CEO of ResMed. "Today, more than 2.3 billion people suffer from major sleep health and breathing issues, the vast majority of which are undiagnosed. By building on our leadership in connected digital health, our 2030 Strategy will further enable us to transform sleep health, breathing health, and health tech at home through world-class products and digital solutions."
Farrell continued, "We remain focused on delivering a more integrated and intelligent ResMed ecosystem, transforming the consumer and provider experience to offer better care, simplify the health journey, and improve access to our therapies. As we grow our core sleep apnea market, we will also leverage our strong financial position and expertise in broader sleep health to expand into adjacent markets and accelerate the release of new products at an unprecedented velocity."
New Five-Year Financial Outlook
ResMed's new five-year financial outlook includes:
- High-single-digit revenue growth
- Earnings growth higher than revenue growth
"Since our last Investor Day in 2021, we have delivered on our commitments, and this new outlook reinforces that ResMed is well positioned to maintain its track record of strong financial performance," said Brett Sandercock, Chief Financial Officer of ResMed. "Our financial strength and low capital requirements create robust cash generation, and our capital allocation strategy will continue to prioritize innovation - through reinvestment in our core business, a disciplined and strategic approach to M&A, and a balanced capital return policy. We are confident this approach will deliver significant value to shareholders as we execute our 2030 Strategy."
2030 Strategy
ResMed will achieve its new financial goals through the execution of its clear and focused 2030 Strategy across three pillars to drive growth:
- Grow and differentiate ResMed's unmatched core sleep apnea franchise, led by demand generation and demand capture: The 2030 Strategy is underpinned by a focus on ResMed's sleep apnea core, where ResMed is the leader in making smaller, quieter, more comfortable and more connected products that people love - all working together in a more intelligent ecosystem. ResMed will continue differentiating its technology with AI/ML to drive enhanced therapy performance, consumer appeal, and user experience. New commercial excellence and demand generation initiatives will drive more patients into ResMed's funnel, where they will be served by a robust roadmap of new products, such as the AirTouch N30i next-generation CPAP mask unveiled earlier today.
- Capitalize on ResMed's market opportunity and brand advantage in broader sleep health and breathing health adjacencies: ResMed's evolution is designed to capitalize on key macro trends, including the enhanced spotlight on sleep apnea due to pharmaceuticals and consumer tech. Additionally, ResMed's strong brand and expertise in sleep health position the Company to address the large, untapped sleep health market opportunity, including 860 million people who suffer from insomnia and 480 million people who suffer from COPD.
- Invest 7% of revenue into R&D to invent, create, and differentiate a fully integrated digital ecosystem for health technology delivered at home: With a large installed base of more than 28 million patients in its AirView platform - and more than 8.3 million patients registered to the myAir platform - ResMed seamlessly integrates devices and data to enhance provider efficiency and enable more personalized care. As ResMed's 2030 Strategy initiatives drive more patients to its funnel, the ecosystem will further build its data advantage. ResMed's leading residential care software solutions are a key enabler of its core sleep and breathing health business. They drive substantial revenue synergies, contribute to core demand generation, and provide cohesion and interoperability for ResMed's AI-driven digital platform.
Implemented in 2023, ResMed's 2030 Operating Model reorganized the company to ensure it remains product-led, customer-centric, and brand-enhanced. The 2030 Operating Model further accelerates ResMed's ability to reach consumers where they are, achieve the five-year financial outlook, and unlock value.
2024 Investor Day Webcast and Presentation
The Investor Day webcast replay and presentation slides can be accessed on ResMed's Investor Relations website at investor.resmed.com.
About ResMed
At ResMed (NYSE: RMD, ASX: RMD), we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit ResMed.com and follow @ResMed.
Safe Harbor Statement
Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements - including statements regarding ResMed's projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and the expected impact of macroeconomic conditions of our business - are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed's periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.
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