ResMed Inc. (NYSE:RMD) Q4 2023 Earnings Call Transcript

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And as other markets in Europe where they’ve started to come back, we are competing and winning and maintaining share and growing share. I think the reputation here and the time to market is going to be a very slow progress for them country by country whether or not they get a consent decree in the largest geography. And so we look at it going forward and say, look, do we have enough supply to take care of all the market demands between us and the other regional players? And we finally got there where I can say that this quarter that we’re there and we can take care of it. So it’s almost irrelevant to us how and when in terms of what that looks like because we’re able to take care of all the market growth. So for us, it sort of takes away that uncertainty and allows us to push forward.

But yes, we’re competing head-to-head with them in some many countries in Asia and some countries in Europe. And it’s like — it wasn’t 2019 where our smaller, quieter, more comfortable, more connected and more digital solutions are taking share and holding share. And it’s an ongoing competitive game. And as I said, we’re launching some of these AI driven products on top of this ecosystem. It’s an exponential game when you think about digital and we’re well ahead. We’ve had two or three years here to sprint ahead. We were ahead before that. And I think it’s a long-term game won’t get — we’ll keep productively paranoid, but we are improving outcomes, we’re lowering costs and the physicians like the workflow efficiencies and patients like the increased adherence and payers like the fact that there’s an ROI in lowering total healthcare costs.

Operator: Thank you. Next question is coming from Anthony Petrone from Mizuho Group. Your line is now live.

Anthony Petrone: Great. Thank you. Congrats on a shrunk top-line here, share gains. Maybe two part question. Mick, one would be just on the amount of resupply that’s now coming in as it relates to the share gains that you’ve seen over the past two years, is the resupply number we’re seeing now where we actually starting to see consumables come off of the new sockets that you gained. So that would be question one. And then question two, there’s obviously the debate out there on GLP-1s, maybe from the perspective of ResMed, how do you see the GLP-1 phenomenon playing out in the sleep space, specifically do you expect to gain more patients from GLP-1s versus maybe certain patients that would fall out of the funnel? Thanks again.

Mick Farrell: Yes. Thanks, Anthony, and welcome back to you too to the ResMed following us here. I’ll take yes, both of your question and your follow-up in order. So firstly on resupply, as you know, you’ve been following us for a number of years. It’s not a lock and key. You can use our mask on other devices and you can use other masks on our devices. The way that we’ve won market share and nobody’s been on a major in terms of not being able to sell recall out there on this. And so we’ve had head-to-head competition with all the top five players in masks, these last three years and we’ve gained really good share with that. So I think it’s just the smallest, the quietest, the most comfortable, the minimalist size ones, the ones that have full freedom and the ones that have the ability to for the front sleepers and side sleepers to provide that, that capability.

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