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ResMed

ResMed Inc.
Company typePublic
IndustryMedical
FoundedJune 1989; 35 years ago (1989-06) in Australia
FounderPeter C. Farrell
HeadquartersSan Diego, California, U.S.
Key people
  • Michael "Mick" Farrell (CEO)
  • Brett Sandercock (CFO)
  • Justin Leong (CPO)
  • Katrin Pucknat (CMO)
  • Mike Fliss (CRO)
ProductsMedical equipment for sleep-disordered breathing and other respiratory disorders
RevenueIncrease US$4.69 billion (2024)
Increase US$1.32 billion (2024)
Increase US$1.02 billion (2024)
Total assetsIncrease US$6.87 billion (2024)
Total equityIncrease US$4.86 billion (2024)
Number of employees
9,980 (2024)
Websiteresmed.com
Footnotes / references
Financials as of June 30, 2024.[1]

ResMed Inc. is an American medical equipment company based in San Diego, California. It primarily provides cloud-connectable medical devices for the treatment of sleep apnea (such as CPAP devices and masks), chronic obstructive pulmonary disease (COPD), and other respiratory conditions. ResMed produced hundreds of thousands of ventilators and bilevel devices to help treat the respiratory symptoms of patients with COVID-19. ResMed also provides software to out-of-hospital care agencies to streamline transitions of care into and between these care settings for seniors and their care providers (i.e. home health, hospice, skilled nursing facilities, life plan communities, senior living centers, and private duty).

ResMed employs more than 8,000 people worldwide as of June 2022.[2] The company operates in more than 140 countries worldwide,[3] and has manufacturing facilities in Australia, Singapore, France, and the United States. Revenue was US$4.7 billion in fiscal year 2024.[1]

History

ResMed was established in June 1989 by Peter Farrell in Australia. The company opened an office in San Diego in 1992, and made that its headquarters two years later when it incorporated in the US.[4][5]

Leadership

On March 1, 2013, Peter's son Mick Farrell became the company's new CEO. Peter transitioned to a non-executive role at the end of the year.[6]

In November 2023, there were many changes to the executive team at ResMed.[7] Rob Douglas stepped down as Chief Operating Officer and President after announcing he would retire in January 2024.[8] In the same month, it was announced that Justin Leong will serve as Chief Product Officer. Leong will also take over the digital health technology team.[7] Katrin Pucknat will serve as the new Chief Marketing Officer and Mike Fliss will serve as the new Chief Revenue Officer. [7]

False claims settlement

In January 2020, ResMed Inc. agreed to pay more than $37.5 million to resolve alleged kickbacks paid to durable medical equipment suppliers, sleep labs, and other healthcare providers in violation of the Anti-Kickback Statute.[9][10]

References

  1. ^ a b "FY 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. August 9, 2024.
  2. ^ "San Diego's ResMed expands its cloud software footprint in Europe by acquiring German firm for $1 billion". San Diego Union-Tribune. 14 June 2022. Retrieved 2022-08-11.
  3. ^ Burima, Boh (2018-05-01). "ResMed solid third quarter". Queensland Country Life. Retrieved 2018-06-25.
  4. ^ Fikes, Bradley J. (September 5, 2016). "Peter Farrell joins Connect Hall of Fame". The San Diego Union-Tribune.
  5. ^ Much, Marilyn (September 24, 2020). "A Top CEO Rebooted His Life To Refresh His Company". Investor's Business Daily.
  6. ^ "Founder of ResMed to Step Down as CEO; Mick Farrell to Take Top Post". San Diego Business Journal. February 20, 2013. Archived from the original on July 28, 2017. Retrieved May 26, 2018.
  7. ^ a b c Park, Andrea (13 November 2023). "ResMed revamps operating model with C-suite shuffle, bids farewell to COO and CTO". Fierce Biotech. Retrieved 20 November 2023.
  8. ^ "ResMed Reshuffles Executive Team, COO to Retire". MarketWatch. Retrieved 2023-11-20.
  9. ^ "Resmed Corp. To Pay the United States $37.5 Million for Allegedly Causing False Claims Related to the Sale of Equipment for Sleep Apnea and Other Sleep-Related Disorders". 15 January 2020.
  10. ^ "ResMed Corp. $37.5 Million Settlement and Corporate Integrity Agreement". 3 February 2020.
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