ResMed

Last updated
ResMed Inc.
Company type Public
Industry Medical
FoundedJune 1989;35 years ago (1989-06) in Australia
FounderPeter C. Farrell
Headquarters San 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
RevenueIncrease2.svg US$4.69 billion (2024)
Increase2.svgUS$1.32 billion (2024)
Increase2.svgUS$1.02 billion (2024)
Total assets Increase2.svgUS$6.87 billion (2024)
Total equity Increase2.svgUS$4.86 billion (2024)
Number of employees
9,980 (2024)
Website resmed.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).

Contents

ResMed employs more than 8,000 peoplr 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]

Related Research Articles

<span class="mw-page-title-main">Sleep apnea</span> Disorder involving pauses in breathing during sleep

Sleep apnea is a sleep-related breathing disorder in which repetitive pauses in breathing, periods of shallow breathing, or collapse of the upper airway during sleep results in poor ventilation and sleep disruption. Each pause in breathing can last for a few seconds to a few minutes and occurs many times a night. A choking or snorting sound may occur as breathing resumes. Common symptoms include daytime sleepiness, snoring, and non restorative sleep despite adequate sleep time. Because the disorder disrupts normal sleep, those affected may experience sleepiness or feel tired during the day. It is often a chronic condition.

Olympus Corporation is a Japanese manufacturer of optics and reprography products. Olympus was established on 12 October 1919, initially specializing in microscopes and thermometers. Olympus holds roughly a 70 percent share of the global endoscope market, estimated to be worth approximately US$2.5 billion. Its global headquarters are located in Hachioji, Tokyo, Japan.

Respironics is an American medical supply company owned by Philips that specializes in products that improve respiratory functions. It is based in the Pittsburgh suburb of Murrysville in Pennsylvania, United States.

Stryker Corporation is an American multinational medical technologies corporation based in Kalamazoo, Michigan. Stryker's products include implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; neurosurgical, neurovascular and spinal devices; as well as other medical device products used in a variety of medical specialties.

<span class="mw-page-title-main">Positive airway pressure</span> Mechanical ventilation in which airway pressure is always above atmospheric pressure

Positive airway pressure (PAP) is a mode of respiratory ventilation used in the treatment of sleep apnea. PAP ventilation is also commonly used for those who are critically ill in hospital with respiratory failure, in newborn infants (neonates), and for the prevention and treatment of atelectasis in patients with difficulty taking deep breaths. In these patients, PAP ventilation can prevent the need for tracheal intubation, or allow earlier extubation. Sometimes patients with neuromuscular diseases use this variety of ventilation as well. CPAP is an acronym for "continuous positive airway pressure", which was developed by Dr. George Gregory and colleagues in the neonatal intensive care unit at the University of California, San Francisco. A variation of the PAP system was developed by Professor Colin Sullivan at Royal Prince Alfred Hospital in Sydney, Australia, in 1981.

<span class="mw-page-title-main">Medtronic</span> Irish tax-registered medical device company

Medtronic plc is an American-Irish medical device company. The company's operational and executive headquarters are in Minneapolis, Minnesota, and its legal headquarters are in Ireland due to its acquisition of Irish-based Covidien in 2015. While it primarily operates in the United States, it operates in more than 150 countries and employs over 90,000 people. It develops and manufactures healthcare technologies and therapies. It is one of the biggest medical tech companies in the world and is currently the largest medical device company in the world by revenue.

<span class="mw-page-title-main">Hill-Rom</span> American medical technology provider

Hill-Rom Holdings, Inc. is an American medical technology provider that is a subsidiary of Baxter International.

Delbert W. Yocam is an American businessman who was CEO and chairman of Borland, former president, COO and director of Tektronix and a former Apple Computer executive. At Apple, during the 1980s, Yocam ran the Apple II group and later became Apple's first chief operating officer (COO). He served on the board of directors at Adobe Systems.

<span class="mw-page-title-main">Continuous positive airway pressure</span> Form of ventilator which applies mild air pressure continuously to keep airways open

Continuous positive airway pressure (CPAP) is a form of positive airway pressure (PAP) ventilation in which a constant level of pressure greater than atmospheric pressure is continuously applied to the upper respiratory tract of a person. The application of positive pressure may be intended to prevent upper airway collapse, as occurs in obstructive sleep apnea, or to reduce the work of breathing in conditions such as acute decompensated heart failure. CPAP therapy is highly effective for managing obstructive sleep apnea. Compliance and acceptance of use of CPAP therapy can be a limiting factor, with 8% of people stopping use after the first night and 50% within the first year.

CHI-California Healthcare Institute is a private, non-profit public policy research and advocacy organization, representing more than 250 universities, academic research centers, biotechnology, and medical device companies. Founded in 1993, and based in La Jolla, California, CHI has offices in Washington, D.C., and Sacramento, California. CHI publishes an annual California Biomedical Industry report, providing data on the scope and scale of academic and commercial life sciences research and development within the state. In 2008, the industry employed more than 270,000 Californians and produced revenues in excess of $75 billion.

The European Sleep Apnea Database (ESADA) is a collaboration between European sleep centres as part of the European Cooperation in Science and Technology (COST) Action B 26. The main contractor of the project is the Sahlgrenska Academy at Gothenburg University, Institute of Medicine, Department of Internal Medicine, and the co-ordinator is Jan Hedner, MD, PhD, Professor of Sleep Medicine.

Athenahealth, Inc. is a privately held American company that provides network-enabled services for healthcare and point-of-care mobile apps in the United States.

Central sleep apnea (CSA) or central sleep apnea syndrome (CSAS) is a sleep-related disorder in which the effort to breathe is diminished or absent, typically for 10 to 30 seconds either intermittently or in cycles, and is usually associated with a reduction in blood oxygen saturation. CSA is usually due to an instability in the body's feedback mechanisms that control respiration. Central sleep apnea can also be an indicator of Arnold–Chiari malformation.

CareFusion was a medical company specializing in two areas: reducing medication errors and prevention of health care-associated infections.

<span class="mw-page-title-main">Richard B. Hollis</span> American businessman

Richard B. Hollis is an American businessman. He is the founder, chairman, and CEO of Holonis, Inc., a San Diego–based software company. Hollis had previously founded Hollis-Eden Pharmaceuticals, a San Diego–based pharmaceutical company, in 1994.

Tandem Diabetes Care, Inc. is an American medical device manufacturer based in San Diego, California. The company develops medical technologies for the treatment of diabetes and specifically insulin infusion therapy.

David Meek is an American businessman. He held various global executive positions in major pharmaceutical and biotechnology companies.

<span class="mw-page-title-main">Itamar Medical</span> International company headquartered out of Israel

Itamar Medical is a multinational company focused on the development, manufacturing and sales of medical devices related to respiratory sleep disorders. The company is headquartered in Caesarea, Israel and is owned by ZOLL Medical Corporation. The company is a medical device company providing continuum of care in the area of sleep disorder based on its WatchPAT diagnostic devices and early diagnosis of Atherosclerosis.

<span class="mw-page-title-main">Robert B. Ford</span> American businessman

Robert B. Ford is an American businessman and the thirteenth chief executive officer at Abbott Laboratories, a publicly-traded medical devices and health care company based in Abbott Park, Illinois. He received a bachelor's degree from Boston College and an MBA from Haas School of Business.

<span class="mw-page-title-main">Atul Malhotra</span>

Atul Malhotra is the director of research for pulmonary, critical care, sleep medicine, and physiology at the University of California, San Diego's Medical School. In addition, he is the Peter C. Farrell Presidential Chair and tenured professor of medicine at the same university. He is the author of almost 800 research publications, reviews, and book chapters.

References

  1. 1 2 "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. 1 2 3 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.