ResMed develops medical devices and software to treat sleep apnea and respiratory disorders in home settings. The company’s primary products are CPAP machines, such as the AirSense 11, and bilevel devices that treat obstructive sleep apnea (OSA) by delivering pressurized air through a mask. ResMed also sells masks and accessories, which generate recurring, high-margin revenue through periodic replacement cycles. For patients with complex conditions like COPD, ResMed provides ventilators and non-invasive ventilation systems. The company operates through two segments: Sleep and Breathing Health, which includes device and mask sales, and Residential Care Software, which provides SaaS subscriptions to healthcare providers via platforms like Brightree and MEDIFOX DAN. ResMed's business model prioritizes patient therapy adherence, utilizing cloud-connected software like AirView and the myAir app to monitor and coach patients. Sales primarily flow through home medical equipment (HME) providers, though ResMed operates vertically integrated businesses in select international markets. To drive growth, ResMed leverages consumer wearables and GLP-1 medications to identify undiagnosed OSA patients and expand the patient pipeline. The company also invests in adjacent treatments, such as restless legs syndrome devices through its Noctrix acquisition, while divesting non-core assets like MatrixCare to focus on its integrated sleep health ecosystem.