ResMed announced a new operating model in November 2023 to accelerate long-term growth, introducing dedicated leadership in Product, Revenue, and Marketing to the global executive team. This change aims to increase the velocity of product development and sharpen customer focus.

SaaS revenue increased by 24%, largely due to the acquisition of MEDIFOX DAN. Excluding the acquisition, SaaS revenue increased by 10%, driven by growth in the HME vertical.

ResMed invested $73.9 million in research and development activities, representing 6.4% of net revenues. This investment focuses on developing and commercializing innovative products and solutions.

The chief executive officer and chief financial officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2023.

The company recorded $64.2 million of restructuring charges to increase operational efficiency, decrease costs, and increase profitability. Expected completion is by June 30, 2024.

The company continued the launch of AirSense 11, which introduces new features such as a touch screen, algorithms for patients new to therapy, and digital enhancements.

As of December 31, 2023, there have been no further material changes to the risk factors described in the annual report on Form 10-K for the fiscal year ended June 30, 2023.

The company is involved in various legal proceedings, including patent infringement cases. The outcomes of these matters are uncertain.

The masks with magnets field safety notification expenses relate to estimated costs to provide alternative masks to patients in response to updated contraindications for use of masks that incorporate magnets.

Increasing awareness of SDB and respiratory conditions like chronic obstructive pulmonary disease as significant health concerns fuels the company's growth.

The company has expanded its business by developing or acquiring products and solutions for a broader range of respiratory disorders.

The company's cloud-based software digital health applications, along with its devices, are designed to provide connected care to improve patient outcomes and efficiencies for customers.

The company recorded $64.2 million of restructuring related charges associated with an evaluation of existing operations to increase operational efficiency, decrease costs and increase profitability.

The decrease in gross margin was partially offset by a favorable impact from reduced freight costs.

Selling, general, and administrative expenses were unfavorably impacted by the movement of international currencies against the U.S. dollar, which increased expenses.

The company invested $73.9 million in research and development activities, representing 6.4% of net revenues, with a continued focus on the development and commercialization of new, innovative products and solutions.

The company continued the launch of AirSense 11, which introduces new features such as a touch screen, algorithms for patients new to therapy, and digital enhancements and over-the-air update capabilities.

The company's cloud-based remote monitoring and therapy management system, and a robust product pipeline, should continue to provide a strong platform for future growth.

During the six months ended December 31, 2023, the company repurchased 335,474 shares at a cost of $50.0 million. 12.5 million additional shares remain available for repurchase under the approved program.

During the three months ended December 31, 2023, the company paid cash dividends of $0.48 per common share totaling $70.7 million.

As of December 31, 2023, there was a total of $1,230.0 million outstanding under the Revolving Credit Agreement, Term Credit Agreement and Senior Notes.

The 10-Q filing does not contain any specific information about ESG initiatives.

Global healthcare systems continue to drive a shift in care from hospitals to the home and lower cost settings, which benefits the company.

Increasing awareness of SDB and respiratory conditions like chronic obstructive pulmonary disease as significant health concerns fuels the company's growth.

The emergence of new or growing competitors is listed as a factor to consider in evaluating forward-looking statements.