#1ResMed Q2 FY2023 Earnings January 26, 2023#2Presentation of financial information & forward-looking statements Historical financial and operating data in this presentation reflect the consolidated results of ResMed Inc., its subsidiaries, and its legal entities, for the periods indicated. This presentation includes financial information prepared in accordance with accounting principles generally accepted in the United States, or GAAP, as well as other financial measures referred to as non-GAAP. The non-GAAP financial measures in this presentation, which include non-GAAP Income from Operations, non-GAAP Net Income, and non-GAAP Diluted Earnings per Share, should be considered in addition to, but not as substitutes for, the information prepared in accordance with GAAP. For reconciliations of the non-GAAP financial measures to the most comparable GAAP measures, please refer to the earnings release associated with the relevant reporting period, which can be found on the investor relations section of our corporate website (investor.resmed.com). In addition to historical information, this presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on ResMed's current expectations of future revenue or earnings, new product development, new product launches, new markets for its products, integration of acquisitions, leveraging of strategic investments, litigation, and tax outlook. Forward-looking statements can generally be identified by terminology such as “may”, “will”, "should", "expects", "intends", "plans", "anticipates", "believes", "estimates”, “predicts", "potential", or "continue", or variations of these terms, or the negative of these terms or other comparable terminology. ResMed's expectations, beliefs, and forecasts are expressed in good faith and are believed to have a reasonable basis, but actual results could differ materially from those stated or implied by these forward-looking statements. ResMed assumes no obligation to update the forward-looking information in this presentation, whether as a result of new information, future events, or otherwise. For further discussion of the various factors that could impact actual events or results, please review the "Risk Factors" identified in ResMed's quarterly and annual reports filed with the SEC. All forward-looking statements included in this presentation should be considered in the context of these risks. Investors and prospective investors are cautioned not to unduly rely on our forward-looking statements. 2 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#3Our mission is to change 250 million lives in 2025 We're proud to offer digital and connected health solutions that help those with sleep apnea, COPD, and other respiratory diseases live happier, healthier lives in the comfort of home or care setting of their choice Wednesday, January 31 mykir sopre 85 100 points That's a great score! You're well on your way to improving your heath 5.58 usage hours 60/70) Adjust mask seal 5.4 events per hour Jo 3 mask onvolt 4/5> D * During the last 12 months, we changed over 149 million lives* with our digital health products and cloud-based software solutions * Lives changed in 2Q23 does not include any contribution from MEDIFOX DAN which was acquired mid-quarter. The acquired company's contribution will be included in 3Q23#4ResMed | The global leader in connected and digital health Key Statistics¹ Headquarters Founded San Diego, CA 1989 11% 11% Revenue LTM 2Q23 revenue $3.8B 36% by business 53% LTM 2Q23 30% Revenue by region LTM 2Q23 59% Listed (NYSE, ASX) 1995, RMD Market cap ~$35B Countries served 140+ >10,000 Devices ■ Masks & Other ■ OOH SaaS ■U.S., Canada, and Latin America ■ Europe, Asia, and Other ■ OOH SaaS (U.S. & Germany) Total employees Our businesses Sleep Apnea Delivering a market-leading patient experience through innovative solutions that lower overall costs for treating sleep apnea patients and improve clinical outcomes by leveraging global digital health solutions. Respiratory Care Improving the lives of patients with COPD, asthma, and other key chronic respiratory diseases on their healthcare journey - lowering costs, preventing hospitalization, and creating end-to-end care solutions Software as a Service (SaaS) Providing a network out-of-hospital healthcare SaaS management solutions that help providers deliver more personalized care, measurable results, and improved health outcomes across large populations 1As of 12/31/2022 4 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#5ResMed 2025: a patient-centric, digitally-enabled strategy ResMed 2025 250 million lives improved in out-of-hospital healthcare in 2025! Purpose Empower people to live happier, healthier, and higher quality lives in the comfort of their home Growth Focus Global health epidemics in sleep apnea, COPD, other major chronic conditions, and SaaS solutions that improve care in out-of-hospital settings Growth Advantage Transform care through innovative solutions and tech-driven integrated care to drive superior outcomes, experiences, and efficiency A Growth Foundations High-performing, diverse, and entrepreneurial people Industry-leading innovation and business excellence • Digital health technology and scientific leadership 5 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 20 M ResMed#6Priorities that guide our daily focus Grow and differentiate our core sleep apnea, COPD, and asthma businesses across global markets Deliver world-leading medical devices and digital health technology to engage physicians, providers, and patients By year night Wednesday, January 31▾ Build the world's best software solutions network for healthcare that is delivered outside the hospital I. Our triple aim: Slow chronic disease progression II. Reduce overall healthcare system costs III. Improve the quality of life for the patient Empower people to live happier, healthier, and higher quality lives in the comfort of their homes 6 © 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#7Financial Results ResMed#8Q2 FY23 financial results Revenue by Business Q2 FY23 11% Devices 53% Masks and other 36% OOH SaaS Revenue by Region Q2 FY23 ■U.S., Canada, Revenue ($M) Non-GAAP Operating Income ($M) Non-GAAP EPS $1,033.7 $894.9 $267.7 $305.5 $1.66 $1.47 11% and Latin America ■ Europe, Asia, Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 29% and Other 60% ■OOH SaaS NOTE: See reconciliation to GAAP in Appendix 8 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#9Solid balance sheet Operating Cash Flow ($M) Capital Expenditures ($M) Free Cash Flow ($M) $883.9 $787.9 Total debt outstanding $1,801M Less: Cash & cash equiv. $253M Net Debt $1,547M İ $577.0 $465.0 $133.5 $370.2 $112.0 $96.0 $236.7 Unused borrowing capacity $390M LTM 2Q21 LTM 2Q22 LTM 2Q23 LTM 2Q21 LTM 2Q22 LTM 2Q23 LTM 2Q21 LTM 2Q22 LTM 2Q23 Expect liquidity to improve as supply chain environment improves and inventory levels come down 9 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#10Track record of strong financial returns for shareholders (Financial data as of December 31, 2022) Revenue ($B) 11% CAGR $3.8 $2.2 LTM 2Q18 LTM 1Q23 Non-GAAP Operating Income ($M) Non-GAAP EPS $548 15% CAGR $1,121 LTM 2Q18 LTM 2Q23 $3.14 14% CAGR $5.98 LTM 2Q18 LTM 2Q23 Total shareholder return, TSR (NYSE shares as of 12/31/2022): 1-yr (19)% | 3-yr 37% | 5-yr 159% NOTE: See reconciliation to GAAP in Appendix 102023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#11Strategic capital allocation framework Capital deployed over last 3 years (through December 31, 2022) Strategic Growth Priorities Reinvest for growth Reinvest in product development for high-return organic growth 7-8% of revenue invested in R&D 30% $2.6B 43% 27% Pursue M&A • Actively evaluate potential acquisitions Pursue targets aligned with long-term strategic goals and financial objectives Support dividends • Regular return of cash to shareholders through dividend at a level that is meaningful and sustained • Opportunistic repurchase of shares Current program suspended following recent acquisitions ■ Reinvest in R&D ■ M&A ■ Dividends ■ Share repurchase (A) Capital Returns to Shareholders Opportunistically repurchase shares Disciplined focus on ROIC and delivering total return (A): ResMed has not repurchased shares during the 3-year period ended December 31, 2022 11 © 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#12Driving long-term shareholder value с Growth & Innovation Global leader in digital health for sleep and respiratory care • Long-term growth opportunities. • 9,300+ patents and designs • ~7-8% of revenue invested in R&D . 0000 Market Dynamics Underpenetrated markets in sleep and COPD Healthcare costs continue to increase Focus on improving patient outcomes Value-based technology solutions Financial Results Historical revenue and profit growth • Recurring revenue Operating excellence program Strong track record of disciplined capital deployment ResMed is the global leader in connected & digital health 12 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#13Contact Investor Relations Phone: (858) 836-5971 Email: [email protected] Website: investor.resmed.com#14APPENDIX ResMed#15Reconciliation of non-GAAP financial measures The measures "non-GAAP gross profit” and “non-GAAP gross margin" excludes amortization expense from acquired intangibles related to cost of sales and are reconciled below: (Unaudited; $ in thousands, except for per share amounts) 0000 Three Months Ended December 31, December 31, 2022 2021 Six Months Ended December 31, December 31, 2022 2021 Revenue $ 1,033,744 $ 894,874 $ 1,984,038 $ 1,798,890 GAAP cost of sales $ 454,029 $ Less: Amortization of acquired intangibles (A) Non-GAAP cost of sales (7,305) $ 446,724 $ 390,556 $ 863,514 $ 788,282 (11,231) (13,680) (22,289) 379,325 $ 849,834 $ 765,993 GAAP gross profit $ 579,715 $ 504,318 GAAP gross margin Non-GAAP gross profit 56.1 % 56.4 % $ 1,120,524 56.5 % $ 1,010,608 56.2 % $ Non-GAAP gross margin 587,020 $ 56.8 % 515,549 57.6 % $ 1,134,204 57.2 % $ 1,032,897 57.4 % Note regarding non-GAAP reconciliations (A) ResMed adjusts for the impact of the amortization of acquired intangibles, acquisition-related expenses, and the reserve for disputed tax positions from their evaluation of ongoing operations and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed's performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non- GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. 152023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#16Reconciliation of non-GAAP financial measures, cont'd The measure "non-GAAP income from operations" is reconciled with GAAP income from operations below: (Unaudited; $ in thousands, except for per share amounts) 0000 Three Months Ended December 31, Six Months Ended 2022 December 31, December 31, 2021 2022 December 31, 2021 GAAP income from operations $ 280,194 $ Amortization of acquired intangibles-cost of sales (A) 7,305 248,711 $ 11,231 555,932 $ 13,680 510,624 22,289 Amortization of acquired intangibles-operating expenses (A) 9.563 7,738 17,513 15,445 Acquisition-related expenses (A) Non-GAAP income from operations 8,412 $ 305,474 $ 267,680 $ 9,157 596,282 $ 548,358 Note regarding non-GAAP reconciliations (A) ResMed adjusts for the impact of the amortization of acquired intangibles, acquisition-related expenses, and the reserve for disputed tax positions from their evaluation of ongoing operations and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed's performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non- GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. 16 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed#17Reconciliation of non-GAAP financial measures, cont'd The measure "non-GAAP net income" and "non-GAAP diluted earnings per share" are reconciled with GAAP net income and GAAP diluted earnings per share in the table below: (Unaudited; $ in thousands, except for per share amounts) Three Months Ended December 31, 2022 December 31, 2021 Six Months Ended December 31, 2022 December 31, 2021 GAAP net income Amortization of acquired intangibles-cost of sales, net of tax (A) Amortization of acquired intangibles-operating expenses, net of tax (A) Acquisition related expenses, net of tax (A) $ 224,914 $ 5,494 201,751 $ 8,564 435,392 $ 405,364 10,329 16,999 7,192 5,901 13,222 11,780 6,782 7,527 Reserve for disputed tax position (A) 4,111 Non-GAAP net income (A) $ 244,382 $ GAAP diluted shares outstanding 147,405 GAAP diluted earnings per share Non-GAAP diluted earnings per share (A) 6969 $ 1.53 $ $ 1.66 $ 216,216 $ 147,040 1.37 $ 1.47 $ 466,470 $ 438,254 147,367 147,044 2.95 $ 2.76 3.17 $ 2.98 Note regarding non-GAAP reconciliations (A) ResMed adjusts for the impact of the amortization of acquired intangibles, acquisition-related expenses, and the reserve for disputed tax positions from their evaluation of ongoing operations and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed's performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non- GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. 17 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023 ResMed