Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Research evidence excerpt

Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Global Research

12 May 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

Stocks covered: RMD, CSL +61-2-9324 2843

James Meares

Competitor results Analyst

james.meares@ubs.com

+61-29-324 3575RMD: Accendra Health - March quarter result (Company PR, 11 May)

Grace Allen

Associate Analyst

Accendra Health, a US DME reported its March quarter. Key points from its quarterly

grace-za.allen@ubs.com

include: +61-2-9324 2000

Sleep category revenue +4%. This excludes impact of a material payer change.

Sleep supplies delivering "strong" y/y growth. ACH's "Sleep Journey"

program is driving higher revenue per order, lower patient attrition, and better

outcomes through adherence. This program will be rolled out across the group's

operations in 2026.

UBS View: We see limited read across to Resmed from this result noting the underlying

growth in the sleep category (adjusted for the lost Kaiser contract) was short of

Resmed's sales result. However, we think the improved adherence rates reported with

Accendra's "Sleep Journey" program are broadly positive for resupply sales.

For more information on the result, see UBS Analyst Kevin Caliendo's note here.

News and press releases

CSL: "€150 million investment to triple Kedrion’s production capacity: Italy’s “Plasma

Valley” to treat rare diseases" (11 May)

UBS View: Kedrion's investment aims to triple production capacity at the site from

1.1m to 3.3m litres of plasma p.a. While increased capacity is unhelpful, we believe its

decision to proceed signals a level of confidence in the industry from this relatively small

player (UBSe market share ~5%).