RMD: Field Safety Notice for Astral Ventilators

Research evidence excerpt

RMD: Field Safety Notice for Astral Ventilators

Equity Research

Flash Comment — July 8, 2026

Medical Technology

ResMed Inc.

Field Safety Notice for Astral Ventilators Equal Weight

Price Target: $225.00

Ticker RMD

Our Call Upside/(Downside) to Target 7.7%

On July 3, RMD issued a voluntary Field Safety Notification (FSN) for its Astral 100/150 Price (07/08/2026) $208.89

ventilators. There is no recall currently. The company has not disclosed a potential 52 Week Range $180.27 - 293.81

financial impact, though we believe it is likely manageable. Market Cap (MM) $30,440

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Astral is one of the products in RMD's Breathing Health segment. The segment is less Nathan Treybeck

than 10% of total company revenue. This field notice is for Astral 100/150 ventilators and Equity Analyst | Wells Fargo Securities, LLC

Nathan.Treybeck@wellsfargo.com | 212-214-8042

Astral printed circuit board assembly (PCBA) spare parts manufactured before October

2024. Larry Biegelsen

Equity Analyst | Wells Fargo Securities, LLC

Lawrence.Biegelsen@wellsfargo.com | 212-214-8015

The issue per the Field Notice. "An internal electrical component (supercapacitor) Lei Huang

may leak electrolyte over time. In rare cases, this may damage specific circuitry on Associate Equity Analyst | Wells Fargo Securities, LLC

the Ventilator’s printed circuit board assembly (“PCBA"), causing the ventilator to Lei.Huang@wellsfargo.com | 212-214-8039

inadvertently enter a fail-safe state. Based on Resmed’s investigation and analysis of Simran Kaur

global post-market and service data, the occurrence rate of specific circuitry damage Equity Analyst | Wells Fargo Securities, LLC