Global Obstructive Sleep Apnea Industry: US Survey: Installed base drives resupply

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Global Obstructive Sleep Apnea Industry: US Survey: Installed base drives resupply

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Global Obstructive Sleep Apnea Industry

US Survey: Installed base drives resupply

Industry Overview

Jul26 US Survey 24 July 2026

We surveyed c180 Potential Patients and c240 Existing Patients to gauge the US OSA Equity

patient experience. Response volumes are similar to last quarter (180 and 220). Global

Sleep Apnea

Installed base offsets declining average mask orders

Lyanne Harrison >>

Average masks ordered (per patient pa) declined to 2.33x, marking the third consecutive Research Analyst

quarter below the five-year average of 2.44x. Last quarter we questioned How Merrill Lynch (Australia)

+61 2 9226 5028

discretionary is mask resupply? However, covered company’s (RMD) mask growth lyanne.harrison@bofa.com

remained robust (teen %). In our view, new patient volumes more than offset lower Travis Steed

average mask orders. Re-order penetration from Existing Patients up by 5ppts to 53% Research Analyst

BofAS

(LQ 48%), reflecting LQ deductables reset. seasonality following deductables reset. +1 404 607 3251

travis.steed@bofa.com

Good testing availability Julien Ouaddour >>

Percentage of potential patients at the testing phase remains below 30%, the last two ResearchBofASE (France)Analyst

quarters reflecting highest test availability over the past two years. Channel checks +33 1 8770 0614

julien.ouaddour@bofa.com

suggest home sleep testing is supporting the diagnosis pathway.

Allen Lutz, CFA

Patients remain highly engaged ResearchBofAS Analyst

+1 646 855 4380

61% of Potential Patients at the pre-diagnosis stage either have or have tried to make a allen.lutz@bofa.com

physician appointment. This is 7ppts higher than seasonal trend (July average last 3