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

Research evidence excerpt

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

Global Research

10 July 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

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

James Meares

Expert call - RMD: Sleep market update with React Health CEO Analyst

james.meares@ubs.com

+61-29-324 3575Earlier this week we hosted a call with the CEO of React Health, Mr Bill Shoop. The key

takeaways for Resmed include. Grace Allen

Associate Analyst

FDA Warning letters. The CEO acknowledged the overhang over the group's grace-za.allen@ubs.com

device range by the FDA letters but expressed confidence the issues raised can be +61-2-9324 2000

addressed without disrupting the business. React and BMC have responded to the

FDA and are now waiting for a response.

Sleep/CPAP Mkt growth mid-single-digits: The sleep space is benefitting from

improved sleep awareness and wearables which draw more patients into the

funnel. However, growth is only 4-5%, with the moderating growth attributed to

economic pressures on consumers.

React US device share 13-15%. React reported it now supplies all the national

accounts but its key market inroads have come in the second tier accounts. Mask

share is lower reflecting the large installed base effect (i.e. 85% of mask sales are

to existing CPAP users). Two new mask launches are planned for 2026.

Philips return anticipated. React argue Philips will face a difficult market if and

when it relaunches in the US CPAP device segment.

Pharmaceuticals work best when combined with CPAP. React acknowledge

GLP-1 uptake is growing fast but argued the evidence points to the therapies

being "better together".