RMD: Not Asleep at Wheel – Add a Few Tidbits to CPAP Mosaic

研报英文原文证据摘录

RMD: Not Asleep at Wheel – Add a Few Tidbits to CPAP Mosaic

June 9, 2026

(4) It's really early days for INGN’s US launch of Yuwell masks…but company upbeat on prelim feedback. Technically,

INGN’s January 2026 US launch could partially explain the earlier FPH growth slowdown / potential share loss

observation in this note. However, we believe the INGN impact on existing US players, if any, would sit mostly in front

versus having been a major influence captured in FPH’s 6-month global results ending March 2026.

●From 1Q26 INGN EPS call: “It's meeting and exceeding expectations…fortunately, we're able to come to the

market with clinical data that supports patient preference and the quality of the mask that gives us a leg up as

far as early adoption…one of the things that we've liked so far is extremely high reorder rates from the customers

that have started the process with Aurora, take the samples, start to get patients on them, place an order. We've

seen those reorder rates coming in on a monthly basis at a very high level. So, that tells us that it's sticky, and

this is a good segment for us.”

(5) What about pharmaceuticals? LLY and Apnimed both with seemingly positive updates. First, LLY (covered by

Alex Hammond) released data at ADA 2026 highlighting retatrutide reduced AHI by ~60% from baseline to week 80

in patients with OSA. Is this revolutionary? No, this shows similar AHI reduction to tirzepatide. However, giving patients

more drug options to treat their OSA? Feels like another incremental headwind for CPAP category. Second, Apnimed

published data from its Phase 3 SynAIRgy trial where its asset AD109 showed ~55% reduction in AHI from baseline

to week 26. Apnimed has submitted New Drug Application to FDA and expects potential decision in 1Q27. ICYMI – we