Mick Farrell

Mick Farrell has served as CEO of ResMed since 2013, building the company into the world's dominant provider of devices and digital health solutions for sleep apnea, COPD, and other respiratory conditions. Sleep apnea — where breathing repeatedly stops and starts during sleep — affects an estimated 1 billion people globally, and continuous positive airway pressure (CPAP) therapy is the gold standard treatment. ResMed's AirSense CPAP devices are the market leaders. ResMed's market position was dramatically strengthened by the 2021 Philips Respironics recall, which effectively removed ResMed's primary competitor from the market for years. As Philips dealt with device remediation, FDA consent decrees, and litigation, ResMed captured the vast majority of new patient starts and captured significant market share, pushing its global share above 40%. However, the emergence of GLP-1 receptor agonist drugs (Ozempic, Wegovy, Mounjaro) for weight loss has created a new concern for ResMed investors: since obesity is a primary risk factor for sleep apnea, effective weight loss drugs could theoretically reduce the sleep apnea patient population. Farrell has argued that GLP-1s may actually increase CPAP diagnosis rates (as patients in the healthcare system get screened) and that the massive undiagnosed population provides decades of growth. Key stock drivers include new patient flow, Philips competitive re-entry timing, GLP-1 impact on sleep apnea prevalence, SaaS revenue growth, mask resupply rates, and international market expansion.