SAN DIEGO, CA – ResMed Inc . (NYSE:RMD), a medical equipment company, announced the results of its annual stockholders meeting held on Wednesday. Shareholders elected eleven directors to the board, ratified the appointment of KPMG LLP as the independent auditor for the fiscal year ending June 30, 2025, and approved executive compensation.
The board of directors, elected to serve until the 2025 annual meeting, includes Carol Burt, Christopher DelOrefice, Jan De Witte, Karen Drexler, Michael Farrell, Peter Farrell, Harjit Gill, John Hernandez, Richard Sulpizio, Desney Tan, and Ronald Taylor. The election saw a mix of votes with the highest number of votes against for Richard Sulpizio and Ronald Taylor.
The selection of KPMG LLP as the company's independent registered public accounting firm was ratified with over 105 million votes in favor, 10 million against, and a small portion abstaining.
Additionally, the advisory vote on the compensation of named executive officers, commonly referred to as "say-on-pay," passed with approximately 93 million votes in favor, 17 million against, and a minor number abstaining.
The meeting's outcomes are based on information provided in a recent SEC filing by ResMed. The company, headquartered in San Diego, California, specializes in developing, manufacturing, and marketing medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders.
ResMed's stock, which is traded on the New York Stock Exchange under the ticker symbol RMD, may potentially see investor reactions based on these corporate governance developments.
The annual stockholders meeting and subsequent filing underline the importance of corporate governance and shareholder participation in key company decisions. The results of the votes are a reflection of shareholder sentiment and influence on the company's strategic direction.
The information in this article is based on a press release statement from ResMed Inc. and provides a factual summary of the key outcomes of the company's recent annual meeting of stockholders.
In other recent news, ResMed demonstrated significant growth in its Q1 Fiscal Year 2025 Earnings Call, reporting an 11% increase in revenue and a 27% rise in operating profit. The company attributed these positive outcomes to strong demand for its sleep and respiratory health devices, particularly the AirSense 10 and 11 platforms.
Additionally, ResMed announced the upcoming launch of the AirTouch N30i mask, which is expected to improve patient adherence due to its enhanced comfort.
In an effort to maintain its position in the global market, the company plans to continue its expansion into digital health and adjacent markets. ResMed's strategy focuses on expanding its core sleep health business and leveraging digital health, with the aim to empower over 500 million people with its health tech solutions by 2030. The company is also preparing to face increased competition, particularly from Philips, but remains confident in maintaining its market position.
Despite these developments, ResMed is facing some challenges, including increased inventory levels and persistent supply chain difficulties. However, the company's focus on research and development, strategic acquisitions, and capital management is expected to drive continued growth. These recent developments highlight ResMed's commitment to innovation and strategic growth in the health tech industry.
InvestingPro Insights
ResMed's recent annual stockholders meeting results can be viewed alongside some key financial metrics and insights from InvestingPro. The company's market capitalization stands at $35.71 billion, reflecting its significant presence in the medical equipment industry. ResMed has demonstrated strong financial performance, with a revenue of $4.81 billion in the last twelve months as of Q1 2025, representing a growth of 9.88%.
InvestingPro Tips highlight ResMed's consistent dividend history, having raised its dividend for 13 consecutive years. This track record of dividend growth, coupled with a current dividend yield of 0.87%, may appeal to income-focused investors. The company's financial stability is further underscored by its ability to cover interest payments with its cash flows, and its liquid assets exceeding short-term obligations.
ResMed's stock has shown impressive performance, with a one-year price total return of 61.21% as of the most recent data. This aligns with the InvestingPro Tip indicating a high return over the last year. The stock is currently trading near its 52-week high, at 93.52% of that level, which could be of interest to momentum investors.
It's worth noting that ResMed is trading at a P/E ratio of 32.15, which some may consider high. This valuation should be considered in the context of the company's growth prospects and industry position. For investors seeking more comprehensive analysis, InvestingPro offers 15 additional tips for ResMed, providing a deeper understanding of the company's financial health and market position.
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