ResMed Inc (RMD)

Inventory turnover

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Cost of revenue (ttm)	US$ in thousands	2,091,355	2,082,362	2,072,437	2,057,490	1,913,177	1,898,918	1,882,661	1,820,823	1,867,330	1,754,890	1,629,047	1,565,574	1,553,816	1,546,992	1,495,198	1,442,170	1,357,727	1,293,291	1,291,575	1,263,074
Inventory	US$ in thousands	927,711	862,641	882,103	917,982	822,250	829,458	933,214	958,233	998,012	1,011,270	988,955	864,852	743,910	664,943	592,146	506,644	457,033	484,061	474,821	478,006
Inventory turnover		2.25	2.41	2.35	2.24	2.33	2.29	2.02	1.90	1.87	1.74	1.65	1.81	2.09	2.33	2.53	2.85	2.97	2.67	2.72	2.64

June 30, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $2,091,355K ÷ $927,711K
= 2.25

The inventory turnover ratios of ResMed Inc. demonstrate a pattern of fluctuations over the analyzed period from September 30, 2020, through June 30, 2025. Initially, the ratio increased from 2.64 in September 2020 to a peak of 2.97 in June 2021, indicating a period of efficient inventory utilization shortly after the fiscal year 2020. Subsequently, a notable decline occurred, with the ratio decreasing to 1.65 by December 2022, reflecting a slowdown in inventory turnover.

Between December 2022 and March 2023, the ratio showed signs of recovery, rising from 1.65 to 1.74, and continued an upward trend reaching 2.33 by March 2024. The ratios for the subsequent periods—up to June 2025—generally maintained levels above 2.0, with some minor variability, indicating a relatively stable inventory management performance in the latter years.

Overall, the data suggest that ResMed experienced a period of high inventory turnover in early to mid-2021, followed by a decline through late 2022, before gradually recovering into 2024 and 2025. This trend could reflect shifts in inventory management efficiency, changes in sales cycles, product demand, or supply chain dynamics over these periods. The ratios' overall trajectory indicates resilience in inventory management, although the noticeable dip in 2022 warrants further analysis to understand underlying factors affecting inventory efficiency during that period.