Meeting Prep: Katrin Pucknat (ResMed)

Thu Feb 12, 3:00 PM ET (12:00 PM PT) -- 20 min | Microsoft Teams

Title: Chief Marketing Officer, ResMed Inc.
Previous: President, ResMed Germany (since Nov 2018)
Background: 20+ years in medical devices; marketing, business transformation, innovation
Other boards: Demant (joined 2025), Consumer Sleep Solutions LLC
LinkedIn signal: Global CMO role -- she owns brand, demand gen, and market strategy across ResMed

Q2 FY2026 (Dec 2025): Revenue $1.42B (+11% YoY), GAAP EPS $2.81 (+16%), beat estimates
Sleep & Breathing Health: $1.26B (+11.6%) -- strong masks/devices demand, double-digit masks growth
Residential Care Software (RCS): $166.9M (+5% CC) via MEDIFOX DAN
Margins expanding: Operating margin 36.3% (from 34%), gross margin 61.8-62.3%
Digital health push: AI-enabled devices, CPAP adherence, expanding software platform
Capital allocation: $175M buybacks in quarter, $1.19B program complete, dividend $0.60/share
GLP-1 narrative: Management says GLP-1 drugs actually improve long-term CPAP adherence (positive framing)

Sleep apnea is massively underdiagnosed. Estimated 80% of moderate-to-severe OSA cases undiagnosed in the US (~24M people). This is Patient Finder's sweet spot.
ResMed's interest: They sell CPAP devices/masks. Every newly diagnosed patient = new ResMed customer. Patient Finder could drive diagnosis at scale.
Katrin as CMO controls marketing budget and market expansion strategy -- she's the right person to pitch "finding the undiagnosed" as a market expansion play (not a marketing play).
Revenue model fit: 8-12% of first-year therapy revenue per patient found. CPAP therapy ~$2,000-3,000/year. At scale, significant.

Frame as market expansion, not marketing. "80% of moderate-to-severe sleep apnea patients are undiagnosed. We find them." This aligns with ResMed's growth strategy.
Digital health synergy. ResMed is investing heavily in digital health and AI. Ada's clinical-grade symptom assessment complements their device+software ecosystem.
Ask about their biggest market expansion challenge. Let Katrin articulate the problem before presenting the solution.
Patient journey angle. Ada can identify symptomatic patients (snoring, fatigue, daytime sleepiness) and navigate them to diagnosis and ultimately to ResMed devices.
Competitive context: ResMed competes with Philips (post-recall) and is in a dominant position. Now is the time to expand the addressable market, not just fight for share.

What is ResMed's current approach to reaching undiagnosed patients?
Is Katrin exploring partnerships for patient identification?
Who else at ResMed would need to be involved (commercial lead, medical affairs)?
What's their timeline for new growth initiatives in FY2026/2027?