USA — ResMed, a leading provider of sleep and respiratory care solutions, has made a significant move in the industry with its acquisition of Somnoware.
Somnoware is the creator of a comprehensive software platform that simplifies diagnostic and care management workflows for patients with sleep disorders and respiratory conditions.
This strategic acquisition not only strengthens ResMed’s position in the shared market but also capitalizes on the opportunities arising from competitor Philips’ ongoing CPAP machine recall.
While integrating Somnoware’s talented team and software solutions into its own business, ResMed intends to preserve the “open and device-agnostic nature” of Somnoware’s technology, ensuring compatibility with diagnostic tests and treatment devices from various suppliers.
Lucile Blaise, President of ResMed’s sleep and respiratory care division, expressed the company’s commitment to expanding the adoption of Somnoware’s open and interoperable platform, stating, “Improving patients’ experience and health outcomes is our common goal.”
Financial details of the acquisition were not disclosed; however, ResMed emphasized that the transaction would have no material impact on its financial results.
Somnoware’s software is specifically designed for sleep labs and pulmonary function testing labs, streamlining the process of scheduling diagnostic tests, analyzing results, and providing physicians with access to findings.
Through the platform, physicians can order CPAP and BiPAP machines and other devices, monitor patients’ device usage, and schedule follow-up appointments, all integrated with each patient’s electronic health record.
Bill Shoop, General Manager of ResMed’s North American business, highlighted the complementary nature of Somnoware’s software with ResMed’s existing roster of digital respiratory healthcare tools.
ResMed’s care management platforms, including AirView, which connects to ResMed’s sleep and ventilation devices for respiratory condition monitoring, and Brightree, designed for post-acute care providers, will be further enhanced by the newly acquired software.
ResMed’s strategic expansion comes in the wake of Philips’ recall of 5.5 million respiratory devices, predominantly CPAP machines.
Seizing the opportunity, ResMed has successfully filled the void in the market with its own sleep apnea treatments, leading to record-breaking quarterly revenues.
In the most recently reported financial results for the third quarter of fiscal year 2023, ResMed achieved its highest-ever quarterly revenues of US$1.12 billion, representing a remarkable 30% year-on-year growth.
The company’s impressive performance has instilled confidence among its stakeholders. CEO Mick Farrell expressed assurance in ResMed’s ability to outperform Philips upon its return to CPAP sales, stating, “We’ll keep our share and grow it—and game on.”
For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.
