ResMed Inc.: 10-K Risk Factor Changes

Our quarterly operating results are subject to fluctuation for a variety of reasons. Our operating results have, from time to time, fluctuated on a quarterly basis and may be subject to similar fluctuations in the future. These fluctuations may result from a number of factors, including: •the introduction of new products by us or our competitors; •the geographic mix of product sales; •the success and costs of our marketing efforts in new regions; •changes in third-party payor reimbursement; •timing of regulatory clearances and approvals; •costs associated with acquiring and integrating new businesses, technologies and product offerings; •timing of orders by distributors; •inventory write downs, which may result from maintaining significant inventories of raw materials, components, and finished goods; •expenditures incurred for research and development; •competitive pricing in different regions; •the effect of foreign currency transaction gains or losses; •other activities, including product recalls, by us and our competitors; •the perceived demand for our products in light of the introduction of pharmaceuticals to treat obesity and OSA; and •general economic conditions, including rising interest rates, inflationary pressures, recessions, consumer sentiment and demand, global political conflict and industry factors unrelated to our actual performance. Fluctuations in our quarterly operating results may cause the market price of our common stock to fluctuate. Our ability to sustain or grow dividends or repurchase shares is subject to board discretion. Our dividend declarations, share-repurchase programs and other capital allocations are subject entirely to the discretion of our board of directors. The board of directors reviews these matters periodically and may, at any time and for any reason, decide to decrease, suspend or discontinue dividends, reduce or pause share repurchases, or redirect available cash toward alternative uses—such as strategic acquisitions, organic growth initiatives or other corporate purposes. -47- -47- -47- Table of ContentsPART IItem 1ARESMED INC. AND SUBSIDIARIES Table of Contents PART IItem 1A