RMD
FY2026 Q3 · Calendar Q2 2026
ResMed Inc.
ResMed continues to execute a consistent growth playbook: double-digit revenue growth, expanding margins, strong cash generation, and strategic tuck-in acquisitions that broaden its sleep health portfolio. This quarter's 11% revenue growth and 290 bps gross margin expansion reflect improving component costs and favorable product mix, particularly from fabric-based masks. The $340 million Noctrix Health acquisition adds a new high-margin category (restless leg syndrome) beyond ResMed's core sleep apnea franchise. Management's data linking GLP-1 therapy adherence to higher PAP resupply rates is a notable data point, positioning ResMed as a beneficiary of the broader GLP-1 drug trend rather than a casualty of it. The stock's negative abnormal move of roughly 4.4% on the print, followed by further drift, suggests the market viewed the results as solid but not incrementally exciting…
EPS surprise+2.1%
Market move-4.1%
