Analyst Consensus ?
ConsensusHold34 ratings
Bullish1441.2%
Neutral1544.1%
Bearish514.7%
ResMed Inc. · RMD · FY2026 Q3 · Calendar Q2 2026
ResMed Q3 FY2026: 11% Revenue Growth, Margin Expansion, and Noctrix Acquisition
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…
Reported After market closeNYSEHealthcare
$31.08B market cap
100quality score
Company context
Snapshot as of publicationResMed Inc. is a leading global medical technology enterprise engaged in the creation, production, distribution, and marketing of healthcare devices and connected digital solutions. The company operates through two primary segments: Sleep and Respiratory Care, and Software as a Service. Its extensive product range addresses a variety of respiratory disorders, encompassing advanced medical and consumer technologies, ventilation devices, diagnostic equipment, mask systems for both clinical and personal use, headgear, and related accessories, alongside dental devices. ResMed also provides sophisticated cloud-based informatics to enhance patient management and operational efficiency.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.86
Consensus $3
EPS surprise
+2.1%
Reported versus consensus
Reported revenue
$1.43B
Consensus $1.42B
Revenue surprise
+0.8%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$207.74Current
$175Low
$251.96Average
$345High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Mizuho | Outperform | Outperform | Maintain | Jul 15, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Jul 13, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 10, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 8, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 8, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jun 22, 2026 |
| Morgan Stanley | Equal Weight | Overweight | Downgrade | Jun 17, 2026 |
| Stifel | Hold | Hold | Maintain | Jan 30, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Jan 30, 2026 |
| Baird | Neutral | Outperform | Downgrade | Dec 16, 2025 |
| UBS | Buy | Buy | Maintain | Aug 1, 2025 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 24, 2025 |
| Needham | Hold | Hold | Maintain | Jan 31, 2025 |
| B of A Securities | Buy | Buy | Maintain | Sep 26, 2024 |
| Wolfe Research | Underperform | Peer Perform | Downgrade | Sep 18, 2024 |
| Oppenheimer | Perform | Outperform | Downgrade | Jun 25, 2024 |
| CLSA | Buy | Outperform | Maintain | Jan 13, 2022 |
| Macquarie | Outperform | Neutral | Upgrade | Dec 6, 2021 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jul 29, 2019 |
| Deutsche Bank | Buy | Hold | Upgrade | Mar 20, 2019 |
| BMO Capital | Outperform | Market Perform | Upgrade | Dec 10, 2018 |
| Barclays | Underweight | Underweight | Maintain | Oct 27, 2017 |
| Credit Suisse | Neutral | Outperform | Downgrade | Aug 2, 2017 |
| Bank of America | Neutral | Buy | Downgrade | Aug 2, 2017 |
| PiperJaffray | Neutral | Overweight | Downgrade | Apr 27, 2016 |
| BBY | Underperform | Underperform | Maintain | Feb 2, 2015 |
| Northland Securities | Underperform | Market Perform | Downgrade | May 27, 2014 |
| Northland Capital Markets | Underperform | Market Perform | Downgrade | May 27, 2014 |
| William Blair | Market Perform | Outperform | Downgrade | Jan 24, 2014 |
| Shaw Stockbroking | Buy | Buy | Maintain | Sep 20, 2013 |
| S&P Capital IQ | Buy | Buy | Maintain | Feb 26, 2013 |
| CBA | Buy | Hold | Upgrade | Aug 7, 2012 |
| Feltl & Co. | Hold | Hold | Maintain | Aug 6, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Apr 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $207.74. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | David Low | $300 | $195.97 | +44.4% | Jul 21, 2026 |
| RBC Capital | Analyst unavailable | $234 | $198.57 | +12.6% | Jul 16, 2026 |
| Mizuho Securities | Analyst unavailable | $220 | $193.01 | +5.9% | Jul 15, 2026 |
| Jefferies | Analyst unavailable | $225 | $204.5 | +8.3% | Jul 10, 2026 |
| RBC Capital | Analyst unavailable | $276 | $219.75 | +32.9% | Jul 8, 2026 |
| Wells Fargo | Analyst unavailable | $225 | $219.75 | +8.3% | Jul 8, 2026 |
| KeyBanc | Analyst unavailable | $266 | $188.63 | +28.0% | Jun 22, 2026 |
| Morgan Stanley | David Bailey | $230 | $193.94 | +10.7% | Jun 17, 2026 |
| Robert W. Baird | Analyst unavailable | $225 | $203.87 | +8.3% | May 1, 2026 |
| KeyBanc | Analyst unavailable | $290 | $219.85 | +39.6% | Apr 27, 2026 |
| Evercore ISI | Anthony Petrone | $255 | $228.33 | +22.8% | Apr 13, 2026 |
| RBC Capital | Craig Wong-Pan | $314 | $254.08 | +51.2% | Jan 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $265 | $257.61 | +27.6% | Jan 30, 2026 |
| KeyBanc | Brett Fishbin | $302 | $257.61 | +45.4% | Jan 30, 2026 |
| Robert W. Baird | Analyst unavailable | $281 | $257.61 | +35.3% | Jan 30, 2026 |
| Piper Sandler | Analyst unavailable | $275 | $257.61 | +32.4% | Jan 30, 2026 |
| Stifel Nicolaus | Jonathan Block | $260 | $245.94 | +25.2% | Dec 18, 2025 |
| Robert W. Baird | Analyst unavailable | $275 | $253.07 | +32.4% | Dec 16, 2025 |
| UBS | Marcus Curley | $345 | $251.38 | +66.1% | Dec 12, 2025 |
| Robert W. Baird | Analyst unavailable | $300 | $246.88 | +44.4% | Nov 3, 2025 |
| KeyBanc | Brett Fishbin | $299 | $244.12 | +43.9% | Oct 31, 2025 |
| Morgan Stanley | David Bailey | $305 | $252.26 | +46.8% | Oct 31, 2025 |
| Morgan Stanley | Analyst unavailable | $304 | $271.41 | +46.3% | Oct 21, 2025 |
| Wells Fargo | Analyst unavailable | $280 | $272 | +34.8% | Oct 13, 2025 |
| Morgan Stanley | David Bailey | $286 | $248.14 | +37.7% | May 20, 2025 |
| KeyBanc | Brett Fishbin | $274 | $232.65 | +31.9% | Apr 24, 2025 |
| Mizuho Securities | Anthony Petrone | $265 | $211.49 | +27.6% | Apr 16, 2025 |
| Stifel Nicolaus | Analyst unavailable | $240 | $223.83 | +15.5% | Mar 5, 2025 |
| Piper Sandler | Adam Maeder | $260 | $236.18 | +25.2% | Jan 31, 2025 |
| Stifel Nicolaus | Jonathan Block | $250 | $242.51 | +20.3% | Dec 12, 2024 |
| RBC Capital | Craig Wong-Pan | $224 | $238.95 | +7.8% | Oct 1, 2024 |
| Robert W. Baird | Joe Vruwink | $280 | $246.18 | +34.8% | Sep 23, 2024 |
| Wolfe Research | Mike Polark | $180 | $250.88 | -13.4% | Sep 18, 2024 |
| RBC Capital | Craig Wong-Pan | $187 | $194.27 | -10.0% | Apr 10, 2024 |
| Stifel Nicolaus | Mike Matson | $224 | $198.03 | +7.8% | Apr 1, 2024 |
| Oppenheimer | Suraj Kalia | $175 | $134.65 | -15.8% | Oct 27, 2023 |
| Needham | Mike Matson | $180 | $153.89 | -13.4% | Sep 6, 2023 |
| RBC Capital | Craig Wong-Pan | $244 | $197.57 | +17.5% | Jun 20, 2022 |
| RBC Capital | Analyst unavailable | $233 | $200.81 | +12.2% | Apr 29, 2022 |
| Oppenheimer | Suraj Kalia | $312 | $253.77 | +50.2% | Oct 14, 2021 |
| Morgan Stanley | Sean Laaman | $250 | $271.87 | +20.3% | Aug 4, 2021 |
| Jefferies | Anthony Petrone | $240 | $264.75 | +15.5% | Jul 28, 2021 |
Track every rating change on RMD the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-4.1%
Event window
SPY move
+0.3%
Same window
Abnormal move
-4.4%
Stock minus SPY
Volume
3.0×
Versus trailing sessions
Subsequent drift
-9.1%
Up to 20 sessions
RMDSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue growth held at 11% YoY, matching the prior quarter, though constant-currency growth ticked down from 9% to 8%. Gross margin expansion moderated to 290 bps from 310 bps last quarter. The Noctrix Health acquisition ($340M) is new this quarter and expands the portfolio into restless leg syndrome with a $24M annual revenue run-rate. New GLP-1 adherence data builds on the prior quarter's findings: GLP-1 patients showed 5.1% higher 2-year and 6.2% higher 3-year PAP resupply rates. Fabric mask evidence strengthened, with AirTouch N30i showing 6% higher 90-day compliance versus silicone. Capex outlook shifted from increasing to stable. Free cash flow of $520M supported $175M in share repurchases this quarter, compared to the $600M accelerated buyback program announced in the prior quarter.
Guidance delta
Guidance sentiment was maintained, unchanged from the prior quarter. Management reiterated confidence in continued high-single-digit revenue growth through 2030 and its long-term margin-accretion strategy. No formal guidance revision was announced.
Key takeaways
- Revenue of $1.43B grew 11% YoY (8% constant currency), with non-GAAP EPS of $2.86 beating the $2.80 consensus by 2.1%.
- Gross margin expanded 290 bps YoY, driven by component cost improvements and favorable product mix.
- Free cash flow reached $520M, supporting a $0.60 dividend and $175M in share repurchases.
- Announced $340M acquisition of Noctrix Health, adding an FDA de-novo device for restless leg syndrome with a $24M annual revenue run-rate.
- New data showed GLP-1 therapy patients have higher long-term PAP resupply rates (5.1% at 2 years, 6.2% at 3 years), reinforcing the GLP-1 and PAP synergy thesis.
- Fabric-based masks (AirTouch N30i) demonstrated 6% higher 90-day compliance versus silicone masks.
Management priorities
- Complete Noctrix Health acquisition by June 1, 2026 and integrate into the Americas devices segment.
- Accelerate AirSense 11 and fabric mask rollouts in high-growth international markets including Latin America and China.
- Invest in digital ecosystem capabilities including sleep health concierge and VirtualOx home sleep testing platforms.
- Increase SG&A and R&D spend to support Noctrix growth and pipeline innovations.
- Pursue additional tuck-in acquisitions and partnerships to broaden the sleep-health portfolio.
Related earnings events
HealthcareSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
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- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T13:11:32.540574+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.