ResMed Inc. (RMD) Earnings
ResMed Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $2.90. RMD has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +1.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.79 | $2.86 | +2.5% | $1.4B | +0.8% |
| Jan 29, 2026 | $2.74 | $2.81 | +2.6% | $1.4B | +1.6% |
| Oct 30, 2025 | $2.51 | $2.55 | +1.6% | $1.3B | +0.2% |
| Jul 31, 2025 | $2.55 | $2.55 | +0.0% | $1.3B | +0.0% |
| Apr 23, 2025 | $2.38 | $2.37 | -0.4% | $1.3B | +0.3% |
| Jan 30, 2025 | $2.32 | $2.43 | +4.7% | $1.3B | +1.2% |
| Oct 24, 2024 | $2.04 | $2.20 | +7.8% | $1.2B | +3.3% |
| Aug 1, 2024 | $2.07 | $2.08 | +0.5% | $1.2B | +0.4% |
| Apr 25, 2024 | $1.91 | $2.13 | +11.5% | $1.2B | +1.9% |
| Jan 24, 2024 | $1.81 | $1.88 | +3.9% | $1.2B | +1.5% |
| Oct 26, 2023 | $1.62 | $1.64 | +1.2% | $963M | -12.2% |
| Aug 3, 2023 | $1.69 | $1.60 | -5.3% | $1.1B | -1.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Mick thanked Brett for his 26 years of service, introduced Aaron Bloomer as new CFO. Q3 had strong results: 11% headline revenue growth, 8% constant currency. Gross margin expanded 290 basis points y/y and 50 basis points q/q. Operational excellence with supply chain optimization. Innovation: global rollout of fabric-based masks like AirTouch N30i (6% higher 90-day compliance than silicone equivalent), F30i Comfort and Clear. AirSense 11 platform rollout in Latin America and China (leveraging local digital ecosystem in China). Continuing medical education programs: over 80,000 sleep apnea courses completed by over 45,000 clinicians, 78% intend to change practices. GLP-1 analysis: PAP patients on GLP-1 have higher adherence, 11% more likely to start PAP, more resupply events. Acquired Noctrix Health for RLS treatment, revenue run rate ~$24 million, growing faster and higher margin than ResMed. Residential care software: disciplined portfolio management, aiming for high single-digit revenue growth and double-digit operating profit growth in FY2027. Returned $262 million to shareholders in Q3 via dividend and share repurchases.
Guidance
Expect gross margin to be in range of 62-63% for FY2026. SG&A expenses as % of revenue expected to be 19-20% for FY2026. R&D expenses as % of revenue expected to be 6-7% for FY2026. Net interest income from Singapore dollar to US dollar hedge expected ~$9 million quarterly going forward, Q4 FY2026 net interest income expected ~$15 million. Effective tax rate for FY2026 estimated 21-23%. Expect high single-digit revenue growth and earnings growth higher than revenue growth in five-year outlook. Noctrix Health expected to reduce non-GAAP EPS by ~two cents in Q4 FY2026. Plan to purchase at least $175 million in shares in Q4 FY2026.
Segment performance
Group revenue for the March quarter was $1.43 billion, an 11% headline increase and 8% in constant currency terms. Revenue growth reflected positive contributions across device and mass portfolio and software business. Excluding residential care software, sales in US, Canada and Latin America increased by 9%, Europe, Asia and other regions by 7% on constant currency. Globally, device sales increased by 6%, masks and other sales by 12%. In regions, US, Canada and Latin America device sales up 6%, masks and other up 14% (excluding Virtuox revenue, Americas masks and other still double digit growth). Europe, Asia and other regions device sales up 6% on constant, masks and other up 10% on constant. Residential care software revenue increased by 4% on constant currency. Gross margin was 62.8% in March quarter, increased 290 basis points year over year and 50 basis points sequentially. Operating profits increased by 18%, operating margin improved to 36.7% from 34.4%. Non-GAAP diluted earnings per share increased by 21%. Cash flow from operations was $554 million. Capital expenditure $34 million, depreciation and amortisation $59 million. Ended Q3 with cash balance $1.7 billion, $664 million gross debt and $996 million net cash. Acquired Noctrix Health for $340 million, expected to close June 1, 2026, current annual revenue run rate ~$24 million.
Risks & headwinds
Geopolitical uncertainty in Middle East impacting fuel rates potentially. Component cost inflation pressures. Evolving payers' utilization management approaches could pose challenges. Potential changes in reimbursement for Noctrix Health's products over time.
Analyst Q&A
Q: Reduced component cost supportive of gross margins, talk about current component costs, freight and supply chain changes post-COVID.
A: Mick said no impact from Middle East geopolitical uncertainty on core supply chain, majority on sea freight, pipeline of supply chain improvement opportunities maintains guidance. Brett added team did well on components, cost inflation on components, but productivity pipeline, platform standardisation, scale benefits, vendor management, longer term contracts, manufacturing execution, logistics efficiencies can offset.
Q: On Noctrix, growing faster, higher margins, impact on SG&A, R&D, reimbursement.
A: Noctrix has novel tech, growing faster and higher margin than ResMed, will invest in R&D and sales/marketing, best owner of asset, market access team can scale it, startup team has good payer reimbursement.
Q: Combined Europe-Asia revenue growth, what's driving it.
A: Western Europe team partnered with home care providers, Asia Pacific teams with omnichannel approach, AirTouch N30i and F30i Comfort/Clear driving mask growth, devices also seeing growth via repap programs.
Q: Synapse concern for US HME.
A: Mick said not a huge threat, like Carecentrics a decade ago, payers will choose those taking care of patients, OSA is low cost, high return, working with HMEs to manage.
Q: Fabric masks price point making it hard for HME to profit.
A: Depends on payers and states, we price for right, 6% adherence increase has profit potential in many areas, work with HMEs to ensure economics in line.
Q: Competitive dynamics in US devices.
A: No major new threat, focus on future with smaller, quieter, more comfortable, more cloud-connected, more intelligent therapies, will bring out more intelligent therapies.
Q: Primary care engagement CME program conversion rate, Phillips return.
A: Tracked PCP engagement, target those already engaged in home sleep apnea testing, conversion to writing prescriptions tracked via volume. No update on Phillips return.
Q: US devices growth, weather events, GLP-1 rollout.
A: No major weather impact on US devices, mid-single-digit growth, 6% growth this quarter, GLP-1s a long-term tailwind, demand gen, capture, curation needed.
Q: GLP-1 patient journey, getting CPAP prescription filled.
A: PCPs write sleep apnea prescriptions, CMS 90-day rule, combination therapy better, ResMed working to maximize adherence, GLP-1 and CPAP combination has data showing more start and stay on therapy.
Q: Growth drivers for FY2027 and beyond, new product launches.
A: Mick talked about fabric masks' success, AirSense 11 expansion, China digital ecosystem, algorithms and hardware upgrades to watch, Brett said focus on executing strategy for top line growth which will drive bottom line.