RMD
ResMed Inc.247.34
-5.73-2.26%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q2 '26
GLP-1 tailwind durable per Q&A data
Q&A reinforced GLP-1s as a durable tailwind, unveiling three-year claims data showing 6% higher resupply rates among combo patients versus CPAP-only, with motivation outlasting GLP-1 adherence even in mild OSA cases. US masks hit double-digits excluding VirtuOx, fueled by early F30i fabric mask adoption amid HDHP seasonality. Management shrugged off Philips' potential US device return, emphasizing superior ecosystem and ex-US share stability at 5% CC growth. They're probing funnel attribution via myAir's 11 million users but won't quantify yet. GLP patients stay adherent longer. Investors will eye PCP channel scaling and precise tailwind sizing.
Key Stats
Market Cap
36.10BP/E (TTM)
25.32Basic EPS (TTM)
9.77Dividend Yield
0.01%Recent Filings
10-Q
Q2 FY2026 results
ResMed posted Q2 revenue of $1.42B, up 11% y/y, driven by 12% Sleep and Breathing Health growth (U.S./Canada/Latin America at 60% of total) while Residential Care Software rose 7%. Gross margin hit 61.8%, +3.2 points y/y from manufacturing efficiencies; operating income climbed to $492M (+18% y/y) despite $6M restructuring, yielding $2.68 diluted EPS (+15% y/y, confirmed vs. 146M shares). Cash swelled to $1.42B on $797M operating cash flow (FCF not disclosed in the 10-Q.), total debt $664M with $1.5B revolver available. Share buybacks totaled $327M. Ongoing patent suits pose litigation risk.
8-K
Q2 revenue up 11%
8-K
Board shrinks, equity plans expanded
ResMed's board shrank to 11 directors after Richard Sulpizio's term ended November 19, 2025, without re-election. Stockholders approved boosting the 2009 Incentive Award Plan by 2,400,000 shares and the 2018 ESPP by 3,000,000 shares, both now without fixed terms. Plans passed handily. Dilution risk rises.
10-Q
Q1 FY2026 results
ResMed posted solid Q1 FY2026 results ended September 30, 2025, with net revenue up 9% y/y to $1,335.6M on Sleep and Breathing Health growth (10% y/y to $1,169.4M), while Residential Care Software rose 6% y/y. Gross margin expanded to 61.5% from 58.6%, driving operating income up 15% y/y to $446.5M despite $15.8M restructuring hit; diluted EPS climbed 12% y/y to $2.37 on 146.9M shares. Cash swelled to $1.4B with $457.3M operating cash flow, funding $150M buybacks and $87.8M dividends amid $670M debt and full revolver availability. Small business acquisition added $1.3M goodwill. Ongoing patent suits pose litigation risk.
8-K
Q1 revenue up 9%, dividend declared
ResMed posted Q1 FY2026 revenue up 9% to $1.3B, with gross margin jumping 290 bps to 61.5% on manufacturing efficiencies. Non-GAAP EPS climbed 16% to $2.55, fueled by sleep device demand. Board declared $0.60/share quarterly dividend, payable December 18. Strong cash flow hit $457M. Restructuring charges totaled $16M.
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