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Sentiment · FY2026 Q4
ResMed delivered 11% headline revenue growth with non-GAAP diluted EPS increasing 21% and free cash flow of $520 million at above 100% conversion. Gross margin was maintained in the 62-63% guidance range, and fabric mask innovation continued driving market share gains. The Noctrix Health acquisition expanded the sleep health portfolio, and management positioned GLP-1 synergy as a once-in-a-generation demand catalyst.
Demand | Competitive Dynamics | Revenue Growth | Margin | Innovation & R&D | Product Launch | Pricing | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 4 | 4 | 2 | 2 | 3 | 3 | 2 | |
| 2025Q2 | 5 | 4 | 3 | 2 | 2 | 1 | 1 | |
| 2025Q3 | 4 | 3 | 1 | 4 | 1 | 1 | ||
| 2025Q4 | 2 | 3 | 2 | 2 | 1 | |||
| 2026Q1 | 4 | 1 | 2 | 1 | 2 | 1 | 1 | |
| 2026Q2 | 6 | 3 | 5 | 1 | 2 | 1 | ||
| 2026Q3 | 3 | 1 | 2 | 1 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Demand | 4 | 5 | 4 | 2 | 4 | 6 | 3 |
| Competitive Dynamics | 4 | 4 | 3 | 3 | 1 | 3 | 1 |
| Revenue Growth | 2 | 3 | 1 | 2 | 2 | 5 | 2 |
| Margin | 2 | 4 | 2 | 1 | 1 | 1 | |
| Innovation & R&D | 2 | 2 | 1 | 2 | |||
| Product Launch | 3 | 2 | 1 | ||||
| Pricing | 3 | 1 | 1 | 1 | |||
| Supply Chain | 2 | 1 | 1 | 1 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dan Hurren | MST Marquee | 7 (29%) |
| Davin Thillainathan | Goldman Sachs | 6 (0%) |
| Lyanne Harrison | Bank of America | 6 (0%) |
| Anthony Petrone | Mizuho Securities | 6 (0%) |
| Brett Fishbin | KeyBanc Capital Markets | 6 (17%) |
| Laura Sutcliffe | Citigroup | 5 (0%) |
| Saul Hadassin | Barrenjoey | 5 (0%) |
| David Bailey | Morgan Stanley | 5 (0%) |
| Craig Wong-Pan | RBC Capital Markets | 4 (0%) |
| Brandon Vazquez | William Blair | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| MST Marquee | 1 | 7 (29%) |
| Citigroup | 2 | 6 (0%) |
| Goldman Sachs | 1 | 6 (0%) |
| Bank of America | 1 |
| 6 (0%) |
| KeyBanc Capital Markets | 1 | 6 (17%) |
| Mizuho Securities | 1 | 6 (0%) |
| Morgan Stanley | 1 | 5 (0%) |
| Barrenjoey | 1 | 5 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $1.22B | +11.1% | $2.11 | +41.6% | 58.6% | 31.6% | 25.4% | $306M |
| FY2025 Q2 | $1.28B | +10.3% | $2.34 | +64.8% | 58.6% | 32.5% | 26.9% | $290M |
| FY2025 Q3 | $1.29B | +7.9% | $2.48 | +21.6% | 59.3% | 33.0% | 28.3% | $555M |
| FY2025 Q4 | $1.35B | +10.2% | $2.58 | +30.3% | 60.8% | 33.7% | 28.2% | $508M |
| FY2026 Q1 | $1.34B | +9.1% | $2.37 | +12.3% | 61.5% | 33.4% | 26.1% | $414M |
| FY2026 Q2 | $1.42B | +11.0% | $2.68 | +14.5% | 62.2% | 34.6% | 27.6% | $305M |
| FY2026 Q3 | $1.43B | +10.8% | $2.74 | +10.5% | 62.2% | 34.9% | 27.9% | $520M |
| FY2026 Q4 | $1.46B | +8.6% | $2.64 | +2.3% | 58.8% | 30.7% | 26.2% | $1.65B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What RMD and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Regarding Philips, nothing new to add beyond what is broadly known; our focus remains on execution and serving patients.”
Asked about competitor Philips' potential return to the sleep device market, ResMed had no new update, implying no near-term competitive share shift.
“We have called out increasing ad spend from Eli Lilly and their Zepbound OSA brand campaigns—dontsleeponosa.com—and the broader population for the pills.”
Eli Lilly is increasing marketing spend on Zepbound OSA campaigns, driving patient awareness that funnels new patients toward ResMed's sleep apnea diagnostics and CPAP.
“As highlighted by Eli Lilly's own clinical trials in this space, these two therapies are better together.”
ResMed cites Eli Lilly's GLP-1 clinical work to argue GLP-1 and CPAP therapies are complementary, framing Lilly's GLP-1 growth as a demand tailwind rather than a threat.
“This week, we signed an M&A deal to acquire Noctrix, a company with an FDA de novo classified medical device that treats restless leg syndrome, known in the medical community by the acronym RLS.”
ResMed agreed to acquire Noctrix Health (~$340M) to enter restless leg syndrome, a faster-growing, higher-margin adjacency to its core sleep apnea business.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
RMD ResMed | 8 | +10.8% | |
| BAX Baxter International | 3 | +2.9% | |
| BDX Becton Dickinson | 6 | -10.6% | |
| COO Cooper Companies (The) | 8 | +6.2% | |
| HOLX Hologic | · | n/a | |
| ISRG Intuitive Surgical | 9 | +23.0% | |
| WST West Pharmaceutical Services | 9 | +21.0% |