ResMed : 3Q26 Earnings Presentation

Published: 2026-04-30 20:08:58 ET RMD

Published on 04/30/2026 at 08:08 pm EDT

Q3 FY26 Earnings

April 30, 2026

Resmed | The global leader in connected and digital health

Key Statistics

12%

30%

Revenue by region

LTM 3Q26

58%

Headquarters San Diego, CA

Founded 1989

Listed (NYSE, ASX) 1995, RMD

LTM 3Q26 revenue $5.5B LTM 3Q26

37%

12%

Revenue by business

LTM 3Q26

51%

operating margin

(GAAP/Non-GAAP)

34% | 36%

Countries served 140+

Total employees >10,000

Devices

Masks h Other

RCS

U.S., Canada, and Latin America

Europe, Asia, and Other

RCS (U.S. h Germany)

Our areas of focus

Sleep and Breathing Health (SBH)

Residential Care Software (RCS)

Out-of-Hospital / Post-Acute Care software products

Designed to support professionals and caregivers helping people stay healthy in the home or care setting of their choice

Enables personalized care, measurable results, and improved

outcomes

Devices and masks designed to treat and manage sleep apnea, COPD, and other sleep and breathing health conditions

Digital solutions improve clinical outcomes

and lower healthcare costs while increasing efficiency

Market-leading patient experience and outcomes

Resmed | The global leader in connected and digital health

More than 26 billion nights of respiratory medical data (up ~1B)

Up ~1M

patients in AirView

Up ~1M

100% cloud connectable devices worldwide

Up ~0.1M

diagnostic tests processed in the cloud

Up ~4M

accounts in Residential Care Software network

Up ~60

calls per second from integrators

Up ~0.5M

patients have signed up for myAir

Note: Data as of March 31, 2026.

Note: Data compares 3Q26 values vs. 2Q26 values.

Note: All metrics are cumulative since their respective launch, with the exception of the API calls per second from integrators.

We are creating a more efficient, effective pathway to care

OPT -IN

MAKE THERAPY CHOICE

ON THERAPY

LIFETIME VALUE

STAGE

Awareness Testing Diagnosis Prescribed PAP Start PAP therapy Compliant in 90 Days Remain after

1 Year

Somnoware

Brightree

myAir

RESMED ACQUISITIONS & PRODUCTS ENHANCE PATHWAY

NightOwl Diagnostic

"Dawn" Digital

Concierge

PRODUCTS AND DEVICES ARE AI -ENABLED

AirView

VirtuOx home sleep test referrals up

>25% YoY

4.6M+ diagnostic tests processed in the cloud

475+ API calls per second from integrators

178M+ accounts in Residential Care Software network

36M+ patients in AirView &

11.9M+ patients signed up for

MyAir

34M+ cloud connectable devices

Resmed is an innovation machine across hardware, software, and digital patient interfaces

AirSenseTM 11 Rollout to Global Markets

Most recently launched in China and Colombia

Continuing rollout in APAC, ANZ, and other parts of Latin America

AirTouchTM N30i

Award-winning fabric-wrapped nasal mask designed to deliver exceptional comfort for a more natural sleep experience

Launched in in all major markets

Additional launches planned in coming

quarters

Demonstrated a +6% increase in 90-day compliance over AirFit N30i

AirTouchTM F30i

Award-winning fabric-based full-face mask

with two variants

Clear variant:

Launched in the U.S. targeting HME/DME providers

Comfort variant:

Launched in ANZ, Canada, and U.S.

eCommerce channels

Additional launches planned in coming quarters

Clinicians are highly engaged with Resmed education programs focused on sleep

More than 80,000CME courses completed

Up ~20K

By >45,000clinicians

Up ~10K

Up from ~77%

~78%

With Saying they intend to change their clinical practices with regards to OSA

Note: Data compares 3Q26 values vs. 2Q26 values.

Real-world data analysis in sleep apnea population shows significant positive correlation between GLP-1s and PAP therapy

Patients with an OSA diagnosis and prescribed a GLP-1 drug are more likely to initiate PAP therapy and have higher PAP resupply rates

GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1

Likely to initiate PAP therapy3

+1060 bps

PAP resupply rates4 1-year post-setup

+340 bps

PAP resupply rates4 3-year post-setup

+610 bps

Non-GLP-1

GLP-1

Non-GLP-1

GLP-1

Non-GLP-1

GLP-1

Large real-world data analysis: n = 2,118,000 patients with GLP-1 initiation, sleep apnea diagnosis, and Rx for PAP therapy5

Source: IQVIA LRX data and Diagnostic claims, July 2021 - December 2025.

1 Total patients with an OSA diagnosis claim from July 2021 - December 2025; those who were diagnosed with OSA prior to July 2021 are not included in this analysis.

2 GLP-1 initiation is defined by presence of GLP-1 claim at any point from July 2021 - December 2025 (n=2,118k patients); initiation does not demonstrate GLP-1 treatment adherence, so patients may not be actively taking GLP-1s today.

3 Values show absolute percentage difference in presence of any PAP-related claim from July 2021 - December 2025 comparing OSA patients who used GLP-1s versus OSA patients with no GLP-1 use.

4 Values show absolute percentage difference in presence of any PAP-related claim at each timepoint post PAP setup from July 2021 - December 2025 comparing OSA patients who used GLP-1s versus OSA patients with no GLP-1 use.

5 Majority of patients in the analysis population were prescribed newer GLP-1 drugs: semaglutide or tirzepatide.

Expanding our broader sleep health portfolio with Noctrix, an FDA De Novo classified device indicated for refractory moderate-to-severe Restless Leg Syndrome (RLS)

RLS Attractiveness

RLS affects ~7% of adults globally1

overlapping with OSA

Nidra Therapy Traction

Nidra highly resonating with patients and prescribers4

Physician future willingness to prescribe (survey results)

Noctrix treats refractory moderate-to-severe RLS

RLS addressable population

~17M

10-30%1,2

OSA addressable population

~50%

45%

~60M

100%

#3 sleep disorder after

OSA and insomnia

Adults in U.S.

1.7M

Adults in U.S. with

com`

orbidity

Adults in U.S.

~77M

Adults in U.S. by

Don't prescribe and would not in the future

Don't prescribe Nidra but would in the future

Prescribe Nidra today and would continue in the future

Deal Terms and Timeline

refractory moderate-to-severe RLS1

20503

Strategic Rationale & Next Steps

Targeted Close Date: on or around June 1, 2026

Purchase Price: $340M

Current Annual Run Rate Revenue: ~$24M

To be reported in Americas Devices

Q4 FY26 Non-GAAP EPS Impact: ~$0.02 reduction

1 J Glob Health; 2024 Jun 7;14:04113.

Resmed has been an investor since 2024

RLS is the next step towards our focus on sleep health in adjacent TAM areas with unmet needs

We continue to prioritize sleep health and developing the linkage between sleep apnea and broader sleep health

2 Data comprised of RLS patients who also have OSA.

3 The Lancet Respiratory Medicine. August 2025.

4 N=77. Survey composed of U.S. physicians.

5-year global outlook underpinned by strong foundation and execution of 2030 strategy

5-Year Global Outlook

% Revenue Growth

Underpinned by 2030 Strategy:

+ Increasing overall market growth via accelerating demand generation

+ Optimizing the patient pathway to diagnosis and therapy

+ Delivering on our pipeline of next-generation products

+ Continuing to drive operating excellence

Financial Results

Q3 FY26 financial results

Revenue by SReegvemnueenbtyaBnusdinResesgion

YoY Revenue Trajectory

($ in millions)

Revenue % by Segment

12%

37%

51%

$1,431.4

$1,291.7

Revenue % by Region

Q3 FY25 Q3 FY26

12%

31%

57%

Germany)

Note: YoY = year-over-year. Note: CC = constant currency.

Q3 FY26 financial results (cont'd)

Gross Margin

$499.8

$426.3

Operating Income

($ in millions)

Earnings per Share

($ in actuals)

GAAP

$2.48

$2.74

59.3% 62.2%

Q3 FY25 Q3 FY26

$524.8

$444.6

Non-GAAP

$2.86

$2.37

59.9% 62.8%

Q3 FY25 Q3 FY26

Note: See reconciliation to GAAP in Appendix.

Q3 FY25 Q3 FY26

FY26 global outlook underpinned by strong financial management

Gross Margin, Non-GAAP1

62%-

63%

61.4%

62.0%

62.3%

62.8%

4Q25 1Q26 2Q26 3Q26 FY26

Pipeline of Margin Improvement Drivers

+ Platform standardization

+ Scale Benefits

+ Vendor management

+ Component cost improvements

+ Manufacturing cycle times

+ Logistics efficiencies / Freight optimization

+ Inventory management

1 Non-GAAP. Refer to non-GAAP reconciliations in our respective annual and quarterly reports filed with the SEC.

Note: 10-K and Quarterly Reports on Form 10-Q filed with the US SEC.

Note: Resmed provides no GAAP outlook for Gross Margin or Effective Tax Rate. Note: Data as of March 31, 2026. Resmed's fiscal year end is June 30th.

Strong free cash flow and balance sheet

Operating Cash Flow

Capital Expenditures

Free Cash Flow

As of March 31, 2026:

($ in millions) ($ in millions) ($ in millions)

Total debt outstanding ~$664M

Less: Cash h cash equiv. ~$1,661M

Net Cash ~$996M

Unused borrowing capacity $1,500M

$1,198.6

$1,652.9

$1,890.0

$109.0

$84.2

$135.7

$1,568.8

$1,089.6

$1,754.2

LTM 3Q24 LTM 3Q25 LTM 3Q26

Provides financial flexibility to both invest in the business and return capital to shareholders

Track record of strong financial returns for shareholders

$5,538

+12% CAGR

$3,091

Revenue

($ in millions)

+16% CAGR

$885

Operating Income

GAAP

$1,893

($ in actuals)

Earnings per Share

GAAP

+27% CAGR

$3.13

$10.37

Free Cash Flow1

LTM 3Q21 LTM 3Q26

$1,754

+19% CAGR

$748

($ in millions)

LTM 3Q21 LTM 3Q26

Non-GAAP

$2,000

+15% CAGR

$977

LTM 3Q21 LTM 3Q26

Non-GAAP

$10.77

+15% CAGR

$5.31

LTM 3Q21 LTM 3Q26

Note: See reconciliation to GAAP in Appendix.

1 Free Cash Flow = Cash Flow From Operations - Capital Expenditures.

Disciplined capital allocation supports both business growth

Reinvest

for Growth

6-7% of revenue invested in RhD2

Q3 FY26 capital expenditures of ~$34M

and return of capital to shareholders

Capital deployed over last 3 years

(through March 31, 2026)

Strategic Growth Priorities

30%

31%

$3.2B

10%

29%

Pursue M&A

Tuck-in size acquisitions - up to ~$500M purchase price

Support Dividends

Progressive dividend policy

Increased 13% to $2.40/share annually for FY26

Complemented by portfolio of minority interest investments, partnerships, alliances

Reinvest in RhD

MhA

Dividends

Share repurchase1

Capital Returns to Shareholders

Share Repurchases

$300M repurchased in FY25

$175M repurchased in Q3 FY26 with ≥$175M

planned for Q4 FY26

2 >10,800 pending and registered patents and designs.

Select outlook items

(FY26 Outlook as of April 30, 2026)

Metric

Non-GAAP Gross Margin %1

62% - 63%

SG&A % of Revenue

19% - 20%

R&D % of Revenue

6% - 7%

Non-GAAP Tax Rate %1

21% - 23%

(Q4 FY26 Outlook as of April 30, 2026)

Metric

Net Interest Income

~$15M

Share Repurchases Planned

≥$175M

1 Non-GAAP. Refer to non-GAAP reconciliations in our respective annual and quarterly reports filed with the SEC.

Note: 10-K and Quarterly Reports on Form 10-Q filed with the US SEC.

Note: Resmed provides no GAAP outlook for Gross Margin or Effective Tax Rate.

Resmed | A compelling investment opportunity

Target markets are very large and significantly underpenetrated

Key mega trends in big tech and pharma are driving patients to our sleep ecosystem

Resmed is well-positioned with differentiated products, a robust innovation pipeline, and supply chain flexibility

Brand strength over time has allowed Resmed to achieve its market-leading position

Strong revenue growth, operating leverage, and free cash flow (~$1.75B for LTM Q3 FY26)

Balance sheet is very strong, with a net cash position of ~$996M as of Q3 FY26

Experienced management team has successfully delivered long-term growth and navigated externalities including

COVID, supply chain perturbations, and 4-year exit of a peer from US device market

Industry advocacy via AdvaMed volunteer chairman and other team leadership roles

Contact Investor Relations

Phone: +1 (858) 221-3304

Email: [email protected]

Website: Investor.Resmed.com

Disclaimer

ResMed Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 23:49 UTC.