“ResMed (RMD) delivered a strong fourth quarter result, beating expectations across revenue, earnings, and margin metrics,” Raymond said.
“Adjusted earnings per share (EPS) rose 23% to US$2.55, ahead of consensus and our forecast, while revenue grew 10% to US$1.34 billion, driven by solid demand across sleep and respiratory care globally.
“Notably, device sales in the Americas rose 7%, with double-digit growth in SaaS (+10%) also outperforming expectations.
“Gross margin expanded by 230 bps to 61.4%, aided by operational efficiencies and FX tailwinds.
“Adjusted operating income rose 19% to US$476m, while a dividend of US$0.60 was slightly ahead of expectations.
“Management highlighted strong demand, continued investment in digital health, and confidence heading into FY26.
“We maintain our ADD rating, supported by the company’s earnings momentum, strong competitive positioning, and improving profitability,” Raymond said.