Gross Margin

FY 2026

no prior guidance

61% to 63% " " "

no prior guidance

SG&A Expenses

FY 2026

no prior guidance

19% to 20% "

no prior guidance

R&D Expenses

FY 2026

no prior guidance

6% to 7% "

no prior guidance

Effective Tax Rate

FY 2026

no prior guidance

21% to 23% "

no prior guidance

Gross Margin Expansion & Cost Optimization

In Q1, gross margin increased (320 bps to 59.2%) driven by manufacturing efficiencies and cost improvements " " ; in Q2, improvement of 230 bps to 59.2% with focus on manufacturing/logistics efficiencies " " " ; in Q3, expansion of margins by 140 bps year‐on‐year (59.9%) with continued cost optimization initiatives. " " " "

In Q4, margins reached 61.4% with 230 bps YOY and 150 bps sequential improvement, driven by procurement, manufacturing, logistics efficiencies, and favorable FX; guidance for FY 2026 remains strong. " " " "

Consistent sustained improvements. The focus on operational efficiencies and cost optimization has been maintained across all periods, with Q4 showing refined execution and confident forward guidance. " " " "

Device Sales Growth & Market Share

In Q1, global device sales increased by about 10% with strength in U.S., Canada, Latin America, and Europe; market share was maintained despite competitive pressure. " " " In Q2, device sales grew 11% globally, with strong growth in the U.S. (12%) and solid performance in Europe and Asia, indicating market share gains. " " " " In Q3, global sales grew 7% and the company emphasized demand‐generation efforts to exceed market mid-single digits. " "

In Q4, global device sales grew by 8% on a constant currency basis with regional variations (7% in U.S./Canada/Latin America, 10% in Europe/Asia/other regions) along with clear statements on competitive positioning. " " " "

Continued robust global growth. The company is consistently outperforming market growth with modest regional differences, reiterating its competitive market share gains across periods. " " "

Innovative Product Pipeline & New Product Introductions

Q1 featured announcements on the upcoming AirTouch N30i mask, integration of consumer wearables, AI-driven solutions, and expansion into adjacent therapeutic areas. " " " " Q2 highlighted the global launch of AirSense 11, introduction of the AirTouch N30i, and collaboration on med tech accessories, along with R&D investments. " " " Q3 focused on the commercialization of NightOwl and VPAP Tx, expanding the digital ecosystem. " "

Q4 emphasized the global rollout of the AirSense 11 platform, introduction of new patient interface technologies (AirTouch N30i, AirFit F40), integration of AI/GenAI (Dawn, Smart Coaching) and acquisitions related to diagnostics. " " "

Broadening innovation scope. Building on previous product introductions, Q4 shows deeper integration of AI and digital health innovations while expanding the product portfolio to further streamline patient care. " " "

Diagnostic Expansion & Sleep Lab Backlogs

Q1 did not include discussion on diagnostics. In Q2, ResMed addressed sleep lab capacity challenges by promoting home sleep apnea testing with products like ApneaLink Air and NightOwl. " In Q3, a comprehensive focus on NightOwl and VPAP Tx was used to alleviate backlogs and streamline the diagnostic process. " " "

Q4 continued the emphasis on diagnostic expansion through strategic acquisitions (Ectosense, Vertuox), scaling home sleep apnea testing, and addressing sleep lab backlogs by redirecting mild cases to home testing. " "

Growing emphasis. Initially not mentioned in Q1, the focus on expanding diagnostics and resolving sleep lab backlogs has strengthened over Q2 and Q3, reaching a mature, detailed strategy in Q4. " "

Competitive Bidding & Regulatory Risks

Not addressed in Q1, Q2, or Q3.

Q4 featured detailed commentary on the anticipated resumption of CMS competitive bidding, proactive engagement with industry groups, and advocacy on global trade/regulatory risks. " " " "

Newly introduced focus. This topic is emerging as a critical risk area in Q4, highlighting increased regulatory scrutiny and competitive bidding pressures that were not previously mentioned. " " " "

Regional Competition (European Market)

Q1 highlighted strong competition in Europe with explicit mention of competitors and operational improvements. " " Q2 discussed a strong position in Europe despite significant competition. " Q3 provided limited details, noting modest constant currency growth in Europe. "

Q4 mentioned 10% growth in Europe (among other regions) on a constant currency basis and reinforced a strong international performance, while attributing growth to robust demand and competitive positioning. " "

Stable, consistent performance. While earlier periods discussed detailed competitive dynamics, Q4 emphasizes overall strong performance in Europe with less focus on competitive challenges, suggesting improved operational execution. " "

Tariff Exemptions & Supply Chain Stability

In Q1, comments around managing increased freight costs and inventory adjustments were noted. " " Q2 referenced potential tariff impacts that would not affect ResMed due to diversified manufacturing locations and stabilization of freight costs. " " " Q3 featured detailed discussions on tariff exemptions (continued global relief, competitor impacts) along with manufacturing and logistics improvements. " " " " " " "

In Q4, the company reinforced tariff exemptions, highlighted improvements in freight optimization, new manufacturing facility investments, and overall supply chain resilience contributing to gross margin expansion. " " "

Consistent stability with enhancements. The focus on maintaining tariff exemptions and robust supply chain stability has been sustained, with Q4 adding new manufacturing investments to further strengthen resilience. " " "

Emerging Megatrends (Consumer Wearables & GLP-1 Drugs)

Q1 discussed consumer wearables integration with platforms like myAir and noted initial insights on GLP-1 drugs driving higher CPAP initiation and adherence. " " Q2 highlighted FDA clearances on wearables (Samsung, Apple), and detailed real-world data on GLP-1 drugs enhancing patient flow. " " " Q3 continued the theme with active engagement with GLP-1 providers and reinforcement of digital health initiatives around wearables. " " "

In Q4, ResMed emphasized investor focus on consumer wearables driving sleep health awareness and noted that GLP-1 drugs (e.g., Zepbound) contribute to higher CPAP initiation and resupply rates, reinforcing the diagnostic funnel. " "

Increasing significance. The management of these megatrends has evolved from early recognition to a mature, data-driven approach that is increasingly integrated into growth strategies, particularly in Q4. " "

Acquisitions & Integration Risks

Q1 discussed successful tuck-in acquisitions (e.g., Snap Technologies, Somnoware, Ectosense) and a clear integration strategy with defined capital ranges and risk management. " Q2 did not address the topic. Q3 reiterated the criteria for acquisitions aligned with the 2030 strategy and mentioned ongoing exploration. "

Q4 detailed recent acquisitions (Sonderware, Ectosense, Vertuox) and reiterated a strategy of maintaining operational independence in integration, reflecting a deliberate risk-mitigated approach. "

Consistent strategic focus. The acquisitions strategy remains a key growth pillar, with evolving examples and a steady commitment to risk management and smooth integration across periods. " "

Inventory and Pricing Pressure

Q1 featured discussion on increased inventory levels (stock in transit) to mitigate higher freight costs and noted earlier price increases shared with customers due to supply chain challenges. " " Q2 and Q3 had no specific commentary on these topics.

No specific discussion in Q4.

Reduced emphasis. With proactive measures taken in Q1, the lack of mention in later quarters indicates stabilization of inventory levels and a less pressured pricing environment. " "