Resmed Inc. · NYSE:RMD
Resmed — Q4 FY26 Earnings Presentation
38 slides from Resmed's earnings presentation, Sep 15, 2026
Slide 1: Resmed Q4 FY26 Company Overview
Resmed Q4 FY26 Company Overview September 15, 2026
Slide 2: Presentation of financial information & forward-looking statements
Presentation of financial information & forward-looking statements Historical financial and operating data in this presentation reflect the consolidated results of ResMed Inc. ("Resmed"), its subsidiaries, and its legal entities for the periods indicated. This presentation includes financial informa
Slide 3: Resmed remains a highly compelling investment opportunity
Resmed remains a highly compelling investment opportunity Large, underpenetrated, and growing target market Well-positioned to drive growth and serve more patients Highly differentiated financial profile delivering sustained shareholder value We create life-changing health technologies that people l
Slide 4: Table of Contents
Table of Contents Company Overview highlighting our past, present, and go forward as a leading sleep health, breathing I health, and home health business Robust Product Portfolio driving continuous innovation and operational excellence, including through II active portfolio management III Business a
Slide 5: I. Company Overview
I. Company Overview
Slide 6: Resmed | The global leader in connected and digital health
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Resmed | The global leader in connected and digital health Corporate Highlights TTM Financial Highlights Headquarters San Diego, CA Total HL revenue ~$5.7B 12%3 12%3 Founded 1989 CC Revenue YoY 8% Re
Slide 7: Resmed key areas of focus
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Resmed key areas of focus 1 2 3 Invest in Business and Operational and Active Portfolio Return Capital to Innovation Excellence Management Shareholders Key areas of focus that will continue contribut
Slide 8: Large, underpenetrated total addressable market
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Large, underpenetrated total addressable market = long runway for growth MARKET FOR DEVICES MARKET FOR MASKS Growing in the Growing in the mid-single digits high-single digits 400M3 480M globally glo
Slide 9: Key megatrends are driving patients and providers to Resmed's ecosystem
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Key megatrends are driving patients and providers to Resmed’s ecosystem Consumers are Widespread Wearables Consumers AI and digital Massive pressure more focused adoption of spotlight sleep demand a
Slide 10: 2030 Strategy
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance 2030 Strategy OUR OUR STRATEGY OUR KEY FOCUS CAPABILITIES AREAS We will create products Sleep Health people love as well as Empower our teams seamless, personalized Breathing Health pathways for acce
Slide 11: II. Product Portfolio
II. Product Portfolio
Slide 12: Resmed is creating a more efficient, effective pathway to care
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Resmed is creating a more efficient, effective pathway to care OPT -IN MAKE THERAPY CHOICE ON THERAPY LIFETIME VALUE STAGE STAGE STAGE STAGE STAGE STAGE STAGE 1 2 3 4 5 6 7 Awareness Testing Diagnosi
Slide 13: Devices overview
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Devices overview AirSense 11TM leads a comprehensive device portfolio spanning CPAP, APAP and bilevel therapy; select devices below ~51% of FY26 revenue Flagship CPAP Bilevel Travel AirSense 11TM Air
Slide 14: Masks & other overview
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Masks & other overview A market-leading mask portfolio paired with diagnostics that pull patients into the care pathway before device therapy begins; select products below ~37% of FY26 revenue Full F
Slide 15: Residential care software (RCS) overview
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Residential care software (RCS) overview Two market-leading platforms that digitize and connect post-acute and home care operations ~12% of FY26 revenue 1 US (DME & HME) Market German Market Brightre
Slide 16: Robust digital ecosystem
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Robust digital ecosystem Built on 28B+ nights of data, Resmed's digital ecosystem delivers AI personalization and strong customer and patient engagement — 37M+ patients on AirView, 12.5M+ on myAir AI
Slide 17: Noctrix, an FDA De Novo classified device for Restless Legs Syndrome (RLS)
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Noctrix, an FDA De Novo classified device for Restless Legs Syndrome (RLS) • Non-invasive, drug-free, reversible therapy • Prescribed by sleep doctors who know Resmed well ~50% • Distributed through
Slide 18: III. Business and Market Updates
III. Business and Market Updates
Slide 19: Improvement of sleep pathway through key partnerships
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Improvement of sleep pathway through key partnerships + partnered to expand access to sleep health education and care: 3 4 Member has the Potential option to Resmed patient connect with independent 2
Slide 20: Real-world data analysis shows patients on GLP-1s both initiate CPAP more and stay on therapy
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Real-world data analysis now shows >2.5M patients on GLP-1s both initiate CPAP more and stay on therapy GLP-1 initiated1,2 vs. non-GLP-1 initiated OSA patients1 Patients with an OSA diagnosis Likely
Slide 21: PAP leads GLP-1s in OSA treatment initiation
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance PAP leads GLP-1s in OSA treatment initiation ✓ Among newly diagnosed OSA patients, Time from sleep test to receipt of therapy PAP was initiated earlier than GLP-1s after label expansion, by therapy1
Slide 22: Demographic shifts in our OSA patient population toward more women and younger patients
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance We are seeing demographic shifts in our OSA patient population toward more women and younger patients Female patients represent a larger share of new patient starts (+4 pts vs. 2019) Since 2015, pati
Slide 23: Clinicians are highly engaged with Resmed education programs focused on sleep
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Clinicians are highly engaged with Resmed education programs focused on sleep ✓ >95,000 CME courses completed Up ~15K ✓By >55,000 clinicians Up ~10K ✓With ~77% clinical practices with regards to OSA
Slide 24: Unmatched scale in connected respiratory & digital health
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Unmatched scale in connected respiratory & digital health More than 28 billion nights of respiratory medical data (up ~2B) 37+ million Up ~1M 35+ million Up ~1M patients in AirView 100% cloud connect
Slide 25: IV. Financial Performance
IV. Financial Performance
Slide 26: Executed against our strategic priorities in FY26
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Executed against our strategic priorities in FY26 Operational and Innovation Invest in Business and Return Active Portfolio Management Excellence Capital to Shareholders DISCIPLINED MARGIN EXECUTION
Slide 27: Q4 FY26 global revenue results
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Q4 FY26 global revenue results Americas Sleep Devices Americas Life Support Devices Americas Masks & Other Total Revenue Revenue Revenue Revenue ($ in billions) +8% CC ⇧ +8% ⇧ (36%) ⇩ +13% ⇧ $1,731 $
Slide 28: Q4 FY26 rest of P&L
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Q4 FY26 rest of P&L Non-GAAP Gross Margin1 Non-GAAP Operating Margin 90 bps ⇧ 240 bps ⇧ 10 bps ⇩ 180 bps ⇧ 62.3% 62.4% 35.2% 36.1% Q4 FY26 FY26 Q4 FY26 FY26 Non-GAAP Earnings Per Share Free Cash Flow
Slide 29: Track record of strong financial returns for shareholders
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Track record of strong financial returns for shareholders Revenue Non-GAAP Operating Income ($ in millions) ($ in millions) $2,039 $5,653 12% CAGR ⇧ 15% CAGR ⇧ $3,197 $994 FY21 FY26 FY21 FY26 Non-GAA
Slide 30: FY27 guidance and Q1 FY27 financial trends
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance FY27 guidance and Q1 FY27 financial trends FY27 Full-Year Guidance FY27 Margin Considerations TOTAL REVENUE NON-GAAP DILUTED EPS NON-GAAP GROSS MARGIN $5.75B – $5.85B1 $12.00 – $12.25 Low double-digi
Slide 31: Disciplined capital allocation strategy supports growth and return of capital
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Disciplined capital allocation strategy supports both business growth and return of capital to shareholders Strategic Growth FY27 capital expenditures of $160M-180M, supporting automation expansion a
Slide 32: Resmed's global outlook is underpinned by a strong foundation and 2030 Strategy
III. Business and IV. Financial I. Company Overview II. Product Portfolio Market Updates Performance Resmed’s global outlook is underpinned by a strong foundation and execution of our 2030 Strategy Global Outlook Underpinned by 2030 Strategy: High single digits + Increasing overall market growth via
Slide 33: Contact Investor Relations
Contact Investor Relations Phone: +1 (858) 221-3304 Email: InvestorRelations@Resmed.com Website: Investor.Resmed.com
Slide 34: APPENDIX
APPENDIX
Slide 35: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles and field safety notification expenses and are reconciled below: (Unaudited; $ in thousands, except for per share amounts) Note regard
Slide 36: Reconciliation of non-GAAP financial measures (cont'd)
Reconciliation of non-GAAP financial measures (cont’d) The measures “non-GAAP selling, general, and administrative expenses” and “non-GAAP selling, general, and administrative expenses as a percentage of revenues” exclude acquisition and portfolio review related expenses and are reconciled below: (U
Slide 37: Reconciliation of non-GAAP financial measures (cont'd)
Reconciliation of non-GAAP financial measures (cont’d) The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below: (Unaudited; $ in thousands, except for per share amounts) Note regarding non-GAAP reconciliations (A) Resmed adjusts for the impact of the amorti
Slide 38: Reconciliation of non-GAAP financial measures (cont'd)
Reconciliation of non-GAAP financial measures (cont’d) The measures “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below: (Unaudited; $ in thousands, except for per share amounts) Note regarding non