ResMed reported strong Q2 FY2026 results with 11% revenue growth and significant gross margin expansion. Management highlighted the tailwind from GLP-1 drugs, strong acceptance of new mask products, and continued investment in digital health and PCP education, while maintaining a confident outlook for the remainder of the fiscal year. Group revenue grew 11% to $1.42B, with gross margin expanding 310 bps year-over-year.
ResMed reported strong Q2 FY2026 results with 11% revenue growth and significant gross margin expansion. Management highlighted the tailwind from GLP-1 drugs, strong acceptance of new mask products, and continued investment in digital health and PCP education, while maintaining a confident outlook for the remainder of the fiscal year. Group revenue grew 11% to $1.42B, with gross margin expanding 310 bps year-over-year.
The tone is consistently positive and assured, highlighted by strong results, forward-looking growth drivers (GLP-1 tailwinds, PCP education, product innovation), and management's emphasis on market leadership and compounding shareholder value.
Management highlighted AI as a key innovation vector, with ComfortMatch, the first FDA-cleared AI-enabled medical device, in limited beta to improve CPAP adherence by recommending comfort settings. AI is positioned to amplify and personalize care, potentially unlocking…
US masks/accessories grew 16%, partly from Virtuox but strong double-digit growth even excluding it.
Management sees GLP-1s as a tailwind, with 1.95M patient claims data showing higher CPAP start and resupply rates.
Management highlighted AI as a key innovation vector, with ComfortMatch, the first FDA-cleared AI-enabled medical device, in limited beta to improve CPAP adherence by recommending comfort settings. AI is positioned to amplify and personalize care, potentially unlocking underutilized device features and driving long-term adherence, though monetization details were not discussed.
GLP-1 combo therapy boosts CPAP start and resupply rates at 3 years. The tone is consistently positive and assured, highlighted by strong results, forward-looking growth drivers (GLP-1 tailwinds, PCP education, product innovation), and management's emphasis on market leadership and compounding shareholder value.
ResMed is expanding manufacturing and distribution capacity: building a new US distribution center in Indiana slated for calendar 2027 to enable two-day delivery to ~90% of US customers, and doubling US manufacturing capacity at its Calabasas, California plant to produce made-in-America CPAP, APAP, bi-level and mask systems. Capital expenditure for the quarter was $29 million, reflecting continued
The tone is consistently positive and assured, highlighted by strong results, forward-looking growth drivers (GLP-1 tailwinds, PCP education, product innovation), and management's emphasis on market leadership and compounding shareholder value.
“patients who have scripts for both a latest generation GLP-1 or GLP-1 and CPAP prescriptions are 10% to 11% more likely to start their CPAP therapy than patients who only have a script for CPAP.”
“Ultimately ResMed will be able to deliver the only made in America CPAP, APAP, bi-level and mask systems.”
“Even taking out Virtuox, still double-digit growth, so still really strong.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| Gross margin | FY2026 | 62%–63% | 62.5% | MAINTAINED |
| RevenueRESIDENTIAL_CARE_SOFTWAR | FY2026 | 8%–12% | 10% | GUIDED |
ResMed is seeing durable, accelerating patient adherence for CPAP when combined with GLP-1 prescriptions, evidenced by a 6.2% higher resupply rate at three years. — GLP-1 drugs are not cannibalizing CPAP; they are expanding the market and improving adherence, which supports ResMed's long-term growth.
… specialties from around the world to provide strategic clinical and scientific guidance to our innovation efforts. Watch this space for results of their work. Before I move on, I'd like to spend a minute on our latest real world evidence that we shared during a recent healthcare conference. As you know, we've been tracking claims data now reflecting more than 1.95 million patients. What we've consistently seen is patients who have scripts for both a latest generation GLP-1 or GLP-1 and CPAP prescriptions are 10% to 11% more likely to start their CPAP therapy than patients who only have a script for CPAP. These patients that have a combined script, they are also 3% more likely to have a resupply event at one year, meaning they're buying a new mask, a new accessory of some type, a hose, filter and beyond. But that doubles and we see more than 6% likelihood to have a resupply event at three years. This is the first time we had three year data to share and we shared that. It's encouraging to see that the motivation of these patients lasts and even accelerates over time. Ultimately what we're finding is patients on a GLP-1 get on CPAP more and stay on CPAP therapy longer. Even as …
ResMed is expanding US manufacturing, adding a new distribution center in Indiana and doubling capacity in California, positioning it to become the only maker of CPAP devices in America. — This reshoring strategy could be a defensive moat against competitors like Philips and a hedge against future tariffs.
… progress on our newest US distribution centre in Indiana. We recently signed a lease and started construction in that state and we are on track to be up and running during calendar year 2027. Once this facility comes online, ResMed will be able to ship to around 90% of our US customers in less than two business days. This is in addition to our recently announced expansion of our Calabasas, California plant which doubles our US manufacturing capacity. Ultimately ResMed will be able to deliver the only made in America CPAP, APAP, bi-level and mask systems. ResMed remains an innovation machine. Our R&D investments in the next generation of market leading masks, cloud connected medical and digital healthcare software position us to keep delivering the world's smallest, quietest, most comfortable, most connected and most intelligent therapy solutions for sleep apnea and expansions into insomnia, respiratory insufficiency and beyond. We recently launched the F30i Comfort as well as the F30i Clear range of masks. These are the first compact full face fabric masks available from ResMed and they're in select key markets now and we'll continue to roll them out around the world as we get …