ResMed (RMD) Earnings Date & Reports

Key Takeaways

• ResMed reported revenue of approximately $1.415 billion for the first quarter of fiscal 2027, up 6% year over year and 7% on a core constant currency basis, topping consensus estimates near $1.39 billion.
• GAAP (Generally Accepted Accounting Principles) diluted EPS (earnings per share) rose 23% to $2.92, while non-GAAP diluted EPS increased 14% to $2.91, both above analyst expectations.
• Non-GAAP gross margin expanded 50 basis points to 62.5%, driven by strong demand across sleep devices and masks and accessories.
• The company returned more than $1.0 billion to shareholders through share repurchases and dividends and closed the divestiture of its MatrixCare business.
• Full-year fiscal 2027 guidance was reaffirmed, including core constant currency revenue growth of 5% to 7% and non-GAAP diluted EPS of $12.00 to $12.25.
• For more detail on ResMed's Major News, Today's Price Move, Price Targets, and Forecast, explore the dedicated pages for the ticker.
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Earnings Context and Why It Matters

ResMed's first-quarter results open its fiscal 2027 and set the tone for a company that has consistently delivered mid-to-high single-digit growth in its core sleep and breathing health franchise. With a global installed base of cloud-connected devices and recurring mask-and-accessory sales, the quarter offers a read on patient demand, pricing, and the pace of market share gains. The report also matters because it arrives after the strategic divestiture of the MatrixCare software business, a move that reshapes ResMed's portfolio around its core respiratory franchise while freeing capital for innovation and shareholder returns. Investors watch these results closely as a gauge of whether durable demand can offset currency headwinds and competitive pressures.

Reported Results

ResMed reported net revenue of approximately $1.415 billion for its first quarter of fiscal 2027, ended September 30, 2026, an increase of 6% from the prior-year period. On a core constant currency basis, which adjusts for currency fluctuations and excludes the impact of the Noctrix acquisition and the MatrixCare divestiture, revenue grew 7%. The result exceeded the roughly $1.39 billion consensus estimate.

On the bottom line, GAAP diluted EPS climbed 23% to $2.92, while non-GAAP diluted EPS rose 14% to $2.91, both ahead of analyst expectations. GAAP gross margin was 61.5%, and non-GAAP gross margin expanded 50 basis points to 62.5%. Operating cash flow totaled $422 million, with free cash flow of $374 million.

Management reaffirmed its full-year fiscal 2027 outlook: core constant currency revenue growth of 5% to 7%, reported revenue of $5.75 billion to $5.85 billion, and non-GAAP diluted EPS of $12.00 to $12.25. The board also declared a quarterly cash dividend of $0.66 per share.

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Market Reaction and Investor Sentiment

ResMed shares edged modestly higher following the report, reflecting a quarter that beat on both revenue and earnings while holding full-year guidance steady. The combination of top-line outperformance, gross margin expansion, and a reaffirmed outlook was generally well received, though the market's muted move suggests much of the strength had already been anticipated. Investor sentiment around ResMed has been underpinned by steady demand for its sleep and breathing health products and a disciplined capital-return program. Key risk factors in the background include foreign exchange headwinds, competitive dynamics in the sleep device market, and the integration of product launches such as the new AirTouch F40 fabric mask.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors will focus on whether ResMed can sustain its core constant currency growth within the guided 5% to 7% range for fiscal 2027. The company continues to emphasize expansion of its digital health ecosystem and the connection of more patients to home-based care, themes management highlighted on the earnings call.

Margin performance is another area to watch. The 50-basis-point improvement in non-GAAP gross margin was attributed to productivity pipeline execution, and continued execution here will be important as ResMed absorbs recent product launches and navigates supply-chain and input-cost considerations.

Finally, capital allocation remains a notable factor. Having returned more than $1.0 billion to shareholders in the quarter, supported in part by MatrixCare divestiture proceeds, ResMed has signaled a balance between reinvesting in innovation and returning cash. Upcoming catalysts include further traction for new mask offerings, software and digital health adoption, and any commentary on competitive and regulatory developments across its global markets.

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