Highlights

• Resmed shares have declined approximately 24.12% over the past year despite continued Revenue growth and improved financial performance.
• The company reported higher FY26 revenue, Earnings growth and improved gross margins.
• Digital health, connected devices and product innovation remain key areas of development.
• Resmed continued Shareholder returns through dividends and share repurchases.

Resmed Inc (ASX:RMD) shares have declined approximately 24.12% over the past year and were trading at around $31.55 as of 22 September 2026. The company’s FY26 results highlighted continued Business growth, supported by Demand for sleep health products, medical devices and software solutions. Resmed reported fourth-quarter revenue growth of 9% to a record $1.5 billion, while full-year revenue increased to $5.7 billion.

Resmed is a healthcare technology company focused on sleep health and breathing-related solutions. The company develops connected devices, digital health platforms and software solutions designed to support patients and healthcare providers across global markets. Resmed operates across approximately 140 countries, providing technology solutions for sleep and breathing health.

Recent Development

Resmed delivered FY26 revenue growth of 10% to $5.7 billion, supported by demand across sleep devices, masks, accessories and software solutions. Gross Margin improved during the year, with GAAP gross margin increasing to 61.1% and non-GAAP gross margin reaching 62.4%.

The company reported FY26 GAAP Diluted Earnings per Share of $10.43, while non-GAAP diluted earnings per share increased 17% to $11.17. Operating Cash Flow reached $1.8 billion, with free cash flow of $1.6 billion during the financial year.

Resmed’s fourth-quarter performance was supported by demand across its product portfolio. Revenue from sleep devices, masks, accessories and software solutions contributed to quarterly growth, with Americas Sleep and Breathing Health revenue increasing and Rest of World Sleep and Breathing Health revenue also expanding on a constant currency basis.

The company continued expanding its product ecosystem through new launches and strategic initiatives. During FY26, Resmed launched AirSense 11 in Taiwan, AirCurve 11 ST/ST-A in the US and AirTouch F30i Comfort in Brazil and Chile. It also completed the Acquisition of Noctrix Health, a medical device company focused on wearable therapeutics for Restless Leg Syndrome.

Catalysts to Watch

Future growth areas for Resmed include digital health expansion, connected healthcare solutions, product innovation and broader adoption of sleep health technologies. The company highlighted plans to Leverage its global scale and enhance digital capabilities to support patients, providers and customers.

Shareholder returns remain a focus area, with Resmed returning $1.0 billion to shareholders through share repurchases and dividends during FY26. The company also announced a quarterly Dividend increase of 10% to $0.66 per share and expects to return more than $1.85 billion in Capital through repurchases and dividends during FY27.

Resmed is also expanding its healthcare technology ecosystem through partnerships and acquisitions. The company partnered with ŌURA to expand access to sleep health education and pathways to care, supporting broader digital health initiatives.

Sector Context

Resmed operates in the healthcare technology and medical devices sector, where growth is influenced by healthcare demand, ageing populations, digital health adoption, medical innovation and the shift towards home-based care. Companies in this sector continue developing connected solutions that improve patient monitoring and healthcare delivery.

Risk and Uncertainty

Resmed remains exposed to risks including regulatory changes, healthcare technology competition, Supply chain conditions, product development timelines and changing market conditions. The company noted that future outcomes may be affected by factors including new product development, market expansion, acquisitions, regulatory developments and macroeconomic conditions.

Operational risks may also arise from product safety matters and implementation of strategic initiatives. During FY26, Resmed recorded Astral field safety notification expenses as part of its financial reporting.

Key Takeaways

Resmed’s recent share performance follows a period of continued revenue growth, margin improvement and expansion of healthcare technology initiatives. The company continues to focus on sleep health innovation, digital capabilities, product launches and shareholder returns while managing healthcare industry risks.