ResMed Inc.

Q4 + full-year performance was strong (good): - Q4 revenue: $1.5B, +9% headline / +8% constant currency YoY - Q4 non-GAAP EPS: $2.95, +16% YoY - Full-year FY26: +10% headline / +8% constant-currency revenue growth, +17% non-GAAP EPS, and $1.6B free cash flow - FCF (Q4): $404M, down 21% YoY (notably due to a $42M Astral field-safety provision + working capital + higher capex)

Margins: solid YoY improvement, but sequential headwind (mixed/bad): - Q4 non-GAAP gross margin: 62.3%, +90 bps YoY - But sequentially: gross margin was down ~50 bps QoQ, mainly from rising inflation in electronics components + freight, plus ~20 bps FX headwind - Management says productivity still helped, but productivity alone no longer fully offsets inflation, so “very/modest” price increases are being negotiated with customers

FY27 outlook provided; core growth expected, with offsetting moving parts (good + cautious): - Core constant-currency revenue growth (excluding ~10 months MatrixCare + excluding Noctrix): 5%–7% - Underlying “core” ex-Astral headwind implied north of ~6% to ~8% - Reported FY27 revenue: $5.75B–$5.85B (assumes ~50 bps FX headwind; also includes business carve-outs/closures) - Non-GAAP EPS: $12.00–$12.25 (~+7% to +10% reported basis) - If you remove dilution from MatrixCare divestiture (~$0.30) and Noctrix acquisition (~$0.20), implied core EPS growth ~12%–14% - Gross margin: low double-digit expansion expected; operating margin slightly up - Key FY27 headwind: ~130 bps / ~$75M from suspending Astral sales to support the global field safety notice (while continuing to support existing patients)