ResMed News Scan (Week of Feb 11, 2026)

Q2 FY2026 Earnings (Reported Jan 29-30, 2026)

• Revenue: $1.42B (+11% YoY, +9% constant currency)
• GAAP EPS: $2.81 (+16% YoY), beat consensus of $2.73
• Sleep & Breathing Health: $1.26B (+11.6%) -- masks growth double-digit
• Residential Care Software: $166.9M (+5% CC, MEDIFOX DAN driven)
• Operating margin: 36.3% (up from 34%)
• Gross margin: 61.8-62.3% (up 110-320bps)
• Net income: $392.59M (+15%)
• Cash: $753M net cash; $175M buybacks in quarter; $1.19B program complete
• Dividend: $0.60/share (hiked)
• Stock: Initial -1.3% aftermarket, then +3.7-5.2% on strength

Key Themes from Earnings Call

1. GLP-1 tailwind (not headwind): Management positioned GLP-1 drugs as improving long-term CPAP adherence -- reframing the bear case
2. AI-enabled devices: Expanding AI features in CPAP devices for better adherence and outcomes
3. Digital health software: Growing RCS segment, MEDIFOX DAN acquisition integrating
4. Supply chain efficiency: Driving margin expansion through operational improvements
5. Philips gap: Continued market share gains from Philips recall fallout

Implications for Daniel's Conversation with Katrin

• ResMed is in a strong position -- growing revenue, expanding margins, executing well
• They have capital ($753M net cash) and appetite for growth investments
• The "undiagnosed patient" narrative aligns with their growth thesis
• CMO role means Katrin thinks about market expansion, brand, demand generation