Resmed "4Q26 Preview - Solid quarter but Astral an overhang" (Buy) Low

研报英文原文证据摘录

Resmed "4Q26 Preview - Solid quarter but Astral an overhang" (Buy) Low

Powered by Lab Global20 JulyResearch2026ab Evidence UBS YES

Resmed Equities

United States4Q26 Preview - Solid quarter but Astral an

overhang Advanced Medical Devices

12-month rating Buy

12m price target US$300.00June quarter feedback supportive - UBS estimates 3% ahead of VA EPS

Prior : US$312.00

We expect Resmed to report strong earnings growth supported by an 8.6% lift in sales

and further gross margin expansion (UBSe 63%) due to improved pricing/mix. We Price (17 Jul 2026) US$202.76

assume US CPAP device volumes continue to moderate (UBSe ~5%), reflecting market RIC: RMD.N BBG: RMD US

maturity rather than a material GLP-1 headwind. Our sales estimates are in-line with

consensus, with the expected EBIT and EPS beat largely driven by a strong gross margin Trading data and key metrics

outcome. 52-wk range US$293.73-182.82

Market cap. US$29.0b

Astral production issue an overhang for FY27 estimates Shares o/s 146m (ORD)

We have allowed for a one-time charge to cover the cost of the Field Safety Notice (UBSe Free float 99%

$12m). The more important issue is the likely loss of Astral sales in FY27, as production Avg. daily volume ('000) 494

has been affected by "constraints affecting critical components" requiring all Avg. daily value (m) US$99.4

production to be directed to the corrective action. Historically, ventilators have Common s/h equity (06/26E) US$6.66b

accounted for 5-10% of devices sales but it is unclear how material the Astral line is and P/BV (06/26E) 4.3x

hence the headwind to sales in FY27. Net debt to EBITDA (06/26E) NM

Estimates cut by ~1% in FY27 to reflect MatrixCare sale EPS (UBS, diluted) (US$)

06/26E

We adjusted our forecasts to allow for the sale of MatrixCare which resulted in