ResMed Inc.: 4Q26 preview: Higher installed base supports mask revenue

研报英文原文证据摘录

ResMed Inc.: 4Q26 preview: Higher installed base supports mask revenue

iQprofile SM ResMed Inc.

Key Income Statement Data (Jun) 2024A 2025A 2026E 2027E 2028E Company Sector

(US$ Millions) Medical Technology

Sales 4,685 5,146 5,663 5,765 6,156

Associates & Other Revenue 0 0 0 0 0

Operating Expenses (3,189) (3,262) (3,501) (3,540) (3,706) Company Description EBITDA 1,497 1,884 2,163 2,226 2,450

Depreciation & Amortization (177) (198) (207) (202) (202) ResMed (RMD) is a leading developer and manufacturer of

EBIT 1,320 1,685 1,956 2,024 2,248 medical devices, masks and cloud-based software

Net Interest & Other income (55) (8) 10 (250) 10 applications that diagnose, treat, and manage respiratory

Pretax Income 1,265 1,678 1,965 1,774 2,258 disorders. Headquartered in San Diego, California, RMD is

Tax (expense) / Benefit (244) (277) (420) (390) (497)

focussed on connected health to deliver better outcomes

Outside Equity interest in Npat NA NA NA NA NA

Preference dividends NA NA NA NA NA for sleep apnea and chronic obstructive pulmonary disease

Net Profit b/f Abnormals 1,021 1,401 1,545 1,384 1,761 sufferers.

Non-Recurring Items 0 0 0 0 0

Net Income (Reported) 1,021 1,401 1,545 1,384 1,761

Key Cash Flow Statement Data Investment Rationale

EBITDA 1,497 1,884 2,163 2,226 2,450 We are bullish on RMD and rate the company as a Buy,

Change in Working Capital 45 (36) (133) (135) (5) supported by macro factors and strong execution. Peer

Other C'flow Items before int & tax 0 0 0 0 0 challenges extend runway for RMD to capture market share.

Net Interest Paid 0 0 0 0 0

The company is taking active steps to broaden the

Tax Paid NA NA NA NA NA

Other C'flow from Operations (140) (284) (287) (640) (487) diagnosis funnel to capture demand. The stock is trading