ResMed: Review of Recent Developments; Adjusting FY27 EPS and PT

研报英文原文证据摘录

ResMed: Review of Recent Developments; Adjusting FY27 EPS and PT

USA | Medical Supplies & Devices

ResMed EquityJulyResearch9, 2026

TARGET | ESTIMATE CHANGEReview of Recent Developments; Adjusting FY27

RATING HOLDEPS and PT

PRICE $205.84^

Several recent developments could affect RMD, including the sale of its

MatrixCare business, acquisition of Noctrix, a 6.25 device correction on Astral PRICE TARGET | % TO PT $225.00 ($240.00) | +9%

vents, and a 5.20 WL sent to competitor React Health. MatrixCare contributed 52W HIGH-LOW $293.81 - $180.27

$55MM of OP in FY26, and Noctrix is expected to reduce EPS by $0.20 in FY27. FLOAT (%) | ADV MM (USD) 98.2% | 350.75

While we cannot quantify the impact of the Astral issue, this could be another MARKET CAP $30.1B

drag, and we expect immaterial upside from the React WL. Lowering #s and PT. TICKER RMD ^Prior trading day's closing price unless otherwise

noted.

In FY27, cons. forecasts ~7% organic sales growth for RMD at ~$6.025B and EPS of $12.18,

+10%, but with only a handful of estimates adjusted for the MatrixCare divestiture announced

FY (Jun) CHANGE TO JEFe JEF vs CONS

7.7.26. RMD disclosed that MatrixCare represented ~$220MM of sales and $55MM of non-GAAP

2026 2027 2026 2027

operating profit (OP) in FY26 and the transaction is expected to close in FY1Q27 (Sept. end).

Adjusting our numbers for the deal and Noctrix dilution leads us to revise our sales estimate to REV NA -3% NM -2%

$5.887B and EPS to $11.85, with the potential for further drag from the Astral device correction. EPS NM -2% NM -3%

Assuming a close near end of FY1Q, this could reduce FY27 OP by ~$45MM, or ~2%, which could 2026 ($) Q1A Q2A Q3A Q4 FY

be partially offset by an ASR using the net proceeds of $490MM (~1% share count reduction). EPS 2.55 2.81 2.86 2.88 11.10