Resmed brought in a record $US1.5 billion ($2.1 billion) in revenue for the fourth quarter, bringing its total revenue for 2025/26 to $US5.7 billion ($8.1 billion), up 10 per cent from a year ago.
Its full-year net income rose nine per cent to $US1.5 billion, but Resmed's gross profit margin came in at 62.3 per cent, under expectations of 62.7 per cent, which the company blamed on inflation.
"We've got many customers across the 140 countries that we we operate in, and I can tell you that you know nobody's immune to the global inflation that there is right now," chief executive Mick Farrell told analysts on Friday.
"Many of us see it in our groceries, bread, milk and petrol, and so on."
Resmed would be enacting "very modest" price increases over 2026/27 to offset that inflation, new chief financial Aaron Bloomer said.
Mr Farrell attributed Resmed's revenue growth to its new line of fabric masks, which are more comfortable for sleep apnoea patients to wear overnight, as well as its new generative AI health concierge.
That chatbot, named Dawn, has answered 1.5 million inquiries since it launched about three months ago.
"Resmed is an innovation machine," Mr Farrell said.
Mr Farrell said the company continued to see GLP-1 weight loss drugs such as Ozempic as a tailwind to Resmed's business, not a headwind.
"Sleep apnoea risk factors include age, gender and craniofacial anatomy, as well as a weight," he said.
Obstructive sleep apnoea "therefore very often persists after significant weight loss, and still needs to be treated with gold standard therapy".
Resmed has recorded a higher percentage of women and younger patients coming into its pipeline, which has led the company to evolve its product design and promotional efforts, including software offerings and education content.
RBC Capital Markets analyst Craig Wong-Pan said Resmed's revenue was in-line with consensus expectations, with a slight miss in the Americas and software-as-a-service offset with a beat in rest of world.
Resmed had delivered strong growth, but Mr Wong-Pan expected the company's slight miss in gross margin and a few other factors to weigh on the stock.
Resmed shares were changing hands at $29.94 on Friday morning, down 4.9 per cent from Thursday's close and down 17.2 per cent year-to-date.
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