ResMed reported 7% core revenue growth in its first quarter of fiscal 2027, with gross margins up about 50 basis points. The medical device maker credited manufacturing and supply chain gains, despite inflation in electronic components. It announced the results on its October 29, 2026 earnings call. The company returned more than $1 billion to shareholders through share repurchases and dividends, a record for ResMed. Sales of MatrixCare, its noncore long-term care software business, funded the buybacks. Chief executive officer Michael Farrell said patients prescribed both CPAP therapy and GLP-1 weight-loss drugs are more than 11% more likely to start CPAP than those prescribed CPAP alone. ResMed expects high single-digit revenue growth over five years, with earnings growing faster.

Lunch Wrap: ASX hits rocky patch as commodities and property prices take a tumble. * ASX slips as miners get whacked, retailers bounce * Wall Street's AI hangover gets ugly * Aussie housing market hits the skids The ASX was down 0.3% at lunchtime in Sydney on Monday. And with the RBA tipped to hike rates again tomorrow, the cost of fighting inflation is starting to look almost as ridiculous as inflation itself. Wall Street had a shocker on Friday, too. The S&P 500 dropped 1.8% and the Nasdaq got properly belted, down 2.9% - as investors started questioning whether the AI spending circus was actually worth the ticket price. Bitcoin wasn't having much fun either, slipping 2.5%, while Binance continued dealing with the fallout from a US$6.3 billion hack of its hot wallets. Binance Back on the ASX this morning, discretionary and industrial stocks were somehow having a decent crack. Miners, on the other hand, were having a dog of a morning after commodity prices went belly-up on Friday. Silver was down nearly 6%, gold shed almost 4%, while copper and lithium joined the stampede for the exits. And if you reckon that's ugly, spare a thought for the poor old property market, which is starting to look like a clearance sale nobody asked for. According to Cotality, national home values slipped another 1.2% in October - making it seven straight months in the red and knocking roughly $63,400 off the value of a typical home since March. Brisbane took a 2% hit, Perth lost 1.7% and Sydney dropped 1.6%. In large cap news... Westpac (ASX:WBC) was looking pretty chuffed with itself, up 1.6% after banking $6.8 billion in annual profit, down just 1%, while cash earnings of $7 billion snuck past forecasts. Moody's gave its balance sheet the tick of approval, and the annual dividend crept up to $1.54 a share. Not a bad payday for a bank operating in a housing market where the for-sale signs are starting to outnumber the buyers. Meanwhile, 4D Medical (ASX:4DX) was trying to recover after Friday's savage 25.6% share-price dive. The lung-imaging tech outfit has US regulatory backing and hospital customers, but its shares have still been absolutely flogged, losing more than 40% in a month. Short interest was running at about 10.6% before Friday's sell-off, although that alone doesn't explain the plunge. ResMed (ASX:RMD), meanwhile, served up a 5.9% revenue lift to US$1.41 billion and a 20% profit jump. Sounds pretty flash, until you realise a US$61.8 million one-off gain helped fatten the bottom line, while software sales went backwards by 6.7%. Over in the gold patch, Regis Resources (ASX:RRL) had something worth digging into, hitting more gold across Duketon, including 14.3 metres at 4.6g/t at Beamish South. Not a bad result when you've already got processing infrastructure nearby. And Capstone Copper Corp (ASX:CSC) discovered that even the stuff used to process copper can give miners a headache. UBS chopped its 2027 production forecast to 209,000 tonnes as pricey acid squeezed operations at Mantoverde, but stuck with its Buy rating and $18 target. ASX leaders. Today's best performing stocks (including small caps) intraday: | Security | Description | Last | % | Volume | MktCap | | 4DS | 4Ds Memory Limited | 0.007 | 17% | 218,486 | $16,658,794 | | AAU | Antilles Gold Ltd | 0.006 | 20% | 610,000 | $18,880,041 | | AGN | Argenica | 0.130 | 13% | 14,842 | $14,772,522 | | FCT | Firstwave Cloud Tech | 0.006 | 10% | 40,000 | $11,390,839 | | GDM | Greatdivideminingltd | 0.220 | 10% | 44,545 | $13,891,797 | | HRE | Heavy Rare Earths | 0.033 | 10% | 42,606 | $8,414,005 | | IBR | Ironbearres Ltd | 0.020 | 11% | 319,506 | $19,912,558 | | KMD | KMD Brands Limited | 1.645 | 10% | 113,560 | $107,605,356 | | KYN | Kyron Capital Group | 0.018 | 29% | 144,243 | $1,846,901 | | LAC | LAC Gold Ltd | 0.250 | 14% | 68,143 | $47,279,407 | | LCL | LCL Resources Ltd | 0.008 | 14% | 556,134 | $8,438,550 | | M96 | Maverick Minerals Au | 0.005 | 13% | 82,478 | $7,393,913 | | MGL | Magontec Limited | 0.250 | 11% | 15,500 | $13,035,331 | | NOR | Norwood Systems Ltd. 0.018 | 20% | 214,702 | $8,698,618 | | NVA | Nova Minerals | 0.465 | 13% | 271,052 | $89,866,767 | | PWN | Parkway Corp Ltd | 0.010 | 11% | 246,010 | $24,987,695 | | REE | Rarex Limited | 0.010 | 11% | 284,334 | $10,948,953 | | RMX | Red Mount Min Ltd | 0.010 | 11% | 225,066 | $9,984,195 | | RRE | Right Resources | 0.088 | 13% | 58,284 | $9,719,880 | | SKM | Skylarkmineralsltd | 0.290 | 27% | 3,442,712 | $29,749,467 | | TG1 | Techgen Metals Ltd | 0.009 | 13% | 159 | $4,361,590 | | TRI | Trivarx Ltd | 0.010 | 11% | 200,000 | $10,383,241 | | TSR | Turnstone Resources | 0.024 | 50% | 400,000 | $3,596,105 | | TTT | Titomic Limited | 0.108 | 19% | 3,274,517 | $160,825,805 | | TXR | Talonxresources Ltd | 0.007 | 40% | 275,423 | $4,659,985 | KMD Brands (ASX:KMD) is in exclusive talks with US brand group Bluestar Alliance over a possible takeover of the Kathmandu and Rip Curl owner, with discussions potentially running until December 23. Nothing's signed yet, though, so shareholders shouldn't be counting their chickens. PDI Gold (ASX:PDI) is splashing out $5.1 million for a 9.9% stake in Skylark Minerals (ASX:SKM) as part of Skylark's $20 million capital raising. The cash will help Skylark boost its ownership of the 1.2-million-ounce Zaranou gold project in Côte d'Ivoire from 51% to 90% and fund more drilling, with PDI backing the project's growth potential. ASX laggards. Today's worst performing stocks (including small caps) intraday: | Security | Description | Last | % | Volume | MktCap | | ABX | ABX Group Limited | 0.017 | -15% | 1,006,919 | $10,774,087 | | ADX | ADX Energy Ltd | 0.013 | -24% | 5,471,280 | $18,425,678 | | ALY | Alchemy Resource Ltd | 0.006 | -14% | 778,593 | $8,316,534 | | ATC | Altech Batt Ltd | 0.001 | -33% | 51,514 | $4,003,584 | | COY | Coppermoly Limited | 0.004 | -20% | 77,809 | $4,413,287 | | CQT | Conneqt Health Ltd | 0.006 | -25% | 1,638,286 | $8,131,261 | | CR3 | Core Energy Minerals | 0.004 | -20% | 1,738,250 | $4,501,938 | | D3E | D3 Energy Limited | 0.210 | -16% | 53,007 | $37,964,052 | | EDO | Eldoradogoldltd | 0.003 | -25% | 58,066,301 | $40,564,875 | | EXT | Excite Technology | 0.004 | -20% | 12,680,956 | $13,863,726 | | FEL | Forte Energy Ltd | 0.005 | -17% | 1,019,531 | $5,196,023 | | HYD | Hydrix Limited | 0.003 | -17% | 2,750,000 | $4,352,848 | | KPO | Kalina Power Limited | 0.011 | -15% | 6,505,725 | $38,898,226 | | LCY | Legacy Iron Ore | 0.004 | -20% | 23,000 | $48,810,213 | | LU7 | Lithium Universe Ltd | 0.002 | -20% | 3,209,000 | $4,721,704 | | MEX | Minerals Exploration | 0.040 | -17% | 7,400 | $9,214,008 | | MQR | Marquee Resource Ltd | 0.003 | -25% | 6,250 | $4,543,187 | | NUZ | Neurizon Therapeutic | 0.067 | -22% | 1,493,468 | $68,082,103 | | PIQ | Proteomics Int Lab | 0.093 | -23% | 485,630 | $19,844,774 | | RDS | Redstone Resources | 0.002 | -33% | 119,579 | $3,914,945 | | RKB | Rokeby Resources Ltd | 0.002 | -33% | 54,282,142 | $8,930,190 | | RNT | Rent.Com.Au Limited | 0.040 | -18% | 195,333 | $57,164,539 | | STV | Swift TV Ltd | 0.004 | -20% | 1,736,312 | $7,251,677 | | TZL | TZ Limited | 0.016 | -16% | 50,000 | $6,870,562 | | X2M | X2M Connect Limited | 0.003 | -25% | 20,701,090 | $10,378,192 |

What ResMed (RMD) said on its Q1 earnings call. ResMed (NYSE:RMD) reported first-quarter fiscal 2027 revenue of $1.4 billion, up 6% from a year earlier on a reported basis and 7% on a core constant-currency basis, as growth in sleep devices, masks and residential care software offset declines in life-support device sales. Non-GAAP diluted earnings per share rose 14% to $2.91. Chairman and Chief Executive Officer Mick Farrell said the company began the fiscal year with revenue growth, a 50-basis-point expansion in gross margin and increased shareholder returns. During the quarter, ResMed repurchased approximately $936 million of stock and, including dividends, returned more than $1 billion to shareholders. The repurchases were funded by proceeds from the September divestiture of its MatrixCare business and cash on hand. Device, mask and software performance. In the Americas, sleep-device revenue increased 6% and masks and other revenue rose 10%, while life-support device revenue declined 94%. In markets outside the Americas, sleep-device revenue grew 13%, masks and other revenue increased 11%, and life-support device revenue fell 79%. Chief Financial Officer Aaron Bloomer said international sleep-device growth was partly supported by a fleet-refresh cycle in France, where cloud-connected devices are subject to differentiated reimbursement. Farrell said the renewal activity, primarily involving upgrades from AirSense 10 to AirSense 11 devices, is expected to be weighted toward the first half of the fiscal year and create pressure in the second half as it concludes. Residential care software revenue declined 7% on a reported basis but increased 5% on a constant-currency basis. Excluding MatrixCare, the remaining residential care software operations, Brightree and MEDIFOX DAN, grew 8%. ResMed launched its AirCurve 11 ST and ST-A bilevel device platforms in the U.S. during the prior quarter. The platforms are designed for patients who need greater pressure support or who have more complex breathing disorders. The company also introduced the AirTouch F40 full-face mask, its third fabric-mask product. Farrell said ResMed data showed its previously launched fabric masks had a 6% increase in therapy adherence compared with silicone-mask equivalents. Digital tools and patient engagement. Management highlighted updates to the myAir patient app, including revised therapy scores, a nightly timeline of events, controls for comfort settings and an Equipment Care feature intended to help patients manage replacement supplies. The app has been downloaded more than 13 million times, Farrell said. ResMed's generative artificial intelligence-powered digital sleep coach, Dawn, has received more than 2.1 million patient inquiries, up more than 40% from the previous quarter, according to Farrell. The company said its SmartComfort tool, which recommends personalized humidity and temperature settings for new AirSense 11 users, has shown a 4.3% increase in 30-day compliance in early real-world data compared with default device settings. The company also discussed partnerships with sleep technology companies Eight Sleep and ŌURA. As of Sept. 30, approximately 28,000 ŌURA users had visited ResMed's website through a customized tile in the ŌURA app, more than double the total at the end of July, Farrell said. Of users who completed a ResMed sleep assessment, roughly 72% identified themselves as previously undiagnosed for obstructive sleep apnea. Management said these initiatives did not make a material contribution to first-quarter revenue. Farrell and Bloomer said the programs are intended to create more durable growth by improving the path from consumer awareness to diagnosis, prescriptions and long-term therapy adherence. Margins, supply chain and Astral actions. Non-GAAP gross margin increased to 62.5%, driven by productivity gains in procurement, manufacturing and distribution, as well as favorable product mix. Those gains more than offset foreign-exchange headwinds. Bloomer said first-quarter margin also benefited from the timing of supply-chain expansion investments, particularly costs related to the company's new Indiana facility that are now expected to affect the second quarter. He said pricing made little contribution during the first quarter but is expected to build gradually through the year as the company implements global price increases. ResMed has produced its first U.S.-made AirSense 11 device at its Atlanta facility. The company is also expanding its Indiana distribution center and its manufacturing operations in Singapore and Malaysia. Management said its goal is to achieve a similar delivered cost for products made in the U.S. as for imported devices, though startup and underutilization costs are expected during the ramp-up period. The company is continuing its field safety corrective action for Astral ventilators and said it will no longer sell the device. ResMed is allocating available components to servicing existing Astral patients, with priority based on clinical acuity. The company previously recorded a $42 million reserve related to the action. Outlook maintained. ResMed reiterated its fiscal 2027 guidance for core constant-currency revenue growth of 5% to 7%. The range includes an estimated 130-basis-point, or roughly $75 million, headwind from the decision to stop selling Astral. Excluding Astral, the company said the growth range would be 6.3% to 8.3%. The company continues to expect reported fiscal-year revenue of $5.75 billion to $5.85 billion, assuming a roughly 60-basis-point foreign-exchange headwind. It maintained non-GAAP earnings-per-share guidance of $12 to $12.25, representing reported growth of about 7% to 10%. Excluding dilution from the MatrixCare divestiture and the Nidra acquisition, the company said its outlook implies core earnings-per-share growth of 12% to 14%. For the second quarter, ResMed expects its customary mid-single-digit sequential increase in revenue, excluding two months of MatrixCare revenue included in the first quarter. It anticipates slightly lower sequential gross margin as expansion costs shift into the quarter, largely flat research and development expense, higher selling, general and administrative expense tied to marketing efforts, and roughly $10 million less net other income than in the first quarter. ResMed also reaffirmed plans to return more than $1.85 billion to shareholders during fiscal 2027 through dividends and repurchases, while forecasting capital expenditures of $160 million to $180 million. About ResMed (NYSE:RMD). ResMed Inc is a medical equipment and software company that develops solutions for sleep-disordered breathing, respiratory conditions and other chronic diseases. The company is best known for its positive airway pressure (PAP) devices used to treat obstructive sleep apnea, along with masks, accessories and related patient support services. ResMed also provides cloud-connected health technology, including remote-monitoring platforms and software used by healthcare providers, medical equipment suppliers and care organizations.