ResMed Inc (ASX: RMD) shares are marching higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) sleep disorder treatment company closed yesterday trading for $32.63. At the time of writing, shares are changing hands for $32.91 apiece, up 0.9%.
For some context, the ASX 200 is up 0.1% at this same time.
ResMed shares have broadly been trending lower since the ASX 200 healthcare stock notched a new all-time closing high of $45.41 on 21 August.
Over the past 12 months, shares are down 5.2%. Though that doesn't include the 24.6 cents a share in unfranked dividends ResMed has paid out over the full year.
Which brings us back to our headline question.
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Should you buy ResMed shares today?
Securities Vault's Nathan Lodge recently ran his slide rule over the ASX 200 healthcare stock (courtesy of The Bull).
"ResMed remains a global leader in sleep apnoea devices and digital health monitoring," Lodge noted.
And ResMed shares look well-placed to deliver long-term growth.
"Structural demand drivers, including ageing populations, increasing diagnosis rates and broader awareness of sleep health, continue to support long term growth," Lodge said.
But he's not ready to pull the trigger just yet.
Explaining his hold recommendation on ResMed shares, Lodge concluded:
However, a strong share price recovery following concerns about the impact of weight loss drugs on sleep apnoea treatment appears to leave much of the near-term optimism priced into the stock.
While the company's fundamentals remain robust, the valuation reflects its market leadership and growth outlook. Investors may prefer to retain existing positions, while awaiting further earnings expansion, or more attractive entry points.
What's the latest from the ASX 200 healthcare stock?
ResMed reported its second-quarter results (Q2 FY 2026) on 30 January.
Highlights included an 11% year-on-year increase in revenue to $1.42 billion (up 9% in constant currency). And net income of $392.6 million was up 14% from Q2 FY 2025.
The company reported sales growth across most of its operating regions. Sales in the United States, Canada, and Latin America increased 11% year on year, while sales in Europe and Asia were up 6% (in constant currency).
Commenting on the results, ResMed CEO Mick Farrell said:
These results reflect strong ongoing demand for our market-leading sleep and respiratory care devices, as well as the growing impact of our digital health ecosystem that spans more than 140 countries.
Looking ahead, Farrell added:
As we move into the second half of fiscal year 2026, we will continue to invest in innovation to scale our digital health capabilities and expand global access to life-saving care, while delivering sustainable, profitable growth.
ResMed shares closed up 3.1% on the day of the result announcement.
