Resmed will acquire the manufacturer of an FDA-cleared nerve stimulation device for refractory RLS, a move that leverages its existing sleep physician and home medical equipment channels.
Key takeaways:
- Resmed has signed an agreement to acquire Noctrix Health, maker of the Nidra device, for a purchase price of $340 million.
- The acquisition targets the estimated 7% of adults globally affected by RLS, a population with meaningful overlap with obstructive sleep apnea.
- The transaction is expected to close around June 1, 2026, with revenue to be reported within Resmed’s Americas Devices category.
Resmed has signed a $340 million agreement to acquire Noctrix Health, a medical device company with an FDA de novo classified product indicated for the treatment of refractory moderate-to-severe restless legs syndrome (RLS).
The flagship product, Nidra, is a noninvasive nerve stimulation device. The acquisition marks Resmed’s expansion into adjacent sleep health markets, targeting what is considered the third-most-prevalent sleep disorder after obstructive sleep apnea (OSA) and insomnia. RLS affects approximately 7% of adults globally, including around 17 million people in the US, and has a meaningful overlap with OSA.
“RLS treatments from Noctrix are noninvasive, clinically proven, and drug-free, just like our CPAP/APAP and bilevel therapies,” said Michael Farrell, CEO and chairman of the board at Resmed, during the company’s third-quarter earnings call.
Resmed, which has been an investor in Noctrix since 2024, plans to leverage its established market access to scale the therapy. Prescriptions for the device are written predominantly by sleep physicians and flow through the same home medical equipment (HME) and durable medical equipment (DME) delivery channels where Resmed currently holds a leading market share.
“The reach of our Resmed brand among sleep physicians and HME providers as well as our national and international distribution channel strength makes us the best owner of this scarce asset,” Farrell said.
The transaction is targeted to close on or around June 1, 2026. Noctrix currently has an annual run rate revenue of approximately $24 million, which Resmed notes is growing at a faster rate and operating at a higher gross margin than Resmed’s core business.
Once closed, Noctrix’s financials will be reported within Resmed’s Americas Devices category. The acquisition is expected to result in an approximate $0.02 reduction in non-GAAP earnings per share for the fourth quarter of fiscal year 2026 as Resmed continues to invest in research and development and sales and marketing for the new asset.
