Not necessarily at all - especially if you hear it while holding her. Are there any other indications which make you think it might be an RI? Other symptoms or environmental cues? Sometimes they just get "a little excited" and breathe a bit harder, especially if they are not exactly where they want to be (neph will start with loud breathing and eventually work her way up to an unmistakable hiss). Could be impending shed - any number of things - it is not unusual to be able to hear their respiration especially when holding them given their unique physiology. Do keep an eye out and ear open for elevated hands, mucus in the mouth or other symptoms and make sure your tems are all on-spot.


(EDIT: elevated HEADS, man HEADS - i am obviously lacking mine)