瑞思邁 (RMD) 2007 Q2 法說會逐字稿

Good day, ladies and gentlemen, thank you for your patience and welcome to the second quarter 2007 ResMed Inc. earnings conference call.

美好的一天，女士們、先生們，感謝你們的耐心等待，歡迎參加 ResMed Inc. 2007 年第二季財報電話會議。

My name is Bill, and I will be your conference coordinator for today. [OPERATOR INSTRUCTIONS] As a reminder, today's conference is being recorded for replay purposes.

我叫比爾，我將擔任你們今天的會議協調員。 [操作員說明] 謹此提醒，今天的會議正在錄製以供重播之用。

The Company has asked me to address certain matters.

公司要求我解決某些問題。

First, ResMed does not authorize the recording of any portion of this conference call for any purpose.

首先，瑞思邁並未授權以任何目的錄製本次電話會議的任何部分。

Second, during the conference call, ResMed may make forward-looking statements, such as projections on future revenue or earnings, new product development, or new markets for the Company's products.

其次，在電話會議期間，瑞思邁可能會做出前瞻性陳述，例如對未來收入或收益、新產品開發或公司產品新市場的預測。

These statements are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995.

這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

Risks and uncertainties exist that could cause actual results to materially differ from the forward-looking statements.

存在可能導致實際結果與前瞻性陳述有重大差異的風險和不確定性。

These factors are discussed in ResMed's SEC filings, such as forms 10-Q and 10-K, which you may access through the Company's website at www.resmed.com.

這些因素在 ResMed 的 SEC 文件（例如表格 10-Q 和 10-K）中進行了討論，您可以透過公司網站 www.resmed.com 存取這些文件。

With that said, I would like to turn the call over to Peter Farrell Ph.D., ResMed's Chairman and Chief Executive Officer, Dr. Farrell, please go ahead, sir.

話雖如此，我想將電話轉給 ResMed 董事長兼首席執行官 Peter Farrell 博士，Farrell 博士，請繼續，先生。

Thank you, Bill, and let me a apologize to everybody for the late start we were [inaudible] around the table and Bill didn't interrupt to tell us we're a few minutes late.

謝謝你，比爾，讓我為遲到而向大家道歉，我們[聽不清楚]坐在桌子旁，比爾沒有打斷我們，告訴我們我們遲到了幾分鐘。

As per previous calls, let me quickly summarize in bullet point fashion the data, make a few comments as well, and then throw the session open to Q&A.

根據先前的電話會議，讓我以要點的方式快速總結數據，並發表一些評論，然後將會議開放給問答環節。

This represents our 47th consecutive record quarter since our IPO in June of 1995.

這是自 1995 年 6 月首次公開募股以來我們連續 47 個季度創紀錄。

Revenue, as people will have seen for the quarter, was 178.4 million, a 22% increase over the year-ago quarter.

正如人們所看到的，該季度的營收為 1.784 億美元，比去年同期成長 22%。

Pro forma income from operations and pro forma net income were respectively 47 and 33.7 million, increases of 23 and 25% respectively over the year-ago quarter.

預計營業收入和預計淨利潤分別為 47 美元和 3,370 萬元，比去年同期分別成長 23% 和 25%。

Diluted earnings on a pro forma basis were $0.43 per share, an increase of 20%, compared to the year-ago quarter.

預計稀釋後收益為每股 0.43 美元，與去年同期相比成長 20%。

GAAP operating income was 40.7 million, while net income was 29 million or $0.37 diluted share.

GAAP 營業收入為 4,070 萬美元，淨利為 2,900 萬美元，攤薄後份額為 0.37 美元。

Gross margin was track nicely at 62.6% for the quarter ended December 31.

截至 12 月 31 日的季度毛利率良好，達到 62.6%。

Our pro forma SG&A as shown was 53.5 million, an increase of 18% or 8.2 million, pro forma SG&A costs were 30% of revenues in the December quarter compared to 31 in the same period a year ago.

如圖所示，我們的預估 SG&A 成本為 5,350 萬美元，成長 18%，即 820 萬美元；預計 SG&A 成本佔 12 月季度營收的 30%，而去年同期為 31%。

GAAP SG&A costs were 57.3 for the quarter, an increase of 17% or 8.4 million.

本季 GAAP SG&A 成本為 57.3，成長 17%，即 840 萬美元。

Primarily the increase in SG&A was due to the addition of selling, administrative personnel and expenses related to our increasing sales growth.

SG&A 的增加主要是由於銷售、管理人員以及與我們不斷增長的銷售成長相關的費用的增加。

Pro forma R&D was 11.5 million, approximately 6% of revenues, GAAP R&D was 12 million or 7% of revenues, and our anticipation is that we'll be spending around the order of 7% of revenues on R&D going forward.

預計研發費用為 1,150 萬美元，約佔營收的 6%，GAAP 研發費用為 1,200 萬美元，佔營收的 7%，我們預計未來研發支出將佔營收的 7% 左右。

Lease expenses were up 40% over a year ago and that size of increase is not expected in the future, as I said it will remain around 7%.

租賃費用比一年前成長了40%，預計未來不會有這樣的成長幅度，我說過會維持在7%左右。

For the six months ended December 31, '06 revenues were 342 million or 25% over the previous year.

截至 12 月 31 日止六個月，06 年營收為 3.42 億美元，比上年成長 25%。

For the six months ended December 31, pro forma income from operations and pro forma net income were 87.6 million and 62.5 million respectively, increases of 28 and 31%.

截至12月31日止六個月，預計營業收入及預計淨利分別為8,760萬美元及6,250萬美元，分別成長28%及31%。

GAAP net income for the six months was 54 million or $0.69 per diluted share.

這六個月的 GAAP 淨利潤為 5,400 萬美元，即稀釋後每股收益 0.69 美元。

Amortization of acquired intangibles was 1.7 million or 1.1 million net of tax, inventory at 142 million, increased by almost 26 million, compared to June of '06, primarily to accommodate sales growth plus the introduction of new products, including primarily the Adapt SV but also the C-Series Tango, which I'll come back to.

收購的無形資產攤銷為170 萬或110 萬稅後淨額，庫存為1.42 億，與06 年6 月相比增加了近2600 萬，主要是為了適應銷售增長以及新產品的推出，其中主要包括Adapt SV，但還有 C 系列 Tango，我稍後會再討論。

Accounts receivable was 72 days in line with expectations.

應收帳款期限為 72 天，符合預期。

In my remarks I know that the actual sales for our sleep products increased by 23% domestically.

從我的發言中我了解到，我們的睡眠產品在國內的實際銷售額成長了23%。

And if we include sales from the motor division, RMT the increase was 20%, and let me just parenthetically make a remark there.

如果我們包括電機部門的銷售額，RMT 增幅為 20%，讓我順便說一下。

Our non-core motor products were down 60% or 59+% percent year-over-year, which accounted for about a $2 million shortfall.

我們的非核心馬達產品年減 60% 或 59% 以上，缺口約 200 萬美元。

This was planned, it was intended, and the actual sales from the non-core products for this quarter just ended was about $1 million whereas the previous year it was close to 3 million, and that explains the difference.

這是計劃好的，也是有意的，剛結束的本季非核心產品的實際銷售額約為 100 萬美元，而上一年接近 300 萬美元，這解釋了差異。

So the sleep products were up by 23%.

因此睡眠產品上漲了 23%。

Sales growth in the Americas reflected continuing strong demand for our Swift Nasal Pillows, also our full face masks, plus the newly released Adapt SV, which as people know was launched last quarter.

美洲的銷售成長反映了對我們的 Swift 鼻枕、全面罩以及新發布的 Adapt SV 的持續強勁需求，眾所周知，該產品於上季度推出。

We're very pleased with that product.

我們對產品非常滿意。

Sales outside of the U.S. or the Americas was-- were 84.4 million, a 24% increase over the previous year.

美國以外或美洲地區的銷量為 8,440 萬輛，比前一年增長 24%。

And operating cash flow for the quarter was 18 million, and we had a very large tax bill, which is typical of this time of the year, in fact the tax bill was 22.5 million, so if we sort of prorate that over the year, the cash flow for the quarter would have been around 29 million, perfectly consistent with GAAP net income, which it has been previously.

本季的營運現金流為 1800 萬美元，我們的稅單非常大，這是一年中這個時候的典型情況，實際上稅單為 2250 萬美元，所以如果我們按比例在一年中按比例分配，該季度的現金流量約為2,900 萬美元，與先前的GAAP 淨利潤完全一致。

We are very pleased with the inroads we continue to make into the cardiology and complex sleep apnea markets, and you'll be hearing more about complex sleep apnea going forward.

我們對繼續進入心臟病學和複雜睡眠呼吸中止症市場感到非常高興，您將在未來聽到更多有關複雜睡眠呼吸中止症的資訊。

The Adapt SV is the only product currently FDA approved for treating patients with central sleep apnea or mixed ap's and it's creating a lot of very interesting noise in the marketplace.

Adapt SV 是目前 FDA 批准用於治療中樞性睡眠呼吸中止症或混合性呼吸中止症患者的唯一產品，它在市場上引起了許多非常有趣的噪音。

We're also very pleased with our progress in the occupational health area, and I have discussed that before, about [inaudible] [Schneider] tracking.

我們對我們在職業健康領域取得的進展也非常滿意，我之前已經討論過關於[聽不清楚][施耐德]跟踪的問題。

We're still, if you like, we're still keeping on tracking there.

如果你願意的話，我們仍然會繼續追蹤那裡。

We're also quite excited about the upcoming launch of the C-Series Tango.

我們對即將推出的 C 系列 Tango 也感到非常興奮。

Into the value into to the CPAP market.

進入CPAP市場的價值。

Currently the earliest that we'll be marketing that product will be at Med Trade, which is April, but it could be a little later based on supply chain issues.

目前，我們最早將在四月的 Med Trade 上銷售該產品，但由於供應鏈問題，可能會晚一點。

However, I'm very happy or overly happy with the control market release of this product.

不過，我對這款產品的控制市場發布感到非常高興或過於高興。

It has been spectacular, might be a little hyperbolic, but the results are extremely encouraging.

它非常壯觀，可能有點誇張，但結果非常令人鼓舞。

Let me add, also, that yesterday we got notice of the -- from the FDA of approval for our Quatro full face mask.

我還要補充一點，昨天我們收到 FDA 批准我們的 Quatro 全面罩的通知。

This is our fourth generation full face mask.

這是我們的第四代全面罩。

It is a completely new product.

這是一個全新的產品。

It has some excellent features, much better adjustment.

它有一些優秀的功能，更好的調整。

The adjustment in the-- on the forehead will result in much more comfort and much less leak, also the product is much quieter.

額頭上的調節將帶來更大的舒適度和更少的洩漏，而且產品也更安靜。

We're very excited about the Quatro.

我們對 Quatro 感到非常興奮。

In addition the Swift II will be coming out.

此外，Swift II 也將面世。

And both the Quatro and the Swift II-- the Swift II will also be quieter, and also some improvements over the Swift I. I will say that there are other products, nasal pillows some of you will have noticed have been launched recently by competitors.

Quatro 和 Swift II——Swift II 也會更安靜，並且比 Swift I 也有一些改進。我會說還有其他產品，你們中的一些人可能已經注意到競爭對手最近推出了鼻枕。

We've had this product in the market for 2.5 years.

我們將該產品推出市場已有 2.5 年了。

It is the best selling mask interface in the world and the Swift II will be even better.

它是世界上最暢銷的面罩接口，Swift II 會更好。

Whilst we congratulate people on their new product offerings, we think our sales force will like these new products offerings as the other competitor sales forces apparently are also liking them.

在我們祝賀人們推出新產品的同時，我們認為我們的銷售人員會喜歡這些新產品，因為其他競爭對手的銷售人員顯然也喜歡它們。

So, with that, and let me throw the call over to q&a.

那麼，接下來，讓我將電話轉至問答環節。

Thank you very much, sir. [OPERATOR INSTRUCTIONS] And our first question comes from the line of Paul Choi of Merrill Lynch.

先生非常感謝您。 [操作員說明] 我們的第一個問題來自美林證券的 Paul Choi。

Please proceed.

請繼續。

Hi, Peter.

嗨，彼得。

Hi, Paul.

嗨，保羅。

Perhaps we could start with the usual -- the break down of U.S. and ROW, please?

也許我們可以從通常的方式開始——美國和世界其他地區的劃分，好嗎？

Well, the U.S. was 94 million and ROW was 84.4 million, is that what you're talking about just the revenues or you want --

好吧，美國是 9400 萬，世界其他地區是 8440 萬，這就是你所說的只是收入還是你想要的——

I'm sorry the break downs of flow generators and masks.

對於氣流產生器和麵罩出現故障，我深感抱歉。

Right.

正確的。

If we-- I'll leave out the RMT, the ResMed Mode of Technology Division, and flow generators were up 20% in the Americas and masks and accessories were up 26%.

如果我們——我不考慮 RMT，ResMed 技術模式部門，流量發生器在美洲增長了 20%，口罩和配件增長了 26%。

And ROW flow generators were up 22%, and masks and accessories were up 27%.

ROW 流量產生器上漲 22%，口罩及配件上漲 27%。

Great fantastic.

太棒了。

Thank you for that.

謝謝你。

You're welcome.

不客氣。

Perhaps if we could just shift attention to what is going on in the overseas market, your primary competitor, Respironics, reported a pretty strong number in the most recent quarter as well.

也許如果我們可以將注意力轉移到海外市場上正在發生的事情，您的主要競爭對手偉康公司在最近一個季度也報告了相當強勁的數字。

Can you give us a sense of what your sales force is finding out there in terms of the competitive dynamics?

您能否讓我們了解一下您的銷售人員在競爭動態方面發現了什麼？

Right.

正確的。

Well, let me throw that to Adrian, I don't think I'd be saying anything different from what I have said in previous calls.

好吧，讓我把這個問題轉告給阿德里安，我認為我不會說與我在之前的電話中所說的不同的事情。

We are well positioned.

我們處於有利位置。

We've had some personnel change over, as you know, over the last couple of years.

如您所知，過去幾年我們進行了一些人事變動。

Things are consolidating.

事情正在鞏固。

As you can see our growth rates, particularly in Germany and France, have improved dramatically.

正如您所看到的，我們的成長率，尤其是德國和法國的成長率，有了顯著提高。

We're on track.

我們步入正軌。

We have still got some work to do, I mean you never actually finish, but we are pretty comfortable with where we are.

我們還有一些工作要做，我的意思是你永遠不會真正完成，但我們對目前的情況感到非常滿意。

But, Adrian, you want to make more in-depth comments there?

但是，阿德里安，你想在那裡發表更深入的評論嗎？

Adrian Smith who is the Chief Operating Officer for Europe and Paul Eisen, maybe you could follow, Paul runs Asia-Pacific.

阿德里安·史密斯（Adrian Smith）是歐洲首席營運官，保羅·艾森（Paul Eisen），也許你可以理解，保羅負責亞太地區。

So, Adrian, why don't you go first.

那麼，阿德里安，你為什麼不先走呢？

I think the business is performing quite well, as Peter says.

正如彼得所說，我認為該業務表現相當不錯。

We've done quite a lot of work in repositioning the message, the training, and the approach of our sales force, it's starting to pay some dividends.

我們在重新定位資訊、培訓和銷售人員的方法方面做了相當多的工作，它開始帶來一些紅利。

Competition is competition.

競爭就是競爭。

It's no different in Europe than it is in the United States.

歐洲的情況與美國沒有什麼不同。

The product ranges are marginally different but not substantially.

產品範圍略有不同，但差異不大。

And to be honest, we're not seeing anything different from the competitors in Europe in the way of product offerings and positioning than we're seeing in the United States.

老實說，我們在產品供應和定位方面與歐洲競爭對手並沒有看到任何與美國競爭對手不同的地方。

Prices are fairly consistent across the region.

整個地區的價格相當一致。

There are some issues but nothing fundamental.

有一些問題，但沒有什麼根本性的。

Business continues to grow.

業務持續成長。

Thanks, Adrian this is Paul Eisen here.

謝謝，阿德里安，我是保羅艾森。

Just very briefly, I guess the major markets in Asia-Pacific being Japan and Australia we have had a very strong quarter.

簡而言之，我想亞太地區的主要市場是日本和澳大利亞，我們的季度表現非常強勁。

And Respironics is our major competitor in each of those markets but a recent launch of their M Series we haven't seen much impact to date.

Respironics 是我們在每個市場的主要競爭對手，但他們最近推出的 M 系列迄今為止我們還沒有看到太大的影響。

And also, we're growing strong in the Chinas as well.

而且，我們在中國也正在發展壯大。

So we're very comfortable with our position both in the CPAP sleep market on the ventilation area at this stage.

因此，我們對現階段 CPAP 睡眠市場和通氣領域的定位感到非常滿意。

Thanks, Peter, I'll hand it back.

謝謝，彼得，我會把它還給你。

Thanks for that color, guys.

謝謝你的顏色，夥計們。

And then, Peter, perhaps maybe one question on the Tango, with respect to your comments on supply issues perhaps pushing the launch out past April.

然後，Peter，也許有一個關於 Tango 的問題，關於您對供應問題的評論，可能會將發布推遲到四月。

Is it still something that you are targeting for this fiscal year?

這仍然是您本財年的目標嗎？

Am I hearing you correctly on that?

我聽得對嗎？

Yes, I mean, we're targeting, and it's one thing to target, it's another thing to deliver.

是的，我的意思是，我們正在瞄準，瞄準是一回事，交付是另一回事。

We, as I've mentioned, our controlled market release has gone spectacularly well.

正如我所提到的，我們的受控市場發布進展得非常順利。

There are a couple of issues which came up, and we tend not to launch products until we are totally and utterly and completely satisfied, and we have gone back and looked at the supply chain, and we feel that we have got a little bit of work to do there, can we get that all squared away by April for a mid-trade launch?

出現了一些問題，我們傾向於在完全滿意之前不會推出產品，我們回過頭來審視了供應鏈，我們覺得我們已經得到了一些在那裡工作，我們可以在四月份之前為中期交易啟動做好準備嗎？

That's the plan.

這就是計劃。

There are no guarantees in this business, and it's not my call.

這個行業沒有任何保證，這也不是我能決定的。

It's more Keith Serzen's call, in terms of, are you satisfied that the quality is there?

這更多是 Keith Serzen 的呼籲，就品質而言，您滿意嗎？

And Keith is going to make the call on that when we get some more information, but hopefully it will be April, if not it will be shortly thereafter.

當我們獲得更多資訊時，基斯將對此做出決定，但希望是在四月，如果不是的話，也會是不久後。

Great.

偉大的。

Thanks.

謝謝。

I'll jump back in queue.

我會插回隊列。

Thank you very much, sir.

先生非常感謝您。

Ladies and gentlemen, your next question comes from the line of Jason Mills of First Albany Capital.

女士們、先生們，你們的下一個問題來自第一奧爾巴尼資本公司的賈森·米爾斯 (Jason Mills)。

Please proceed.

請繼續。

Hi, Peter, thanks for taking the question.

嗨，彼得，感謝您提出問題。

I wanted to go back to Tango for a second and you did have a large inventory build as you mentioned, presumably largely based on your build of Tango, and I understand that your are in-sourcing -- or sourcing out, sorry, a lot of components from Chinese manufacturers.

我想再回到 Tango，正如您提到的，您確實擁有大量庫存，大概主要是基於您的 Tango 構建，而且我知道您是內包，或者是外包，抱歉，很多來自中國製造商的零部件。

Could you talk about how that is going?

能談談進展如何嗎？

And also, it's our understanding you are looking to make that a more replicable product design so that you can manufacture it at higher levels, and do so with-- with lower waste.

而且，據我們了解，您希望使其成為更具可複製性的產品設計，以便您可以以更高的水平進行製造，並減少浪費。

Could you just talk about where you are in that process, and whether or not that is contributing to some of the supply chain issues that you mentioned in passing?

您能否談談您在這個過程中所處的位置，以及這是否會導致您順便提到的一些供應鏈問題？

Well, there's always the turning of distance.

嗯，距離總是有轉變的。

We're no different from anybody else, and I think you'll find that most of the manufacturers, are sourcing some, if not a very large number of their components from China.

我們和其他人沒有什麼不同，我想你會發現大多數製造商都從中國採購一些（如果不是大量的話）零件。

We have had people up there, and we're -- we're not leaving anything to chance, if you like.

我們已經有人在那裡了，如果你願意的話，我們不會留下任何機會。

I mean, we have got people on the ground there working with suppliers, and we're not going to pull the trigger until we're happy.

我的意思是，我們已經派人在當地與供應商合作，只有在我們滿意之前我們才會採取行動。

There's one component in particular that is occupying more of our attention than others.

有一個組件比其他組件更吸引我們的注意力。

We don't see this-- this is certainly not a show stopper, but the timing on making sure the quality is where we want it to be, is in the lap of the Gods, but we're all over it, and we're certainly not sitting back and hoping it turns out all right.

我們沒有看到這一點——這當然不是一個表演障礙，但確保品質達到我們想要的水平的時機是在上帝的膝上，但我們已經全力以赴，我們當然不會坐視一切順利。

We're managing that and I think we're doing a pretty good job.

我們正在對此進行管理，我認為我們做得非常好。

We want to make sure-- the last thing you want to do, and it has happened to us before, is to launch a product and then go into backorder, and we have been there done that.

我們想確保，您最不想做的事情就是推出產品然後進入延期交貨狀態，而我們以前也發生過這種情況，而我們已經做到了這一點。

In fact, I will say for the Swift, now you'll notice that people seem to be tweaking masks, coming up with a new mask every three or four months.

事實上，我想說的是，對於 Swift，現在你會注意到人們似乎在調整面具，每三、四個月就會推出一個新面具。

We came out with the Swift, as I said, 2.5 years ago, but we delayed the launch of that for over nine months.

正如我所說，我們在 2.5 年前推出了 Swift，但我們將其發布推遲了九個多月。

We got information coming back saying it was at least as good as other people's.

我們得到的資訊表明它至少和其他人的一樣好。

That didn't help us at all.

這對我們根本沒有幫助。

We don't want to be as good as someone else.

我們不想和別人一樣優秀。

We want to be significantly better.

我們希望變得更好。

And of course that paid off for the Swift.

當然，這也為 Swift 帶來了回報。

It is by far and away the largest selling interface on the planet.

它是迄今為止地球上最大的銷售介面。

I suspect that the Quatro will be the largest selling full face mask when it goes.

我懷疑 Quatro 上市後將成為銷售量最大的全面罩。

I mean, I was fiddling with it this morning, I mean, I was astounded, I don't use devices, some of the people in the building do.

我的意思是，今天早上我在擺弄它，我的意思是，我很驚訝，我不使用設備，而大樓裡的一些人卻使用。

But it's exciting.

但這很令人興奮。

In fact, I will say that given the fact that 50% of our revenues come from masks and accessories, I'm actually more excited by the Quatro and the Swift II than I am by the Tango.

事實上，我要說的是，考慮到我們 50% 的收入來自面罩和配件，我對 Quatro 和 Swift II 的興趣實際上比對 Tango 的興趣更大。

That's not to say I'm not very excited-- I have seen the CMR, the control market release data that has come back.

這並不是說我不太興奮——我已經看到了 CMR，控制市場發布的數據已經回來了。

It's a bloody good product.

這是一個非常好的產品。

But, I think the Quatro and the Swift II are going to be really exciting, as well if you like.

但是，我認為 Quatro 和 Swift II 也會非常令人興奮，如果你願意的話。

I got it.

我得到了它。

And sticking with-- I have a question on the mask side in a second, but sticking with the flow generators through the second, keeping in mind the Tango and your expected launch at Med Trade or a little after, in addition to your discussion about the motor, the non-ResMed motor business, in addition to-- the offset to that, the Adapt SV, which was just launched last quarter, in light of your growth, including the motor business this quarter at 20%, would you expect these new products offset by continued, sort of run rate at the motor business that you showed this quarter to be at this level, which is still kind of the higher end of growth, but not the kind of growth that we have been spoiled by over the last couple of quarters?

並堅持——我有一秒鐘關於面罩方面的問題，但在第二秒鐘堅持流量發生器，記住 Tango 和您預計在 Med Trade 或稍後推出，除了您的討論之外電機，非ResMed 電機業務，此外，上季度剛推出的Adapt SV 的抵消，鑑於您的增長，包括本季度電機業務增長20%，您預計這些新產品被汽車業務持續的運轉率所抵消，您本季度顯示的這一水平仍然是成長的高端，但不是我們被過度破壞的那種成長。最後幾季？

Or would you expect as we move in to fiscal '08 that from this level Tango and Adapt SV offset-- more than offsets the motor business issue that you are sort of phasing that out and therefore we could see a little bit of uplift in growth including that business?

或者，您是否會期望，當我們進入 08 財年時，Tango 和 Adapt SV 會從這個水平抵消——足以抵消您正在逐步淘汰的汽車業務問題，因此我們可以看到增長略有提升包括那項業務？

Good question, Jason, but let me just say that what we are facing are tough comparables, a year ago-- as you go through your notes you'll see like a 44% increase, and growing at 30% over a 44, well you have got to have a few things that are kicking in that we're not absolutely sure will kick in.

好問題，傑森，但我只想說，我們面臨的是一年前的艱難比較——當你瀏覽你的筆記時，你會發現增長了 44%，比 44 增長了 30%，好吧你一定有一些我們不確定會發揮作用的東西。

What I can say is that we could have easily done 180 million.

我能說的是，我們本來可以輕鬆完成1.8億。

We could have kept this non-core business going with our motor division, but started looking out into the wild, blue yonder.

我們本可以讓我們的汽車部門繼續開展這項非核心業務，但我們開始放眼未來。

We have developed motors now for our ventilator products, the same products, we want the guys focusing on that, so, you know that we had some issues with same, part of that was the motors, we're going to use our own motors.

我們現在已經為我們的呼吸機產品開發了電機，相同的產品，我們希望人們專注於這一點，所以，你知道我們遇到了一些相同的問題，其中一部分是電機，我們將使用我們自己的電機。

It's going to help gross margin, and we just have to put resources and take them away from non-core assets or non-core products, I should say, and put them on to stuff that is important us to, and we knew we were going to take a hit, and we thought it was going to be to the order of 2 million which is about what it was.

這將有助於提高毛利率，我應該說，我們只需投入資源並將其從非核心資產或非核心產品中轉移出來，並將它們投入到對我們來說很重要的事情上，我們知道我們是將會受到打擊，我們認為這將達到 200 萬的數量級，事實也確實如此。

And, but, it's lower margin stuff, so that's going to feed into the ventilator end of the business.

而且，但是，這是利潤較低的東西，所以這將進入呼吸機業務領域。

And also, we have got new motors coming out for products coming down the pike.

此外，我們也為即將推出的產品推出了新的馬達。

We're going to have-- we're releasing shortly a Malibu, which is an upgraded [inaudible] unit, an upgraded VPAP with our order set out [inaudible], that will initially go into the S7 casing.

我們很快就會發布 Malibu，這是一個升級版的 [聽不清楚] 裝置，是一個升級版的 VPAP，我們的訂單已定 [聽不清楚]，它最初將裝入 S7 外殼中。

But, we're working on putting-- and we need a new motor to put that into the S8 casing, and that will happen over the next few months as well.

但是，我們正在努力將其放入 S8 外殼中，我們需要一個新的電機，這也將在接下來的幾個月內完成。

So there's a lot of stuff going on.

所以有很多事情發生。

We suspect our growth rates will be pretty healthy.

我們懷疑我們的成長率將相當健康。

Making predictions as to whether we're going to get up into the high numbers that we've had in the past given the tough comparables and so forth.

考慮到嚴格的可比性等因素，預測我們是否會達到過去的高數字。

I would will delighted if we could but there's certainly [inaudible].

如果可以的話我會很高興，但肯定有[聽不清楚]。

Perfect and just one or two more and I'll get back in queue.

完美，只要再多一兩個，我就會重新排隊。

Could you give us an update, I'll just ask in repetition, could you give us an update on same, and specifically, non-evasive ventilation in Europe?

您能為我們提供最新情況嗎？我會重複詢問，您能給我們提供有關歐洲非迴避通風的最新情況嗎？

You've obviously moved some of your key people there over the last 12 months, trained the sales force, you seem to be ready to go and have talked about that at recent investor conferences, an update there and what that could mean to your European growth relative to what you put up this quarter?

顯然，在過去12 個月裡，你們已經將一些關鍵人員調往那裡，培訓了銷售人員，你們似乎已經準備好出發，並在最近的投資者會議上談到了這一點、那裡的更新以及這對你們的歐洲意味著什麼。相對於您本季公佈的成長情況？

And then also, on the gross margin line, it was actually a nice uptick from what we have seen previous few quarters, and does this derive from reduction of that non-core-- non-ResMed motor sales business and what should we sort of be expecting on the gross margin line as we move forward, Peter?

然後，在毛利率上，實際上比我們前幾季看到的有一個不錯的上升，這是否源於非核心非瑞思邁汽車銷售業務的減少，我們應該採取什麼措施隨著我們的前進，您對毛利率線有何期待，彼得？

As I said in a couple of the previous conference calls, Jason, we put it in the 60 to 63 bracket.

正如我在之前的幾次電話會議中所說的，Jason，我們將其放在 60 到 63 之間。

Okay.

好的。

We're almost 63 now.

我們現在快63歲了。

So what's causing that?

那麼是什麼原因造成的呢？

Partly, yes.

部分是的。

Partly it's the non-core ResMed motor technologies, the RMT division, non-core, but it's only $2 million bucks worth of sales, but yes some of it was there.

部分是非核心 ResMed 電機技術，RMT 部門，非核心，但它的銷售額只有 200 萬美元，但是是的，其中有一些。

Some of it was also the Adapt SV.

其中一些也是Adapt SV。

I mean that's a product which has a recommended retail price of $3,500.

我的意思是該產品的建議零售價為 3,500 美元。

Are they all being sold at 3500?

都賣3500嗎？

No, but within a-- a fairly close margin of 3500, so obviously Adapt SV is helping, going forward, the way the sales are going there, we're extremely encouraged with that product.

不，但在 3500 的相當接近的利潤範圍內，所以顯然 Adapt SV 正在幫助推動那裡的銷售方式，我們對該產品感到非常鼓舞。

It's the only game in town, and I was in Boston last week and talking to some investors who had been doing their own digging, and was just confirming what we're seeing.

這是鎮上唯一的遊戲，上週我在波士頓與一些自己進行挖掘的投資者交談，只是確認我們所看到的情況。

I mean, it's a hot product.

我的意思是，這是一個熱門產品。

If that continues to be hot as we expected it will be that's going to help gross margin.

如果這種情況繼續像我們預期的那樣火爆，那將有助於提高毛利率。

The new mask products coming out is going to help gross margin.

新面膜產品的推出將有助於提升毛利率。

The Quatro and the Swift or the Swift II.

Quatro 和 Swift 或 Swift II。

So, we've got lots of good things there.

所以，我們那裡有很多好東西。

Now coming back to your question about [same], I have said for the last two calls what we're doing is we're servicing, if you like, current customers.

現在回到你關於[相同]的問題，我在過去的兩次電話中說過，我們正在做的是，如果你願意的話，我們正在為現有客戶提供服務。

We're still in that mode.

我們仍然處於這種模式。

We're not going to push that out.

我們不會把它推出去。

Certainly not into the U.S. until we're very, very satisfied about the quality.

當然，除非我們對品質非常非常滿意，否則不會進入美國。

Now, things have improved absolutely out of site.

現在，情況已經完全改善了。

We have spent a fair amount of time and effort sending people into Paris to work with the French team that has gone well.

我們花了大量的時間和精力派遣人員前往巴黎與法國團隊合作，進展順利。

We're not completely there yet, but we'll be completely there when we get our own motors in there and we get some of the wrinkles knocked out.

我們還沒有完全實現這一目標，但當我們擁有自己的馬達並消除一些皺紋時，我們就會完全實現這一目標。

But we're still showing very healthy growth with current customers, and pushing the boat out will occur over the next few months.

但我們仍然在現有客戶中表現出非常健康的成長，並將在接下來的幾個月內推出新產品。

It's hard to say exactly when but maybe Adrian, would you comment on that?

很難說確切的時間，但也許阿德里安，你會對此發表評論嗎？

That's exactly right, Peter we're still controlling the release of the product, particularly the Elisee product range in Germany and France.

完全正確，Peter，我們仍在控制產品的發布，特別是德國和法國的 Elisee 產品系列。

We have a new build standard of the product that came through in December, which we are very excited about, and the feedback so far from the market.

我們在 12 月通過了新的產品建立標準，我們對此感到非常興奮，並且到目前為止還收到了市場的回饋。

It has been in the market now for about six weeks, it's looking excellent.

它已經上市大約六週了，看起來非常好。

Return rates and failure rates are significantly improved.

退貨率和故障率顯著提高。

And we're looking very, very good at it, and we are moving to expand distribution within France, and moving a little bit within Germany, but we're still trying to control it, and we will not be broadening the distribution outside of the main core countries in western Europe, at least from a European perspective, in the short term until we get enough supply into the chain and we are satisfied with the quality and deliverables of the product.

我們看起來非常非常擅長這一點，我們正在擴大在法國的分銷範圍，並在德國境內進行了一些調整，但我們仍在努力控制它，並且我們不會擴大在法國以外的分銷範圍至少從歐洲的角度來看，短期內我們將向西歐主要核心國家供貨，直到我們在供應鏈中獲得足夠的供應，並且我們對產品的品質和交付感到滿意。

This is Kieran.

這是基蘭。

We do distribute to certain parts of Asia Pac, as Paul Eisen can confirm.

正如保羅·艾森（Paul Eisen）可以證實的那樣，我們確實向亞太地區的某些地區分銷。

And I think the best testament to the progress is the same products were actually a contributor to this quarter.

我認為對進展的最佳證明是相同的產品實際上為本季做出了貢獻。

So we made substantial progress.

所以我們取得了實質進展。

Great, thanks, guys.

太好了，謝謝你們。

Thank you very much sir.

先生非常感謝您。

Your next question comes from the line of Joshua Zable of Natexis.

您的下一個問題來自 Natexis 的 Joshua Zable。

Please, proceed.

請繼續。

Hey, guys, thanks very much for taking my call, appreciate it.

嘿，夥計們，非常感謝您接聽我的電話，非常感謝。

Congratulations on strong numbers on different-- difficult comps.

恭喜您在不同難度的比賽中取得了出色的成績。

Just a couple quick questions, just touching back to outside the U.S., I mean, Paul alluded to this.

只是幾個簡單的問題，只是回到美國以外的地方，我的意思是，保羅提到了這一點。

Obviously, you guys had a very strong quarter, Respironics had a strong quarter.

顯然，你們有一個非常強勁的季度，偉康也有一個強勁的季度。

I know we all talk about sort of market share gains and things, and looking past that here, does it seem to you that the outside the U.S. market is growing faster than we thought?

我知道我們都在談論市場佔有率的成長之類的事情，回顧這一點，您是否認為美國以外市場的成長速度比我們想像的要快？

I think generally the consensus was that that market is growing slower than the U.S. market?

我認為普遍的共識是該市場的成長速度比美國市場慢？

Have you, sort of, changed your view on that or can you give us any more color on the general market?

您對此的看法是否有所改變，或者您能為我們提供更多有關整體市場的資訊嗎？

Well, Josh, we are sticking with a number of the order of 15%.

好吧，喬什，我們堅持 15% 的順序。

We have seen nothing to indicate that there's a big uptick occurring.

我們沒有看到任何跡象表明出現了大幅上升。

We would like to see it, but the U.S. is much more likely to take on new ideas, like occupational health.

我們希望看到這一點，但美國更有可能接受新的想法，例如職業健康。

We look outside the U.S.

我們把目光投向美國以外的地區

Yes, it's happening, but it's just a tough slog.

是的，它正在發生，但這只是一個艱難的過程。

You look at areas like diabetes, we're excited about type II diabetes working with [nurse educators].

你看看糖尿病等領域，我們對與[護理教育工作者]合作的二型糖尿病感到興奮。

The market is not quite as mature in those spaces, and I'm just picking those two.

這些領域的市場還不太成熟，我只是選擇這兩個。

Cardiology is a little more favorable, but the big opportunities with those areas, cardiology, diabetes type II, and occupational health and safety, it's-- really it's happening within the U.S., and that will, in our view, keep that growth 20 plus/minus percent, and again outside the U.S. at this stage we would have to say we would stick to a number of 15.

心臟病學稍微有利一些，但心臟病學、II 型糖尿病以及職業健康和安全等領域的巨大機遇，確實正在美國發生，我們認為，這將使增長保持在 20 以上/負百分比，現階段在美國以外的地區，我們不得不說我們將堅持15 個數字。

It could be a shade under, but of that order.

它可能是一個陰影，但就是這個順序。

And, I think that that's, Adrian, I don't know if you are seeing it differently.

我認為，阿德里安，我不知道你是否有不同的看法。

I agree with that Peter.

我同意彼得的觀點。

I think we're making some headway in some of those areas.

我認為我們正在其中一些領域取得一些進展。

Cardiolic is doing quite well in Europe.

Cardiolic 在歐洲的表現相當不錯。

We're also doing very well in diabetes.

我們在糖尿病方面也做得很好。

I think we're starting to also make some headway in PR campaigns in Europe, we've certainly had better coverage over the last three to four months than any time in our history.

我認為我們在歐洲的公關活動也開始取得一些進展，在過去的三到四個月裡，我們的報導無疑比我們歷史上的任何時候都要好。

But those-- there's a way to go on things like occupational health, the healthcare systems here are just not set up for that sort of activity at the moment.

但是，在諸如職業健康之類的事情上有一種方法可以繼續，但這裡的醫療保健系統目前還沒有為此類活動而建立。

And we have some work to do to establish those channels.

我們還需要做一些工作來建立這些管道。

So, I think 15% remains a realistic growth rate in the market as it currently stands.

因此，我認為 15% 仍然是目前市場的現實成長率。

Okay.

好的。

Great.

偉大的。

And then just some housekeeping issues, just on the Swift II and the Quatro, when are you guys planning to launch those?

然後就是一些內務管理問題，就 Swift II 和 Quatro 而言，你們計劃什麼時候推出它們？

That will be, we'll be showing those in April at the Med Trade Show, Josh.

喬希，我們將在四月的醫療貿易展上展示這些產品。

By the way, you are talk about the numbers and you were saying great numbers.

順便說一句，你正在談論數字，而且你說的是偉大的數字。

Let me just add one thing which I could have added, and that is we had tough comparables a year ago, but sequential growth, that is from Q1 '07 to Q2 '07 was over 9%.

讓我補充一點我本來可以補充的，那就是我們一年前的可比性很強，但連續成長，即從 07 年第一季到 07 年第二季超過 9%。

And that's pretty damn good.

這真是太棒了。

And that's another way of looking at the numbers, and if you are growing sequentially at over 9% you are doing okay.

這是看待數字的另一種方式，如果您的連續成長率超過 9%，那麼您就做得很好。

Definitely.

確實。

Agreed agreed.

同意同意了。

And then just, I know last quarter you actually alluded to a number of different mask offerings, a number of full fat face mask offering.

然後，我知道上個季度您實際上提到了許多不同的面膜產品，一些全脂面膜產品。

Can you give us any details on those?

您能給我們一些詳細資訊嗎？

I know, obviously, the Quatro now, but, anything else coming along?

顯然，我現在知道 Quatro，但還有其他的嗎？

Josh, we have always got new masks in the hopper, and it's just what we do.

喬希，我們的料斗裡總是有新的口罩，這就是我們所做的。

But we're not a mask a month company.

但我們不是一個月戴一次口罩的公司。

We're going to-- as I said, and I don't want to sound like a broken record but we're really delighted with the Quatro and the Swift II.

我們將——正如我所說，我不想聽起來像一張破唱片，但我們對 Quatro 和 Swift II 非常滿意。

I mean, that's based on the control market release trials that we have done.

我的意思是，這是基於我們所做的對照市場發布試驗。

I mean we're seriously excited about that.

我的意思是我們對此感到非常興奮。

Are we working on other products as well?

我們也在開發其他產品嗎？

Absolutely.

絕對地。

You don't stop, but there's nothing right now that I want to talk about.

你不停歇，但我現在沒什麼想說的。

I mean there's one that I could talk about, but I would be run out of town on the horse I came in on, I think.

我的意思是有一個我可以談論的，但我想我會騎著我來的馬跑出城。

Let's leave it at that, and I'll probably say something more in the next earnings call.

我們就這樣吧，我可能會在下一次財報電話會議上說更多內容。

All right.

好的。

Fair.

公平的。

And then just one more question, appreciate you guys taking all of the questions.

然後還有一個問題，感謝你們回答所有問題。

On VPAP, I know there has sort of been some-- a lot of discussion, especially recently about the ramp-up of VPAP and Respironics at their analysts day, wasn't as enthusiastic about the general opportunities as I think, generally, you guys are.

關於 VPAP，我知道有一些——很多討論，特別是最近在分析師日關於 VPAP 和偉康的增長，對一般機會並不像我認為的那樣熱情，一般來說，你夥計們。

Obviously you said it was a positive contributor here in the quarter.

顯然你說這是本季的正面貢獻。

Is there any way you can give us some sort of quantitative measure of how good it has been, and kind of what sort of ramp we can expect?

您是否可以透過某種方式為我們提供某種定量衡量方法，以衡量其效果如何，以及我們可以預期的成長？

Just because I think that's a big question mark out in the marketplace.

只是因為我認為這在市場上是一個很大的問號。

I think most people are excited about it, but we don't know how excited to get, so maybe you could give us some more guidance there?

我想大多數人都對此感到興奮，但我們不知道有多興奮，所以也許您可以給我們更多指導？

Yes.

是的。

I mean, first of all we don't drill down to those sort of levels, but let me say that the numbers are pretty knock your socks off, but again, it's from a low base, we only released the product last quarter.

我的意思是，首先我們不會深入到這些級別，但我要說的是，這些數字相當令人震驚，但同樣，它的基數較低，我們上個季度才發布了該產品。

You expect enormous growth rates, in a sense, if you've got it right you expect very high growth rates, and we're seeing very high growth rates.

從某種意義上說，你期望巨大的成長率，如果你做對了，你期望非常高的成長率，而我們看到了非常高的成長率。

But if your question is, when does it become material?

但如果你的問題是，它什麼時候變得重要？

I think we're looking into the '08 window for that product for materiality.

我認為我們正在研究該產品的 08 年窗口的重要性。

It is material now to a certain extent, but it might reach the point where we would be happy to talk about the size of that.

現在它在某種程度上是重要的，但它可能會達到我們很樂意談論其規模的程度。

Let me also, a word of caution, VPAP, Variable Positive Airway Pressure, we're going to drop the VPAP with this product because it's adaptive server ventilation which is quite different, I mean the algorithm is fuzzy logic.

另外，請注意，VPAP，可變氣道正壓，我們將在該產品中放棄 VPAP，因為它是自適應伺服器通氣，這是完全不同的，我的意思是演算法是模糊邏輯。

It's a very complicated algorithm, it's [inaudible].

這是一個非常複雜的演算法，[聽不清楚]。

It's not a true ventilator in the sense that you have an EPAP and an IPAP.

它不是真正的呼吸機，因為您有呼氣壓力和吸氣壓力。

You have feathering, if you like, I mean, this thing is, it stops carbon dioxide being drawn up, I don't want to get too technical.

你有羽毛，如果你願意的話，我的意思是，這個東西是，它可以阻止二氧化碳被吸收，我不想太技術。

This is a very, very sophisticated product.

這是一個非常非常複雜的產品。

It is the most sophisticated algorithm that is out there.

它是目前最複雜的演算法。

We, internally, and I don't think we're fooling ourselves, we just don't see anybody easily coming up with a product that functions the way this one does.

我們，在內部，我不認為我們在欺騙自己，我們只是沒有看到任何人能夠輕易地推出一款具有這種功能的產品。

So, yes, we're excited about it.

所以，是的，我們對此感到興奮。

Yes, we're seeing great growth.

是的，我們看到了巨大的成長。

Materiality in terms of, boy, this is really a home run, we don't expect to see those numbers until the next fiscal year.

就重要性而言，天哪，這確實是一支全壘打，我們預計要到下一個財年才能看到這些數字。

But we're pretty excited about it.

但我們對此感到非常興奮。

Great, guys, thanks for taking all of my questions and great job, again.

太好了，夥計們，感謝您回答我所有的問題，再次感謝您的出色工作。

Thanks, Josh.

謝謝，喬許。

Thank you, very much, sir, Ladies and gentlemen, your next question comes from the line of Mr. Tim Lee of Kaufman Brothers, please proceed.

非常感謝，先生，女士們、先生們，你們的下一個問題來自考夫曼兄弟公司的蒂姆·李先生，請繼續。

Good afternoon.

午安.

Just want to follow up on the gross margin question here, I mean, nice sequential uptick here with the VPAP, Adapt SV's.

只是想跟進這裡的毛利率問題，我的意思是，VPAP、Adapt SV 的連續上升。

Should we assume that kind of trend upwards here for another quartered or two?

我們是否應該假設這種趨勢在接下來的四分之一或兩個季度內呈上升趨勢？

And how should we think about the rollout of Tango on the gross margin line?

我們該如何看待 Tango 的推出對毛利率的影響？

Good question, Tim.

好問題，提姆。

Again, maybe we're being a bit conservative saying 60, but we're-- just go 60 to 63, we're up closer to 63.

再說一次，也許我們說 60 有點保守，但我們只是從 60 到 63，我們已經更接近 63 了。

I think you're right, I think the Adapt SV is going to help us there.

我認為你是對的，我認為 Adapt SV 會在這方面為我們提供幫助。

I mean, our new mask offerings, again, will help us also, [inaudible - phone ringing] as you know-- [inaudible - phone ringing].

我的意思是，我們的新面膜產品也將幫助我們，[聽不清楚 - 電話鈴聲] 如您所知 - [聽不清楚 - 電話鈴聲]。

We got [inaudible - phone ringing] I'm not sure where it's coming from.

我們聽到[聽不清楚 - 電話鈴聲]我不確定它來自哪裡。

Anyway we're very comfortable with the new products, getting traction will certainly help with gross margin.

不管怎樣，我們對新產品非常滿意，獲得關注肯定有助於提高毛利率。

Whether or not you are going to see gross margins up around 65, it's a very competitive market out there as you know.

無論您是否會看到毛利率上升到 65 左右，正如您所知，這都是一個競爭非常激烈的市場。

And I mean it's-- and it's-- it's not easy to predict, I mean, I would be silly to be talking about 65% gross margins.

我的意思是，這並不容易預測，我的意思是，我談論 65% 的毛利率是很愚蠢的。

Closer to the 63, yes, maybe.

更接近 63，是的，也許吧。

The Tango, you asked about, we know what the terrain is like out there in terms of pricing.

您問過 Tango，我們知道價格方面的狀況。

That's why we developed it.

這就是我們開發它的原因。

We feel we're comfortable enough where we are on gross margin there that it's not going to really damage us.

我們覺得我們對毛利率感到滿意，這不會真正損害我們。

So, the Tango, whilst I wouldn't say that's going to help hugely, it's not going to hurt.

所以，Tango，雖然我不會說這會有很大幫助，但也不會造成傷害。

Just so we're clear, and I think as you know, Tim, CPAPs over all carry a lower gross margin than the Company average.

我們很清楚，提姆，我想你也知道，CPAP 整體毛利率低於公司平均。

The VPAP Adapt is closer to mask margins.

VPAP Adapt 更接近光罩邊緣。

So we have had a mixture of mix change as well as geographic.

因此，我們經歷了混合變化和地理變化。

Remember we had the exceptional growth in the OUS where we tend to have higher gross margin percentage.

請記住，我們在海外地區取得了非凡的成長，在那裡我們的毛利率往往更高。

So, it's-- there's a lot of moving pieces in that question.

所以，這個問題中有很多動人的部分。

Yes, and it's not easy to predict which thing is going to kick in.

是的，而且要預測哪件事會發生並不容易。

But we feel pretty-- in fact we're delighted with the 62.6.

但我們感覺很不錯——事實上我們對 62.6 很滿意。

Yes.

是的。

One quick follow-up, if I may?

如果可以的話，請快速跟進一下？

Yes, and there has been a uptick there, and hell, we would like to see it keep going.

是的，而且那裡已經有所上升，我們希望看到它繼續下去。

Just real quick on terms of the mixed apnea opportunity.

就混合呼吸暫停機會而言，速度真的很快。

Are those patients found through the same traditional-- same traditional channels or do you need a separate sales force to kind of go to a new patient-- a new doctor population to try to identify some of those patients?

這些患者是透過相同的傳統管道找到的，還是您需要單獨的銷售人員去接觸新患者，即新的醫生群體來嘗試識別其中一些患者？

It's exactly the same channels, Tim, and the good news is that the Adapt SV works beautifully for these people.

提姆，這是完全相同的頻道，好消息是 Adapt SV 非常適合這些人。

Absolutely beautifully.

絕對漂亮。

It looks like people have been struggling with these patients for much longer than I think a lot of us appreciated.

看來人們與這些患者奮鬥的時間比我們許多人想像的要長得多。

They take a lot of time up with un-reimbursed costs.

他們花費了大量的時間來償還未償還的費用。

But it's the same channel.

但這是同一個頻道。

You can in fact go back through old sleep studies, mine the data, and if you know what you are looking for, this period you can pick it up and it's there.

事實上，你可以回顧過去的睡眠研究，挖掘數據，如果你知道你在尋找什麼，這個時期你可以拿起它，它就在那裡。

We have seen people, we have talked to people that are mining the data very successfully, and the numbers we're seeing it's roughly 20% of all patients.

我們見過一些人，也與那些非常成功地挖掘數據的人交談過，我們看到的數字大約佔所有患者的 20%。

The Mayo Clinic is talking 15%.

梅奧診所的說法是 15%。

I think most sleep physicians would tell you a minimum of 10, could be as high as 20, the data that we're seeing and feel comfortable with is around the 20% mask-- mark, I should say.

我認為大多數睡眠醫生會告訴您至少 10 個，可能高達 20 個，我們看到並感到滿意的數據大約是 20% 的掩模 - 我應該說。

If it's 15 it's still a home run.

如果是15，那仍然是全壘打。

Fantastic.

極好的。

And a great quarter.

這是一個很棒的季度。

I'll jump back in the queue.

我會跳回到隊列中。

Thank you very much, sir.

先生非常感謝您。

Ladies and gentlemen, your next question comes from the line of Ben Andrew of William Blair, please proceed.

女士們、先生們，你們的下一個問題來自威廉布萊爾的班安德魯，請繼續。

Hi, Peter.

嗨，彼得。

Just a couple of quick questions.

只是幾個簡單的問題。

What is your sense in terms of market pricing and any new pressure from new offerings out there?

您對市場定價以及新產品帶來的新壓力有何看法？

Have you seen any kind of movement there?

你看到那裡有什麼動靜嗎？

Or has it been pretty stable?

或者說已經相當穩定了？

Well that's kind of the burning question, Ben.

嗯，這是一個緊迫的問題，本。

So I'm going to throw that one-- I don't-- too hot to handle.

所以我要把那個——我不——扔得太熱而無法處理。

No, I don't think there's anything untoward going on there.

不，我不認為那裡有什麼不愉快的事情發生。

There's some aggressiveness out there, particularly in the conventional CPAP market.

市場上存在一些侵略性，特別是在傳統的 CPAP 市場。

We're seeing it in both ASPs to a certain extent and also seeing it in turns, like days to pay.

我們在某種程度上在兩個 ASP 中都看到了這一點，而且輪流看到了這一點，例如付款天數。

Accounts payable.

應付帳款。

A little bit of flexibility going on there.

那裡有一點靈活性。

We figure for a 5% decrease year-over-year.

我們預計將年減 5%。

We're not seeing-- it's not out of the ordinary, but Keith, do you want to comment on the U.S. pricing pressures?

我們沒有看到——這並不異常，但基思，你想對美國的定價壓力發表評論嗎？

Peter, I think that comparables on [inaudible] the past.

彼得，我認為這與[聽不清楚]過去有可比性。

I think everybody on this call knows where pricing patterns have been in the industry.

我認為參加這次電話會議的每個人都知道該行業的定價模式。

The thing I think that is encouraging is some of the things that we have heard about pricing of new masks into the market fall right in line with either our pricing or similar patterns that those particular companies have used in the past.

我認為令人鼓舞的是，我們聽到的一些關於新口罩進入市場的定價與我們的定價或這些特定公司過去使用的類似模式完全一致。

So, in answer to Ben's question, no surprises, actually.

所以，對於本的問題的回答，其實並不令人意外。

Okay.

好的。

If you look at that last quarter-- the September versus the December quarter sequentially, what are the differences between those in terms of your performance and the market just to kind of give people a qualitative since of how the market might be changing?

如果你看看上個季度——9 月份和 12 月份的季度，你的業績和市場之間有什麼區別，只是為了讓人們對市場可能發生的變化有一個定性的了解？

I'm not quite with you on that question, Ben.

在這個問題上我不太同意你的觀點，本。

Could you rephrase it and make it a bit clearer.

您能否重新措辭並使其更清晰一些。

I'm just trying to think about how the market is evolving on a quarter to quarter basis.

我只是想思考一下市場每季的發展。

I hate to be so short term oriented but, I think, maybe some people's expectations have gotten a little bit out of whack, and I think we need to think about what is really going on out in the marketplace so people can understand what we're going to be looking at over the next few quarters, and if you tell me that June-- or September and December looked pretty much the same but it's toughening comps that's a different answer than there's a changing market dynamic in terms of the competitive or pricing dynamic.

我討厭如此短期導向，但我認為，也許有些人的期望有點不正常，我認為我們需要考慮市場上真正發生的事情，以便人們能夠理解我們的內容我們將在接下來的幾個季度中關注，如果你告訴我六月或九月和十二月看起來幾乎相同，但它正在加強競爭，那麼這是一個不同的答案，而不是在競爭或競爭方面不斷變化的市場動態定價動態。

No, I don't think we're seeing holistic changes in the marketplace at all.

不，我認為我們根本沒有看到市場發生全面的變化。

What we're seeing is, for us it's tough comps.

我們看到的是，對我們來說這是一場艱難的比賽。

I mean you have a 44% quarter, expecting-- as I said before, expecting a 30% on a 44, it can happen.

我的意思是，你有一個 44% 的季度，預期——正如我之前所說，預期 44% 的季度會出現 30%，這可能會發生。

It has happened in the past, but it's a not something that's predictable.

這種事過去曾發生過，但不是可以預測的。

You can end up with a FAS thing, and you go X millions of dollars in one hit, as long as you can source all of the components and so forth for something like that which is unexpected.

你最終可以得到一個 FAS 東西，只要你能找到所有的組件等等來完成類似意想不到的事情，你就能一次性賺到數百萬美元。

But, I think it's steady as she goes, to be honest.

但是，說實話，我認為她的表現很穩定。

I mean, our growth rates have, I think the base business is in the 20's and hopefully we can keep going at that, but I don't see any in the 30s coming up, but you never know.

我的意思是，我們的成長率，我認為基礎業務是在 20 年代，希望我們能夠繼續下去，但我認為 30 年代不會出現任何成長，但你永遠不知道。

You never know.

你永遠不會知道。

But I think, Ben, if you look back-- and as you stated we don't talk quarter to quarter because it's silly to do so, but if you look at what's been going on in the sleep market the only developments that we've seen over the last nine months, in reality, have been very positive developments.

但我認為，本，如果你回顧過去，正如你所說，我們不會逐季度地談論，因為這樣做很愚蠢，但如果你看看睡眠市場上正在發生的事情，我們唯一的發展就是事實上，過去九個月我們看到了非常積極的進展。

You have the recognition and the understanding of complex sleep apnea, you have the awareness of the Adapt SV, which is really exceeding our expectations on both fronts.

您對複雜的睡眠呼吸中止症有了認識和理解，您對 Adapt SV 有了認識，這在兩個方面確實超出了我們的預期。

You have the fundamental understanding of the disorder and its link with comorbidity such as diabetes.

您對該疾病及其與糖尿病等合併症的關聯有基本的了解。

And that's becoming better understood and the links becoming clearer.

人們對這一點的理解越來越深入，其中的連結也越來越清晰。

So, all the fundamentals in market growth.

因此，市場成長的所有基本面。

All of the fundamentals that lead to volume growth within this industry remain strong or actually remain even more encouraging than they were nine months ago, a year ago.

導致該行業銷量成長的所有基本面仍然強勁，或者實際上仍然比九個月前、一年前更令人鼓舞。

The fundamentals remain and we remain very positive on this industry.

基本面依然存在，我們對這個行業仍然非常樂觀。

Just to endorse what Kieran said, and aptly put by Kieran.

只是為了贊同基蘭所說的話，以及基蘭恰當地表達的內容。

The [silos] are waking up.

[筒倉]正在甦醒。

I mean you've got the endocrinologists are finally-- next week in Sidney, we've got an international diabetes federation taking place and so George [Alverti], who is a diabetic guru is flying out to Sidney, with Dr. Paul [Zimmet] from [Norman], and we have got 15 of the-- the major diabetologists in the world meeting in Sidney, and guess what they are talking about?

我的意思是，內分泌學家們終於——下週在悉尼，我們將召開一個國際糖尿病聯合會，因此糖尿病專家喬治[阿爾維蒂]將與保羅博士一起飛往悉尼[來自[諾曼]的Zimmet]，我們有15位世界主要糖尿病學家在雪梨開會，猜猜他們在說什麼？

Sleep disorder, breathing and diabetes.

睡眠障礙、呼吸和糖尿病。

And why?

為什麼？

Because if you are an endocrinologist the key thing that you need to address is hypertension.

因為如果您是內分泌科醫生，您需要解決的關鍵問題是高血壓。

Well, guess what, we know that if you treat a patient with hypertension and a sleep disorder breathing with a CPAP, you [inaudible], you treat the hypertension.

好吧，猜猜看，我們知道，如果您使用 CPAP 治療患有高血壓和睡眠呼吸障礙的患者，您[聽不清楚]，您就治療了高血壓。

So that's right in the cross hairs.

所以這就是十字準線。

The second thing is the date on the post granular sugar, that created a huge amount of impact.

第二件事是顆粒糖後的日期，這產生了巨大的影響。

Okay, small numbers and 24 patients et cetera, but a 40% drop in post granular sugar is kind of a home run.

好吧，雖然數量很少，有 24 名患者等等，但顆粒糖後 40% 的下降算是一個本壘打。

So we [catalize] this meeting, and, okay, things take time, but the fact that you can get 15 of the word's top endocrinologist who want to talk about sleep disorder [inaudible] diabetes, hell, it's fantastic.

所以我們[催化]這次會議，好吧，事情需要時間，但事實上你可以邀請 15 位世界頂級內分泌學家來討論睡眠障礙[聽不清楚]糖尿病，天啊，這太棒了。

So yes, the silos are waking up the sleep, and it's cardiology that's waking up.

所以，是的，筒倉正在喚醒沉睡，喚醒的是心臟病學。

It's endocrinology that is waking up, one of the other ology's, it's going to happen, it's going to happen in gastroentonology, it's going to happen in urology and anesthesiology, of course.

內分泌學正在甦醒，其他學科之一，它將會發生，它將會發生在胃腸病學中，它將會發生在泌尿科和麻醉學中，當然。

We look out into the wild blue yonder there, and I'm as excited as I have ever been about this area, and that's looking back over a 20-year period.

我們眺望遠處那片狂野的藍色，回顧過去 20 年，我對這個地區感到前所未有的興奮。

Things are good.

事情很好。

Thank you.

謝謝。

Thank you very much sir.

先生非常感謝您。

Ladies and gentlemen, your next question comes from the line of Andrew Goodsall of UBS, please proceed.

女士們、先生們，你們的下一個問題來自瑞銀集團的安德魯·古德薩爾（Andrew Goodsall），請繼續。

Good morning, Peter and Tim, great results.

早安，彼得和提姆，成果很好。

Can I just finish with one of the housekeeping questions.

我可以先回答一個家事問題嗎？

I think I just missed the totals of flow generators and masks, just the specific totals there.

我想我只是錯過了流量產生器和麵罩的總數，只是那裡的具體總數。

Well, I don't think you missed it at all to be honest.

好吧，老實說，我認為你根本沒有錯過它。

The interesting thing is that we're not seeing huge changes there, the devices, the percentage there was 52%, masks and accessories were 48%.

有趣的是，我們並沒有看到巨大的變化，設備的比例為 52%，口罩和配件為 48%。

The previous quarter, Q1 '07 it was 50/50, and if you go back a year ago, the devices, the break down were 52% devices 48% masks and accessories.

上一季度，即 07 年第一季度，比例為 50/50，如果你回到一年前，設備的細分為 52% 的設備、48% 的口罩和配件。

So it's kind of steady as she goes.

所以她走的時候很穩定。

You sort of transitioned through 52/48 and through to 50 and then back up?

你是不是從 52/48 過渡到 50，然後又恢復了？

Yes.

是的。

Yes.

是的。

Okay.

好的。

So it went 52/48, 50/50, back to 52/48.

結果是 52/48，50/50，又回到 52/48。

Excellent.

出色的。

I think, are those are just the other housekeeping items, just the total growth rates for the quarter, just for flow generators and masks.

我認為，這些只是其他內務項目，只是本季的總成長率，只是流量產生器和口罩。

You gave us U.S. and rest of world but I was just looking for totals as well, just growth rates?

你給了我們美國和世界其他地區的數據，但我也只是在尋找總數，只是成長率？

Yes, okay.

是的，好的。

Well the growth rates in the U.S. for devices, it was 20%, and for masks and accessories, leaving out the R&T, I mentioned that approximately 2 million bucks where we took the hit in non-core motors was 26%.

美國設備的成長率為 20%，而對於面罩和配件（不包括 R&T），我提到，我們在非核心馬達方面受到的打擊約為 200 萬美元，成長率為 26%。

And ROW flow generators, they are up 22%.

ROW 流量發電機成長了 22%。

Yes.

是的。

The masks and accessories were up 27%.

口罩和配件上漲了 27%。

So basically there was good tracking, that's-- the totals are say 21% and around 26%.

所以基本上有很好的跟踪，也就是說，總數大約是 21% 到 26% 左右。

21 and 26.

21和26。

Got it that's terrific.

明白了，太棒了

All right.

好的。

Just with the motors, obviously that was a strategic move, could you indicate who you are selling to?

就馬達而言，顯然這是一個策略性舉措，您能表明您的銷售對像是誰嗎？

I mean, if you cut one of your competitors out from getting that product or-- ?

我的意思是，如果你阻止你的競爭對手之一獲得該產品，或者——？

Well actually it was interesting-- let me throw that to Keith, but it was interesting we were actually selling motors to competitors.

嗯，實際上這很有趣——讓我把這個問題轉給基思，但有趣的是我們實際上是在向競爭對手銷售馬達。

Yes, that's why I thought maybe if you cut one of them, it might be interesting.

是的，這就是為什麼我想也許如果你剪掉其中一個，它可能會很有趣。

Keith has R&T, he is Chief Operating Officer for the Americas and Keith has R&T reporting directly into him, so, Keith, you want to comment.

Keith 負責 R&T，他是美洲區的首席營運官，而 Keith 負責 R&T 直接向他匯報，所以 Keith，你想發表評論。

The business that we had with R&T that we walked away from was generally non-healthcare related business.

我們放棄的 R&T 業務通常是非醫療保健相關業務。

Got it.

知道了。

Okay.

好的。

Storage devices and things along those lines.

儲存設備和類似的東西。

The healthcare businesses and the motors that we supplied to the healthcare business we stopped doing that several years ago.

醫療保健業務以及我們為醫療保健業務提供的馬達幾年前就停止了這樣做。

So, this was all non-healthcare industry related.

所以，這都是與醫療保健產業無關的。

And it's just not strategic-- I mean this storage-- I mean, you get it's dog eat dog.

這不是戰略性的——我的意思是這個存儲——我的意思是，你會明白它是狗咬狗的。

The margins are threadbare and we're just saying hell, what are we doing in this [expletive] business?

利潤率很低，我們只是說天哪，我們在這個[髒話]行業做什麼？

And technology was not transferable to our own applications.

而且技術無法轉移到我們自己的應用程式中。

Yes, and [inaudible] technology [inaudible] possible.

是的，[聽不清楚]技術[聽不清楚]是可能的。

Would you anticipate any more of that?

您還會期待更多這樣的事嗎？

Any more sort of rationalization there?

還有更多的合理化嗎？

A little bit, but the big hit was this quarter.

有一點，但最大的打擊是在本季。

Okay.

好的。

I mean it was only 1 million bucks left the previous quarter was-- year-ago quarter was 3 million, approximately.

我的意思是，上一季只剩下 100 萬美元，去年同期大約是 300 萬美元。

Yes.

是的。

The big hit was just taken.

重大打擊剛剛發生。

And just another housekeeping maybe one for Brett, if he's on the line, just in terms of expectations of stock based compensation just for our add backs, would that be pretty much consistent with what we saw this quarter going forward?

對於布雷特來說，這可能是另一項家政工作，如果他在線的話，就我們的附加回報的基於股票的薪酬的預期而言，這與我們在本季度看到的情況非常一致嗎？

Andrew, it's Brett, and that would be right, I factor it consistent with what we did this quarter.

安德魯，我是布雷特，這是對的，我認為它與我們本季所做的一致。

So it's about 4.5 millionish and 3.5 million after tax I think is the way it works out.

所以我認為稅後大約是 450 萬和 350 萬。

Got it.

知道了。

And I guess, just interest in the roll out of Tango, I mean obviously, there was a bit of conversation about where prices are headed, but obviously Tango is a sort of-- I guess your ability to sort of try and play that a little bit and I guess differentiate products at different price levels.

我想，只是對 Tango 的推出感興趣，我的意思是，很明顯，有一些關於價格走向的討論，但顯然 Tango 是一種——我想你有能力嘗試和玩它一點點，我想區分不同價格水平的產品。

Could I maybe ask a little bit about the strategy, are you dying to talk to the operators in places you haven't been before?

我可以問一些有關策略的問題嗎？您是否渴望與您以前從未去過的地方的運營商交談？

Keith?

基思？

So, yes, this product was really targeted for the companies that are interested in low-price, low-performance on a relative bases low-performance products and certainly some of the accounts that you mentioned are accounts that we would be talking to about this product.

所以，是的，該產品確實是針對那些對相對低​​性能產品的低價格、低性能感興趣的公司，當然，您提到的一些帳戶就是我們將討論的帳戶產品。

And are those doors opening to you at this point?

此時這些門向你敞開嗎？

I know you are a little way off from launch, but as a prelude, I guess-- I guess I'm just trying to get a sense of how quick the launch might sort of take off if you started those conversations already?

我知道你距離發布還有一段距離，但作為前奏，我想——我想我只是想了解一下，如果你已經開始這些對話，那麼發布可能會以多快的速度啟動？

Put it this way, people are aware of the existence of the product because of the control market release.

可以這麼說，人們是因為控制市場的釋放而知道了產品的存在。

Yes.

是的。

Yes.

是的。

There's no way you can keep things quiet.

你沒辦法讓事情保持安靜。

Yes.

是的。

We have had people coming to us and by the same table we have approached other people.

有人來找我們，我們也透過同一張桌子接觸過其他人。

I mean it's-- you know, it's-- we've got a reasonable track record for reliability and-- gee, you guys are finally playing in this market, that's good news for us.

我的意思是——你知道，我們在可靠性方面擁有合理的記錄，而且——哎呀，你們終於在這個市場上發揮作用了，這對我們來說是個好消息。

Pleased you are doing it.

很高興你正在這樣做。

That sort of thing, but the proof of the pudding is in the eating.

諸如此類的事情，但布丁的證據就在於吃的過程。

And it will be what it will be.

事情就會如此。

One final one, just intent, you mentioned obviously, how the specialties sort of [started to get it] and I guess presumably you are making diagnosis or referrals, do you have a sense of where that has come from in the past year as a percentage of contribution to your sales?

最後一個，只是意圖，你顯然提到了，專業如何[開始得到它]，我想你可能正在做出診斷或轉診，你是否知道過去一年中這來自哪裡？對您的銷售額的貢獻百分比？

Is it 5% now versus say 3 last year or-- ?

現在是 5%，去年是 3% 還是──？

Look it's up there, but again it's a bit like the Adapt SV, we're seeing incredible growth rates but it's from a loaded base.

看它就在那裡，但它又有點像 Adapt SV，我們看到了令人難以置信的成長率，但它來自一個負載基礎。

I think cardiology is way ahead of diabetes, but we see the opportunity for diabetes to well and truly have the whole cardiology, simply because it's nurse educators working with the patients and they don't need to see-- you talk to a cardiologist, he wants to see data points of 5,000.

我認為心臟病學遠遠領先糖尿病，但我們看到糖尿病有機會真正擁有整個心臟病學，只是因為護理教育工作者與病人一起工作，他們不需要看到——你與心臟病專家交談，他想要查看 5,000 個數據點。

Whereas nurse educators you show them 5 patients that have improved out of sight and they say, God, that's good enough for me.

而護理教育工作者，當你向他們展示 5 名已經改善到看不見的患者時，他們會說，上帝，這對我來說已經足夠好了。

Let me know when the paper comes out and I don't care when it does come out.

論文何時出版請告訴我，我不在乎它何時出版。

They are happy to go on evidence base and just go for it.

他們很樂意以證據為基礎並繼續努力。

Exactly.

確切地。

Now, if you look at anesthesiologist, once you-- the society of anesthesiology have said you must take into account sleep disorder breathing perioperatively.

現在，如果你看看麻醉師，一旦麻醉學會說你必須考慮圍手術期的睡眠呼吸障礙。

Once that is out there, you as an anesthesiologist, anesthetist, whatever, you are exposed because your society has said this is something you must take note of.

一旦出現，你作為麻醉師，麻醉師，無論如何，你都會暴露，因為你的社會已經說這是你必須注意的事情。

And you don't take note of it, and there's a death which very easily could occur and has occurred in the past, multiple times, the lid's been kept on it amazingly, there has been some lawsuits, but now there's a lawsuit and you've got a patient that you did [inaudible], the anesthetic gives them [inaudible] sleep apnea, so you end up with a patient with mixed apnea that you've induced and you ignore the whole thing.

你沒有註意到這一點，有一種死亡很容易發生，並且在過去已經發生過多次，令人驚訝的是，蓋子一直被蓋住，已經有一些訴訟，但現在有一場訴訟，你曾經治療過一位病人[聽不清楚]，麻醉劑使他們[聽不清楚]出現睡眠呼吸暫停，所以最終你的病人患有由你誘發的混合性呼吸暫停，而你忽略了整個事情。

I don't want that to be me, if you know what I mean.

我不想成為我，如果你懂我的意思的話。

So, this could move very quickly, we just don't know.

所以，這可能會進展得很快，我們只是不知道。

It should move--

它應該要移動——

That's very good.

這是非常好的。

I'll get back in the queue.

我會回到隊列中。

Thank you.

謝謝。

Thanks, Andrew.

謝謝，安德魯。

Thank you very much, sir.

先生非常感謝您。

Ladies and gentlemen, your next question comes from the line of Mike Matson of Wachovia Securities, please proceed.

女士們、先生們，你們的下一個問題來自美聯證券的 Mike Matson，請繼續。

Hi, I was wondering if you could tell us what the currency impact was in the quarter.

您好，我想知道您能否告訴我們本季貨幣的影響是什麼。

Yes, it was between 5 and 6 million, I think is the number.

是的，我認為是 5 到 600 萬之間的數字。

Brett?

布雷特？

Yes, that's right, Peter.

是的，沒錯，彼得。

It was around that sort of number.

大概就是這個數字。

Around 5-plus million.

大約有五多萬。

Okay.

好的。

And then any updates on competitive bidding?

那麼競爭性招標有什麼更新嗎？

I guess Respironics mentioned during their investor day, they're hearing-- that it may be pushed back or that some of these products may not be-- or all of the products that were thought were going to be bided may not be bid.

我猜偉康在投資者日期間提到過，他們聽說——它可能會被推遲，或者其中一些產品可能不會被推遲——或者所有被認為要競標的產品可能不會被競標。

Have you heard anything like that?

你聽過這樣的事嗎？

We-- we think-- in this particular space there have been no new developments from the CMS end.

我們認為，在這個特定的領域，CMS 端沒有新的進展。

We have heard nothing relating to sleep disorder breathing.

我們沒有聽到任何與睡眠呼吸障礙有關的消息。

As you are probably aware there's a new home care coalition that's been formed CEBA, the coalition to ensure beneficiary access.

您可能知道，CEBA 成立了一個新的家庭護理聯盟，該聯盟旨在確保受益人獲得服務。

Their goal is one goal and one goal only and that is to repeal the whole competitive bidding legislation.

他們的目標只有一個，而且只有一個，那就是廢除整個競爭性招標立法。

I don't know where there's up to, but the other point is that, so there's nothing new on the horizon there, it might even in fact be reversed, we don't know, but it's also important to note that Medicare patients represent such a small faction of the global sleep patients it's 10%, so even if it came in tomorrow.

我不知道情況在哪裡，但另一點是，所以沒有什麼新的東西出現，甚至實際上可能會逆轉，我們不知道，但同樣重要的是要注意醫療保險患者代表全球睡眠患者的比例這麼小，只佔10%，所以即使明天就進來了。

Which it won't, it'll be a couple of years anyway, so I would say on that one, Mike, just watch this space.

但它不會，無論如何，這將是幾年的時間，所以我想說，麥克，看看這個空間。

There's nothing new under the sun here.

這裡的陽光下並無新鮮事。

Okay.

好的。

And then, in terms of the VPAP ASV product, how has that been positioned in the international markets, and how is it done outside the U.S., and is that -- is it fair to sort of use that as an analogy for what we can expect to see in the U.S.?

然後，就 VPAP ASV 產品而言，該產品在國際市場上的定位如何，在美國以外的地區是如何實現的，用它來類比我們能做的事情是否公平？期望在美國見到？

Well, the product, as you are probably aware, we have been marketing for five years, outside of the U.S., so we have got a pretty good exposure to who does well on this product, and what to expect here.

嗯，正如您可能知道的那樣，我們已經在美國以外的地區進行了五年的營銷，因此我們對誰在該產品上做得很好以及在這裡可以期待什麼有了很好的了解。

It's taking off at a much faster clip in the U.S., just a much faster clip.

它在美國的起飛速度要快得多，只是速度快得多。

Part of the reason for that is complex sleep apnea.

部分原因是複雜的睡眠呼吸中止症。

Outside the U.S., it is, as you are aware, the order has said CS for change [inaudible], so we have actually been targeting complex sleep apnea outside the U.S.

如您所知，在美國以外的地區，該命令已表示需要改變 [聽不清楚]，因此我們實際上一直在針對美國以外地區的複雜睡眠呼吸中止症。

So that's an interesting possibility which Adrian might want to say something about.

這是阿德里安可能想說的一個有趣的可能性。

I had people like [Helmet Teshler] of the University of [Essen] who is a hugely influential sleep physician in Europe, is aware of complex sleep apnea, and he feels it's around 15%.

我有像埃森大學的 [Helmet Teshler] 這樣的人，他是歐洲一位非常有影響力的睡眠醫生，了解複雜的睡眠呼吸暫停，他認為這種情況大約是 15%。

He has used the AutoSet CS 2.

他使用 AutoSet CS 2。

Which is an identical product, it's just different labels.

這是相同的產品，只是標籤不同。

We call it Adapt SV in the U.S. because we were working with the FDA for a number of years trying to get approval for the treatment of heart failure, and we just found it very frustrating, so we decided to just get approval for mixed apneas.

我們在美國稱之為 Adapt SV，因為我們多年來一直與 FDA 合作，試圖獲得治療心臟衰竭的批准，但我們發現這非常令人沮喪，因此我們決定只獲得混合呼吸暫停的批准。

So we're selling it to treat centrals and mixed apneas.

所以我們出售它是為了治療中樞性呼吸暫停和混合性呼吸暫停。

People were aware of its application in cardiology but the bulk of it is here is complex sleep apnea where as the bulk of it in Europe is cardiology for treating heart failure.

人們知道它在心臟病學中的應用，但在這裡它的大部分是複雜的睡眠呼吸暫停，而在歐洲它的大部分是治療心臟衰竭的心臟病學。

Congestive heart failure.

充血性心臟衰竭。

So, really, I guess the only lessons to be learned, the number of-- the millions of hours that we have been using it outside the U.S. and experienced with the patients, but I don't think strategic marketing, I don't think there's anything we can learn there to be honest.

所以，實際上，我想唯一需要學習的教訓是我們在美國境外使用它並與患者一起經歷的數百萬個小時，但我不認為戰略營銷，我不認為老實說，我認為我們可以學到一些東西。

All right.

好的。

That's helpful.

這很有幫助。

And just with regards to your R&D, it seemed like it was up a little bit more than your rate of sales growth, and I think you mentioned why, but I may have missed it.

就你們的研發而言，它似乎比你們的銷售成長率高一點，我想你們提到了原因，但我可能錯過了。

Just wondered if you could maybe go in to a little more depth there on why your R&D was up in the quarter?

只是想知道您是否可以更深入地了解為什麼您的研發在本季有所成長？

A lot of that, frankly, was driven by the same acquisition.

坦白說，其中許多都是由同一次收購推動的。

We just-- we looked at that and we said, we spent this chunk of money on it and we've got to get-- we've got to get our value out of this and so we have had to do a lot of work on both the design and manufacturability and so forth, and that's the R&D [inaudible], so a lot of the increase-- that 40% increase is associated with ventilation.

我們只是——我們看了這一點，我們說，我們在這上面花了一大筆錢，我們必須——我們必須從中獲得我們的價值，所以我們必須做很多事情在設計和可製造性等方面開展工作，這就是研發[聽不清楚]，所以很多成長－40% 的成長與通風有關。

Once that's done, we'll be able to reposition those resources into the masks-- I mean more into masks, and more into doing further developments on Adapt SV, bi levels and so on.

一旦完成，我們將能夠將這些資源重新定位到掩模中——我的意思是更多地投入到掩模中，更多地投入到Adapt SV、雙水平等方面的進一步開發中。

Plus, in a lot of ways, Mike, it was catch up.

另外，麥克，在很多方面，它都在迎頭趕上。

We've, historically said we wanted to stay between 6 and 7% of revenues on R&D, because there is a huge amount of innovation that can still be brought to this marketplace.

我們過去曾表示，希望將營收的 6% 至 7% 用於研發，因為仍能為這個市場帶來大量創新。

And we grew so rapidly last year that the numbers started to dip in to the 5 point something percent of revenues so we had the opportunity to basically do a catch up and make sure that we were investing at the level that we feel comfortable with, but there's just a massive amount of innovation that's left in this industry.

去年我們成長如此之快，以至於數字開始下降到收入的 5% 左右，所以我們有機會基本上追趕並確保我們的投資水平處於我們感到滿意的水平，但這個行業只剩下大量的創新。

All right.

好的。

And then just with regards to same-- if I'm hearing you correctly, it sounds like you are saying that there hasn't been a huge amount of growth in the sales it seemed.

然後，就同樣的問題而言，如果我沒聽錯的話，聽起來您是在說銷售額似乎並沒有大幅成長。

You are just kind of maintaining the sales to the existing customers, and once all of these problems are worked out, can we expect to see that maybe pick up your international growth rate a little bit?

您只是維持對現有客戶的銷售，一旦解決了所有這些問題，我們是否可以期望看到您的國際成長率略有提高？

Well, Mike, let me just correct you there, we're seeing excellent growth in the same products, excellent growth.

好吧，麥克，讓我糾正一下，我們看到相同產品的出色成長，出色的成長。

I guess maybe I should clarify.

我想也許我應該澄清一下。

What I was saying was that we're not pushing the boat out into other markets.

我想說的是，我們不會把船推向其他市場。

We're not marketing in Canada.

我們不在加拿大進行行銷。

We're not market in to the U.S.

我們的市場不是美國

We're not really pushing into southeast Asia the way we could push. [inaudible] selling there.

我們並沒有真正以我們能夠推動的方式進軍東南亞。 [聽不清楚] 那裡有賣。

But we're-- in other words, the current customers are even more satisfied than they were before because the reliability's improved out of sight.

但我們——換句話說，目前的客戶比以前更滿意，因為可靠性的提升是看不見的。

But we're saying to ourselves we're not ready to pull the trigger to new customers, we're seeing really good growth with current customers, so, yes, no, it's growing.

但我們對自己說，我們還沒有準備好吸引新客戶，我們看到現有客戶的成長非常好，所以，是的，不，它正在成長。

Okay.

好的。

That's helpful.

這很有幫助。

Thanks.

謝謝。

That's all I have got.

這就是我所擁有的一切。

Thanks, Mike.

謝謝，麥克。

Thank you very much, sir, and that concludes our q&a session for today.

非常感謝您，先生，今天的問答環節就到此結束。

I would like to turn the call back over to our speakers for our closing remarks.

我想將電話轉回給我們的發言人，讓他們發表結束語。

I would like to thank everybody.

我要感謝大家。

Thank you all.

謝謝你們。

Thank you very much, sir.

先生非常感謝您。

Thank you, ladies and gentlemen, for your participation in today's conference call.

女士們、先生們，感謝你們參加今天的電話會議。

This concludes your presentation, and you may now disconnect.

您的演示到此結束，您現在可以斷開連接了。

Have a good day.

祝你有美好的一天。