瑞思邁 (RMD) 2022 Q4 法說會逐字稿

Hello and welcome to the Q4 Fiscal Year 2022 ResMed Earnings Conference Call. My name is Kevin, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

您好，歡迎參加 2022 財年第四季度 ResMed 收益電話會議。我的名字是凱文，今天我將擔任您的接線員。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the call over to Amy Wakeham, Vice President of Investor Relations and Corporate Communications. Amy, you may begin.

我現在將把電話轉給投資者關係和企業傳播副總裁 Amy Wakeham。艾米，你可以開始了。

Great. Thank you, Kevin, and hi, everyone. Welcome to ResMed's Fourth Quarter Fiscal Year 2022 Earnings Conference Call. We thank you for joining us. This call is being webcast live, and the replay will be available on the Investor Relations section of our corporate website later today, along with a copy of our earnings release and the presentation, both of which are available now.

偉大的。謝謝你，凱文，大家好。歡迎參加 ResMed 2022 財年第四季度收益電話會議。我們感謝您加入我們。本次電話會議正在進行網絡直播，今天晚些時候將在我們公司網站的投資者關係部分提供重播，以及我們的收益發布和演示文稿的副本，兩者現在都可用。

Joining me on the call today are our Chief Executive Officer, Mick Farrell; and Chief Financial Officer, Brett Sandercock. Following our prepared remarks, we will host a Q&A session, and Mick and Brett will be joined by Rob Douglas, President and Chief Operating Officer; and David Pendarvis, Chief Administrative Officer and Global General Counsel.

今天和我一起參加電話會議的是我們的首席執行官 Mick Farrell；和首席財務官布雷特·桑德科克。在我們準備好的發言之後，我們將舉辦問答環節，總裁兼首席運營官 Rob Douglas 將加入 Mick 和 Brett；以及首席行政官兼全球總法律顧問 David Pendarvis。

During today's call, we will discuss several non-GAAP measures. For a reconciliation of the non-GAAP measures, please review the supporting schedules in today's earnings press release. And as a reminder, our discussion today will include forward-looking statements, including, but not limited to, expectations about our future operating and financial performance. We believe these statements are based on reasonable assumptions. However, our actual results may differ. Please refer to our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements made today.

在今天的電話會議中，我們將討論一些非公認會計原則的措施。有關非公認會計原則措施的對賬，請查看今天的收益新聞稿中的支持時間表。提醒一下，我們今天的討論將包括前瞻性陳述，包括但不限於對我們未來運營和財務業績的預期。我們相信這些陳述是基於合理的假設。但是，我們的實際結果可能會有所不同。請參閱我們的 SEC 文件，以完整討論可能導致我們的實際結果與今天做出的任何前瞻性陳述產生重大差異的風險因素。

I'll now go ahead and turn the call over to Mick.

我現在繼續把電話轉給 Mick。

Thanks, Amy, and thank you all for joining us today as we review the results for the fourth quarter of our fiscal year 2022 ended June 30. On today's call, I will provide a brief high-level overview of our financial results. I'll then review progress towards our ResMed 2025 strategic goals, and then discuss our actions to navigate through ongoing industry and supply chain challenges. Brett will then join the call to review our financial results in more detail.

謝謝，艾米，感謝大家今天加入我們，我們回顧了截至 6 月 30 日的 2022 財年第四季度的業績。在今天的電話會議上，我將簡要介紹我們的財務業績。然後，我將回顧 ResMed 2025 戰略目標的進展情況，然後討論我們應對當前行業和供應鏈挑戰的行動。然後，布雷特將加入電話會議，以更詳細地審查我們的財務業績。

Okay. Let's jump right in. Our fourth quarter results reflect strong performance across our business with high single-digit revenue growth in both our Sleep & Respiratory Care business segment as well as in our Software-as-a-Service business segment. Our ongoing growth reflects our global team's relentless focus to solve very complex supply chain problems and find alternate design and engineering solutions to address the incredible industry challenges that we have faced over the past year and beyond.

好的。讓我們開始吧。我們的第四季度業績反映了我們業務的強勁表現，我們的睡眠和呼吸護理業務部門以及我們的軟件即服務業務部門的收入均實現了高個位數增長。我們的持續增長反映了我們的全球團隊不懈地致力於解決非常複雜的供應鏈問題並尋找替代設計和工程解決方案來應對我們在過去一年及以後所面臨的令人難以置信的行業挑戰。

The global supply chain environment remains very much in flux across multiple industries. We are starting to see indications that the macro environment is improving, particularly semiconductor availability. However, we're mindful that even as macro trends start to improve, we still need our supplier partners to prioritize med tech component needs over other non-life sustaining industries.

全球供應鏈環境在多個行業中仍然非常不穩定。我們開始看到宏觀環境正在改善的跡象，尤其是半導體的可用性。然而，我們注意到，即使宏觀趨勢開始改善，我們仍然需要我們的供應商合作夥伴優先考慮醫療技術組件的需求，而不是其他非生命維持行業。

Demand in the market remains very strong. We've been able to mitigate some of the electronic component bottlenecks with the launch of our redesigned Card-to-Cloud AirSense 10 devices introduced to the market midway through our fourth quarter. As you can imagine, clearing one bottleneck simply brings the next rate-limiting step to the forefront. Our team is actively working to clear as many bottlenecks as they can as quickly as possible.

市場需求仍然非常強勁。通過在第四季度中期推出我們重新設計的卡到雲 AirSense 10 設備，我們已經能夠緩解一些電子組件瓶頸。正如您可以想像的那樣，清除一個瓶頸只會將下一個限速步驟帶到最前沿。我們的團隊正在積極努力盡快清除盡可能多的瓶頸。

On the positive news side, the redesign, reengineering and launch of the card-to-cloud device greatly improved our ability to meet the incredible demand that we see in the marketplace. During the last month of the quarter, during June, we were able to allocate more products to our customers than in recent months and in recent quarters. We're not out of the woods yet, but the compass is pointing to true north and we are on top of it.

好消息是，卡到雲設備的重新設計、重新設計和推出極大地提高了我們滿足市場上令人難以置信的需求的能力。在本季度的最後一個月，也就是 6 月，我們向客戶分配的產品比最近幾個月和最近幾個季度要多。我們還沒有走出困境，但指南針正指向正北，我們就在上面。

Throughout this crisis of demand and supply, our established ResMed guiding principles remain the same: that is that we will give priority to the production and delivery of devices to meet the needs of the highest-acuity patients first. As we discussed last quarter, we are still facing a challenging freight environment. The key challenges of sea freight and air freight are due to reduced availability and elevated prices. These forces are impacting our ability to efficiently get components into our factories and then to get the finished goods out of those factories and ship to warehouses and ultimately to customers.

在這場供需危機中，我們既定的 ResMed 指導原則保持不變：即我們將優先考慮設備的生產和交付，以滿足最敏銳患者的需求。正如我們上個季度所討論的，我們仍然面臨著充滿挑戰的貨運環境。海運和空運的主要挑戰是可用性降低和價格上漲。這些力量正在影響我們將組件有效地送入我們的工廠，然後將成品從這些工廠中運出並運送到倉庫並最終運送給客戶的能力。

We continue to do everything that we can to secure additional supply to ultimately further increase production of our devices. As highlighted on previous calls, this includes a combination of five concurrent work streams in supply chain. One, we are locking in the flow of our existing parts from existing suppliers. Two, we are establishing flow of existing parts from new suppliers. Three, we're validating and verifying new parts from existing suppliers. And four, we're validating and verifying new parts from new suppliers. And then finally, five, we're reengineering designs to mitigate the major supply bottlenecks.

我們將繼續盡我們所能確保額外的供應，最終進一步增加我們設備的產量。正如之前的電話會議所強調的，這包括供應鏈中五個並發工作流的組合。一，我們正在鎖定來自現有供應商的現有零件的流動。第二，我們正在建立來自新供應商的現有零件流。第三，我們正在驗證和驗證來自現有供應商的新零件。第四，我們正在驗證和驗證來自新供應商的新零件。最後，五，我們正在重新設計設計以緩解主要的供應瓶頸。

In summary, we're making good progress with these five lines of work, and we've been able to offset some of the impacts of the component shortages to best support patients, providers, physicians and beyond. In addition to the successful launch of our redesigned card-to-cloud device last quarter, we also continue to support our customers with our market-leading mask portfolio. The supply -- despite the challenges we faced with reduced new patient setups due to a competitor recall, we continue to see strong uptake of our mask solutions as our customers want the smallest, the quietest, the most comfortable, the easiest to fit and the most highly patient-rated masks in the market, and those come from ResMed.

總之，我們在這五項工作方面取得了良好進展，並且我們已經能夠抵消組件短缺的一些影響，以最好地支持患者、提供者、醫生等。除了上個季度成功推出我們重新設計的卡到雲設備外，我們還繼續通過我們市場領先的面罩產品組合為客戶提供支持。供應——儘管由於競爭對手的召回，我們面臨著減少新患者設置的挑戰，但我們繼續看到我們的面罩解決方案的強勁採用，因為我們的客戶想要最小、最安靜、最舒適、最容易安裝和市場上患者評價最高的口罩，這些口罩來自 ResMed。

Peer-reviewed and published studies have clearly shown that patients that are on a resupply program are much more likely to remain on sleep apnea treatment, adherent for the long term, than those that aren't on a resupply program. Our home care provider customers not only want to put new patients on therapy, they want to keep those new patients, and all of their existing patients, on therapy over the long term. And the ultimate goal there is to improve patient outcomes to lower total healthcare system costs as well as to drive their own recurring revenue streams.

同行評審和已發表的研究清楚地表明，與未參加再供應計劃的患者相比，接受再供應計劃的患者更有可能長期堅持睡眠呼吸暫停治療。我們的家庭護理提供者客戶不僅希望讓新患者接受治療，他們還希望讓這些新患者及其所有現有患者長期接受治療。最終目標是改善患者的治療效果，以降低醫療保健系統的總成本，並推動他們自己的經常性收入流。

We recognize that this "demand outstripping supply" situation remains a very difficult temporary state for all customers, including physicians, home medical equipment providers, payers, healthcare systems as well as the most important customer of all, the patient. We continue to work across the industry to be the best partner and the best solutions provider for all customers. We expect demand to be greater than supply for at least 12 more months, driven by the recall of one of our competitors, primarily. The net result is that every device that we here at ResMed make during these next 12 months, we will sell as it leaves the production line to a warehouse and is shipped to a customer. We are looking at every angle to maximize supply and address this incredible demand these next 12 months.

我們認識到，這種“供不應求”的情況對於所有客戶來說仍然是一個非常困難的暫時狀態，包括醫生、家庭醫療設備提供商、付款人、醫療保健系統以及最重要的客戶——患者。我們將繼續在整個行業中努力成為所有客戶的最佳合作夥伴和最佳解決方案提供商。我們預計在至少 12 個月內需求大於供應，這主要是由於我們的一個競爭對手的召回。最終結果是，我們在 ResMed 在接下來的 12 個月內製造的每台設備，我們都會在它離開生產線到倉庫並運送給客戶時進行銷售。在接下來的 12 個月裡，我們正在從各個角度最大化供應並解決這一令人難以置信的需求。

As a company, we are learning every day. And as an industry, we will get through this challenge stronger than ever. Our goal is to ensure that every person gets the care that they need, where they need it, when they need it, and we won't stop until we achieve that goal.

作為一家公司，我們每天都在學習。作為一個行業，我們將比以往任何時候都更強大地應對這一挑戰。我們的目標是確保每個人都能在需要的地方、需要的時間獲得所需的護理，並且在實現這一目標之前，我們不會停止。

Let's now briefly review the COVID-related market impacts on our industry. Most of the 140 countries that we operate in are now above 100% of pre-COVID levels of patient flow. It is noted that in some regions and some countries, we see ongoing surges of new COVID variants with some select governments continuing to impose COVID restrictions. In these areas, patient flow remains below pre-COVID levels. But across the board, we are seeing ongoing adoption of digital health solutions for screening, for diagnosis and for remote patient setup and monitoring, as well as well-established COVID cleaning protocols at sleep labs and physician offices. These trends continue to minimize the impact of new variants and diminish the absolute impact of COVID on our industry over time.

現在讓我們簡要回顧一下與 COVID 相關的市場對我們行業的影響。在我們開展業務的 140 個國家/地區中，大多數現在的患者流量都超過了 COVID 之前水平的 100%。值得注意的是，在一些地區和一些國家，我們看到新的 COVID 變種持續激增，一些選定的政府繼續實施 COVID 限制。在這些地區，患者流量仍低於 COVID 之前的水平。但總體而言，我們看到數字健康解決方案正在被用於篩查、診斷和遠程患者設置和監測，以及睡眠實驗室和醫生辦公室中成熟的 COVID 清潔協議。隨著時間的推移，這些趨勢繼續最大限度地減少新變種的影響，並減少 COVID 對我們行業的絕對影響。

Let's now step back a little and review ResMed's top three strategic priorities: number one, to grow and differentiate our core sleep apnea and respiratory care businesses; number two, to design, develop and deliver world-leading medical devices, as well as digital health solutions, that can be scaled globally; and number three, to innovate and grow the world's best software solutions for care that is delivered outside the hospital and especially in the home.

現在讓我們退後一步，回顧一下瑞思邁的三大戰略重點：第一，發展和區分我們的核心睡眠呼吸暫停和呼吸護理業務；第二，設計、開發和交付世界領先的醫療設備，以及可在全球範圍內擴展的數字健康解決方案；第三，創新和發展世界上最好的醫院外護理軟件解決方案，尤其是在家中。

The launch of our next-generation device platform called the AirSense 11 continues to go very well. It remains somewhat difficult to differentiate the success of the launch from previous generations with the incredibly high demand we're seeing around the world. Every Air 11 we make is sold immediately as it leaves the manufacturing floor. However, when we drill into patient feedback data, we see that patients are very excited about the platform, including the Air 11 device itself and the myAir software solutions surrounding it.

我們稱為 AirSense 11 的下一代設備平台的推出繼續進展順利。由於我們在世界各地看到的令人難以置信的高需求，要區分發射的成功與前幾代產品仍然有些困難。我們製造的每一台 Air 11 在出廠時都會立即售出。然而，當我們深入研究患者反饋數據時，我們看到患者對該平台非常興奮，包括 Air 11 設備本身以及圍繞它的 myAir 軟件解決方案。

During the fourth quarter, we introduced the AirSense 11 into several new countries outside the United States where we first launched the platform, including France, Switzerland and across the Nordic countries of Northern Europe. We look forward to further expansion into additional countries as we progress through our fiscal year 2023.

在第四季度，我們將 AirSense 11 引入了美國以外的幾個新國家，我們首先在這些國家推出了該平台，包括法國、瑞士和整個北歐的北歐國家。隨著我們 2023 財年的進展，我們期待進一步擴展到更多國家。

One area that we are closely watching is patient adoption of digital health solutions. And to that point, adoption rates of the myAir app by new patients set up on therapy with the AirSense 11 continue to be more than double that of the AirSense 10. This is because the AirSense 11 platform is designed to enable and encourage patients to engage directly with their own healthcare.

我們正在密切關注的一個領域是患者對數字健康解決方案的採用。到那時，使用 AirSense 11 進行治療的新患者對 myAir 應用程序的採用率仍然是 AirSense 10 的兩倍以上。這是因為 AirSense 11 平台旨在支持和鼓勵患者參與直接與他們自己的醫療保健。

The bottom line is that people want personal care. They want their own data on their own app on their own phone. And they love the coaching and personal engagement of our ecosystem. They are voting with their digital presence, and repeat usage of the myAir app is stronger than ever. More patients on myAir means more patients are fully engaging with ResMed's software technology. This has led us to now passing over 12 billion nights of sleep apnea and respiratory care medical data in the cloud. Our software solutions, including myAir and AirView, are delivering a better patient experience, better efficiencies for home care providers and physicians, and most importantly, greater long-term adherence to therapy for the patient.

底線是人們想要個人護理。他們希望在自己手機上的自己的應用程序上擁有自己的數據。他們喜歡我們生態系統的指導和個人參與。他們以數字形式投票，myAir 應用程序的重複使用比以往任何時候都強。 myAir 上的更多患者意味著更多患者充分使用 ResMed 的軟件技術。這使我們現在在雲中傳遞了超過 120 億個睡眠呼吸暫停和呼吸護理醫療數據。我們的軟件解決方案（包括 myAir 和 AirView）正在為家庭護理提供者和醫生提供更好的患者體驗、更高的效率，最重要的是，為患者提供更好的長期治療依從性。

Another key aspect of our long-term growth strategy is driving awareness and increasing the flow of patients through the top of the sleep apnea diagnosis funnel. COVID-19 has advanced awareness, adoption and acceptance of digital health. For our industry, this is specifically seen in the increased usage of home-based sleep apnea tests. Although new patient demand gen is clearly not a top priority in the immediate term given the current supply-demand imbalance, we are maintaining our focus in this area and our long-term investments so that we are ready when conditions improve and we can pivot and fire up our portfolio of demand-gen models, and thereby ensure sustainable long-term pipelines of new patients for our industry.

我們長期增長戰略的另一個關鍵方面是提高意識並增加患者通過睡眠呼吸暫停診斷漏斗頂部的流量。 COVID-19 提高了對數字健康的認識、採用和接受程度。對於我們的行業來說，這在家庭睡眠呼吸暫停測試的使用增加中特別明顯。儘管鑑於當前的供需失衡，新的患者需求在短期內顯然不是首要任務，但我們仍將重點放在這一領域和長期投資上，以便在情況改善時做好準備，我們可以調整和調整啟動我們的需求生成模型組合，從而確保為我們的行業提供可持續的長期新患者管道。

With over 1 billion people suffocating every night with sleep apnea worldwide, we see this work as an opportunity, but also an obligation as the market leader in the field. We are innovating with healthcare system partners and all of our customers to create an even more efficient and effective approach to sleep apnea patient identification, screening, diagnosis, treatment and management. We will continue to invest in technology that enables an end-to-end, seamless, digital experience for patients and their caregivers.

全世界每晚有超過 10 億人因睡眠呼吸暫停而窒息而死，我們將這項工作視為機遇，同時也是該領域市場領導者的義務。我們正在與醫療保健系統合作夥伴和我們的所有客戶進行創新，以創造一種更加高效和有效的方法來識別、篩查、診斷、治療和管理睡眠呼吸暫停患者。我們將繼續投資於技術，為患者及其護理人員提供端到端、無縫的數字體驗。

As we consider opportunities to address the wider sleep market, we are investing in opportunities to address another major sleep disorder epidemic, that of insomnia. Insomnia has been shown in clinical research to occur in combination with sleep apnea, and that's a deadly combination. To this medical need and this medical opportunity, just last week, we announced the acquisition of a company called mementor. This is a German and Swiss digital health start-up that develops and sells digital medical products in the field of sleep medicine and beyond. mementor offers the first, and so far the only, permanently listed digital health application in the field of sleep medicine that is reimbursed by the statutory insurances in Germany. The acronym for these German digital health apps is DiGA, D-I-G-A.

當我們考慮解決更廣泛的睡眠市場的機會時，我們正在投資解決另一種主要的睡眠障礙流行病，即失眠症。臨床研究表明，失眠與睡眠呼吸暫停有關，這是一種致命的組合。針對這種醫療需求和醫療機會，就在上週，我們宣布收購一家名為 mementor 的公司。這是一家德國和瑞士的數字健康初創公司，開發和銷售睡眠醫學及其他領域的數字醫療產品。 mementor 在睡眠醫學領域提供第一個也是迄今為止唯一一個永久列出的數字健康應用程序，該應用程序由德國的法定保險報銷。這些德國數字健康應用程序的首字母縮寫詞是 DiGA，D-I-G-A。

This acquisition furthers our efforts to diversify and accelerate growth of our ResMed business in Germany and the potential opportunity with DiGA to expand this offering into other markets around Europe and around the world. There's an unmet need in diagnosing and treating people with sleep problems, such as sleep apnea and insomnia, the two biggest sleep problems on the planet and especially when there's an overlap of these chronic conditions. This acquisition of mementor broadens our focus in this vertical from a sleep apnea therapy company to a true sleep therapy company. More to come as we pursue growth in this exciting space in Germany and beyond.

此次收購進一步推動了我們在德國實現瑞思邁業務多元化和加速增長的努力，以及與 DiGA 合作將該產品擴展到歐洲和全球其他市場的潛在機會。在診斷和治療患有睡眠問題的人方面存在未滿足的需求，例如睡眠呼吸暫停和失眠，這是地球上兩個最大的睡眠問題，尤其是當這些慢性病重疊時。此次收購 mementor 將我們在這一垂直領域的關注點從一家睡眠呼吸暫停治療公司擴大到一家真正的睡眠治療公司。隨著我們在德國及其他地區這個令人興奮的領域尋求增長，我們將迎來更多。

Growth trends in the global sleep apnea market are in a state of flux in the short term given the market supply-demand dynamics that we talked about and the recall from one of our competitors. Long term, we estimate the underlying growth trends in the global sleep apnea market to be very strong; in the mid single-digit range for devices and the high single-digit range for masks. As always, our goal is to drive market demand and to meet or beat market growth through generation of new patients and sales of our market-leading therapy solutions and the introduction of new innovations and alternative treatment pathways that enable us to address even more patients with undiagnosed sleep apnea.

鑑於我們談到的市場供需動態以及我們的一個競爭對手的召回，全球睡眠呼吸暫停市場的增長趨勢在短期內處於不斷變化的狀態。從長遠來看，我們估計全球睡眠呼吸暫停市場的潛在增長趨勢非常強勁；在設備的中個位數範圍和口罩的高個位數範圍內。與往常一樣，我們的目標是推動市場需求並通過產生新患者和銷售我們市場領先的治療解決方案以及引入新的創新和替代治療途徑來滿足或超越市場增長，使我們能夠解決更多患有以下疾病的患者未確診的睡眠呼吸暫停。

Current industry dynamics indicate that we have a multiyear opportunity to drive even greater ongoing acceptance and adoption of our solutions to further solidify our market leadership position. I've challenged our global ResMed team to strive for even stronger growth in the coming months and quarters and the fiscal year and beyond. I'm telling them to go get the share, to go lock in that share with digital health with value that speaks for itself with lower costs, better outcomes for patients and increased efficiencies for the healthcare system.

當前的行業動態表明，我們有多年的機會來推動我們的解決方案得到更大的持續接受和採用，以進一步鞏固我們的市場領導地位。我已向我們的全球 ResMed 團隊提出挑戰，力爭在未來幾個月和幾個季度以及本財年及以後實現更強勁的增長。我告訴他們去獲得份額，通過數字健康來鎖定這個份額，其價值不言而喻，成本更低，為患者帶來更好的結果，並提高醫療保健系統的效率。

Turning to a discussion of our Respiratory Care business. I want to focus on our strategy to better serve the 380 million people worldwide with chronic obstructive pulmonary disease, or COPD, with many others with neuromuscular diseases and respiratory insufficiency and the 330 million patients that suffer from asthma worldwide. Our goal is to reach hundreds of millions of patients with our respiratory care solutions, including noninvasive ventilation as well as life support ventilation; as well as newer therapeutic areas, such as our cloud-connected pharmaceutical delivery solutions from our Propeller team; and high-flow therapy offerings that we are conducting clinical trials on right now, including our product platform called Lumis HFT.

轉向討論我們的呼吸護理業務。我想重點關注我們的戰略，以更好地服務於全球 3.8 億慢性阻塞性肺病 (COPD) 患者、許多其他神經肌肉疾病和呼吸功能不全患者以及全球 3.3 億哮喘患者。我們的目標是為數億患者提供我們的呼吸護理解決方案，包括無創通氣和生命支持通氣；以及更新的治療領域，例如我們的 Propeller 團隊提供的雲連接藥物交付解決方案；我們目前正在進行臨床試驗的高流量治療產品，包括我們的產品平台 Lumis HFT。

Demand for our core noninvasive ventilation and life support ventilation solutions for COPD and neuromuscular disease and beyond remains solid throughout the quarter. Ventilation solution demand was supported by the continued success, adoption and scaling of our AirView for Ventilation software platform by customers as they experience the benefits of remote monitoring to better manage their ventilated patient populations through remote access to clinical data, as well as customizable physician notifications.

在整個季度，對我們用於 COPD 和神經肌肉疾病及其他疾病的核心無創通氣和生命支持通氣解決方案的需求保持穩定。客戶對我們的 AirView for Ventilation 軟件平台的持續成功、採用和擴展支持了通氣解決方案的需求，因為他們體驗了遠程監控的好處，通過遠程訪問臨床數據以及可定制的醫生通知來更好地管理他們的通氣患者群體.

Let me now review our Software-as-a-Service business for outside hospital care. Our SaaS business achieved another quarter of high single-digit growth year-on-year across our portfolio of verticals, including home medical equipment as well as facilities-based and home-based care settings. Our SaaS customers recognize the need for technology solutions to solve their challenges with efficiency and scale, and our software, services and solutions help them achieve both.

現在讓我回顧一下我們用於醫院外護理的軟件即服務業務。我們的 SaaS 業務在我們的垂直產品組合中實現了又一個季度的高個位數增長，包括家庭醫療設備以及基於設施和基於家庭的護理設置。我們的 SaaS 客戶認識到需要技術解決方案來以效率和規模解決他們的挑戰，而我們的軟件、服務和解決方案可幫助他們實現這兩者。

The continued growth of home-based care is providing tailwinds for HME solutions as well as home health solutions. We continue to grow with our customers as they increase their utilization of our software and our data solutions to improve and optimize their business efficiencies and their patient care, including Brightree and SNAP Resupply offerings.

家庭護理的持續增長為 HME 解決方案和家庭健康解決方案提供了順風。隨著客戶增加對我們軟件和數據解決方案的利用率，我們將繼續與客戶一起成長，以提高和優化他們的業務效率和患者護理，包括 Brightree 和 SNAP Resupply 產品。

As businesses continue to open up, we've been able to visit customers more and more in person as well as attend trade shows, host conferences, where the interest in our Brightree, MatrixCare, HEALTHCAREfirst and Citus offerings remain very strong.

隨著業務的不斷開放，我們能夠越來越多地親自拜訪客戶，並參加貿易展覽、舉辦會議，對我們的 Brightree、MatrixCare、HEALTHCAREfirst 和 Citus 產品的興趣仍然非常濃厚。

Earlier this week, I personally attended the Inspire 2022 Conference in Austin, Texas. This is MatrixCare's annual customer summit, and it was in person for the first time since 2019. I had the pleasure and the opportunity of presenting and engaging in person with over 600 customers and partners from home health, skilled nursing, senior living, private-duty home care, life plan community verticals and beyond. The passion for caring for each patient that was involved in every conversation I had this week, the openness, the sharing and the ability for us as a community to move patients to lower-cost, lower-acuity and higher-quality outcome cares within those settings was palpable at Inspire 2022. I came away from that conference even more energized and excited about the opportunities that we have to support customers across the care settings with our digital health and our software solutions.

本週早些時候，我親自參加了在德克薩斯州奧斯汀舉行的 Inspire 2022 會議。這是 MatrixCare 的年度客戶峰會，自 2019 年以來首次親自參加。我有幸和有機會與來自家庭健康、專業護理、老年生活、私人和私人領域的 600 多名客戶和合作夥伴進行面對面交流和交流。責任家庭護理，生活計劃社區垂直及其他。本週我進行的每一次談話中都對照顧每位患者的熱情，我們作為一個社區的開放性、分享性和能力，可以將患者轉移到那些成本更低、敏銳度更低和質量更高的結果護理中設置在 Inspire 2022 上是顯而易見的。那次會議讓我更加興奮和興奮，因為我們有機會通過我們的數字健康和軟件解決方案為整個護理環境中的客戶提供支持。

The ultimate goal is that customers of our Brightree- and MatrixCare-branded solutions can provide better care for the people that they serve. Given the passion of our customers and the service levels that we're providing, and the product pipeline that was discussed at this conference, I expect we'll continue to not only take share from our competitors across the portfolio, but even drive growth with more tech solutions being adopted by customers across care settings.

最終目標是我們 Brightree 和 MatrixCare 品牌解決方案的客戶可以為他們所服務的人提供更好的護理。鑑於我們客戶的熱情和我們提供的服務水平，以及在本次會議上討論的產品線，我預計我們不僅會繼續從我們的競爭對手那裡獲得整個產品組合的份額，甚至會推動增長客戶在護理環境中採用了更多技術解決方案。

The COVID-19 pandemic has been and remains challenging for facility-based verticals in our SaaS business, particularly skilled nursing and to a lesser extent hospice, where patient census rates below -- remain below pre-pandemic levels. As COVID restrictions continue to ease and our customers improve their line of sight to better conditions and better cleaning, we are seeing pent-up demand for technology investments in these facility-based areas. This provides opportunities for us to sell more services and more tech solutions to existing customers as well as to increase our new customer pipeline.

COVID-19 大流行一直並且仍然對我們 SaaS 業務中基於設施的垂直行業構成挑戰，特別是熟練護理和較小程度的臨終關懷，其中患者人口普查率低於大流行前水平。隨著 COVID 限制繼續放寬，我們的客戶將視線改善到更好的條件和更好的清潔，我們看到這些基於設施的領域對技術投資的需求被壓抑。這為我們提供了向現有客戶銷售更多服務和更多技術解決方案以及增加新客戶渠道的機會。

One MatrixCare customer at Inspire 2022 grabbed me at the conference, and he described what he called a "rocket ship acceleration of demand" at skilled nursing tech solutions for those skilled nursing customers. This is a really welcome sign for sustainable growth across our SaaS portfolio.

Inspire 2022 的一位 MatrixCare 客戶在會議上抓住了我，他描述了他所說的為那些熟練的護理客戶提供熟練的護理技術解決方案的“火箭船加速需求”。這是我們 SaaS 產品組合可持續增長的一個非常受歡迎的跡象。

So, as we look at our portfolio of solutions across care settings, we expect our SaaS group revenue to maintain high single-digit growth throughout fiscal year 2023. As always, our goal is to meet or beat market growth rates, and we will continue to invest and innovate to grow the market and to take share. Our growth in SaaS will come through organic and inorganic growth.

因此，當我們審視我們跨護理環境的解決方案組合時，我們預計我們的 SaaS 集團收入將在整個 2023 財年保持高個位數增長。與往常一樣，我們的目標是達到或超過市場增長率，我們將繼續投資和創新以擴大市場和占有份額。我們在 SaaS 方面的增長將通過有機和無機增長來實現。

We've long talked about our desire to expand our SaaS offerings internationally if and when we found the right opportunity for ResMed. In early June, we announced the acquisition of MEDIFOX DAN, the leading provider of end-to-end software solutions for home health and for nursing home providers in Germany. We've been closely watching the evolution of the German digital health system and the associated outside hospital healthcare system for many years. And we've actually been closely watching MEDIFOX DAN for a number of years. This is our first investment in a pure-play SaaS business in Europe, and it's a great opportunity to expand our reach in this business globally.

長期以來，我們一直在談論如果我們為 ResMed 找到合適的機會，我們希望在國際上擴展我們的 SaaS 產品。 6 月初，我們宣布收購 MEDIFOX DAN，這是一家為德國家庭健康和療養院供應商提供端到端軟件解決方案的領先供應商。多年來，我們一直密切關注德國數字醫療系統和相關的醫院外醫療系統的發展。事實上，我們多年來一直在密切關注 MEDIFOX DAN。這是我們在歐洲對純 SaaS 業務的第一筆投資，也是在全球範圍內擴大我們在該業務中的影響力的絕佳機會。

We're starting in Germany, as it is not only a market where we're vertically integrated in our core business of sleep and respiratory care, it's also one of our largest markets globally and a country where the government is investing in digital health reimbursement. We're excited about the opportunity to accelerate innovation and recurring revenue business models through this acquisition in Germany. As we discussed on the acquisition call that we had in June, MEDIFOX DAN will be immediately accretive to ResMed at close. Progress towards closing this acquisition is moving ahead as expected. We remain on track to close by the end of December 2022 in our fiscal 2023 second quarter.

我們從德國開始，因為它不僅是我們垂直整合睡眠和呼吸護理核心業務的市場，也是我們全球最大的市場之一，也是政府投資於數字健康報銷的國家.我們很高興有機會通過此次收購在德國加速創新和經常性收入業務模式。正如我們在 6 月份的收購電話會議上所討論的，MEDIFOX DAN 將立即加入 ResMed。完成此次收購的進展正如預期的那樣向前推進。我們仍有望在 2023 財年第二季度於 2022 年 12 月底之前關閉。

We are the leading strategic provider of SaaS solutions for outside hospital care globally, and we provide mission-critical software across a broad set of very attractive markets. We are well positioned, and we have created a differentiated value for our customers and for ResMed with our SaaS business investments. I'm excited about the future of our SaaS business. And Bobby Ghoshal and the excitement that he had on Inspire 2022 with the crowd for both MatrixCare and Brightree was an inspiration for me as the CEO of the parent company but also for the whole team there. It's an important part of ResMed's future growth, and I see a lot of opportunities to invest in lower-cost, lower-acuity settings of care. We believe that this is the future of healthcare delivery, and that's where ResMed competes and it's where ResMed wins.

我們是全球領先的醫院外護理 SaaS 解決方案戰略提供商，我們在一系列極具吸引力的市場中提供關鍵任務軟件。我們處於有利地位，我們通過 SaaS 業務投資為我們的客戶和瑞思邁創造了差異化的價值。我對我們 SaaS 業務的未來感到興奮。 Bobby Ghoshal 以及他在 Inspire 2022 上與 MatrixCare 和 Brightree 的人群一起為我作為母公司的首席執行官以及那裡的整個團隊帶來的靈感。這是瑞思邁未來增長的重要組成部分，我看到了很多投資於低成本、低敏銳度的護理環境的機會。我們相信這是醫療保健服務的未來，這也是 ResMed 競爭的地方，也是 ResMed 獲勝的地方。

To bring it all together, our strategic focus remains on personal care that is patient-centric, physician-centric and provider-centric. This triple-pronged approach, combined with our unique ResMed culture, means that we are very well positioned to continue winning in the vastly underserved medical markets of sleep apnea, COPD, neuromuscular disease, asthma, insomnia and beyond.

為了將這一切結合在一起，我們的戰略重點仍然是以患者為中心、以醫生為中心和以提供者為中心的個人護理。這種三管齊下的方法，再加上我們獨特的 ResMed 文化，意味著我們有能力繼續在睡眠呼吸暫停、COPD、神經肌肉疾病、哮喘、失眠等服務嚴重不足的醫療市場繼續獲勝。

We are transforming outside hospital care at scale. We're leading the market in digital health technology with over 12 billion nights of medical data in the cloud and nearly 18 million cloud-connectable medical devices on people's bedside tables in 140 countries worldwide. We are unlocking value by using de-identified data to help patients, providers, physicians, payers and entire healthcare systems. We have invested in the cybersecurity, the privacy, the cloud ops, the data analytics, the AI/ML capabilities to do this at scale, unmatched by any competitor. And we are increasing our investments and our lead each and every day.

我們正在大規模改變醫院外的護理。我們在數字健康技術市場處於領先地位，在全球 140 個國家/地區擁有超過 120 億晚的雲端醫療數據和近 1800 萬台雲端連接的醫療設備。我們通過使用去識別化數據來幫助患者、提供者、醫生、付款人和整個醫療保健系統來釋放價值。我們在網絡安全、隱私、雲運營、數據分析、人工智能/機器學習能力方面進行了大規模投資，這是任何競爭對手都無法比擬的。我們每天都在增加投資和領先優勢。

Our two key global customer-facing software products, AirView and myAir, are 100% in the cloud. Our devices are both cloud-connected and cloud-enabled, making ResMed itself a market-leading cloud-connected and cloud-enabled digital health company. Our mission and goal to improve 250 million lives through better healthcare in 2025 drives and motivates ResMedians every day. We made excellent progress towards that inspiring goal this last fiscal year 2022. We changed nearly 141 million lives these last 12 months with our devices, our mask systems, our software solutions, helping people sleep better, breathe better and live higher-quality lives with outside hospital care.

我們面向全球客戶的兩個主要軟件產品 AirView 和 myAir 100% 位於雲端。我們的設備既支持雲連接又支持雲計算，使 ResMed 本身成為市場領先的雲連接和支持雲的數字健康公司。我們的使命和目標是在 2025 年通過更好的醫療保健改善 2.5 億人的生活，每天都在推動和激勵 ResMedians。在 2022 財年，我們在實現這一鼓舞人心的目標方面取得了巨大進展。在過去的 12 個月裡，我們通過我們的設備、面罩系統、軟件解決方案改變了近 1.41 億人的生活，幫助人們更好地睡眠、更好地呼吸並過上更高質量的生活醫院外護理。

Before I hand the call over to Brett for his remarks, I want to once again express my sincere gratitude and thanks to more than 8,000 ResMedians helping their customers in 140 countries. Your perseverance, hard work and dedication has been impeccable. Thank you.

在我將電話轉給 Brett 發表評論之前，我想再次表達我誠摯的謝意，感謝 8,000 多名 ResMedians 幫助 140 個國家/地區的客戶。你的堅持、努力和奉獻是無可挑剔的。謝謝你。

With that, I'll hand the call over to Brett in Sydney, and then we'll open up for Q&A. Brett, over to you.

有了這個，我將把電話轉給悉尼的布雷特，然後我們將進行問答。布雷特，交給你。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the fourth quarter of fiscal year 2022. Unless noted, all comparisons are to the prior year quarter.

偉大的。謝謝，米克。在我今天的講話中，我將概述我們 2022 財年第四季度的業績。除非另有說明，否則所有比較均與去年同期相比。

We had solid financial performance in Q4 despite the headwinds we faced due to significant ongoing supply chain constraints in a challenging freight environment. Group revenue for the June quarter was $915 million, an increase of 4%. In constant currency terms, revenue increased by 8%. Revenue growth reflected increased demand for our sleep products across our portfolio and increased device demand generated by our competitor's ongoing product recall.

儘管由於在充滿挑戰的貨運環境中持續存在嚴重的供應鏈限制，我們面臨不利因素，但我們在第四季度的財務表現穩健。 6 月季度的集團收入為 9.15 億美元，增長 4%。按固定匯率計算，收入增長了 8%。收入增長反映了我們產品組合對睡眠產品的需求增加，以及競爭對手正在進行的產品召回帶來的設備需求增加。

We did not derive incremental revenue from COVID-19 related demand during the June quarter compared to $20 million in the prior year quarter. Looking forward, we expect negligible revenue from COVID-19 related demand. Excluding the impact of COVID-19 related demand in the prior year, revenue increased by 10% on a constant currency basis.

與去年同期的 2000 萬美元相比，我們在 6 月季度沒有從 COVID-19 相關需求中獲得增量收入。展望未來，我們預計 COVID-19 相關需求帶來的收入微不足道。排除上一年 COVID-19 相關需求的影響，按固定匯率計算，收入增長了 10%。

In relation to the impact of our competitor's recall, we estimate that we generated incremental device revenue in the range of $60 million to $70 million in the June quarter. Note, this is consistent with the estimated $60 million to $70 million incremental device revenue in the prior year quarter. For fiscal year '22, this brings the total estimated incremental revenue in the range of $230 million to $250 million associated with our competitor's recall.

關於競爭對手召回的影響，我們估計我們在 6 月季度產生了 6000 萬至 7000 萬美元的增量設備收入。請注意，這與上一季度估計的 6000 萬至 7000 萬美元的設備增量收入一致。對於 22 財年，這使與我們競爭對手的召回相關的總估計增量收入在 2.3 億美元到 2.5 億美元之間。

While we continue to experience ongoing challenges in securing sufficient production components to meet market demand, we are now seeing a stable-to-improving supply chain environment. This has given us more confidence around our expectation of increasing device production in fiscal year '23 relative to fiscal year '22.

雖然我們在確保足夠的生產組件以滿足市場需求方面繼續面臨挑戰，但我們現在看到了一個穩定到改善的供應鏈環境。這讓我們對在 23 財年相對於 22 財年增加設備產量的預期更有信心。

Looking at our geographic revenue distribution and excluding revenue from our Software-as-a-Service business, sales in U.S., Canada and Latin America countries increased by 12%. Sales in Europe, Asia and other markets increased by 1% in constant currency terms. By product segment globally in constant currency terms, device sales increased by 6%, while masks and other sales increased by 11%.

從我們的地理收入分佈來看，不包括我們的軟件即服務業務的收入，美國、加拿大和拉丁美洲國家的銷售額增長了 12%。按固定匯率計算，歐洲、亞洲和其他市場的銷售額增長了 1%。按固定匯率計算，按全球產品分類，設備銷售額增長了 6%，而口罩和其他銷售額增長了 11%。

Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 11% as we benefited from incremental revenue due to our competitor's recall. Masks and other sales increased by 13%, reflecting solid resupply revenue achieved despite the challenging device supply environment, which continues to limit new patient setups.

按地區劃分，美國、加拿大和拉丁美洲的設備銷售額增長了 11%，因為我們受益於競爭對手召回帶來的收入增加。口罩和其他銷售額增長了 13%，反映出儘管設備供應環境充滿挑戰，但仍實現了穩定的再供應收入，這繼續限制新的患者設置。

In Europe, Asia and other markets, device sales decreased by 2% in constant currency terms, or excluding the impact of COVID-19 related sales in the prior year, increased by 7% in the current -- in constant currency terms. Masks and other sales in Europe, Asia and other markets increased by 7% in constant currency terms, or excluding COVID-19 related sales in the prior year, increased by 9% in constant currency terms.

在歐洲、亞洲和其他市場，設備銷售額按固定匯率計算下降了 2%，或排除上一年 COVID-19 相關銷售額的影響，按固定匯率計算，當前增長了 7%。歐洲、亞洲和其他市場的口罩和其他銷售額按固定匯率計算增長了 7%，或不包括上一年與 COVID-19 相關的銷售額，按固定匯率計算增長了 9%。

Software-as-a-Service revenue increased by 8% in the June quarter. We saw a strong performance from our HME segment as customers continued to utilize our SaaS solutions to streamline and more efficiently run their businesses. And we are seeing stability in the skilled nursing care segment despite the continuing challenges of COVID-19.

軟件即服務收入在 6 月季度增長了 8%。隨著客戶繼續使用我們的 SaaS 解決方案來簡化和更有效地運營他們的業務，我們看到了 HME 部門的強勁表現。儘管 COVID-19 面臨持續挑戰，但我們看到熟練護理領域的穩定性。

During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our fourth quarter earnings press release.

在我今天剩下的評論中，我將提到非 GAAP 數字。我們在第四季度收益新聞稿中提供了非 GAAP 與 GAAP 數字的全面核對。

Gross margin increased by 50 basis points to 57.8% in the June quarter. The increase is predominantly attributable to improvement in average selling prices and a positive product mix, partially offset by higher freight component and manufacturing costs, negative geographic mix and unfavorable foreign currency movements.

毛利率在 6 月季度增長 50 個基點至 57.8%。這一增長主要歸因於平均售價的改善和積極的產品組合，但部分被較高的運費和製造成本、負面的地域組合和不利的外匯走勢所抵消。

Moving on to operating expenses. We are seeing a more normalized expenditure profile as COVID-19 impacts subside compared to the low comparable growth rate we experienced in Q4 last year. SG&A expenses for the fourth quarter increased by 6%, or in constant currency terms, increased by 11%. The increase was predominantly attributable to increases in employee-related costs and T&E expenses. SG&A expense as a percentage of revenue at 21.1% remained broadly consistent with the 20.7% we recorded in the prior year period. Looking forward and subject to currency movements, we expect SG&A expense as a percentage of revenue to be in the range of 20% to 22% during fiscal year '23.

繼續運營費用。與去年第四季度的低可比增長率相比，隨著 COVID-19 的影響消退，我們看到支出情況更加正常化。第四季度的 SG&A 費用增長了 6%，按固定匯率計算，增長了 11%。增加的主要原因是與員工相關的成本和差旅費的增加。 SG&A 費用佔收入的 21.1%，與我們去年同期的 20.7% 基本一致。展望未來並受匯率變動影響，我們預計 23 財年 SG&A 費用佔收入的百分比將在 20% 至 22% 之間。

R&D expenses for the quarter increased by 7%, or in constant currency terms, increased by 11%. The R&D expenses as a percentage of revenue was 7% compared to 6.8% in the prior year quarter. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 7% to 8% in fiscal year '23.

本季度的研發費用增長了 7%，按固定匯率計算，增長了 11%。研發費用佔收入的百分比為 7%，而去年同期為 6.8%。展望未來並受匯率變動影響，我們預計 23 財年研發費用佔收入的百分比將在 7% 至 8% 之間。

Operating profit for the quarter increased by 4%, underpinned by strong revenue growth, partially offset by higher operating expenses. Our effective tax rate for the June quarter was 17.6% compared to the prior year quarter rate of 21.5%. Looking forward, we estimate our effective tax rate for fiscal year '23 will be in the range of 19% to 21%.

本季度的營業利潤增長了 4%，這得益於強勁的收入增長，但部分被較高的營業費用所抵消。我們六月季度的有效稅率為 17.6%，而去年同期為 21.5%。展望未來，我們估計 23 財年的有效稅率將在 19% 至 21% 之間。

Our net income for the quarter increased by 10%, and our diluted earnings per share for the quarter also increased by 10%. Cash flow from operations for the quarter was $79 million, reflecting solid underlying earnings, offset by higher levels of working capital. Capital expenditure for the quarter was $29 million; depreciation and amortization for the quarter totaled $37 million.

我們本季度的淨收入增長了 10%，我們本季度的攤薄後每股收益也增長了 10%。本季度的運營現金流為 7900 萬美元，反映了穩健的基本收益，但被較高的營運資本水平所抵消。本季度的資本支出為 2900 萬美元；本季度的折舊和攤銷總額為 3700 萬美元。

During the quarter, we paid dividends to shareholders totaling $61 million. We recorded equity losses of $2.5 million in our income statement in the June quarter associated with the Primasun joint venture with Verily. We expect to record equity losses of approximately $3 million per quarter in fiscal year '23 associated with the joint venture operation.

在本季度，我們向股東支付了總計 6100 萬美元的股息。我們在與 Verily 的 Primasun 合資企業相關的 6 月季度損益表中記錄了 250 萬美元的股權損失。我們預計在 23 財年與合資經營相關的每季度股權損失約為 300 萬美元。

We ended the fourth quarter with a cash balance of $274 million. At June 30, we had $780 million in gross debt and $500 million in net debt. Our debt levels remain modest. At June 30, we had approximately $1.4 billion available for drawdown under our revolver facility. In summary, our liquidity position remains strong.

我們在第四季度結束時的現金餘額為 2.74 億美元。截至 6 月 30 日，我們的總債務為 7.8 億美元，淨債務為 5 億美元。我們的債務水平仍然適中。截至 6 月 30 日，我們的左輪手槍設施下約有 14 億美元可供提取。總之，我們的流動性狀況依然強勁。

Our Board of Directors today declared a quarterly dividend of $0.44 per share, representing an increase of 5% over the previous quarterly dividend and reflecting the Board's confidence in our operating performance. Our solid cash flow and low leverage provides flexibility in how we allocate capital. We recently announced the MEDIFOX DAN acquisition and expect to close this transaction before the end of the calendar year pending regulatory clearances. Going forward, we plan to continue to reinvest in growth through R&D and also expect to continue to deploy capital for tuck-in acquisitions, such as the recently announced acquisition of mementor, a German pioneer and health tech start-up that develops and distributes digital medical products in the field of sleep medicine and related areas.

我們的董事會今天宣布了每股 0.44 美元的季度股息，比上一季度的股息增加了 5%，反映了董事會對我們的經營業績的信心。我們穩健的現金流和低杠桿為我們如何分配資本提供了靈活性。我們最近宣布了對 MEDIFOX DAN 的收購，並預計將在日曆年年底前完成這項交易，等待監管機構的批准。展望未來，我們計劃繼續通過研發對增長進行再投資，並期望繼續為臨時收購部署資金，例如最近宣布收購德國先驅者和健康科技初創公司 mementor，該公司開發和分銷數字睡眠醫學領域及相關領域的醫療產品。

And with that, I will hand the call back to Amy.

有了這個，我會把電話交給艾米。

Great. Thanks, Brett, and thanks, Mick. Kevin, I'll now turn the call over to you to provide instructions and manage the Q&A portion of the call.

偉大的。謝謝，布雷特，謝謝，米克。凱文，我現在將把電話轉給你，以提供說明並管理電話的問答部分。

(Operator Instructions) Our first question today is coming from Craig Wong-Pan from Royal Bank of Canada.

（操作員說明）我們今天的第一個問題來自加拿大皇家銀行的 Craig Wong-Pan。

Mick, you mentioned at the start that you were seeing some improvement in the global supply chain. I just wanted to understand the details around what you meant by that improvement, and when that could start to see improvements to your manufacturing volumes.

米克，您在開始時提到您看到全球供應鏈有所改善。我只是想了解您所說的改進意味著什麼的細節，以及何時可以開始看到您的製造量的改進。

Yes. Thanks for the question, Craig. And what we've seen over the last 2, 3, 4 quarters was a really deteriorating supply situation, where we were getting decommits, a word I'd never heard of in supply chain, including my time at BHP and other companies that just -- you never heard of that sort of supply even in commodity industries, and to get it in specialty industries was so unusual. What we're seeing is that sort of noise is starting to go away. And what I'd say is it's a stable-to-improving component supply environment and that's what we're seeing.

是的。謝謝你的問題，克雷格。在過去的 2、3、4 個季度中，我們看到的是供應情況確實在惡化，我們正在被淘汰，這是我在供應鏈中從未聽說過的一個詞，包括我在 BHP 和其他公司的時間——即使在大宗商品行業，你也從未聽說過這種供應，而在專業行業中獲得這種供應是如此不尋常。我們看到的是那種噪音開始消失。我想說的是，這是一個穩定到改善的組件供應環境，這就是我們所看到的。

But I don't know, Rob, if you want to provide any further color on the supply chain and how we're -- for the details on how we're seeing a supply that's stable-to-improving on components.

但我不知道，Rob，您是否想為供應鏈提供任何進一步的顏色以及我們的情況 - 有關我們如何看到供應穩定到改進的組件的詳細信息。

Sure. Yes, Mick. Craig, one of the sort of fundamental things of supply chain management is ongoing risk management and having sort of the ability to foresee problems and to react through all of that. And then you also manage your risk through inventories and that type of thing.

當然。是的，米克。克雷格，供應鏈管理的基本要素之一是持續的風險管理，並具有預見問題和應對所有這些問題的能力。然後你還可以通過庫存和類似的東西來管理你的風險。

We've over recent months put in place a lot of forward orders, working a lot on relationships with key suppliers. We suspect that sort of global demand on these suppliers is moderating a little bit. And then as Mick says, that means that they're sticking with their commitments at a higher level than what we have seen recently.

近幾個月來，我們已經下達了大量的遠期訂單，並在與主要供應商的關係方面開展了大量工作。我們懷疑全球對這些供應商的需求正在放緩。然後正如米克所說，這意味著他們在比我們最近看到的更高的水平上堅持他們的承諾。

There are always problems to overcome. And as Mick said earlier, there are other bottlenecks. Once we close one bottleneck, we have to go and work on the next. But overall, I'd say we're feeling better about the forward outlook that we have, and we've got a little more clarity. It's not perfect. There still will be challenges and undoubtedly unexpected things that we'll have to manage through, but the net of it all is that we should see our volumes continue to increase from here.

總是有問題需要克服。正如 Mick 之前所說，還有其他瓶頸。一旦我們解決了一個瓶頸，我們就必須著手處理下一個瓶頸。但總的來說，我想說我們對我們所擁有的前瞻性前景感覺更好，而且我們也更加清晰了。這並不完美。我們仍將面臨挑戰，毫無疑問，我們必須應對意想不到的事情，但最重要的是，我們應該看到我們的交易量從這裡繼續增加。

Our next question is coming from Chris Cooper from Goldman Sachs.

我們的下一個問題來自高盛的 Chris Cooper。

So I noticed, Mick and Brett, no specific guidance on the recall tailwind in fiscal '23. Obviously, I understand the prudence. But I guess just given the importance of the debate, perhaps you can just share your latest thoughts on how you see that dynamic playing out this year.

所以我注意到，米克和布雷特，沒有關於 23 財年召回順風的具體指導。顯然，我理解謹慎。但我想只是考慮到辯論的重要性，也許你可以分享你對今年這種動態的看法的最新想法。

Yes. Thanks for the question, Chris, and it's a really good one. But as you know, we've annualized the impact of that competitor recall. And for us now, as I said in my prepared remarks, for the next 12 months, I do not believe there'll be really in the new patient market given the consent decree work they've got to do, the remediation work they've got to do in responding to that 483 and the eight observations.

是的。謝謝你的問題，克里斯，這是一個非常好的問題。但如您所知，我們已將競爭對手召回的影響按年計算。現在對我們來說，正如我在準備好的講話中所說，在接下來的 12 個月裡，考慮到他們必須做的同意法令工作和補救工作，我認為新患者市場不會真正出現必須對 483 和八項意見作出回應。

And so, what that means for us is basically demand that is incredible for these next 12 months, and that every device we make will be sold as it comes through the manufacturing line. And so, the rate-limiting step on that, as Rob said, will be a bunch of bottlenecks that we'll work our way through. And it's like a game of Whac-A-Mole. We just keep -- find a problem, solve it; find the next problem, solve it. And ResMed is exceptional at that continuous improvement process. Our supply chain teams, our manufacturing teams, our distribution teams have been heroic in the ventilator crisis in 2020 and then the supply chain crisis of '21-'22.

因此，這對我們來說意味著在接下來的 12 個月裡的需求基本上是令人難以置信的，而且我們製造的每一台設備都將在通過生產線時出售。因此，正如 Rob 所說，限制速率的步驟將是一系列瓶頸，我們將努力克服這些瓶頸。這就像打地鼠遊戲。我們只是保持——發現問題，解決它；找到下一個問題，解決它。瑞思邁在持續改進過程中表現出色。我們的供應鏈團隊、我們的製造團隊、我們的分銷團隊在 2020 年的呼吸機危機以及隨後的 21-22 年供應鏈危機中表現得非常英勇。

And so that gives us confidence to say sequentially every quarter through fiscal '23, we're going to see those volumes improve. And we've got line of sight to that, and we've got interactions with suppliers on that, and we think it's going to go up every quarter. I don't look at this as incremental or temporal taking of share now. This is permanent share taking. We're going to go in, we're going to get the share, we're going to lock it in with digital health solutions. And when somebody uses something that lowers their labor costs by 50%, that improves the adherence rate of the end customer, the patient, to 87%, 9 out of 10 patients getting adherent at day 90 and beyond, that's where we can lock it in. So that's sort of some extra color for you, Chris, but great question.

因此，這讓我們有信心在 23 財年之前的每個季度按順序說，我們將看到這些銷量有所改善。我們已經看到了這一點，我們已經與供應商進行了互動，我們認為每個季度都會增加。我現在不認為這是增量或暫時的分享。這是永久的分享。我們將進入，我們將獲得份額，我們將使用數字健康解決方案鎖定它。當有人使用可以將勞動力成本降低 50% 的東西，從而將最終客戶（患者）的依從率提高到 87% 時，10 名患者中有 9 名在第 90 天及以後獲得依從性，這就是我們可以鎖定它的地方在。所以這對你來說有點額外的顏色，克里斯，但很好的問題。

Next question is coming from Sean Laaman from Morgan Stanley.

下一個問題來自摩根士丹利的 Sean Laaman。

Mick, my question is around the card-to-cloud devices. And is there anything that you note with respect to either compliance rates or resupply potential with card-to-cloud versus direct cloud-connectivity? And is there a view that maybe you get patients that are on card-to-cloud devices back to the fully charged AirSense 11 at some point?

Mick，我的問題是關於卡到雲的設備。關於卡到雲與直接雲連接的合規率或補給潛力，您有什麼需要注意的嗎？是否有一種觀點認為，也許您可以讓使用卡到雲設備的患者在某個時候重新使用充滿電的 AirSense 11？

Thanks, Sean. Two questions. Card-to-cloud AirSense 10 is really new. I mean we just really launched it midway through and really in the month of June in the quarter. So, it's early days on that. But we've got a lot of experience with card-to-cloud. I mean think about the S8 and then the S9 with its little SD chip in the back of S9. The product -- when I was running the Sleep business, we launched that back in '09 and '10.

謝謝，肖恩。兩個問題。卡到雲 AirSense 10 真的很新。我的意思是，我們只是在本季度的 6 月份才真正推出了它。所以，現在還為時過早。但我們在卡到雲方面擁有豐富的經驗。我的意思是想想 S8，然後是 S9，它的小 SD 芯片位於 S9 的背面。該產品——當我經營睡眠業務時，我們在 09 和 10 年推出了該產品。

And we -- so we have a lot of experience with card-to-cloud. And it's primarily -- the card-to-cloud, primarily volume has been in the U.S., and that's where we had a very strong digital health system and engagement with our HME partners in a card-to-cloud environment. So, we don't have sort of adherence exact numbers delta between AS 10 C2C versus AS 11.

我們——所以我們在卡到雲方面有很多經驗。它主要是 - 卡到雲，主要是在美國，這就是我們擁有非常強大的數字健康系統並在卡到雲環境中與我們的 HME 合作夥伴互動的地方。因此，我們在 AS 10 C2C 與 AS 11 之間沒有嚴格的數字增量。

I think it will be higher, the adherence on the AirSense 11 just because we're getting double the rate of myAir uptake, and that digital health engagement drives higher adherence. And I can tell you as soon as we get clearance on line of sight to those comms chips picking up supply, we'll move everybody to AirSense 11 as soon as we have it.

我認為它會更高，AirSense 11 的依從性只是因為我們的 myAir 吸收率提高了一倍，而數字健康參與推動了更高的依從性。我可以告訴你，一旦我們獲得了這些通信芯片供應的許可，我們將在獲得 AirSense 11 後立即將所有人轉移到 AirSense 11。

Probably, we won't go back and retrofit the groups that are there, just because people when they get therapy, they're happy. And the data will go to the cloud, they just won't go to the cloud every day. It will go when the SD card is uploaded on day 30, 60 or 90, and when they see the home care provider and the physician. And so, they're not lost patients, they're not lost data. They're still part of the ecosystem, it's just not quite as efficient as it could be.

也許，我們不會回去改造那裡的小組，只是因為人們在接受治療時會很開心。而且數據會上傳到雲端，只是不會每天都上傳到雲端。當 SD 卡在第 30 天、第 60 天或第 90 天上傳時，以及當他們去看家庭護理提供者和醫生時，它就會消失。因此，他們不是丟失的患者，也不是丟失的數據。它們仍然是生態系統的一部分，只是沒有達到應有的效率。

So, we're going to get back to AS 11 and really ramping that as fast as possible. But given the supply demand crisis, I was amazed and thrilled that our team was able to pivot in June, get there, and we're going to be able to do that through September and December quarters here as well and beyond. But thanks for your question, Sean.

所以，我們將回到 AS 11 並儘可能快地提升它。但考慮到供需危機，我很驚訝和激動我們的團隊能夠在 6 月轉向並到達那裡，而且我們將能夠在 9 月和 12 月的季度以及以後的時間裡做到這一點。但是謝謝你的問題，肖恩。

Next question is coming from Margaret Kaczor from William Blair.

下一個問題來自 William Blair 的 Margaret Kaczor。

This is Maggie Boeye on for Margaret today. I wanted to ask one on resupply, just the trends you're seeing this quarter and if you're continuing to see incremental and permanent share gains within that market as well.

今天是瑪格麗特的瑪吉·博耶。我想問一個關於補給的問題，只是你在本季度看到的趨勢，以及你是否繼續看到該市場的增量和永久份額增長。

Yes. Thanks, Maggie. Great question, allows us to talk about masks. Despite that competitor not being there for new patient setups where we had a lot of adoption of ResMed masks on their platform as well as ours, and then it's not in the market, we saw mask growth rates at 11% constant currency globally. We saw 13% constant currency growth in the quarter on masks in the U.S., and we saw a pretty strong 7% constant currency growth on masks in Europe, Middle East and other markets.

是的。謝謝，瑪吉。好問題，讓我們談談口罩。儘管該競爭對手沒有出現在新的患者設置中，我們在他們的平台上以及我們的平台上大量採用了 ResMed 口罩，然後它不在市場上，但我們看到全球範圍內的口罩增長率為 11%。我們看到本季度美國口罩的固定匯率增長了 13%，我們看到歐洲、中東和其他市場的口罩匯率固定增長了 7%。

And so I actually think that the team and all the work we've done with Brightree and Snap Resupply in the U.S. and all the work our European and Middle East teams and our Asia teams have done around engaging patients digitally through either myAir or other marketing and adherence programs have performed really well. And despite the headwind of lower new patient setups, we're achieving at or above market growth rates.

所以我實際上認為團隊和我們在美國與 Brightree 和 Snap Resupply 所做的所有工作以及我們的歐洲和中東團隊以及我們的亞洲團隊所做的所有工作都是圍繞通過 myAir 或其他營銷以數字方式吸引患者依從性計劃的表現非常好。儘管新患者設置減少的不利因素，我們正在實現或高於市場增長率。

And to the second part of your question, yes, I do think we're taking share across categories. And I think we're creating new categories by some of our innovations in the different types of comfort and design of the masks, the minimalist masks, the fun comfort masks, the over-the-head masks and -- so creating new segments, taking share in those and being able to lock in that share. Because when a patient gets happy on their mask, like I am with my AirFit P10, they tend to stick with it for life. And it's a great thing for us to be able to do on that. So really excited about it, and I look forward to more mask innovation coming out and more share taking and locking it in over time.

對於你問題的第二部分，是的，我確實認為我們正在跨類別分享。我認為我們正在通過我們在不同類型的舒適性和麵罩設計、極簡面罩、有趣的舒適面罩、頭戴式面罩中的一些創新來創建新的類別，並創造新的細分市場，分享這些並能夠鎖定該份額。因為當患者對他們的面罩感到滿意時，就像我對我的 AirFit P10 一樣，他們往往會終生堅持使用它。能夠做到這一點對我們來說是一件很棒的事情。對此真的很興奮，我期待隨著時間的推移會有更多的面具創新出現，更多的分享和鎖定它。

Your next question is coming from Matthew Mishan from KeyBanc.

您的下一個問題來自 KeyBanc 的 Matthew Mishan。

I guess I wanted to ask a question on the gross margins. Do you have a sense of kind of what the supply issues, FX, retrofitting all of this, is having on your productivity and kind of gross margins in FY '22?

我想我想問一個關於毛利率的問題。您是否知道 22 財年的供應問題、外匯、改造所有這些對您的生產力和毛利率有什麼影響？

That's a great question, Matthew. I'm going to hand that to Brett. Any color on GM there for Matthew?

這是一個很好的問題，馬修。我要把它交給布雷特。馬修那裡的通用汽車有顏色嗎？

Yes. Matthew, I mean it is because we're just trying to maximize the devices out the door with the components that we have. So, as you think through that, in terms of manufacturing optimization, that's -- we've really struggled with that. So, I do think as we get further through this and some of the supply issues abate, then I think we do have some opportunities there on for manufacturing, think around manufacturing recoveries to significantly improve from where we are. So, I do think that's an opportunity for us. It's not immediate, but if you look through the medium term, there is definitely opportunity for us to optimize there.

是的。馬修，我的意思是這是因為我們只是想用我們擁有的組件來最大限度地利用門外的設備。因此，當您考慮到這一點時，就製造優化而言，那是-我們確實為此苦苦掙扎。因此，我確實認為，隨著我們進一步解決這個問題並且一些供應問題得到緩解，那麼我認為我們確實有一些製造機會，考慮製造業的複蘇，以顯著改善我們的現狀。所以，我確實認為這對我們來說是一個機會。這不是立竿見影的，但如果你從中期來看，我們肯定有機會在那裡進行優化。

Your next question is coming from Steve Wheen from Jarden.

您的下一個問題來自 Jarden 的 Steve Wheen。

You can hear me, yes?

你能聽到我的聲音，是嗎？

Yes. Got you loud and clear, Steve.

是的。讓你大聲而清晰，史蒂夫。

Yes. Great. Also, just on the gross margin for Brett. We're seeing in freight costs spot prices for shipping and for air freight coming down by about 30% at the moment from its peak in March. I just wonder when we might start to see that appearing in the gross margin, and if there's any changes with regards to semiconductor chip pricing that is worth calling out in more recently.

是的。偉大的。此外，就布雷特的毛利率而言。我們看到運費和空運的現貨價格目前從 3 月份的峰值下降了約 30%。我只是想知道我們什麼時候會開始看到毛利率出現這種情況，以及最近半導體芯片定價方面是否有任何值得一提的變化。

Yes. Steve, it's Brett. The -- Yes, I mean you're sort of seeing some of that or you're seeing some of these freight costs definitely moderate -- some cost reductions, but certainly not manifesting our numbers at the moment. I think we'll get some of that benefit, I would say, in our second half, where we'll probably see some of that coming through.

是的。史蒂夫，是布雷特。 - 是的，我的意思是你看到了其中的一些，或者你看到其中一些運費絕對適中 - 一些成本降低，但目前肯定沒有體現我們的數字。我認為我們會得到一些好處，我想說，在我們的下半場，我們可能會看到一些好處。

But at this stage, I'd say, look, it's not even in our margin at the moment. But we do have some potential on freight in the second half, both on rates, and I think also we'll skew a little more -- start putting a little more on sea freight as we get through the back of the year as well, and that will certainly help us on our overall freight costs. So again, just kind of that environment where you're seeing some moderation or stabilization. And then I'm seeing as we get through fiscal year '23, some opportunities could be at manufacturing, be it on the freight side as well. But we're not seeing that just yet in our numbers.

但在這個階段，我想說，看，目前它甚至不在我們的邊緣。但是我們在下半年的運費方面確實有一些潛力，無論是在運費方面，我認為我們也會稍微傾斜 - 隨著我們在今年年底開始增加海運，這肯定會幫助我們降低整體運費。再說一次，只是那種你看到一些溫和或穩定的環境。然後我看到，隨著我們度過 23 財年，一些機會可能出現在製造業，無論是在貨運方面。但我們還沒有在我們的數字中看到這一點。

Your next question is coming from David Low from JPMorgan.

您的下一個問題來自摩根大通的 David Low。

Maybe just continuing on the cost around gross margins. Can I get, perhaps you, Brett, to talk about the impact of inflation, what you're seeing on costs, and what you expect or what we should be looking out for in terms of margins and the impact there for?

也許只是繼續圍繞毛利率的成本。布雷特，我能否請您談談通貨膨脹的影響，您對成本的看法，您的期望或我們應該注意的利潤率及其影響？

Yes. Thanks, Dave. I mean we've seen component inflation, component cost increases. We've certainly seen that in electronic components. We've talked -- we've clearly talked about the freight and the increases that we have seen there. So that's all been built in, if you like, to our cost base at the moment.

是的。謝謝，戴夫。我的意思是我們已經看到組件通貨膨脹，組件成本增加。我們當然已經在電子元件中看到了這一點。我們已經談過了——我們已經清楚地談到了運費和我們在那裡看到的增長。因此，如果您願意，這一切都已內置到我們目前的成本基礎中。

Going forward, I think we'll still see some of those increases, but I think that's manageable. And then what we've done, as you know, is we've done a little bit on our pricing to customers as well to help offset some of that. So, we put through the device surcharge, for example. And we're also planning some modest price increases from July 1 as well. So some of this is going to offset some of that.

展望未來，我認為我們仍會看到其中的一些增長，但我認為這是可以控制的。然後我們所做的，如你所知，我們對客戶的定價也做了一些調整，以幫助抵消其中的一部分。因此，例如，我們收取了設備附加費。我們還計劃從 7 月 1 日起適度提價。因此，其中一些將抵消其中的一些。

And -- but I would say, yes, we saw that -- is it accelerating? No, but we're still seeing some cost and component increases coming through. Probably -- I would expect to see that probably for the next little while. But it's not -- we're not seeing any acceleration in that, which I think is good. So, I think that there's some offsets there on the gross margin, headwinds on components. I guess some tailwind on ASPs will be a benefit for margin going forward.

而且 - 但我會說，是的，我們看到了 - 它正在加速嗎？不，但我們仍然看到一些成本和組件增加。可能 - 我希望在接下來的一段時間內看到這一點。但事實並非如此——我們沒有看到任何加速，我認為這很好。所以，我認為毛利率有一些抵消，組件有逆風。我想 ASP 的一些順風將有利於未來的利潤率。

Your next question is coming from Gretel Janu from Credit Suisse.

您的下一個問題來自瑞士信貸的 Gretel Janu。

So just moving back to revenue. How much revenue did the card-to-cloud contribute in the fourth quarter? And then I guess going forward, do you expect it to be meaningful in FY '23?

所以只是回到收入。卡到雲在第四季度貢獻了多少收入？然後我想往前走，你認為它在 23 財年有意義嗎？

Yes. Thanks for the question, Gretel, and it's a really good one. For competitive reasons, I don't want to go into too much detail around it, other than to say that, that pivot of the team during the quarter was incredible. To redesign, reengineer and requalify, validate and verify a device with a new model of card-to-cloud and get it to market and get it in customers' hands in June was fantastic. So, all credit to the team.

是的。謝謝你的問題，Gretel，這是一個非常好的問題。出於競爭原因，我不想對此進行太多詳細介紹，除了要說的是，該季度團隊的轉變令人難以置信。重新設計、重新設計和重新鑑定、驗證和驗證具有新模式的卡到雲的設備，並將其推向市場並在 6 月交付客戶手中，這真是太棒了。所以，一切都歸功於團隊。

It was material to our growth in the quarter, and it will be material to our growth up to and when we get those comms chip supply back to the levels that we need it to meet the incredible demand of the marketplace.

這對我們本季度的增長很重要，直到我們將這些通信芯片供應恢復到我們需要它以滿足市場令人難以置信的需求的水平時，這對我們的增長也很重要。

So, it was material. It was strong, not going to quantify it down to the nth level of detail here. But it provided great additional growth for us in that last quarter and will for the coming quarters. I look forward to the point where I can say we are no longer selling AirSense 10 Card-to-Cloud because that means that we've got AirSense 11 connectivity and AirSense 10 connectivity back up to where we need it with that component no longer being a bottleneck for us. But that may be 3, 6, 9, 12 months out there with this incredible demand we're seeing in the market.

所以，它是物質的。它很強大，不會在這裡量化到第 n 個細節級別。但它在最後一個季度為我們提供了巨大的額外增長，並將在未來幾個季度實現。我期待著我可以說我們不再銷售 AirSense 10 Card-to-Cloud，因為這意味著我們已經將 AirSense 11 連接和 AirSense 10 連接備份到我們需要的地方，而該組件不再存在對我們來說是一個瓶頸。但這可能是 3、6、9、12 個月，我們在市場上看到了這種令人難以置信的需求。

Our next question today is coming from Saul Hadassin from Barrenjoey Capital.

我們今天的下一個問題來自 Barrenjoey Capital 的 Saul Hadassin。

Mick, just following up on that card-to-cloud commentary. Can you just confirm or give us some color as to what happens to those machines once the chip alleviation is completed and you start to get better access to comms chips? Is the intention to bring those devices back and put those chips in? Or if you buy -- if you get issued a card-to-cloud device, do you effectively keep that device for the next sort of 5 years and then upgrade at some point in the future?

米克，只是跟進那個卡到雲的評論。您能否確認或告訴我們，一旦芯片緩解完成並且您開始更好地訪問通信芯片，這些機器會發生什麼？是否打算將這些設備帶回來並放入這些芯片？或者，如果您購買——如果您獲得了卡到雲的設備，您是否有效地將該設備保留了接下來的 5 年，然後在未來的某個時間點進行升級？

Yes. So, it's a really good question. I think it will probably be the latter part of your question -- or the answer to your question that you gave, which is it will probably be -- when somebody receives a device, it becomes a very personal, very intimate part. It sits on their bedside table. It gives them the gift of breath, the gift of sleep, and it changes their life. And the fact that they may have to take an SD card to the doctor, to their HME provider or have it mailed back and forth won't stop them from having that personal and intimate relationship.

是的。所以，這是一個非常好的問題。我認為這可能是你問題的後半部分——或者你給出的問題的答案，很可能是——當有人收到一個設備時，它就變成了一個非常私人、非常私密的部分。它放在他們的床頭櫃上。它給了他們呼吸的禮物，睡眠的禮物，它改變了他們的生活。他們可能不得不將 SD 卡帶到醫生、HME 提供商或來回郵寄，這一事實不會阻止他們建立這種個人和親密的關係。

So there will be some very savvy patients who will see that and want to upgrade in less than that 3-year -- depending on insurance, 3- to 5-year time horizon. But I think the vast majority of those will remain there permanently. And our job will be to provide the great services around AirView and the engagement that we provide through some of our VoIP. And we do e-mail, text and interactions with patients that go well above just the cloud connectivity from the device itself that we've had in place on our Air Solutions ecosystem for a long time.

所以會有一些非常精明的患者會看到這一點，並希望在不到 3 年的時間內升級——取決於保險，3 到 5 年的時間範圍。但我認為其中絕大多數將永久留在那裡。我們的工作將是圍繞 AirView 提供出色的服務，以及我們通過一些 VoIP 提供的參與度。我們與患者進行電子郵件、文本和互動，遠遠超出了我們在 Air Solutions 生態系統中長期存在的設備本身的雲連接。

So I'm very confident we're going to get very high adherence from the AirSense 10 Card-to-Cloud people with the ecosystem we have. It will be better with Air 11. So as soon as those components are back there, we'll do that. But I think there'll be a small group of people that will look to upgrade their device before insurance provides it in certain socioeconomic groups in certain countries.

因此，我非常有信心，我們將獲得 AirSense 10 Card-to-Cloud 人員對我們擁有的生態系統的高度支持。 Air 11 會更好。所以一旦這些組件回到那裡，我們就會這樣做。但我認為會有一小部分人希望在某些國家的某些社會經濟群體提供保險之前升級他們的設備。

Just to be clear, we're really focusing on card-to-cloud right now in the U.S., and that's where we've got a really good ecosystem of home care providers who know how to use card readers and get the data to the cloud and get it into AirView and get it to doctors and engage their patients to drive ReSupply through other means, Brightree, SNAP and whole Air Solutions ecosystem. Great questions, Saul. But I think it will be mostly the latter, answer to your own question there.

需要明確的是，我們現在在美國確實專注於卡到雲，這就是我們擁有非常好的家庭護理提供商生態系統的地方，他們知道如何使用讀卡器並將數據傳輸到雲並將其輸入 AirView 並將其提供給醫生並讓他們的患者通過其他方式、Brightree、SNAP 和整個 Air Solutions 生態系統來推動 ReSupply。好問題，掃羅。但我認為主要是後者，在那裡回答你自己的問題。

Next question is coming from Dan Hurren from MST Marquee.

下一個問題來自 MST Marquee 的 Dan Hurren。

Mick, you've been quite specific in the past about these streams of engineering efforts to overcome supply chain shortages, and I guess, including the AirSense 11 range with parts alternate suppliers. So the card-to-cloud device clearly had a big impact. But do you have any update on the timing of these other initiatives? And will that be a calendar year '22 feature?

米克，你過去對這些克服供應鏈短缺的工程努力非常具體，我猜，包括 AirSense 11 系列與零件替代供應商。所以卡到雲的設備顯然產生了很大的影響。但是您對這些其他舉措的時間安排有任何更新嗎？那會是 '22 日曆年的功能嗎？

Yes. Dan, it's a really good question. And we have our Chief Operating Officer on the line here who's closer to the other four work streams. The fifth one is that reengineering for C2C and beyond. Rob, any color for Dan on all that work we're doing in the supply chain and the reengineering we're doing to -- the streams of engineering work we're doing to increase supply over the fiscal year?

是的。丹，這是一個非常好的問題。我們的首席運營官在這裡在線，他更接近其他四個工作流。第五個是C2C及其他領域的再造。 Rob，Dan 對我們在供應鏈中所做的所有工作以及我們正在做的再造——我們為在本財政年度增加供應所做的工程工作流有什麼看法？

Yes, Dan. I mean one of the key areas, obviously, is in the columns is around getting access to some of the 5G protocols that are being rolled out. And we're seeing them get rolled out pretty nicely in some markets. And some of our validation, some of those streams are getting access to those types of chips, including we're getting access to earlier-gen protocols as well. And we'll be deploying both of those.

是的，丹。我的意思是，很明顯，專欄中的一個關鍵領域是訪問正在推出的一些 5G 協議。我們看到它們在一些市場上得到了很好的推廣。我們的一些驗證，其中一些流可以訪問這些類型的芯片，包括我們也可以訪問早期協議。我們將同時部署這兩者。

I don't think we can give you granularity over it. And it's not without risk in some of the timing. But what we will be doing is as soon as we can deploy and validate and have access to those chip volumes, we'll switch to that as quickly as possible. So, it won't actually be a single overnight switch of now, all of a sudden, everything has gone to some new protocol or something; they'll be targeted to markets in specific volumes, and we'll keep doing work on that.

我認為我們無法為您提供詳細信息。在某些時候，這並非沒有風險。但我們要做的是，一旦我們能夠部署和驗證並能夠訪問這些芯片量，我們就會盡快切換到這種狀態。所以，它實際上不會是一夜之間的切換，突然之間，一切都轉向了一些新的協議或其他東西；它們將針對特定數量的市場，我們將繼續努力。

As I said earlier, the outlook in terms of the overall demand for these chips from other parts of industries, obviously, cars and phones, may be looking a little better for us. And certainly, people are less likely to allocate away from us. So, we're expecting to be able to plan a little more certainty, but we won't be able to sort of publicly give out the exact dates and things like that on those deployments.

正如我之前所說，其他行業（顯然是汽車和手機）對這些芯片的總體需求前景對我們來說可能會好一些。當然，人們不太可能從我們那里分配資金。因此，我們希望能夠計劃更多的確定性，但我們將無法公開給出這些部署的確切日期和類似的事情。

Our next question is coming from David Bailey from Macquarie.

我們的下一個問題來自麥格理的大衛貝利。

My question is just around consumables and masks and accessories. Are we expecting increased device output over fiscal '23? Just interested in your thoughts on the impact of that on masks and accessories volumes and what that might mean to masks and accessories revenues. And then also, do you think the attachment rates on market share, that those incremental revenues would be higher than you may have seen in the past?

我的問題只是關於消耗品、口罩和配件。我們是否期望在 23 財年增加設備產量？只是對您對口罩和配件數量的影響以及這對口罩和配件收入可能意味著什麼的想法感興趣。然後，你認為市場份額的附加率，這些增量收入會比你過去看到的更高嗎？

Yes. Thanks, David. It's a really good question. And I mean, as you saw in the quarter, 11% CC global and 13% CC in the U.S. in Q4, right, where we're only just starting to ramp up AirSense 10 Card-to-Cloud to meet that -- some of that incremental demand gap.

是的。謝謝，大衛。這是一個非常好的問題。我的意思是，正如你在本季度看到的那樣，第四季度全球 11% 的 CC 和美國的 13% 的 CC，對，我們才剛剛開始提升 AirSense 10 Card-to-Cloud 以滿足這一要求——一些增加的需求缺口。

Yes, as we talked about every quarter during fiscal '23, we plan to see incremental growth in our volume delivery across the portfolio of AirSense 10 comms, [AirSense 10 Card-to-Cloud](corrected by company after the call) and AirSense 11 comms. And as Rob just described, all those streams that are going to mean we're going to have increased volume every quarter sequentially throughout fiscal '23. And to your question specifically, that does mean that masks and consumables attached to those new patients will add on.

是的，正如我們在 23 財年每個季度都談到的那樣，我們計劃看到我們在 AirSense 10 通信、[AirSense 10 卡到雲]（在電話會議後由公司更正）和 AirSense 的產品組合中的交付量增長11個通訊。正如 Rob 剛剛描述的那樣，所有這些流將意味著我們將在 23 財年每個季度連續增加數量。具體到你的問題，這確實意味著附加在這些新患者身上的口罩和消耗品會增加。

As you know, a very large double-digit percentage of any quarter's revenue on masks and accessories is resupply and recurring revenue of the installed base of patients. And so that installed base has been incredibly strong. The engagement of people post-COVID in respiratory health, respiratory hygiene and making sure that a clean mask, clean humidifier, clean tubing, it's just been forefront with everyone wearing masks for COVID and understanding communicable respiratory diseases like COVID makes them think about respiratory health and hygiene. So that's a permanent change we've seen over the last 12, 24 months in sort of secular demand on the installed base. And then you add to that, that sort of lower double-digit number of the new patients coming in, which is picking up as supply goes.

如您所知，在任何季度的口罩和配件收入中，有很大一部分是患者安裝基礎的補給和經常性收入。因此，安裝基礎非常強大。 COVID 後人們參與呼吸健康、呼吸衛生，並確保使用乾淨的口罩、乾淨的加濕器、乾淨的管道，這只是每個人都戴著 COVID 口罩的最前沿，了解像 COVID 這樣的傳染性呼吸道疾病讓他們思考呼吸健康和衛生。因此，這是我們在過去 12、24 個月中看到的對已安裝基礎的長期需求的永久性變化。然後你再加上，那種較低的兩位數的新病人數量，隨著供應的增加而增加。

So I know you guys have all got models on this, David. You've got a good model. You'll start to see that mask and consumable rate pick up. It won't be like a step change jumping up, but there will be a sort of second derivative change, if you like, a little bit of increase in the rate of increase for a while on masks and accessories throughout fiscal year as we get the supply of devices closer and closer to the demand that is out there for these next 12 months, way ahead of where we can get to. But it means every device we make, we sell.

所以我知道你們都有這方面的模型，大衛。你有一個很好的模型。您將開始看到該面罩和消耗品價格回升。這不會像跳級的變化，而是會有一種二階導數變化，如果你願意的話，在我們得到的整個財政年度內，口罩和配件的增長率會在一段時間內略有增加設備供應越來越接近未來 12 個月的需求，遠遠超過我們所能達到的水平。但這意味著我們製造的每一台設備，我們都會銷售。

Our next question is coming from Mike Matson from Needham Company.

我們的下一個問題來自 Needham 公司的 Mike Matson。

I was curious if the card-to-cloud units are helping your gross margin at all by taking out those -- the other chipsets. I mean is that resulting in some savings that's having material impact on your margins? Or is it not really the case?

我很好奇卡到雲單元是否通過剔除其他芯片組來幫助您的毛利率。我的意思是這會導致一些對您的利潤產生重大影響的節省嗎？或者事實並非如此？

Brett, you want to answer Mike's question?

布雷特，你想回答邁克的問題嗎？

Sure, Mick. Yes, Mike. Yes, so the card-to-cloud, I mean, obviously, doesn't have the comms module in it, so there is some savings there. So it is positive for our margin, but it would really might just be around the edges. It wouldn't -- like it wouldn't be material.

當然，米克。是的，邁克。是的，所以卡到雲，我的意思是，很明顯，它沒有通訊模塊，所以那裡有一些節省。所以這對我們的利潤是積極的，但它真的可能只是在邊緣。它不會——就像它不會是物質的。

Our next question is coming from Suraj Kalia from Oppenheimer.

我們的下一個問題來自奧本海默的 Suraj Kalia。

Mick, I'll throw in a two-part question, if I could, Mick. For the card-to-cloud, how much of this shift is tactical and how much of it is strategic? Because the market growth -- you've always referenced 5% to 8% growth for the market. Maybe if you can just parse out how the shift long term would help ResMed's overall device growth.

米克，如果可以的話，我會提出一個由兩部分組成的問題，米克。對於卡到雲，這種轉變有多少是戰術性的，又有多少是戰略性的？因為市場增長——你總是提到市場增長 5% 到 8%。也許如果你能分析出長期的轉變將如何幫助 ResMed 的整體設備增長。

And if I could quickly, Brett, if I take SG&A in FY '22, right, 8% to 9% year-over-year, and that approximate to about 20% to 22% of revs, my math is around $3.6 billion to $4 billion for FY '23. Is that the right way to think about it? Sorry, gentlemen, for squeezing in the second question.

如果我能很快，布雷特，如果我在 22 財年採用 SG&A，對，年增長率為 8% 到 9%，這大約是轉速的 20% 到 22%，我的數學計算約為 36 億美元23 財年 40 億美元。這是正確的思考方式嗎？對不起，先生們，在第二個問題上擠了。

Yes. Very cheeky, Suraj, but we'll go at it. I'll go briefly at the first one, then hand to Brett for the second part of your two-part one question. So the card-to-cloud, look, it is tactical. It's based on the fact that -- for a very important thing. We have people suffocating out there. They get all the way through the healthcare system, screen, diagnosed and then get a prescription, and they're waiting for a device. And we said we're not going to have our strategy, which is 100% connectivity in every device through comms chips, get in the way of the patient needs. So it's a tactical pivot based upon the comms chips being in a rate-limiting bottleneck of our supply that we're going to do the AirSense 10 C2C. As soon as that supply moves, we go straight back to 100% connectivity AirSense 10 and AirSense 11 devices. So it's tactical, temporal, and we're going to go back to it.

是的。非常厚臉皮，Suraj，但我們會繼續努力的。我將簡要介紹第一個問題，然後交給 Brett 回答你的兩部分問題的第二部分。所以卡到雲，看，它是戰術性的。它基於這樣一個事實——對於一件非常重要的事情。我們有人在外面窒息。他們一路通過醫療保健系統，篩選，診斷，然後獲得處方，他們正在等待設備。而且我們說我們不會讓我們的策略，即通過通信芯片在每個設備中實現 100% 連接，從而妨礙患者的需求。因此，基於通信芯片處於我們供應的限速瓶頸中，這是一個戰術支點，我們將採用 AirSense 10 C2C。一旦供應移動，我們將直接回到 100% 連接的 AirSense 10 和 AirSense 11 設備。所以它是戰術性的，時間性的，我們將回到它。

We're going to do the best we can for those patients, and they're going to get incredible adherence, just won't have all the tech of the daily feedback that you get on those devices with Air 11 and the double myAir uptake that you get with AirSense 11. And that's why I want everyone to get an AirSense 11 as soon as we get the components. And our supply chain team knows that, our customers know that, and we're ready to ramp up over the fiscal year. So, a tactical shift.

我們將為這些患者盡最大努力，他們將獲得令人難以置信的依從性，只是不會擁有您在使用 Air 11 和雙倍 myAir 吸收的設備上獲得的所有日常反饋技術您可以通過 AirSense 11 獲得。這就是為什麼我希望每個人在我們獲得組件後立即獲得 AirSense 11。我們的供應鏈團隊知道這一點，我們的客戶也知道這一點，我們已準備好在本財年擴大規模。所以，戰術上的轉變。

Brett, I'll just quickly say on that -- the second part of the question, I think our competitor put out some numbers that they think the market is today and in 2025. And I think they underestimated the actual market today and the market in 2025 by 25%, 30%, even 35%. I think they were talking about $2.1 billion device market in 2025. For me, it's north of $2.5 billion, $2.6 billion, $2.7 billion, even more than that in 2025, if we get our demand gen and drive it. And we're going to get the lion's share of that. But Brett, any thoughts?

布雷特，我會很快就這一點說——問題的第二部分，我認為我們的競爭對手提供了一些他們認為市場現在和 2025 年的數字。我認為他們低估了今天的實際市場和市場2025 年增長 25%、30% 甚至 35%。我認為他們談論的是 2025 年 21 億美元的設備市場。對我來說，如果我們得到並推動需求，它會超過 25 億美元、26 億美元、27 億美元，甚至比 2025 年還要多。我們將獲得最大的份額。但是布雷特，有什麼想法嗎？

Sure. Yes. Suraj, I mean given some broad guidance, I guess, on the SG&A as a percentage of revenue, I wouldn't get drawn into kind of strict revenue guidance. I'd just reiterate what we said before. We're expecting an increase in production volumes, and that should definitely support sequential revenue growth through FY '23.

當然。是的。蘇拉吉，我的意思是，我想，在 SG&A 佔收入的百分比方面給出了一些廣泛的指導，我不會陷入那種嚴格的收入指導。我只是重申我們之前說過的話。我們預計產量會增加，這肯定會支持到 23 財年的連續收入增長。

Our final question today is coming from Lyanne Harrison from Bank of America.

我們今天的最後一個問題來自美國銀行的 Lyanne Harrison。

I was hoping if you could help us understand the softer device sales in rest of the world a little bit better. Obviously, understanding that you're having that cloud -- card-to-cloud push in the United States. But can you give us a sense of what the market's like in rest of the world, and what you're seeing from competitors other than Philips in that market?

我希望您能幫助我們更好地了解世界其他地區較軟的設備銷售情況。顯然，了解您正在使用那種雲——美國的卡到雲推送。但是，您能否讓我們了解一下世界其他地區的市場情況，以及您在該市場上從飛利浦以外的競爭對手那裡看到了什麼？

Yes. Thanks, Lyanne. It's a good question, and it's pretty simple, the answer, in that in Q4 of our fiscal '21, we had $20 million of COVID-related ventilator sales in India. And if we can all remember 12 months ago, there was a huge surge of the COVID variant in India, and we sold $20 million of ventilators to Delhi, Bangalore and across the country to save lives. And it was incredible, the way we pivoted and got those $20 million worth of sales out. Justin Leong and his team did a great job of getting to India.

是的。謝謝，萊恩。這是一個很好的問題，答案也很簡單，因為在我們 21 財年的第四季度，我們在印度的與 COVID 相關的呼吸機銷售額為 2000 萬美元。如果我們都記得 12 個月前，印度的 COVID 變種激增，我們向德里、班加羅爾和全國各地出售了 2000 萬美元的呼吸機以挽救生命。令人難以置信的是，我們轉變並獲得了價值 2000 萬美元的銷售額的方式。 Justin Leong 和他的團隊在前往印度方面做得很好。

So if you subtract that $20 million of COVID sales out there, you actually see a positive growth -- a good positive growth in devices in Europe, Asia and rest of world. And what you're seeing, to the broader part of your question, is actually in countries where they don't have these, I would say, now illogical COVID lockdowns that are happening in a couple of geographies, China and a couple of other countries are sticking with these lockdowns, we're seeing well over 100% rates of patient flow.

因此，如果你減去 2000 萬美元的 COVID 銷售額，你實際上會看到正增長——歐洲、亞洲和世界其他地區的設備出現了良好的正增長。你所看到的，對於你的問題的更廣泛的部分，實際上是在他們沒有這些的國家，我想說，現在在中國和其他幾個地區正在發生不合邏輯的 COVID 封鎖各國都在堅持這些封鎖，我們看到患者流動率遠遠超過 100%。

And so incredible demand for our products, both on the ventilation side and on the device side, back to where we were, which is mid single-digit device growth in the device side and high single-digit growth on the masks and accessories. And we're getting even higher than that, as you saw in the numbers, because we're driving share, we're driving demand and we're getting patients out there. So that's what it all is. But yes -- no, that Europe, Asia, Rest of the world was really just associated with those ventilator sales.

因此，對我們產品的令人難以置信的需求，無論是在通風方面還是在設備方面，都回到了我們原來的水平，即設備方面的設備增長中位數和口罩和配件的高個位數增長。正如您在數字中看到的那樣，我們甚至比這更高，因為我們正在推動份額，我們正在推動需求並且我們正在讓患者在那裡。這就是一切。但是是的——不，歐洲、亞洲、世界其他地區真的只是與那些呼吸機的銷售有關。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to Mick for any further closing comments.

我們的問答環節結束了。我想把發言權轉回給 Mick，以獲取進一步的結束意見。

Thanks, Kevin, and thanks again to all our shareholders for joining us on the call today. I'd like to once again take the opportunity to thank all 8,000 ResMedians, many of whom are also shareholders. And thank you for your hard work, your dedication, helping over 141 million people sleep better, breathe better and live better lives outside the country in over 140 countries worldwide. Thanks for what you do today and every day. I look forward to talking with all of our stakeholders here on our earnings call in about 90 days, plus or minus.

謝謝凱文，再次感謝我們所有的股東今天加入我們的電話會議。我想再次藉此機會感謝所有 8,000 名 ResMedians，其中許多人也是股東。感謝您的辛勤工作和奉獻精神，幫助全球 140 多個國家超過 1.41 億人睡得更好、呼吸得更好，過上更好的生活。感謝您今天和每天所做的一切。我期待在大約 90 天左右的時間裡與我們所有的利益相關者就我們的財報電話會議進行討論。

And with that, I'll hand over to Amy.

有了這個，我將交給艾米。

Great. Thanks, Mick, and thanks, everybody. We do appreciate your time and your interest. And if you have any additional questions, please don't hesitate to reach out directly to Investor Relations. This does conclude our fourth quarter fiscal year 2022 conference call.

偉大的。謝謝，米克，謝謝大家。我們非常感謝您的時間和您的興趣。如果您有任何其他問題，請隨時直接與投資者關係部聯繫。這確實結束了我們 2022 財年第四季度的電話會議。

Kevin, I'll turn it back to you to close things out.

凱文，我會把它還給你來解決問題。

Certainly. That does conclude today's teleconference and webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

當然。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，度過美好的一天。我們感謝您今天的參與。