瑞思邁 (RMD) 2023 Q1 法說會逐字稿

Hello, and welcome to the ResMed First Quarter Fiscal 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加瑞思邁 2023 財年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to your host, Amy Wakeham, Vice President, Investor Relations and Corporate Communications. Please go ahead, Amy.

現在我很高興將電話轉給主持人、投資者關係和企業傳播副總裁艾米·韋克漢姆 (Amy Wakeham)。請繼續，艾米。

Great. Thank you, Kevin. Hi, everyone, and thanks 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 their earnings press release and presentation, which are both available now.

偉大的。謝謝你，凱文。大家好，感謝您加入我們。本次電話會議正在進行網路直播，今天稍後將在我們公司網站的投資者關係部分提供重播，以及他們的收益新聞稿和簡報的副本，這些都現已發布。

Joining me on the call today are Chief Executive Officer, Mick Farrell; and Chief Financial Officer, Brett Sandercock. Mick will provide a brief high-level overview of our financial results. He'll review progress towards our ResMed 2025 strategic goals and discuss the current state of things as we continue to navigate the ongoing macro industry and supply chain challenges. Brett will then review our financial results in more detail. And finally, we'll move into the Q&A portion of our call. During the Q&A session, Mick and Brett will be joined by Rob Douglas, President and Chief Operating Officer; and David Pendarvis, Chief Administrative Officer and Global General Counsel.

今天與我一起參加電話會議的是執行長米克法雷爾 (Mick Farrell)；和財務長布雷特·桑德科克。米克將簡要介紹我們的財務業績。他將回顧我們 ResMed 2025 策略目標的進展情況，並討論我們繼續應對當前宏觀產業和供應鏈挑戰的現狀。然後布雷特將更詳細地審查我們的財務表現。最後，我們將進入電話會議的問答部分。在問答環節，總裁兼營運長 Rob Douglas 將與 Mick 和 Brett 一起參加；首席行政官兼全球總法律顧問 David Pendarvis。

During our call today, we will discuss several non-GAAP measures. For a reconciliation of non-GAAP measures, please review the supporting schedules in today's earnings release. And as a reminder, our discussion today will include some 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 review 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，我們將討論幾項非公認會計原則措施。有關非公認會計原則衡量標準的調節，請查看今天的收益發布中的支援時間表。提醒一下，我們今天的討論將包括一些前瞻性陳述，包括但不限於對我們未來營運和財務表現的預期。我們相信這些陳述是基於合理的假設。然而，我們的實際結果可能會有所不同。請查看我們向 SEC 提交的文件，以全面討論可能導致我們的實際結果與今天所做的任何前瞻性聲明有重大差異的風險因素。

I'd like to now turn the call over to Mick.

我現在想把電話轉給米克。

Thanks, Amy, and thank you to all of our stakeholders for joining us today as we review results for the September quarter, our first quarter of fiscal year 2023. These financial results demonstrate solid performance across our entire business, driven by strong sales growth in the Americas region as well as ongoing high demand for our sleep and respiratory care devices and mask systems worldwide.

謝謝艾米，也感謝我們所有的利益相關者今天加入我們，回顧 2023 財年第一季 9 月季度的業績。以及全球對我們的睡眠和呼吸照護設備和麵罩系統的持續高需求。

Achieving these numbers hasn't been easy given supply chain constraints, but we are powering ahead focused on the long term. Of course, we see the same macroeconomic challenges that many other industries are also facing as well as an industry-specific issue of a competitor-driven supply-demand imbalance the past 18-plus months, resulting in excess demand for our products.

考慮到供應鏈的限制，要實現這些數字並不容易，但我們正在著眼於長期發展。當然，我們看到許多其他行業也面臨同樣的宏觀經濟挑戰，以及過去 18 個多月競爭對手驅動的供需不平衡的行業特定問題，導致對我們產品的需求過剩。

The good news is this. Our global ResMed team demonstrates over and over again their incredible ability to pivot and to solve problems, to support customers and to meet the needs of people around the world with market-leading therapies and software solutions.

好消息是這樣的。我們的全球 ResMed 團隊一次又一次地展示了他們令人難以置信的能力：推動和解決問題、支持客戶以及透過市場領先的療法和軟體解決方案滿足世界各地人們的需求。

We are building on the success we achieved last quarter with our reengineered AirSense 10 Card-to-Cloud device. Customer acceptance has been strong, particularly in the United States region, and this has enabled us to substantially increase shipping volumes to support patient demand while we continue to fight through global supply chain challenges.

我們在上季度透過重新設計的 AirSense 10 卡到雲端裝置取得的成功的基礎上再接再厲。客戶接受度很高，尤其是在美國地區，這使我們能夠大幅增加運輸量，以滿足患者需求，同時繼續應對全球供應鏈挑戰。

It is interesting to note that outside the U.S., we are not seeing the same magnitude of adoption of the AirSense 10 Card-to-Cloud device as we are in the U.S. This is due to the fact that our 100% cloud connectable platforms, such as AirSense 11 and others, and our ecosystem of software solutions are so embedded into the workflows of health care systems. This is particularly evident in countries where we have partnered to develop digital health reimbursement models.

有趣的是，在美國以外，我們沒有看到像在美國那樣廣泛採用 AirSense 10 卡到雲端裝置。到醫療保健系統的工作流程。這在我們合作開發數位醫療報銷模式的國家尤其明顯。

Customers in countries such as France and Japan and beyond, prefer to work with the limited product flow of our 100% cloud connectable devices rather than change their workflows for Card-to-Cloud models. While this means that some patients will have longer wait times in these regions, it does show the power of our long-term digital health strategy, lowering labor costs, improving efficiency and improving patient outcomes are just too hard to switch from.

法國、日本等國家的客戶更喜歡使用我們 100% 雲端連接設備的有限產品流，而不是改變卡到雲端模型的工作流程。雖然這意味著一些患者在這些地區將有更長的等待時間，但這確實顯示了我們長期數位醫療策略的力量，降低勞動成本、提高效率和改善患者治療效果是很難改變的。

Nevertheless, on a global basis, the redesign and launch of the Card-to-Cloud device have greatly improved our ability to get closer to meeting the incredible demand in the market. AirSense 10 Card-to-Cloud provided meaningful growth for the quarter. And far more importantly, it meant that patients could get access to a world-leading ResMed device to treat their sleep apnea. Clearly, launching this platform to address the spiking demand was and is the right decision.

儘管如此，在全球範圍內，卡到雲端設備的重新設計和推出極大地提高了我們更接近滿足市場令人難以置信的需求的能力。 AirSense 10 卡到雲端為本季帶來了有意義的成長。更重要的是，這意味著患者可以獲得世界領先的瑞思邁設備來治療睡眠呼吸中止症。顯然，推出這個平台來解決激增的需求無論過去或現在都是正確的決定。

Our #1 priority will always be patients, doing our best to help those who need treatment for sleep apnea, chronic obstructive pulmonary disease, respiratory insufficiency due to neuromuscular disease, obesity, hypoventilation syndrome, asthma and all those who need access to our out-of-hospital health care systems. Our goal is to ensure that patients get the care that they need, where they need it and when they need it.

我們的第一要務永遠是患者，盡最大努力幫助那些需要治療睡眠呼吸中止症、慢性阻塞性肺病、神經肌肉疾病導致的呼吸功能不全、肥胖、通氣不足綜合徵、哮喘的人以及所有需要我們的服務的人。我們的目標是確保患者在需要的時間和地點獲得所需的照護。

We continue partnering with our global supply chain to increase access to the critical components that are needed to accelerate production of our medical devices. Last month, I had the opportunity to fly to Sydney and meet many of our supplier partners in-person for the first time in 3 years at our STAR Supplier event in Sydney. STAR is an annual celebration of our partnership with top suppliers.

我們繼續與全球供應鏈合作，以增加獲得加速醫療設備生產所需的關鍵組件的機會。上個月，我有機會飛往悉尼，並在悉尼舉辦的 STAR 供應商活動中，三年來首次與我們的許多供應商合作夥伴見面。 STAR 是我們與頂級供應商合作夥伴關係的年度慶祝活動。

The event was also an opportunity to bring the ResMed story to life for our critical suppliers focusing on the life-saving importance of what we do every day. We showed our suppliers that increased component allocation for ResMed ultimately benefits patients, providers, physicians and all of our stakeholders worldwide. Supplier feedback from the STAR event was overwhelmingly positive and many attendees commented how the event helped them to better understand our strong patient focus here at ResMed as well as our commitment to product quality and the patient-driven need for them to increase supply to ResMed.

這次活動也是一個機會，讓我們的關鍵供應商將瑞思邁的故事變成現實，並專注於我們每天所做的事情對拯救生命的重要性。我們向供應商表明，增加瑞思邁的組件分配最終將使患者、醫療服務提供者、醫生和我們全球的所有利害關係人受益。 STAR 活動的供應商回饋非常積極，許多與會者評論說，該活動如何幫助他們更好地了解ResMed 對患者的高度重視，以及我們對產品品質的承諾以及患者驅動的需求，以增加對ResMed 的供應。

As a consequence of these partnerships, our suppliers are responding positively, and I can share this, we expect steady increase in ResMed's device production each quarter throughout this fiscal year and beyond.

由於這些合作夥伴關係，我們的供應商做出了積極的回應，我可以分享這一點，我們預計瑞思邁的設備產量在本財年及以後每個季度都會穩步增長。

Let me now review updates on ResMed's top 3 strategic priorities. Number one, to grow and differentiate our core sleep apnea and respiratory care businesses; number two, to design, develop and deliver market-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 delivered outside the hospital and especially in the home.

現在讓我回顧一下瑞思邁三大戰略重點的最新動態。第一，發展並差異化我們的核心睡眠呼吸中止症和呼吸照護業務；第二，設計、開發和提供市場領先的醫療設備以及可在全球擴展的數位健康解決方案；第三，創新和發展世界上最好的醫院外（尤其是家庭）護理軟體解決方案。

The launch and acceptance of our next-generation device platform called AirSense 11 continues to go very well. Patient feedback remains very positive, and we continue to see very strong adoption of our myAir patient app. In fact, more than -- it's more than doubled the adoption rate of MyAir with the AirSense 10 platform, with over 60% of all patients downloading and using the app on AirSense 11.

我們的下一代設備平台 AirSense 11 的發布和接受繼續進展順利。患者回饋仍然非常積極，我們繼續看到 myAir 患者應用程式的廣泛採用。事實上，AirSense 10 平台上 MyAir 的採用率增加了一倍多，超過 60% 的患者在 AirSense 11 上下載並使用該應用程式。

We know that patient engagement in their therapy through myAir is an incredibly important part of the therapy process and the ongoing compliance ecosystem due to our clinical publications in the area. Published real-world evidence data show that we achieved 87% adherence rates when our full tech stack is used, including both myAir and AirView. Clearly, increasing production of the AirSense 11 platform remains a top priority for ResMed, and we are doing that every quarter.

我們知道，由於我們在該領域的臨床出版物，患者透過 myAir 參與治療是治療過程和持續合規生態系統中極其重要的一部分。已發布的真實世界證據數據顯示，當使用我們的完整技術堆疊（包括 myAir 和 AirView）時，我們實現了 87% 的遵守率。顯然，增加 AirSense 11 平台的產量仍然是 ResMed 的首要任務，我們每季都會這樣做。

Additionally, we look forward to continuing to expand AirSense 11 into additional countries as we progress throughout fiscal year 2023 and as we continue to gain regulatory approvals country by country.

此外，隨著我們在 2023 財年取得進展並繼續獲得各國監管部門的批准，我們期待繼續將 AirSense 11 擴展到更多國家。

A key part of our ResMed 2025 strategy is to reach hundreds of millions of patients with our respiratory care solutions, including noninvasive ventilation and life support ventilation as well as newer therapeutic areas such as cloud-connected pharmaceutical delivery solutions as well as high flow therapy offerings.

我們的瑞思邁 2025 策略的關鍵部分是透過我們的呼吸照護解決方案涵蓋數億患者，包括非侵入性通氣和生命維持通氣以及雲端連接藥物輸送解決方案和高流量治療產品等更新的治療領域。

During the quarter, our ResMed team presented data at the European Respiratory Society Congress that the prevalence of chronic obstructive pulmonary disease or COPD is much higher than previously estimated. The epidemiology data presented at ERS showed that over 480 million people worldwide have COPD. This is 100 million more than previously published data.

本季度，我們的瑞思邁團隊在歐洲呼吸學會大會上公佈的數據顯示，慢性阻塞性肺病 (COPD) 的盛行率遠高於先前的估計。 ERS 公佈的流行病學數據顯示，全球有超過 4.8 億人患有慢性阻塞性肺病 (COPD)。這比之前公佈的數據多了一億。

As the global population continues to grow and age, we estimate that over 590 million people will have COPD by 2050. This represents a 23% relative increase in global COPD numbers from the baseline of 2020.

隨著全球人口持續成長和老化，我們估計到 2050 年將有超過 5.9 億人患有慢性阻塞性肺病。

Combined with the estimated 330 million people worldwide that suffer from asthma, these prevalence figures highlight the importance of treating these chronic conditions with our respiratory care solutions.

加上全球估計有 3.3 億人患有氣喘，這些盛行率數字凸顯了使用我們的呼吸照護解決方案治療這些慢性疾病的重要性。

Turning to our Software-as-a-Service business for outside hospital care, our SaaS business achieved another quarter of high single-digit growth year-on-year. The continued trend to move to lower cost and lower acuity locations for care is driving strong growth of home-based care. This is providing tailwinds for our home medical equipment and our home health software platforms provided under our Brightree brand. We continue to grow with our home care customers as they increase their utilization of our software and data solutions to improve and optimize their own business efficiencies as well as patient care, including specifically our Snap resupply offering.

談到我們用於院外護理的軟體即服務業務，我們的 SaaS 業務又實現了同比高單位數成長。轉向成本較低、病情嚴重程度較低的地點進行護理的持續趨勢正在推動家庭護理的強勁增長。這為我們的家庭醫療設備和 Brightree 品牌下提供的家庭健康軟體平台提供了動力。我們繼續與家庭護理客戶一起成長，因為他們增加了對我們的軟體和數據解決方案的利用，以提高和優化他們自己的業務效率以及患者護理，特別是我們的 Snap 補給產品。

Census growth in skilled nursing as well as hospice is still challenged by post-COVID patient flow recovery as well as labor shortages. One of our most innovative solutions in this space under our MatrixCare brand has been technology solutions to improve staffing efficiency, improving both staff hiring and management. As post-COVID patient census continues to improve and pent-up demand for technology investments continues to come to the market, we expect to see even more growth opportunities to sell our services and solutions to new and existing skilled nursing and hospice customers.

熟練護理和臨終關懷的人口普查增長仍然受到新冠疫情后患者流量恢復和勞動力短缺的挑戰。我們 MatrixCare 品牌在這一領域最具創新性的解決方案之一是提高人員配置效率、改善員工招募和管理的技術解決方案。隨著新冠疫情後患者普查的不斷改善以及市場對技術投資的壓抑需求不斷湧入，我們預計將看到更多的增長機會，向新的和現有的熟練護理和臨終關懷客戶銷售我們的服務和解決方案。

Last quarter, I discussed our agreement to acquire MEDIFOX DAN, the leading provider of end-to-end software solutions for nursing homes and home health customers in Germany. We are on track to close this acquisition before the end of the calendar year. This current quarter, we're in December 2022. And we remain excited about our opportunity to accelerate SaaS innovation and SaaS growth in Germany.

上個季度，我討論了收購 MEDIFOX DAN 的協議，MEDIFOX DAN 是德國療養院和家庭健康客戶端到端軟體解決方案的領先提供者。我們預計在今年年底前完成此次收購。本季是 2022 年 12 月。我們仍然對有機會在德國加速 SaaS 創新和 SaaS 成長感到興奮。

This is our first investment in a pure-play SaaS business outside the U.S., and we look forward to updating you as we achieve key milestones in that business over the year ahead. Our integration team is primed and ready.

這是我們在美國以外對純 SaaS 業務的首次投資，我們期待在未來一年中在該業務中實現關鍵里程碑時向您通報最新情況。我們的整合團隊已做好準備。

I'm excited about the future of our SaaS business. It's an important part of ResMed's growth and complements the incredible software and device solutions we have in our core sleep and respiratory care businesses. We see a lot of opportunities to innovate in lower-cost, lower-acuity settings of care. We believe this is the future of health care delivery, and ResMed is the right strategic home for these growth businesses.

我對我們 SaaS 業務的未來感到興奮。它是瑞思邁發展的重要組成部分，補充了我們在核心睡眠和呼吸護理業務中擁有的令人難以置信的軟體和設備解決方案。我們在低成本、低嚴重度的照護環境中看到了許多創新機會。我們相信這是醫療保健服務的未來，而瑞思邁是這些成長型企業的正確策略基礎。

We are well positioned as the leading strategic provider of SaaS solutions for out-of-hospital care, and we have created differentiated value for our customers and long-term sustainable growth for our stakeholders. Bringing it all together, we are transforming out-of-hospital health care at scale, leading the market in digital health technology.

我們處於領先的院外護理 SaaS 解決方案策略提供者的地位，為客戶創造了差異化價值，為利害關係人創造了長期永續成長。綜上所述，我們正在大規模改造院外醫療保健，引領數位醫療技術市場。

We now have over 12.5 billion nights of medical data in the cloud and over 18.5 million cloud connectable medical devices on bedside tables in 140 countries worldwide. We are liberating these data to the cloud, and we're unlocking value for patients, for providers, for physicians, for payers and for entire health care systems.

現在，我們在雲端擁有超過 125 億個夜晚的醫療數據，在全球 140 個國家的床頭櫃上擁有超過 1,850 萬台可雲端連線的醫療設備。我們正在將這些數據釋放到雲端，並為患者、提供者、醫生、付款人和整個醫療保健系統釋放價值。

Our mission and goal to improve 250 million lives through better health care in 2025, drives and motivates me and ResMedians every day. We made excellent progress towards that inspiring goal over this last period.

我們的使命和目標是在 2025 年透過更好的醫療保健改善 2.5 億人的生活，這項使命和目標每天都在推動和激勵我和 ResMedians。在過去的一段時間裡，我們在實現這一鼓舞人心的目標方面取得了巨大進展。

During the last 12 months, we improved over 144 million lives with our device platforms, our full mask systems and our software solutions in digital health. We're helping people sleep better, helping people breathe better and helping people live higher quality and happier lives with care delivered right where they live.

在過去 12 個月中，我們透過我們的設備平台、全面罩系統和數位健康軟體解決方案改善了超過 1.44 億人的生活。我們正在幫助人們睡得更好，幫助人們呼吸得更好，並透過在他們居住的地方提供護理來幫助人們過上更高品質和更幸福的生活。

So before I hand over the call to Brett for his remarks, I want to once again express my gratitude to more than 8,600 ResMedians for their perseverance, their hard work and their dedication today and every day. Thank you.

因此，在我將電話轉交給布雷特發表講話之前，我想再次向 8,600 多名 ResMediaans 表示感謝，感謝他們今天和每一天的堅持、辛勤工作和奉獻精神。謝謝。

With that, I will hand the call over to Brett in Sydney for his remarks, and then we will open up to Q&A with Brett, me and again. Brett, over to you.

接下來，我將把電話轉給雪梨的布雷特，聽取他的講話，然後我們將與布雷特、我和再次進行問答。布雷特，交給你了。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the first quarter of fiscal year 2023. Unless noted, all comparisons are to the prior year quarter.

偉大的。謝謝，米克。在今天的演講中，我將概述 2023 財年第一季的業績。

We had strong financial performance in Q1 despite the headwinds we faced as a result of significant ongoing supply chain constraints. Group revenue for the September quarter was $950 million, an increase of 5%. In constant currency terms, revenue increased by 9%.

儘管由於供應鏈持續受到嚴重限製而面臨阻力，但我們在第一季的財務表現依然強勁。 9月份季度集團營收為9.5億美元，成長5%。以固定匯率計算，營收成長了 9%。

Revenue growth reflected increased demand for our sleep products across our portfolio and ongoing device demand generated by our competitors' product recall. Year-on-year movements in foreign currencies, in particular, a weaker euro, negatively impacted revenue by approximately $36 million this quarter.

收入成長反映了我們整個產品組合中對睡眠產品的需求增加以及競爭對手產品召回所產生的持續設備需求。外幣同比變動，特別是歐元疲軟，對本季營收產生了約 3,600 萬美元的負面影響。

While we continue to experience ongoing challenges in securing sufficient production components to meet market demand, we are now seeing a more predictable supply chain environment. This gives us 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更可預測的供應鏈環境。這讓我們對 23 財年相對於 22 財年增加設備產量的預期充滿信心。

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 18%. Sales in Europe, Asia and other markets decreased by 6% in constant currency terms.

從我們的地理收入分佈來看，不包括軟體即服務業務的收入，美國、加拿大和拉丁美洲國家的銷售額成長了 18%。以固定匯率計算，歐洲、亞洲和其他市場的銷售額下降了 6%。

By product segment, globally in constant currency terms, device sales increased by 9%, while masks and other sales increased by 8%.

以產品細分來看，以固定匯率計算，全球範圍內設備銷售額增長了 9%，而口罩和其他銷售額增長了 8%。

Breaking it down by regional areas. Device sales in the U.S., Canada and Latin America increased by 23%, as we benefited from incremental revenue derived from the introduction of our Card-to-Cloud device. Masks and other sales increased by 11%, 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量成長了 23%，因為我們受益於推出卡到雲端設備帶來的增量收入。口罩和其他產品的銷售額成長了 11%，反映出儘管設備供應環境充滿挑戰，繼續限制新的患者設置，但仍實現了穩健的補給收入。

In Europe, Asia and other markets, device sales decreased by 10% in constant currency terms, mainly as a result of the ongoing challenges in securing sufficient production components for connected devices and lower sales of higher acuity devices relative to the strong sales we experienced in the prior year quarter. Masks and other sales in Europe, Asia and other markets increased by 3% in constant currency terms.

在歐洲、亞洲和其他市場，以固定匯率計算，設備銷售額下降了10%，這主要是由於在確保連接設備足夠的生產組件方面持續面臨挑戰，以及與我們在2017 年經歷的強勁銷售相比，更高敏銳度設備的銷量下降。以固定匯率計算，歐洲、亞洲等市場的口罩等銷售額成長了3%。

Software-as-a-Service revenue increased by 9% in the September quarter. We saw particularly strong performance from the HME vertical as customers continue to utilize our SaaS solutions to streamline and more efficiently run their businesses.

軟體即服務收入在 9 月季度成長了 9%。隨著客戶繼續利用我們的 SaaS 解決方案來簡化和更有效地經營他們的業務，我們看到 HME 垂直領域的表現尤其強勁。

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 first quarter earnings press release.

在今天剩下的評論中，我將提及非公認會計原則數字。我們在第一季財報新聞稿中提供了非公認會計原則與公認會計原則數據的全面調節。

Gross margin increased by 40 basis points to 57.6% in the September quarter. The increase is predominantly attributable to increases in average selling prices, partially offset by unfavorable product mix and foreign currency movements.

九月季度的毛利率成長了 40 個基點，達到 57.6%。這一增長主要歸因於平均銷售價格的上漲，但部分被不利的產品組合和外匯變動所抵消。

Moving on to operating expenses. SG&A expenses for the first quarter increased by 10% or in constant currency terms increased by 16%. The increase was predominantly attributable to increases in employee-related costs and a post-COVID normalization of travel and entertainment expenses. SG&A expense as a percentage of revenue was 20.4% compared to the 19.5% we recorded in the prior year period. Looking forward and subject to currency movements, we expect SG&A expenses as a percentage of revenue to be in the range of 20% to 22% for fiscal year '23.

接下來是營運費用。第一季的 SG&A 費用增加了 10%，以固定匯率計算成長了 16%。這一增長主要歸因於員工相關成本的增加以及疫情後旅行和娛樂費用的正常化。 SG&A 費用佔營收的百分比為 20.4%，去年同期為 19.5%。展望未來，根據匯率變動，我們預計 23 財年的 SG&A 費用將佔營收的百分比將在 20% 至 22% 之間。

R&D expenses for the quarter increased by 5% or in constant currency terms, increased by 9%. R&D expenses as a percentage of revenue was 6.6%, consistent with 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 6% to 7% for fiscal year '23.

本季研發費用成長 5%，以固定匯率計算成長 9%。研發費用佔營收的百分比為 6.6%，與去年同期一致。展望未來，根據匯率變動，我們預期 23 財年研發費用將佔營收的比例在 6% 至 7% 之間。

Operating profit for the quarter increased by 4%, underpinned by strong revenue growth and improvement in gross margin, partially offset by higher operating expenses. Our effective tax rate for the September quarter was 19.8% compared to the prior year quarter rate of 20%. Looking forward, we estimate our effective tax rate for fiscal year '23 will be in the range of 19% to 21%.

本季營業利潤成長 4%，這得益於強勁的收入成長和毛利率的改善，但部分被較高的營業費用所抵消。我們 9 月季度的有效稅率為 19.8%，而去年同期的稅率為 20%。展望未來，我們預計 23 財年的有效稅率將在 19% 至 21% 之間。

Our net income for the quarter was $222 million, and non-GAAP diluted earnings per share was $1.51, both consistent with the same period in the prior year. Note year-on-year movements in foreign currencies negatively impacted earnings per share by approximately $0.07 this quarter.

我們本季的淨利潤為 2.22 億美元，非 GAAP 攤薄每股收益為 1.51 美元，均與去年同期一致。請注意，外幣同比變動對本季每股收益產生約 0.07 美元的負面影響。

Cash flow from operations for the quarter was $45 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 $36 million.

本季營運現金流為 4,500 萬美元，反映出穩健的基本獲利被較高水準的營運資本所抵銷。該季度的資本支出為 2900 萬美元。該季度的折舊和攤銷總額為 3,600 萬美元。

During the quarter, we paid dividends to shareholders totaling $64 million. We recorded equity losses of $2 million in our income statement in the September quarter associated with the Primasun joint venture with Verily. We expect to record equity losses in the range of $3 million to $5 million per quarter through the balance of fiscal year '23 associated with the joint venture operation.

本季度，我們向股東支付了總計 6,400 萬美元的股息。我們在 9 月季度的損益表中記錄了與 Primasun 與 Verily 合資企業相關的 200 萬美元的股權損失。我們預計在 23 財年的剩餘時間內，與合資企業相關的每季股權損失將在 300 萬至 500 萬美元之間。

We ended the first quarter with a cash balance of $207 million. At September 30, we had $795 million in gross debt and $588 million in net debt. Our debt levels remain modest. At September 30, we had approximately $1.4 billion available for drawdown under our revolver facility.

第一季結束時，我們的現金餘額為 2.07 億美元。截至 9 月 30 日，我們的總債務為 7.95 億美元，淨債務為 5.88 億美元。我們的債務水平仍然較低。截至 9 月 30 日，我們的左輪融資工具下有大約 14 億美元可供提取。

In summary, our liquidity position remains strong. Our Board of Directors today declared a quarterly dividend of $0.44 per share. As reported last quarter, we expect to close on the MEDIFOX DAN acquisition by the end of the calendar year pending regulatory clearances. Additionally, we plan to continue to reinvest in growth through R&D and also expect to further deploy capital for tuck-in acquisitions.

總而言之，我們的流動性狀況依然強勁。我們的董事會今天宣布季度股息為每股 0.44 美元。正如上季報告的那樣，我們預計將在年底前完成對 MEDIFOX DAN 的收購，等待監管機構的批准。此外，我們計劃繼續透過研發對成長進行再投資，並預計進一步部署資本進行收購。

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

然後，我會將電話轉回給艾米。

Great. Thanks, Brett. Kevin, I'd like to call you back on to the call and turn it over to you to provide the instructions and run the Q&A portion of the call.

偉大的。謝謝，布雷特。凱文，我想再次給您回電話，並將其轉交給您提供說明並運行通話的問答部分。

(Operator Instructions) Our first question today is coming from Steve Wheen from Jarden.

（操作員說明）今天我們的第一個問題來自 Jarden 的 Steve Wheen。

Just looking at working capital, this one for Brett. We saw the levels of inventory continue to increase. Just wondering how you're going to think about managing Card-to-Cloud inventory levels at a time or as your supply chain starts to free up a little bit more to allow you to make more AirSense 11. Just trying to work out whether there's any risk around inventory obsolescence as you try and transition back towards your latest platform?

只是看看營運資金，這是布雷特的。我們看到庫存水準繼續增加。只是想知道您將如何考慮管理卡到雲端的庫存水平，或者當您的供應鏈開始釋放更多一點以允許您生產更多 AirSense 11 時。 ，是否有庫存過時的風險？

Yes. Steve, I think at the moment, the market is very much characterized by really excess demand. So we're still trying to meet that, and I think that's going to be with us for a while. So we're building inventory really looking at that kind of future production that we're looking to manufacture. And then we'll manage -- we've introduced Card-to-Cloud, been very successful, particularly in the U.S. market. So that's part of our portfolio. It's important. But we certainly have the plans where I think we can manage that transition between Card-to-Cloud and connected devices as we get more of those components in.

是的。史蒂夫，我認為目前市場的特徵是需求確實過剩。所以我們仍在努力實現這一目標，我認為這將伴隨我們一段時間。因此，我們正在建立庫存，真正著眼於我們希望製造的未來生產。然後我們將進行管理——我們推出了卡到雲，非常成功，特別是在美國市場。這是我們產品組合的一部分。這很重要。但我們當然有計劃，我認為隨著我們獲得更多這些組件，我們可以管理卡到雲端和連接設備之間的過渡。

So I think it will be kind of a managed plan that will move from manufacturing the Card-to-Cloud to more connected devices as the electronic components come in. But we've got -- we have plans in place to do that and make that transition.

因此，我認為這將是一種管理計劃，隨著電子元件的出現，將從製造卡到雲端轉向更多連接的設備。那個轉變。

If I could, Steve, just to add that inventory build that we've had is really a deliberate outcome of our strategy around managing the supply constraints where we've had to really build up the materials components inventories for everything so that we could build the maximum when we break through the bottlenecks on the specific components. And then as the supply chain situation improves into the future, we'll be able to wind back from that.

如果可以的話，史蒂夫，我只想補充一下，我們所擁有的庫存建設實際上是我們圍繞管理供應限制的戰略的故意結果，我們必須真正建立所有東西的材料組件庫存，以便我們能夠建造當當我們突破特定組件上的瓶頸時，它會達到最大值。然後，隨著未來供應鏈狀況的改善，我們將能夠擺脫這種情況。

Next question is coming from Matthew Mishan from KeyBanc.

下一個問題來自 KeyBanc 的 Matthew Mishan。

Just a follow-up on the mask growth. I think you said at one point in the call, that mask growth is still being affected by the lower patient setups. I mean with Card-to-Cloud, was that an OUS comment, a global comment or is that still an issue with the U.S. where we're still below the patient setup?

只是掩模生長的後續行動。我想您在電話會議中曾說過，面罩的生長仍然受到較低的患者設定的影響。我的意思是，對於卡到雲，這是 OUS 的評論、全球的評論還是仍然是美國的一個問題，因為我們仍然低於患者設定？

Yes. Thanks for the question, Matt. I mean if you look at the mask growth numbers in the quarter, we saw 11% growth in U.S., Canada and Latin America. So really strong double-digit growth there and 3% in Europe, Asia and Rest of World with a total global growth of 8%. 2019, we talked about market growth being mid-single digits for devices and high single digits for masks. So we're right there at 8% total growth. But I actually think we could be higher than that if we -- we're taking care of every new patient that's out there.

是的。謝謝你的提問，馬特。我的意思是，如果你看本季的口罩成長數據，我們會看到美國、加拿大和拉丁美洲的成長了 11%。那裡的兩位數成長確實強勁，歐洲、亞洲和世界其他地區成長了 3%，全球總成長為 8%。 2019 年，我們談到設備的市場成長為中個位數，口罩的市場成長為高個位數。所以我們的總成長率是 8%。但我實際上認為，如果我們照顧每一位新患者，我們的水平可能會更高。

As we said and as I said in the prep remarks, with our competitor out of the market these last 12, 15 months, at least can be 18 months, maybe 24 months out of the market in total. They were the #2 player. And we are the #1 player, and we're taking as much of the #2 excess demand as we can. But we're not getting all of it. Still, even with Card-to-Cloud in the quarter, we weren't getting to every patient that needed a device. And so that delta is what we're talking about, that mask growth could have been even higher.

正如我們所說，正如我在準備演講中所說，我們的競爭對手在過去 12、15 個月內退出市場，至少可能是 18 個月，也許總共退出市場 24 個月。他們是排名第二的球員。我們是排名第一的參與者，我們正在盡可能吸收排名第二的過剩需求。但我們並沒有得到全部。儘管如此，即使在本季度推出了“卡到雲”，我們也沒有覆蓋到每位需要設備的患者。所以我們正在談論的就是增量，掩模的成長可能會更高。

But to your point, because Card-to-Cloud acceptance was so much better in the U.S., we did get better mask growth there. We saw 11% growth in the quarter and very strong. Yes, Card-to-Cloud, as I said in the prep remarks, not being taken up in countries where the whole reimbursement model has changed around digital health and cloud-connected devices such as France and Japan. And it's just structurally difficult, and they don't want to switch from the great efficiencies and outcomes that we get with our 100% cloud connectable systems. So that's sort of the nuance around that.

但就您而言，由於卡到雲端的接受度在美國要好得多，因此我們確實在那裡獲得了更好的掩模增長。我們看到本季成長了 11%，而且非常強勁。是的，卡到雲，正如我在準備發言中所說的那樣，在法國和日本等圍繞數位健康和​​雲端連接設備整個報銷模式發生變化的國家中，並沒有被採用。這在結構上很困難，而且他們不想放棄我們透過 100% 雲端連接系統所獲得的巨大效率和成果。這就是其中的細微差別。

What it talks to is an opportunity to continue to grow our device business, but to even further increase our mask growth, not only in the U.S. but also in Europe, Asia and Rest of World. Thanks for the question, Matt.

它所說的是一個繼續發展我們的設備業務的機會，但進一步增加我們的掩模成長，不僅在美國，而且在歐洲、亞洲和世界其他地區。謝謝你的提問，馬特。

Next question today is coming from Gretel Janu from Crédit Suisse.

今天的下一個問題來自瑞士信貸銀行的 Gretel Janu。

So how are you allocating your AirSense 11 here between U.S. and rest of world, given that the U.S. is adopting the Card-to-Cloud. So are you giving greater AirSense 11 to rest of world relative to what you historically had the mix between the 2 regions?

鑑於美國正在採用卡到雲，您如何在美國和世界其他地區之間分配您的 AirSense 11？那麼，相對於您歷史上在這兩個地區之間的混合情況，您是否向世界其他地區提供了更好的 AirSense 11？

Yes, Gretel, it's a great question. It's a very complex one. And we've actually established -- during the COVID crisis on ventilators, we established a global epidemiology model, a humanitarian-based epidemiology model where we really looked at the flow of the virus around the world and where we should allocate limited supply of ventilators for that. And I think we did a really good job in that crisis of 2020.

是的，格蕾特，這是一個很好的問題。這是一個非常複雜的問題。我們實際上已經建立了——在新冠肺炎呼吸機危機期間，我們建立了一個全球流行病學模型，一個基於人道主義的流行病學模型，我們真正研究了病毒在世界各地的流動情況，以及我們應該在哪裡分配有限的呼吸機供應為此。我認為我們在 2020 年的危機中做得非常好。

We applied those same skills really these last 12, 15 months of having a global team looking at the 140 countries we operate in, looking on a humanitarian basis, as the needs for people who are suffocating now in our core market, suffocating with sleep apnea and other -- on the AirSense 10 platform, we do have other respiratory care and respiratory insufficiency capabilities as well and the AirSense 10 connected devices on buy levels.

在過去的12、15 個月裡，我們確實應用了這些相同的技能，讓一個全球團隊在人道主義的基礎上關注我們開展業務的140 個國家，以滿足我們核心市場中因睡眠呼吸中止症而窒息的人們的需求。

So we have a global model. We look at allocations based on the demand on patients and the need to get them there. It's a complex and moving dynamic equation. The latest moving apart in it is that AirSense 10 Card-to-Cloud has been coming out the gate incredibly strongly in the June quarter. We talked about 90 days ago and here in the September quarter, and we expect that to continue. That may mean increasing some AirSense 11 allocation to places like France or Japan, where they aren't seeing the same adoption due to the changes there. So it's an ongoing dynamic thing that we look at daily, weekly, monthly in our production, shipping and delivery schedules.

所以我們有一個全球模型。我們根據患者的需求以及將他們送到那裡的需要來考慮分配。這是一個複雜且動態的動力學方程式。最新的進展是 AirSense 10 卡到雲在第二季的表現異常強勁。我們在 90 天前和 9 月季度在這裡討論過，我們預計這種情況會繼續下去。這可能意味著增加一些 AirSense 11 分配給法國或日本等地，因為這些地方的變化，他們沒有看到相同的採用率。因此，這是一個持續動態的事情，我們每天、每週、每月都會關注我們的生產、運輸和交貨計劃。

So it's not a simple equation. But yes, the impetus of your question was would we look to the humanitarian need and do our best to make sure that device gets to a patient fairly, and that's exactly what we're trying to do on a global basis. It's not simple. It's quite complex, but we're working at it every day. And the team is doing an incredible job, as you saw in these great growth numbers. Thanks for the question, Gretel.

所以這不是一個簡單的等式。但是，是的，你提出問題的動力是我們是否會考慮人道主義需求並盡最大努力確保該設備公平地到達患者手中，而這正是我們在全球範圍內努力做的事情。這並不簡單。這是相當複雜的，但我們每天都在努力。正如您在這些巨大的成長數字中看到的那樣，該團隊正在做著令人難以置信的工作。謝謝你的提問，格蕾特。

Next question today is coming from Saul Hadassin from Barrenjoey.

今天的下一個問題來自巴倫喬伊的索爾·哈達辛 (Saul Hadassin)。

Mick, we've seen a lot of data breaches in the last few weeks, including in the health care space. And on the basis of how much data you guys have access to, just wondering if this has caused you to have a look again about data accessibility and risks associated with potential data hacks and just what your thoughts is on -- thoughts are on the strength of protection that you have. How do you actually protect against something that is happening in the future?

米克，過去幾週我們看到了許多資料外洩事件，包括在醫療保健領域。基於你們可以訪問多少數據，只是想知道這是否導致您重新審視數據可訪問性和與潛在數據黑客相關的風險，以及您的想法 - 想法是力量你所擁有的保護。您實際上如何防範未來發生的事情？

Yes. So, it's a great question. And obviously, cybersecurity is something we think about all day and every day, and our Chief Information Security Officer and his team are what I would call productively paranoid about the 12.5 billion nights of data and the 18.5 million 100% cloud connectable medical devices out there in 140 countries. And I did see the news in Australia of a number of health care system hacks. And we've had them here in the U.S. as well, United had one and a number of local health care systems have it as well as some infrastructure areas.

是的。所以，這是一個很好的問題。顯然，網路安全是我們每天都在思考的問題，我們的首席資訊安全長和他的團隊對 125 億個夜晚的數據和 1850 萬個 100% 雲端連接的醫療設備抱有高效的偏執態度。國家。我確實在澳洲看到了一些醫療保健系統遭到駭客攻擊的新聞。我們在美國也有這樣的設備，曼聯也有這樣的設備，許多當地的醫療保健系統以及一些基礎設施領域也有這樣的設備。

Look, it's a case of productive paranoia. You have to be investing in this space. You have to be looking at what happened doing root cause analysis of the hacks that have happened. In almost every case, it's been a human, a person clicking on something and giving allocation. And so we're looking very carefully at our training and holding back systems from -- and fixing systems where there are weak links and making sure that all day, every day, you're looking at this because, yes, people are out there.

看，這是一個富有成效的偏執狂的案例。你必須在這個領域進行投資。您必須查看發生的情況，對已發生的駭客攻擊進行根本原因分析。幾乎在所有情況下，都是人點擊某物並進行分配。因此，我們正在非常仔細地審視我們的培訓和阻止系統，並修復存在薄弱環節的系統，並確保您每天都在關注這一點，因為，是的，人們就在那裡。

Initially, hackers went to consumer tech and fintech industries. As you said, health care is on their radar. We're probably third on the radar, but we're definitely there. And it's something that we think about and we invest a lot in our cybersecurity protections. But it's an ongoing game of investments and making sure that we stay at or ahead of the curve and how we work with our partners in the health care system to make sure that the data -- we look at privacy as well as cybersecurity and interoperability. Those 3 have to all be balanced, but cybersecurity is right there as one of our core competencies right now, and we invest a lot in that area. Thanks for the question, Saul.

最初，駭客進入了消費科技和金融科技產業。正如你所說，醫療保健是他們關注的焦點。我們可能在雷達上排名第三，但我們絕對在那裡。我們會考慮這一點，並在網路安全保護方面投入大量資金。但這是一場持續的投資遊戲，確保我們保持或領先於潮流，以及我們如何與醫療保健系統的合作夥伴合作，以確保數據——我們專注於隱私以及網路安全和互通性。這三者必須保持平衡，但網路安全目前是我們的核心能力之一，我們在該領域投入了大量資金。謝謝你的提問，索爾。

Next question is coming from Dan Hurren from MST Marquee.

下一個問題來自 MST Marquee 的 Dan Hurren。

Look, I just want to ask about sea freight and air freight. You previously talked about some degree of inventory builds that might shift away from air freight and back to sea freight. And we've seen other market participants already do that to some degree. I just want to ask where you are on that transition and what sort of impact it has on margins?

你看，我只是想問一下海運和空運的情況。您之前談到了某種程度的庫存建設可能會從空運轉向海運。我們已經看到其他市場參與者已經在某種程度上這樣做了。我只是想問一下，您目前的轉型進展如何以及它對利潤率有何影響？

Brett, do you want to have a go on that?

布雷特，你想嘗試嗎？

Yes. Sure. Yes. Dan, Yes. I mean we've moved -- we were almost exclusive if I'd moved some to sea freight and so that's happening. It's probably -- it's progressive and probably measured because we still want to get inventory to our DCs and then obviously on patients. So we're just trying to balance that. But we have started progressing that to sea freight. So that's happening.

是的。當然。是的。丹，是的。我的意思是我們已經搬家了——如果我把一些貨物轉移到海運，我們幾乎是排他性的，所以這種情況正在發生。它可能是漸進的，並且可能是經過衡量的，因為我們仍然希望將庫存存入我們的 DC，然後顯然是在患者身上。所以我們只是想平衡這一點。但我們已經開始將其發展到海運。所以事情就這樣發生了。

Again, we're probably seeing -- we're seeing a little bit of relief or moderation in those kind of freight rates that are coming through. It will take a little bit of time for that to wash through for us. But I still think in the second half, we'll start to see some benefit from some kind of overall freight costs coming down relative to last year.

再次，我們可能會看到——我們看到正在發生的此類運費有所緩解或放緩。我們需要一點時間才能消化掉這一點。但我仍然認為，在下半年，我們將開始看到某種整體貨運成本相對於去年下降的一些好處。

Your next question is coming from Mike Matson from Needham.

您的下一個問題來自尼達姆的麥克馬特森。

Yes. I guess just on the international side of the business was quite a bit weaker than the North American side. And I think you commented on the Card-to-Cloud not seeing as much uptake, but I just wanted to see if that was really the primary issue there. Was there anything else going on? Any kind of economic challenges in any of the OUS markets?

是的。我想只是在國際業務方面比北美方面弱一些。我認為您評論說卡到雲的採用率沒有那麼高，但我只是想看看這是否真的是主要問題。還有其他事情發生嗎？ OUS 市場面臨任何類型的經濟挑戰嗎？

Yes. Thanks for the question, Mike. And really, truly, the major component is getting Card-to-Cloud in those areas. If Card-to-Cloud had the same adoption in Europe, Middle East, Africa and Rest of World as it did within the U.S., Canada, we would be seeing significantly higher device growth numbers. And so that's -- it's item #1 on how we can address that.

是的。謝謝你的提問，麥克。確實，真正的主要組成部分是在這些領域實現卡到雲端。如果卡到雲端在歐洲、中東、非洲和世界其他地區的採用率與在美國、加拿大的採用率相同，我們將看到顯著更高的設備成長數量。這就是我們如何解決這個問題的第 1 項。

And actually, in countries where there's no reimbursement models and others, we are pushing towards those Card-to-Cloud as well as increasing, as I said earlier, to Gretel's question, the flow of AirSense 11. One other thing that Brett did note in his prepared remarks was that this quarter a year ago, Europe saw very high sales of ventilators. Some of that was in the COVID space and in the response to some recalls from a competitor space around ventilators in Europe where ventilators, respiratory care is a larger portion of our European business than it is in the U.S. And so that was in the comp on the other side.

事實上，在沒有報銷模式和其他模式的國家，我們正在推動卡到雲的發展，正如我之前針對 Gretel 的問題所說，增加 AirSense 11 的流量。準備好的演講中表示，一年前的這個季度，歐洲的呼吸器銷量非常高。其中一些是在新冠疫情領域，也是為了回應歐洲呼吸器競爭對手領域的一些召回，其中呼吸機、呼吸護理在我們歐洲業務中所佔的比例比在美國更大。

So those are the 2 main factors that were there. Card-to-Cloud adoption and year-on-year with regard to our noninvasive ventilation, life support ventilation and whole respiratory care business, if you like, in Europe was just a bigger portion of the business there. But thanks for the question, Mike.

這些就是存在的兩個主要因素。就我們的非侵入性通氣、生命維持通氣和整個呼吸照護業務而言，卡到雲的採用和年成長只是歐洲業務的更大一部分。但謝謝你的提問，麥克。

Next question is coming from David Bailey from Macquarie.

下一個問題來自麥格理的大衛貝利。

Yes. Brett, you sort of mentioned some of the constraints to set up from component shortages in a competitor recall. Just interested in your thoughts on that patient backlog. If you've got any estimates as to how many patients do you think could be waiting for a device, how long it will take to work through? And what that might mean for industry growth relative to that mid-single-digit number you sort of talked to previously.

是的。布雷特，您提到了競爭對手召回中因零件短缺而產生的一些限制。只是想知道您對患者積壓的想法。如果您估計有多少患者可能正在等待設備，需要多長時間才能完成？相對於您之前談到的中個位數數字，這對行業成長可能意味著什麼。

Well, look, I'll have a go at that first, David. Thanks for the question. Brett, please and Rob and Dave follow along. Look, there's excess demand that's out there with your #2 player in a highly competitive market being out of the market for 15 months now, and they say they may be back in January, but I'm not optimistic that they'll actually be back given all the issues that are there for them.

好吧，大衛，我先試試。謝謝你的提問。布雷特，請羅布和戴夫跟上。看，在競爭激烈的市場中，您的排名第二的玩家已經退出市場 15 個月了，他們說他們可能會在 1 月份回來，但我對他們實際上會回來並不樂觀。的所有問題。

And so we look at that and say, let's do as much as we can towards this. We know we are not getting there. When we know the size of the market, we know the total flow of patients. We know what our #1 share was, how it's grown, and we're taking care of all of that. We know what their #2 share was and how that's grown, and we know we're taking a high double-digit percentage of that, but not all of it. We're not at 100% of it. And so we know there's that gap to fill, which is excess demand.

所以我們考慮到這一點並說，讓我們盡我們所能來實現這一目標。我們知道我們還達不到目標。當我們知道市場規模時，我們就知道患者的總流量。我們知道我們的第一份額是什麼，它是如何成長的，我們正在處理所有這些。我們知道他們的第二大份額是什麼以及它是如何成長的，我們知道我們佔據了其中兩位數的高百分比，但不是全部。我們還沒有做到100%。所以我們知道有一個缺口需要填補，就是需求過剩。

Yes, it does build up to a pipeline -- a great pipeline of patients that are out there. But on the downside, it's tough for those patients because wait times go from days and weeks to weeks and months and from months to quarters in some regions. And so that's why we are and have pivoted for this redesign and reengineered AirSense 10 Card-to-Cloud. It's why we are redesigning parts and pieces within our AirSense 11 and our AirSense 10 connected devices. And we're ramping up all 3 of those.

是的，它確實建立了一條管道——一條巨大的患者管道。但不利的一面是，這對這些患者來說很困難，因為在某些地區，等待時間從幾天、幾週到幾週、幾個月，甚至從幾個月到幾季。這就是我們現在並且已經致力於重新設計和重新設計 AirSense 10 卡到雲端的原因。這就是為什麼我們要重新設計 AirSense 11 和 AirSense 10 連接裝置中的零件。我們正在加強這三個方面的工作。

So if you put it together, we have the #1 product in the market, the best product, which is the AirSense 11. We then have the #2 best product, which is the AirSense 10 fully connected. And we have the #3 best device, which is the AirSense 10 Card-to-Cloud. And we're selling all 3 and ramping up all 3 throughout our Sydney, our Singapore, Atlanta and European distribution centers. And so we're doing the best we can. It'd be very difficult -- I mean we do have a lot of quantification on it, but for competitive reasons, I don't want to go out to exactly what we're looking at. But the timing of how we feel it is dependent upon how fast we get the components and parts and pieces into our Singapore plant and beyond. And those every day, they get better.

因此，如果把它們放在一起，我們擁有市場上排名第一的產品，最好的產品，即 AirSense 11。我們擁有排名第三的最佳設備，即 AirSense 10 卡到雲端。我們正在出售所有 3 種產品，並在雪梨、新加坡、亞特蘭大和歐洲配送中心增加這 3 種產品的數量。所以我們正在盡力而為。這會非常困難——我的意思是我們確實有很多量化的方法，但出於競爭的原因，我不想具體討論我們正在研究的內容。但我們的感受取決於我們將零件運入新加坡工廠及其他地方的速度。每一天，他們都會變得更好。

I said in the prep remarks, that every quarter this year, we're going to make more and more of the AirSense 10 Card-to-Cloud, we're going to make more and more of the AirSense 11. You've seen that. We delivered in June. We delivered in September. We will deliver again in December. We'll deliver again in March '23. We'll deliver again in June '23. And so every quarter, we'll give you the update on it.

我在準備發言中說過，今年每個季度，我們都會生產越來越多的 AirSense 10 卡到雲，我們也會生產越來越多的 AirSense 11。我們六月交付。我們九月交付。我們將在 12 月再次發貨。我們將在 23 年 3 月再次出貨。我們將在 23 年 6 月再次出貨。因此，每個季度我們都會向您提供最新情況。

But I almost don't want to quantify it on a time basis because we know what it is on a device basis, I want the time to get shorter and shorter as ResMed accelerates faster and faster towards getting that excess demand and making sure our supply can get us close to meeting it. And then when we meet it, we can then get back to a balanced inventory situation.

但我幾乎不想在時間上量化它，因為我們知道它在設備上是什麼，我希望時間變得越來越短，因為瑞思邁越來越快地加速滿足過剩需求並確保我們的供應可以讓我們接近實現它。然後當我們滿足它時，我們就可以回到平衡的庫存狀況。

Next question is coming from Matt Taylor from Jefferies.

下一個問題來自傑富瑞 (Jefferies) 的馬特泰勒 (Matt Taylor)。

This is [Zack] on for Matt. I was just curious if you could give some color on supply chain improvement on a quarter-over-quarter basis? And any color on how you can reach full capacity over the next couple of quarters.

這是馬特的[扎克]。我只是好奇您能否對供應鏈環比改善情況進行一些說明？以及有關如何在接下來的幾個季度達到滿負荷生產的任何顏色。

Rob, do you want to have a go at that?

羅布，你想嘗試嗎？

Sure. Thanks, [Zack]. Yes, Mick was talking before around the quarter-on-quarter, and we're talking device volumes there. And you heard Brett's earlier comment saying we're sort of seeing a stabilizing view of the supply chain. And what had happened in the past was that you think you had a plan, but then these decommits had come through. Now we're definitely seeing a big reduction in the rate of decommits. They're not fully gone. And so there is that sort of still some uncertainty in exactly which products we can deliver on what day because some of the commits can come at -- come out.

當然。謝謝，[扎克]。是的，米克之前曾談論過季度環比，我們談論的是那裡的設備數量。你聽到布雷特早些時候的評論說我們看到了供應鏈的穩定前景。過去發生的事情是，你認為你有一個計劃，但後來這些撤銷已經實現了。現在我們肯定會看到退役率大幅下降。他們還沒有完全消失。因此，我們到底能在哪一天交付哪些產品仍存在一些不確定性，因為一些承諾可能會出現。

Other things that are going to help us going forward is that the engineering projects that Mick talked about, including validating new component -- new communications modules. And recall, we're in an environment of the economy and consumer products. It looks like the demand, the excess demand of phones and those types of devices is moderating a bit.

其他有助於我們前進的事情是米克談到的工程項目，包括驗證新組件——新通訊模組。回想一下，我們處於經濟和消費品的環境。看起來手機和此類設備的需求、過剩需求正在放緩。

The excess demand that autos were creating isn't moderating as far as we can see, and that's still very significant. And in fact, the technologies that we use are more likely to be the types of things in autos than in phones. So there is still some sort of industry pressure on the chip components, but as our engineering projects develop and we get more options validated, we have more likelihood of increasing that volume.

據我們所知，汽車產生的過剩需求並沒有緩解，而且仍然非常嚴重。事實上，我們使用的技術更有可能是汽車中的技術，而不是手機中的技術。因此，晶片組件仍然面臨某種行業壓力，但隨著我們的工程項目的發展以及更多選項的驗證，我們更有可能增加產量。

And so what we're saying is we're actually producing a huge amount more devices now than we were, say, before the pandemic or even before the competitive recall happened. And our plans, if we can follow it, you can see in our inventories, we've got the parts for it. If we get the final parts in, we'll absolutely keep driving these volumes. And there's risk to the upside. We haven't completely eliminated risk to the downside but we're pretty confident that we're in good shape.

所以我們要說的是，我們現在生產的設備實際上比大流行之前甚至競爭性召回發生之前要多得多。我們的計劃，如果我們能夠遵循它，你可以在我們的庫存中看到，我們已經有了它的零件。如果我們得到最終的部分，我們絕對會繼續推動這些銷售。且有上行風險。我們尚未完全消除下行風險，但我們非常有信心我們的狀況良好。

Next question today is coming from Lyanne Harrison from Bank of America.

今天的下一個問題來自美國銀行的 Lyanne Harrison。

Just following on that question about how long your competitor might be out of the market. If that gets delayed or pushed out up to 24 months, do you think ResMed will be -- have enough production volume as we think about third quarter fiscal and fourth quarter fiscal, enough volume to meet the gap that Philips has left? And then also, last quarter, you also spoke about some of your demand generation initiatives. Are you at a point now in terms of your visibility on production that you're implementing some of those demand generation initiatives?

接下來的問題是你的競爭對手可能會退出市場多久。如果這項計畫被推遲或推遲長達24 個月，您認為瑞思邁是否會擁有足夠的產量，就像我們考慮的第三季財報和第四季財報那樣，有足夠的產量來填補飛利浦留下的缺口嗎？然後，上個季度，您還談到了一些需求產生計劃。就生產可見度而言，您現在是否正在實施一些需求產生計劃？

Thanks, Lyanne. It's a really good question with sort of 2 elements to it. One, that's difficult for me to determine because it requires knowledge of the U.S. government from FDA and DOJ and a consent decree with a competitor that I'm not involved in those conversations. I see what we all see publicly out there. And so how long our competitor will be out, we don't know. But we run scenarios on that, right, but they'll come back in January, they come back in July, they'll come back later than that in 2023.

謝謝，萊安。這是一個非常好的問題，有兩個要素。第一，這對我來說很難確定，因為這需要 FDA 和 DOJ 的美國政府的了解，以及與競爭對手的同意令，表明我不參與這些對話。我看到了我們所有人都在公開場合看到的情況。因此我們不知道我們的競爭對手會退出多久。但我們對此進行了設想，對吧，但他們會在一月份、七月回來，他們會比 2023 年更晚回來。

And as I look at that, I think about our ability and what we can do in every quarter, we're going to increase production of AirSense 10 Card-to-Cloud, AirSense 10 [coms], AirSense 11 coms . And so if I track those lines up and move them up, there are scenarios where we can get to the full industry demand in calendar year 2023. A lot of things have to come together for that to happen. And there's a lot of scenarios, as Rob said, around parts and pieces coming in and on the other side. But we're doing everything we can to get closer and closer to that.

當我看到這一點時，我想到了我們的能力以及我們每個季度可以做的事情，我們將增加 AirSense 10 卡到雲端、AirSense 10 [coms]、AirSense 11 coms 的產量。因此，如果我追蹤這些隊列並將其向上移動，在某些情況下我們可以在 2023 年滿足整個行業的需求。正如羅布所說，關於零件進入和另一側存在著許多情況。但我們正在盡一切努力來離這個目標越來越近。

I -- so yes, I mean, we can strive towards it, and we're going to move towards it. And we want no patient left behind. We want anyone who suffocates and gets a prescription to have a short wait time no matter what country they're in to a ResMed device and we're doing everything we can to keep up with that excess demand. It will be there for the next 3, 6, 9, 12 months. But as you start to look through 2023, I think, yes, potentially the supply and demand curves could cross over for us and the other players in the industry as well. So how long -- there's a number of scenarios around that, as I discussed.

我——是的，我的意思是，我們可以努力實現這一目標，而且我們將朝著這個目標前進。我們不希望任何一個病人掉隊。我們希望任何窒息並獲得處方的人，無論他們在哪個國家，都可以在短時間內獲得 ResMed 設備，並且我們正在盡一切努力滿足這種過剩的需求。它將在接下來的 3、6、9、12 個月內存在。但當你開始展望 2023 年時，我認為，是的，我們和行業其他參與者的供需曲線可能會交叉。那麼多久——正如我所討論的，圍繞這個問題有很多場景。

Second part of your question, demand gen initiatives. Yes, we have some really exciting demand gen initiatives from our Asia, Latin America team, the work that we're doing in China and in India and Brazil. These huge population markets to look at different methods of getting to patients and ensuring that care is delivered across socioeconomic bounds and there's health equity and the delivery of our products in these high-growth markets or some really exciting things Justin Leong and his team are driving in our Asia, Latin America demand gen initiatives.

你問題的第二部分，需求產生計劃。是的，我們的亞洲、拉丁美洲團隊以及我們在中國、印度和巴西所做的工作確實帶來了一些令人興奮的需求產生計劃。這些巨大的人口市場需要考慮不同的方法來接觸患者並確保跨越社會經濟界限提供護理，並且在這些高增長市場中實現健康公平和我們的產品交付，或者賈斯汀·梁（Justin Leong）和他的團隊正在推動一些真正令人興奮的事情在我們的亞洲、拉丁美洲需要發電計劃。

And then here in the U.S. market, we've got some really exciting work in our joint venture with Verily called Primasun. I just ran into the CEO of Primasun there at the med tech conference this week in Boston. And there's some really exciting milestones that we'll be looking at throughout calendar year 2023 to drive demand gen to identify, engage and enroll patients.

然後在美國市場，我們與 Verily 的合資企業 Primasun 取得了一些非常令人興奮的成果。我剛剛在本週波士頓舉行的醫療技術會議上遇到了 Primasun 的執行長。我們將在 2023 年全年關註一些非常令人興奮的里程碑，以推動需求產生，以識別、吸引和招募患者。

Actually, sleep concern consumers to a pathway to become patients. And so those will start to roll out during the year. In addition, our Western European and Northern European teams and our teams across the world have really exciting programs that, frankly, we've been experimenting and piloting on during the COVID crisis, the embracement of digital health, the embracement of respiratory health, the embracement of care delivered outside the home during the COVID crisis. And actually, during our competitive recall crisis, I think we've seen an ability for us to partner even more closely with our partners in the channel physicians and providers are willing to experiment even more.

事實上，睡眠關係到消費者成為患者的途徑。因此，這些將在今年開始推出。此外，我們的西歐和北歐團隊以及我們在世界各地的團隊都有非常令人興奮的計劃，坦率地說，我們一直在新冠危機期間進行試驗和試點，擁抱數字健康、擁抱呼吸健康、在新冠病毒危機期間接受家庭外提供的照護。事實上，在我們的競爭性召回危機期間，我認為我們已經看到了我們與通路合作夥伴進行更密切合作的能力，醫生和提供者願意進行更多實驗。

So I do expect us to turn on a number of these demand gen initiatives throughout calendar year 2023 as we start to get supply up to where demand is and then can drive core demand of the market back again through that demand gen. So great question, Lyanne, and thanks for that.

因此，我確實預計我們將在 2023 年全年啟動許多此類需求產生計劃，因為我們開始將供應達到需求水平，然後透過該需求產生再次推動市場的核心需求回歸。這是一個很好的問題，萊安，謝謝你。

Next question is coming from Craig Wong-Pan from RBC. (Operator Instructions)

下一個問題來自 RBC 的 Craig Wong-Pan。 （操作員說明）

Sorry about that. The -- I think there's been some changes with some of the expectations for cost loans like R&D, I think, is now -- it's like to be 6% to 7% of sales versus previously 7% to 8%. And then the Primasun joint ventures, the losses have increased as well. Could you just talk about what's led to those shifts in expectations?

對此感到抱歉。我認為對研發等成本貸款的預期發生了一些變化，我認為現在是銷售額的 6% 至 7%，而之前為 7% 至 8%。然後是Primasun合資公司，虧損也加大了。您能談談是什麼導致了這些期望的轉變嗎？

Yes, sure. I'll take that, Mick.

是的，當然。我會接受的，米克。

Brett, I think that's a great question for you.

布雷特，我認為這對你來說是一個很好的問題。

Yes. Thanks. Yes. On the R&D, it's just uptick slightly lower. But a lot of that has to do with the weaker Australian dollar. As you know, we've got a decent amount of R&D undertaken here in Australia. So it kind of reflects the lower currency there, Craig. It's not -- it doesn't -- will still be -- have the same number or more people in R&D and working on that. But obviously, the translation impact is going to be felt as we forecast forward. So that's on the R&D side of things. And your other question?

是的。謝謝。是的。在研發方面，只是略有下降。但這很大程度與澳元疲軟有關。如您所知，我們在澳洲進行了大量的研發工作。所以這在某種程度上反映了那裡的貨幣貶值，克雷格。它不是——現在不會——仍然會有——有相同數量或更多的人員從事研發和工作。但顯然，正如我們預測的那樣，翻譯影響將會顯現出來。這就是研發方面的事。你的另一個問題是？

The Primasun joint venture has increased...

Primasun 合資企業增加了...

Yes, the Primasun, yes, Mick -- yes, sort of Mick mentioned that some of the milestones, some of the activities that you're undertaking. So they will look to invest or fund more of those demand gen activities as they kind of move into a more commercializing phase. So that's going to uptick, I think, over the next few quarters. Our share of those costs essentially. So that's why I guided that to be a little bit higher over the next several quarters.

是的，Primasun，是的，米克——是的，米克提到了一些里程碑，一些你正在進行的活動。因此，當他們進入更商業化的階段時，他們將尋求投資或資助更多的需求產生活動。因此，我認為，在接下來的幾個季度裡，這一數字將會上升。我們基本上分擔了這些成本。這就是為什麼我在接下來的幾個季度指導該價格略高一些。

Next question is coming from Chris Cooper from Goldman Sachs.

下一個問題來自高盛的克里斯庫柏。

Can I ask one on the outlook for pricing? We heard some pockets of feedback late in the quarter that at least one of your competitors is beginning to price more aggressively on masks. Are you seeing that feed through yet? If you do sort of begin to see a more competitive price environment, how would you envisage responding to that?

可以詢問一下定價前景嗎？我們在本季末聽到一些反饋稱，至少有一個競爭對手開始對口罩定價更加激進。你看到那個回饋了嗎？如果您確實開始看到更具競爭力的價格環境，您會如何應對？

Yes. Thanks for your question, Chris. And certainly, pricing is a big topic always in our industry over these last 12 months as inflation around the world has moved from low-single digits to mid-single digits to high-single digits in almost every country we're in, that we've started to respond to that. And as shipping costs have gone up, we've started to respond to that. As you know, at the start of this calendar year, we instituted some surcharges on products in the U.S. and on Europe for those extra costs that were associated with shipping.

是的。謝謝你的提問，克里斯。當然，在過去12 個月裡，定價一直是我們行業的一個大話題，因為我們所在的幾乎每個國家的通貨膨脹率都從低個位數轉變為中個位數，再到高個位數，我們已經開始對此做出回應。隨著運輸成本的上漲，我們已經開始對此做出回應。如您所知，在今年年初，我們對美國和歐洲的產品徵收了一些附加費，以補償與運輸相關的額外費用。

And then we have, as appropriate, working with customers and within the health care systems increased prices on specific parts and pieces where the costs for us have gone up. And so therefore, we're sharing some of that burden of increased costs with our channel.

然後，我們視情況與客戶和醫療保健系統內合作，提高了我們成本上升的特定零件的價格。因此，我們正在與我們的通路分擔部分增加的成本負擔。

In terms of -- while appreciating your channel check in the conversation with a customer or 2, I -- we are not seeing across the board major changes in ASPs on either the device or the mask side. It's interesting to note that with our really strong growth of masks, they're 11% in the quarter in U.S., Canada and Latin America. That's in a market where there's no recall from anybody. That's just the standard competitive market, and ResMed is out there fighting for it even with the lower flow of new patients, as we talked about earlier, due to the fact that not every patient who needs a new setup is getting it even though the vast majority of those sales are repeat sales to customers already in our installed base of amazing people being treated every day by ResMed masks.

就 - 雖然讚賞您在與客戶或 2 的對話中進行的管道檢查，我 - 我們沒有看到設備或面罩方面 ASP 的全面重大變化。有趣的是，我們的口罩成長非常強勁，本季美國、加拿大和拉丁美洲的口罩成長了 11%。那是在一個沒有任何人召回的市場。這只是標準的競爭市場，即使新患者流量較低，瑞思邁也在爭奪這個市場，正如我們之前談到的，因為並非每個需要新設備的患者都能得到它，儘管大量的患者其中大部分銷售都是對客戶的重複銷售，這些客戶已經在我們的客戶群中，每天都在使用瑞思邁口罩進行治療。

So not a huge sort of impact on pricing right now. If anything, prices are stable to slightly up on devices, and I would say stable in the mask side sort of in line with where they have been. And so no major changes there. Obviously, we watch that. It's a dynamic approach, but we don't focus on price, we focus on value. We talk about how the first time fit with ResMed is where it's at and how the adherence rates are where they are and the mask league is much lower. And customers know that and they track that. And we give them data in AirView in myAir and give them all analytics to know how well our masks are doing compared to the competitors. And that's why the doctors prescribe our masks and it's why the HMEs and home care providers around the world choose our masks.

因此，目前對定價的影響並不大。如果有什麼不同的話，那就是設備上的價格穩定到略有上漲，而且我想說的是，面罩方面的價格穩定與它們一直以來的情況一致。所以那裡沒有重大變化。顯然，我們正在關注這一點。這是一種動態方法，但我們不關注價格，而是關注價值。我們討論了瑞思邁的首次佩戴情況，以及堅持率如何，而面罩聯盟要低得多。客戶知道這一點並且他們會追蹤這一點。我們在 myAir 的 AirView 中向他們提供數據，並為他們提供所有分析，以了解我們的口罩與競爭對手相比的表現如何。這就是醫生開我們的口罩的原因，也是世界各地的 HME 和家庭護理提供者選擇我們的口罩的原因。

So we compete on value, not price. And we look forward to increased competition and increased growth in both the device and mask side. We love a competitive market, and we tend to win in it.

所以我們競爭的是價值，不是價格。我們期待設備和掩模方面的競爭加劇和成長。我們喜歡競爭激烈的市場，我們傾向於在其中獲勝。

Next question is coming from Suraj Kalia from Oppenheimer.

下一個問題來自奧本海默的蘇拉吉·卡利亞（Suraj Kalia）。

So Mick, you mentioned about taking most of the excess demand share. Maybe if I could ask my question a little differently, Mick. So let's say we use 3 buckets. Patients either remain on Philips, patients switched to ResMed or the third bucket that patients are left to find on their own, right? Let's just assume these 3 buckets. How would the pie charts of existing patients versus new patients coming into the funnel look like? Just trying to understand at a very simplistic level, where are we in the share transfer and what is happening to these patients?

米克，您提到要獲取大部分超額需求份額。也許我可以用不同的方式問我的問題，米克。假設我們使用 3 個桶子。患者要么繼續使用飛利浦，要么改用瑞思邁，或者患者只能自己尋找第三個桶，對嗎？我們假設這 3 個桶子。現有患者與進入漏斗的新患者的圓餅圖會是什麼樣子？只是想從一個非常簡單的層面來了解，我們在股權轉讓中處於什麼位置以及這些患者發生了什麼？

Yes. Thanks, Suraj. And I appreciate the angle you're coming out on it. Let me give you my thoughts on it and address your question from this angle. So I'll put it -- I'll say there's 2 buckets. There's new patients and then there's patients getting what we call [repap] or a device that's 5 to 7 years old, let's say, it's out of warranty maybe, 3 to 5 years and they want to upgrade. And then there's a third bucket of patients who are part of the competitive recall.

是的。謝謝，蘇拉吉。我很欣賞你提出的觀點。我來談談我的想法，並從這個角度回答你的問題。所以我會說——我會說有兩個桶子。有新患者，然後有患者得到我們所說的 [repap] 或使用了 5 到 7 年的設備，比方說，它可能已經過了保固期，3 到 5 年，他們想要升級。然後還有第三類患者，他們是競爭性召回的一部分。

So the first bucket, which is new patients. Yes, look, there's ResMed and a bunch of small share players competing all day, every day for those new patients and incredible excess demand and every product we make, we can sell into that space. And we are doing very well and taking a lot of share, as you see in the numbers. 23% growth in devices in U.S., Canada, Latin America, 9% growth worldwide in that category of devices. So doing incredibly well in that new patient's bucket.

所以第一個桶子是新患者。是的，看，瑞思邁和一群小份額參與者整天都在競爭這些新患者和令人難以置信的超額需求，我們生產的每一種產品都可以賣到那個領域。正如您在數字中看到的那樣，我們做得非常好並佔據了很多份額。美國、加拿大、拉丁美洲的設備成長了 23%，全球該類別設備成長了 9%。所以在那個新病人的桶子裡表現得非常好。

If you look at the existing patients that are looking to repap, right, after 3, 5 or 7 years on therapy, I think some home care providers and HMEs in Europe and rest of the world won't be contacting those patients right now. They know the situation. They don't want to get somebody into the channel where the wait times are long. And so I think there's some opportunity for even further excess demand in that second bucket of existing patients looking to repap that haven't been turned on. It's another type of demand gen to Lyanne's question earlier that our channel probably is not turning on much and keeping that dial very low, except for those patients who come and say, look, I really need an upgrade, then they put them in the queue. That's the second bucket.

如果你看看那些在治療 3 年、5 年或 7 年後尋求重新巴氏抹片的現有患者，我認為歐洲和世界其他地區的一些家庭護理提供者和 HME 現在不會聯繫這些患者。他們知道情況。他們不想讓某人進入等待時間很長的管道。因此，我認為，在第二批尚未開啟的、希望重新進行巴氏抹片的現有患者中，有可能出現進一步過剩的需求。這是Lyanne 之前提出的問題的另一種類型的需求生成，我們的頻道可能不會打開太多，並且將旋鈕保持在非常低的水平，除了那些過來說，看，我真的需要升級的患者，然後他們將它們放入隊列中。這是第二個桶子。

The third bucket is the 5.5 million patients who are on a competitive device from the recall that was announced June a year ago. Our competitor, that's their duty and they are working through those. They're not there. They say they're maybe 3 million into the 5 million. I'm skeptical of that. I think they're talking about production numbers versus delivered numbers. As I look to the channels and speaking to people about how many of the devices that they've asked for have actually been received for as part of that recall.

第三類是一年前 6 月宣布召回的 550 萬名患者正在使用有競爭力的設備。我們的競爭對手，這是他們的職責，他們正在努力解決這些問題。他們不在那裡。他們說他們可能是500萬中的300萬。我對此表示懷疑。我認為他們談論的是生產數量與交付數量。當我查看頻道並與人們交談時，他們要求的設備中有多少實際上已經收到，作為召回的一部分。

So that third bucket is tough. And so what does the patient do there? Do they just wait? Or do they go get a prescription and try to go sleepapp.com or easybreathe.com or some other retail channel in a different market and try to come in and drive some excess demand that way.

所以第三個桶子很難。那麼病人在那裡做什麼呢？他們只是等待嗎？或者他們會去獲取處方並嘗試訪問 sleepapp.com 或 easybreathe.com 或其他不同市場的零售管道，並嘗試以這種方式進入並推動一些過剩需求。

It's very hard to determine all of that. We do have some numbers around it. But that third bucket is really the duty of our competitor to take care of, and they're working their way through it. And it looks like it's 18 months through to December. If they get there by June next year, that's 24 months. I'd hope that they are at least there then and can come back. Again, as I said earlier, with the scenarios, we're looking at all sorts of scenarios. I want them back. I love the competitive game. I love beating them in the game of who's got the smallest, quietest, most comfortable and most cloud-connected device that lowers costs and improves outcomes. And we were doing that in 2019. Actually, from the launch of AirSense 10 in 2014 to 2019 for 5 strong years, and I look forward to continuing to do that afterwards. But that's how I'd look at it.

很難確定所有這些。我們確實有一些數字。但第三個桶子確實是我們的競爭對手有責任照顧的，他們正在努力解決這個問題。距離 12 月似乎還有 18 個月。如果他們在明年 6 月之前到達那裡，那就是 24 個月。我希望他們至少當時就在那裡並且能夠回來。同樣，正如我之前所說，對於場景，我們正在考慮各種場景。我想要他們回來。我喜歡競技遊戲。我喜歡在比賽中擊敗他們，看誰擁有最小、最安靜、最舒適、最雲端連接的設備，從而降低成本並改善結果。我們在 2019 年就這樣做了。但我就是這麼看的。

Three buckets, new patients are doing incredibly well. Repap, not really turning that dial right now, probably turn it on as we get demand gen. And the third one, yes, we will be getting some of that. We're not fighting for that because that's not where we want to play. That's a competitor's duty to take care of them. And we're focused for the long run. And the 1 billion people worldwide is suffocate who haven't yet been brought into the channel. That's the real opportunity. Thanks for the question, Suraj.

三個桶，新病人都表現得非常好。 Repap，現在還沒有真正轉動那個旋鈕，可能會在我們得到需求生成時將其打開。第三個，是的，我們將會得到其中的一些。我們不會為此而戰，因為那不是我們想要打球的地方。照顧他們是競爭對手的責任。我們著眼於長期。全世界還有 10 億尚未被帶入該海峽的人感到窒息。這才是真正的機會。謝謝你的提問，蘇拉吉。

Next question is coming from Margaret Kaczor from William Blair.

下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾。

This is Maggie on for Margaret. I wanted to ask on the mass growth specifically and just trying to get a better picture of the resupply trend. So obviously, I can appreciate the amount of new patients coming on service. But maybe if you can kind of talk about the resupply trends and what you're seeing and what we can kind of expect for the remainder of the fiscal year.

這是瑪姬為瑪格麗特配音。我想具體詢問大規模成長情況，只是想更了解補給趨勢。顯然，我很欣賞接受服務的新患者數量。但也許您可以談談補給趨勢、您所看到的以及我們對本財年剩餘時間的預期。

Thanks, Maggie. Look, it's a really good question around resupply. And as you know, looking at our SaaS business through Brightree resupply and Snap resupply, we have some really good models in our SaaS business that's truly the synergy between our SaaS business and our core sleep and Respiratory Care business. And we've got the back-end synergies around cyber securities we talked to earlier, cloud ops and interoperability, but the front-end synergies there around driving resupply have been really strong and Brightree resupply and Snap resupplier are a good part of driving that resupply revenue.

謝謝，瑪吉。聽著，這是一個關於補給的非常好的問題。如您所知，透過 Brightree resupply 和 Snap resupply 審視我們的 SaaS 業務，我們在 SaaS 業務中有一些非常好的模型，這些模型真正是我們的 SaaS 業務與核心睡眠和呼吸護理業務之間的協同作用。我們之前討論過的圍繞網路安全、雲端操作和互通性的後端協同效應，但圍繞著推動補給的前端協同作用非常強大，Brightree 補給和 Snap 補給是推動這一進程的重要組成部分。供給收入。

Yes. I mean, look, you saw 11% growth, right, in U.S., Canada and Latin America in those resupply. And the U.S. is primarily the market for that where there are very sophisticated models and a very strong incentive for both the patient, the provider and ResMed and actually the payer with the return that they get by reduced hospitalizations to ensure that patients continue to get new masks.

是的。我的意思是，你看，美國、加拿大和拉丁美洲的補給成長了 11%，對吧。美國主要是這樣的市場，這裡有非常複雜的模型，對患者、醫療服務提供者和瑞思邁以及實際上的付款人都有非常強烈的激勵，他們通過減少住院治療獲得回報，以確保患者繼續獲得新的治療面具。

Those systems are not quite as evolved or implemented within Europe, Middle East, Africa and Rest of World and so -- and Asia Pac. We do have models, particularly where we're working directly with providers and/or patients to drive resupply models and those are working well. But look, there's a -- I would say there's a lot of opportunity to drive resupply in Europe, middle East, Africa and Asia Pacific. And if you look at Katrin Pucknat, and our team in Germany and what she's doing to engage with patients, you look at Justin Leong and what he's doing across Asia and Latin America to engage directly with patients and show them the path to get a fresh, clean new mask on a regular basis and become part of a subscription program for that. There's a lot of innovation to come.

這些系統在歐洲、中東、非洲和世界其他地區以及亞太地區的發展或實施並不完全。我們確實有模型，特別是當我們直接與提供者和/或患者合作來推動補給模型時，這些模型運作良好。但是，我想說，歐洲、中東、非洲和亞太地區有很多推動補給的機會。如果你看看Katrin Pucknat 和我們在德國的團隊以及她為與患者互動所做的事情，你就會看看Justin Leong 以及他在亞洲和拉丁美洲所做的直接與患者互動並向他們展示獲得新療程的途徑。還有很多創新即將到來。

So look, I'm proud of the 8% growth in a tough environment with new patients coming in. I want that to get higher. And I certainly want Europe, Asia and Rest of World to go from low to mid- to high single digits again. And we will get there as that resupply and the new patient flow, both come to market. So a lot of moving pieces there, Maggie. Thanks for the question.

因此，我對在新患者湧入的艱難環境下實現 8% 的成長感到自豪。我當然希望歐洲、亞洲和世界其他地區能再次從低個位數上升到中高個位數。當補給和新的病人流都進入市場時，我們就會到達那裡。那裡有很多令人感動的事情，瑪姬。謝謝你的提問。

Our next question today is coming from Mathieu Chevrier from Citi.

今天我們的下一個問題來自花旗集團的 Mathieu Chevrier。

Just a longer-term question. How do you see home testing and the Primasun JV impacting the longer-term growth rate of the industry?

只是一個更長遠的問題。您如何看待家庭測試和 Primasun 合資企業對產業長期成長率的影響？

Yes. Look, it's a great question. Home sleep apnea testing is now just part of the game. I think what happened during COVID is we were all forced to do telehealth, digital health and to embrace that across the 140 countries that we are in. And we've seen increased adoption rates of home sleep testing across the world. It's just really exciting. I mean, look, if you look at France and Germany, France, it always adopted home sleep testing and very, very good rates of that. Germany really hadn't pre-COVID now has and the physicians have seen it the home care providers have seen it, and we're vertically integrating that market. So we're really driving the adoption if you look at Northern and Western Europe of home sleep testing.

是的。聽著，這是一個很好的問題。家庭睡眠呼吸中止症測試現在只是遊戲的一部分。我認為新冠疫情期間發生的事情是，我們都被迫進行遠距醫療、數位醫療，並在我們所在的140 個國家/地區接受這一點。所提高。這真的很令人興奮。我的意思是，如果你看看法國和德國，法國總是採用家庭睡眠測試，而且比例非常非常高。德國在新冠疫情之前確實沒有現在這樣的情況，醫生已經看到了這一點，家庭護理提供者也已經看到了這一點，我們正在垂直整合該市場。因此，如果您看看北歐和西歐的家庭睡眠測試，我們確實在推動採用。

And I do think when and if -- I don't know when we get our supply up to where demand is, we can start to turn on those home sleep testing demand gen opportunities because, as I said earlier, 1 billion people suffocating worldwide. We've got less than 20% on treatment in the U.S., less than 10%, 15% in Europe and less than 5% in Asia, less than 1% in some of the high population countries. And so home sleep testing is a really interesting path for that.

我確實認為，如果——我不知道什麼時候我們的供應能夠滿足需求，我們就可以開始開啟那些家庭睡眠測試需求的機會，因為正如我之前所說，全世界有 10 億人窒息而死。在美國，我們的治療率不到 20%，在歐洲不到 10%，在歐洲不到 15%，在亞洲不到 5%，在一些人口較多的國家不到 1%。因此，家庭睡眠測試是一條非常有趣的途徑。

There were some really interesting sort of viral videos. Our India team is doing a great job. They've actually got an Indian rap star to talk about home sleep testing. We saw a huge spike in the response rate and people going through that. It's really interesting with relatively low cost. These pilots and experiments we're doing with not old schooled media buying a Super Bowl ad or buying an add on Champions League, European football. We're going down to social media levels and using, I would say, very strong interesting experiments around social media marketing to drive demand gen for home sleep testing. And if you ask a person, would they prefer to be tested for sleep apnea in their home or in a hospital, 80% of people say in the home. 20% really should always go to a hospital. They have a comorbidity, history of stroke, history of heart attack, COPD, some other comorbidity or some other sleep disorder. And there are 100 other sleep disorders other than sleep apnea. They're rare, but they're there.

有一些非常有趣的病毒影片。我們的印度團隊做得很好。他們實際上有一位印度說唱明星來談論家庭睡眠測試。我們看到回覆率大幅上升，人們也經歷了這個過程。這確實很有趣，而且成本相對較低。我們正在做的這些試點和實驗不是傳統媒體購買超級盃廣告或購買歐洲冠軍聯賽、歐洲足球的附加內容。我想說，我們將深入到社交媒體層面，並使用圍繞社交媒體行銷的非常有趣的實驗來推動家庭睡眠測試的需求。如果你問一個人，他們願意在家中還是在醫院接受睡眠呼吸中止症測試，80% 的人說在家中進行。 20% 的人確實應該經常去醫院。他們有合併症、中風史、心臟病史、慢性阻塞性肺病、其他一些共病或其他一些睡眠障礙。除了睡眠呼吸中止症之外，還有 100 種其他睡眠障礙。它們很罕見，但確實存在。

So we're going to ramp up home sleep testing in the U.S. with our Verily joint venture, but we're also going to do it directly with all of our home care partners across the U.S. and in the other 140 countries we do business in. So thanks a lot for the question. And I think that will be our last question. We're just running straight up. And one more question, maybe. Amy, what do you think?

因此，我們將透過我們的 Verily 合資企業在美國加強家庭睡眠測試，但我們也將直接與美國各地以及我們開展業務的其他 140 個國家/地區的所有家庭護理合作夥伴一起開展這項工作。您的提問。我認為這將是我們的最後一個問題。我們只是直線奔跑。也許還有一個問題。艾米，你覺得怎麼樣？

Our final question today is coming from Steve Wheen from Jarden.

我們今天的最後一個問題來自賈登的史蒂夫·惠恩。

I just wonder in response to the consent decree that Philips is in the process of negotiating. They've obviously done a very large impairment to the Respironics business. Do you have any sort of thoughts as to what they might be needing to contemplate as part of that, whether it impacts innovation, whether it impacts their ability to manufacture just if you had any high-level thoughts as to what you think that decree could look like?

我只是想知道飛利浦正在談判中以回應同意令。他們顯然對偉康業務造成了極大的損害。您是否對他們可能需要考慮的內容有任何想法，是否會影響創新，是否會影響他們的製造能力，如果您對您認為該法令可以做什麼有任何高層次的想法看起來像？

That's a great question. I'll give some thoughts and hand to Dave Pendarvis, who's not only our Chief Administrative Officer, but also a lawyer and maybe we'll understand that. Look, you have to wait until these things come out. We haven't seen a public discussion of what the consent decree looks like. They're negotiating it now. So when that comes out, we'll look at it.

這是一個很好的問題。我會向 Dave Pendarvis 提出一些想法，他不僅是我們的首席行政官，也是律師，也許我們會理解這一點。聽著，你必須等到這些事情出來。我們還沒有看到關於同意令的公開討論。他們現在正在談判。所以當它出來時，我們會看看它。

What has been public is a number of responses on that 483 and really specifically talking about culture changes, management changes and a focus on quality. The reengineering and recultural training that, that type of change requires a lot of work. And I would think people will have to move from development and R&D back to what I would call quality remediation and quality systems improvement. So there will be some sort of quality debt, if you like, that would be needed to pay back if you just read through the public information on that 483.

已經公開的是對 483 的許多回應，並且真正具體地談論了文化變革、管理變革和對品質的關注。再造和再文化培訓，這種類型的改變需要大量的工作。我認為人們將不得不從開發和研發轉向我所說的品質補救和品質系統改進。因此，如果您願意的話，只要您閱讀有關 483 的公開信息，就需要償還某種質量債務。

But Dave, what are your thoughts and perspective on this?

但戴夫，你對此有何想法和觀點？

Yes, I think you've got it right, Mick. The -- there's a broad range of where this thing could land from sort of a watch and report on the one hand to almost closing down operations on the other end. And without being in the mix of either talking to the agency or talking to the company, which we can't do either one on this particular topic, it's hard to know where they're going to land in between there. But as Mick said, if you look at the public statements, which is both the 483 and also their proposal to take control of the recall, you can see the issues that the agency is concerned about. And so what they're going to want to do is get assurance that those issues are not going to put patients at risk in the future.

是的，我認為你說得對，米克。這個東西可以降落的範圍很廣，一方面是一種監視和報告，另一方面幾乎可以關閉操作。如果不與代理商交談或與公司交談（在這個特定主題上我們無法做到任何一個），就很難知道他們會在這兩者之間找到什麼。但正如米克所說，如果你看看公開聲明，既是483，也是他們控制召回的提議，你就可以看到該機構所關心的問題。因此，他們想要做的是確保這些問題不會在未來使患者面臨風險。

You've got to have systems in place not only for the products that are issued now but for other products that may be out there on the market or be brought to the market in the future. So except for the agency, obviously, it's a consent decree for a reason. It means that there is an agreement between the parties as to what those parameters will be. And until they announce it, it's really tough to speculate on what the exact details will be. But -- and as I said, there's a pretty broad range. Thanks.

您不僅必須為現在發行的產品建立適當的系統，而且還必須為市場上可能存在或將來推向市場的其他產品建立適當的系統。因此，除了該機構之外，顯然，這是一項同意令是有原因的。這意味著雙方就這些參數達成了一致。在他們宣布之前，很難猜測確切的細節。但是——正如我所說，範圍相當廣泛。謝謝。

We've 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.

我們的問答環節已經結束。我想將發言權交還給米克，以徵求進一步的結束意見。

Well, thanks, Kevin, and thank you to all of our shareholders for joining us on this call. I'd like to once again take the opportunity to thank the 8,600 ResMedians, many of whom are also shareholders for their dedication and hard work, helping people breathe better, sleep better and live better lives in residential medicine in over 140 countries worldwide. Thanks for all that you do. I look forward to talking with you all right here in 90 days. Thank you.

好吧，謝謝凱文，也感謝我們所有的股東參加這次電話會議。我想再次藉此機會感謝8,600 名ResMedians，他們中的許多人也是股東，他們的奉獻和辛勤工作幫助全球140 多個國家的住院醫療中心的人們呼吸得更好、睡眠得更好、生活得更好。感謝你所做的一切。我期待著 90 天後在這裡與大家交談。謝謝。

Thank you. 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.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。