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 ResMed 2023 財年第一季度財報電話會議。 （操作員說明）作為提醒，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您的主持人，投資者關係和企業傳播副總裁 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。該電話正在網絡直播，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，以及他們的收益新聞稿和演示文稿的副本，現在都可以使用。

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.

今天和我一起參加電話會議的是首席執行官 Mick Farrell；和首席財務官布雷特·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 戰略目標的進展情況，並在我們繼續應對當前宏觀行業和供應鏈挑戰的過程中討論現狀。然後，布雷特將更詳細地審查我們的財務業績。最後，我們將進入電話會議的問答部分。在問答環節，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 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.

在我們今天的電話會議中，我們將討論幾項非公認會計原則的措施。有關非公認會計原則措施的對賬，請查看今天收益發布中的支持時間表。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。請查看我們提交給美國證券交易委員會的文件，以全面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'd like to now turn the call over to Mick.

我現在想把電話轉給 Mick。

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，感謝我們所有的利益相關者今天加入我們，因為我們審查了 2023 財年第一季度 9 月季度的業績。這些財務業績表明，在強勁的銷售增長推動下，我們整個業務的業績穩健美洲地區以及全球對我們的睡眠和呼吸護理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.

鑑於供應鏈的限制，實現這些數字並非易事，但我們正著眼於長遠發展。當然，我們看到許多其他行業也面臨同樣的宏觀經濟挑戰，以及在過去 18 個月內競爭對手驅動的供需失衡的行業特定問題，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以市場領先的療法和軟件解決方案為中心和解決問題、支持客戶和滿足世界各地人們的需求的令人難以置信的能力。

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.

我們在上個季度通過重新設計的 AirSense 10 卡到雲設備取得成功的基礎上再接再厲。客戶的接受度一直很高，尤其是在美國地區，這使我們能夠在繼續應對全球供應鏈挑戰的同時大幅增加運輸量以支持患者需求。

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，我們看到 AirSense 10 Card-to-Cloud 設備的採用程度與我們在美國不同。這是因為我們 100% 的雲可連接平台，例如就像 AirSense 11 和其他產品一樣，我們的軟件解決方案生態系統如此嵌入到醫療保健系統的工作流程中。這在我們合作開發數字醫療報銷模式的國家尤為明顯。

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.

法國和日本等國家及其他國家/地區的客戶更願意使用我們 100% 可連接雲的設備的有限產品流程，而不是更改卡到雲模型的工作流程。雖然這意味著一些患者在這些地區的等待時間會更長，但它確實顯示了我們長期數字健康戰略的力量，降低勞動力成本、提高效率和改善患者治療效果實在是太難了。

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，卡到雲設備的重新設計和推出極大地提高了我們更接近於滿足市場上令人難以置信的需求的能力。 AirSense 10 Card-to-Cloud 為本季度帶來了有意義的增長。更重要的是，這意味著患者可以使用世界領先的 ResMed 設備來治療他們的睡眠呼吸暫停。顯然，推出這個平台來解決激增的需求是正確的決定。

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暫停、慢性阻塞性肺病、神經肌肉疾病引起的呼吸功能不全、肥胖、換氣不足綜合徵、哮喘的人以及所有需要使用我們的門診的人-院外醫療保健系統。我們的目標是確保患者在需要的地點和時間獲得所需的護理。

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.

我們將繼續與我們的全球供應鏈合作，以增加對加速生產我們的醫療設備所需的關鍵組件的訪問。上個月，我有機會飛往悉尼，並在 3 年來第一次在悉尼的 STAR 供應商活動中親自會見了我們的許多供應商合作夥伴。 STAR 是我們與頂級供應商合作的年度慶典。

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.

該活動也是一個機會，讓我們的關鍵供應商能夠將 ResMed 的故事變為現實，重點關注我們每天所做的事情對拯救生命的重要性。我們向我們的供應商展示，增加 ResMed 的組件分配最終會使全球的患者、提供者、醫生和我們所有的利益相關者受益。來自 STAR 活動的供應商反饋非常積極，許多與會者評論了該活動如何幫助他們更好地了解我們在 ResMed 對患者的強烈關注，以及我們對產品質量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，我們的供應商反應積極，我可以分享這一點，我們預計在整個財年及以後的每個季度，瑞思邁的設備產量都會穩步增長。

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情況。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、開發和交付市場領先的醫療設備以及可在全球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 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.

我們稱為 AirSense 11 的下一代設備平台的推出和接受度繼續保持良好。患者的反饋仍然非常積極，我們繼續看到我們的 myAir 患者應用程序得到非常廣泛的採用。事實上，使用 AirSense 10 平台的 MyAir 的採用率增加了一倍多，超過 60% 的患者在 AirSense 11 上下載和使用該應用程序。

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，由於我們在該地區的臨床出版物，患者通過 myAir 參與治療是治療過程和持續合規生態系統中非常重要的一部分。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棧（包括 myAir 和 AirView）時，我們實現了 87% 的依從率。顯然，增加 AirSense 11 平台的產量仍然是 ResMed 的首要任務，我們每個季度都在這樣做。

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 財年的進展以及我們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/地區。

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 ResMed 2025 戰略的一個關鍵部分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，例如雲連接的藥物輸送解決方案和高流量治療產品.

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.

在本季度，我們的 ResMed 團隊在歐洲呼吸學會大會上提供的數據表明，慢性阻塞性肺疾病或 COPD 的患病率遠高於之前的估計。 ERS 提供的流行病學數據顯示，全球有超過 4.8 億人患有 COPD。這比之前公佈的數據多 1 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.

隨著全球人口的持續增長和老齡化，我們估計到 2050 年將有超過 5.9 億人患有慢性阻塞性肺病。這意味著全球慢性阻塞性肺病患者人數相對於 2020 年基線增加了 23%。

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.

再加上全球估計有 3.3 億哮喘患者，這些患病率數據凸顯了使用我們的呼吸護理解決方案治療這些慢性病的重要性。

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.

轉向我們用於外部醫院護理的軟件即服務業務，我們的 SaaS 業務實現了另一個季度的高個位數同比增長。向低成本和低敏銳度的護理地點轉移的持續趨勢正在推動家庭護理的強勁增長。這為我們以 Brightree 品牌提供的家庭醫療設備和家庭健康軟件平台提供了有利條件。我們繼續與我們的家庭護理客戶一起成長，因為他們增加了對我們的軟件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 再供應產品。

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 COVID 後患者流量恢復和勞動力短缺的挑戰。在我們的 MatrixCare 品牌下，我們在這一領域最具創新性的解決方案之一是提高人員配備效率、改善員工招聘和管理的技術解決方案。隨著 COVID 後患者人口普查的不斷改善以及對技術投資的壓抑需求繼續湧入市場，我們預計將看到更多的增長機會，將我們的服務和解決方案出售給新的和現有的熟練護理和臨終關懷客戶。

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，我討論了我們收購 MEDIFOX DAN 的協議，MEDIFOX DAN 是為德國療養院和家庭健康客戶提供端到端軟件解決方案的領先供應商。我們有望在日曆年年底前完成此次收購。本季度，我們在 2022 年 12 月。我們仍然對我們在德國加速 SaaS 創新和 SaaS 增長的機會感到興奮。

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的純 SaaS 業務的第一筆投資，我們期待在未來一年實現該業務的關鍵里程碑時為您提供最新信息。我們的集成團隊已做好準備。

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 ResMed 增長的重要組成部分，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件和設備解決方案。我們看到了很多在低成本、低敏銳度的護理環境中進行創新的機會。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戰略基地。

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 解決方案戰略提供商的地位，我們為客戶創造了差異化價值，為利益相關者創造了長期可持續增長。綜上所述，我們正在大規模改變院外醫療保健，引領數字醫療技術市場。

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.

我們現在在雲中擁有超過 125 億晚的醫療數據，在全球 140 個國家/地區的床頭櫃上擁有超過 1850 萬台可連接雲的醫療設備。我們正在將這些數據釋放到雲端，我們正在為患者、提供者、醫生、支付者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我和 ResMedians。在過去的這段時間裡，我們在實現這一鼓舞人心的目標方面取得了出色的進展。

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.

在過去的 12 個月中，我們通過我們的設備平台、我們的全面罩系統和我們的數字健康軟件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，幫助人們更好地呼吸，並幫助人們過上更高質量和更幸福的生活，並在他們居住的地方提供護理。

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，在我將電話交給 Brett 發表講話之前，我想再次感謝 8,600 多名 ResMedian 人今天和每一天的堅持、辛勤工作和奉獻精神。謝謝你。

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.

有了這個，我將把電話轉給悉尼的布雷特，讓他發表講話，然後我們將與布雷特和我再次進行問答。布雷特，交給你。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the first quarter of fiscal year 2023. 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 2023 財年第一季度的業績。除非另有說明，否則所有比較都是與去年同期相比。

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%.

儘管由於持續的重大供應鏈限製而面臨不利因素，但我們在第一季度的財務表現強勁。 9 月季度的集團收入為 9.5 億美元，增長 5%。按固定匯率計算，收入增長了 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.

收入增長反映了對我們產品組合中睡眠產品的需求增加以及競爭對手產品召回產生的持續設備需求。外幣的同比變動，尤其是歐元疲軟，對本季度的收入產生了約 3600 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。這使我們對在 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 18%。按固定匯率計算，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%.

按產品細分，按固定匯率計算，全球設備銷售額增長 9%，而口罩和其他銷售額增長 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.

按區域劃分。美國、加拿大和拉丁美洲的設備銷售額增長了 23%，因為我們受益於推出卡到雲設備帶來的增量收入。口罩和其他銷售額增長了 11%，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 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，按固定匯率計算，設備銷售額下降了 10%，主要是由於在確保連接設備的足夠生產組件方面面臨持續挑戰，以及相對於我們在上一季度。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 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.

軟件即服務收入在 9 月季度增長了 9%。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 HME 垂直領域的表現尤為強勁。

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.

在我今天剩下的評論中，我將提到非 GAAP 數字。我們在第一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 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.

9 月季度的毛利率增加了 40 個基點，達到 57.6%。增長主要是由於平均售價上升，部分被不利的產品組合和外匯波動所抵消。

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.

繼續運營費用。第一季度的 SG&A 費用增加了 10%，或按固定匯率計算增加了 16%。增加的主要原因是與員工相關的成本增加以及旅行和娛樂費用在疫情后正常化。 SG&A 費用佔收入的百分比為 20.4%，而去年同期為 19.5%。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 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.

本季度的研發費用增加了 5%，按固定匯率計算，增加了 9%。研發費用佔收入的百分比為 6.6%，與去年同期一致。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 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%.

本季度的營業利潤增長了 4%，這得益於強勁的收入增長和毛利率的改善，部分被較高的營業費用所抵消。與去年同期的 20% 相比，我們 9 月季度的有效稅率為 19.8%。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 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.

我們本季度的淨收入為 2.22 億美元，非公認會計準則攤薄後每股收益為 1.51 美元，均與去年同期一致。請注意，本季度外幣的同比變動對每股收益產生了約 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.

本季度的運營現金流為 4500 萬美元，反映了穩健的基本收益被較高的營運資金水平所抵消。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 3600 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.

在本季度，我們向股東支付了總計 6400 萬美元的股息。我們在與 Verily 的 Primasun 合資企業相關的 9 月季度損益表中記錄了 200 萬美元的股權損失。我們預計，在與合資經營相關的 23 財年餘額中，每季度的股權損失將在 300 萬美元至 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.

我們在第一季度結束時的現金餘額為 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適中。截至 9 月 30 日，我們的左輪手槍設施下約有 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.

總之，我們的流動性狀況依然強勁。我們的董事會今天宣布了每股 0.44 美元的季度股息。正如上季度報導的那樣，我們預計將在日曆年年底前完成對 MEDIFOX DAN 的收購，等待監管機構的批准。此外，我們計劃繼續通過研發對增長進行再投資，並期望進一步部署資本進行收購。

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. 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，我想給你回電話，把它交給你來提供說明並運行電話的問答部分。

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

（操作員說明）我們今天的第一個問題來自 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?

只看營運資金，這是給布雷特的。我們看到庫存水平繼續增加。只是想知道您將如何考慮一次管理卡到雲的庫存水平，或者當您的供應鏈開始騰出更多空間以允許您製造更多 AirSense 11 時。只是想弄清楚是否有當您嘗試過渡回最新平台時，是否存在庫存過時的風險？

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點是需求過剩。所以我們仍在努力實現這一點，我認為這將伴隨我們一段時間。因此，我們正在建立庫存，真正著眼於我們正在尋求製造的那種未來生產。然後我們會管理——我們已經引入了卡到雲，非常成功，特別是在美國市場。所以這是我們投資組合的一部分。這一點很重要。但我們當然有計劃，我認為我們可以管理卡到雲和連接設備之間的過渡，因為我們獲得了更多這些組件。

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.

所以我認為這將是一種管理計劃，隨著電子元件的出現，從製造卡到雲轉向更多連接的設備。但我們已經 - 我們已經制定了計劃來做到這一點並製造那個過渡。

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，只是補充一下，我們已經建立的庫存實際上是我們圍繞管理供應限制的戰略的一個深思熟慮的結果，我們必須真正為所有東西建立材料組件庫存，以便我們可以建立當我們在特定組件上突破瓶頸時最大。然後隨著未來供應鏈情況的改善，我們將能夠從中回過頭來。

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?

只是對面具增長的後續行動。我認為您在電話中曾說過，面罩的增長仍受到較低患者設置的影響。我的意思是，對於 Card-to-Cloud，這是 OUS 評論、全球評論還是在美國仍然存在問題，我們仍然低於患者設置？

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。謝謝你的問題，馬特。我的意思是，如果您查看本季度的口罩增長數據，我們看到美國、加拿大和拉丁美洲的增長為 11%。那裡的兩位數增長非常強勁，歐洲、亞洲和世界其他地區增長了 3%，全球總增長為 8%。 2019 年，我們談到市場增長是設備的中個位數和口罩的高個位數。因此，我們的總增長率為 8%。但我實際上認為，如果我們 - 我們正在照顧那裡的每一個新病人，我們可能會比這更高。

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，正如我在準備發言中所說，我們的競爭對手在過去 12、15 個月內退出市場，至少可以退出市場 18 個月，也許總共有 24 個月。他們是#2球員。我們是排名第一的玩家，我們正在盡可能多地吸收排名第二的超額需求。但我們並沒有得到全部。儘管如此，即使在本季度使用 Card-to-Cloud，我們也沒有接觸到每個需要設備的患者。因此，我們正在談論的就是這個增量，這個掩碼增長可能會更高。

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，由於美國對卡到雲的接受度要好得多，因此我們確實在那裡獲得了更好的掩碼增長。我們在本季度看到了 11% 的增長，而且非常強勁。是的，卡到雲，正如我在準備發言中所說，在法國和日本等數字健康和雲連接設備的整個報銷模式發生變化的國家/地區並未採用。而且這只是結構上的困難，他們不想改變我們通過 100% 雲連接系統獲得的巨大效率和成果。這就是周圍的細微差別。

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.

它所談論的是一個繼續發展我們的設備業務的機會，甚至進一步增加我們的口罩增長，不僅在美國，而且在歐洲、亞洲和世界其他地區。謝謝你的問題，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?

那麼，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，相對於您在這兩個地區之間的歷史組合，您是否向世界其他地區提供了更大的 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。我們實際上已經建立了——在 COVID 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，我們在其中真正研究了病毒在世界各地的流動情況，以及我們應該在哪里分配有限的呼吸機供應為了那個原因。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 到 15 個月裡，我們真的應用了這些相同的技能，讓一個全球團隊從人道主義的基礎上審視我們經營的 140 個國家，作為我們核心市場中令人窒息的人們的需求，因睡眠呼吸暫停而窒息和其他——在 AirSense 10 平台上，我們確實擁有其他呼吸護理和呼吸功能不全的功能，並且 AirSense 10 連接設備處於購買水平。

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。我們根據對患者的需求和將他們送到那裡的需要來考慮分配。這是一個複雜而動態的方程。最新的變化是 AirSense 10 Card-to-Cloud 在 6 月季度以令人難以置信的強勁勢頭出現。我們在 90 天前和 9 月季度討論過，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，由於那裡的變化，他們沒有看到相同的採用率。因此，我們每天、每週、每月都會在我們的生產、運輸和交付計劃中查看這是一個持續動態的事情。

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，您提出問題的動機是我們是否會考慮人道主義需求並儘最大努力確保該設備公平地送達患者手中，而這正是我們在全球範圍內試圖做的事情。這並不簡單。這很複雜，但我們每天都在努力。正如您在這些巨大的增長數字中看到的那樣，團隊正在做著令人難以置信的工作。謝謝你的問題，格蕾特。

Next question today is coming from Saul Hadassin from Barrenjoey.

今天的下一個問題來自 Barrenjoey 的 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，我們在過去幾週看到了很多數據洩露事件，包括在醫療保健領域。並且根據你們可以訪問多少數據，只是想知道這是否導致您再次查看與潛在數據黑客相關的數據可訪問性和風險以及您的想法 - 想法很重要你所擁有的保護。你如何真正防止未來發生的事情？

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，網絡安全是我們日日夜夜都在考慮的事情，我們的首席信息安全官和他的團隊就是我所說的對 125 億晚的數據和 1850 萬個 100% 可云連接的醫療設備的高效偏執在 140 個國家。我確實在澳大利亞看到了一些醫療保健系統被黑的消息。我們在美國也有它們，美聯航有一個和多個當地醫療保健系統以及一些基礎設施領域。

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，這是一個生產性偏執狂的案例。你必須在這個領域進行投資。您必須查看發生了什麼，對已發生的黑客行為進行根本原因分析。幾乎在所有情況下，都是一個人，一個人點擊某物並進行分配。因此，我們正在非常仔細地研究我們的培訓和阻止系統——並修復存在薄弱環節的系統，並確保你整天、每一天都在關注這個，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，黑客進入了消費科技和金融科技行業。正如你所說，醫療保健在他們的雷達上。我們可能在雷達上排名第三，但我們肯定在那裡。這是我們考慮的事情，我們在網絡安全保護方面投入了大量資金。但這是一場持續的投資遊戲，確保我們保持或領先於曲線，以及我們如何與醫療保健系統中的合作夥伴合作以確保數據——我們關注隱私以及網絡安全和互操作性。這三者都必須平衡，但網絡安全是我們目前的核心競爭力之一，我們在該領域投入了大量資金。謝謝你的問題，掃羅。

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?

看，我只是想問一下海運和空運。您之前談到了可能從空運轉向海運的某種程度的庫存構建。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。我只是想問一下你在這個過渡中的位置以及它對利潤率有什麼樣的影響？

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

布雷特，你想試試嗎？

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——如果我把一些搬到海運上，我們幾乎是排他性的，所以這種情況正在發生。這可能是 - 它是漸進的並且可能是可衡量的，因為我們仍然希望將庫存存入我們的 DC，然後顯然是患者。所以我們只是試圖平衡這一點。但我們已經開始將其發展到海運。所以這正在發生。

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.

再一次，我們可能會看到 - 我們看到正在經歷的那種運費有所緩解或緩和。這需要一點時間來為我們洗刷。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帶來的一些好處。

Your next question is coming from Mike Matson from Needham.

您的下一個問題來自 Needham 的 Mike Matson。

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。我想只是在業務的國際方面比北美方面弱很多。而且我認為您對 Card-to-Cloud 的評論沒有看到那麼多的吸收，但我只是想看看這是否真的是那裡的主要問題。還有其他事情嗎？在任何 OUS 市場中是否存在任何類型的經濟挑戰？

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。謝謝你的問題，邁克。真的，真的，主要組成部分是在這些領域實現卡到雲。如果卡到雲在歐洲、中東、非洲和世界其他地區的採用率與在美國、加拿大相同，我們將看到設備增長數字顯著增加。這就是 - 這是關於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.

實際上，在沒有報銷模式和其他模式的國家，我們正在推動那些卡到雲以及增加，正如我之前所說，Gretel 的問題，AirSense 11 的流量。Brett 確實注意到的另一件事在他準備好的講話中，一年前的這個季度，歐洲的呼吸機銷量非常高。其中一些是在 COVID 領域以及對歐洲呼吸機周圍競爭對手空間的一些召回的回應，在歐洲，呼吸機、呼吸護理在我們的歐洲業務中所佔的比例比在美國的要大。所以這是在競爭中另一邊。

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.

所以這些是存在的兩個主要因素。在我們的無創通氣、生命支持通氣和整個呼吸護理業務（如果您願意的話）方面，卡到雲的採用和同比只是歐洲業務的較大部分。但謝謝你的問題，邁克。

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，你有點提到競爭對手召回中組件短缺的一些限制。只是對您對患者積壓的想法感興趣。如果您估計有多少患者可能在等待設備，需要多長時間才能完成？相對於你之前談到的那個中個位數的數字，這對行業增長可能意味著什麼。

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，看，我先試一試，大衛。謝謝你的問題。布雷特，拜託，羅伯和戴夫跟著。看，在競爭激烈的市場中，你的第二名玩家已經退出市場 15 個月了，他們說他們可能會在一月份回來，但我並不樂觀，他們實際上會考慮到他們面臨的所有問題。

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.

所以我們看著那個並說，讓我們盡我們所能來做這件事。我們知道我們沒有到達那裡。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大份額是什麼，它是如何增長的，我們正在處理所有這些。我們知道他們的#2 份額是多少，以及它是如何增長的，我們知道我們正在佔其中的兩位數百分比，但不是全部。我們還沒有做到 100%。所以我們知道有這個缺口需要填補，那就是需求過剩。

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，它確實建立了一個管道——一個巨大的患者管道。但不利的一面是，這些患者的等待時間很長，因為在某些地區，等待時間從幾天到幾周到幾周到幾個月，從幾個月到幾個季度。這就是為什麼我們現在並且一直在重新設計和重新設計 AirSense 10 Card-to-Cloud。這就是我們重新設計 AirSense 11 和 AirSense 10 連接設備中的零部件的原因。我們正在增加這三個方面。

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，如果將它們放在一起，我們擁有市場上排名第一的產品，即最好的產品，即 AirSense 11。然後我們擁有排名第二的最佳產品，即完全連接的 AirSense 10。我們擁有排名第三的最佳設備，即 AirSense 10 Card-to-Cloud。我們正在悉尼、新加坡、亞特蘭大和歐洲配送中心銷售全部 3 款產品，並增加所有 3 款產品。所以我們正在盡我們所能。這將是非常困難的——我的意思是我們確實對此進行了很多量化，但出於競爭原因，我不想完全了解我們正在研究的內容。但是，我們感覺的時機取決於我們將組件和零部件送入新加坡工廠及其他地區的速度。而那些每一天，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 Card-to-Cloud，我們將生產越來越多的 AirSense 11。你已經看到那。我們在六月交付。我們在九月交付。我們將在 12 月再次發貨。我們將在 23 年 3 月再次發貨。我們將在 23 年 6 月再次發貨。所以每個季度，我們都會給你更新它。

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.

但我幾乎不想按時間量化它，因為我們知道它是基於設備的，我希望時間越來越短，因為 ResMed 越來越快地加速獲得過剩需求並確保我們的供應可以讓我們接近滿足它。然後當我們遇到它時，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 Jefferies 的 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[Zack]。我只是想知道您是否可以按季度對供應鏈改進提供一些顏色？以及關於如何在接下來的幾個季度達到滿負荷的任何顏色。

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

Rob，你想試試嗎？

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，Mick 之前在季度環比之前談論過，我們在那裡談論的是設備數量。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觀點。過去發生的事情是你認為你有一個計劃，但後來這些取消承諾已經實現了。現在，我們肯定會看到停用率大幅下降。他們並沒有完全消失。因此，對於我們可以在哪一天交付的確切產品仍然存在某種不確定性，因為一些提交可能會出現 - 出來。

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 Mick 談到的工程項目，包括驗證新組件——新通信模塊。回想一下，我們處於經濟和消費品的環境中。看起來需求，手機和這些類型的設備的過度需求正在緩和一點。

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.

就我們所見，汽車創造的過剩需求並沒有緩和，這仍然非常重要。事實上，我們使用的技術更有可能是汽車而不是手機。因此，芯片組件仍然存在某種行業壓力，但隨著我們工程項目的發展以及我們獲得更多驗證選項，我們更有可能增加這一數量。

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我們在大流行之前甚至在競爭性召回發生之前要多得多。我們的計劃，如果我們能遵循它，你可以在我們的庫存中看到，我們已經為它準備好了零件。如果我們得到最後的部分，我們絕對會繼續推動這些數量。而且存在上行風險。我們還沒有完全消除下行風險，但我們非常有信心我們處於良好狀態。

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?

只需關注您的競爭對手可能退出市場多長時間的問題。如果這被推遲或推遲到 24 個月，您認為 ResMed 是否會像我們考慮第三季度財政和第四季度財政一樣擁有足夠的產量，足夠的產量來彌補飛利浦留下的缺口？然後，上個季度，您還談到了您的一些需求生成計劃。就您對生產的可見性而言，您現在是否正在實施其中一些需求生成計劃？

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，萊恩。這是一個非常好的問題，其中包含 2 個元素。一，這對我來說很難確定，因為它需要 FDA 和 DOJ 了解美國政府，以及與我不參與這些對話的競爭對手的同意法令。我看到了我們都公開看到的東西。所以我們的競爭對手會退出多久，我們不知道。但是我們對此進行了假設，對，但它們會在一月份回來，七月份回來，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，我會思考我們的能力以及每個季度我們可以做些什麼，我們將增加 AirSense 10 Card-to-Cloud、AirSense 10 [coms]、AirSense 11 coms 的產量。因此，如果我跟踪這些產品線並將它們向上移動，在某些情況下，我們可以在 2023 日曆年滿足整個行業的需求。很多事情必須齊心協力才能實現。正如羅布所說，有很多場景圍繞著零件和碎片進入和另一側。但我們正在盡我們所能越來越接近這一點。

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 - 所以是的，我的意思是，我們可以朝著它努力，我們將朝著它前進。我們不希望任何病人掉隊。我們希望任何窒息並獲得處方的人，無論他們在哪個國家/地區使用 ResMed 設備，都可以有很短的等待時間，我們正在盡一切努力跟上這種過度需求。它將在接下來的 3、6、9、12 個月內存在。但是，當您開始展望 2023 年時，我認為，是的，供需曲線可能對我們和該行業的其他參與者也可能交叉。那麼多長時間 - 正如我所討論的那樣，有很多情況。

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.

您問題的第二部分，需求生成計劃。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，都有一些非常令人興奮的需求生成計劃。這些龐大的人口市場需要研究不同的方法來接觸患者並確保在社會經濟範圍內提供護理，並且在這些高增長市場中提供健康公平和我們的產品，或者 Justin Leong 和他的團隊正在推動的一些真正令人興奮的事情在我們的亞洲、拉丁美洲需求發電計劃中。

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 有一些非常令人興奮的工作。本週在波士頓舉行的醫療技術會議上，我剛剛遇到了 Primasun 的首席執行官。我們將在 2023 年全年關註一些真正令人興奮的里程碑，以推動需求生成，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.

實際上，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，我們在 COVID 危機期間一直在試驗和試點，擁抱數字健康，擁抱呼吸健康，在 COVID 危機期間接受在家外提供的護理。實際上，在我們的競爭性召回危機期間，我認為我們已經看到我們有能力與我們的合作夥伴在渠道醫生和提供者願意進行更多試驗的渠道上進行更密切的合作。

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，我確實希望我們在整個 2023 日曆年啟動一些此類需求生成計劃，因為我們開始將供應量提高到需求水平，然後可以通過該需求生成再次推動市場的核心需求。這麼好的問題，Lyanne，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?

對於那個很抱歉。我認為現在對諸如研發等成本貸款的一些預期發生了一些變化，現在是銷售額的 6% 到 7%，而之前為 7% 到 8%。然後是 Primasun 合資企業，虧損也有所增加。你能談談是什麼導致了這些期望的變化嗎？

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，它只是略有上升。但這在很大程度上與澳元走軟有關。如您所知，我們在澳大利亞進行了大量的研發工作。所以它有點反映了那裡的較低貨幣，克雷格。它不會 - 它不會 - 仍然會 - 擁有相同數量或更多的研發人員並致力於此。但顯然，正如我們預測的那樣，翻譯的影響將會顯現。所以這是在研發方面。還有你的另一個問題？

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，隨著他們進入一個更加商業化的階段，他們將尋求投資或資助更多的需求創造活動。因此，我認為，在接下來的幾個季度中，這種情況將會上升。我們在這些成本中的份額基本上是。所以這就是為什麼我在接下來的幾個季度中將其引導得更高一些。

Next question is coming from Chris Cooper from Goldman Sachs.

下一個問題來自高盛的 Chris Cooper。

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?

我可以問一個關於定價前景的問題嗎？我們在本季度末聽到了一些反饋，至少有一個競爭對手開始對口罩進行更激進的定價。你看到那個飼料了嗎？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。謝謝你的問題，克里斯。當然，在過去的 12 個月裡，定價一直是我們行業的一個重要話題，因為在我們所在的幾乎每個國家，世界各地的通貨膨脹已經從低個位數到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，在本日曆年初，我們對美國和歐洲的產品徵收了一些附加費，用於支付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，我們酌情與客戶合作，並在醫療保健系統內提高了我們成本上漲的特定零部件的價格。因此，我們正在與我們的渠道分擔一些成本增加的負擔。

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 - 在與客戶或 2 位客戶的對話中感謝您的渠道檢查時，我 - 我們沒有看到設備或掩碼方面 ASP 的全面重大變化。有趣的是，隨著我們真正強勁的口罩增長，美國、加拿大和拉丁美洲的口罩在本季度增長了 11%。那是在一個沒有任何人召回的市場上。這只是標準的競爭市場，正如我們之前談到的那樣，即使新患者流量較低，瑞思邁也在為它而戰這些銷售中的大部分是重複銷售給已經在我們安裝基礎上的客戶，這些客戶每天都在接受 ResMed 口罩的治療。

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，目前對定價的影響不大。如果有的話，設備上的價格穩定到小幅上漲，我會說在面罩方面穩定，與它們的位置一致。所以那裡沒有重大變化。顯然，我們會注意這一點。這是一種動態的方法，但我們不關注價格，我們關注價值。我們討論了第一次與 ResMed 的契合情況如何，以及依從率如何，而口罩聯盟的情況要低得多。客戶知道這一點，他們會跟踪這一點。我們在 myAir 中的 AirView 中為他們提供數據，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。這就是醫生給我們開口罩的原因，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.

所以我們在價值上競爭，而不是價格。我們期待在設備和掩模方面的競爭更加激烈和增長。我們喜歡競爭激烈的市場，我們往往會在其中獲勝。

Next question is coming from Suraj Kalia from Oppenheimer.

下一個問題來自奧本海默的 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?

所以米克，你提到要佔據大部分超額需求份額。米克，如果我能以不同的方式問我的問題。所以假設我們使用 3 個桶。患者要么留在飛利浦，要么改用 ResMed，要么讓患者自己找到第三個桶，對嗎？讓我們假設這 3 個桶。現有患者與進入漏斗的新患者的餅圖會是什麼樣子？只是試圖在一個非常簡單的層面上理解，我們在哪裡進行股份轉讓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，蘇拉傑。我很欣賞你提出的觀點。讓我給你我的想法，並從這個角度解決你的問題。所以我會說 - 我會說有 2 個桶。有新患者，然後有患者得到我們所說的 [repap] 或使用 5 到 7 年的設備，比方說，它可能超出保修期，3 到 5 年，他們想要升級。然後是第三類患者，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，也就是新病人。是的，看，瑞思邁和一群小股玩家整天都在競爭，每天都在為那些新患者和令人難以置信的過剩需求以及我們生產的每一種產品，我們都可以在這個領域進行銷售。正如您在數字中看到的那樣，我們做得非常好並獲得了很多份額。美國、加拿大、拉丁美洲的設備增長 23%，全球此類設備增長 9%。所以在那個新病人的桶裡做得非常好。

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.

如果你看看現有的正在尋求修復的患者，對，在治療 3、5 或 7 年後，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頻道。因此，我認為在第二批尋求重新治療但尚未開啟的現有患者中，存在進一步過度需求的機會。 Lyanne 早些時候提出的問題是另一種類型的需求源，我們的頻道可能沒有打開太多並且保持這個撥號非常低，除了那些來說，看，我真的需要升級的病人，然後他們把他們排在隊列中.那是第二個桶。

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 月宣布的召回中使用競爭設備的 550 萬患者。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 300 萬到 500 萬。我對此表示懷疑。我認為他們在談論生產數量與交付數量。當我查看渠道並與人們談論他們要求的設備中有多少實際上已作為召回的一部分收到時。

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？或者他們會去開處方，嘗試去 sleepapp.com 或 easybreathe.com 或其他市場的其他零售渠道，並嘗試通過這種方式進入並推動一些過剩的需求。

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。但是第三個水桶確實是我們競爭對手的責任，他們正在努力解決這個問題。看起來到 12 月還有 18 個月。如果他們在明年 6 月之前到達那裡，那就是 24 個月。我希望他們至少在那裡並且可以回來。同樣，正如我之前所說，對於場景，我們正在研究各種場景。我要他們回來。我喜歡競技遊戲。我喜歡在誰擁有最小、最安靜、最舒適和最能降低成本並改善結果的雲連接設備的遊戲中擊敗他們。我們在 2019 年就這樣做了。實際上，從 2014 年推出 AirSense 10 到 2019 年，這已經是 5 年的強勢年，我期待之後繼續這樣做。但這就是我的看法。

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.

三桶，新病人的表現非常好。 Repap，現在並沒有真正轉動那個刻度盤，可能會在我們得到需求生成時打開它。第三個，是的，我們會得到一些。我們不會為此而戰，因為那不是我們想要比賽的地方。照顧他們是競爭對手的責任。從長遠來看，我們專注於。而全球10億人還沒有被帶入頻道就窒息了。這才是真正的機會。謝謝你的問題，蘇拉傑。

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 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.

這是瑪格麗特的瑪吉。我想具體詢問大規模增長，只是想更好地了解補給趨勢。很明顯，我可以欣賞到服務的新患者數量。但是，如果您可以談談補給趨勢以及您所看到的以及我們對本財年剩餘時間的期望。

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。看，這是一個關於補給的非常好的問題。如您所知，通過 Brightree 補給和 Snap 補給查看我們的 SaaS 業務，我們在 SaaS 業務中有一些非常好的模型，這確實是我們的 SaaS 業務與我們的核心睡眠和呼吸護理業務之間的協同作用。我們在之前討論過的網絡證券、雲操作和互操作性方面擁有後端協同效應，但是圍繞推動補給的前端協同效應非常強大，Brightree 補給和 Snap 補給是推動這一點的一個很好的部分補給收入。

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，你看到美國、加拿大和拉丁美洲的補給量增長了 11%。美國主要是市場，那裡有非常複雜的模型和對患者、提供者和 ResMed 以及實際上是付款人的強烈激勵，他們通過減少住院治療來確保患者繼續獲得新的回報面具。

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等等——以及亞太地區——的發展或實施並不完全。我們確實有模型，特別是在我們直接與提供者和/或患者合作以推動再供應模型的情況下，這些模型運行良好。但是看，有一個 - 我想說有很多機會推動歐洲、中東、非洲和亞太地區的補給。如果你看看 Katrin Pucknat 和我們在德國的團隊以及她在與患者接觸方面所做的工作，你會看到 Justin Leong 以及他在亞洲和拉丁美洲直接與患者接觸並向他們展示獲得新鮮血液的途徑，定期清潔新面具，並成為訂閱計劃的一部分。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.

所以看，我為在新患者進入的艱難環境中實現 8% 的增長感到自豪。我希望它變得更高。我當然希望歐洲、亞洲和世界其他地區再次從低到中到高個位數。隨著補給和新的患者流都進入市場，我們將到達那裡。那裡有很多動人的作品，瑪吉。謝謝你的問題。

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

我們今天的下一個問題來自花旗的 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?

只是一個長期的問題。您如何看待家庭測試和 Primasun 合資企業對行業長期增長率的影響？

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。看，這是一個很好的問題。家庭睡眠呼吸暫停測試現在只是遊戲的一部分。我認為在 COVID 期間發生的事情是，我們都被迫進行遠程醫療、數字醫療，並在我們所在的 140 個國家接受這一點。我們已經看到全球家庭睡眠測試的採用率有所提高。這真的很令人興奮。我的意思是，看，如果你看看法國和德國，法國總是採用家庭睡眠測試，而且測試率非常非常高。德國現在真的沒有在 COVID 之前出現過，醫生已經看到了，家庭護理提供者也看到了，我們正在垂直整合這個市場。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.

而且我確實認為何時以及是否-我不知道何時我們可以將供應滿足需求.在美國，我們接受治療的比例不到 20%，在歐洲不到 10%，不到 15%，在亞洲不到 5%，在一些人口眾多的國家不到 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視頻。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談論家庭睡眠測試。我們看到響應率和人們經歷了巨大的飆升。這真的很有趣，成本相對較低。這些試點和實驗是我們用非老牌媒體購買超級碗廣告或購買歐洲冠軍聯賽、歐洲足球的附加品進行的。我們正在降低社交媒體水平，並使用，我想說，圍繞社交媒體營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，他們更願意在家裡還是在醫院接受睡眠呼吸暫停測試，80% 的人說是在家。 20% 真的應該經常去醫院。他們有合併症、中風史、心髒病史、慢性阻塞性肺病、其他一些合併症或其他一些睡眠障礙。除了睡眠呼吸暫停，還有 100 種其他睡眠障礙。它們很少見，但它們就在那裡。

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，我們將與我們的 Verily 合資企業在美國加大家庭睡眠測試的力度，但我們也將直接與我們在美國和我們開展業務的其他 140 個國家的所有家庭護理合作夥伴合作.所以非常感謝這個問題。我認為這將是我們的最後一個問題。我們直接往上跑。還有一個問題，也許。艾米，你怎麼看？

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

我們今天的最後一個問題來自 Jarden 的 Steve Wheen。

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的同意令的回應。他們顯然對偉康業務造成了很大的損害。您是否有任何想法，他們可能需要考慮作為其中的一部分，它是否會影響創新，是否會影響他們的製造能力，只要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，還是一名律師，也許我們會理解這一點。看，你必須等到這些東西出來。我們還沒有看到關於同意法令是什麼樣子的公開討論。他們現在正在談判。所以當它出現時，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 的一些回應，特別是在談論文化變革、管理變革和對質量的關注。那種類型的改變需要大量工作的再造和再文化培訓。我認為人們將不得不從開發和研發轉向我所說的質量補救和質量體系改進。因此，如果您願意，如果您只是閱讀有關該 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?

但是戴夫，您對此有何想法和看法？

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，我認為你做對了，米克。 - 這個東西可以在廣泛的範圍內降落，從一方面的手錶和報告到另一方面幾乎關閉操作。如果沒有與代理機構或公司交談，我們不能在這個特定主題上做任何一個，很難知道他們將在哪裡登陸。但正如米克所說，如果你看看公開聲明，這既是 483 也是他們控制召回的提議，你可以看到該機構關注的問題。因此，他們要做的是確保這些問題不會在未來將患者置於危險之中。

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.

您必須不僅針對現在發布的產品，而且針對可能在市場上出售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，顯然，這是出於某種原因的同意法令。這意味著各方之間就這些參數的內容達成了協議。在他們宣布之前，很難推測具體的細節是什麼。但是——正如我所說，範圍很廣。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。我想把發言權轉回給 Mick，以獲取進一步的結束意見。

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加入我們的電話會議。我想再次藉此機會感謝 8,600 名 ResMedians 的股東，他們中的許多人也是股東，他們的奉獻精神和辛勤工作，幫助全球 140 多個國家的住院醫師改善呼吸、改善睡眠和過上更好的生活。謝謝你所做的一切。我期待著在 90 天內在這裡與您交談。謝謝你。

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.

謝謝你。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，並度過美好的一天。我們感謝您今天的參與。