瑞思邁 (RMD) 2023 Q2 法說會逐字稿

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

大家好，歡迎來到 ResMed 2023 財年第二季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

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

現在我很高興將電話轉給投資者關係和企業傳播副總裁 Amy Wakeham。艾米，請繼續。

Great. Thank you, Kevin. Hi, everyone. Happy New Year, and welcome to ResMed's Second Quarter Fiscal Year 2023 Earnings Call. 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 the earnings press release and the presentation, both of which are available now.

偉大的。謝謝你，凱文。大家好。新年快樂，歡迎來到瑞思邁 2023 財年第二季度財報電話會議。感謝您加入我們。此電話會議正在進行網絡直播，今天晚些時候將在我們公司網站的“投資者關係”部分提供重播，以及收益新聞稿和演示文稿的副本，這兩者現在都可以使用。

Joining me on the call today are Chief Executive Officer and Chairman, Mick Farrell; and Chief Financial Officer, Brett Sandercock. Mick will provide a brief high-level overview of our financial results, review our progress towards ResMed's 2025 strategic goals and discuss our progress as we continue to navigate the ongoing macro industry and supply chain challenges. Brett will then review our financial results in more detail, and we'll then 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有首席執行官兼董事長 Mick Farrell；和首席財務官 Brett Sandercock。 Mick 將簡要概述我們的財務業績，回顧我們在實現 ResMed 2025 年戰略目標方面的進展，並討論我們在繼續應對持續的宏觀行業和供應鏈挑戰時取得的進展。然後布雷特將更詳細地審查我們的財務結果，然後我們將進入電話的問答部分。在問答環節，總裁兼首席運營官 Rob Douglas 將加入 Mick 和 Brett； David Pendarvis，首席行政官兼全球總法律顧問。

During today's call, we will discuss several non-GAAP measures. For a reconciliation of the non-GAAP measures, please review the supporting schedules in today's earnings press release. And as a reminder, our discussion today will include forward-looking statements, including, but not limited to, expectations about our future operating and financial performance. We do 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 affect our actual results to differ materially from any forward-looking statements made today. I'd like to now turn the call over to Mick.

在今天的電話會議中，我們將討論幾項非 GAAP 措施。如需非 GAAP 措施的協調，請查看今天的收益新聞稿中的支持時間表。提醒一下，我們今天的討論將包括前瞻性陳述，包括但不限於對我們未來經營和財務業績的預期。我們確實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，以全面討論可能影響我們的實際結果與今天所做的任何前瞻性陳述存在重大差異的風險因素。我現在想把電話轉給米克。

Thanks, Amy and Kevin, and thank you to all of our stakeholders for joining us today as we review results for the December quarter, our second quarter of fiscal year 2023. Our financial results reflect solid performance across our entire business, once again driven by strong sales growth in the Americas region as we were able to significantly increase both production and delivery of flow generator devices. We're seeing ongoing high demand for our sleep and respiratory care devices worldwide, and we're making steady progress working with our suppliers to continue to increase our production to ultimately meet the needs of all customers and especially patients.

謝謝艾米和凱文，也感謝我們所有的利益相關者今天加入我們，回顧我們 2023 財年第二季度 12 月季度的業績。我們的財務業績反映了我們整個業務的穩健表現，再次受到以下因素的推動美洲地區的銷售增長強勁，因為我們能夠顯著增加流量發生器設備的生產和交付。我們看到全球對我們的睡眠和呼吸護理設備的需求持續高漲，我們正在與供應商合作穩步取得進展，繼續增加我們的產量，最終滿足所有客戶，尤其是患者的需求。

Our mask sales growth was strong across the globe, reflecting a post-COVID pandemic awareness of the importance and need for respiratory hygiene and respiratory health. ReSupply programs in the U.S. continued to drive solid ongoing sustained market mask growth, catalyzed somewhat by the end of calendar year deductible momentum in the U.S. geography. Mask sales across Europe, Asia and the Rest of World also improved, driven by increased new patient setups as connected device supply increased.

我們的口罩銷售在全球範圍內增長強勁，反映了 COVID 大流行後人們對呼吸衛生和呼吸系統健康的重要性和必要性的認識。美國的 ReSupply 計劃繼續推動持續穩固的市場面具增長，在美國地理的日曆年末扣除勢頭的推動下有所催化。歐洲、亞洲和世界其他地區的面罩銷售也有所改善，這是由於隨著連接設備供應的增加，新患者設置的增加。

Our teams worked incredibly hard to achieve these extraordinary numbers in the face of an ongoing industry supply chain constrained market. We see the supply environment improving every week, every month and every quarter. And our access to the specific electronic components we need has increased. We are confident in our ability to fulfill all customer demand before the end of calendar year 2023. And we expect to see steady ongoing incremental device revenue growth in the third and fourth quarters of our fiscal year 2023.

面對持續的行業供應鏈受限市場，我們的團隊非常努力地工作以實現這些非凡的數字。我們看到供應環境每週、每月和每個季度都在改善。我們對所需特定電子元件的訪問也有所增加。我們有信心在 2023 日曆年年底之前滿足所有客戶需求。我們預計在 2023 財年第三和第四季度，設備收入將穩步持續增長。

Customer acceptance of our reengineered AirSense 10 card-to-cloud device remained strong during the second quarter, particularly in the United States geography. As we increase the volume of fully connected AirSense 10 and fully connected AirSense 11 devices over the next few quarters, we will be able to phase out the AirSense 10 card-to-cloud device and refocus on our strategy, which is based around the growth of 100% cloud-connectable devices across the globe.

第二季度，客戶對我們重新設計的 AirSense 10 卡到雲設備的接受度仍然很高，尤其是在美國地區。隨著我們在未來幾個季度增加完全連接的 AirSense 10 和完全連接的 AirSense 11 設備的數量，我們將能夠逐步淘汰 AirSense 10 卡到雲設備並重新關注我們基於增長的戰略全球 100% 的雲連接設備。

Outside the U.S., we have not seen the same adoption rates of that AirSense 10 card-to-cloud device. However, there have been pockets of success in some geographies, and we see a strong growth path going forward as we ramp up our fully connected AirSense 10 and our fully connected AirSense 11 products and as we achieve regulatory clearance of the latter platform market by market. To that point, we introduced our newest product, the AirSense 11 platform into the Japanese market during December. And we look forward to continuing to support doctors and patients in Japan with our world-leading 100% cloud-connectable medical devices and our cloud-based software technology.

在美國以外，我們還沒有看到 AirSense 10 卡到雲設備的採用率相同。然而，在一些地區取得了一些成功，我們看到了一條強勁的增長道路，因為我們增加了我們完全連接的 AirSense 10 和我們完全連接的 AirSense 11 產品，並且隨著我們逐個市場獲得後一個平台市場的監管許可.為此，我們在 12 月將我們的最新產品 AirSense 11 平台引入了日本市場。我們期待繼續通過我們世界領先的 100% 雲連接醫療設備和基於雲的軟件技術為日本的醫生和患者提供支持。

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

我們在所有市場中的第一要務始終是患者，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、因神經肌肉疾病、哮喘導致的呼吸功能不全的人，以及所有需要獲得院外醫療服務的人關心。我們的目標是確保患者在需要的時間和地點獲得所需的護理。

Let's now briefly review our 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; number three, to innovate and grow the world's best software solutions for care delivered outside the hospital and especially in a patient's own home.

現在讓我們簡要回顧一下我們對 ResMed 前 3 大戰略重點的更新：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範圍內推廣的數字健康解決方案；第三，創新和發展世界上最好的軟件解決方案，用於在醫院外，尤其是在患者家中提供的護理。

The launch and acceptance of our AirSense 11 device platform continues to go very well. Patient feedback remains very positive, and we continue to see strong adoption of our myAir patient app. In fact, adoption rates are at more than double the adoption rate of myAir with the AirSense 10 platform at about 55% of all patients getting their data every day on their myAir app. Increasing production and delivery of the AirSense 11 platform remains a top priority for our ResMedians around the globe, and we will continue to achieve better results and stronger market penetration each quarter.

我們的 AirSense 11 設備平台的發布和驗收進展順利。患者的反饋仍然非常積極，我們繼續看到我們的 myAir 患者應用程序得到廣泛採用。事實上，採用率是採用 AirSense 10 平台的 myAir 的兩倍多，約有 55% 的患者每天通過 myAir 應用程序獲取數據。增加 AirSense 11 平台的生產和交付仍然是我們全球 ResMedians 的首要任務，我們將繼續在每個季度取得更好的業績和更強的市場滲透率。

Earlier this month, we were able to take our AirSense 10 fully connected device off allocation in the U.S. market. This is a very exciting development for our commercial team here in the Americas and for all of our customers. We look forward to continuing to expand the supply of fully connected AirSense 10 and fully connected AirSense 11 devices so that supply can become unconstrained in all countries, but we will progress throughout fiscal '23 on this endeavor.

本月早些時候，我們能夠將我們的 AirSense 10 全連接設備取消在美國市場的分配。對於我們在美洲的商業團隊和我們所有的客戶來說，這是一個非常令人興奮的發展。我們期待繼續擴大完全連接的 AirSense 10 和完全連接的 AirSense 11 設備的供應，以便所有國家/地區的供應都可以不受限制，但我們將在整個 23 財年繼續推進這項工作。

An important aspect 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 and home-based high-flow therapy solutions. We are continuing to drive growth and adoption of our ventilated devices around the world, and we saw a good uptake of both our life support and our nonlife support ventilator platforms during the quarter.

我們 ResMed 2025 戰略的一個重要方面是通過我們的呼吸護理解決方案覆蓋數億患者，包括無創通氣和生命支持通氣以及更新的治療領域，例如雲連接藥物輸送解決方案和家庭高流量治療方案。我們將繼續推動我們的通風設備在全球範圍內的增長和採用，我們在本季度看到了我們的生命支持和非生命支持呼吸機平台的良好使用。

There is also ongoing adoption of Propeller's monitoring system. Its digital therapeutic platform is now integrated with the 2 leading U.S. electronic health record systems, Epic and Cerner. This digital health integration makes it easier for doctors and health care workers to onboard people to the Propeller platform. It's still early days for this technology. However, combined with our investments in home-based high-flow therapy for treatment of COPD in the home, we see this technology combination as an important clinical addition for treating lung disease and an integral part, an important part of our 2025 growth strategy.

Propeller 的監控系統也在不斷被採用。其數字治療平台現已與美國兩個領先的電子健康記錄系統 Epic 和 Cerner 集成。這種數字健康整合使醫生和醫護人員更容易將人們加入 Propeller 平台。這項技術還處於早期階段。然而，結合我們在家庭治療 COPD 的家庭高流量療法方面的投資，我們認為這種技術組合是治療肺部疾病的重要臨床補充，也是我們 2025 年增長戰略的重要組成部分。

Turning to our Software as a Service offerings for outside hospital care, our SaaS business grew 18% year-over-year. This extraordinary growth includes sustained high single-digit organic growth of our U.S.-based SaaS business at around 7% and is accelerated by the addition of approximately 6 weeks of MEDIFOX DAN revenue as we closed that acquisition and welcome that German team into the ResMed family of SaaS solutions just over midway through the December quarter. We continue to grow with outside hospital care customers as they increase their utilization of our software and data solutions to improve and optimize business efficiencies and patient care.

轉向我們為醫院外護理提供的軟件即服務產品，我們的 SaaS 業務同比增長 18%。這種非凡的增長包括我們位於美國的 SaaS 業務以約 7% 的持續高個位數有機增長，並且隨著我們完成收購併歡迎德國團隊加入 ResMed 大家庭，MEDIFOX DAN 收入增加約 6 周而加速增長SaaS 解決方案的數量剛剛超過 12 月季度的中旬。我們繼續與外部醫院護理客戶一起成長，因為他們增加了對我們軟件和數據解決方案的利用，以提高和優化業務效率和患者護理。

As the post-COVID patient census continues to improve in our facilities verticals, we are seeing pent-up demand for technology investments that continue to come to the market. Our HME SaaS business under the Brightree brand continues to grow at a very rapid pace. And we welcome tech solutions for our HME customers across the U.S. market. As I just mentioned, during the quarter, we received final regulatory approval and closed our acquisition of MEDIFOX DAN, the leading provider of end-to-end software solutions for nursing homes and home health customers in Germany.

隨著後 COVID 患者普查在我們設施垂直領域的持續改善，我們看到對技術投資的被壓抑需求繼續進入市場。我們在 Brightree 品牌下的 HME SaaS 業務繼續以非常快的速度增長。我們歡迎為美國市場的 HME 客戶提供技術解決方案。正如我剛才提到的，在本季度，我們獲得了最終監管批准，並完成了對 MEDIFOX DAN 的收購，MEDIFOX DAN 是德國為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。

We're now focused on integrating and growing this business as we accelerate SaaS innovation and SaaS growth in Germany and beyond. I've met in person with many of the key leaders of the MEDIFOX DAN team, and I can tell you, I'm excited about the cultural fit, the technology focus, the sharing and learning opportunities that they bring and we bring to our global SaaS team. This is our first investment in an outside hospital software business beyond the U.S. market, but I can tell you the global SaaS team is very much in sync and have come out of the [grade] strongly, not just in the revenue growth I just talked about, but also in the soft side, team collaboration, transparency and beyond. We look forward to updating you as we achieve key milestones in that business over the quarters and years ahead. Our team is ready to deliver.

隨著我們在德國及其他地區加速 SaaS 創新和 SaaS 增長，我們現在專注於整合和發展這項業務。我與 MEDIFOX DAN 團隊的許多主要領導親自會面，我可以告訴你，我對他們帶來的文化契合度、技術重點、分享和學習機會以及我們帶來的機會感到興奮全球 SaaS 團隊。這是我們對美國市場以外的醫院外軟件業務的第一筆投資，但我可以告訴你，全球 SaaS 團隊非常同步，並且已經取得了 [等級] 強勁，不僅僅是我剛才談到的收入增長關於，但也在軟方面，團隊協作，透明度和超越。隨著我們在未來幾個季度和幾年內在該業務中取得關鍵里程碑，我們期待為您提供最新信息。我們的團隊已準備好交付。

Our SaaS business is an important part of ResMed's future growth and complements the incredibly strong software and device solutions that we have in our core sleep apnea and respiratory care businesses. One great example of the synergies between our SaaS business and our core business is the success of the Brightree ReSupply program. Brightree ReSupply automates the entire process from contacting the patient, interacting with the insurance company on coverage and interacting directly with the patient on co-pays as well as managing the logistics and distribution process. The ultimate goal is to keep a CPAP, APAP or bilevel therapy user replenished with the suppliers that they need to enable a better and longer-lasting therapy experience.

我們的 SaaS 業務是 ResMed 未來增長的重要組成部分，並補充了我們在核心睡眠呼吸暫停和呼吸護理業務中擁有的極其強大的軟件和設備解決方案。 Brightree ReSupply 計劃的成功是我們 SaaS 業務與核心業務之間協同作用的一個很好的例子。 Brightree ReSupply 使整個過程自動化，從聯繫患者、與保險公司就保險範圍進行互動、直接與患者就共付額進行互動，以及管理物流和配送流程。最終目標是讓 CPAP、APAP 或雙水平治療用戶獲得他們需要的供應商補充，以實現更好、更持久的治療體驗。

We have published clinical data that show that a patient on a ReSupply program has higher adherence to therapy. And we also have peer-reviewed published data in CHEST showing what's called the ALASKA study, that there is a 39% reduction in mortality for patients who are adherent to CPAP versus Control. These are incredible data, and they lead to these synergies, not just being a good revenue opportunity, but being an incredible cost saving opportunity for the health care system and life-saving opportunity for the patients involved.

我們發布的臨床數據表明，參加 ReSupply 計劃的患者對治療的依從性更高。我們還在 CHEST 上發布了經過同行評審的數據，這些數據顯示了所謂的 ALASKA 研究，堅持 CPAP 的患者與對照組相比死亡率降低了 39%。這些都是令人難以置信的數據，它們導致了這些協同效應，不僅是一個很好的收入機會，而且是醫療保健系統難以置信的成本節約機會和相關患者的挽救生命的機會。

We will continue to identify and capitalize on synergy opportunities as we move forward. We are well positioned as the leading global strategic provider of SaaS solutions for out-of-hospital care globally, and we have created a differentiated value for customers and long-term sustainable growth for our stakeholders.

在我們前進的過程中，我們將繼續發現並利用協同增效的機會。作為全球領先的院外護理 SaaS 解決方案全球戰略提供商，我們處於有利地位，我們為客戶創造了差異化價值，為我們的利益相關者創造了長期可持續增長。

We are transforming out-of-hospital health care at scale, leading the market in digital health technology across our business. We now have over 13.5 billion nights of medical data in the cloud and over 19 million 100% cloud-connectable medical devices on bedside tables in 140 countries worldwide. We are liberating data to the cloud every day and unlocking value for patients, providers, physicians, payers, and entire health care systems and communities. We are leading the industry, but I see this as just the start of the digital health marathon. And I can tell you, we love the race.

我們正在大規模改造院外醫療保健，在我們的業務中引領數字醫療技術市場。現在，我們在雲中擁有超過 135 億夜的醫療數據，在全球 140 個國家的床頭櫃上擁有超過 1900 萬個 100% 可連接雲的醫療設備。我們每天都在將數據釋放到雲端，並為患者、提供者、醫生、付款人以及整個醫療保健系統和社區釋放價值。我們處於行業領先地位，但我認為這只是數字健康馬拉鬆的開始。我可以告訴你，我們熱愛比賽。

As the overlap between digital health and consumer tech industries continues, it is important to note that ResMed's Chief Medical Officer, Dr. Carlos Nunez, was recently named Chair of the Board of the Health Division, of the Consumer Technology Association, or CTA, and the Health Division is the fastest-growing division within CTA. The Health Division focuses on consumer-based technology-enabled health solutions to deliver better health outcomes for patients and reduce overall health care costs for the health care system.

隨著數字健康和消費技術行業之間的持續重疊，值得注意的是，ResMed 的首席醫療官 Carlos Nunez 博士最近被任命為消費者技術協會 (CTA) 健康部董事會主席，並且衛生部門是 CTA 中發展最快的部門。健康部門專注於以消費者為基礎的技術支持的健康解決方案，以為患者提供更好的健康結果並降低醫療保健系統的整體醫療保健成本。

Their mission is fully aligned with our ResMed mission, and I'm delighted to see Carlos be recognized for his leadership and the sessions that he chaired at CES in Vegas a couple of weeks ago showed that ResMed's thought leadership and Carlos' thought leadership is helping to craft the future of digital health and bring it to consumers as we have done over the past decade. We're excited about the ways Carlos' and CTA's Health Division can help continue to shape our industry for the future, lowering costs and improving outcomes and engaging consumers in their own health care. ResMed's mission and clear goal is to improve 250 million lives through better health care in 2025. This patient-centric mission drives and motivates ResMedians every day. We made excellent progress towards that inspiring goal over the last period.

他們的使命與我們的 ResMed 使命完全一致，我很高興看到 Carlos 的領導能力得到認可，幾週前他在拉斯維加斯 CES 主持的會議表明 ResMed 的思想領導力和 Carlos 的思想領導力正在提供幫助打造數字健康的未來，並將其帶給消費者，正如我們在過去十年所做的那樣。我們很高興 Carlos 和 CTA 的健康部門可以幫助繼續塑造我們行業的未來，降低成本，改善結果，讓消費者參與他們自己的醫療保健。 ResMed 的使命和明確目標是在 2025 年通過更好的醫療保健改善 2.5 億人的生活。這一以患者為中心的使命每天都在推動和激勵著 ResMedians。在過去的一段時間裡，我們在實現這個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 149 million lives with delivery of a device platform to a patient, a full mask system to a patient or a digital health software solution, helping people to sleep better, to breathe better and to live higher-quality lives with health care delivered right where they live and mostly in their own home.

在過去的 12 個月裡，我們通過向患者提供設備平台、向患者提供全面罩系統或數字健康軟件解決方案改善了超過 1.49 億人的生活，幫助人們睡得更好、呼吸得更好、生活更美好——高質量的生活，醫療保健就在他們居住的地方提供，而且大部分是在他們自己的家中。

Before I close, I want to once again express my sincere gratitude to more than 10,000 ResMedians now for their perseverance, hard work and dedication both today and every day. Thank you.

在結束之前，我想再次對現在和每一天的 10,000 多名 ResMedians 的堅持不懈、辛勤工作和奉獻表示衷心的感謝。謝謝。

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

有了這個，我會把電話轉給悉尼的布雷特，然後我們會移動並打開小組的問答環節。布雷特，交給你了。

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

偉大的。謝謝，米克。在今天的發言中，我將概述我們 2023 財年第二季度的業績。除非另有說明，否則所有比較均與上一季度進行。

We had strong financial performance in Q2. Group revenue was $1.03 billion, an increase of 16%. In constant currency terms, revenue increased by 20%. Revenue growth reflected increased demand for our sleep products across our portfolio and ongoing increased device demand generated by our competitor's product recall. Year-on-year movements in foreign currencies, in particular, the weaker euro, negatively impacted revenue by approximately $36 million this quarter.

我們在第二季度的財務表現強勁。集團收入為 10.3 億美元，增長 16%。按固定匯率計算，收入增長了 20%。收入增長反映了我們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導致的設備需求持續增加。外幣的同比變動，尤其是疲軟的歐元，對本季度的收入產生了約 3600 萬美元的負面影響。

As mentioned, we closed the MEDIFOX DAN acquisition on November 21, 2022. And accordingly, we have recognized MEDIFOX DAN revenue of $10.7 million in our Q2 FY '23 result from this date. While we continue to experience ongoing challenges in securing sufficient electronic components to meet market demand, we are now seeing a more predictable and improving supply chain environment. We expect to continue to deliver sequentially higher quarterly device revenue through the balance of fiscal year '23.

如前所述，我們於 2022 年 11 月 21 日完成了對 MEDIFOX DAN 的收購。因此，從該日期起，我們在 23 財年第二季度的業績中確認了 MEDIFOX DAN 的收入為 1070 萬美元。雖然我們在確保足夠的電子元件以滿足市場需求方面繼續面臨持續的挑戰，但我們現在看到了一個更可預測和改進的供應鏈環境。我們預計將在 23 財年的剩餘時間內繼續提供更高的季度設備收入。

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 26%. Sales in Europe, Asia and other markets increased by 8% in constant currency terms. Our product segment globally in constant currency terms, device sales increased by 25%, while masks and other sales increased by 13%. Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 41% as we benefited from incremental revenue derived from the introduction of the card-to-cloud device and improving availability of our connected devices.

從我們的地理收入分佈來看，不包括我們的軟件即服務業務的收入，美國、加拿大和拉丁美洲國家的銷售額增長了 26%。按固定匯率計算，歐洲、亞洲和其他市場的銷售額增長了 8%。我們的產品在全球範圍內以固定匯率計算，設備銷售額增長了 25%，而口罩和其他銷售額增長了 13%。按地區劃分，美國、加拿大和拉丁美洲的設備銷售額增長了 41%，這是因為我們受益於卡到雲設備的推出帶來的增量收入以及連接設備可用性的提高。

Masks and other sales increased by 11%, reflecting solid ReSupply revenue. In Europe, Asia and other markets, device sales increased by 5% in constant currency terms, reflecting the ongoing supply constraints in those markets for our connected devices. Masks and other sales in Europe, Asia and other markets increased by 14% in constant currency terms. Software as a Service revenue, including revenue from our MEDIFOX DAN acquisition, increased by 18% in the December quarter, driven by continued strong performance from our HME vertical. On an organic basis, SaaS revenue grew by 7% in the December quarter.

面具和其他銷售額增長了 11%，反映了穩健的 ReSupply 收入。在歐洲、亞洲和其他市場，以固定匯率計算，設備銷售額增長了 5%，反映出這些市場對我們連接設備的持續供應限制。以固定匯率計算，歐洲、亞洲和其他市場的口罩和其他銷售額增長了 14%。軟件即服務收入，包括來自我們的 MEDIFOX DAN 收購的收入，在 12 月季度增長了 18%，這得益於我們的 HME 垂直領域持續強勁的表現。在有機基礎上，SaaS 收入在 12 月季度增長了 7%。

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 second quarter earnings press release. Gross margin declined by 80 basis points to 56.8% in the December quarter. The decrease is predominantly attributable to product mix shifts due to increased flow generator sales as well as unfavorable foreign currency movements, partially offset by increases in average selling prices.

在我今天的其餘評論中，我將提到非 GAAP 數字。我們在第二季度收益新聞稿中提供了非 GAAP 與 GAAP 數據的全面對賬。 12 月季度的毛利率下降 80 個基點至 56.8%。減少的主要原因是流量發生器銷售增加以及不利的外匯變動導致產品組合發生變化，部分被平均售價的上漲所抵消。

Moving on to operating expenses. SG&A expenses for the second quarter increased by 14% or in constant currency terms, increased by 20%. The increase was predominantly attributable to increases in employee-related costs, additional expenses related to our acquisitions and travel and entertainment expenses. SG&A expense as a percentage of revenue was 20.5% compared to the 20.7% we recorded in the prior year period. Looking forward and subject to currency movements, we expect SG&A expense as a percentage of revenue to be in the range of 20% to 22% for the balance of fiscal year '23.

繼續經營費用。第二季度的 SG&A 費用增長了 14%，按固定匯率計算，增長了 20%。增加的主要原因是與員工相關的成本、與我們的收購相關的額外費用以及差旅和娛樂費用的增加。 SG&A 費用佔收入的百分比為 20.5%，而去年同期為 20.7%。展望未來並受貨幣變動影響，我們預計 SG&A 費用佔收入的百分比在 23 財年的剩餘時間內將在 20% 至 22% 的範圍內。

R&D expenses for the quarter increased by 4% or in constant currency terms, increased by 15%. R&D expenses as a percentage of revenue was 6.8% compared to 7% in the prior year quarter. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 7% to 8% for the balance of fiscal year '23.

本季度研發費用增長 4%，按固定匯率計算，增長 15%。研發費用佔收入的百分比為 6.8%，而去年同期為 7%。展望未來並受匯率變動影響，我們預計研發費用佔收入的百分比在 23 財年的剩餘時間內將在 7% 至 8% 的範圍內。

Operating profit for the quarter increased by 14%, underpinned by strong revenue growth, partially offset by lower gross margin. Our effective tax rate for the December quarter was 18.3% compared to the prior year quarter rate of 15.6%. 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 14%，這得益於強勁的收入增長，但部分被較低的毛利率所抵消。我們 12 月季度的有效稅率為 18.3%，而去年同期為 15.6%。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 December quarter increased by 13% and non-GAAP diluted earnings per share also increased by 13%. Cash flow from operations for the quarter was $129 million, reflecting solid underlying earnings, partially offset by higher levels of working capital. Capital expenditure for the quarter was $27 million, depreciation and amortization for the quarter totaled $38 million.

我們 12 月季度的淨收入增長了 13%，非 GAAP 攤薄後每股收益也增長了 13%。本季度運營產生的現金流量為 1.29 億美元，反映了穩健的基礎收益，部分被更高水平的營運資本所抵消。該季度的資本支出為 2700 萬美元，折舊和攤銷總額為 3800 萬美元。

We recorded equity losses of $3.1 million in our income statement in the December quarter associated with the Primasun joint venture with Verily. We expect to record equity losses of approximately $3 million per quarter through the balance of fiscal year '23 associated with the joint venture operation.

我們在與 Verily 的 Primasun 合資企業相關的 12 月季度的損益表中記錄了 310 萬美元的股權損失。我們預計在與合資企業相關的 23 財年餘額中，每季度將錄得約 300 萬美元的股權損失。

On November 21, 2022, we completed our acquisition of MEDIFOX DAN for consideration of $997 million, and this was funded through a drawdown on our existing revolver credit facility. During the quarter, we recorded acquisition-related expenses of $8.4 million associated with the MEDIFOX DAN acquisition. The acquisition was EPS neutral on a non-GAAP basis in Q2, and we expect the acquisition to be mildly accretive to EPS on a non-GAAP basis in the second half of FY '23.

2022 年 11 月 21 日，我們以 9.97 億美元的對價完成了對 MEDIFOX DAN 的收購，這是通過提取我們現有的循環信貸額度來籌集資金的。本季度，我們記錄了與 MEDIFOX DAN 收購相關的收購相關費用 840 萬美元。此次收購在第二季度的非 GAAP 基礎上對 EPS 是中性的，我們預計該收購將在 23 財年下半年在非 GAAP 基礎上溫和增加 EPS。

We ended the second quarter with a cash balance of $253 million. At December 31, we had $1.8 billion in gross debt and $1.5 billion in net debt, reflecting the funding of our MEDIFOX DAN acquisition. At December 31, we had approximately $390 million available for drawdown under our fleet revolver facility, and we continue to maintain a solid liquidity position. Following the acquisition of MEDIFOX DAN, our net interest expense is expected to increase to approximately $15 million per quarter for the second half of fiscal year '23, reflecting our increased debt position.

我們在第二季度末的現金餘額為 2.53 億美元。截至 12 月 31 日，我們的總債務為 18 億美元，淨債務為 15 億美元，反映了我們收購 MEDIFOX DAN 的資金。截至 12 月 31 日，我們的車隊左輪手槍貸款下有大約 3.9 億美元可供提取，我們繼續保持穩健的流動性狀況。在收購 MEDIFOX DAN 之後，我們的淨利息支出預計將在 23 財年下半年增加到每季度約 1500 萬美元，這反映了我們增加的債務狀況。

Our Board of Directors today declared a quarterly dividend of $0.44 per share. Going forward, we plan to continue to reinvest in growth through R&D and also expect to continue to fund future tuck-in acquisitions.

我們的董事會今天宣布派發每股 0.44 美元的季度股息。展望未來，我們計劃繼續通過研發對增長進行再投資，並期望繼續為未來的收購提供資金。

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

有了這個，我會把電話轉回給艾米。

Great. Thanks, Brett, and thanks, Mick. Kevin, I'd like to now turn the call back over to you to provide the instructions and then run the Q&A portion of our call.

偉大的。謝謝，布雷特，謝謝，米克。凱文，我現在想把電話轉回給你提供說明，然後運行我們電話的問答部分。

We'll now be conducting a question-and-answer session. (Operator Instructions) Our first question is coming from Chris Cooper from Goldman Sachs.

我們現在將進行問答環節。 （操作員說明）我們的第一個問題來自高盛的克里斯庫珀。

So good to hear the fully connected AirSense 10 is now off allocation. Can I ask what happens with the C2Cs that have effectively now, I presume surplus to requirements? And are there any sort of impacts on pricing or inventory valuation we need to think about in the second half?

很高興聽到完全連接的 AirSense 10 現在停止分配。我能問一下現在有效的 C2C 會發生什麼嗎？我假設需求過剩？下半年我們需要考慮對定價或庫存估值的影響嗎？

Thanks for the question, Chris, and it's a good one. Obviously, we're thrilled to have AirSense 10 fully connected now unconstrained in the U.S. geography. As you know, we operate in 140 countries worldwide the AirSense 10 card-to-cloud inventory. We're working our way through that, and it actually is moving very quickly.

謝謝你的問題，克里斯，這是一個很好的問題。顯然，我們很高興 AirSense 10 現在可以在美國不受限制地完全連接。如您所知，我們在全球 140 個國家運營 AirSense 10 卡到雲庫存。我們正在努力解決這個問題，實際上進展非常快。

I'd state it this way, that we've got the #1 device in the market, which is the AirSense 11 fully connected in terms of customer ratings. We also have the #2 device in the market, which is the AirSense 10 fully connected. But then we have the #3 device, the third best device in the market, which is the AirSense 10 card-to-cloud. I believe that's better than the Tier 2, 3, 4 competitors that are in the market. And so we've got the #1, 2 and 3 device there, and we're selling them and different customers want different things. And certainly, the AirSense 11 fully connected is at price premium.

我會這樣說，我們擁有市場上排名第一的設備，即 AirSense 11 在客戶評級方面完全連接。我們還有市場上排名第二的設備，即完全連接的 AirSense 10。但隨後我們有了排名第三的設備，即市場上第三好的設備，即 AirSense 10 卡到雲。我相信這比市場上的 2、3、4 級競爭對手要好。所以我們在那裡有#1、2 和 3 設備，我們正在銷售它們，不同的客戶想要不同的東西。當然，完全連接的 AirSense 11 價格溢價。

But we'll start to see, I think, us work through all of our inventory, the excess patient demand is still there globally. And I think will be there for a period of time even after one of our competitors looks like they may come back into the market. Hopefully, sometime this calendar year so that we can get our mask attachment [rates] on to them. But yes, Chris, we expect to work through all of that AirSense 10 card-to-cloud inventory. Good question.

但我認為，我們會開始看到，我們會處理所有庫存，全球患者的過剩需求仍然存在。而且我認為即使在我們的一個競爭對手看起來可能會重新進入市場之後，它也會存在一段時間。希望在這個日曆年的某個時候，我們可以將面具附件 [費率] 貼在上面。但是，是的，克里斯，我們希望完成所有 AirSense 10 卡到雲的清單。好問題。

Our next question is coming from Suraj Kalia from Oppenheimer.

我們的下一個問題來自奧本海默的 Suraj Kalia。

Mick, can you hear me all right?

米克，你能聽到我說話嗎？

Got you loud and clear, Suraj.

Suraj，讓你大聲說清楚。

Congrats on a great quarter. I think, Mick, maybe I'm just trying to thread the needle here, but I'd love to get some extra color. I heard you say by 2025, 250 million lives, that's the plan. If I use where [you all are] currently, let's say, 150 million, just rounding it off, that's a 70% almost jump in patient covered by CPAP. How should I think about the implied guide, am I jumping the gun here? Or are you sort of telegraphing you should be in a position for the next 3 years, deliver about 17%, 18% CAGR?

祝賀一個偉大的季度。我想，米克，也許我只是想在這裡穿針引線，但我很想得到一些額外的顏色。我聽到你說到 2025 年，2.5 億人的生命，這就是計劃。如果我使用 [你們所有人] 目前的位置，比方說，1.5 億，四捨五入，CPAP 覆蓋的患者幾乎增加了 70%。我應該如何考慮隱含的指南，我是不是在這裡開槍？或者你是在暗示你應該在未來 3 年內實現約 17%、18% 的複合年增長率？

Suraj, it's a great question. And how we measure the lives changed is a pretty simple formula that includes the CPAPs, APAPs, bilevel devices, but it also includes full mask systems, which is the sort of linear growth, if you like, of the devices and some slight exponential growth of the mask systems because of replenishment [rates and repeat] customers coming back. But it also includes patients' lives touched through digital health. So whether it's a Brightree patient that gets access to their device or other HME equipment, whether it's a patient in COPD medicines that gets an app that reminds them to take their medicine on a (inaudible) or a patient that has a life support ventilator that gets a digital health reminder to get replenishment.

Suraj，這是一個很好的問題。我們衡量生活改變的方式是一個非常簡單的公式，包括 CPAP、APAP、雙層設備，但它也包括全面罩系統，如果你願意的話，它是設備的線性增長和一些輕微的指數增長由於補貨 [率和回頭率] 客戶回來，面具系統的使用。但它也包括通過數字健康觸及的患者生活。因此，無論是 Brightree 患者可以訪問他們的設備還是其他 HME 設備，無論是使用 COPD 藥物的患者獲得提醒他們在（聽不清）上服藥的應用程序還是擁有生命支持呼吸機的患者獲得數字健康提醒以補充能量。

And so [you were] combining all those impacts on the life. And the way I look at it is a life is changed as much by a brand-new device arriving in their house as it is by an app that helps them take a medicine that keeps them out of hospital. So that's how we sort of look at lives changed. Yes, 150 million calendar year 2023, you got it right. I mean you got the math, the mathematics there is the CAGR is 17.5% volume growth of the lives that we touch over the next 3 calendar years through 2025, and we're going to do that. We're going to get more and more patients on CPAPs, APAPs, bilevels, more and more on ReSupply and mask systems and then more and more on our digital health platforms. And we've got a -- it's a lofty goal, and it's a stretch goal, but we believe we can get there and change 250 million lives by 2025. Thanks, Suraj. Great question.

所以[你]將所有這些對生活的影響結合起來。我看待它的方式是，一個全新的設備到達他們家，就像一個幫助他們吃藥、讓他們遠離醫院的應用程序一樣，改變了他們的生活。這就是我們看待生活改變的方式。是的，1.5 億日曆年 2023，你沒看錯。我的意思是你得到了數學，那裡的數學 CAGR 是我們在接下來的 3 個日曆年到 2025 年接觸到的生活量增長 17.5%，我們將這樣做。我們將讓越來越多的患者使用 CPAP、APAP、雙水平呼吸機，越來越多的患者使用 ReSupply 和麵罩系統，然後越來越多的患者使用我們的數字健康平台。我們有一個 - 這是一個崇高的目標，這是一個艱鉅的目標，但我們相信我們可以實現目標，到 2025 年改變 2.5 億人的生活。謝謝，Suraj。很好的問題。

Our next question is coming from Matthew Mishan from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Matthew Mishan。

Just a quick question on the gross margins. Just how has the productivity of manufacturing and shipping improved over the last few months? Are you guys still working through like high-cost inventory, how much spot buying is there? And then is sort of the decrease in gross margins here, slight decrease in gross margin, mainly on the mix of devices versus masks and accessories?

只是一個關於毛利率的快速問題。在過去的幾個月中，製造和運輸的生產率究竟提高了多少？你們還在處理高成本庫存嗎，有多少現貨購買？然後這裡的毛利率有所下降，毛利率略有下降，主要是由於設備與面罩和配件的組合？

Yes, Matt. I'll start, and then I'll hand to Rob Douglas, our President and Chief Operating Officer, to cover in detail. But just at the start, yes, there was a sequential decrease in gross margin. One way, Matt, I could have avoided that is tell the team, don't sell all those CPAPs and APAPs (inaudible) to create, right? Because it was great gross profit dollars to the business and it was great to change a patient's life by a new device, but I could have get my GM 70, 80 basis points up by saying, slow down those CPAP and APAP sales. Of course, we didn't do that. The right thing is the humanitarian aspect to get those devices that we pivoted our supply chain reengineered and redesigned to get them to market, and you saw extraordinary growth, 41% growth in our U.S.-based device market.

是的，馬特。我會開始，然後我會交給我們的總裁兼首席運營官 Rob Douglas 來詳細介紹。但就在一開始，是的，毛利率出現了連續下降。馬特，我本可以避免的一種方法是告訴團隊，不要出售所有這些 CPAP 和 APAP（聽不清）來創建，對嗎？因為這對企業來說是一筆巨大的毛利美元，而且通過新設備改變患者的生活也很棒，但我可以通過說放慢 CPAP 和 APAP 的銷售來讓我的 GM 70、80 個基點上升。當然，我們沒有那樣做。正確的做法是人道主義方面，讓我們以供應鍊為中心的那些設備重新設計和重新設計以將它們推向市場，你看到了非凡的增長，我們美國設備市場增長了 41%。

Now that's not our highest gross margin, is dilutive to GM percentage, but it's contributory and positive to gross profit dollars. And so it's good for patients, and it's good for our stakeholders. So that's what we did.

現在這不是我們的最高毛利率，它會稀釋 GM 百分比，但它對毛利潤美元有貢獻和積極。所以這對患者有好處，對我們的利益相關者也有好處。這就是我們所做的。

But Rob, yes, some really good question -- first part of the question.

但是 Rob，是的，一些非常好的問題——問題的第一部分。

Yes, Matt, thanks for the question. There's a lot of factors in that gross margin. And you're asking specifically about productivity and productivity improvements. We've done a whole lot of work around volume improvements and really driving volume. And all of our discussions with suppliers have been increasing volume and reliability of delivery. Our normal settings in normal world is we have a long-term outlook volume commitments, and we're looking at optimization and pricing improvements and things like that.

是的，馬特，謝謝你的提問。毛利率有很多因素。而且您特別詢問有關生產力和生產力改進的問題。我們已經圍繞音量改進和真正推動音量做了很多工作。我們與供應商的所有討論都在增加交付量和可靠性。我們在正常世界中的正常設置是我們有一個長期的前景量承諾，我們正在考慮優化和定價改進等等。

Those activities are pretty well been on hold while we've been doing this sort of real scramble to drive volumes. Freight is a similar situation, although we are seeing freight is probably going to improve faster than some of these other costs that were in there. But totally in terms of our supply chain culture, we absolutely will be aiming to go back to our continuous improvement situation where we have a really strong volume leverage gain. We continue to drive the volumes in a systematic way, and we use that to drive productivity and drive cost out of the system.

當我們一直在進行這種真正的爭奪以推動銷量時，這些活動很好地被擱置了。運費情況類似，儘管我們看到運費的改善速度可能快於其中的一些其他成本。但總的來說，就我們的供應鏈文化而言，我們絕對會致力於回到我們擁有非常強大的銷量槓桿增益的持續改進狀態。我們繼續以系統的方式推動銷量，我們用它來提高生產力並降低系統成本。

Our next question is coming from Steve Wheen from Jarden.

我們的下一個問題來自 Jarden 的 Steve Wheen。

Mick, I just wanted to follow up on that gross margin question. In the previous quarter, I think, as Brett was talking to the efficiencies that you're achieving through doing more volume was -- the margin benefit from that efficiency was sitting in your inventory balance. And that's obviously been building and built again this quarter. I'm just interested is, is that still the case that when that inventory comes off the balance sheet, we should automatically start to see the efficiency gains that you've been able to achieve to date?

米克，我只想跟進那個毛利率問題。我認為，在上一季度，正如布雷特所說的那樣，你通過做更多的事情來實現的效率是——這種效率帶來的邊際收益存在於你的庫存餘額中。這顯然是本季度一直在建造和建造的。我只是感興趣的是，當庫存從資產負債表中消失時，情況是否仍然如此，我們應該自動開始看到您迄今為止能夠實現的效率提升嗎？

Brett, do you want to have a first go of that question?

布雷特，你想先回答這個問題嗎？

Yes, will, Mick. Steve, yes, I mean that's what we're doing. I mean -- I think Rob articulated, really, at the moment, we're optimizing for delivery rather than efficiency. And we've got things like we're running the 3 platforms at the moment. So we're really focused on delivering devices to patients. So that's having an impact. The big one is to work through inventory or to wash through is the freight cost. So we're seeing some reduction in freight costs, but that's not manifested in our P&L yet. That's more of a Q3, Q4. So there will be some benefit that starts to wash through into Q3 and Q4 that we're not seeing it, that's currently still in inventory. But on the efficiency side, we're really -- we will get there, but we're optimizing on delivery for the moment. But I think as we work through the fiscal, we'll be in a much better position to drive on efficiency measures.

是的，會的，米克。史蒂夫，是的，我的意思是這就是我們正在做的事情。我的意思是——我認為 Rob 明確表示，目前，我們正在優化交付而不是效率。我們現在正在運行 3 個平台。所以我們真正專注於為患者提供設備。所以這是有影響的。最重要的是處理庫存或處理運費。所以我們看到運費有所下降，但這還沒有體現在我們的損益表中。這更像是第三季度，第四季度。因此，將會有一些好處開始滲透到第三季度和第四季度，我們沒有看到它，目前仍在庫存中。但在效率方面，我們真的 - 我們會達到目標，但我們目前正在優化交付。但我認為，隨著我們完成財政工作，我們將能夠更好地推動提高效率的措施。

I'd just pile on there that you look at Brett's guidance, nice conservative guidance is that our gross margin will be sort of steady as we go forward. I look on this and say, I think there's some upside as we start to see mask rates start to improve, we saw 13% constant currency growth in masks during the quarter. I think, yes, as Brett said, the freight costs will wash through the inventory. And we're getting great scale from the biggest respiratory medical manufacturing plant in the planet there in Singapore and the efficiencies we've got are well above any competitor, and we're doing really well on that. And I think that will come through. And then in addition to that, you'll get some upside from MEDIFOX DAN, which is accretive to revenue, gross margin and EPS, as Brett said, throughout fiscal and beyond. So that would be my guidance there as well, Steve.

我只想說你看看布雷特的指導，很好的保守指導是我們的毛利率在我們前進的過程中會保持穩定。我看著這個說，我認為有一些好處，因為我們開始看到口罩率開始提高，我們看到本季度口罩的貨幣持續增長 13%。我認為，是的，正如布雷特所說，運費將沖刷庫存。我們從新加坡這個星球上最大的呼吸系統醫療製造廠獲得了巨大的規模，我們的效率遠遠高於任何競爭對手，我們在這方面做得非常好。我認為這會實現。除此之外，你將從 MEDIFOX DAN 中獲得一些好處，正如布雷特所說，在整個財政年度及以後，它會增加收入、毛利率和每股收益。所以這也是我的指導，史蒂夫。

Our next question is coming from David Bailey from Macquarie.

我們的下一個問題來自 Macquarie 的 David Bailey。

Just got a question on new patient growth. Just thinking about patients who have been prescribed the device and waiting and then also those yet to be diagnosed. Just wondering if you can compare and contrast the U.S. and Rest of World. And then some comments on what you think it means for [industry] device growth for fiscal '23 and '24 relative to historical growth rates?

剛收到一個關於新患者成長的問題。想想那些已經開具處方並等待的患者，還有那些尚未被診斷的患者。只是想知道您是否可以比較和對比美國和世界其他地區。然後就您認為相對於歷史增長率而言，這對 23 財年和 24 財年 [行業] 設備增長意味著什麼發表一些評論？

David, that's a great question. It's actually the answer. We could take the whole rest of the Q&A session to go through it because it's what we do is trying to reach out to the 936 million people in our core market that suffocate every night with sleep apnea around the world. And we're laser-focused on it.

大衛，這是一個很好的問題。其實就是答案。我們可以用整個問答環節來完成它，因為我們所做的就是努力接觸我們核心市場中的 9.36 億人，他們在世界各地每晚因睡眠呼吸暫停而窒息。我們非常專注於此。

As you saw, we delivered very strongly on those new patient setups, 41% growth of devices in U.S., Canada, Latin America. And we turned to positive there in Europe, Asia and other. And what I can tell you is we're really working through that excess patient demand, as those numbers will tell you, we're working faster through that excess demand in the U.S. and getting closer to a state where you get a prescription, and you'll get a device in days or weeks versus it gone up to months there at the peak of the crisis. And I think if you look across the other 140 countries we sell into, every country is different.

正如你所看到的，我們在這些新的患者設置方面表現非常強勁，美國、加拿大和拉丁美洲的設備增長了 41%。我們在歐洲、亞洲和其他地區轉為積極。我可以告訴你的是，我們確實正在努力解決患者的過剩需求，正如這些數字會告訴你的那樣，我們正在更快地解決美國的過剩需求，並且越來越接近你獲得處方的狀態，並且您將在幾天或幾週內獲得一台設備，而在危機高峰期則需要幾個月的時間。而且我認為，如果你看看我們銷售的其他 140 個國家，每個國家都不一樣。

We've got to get the regulatory approvals for AirSense 11 there. We've got to work our way through, but we're going step by step on that journey. And so as I look at this excess patient demand, I made the comment there in my prep remarks. I think we will get to all of our customers' demand before the end of this calendar year. And that tells you our confidence in increased supply and our ability to meet that need, and we're laser-focused on that humanitarian emergency of patients waiting too long for therapy. We just don't want that. If you suffocate. This is a case of life and death. We've got the data to show that. We want your path to therapy to be expedited.

我們必須在那裡獲得 AirSense 11 的監管批准。我們必須努力度過難關，但我們會在這段旅程中一步步前行。因此，當我審視這種過剩的患者需求時，我在準備發言中發表了評論。我認為我們將在本日曆年結束前滿足所有客戶的需求。這告訴你我們對增加供應的信心以及我們滿足這種需求的能力，我們非常關注患者等待治療時間過長的人道主義緊急情況。我們只是不想那樣。如果你窒息。這是一個生死攸關的案例。我們有數據可以證明這一點。我們希望加快您的治療之路。

And in addition to that, the final thing I'll say is that we are looking at our patient demand generation activities that have been on hold these last 18 months. And I'm looking at our models in Australia, New Zealand, Korea, Japan, Singapore, U.K. and beyond where we have these omnichannel markets, the availability to contact consumers or sleep concern consumers directly and get them into the funnel. And here in the U.S., we have direct models and also our joint venture there with Verily and Primasun that we've done some really good demand gen tests and a number of cities just waiting for me to fire the starting gun for that team. And we're getting very close to firing that starting gun. So we'll have a smooth flow of -- from excess patient demand to now patient demand generation to continue our growth trajectory.

除此之外，我最後要說的是，我們正在研究過去 18 個月一直擱置的患者需求生成活動。我正在研究我們在澳大利亞、新西蘭、韓國、日本、新加坡、英國以及我們擁有這些全渠道市場的其他地方的模型，直接聯繫消費者或關注睡眠的消費者並將他們帶入渠道的可能性。在美國，我們有直接模型，還有我們與 Verily 和 Primasun 的合資企業，我們已經完成了一些非常好的需求生成測試，許多城市正等著我為該團隊開槍。我們已經非常接近發射發令槍了。因此，我們將有一個平穩的流程——從過剩的患者需求到現在患者需求的產生，以繼續我們的增長軌跡。

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

我們的下一個問題來自 Needham & Company 的 Mike Matson。

I guess, Mick, I think you mentioned high-flow therapy in your prepared remarks. I just wanted to get an update on kind of where things stand with commercializing that and maybe talk about the -- just the market opportunity there?

我想，米克，我想你在準備好的發言中提到了高流量療法。我只是想了解有關將其商業化的情況的最新情況，並可能談談 - 只是那裡的市場機會？

Yes. Look, it's a great question, Mike. And our long-term goals there in 2025, a number of those 250 million lives are going to change in 2025 will be patients with neuromuscular disease or chronic obstructive pulmonary disease. And 2 of those great therapies, high-flow therapy in the home, I want to be very specific. It's been used in the hospital during the pandemic. But high-flow therapy in the home, we see as a huge opportunity, probably 10x the size of our ventilation market in COPD is available for home HFT therapy. And then (inaudible), yes, early days and the pilots are going well. We're integrated to the payer provider EHR systems, which gives us the credibility now to go from pilots to start to scale some payer providers, particularly in the U.S. geography. But Rob, any further details on our work on HFT and cloud-connected inhalers for Mike there?

是的。看，這是一個很好的問題，邁克。我們的長期目標是到 2025 年，這 2.5 億人的生活將在 2025 年發生改變，其中一些將是神經肌肉疾病或慢性阻塞性肺病患者。還有 2 種很棒的療法，家庭高流量療法，我想說得非常具體。它在大流行期間被用於醫院。但是家庭高流量治療，我們認為是一個巨大的機會，家庭 HFT 治療可能是 COPD 通氣市場規模的 10 倍。然後（聽不清），是的，早期和飛行員進展順利。我們已集成到支付提供商 EHR 系統中，這使我們現在有信心從試點開始擴展一些支付提供商，特別是在美國地區。但是 Rob，關於我們在 HFT 和 Mike 的雲連接吸入器方面的工作有沒有進一步的細節？

Yes, Mike. We're pretty excited about this. It's a long-term project, though. But as Mick said, we view this as a very large potential market, very significantly larger than some of our other respiratory care markets. And we believe that we're running tests where we're really focusing on its complementariness with home oxygen therapy that is you'll get much better outcomes if you add this in. And we're working hard on all of the market access and evidence-generation programs to do that.

是的，邁克。我們對此感到非常興奮。不過，這是一個長期項目。但正如米克所說，我們認為這是一個非常大的潛在市場，比我們其他一些呼吸護理市場要大得多。我們相信我們正在進行測試，我們真正關注的是它與家庭氧療的互補性，如果你加入它，你會得到更好的結果。我們正在努力爭取所有市場准入和證據生成計劃來做到這一點。

Now most of those programs are buying either RCTs or real-world evidence trials. So we're sort of in limited market release at the moment in specific markets where we're making these claims. But as that evidence evolves and we generate it and take it to the -- to payers and standard setting organizations, we see this is going to be a very strong market for us, but it is a multiyear project.

現在，這些項目中的大多數都在購買隨機對照試驗或真實世界的證據試驗。因此，我們目前在我們提出這些聲明的特定市場中的市場發布有限。但隨著證據的發展和我們生成它並將其帶到 - 付款人和標準制定組織，我們看到這對我們來說將是一個非常強大的市場，但這是一個多年的項目。

Our next question is coming from Craig Wong-Pan from RBC.

我們的下一個問題來自 RBC 的 Craig Wong-Pan。

Just a question on the SaaS business. The 7% organic growth that you mentioned, I was wondering if much of that was benefiting from price increases or if the price increases you started through the quarter have a bigger benefit to come through in future periods?

只是關於 SaaS 業務的問題。你提到的 7% 的有機增長，我想知道其中大部分是否受益於價格上漲，或者你在本季度開始的價格上漲是否對未來有更大的好處？

Yes, Craig, thanks for the question. No, that doesn't include a whole lot of price increases. In fact, we put price increases on hold during the COVID pandemic in some of our SaaS businesses. And so we probably are changing to the area of price increases as we go forward. We've gone from pandemic to endemic. So that will happen and then flow out over the coming 12, 24 months.

是的，克雷格，謝謝你的提問。不，這不包括大量的價格上漲。事實上，在 COVID 大流行期間，我們的一些 SaaS 業務暫停了價格上漲。因此，隨著我們的前進，我們可能正在轉向價格上漲的領域。我們已經從大流行變成地方病。所以這將會發生，然後在接下來的 12、24 個月內流出。

I'm really excited. We're looking at that domestic SaaS business in the worst of COVID getting down to low single digits, we moved to mid-single digits. And then Bobby, who's President of that division and his team have really accelerated that organic growth to 8% last quarter, 7% this quarter, and so that high single-digits organic growth. And actually, we see upside from that in the organic, if you think about it, Brightree, MatrixCare and Citus Health [part]. So we see opportunities to move that up.

我很激動。我們正在研究在 COVID 最糟糕的情況下國內 SaaS 業務下降到低個位數，我們轉向中等個位數。然後，該部門總裁 Bobby 和他的團隊真正將有機增長加速到上個季度的 8%，本季度的 7%，以及高個位數的有機增長。事實上，我們從有機產品中看到了好處，如果你考慮一下，Brightree、MatrixCare 和 Citus Health [部分]。所以我們看到了提升它的機會。

And then when you add on MEDIFOX DAN and its capabilities, I think the combined business, obviously, the next 4 quarters, we'll call out the inorganic part, it will be double digits on the inorganic, of course. But even going forward, as we look out towards 2025, we see opportunities for high single digit and even low double-digit growth across that combined business as we lap the acquisition. So really good growth there. Price increases will be a part of that going forward, but they weren't historically, to answer your question directly.

然後當你添加 MEDIFOX DAN 及其功能時，我認為合併後的業務，顯然，在接下來的 4 個季度，我們將調用無機部分，當然，無機部分將是兩位數。但即使展望未來，展望 2025 年，隨著我們完成收購，我們也看到了合併後業務實現高個位數甚至低兩位數增長的機會。那裡的增長真的很好。價格上漲將是未來的一部分，但歷史上並沒有直接回答你的問題。

Our next question is coming from Sean Laaman from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Sean Laaman。

Mick, my question is, do you have enough visibility on the component pipeline to ascertain when you might be able to provide direct cloud-connected devices in those markets that have an aversion to the card-to-cloud?

米克，我的問題是，您是否對組件管道有足夠的了解，以確定您何時可以在那些厭惡卡到雲的市場中提供直接連接雲的設備？

Yes, Sean, I hope your Sydney morning is going well day after Australia Day. Look, the way we're looking at this is we've got 140 countries. We've got a very complex supply logistics program to get the patients minimize the time from prescription to therapy across all those markets, but it's a complex equation.

是的，肖恩，我希望你在澳大利亞國慶日後的悉尼早晨一切順利。看，我們看待這個的方式是我們有 140 個國家。我們有一個非常複雜的供應物流計劃，可以讓患者在所有這些市場上最大限度地縮短從處方到治療的時間，但這是一個複雜的方程式。

The good news is we are seeing supply of those rate limited semiconductors for communications, the 3G, 4G, 5G chips are starting to see supply come back. The micro processes, the next rate limited step are starting to increase. And so we're seeing our path through this. And you saw in the quarter, we were able to deliver incredibly strongly on that, and we're off allocation for the AirSense 10 100% connected.

好消息是，我們看到用於通信的那些速率受限的半導體供應，3G、4G、5G 芯片開始看到供應回升。微過程，下一個限速步驟開始增加。所以我們看到了我們的道路。你在本季度看到，我們能夠在這方面表現出令人難以置信的強勁表現，我們已經關閉了 AirSense 10 100% 連接的分配。

Look, I'd love to tell you, we've got a very complex jigsaw puzzle here. I'd love to tell you we'll be off allocation on AirSense 11 in all of our markets. It's just not going to happen in the short term. But as we go through this year, we'll update you as we go off allocation, and it will happen market by market, geography by geography.

看，我很想告訴你，我們這裡有一個非常複雜的拼圖遊戲。我很想告訴你，我們將在我們所有的市場上停止分配 AirSense 11。這不會在短期內發生。但隨著今年的過去，我們會在分配結束時向您更新，它將逐個市場、逐個地區發生。

Rob, did I miss anything there?

羅布，我錯過了什麼嗎？

The only other comment, Sean, is some of this is driven by regulatory requirements around getting approvals and validations. And also, several of these markets have different components that they need. So there are different validation and engineering projects to do it. And we just have to sequence that through our prioritization process as well. So that's actually true with all product launches.

肖恩，唯一的其他評論是其中一些是由有關獲得批准和驗證的監管要求驅動的。而且，其中一些市場具有他們需要的不同組件。所以有不同的驗證和工程項目來做這件事。我們還必須通過我們的優先級排序流程對其進行排序。因此，所有產品發布實際上都是如此。

Yes. And the good news is it's not our first rodeo. We've done this launch platforms in 140 countries many times before, and we're back to our sort of meat and potatoes here. This is what we do all day every day. And going off supply chain constraints over the calendar year will be fantastic for us to be able to then just go back to what we do, which is helping people sleep better, breathe better and live better lives outside hospital care. Thanks for the question, Sean.

是的。好消息是這不是我們第一次參加牛仔競技表演。之前我們已經在 140 個國家/地區做過很多次這個發布平台，現在我們又回到了這裡。這就是我們每天整天都在做的事情。在日曆年內擺脫供應鏈限制對我們來說非常棒，因為我們能夠回到我們所做的事情，即幫助人們睡得更好、呼吸得更好，並在醫院護理之外過上更好的生活。謝謝你的問題，肖恩。

Our next question is coming from Margaret Kaczor from William Blair.

我們的下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾。

I wanted to follow up on the growth drivers as we think about this and next year because I'm hearing there's patient backlog. Obviously, there's core market demand generation that will start to pick up. And then from our perspective, we look at RePAPs as well. So how do you layer those together over what time period? How much growth could you handle? And then maybe specific to RePAPs since we haven't talked that much about them on this call, where have they been in the last 2 years? And when should they return to be a bigger piece of the [mix itself]?

我想跟進我們考慮今年和明年的增長動力，因為我聽說有病人積壓。顯然，核心市場需求的產生將開始回升。然後從我們的角度來看，我們也會考慮 RePAP。那麼你如何在什麼時間段內將它們分層？你能處理多少增長？然後可能特定於 RePAP，因為我們在這次電話會議上沒有過多地談論它們，它們在過去 2 年中去了哪裡？他們什麼時候應該回來成為[混合本身]的更大一部分？

Yes. Thanks, Margaret. It's a great question, and it's one we're thinking about a lot here. And we're thinking about all 3 prongs that you talked about, the first one, excess patient demand, how do we work through that? In the U.S., we're getting close to really working through it. We've got 140 other countries. And to Rob's point, it's a complex equation to get the supply chain and delivery at all 140, but we're working through that.

是的。謝謝，瑪格麗特。這是一個很好的問題，也是我們在這裡思考很多的問題。我們正在考慮您談到的所有 3 個方面，第一個，患者需求過剩，我們如何解決這個問題？在美國，我們正接近真正解決它。我們還有 140 個其他國家/地區。就 Rob 的觀點而言，要使供應鍊和交付全部達到 140 是一個複雜的方程式，但我們正在努力解決這個問題。

Secondly, demand generation, yes, where we have omnichannel and have really established social media presences and abilities to drive demand gen, we'll be starting to turn those on country to country. And then thirdly, RePAPs, to your point, the last 2.5, 3 years of COVID crisis, pandemic crisis, competitor recall crisis, we have not turned the knob on RePAP. And in fact, we know our customers have been holding back when they're supply chain constrained on contacting patients who reach that 3-year, 5-year post warranty, you're ready for a new device on insurance and/or patient making the call.

其次，需求生成，是的，在我們擁有全渠道並真正建立社交媒體存在和推動需求生成的能力的地方，我們將開始將這些轉向國家到國家。然後第三，RePAPs，就你的觀點而言，過去 2.5、3 年的 COVID 危機、大流行危機、競爭對手召回危機，我們還沒有打開 RePAP 的旋鈕。事實上，我們知道我們的客戶一直在猶豫，因為供應鏈限制他們聯繫達到 3 年、5 年保修後的患者，您已準備好購買新設備的保險和/或患者製造電話。

So I think all 3 of those are going to be applied in all 50 states here in the U.S. and in all 140 countries worldwide. We do have scenarios and plans. I'm not going to detail them here on this call, but I can tell you that we expect to see steady growth throughout our market, and we're going to drive that. And we're going to make sure that patients waiting lists are not long. We're not going to turn the needles until we're ready to get there in supply. I'm just happy we're having this conversation this quarter and it's so much better than the last 8 quarters that we're talking about demand gen and driving RePAPs because that's what we've done for 33.5 years in the business, and it's what we love doing and we're going to do more of it.

所以我認為所有這 3 個都將在美國所有 50 個州和全球所有 140 個國家/地區應用。我們確實有設想和計劃。我不打算在這次電話會議上詳細介紹它們，但我可以告訴你，我們希望看到整個市場的穩定增長，我們將推動這一增長。我們將確保患者等候名單不長。在我們準備好供應之前，我們不會改變方向。我很高興我們在本季度進行了這次對話，這比過去 8 個季度要好得多，我們正在談論需求生成和推動 RePAP，因為這是我們在 33.5 年的業務中所做的，而且它是我們喜歡做的事情，我們將做更多。

Our next question today is coming from Matt Taylor from Jefferies.

我們今天的下一個問題來自 Jefferies 的 Matt Taylor。

Great. I had a follow-up on that question. I guess I just wanted to understand what are your expectations if and when your competitor does come back, I mean, presumably, there could be some, I guess, impacts on flow gens that would create pressure, but maybe you get some pickup in the mask. Could you characterize how quickly you would expect things to change dynamically in both directions? And then how much juice can you actually get out of the demand creation and ReSupply to backfill or you kind of increase growth? What are your pilot programs or places where you've done that, telling you about how much of a quantitative pickup you can get?

偉大的。我對那個問題進行了跟進。我想我只是想了解你的期望是什麼，如果你的競爭對手真的回來了，我的意思是，大概，我想，可能會對產生壓力的流量產生一些影響，但也許你會在面具。你能描述一下你期望事物在兩個方向上動態變化的速度有多快嗎？然後，您實際上可以從需求創造和 ReSupply 中獲得多少果汁來回填或增加增長？你的試點項目或地方是什麼，告訴你你可以獲得多少定量皮卡？

Yes. Thanks for the question, Matt. I'll start and hand to Rob for further detail because it is a really important area for us. Look, if you think about our competitor has been out on the market for 18 months and who knows. They've got to -- we'll find out probably later this week they've got an earnings call, maybe they'll tell us what's happened at the consent decree and give us some timing. Frankly, give the market some time, it'd be good.

是的。謝謝你的問題，馬特。我將開始並交給 Rob 了解更多細節，因為這對我們來說是一個非常重要的領域。看，如果您考慮我們的競爭對手已經上市 18 個月，誰知道呢。他們必須——我們可能會在本週晚些時候發現他們接到了財報電話會議，也許他們會告訴我們同意令發生了什麼，並給我們一些時間。坦率地說，給市場一些時間，這會很好。

We've run scenarios that they come back Monday, February 1, July 1, we've also run scenarios that it's January 1, 2024. And actually, in all those scenarios, ResMed grows, and ResMed does really well, and ResMed does a really good job of taking care of the unmet patient need. So if they come back earlier, come back Monday, we get a 60% plus or minus [attach rate] of our masks. So we get good GM contribution, great patient care in terms of the best masks in the planet going to them, and we're able to drive that.

我們已經運行了他們在 2 月 1 日、7 月 1 日星期一回來的場景，我們還運行了 2024 年 1 月 1 日的場景。實際上，在所有這些場景中，ResMed 都在增長，ResMed 做得很好，ResMed 確實在照顧未滿足的患者需求方面做得非常好。因此，如果他們早點回來，週一回來，我們的口罩會得到 60% 的正負 [附著率]。因此，我們得到了良好的通用汽車貢獻，就地球上最好的口罩提供給他們而言，他們得到了很好的病人護理，我們能夠推動這一點。

Now they'll be starting from 0%, new patient share, they're going to able to go and fight account by account. And they won't be (inaudible) ResMed out the gate. They'll be fighting against the Tier 2, 3 and 4 players who have come in to fill that part of the equation. And they're doing an okay job. And so they have to fight against the okay players. Then they have to fight against us, the market leader. But I look forward to them coming back actually in terms of the mask side of the business, it will be really good.

現在他們將從 0% 開始，新患者份額，他們將能夠逐個帳戶進行戰鬥。而且他們不會（聽不清）ResMed 走出大門。他們將與填補這部分等式的 2、3 和 4 級球員作戰。他們做得很好。所以他們必須與好的球員作戰。然後他們必須與我們這個市場領導者作戰。但我期待他們在面具業務方面真正回歸，這將非常好。

The scenario where it's further out, it's later this calendar year or early next calendar year or beyond. We're okay with that, too, because we're ramping up our supply, and we're going to get closer to closer to meet all of customer demand in this. So frankly, it's not irrelevant, but it's not a big perturbation of our long-term strategy or our long-term business. And we've got the scenarios and the little pivots that we need to have more masks or more demand gen in the different scenarios.

更遠的情況是本日曆年晚些時候或下個日曆年年初或更長時間。我們對此也沒有意見，因為我們正在增加供應，我們將越來越接近滿足所有客戶的需求。所以坦率地說，這並非無關緊要，但它不會對我們的長期戰略或我們的長期業務造成很大的干擾。我們已經有了場景和小支點，我們需要在不同的場景中擁有更多面具或更多需求。

So I think investors and some analysts are thinking more about this -- are worried, more worried about this than we are because we thought so much about it and have the scenarios and the playbook ready for all 3 of those scenarios in '20 and beyond. I look forward to this sort of people [calling a binary]. I see there's a mild perturbation of the Monte-Carlo sim that really doesn't change in the long-term outcomes for ResMed and our patients is not changed in any of those scenarios.

所以我認為投資者和一些分析師正在更多地考慮這個 - 擔心，比我們更擔心這個，因為我們考慮了很多，並且已經為 20 世紀及以後的所有 3 種情況準備好了方案和劇本.我期待著這種人 [調用二進製文件]。我看到蒙特卡洛 sim 有輕微的擾動，這實際上不會改變 ResMed 的長期結果，我們的患者在任何這些情況下都不會改變。

But Rob, any further detail for Matt here?

但是 Rob，這裡有關於 Matt 的更多詳細信息嗎？

Yes, Matt, the only other thing I'd add is we sort of think of sort of market growth rate in terms of the patient lifetime journey through this condition, terrible condition, very serious. And the biggest problem is awareness. And so you start off with how do you become aware of it. Does your primary care know to refer you to a sleep specialist? Can that specialist refer you to either home or lab testing? And then do you get a referral to a provider who's got the capacity to look after you.

是的，馬特，我唯一要補充的另一件事是，我們從患者一生經歷這種情況、可怕的情況、非常嚴重的情況來考慮市場增長率。最大的問題是意識。所以你從你如何意識到它開始。您的初級保健人員是否知道將您轉介給睡眠專家？那位專家可以推薦您進行家庭或實驗室測試嗎？然後你會被推薦給有能力照顧你的提供者。

And basically, staff capacity is even a big issue for them. And so -- and then will that provide a look after you long term and keep the ReSupply programs. And our solutions are across all of those, but there's bottlenecks in all of those parts of the patient lifetime, patient journey, if you like. And as I say, we're providing solutions across that and incrementally driving improvements across all of those. So that provides a really good long-term outlook for steady growth in the business, as Mick was saying.

基本上，員工能力對他們來說甚至是一個大問題。因此 - 然後將長期照顧您並保持 ReSupply 計劃。我們的解決方案涵蓋所有這些，但如果你願意，在患者生命週期、患者旅程的所有這些部分都存在瓶頸。正如我所說，我們正在提供解決方案，並逐步推動所有這些方面的改進。正如米克所說，這為業務的穩定增長提供了一個非常好的長期前景。

Our next question is coming from Michael Polark from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Michael Polark。

Two quick ones if I can sneak them in. Is there a vision or strategy to convert card-to-cloud products to connected solutions over time? Or is the base case to lead those units that have gone into the market over the last year or so, as is? And then the second quick one is MEDIFOX DAN, the gross margin on that revenue ballpark, can you share what that is?

兩個快速的，如果我可以偷偷摸摸的話。隨著時間的推移，是否有將卡到雲產品轉換為連接解決方案的願景或戰略？或者是引導那些在過去一年左右進入市場的單位的基本情況？然後第二個快速的是 MEDIFOX DAN，那個收入球場的毛利率，你能分享它是什麼嗎？

Thanks, Mike, and cheeky sneaking in 2 questions, but I'll answer both for sure. Card-to-cloud, as those devices as those AirSense 10 card-to-cloud devices reach their either warranty period or payer allotted period at which a patient can get another device allocated to them, which is usually in the 3 years or 5 years, normally, time horizon. Those patients will get the opportunity to upgrade their devices from an AirSense 10 card-to-cloud to presumably an AirSense 11 device.

謝謝，邁克，厚顏無恥地偷偷提出了兩個問題，但我肯定會回答這兩個問題。卡到雲，因為這些設備如 AirSense 10 卡到雲設備達到其保修期或付款人分配的期限，患者可以在該期限內獲得分配給他們的另一台設備，通常是 3 年或 5 年，通常，時間範圍。這些患者將有機會將他們的設備從 AirSense 10 卡到雲升級到大概是 AirSense 11 設備。

And look, first 26 years of ResMed's existence, we had, firstly, non-connected and then card-to-cloud pager type technologies sort of sneaking that. It works. It can get you there. It's not as optimal. It doesn't get that sort of patient engagement on myAir and all the abilities that we can get to that 87% adherence, but it's done good therapy. It's the smallest, quietest, the most comfortable therapy. And with the card-to-cloud, our HME mostly sold in the U.S., HME customers have done this for years and the data go to the cloud, and so the doctor doesn't see much difference because the doctor is seeing all the data in their view on card-to-cloud and directly connected. And so actually able to drive really good care with those patients. So it will be a bolus of patients over that sort of 12-month period.

看，在 ResMed 存在的頭 26 年裡，我們首先採用了非連接技術，然後是卡到雲尋呼機類型的技術，有點偷偷摸摸。有用。它可以帶你到那裡。它不是最佳的。它沒有在 myAir 上獲得那種患者參與度，也沒有我們可以獲得 87% 依從性的所有能力，但它的治療效果很好。它是最小、最安靜、最舒適的療法。通過卡到雲，我們的 HME 主要在美國銷售，HME 客戶多年來一直這樣做，數據進入雲端，所以醫生看不出有什麼不同，因為醫生看到了所有數據在他們看來，卡到雲並直接連接。因此，實際上能夠為這些患者提供真正良好的護理。因此，在那種 12 個月的時間內，這將是一大堆患者。

And we've had, I would say, some pretty good success in humanitarian aid really and showing that ResMed isn't just going to stick to a strategy. It's going to say, if we need to pivot tactically to take care of patients, we'll do it. and we'll take care of them long term. But there will be a bolus of patients, I think, jumping at the front of RePAP in a couple of years who want to get the latest and greatest technology and some on consumer pay markets might go quicker.

我想說，我們在人道主義援助方面確實取得了相當不錯的成功，並表明 ResMed 不會僅僅堅持一項戰略。它會說，如果我們需要在戰術上進行調整以照顧病人，我們就會這樣做。我們會長期照顧他們。但我認為，幾年後會有大量患者跳到 RePAP 的前沿，他們希望獲得最新最好的技術，而消費者付費市場上的一些人可能會更快。

The second question around gross margin. Yes, look, MEDIFOX DAN is accretive to our group gross margin. I'm not going to quantify it exactly, but that's why I said you're going to see, I think, some upside to our GM as we go through the fiscal year, including MEDIFOX DAN. It's accretive to revenue, gross margin percentage, but also [NOP] dollars and our EPS performance over the fiscal and beyond. Thanks for the questions, Mike.

關於毛利率的第二個問題。是的，看，MEDIFOX DAN 增加了我們集團的毛利率。我不打算對其進行精確量化，但這就是為什麼我說你會看到，我認為，在我們通過財政年度時，我們的通用汽車有一些好處，包括 MEDIFOX DAN。它會增加收入、毛利率，但也會增加 [NOP] 美元和我們在財政及以後的每股收益表現。謝謝你的問題，邁克。

Next question is coming from Saul Hadassin from Barrenjoey Capital.

下一個問題來自 Barrenjoey Capital 的 Saul Hadassin。

Mick, just a quick one. Just the U.S. flow generator growth rate of 41%, obviously, very strong. Just wondering if you can give us any color as to within that, how much was volume versus price and also mix?

米克，快一點。僅美國流量發生器增長率就達到了 41%，顯然非常強勁。只是想知道您是否可以在其中給我們任何顏色，數量與價格以及混合量是多少？

Yes. Saul, look, it's a great question. We don't split out our details on price. But I can give some sort of general color and maybe, Rob, Brett, maybe you want to add a little bit on for Saul to the color that we can provide. The competitive dynamics are very tight. Look, we were very open that we had a surcharge that we put the start of last year around the freight costs that were incredibly high, $12 and EUR 12 across all devices and so on. We will start to actually take that away to get customers by our customer and appropriately as we go through the year.

是的。掃羅，你看，這是一個很好的問題。我們不會拆分我們的價格細節。但我可以提供某種一般顏色，也許，Rob、Brett，也許你想為 Saul 添加一些我們可以提供的顏色。競爭激烈。看，我們非常開放，我們在去年年初對運費進行了附加費，這些附加費非常高，所有設備的運費分別為 12 美元和 12 歐元等等。在我們度過這一年的過程中，我們將開始實際取消它，以通過我們的客戶和適當的方式吸引客戶。

And as we actually see -- to Rob's point earlier, as we see those freight costs come through our inventory, they don't just come in a spot change. It takes time for the COGS reduction there to come through. But in terms of that 41%, I can say it was materially improved by the AirSense 10 card-to-cloud and was able to get those devices there. But our ability, I think, also as we have started this quarter to turn AirSense 10 fully connected off constraint, I think will continue to be a nice tailwind for our business there.

正如我們實際看到的那樣——就 Rob 之前的觀點而言，當我們看到這些運費來自我們的庫存時，它們不僅僅是現貨變化。 COGS 的減少需要時間才能實現。但就這 41% 而言，我可以說 AirSense 10 卡到雲的性能得到了實質性改進，並且能夠將這些設備安裝到那裡。但我認為，我們的能力也隨著我們從本季度開始將 AirSense 10 完全連接擺脫限制，我認為這將繼續成為我們在那裡的業務的一個很好的順風。

But Brett, I'll hand to you for any further color we can provide to Saul to help on his modeling on this great U.S. flow generator growth.

但是布雷特，我會把我們可以提供給索爾的任何進一步的顏色交給你，以幫助他對美國這一偉大的流量發生器增長進行建模。

Yes. Thanks, Mick. I mean the only thing I'd add, Saul, is that it was really the sleep devices or APAP devices are really strong as we got device availability that went straight into the market. So that was really kind of driving that, which is obviously higher volume devices than, say, bilevels, for example. So that did definitely play a big part in that revenue growth.

是的。謝謝，米克。 Saul，我的意思是我唯一要補充的是，睡眠設備或 APAP 設備真的很強大，因為我們獲得了直接進入市場的設備可用性。所以這確實是一種推動力，例如，這顯然是比雙水平更高的體積設備。因此，這確實在收入增長中發揮了重要作用。

Next question is coming from David Low from JPMorgan.

下一個問題來自摩根大通的 David Low。

Just a quick one. Mick, you talked about being unconstrained on supply by the end of the calendar year. And then I think to Sean's question, you talked about different markets and regulatory approvals. So the question I've got is will the AirSense 11 be unconstrained more quickly in the U.S.? And can you give us any sort of sense as to when you expect that will be the case?

只是一個快速的。米克，你談到到日曆年年底供應不受限制。然後我想到肖恩的問題，你談到了不同的市場和監管批准。所以我的問題是 AirSense 11 會在美國更快地不受限制嗎？你能告訴我們你預計什麼時候會出現這種情況嗎？

Yes. Thanks for the question, David. Yes, clearly, AirSense 10 fully connected will be unconstrained first just because that platform has been in the market for a long period of time. We've got all the inventory, all the capabilities to drive it and its regulatory approved in virtually every market, 140 around the world. And so it's just much easier to turn that off constraint and get it moving first.

是的。謝謝你的問題，大衛。是的，很明顯，AirSense 10 全連接首先會不受約束，因為該平台已經上市很長時間了。我們擁有所有庫存、所有驅動它的能力以及在全球 140 個幾乎每個市場都獲得監管批准的產品。因此，關閉該約束並使其首先移動要容易得多。

But yes, to your point, the smaller, the quieter, the more comfortable and the most connected and most clever device is the AirSense 11. As we get regulatory approvals and we're going country by country on this, as we said, we just got Japan during the last quarter, and we're going to go country by country on this. When we get regulatory approvals and as we get supply starting to improve on those components, we can really ramp that up with all its great technology and really good cost advantages and patient-friendly advantages.

但是，是的，就你的觀點而言，更小、更安靜、更舒適、連接最緊密、最智能的設備是 AirSense 11。正如我們所說，隨著我們獲得監管部門的批准，我們將逐個國家開展這項工作，我們上個季度剛剛進入日本，我們將逐個國家/地區解決這個問題。當我們獲得監管部門的批准並且我們的供應開始改善這些組件時，我們真的可以憑藉其所有偉大的技術、真正好的成本優勢和對患者友好的優勢來提升它。

It's got coaching capabilities and interaction with the patient on the screen that's interactive and can do some really good over-the-air upgrades, but also over-the-air interactions with physicians and its connectivity to myAir, 55%. I mean almost vast majority of patients are being offered and almost all of them are saying, "Yes, I want to see my data every day and get a myAir score." So it will go faster and less constrained in those markets where it has approval.

它具有指導功能，可以在屏幕上與患者進行互動，可以進行一些非常好的無線升級，還可以與醫生進行無線互動，並連接到 myAir，55%。我的意思是幾乎絕大多數患者都被提供了，幾乎所有人都說，“是的，我想每天查看我的數據並獲得 myAir 評分。”因此，它將在獲得批准的那些市場上走得更快，受到的限制更少。

I'm not going to predict the exact date, but that will happen because we've got scenarios around that. But I think we will start to see that go off constraints before the end of the calendar year because that's when we're going to be able to meet all the customer demand, which is our goal. And we're on a fast track to do it this calendar year.

我不打算預測確切的日期，但那會發生，因為我們已經有了相關的方案。但我認為我們將在日曆年結束之前開始看到這種限制，因為那時我們將能夠滿足所有客戶需求，這是我們的目標。我們正在快速完成這個日曆年的工作。

Rob, what did I miss there on David's question?

Rob，我在 David 的問題上錯過了什麼？

The only other thing is, David, it's been really important for us to be able to supply those 2 platforms. It's been a great thing for us to have sort of a double. Basically, we've got so much extra capability and capacity because we've got 2 platform lines designed for the market.

唯一的另一件事是，大衛，能夠提供這兩個平台對我們來說非常重要。對我們來說，擁有雙冠王是一件很棒的事情。基本上，我們擁有如此多的額外功能和容量，因為我們有 2 個專為市場設計的平台系列。

Next question is coming from Dan Hurren from MST Marquee.

下一個問題來自 MST Marquee 的 Dan Hurren。

Look, it's pretty clear that a lot of the growth is now coming from products that have been reengineered and didn't really even exist in their current form a little while ago. So -- and we've seen AirSense 10 connected as you're talking about (inaudible) supplier and so forth. But we've also seen some early regulatory approvals for an AirSense 11 with apparently different communication chips in. Is there any reason why that product couldn't launch within the next few months as we've seen roughly the same time line between approval and launch for something like the AirSense (inaudible)?

看，很明顯，現在很多增長都來自經過重新設計的產品，而這些產品在不久前甚至還沒有以目前的形式存在。所以 - 我們已經看到 AirSense 10 在您談論（聽不清）供應商等問題時已連接。但我們也看到一些早期監管機構批准了帶有明顯不同通信芯片的 AirSense 11。是否有任何原因導致該產品無法在接下來的幾個月內推出，因為我們已經看到批准和批准之間的時間線大致相同為 AirSense（聽不清）之類的東西發射？

Yes. Thanks, Dan. And clearly, you're very diligent looking at FDA and different regulatory approvals around the world. Look, what I'll say to this is that the AirSense 10 card-to-cloud was a reengineered, repivoted device, absolutely. And the AirSense 10 fully connected, we did rejig the comms chip to get one that was less supply chain constraint. So those 2 are reengineering back in the line. We didn't reengineer the AirSense 11 that's selling right now.

是的。謝謝，丹。很明顯，您非常勤奮地查看 FDA 和世界各地的不同監管機構批准。看，我要說的是，AirSense 10 卡到雲絕對是一款經過重新設計、重新旋轉的設備。 AirSense 10 完全連接後，我們重新調整了通信芯片以獲得供應鏈約束較少的芯片。所以那兩個人正在重新設計生產線。我們沒有重新設計目前正在銷售的 AirSense 11。

But of course, there will be variance. This is a long-term platform. This platform, the AirSense 11 is going to do CPAP, APAP, bilevel, all sorts of amazing therapy models. If you even look at the work that we're doing on the Lumis HFT device that we talked about earlier in the Q&A and during my prep remarks, that's on a platform of the AirSense 10 and obviously, AirSense 11 will become the platform of note for us over the coming years. But we don't go into details of our future product pipeline. So thanks for the question. But look, I can tell you, those 3 products in the market are #1, 2 and 3. And as you saw this quarter, they're selling well, and we expect them to continue to.

但當然，會有差異。這是一個長期的平台。這個平台，AirSense 11 將做 CPAP、APAP、雙水平，各種驚人的治療模型。如果您甚至看一下我們在前面的問答和我的準備發言中談到的 Lumis HFT 設備上所做的工作，那是在 AirSense 10 平台上進行的，顯然，AirSense 11 將成為值得注意的平台在未來幾年對我們來說。但我們不會詳細介紹我們未來的產品線。所以謝謝你的問題。但是，我可以告訴你，市場上的這 3 種產品是#1、2 和 3。正如你在本季度看到的那樣，它們賣得很好，我們預計它們會繼續如此。

Next question is from Lyanne Harrison from Bank of America.

下一個問題來自美國銀行的 Lyanne Harrison。

I might just come back to that full customer demand comment by the end of calendar '23. Mick, is that in relation to just the new starts? Or do you also expect that you'll meet the demand for the backlog of RePAPs as well that we've had over the last few years?

我可能會在日曆 '23 結束時回到完整的客戶需求評論。米克，這與新的開始有關嗎？或者您是否也希望您能夠滿足我們在過去幾年中對 RePAP 積壓的需求？

Yes, Lyanne, you're getting to some of the complexities behind that. Look, our goal is to get off the supply constraint during this calendar, and we know we can get there. We won't get there if we turn on every single knob that we have for demand generation and RePAP generation around the world. And so we will be turning those dials, if you like, for demand generation and RePAP generation through our customers [indirectly] as we get supply improving country by country.

是的，Lyanne，你正在了解這背後的一些複雜性。看，我們的目標是在這個日曆期間擺脫供應限制，我們知道我們可以實現。如果我們打開我們在全球範圍內生成需求和生成 RePAP 的每一個旋鈕，我們將無法實現目標。因此，如果您願意，我們將通過我們的客戶 [間接] 轉動這些撥盤以生成需求和 RePAP，因為我們逐個國家/地區改善供應。

And so yes, I think we can get to all customer demand if we do no change faster, but our goal is to take care of not just the patients who are currently in the pipeline, but also the 80%, 90% in many countries who are undiagnosed and untreated. And so our mission is to do that, and it's aligned with altruism but also our profit motive. And the overlap of those is a really powerful tool for us to have sustainable long-term growth as we have in the last 33.5 years.

所以是的，我認為如果我們不做更快的改變，我們可以滿足所有客戶的需求，但我們的目標是不僅要照顧目前正在接受治療的患者，還要照顧許多國家 80%、90% 的患者未經診斷和治療的人。因此，我們的使命就是做到這一點，這既符合利他主義，也符合我們的利潤動機。這些重疊是我們在過去 33.5 年中實現可持續長期增長的真正強大工具。

And so clearly, if we turn every dial to max, we wouldn't be able to get off a constraint this year. We won't turn all to max, but we will, and we are starting to turn those dials and getting the programs up and running in different cities, different states, different geographies around the world as we start to get off constraint.

很明顯，如果我們將每個撥盤都調到最大，我們今年將無法擺脫限制。我們不會把所有的都調到最大，但我們會的，而且我們開始轉動這些撥盤，讓程序在我們開始擺脫限制時在世界各地的不同城市、不同州、不同地區啟動和運行。

So I won't go into further detail than that to say that, Lyanne, yes, you're digging in, it is more complex than just we get there. It's we get there, and then we start turning on the market growth rate as the market leader, which is our -- sort of our duty and our obligation and we're going to do both. We're going to grow the market and grow our share and deliver for patients.

所以我不會詳細說明，Lyanne，是的，你正在深入挖掘，它比我們到達那裡要復雜得多。我們到達那裡，然後我們開始以市場領導者的身份開啟市場增長率，這是我們的責任和義務，我們將同時做到。我們將擴大市場並增加我們的份額並為患者提供服務。

Our final question today is coming from Steve Wheen as a follow-up from Jarden.

我們今天的最後一個問題來自 Steve Wheen，作為 Jarden 的後續問題。

This question is about the diagnosis rate in the U.S., in particular, for OSA. There has been some frustration to the ability to diagnose patients. So I just wonder what you're seeing from -- during the quarter from an improvement on that front with regard to diagnosis.

這個問題是關於美國的診斷率，特別是 OSA 的診斷率。診斷患者的能力有些令人沮喪。所以我只是想知道你在本季度從診斷方面的改進中看到了什麼。

Yes, Steve, thanks, and thanks for coming for your second question at the end of the queue. It shows that the system works, and you can get the second question in. It's a good one. Diagnostics rate in the U.S. obviously impacted at the start of COVID with all the labs being shut down and then we saw that big pivot and adoption of home sleep apnea testing and some great models from ResMed and many other players in the market to help physicians find ways to remotely screen, diagnose, treat and manage sleep apnea patients.

是的，史蒂夫，謝謝，感謝你在隊列末尾回答你的第二個問題。它表明系統工作正常，您可以進入第二個問題。這是一個很好的問題。美國的診斷率在 COVID 開始時明顯受到影響，所有實驗室都被關閉，然後我們看到了巨大的轉變和家庭睡眠呼吸暫停測試的採用，以及來自 ResMed 和市場上許多其他參與者的一些偉大模型，以幫助醫生找到遠程篩查、診斷、治療和管理睡眠呼吸暫停患者的方法。

As we come out from pandemic to endemic in the U.S., we've definitely seen, I'd say, our data show that at least 50% of patients are going through home sleep apnea testing. And then of the other 50%, some of them do home sleep apnea test and then just a follow-up in a lab for titration and mask fit and so on. And so really good adoption of home sleep apnea testing. Yes, it's sort of related to our demand generation area that demand generation isn't just going out there on social media and advertising and finding that customer acquisition cost and appropriate place well under lifetime value and getting them into the channel.

當我們從美國的大流行病轉為流行病時，我們肯定已經看到，我想說，我們的數據顯示至少 50% 的患者正在接受家庭睡眠呼吸暫停測試。然後在另外 50% 的人中，他們中的一些人進行家庭睡眠呼吸暫停測試，然後只是在實驗室進行滴定和麵罩適配等後續檢查。所以家庭睡眠呼吸暫停測試的採用真的很好。是的，這與我們的需求生成領域有點相關，需求生成不僅僅是在社交媒體和廣告上出現，而是發現客戶獲取成本和適當的位置遠低於生命週期價值，然後讓他們進入渠道。

It's also working with the channel to understand where we have capacity, what cities, what geographies that we have. And as you know, Steve, following us closely, we purchased a company called Ectosense, and their product called NightOwl. And I have one sitting on the desk right here. This thing is the size of my fingertip, and it has the ability to have highly sensitive and specific screening and diagnosis of sleep apnea with reimbursement in a geography like the U.S., and we're actually experimenting in Asia and Latin America and around the world on this. And the technology is originally European. So hopefully, it gets adopted there, too.

它還與渠道合作，以了解我們在哪裡有能力，在哪些城市，我們擁有哪些地理位置。正如你所知，史蒂夫，密切關注我們，我們購買了一家名為 Ectosense 的公司，以及他們的產品名為 NightOwl。我有一個坐在桌子上。這個東西只有我的指尖那麼大，它有能力在美國這樣的地區對睡眠呼吸暫停進行高度敏感和特異的篩查和診斷，我們實際上正在亞洲和拉丁美洲以及世界各地進行試驗對此。該技術最初是歐洲的。所以希望它也能在那裡被採用。

I love Ectosense, and I love home sleep apnea testing happening where it's small, it's quiet, it's convenient and it's cloud connected similar to our therapeutics. And yes, so I think you're going to see that diagnostics rate in the U.S. pick up post pandemic because people learned that telemedicine, digital health, remote screening, remote diagnostics work, and we can scale them. But it won't just be here in the U.S. It might be pioneered, launched here and scale here, but it's going to work in many other countries around the world. And I can tell you, we're really excited about partnerships with the physicians and the patients themselves to find their path to better sleep and better breathing. Thanks for the questions.

我喜歡 Ectosense，我喜歡家庭睡眠呼吸暫停測試發生在它很小的地方，它很安靜，很方便，而且它是雲連接的，類似於我們的治療。是的，所以我認為你會看到美國的診斷率在大流行後回升，因為人們了解到遠程醫療、數字健康、遠程篩查、遠程診斷有效，我們可以擴展它們。但它不會只在美國這裡。它可能會在這裡率先推出、在這裡推出並在這裡擴大規模，但它將在世界上許多其他國家發揮作用。我可以告訴你，我們真的很高興與醫生和患者自己合作，找到改善睡眠和呼吸的途徑。感謝您的提問。

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

我們的問答環節結束了。我想將發言權轉回 Mick 以徵求任何進一步意見或結束意見。

Thanks, Kevin, and thank you again to all of our shareholders and stakeholders for joining us on this call. I'd want to thank once again the opportunity for all 10,000 ResMedians, many of whom of you are also shareholders. So thank you for that. Thank you also for your dedication and hard work, helping people breathe, sleep and live better lives in over 140 countries. You delivered these numbers. Thank you for all that you do. And I'll hand back to you, Amy.

謝謝，凱文，再次感謝我們所有的股東和利益相關者加入我們的電話會議。我想再次感謝所有 10,000 名 ResMedians 的機會，你們中的許多人也是股東。非常感謝你的幫忙。也感謝您的奉獻和辛勤工作，幫助 140 多個國家/地區的人們呼吸、睡眠和過上更好的生活。你提供了這些數字。感謝您所做的一切。我會交還給你，艾米。

Great. Thank you, Mick, and thanks, everyone, for joining us. We appreciate your interest and your time. And as always, if you have any additional questions or need to follow up, please don't hesitate to reach out directly. This does conclude ResMed's Second Quarter 2023 Conference Call. Kevin, I'll turn it back to you to close things out.

偉大的。謝謝你，米克，也謝謝大家加入我們。感謝您的關注和時間。與往常一樣，如果您有任何其他問題或需要跟進，請隨時直接與我們聯繫。這確實結束了 ResMed 的 2023 年第二季度電話會議。凱文，我會把它轉回給你以結束一切。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line 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絡廣播到此結束。您可以在此時斷開您的線路，並度過美好的一天。感謝您今天的參與。