瑞思邁 (RMD) 2023 Q3 法說會逐字稿

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

您好，歡迎收看瑞思邁 2023 財年第三季財報電話會議及網路廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Amy Wakeham, Chief Communications and Investor Relations Officer. Please go ahead, Amy.

現在我很高興將電話轉給首席傳播和投資者關係長 Amy Wakeham。請繼續，艾米。

Great. Thank you, Kevin. Hello, everyone, and welcome to ResMed's Third Quarter Fiscal Year 2023 Earnings Conference Call.

偉大的。謝謝你，凱文。大家好，歡迎參加瑞思邁 2023 財年第三季財報電話會議。

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.

這次電話會議正在進行網路直播，今天稍後將在我們公司網站的投資者關係部分提供重播，以及收益新聞稿和簡報的副本，兩者現已提供。

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

今天參加電話會議的是執行長米克法雷爾 (Mick Farrell)；和財務長布雷特·桑德科克。在我們準備好的發言之後，總裁兼營運長 Rob Douglas 將與米克 (Mick) 和布雷特 (Brett) 一起發言；首席行政官兼全球總法律顧問 David Pendarvis 參加了我們的問答環節。

During today's call, we will discuss several non-GAAP measures. For a reconciliation of the non-GAAP measures, please see the supporting schedules in today's earnings release.

在今天的電話會議中，我們將討論幾項非公認會計原則措施。有關非公認會計原則措施的調節，請參閱今天的收益發布中的支援時間表。

Our discussion today will include forward-looking statements, including, but not limited to, expectations about our future financial and operating performance. We believe these statements are based on reasonable assumptions. However, our actual results could 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.

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財務和經營績效的預期。我們相信這些陳述是基於合理的假設。然而，我們的實際結果可能會有所不同。請查看我們向 SEC 提交的文件，以全面討論可能導致我們的實際結果與今天所做的任何前瞻性聲明有重大差異的風險因素。

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

我現在想把電話轉給米克。

Thanks, Amy, and thank you to our stockholders for joining us today as we review the results for the March quarter.

謝謝艾米，也感謝我們的股東今天加入我們，回顧三月季度的業績。

Our third quarter fiscal year 2023 financial results reflect very strong performance across our entire business. Through the hard work of our ResMed team worldwide, we've been able to steadily improve supply and manufacturing output to deliver for customers and most especially for patients with now full market availability of our life-saving products and therapy solutions.

我們 2023 財年第三季的財務表現反映出我們整個業務的強勁表現。透過瑞思邁全球團隊的辛勤工作，我們能夠穩步提高供應和製造產量，為客戶，尤其是為患者提供服務，我們的救生產品和治療解決方案現已在市場上全面上市。

During the quarter, we were able to offer unconstrained access to cloud-connected AirSense 10 flow generator devices in North America as well as an improved access to those cloud-connected devices across our global markets.

本季度，我們能夠在北美提供對雲端連接 AirSense 10 流量產生器設備的不受限制的訪問，並在全球市場上改進對這些雲端連接設備的存取。

We continue to work through some supply chain constraints with our latest and greatest AirSense 11 platform and we expect to steadily improve the global availability of AirSense 11 over the next several quarters. We are thrilled to have the AirSense 10 platform off allocation and fully available to customers in the U.S. and other major markets in swift succession.

我們將繼續利用最新、最出色的 AirSense 11 平台解決一些供應鏈限制，並預計在未來幾季穩步提高 AirSense 11 的全球可用性。我們很高興能夠將 AirSense 10 平台停止分配，並迅速連續向美國和其他主要市場的客戶提供全面服務。

I would like to send a huge personal thank you to our Six Sigma Black Belt supply chain and our manufacturing teams. Partnering with our global supplier alliance, we have been able to significantly increase production to the point that we are now able to deliver cloud-connected devices to meet the needs of all of our customers in the U.S. and we are working hard to make that the case in all 140 countries that we sell into worldwide as we move forward.

我謹向我們的六西格瑪黑帶供應鏈和製造團隊表示衷心的感謝。透過與我們的全球供應商聯盟合作，我們已經能夠顯著提高產量，現在我們能夠提供雲端連接設備來滿足美國所有客戶的需求，並且我們正在努力使其成為隨著我們的不斷發展，我們的產品銷往全球140 個國家。

Last quarter, we made a commitment to meet the global demand for connected CPAP and APAP devices with a combination of AirSense 10 and AirSense 11 by the end of calendar year 2023. As I just noted, we have already achieved that goal in our largest market, and we will be well ahead of that goal across all of our global markets.

上個季度，我們承諾在 2023 年底之前結合 AirSense 10 和 AirSense 11 來滿足全球對連網 CPAP 和 APAP 設備的需求。所有全球市場上遠遠領先於此目標。

Supply chain challenges aren't completely behind us, but we have passed the nadir in supply, and we see steady increases in supply ahead. Our amazing R&D teams and global supplier alliance teams have designed and validated new components. They have added new suppliers and they have worked hand-in-hand with existing suppliers to secure the flow of parts that we need.

供應鏈挑戰尚未完全過去，但我們已經度過了供應的最低點，我們看到未來供應將穩定成長。我們優秀的研發團隊和全球供應商聯盟團隊設計並驗證了新組件。他們增加了新的供應商，並與現有供應商攜手合作，以確保我們所需零件的流動。

We're also focused on scaling our manufacturing capabilities with the world's biggest and highest output manufacturing plant on the planet in the field of respiratory medicine. That high-tech facility is now fully up and running in Tuas, Singapore. We are working country by country to secure the necessary regulatory approvals as we ramp production and delivery of the AirSense 11 platform across global markets. Given this global ramp plan, we expect to remain on allocation for the AirSense 11 platform for the next few quarters with AirSense 10 covering all the difference in demand. With this combination of Air 10 and Air 11, we have the 2 best sleep apnea therapy platforms in the market, and we are now able to service all of our customers' needs.

我們也致力於擴大呼吸醫學領域全球最大、產量最高的製造工廠的製造能力。該高科技設施現已在新加坡大士全面投入運作。隨著我們在全球市場上提高 AirSense 11 平台的生產和交付量，我們正在逐個國家開展工作，以確保獲得必要的監管批准。鑑於這項全球升級計劃，我們預計未來幾季將繼續分配 AirSense 11 平台，而 AirSense 10 則可滿足所有需求差異。透過 Air 10 和 Air 11 的結合，我們擁有了市場上最好的 2 個睡眠呼吸中止症治療平台，現在我們能夠滿足所有客戶的需求。

Our incredible growth rate of 43% in global device revenue this quarter speaks to that market leadership position of these 2 platforms. Customers are voting with their wallets.

本季我們的全球設備收入成長率達到 43%，令人難以置信，這證明了這兩個平台的市場領導地位。顧客用錢包投票。

Our mask and accessory business also continued its strong growth trajectory, with 15% global growth in constant currency this quarter across our masks businesses. Mask growth is supported by both new patient growth as well as enhanced resupply programs to existing patients catalyzed by ongoing core patient demand.

我們的口罩和配件業務也繼續保持強勁的成長軌跡，以固定匯率計算，本季我們的口罩業務全球成長了 15%。口罩的成長受到新患者成長以及持續的核心患者需求推動下對現有患者加強補給計畫的支持。

We have now reached the point that new patient flow is well above the levels we saw pre COVID. In fact, March, as we just finished, March 2023 was our highest quarter ever for new patient setups in our cloud-based patient management system called AirView. Our digital health ecosystem enables and drives long-term adherence, pushing towards 90% adherence for our highest-performing customers. Even as we now pass 3 years since the start of COVID, there continues to be sustained heightened awareness by patients of the importance of respiratory hygiene and respiratory health. This has been a major step change that has held for now 12 quarters. We consider that a permanent change at this point.

我們現在已經達到了這樣的程度：新增病患流量遠高於新冠疫情爆發前的水準。事實上，正如我們剛剛完成的那樣，2023 年 3 月是我們基於雲端的患者管理系統 AirView 中新患者設定數量最高的季度。我們的數位健康生態系統支持並推動長期堅持，推動我們表現最佳的客戶達到 90% 的堅持率。儘管新冠疫情爆發已過去三年，但患者對呼吸衛生和呼吸健康重要性的認識持續提高。這是一個重大的變革，目前已經持續了 12 個季度。我們認為此時這是永久性的改變。

In the U.S. market, customers' resupply programs, including Brightree resupply, have augmented growth. In our consumer-driven markets, outreach programs and subscription programs have also driven mask replenishment rates. Patients want fresh equipment because there is less leak and more comfort for them, the person who was suffocating before this treatment. Physicians want fresh equipment because they have seen peer-reviewed, published evidence that patient resupply is directly correlated to increased patient therapy adherence. Our teams continue to work incredibly hard to achieve these double-digit growth results amid a challenging industry environment.

在美國市場，包括 Brightree 補給在內的客戶補給計畫促進了成長。在我們以消費者為主導的市場中，外展計畫和訂閱計畫也推動了面膜的補貨率。患者需要新的設備，因為洩漏更少，對他們（在接受治療之前就感到窒息的人）來說更舒適。醫生需要新的設備，因為他們已經看到經過同行評審、已發表的證據表明患者補給與患者治療依從性的提高直接相關。我們的團隊繼續極其努力地工作，以在充滿挑戰的行業環境中實現這些兩位數的成長成果。

All 10,000 of us ResMedians are laser-focused on continuing to deliver both the devices and masks for our customers globally every week, every month and every quarter.

我們所有 10,000 名 ResMedians 人都專注於繼續每週、每月和每個季度為全球客戶提供設備和口罩。

Let's now briefly review updates on the top 3 strategic priorities for our company: number one, to grow, expand the reach of and differentiate our core sleep apnea and respiratory care businesses; number two, to design, develop and deliver market-leading devices as well as market-leading digital health solutions that can be scaled globally; and number three, to create, innovate and grow the world's best software solutions for care delivered outside the hospital.

現在讓我們簡要回顧一下我們公司三大策略重點的最新情況：第一，發展、擴大我們的核心睡眠呼吸中止症和呼吸護理業務的覆蓋範圍並使其脫穎而出；第二，設計、開發和提供市場領先的設備以及可在全球擴展的市場領先的數位健康解決方案；第三，創建、創新和發展世界上最好的醫院外護理軟體解決方案。

The launch of and market reaction to 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, Air 11 adoption rates of myAir are more than double the adoption rate of myAir with the AirSense 10 platform. It turns out that patients love getting their own data every day on their myAir app with a daily score, daily coaching, therapy engagement through advanced analytics and patient-focused algorithms.

我們的 AirSense 11 設備平台的推出和市場反應持續進展順利。患者回饋仍然非常積極，我們繼續看到 myAir 患者應用程式被廣泛採用。事實上，myAir 的 Air 11 採用率是採用 AirSense 10 平台的 myAir 採用率的兩倍以上。事實證明，患者喜歡每天在 myAir 應用程式上獲取自己的數據，包括每日評分、每日指導、透過高級分析和以患者為中心的演算法進行治療參與。

Patient utilization of a digital health platform like myAir is directly linked to adherence, which is then directly linked to better patient outcomes as seen by the physician, which ultimately drives better outcomes for the payer and the provider. Given these trends, increasing production and global availability of the AirSense 11 platform clearly remains a top priority and an obligation, and we will continue to drive market penetration, leading the market, expanding the market as we scale production and achieve regulatory approvals country by country.

患者對 myAir 等數位健康平台的使用與依從性直接相關，而依從性又與醫生所看到的更好的患者結果直接相關，最終為付款人和提供者帶來更好的結果。鑑於這些趨勢，增加 AirSense 11 平台的產量和全球可用性顯然仍然是首要任務和義務，我們將繼續推動市場滲透，引領市場，擴大市場，同時擴大生產規模並獲得各國監管部門的批准。

Meanwhile, we continue to improve the software and digital health technology that drives a significant component of the value proposition for our connected devices. Over the next several quarters, we will introduce several artificial intelligence-driven coaching features into the AirView system as well as on the patient-facing myAir app. These AI algorithms will provide personalized suggestions to improve the patient experience and ultimately, to increase patient therapy adherence. Many of these AI-driven solutions will be available on both the AirSense 10 and the AirSense 11 ecosystems.

同時，我們繼續改進軟體和數位健康技術，這些技術是我們互聯設備價值主張的重要組成部分。在接下來的幾個季度中，我們將在 AirView 系統以及面向患者的 myAir 應用程式中引入一些人工智慧驅動的輔導功能。這些人工智慧演算法將提供個人化建議，以改善患者體驗，並最終提高患者治療的依從性。許多人工智慧驅動的解決方案將在 AirSense 10 和 AirSense 11 生態系統上提供。

ResMed's AirSense 11 device is the best positive airway pressure device on the planet, followed very closely by the second best device, which is the AirSense 10 platform. And together, they share the same digital health technology ecosystem. We will continue to invest in the ecosystem supporting these platforms as we innovate solutions for the benefit of physicians, providers and especially patients.

ResMed 的 AirSense 11 設備是地球上最好的氣道正壓通氣設備，緊隨其後的是第二好的設備，即 AirSense 10 平台。他們共同共享相同的數位健康技術生態系統。我們將繼續投資支持這些平台的生態系統，創新解決方案，造福醫生、醫療服務提供者，尤其是病人。

The bottom line is that our digital health technology investments have a multiplier effect across both Air 10 and Air 11 ecosystems, catalyzed and powered by AirView and myAir.

最重要的是，我們的數位健康技術投資在 AirView 和 myAir 的催化和支持下，在 Air 10 和 Air 11 生態系統中產生了乘數效應。

Pivoting to our Respiratory Care business. We continue to drive growth and adoption of our bilevel and other noninvasive ventilator solutions around the world as well as investing in our newer-to-market technologies, for patients, including neuromuscular disease, COPD and asthma and beyond.

轉向我們的呼吸照護業務。我們繼續推動雙水平呼吸器和其他非侵入性呼吸器解決方案在全球的成長和採用，並投資於我們的最新市場技術，服務於患者，包括神經肌肉疾病、慢性阻塞性肺病和氣喘等。

During the quarter, we announced a pilot collaboration between our digital therapeutics team under the Propeller Health brand and the University of California Davis Health system. This partnership allows eligible UC Davis Health patients to have access to Propeller's digital therapeutics platform, including sensors for inhaled medications, a mobile app, a web portal as well as ongoing patient support. Data from the Propeller sensors will be transmitted to the UC Davis Health's electronic health record system through an API to support patient enrollment and remote patient monitoring.

在本季度，我們宣布了 Propeller Health 品牌下的數位治療團隊與加州大學戴維斯分校健康系統之間的試點合作。此次合作使符合條件的加州大學戴維斯分校健康中心患者能夠訪問 Propeller 的數位治療平台，包括吸入藥物感測器、行動應用程式、入口網站以及持續的患者支援。來自 Propeller 感測器的數據將透過 API 傳輸到加州大學戴維斯分校健康中心的電子健康記錄系統，以支援患者登記和遠端患者監控。

It's still early days for this technology. However, combined with our investments in clinical research for home-based high-flow therapy for the treatment of COPD in the home, we see these technology innovations as important clinical additions for treating respiratory disease and an integral part of our 2025 growth strategy as we now pivot to look beyond to ResMed 2030.

這項技術還處於早期階段。然而，結合我們對在家治療慢性阻塞性肺病的家庭高流量療法臨床研究的投資，我們認為這些技術創新是治療呼吸系統疾病的重要臨床補充，也是我們 2025 年成長策略的一個組成部分。轉向ResMed 2030。

Turning to our Software-as-a-Service offerings for care delivered outside the hospital, our SaaS business grew strongly at 35% year-over-year in the quarter, including the contribution our recently acquired MEDIFOX DAN team in Germany. On an organic basis, SaaS growth in the quarter achieved high single-digit growth of 9% across our SaaS portfolio. We're excited about the strong sustainable growth of our core SaaS business, and we are very pleased to see MEDIFOX DAN contributing to our growth in its first full quarter as part of the global ResMed Group.

談到我們在醫院外提供護理的軟體即服務產品，我們的 SaaS 業務在本季度同比強勁增長 35%，其中包括我們最近收購的德國 MEDIFOX DAN 團隊的貢獻。從有機角度來看，本季 SaaS 的成長在我們的 SaaS 產品組合中實現了 9% 的高個位數成長。我們對核心 SaaS 業務的強勁可持續成長感到興奮，並且非常高興看到 MEDIFOX DAN 作為全球 ResMed 集團的一部分在第一個完整季度為我們的成長做出了貢獻。

We continue to grow with customers that deliver care outside the hospital as they increase utilization of our software and data solutions to improve and optimize business efficiencies and patient care. Here at ResMed, we believe the future of health care is in lower cost, lower acuity settings. We are investing in technology that our customers need to operate and scale as patient volumes grow in these facilities and out of hospital facilities.

我們繼續與在醫院外提供護理的客戶一起成長，因為他們增加了我們的軟體和數據解決方案的利用率，以提高和優化業務效率和患者護理。在瑞思邁，我們相信醫療保健的未來是在成本更低、敏銳度更低的環境。隨著這些設施和醫院設施外患者數量的增長，我們正在投資客戶需要營運和擴展的技術。

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 market across skilled nursing facilities, nursing homes and beyond. Our home medical equipment SaaS business under the Brightree brand continues to grow at a very rapid pace and deliver sustained, profitable growth. We are seeing the ongoing impacts of staffing shortages across all of the outside hospital health care verticals that we serve. This pressure on our customers provides opportunities to drive conversations about the benefits of our software solutions to streamline and drive efficiencies across their businesses so that they can free up staff to focus on their core purpose of serving patients and improving patient outcomes.

隨著新冠疫情後患者人口普查的不斷改善，在我們的設施垂直領域，我們看到了被壓抑的技術投資需求，這些投資繼續進入熟練護理設施、療養院等市場。我們 Brightree 品牌下的家庭醫療設備 SaaS 業務持續快速成長，並實現持續的獲利成長。我們看到人員短缺對我們服務的所有外部醫院醫療保健垂直領域產生持續影響。客戶面臨的這種壓力提供了機會，可以推動有關我們的軟體解決方案的好處的對話，以簡化和提高整個業務的效率，從而使員工能夠騰出時間專注於服務患者和改善患者治療結果的核心目標。

Our SaaS business remains an important part of ResMed's growth strategy, and it complements the market-leading software and device solutions that we have in our core sleep apnea and respiratory care businesses. Our Brightree ReSupply program continues to demonstrate the synergies we can generate between our SaaS business and our core SRC business. Brightree ReSupply automates the entire process from contacting the patient, interacting with the payer on coverage, communicating directly with the patient, collecting co-pays and managing the logistics and distribution process of product. The ultimate goal is to keep a CPAP, APAP or bilevel therapy user replenished with the supplies that they need to enable a better and longer-lasting therapy experience. This results in better outcomes for the patient, the physician, the provider and the payer.

我們的 SaaS 業務仍然是 ResMed 成長策略的重要組成部分，它補充了我們在核心睡眠呼吸中止症和呼吸照護業務中擁有的市場領先的軟體和設備解決方案。我們的 Brightree ReSupply 計劃繼續展示我們可以在 SaaS 業務和核心 SRC 業務之間產生的協同效應。 Brightree ReSupply 實現了整個流程的自動化，從聯繫患者、與承保付款人互動、直接與患者溝通、收取共付額以及管理產品的物流和配送流程。最終目標是讓 CPAP、APAP 或雙水平治療使用者補充所需的用品，以實現更好、更持久的治療體驗。這將為患者、醫生、提供者和付款人帶來更好的結果。

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

我們處於領先地位，是全球醫院院外護理 SaaS 解決方案的全球領先策略提供者。我們為客戶創造了差異化價值，為利害關係人創造了長期永續成長。我們正在大規模轉型醫院醫療保健，在整個業務領域引領數位醫療技術市場。

We now have over 14.5 billion nights of medical data in the cloud. And we have over 20.5 100% 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, for providers, for physicians, for payers and entire health care systems. We are leading the industry, and we won't stop innovating.

現在，我們在雲端擁有超過 145 億個夜晚的醫療數據。我們在全球 140 個國家的床頭櫃上放置了超過 20.5 台 100% 可雲端連接的醫療設備。我們每天都在將資料釋放到雲端，為患者、提供者、醫生、付款人和整個醫療保健系統釋放價值。我們引領產業，我們不會停止創新。

We're investing 7% of our revenue in R&D. It's worth noting that the annualized revenue pool is now well north of $4 billion. There is so much opportunity ahead of us, it's inspiring and it's exciting.

我們將 7% 的收入投資於研發。值得注意的是，年化收入池現已遠遠超過 40 億美元。我們面前有這麼多的機會，這令人鼓舞、令人興奮。

ResMed's mission remains crystal clear. We have a goal 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 with our growth over the last 90 days. And during the last 12 months, we have improved over 156 million lives with the delivery of a device platform to a patient or a full mask system to a patient or a digital health software solution that directly impacts a patient, helping each person to sleep better, to breathe better and to live a high-quality life with health care delivered right where they live.

瑞思邁的使命仍然非常明確。我們的目標是到 2025 年透過更好的醫療保健來改善 2.5 億人的生活。透過過去 90 天的成長，我們在實現這一鼓舞人心的目標方面取得了巨大進展。在過去 12 個月裡，我們透過向患者提供設備平台、向患者提供全面罩系統或直接影響患者的數位健康軟體解決方案，改善了超過 1.56 億人的生活，幫助每個人睡得更好，讓他們呼吸得更好，並在居住地獲得醫療保健服務，過著高品質的生活。

Let me close my remarks with my sincere gratitude to the more than 10,000 ResMedians working across 140 countries for their perseverance, their hard work and their dedication today and every day. Thank you.

最後，請允許我對遍布 140 個國家的 10,000 多名 ResMedians 表示衷心的感謝，感謝他們今天和每一天的堅持、辛勤工作和奉獻精神。謝謝。

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

這樣，我會將電話轉交給雪梨的布雷特，聽取他的發言，然後加入隊列，因為我們將開放小組問答。布雷特，交給你了。

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

偉大的。謝謝，米克。在今天的演講中，我將概述 2023 財年第三季的業績。

We had strong financial performance in Q3. Group revenue for the March quarter was $1.12 billion, an increase of 29%. In constant currency terms, revenue increased by 31%. Revenue growth reflected improved availability of sleep devices to support the strong underlying demand for these products as well as solid growth across our broader product portfolio. Year-on-year movements in foreign currencies, in particular, a weaker euro, negatively impacted revenue by approximately $20 million in the March quarter.

我們在第三季的財務業績強勁。三月季度集團營收為 11.2 億美元，成長 29%。以固定匯率計算，營收成長了 31%。收入成長反映出睡眠設備可用性的提高，以支持對這些產品的強勁潛在需求，以及我們更廣泛的產品組合的穩健成長。外幣年減，特別是歐元疲軟，對 3 月季度的營收產生了約 2,000 萬美元的負面影響。

We recorded incremental revenue of approximately $15 million from COVID-related demand in the March quarter. However, looking forward, we expect negligible revenue from COVID-related demand.

3 月季度，我們因新冠肺炎相關需求增加了約 1500 萬美元的收入。然而，展望未來，我們預期新冠相關需求帶來的收入可以忽略不計。

Looking at our geographic revenue distribution and excluding revenue from our Software-as-a-Service business, sales in U.S., Canada and Latin America increased by 32%. Sales in Europe, Asia and other markets increased by 28% in constant currency terms.

從我們的地理收入分佈來看，不包括軟體即服務業務的收入，美國、加拿大和拉丁美洲的銷售額成長了 32%。以固定匯率計算，歐洲、亞洲和其他市場的銷售額成長了 28%。

Globally, in constant currency terms, device sales increased by 43%, while masks and other sales increased by 15%. Breaking it down by regional areas, device sales in U.S., Canada and Latin America increased by 48% as we benefited from strong demand and improving availability of our connected devices. Masks and other sales increased by 14%, reflecting solid resupply and growth in new patient setups.

在全球範圍內，以固定匯率計算，設備銷售額增長了 43%，而口罩和其他產品的銷售額增長了 15%。按地區劃分，美國、加拿大和拉丁美洲的設備銷售量成長了 48%，這得益於我們互聯設備的強勁需求和可用性的提高。口罩和其他產品的銷售額成長了 14%，反映出穩定的補給和新病患設定的成長。

In Europe, Asia and other markets, device sales increased by 36% in constant currency terms, again reflecting strong demand and improving availability of connected devices. Masks and other sales increased by 15% in constant currency terms, reflecting increased patient setups.

在歐洲、亞洲和其他市場，以固定匯率計算，設備銷量成長了 36%，再次反映出強勁的需求和連網設備可用性的提高。以固定匯率計算，口罩和其他產品的銷售額成長了 15%，反映出患者設定的增加。

Software-as-a-Service revenue increased by 35% in the March quarter, reflecting the contribution from our MEDIFOX DAN acquisition and continued strong performance from our HME vertical. Excluding our MEDIFOX DAN acquisition, SaaS revenue grew by 9% in the March quarter. MEDIFOX DAN contributed revenue of $26.6 million for the March quarter, consistent with our expectations at the time of the acquisition.

軟體即服務收入在 3 月季度增長了 35%，反映了我們收購 MEDIFOX DAN 的貢獻以及我們 HME 垂直領域持續強勁的業績。不包括我們收購的 MEDIFOX DAN，SaaS 營收在三月季度成長了 9%。 MEDIFOX DAN 在 3 月季度貢獻了 2,660 萬美元的收入，與我們收購時的預期一致。

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 third quarter earnings press release.

在今天剩下的評論中，我將提及非公認會計原則數字。我們在第三季財報新聞稿中提供了非公認會計原則與公認會計原則數據的全面調節。

Gross margin declined by 200 basis points to 56.1% in the March quarter. The decrease primarily reflects product mix shifts due to the significant increase in sleep device sales as well as component cost increases and unfavorable foreign currency movements, partially offset by increases in average selling prices.

三月季度毛利率下降 200 個基點至 56.1%。這一下降主要反映了由於睡眠設備銷售大幅增長以及零件成本增加和不利的外匯變動而導致的產品結構變化，但部分被平均售價的上漲所抵消。

Moving on to operating expenses. SG&A expenses for the third quarter increased by 25% or in constant currency terms increased by 28%. The increase was predominantly attributable to increases in employee-related costs and travel expenses as well as the incremental SG&A expense associated with our MEDIFOX DAN acquisition. SG&A expenses as a percentage of revenue improved to 20.5% compared to the 21.1% we recorded in the prior year period.

接下來是營運費用。第三季的銷售、管理及行政費用增加了 25%，以固定匯率計算增加了 28%。這一成長主要歸因於員工相關成本和差旅費用的增加，以及與我們收購 MEDIFOX DAN 相關的增量 SG&A 費用。 SG&A 費用佔收入的百分比從去年同期的 21.1% 提高到 20.5%。

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.

展望未來，受匯率變動的影響，我們預期 23 財年餘下的 SG&A 費用佔營收的百分比將在 20% 至 22% 之間。

R&D expenses for the quarter increased by 14% while in constant currency terms increased by 16%. R&D expenses as a percentage of revenue was 6.8% compared to 7.7% in the prior year quarter.

本季研發費用成長 14%，以固定匯率計算則成長 16%。研發費用佔營收的百分比為 6.8%，去年同期為 7.7%。

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.

展望未來，受匯率變動的影響，我們預期 23 財年的研發費用將佔營收的百分比將在 7% 至 8% 之間。

Operating profit for the quarter increased by 27%, underpinned by strong revenue growth, partially offset by a lower gross margin. Following the acquisition of MEDIFOX DAN, our net interest expense for the quarter was $15 million, and we expect interest expense to be a similar amount for the balance of fiscal year '23.

在營收強勁成長的推動下，本季營業利潤成長了 27%，但毛利率下降部分抵銷了這一成長。收購 MEDIFOX DAN 後，我們本季的淨利息支出為 1,500 萬美元，我們預計 23 財年餘額的利息支出將與此類似。

Our effective tax rate for the March quarter was 20% compared to the prior year quarter effective tax rate of 21.1%.

我們 3 月季度的有效稅率為 20%，而去年同期的有效稅率為 21.1%。

Looking forward, we estimate our effective tax rate for fiscal year '23 will be in the range of 19% to 21%.

展望未來，我們預計 23 財年的有效稅率將在 19% 至 21% 之間。

Our net income for the March quarter increased by 28%, and non-GAAP diluted earnings per share increased by 27%. Cash flow from operations for the quarter was $283 million, reflecting solid underlying earnings, partially offset by a modest increase in working capital.

我們三月季度的淨利潤成長了 28%，非 GAAP 攤薄每股收益成長了 27%。本季營運現金流為 2.83 億美元，反映出穩健的基本獲利，但部分被營運資本的小幅成長所抵銷。

Capital expenditure for the quarter was $29 million. Depreciation and amortization for the quarter totaled $44 million.

該季度的資本支出為 2900 萬美元。該季度的折舊和攤銷總額為 4,400 萬美元。

We ended the third quarter with a cash balance of $228 million. As of March 31, we have $1.6 billion in gross debt and $1.4 billion in net debt, reflecting the funding of our previously announced MEDIFOX DAN acquisition.

第三季結束時，我們的現金餘額為 2.28 億美元。截至 3 月 31 日，我們的總債務為 16 億美元，淨債務為 14 億美元，反映了我們先前宣布的 MEDIFOX DAN 收購的資金狀況。

During the quarter, we reduced our revolver debt by $215 million. As a result, at the end of the quarter, we had approximately $605 million available for drawdown under our revolver facility, and we continue to maintain a solid liquidity position.

本季度，我們減少了 2.15 億美元的循環債務。因此，截至本季末，我們的循環貸款工具下有大約 6.05 億美元可供提取，並且我們繼續保持穩固的流動性部位。

Our Board of Directors today declared a quarterly dividend of $0.44 per share.

我們的董事會今天宣布季度股息為每股 0.44 美元。

Going forward, we plan to continue to reinvest in growth through R&D, reduce our overall debt levels and deploy further capital for tuck-in acquisitions.

展望未來，我們計劃繼續透過研發對成長進行再投資，降低整體債務水平，並部署更多資本進行收購。

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

然後，我會將電話轉回給艾米。

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

偉大的。謝謝你，布雷特，謝謝你，米克。凱文，我現在想將電話轉給您，以提供說明，然後進行電話的問答部分。

Certainly. (Operator Instructions) Our first question is coming from Lyanne Harrison from Bank of America.

當然。 （操作員說明）我們的第一個問題來自美國銀行的 Lyanne Harrison。

Yes. Good morning, all. Before I start, I want to say thank you to David Pendarvis. We're certainly sad to see him retire, but we know that we're in safe hands with Amy.

是的。大家早安。在開始之前，我想先對 David Pendarvis 表示感謝。看到他退休，我們當然很難過，但我們知道艾米會安全地照顧我們。

In terms of my question, obviously, some very good device revenue there, but I wanted just to talk about the -- you mentioned the third quarter, you had a new patient high, higher than what we've seen pre-COVID. Can you provide some comments of how much of that new patient backlog remains? And also, what sort of progress you're making on the re-PAP backlog? And if you can discuss that according to the Americas and rest of the world separately, that would be very helpful.

就我的問題而言，顯然，那裡有一些非常好的設備收入，但我只想談談——你提到第三季度，你有一個新的病人高，比我們在新冠疫情之前看到的要高。您能否評論一下新積壓的患者數量還有多少？另外，您在重新 PAP 積壓工作方面取得了哪些進展？如果你能根據美洲和世界其他地區分別討論這個問題，那將會非常有幫助。

Well, thanks for the question, Lyanne, and the tribute to Dave for his 20-plus years, 22 years of -- I think it was -- this is his 83rd investor call, eight-three, so amazing tribute to Dave and we are in very safe hands with Amy on the Investor Relations front.

好吧，感謝萊安提出的問題，並向戴夫致敬，感謝他20 多年，22 年——我認為是——這是他的第83 次投資者電話會議，八次三次，向戴夫和我們致敬。

To your question, look, yes, incredible growth, 43% growth in device revenue this quarter to an all-time high, many factors that have gone into that, primarily that we were able to deliver on our promise to get unconstrained on AirSense 10, 100% connected devices, and we've got those end markets. And so I think we were able to take care of all of the demand of customers in the U.S. market, period, end of story. We said we'd be there by the end of this calendar year, but we're there already here right now.

對於你的問題，是的，令人難以置信的增長，本季度設備收入增長了 43%，達到歷史最高水平，其中有很多因素，主要是我們能夠兌現我們在 AirSense 10 上不受限制的承諾， 100% 連接的設備，我們已經擁有這些終端市場。因此，我認為我們能夠滿足美國市場客戶的所有需求，就這樣，故事結束了。我們說過我們會在今年年底到達那裡，但我們現在已經在那裡了。

And as I said in the prep remarks, we're going to be scaling the AirSense 11 steadily and strongly as that new platform, the latest and greatest comes to market, and we move forward.

正如我在準備演講中所說，隨著最新、最強大的新平台上市，我們將穩步、強勁地擴展 AirSense 11，我們將繼續前進。

In terms of backlog of those sort of new patients, I think we're there in the U.S. But in terms of re-PAPing, I think there's a lot more to do. And we're going to partner across the U.S. with all of our thousands of home medical equipment companies to start to work through that re-PAP program. But I think that's going to happen over time. We just got to the point where we're completely unconstrained on AirSense 10 in this quarter. I think it's fantastic. I want to get unconstrained on AirSense 11. That's going to take a few, a number of quarters.

就此類新患者的積壓而言，我認為我們在美國已經做到了這一點。我們將與全美數千家家庭醫療設備公司合作，開始實施 re-PAP 計畫。但我認為隨著時間的推移這將會發生。本季我們剛剛在 AirSense 10 上完全不受限制。我認為這太棒了。我想在 AirSense 11 上不受限制。

And then, of course, that's just 1 country. We're in 140 countries worldwide. We're going to go get regulatory in all of them and then get those products to market. And so it's going to be an ongoing process over the coming quarters and years to continue there.

當然，這只是 1 個國家。我們的業務遍及全球 140 個國家。我們將對所有這些產品進行監管，然後將這些產品推向市場。因此，這將是一個持續的過程，將在未來幾個季度和幾年內繼續下去。

I'm not going to say that we're going to see this sort of exceptional 43% growth on an ongoing basis. The market growth is closer to the mid- to high single digits in this space. But we're seeing that market growth come back. We're seeing the new patients come back. We are through that pandemic side, and we're getting new patient flow. We see it in our home sleep testing data. We're looking at all the stuff coming through ApneaLink Air. We're seeing it in the number of patients being set up in AirView. All-time high, but we're looking at that every week, every month and every quarter and it's steadily improving.

我並不是說我們會持續看到這種 43% 的驚人成長。該領域的市場成長接近中高個位數。但我們看到市場成長回來了。我們看到新病人回來了。我們已經度過了大流行的時期，並且正在迎來新的患者流。我們在家庭睡眠測試數據中看到了這一點。我們正在研究透過 ApneaLink Air 傳輸的所有內容。我們從 AirView 中設定的患者數量中看到了這一點。歷史最高水平，但我們每週、每月和每個季度都會關注這一點，並且它正在穩步改善。

And it's not just the U.S. It's in Western Europe, Northern Europe, and it's certainly coming through Asia. Very strong growth in China over the last number of quarters as we've come through the COVID crisis there as well.

不只美國，西歐、北歐也有這種情況，而且一定會經過亞洲。過去幾個季度，中國的成長非常強勁，因為我們也經歷了新冠危機。

So that's my summary there, Lyanne, great question.

這就是我的總結，萊安，這是一個很好的問題。

Sorry, can I just clarify? When you said that you're there on the backlog, is that both for the United States and rest of the world?

抱歉，我可以澄清一下嗎？當你說你的訂單積壓時，這對美國和世界其他國家都是如此嗎？

Yes. So we're through the backlog in the U.S., and we're going to be progressively working our way through the other 139 countries. It's not -- it's a complex system where when you get regulatory approval, say, for the AirSense 11, you've got to go region by region, you can do European Union, but then you have to go country by country for many of these approaches for Brazil, for China, for India, and it takes time to get them there to get unconstrained with the 2-platform approach that we've been able to take in the U.S., Canada and a number of other countries.

是的。我們已經解決了美國的積壓訂單，並將逐步在其他 139 個國家/地區開展工作。它不是——這是一個複雜的系統，當你獲得監管部門的批准時，比如說，AirSense 11，你必須逐個地區，你可以做歐盟，但隨後你必須逐個國家進行許多工作。巴西、中國和印度，需要時間讓它們不受我們在美國、加拿大和其他許多國家採用的雙平台方法的限制。

But look, we'll give you updates over the coming quarters, Lyanne, as we get unconstrained, country by country, we'll report it to you. And our goal is to be unconstrained everywhere tomorrow, it's just not logistically possible to be able to do that. So we're going slowly and steadily to that. But I'm just happy to be 9 months ahead of when we were saying we're going to deliver an unconstrained at least in some of our top markets here, and we'll keep you updated as we go forward.

但是，我們會在接下來的幾個季度向您提供最新情況，Lyanne，當我們不受限制地逐個國家時，我們會向您報告。我們的目標是明天在任何地方都不受限制，但這在邏輯上是不可能做到的。所以我們正在緩慢而穩定地朝這個方向前進。但我很高興比我們提前 9 個月說我們將至少在一些頂級市場提供不受限制的服務，並且我們將隨時向您通報最新進展。

Your next question is coming from Dan Hurren from MST Marquee.

您的下一個問題來自 MST Marquee 的 Dan Hurren。

Look, I'm going to let somebody else ask the gross margin question, but I'd like to ask about the SG&A and just the fact that it's remained relatively constant as a percent of revenue during the course of the recall, which considers a bit counterintuitive when you consider the fact that the products have been in shortage and et cetera, and similarly selling themselves. So I just wonder if we could talk about the key elements of that SG&A and the mid to long-term trajectory there as volumes continue to improve.

看，我會讓其他人問毛利率問題，但我想問一下 SG&A，以及在召回過程中它佔收入的百分比保持相對穩定的事實，這考慮了當你考慮到產品短缺等事實以及類似的自我推銷時，這有點違反直覺。因此，我只是想知道我們是否可以討論 SG&A 的關鍵要素以及隨著銷售持續改善的中長期軌跡。

Yes, that's a great question, Dan. I'll hand over to Rob Douglas, our President and Chief Operating Officer, to cover our SG&A.

是的，這是一個很好的問題，丹。我將把工作交給我們的總裁兼營運長 Rob Douglas 來負責我們的 SG&A。

Yes, Dan. So you know us and you know how we operate. No matter what's going on, we're fiscally disciplined. And we're always keeping an eye on the future and where we're going and what's happening as we build in expenses. We absolutely talked about the fact that we weren't doing face-to-face marketing and a lot of travel and those types of things earlier in the pandemic. And as that's started to come back, we've had to manage carefully how that's been an extra load on our SG&A. But it's really a factor of careful management.

是的，丹。所以您了解我們並且知道我們如何運作。無論發生什麼，我們都會遵守財務紀律。當我們增加開支時，我們始終專注於未來、我們的發展方向以及正在發生的事情。我們絕對談論了這樣一個事實，即在大流行早期，我們沒有進行面對面的營銷和大量的旅行以及此類事情。隨著這種情況開始捲土重來，我們必須仔細管理這對我們的 SG&A 造成的額外負擔。但這確實是精心管理的因素。

Everyone is aware of the issue of employee costs and those things, which are moving in the time of inflation. And we continue to manage that carefully. And we're extremely prudent about what we add in on and how we go. And so we really don't want to get ahead of ourselves and end up like some of these other companies that have found them way overprovisioned in their go-to-market operations and had to make corrections.

每個人都知道員工成本問題以及通貨膨脹時期正在發生的事情。我們將繼續謹慎管理。我們對於添加內容以及添加方式都非常謹慎。因此，我們真的不想做得太過分，最終像其他一些公司一樣，發現自己在上市業務中配置過度，不得不做出糾正。

So we're in good shape, and we've got a solid plan and we should be able to stick very carefully with Brett's forecast on our SG&A.

所以我們狀況良好，我們有一個可靠的計劃，我們應該能夠非常謹慎地遵守 Brett 對我們的 SG&A 的預測。

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

今天你們的下一個問題來自花旗銀行的 Mathieu Chevrier。

You obviously had a very strong devices growth in the quarter. I was just wondering whether you still believe that you can sequentially grow every quarter in fiscal year '23 in devices? And then how should we think about FY '24 and the returns -- potential return of Philips to the market and whether there's been any update there?

顯然，本季的設備成長非常強勁。我只是想知道您是否仍然相信您可以在 23 財年每個季度實現設備數量的連續增長？然後我們應該如何考慮 24 財年和回報——飛利浦可能重返市場以及是否有任何更新？

Yes. Thanks for the question, Matthew. And yes, last quarter, I certainly said that we expect to see sequential growth of devices throughout the calendar year actually here through 2023, and that was our forecast.

是的。謝謝你的提問，馬修。是的，上個季度，我確實說過，我們預計到 2023 年，整個日曆年的設備數量將持續成長，這就是我們的預測。

I've got to tell you this $607.9 million of device sales in the quarter was ahead of where I thought we were at that point. That's a big number to come up. And as Brett said, there's about $15 million of ventilator sales to China in there as they went through another phase of COVID as they reopened during the March quarter. So if you take that out, it's still a big number to shoot for here in Q4.

我必須告訴您，本季設備銷售額為 6.079 億美元，超出了我當時的預期。這是一個很大的數字。正如布雷特所說，他們在 3 月季度重新開業，經歷了新冠疫情的另一個階段，其中對中國的呼吸機銷售額約為 1500 萬美元。因此，如果除去這一點，第四季的目標仍然是一個很大的數字。

But we have the best commercial teams on the planet in respiratory medicine sales. And Q4, for us, our fiscal year Q4 is a big time in those there's president's clubs in some geographies, there's fiscal incentives everywhere for people to finish their fiscal year strong. And so there's a lot of incentives.

但我們在呼吸系統藥物銷售方面擁有世界上最好的商業團隊。第四季度，對我們來說，我們的第四財年第四季對於某些地區的總統俱樂部來說是一個重要時刻，到處都有財政激勵措施，讓人們能夠強勁地結束他們的財年。所以有很多激勵措施。

So yes, it's a tough number to get there on sequential growth. Taking out those ventilators. I think we can do it. I'm confident in my team. I'll back my team. They got a little bit ahead of me here in March, and I love that. I'd love them to be a little bit ahead of me in June. And so I'm confident we can do that.

所以，是的，要達到連續成長的目標是一個艱難的數字。取出那些呼吸器。我想我們能做到。我對我的團隊充滿信心。我會支持我的團隊。三月他們比我領先一點，我很喜歡這一點。我希望他們在六月能比我領先一點。所以我相信我們能夠做到這一點。

More important than that is that we are now taking care of every patient's needs in our major markets, and our goal is to be there in all 140 countries. So some of it is that revenue growth, and it's amazing, but it's really about patient care and it's about leaving no patient behind.

比這更重要的是，我們現在正在照顧主要市場中每位患者的需求，我們的目標是覆蓋所有 140 個國家。所以其中一部分是收入成長，這是驚人的，但它實際上是關於患者護理，並且是關於不讓任何患者落後。

And it was really disappointing, I think, for us as an industry, some of these quarters over the last 8 quarters, that as an industry, we weren't able to take care of every patient that got a prescription. We're now doing that in our major markets, and we plan to absolutely fulfill that, not only where we've already achieved it, but to get ahead of it in all the other countries as we go.

我認為，對於我們這個行業來說，在過去 8 個季度中的一些季度，我們無法照顧到每一位獲得處方的患者，這確實令人失望。我們現在正在我們的主要市場上這樣做，我們計劃絕對實現這一目標，不僅在我們已經實現的地方，而且在我們前進的過程中在所有其他國家領先。

So sequential growth is good. We're going to be pushing towards trying that. But more important than that, taking care of every patient in every geography and working as hard as we can to get to those patients and get them a world-quality mask and get them on a resupply program because that's what leads to long-term adherence not just that onetime device sale. But getting an adherent patient, that 87%, 90-plus percent adherence rates on not just a 90-day basis, but an ongoing basis. So that's our challenge, Mathieu. Great question. Thank you.

所以連續成長是好的。我們將努力嘗試這一點。但更重要的是，照顧每個地區的每一位患者，並盡最大努力為這些患者提供世界品質的口罩，並讓他們參加補給計劃，因為這才是長期堅持的原因不僅僅是一次性設備銷售。但是，如果患者堅持治療，那麼 87%、90% 以上的堅持率不僅是在 90 天的基礎上，而且是在持續的基礎上。這就是我們的挑戰，馬蒂厄。很好的問題。謝謝。

Next question is coming from Gretel Janu from Credit Suisse.

下一個問題來自瑞士信貸銀行的 Gretel Janu。

I'll ask the gross margin question. Is the mix really the key driver of the weaker gross margin here? Do you have -- is the higher price offsetting component costs? And just as we look forward, if you're going to continue to assume strong device sales growth, should we expect gross margins to continue to be weaker at these levels in the short term?

我會問毛利率問題。這種混合真的是毛利率下降的關鍵驅動因素嗎？您是否知道－較高的價格是否可以抵銷零件成本？正如我們所展望的那樣，如果您要繼續假設設備銷售強勁成長，我們是否應該預期短期內毛利率將繼續走弱？

Yes. Thanks for the question, Gretel. And as you said, and as Brett said in his prep remarks, we had some headwinds on gross margin, which were geography mix, where it was more in low-margin countries, U.S., Canada. And then product mix. We saw more CPAP and APAP growth than we did by level or life support or even other noninvasive ventilators. And so those headwinds are going to start to subside. Look I am actually -- I think, Gretel that as I look forward, I see gross margin expansion in double-digit basis points ahead for the coming quarters and throughout the fiscal year and the calendar year. I'm bullish on gross margin expansion because I see geography mix and product mix headwinds subsiding. I'm bullish on gross margin as I see ventilator growth opportunities start to come back, and I see mask growth and replenishment growth, new patient growth start to come on masks. And I'm bullish on gross margin as we go forward because I see inventory costs starting to -- we're going to start to cut into that and bring them down versus the run-up we had with our competitor being out of market.

是的。謝謝你的提問，格蕾特。正如您所說，也正如布雷特在準備演講中所說，我們在毛利率方面遇到了一些阻力，這是由於地理因素造成的，在低利潤國家、美國、加拿大更是如此。然後是產品組合。我們看到 CPAP 和 APAP 的成長比水平或生命維持甚至其他非侵入性呼吸器的成長還要多。因此，這些不利因素將開始消退。事實上，我認為，格雷特，隨著我的展望，我預計未來幾季以及整個財政年度和日曆年度的毛利率將實現兩位數基點的成長。我看好毛利率的擴張，因為我看到地域組合和產品組合的不利因素正在消退。我看好毛利率，因為我看到呼吸器成長機會開始回歸，我看到口罩成長和補充成長，新病患成長開始出現在口罩上。隨著我們前進，我看好毛利率，因為我看到庫存成本開始下降，我們將開始削減庫存成本，並將其降低到競爭對手退出市場時的上升水平。

And I also -- I'm bullish on gross margin because I see us being able to get better freight costs as we go forward. And as you said, we have been offsetting some of that gross margin headwinds with ASP holding steady in our core business, increasing ASPs in our SaaS businesses. And we've had some freight surcharges and others with customers. As we start to see our costs come down, we'll take away some of those surcharges and so on, and so we'll balance that out.

我也看好毛利率，因為我認為隨著我們的發展，我們能夠獲得更好的貨運成本。正如您所說，我們一直在抵消部分毛利率不利因素，核心業務中的 ASP 保持穩定，SaaS 業務中的 ASP 有所增加。我們向客戶收取了一些運費附加費和其他附加費。當我們開始看到成本下降時，我們將取消一些附加費等，因此我們將平衡這一點。

But net-net, I see us being able to expand our gross margin and grow as we look forward throughout not just the fiscal year here at '23, but for calendar year here in '23.

但淨淨來看，我認為我們能夠擴大毛利率並實現成長，因為我們不僅展望 23 年的財年，而且展望 23 年的日曆年。

Your next question is coming from Matt Taylor from Jefferies.

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

Sorry, I was on mute. I just wanted to ask about how much we should expect the mask trends to start following the device trends as you become more unencumbered. I thought maybe there would be a little bit more mask growth this quarter, not taking away from a good result. But maybe you could talk about that as a derivative.

抱歉，我當時處於靜音狀態。我只是想問一下，當你變得更加不受阻礙時，我們應該期望口罩趨勢在多大程度上開始追隨設備趨勢。我認為本季掩模的成長可能會增加，但不會影響良好的結果。但也許你可以將其視為衍生品。

Yes. Thanks, Matt, for your question. And you know that as you look at our masks and accessories business, it's sort of 70% to 80% of our mask growth is replenishment. It's existing patients out there who are coming back for a fresh mask, a fresh humidifier, a fresh set of tubing, heated tubing and so on and filters. So it's the mask and accessories is 70%, 80% replenishment business. And so it's not as directly impacted.

是的。謝謝馬特的提問。你知道，當你觀察我們的口罩和配件業務時，我們的口罩增長中有 70% 到 80% 是來自補貨。現有的病人會回來領取新的面罩、新的加濕器、一套新的管道、加熱管道等和過濾器。所以它的面膜和配件是70%，補貨業務是80%。所以它沒有受到直接影響。

So new patient growth is incredible. We're back to better than pre-COVID, and we're growing from there. And that's great to see that sort of strong growth of new patients coming in. But it doesn't sort of directly correlate to your point. It's less a derivative and more sort of a compounding effect over time as you -- like compound interest. as you build up that installed base, those patients are ordering. If they are ordering on a 3-month or 6-month basis, that becomes a compounding effect on the device growth today, leading to a future investment in growth in masks over the coming fiscal quarters and fiscal years as you build that installed base.

因此，新患者的成長令人難以置信。我們已經恢復到比新冠疫情爆發前更好的水平，並且我們正在從那裡開始成長。很高興看到新患者的強勁成長。它不再是一種衍生性商品，而是隨著時間的推移而產生的複利效應，就像複利一樣。當您建立安裝基礎時，這些患者就會訂購。如果他們的訂購週期為 3 個月或 6 個月，這將對當前的設備成長產生複合效應，從而導致在未來的財政季度和財政年度建立安裝基礎時對面罩成長進行投資。

So there's not a direct correlation. 43% device growth doesn't immediately correlate to mask growth. But I mean, to your point, 15% global mask growth on a constant currency basis is incredible. Pre-COVID, we would have been very proud of a number like that. Post-pandemic, coming through this growth, I'm incredibly proud of the team and what they're able to do, not just in new patient setups but in the replenishment programs.

所以沒有直接的相關性。 43% 的裝置成長並不與掩模成長直接相關。但我的意思是，就你的觀點而言，以固定匯率計算，全球口罩成長 15% 是令人難以置信的。在新冠疫情之前，我們會對這樣的數字感到非常自豪。大流行後，經歷了這種增長，我對這個團隊以及他們能夠做的事情感到非常自豪，不僅在新的患者設定中，而且在補給計劃中。

And as I said in the prepared remarks, it's not just in the reimbursed markets where we've got formalized system. In France, the U.S., Japan, we have formalized systems to go with our customers to patients to ensure they -- if they want it, that the patient gets a mask when they need it. We're also working in our consumer-driven markets, where we're driving adherence programs, subscription programs that are fast-growing in many of our geographies, where it's cash pay or direct-to-consumer interaction and they're saying, "I want a fresh mask." And so it's true to the core demand. It's not just a system-driven one. This is a patient-driven one. And that's the part about mask growth that I think is most exciting.

正如我在準備好的演講中所說，我們不僅在報銷市場擁有正式的系統。在法國、美國、日本，我們擁有正式的系統，可以與我們的客戶一起找到患者，以確保他們（如果他們需要的話）在需要時獲得口罩。我們也在消費者驅動的市場中開展工作，我們正在推動遵守計劃、訂閱計劃，這些計劃在我們的許多地區快速增長，採用現金支付或直接與消費者互動，他們說， “我想要一個新鮮的面膜。所以它符合核心需求。這不僅僅是一個系統驅動的問題。這是一種以患者為主導的方法。這就是我認為最令人興奮的關於掩模生長的部分。

Final thing I'll say on mask growth is that I think there were some skeptics. 2 or 3 years ago, people were like, "Oh, this step up in respiratory health and hygiene, step-up in mask replenishment. That's a short-term trend due to COVID pandemic." We're 3 years since the start of this COVID pandemic, and that has been 12 quarters of strong mask growth. So I think that strong mask growth is sustainable for the future. We've been able to execute for 12 quarters, and we plan to continue to do that as we go forward.

關於掩模增長我要說的最後一點是，我認為存在一些懷疑論者。兩三年前，人們會說，“哦，呼吸系統健康和衛生方面的進步，口罩補充的加強。這是由於新冠疫情大流行而出現的短期趨勢。”自新冠肺炎疫情爆發以來，已經過了 3 年，口罩需求量已連續 12 個季度強勁增長。因此，我認為未來面膜的強勁成長是可持續的。我們已經能夠執行 12 個季度，並且我們計劃在未來繼續這樣做。

Next question is coming from Michael Polark from Wolfe Research.

下一個問題來自沃爾夫研究中心的邁克爾·波拉克。

I'll ask another twist on the mask question. As you've better filled on the device side, especially in the U.S., are you -- is there a halo impact in terms of winning share incrementally on the consumables side? Is that a dynamic that's played out recently or could play out over the next year or so as the device, kind of the urgency to step into the device void abates and you refocus on other priorities?

我會問關於面具問題的另一個轉折。由於您在設備方面做得更好，尤其是在美國，您在逐步贏得消耗品方面的份額方面是否存在光環影響？這是最近出現的動態，還是可能在明年左右出現，因為設備、進入設備空缺的緊迫性減弱並且您重新關注其他優先事項？

Yes. Look, Mike, there's certainly a relationship and when our commercial teams there are working with the best platform, the AirSense 11 and the best -- second best platform, the AirSense 10, both of which are better than our competitors, they're also obviously offering the best masks, the best mask portfolio out there, and we have a leading share in that in all 140 countries as well. So there's definitely a synergy effect in that it's the same people talking to the same physicians, the same providers, the same health care systems. And so we're there.

是的。聽著，麥克，這肯定是有關係的，當我們的商業團隊與最好的平台AirSense 11 和最好的、第二好的平台AirSense 10 合作時，這兩個平台都比我們的競爭對手更好，他們也顯然，我們提供最好的口罩、最好的口罩產品組合，而且我們在所有 140 個國家也擁有領先的份額。因此，肯定會產生協同效應，因為同樣的人與同樣的醫生、同樣的提供者、同樣的醫療保健系統交談。所以我們就在那裡。

In addition, there's some sort of clinical technical needs. I mean we design our products to work better together. Our masks on our devices have far more accurate mask leak detection. They have far more accurate detection of pressure and control of an APAP device or a bilevel device, and particularly if it's used on an overlap patient say, who has obstructive sleep apnea and COPD, you need that IPAP and the EPAP, the pressure control to be right on. When you use our bilevel with our mask, that's going to be far more accurate and the physicians know that and they will script towards that for those patients.

此外，還有某種臨床技術需求。我的意思是，我們設計的產品是為了更好地協同工作。我們設備上的面罩具有更準確的面罩洩漏檢測功能。他們可以更準確地檢測壓力並控制 APAP 設備或雙水平設備，特別是如果它用於重疊患者，例如患有阻塞性睡眠呼吸中止症和 COPD 的患者，您需要 IPAP 和 EPAP、壓力控制來就在。當您將我們的雙水平儀與我們的面罩一起使用時，這會更加準確，醫生知道這一點，他們會為這些患者制定腳本。

And then for the respiratory therapist doing a setup, they know our products are designed better together. Our teams have shown in the clinical and technical data of how they're designed. And so there is a strong positive synergy effect. So yes, I do think there's a correlation between them. You can think the sort of simple commercial. I mean, they're selling it, but then you look at it from a physician's perspective on clinical and then the therapist's perspective on fit and comfort and leak. So I think all that goes together to show that there's some good synergy between our device growth and mask growth over time.

然後，對於進行設定的呼吸治療師來說，他們知道我們的產品設計得更好。我們的團隊已經在臨床和技術數據中展示了它們的設計方式。因此存在著強烈的正向協同效應。所以是的，我確實認為它們之間存在相關性。你可以認為是那種簡單的商業廣告。我的意思是，他們正在銷售它，但你會從醫生對臨床的角度來看待它，然後從治療師對貼合度、舒適度和洩漏的角度來看待它。因此，我認為所有這些都表明，隨著時間的推移，我們的裝置增長和掩模增長之間存在一些良好的協同作用。

The next question is coming from David Low from JPMorgan.

下一個問題來自摩根大通的 David Low。

Mick, can we go back to gross margins? I mean if I heard you correctly, you said you expect gross margins to expand into double digits in future. Can I pin you down a little bit on what sort of time frame? And are we talking gross margin percentage? Are we talking gross profits? Just trying to understand what you're expecting on that front, please?

米克，我們可以回到毛利率嗎？我的意思是，如果我沒聽錯的話，您說過您預計未來毛利率將擴大到兩位數。我可以告訴你具體的時間範圍嗎？我們談論的是毛利率嗎？我們說的是毛利嗎？只是想了解您在這方面的期望，好嗎？

Yes, David, thanks. I'm going to hand to Brett to go through more detail. But what I was saying is I expect double-digit basis points improvement from where we're at in the quarter. 56.1%, I see is the nadir, and I want to grow from there. So I see us being able to move that up, I don't know, 10, 20, 30, 50, 100 basis points over the coming quarters and beyond.

是的，大衛，謝謝。我將請 Brett 詳細介紹更多細節。但我想說的是，我預計本季的情況將出現兩位數的基點改善。 56.1%，我認為是最低點，我想從那裡開始成長。所以我認為我們能夠在未來幾季及以後將其提高，我不知道，10、20、30、50、100 個基點。

But, Brett, do you want to provide a little more detail for David, to the headwinds, the tailwinds and all the fun that goes into gross margin?

但是，布雷特，你想為大衛提供更多細節，包括逆風、順風以及毛利率方面的所有樂趣嗎？

Yes, sure. Sure, Mick. Yes, David, it's -- I mean we wouldn't -- we're not going to try and quantify, but when we look at it, we do expect margin expansion over the coming quarters. So if you look at some of the key ones that have hurt us year-on-year or -- it's around -- it's product mix, obviously, was a massive increase on sleep devices. We had to deal with component cost increases coming through year-on-year, but that looks to be stabilizing there. So that's -- there's 2 big headwinds that we expect will moderate.

是的，當然。當然，米克。是的，大衛，我的意思是我們不會——我們不會嘗試量化，但當我們審視它時，我們確實預計未來幾季的利潤率會擴大。因此，如果你看看一些同比傷害我們的關鍵因素，或者——它的產品組合，顯然，睡眠設備的大幅增加。我們必須應對零件成本逐年增加的問題，但情況似乎已經穩定下來。因此，我們預期有兩大阻力將會減弱。

And then we're working on manufacturing, logistics, freight costs. We're looking at efficiencies. So we're focused back on that now. And that -- again, these should improve over the coming quarters as well. Then on top of that, with the AirSense 11 platform, that does contribute positively to gross margin as well. Now that one will take time as we roll that out. But if you kind of put in the -- I guess, you look at it, that sort of the headwinds are moderating. We should get a few tailwinds in manufacturing and logistics. And that kind of gives us the confidence we think we can get that expansion from here on in.

然後我們正在研究製造、物流、貨運成本。我們正在考慮效率。所以我們現在又把注意力集中在這一點上。而且，這些也應該在未來幾季得到改善。除此之外，AirSense 11 平台也確實對毛利率做出了正面貢獻。現在，我們推出這項方案還需要時間。但如果你考慮一下──我想，你看看，那種逆風正在緩和。我們應該在製造和物流方面獲得一些順風。這給了我們信心，我們認為我們可以從現在開始擴張。

Your next question today is coming from Margaret Kaczor from William Blair.

今天你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 maybe follow up on some of the patient demand metrics that you guys gave early on the call. I think I heard maybe high single-digit market growth in the U.S. or Americas. And then should we add re-PAPS to that so that, so that ultimately leads us to a double-digit growth rate? And then how do you think about the, I guess, once Philips does potentially reenter the marketplace for you guys on a long-term growth? Can you, I guess, continue at that double-digit top line growth rate?

我想跟進你們在電話會議早期提供的一些病人需求指標。我想我聽說美國或美洲的市場可能出現高單位數成長。然後我們是否應該添加 re-PAPS，以便最終使我們實現兩位數的成長率？然後，我想，一旦飛利浦有可能重新進入市場並實現長期成長，您會如何看待？我猜你能繼續維持兩位數的營收成長率嗎？

Yes. Thanks for the question, Margaret. I think there's so much that goes into it. But yes, look, we're on the other side of this pandemic, right? Not only just the pandemic's become an endemic in the way that the world's opening up and we're driving forward, but in our industry, we're now seeing that strong growth of patients that we're really starting to pick up. And yes, it's mid- to high single digits growth on the patients starting to come through the funnel now, and that's really strong.

是的。謝謝你的提問，瑪格麗特。我認為這裡面有很多東西。但是，是的，你看，我們正處於這場大流行的另一邊，對吧？不僅這種流行病已經成為世界開放和我們前進的方式中的一種流行病，而且在我們的行業中，我們現在看到我們真正開始接收的患者的強勁增長。是的，現在開始進入漏斗的患者數量呈現中高個位數成長，而且非常強勁。

How long that's sustainable and how we can drive it? That's -- it's going to be up to us as the market leader. We have the market lead here, and we're going to drive awareness programs. We're going to drive demand generation programs. We're going to partner with -- I just got an update from a team here in the U.S. market, looking at a project to bring patients into the funnel and to drive patients into the funnel. And as the market leader, that's really our job, so not just accept market growth, but to drive market growth. So this is going to be an active thing that we're going to be looking at as we move forward. And it's very exciting for us to do that.

這種情況可持續多久？這將取決於我們作為市場領導者的地位。我們在這裡擁有市場領先地位，我們將推動意識計劃。我們將推動需求生成計劃。我們將與—我剛剛從美國市場的一個團隊那裡得到最新消息，他們正在研究一個將患者納入漏斗並推動患者進入漏斗的專案。身為市場領導者，這確實是我們的工作，因此不僅要接受市場成長，還要推動市場成長。因此，這將是我們在前進過程中要關注的一件積極的事情。這樣做對我們來說非常令人興奮。

I'm not going to quantify it out. I mean given where we're at, I know you have your models, everyone on the sell side and buy side has their models. But I would say to that, whatever your models are, think about an active leader engaging in digital awareness, marketing awareness and driving and curating patients through the channel. And we've learned a lot through the COVID crisis about digital health, about engaging with patients in home testing in remote setup and virtual pathways that have really been necessary at the peak of the pandemic and now become a catalyst for future demand generation.

我不會量化它。我的意思是，鑑於我們所處的位置，我知道您有自己的模型，賣方和買方的每個人都有自己的模型。但我想說的是，無論你的模型是什麼，請考慮一個積極的領導者，致力於數位意識、行銷意識以及透過管道推動和管理患者。透過新冠危機，我們學到了很多關於數位健康、透過遠端設定和虛擬路徑進行家庭測試的患者參與的知識，這些在大流行高峰期確實是必要的，現在已成為未來需求產生的催化劑。

So I don't know, Rob or Lucile, if you have any extra thoughts on that?

所以我不知道，Rob 或 Lucile，你們對此還有什麼額外的想法嗎？

Just one other minor point, Mick. That new patient growth's really solid and there's so many untreated patients. We can see a long-term future in that. But also as we build our long-term adherence programs and start driving long-term adherence, that will keep the mask growth ahead of that new patient growth and we see a long-term outlook for that too.

還有一個小問題，米克。新患者的成長確實很強勁，而且還有很多未經治療的患者。我們可以從中看到長遠的未來。但隨著我們建立長期依從性計劃並開始推動長期依從性，這將使面罩的增長領先於新患者的成長，我們也看到了這一點的長期前景。

Next question is coming from Andrew Paine from CLSA.

下一個問題來自里昂證券的安德魯潘恩。

Yes. Just thinking about your ability to retain market share when Philips comes back to the market, it's a bit up in the air still, but assuming from the start of FY '24, what levers do you think you can pull here to ensure that you do retain market share? Are we looking at kind of things like pricing as a factor? Or do you think there's other things that will help you retain that share?

是的。只是想想當飛利浦重返市場時您保持市場份額的能力，這仍然有點懸而未決，但假設從 24 財年開始，您認為您可以在這裡採取哪些槓桿來確保您做到這一點保留市場份額？我們是否將定價等因素視為一個因素？或者您認為還有其他事情可以幫助您保留該份額嗎？

Yes. Thanks for the question, Andrew. And yes, certainly, look, we look at all competition. We've got competitors based in Western Europe and in Asia that we've been competing with very strongly for the last few decades and certainly the last 2 years. And 1 competitor who's been out of the market for new patient setups for 2 years and who knows how much longer. They'll have to come in -- that third competitor, they'll have to come in and start fighting to become the #2 share player from a 0% new patient setup share. And we look forward to that. We were beating that particular competitor in 2019 before they had their recalls. So I know we'll be able to beat them when they come back in.

是的。謝謝你的提問，安德魯。是的，當然，看，我們關注所有競爭。我們在西歐和亞洲都有競爭對手，在過去的幾十年裡，尤其是在過去的兩年裡，我們一直在與他們進行激烈的競爭。還有一位競爭對手已經退出新患者設定市場兩年了，誰知道還要多久。他們必須加入——第三個競爭對手，他們必須加入並開始奮鬥，從 0% 的新患者設置份額成為第二大份額玩家。我們對此充滿期待。 2019 年，在該競爭對手召回之前，我們就擊敗了他們。所以我知道當他們回來時我們能夠擊敗他們。

And so no, our goal is to cede 0 share. Our goal is to actually maintain and grow share. As the market leader, that gets more and more difficult to take more and more share, but that's our goal. We have the smallest, quietest, most comfortable and most cloud-connected devices. But more important than that, we've created a digital ecosystem that engages patients with myAir, doctors with AirView, health care systems by APIs that link into Epic or Cerner in the U.S. and health care systems around the world in U.K. and NHS, Northern Europe into government and Western Europe into government-run health care systems. And we're engaging with patients in our consumer-driven markets incredibly well. So our goal is to maintain and grow that share.

所以不，我們的目標是讓出 0 份額。我們的目標是實際保持和增加份額。身為市場領導者，要獲得越來越多的份額變得越來越困難，但這就是我們的目標。我們擁有最小、最安靜、最舒適和最多雲端連接的設備。但更重要的是，我們創建了一個數位生態系統，讓患者使用 myAir、醫生使用 AirView、透過 API 連接到美國的 Epic 或 Cerner 的醫療保健系統以及英國和 NHS、北方等世界各地的醫療保健系統。歐洲納入政府，西歐納入政府營運的醫療保健系統。我們在消費者驅動的市場中與患者的互動非常好。因此，我們的目標是維持並增加這一份額。

But more important than that, to grow the market. As the market leader, that's sort of our obligation. There are now, with the latest epidemiology rising up, around 1 billion people with obstructive sleep apnea that needs to be treated worldwide. And if you add in COPD, asthma and insomnia, you're talking 2.5 billion people in our total addressable market. So you can think about share, but it's really not Coke and Pepsi was out and Pepsi's coming back. This is not a low-growth carbonated beverages market. This is a high-growth digital health technology market in medtech, and that's how we're driving it forward.

但更重要的是，擴大市場。身為市場領導者，這是我們的義務。隨著最新流行病學的發展，目前全世界約有 10 億名患有阻塞性睡眠呼吸中止症的人需要治療。如果算上慢性阻塞性肺病 (COPD)、氣喘和失眠症，那麼我們整個潛在市場就有 25 億人。所以你可以考慮分享，但其實不是可口可樂和百事可樂退出了，百事可樂又回來了。這不是一個低成長的碳酸飲料市場。這是醫療科技領域一個快速成長的數位健康科技市場，這就是我們推動它向前發展的方式。

But yes, I look forward to just getting the uncertainty out of this #3 player. I want them back in. Let's see and let's compete and we'll keep our share and grow it and game on. Look forward to it.

但是，是的，我期待著擺脫這位排名第三的球員的不確定性。我希望他們回來。敬請期待。

And actually, one last thing I'll say on that. People have been talking about when that #3 competitor comes back, how will they come back? Their CFO last week said, "Oh, no, we won't be coming in and lowering prices. We'll look to take 2019 prices and add to that with inflation." So game on. I look forward to it.

事實上，我要說的最後一件事。人們一直在談論當第三名競爭對手回來時，他們會如何回來？他們的財務長上週表示，“哦，不，我們不會降低價格。我們將考慮採用 2019 年的價格，並考慮通貨膨脹因素。”那麼遊戲就開始吧。我很期待。

We've always competed on value. We've always competed on driving that, and it's never been a competition on price for us. We've always been a price premium to the other players, but we save them more money. So that the smart customers are using our products because it's more profitable.

我們一直在價值上競爭。我們一直在推動這一點上競爭，對我們來說，這從來不是價格競爭。我們的價格一直高於其他玩家，但我們為他們節省了更多的錢。這樣聰明的客戶就會使用我們的產品，因為它更有利可圖。

Next question is coming from Matthew Mishan from KeyBanc Capital Markets.

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

Mick, you mentioned at one point that you're getting 90% adherence on some of your best customers. I'm just curious like where that is versus kind of baseline. And how you can move that forward with like the rest of your customer base?

米克，您曾提到您的一些最佳客戶的忠誠度高達 90%。我只是好奇這與基線相比在哪裡。您如何才能像其他客戶群一樣推動這項進程？

Yes, Matt, it's a really good question. And so the peer-reviewed, published evidence out there is an 87% adherence number that's been out there for a couple of years. If you look at the average of the market, where people maybe aren't using as much of the digital capabilities, the patients aren't using myAir, the doctors aren't using AirView, general industry adherence might be, on average, 60% to 70%, right, with a competitor device that's not connected or maybe someone who's not fully engaged with the digital ecosystem we have.

是的，馬特，這是一個非常好的問題。因此，經過同儕審查、公開發表的證據顯示，幾年來的遵守率高達 87%。如果你看看市場的平均水平，人們可能沒有使用那麼多的數位功能，患者沒有使用 myAir，醫生沒有使用 AirView，一般行業的平均依從性可能是 60 % 到70%，對吧，使用未連接的競爭對手設備，或可能是未完全參與我們擁有的數位生態系統的人。

As they start to get engaged, there's actually a peer-reviewed, published evidence on this, just adding -- just adding the doctor using AirView moves up adherence by 10%. So you go from, let's say, an average of 65% to 75% for that customer just having the doctor use AirView. If the patient uses myAir, you move up almost another 10%. So for that example, you might go from 75% to 85% adherence, where the doctor is using AirView and the patient's using myAir. To get to those 90s, you need a really special customer that's really engaged and really investing in tech that takes our tech and sort of adds algorithms and adds capabilities to it. And we have a number of those sophisticated customers in Europe and the U.S., and we partner with them, and we do joint development with them. And we love that training. We learn from each other. Because together is how we deliver the care. We're a manufacturer and we're a provider of digital health solutions, we've worked with providers in our biggest countries to get there.

當他們開始參與時，實際上有一個經過同行評審、已發表的證據表明這一點，只是添加了使用 AirView 的醫生，就可以將依從性提高 10%。因此，假設讓醫生使用 AirView 的客戶的平均獲益率從 65% 上升到 75%。如果患者使用 myAir，您的治療費用將增加近 10%。因此，對於該範例，您的依從性可能會從 75% 上升到 85%，其中醫生使用 AirView，患者使用 myAir。為了進入 90 年代，你需要一個非常特殊的客戶，他們真正參與並真正投資於技術，採用我們的技術並添加演算法和功能。我們在歐洲和美國擁有許多成熟的客戶，我們與他們合作，與他們共同開發。我們喜歡這種培訓。我們互相學習。因為我們共同提供照護。我們是一家製造商，也是數位健康解決方案的提供商，我們與最大的國家/地區的提供者合作以實現這一目標。

And where we don't, in smaller consumer-driven markets, we have to pick up the ball and engage directly ourselves. But that 90% is achieved in very rare cases, but it's -- that peer-reviewed, published evidence shows that it can be done with the tech at 87%.

而在我們不這樣做的地方，在較小的消費者驅動的市場中，我們必須拿起球並直接參與其中。但 90% 的實現率在極少數情況下是可以實現的，但經過同行評審、已發表的證據表明，使用該技術可以實現 87% 的實現率。

And yes, to your point, how do we get everyone up to that 87%, that 90%, that is a process of engagement of training. And that's why I say our share is not only going to stay where it is, but have the chance to grow from that because we are the market leader in this.

是的，就你的觀點而言，我們如何讓每個人都達到 87%、90%，這是一個參與訓練的過程。這就是為什麼我說我們的份額不僅會保持在現有水平，而且還有機會從中成長，因為我們是這方面的市場領導者。

No one is investing like we are in cloud compute. No one is investing like we are in analytics in AI and ML and engagement with patients and physicians and providers. And we're not doing it alone. We're doing it with the ecosystem, with the patients. We're listening to them. With the physicians and with the providers.

沒有人像我們一樣投資雲端運算。沒有人像我們一樣投資人工智慧和機器學習分析以及與患者、醫生和提供者的互動。我們並不是孤軍奮戰。我們正在與生態系統和患者一起做這件事。我們正在傾聽他們的聲音。與醫生和提供者一起。

Thanks for the question, Matt.

謝謝你的提問，馬特。

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 question on Primasun. I just noticed this quarter, the investment was very low, certainly less than what the guidance had been. So I'm wondering, did something change this quarter? And any update on how that project is going?

米克，我有一個關於 Primasun 的問題。我剛剛注意到這個季度的投資非常低，肯定低於指導值。所以我想知道，這個季度有什麼變化嗎？該專案進度有何最新消息？

Yes. Saul, it's a great question because let's just talk to our whole sort of demand generation and engagement approach. I mean, as you know, Primasun is a joint venture with Verily in the U.S. market, looking to digitally engage -- well digitally identify, engage and enroll patients in a sort of digital health pathway, from sleep-concerned consumer all the way through to diagnosed patient on treatment and management.

是的。索爾，這是一個很好的問題，因為讓我們談談我們的整個需求產生和參與方法。我的意思是，如您所知，Primasun 是與Verily 在美國市場的合資企業，尋求數位參與——以數位化方式識別、吸引和招募患者進入一種數位健康途徑，從關注睡眠的消費者一直到患者。

We have activities through our core U.S. and North America marketing team. And obviously, in the other 139 countries we operate in, we're looking at other digital ways to engage the 1 billion people who need our help.

我們透過我們的核心美國和北美行銷團隊開展活動。顯然，在我們開展業務的其他 139 個國家/地區，我們正在尋找其他數位方式來吸引需要我們幫助的 10 億人。

So look, we're looking at investments. We're at pilot phase of some trials, and we're getting ready to scale some approach with Primasun, with our U.S. programs and many of the others we're operating in all parts of the world. And so as we start to roll those out, now that we're at the point where we've got full capability to supply, as we said in the prep remarks and throughout the call, with AirSense 10 and AirSense 11 as a combination, we can really turn to start to turn the dial up on these demand-generation initiatives with undiagnosed sleep apnea patients. And I'm excited to start doing that.

所以看，我們正在考慮投資。我們正處於一些試驗的試點階段，我們正準備與 Primasun、我們的美國計畫以及我們在世界各地開展的許多其他計畫一起推廣一些方法。因此，當我們開始推出這些產品時，正如我們在準備發言和整個電話會議中所說，我們已經完全有能力提供 AirSense 10 和 AirSense 11 的組合，我們真的可以開始針對未確診的睡眠呼吸中止症患者啟動這些需求產生計劃。我很高興開始這樣做。

So those investments might pick up a little over the coming quarters, but they'll have a huge return in bringing patients into the funnel. So watch this space.

因此，這些投資可能會在未來幾季有所回升，但在將患者納入管道方面將獲得巨大回報。所以請注意這個空間。

Next question is coming from Suraj Kalia from Oppenheimer & Company.

下一個問題來自 Oppenheimer & Company 的 Suraj Kalia。

Mick, can you hear me all right?

米克，你聽得到我說話嗎？

Got you loud and clear, Suraj.

蘇拉吉，你的聲音響亮而清晰。

Perfect. So Mick, first, let me just express my thanks to David. David, wish you have a great retirement. It's been a pleasure dealing with you all these years.

完美的。米克，首先讓我向大衛表達我的感謝。大衛，祝你退休生活愉快。這些年來與您打交道很愉快。

So Mick, a lot of questions have been asked. Your comment about AI caught my attention. So Mick, think about it this way. Suraj comes in, he's gone through the CPAP titration, the sleep lab. Certain parameters have been set at a bilevel, a variable, whatever. How would -- what parameters specifically would your AI/ML-based algos tell a patient? And the reason I ask is specifically trying to understand how will you use this to improve compliance?

米克，有人問了很多問題。你對人工智慧的評論引起了我的注意。所以米克，這樣想吧。蘇拉傑進來了，他已經完成了 CPAP 滴定和睡眠實驗室。某些參數已設定為雙層、變數等。基於人工智慧/機器學習的演算法將如何具體告訴患者哪些參數？我問這個問題的原因是專門想了解您將如何使用它來提高合規性？

Well, Suraj, it's a really good question. And we only have 5 minutes left in the call. I could spend a whole 50 minutes of it. A lot of those things are actually quite proprietary as we put together these AI and ML models on how we would coach a patient. Particularly you talk about a high acuity patient like that on bilevel or ventilation, noninvasive ventilation therapy.

嗯，蘇拉吉，這是一個非常好的問題。我們的通話只剩下 5 分鐘了。我可以花整整50分鐘。其中很多東西實際上是相當專有的，因為我們將這些人工智慧和機器學習模型放在一起來指導如何指導患者。特別是您談到的高風險患者，例如接受雙水平或通氣、非侵入性通氣治療的患者。

But look, yes, certainly, I look at our compliance predictors and our compliance analysis tools that can help empower an HME in the U.S. and just some of the ways in which we're able to use AI and ML to drive prioritization of the most at risk for quitting patients and those who are so close enough to get there and those were definitely there and just need some sort of digital coaching. That sort of triage, if you like, which has previously been done manually, is now going to an automated way. And it's -- we've always had some levels of that automation, but to have an algorithm that learns as it goes and to get better and better at it, it just serves the doctor. It serves the respiratory therapists. And both of them are super pleased to see that level of efficiency, reduction of, if you like, the administrative management and focus on the toughest patients but also making sure that the best patients get the digital coaching and help that they need.

但是，是的，當然，我會研究我們的合規預測器和合規分析工具，它們可以幫助增強美國 HME 的能力，以及我們能夠使用 AI 和 ML 來推動最重要事項的優先順序的一些方式。處於戒斷風險的患者和那些已經足夠接近到達那裡的人，以及那些肯定在那裡，只需要某種數字輔導的人。如果您願意的話，這種分類以前是手動完成的，現在將採用自動化方式。我們一直都有一定程度的自動化，但是擁有一個可以不斷學習並變得越來越好的演算法，它只是為醫生服務。它為呼吸治療師服務。他們兩人都非常高興看到這樣的效率水平，減少行政管理（如果你願意的話），並專注於最困難的患者，但也確保最好的患者獲得他們所需的數位指導和幫助。

So it's really we're triaging compliance, adherence and beyond. But watch this space. We're going to launch a bunch of new products that I'll be able to talk to very specifically what they are and what they do over the coming quarters.

所以我們實際上是在對合規性、依從性和其他方面進行分類。但請注意這個空間。我們將推出一系列新產品，我將能夠非常具體地談論它們是什麼以及它們在未來幾季的用途。

Next question is coming from Craig Wong-Pan from RBC.

下一個問題來自 RBC 的 Craig Wong-Pan。

I just note the inventory balances continued to increase. So I was wondering when you might start to see that come down. And also, is there much card to cloud inventory or parts in that number still?

我只是注意到庫存餘額繼續增加。所以我想知道你什麼時候會開始看到這種情況下降。另外，還有很多卡到雲端庫存或零件嗎？

Yes, Craig, thanks for the question. It did move up just a little bit in the quarter. I actually have got a very strong target for Andrew Price, President of our operations and the whole manufacturing team to get that number down because we're through the peak of this, and we've got full supply, let's get that number down.

是的，克雷格，謝謝你的提問。本季確實略有上升。實際上，我對我們的營運總裁安德魯·普賴斯和整個製造團隊有一個非常強烈的目標，就是要降低這個數字，因為我們已經度過了這個高峰，而且我們的供應充足，讓我們降低這個數字。

But Brett, do you want to speak to some of the details of how we're going to turn that inventory number down significantly over the coming quarters and fiscal year?

但是布雷特，您想談談我們將如何在未來幾個季度和本財年大幅減少庫存數量的一些細節嗎？

Sure. Sure, Mick. Yes. I mean I'd characterize it, Craig, that we stabilized that inventory this quarter and really that drove the really strong operating cash flow that you saw. But I think there's more that we can do. And the aim is to reduce those inventory levels overall. I mean, a number of things we can do, but some of the -- someone might point out, we're seeing improvement in lead times, which will help. You've got, I guess, getting from port to port's improved a bit, so we can lower inventories.

當然。當然，米克。是的。克雷格，我的意思是，我的特點是，我們本季穩定了庫存，這確實推動了您所看到的非常強勁的營運現金流。但我認為我們還可以做更多的事情。目標是整體降低庫存水準。我的意思是，我們可以做很多事情，但其中一些事情——有人可能會指出，我們看到交貨時間有所改善，這會有所幫助。我想，從一個港口到另一個港口的運輸已經有所改善，所以我們可以降低庫存。

We're continuing to increase sea freight versus air freight. So some of that manifests in inventory. But eventually, that kind of stabilizes at a ratio. We're tuning safety stock levels now because we've got more predictability on what we need and when we can get supply. And then inventory, obviously, is future looking. So we're looking to support sales.

相對於空運，我們將繼續增加海運。其中一些體現在庫存中。但最終，這種比率會穩定在一定水準。我們現在正在調整安全庫存水平，因為我們對我們的需求以及何時可以獲得供應有了更多的可預測性。顯然，庫存是面向未來的。因此，我們正在尋求支持銷售。

So we just got to balance all that. But all that said, I think we're looking for inventory levels, that trajectory to gradually go down over the course of FY '24.

所以我們必須平衡這一切。但話雖如此，我認為我們正在尋找庫存水平，在 24 財年期間逐漸下降的軌跡。

Our final question today is coming from Chris Cooper from Goldman Sachs.

我們今天的最後一個問題來自高盛的克里斯庫柏。

Thanks, Mick. I'm just after your latest thoughts on the diabetes and obesity drugs, please. We -- I guess we had another positive update last night. They do seem to be coming thick and fast at the moment. I guess could you just share how ResMed are thinking about these? And to what extent their success may have any impact on your business, please?

謝謝，米克。我只是想了解您對糖尿病和肥胖藥物的最新想法。我想我們昨晚又得到了另一個正面的消息。目前它們似乎確實來得又多又快。我想您能否分享一下瑞思邁對這些問題的看法？他們的成功會對您的業務產生多大程度的影響？

Yes. Thanks, Chris. Yes. No, it's a huge market and actually quite exciting. We've always wanted to have interactions. We actually -- when I first joined the company 23 years ago, we were working with bariatric surgeons and looking at patients that would go through bariatric surgery and maybe from 450 pounds down to 200 pounds. And our challenge in those days when it was mostly a CPAP market was how do we make sure they get on APAP because their needs, their AHI might go from 50 when they were at 450 pounds to 30, when they were 250 pounds, but that 30 is still severe sleep apnea. So we had to have an APAP algorithm that could adjust with them.

是的。謝謝，克里斯。是的。不，這是一個巨大的市場，而且實際上非常令人興奮。我們一直希望有互動。事實上，當我 23 年前第一次加入公司時，我們正在與減重外科醫生合作，研究那些將接受減重手術的患者，體重可能從 450 磅減到 200 磅。當時我們面臨的挑戰主要是 CPAP 市場，我們如何確保他們使用 APAP，因為他們的需求，他們的 AHI 可能會從 450 磅時的 50 降至 250 磅時的 30，但那30仍然是嚴重的睡眠呼吸暫停。所以我們必須有一個可以根據它們進行調整的 APAP 演算法。

These days, the market is 80% APAP and so you don't need to make sure that a patient on, let's say, a weight loss drug or so on, that sees a weight loss and their AHI needs go down from very, very severe sleep apnea to just severe or moderate to severe. We have the algorithms and the capabilities within the devices with our AutoSet algorithm to adjust automatically. And we'll also have all the digital health data. So that the pulmonary doctor can partner up with the primary care or bariatric-type doctor that's working on -- and it'll presumably be PCPs working on the obesity drugs, and they can monitor the patient to see how much better they're getting, maybe more adherence, more participation in their fitness and exercise for the overall health.

如今，市場上的 APAP 佔 80%，因此您無需確保服用減肥藥等藥物的患者看到體重減輕，並且他們的 AHI 需求從非常非常低的水平下降。重度。我們擁有設備內的演算法和功能，可以透過 AutoSet 演算法進行自動調整。我們還將擁有所有數位健康數據。這樣，肺部醫生就可以與正在研究的初級保健或減肥類醫生合作，並且可能是研究肥胖藥物的 PCP，他們可以監測患者，看看他們的病情好轉了多少，也許更多的堅持、更多的參與健身和鍛煉，有助於整體健康。

So for us, actually, and you know we're invested in one of the sleep apnea drugs, it's not a weight loss drug. It actually goes to the core of trying to treat sleep apnea, which is called Apnimed. We're going to partner with pharma in this space.

所以對我們來說，實際上，你知道我們投資了一種睡眠呼吸中止症藥物，它不是減肥藥。它實際上涉及治療睡眠呼吸中止症的核心，即 Apnimed。我們將在這個領域與製藥公司合作。

We've seen the substitute of the sort of tiny sort of whatever it is, 0.5% of patient flow into these implanted devices. And there's a company out there doing, I think lots of very expensive advertising, but it's driving lots of patients into the funnel. It's demand gen for us because they market it as a button to treat sleep apnea, but it's actually an implanted medical device the size of a pacemaker that goes into the chest. When the patient finds that out, they say, "Well, what are the alternatives?" "Oh, there's a noninvasive alternative like CPAP or APAP available" and the patient goes online with that.

我們已經看到了某種微小的替代品，無論它是什麼，0.5% 的患者都會使用這些植入設備。我認為有一家公司在做很多非常昂貴的廣告，但它正在吸引大量患者進入管道。它對我們來說是需求產生，因為他們將其作為治療睡眠呼吸中止症的按鈕進行行銷，但它實際上是一種植入胸部的起搏器大小的醫療設備。當病人發現這一點時，他們會說：“那麼，還有什麼選擇？” “哦，有一種非侵入性替代方案，如 CPAP 或 APAP 可用”，患者就會上網。

I think some of the pharmaceutical advertising in this space will drive us to the 80% of undiagnosed patients in the space to say, "Hey, look, I'll take the pill first and maybe then I need sleep apnea therapy or vice versa." But we think there's a lot of opportunity to partner here with pharma.

我認為這個領域的一些藥品廣告將促使我們對這個領域 80% 的未確診患者說：“嘿，聽著，我會先吃藥，然後也許我需要睡眠呼吸中止症治療，反之亦然。 ”但我們認為這裡有很多與製藥公司合作的機會。

We're already partnering with our Propeller division with some of the COPD and asthma drug delivery. I look forward to not just with Apnimed, but these other obesity drugs to understand how they drive patients into the funnel and how we work with them to treat those patients.

我們與 Propeller 部門合作，提供一些慢性阻塞性肺病和氣喘藥物傳遞。我不僅期待與 Apnimed 合作，還期待與其他肥胖藥物合作，了解它們如何推動患者進入漏斗，以及我們如何與他們合作治療這些患者。

Thank you. 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.

謝謝。我們的問答環節已經結束。我想將發言權交還給米克，以徵求進一步的結束意見。

Well, thanks, Kevin, and thank you again to all of our stakeholders for joining us on the call. I'd once again like to take the opportunity to thank the 10,000 ResMedians. Many of you are also shareholders. So thank you for what you do and for investing in our company as well. Thank you for your dedication and hard work, helping people sleep better, breathe better and live better lives in 140 countries.

好吧，謝謝凱文，並再次感謝所有利益相關者加入我們的電話會議。我想再次藉此機會感謝 10,000 名 ResMedians。你們中的許多人也是股東。因此，感謝您所做的一切以及對我們公司的投資。感謝您的奉獻和辛勤工作，幫助 140 個國家的人們睡得更好、呼吸得更好、生活得更好。

You delivered these numbers that we just reported. Thank you for all that you do.

您提供了我們剛剛報告的這些數字。感謝您所做的一切。

I'll hand the call back to Amy, and then we'll close out.

我會把電話轉給艾米，然後我們就結束了。

Great. Thank you, Mick. Thanks, Kevin, and thanks, everyone. We appreciate your interest and your time. If you do have any questions -- additional questions, please don't hesitate to reach out directly.

偉大的。謝謝你，米克。謝謝凱文，謝謝大家。我們感謝您的興趣和您的時間。如果您確實有任何疑問 - 其他問題，請隨時直接聯繫。

This does conclude our third quarter 2023 conference call. Kevin, you can now close this out.

我們的 2023 年第三季電話會議到此結束。凱文，你現在可以結束了。

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

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