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.

大家好，歡迎收聽瑞思邁 2023 財年第三季度收益電話會議和網絡廣播。 （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, 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官 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，歡迎來到瑞思邁 2023 財年第三季度收益電話會議。

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.

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。

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.

今天的電話會議是首席執行官 Mick Farrell；和首席財務官 Brett Sandercock。在我們準備好的發言之後，總裁兼首席運營官 Rob Douglas 將加入 Mick 和 Brett；以及我們的問答環節的首席行政官兼全球總法律顧問 David Pendarvis。

During today's call, we will discuss several non-GAAP measures. For a reconciliation of the non-GAAP measures, please 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 GAAP 措施。有關非 GAAP 措施的調節，請參閱今天的收益發布中的支持時間表。

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業績的預期。我們相信這些陳述是基於合理的假設。但是，我們的實際結果可能會有所不同。請查看我們提交給美國證券交易委員會的文件，以全面討論可能導致我們的實際結果與今天做出的任何前瞻性陳述存在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，並感謝我們的股東今天加入我們，因為我們審查了 3 月季度的結果。

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 財年第三季度的財務業績反映了我們整個業務的強勁表現。通過我們遍布全球的 ResMed 團隊的辛勤工作，我們已經能夠穩步提高供應和製造產量，以便為客戶提供服務，尤其是為患者提供我們的救生產品和治療解決方案現已全面上市。

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.

在本季度，我們能夠在北美提供對雲連接的 AirSense 10 流量發生器設備的無限制訪問，並改進了對我們全球市場上這些雲連接設備的訪問。

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.

我們將繼續使用我們最新和最好的 AirSense 11 平台來解決一些供應鏈限制，我們希望在未來幾個季度穩步提高 AirSense 11 的全球可用性。我們很高興 AirSense 10 平台已下架並迅速連續全面提供給美國和其他主要市場的客戶。

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.

我想向我們的六西格碼黑帶供應鍊和我們的製造團隊表示衷心的感謝。通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，以至於我們現在能夠提供雲連接設備來滿足美國所有客戶的需求，我們正在努力使之成為在我們前進的過程中，我們在全球銷售的所有 140 個國家都有案例。

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，我們承諾到 2023 年年底結合使用 AirSense 10 和 AirSense 11 來滿足全球對聯網 CPAP 和 APAP 設備的需求。正如我剛才提到的，我們已經在我們最大的市場實現了這一目標，我們將在我們所有的全球市場中遠遠領先於這一目標。

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.

供應鏈的挑戰並沒有完全過去，但我們已經度過了供應的最低點，我們看到未來的供應將穩步增長。我們出色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，以確保我們需要的零件流通。

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.

我們還專注於通過全球最大、產量最高的呼吸醫學領域製造工廠來擴大我們的製造能力。該高科技設施現已在新加坡大士全面啟動並運行。隨著我們在全球市場上加快生產和交付 AirSense 11 平台，我們正在逐個國家開展工作，以確保獲得必要的監管批准。鑑於這一全球爬坡計劃，我們預計未來幾個季度將繼續分配給 AirSense 11 平台，而 AirSense 10 將涵蓋所有需求差異。通過 Air 10 和 Air 11 的組合，我們擁有市場上最好的 2 個睡眠呼吸暫停治療平台，現在我們能夠滿足客戶的所有需求。

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.

本季度我們在全球設備收入中驚人的 43% 增長率證明了這兩個平台的市場領導地位。客戶正在用他們的錢包投票。

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增長勢頭，本季度我們的口罩業務以固定匯率計算全球增長 15%。新患者的增長以及由持續的核心患者需求催化的現有患者的強化補給計劃都支持了口罩的增長。

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.

我們現在已經達到新患者流量遠高於我們在 COVID 之前看到的水平的地步。事實上，正如我們剛剛結束的那樣，2023 年 3 月是我們基於雲的患者管理系統 AirView 中新患者設置的最高季度。我們的數字健康生態系統支持並推動長期依從性，推動我們表現最好的客戶達到 90% 的依從性。即使自 COVID 開始以來我們已經過去了 3 年，患者對呼吸衛生和呼吸健康重要性的認識仍在持續提高。這是一個重大的變化，已經持續了 12 個季度。我們認為這是一個永久性的變化。

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劃實現了增長。在我們以消費者為導向的市場中，外展計劃和訂閱計劃也推動了口罩補貨率。患者需要新的設備，因為洩漏更少，對他們來說更舒適，在這種治療前感到窒息的人。醫生需要新設備，因為他們看到經過同行評審的已發表證據表明，患者補給與提高患者治療依從性直接相關。在充滿挑戰的行業環境中，我們的團隊繼續努力工作以實現這些兩位數的增長結果。

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 ResMedian 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麵罩。

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前 3 大戰略重點的更新：第一，發展、擴大核心睡眠呼吸暫停和呼吸護理業務的範圍並使其與眾不同；第二，設計、開發和交付市場領先的設備以及可在全球範圍內推廣的市場領先的數字健康解決方案；第三，創造、創新和發展世界上最好的醫院外護理軟件解決方案。

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響繼續非常順利。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，myAir 的 Air 11 採用率是 myAir 與 AirSense 10 平台的採用率的兩倍多。事實證明，患者喜歡每天在他們的 myAir 應用程序上獲取自己的數據，包括每日評分、每日指導、通過高級分析和以患者為中心的算法參與治療。

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 等數字健康平台的使用與依從性直接相關，而依從性又與醫生所見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重中之重和義務，我們將繼續推動市場滲透，引領市場，隨著我們擴大生產規模並逐個國家獲得監管批准，擴大市場.

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.

與此同時，我們繼續改進軟件和數字健康技術，這些技術推動了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 應用程序中引入多項人工智能驅動的指導功能。這些 AI 算法將提供個性化建議，以改善患者體驗，並最終提高患者治療的依從性。 AirSense 10 和 AirSense 11 生態系統都將提供許多這些人工智能驅動的解決方案。

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。他們一起共享相同的數字健康技術生態系統。我們將繼續投資於支持這些平台的生態系統，因為我們會為醫生、提供者，尤其是患者的利益創新解決方案。

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，我們的數字健康技術投資在 AirView 和 myAir 的催化和推動下，對 Air 10 和 Air 11 生態系統產生了乘數效應。

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.

專注於我們的呼吸護理業務。我們繼續推動我們的雙水平呼吸機和其他無創呼吸機解決方案在全球範圍內的發展和採用，並投資於我們面向神經肌肉疾病、慢性阻塞性肺病和哮喘等患者的新上市技術。

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 品牌下的數字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。這種夥伴關係允許符合條件的 UC Davis Health 患者能夠訪問 Propeller 的數字治療平台，包括吸入藥物傳感器、移動應用程序、門戶網站以及持續的患者支持。來自 Propeller 傳感器的數據將通過 API 傳輸到 UC Davis Health 的電子健康記錄系統，以支持患者註冊和遠程患者監控。

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，結合我們對居家高流量治療 COPD 的臨床研究的投資，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 年增長戰略的一個組成部分，因為我們現在將目光轉向 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.

談到我們為醫院外提供的護理提供的軟件即服務產品，我們的 SaaS 業務在本季度同比增長 35%，其中包括我們最近收購的德國 MEDIFOX DAN 團隊的貢獻。在有機基礎上，本季度 SaaS 增長在我們的 SaaS 產品組合中實現了 9% 的高個位數增長。我們對核心 SaaS 業務的強勁可持續增長感到興奮，我們很高興看到 MEDIFOX DAN 作為全球 ResMed Group 的一部分在其第一個完整季度為我們的增長做出貢獻。

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件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 ResMed，我們相信醫療保健的未來是成本更低、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，我們正在投資我們的客戶需要運營和擴展的技術。

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 COVID 後患者普查的持續改善，在我們的垂直設施中，我們看到對技術投資的被壓抑需求不斷湧入專業護理設施、療養院等市場。我們在 Brightree 品牌下的家庭醫療設備 SaaS 業務繼續以非常快的速度增長，並實現持續的盈利增長。我們看到了人員短缺對我們服務的所有外部醫院醫療垂直行業的持續影響。這種對我們客戶的壓力提供了機會來推動關於我們軟件解決方案的好處的對話，以簡化和提高整個業務的效率，從而使他們可以騰出員工來專注於為患者服務和改善患者結果的核心目標。

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 增長戰略的重要組成部分，它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市場領先的軟件和設備解決方案。我們的 Brightree ReSupply 計劃繼續展示我們可以在 SaaS 業務和我們的核心 SRC 業務之間產生的協同效應。 Brightree ReSupply 使整個過程自動化，從聯繫患者、與付款人就保險範圍進行互動、直接與患者溝通、收取共付額以及管理產品的物流和分銷過程。最終目標是讓 CPAP、APAP 或雙水平治療用戶補充他們需要的用品，以實現更好、更持久的治療體驗。這會為患者、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.

作為全球領先的院外護理 SaaS 解決方案全球戰略供應商，我們處於有利地位。我們為客戶創造差異化價值，為利益相關者創造長期可持續增長。我們正在大規模地從醫院醫療保健轉型，在我們的業務中引領數字醫療技術市場。

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.

我們現在在雲中擁有超過 145 億夜的醫療數據。我們在全球 140 個國家/地區的床頭櫃上擁有超過 20.5 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，為患者、供應商、醫生、付款人和整個醫療保健系統釋放價值。我們引領行業，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，年化收入池現在已超過 40 億美元。我們面前有很多機會，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.

ResMed 的使命仍然非常明確。我們的目標是在 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 ResMedians。在過去 90 天裡，我們在實現這一鼓舞人心的目標方面取得了出色的進展。在過去的 12 個月裡，我們通過向患者提供設備平台或向患者提供全面罩系統或直接影響患者的數字健康軟件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，更好地呼吸，並在他們居住的地方享受醫療保健，過上高質量的生活。

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，讓我衷心感謝在 140 個國家/地區工作的 10,000 多名 ResMedian，感謝他們今天和每一天的毅力、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.

有了這個，我會把電話轉給悉尼的布雷特，讓他發表意見，然後進入隊列，因為我們將開放小組的問答環節。布雷特，交給你了。

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

偉大的。謝謝，米克。在今天的發言中，我將概述我們 2023 財年第三季度的業績。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 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.

我們在第三季度的財務表現強勁。 3 月季度的集團收入為 11.2 億美元，增長 29%。按固定匯率計算，收入增長了 31%。收入增長反映了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增長。外幣的同比變動，尤其是歐元疲軟，對 3 月季度的收入產生了約 2000 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.

我們在 3 月季度從與 COVID 相關的需求中獲得了約 1500 萬美元的增量收入。然而，展望未來，我們預計與 COVID 相關的需求帶來的收入微不足道。

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，不包括我們的軟件即服務業務的收入，美國、加拿大和拉丁美洲的銷售額增長了 32%。按固定匯率計算，歐洲、亞洲和其他市場的銷售額增長了 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額增長了 48%，這得益於強勁的需求和互聯設備可用性的提高。口罩和其他銷售額增長了 14%，反映出穩定的再供應和新患者設施的增長。

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，設備銷售額增長了 36%，再次反映出強勁的需求和互聯設備可用性的提高。以固定匯率計算，口罩和其他銷售額增長了 15%，反映了患者設置的增加。

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.

軟件即服務收入在 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 垂直領域的持續強勁表現。不包括我們對 MEDIFOX DAN 的收購，SaaS 收入在 3 月季度增長了 9%。 MEDIFOX DAN 為 3 月份季度貢獻了 2660 萬美元的收入，這與我們在收購時的預期一致。

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.

在我今天的其餘評論中，我將提到非 GAAP 數字。我們在第三季度收益新聞稿中提供了非 GAAP 與 GAAP 數據的全面對賬。

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.

3 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額的顯著增加以及組件成本增加和不利的外匯變動導致的產品組合變化，部分被平均售價的上漲所抵消。

Moving on to operating expenses. SG&A expenses for the 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.

繼續經營費用。第三季度的 SG&A 費用增長了 25%，按固定匯率計算增長了 28%。增加的主要原因是員工相關成本和差旅費用的增加，以及與我們的 MEDIFOX DAN 收購相關的增量 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 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.

本季度的研發費用增長了 14%，而按固定匯率計算則增長了 16%。研發費用佔收入的百分比為 6.8%，而去年同期為 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 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.

本季度的營業利潤增長了 27%，這得益於強勁的收入增長，但部分被較低的毛利率所抵消。在收購 MEDIFOX DAN 之後，我們本季度的淨利息支出為 1500 萬美元，我們預計 23 財年餘額的利息支出將達到類似數額。

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

我們三月份季度的有效稅率為 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，我們估計 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 3 月份季度的淨收入增長了 28%，非 GAAP 攤薄後每股收益增長了 27%。本季度運營產生的現金流量為 2.83 億美元，反映了穩健的基礎收益，部分被營運資本的適度增長所抵消。

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

本季度的資本支出為 2900 萬美元。本季度的折舊和攤銷總額為 4400 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.

第三季度結束時，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，反映了我們之前宣布的 MEDIFOX DAN 收購的資金來源。

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，我們將循環債務減少了 2.15 億美元。因此，在本季度末，我們的循環貸款工具下有大約 6.05 億美元可供提取，我們繼續保持穩健的流動性狀況。

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

我們的董事會今天宣布派發每股 0.44 美元的季度股息。

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，我們計劃繼續通過研發對增長進行再投資，降低我們的整體債務水平，並部署更多資金用於收購。

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. 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，我現在想把電話轉給你提供說明，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。大家早上好。在開始之前，我想對 David Pendarvis 說聲謝謝。看到他退休我們當然很難過，但我們知道我們在艾米的幫助下是安全的。

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，高於我們在 COVID 之前看到的。您能否就剩餘的新患者積壓情況提供一些評論？另外，您在重新 PAP 積壓工作方面取得了什麼樣的進展？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，謝謝 Lyanne 的提問，感謝 Dave 20 多年的工作，22 年——我想是——這是他的第 83 次投資者電話會議，8-3，非常感謝 Dave 和我們在投資者關係方面與艾米的關係非常安全。

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，你看，是的，令人難以置信的增長，本季度設備收入增長 43% 至歷史最高水平，其中涉及許多因素，主要是我們能夠兌現我們的承諾，即在 AirSense 10 上不受限制, 100% 連接的設備，我們擁有這些終端市場。因此，我認為我們能夠滿足美國市場、時期、故事結尾客戶的所有需求。我們說我們將在本日曆年年底前到達那裡，但我們現在已經到了那裡。

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.

正如我在準備發言中所說的那樣，我們將穩步、強勁地擴展 AirSense 11，因為最新和最好的新平台進入市場，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 numbers of quarters.

就這類新患者的積壓而言，我認為我們在美國已經存在。但就重新 PAP 而言，我認為還有很多工作要做。我們將在美國各地與我們所有數千家家庭醫療設備公司合作，開始通過重新 PAP 計劃開展工作。但我認為這會隨著時間的推移而發生。在本季度，我們剛剛達到完全不受 AirSense 10 限制的地步。我認為這太棒了。我想在 AirSense 11 上不受限制。這將需要幾個季度。

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.

然後，當然，那隻是 1 個國家。我們在全球 140 個國家/地區開展業務。我們將對所有這些進行監管，然後將這些產品推向市場。因此，在接下來的幾個季度和幾年裡，這將是一個持續的過程。

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.

我不會說我們會持續看到這種 43% 的異常增長。該領域的市場增長接近中高個位數。但我們看到市場增長回來了。我們看到新病人回來了。我們已經度過了大流行時期，我們正在獲得新的患者流。我們在家庭睡眠測試數據中看到了這一點。我們正在研究通過 ApneaLink Air 傳輸的所有內容。我們在 AirView 中設置的患者數量中看到了這一點。創歷史新高，但我們每週、每月和每個季度都在關注這一點，而且它正在穩步改善。

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.

不僅在美國，在西歐、北歐，而且肯定會通過亞洲。在過去的幾個季度裡，中國的增長非常強勁，因為我們也在那裡度過了 COVID 危機。

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

這就是我的總結，Lyanne，好問題。

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？當你說你在積壓工作時，是不是對美國和世界其他地方都是如此？

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。所以我們已經解決了美國的積壓問題，我們將逐步解決其他 139 個國家的問題。它不是——這是一個複雜的系統，當你獲得監管批准時，比如，對於 AirSense 11，你必須逐個地區，你可以去歐盟，但你必須逐個國家去許多這些方法適用於巴西、中國、印度，要讓它們不受我們在美國、加拿大和許多其他國家/地區採用的雙平台方法的限制，需要時間。

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，Lyanne，我們會在接下來的幾個季度為您提供最新情況，因為我們不受約束，逐個國家，我們會向您報告。我們的目標是明天在任何地方都不受約束，只是邏輯上不可能做到這一點。所以我們正在緩慢而穩定地朝著這個方向前進。但我很高興能提前 9 個月說我們將至少在我們這裡的一些頂級市場提供不受約束的產品，我們會在前進的過程中隨時為您提供最新信息。

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，我要讓其他人問毛利率問題，但我想問一下 SG&A，以及它在召回過程中佔收入的百分比保持相對穩定的事實，這考慮了當您考慮到產品短缺等情況以及類似地推銷自己的事實時，這有點違反直覺。所以我只是想知道我們是否可以談談 SG&A 的關鍵要素以及隨著銷量的持續改善而出現的中長期軌跡。

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。我將交給我們的總裁兼首席運營官 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。所以你了解我們，你知道我們是如何運作的。不管發生什麼事，我們在財政上都是自律的。我們一直在關注未來、我們要去的地方以及我們增加開支時發生的事情。我們絕對談到了這樣一個事實，即在大流行早期我們沒有進行面對面的營銷和大量旅行以及那些類型的事情。隨著這種情況開始恢復，我們必須謹慎管理這如何成為我們 SG&A 的額外負擔。但這確實是精心管理的一個因素。

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和那些在通貨膨脹時期正在發生變化的事情。我們將繼續謹慎管理。我們對我們添加的內容和我們的方式非常謹慎。因此，我們真的不想超越自己，最終像其他一些公司一樣，發現他們在進入市場的業務中過度供應，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.

所以我們的狀態很好，我們有一個可靠的計劃，我們應該能夠非常小心地堅持布雷特對我們的 SG&A 的預測。

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

您今天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?

你顯然在本季度有非常強勁的設備增長。我只是想知道您是否仍然相信您可以在 23 財年的每個季度連續增長設備？然後我們應該如何考慮 FY '24 和回報——飛利浦可能重返市場以及那裡是否有任何更新？

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。謝謝你的問題，馬修。是的，上個季度，我當然說過，我們預計到 2023 年，整個日曆年的設備都將連續增長，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.

我必須告訴你，本季度 6.079 億美元的設備銷售額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，中國在三月季度重新開放時經歷了 COVID 的另一個階段，那裡的呼吸機銷售額約為 1500 萬美元。所以如果你把它去掉，它在第四季度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 dime in those there's presence 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全球最好的商業團隊。而第四季度，對我們來說，我們的第四財年在某些地區的存在俱樂部中是一個很大的毛錢，到處都有財政激勵措施，讓人們能夠強勁地完成他們的財年。因此有很多激勵措施。

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，要實現連續增長是一個艱難的數字。取出那些呼吸機。我想我們可以做到。我對我的團隊充滿信心。我會支持我的團隊。三月份他們在這裡領先了我一點，我喜歡這樣。我希望他們在 6 月份比我早一點。所以我相信我們可以做到。

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，我們現在正在照顧我們主要市場中每一位患者的需求，我們的目標是在所有 140 個國家開展業務。因此，其中一部分是收入增長，這很了不起，但這實際上與患者護理有關，也與不讓任何患者掉隊有關。

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中，作為一個行業，我們無法照顧到每個獲得處方的患者，這真的令人失望。我們現在正在我們的主要市場這樣做，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/地區領先。

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, Matieu. Great question. Thank you.

所以連續增長是好的。我們將努力嘗試這一點。但比這更重要的是，照顧好每個地區的每一位患者，盡我們所能去接觸這些患者，為他們提供世界品質的口罩，並讓他們參與補給計劃，因為這才是長期堅持的原因不僅僅是一次性設備銷售。但是要獲得一個依從性患者，87%、90% 以上的依從率不僅是在 90 天的基礎上，而且是在持續的基礎上。這就是我們的挑戰，Matieu。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。這種組合真的是毛利率下降的關鍵驅動因素嗎？你有沒有 - 更高的價格是否抵消了組件成本？正如我們期待的那樣，如果您要繼續假設設備銷售強勁增長，我們是否應該預計短期內這些水平的毛利率會繼續走弱？

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。謝謝你的問題，格萊特。正如你所說，正如布雷特在他的準備發言中所說，我們在毛利率方面遇到了一些不利因素，這是地域組合，更多的是在低利潤率國家，美國加拿大。然後是產品組合。我們看到的 CPAP 和 APAP 增長比水平或生命支持甚至其他無創呼吸機都要多。因此，這些不利因素將開始消退。看我實際上 - 我認為，Gretel，正如我所期待的那樣，我看到未來幾個季度以及整個財政年度和日曆年的毛利率將以兩位數的基點增長。我看好毛利率擴張，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，因為我看到呼吸機增長機會開始回歸，我看到面罩增長和補充增長，新患者的增長開始出現在面罩上。隨著我們的前進，我看好毛利率，因為我看到庫存成本開始 - 我們將開始削減它並降低它們，而不是我們的競爭對手退出市場時的增長。

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.

而且我也 - 我看好毛利率，因為我認為我們能夠在前進的過程中獲得更好的運費。正如你所說，我們一直在抵消部分毛利率不利因素，平均售價在我們的核心業務中保持穩定，增加我們 SaaS 業務的平均售價。我們與客戶收取了一些運費和其他附加費。當我們開始看到我們的成本下降時，我們將取消一些附加費等等，所以我們會平衡它。

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.

但是淨淨，我看到我們能夠擴大我們的毛利率和增長，因為我們不僅期待整個 23 年的財政年度，而且期待 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 Jefferies 的 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.

對不起，我是靜音的。我只是想問一下，隨著您變得更加無拘無束，我們應該在多大程度上期望面罩趨勢開始跟隨設備趨勢。我想本季度可能會有更多的面具增長，而不是從一個好的結果中消失。但也許你可以將其作為衍生產品來討論。

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，你的問題。你知道，當你看我們的面具和配件業務時，我們的面具增長的 70% 到 80% 是補貨。那裡的現有患者會回來購買新的面罩、新的加濕器、新的管子、加熱管等和過濾器。所以它的面膜和飾品是70%，補貨業務佔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，新患者的增長令人難以置信。我們回到了比 COVID 之前更好的狀態，並且我們正在從那裡成長。很高興看到新患者的強勁增長。但這與你的觀點沒有直接關係。隨著時間的推移，它不再是一種衍生品，而是一種複合效應——就像複利一樣。當您建立該安裝基礎時，這些患者正在訂購。如果他們以 3 個月或 6 個月為基礎訂購，這將對今天的設備增長產生復合效應，導致未來在未來財政季度和財政年度建立安裝基礎時對口罩增長的投資。

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% 的設備增長與光罩增長並不直接相關。但我的意思是，就您的觀點而言，按固定匯率計算，全球掩碼增長 15% 令人難以置信。在 COVID 之前，我們會為這樣的數字感到非常自豪。大流行後，通過這種增長，我為團隊以及他們能夠做的事情感到無比自豪，不僅在新患者設置方面，而且在補充計劃方面。

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.

正如我在準備好的發言中所說的那樣，不僅僅是在我們擁有正式系統的報銷市場。在法國、美國、日本，我們有正式的系統與我們的客戶一起去患者身邊，以確保他們——如果他們想要的話，患者在需要時能得到口罩。我們還在以消費者為導向的市場開展工作，我們正在推動依從性計劃、訂閱計劃，這些計劃在我們的許多地區都在快速增長，這是現金支付或直接面向消費者的互動，他們說， “我想要一個新鮮的面膜。”因此，它符合核心需求。它不僅僅是一個系統驅動的。這是一個病人驅動的。這就是我認為最令人興奮的關於掩碼增長的部分。

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.

關於掩碼增長，我要說的最後一件事是，我認為有一些懷疑論者。 2 或 3 年前，人們就像是，“哦，呼吸健康和衛生方面的進步，口罩補給的加強。由於 COVID 大流行，這是一個短期趨勢。我們已經開始 3 年了COVID 大流行，這已經是 12 個季度的強勁面具增長。所以我認為強勁的面具增長在未來是可持續的。我們已經能夠執行 12 個季度，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 Wolfe Research 的 Michael Polark。

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?

我會問另一個關於面具問題的問題。由於您在設備方面做得更好，尤其是在美國，您是否 - 在消耗品方面逐步贏得份額方面是否存在光環影響？這是最近出現的動態，還是可能在未來一年左右隨著設備的出現而出現的動態，進入設備空白的緊迫感減弱了，你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，邁克，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 一起工作時，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，我們在所有 140 個國家/地區也佔有領先的份額。因此，肯定存在協同效應，因為同一個人與相同的醫生、相同的提供者、相同的醫療保健系統交談。所以我們在那裡。

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我們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。他們對 APAP 設備或雙水平設備的壓力和控制有更準確的檢測，特別是如果它用於重疊患者，比如患有阻塞性睡眠呼吸暫停和慢性阻塞性肺病，你需要 IPAP 和 EPAP，壓力控制來是正確的。當您將我們的雙水平儀與我們的面罩一起使用時，這將更加準確，並且醫生知道這一點，他們會為這些患者編寫腳本。

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.

然後對於進行設置的呼吸治療師，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，存在強大的積極協同效應。所以是的，我確實認為它們之間存在相關性。您可以考慮那種簡單的商業廣告。我的意思是，他們在賣它，但你會從醫生的臨床角度來看它，然後是治療師對合身、舒適和滲漏的角度來看。因此，我認為所有這些結合在一起表明，隨著時間的推移，我們的設備增長和麵罩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，你說過你預計未來毛利率會擴大到兩位數。我可以把你固定在什麼樣的時間範圍內嗎？我們是在談論毛利率嗎？我們是在談論毛利嗎？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。我將交給 Brett 來了解更多細節。但我的意思是，我預計我們在本季度所處的位置將有兩位數的基點改善。 56.1%，我看到是最低點，我想從那裡增長。所以我認為我們能夠在未來幾個季度及以後將其提高 10、20、30、50、100 個基點，我不知道。

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的細節，逆風，順風和毛利率的所有樂趣嗎？

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，這是——我的意思是我們不會——我們不會嘗試量化，但當我們看它時，我們確實預計未來幾個季度的利潤率會擴大。因此，如果你看看一些與去年同期相比對我們造成傷害的關鍵產品，或者——它的產品組合，顯然是睡眠設備的大幅增加。我們不得不應對組件成本逐年增加的問題，但這看起來正在穩定下來。這就是 - 我們預計會有兩大不利因素緩和。

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、物流和貨運成本。我們關注的是效率。所以我們現在重新關注這一點。而且 - 同樣，這些也應該在未來幾個季度有所改善。然後最重要的是，借助 AirSense 11 平台，這也確實對毛利率做出了積極貢獻。現在我們推出它需要時間。但如果你有點投入——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得到一些順風。這給了我們信心，我們認為我們可以從現在開始進行擴展。

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

您今天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, 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?

我可能想跟進你們在電話會議早期給出的一些患者需求指標。我想我聽說美國或美洲的市場增長率可能很高。然後我們是否應該將重新 PAPS 添加到其中，以便最終使我們實現兩位數的增長率？然後你如何看待，我想，一旦飛利浦確實有可能重新進入你們市場的長期增長市場？我猜你能繼續保持兩位數的收入增長率嗎？

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。謝謝你的問題，瑪格麗特。我認為其中有很多內容。但是，是的，看，我們在這場大流行病的另一邊，對吧？不僅隨著世界的開放和我們的前進，大流行病已成為一種地方病，而且在我們的行業中，我們現在看到患者的強勁增長，我們真正開始接受治療。是的，現在開始通過漏斗的患者出現了中高個位數的增長，這非常強勁。

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.

這能持續多久，我們如何推動它？那就是——這將取決於我們作為市場領導者。我們在這方面處於市場領先地位，我們將推動提高認識計劃。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，正在研究一個將患者帶入漏斗並推動患者進入漏斗的項目。作為市場領導者，這確實是我們的工作，所以不僅要接受市場增長，還要推動市場增長。所以這將是一件積極的事情，我們將在前進的過程中關注它。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.

我不打算量化它。我的意思是，鑑於我們所處的位置，我知道你有你的模型，賣方和買方的每個人都有他們的模型。但我要說的是，無論你的模型是什麼，想想一個積極的領導者參與數字意識、營銷意識並通過渠道推動和策劃患者。通過 COVID 危機，我們學到了很多關於數字健康的知識，關於讓患者參與遠程設置和虛擬路徑的家庭測試，這些在大流行高峰期確實是必要的，現在已成為未來需求生成的催化劑。

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，你們對此是否有任何額外的想法？

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.

還有一點，米克。新患者的增長非常穩固，而且有很多未經治療的患者。我們可以從中看到長遠的未來。但是，隨著我們建立長期依從性計劃並開始推動長期依從性，這將使面罩的增長保持在新患者增長之前，我們也看到了長期前景。

Next question is coming from Andrew Paine from CLSA.

下一個問題來自 CLSA 的 Andrew Paine。

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。只是想一想當飛利浦重返市場時你保持市場份額的能力，它仍然有點懸而未決，但假設從 24 財年開始，你認為你可以在這里拉動什麼槓桿來確保你做到保住市場份額？我們是否將定價等因素視為一個因素？還是您認為還有其他因素可以幫助您保留該份額？

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。謝謝你的問題，安德魯。是的，當然，看，我們關注所有競爭。我們在西歐和亞洲有競爭對手，在過去的幾十年裡，尤其是在過去的兩年裡，我們一直在與之激烈競爭。還有 1 名競爭對手已退出新患者設置市場 2 年，誰知道還要多長時間。他們必須進來——第三個競爭對手，他們必須進來並開始戰鬥，從 0% 的新患者設置份額中成為排名第二的玩家。我們對此充滿期待。在他們召回之前，我們在 2019 年擊敗了那個特定的競爭對手。所以我知道當他們回來時我們將能夠擊敗他們。

And so no, our goal is to see 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，我們的目標是看到 0 份額。我們的目標是實際保持和增長份額。作為市場領導者，獲得越來越多的份額變得越來越困難，但這是我們的目標。我們擁有最小、最安靜、最舒適和最雲連接的設備。但比這更重要的是，我們已經創建了一個數字生態系統，讓患者使用 myAir，醫生使用 AirView，通過 API 連接到美國的 Epic 或 Cerner 的醫療保健系統以及英國和 NHS 的全球醫療保健系統，北方歐洲進入政府，西歐進入政府運營的醫療保健系統。我們在以消費者為導向的市場中與患者的互動非常好。因此，我們的目標是保持並擴大這一份額。

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.

但比這更重要的是，要擴大市場。作為市場領導者，這是我們的義務。現在，隨著最新流行病學的興起，全世界大約有 10 億患有阻塞性睡眠呼吸暫停症的人需要治療。如果再加上慢性阻塞性肺病、哮喘和失眠症，那麼在我們的總目標市場中就有 25 億人。所以你可以考慮分享，但這真的不是可口可樂，百事可樂已經出局，百事可樂又回來了。這不是一個低增長的碳酸飲料市場。這是醫療技術領域一個高速增長的數字健康技術市場，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，我期待著從這位排名第三的球員身上擺脫不確定性。我希望他們回來。讓我們看看，讓我們競爭，我們將保持我們的份額並擴大它並繼續比賽。對此期待。

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.

實際上，我要說的最後一件事。人們一直在談論#3 競爭對手什麼時候回來，他們將如何回來？他們的首席財務官上週表示，“哦，不，我們不會進來並降低價格。我們將考慮採用 2019 年的價格並加上通貨膨脹。”所以繼續比賽。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。我們一直在競爭推動這一點，而且對我們來說從來都不是價格競爭。我們一直比其他玩家高價，但我們為他們節省了更多的錢。所以聰明的客戶正在使用我們的產品，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，你曾提到過你的一些最佳客戶的忠誠度達到了 90%。我只是好奇那是什麼地方與某種基線。以及如何與其他客戶群一起推動這一進程？

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，經過同行評審、已發表的證據顯示，87% 的依從性數字已經存在了幾年。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字功能，患者沒有使用 myAir，醫生沒有使用 AirView，一般行業的依從性可能平均為 60 % 到 70%，正確的，使用未連接的競爭對手設備，或者可能是未完全參與我們擁有的數字生態系統的人。

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的已發表證據，只是補充說——只是增加使用 AirView 的醫生會使依從性提高 10%。因此，比方說，讓醫生使用 AirView 的客戶平均有 65% 到 75%。如果患者使用 myAir，您將再提高 10%。因此，對於該示例，您可能會從 75% 到 85% 的依從性，其中醫生使用 AirView 而患者使用 myAir。要進入 90 年代，你需要一個真正參與並真正投資於採用我們的技術並為其添加算法和功能的技術的真正特殊客戶。我們在歐洲和美國有許多成熟的客戶，我們與他們合作，共同開發。我們喜歡這種訓練。我們互相學習。因為在一起是我們提供護理的方式。我們是一家製造商，也是數字健康解決方案的供應商，我們與最大國家的供應商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%.

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進來。但是 90% 是在非常罕見的情況下實現的，但它是 - 同行評審，公佈的證據表明，它可以用 87% 的技術來完成。

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%，這是一個參與培訓的過程。這就是為什麼我說我們的份額不僅會保持在原位，而且有機會從中增長，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計算。沒有人像我們一樣投資於 AI 和 ML 分析以及與患者、醫生和提供者的互動。而且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。我們正在聽取他們的意見。與醫生和提供者一起。

Thanks for the question, Matt.

謝謝你的問題，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，只是關於 Primasun 的問題。我剛剛注意到這個季度，投資非常低，肯定低於指導水平。所以我想知道，這個季度有什麼變化嗎？關於該項目進展情況的任何更新？

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。掃羅，這是一個很好的問題，因為讓我們談談我們整個需求生成和參與方法。我的意思是，如你所知，Primasun 是與 Verily 在美國市場的一家合資企業，希望以數字方式參與——很好地以數字方式識別、參與和登記患者進入一種數字健康途徑，從關注睡眠的消費者一直到對確診患者進行治療和管理。

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.

我們通過我們的核心美國和北美營銷團隊開展活動。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字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，我們正在尋找投資。我們正處於一些試驗的試點階段，我們正準備通過 Primasun、我們的美國項目和我們在世界各地運營的許多其他項目來擴展一些方法。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的那樣，現在我們已經具備了全面的供應能力，AirSense 10 和 AirSense 11 作為組合，我們真的可以開始為未確診的睡眠呼吸暫停患者啟動這些需求生成計劃。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，這些投資在未來幾個季度可能會有所增加，但它們將在將患者帶入漏斗方面獲得巨大回報。所以注意這個空間。

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，你能聽到我說話嗎？

Got you loud and clear, Suraj.

Suraj，讓你大聲說清楚。

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，讓我向大衛表示感謝。大衛，祝你退休後過得愉快。這些年來和你打交道很愉快。

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?

所以米克，已經問了很多問題。你對人工智能的評論引起了我的注意。所以米克，這樣想。 Suraj 進來了，他已經完成了 CPAP 滴定，睡眠實驗室。某些參數已設置為雙層、變量等。您的基於 AI/ML 的算法將如何具體告訴患者哪些參數？我問的原因是特別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.

好吧，Suraj，這是一個非常好的問題。我們的通話時間只剩下 5 分鐘了。我可以花整整 50 分鐘。當我們將這些 AI 和 ML 模型放在一起來研究如何指導患者時，其中很多東西實際上都是專有的。特別是你談到了像雙水平通氣或無創通氣治療這樣的高敏銳度患者。

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，我查看了我們的合規性預測器和我們的合規性分析工具，它們可以幫助在美國增強 HME 的能力，以及我們能夠使用 AI 和 ML 來推動最重要的優先級排序的一些方式有戒菸風險的患者和那些離那裡足夠近的人，而那些人肯定在那裡，只需要某種數字指導。如果您願意，這種分類以前是手動完成的，現在將採用自動化方式。而且它——我們一直有一定程度的自動化，但是要有一種算法可以隨著它的發展而學習並且越來越好，它只是為醫生服務。它為呼吸治療師服務。他們都非常高興看到這種效率水平，減少（如果你願意的話）行政管理並專注於最困難的患者，同時確保最好的患者獲得他們需要的數字指導和幫助。

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.

因此，我們實際上是在對合規性、依從性和其他方面進行分類。但是注意這個空間。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個季度的作用。

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可以開始看到它下降。而且，那個數量的雲庫存或零件還有很多卡嗎？

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。它確實在本季度略有上升。實際上，我已經為我們的運營總裁和整個製造團隊的安德魯·普萊斯制定了一個非常強烈的目標來降低這個數字，因為我們已經度過了這個高峰期，而且我們有充足的供應，讓我們把這個數字降低。

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，你想談談我們將如何在未來幾個季度和財政年度大幅降低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。我的意思是，克雷格，我的特點是我們在本季度穩定了庫存，這確實推動了您看到的非常強勁的運營現金流。但我認為我們可以做的更多。目標是總體上降低這些庫存水平。我的意思是，我們可以做很多事情，但有些人可能會指出，我們看到交貨時間有所改善，這將有所幫助。我猜，從一個港口到另一個港口的運輸有所改善，因此我們可以降低庫存。

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.

我們將繼續增加海運費而不是空運費。所以其中一些體現在庫存中。但最終，這種比率會穩定下來。我們現在正在調整安全庫存水平，因為我們對需要什麼以及何時可以獲得供應有了更多的可預測性。然後，庫存顯然是面向未來的。所以我們希望支持銷售。

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.

所以我們必須平衡所有這些。但話雖如此，我認為我們正在尋找庫存水平，即在 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 Chris Cooper。

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。我只是想知道你對糖尿病和肥胖藥物的最新想法。我們——我想我們昨晚又進行了一次積極的更新。目前，它們確實來勢洶洶。我想您能分享一下 ResMed 是如何考慮這些的嗎？請問他們的成功對您的業務有多大影響？

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，實際上非常令人興奮。我們一直希望有互動。實際上，當我 23 年前第一次加入公司時，我們正在與減肥外科醫生合作，研究將接受減肥手術的患者，體重可能從 450 磅降至 200 磅。在那些主要是 CPAP 市場的日子裡，我們面臨的挑戰是我們如何確保他們獲得 APAP 因為他們的需要，他們的 AHI 可能從 450 磅時的 50 到 250 磅時的 30，但是30歲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他們進行調整的 APAP 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 [audit set] 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 80% 是 APAP，因此您無需確保患者服用（比方說）減肥藥之類的藥物後體重減輕且他們的 AHI 需求從非常、非常低的水平下降嚴重的睡眠呼吸暫停到剛剛嚴重或中度到嚴重。我們在設備中擁有算法和功能，我們的 [審計集] 算法可以自動調整。我們還將擁有所有數字健康數據。這樣肺科醫生就可以與正在研究的初級保健醫生或減肥醫生合作——大概是 PCP 研究肥胖藥物，他們可以監測病人，看看他們的情況有多好，也許更多的堅持，更多的參與他們的健身和鍛煉對整體健康。

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暫停藥物，它不是減肥藥。它實際上涉及嘗試治療睡眠呼吸暫停的核心，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.

我們已經看到了這種微小的替代品，無論它是什麼，0.5% 的患者流入這些植入設備。那裡有一家公司在做，我認為有很多非常昂貴的廣告，但它正在將很多患者帶入漏斗。這是我們的需求源，因為他們將其作為治療睡眠呼吸暫停的按鈕進行營銷，但它實際上是一種植入胸腔的植入式醫療設備，大小與起搏器相當。當患者發現這一點時，他們會說，“那麼，還有什麼選擇呢？” “哦，有一種無創的替代方法，如 CPAP 或 APAP 可用”，患者就可以上網了。

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醫藥廣告會讓我們對這個領域 80% 的未確診患者說，“嘿，看，我先吃藥，然後也許我需要睡眠呼吸暫停治療，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.

我們已經與我們的 Propeller 部門合作，提供一些 COPD 和哮喘藥物。我期待的不僅是 Apnimed，還有其他這些肥胖藥物，以了解它們如何將患者帶入漏斗，以及我們如何與它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。我想將發言權轉回給米克，聽取任何進一步的結束評論。

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，再次感謝我們所有的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/地區的人們睡得更好、呼吸更好、生活更美好。

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.

我會把電話轉回給艾米，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。感謝您的關注和時間。如果您有任何問題——其他問題，請隨時直接與我們聯繫。

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

這確實結束了我們 2023 年第三季度的電話會議。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絡廣播到此結束。此時您可以斷開線路，度過美好的一天。感謝您今天的參與。