瑞思邁 (RMD) 2023 Q4 法說會逐字稿

Hello, and welcome to ResMed's Fourth Quarter Fiscal Year 2023 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Amy Wakeham, Chief Communications and Investor Relations Officer. Please go ahead, Amy.

您好，歡迎參加瑞思邁 2023 財年第四季度收益電話會議和網絡廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。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 so much, Kevin. Hi, everyone, and welcome to ResMed's Fourth Quarter Fiscal Year 2023 Earnings Call. 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. On the call today are Chief Executive Officer, Mick Farrell; and Chief Financial Officer, Brett Sandercock. Following our prepared remarks, Nick and Brett will be joined by Rob Douglas, our President and Chief Operating Officer; and Lucile Blaise, President of our Sleep & Respiratory Care business for the Q&A portion of the call.

偉大的。非常感謝你，凱文。大家好，歡迎參加瑞思邁 2023 財年第四季度收益電話會議。本次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，兩者現已提供。今天參加電話會議的是首席執行官米克·法雷爾 (Mick Farrell)；和首席財務官布雷特·桑德科克。在我們準備好的發言之後，尼克和布雷特將與我們的總裁兼首席運營官羅布·道格拉斯一起參加；睡眠與呼吸護理業務總裁 Lucile Blaise 參與了電話問答部分。

During today's call, we will discuss several non-GAAP measures. Please review the supporting schedules in today's earnings press release for a reconciliation of the non-GAAP measures to our GAAP reported numbers. Our discussion today will also 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. I'd like to now turn the call over to Mick.

在今天的電話會議中，我們將討論幾項非公認會計原則措施。請查看今天的收益新聞稿中的支持時間表，以了解非公認會計準則衡量標準與我們的公認會計準則報告數據的協調一致。我們今天的討論還將包括前瞻性陳述，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。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存在重大差異的風險因素。我現在想把電話轉給米克。

Thanks, Amy, and thank you to all our shareholders for joining us today as we review the results of our June quarter, the last quarter of our fiscal year 2023. Our results reflect incredible growth across our entire business with double-digit growth in our devices, masks and software businesses. Unconstrained availability of our market-leading cloud connected flow generator platforms has enabled us to continue to offer access to 100% cloud connectable AirSense 10 flow generator devices in all of our major global markets and beyond. In parallel, we are ramping up and improving the availability of our best-in-class AirSense 11 platform, which will gain further geographic regulatory approvals throughout the fiscal year and steadily increasing supply also throughout the fiscal year 2024 and beyond. Although challenges within the post COVID supply chain haven't completely been mitigated yet, we expect ongoing steady improvement in component and end product supply in the quarters ahead using a combination of AirSense 10 and AirSense 11 platforms.

謝謝艾米，也感謝我們所有的股東今天加入我們，回顧我們2023 財年最後一個季度6 月季度的業績。我們的業績反映了我們整個業務的令人難以置信的增長，我們的業務實現了兩位數的增長。設備、掩模和軟件業務。我們市場領先的雲連接流量發生器平台的可用性不受限制，使我們能夠繼續在全球所有主要市場及其他地區提供 100% 可云連接的 AirSense 10 流量發生器設備。與此同時，我們正在提高和改善一流的 AirSense 11 平台的可用性，該平台將在整個財年獲得進一步的地理監管批准，並在 2024 財年及以後穩步增加供應。儘管新冠疫情后供應鏈中的挑戰尚未完全緩解，但我們預計，通過結合使用 AirSense 10 和 AirSense 11 平台，未來幾個季度組件和最終產品供應將持續穩步改善。

While we remain focused on scaling production and global availability of the AirSense 11 platform, we remain on allocation for the Air 11 platform for the next few quarters. But I want to be clear on this point with combined availability of the unconstrained Air 10 platform, we have enough devices to meet all of the customer needs that we see in major markets and globally. With the powerful combination of the Air 10 and the Air 11 platforms, we have the 2 best device platforms on the market. Our strong double-digit 23% year-over-year growth in the devices category demonstrates that customers are choosing ResMed and we are delivering. Our masks and accessories business also performed at a very strong 18% growth in constant currency this quarter. Patient demand continues to drive increased adoption and utilization of our mask resupply programs, augmenting a steady cadence of new patient setups. We continue to see strong growth in both the U.S. business where provider resupply programs have augmented growth and in our markets outside the U.S., where our consumer outreach and subscription programs are also driving mask replenishment directly with those end-user patients.

雖然我們仍然專注於擴大 AirSense 11 平台的生產和全球可用性，但我們仍會在未來幾個季度對 Air 11 平台進行分配。但我想澄清這一點，結合不受約束的 Air 10 平台的可用性，我們有足夠的設備來滿足我們在主要市場和全球看到的所有客戶需求。憑藉 Air 10 和 Air 11 平台的強大組合，我們擁有市場上最好的 2 個設備平台。我們在設備類別中實現了 23% 的強勁兩位數同比增長，這表明客戶正在選擇 ResMed，而我們正在提供服務。按固定匯率計算，本季度我們的口罩和配件業務也實現了 18% 的強勁增長。患者需求繼續推動我們的口罩補給計劃的採用和利用增加，從而穩步增加新患者設置的節奏。我們繼續看到美國業務的強勁增長，供應商補給計劃促進了增長，而在美國以外的市場，我們的消費者外展和訂閱計劃也直接推動了向最終用戶患者的面罩補充。

Our teams continue to work incredibly hard to achieve these strong growth results amid a challenging industry environment where component costs and freight costs are still working their way through our inventory post this supply chain crisis. I'm proud of the work that 10,000 ResMedians have put in every week, every month, every quarter to deliver these incredible results for the business, for our customers, for our shareholders and ultimately for our most important customer, our patients. Let's now briefly review updates on the top 3 strategic priorities for our company: number one, to grow and differentiate our core sleep apnea and respiratory care business; number two, to design, develop and deliver market-leading medical devices as well as digital health solutions that can be scaled globally; and number three, to create, innovate and grow the world's best software solutions for care delivered outside the hospital, a field that we call residential medicine.

在充滿挑戰的行業環境中，我們的團隊繼續極其努力地工作，以實現這些強勁的增長成果，在這場供應鏈危機後，零部件成本和貨運成本仍在我們的庫存中發揮作用。我為10,000 名ResMedians 每週、每月、每個季度所做的工作感到自豪，他們為企業、我們的客戶、我們的股東以及最終我們最重要的客戶——我們的患者帶來了這些令人難以置信的成果。現在讓我們簡要回顧一下我們公司三大戰略重點的最新情況：第一，發展和差異化我們的核心睡眠呼吸暫停和呼吸護理業務；第二，設計、開發和提供市場領先的醫療設備以及可在全球範圍內擴展的數字健康解決方案；第三，創建、創新和發展世界上最好的院外護理軟件解決方案，我們稱之為住院醫學領域。

In terms of our patient-facing digital health platforms, adoption continues to go very well. The feedback we hear from patients and health care professionals remains very positive. We are seeing strong adoption of the myAir patient app by folks using AirSense 11. In fact, it is more than double the adoption rate that we saw with our AirSense 10 platform, with many, many millions of patients signing up and engaging daily on their myAir app to view their own sleep data on their own phone and to review their own therapy data. This is important as engagement with the digital health platform like myAir is directly linked to higher adherence to therapy in patients and higher adherence to therapy is directly related to better patient outcomes to increase resupply and to better economics for the payer and the health care provider with lower overall health care costs. Last month, we announced and closed the acquisition of Somnoware. Somnoware is a U.S.-based leader in sleep and respiratory care diagnostics software and physician management software.

就我們面向患者的數字健康平台而言，採用情況繼續進展順利。我們從患者和醫療保健專業人員那裡聽到的反饋仍然非常積極。我們看到使用 AirSense 11 的人們對 myAir 患者應用程序的大力採用。事實上，它的採用率是我們的 AirSense 10 平台的兩倍多，每天有數以百萬計的患者註冊並參與他們的活動myAir應用程序可在自己的手機上查看自己的睡眠數據並查看自己的治療數據。這一點很重要，因為與myAir 等數字醫療平台的接觸與患者對治療的更高依從性直接相關，而更高的治療依從性與更好的患者結果直接相關，從而增加補給，並為付款人和醫療保健提供者帶來更好的經濟效益。降低總體醫療保健成本。上個月，我們宣布並完成了對 Somnoware 的收購。 Somnoware 是美國睡眠和呼吸護理診斷軟件和醫生管理軟件領域的領導者。

As part of our ongoing efforts to improve and streamline the end-to-end pathway for patients and make it easier for sleep labs and physicians and their practices to diagnose and manage patients, we're excited about this acquisition that complements our current ecosystem of software solutions, including AirView for providers and physicians and Brightree for home care providers. These ecosystem together will drive greater efficiency and better patient care by accelerating the pathway to therapy and with a better overall customer experience. We're also excited about our progress across several digital health technology initiatives to further increase the value proposition for our connected health care ecosystem. Over the next several quarters, we plan to introduce several artificial intelligence-driven data products and capabilities on both the physician and provider-facing AirView platform as well as the patient-facing myAir app.

作為我們不斷努力改善和簡化患者端到端路徑並使睡眠實驗室和醫生及其實踐更容易診斷和管理患者的努力的一部分，我們對此次收購感到興奮，它補充了我們當前的生態系統軟件解決方案，包括針對提供商和醫生的AirView 以及針對家庭護理提供商的Brighttree。這些生態系統將共同加速治療進程並提供更好的整體客戶體驗，從而提高效率和改善患者護理。我們還對多項數字醫療技術舉措取得的進展感到興奮，這些舉措進一步提高了我們互聯醫療保健生態系統的價值主張。在接下來的幾個季度中，我們計劃在面向醫生和提供商的 AirView 平台以及面向患者的 myAir 應用程序上推出多種人工智能驅動的數據產品和功能。

Early testing of these AI-driven data products is very positive in both of these customer groups and we will refine to the optimal digital design, and then we will launch, and then we will scale these products around the world. These AI-driven data products provide personalized suggestions to increase therapy adherence and to ultimately improve patient outcomes as well as patient, physician and provider experience. We will continue to invest in the world's largest digital health care ecosystem that we have with over 15.5 billion nights of medical data in the cloud as we continue to unlock value from those data to benefit physicians, providers, payers and patients. We saw strong growth in our Respiratory Care business in the quarter through ongoing adoption of our noninvasive ventilators as well as our life support ventilator solutions. We're still in the early stages of market development with some of our newer-to-market technologies in this category, including home-based high-flow therapy that we call HFT for treating chronic obstructive pulmonary disease or COPD in the home.

這些人工智能驅動的數據產品的早期測試在這兩個客戶群體中都非常積極，我們將完善最佳的數字設計，然後我們將推出，然後我們將在全球範圍內擴展這些產品。這些人工智能驅動的數據產品提供個性化建議，以提高治療依從性，並最終改善患者的治療結果以及患者、醫生和提供者的體驗。我們將繼續投資全球最大的數字醫療保健生態系統，該生態系統在雲中擁有超過155 億個夜晚的醫療數據，同時我們將繼續釋放這些數據的價值，使醫生、提供者、付款人和患者受益。通過持續採用我們的無創呼吸機以及生命支持呼吸機解決方案，我們的呼吸護理業務在本季度實現了強勁增長。我們仍處於市場開發的早期階段，在這一類別中我們有一些較新的市場技術，包括家庭高流量療法，我們稱之為 HFT，用於在家治療慢性阻塞性肺病或 COPD。

We continue to generate clinical evidence and economic outcomes to support broader adoption of these technology innovations for treating lung disease in the home. We're encouraged by the clinical results we've seen with our HFT trial so far, and we continue to remain very focused on addressing COPD as one of the top diseases globally for hospitalization and the #1 cause of rehospitalization in the U.S. geography. The prevalence of respiratory insufficiency due to COPD as well as respiratory insufficiency due to neuromuscular disease continues to increase, and we are focused on having low-cost, high-quality solutions to address this health epidemic. Our SaaS business had another great quarter with year-over-year growth of 34%. Our SaaS business growth was supported by another full quarter contribution from our fast-growing MEDIFOX DAN business as well as solid organic growth of 8% across our Brightree and MatrixCare portfolio of SaaS businesses. We're pleased to see sustained high single-digit growth in our SaaS business on an organic basis, driven by the ongoing strength in the HME and Infusion segment and more stability in the Facilities segment as patient flows have now rebounded post COVID.

我們繼續產生臨床證據和經濟成果，以支持更廣泛地採用這些技術創新來在家中治療肺部疾病。迄今為止，我們的 HFT 試驗所取得的臨床結果令我們深受鼓舞，我們將繼續致力於解決慢性阻塞性肺病這一全球最常見的住院疾病之一以及美國再住院的第一大原因。慢性阻塞性肺病（COPD）以及神經肌肉疾病導致的呼吸功能不全的患病率持續增加，我們致力於提供低成本、高質量的解決方案來應對這一健康流行病。我們的 SaaS 業務又迎來了一個出色的季度，同比增長 34%。我們的 SaaS 業務增長得益於我們快速增長的 MEDIFOX DAN 業務的另一個完整季度貢獻以及我們的 Brightree 和 MatrixCare SaaS 業務組合 8% 的穩健有機增長。我們很高興看到我們的 SaaS 業務在有機基礎上持續實現高個位數增長，這得益於 HME 和輸液部門的持續強勢，以及隨著新冠疫情后患者流量現已反彈，設施部門更加穩定。

I'm very impressed by the leadership of our most recent SaaS portfolio addition, MEDIFOX DAN, which is on track and meeting or beating our expectations. I'll be visiting personally with the team in Hildesheim, Germany this quarter to discuss the growth face-to-face with the digital health innovators there in Hildesheim who are changing health care and taking care of people in the lowest cost, lowest acuity and highest quality of life setting, which is very often the home. We believe this is the future of health care, and that's where we're investing and that's where we're winning. Our customers continue to see the value of adopting technologies to improve and optimize business efficiencies and personalized care, and we deliver the best software solutions to help customers do just that. There is pent-up demand for technology investments in residential medicine verticals, particularly as staffing shortages continue to impact the industry, particularly in nursing, but across the clinician and provider groups. This presents opportunities for ResMed's SaaS solutions to streamline operations and create workflow efficiencies, so our customers' staff can focus on providing personal care. It's up to us to deliver for our customers and drive growth.

我們最新添加的 SaaS 產品組合 MEDIFOX DAN 的領導力給我留下了深刻的印象，它正在步入正軌，滿足或超出了我們的期望。本季度我將親自拜訪德國希爾德斯海姆的團隊，與希爾德斯海姆的數字健康創新者面對面討論增長情況，他們正在改變醫療保健並以最低的成本、最低的敏銳度和最低的成本來照顧人們。最高品質的生活環境，通常是家。我們相信這是醫療保健的未來，這就是我們投資的地方，也是我們獲勝的地方。我們的客戶不斷看到採用技術來提高和優化業務效率和個性化護理的價值，我們提供最好的軟件解決方案來幫助客戶做到這一點。住院醫療垂直領域對技術投資的需求被壓抑，特別是由於人員短缺繼續影響該行業，特別是在護理領域，但跨臨床醫生和提供者群體。這為 ResMed 的 SaaS 解決方案提供了簡化運營和提高工作流程效率的機會，以便我們客戶的員工可以專注於提供個人護理。我們有責任為客戶提供服務並推動增長。

I have confidence that our SaaS business can accelerate from these high-single digits on an organic basis to double-digit growth on an organic basis in the mid- to long term. Our SaaS business remains an integral part of ResMed's group growth strategy. This business complements the market-leading software and device solutions that we have in our core sleep apnea and respiratory care businesses. As an important example, our Brightree resupply program continues to demonstrate strong synergies between SaaS and our core business, providing resupply for patients with sleep apnea, COPD, neuromuscular disease and beyond. The output of this work can be seen in our very healthy 19% growth in mask revenues in the U.S. geography this quarter. Ultimately, this work results in better outcomes for the patient, the physician, the provider and the payer with lower overall health care costs. We are well positioned as the leading global strategic provider of SaaS solutions for residential medicine globally, and we have created a differentiated value for our customers as well as long-term sustainable growth for our stakeholders.

我相信，從中長期來看，我們的 SaaS 業務能夠從有機基礎上的高個位數增長加速到有機基礎上的兩位數增長。我們的 SaaS 業務仍然是 ResMed 集團增長戰略不可或缺的一部分。該業務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。作為一個重要的例子，我們的 Brightree 補給計劃繼續展示了 SaaS 與我們的核心業務之間的強大協同效應，為患有睡眠呼吸暫停、慢性阻塞性肺病、神經肌肉疾病等的患者提供補給。這項工作的成果可以從本季度美國地區口罩收入 19% 的健康增長中看出。最終，這項工作將為患者、醫生、提供者和付款人帶來更好的結果，同時降低總體醫療保健成本。我們定位為全球領先的住院醫療 SaaS 解決方案戰略提供商，為客戶創造了差異化價值，並為利益相關者創造了長期可持續增長。

Here at ResMed, we are transforming respiratory medicine and residential medicine at scale, leading the market in digital health technology across our businesses. As we continue to scale and drive efficiencies in our operations in this post-COVID world, we continue to leverage appropriate pricing and cost reductions to drive accelerated growth in our bottom line. We are focused on driving top line revenue and maintaining tight discipline and increasing efficiencies so that we can lower costs and ultimately so that we can accelerate our impact and our bottom line profitability, delivering even further value for all of our shareholders. As we move through fiscal year 2024, I see improvements in our business margins with geography mix, with product mix and specifically with strong bilevel and noninvasive ventilator growth with strong mask growth and with increased software solutions growth. All these business lines are margin accretive to our group. I also see that the higher inventory costs and freight costs that we've seen through the supply chain crisis continue to work their way through our sold products. And as we progress through the fiscal year, we will continue to drive the transition to AirSense 11, and we will gain regulatory approvals and we will scale production.

在瑞思邁，我們正在大規模改造呼吸醫學和住院醫學，在我們的業務中引領數字健康技術市場。隨著我們在後新冠疫情時代繼續擴大運營規模並提高運營效率，我們將繼續利用適當的定價和降低成本來推動利潤的加速增長。我們專注於推動營收增長、保持嚴格的紀律和提高效率，以便我們能夠降低成本，並最終加快我們的影響力和底線盈利能力，為所有股東帶來更多價值。隨著 2024 財年的到來，我看到我們的業務利潤率因地域組合、產品組合而有所改善，特別是雙水平和無創呼吸機的強勁增長、面罩的強勁增長以及軟件解決方案的增長。所有這些業務線都能為我們集團帶來利潤增長。我還發現，我們在供應鏈危機中看到的較高的庫存成本和運費成本繼續影響我們銷售的產品。隨著本財年的進展，我們將繼續推動向 AirSense 11 的過渡，我們將獲得監管部門的批准，並擴大生產規模。

All these factors above lead to tailwinds for the gross margin and the net margin of our business as we move through the fiscal year. I can tell you, we are working furiously to drive all of the above elements with our global teams. We now have over 15.5 billion nights of medical data in the cloud as I said earlier, and those data come from over 21.5 million, 100% cloud connectable medical devices on bedside tables in 140 countries worldwide. We continue to lead the industry in digital health, and we don't plan to stop anytime soon because there's so much opportunity ahead of us. 7% of our revenues go straight into R&D to power our hardware and our data innovation engines. ResMed's mission and key goal remains crystal clear. We will improve 250 million lives through better residential health care in 2025. This patient-centric mission drives and motivates ResMedians every day. We made excellent progress towards that inspiring goal over the last 90 days. And during the trailing 12 months, we have improved over 160 million lives with the delivery of a complete device platform to a patient or a complete mask system to a patient or a digital health software solution that is helping each person to sleep better, to breathe better and to live a high quality of life with health care delivered right where they live.

隨著我們整個財年的發展，上述所有這些因素都會對我們業務的毛利率和淨利潤率產生有利影響。我可以告訴您，我們正在與我們的全球團隊一起努力推動所有上述要素。正如我之前所說，我們現在在雲端擁有超過 155 億個夜晚的醫療數據，這些數據來自全球 140 個國家/地區床頭櫃上超過 2150 萬個 100% 可云連接的醫療設備。我們將繼續在數字健康領域處於行業領先地位，而且我們不打算很快停下來，因為我們面前有很多機會。我們 7% 的收入直接投入研發，為我們的硬件和數據創新引擎提供動力。瑞思邁的使命和主要目標仍然非常明確。到 2025 年，我們將通過更好的住宅醫療保健改善 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巨大進展。在過去的 12 個月裡，我們通過向患者提供完整的設備平台、向患者提供完整的面罩系統或幫助每個人更好地睡眠、呼吸的數字健康軟件解決方案，改善了超過 1.6 億人的生活通過就地提供醫療服務，讓他們過上更好的生活並過上高質量的生活。

As we start fiscal year 2024 here, I'm very excited about the opportunities in front of us. We just had our SaaS -- ASM earlier this week, and I'll be attending the Country Market Group, CMG group for our North America team in the coming weeks and sales meetings that are happening around the world. We're on a good trajectory. We have an exciting pipeline. In closing, I want to express my sincere gratitude to the more than 10,000 ResMedians for their perseverance, their hard work and their dedication, both today and every day. With that, I'll hand the call over to Brett in Sydney, and then we'll move and open up for Q&A for the group. Brett, over to you.

當我們在這裡開始 2024 財年時，我對眼前的機遇感到非常興奮。本週早些時候，我們剛剛推出了 SaaS - ASM，接下來幾週我將參加我們北美團隊的鄉村市場小組、CMG 小組以及在世界各地舉行的銷售會議。我們正處於良好的軌道上。我們有一個令人興奮的管道。最後，我要向 10,000 多名 ResMediaans 表示衷心感謝，感謝他們今天和每一天的堅持、辛勤工作和奉獻精神。這樣，我會將電話轉交給悉尼的布雷特，然後我們將開始為小組進行問答。布雷特，交給你了。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the fourth quarter of fiscal year 2023. Unless noted, all comparisons are to the prior year quarter. We had strong financial performance in Q4. Group revenue for the June quarter was $1.12 billion, an increase of 23% on a headline basis and in constant currency terms. Revenue growth reflected the ongoing combined availability of cloud-connected AirSense 10 and AirSense 11 sleep devices to support strong underlying global demand as well as solid growth across our broader product portfolio. Year-on-year movements in foreign currencies negatively impacted revenue by approximately $3 million in the June quarter. Looking at our geographic revenue distribution, excluding revenue from our Software-as-a-Service business, sales in U.S., Canada and Latin America countries increased by 25%.

偉大的。謝謝，米克。在今天的講話中，我將概述 2023 財年第四季度的業績。除非另有說明，所有比較均與上一年季度進行。我們第四季度的財務業績強勁。六月季度集團收入為 11.2 億美元，按固定匯率計算整體增長 23%。收入增長反映出雲連接的 AirSense 10 和 AirSense 11 睡眠設備的持續組合可用性，以支持強勁的全球潛在需求以及我們更廣泛的產品組合的穩健增長。外幣同比變動對 6 月份季度的收入產生了約 300 萬美元的負面影響。從我們的地理收入分佈來看，不包括軟件即服務業務的收入，美國、加拿大和拉丁美洲國家的銷售額增長了 25%。

In constant currency terms, sales in Europe, Asia and other markets increased by 14%. Globally, in constant currency terms, device sales increased by 24%, while masks and other sales increased by 18%. Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 30% as we benefited from strong demand. And as previously mentioned, our continued ability to fully supply the market with combined availability of AS 10 and AS 11 cloud connected devices. Masks and other sales increased by 19%, reflecting growth in resupply and new patient setups. In Europe, Asia and other markets, device sales increased by 15% in constant currency terms, again reflecting strong demand and improving availability of cloud connected devices. Masks and other sales increased by 14% in constant currency terms, reflecting increased patient setups. Software-as-a-Service revenue increased by 34% in the June quarter, reflecting the contribution from our MEDIFOX DAN acquisition and continued strong performance from our HME vertical.

按固定匯率計算，歐洲、亞洲和其他市場的銷售額增長了14%。在全球範圍內，按固定匯率計算，設備銷售額增長了 24%，而口罩和其他產品的銷售額增長了 18%。按地區劃分，美國、加拿大和拉丁美洲的設備銷量增長了 30%，受益於強勁的需求。如前所述，我們持續有能力向市場提供 AS 10 和 AS 11 雲連接設備的組合可用性。口罩和其他產品的銷售額增長了 19%，反映出補給和新患者設置的增長。在歐洲、亞洲和其他市場，按固定匯率計算，設備銷量增長了 15%，再次反映出雲連接設備的強勁需求和可用性的提高。按固定匯率計算，口罩和其他產品的銷售額增長了 14%，反映出患者設置的增加。軟件即服務收入在 6 月份季度增長了 34%，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。

Excluding our MEDIFOX DAN acquisition, SaaS revenue grew by 8% in the June quarter. MEDIFOX DAN contributed revenue of $27.3 million for the June quarter, consistent with our expectations at the time of the acquisition. During the rest of my commentary today, I will refer to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our fourth quarter earnings press release. Gross margin declined by 200 points to 55.8% in the June quarter. The decrease primarily reflects component cost increases, warranty and manufacturing-related cost increases and product mix shifts due to the significant increase in sleep device sales, partially offset by increases in average selling prices. On a sequential basis, unfavorable foreign currency movements accounted for the 30 basis point decline in our gross margin. And we saw a lower-than-expected product mix benefit as we continue to see strong growth in sleep devices in the U.S. market.

不包括我們收購的 MEDIFOX DAN，SaaS 收入在第二季度增長了 8%。 MEDIFOX DAN 在 6 月份季度貢獻了 2730 萬美元的收入，與我們收購時的預期一致。在今天剩下的評論中，我將提及非公認會計原則數字。我們在第四季度收益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。六月份季度的毛利率下降了 200 個百分點，至 55.8%。這一下降主要反映了組件成本增加、保修和製造相關成本增加以及睡眠設備銷量大幅增加導致的產品結構變化，但部分被平均售價上漲所抵消。從環比來看，不利的外匯變動導致我們的毛利率下降了 30 個基點。隨著我們繼續看到美國市場睡眠設備的強勁增長，我們看到了低於預期的產品組合效益。

Moving on to operating expenses. SG&A expenses for the fourth quarter increased by 25% or in constant currency terms increased by 26%. The increase was predominantly attributable to increases in employee-related costs, marketing and travel expenses as well as the incremental SG&A expenses associated with MEDIFOX DAN that we acquired in November 2022. SG&A expenses as a percentage of revenue was 21.5% compared to 21.1% in the prior year period. Looking forward and subject to currency movements, we expect SG&A expense as a percentage of revenue to be in the range of 20% to 22% during fiscal year '24. R&D expenses for the quarter increased by 21% or in constant currency terms increased by 23%. R&D expenses as a percentage of revenue was 7%, consistent with the prior year quarter. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 7% to 8% during fiscal year '24. Operating profit for the quarter increased by 13%, underpinned by strong revenue growth, partially offset by a lower gross margin.

接下來是運營費用。第四季度的 SG&A 費用增加了 25%，按固定匯率計算增加了 26%。這一增長主要歸因於員工相關成本、營銷和差旅費用的增加，以及與我們於2022 年11 月收購的MEDIFOX DAN 相關的增量SG&A 費用。SG&A 費用佔收入的百分比為21.5%，而2020 年為21.1%。上一年期間。展望未來，受匯率變動的影響，我們預計 24 財年的 SG&A 費用佔收入的百分比將在 20% 至 22% 之間。本季度研發費用增長 21%，按固定匯率計算增長 23%。研發費用佔收入的百分比為 7%，與去年同期一致。展望未來，根據匯率變動，我們預計 24 財年研發費用佔收入的比例將在 7% 至 8% 之間。在收入強勁增長的推動下，本季度營業利潤增長了 13%，但毛利率下降部分抵消了這一增長。

Following the acquisition of MEDIFOX DAN, our net interest expense for the quarter is $15 million, and we expect interest expense to be a similar amount per quarter in the first half of fiscal year '24. Our effective tax rate for the June quarter was 18.3% compared to the prior year quarter rate of 17.6%. Looking forward, we estimate our effective tax rate for the fiscal year '24 will be in the range of 19% to 21%. Our net income for the June quarter increased by 7% and non-GAAP diluted earnings per share also increased by 7%. During the quarter, we incurred $1.8 million in acquisition expenses associated with our Somnoware acquisition, and we recognized restructuring costs of $9.2 million associated with the closure of the Aria lymphedema business and workforce rationalization in our German and SaaS business verticals.

收購 MEDIFOX DAN 後，我們本季度的淨利息支出為 1500 萬美元，我們預計 24 財年上半財年每個季度的利息支出將與此類似。我們六月季度的有效稅率為 18.3%，而去年同期的有效稅率為 17.6%。展望未來，我們估計 24 財年的有效稅率將在 19% 至 21% 之間。我們第二季度的淨利潤增長了 7%，非 GAAP 攤薄每股收益也增長了 7%。本季度，我們因收購 Somnoware 產生了 180 萬美元的收購費用，並確認了與關閉 Aria 淋巴水腫業務以及德國和 SaaS 業務垂直領域的勞動力合理化相關的 920 萬美元重組成本。

We also recognized a gain of $20.2 million within other income in relation to a business interruption insurance claim. These have all been treated as non-GAAP items in our Q4 financial results. Cash flow from operations for the quarter was $237 million, reflecting solid underlying earnings, partially offset by a modest increase in working capital. Capital expenditure for the quarter was $34 million. Depreciation and amortization for the quarter totaled $47 million. We ended the fourth quarter with a cash balance of $228 million. At June 30, we had $1.4 billion in gross debt and $1.2 billion in net debt, which mainly reflects the funding of our MEDIFOX DAN acquisition. During the quarter, we reduced our debt by $145 million. At June 30, we had approximately $745 million available for drawdown under our revolver facility, and we continue to maintain a solid liquidity position. Our Board of Directors today declared a quarterly dividend of $0.48 per share, representing an increase of 9% over our previous quarterly dividend and reflecting the Board's confidence in our operating performance.

我們還在與業務中斷保險索賠相關的其他收入中確認了 2020 萬美元的收益。這些都在我們第四季度的財務業績中被視為非公認會計準則項目。本季度運營現金流為 2.37 億美元，反映出穩健的基本盈利，但部分被營運資本的小幅增長所抵消。該季度的資本支出為 3400 萬美元。該季度的折舊和攤銷總額為 4700 萬美元。第四季度結束時，我們的現金餘額為 2.28 億美元。截至 6 月 30 日，我們的總債務為 14 億美元，淨債務為 12 億美元，這主要反映了我們收購 MEDIFOX DAN 的資金。本季度，我們減少了 1.45 億美元的債務。截至 6 月 30 日，我們的循環貸款工具下有大約 7.45 億美元可供提取，並且我們繼續保持穩固的流動性頭寸。我們的董事會今天宣布季度股息為每股 0.48 美元，比上一季度股息增加 9%，反映了董事會對我們經營業績的信心。

Going forward, we plan to continue to reinvest in growth through R&D and expect to deploy further capital for tuck-in acquisitions such as our recently announced acquisition of Somnoware, a company that provides an upstream diagnostic management platform that is complementary to our current AirView and Brightree solutions. And with that, I will hand the call back to Amy.

展望未來，我們計劃繼續通過研發對增長進行再投資，並期望為補充性收購部署更多資本，例如我們最近宣布收購 Somnoware，該公司提供上游診斷管理平台，與我們當前的 AirView 和亮樹解決方案。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 go ahead and turn the call back over to you to provide the instructions and run the Q&A portion of our call.

偉大的。謝謝你，布雷特，謝謝你，米克。凱文，我想繼續將電話轉回給您，以提供說明並進行電話中的問答部分。

(Operator Instructions) Our first question today is coming from Matthew Mishan from KeyBanc Capital Markets.

（操作員說明）我們今天的第一個問題來自 KeyBanc Capital Markets 的 Matthew Mishan。

Mick, with the devices number sort of steady sequentially around the $600 million mark, is this where the number would kind of base out if you are supplying the majority of the market? And kind of from here, are we looking at just saying $600 million and then add on some percentage of what this -- the underlying sleep market is kind of growing at?

Mick，設備數量連續穩定在 6 億美元大關左右，如果你們供應大部分市場，這個數字會以此為基礎嗎？從這裡開始，我們是否只是考慮 6 億美元，然後加上這個基礎睡眠市場的增長的一定比例？

Yes. Thanks for the question, Matthew. And it's a good one. It's hard to predict because there are so many factors involved that are going on in the market right now. But yes, as you said, a very solid number, $602 million in global devices in the quarter and 30% growth in U.S., Canada, Latin America, 15% growth in Europe, Asia and rest of the world. Look, we're seeing a strong sort of mid-single-digit level of patient flow into the channel. We're seeing in addition to that -- like in terms of new patients, we're seeing in addition to that resupply of patients at that 5-year point for most U.S. reimbursement and various points in the other 139 countries where people make their own decisions or insurance has other criteria to drive that. So it's new patient setups. It's resupply setups. And there's, of course, the impact of a competitor recall, which is -- was supposed to be over in June 30 and now has no definitive date.

是的。謝謝你的提問，馬修。這是一件好事。這很難預測，因為目前市場上發生的因素太多。但是，正如您所說，這是一個非常可靠的數字，本季度全球設備價值 6.02 億美元，美國、加拿大、拉丁美洲增長 30%，歐洲、亞洲和世界其他地區增長 15%。看，我們看到大量中個位數的患者流入該渠道。除此之外，我們還看到，就像新患者一樣，我們還看到美國大多數報銷的 5 年期患者重新供應，以及其他 139 個國家/地區的患者的補給。自己的決定或保險有其他標準來推動這一點。所以這是新的患者設置。這是補給設置。當然，還有競爭對手召回的影響，本來應該在 6 月 30 日結束，但現在還沒有確定的日期。

And so as we look to that with all those unknown factors, it's very hard for me to say, Matthew, that it's just stop and steady growth from here. It might be stronger growth from here and that makes it hard to predict gross margins because as we grow the CPAP and APAP number is so well in the U.S. geography, it's incredible great revenue and cloud connected and links us with the patients' life, but it is lower gross margin in our group. And so it's great gross profit dollars, but has an impact on our gross margin as you saw that steady apart from FX moving it down 30 basis points. So a complex equation. But I'd say it's at minimum stage where it is and grows with the market, but it could potentially grow above that as we continue to take share and solidify that share through our digital ecosystem. Thanks for the question, Matthew.

因此，當我們考慮到所有這些未知因素時，馬修，我很難說它只是停止並從這裡開始穩定增長。從這裡開始可能會出現更強勁的增長，這使得預測毛利率變得困難，因為隨著我們的增長，CPAP 和APAP 數字在美國地區非常好，收入令人難以置信，雲連接並將我們與患者的生活聯繫在一起，但是我們集團的毛利率較低。因此，這是巨大的毛利潤，但對我們的毛利率有影響，因為除了外匯因素導致毛利率下降 30 個基點外，毛利率保持穩定。這是一個複雜的方程。但我想說的是，它還處於最低階段，並且會隨著市場的增長而增長，但隨著我們繼續通過我們的數字生態系統獲取份額並鞏固該份額，它可能會超過這個階段。謝謝你的提問，馬修。

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

今天我們的下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾。

I wanted to follow up first on the competitive dynamic to the extent that you'll -- you see anything maybe in to -- in the marketplace. So whether your key competitors coming back, either approaching or maybe hiring processes, marketing campaigns, anything that maybe they're gearing up for that you're seeing? Or is demand relatively similar to what you've seen in the past, no real change?

我想首先跟踪競爭動態，以便您在市場上看到任何可能的東西。那麼，您的主要競爭對手是否會回來，無論是接近還是招聘流程、營銷活動，或者他們正在為您所看到的事情做準備？或者需求與您過去看到的相對相似，沒有真正的變化？

Yes. Thanks, Margaret, and welcome back. I think it's difficult to predict exactly where they're at from those sort of early emerging signs as you say. Look, we have regional competitors in Europe that we are fighting with every day there, and we have regional competitors in Asia that we're fighting with every day and regional competitors in the Americas that we're fighting with every day. When Philips comes back, they'll have to start at position #4, if you like, in new patient setups. We are -- they are back, and we are competing with them in some countries in Europe, like in Spain, they never went away because they never had a phone device there. So they've been there the whole time through this recall, and we've been beating them handsomely there. And there's other markets in Europe where they've started to come back, we're competing and winning and maintaining share and growing share. I think the reputation here and the time to market is going to be a very slow progress for them country by country, whether or not they get a consent decree in the largest geography. And so we look at it going forward and say, look, do we have enough supply to take care of all the market demands between us and the other regional players, and we finally got there where I can say that this quarter that we're there and we can take care of it.

是的。謝謝，瑪格麗特，歡迎回來。我認為很難從你所說的那些早期出現的跡像中準確預測它們的位置。看，我們在歐洲有我們每天都在與之戰鬥的區域競爭對手，在亞洲我們有我們每天都在與之戰鬥的區域競爭對手，在美洲我們也有我們每天都在與之戰鬥的區域競爭對手。當飛利浦回來時，如果你願意的話，他們將不得不從位置#4開始，在新的患者設置中。我們——他們回來了，我們在歐洲的一些國家與他們競爭，比如在西班牙，他們從未消失，因為他們在那裡從未有過電話設備。因此，在這次召回過程中，他們一直都在那裡，而我們在這方面已經擊敗了他們。歐洲其他市場也開始捲土重來，我們正在競爭、贏得勝利、保持份額並不斷增長。我認為，無論他們是否在最大的地區獲得同意令，他們在各個國家的聲譽和上市時間都將是一個非常緩慢的進步。因此，我們展望未來並說，看，我們是否有足夠的供應來滿足我們和其他區域參與者之間的所有市場需求，我們終於達到了我可以說本季度我們的目標在那裡，我們可以照顧它。

So it's almost irrelevant to us how and when in terms of what that looks like because we're able to take care of all the market growth. So for us, it sort of takes away that uncertainty and allows us to push forward. But yes, we're competing head-to-head with them in some -- many countries in Asia and some countries in Europe and it's like it was in 2019, where smaller, quieter, more comfortable, more connected and more digital solutions are taking share and holding share. And it's an ongoing competitive game. And as I said, we're launching some of these AI-driven products on top of this ecosystem. It's an exponential game when you think about digital, and we're well ahead. We've had 2 or 3 years here to sprint ahead, we were ahead before that. And I think it's a long-term game. Won't get -- we'll keep productively paranoid, but we are improving outcomes. We're lowering costs and the physicians like the workflow efficiencies and patients like the increased adherence and payers like the fact that there's an ROI in lowering total health care costs.

因此，就其外觀而言，如何以及何時幾乎與我們無關，因為我們能夠照顧所有市場增長。所以對我們來說，它消除了這種不確定性，讓我們能夠繼續前進。但是，是的，我們正在亞洲的許多國家和歐洲的一些國家與他們展開正面競爭，就像 2019 年一樣，更小、更安靜、更舒適、更互聯和更多數字化的解決方案正在出現。參股和控股。這是一場持續的競爭遊戲。正如我所說，我們正在這個生態系統之上推出一些人工智能驅動的產品。當你想到數字化時，這是一場指數級的遊戲，而我們遙遙領先。我們在這裡有兩三年的時間來衝刺，在那之前我們就領先了。我認為這是一個長期的遊戲。不會——我們會保持高效的偏執，但我們正在改善結果。我們正在降低成本，醫生喜歡工作流程的效率，患者喜歡依從性的提高，付款人喜歡降低總醫療保健成本所帶來的投資回報率。

Your next question is coming from Anthony Petrone from Mizuho Group.

你們的下一個問題來自瑞穗集團的安東尼·佩特龍。

Congrats on a strong top line here, share gains. Maybe a 2-part question, Mick. One would be just on the amount of resupply that's now coming in as it relates to the share gains that you've seen over the past 2 years is the resupply number we're seeing now, where we're actually starting to see consumables come off of the new sockets that you gained. So that would be question one. And then question two, there's obviously, the debate out there on GLP-1s, maybe from the perspective of ResMed, how do you see the GLP-1 phenomenon playing out in the sleep space? Specifically, do you expect to gain more patients from GLP-1s versus maybe certain patients that would fall out of the funnel?

恭喜您的營收強勁，股價上漲。也許是一個由兩部分組成的問題，米克。其中之一就是現在的補給量，因為它與您在過去兩年中看到的份額收益相關，這是我們現在看到的補給量，我們實際上開始看到消耗品的到來關閉您獲得的新套接字。這是問題一。然後是第二個問題，顯然，關於 GLP-1 的爭論，也許從 ResMed 的角度來看，您如何看待 GLP-1 現像在睡眠空間中的表現？具體來說，您是否期望從 GLP-1 中獲得更多患者，而不是某些可能會從漏斗中掉出的患者？

Yes. Thanks, Anthony, and welcome back to you, too, to the ResMed following us here. I'll take both your questions and your follow-up in order. So firstly, on resupply, as you know, you've been following us for a number of years. It's not a lock and key. You can use our mask on other's devices and you can use other masks on our devices. The way that we've won market share and nobody has been on a major in terms of not being able to sell recall out there on this. And so we've had head-to-head competition with all the top 5 players in masks these last 3 years, and we've gained really good share with that. So I think it's just the smallest, the quietest, the most comfortable, the minimal size ones, the ones that have full freedom and the ones that have the ability to -- for prone sleepers and side sleepers to provide that capability. And so that's how we've gained share in the mask side and maintained that share. So there is a better together in that when you have an AirSense 10 or an AirSense 11, the mask leak data are more accurate. The interoperability of an AHI calculation or a leak calculation are more accurate.

是的。謝謝安東尼，也歡迎您回到瑞思邁並跟隨我們。我將按順序回答您的問題和後續行動。首先，關於補給，如您所知，您多年來一直關注我們。這不是鎖和鑰匙。您可以在其他設備上使用我們的面罩，也可以在我們的設備上使用其他面罩。我們贏得了市場份額，而且沒有人在無法出售召回產品方面處於領先地位。因此，在過去的三年裡，我們與所有排名前 5 的面具選手進行了正面競爭，並且我們獲得了非常好的份額。所以我認為它只是最小的、最安靜的、最舒適的、最小尺寸的、有充分自由的、有能力為俯臥和側睡者提供這種能力的。這就是我們在面罩方面獲得份額並保持這一份額的方式。因此，當您擁有 AirSense 10 或 AirSense 11 時，面罩洩漏數據會更加準確。 AHI 計算或洩漏計算的互操作性更加準確。

So we certainly push that angle, and we do get some extra share through the device, but it's not as material as the fact that the masks themselves are just excellent, which I think speaks to the sustainability there. So that strong resupply, as you said, 19% growth in the U.S. 14% growth in Europe, Asia and beyond, where we don't have that sort of automated resupply that we have with Brightree resupply solutions in the U.S. That's been from hard work from our teams in Asia, Latin America and Europe on patient outreach, subscription programs and connecting directly to that end user. So I think post-COVID people care about respiratory health, respiratory hygiene, and taking care of themselves outside the hospital, and we've been able to leverage that trend in the consumer side as well. So I think it's sustainable, and I don't think -- although may be catalyzed somewhat by our increased device share, I think our mask share is on its own extraordinary due to the intrinsic products.

因此，我們當然會推動這個角度，並且我們確實通過該設備獲得了一些額外的份額，但這並不像面罩本身非常出色這一事實那麼重要，我認為這說明了那裡的可持續性。因此，正如您所說，強勁的補給在美國增長了 19%，在歐洲、亞洲及其他地區增長了 14%，在這些地區，我們沒有像美國的 Brightree 補給解決方案那樣的自動化補給。我們在亞洲、拉丁美洲和歐洲的團隊致力於患者外展、訂閱計劃以及直接與最終用戶的聯繫。因此，我認為新冠疫情過後的人們關心呼吸健康、呼吸衛生以及在醫院外照顧自己，我們也能夠在消費者方面利用這一趨勢。所以我認為這是可持續的，而且我不認為——儘管可能會受到我們增加的設備份額的推動，但我認為由於內在產品，我們的掩模份額本身就非常出色。

The second question around GLPs. Yes, look, there's a lot of moving parts. I was just reading in the press today that many U.S. employers are banning coverage of GLP-1s due to cost. European governments have all said, no, from the government insurance side. These things are incredibly expensive, about $1,000 -- well, it's anywhere from $800 to $1,200, $1,000 a month. So I think there are 3 factors that will mitigate GLPs in the space. One is cost. Two is adherence and three is side effects, I'll take them really quickly in order. If you look at cost, take a 40-year-old person who's on therapy, full time, for 40 years, 40 x 12 x $1,000 is $480,000 lifetime cost for that patient on a GLP-1 from 40 to 80 lifetime cost.

第二個問題是關於 GLP 的。是的，看，有很多活動部件。我今天剛剛在媒體上看到，由於成本原因，許多美國雇主禁止承保 GLP-1。歐洲各國政府都從政府保險方面說不。這些東西非常昂貴，大約 1,000 美元——嗯，從 800 美元到 1,200 美元不等，每月 1,000 美元。因此，我認為有 3 個因素可以減輕該領域的 GLP。一是成本。二是堅持，三是副作用，我會很快按順序服用。如果您考慮成本，以一位 40 歲的人為例，他全職接受治療 40 年，40 x 12 x 1,000 美元對於該患者而言，採用 GLP-1 從 40 到 80 的終生成本為 480,000 美元。

If you take that same patient and say, well, let's treat them with CPAP, right? First year, maybe $1,000 and then 39 years of -- let's take a really strong case where you get 4 masks a year, and they're all full face masks. That's $13,500. So it's 35x more expensive to go with the GLP-1. It's just like what's the ROI here. So that's cost. On adherence, the data out there about adherence at 1 year through the clinical trials on GLP-1s. That's incredibly low. We get 87% adherence in 90 days, and we hold it pretty strong there. So I think adherence is a big deal. And third is side effects, reading thyroid, pancreas, kidney, cancer, these major side effects and minor ones like nausea, constipation and pain. Our biggest side effect as President Biden had a little mark on his face, and he was asked about it and it was from his CPAP. Look, I think it's a long road to play out here. I think it's frankly good marketing around the area of obesity and it can drive patients into the funnel. But I don't think it's going to be a major impact on patients because we've got 936 million of them worldwide, and we need them to get into the funnel. If they come in the funnel because they tried a pill and it didn't work, that's good for us, too.

如果您對同一位患者說，好吧，讓我們用 CPAP 治療他們，對吧？第一年，也許是 1,000 美元，然後是 39 年——讓我們舉一個非常有力的例子，你每年得到 4 個口罩，而且都是全面罩。那是 13,500 美元。因此，使用 GLP-1 的價格要貴 35 倍。就像這裡的投資回報率是多少一樣。這就是成本。關於依從性，通過 GLP-1 臨床試驗獲得了 1 年依從性的數據。這是令人難以置信的低。 90 天內，我們的遵守率達到 87%，而且我們的堅持程度非常高。所以我認為堅持是一件大事。第三是副作用，包括甲狀腺、胰腺、腎臟、癌症，這些主要副作用和噁心、便秘和疼痛等次要副作用。作為拜登總統，我們最大的副作用是他臉上有一個小印記，當他被問及這個印記時，這是他的 CPAP 呼吸機造成的。聽著，我認為在這裡打球還有很長的路要走。坦率地說，我認為這是圍繞肥胖領域的良好營銷，它可以促使患者進入漏斗。但我認為這不會對患者產生重大影響，因為全世界有 9.36 億患者，我們需要他們進入漏斗。如果他們因為嘗試了藥物但沒有效果而進入漏斗，這對我們也有好處。

(Operator Instructions) Our next question is coming from Suraj Kalia from Oppenheimer.

（操作員說明）我們的下一個問題來自奧本海默的 Suraj Kalia。

This is Shaymus on for Suraj. So we saw GM, gross margin stepped down a little bit. I know you said there were some reasonings for it. But I just -- looking forward kind of in the future, can you -- maybe you can walk us through the temporary and more structurally permanent changes we should think through as far as GM outlook is concerned?

這是 Shaymus 替補 Suraj。所以我們看到通用汽車的毛利率略有下降。我知道你說這是有一些原因的。但我只是——展望未來，你能——也許你可以引導我們經歷一下我們應該考慮的關於通用汽車前景的臨時性和結構性永久性的變化？

Yes. Thanks for the question. And look, it's a good one. Lots of factors going on gross margin. Actually, the major one, as you noticed, sequentially on the 30 basis points was foreign exchange. And that was on inventory as it flowed through our funnel as we sold both CPAPs, APAPs, we had FX that had impacted 6, 9 months ago, but they're flowing through inventory that we sold during the June quarter. That was the headwind of 30 basis points from Q3 to Q4. We -- look, I think there's so many moving parts. But when you add it up and you look at geography mix and the upside opportunity for us to grow our business in Europe, Asia, particularly Japan, which has some chance for acceleration over the coming years. Product mix, I mentioned in the prep remarks, particularly on bilevel and our noninvasive ventilator growth. So I think AirCurve ST, ST-A, AirCurve ASV.

是的。謝謝你的提問。瞧，這是一件好事。影響毛利率的因素有很多。事實上，正如您所注意到的，連續 30 個基點的主要因素是外匯。這是庫存，因為它流經我們的渠道，因為我們銷售了 CPAP、APAP，我們的外彙在 6、9 個月前產生了影響，但它們正在流經我們在 6 月季度銷售的庫存。從第三季度到第四季度，這是 30 個基點的逆風。我們——看，我認為有很多活動部件。但如果你把它加起來，你就會看到地理組合以及我們在歐洲、亞洲，特別是日本發展業務的上行機會，這在未來幾年有可能加速發展。我在準備發言中提到了產品組合，特別是關於雙水平和我們的無創呼吸機的增長。所以我認為AirCurve ST、ST-A、AirCurve ASV。

These are in our mask side, particularly the full face, but any of the masks, all of those are gross margin accretive to our group. And I see opportunities for strong growth in all those categories. And also our software solutions have gross margin accretive capabilities. And as we go on an organic basis from single digits, to -- high single digits to low doubles, there on the software SaaS side of the business, I think that's margin accretive. So I feel good about that. I also know that we're working through the sort of higher inventory costs that we had in that supply chain crisis. We had to spend more on chips parts and pieces in those contracts and get more expensive components for the cloud connected chip and beyond. And those freight costs that we invested in and everyone's talking all the news the freight costs are down, you should take away your surcharge. Well, no, actually, the freight costs that we paid 6, 9 months ago are working their way through our gross margin, as you saw in the June quarter, and that will go on for some time.

這些是在我們的面罩方面，特別是全臉，但任何面罩，所有這些都會增加我們集團的毛利率。我看到所有這些類別都有強勁增長的機會。我們的軟件解決方案還具有毛利率增值能力。當我們有機地從個位數發展到高個位數到低雙位數時，在軟件 SaaS 業務方面，我認為這會增加利潤。所以我對此感覺很好。我還知道，我們正在努力解決供應鏈危機中庫存成本上升的問題。我們必須在這些合同中的芯片零部件上花費更多，並為雲連接芯片等購買更昂貴的組件。我們投資的那些運費，每個人都在談論運費下降的消息，你應該取消你的附加費。嗯，不，實際上，我們 6、9 個月前支付的運費正在影響我們的毛利率，正如您在 6 月份季度看到的那樣，而且這種情況將持續一段時間。

But that's going to continue to go down over time. And as that does go through, our sold products, there's going to be some tailwinds for gross margin. And the final one and really important one is we're going to drive AirSense 11. It's the best in the world product. It's better than the second best product in the world, which is AirSense 10. And it gives us a chance as we gain regulatory approvals and we scale that production to improve our gross margins there as well. So all those are tailwinds for the gross and net margin of the business as we move through the fiscal year. Hard to predict in that one of the main factors is how do we accelerate in the U.S. and particularly in CPAP, APAP, I will never turn down a patient. If there's demand for a patient and they want to CPAP, APAP, I'm not going to reverse engineer and we know how to do it. We could reverse engineer our gross margin up 30, 50 basis points by slowing down sales of product. We're not going to do that. When a patient needs care, we're going to take care of them even if it's a slightly lower gross margin. And by the way, it is really good gross profit dollars, and we get to take that cash flow as you saw really strong cash flow in the quarter and reinvest it in R&D. So we're working on all of the above furiously, and we're going to get success as we go over the next 1, 2, 3 and 4 quarters.

但隨著時間的推移，這一數字將繼續下降。隨著這種情況的發生，我們銷售的產品將會對毛利率產生一些推動作用。最後一項也是非常重要的一項是我們將駕駛 AirSense 11。它是世界上最好的產品。它比世界上第二好的產品 AirSense 10 更好。它給了我們一個機會，讓我們獲得監管部門的批准，並擴大生產規模以提高我們的毛利率。因此，當我們進入本財年時，所有這些都是業務毛利率和淨利潤率的推動力。很難預測，主要因素之一是我們如何在美國加速，特別是在 CPAP、APAP 方面，我永遠不會拒絕患者。如果患者有需求並且他們想要 CPAP、APAP，我不會進行逆向工程，我們知道該怎麼做。我們可以通過減緩產品銷售來將毛利率提高 30、50 個基點。我們不會那樣做。當患者需要護理時，即使毛利率略低，我們也會照顧他們。順便說一句，這確實是一筆不錯的毛利潤，我們可以利用該現金流，因為您在本季度看到了非常強勁的現金流，並將其再投資於研發。因此，我們正在努力解決上述所有問題，並且在接下來的 1、2、3 和 4 個季度中我們將取得成功。

Next question is coming from Laura Sutcliffe from UBS.

下一個問題來自瑞銀集團 (UBS) 的勞拉·薩克利夫 (Laura Sutcliffe)。

I was just wondering if you could talk about how you're positioned to increase your mask supply in the event that the consent decree over the competition impacts their ability to provide those, for example, if they end up constrained at facility level?

我只是想知道您是否可以談談，如果有關競爭的同意令影響了他們提供口罩的能力，例如，如果他們最終在設施層面受到限制，您將如何增加口罩供應？

Yes. Look, we have run all sorts of scenario analysis around that. I think one of the differences, if you think in terms of ResMed's ability to work with suppliers in the core device side where in terms of chipsets the whole med tech sector as a group, I serve on the board of AdvaMed and we were advocating for more semiconductor chips for the whole industry. When we were going to Intel and TI and all these companies and sort of begging for semiconductor chips 12, 18 months ago, altogether, we were less than 1% of the supply of chips, and it was very difficult. We did get some. And as you saw, we did have to pay a little more, but we were able to get those contracts with other players and get long-term contracts and get that supply. In the field of medical-grade silicon rubber, we are one of the top users in the world for this. As you know, we sell tens of millions of mask products per year, and we are an incredibly large part of that supply chain. So if a competitor was not able to sell masks, their demand for that LSR would go down. And those or similar suppliers would then want to keep their factories operating and be looking for other suppliers, and we would running the game theory and the analysis of where we go and how we go to ramp that production up. So it would be a good problem to have for the business. I think it would be a bad problem to have for patients. But I think the probability of that is relatively low. But if it does happen, we're ready. But Rob, do you have any thoughts on that, Rob Douglas, our President and COO.

是的。看，我們已經圍繞這個進行了各種場景分析。我認為差異之一是，如果你考慮 ResMed 與核心設備方面的供應商合作的能力，就芯片組而言，整個醫療技術行業作為一個整體，我在 AdvaMed 董事會任職，我們提倡為整個行業提供更多的半導體芯片。 12、18 個月前，當我們向 Intel 和 TI 以及所有這些公司乞討半導體芯片時，我們總共只佔芯片供應量的不到 1%，這非常困難。我們確實得到了一些。正如你所看到的，我們確實需要多付一點錢，但我們能夠與其他球員簽訂合同並獲得長期合同並獲得供應。在醫用級矽橡膠領域，我們是全球頂級用戶之一。如您所知，我們每年銷售數千萬個口罩產品，我們是該供應鏈中非常重要的一部分。因此，如果競爭對手無法銷售口罩，他們對 LSR 的需求就會下降。然後，這些或類似的供應商會希望保持他們的工廠運營並尋找其他供應商，我們將運行博弈論並分析我們要去哪里以及如何提高產量。因此，這對於企業來說將是一個好問題。我認為這對患者來說將是一個糟糕的問題。但我認為這種可能性比較低。但如果它確實發生，我們已經準備好了。但是 Rob，我們的總裁兼首席運營官 Rob Douglas，您對此有什麼想法嗎？

Yes. Just one other minor comment on that. And we've said this before, because of the relatively low CapEx of our supply chain and the equipment that we need, we generally run with quite a lot of birth capacity if you like and so our ability to rapidly increase volumes as needed is really strong.

是的。對此還有另一條小評論。我們之前已經說過，由於我們的供應鍊和我們需要的設備的資本支出相對較低，如果你願意的話，我們通常會以相當大的產能運行，因此我們根據需要快速增加產量的能力確實是強的。

Next question is coming from Sean Laaman from Morgan Stanley.

下一個問題來自摩根士丹利的 Sean Laaman。

Hope you are well. Mick, I'm wondering if you could characterize for us some of the price dynamics that might have been present during the quarter.

一切順利。米克，我想知道您是否能為我們描述本季度可能出現的一些價格動態。

Yes. Thanks for the question, Sean. Yes, a simple question, very complex answer across the 140 countries and all of the dynamics. I think one thing that I'm comfortable to say though on this is that if you look over the last 4 quarters, our commercial teams have done an incredible job of partnering up with our customers to say, look, inflation is up, costs are up. How do we share some of the pain, if you like, of these increased costs, and we were able to increase some prices on some mask systems and components and some devices where we could. It's tough because customers often don't get much relief from the payers. They did in the Medicare side in the U.S. market, where there was an inflation adjustment up of around 5% January 1 and so that was a benefit for our providers. And so we can share some of the pain there in terms of increased pricing. But we've also had some surcharges on our products in terms of freight. And although, as I said in the prep remarks, we've seen all the news media that freight costs are all down. Well, yes, okay, they are on a spot price.

是的。謝謝你的提問，肖恩。是的，一個簡單的問題，但涉及 140 個國家和所有動態的非常複雜的答案。我認為我可以輕鬆地說的一件事是，如果你回顧過去4 個季度，我們的商業團隊在與客戶合作方面做了令人難以置信的工作，他們說，看，通貨膨脹上升，成本上升。向上。如果您願意的話，我們如何分擔成本增加帶來的一些痛苦，我們能夠在可能的情況下提高一些面罩系統和組件以及一些設備的價格。這很困難，因為客戶通常無法從付款人那裡得到多少救濟。他們在美國市場的醫療保險方面做到了這一點，1 月 1 日通貨膨脹調整幅度約為 5%，這對我們的提供商來說是一個好處。因此，我們可以分擔價格上漲方面的一些痛苦。但我們的產品在運費方面也收取了一些附加費。儘管，正如我在準備發言中所說，我們已經看到所有新聞媒體都說貨運成本都下降了。嗯，是的，好的，它們是現貨價格。

But 12 months ago or 9 months ago as that works through our inventory, that freight charge is still there and is still impacting our costs and inflation, although coming down is still high. But I think our commercial teams have done a really good job of partnering up with our customers, walking them through the situation, the reality that costs are up, inflation is up, freight is up, inventory costs are up. We need to work on appropriate pricing to make that happen. And we've had some appreciation in average selling price over these last 12 months. And we'll look to do -- over the next 12 months to do an appropriate pricing with customers on a per customer per contract basis to sort of share some of the pain of the increased costs that our industry is having. But at the same time, we're laser-focused on driving that growth. And so it's a really strong sort of price elasticity question of how do we make sure we get that balance right. But it's a competitive game. Some of our competitors are out there saying the same thing publicly that costs are up, and so we need to move prices appropriately, and we're out there working with customers to make sure that we, as an industry, take care of patients in a sustainable economic way. And that involves both quantity, price and supply over the long term.

但 12 個月前或 9 個月前，由於我們的庫存，運費仍然存在，並且仍然影響我們的成本和通貨膨脹，儘管下降幅度仍然很高。但我認為我們的商業團隊在與客戶合作方面做得非常好，引導他們了解成本上漲、通貨膨脹上漲、運費上漲、庫存成本上漲的現實。我們需要製定適當的定價來實現這一目標。過去 12 個月裡，我們的平均售價有所上漲。我們將在接下來的 12 個月內，按照每個客戶每個合同的基礎與客戶進行適當的定價，以分擔我們行業所面臨的成本增加帶來的一些痛苦。但與此同時，我們專注於推動這種增長。因此，這是一個非常強的價格彈性問題，即我們如何確保實現正確的平衡。但這是一場競技遊戲。我們的一些競爭對手公開表示同樣的事情，即成本上漲，因此我們需要適當調整價格，我們正在與客戶合作，以​​確保我們作為一個行業能夠照顧到患者可持續的經濟方式。這涉及長期的數量、價格和供應。

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

下一個問題來自美國銀行的 Lyanne Harrison。

Can I ask a question about outlook. So through the early quarters, you mentioned that we were going to see sequential revenue growth through 2023, and we have seen that and that's been fabulous. But with your key competitor out of the market, do you still expect to grow revenue sequentially into first quarter, second quarter '24 or for however long as they remain out of the market?

我可以問一個關於前景的問題嗎？因此，在前幾個季度中，您提到我們將看到到 2023 年收入連續增長，我們已經看到了這一點，這真是太棒了。但是，隨著您的主要競爭對手退出市場，您是否仍期望在 24 年第一季度、第二季度或只要他們退出市場，收入就會連續增長？

Yes. So great question, Lyanne. Yes, 12 months ago, when it was pretty clear that we had a strong runway there on the devices side. And we -- it was really, we were constrained by our own production. I was able to very strongly say, look, I am confident that our supply chain team has got access to this reengineering, redesign and redeployment of key components, particularly electronic components, particularly semiconductors, and we did that. And we grew device revenue every quarter throughout fiscal year 2023, as you noted. And I was really excited with the team on that. As we look forward to fiscal year '24, we don't give guidance really on the top line. Brett's given some really solid guidance on our SG&A, our R&D, our effective tax rate and how we're looking in those parts of the business that are very controllable. As I said in some of the earlier questions we had so many moving factors in overall demand in the market. But look, I'm confident because new patients continue to come into the funnel, right? That's happening across the world. And it's not happening randomly. We're driving demand gen programs. We're driving them in Australia, New Zealand with our Awaken Your Best campaign.

是的。這是一個很好的問題，萊安。是的，12 個月前，當時很明顯我們在設備方面擁有強大的跑道。我們——確實，我們受到了我們自己生產的限制。我可以非常強烈地說，看，我相信我們的供應鏈團隊已經能夠進行關鍵部件，特別是電子部件，特別是半導體的重新設計、重新設計和重新部署，我們做到了。正如您所指出的，我們在 2023 財年每個季度的設備收入都在增長。我對團隊對此感到非常興奮。當我們展望 24 財年時，我們並沒有給出真正的營收指導。布雷特對我們的銷售管理、行政管理、研發、有效稅率以及我們如何看待那些非常可控的業務部分給出了一些非常可靠的指導。正如我在之前的一些問題中所說，市場整體需求中有很多變化因素。但是看，我很有信心，因為新患者不斷進入漏斗，對嗎？世界各地都在發生這種情況。而且這不是隨機發生的。我們正在推動需求生成計劃。我們通過“喚醒你的最佳表現”活動在澳大利亞和新西蘭推動他們的發展。

We're driving them through our German teams, our India teams, our social media programs, in our China team is really strong social media demand gen. And so we're getting new patients in the funnel. And there was a glut of patients who couldn't get a replenishment device when the device hit 3 years or 5 years or whatever time their insurance allows or they, as a consumer decide that they want to get to the next-gen product. And I think the AirSense 11 and all its features, it's engagement with the patient, with compliance coach and its ability to engage with them directly on the touchscreen has driven some demand as well. So all that together make me confident that over the fiscal year, we're going to have strong demand. But as you go from Q4 to Q1, there's a seasonal impact. And Northern European and U.S. markets take summer vacations and these have impacts seasonally on the business. And so traditionally, Q4 to Q1 isn't a one up. I'm not giving guidance for it, but traditionally that's the way it happens. We're not -- we're no longer supply constrained. We are back to a demand environment. And then there's a factor of that #4 competitor probably not coming back during the next 60 days through so the end of this 90-day period. But I'm not going to jump in and predict on that. All I'm going to say is, we're out there all day every day, driving demand gen of new patients in, we are out there farming for patients who need to get a replacement device. And every day, we're engaging with patients on myAir and reminding them the importance of a clean hygiene and the new mask and engagement with their digital app. So all of the above gives me very strong confidence for a high growth of ResMed throughout the year. But I'm not going to call it on an every 90-day basis here. We just don't do that on the top line.

我們通過我們的德國團隊、我們的印度團隊、我們的社交媒體項目來推動他們，在我們的中國團隊中，社交媒體需求非常強大。因此，我們正在將新患者納入漏斗中。當設備達到 3 年或 5 年或他們的保險允許的任何時間時，或者作為消費者決定他們想要使用下一代產品時，有大量患者無法獲得補充設備。我認為 AirSense 11 及其所有功能、與患者、合規教練的互動以及直接在觸摸屏上與他們互動的能力也推動了一些需求。因此，所有這些都讓我相信，在本財年，我們將有強勁的需求。但從第四季度到第一季度，會出現季節性影響。北歐和美國市場正在放暑假，這會對業務產生季節性影響。所以傳統上，第四季度到第一季度並不是單贏。我不會為此提供指導，但傳統上就是這樣發生的。我們不再受到供應限制。我們又回到了需求環境。還有一個因素是，第四名競爭對手可能不會在接下來的 60 天內回來，直到這 90 天的期限結束。但我不會介入並預測這一點。我要說的是，我們每天都在外面，推動新患者的需求產生，我們在外面為需要更換設備的患者服務。每天，我們都在 myAir 上與患者互動，提醒他們保持清潔衛生、使用新口罩以及使用數字應用程序的重要性。因此，所有這些都讓我對瑞思邁全年的高速增長充滿信心。但我不會在這裡每 90 天調用一次。我們只是不在頂層這樣做。

Next question is coming from Chris Cooper from Goldman Sachs.

下一個問題來自高盛的克里斯·庫珀。

So Mick, on AirSense 11, you sort of emphasized its importance for gross margin. You also said at the start of the call, you sort of expect this to remain on allocation for a few more quarters yet. I know this time frame was probably a bit longer than you'd hoped. I just wanted to confirm whether that's entirely a function of supply chain at this point? Or I guess whether there's any sort of strategic consideration to manage volumes during such an unusual competitive dynamic?

Mick，在 AirSense 11 上，您強調了它對毛利率的重要性。您還在電話會議開始時表示，您預計這將在接下來的幾個季度內繼續分配。我知道這個時間可能比你希望的要長一些。我只是想確認一下這是否完全是供應鏈的功能？或者我猜想在如此不尋常的競爭動態中是否有任何戰略考慮來管理數量？

Yes, Chris, thanks for the question. We've really been focused on that patient and making sure no one is left behind as I said in an earlier question. And although the AirSense 11 is better margin for us, and it's better innovation, and it has a higher engagement on the myAir app, which drives engagement, adherence, mask resupply and everything. Our view is that if there's a patient available and we have the parts and pieces and the ability to make an AirSense 10 and take care of that demand now while we ramp AirSense 11, we're going to do it. And we're going to take care of that patient. By the way, there's some really strong upside for that patient and that the alternative is a competitor device, which would not be as small, quite comfortable and connected. And so they have a much worse experience than the AirSense 10 with a competitive one. So it's better for the patient. It is slightly lower margin for us. But we get that patient on therapy. And there is the better together with ResMed that it's more likely, hopefully, that they get a ResMed mask, and that they use that mask for the rest of their life. And so I think there's an overlap there, if you like, of altruism and the profit motive to do the right thing on a gross profit cash flow-driven environment, and we're not going to manage just to a GM line and say, well, let's not do that and make those products.

是的，克里斯，謝謝你的提問。正如我在之前的問題中所說，我們確實非常關注該患者，並確保沒有人被拋下。儘管 AirSense 11 為我們帶來了更好的利潤，而且它具有更好的創新，而且它在 myAir 應用程序上的參與度更高，這推動了參與度、依從性、口罩補給等一切。我們的觀點是，如果有可用的患者，並且我們擁有製造 AirSense 10 的零部件和能力，並在我們升級 AirSense 11 的同時滿足這一需求，我們就會這樣做。我們將照顧那個病人。順便說一句，對於該患者來說，有一些非常強大的優勢，而替代方案是競爭對手的設備，它不會那麼小，非常舒適且連接。因此，他們的體驗比競爭對手的 AirSense 10 差得多。所以對病人來說更好。對我們來說，利潤率略低。但我們讓那個病人接受治療。與 ResMed 合作可以帶來更好的效果，希望他們更有可能獲得 ResMed 面罩，並在餘生中使用該面罩。所以我認為，如果你願意的話，利他主義和在毛利潤現金流驅動的環境中做正確的事情的利潤動機之間存在重疊，我們不會只管理通用汽車的路線並說，好吧，我們不要這樣做並生產那些產品。

And so it's less -- I mean, it's strategic in this way is that our brand is about patient care. Our brand is about taking care of someone who's suffocating and getting them out of the hospital and doing that. And if we have to do it with an AirSense 10, which is an amazing 7-year-old platform, then we're going to do it. If we can do it with the brand-new AirSense 11 platform, we're going to do it. And look, nothing slowing us down. Our quality and regulatory teams are going geography by geography to get the AirSense 11 approved in each of the regulatory environments. So as soon as that is, we can start selling the products. But the ramp up on AirSense 11 is probably not as fast as it would be in a market where you had all 5 major competitors competing there because of that excess demand. We're covering a lot of that with the AirSense 10. So that's sort of how we're thinking about it, patient-centric, patient demand, take care of that patient now, get them on our ecosystem and then ramp as fast as we can, AirSense 11. And we're doing that. Nothing slowing down the accelerator is firmly pedaled to the floor on AirSense 11. And so everyone we make, we sell, but it will be on allocation just given the huge demand that we see in the market right now, Chris. Thanks for the question.

所以它就更少了——我的意思是，我們的品牌是關於病人護理的，這樣的戰略是這樣的。我們的品牌是關於照顧窒息的人並讓他們出院並做到這一點。如果我們必須使用 AirSense 10（這是一個擁有 7 年曆史的令人驚嘆的平台）來做到這一點，那麼我們就會這樣做。如果我們能用全新的 AirSense 11 平台做到這一點，我們就會做到。瞧，沒有什麼能讓我們放慢腳步。我們的質量和監管團隊正在逐個地區進行調查，以使 AirSense 11 在每個監管環境中獲得批准。一旦完成，我們就可以開始銷售產品。但是，由於需求過剩，AirSense 11 的增長速度可能不如市場上所有 5 個主要競爭對手都參與競爭的市場那麼快。我們通過 AirSense 10 涵蓋了很多內容。這就是我們的思考方式，以患者為中心，滿足患者需求，立即照顧該患者，讓他們進入我們的生態系統，然後儘可能快地發展我們可以，AirSense 11。我們正在這樣做。在 AirSense 11 上，沒有任何東西會減慢加速器的速度。因此，我們生產、銷售的每個產品都將進行分配，但考慮到我們現在在市場上看到的巨大需求，克里斯。謝謝你的提問。

Next question is coming from Dan Hurren from MST.

下一個問題來自 MST 的 Dan Huren。

Mick, after third quarter result, you seem to be very confident about gross margin. In fact, I think in the time we know that, that was our most positive gross margin commentary we've heard out of ResMed in recent memory. So I know you've spoken component costs and why you don't need the gross margins. But what else changed since the time you gave that commentary to the results?

米克，在第三季度業績之後，您似乎對毛利率非常有信心。事實上，我認為就我們所知，這是我們最近從瑞思邁聽到的最積極的毛利率評論。所以我知道您已經談到了組件成本以及為什麼不需要毛利率。但自您對結果發表評論以來，還有什麼變化呢？

Yes. Thanks for the question. And I think actually, if you go back and look, the -- all the factors that I talked about 90 days ago, we're talking about today, but in addition to the AirSense 11 ramp that we're putting together there. What happened in these 90 days that was unpredicted was there was more demand what -- we thought a competitor may be back, and there was more demand for CPAPs and APAPs, and we didn't -- I know the exact number of how we could have slowed down our AirSense 10 generation to get gross margin to be plus 30 basis points from Q-to-Q. But we didn't engineer it and reverse engineer it that way. We said there's demand out there, let's go take care of those patients. That was the unexpected factor. It was U.S. CPAP and APAP demand. And when you look through the numbers, you'll see that it was incredibly strong on gross profit generation and cash flow generation, incredibly strong during the quarter. And we did think about it. Oh, gosh, do we follow through in saying, "Oh, we want to get accretive GM 90-day to 90-day point? Or do we say take care of that patient?" And we said, no, we're going to do the right thing. We're going to take care of the patients.

是的。謝謝你的提問。我認為實際上，如果你回頭看看，我在 90 天前討論過的所有因素，我們今天都在討論，但除了我們在那裡整合的 AirSense 11 坡道之外。在這 90 天裡發生的事情是不可預測的，那就是需求增加了——我們認為競爭對手可能會回來，對 CPAP 和 APAP 的需求增加，但我們沒有——我知道我們的確切數量。我們本可以放慢AirSense 10 代的速度，使毛利率環比提高30 個基點。但我們並沒有以這種方式對其進行設計和逆向工程。我們說那裡有需求，讓我們去照顧那些病人。這是意想不到的因素。這是美國 CPAP 和 APAP 需求。當你查看這些數字時，你會發現它在毛利潤產生和現金流產生方面非常強勁，在本季度非常強勁。我們確實考慮過這一點。哦，天哪，我們是否會繼續說，“哦，我們想要在 90 天到 90 天的時間內獲得 GM 的增值點？或者我們說照顧那個病人？”我們說，不，我們要做正確的事。我們要照顧病人。

So we're thinking about the long term here. But no, I'm still bullish over this fiscal year for sure. I -- you never can know what demand is going to look like and where it's at. And we are not going to not take care of a patient. But as those higher inventory costs work their way through our system, there's opportunity for gross margin improvement as we go forward. There's also the impact of -- if you looked at the SG&A, this time a year ago, in the June quarter of 2022 versus 2023, there was still a lot of people on that sort of COVID. I'm not traveling, I'm not going to see customers. I'm not going to do the strategic meetings and the planning meetings. We have opened some of that up, as you saw in our SG&A, and so that's impacting our net margin as well. We're going to manage those tightly and carefully. And we'll probably have some further vigilance, if you like, on our SG&A. We won't be pulling back really on R&D. I think that the innovation engine has to continue to grow, and we're doubling down on AI. And I think our leadership in digital health, we have to make that happen. So I'm still bullish throughout the fiscal year of FY '24, but we're not going to not take care of a patient if there's excess demand with a CPAP and APAP to manage one component of the P&L versus taking care of the patients and thinking about the 1-, 3-, 5-year strategic engagement with the patient, with the physician, with the provider and doing the right thing for the industry. So that's the sort of factors that have changed in the next 90 days. And I hope actually all this comes together, and we continue to do both, right, drive the needs of the patient and be able to get accretion in our GM. And I'm very confident we'll do that over the coming 3, 6, 9, 12 months.

所以我們在這裡考慮的是長期的。但不，我肯定仍然看好本財年。我——你永遠無法知道需求會是什麼樣子以及需求在哪裡。我們不會不照顧病人。但隨著這些較高的庫存成本通過我們的系統發揮作用，隨著我們的前進，毛利率有機會提高。還有一個影響——如果你看看一年前的這個時候，2022 年 6 月季度與 2023 年相比，仍然有很多人受到這種新冠病毒的影響。我不會去旅行，也不會去見顧客。我不會參加戰略會議和規劃會議。正如您在我們的銷售管理費用中看到的那樣，我們已經開放了其中的一些，因此這也影響了我們的淨利潤率。我們將嚴格而仔細地管理這些。如果您願意的話，我們可能會對我們的 SG&A 保持進一步的警惕。我們不會真正減少研發。我認為創新引擎必須繼續增長，我們正在加倍努力發展人工智能。我認為我們在數字健康領域的領導地位，我們必須實現這一目標。因此，我仍然看好 24 財年的整個財年，但如果對 CPAP 和 APAP 的需求過多，管理損益表的某一組成部分而不是照顧患者，我們不會不照顧患者並考慮與患者、醫生、提供者的1 年、3 年、5 年戰略合作，並為行業做正確的事情。這就是未來 90 天內發生變化的因素。我希望實際上所有這些都能結合起來，我們繼續兩件事都做，正確的，推動患者的需求，並能夠增加我們的總經理。我非常有信心我們將在未來 3、6、9、12 個月內做到這一點。

Next question is coming from David Low from JPMorgan.

下一個問題來自摩根大通的 David Low。

Mick, could I just comment a little on what you saw in the ex U.S. market. Obviously, last quarter, we saw the big vent sale -- ventilator sale move to China. Just wondering if there's any countries you'd call out or any items we should be aware of, please?

米克，我可以簡單評論一下您在美國以外市場看到的情況嗎？顯然，上個季度，我們看到了大型通風機銷售——通風機銷售轉移到了中國。只是想知道您是否需要提及任何國家或我們應該注意的事項？

Yes, David, that's a good point. We didn't really see anything of material context in this quarter in terms of exacerbation of COVID that led to hospital-based to life support ventilator sales. And so we're back to, I would say, the sort of steady growth that we see in our neuromuscular disease, our COPD, and other sort of respiratory insufficiency parts of our business for life support events. On the noninvasive vents and adaptive-servo vents and bilevels, we're back to steady market growth, and actually, we saw strong double-digit growth as those post COVID we're starting to see the clinics open up and patient flows start to come back. Rob, any thoughts on ventilators?

是的，大衛，這是一個很好的觀點。本季度我們並沒有真正看到任何因新冠肺炎疫情惡化而導致醫院生命支持呼吸機銷售的實質性背景。因此，我想說，我們又回到了神經肌肉疾病、慢性阻塞性肺病以及生命支持業務中其他類型的呼吸功能不全業務中看到的那種穩定增長。在無創通風口、自適應伺服通風口和雙層通風口方面，我們恢復了穩定的市場增長，實際上，我們看到了強勁的兩位數增長，因為在新冠疫情之後，我們開始看到診所開業，患者流量開始增加。回來。羅布，對呼吸機有什麼想法嗎？

No, not on ventilators because just going to comment on masks, the masks in all these other markets were really strong and really showing underlying strength of the market, not affected by recall dynamics or anything like that. So really the whole patient diagnostic systems are working in order and everything is going strongly.

不，不是呼吸機，因為只是要評論口罩，所有其他市場的口罩都非常強大，並且真正顯示出市場的潛在實力，不受召回動態或類似因素的影響。因此，整個患者診斷系統確實運轉良好，一切進展順利。

Next question is coming from Steven Wheen from Jarden.

下一個問題來自賈登的史蒂文·惠恩。

I just wanted to ask Brett, about the working capital position. Again, last quarter, you were thinking that you'd be able to make some inroads into those on to the inventory balances that you had such that we might see a bit of more of release of cash. But obviously, inventory stepped up again as has the receivables. Is that just building more to the demand that you see? Or could you just help put that into a bit more context as why it didn't quite play out the way you thought?

我只是想問布雷特關於營運資金狀況的問題。同樣，上個季度，您認為您能夠在庫存餘額方面取得一些進展，這樣我們可能會看到更多的現金釋放。但顯然，庫存和應收賬款再次增加。這只是為了滿足您所看到的需求而構建更多嗎？或者你能幫忙把這個問題放在更具體的背景下，解釋一下為什麼它沒有按照你想像的方式發展嗎？

Yes. Steve, it's Brett. The inventory actually came down a little bit sequentially. So that's sort of tracking down how we're expecting -- we expect that inventory balance should decline over the course of FY '24 as well. The receivables, you're right, it was up a little bit, but that's really driven by the revenues. I think on the working capital, we're in pretty good shape. It's up a little bit this quarter. But when you look at that, we -- it's really the timing around tax payment this quarter. So we paid higher tax this quarter than we would typically do each quarter. So that's -- that drive, if you like, a little bit of negative working capital. But again, that's just a timing element. So we're expecting pretty robust cash flow generation through each of the quarters in FY '24. And we'll continue to work hard on the working capital, bringing that down. A big driver of that will obviously be the inventory and working that down progressively over the fiscal year.

是的。史蒂夫，我是布雷特。庫存實際上環比下降了一點。因此，這在某種程度上追踪了我們的預期——我們預計庫存餘額在 24 財年期間也會下降。應收賬款，你是對的，略有上升，但這實際上是由收入驅動的。我認為就營運資金而言，我們的狀況相當不錯。本季度略有上升。但當你看到這一點時，我們——這實際上是本季度納稅的時間安排。因此，我們本季度繳納的稅款比通常每個季度繳納的稅款要高。所以，如果你願意的話，那就是一點點負營運資本的驅動力。但同樣，這只是一個時間因素。因此，我們預計 24 財年每個季度都會產生相當強勁的現金流。我們將繼續努力增加營運資金，降低營運資金。顯然，其中的一個重要推動因素是庫存，並在本財年逐步降低庫存。

Next question is coming from Mike Matson from Needham & Company.

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

This is Joseph on for Mike. Could you maybe talk about the new patient and RePAP backlog internationally. I guess the way that I understand it is it fully worked through in the U.S., but there's work to do internationally. I don't know if you -- if that's the case and if you could size that at all?

這是邁克的約瑟夫。您能否談談國際上新患者和 RePAP 積壓的情況？我想我的理解是它在美國已經完全實現了，但在國際上還有很多工作要做。我不知道你是否——如果是這樣的話，你是否能確定這個大小？

Yes. Look, I don't think we've fully worked through the backlog of patients in the U.S. in terms of patients who want to get -- whose insurance has got to the 5-year point, if they're Medicare or 3, 4, 5, depending on which private payer they're under. And so I do think our competitors' actions slowed down that, particularly if they are on a competitive device and the demand limitation and the physician is saying, "Look, I've got to take care of new patients. They weren't as prime to write prescriptions or to allocate RePAP if you like, for patients." So I actually think there's some runway still left on RePAP within the U.S. geography. And I think that's even more so in other markets. As Rob just noted and as we talked about, the engagement with consumers and patients in different geographies is driving mask growth. And any quarter, to have 14% revenue growth in masks in Europe, Asia, rest of the world would be incredible. And that's not driven by any recall dynamics whatsoever from competitors. Everybody's been competing in masks globally. And so I think that speaks to our ability to hopefully have a sustainable approach to RePAP that not only in the U.S., where we have incredibly strong relationships with Brightree and myAir directly to patients directly to providers. but the ecosystems that we're generating in some of our other sort of omni-channel markets around the world. So I think the opportunity for RePAP in the U.S. is still there over this fiscal year and beyond and to make it a rhythm, right? So it becomes a steady part of the growth of the devices and to drive it. I think there's even more opportunity in the other parts of the world, leveraging the work we've done on the mask side to then remind patients and track them when they're at that 3-, 4-, 5-year time period to pull forward. Now I want to be there with the appropriate supplier. So I'm not jumping ahead of ourselves, but we do have the programs and capabilities to do that. But I think the demand is there inherently.

是的。聽著，我認為我們還沒有完全解決美國積壓的患者問題，他們的保險已經達到 5 年，如果他們是 Medicare 或 3、4 , 5，取決於他們所屬的私人付款人。因此，我確實認為我們的競爭對手的行動放慢了速度，特別是如果他們使用的是競爭性設備且需求有限，並且醫生說：“看，我必須照顧新患者。他們並不像如果您願意，可以為患者開處方或分配RePAP。”所以我實際上認為 RePAP 在美國地區仍然有一些發展空間。我認為在其他市場更是如此。正如羅伯剛剛指出的，正如我們所討論的，與不同地區的消費者和患者的互動正在推動口罩的增長。任何季度，歐洲、亞洲和世界其他地區的口罩收入增長 14% 都是令人難以置信的。這並不是由競爭對手的任何召回動態驅動的。全球範圍內每個人都在爭奪口罩。因此，我認為這說明我們有能力對 RePAP 採取可持續的方法，不僅在美國，我們與 Brightree 和 myAir 直接面向患者、直接向醫療服務提供者建立了非常牢固的關係。而是我們在世界各地其他一些全渠道市場中創建的生態系統。因此，我認為在本財年及以後，美國實施 RePAP 的機會仍然存在，並使其成為一種節奏，對吧？因此，它成為設備增長的穩定部分並推動其增長。我認為世界其他地區有更多的機會，利用我們在口罩方面所做的工作來提醒患者並在他們處於 3、4、5 年時間段時跟踪他們向前拉。現在我想和合適的供應商一起去那裡。因此，我並不是超前，但我們確實擁有做到這一點的計劃和能力。但我認為需求是固有的。

Our final question today is coming from Saul Hadassin from Barrenjoey Capital.

我們今天的最後一個問題來自 Barrenjoey Capital 的 Saul Hadassin。

Mick, just wondering on mask. It's been a while since we've seen some new product coming out from ResMed. Just wondering how much has the competitor recall impacted on your ability to continue to focus on new product development and new product launch? And I guess, on the mask side, should we expect anything sort of near term in terms of a refresh of the mask portfolio?

米克，只是想知道面具。我們已經有一段時間沒有看到瑞思邁推出一些新產品了。只是想知道競爭對手的召回對您繼續專注於新產品開發和新產品發布的能力有多大影響？我想，在面膜方面，我們是否應該期待近期面膜產品組合的更新？

Yes. So it's a great question. And yes, our R&D team have obviously been incredibly focused on the reengineering, the resupply and the redesign on our core platforms, and we're able to do that, right? So we're able to get the supply back of Air 10s as you saw and Air 11s. But yes, look, we have the whole board down in Sydney last quarter, and we were looking through the pipeline of devices and masks. And it's incredible. It's really exciting. I don't like to get ahead of my commercial teams and one of them is at the table with me now telling me to keep quiet. But I can tell you, I'm very excited about the pipeline. There will be new innovation, new masks from ResMed as we go through this fiscal year. And as a personal user of these products, I try every new mask that comes out. And this new one, which has a great project name that I'm not able to say, but it's a beautiful islands that you can travel to by boat. I have tried that mask and it's incredible, and I can't wait for that to come to the market. But yes, look, we do have masks that are coming in the pipeline that are working their way through regulatory and then, of course, commercial ramp-up to make sure that when we deliver it's ResMed quality, ResMed capability, first-time fit, incredible adherence and to drive through the channel. And so you'll see those come to our major markets and then globally throughout the fiscal year. So I'm excited about that pipeline. The one that I can talk about is the digital side where we've launched an AI product, and I'm really excited as those get more traction, we'll talk about how the digital products and the mask products throughout the year are going to impact and keep our incredibly strong double-digit growth that we saw this quarter.

是的。所以這是一個很好的問題。是的，我們的研發團隊顯然非常專注於我們核心平台的再造、再供應和重新設計，我們有能力做到這一點，對嗎？因此，我們能夠恢復 Air 10 和 Air 11 的供應。但是，是的，看，上個季度我們在悉尼把整個董事會都停了下來，我們正在檢查設備和口罩的管道。這太不可思議了。這真的很令人興奮。我不喜歡領先於我的商業團隊，而他們中的一個人現在就在桌旁告訴我保持安靜。但我可以告訴你，我對這條管道感到非常興奮。在本財年中，瑞思邁將會推出新的創新、新的口罩。作為這些產品的個人用戶，我嘗試了每一款新推出的面膜。這個新的島嶼有一個很棒的項目名稱，我無法說出，但它是一個美麗的島嶼，你可以乘船前往。我已經嘗試過這款面膜，它令人難以置信，我迫不及待地希望它上市。但是，是的，你看，我們確實有正在醞釀中的面罩，這些面罩正在通過監管，當然還有商業化的提升，以確保當我們交付它時，它具有ResMed 的質量、ResMed 的功能、首次佩戴，令人難以置信的堅持並推動通過通道。因此，您將看到這些產品進入我們的主要市場，然後在整個財年進入全球。所以我對這條管道感到興奮。我可以談論的是數字方面，我們推出了人工智能產品，我真的很興奮，因為這些產品越來越受關注，我們將討論數字產品和口罩產品全年的發展情況影響並保持本季度令人難以置信的強勁兩位數增長。

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

我們的問答環節結束了。我想將發言權交還給米克，以徵求進一步的結束意見。

Yes. Thanks, Kevin, and thanks to all of our stakeholders for joining us this last hour as we talked through our results, and we'll talk to you again in 90 days. In closing, I want to thank the 10,000 ResMedians. Many of you, our shareholders have listened to these calls as well. Thanks for your dedication and hard work helping people sleep better, breathe better and live better lives in 140 countries. These results are yours, incredible double-digit growth. Thanks for all that you do. I'll hand the call back to you, Amy, to close us out.

是的。謝謝凱文，也感謝所有利益相關者在最後一小時加入我們討論我們的結果，我們將在 90 天后再次與您交談。最後，我要感謝 10,000 名 ResMedians。你們中的許多人，我們的股東也聽取了這些呼籲。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、呼吸得更好、生活得更好。這些成果是您的，令人難以置信的兩位數增長。感謝你所做的一切。我會把電話轉給你，艾米，結束我們的談話。

Awesome. Thank you, Mick, and thanks, everyone. We do appreciate your interest and your time. If you have any additional questions, please don't hesitate to reach out directly. This does conclude our ResMed's Fourth Quarter 2023 Conference Call. Kevin, I'll turn it back to you to close the call.

驚人的。謝謝你，米克，謝謝大家。我們非常感謝您的興趣和您的時間。如果您還有任何其他問題，請隨時直接聯繫。我們的瑞思邁 2023 年第四季度電話會議到此結束。凱文，我會將其轉回給您以結束通話。

Thank you. You may now disconnect. We do thank you for your participation today.

謝謝。您現在可以斷開連接。我們非常感謝您今天的參與。