瑞思邁 (RMD) 2024 Q1 法說會逐字稿

Hello, and welcome to the ResMed First Quarter Fiscal Year 2024 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 2024 財年第一季財報電話會議及網路廣播。 （操作員說明）。提醒一下，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長 Amy Wakeham。請繼續，艾米。

Great. Thank you, Kevin. Hi, everyone. Good morning and good afternoon. Welcome to ResMed's First Quarter Earnings Call for Fiscal Year 2024. We are live webcasting this call, 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 presentation, both of which are available now.

偉大的。謝謝你，凱文。大家好。早安，下午好。歡迎參加瑞思邁2024 財年第一季財報電話會議。我們正在對本次電話會議進行網路直播，今天稍晚將在我們公司網站的投資者關係部分提供重播，並附上收益新聞稿和簡報的副本，現在可用。

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, to answer any questions you may have.

今天參加電話會議的是執行長米克法雷爾 (Mick Farrell)；和財務長布雷特·桑德科克。在我們準備好的演講之後，總裁兼營運長 Rob Douglas 將與米克 (Mick) 和布雷特 (Brett) 一起回答您可能提出的任何問題。

During today's call, we will discuss several non-GAAP measures. We encourage you to review the supporting schedules in today's earnings press release for a reconciliation of the non-GAAP measures to the GAAP reported numbers. In addition, our discussion today will include forward-looking statements including, but not limited to, expectations about our future financial and operating performance. We make these statements based on reasonable assumptions. However, our actual results could differ. Please refer to our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements made today.

在今天的電話會議中，我們將討論幾項非公認會計原則措施。我們鼓勵您查看今天的收益新聞稿中的支援時間表，以將非 GAAP 指標與 GAAP 報告數據進行協調。此外，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。我們基於合理的假設做出這些陳述。然而，我們的實際結果可能會有所不同。請參閱我們向 SEC 提交的文件，以了解可能導致我們的實際結果與今天所做的任何前瞻性聲明有重大差異的風險因素的完整討論。

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 all of our shareholders for joining us today. Our first quarter fiscal year 2024 results reflect strong growth across our entire business with double-digit top line growth. This growth was driven by double-digit global growth in the masks category and double-digit growth in our Software as a Service business. We also achieved high single-digit global growth in devices even as that category annualizes very high growth in the prior year period. The flexible and agile work of our supply chain, manufacturing and distribution teams has enabled us to provide ongoing global availability of our market-leading 100% cloud connectable flow generator platforms.

謝謝艾米，也感謝我們所有的股東今天加入我們。我們 2024 財年第一季的業績反映了我們整個業務的強勁成長，營收實現了兩位數的成長。這一成長是由口罩類別的全球兩位數成長和我們的軟體即服務業務的兩位數成長所推動的。我們還在設備方面實現了全球單位數的高成長，儘管該類別在上一年期間的年增長率非常高。我們的供應鏈、製造和分銷團隊靈活敏捷的工作使我們能夠在全球範圍內持續提供市場領先的 100% 雲端可連接流量產生器平台。

We have unconstrained supply of our AirSense platforms enabled by excellent volumes of the AirSense 10 platform globally and fast-ramping approvals, launches and delivery of the best-in-class AirSense 11 platform country by country. During the quarter, we accelerated delivery of the AirSense 11 in Japan, and we launched the AirSense 11 in Australia and New Zealand.

我們的 AirSense 平台供應不受限制，這得益於 AirSense 10 平台在全球的出色銷量，以及一流的 AirSense 11 平台逐個國家的快速審批、發布和交付。本季度，我們加快了 AirSense 11 在日本的交付速度，並在澳洲和紐西蘭推出了 AirSense 11。

We have plenty of runway ahead on our pathway to launch in all of the 140 countries where we sell our solutions. We are very proud to be able to support all global demand for flow generators through a combination of AirSense 10 and AirSense 11 platforms. We remain laser-focused on accelerating the production and delivery of the AirSense 11 platform. We are moving swiftly on that front.

我們在向銷售解決方案的所有 140 個國家/地區推出產品方面還有很長的路要走。我們非常自豪能夠透過 AirSense 10 和 AirSense 11 平台的組合來滿足全球對流量產生器的所有需求。我們仍然專注於加速 AirSense 11 平台的生產和交付。我們正在這方面迅速行動。

Our Masks and Accessories business grew 21% year-over-year, amongst a highly competitive market with all global players on the field in this category. Our commercial teams are doing an amazing job of showing the clinical and economic benefits of the ResMed mask portfolio. Our clinical and commercial teams are also partnering with physicians and provider customers to drive resupply programs directly with patients.

我們的口罩及配件業務年增 21%，市場競爭激烈，全球所有參與者都在這一領域。我們的商業團隊正在出色地展示瑞思邁面罩產品組合的臨床和經濟效益。我們的臨床和商業團隊也與醫生和提供者客戶合作，直接與患者推動補給計畫。

The peer-reviewed and published clinical evidence showing that adoption of a resupply program leads to better patient outcomes is proving itself out in a real-world customer by customer. We continue to see strong growth in the U.S. masks business where provider resupply programs can scale, powered by our digital health ecosystem, including AirView for physicians and providers and myAir for patients.

經過同行評審和發布的臨床證據表明，採用補給計劃可以帶來更好的患者治療效果，這一點在現實世界的客戶中得到了證明。我們繼續看到美國口罩業務的強勁成長，在我們的數位健康生態系統（包括面向醫生和提供者的 AirView 以及面向患者的 myAir）的支持下，提供者補給計畫可以規模化。

For patients around the world, especially in nonreimbursed markets, we are developing, launching and scaling outreach and subscription programs to help the consumer who is the ultimate customer to take control of their own health and engage directly in refreshing their mask, tubing, humidifier and other accessories. This has been a permanent uptick since COVID-19. People care about respiratory health and respiratory hygiene and they are taking action, and we are supporting them with digital solutions and services to meet their needs.

對於世界各地的患者，尤其是無報銷市場的患者，我們正在開發、啟動和擴大推廣和訂閱計劃，以幫助最終客戶掌控自己的健康，並直接參與更新他們的面罩、管道、加濕器和其他配件。自 COVID-19 以來，這一數字一直持續上升。人們關心呼吸健康和呼吸衛生，他們正在採取行動，我們正在為他們提供數位解決方案和服務來支持他們，以滿足他們的需求。

Before I turn to review updates on our key strategic priorities, I'd like to spend a little time discussing actions we've taken to accelerate profitable growth across ResMed and to power our long-term success. We've taken immediate steps to ensure we're prioritizing the right things to drive profitable growth, and our leadership teams have carefully reviewed opportunities to improve our performance. We have stopped some projects that were not working out as well as we thought.

在回顧我們關鍵策略重點的最新情況之前，我想花一點時間討論我們為加速瑞思邁的獲利成長並推動我們的長期成功而採取的行動。我們已立即採取措施，確保優先考慮正確的事情來推動獲利成長，我們的領導團隊也仔細審查了提高績效的機會。我們已經停止了一些效果不如我們想像的項目。

We've increased investment in areas that we believe will be pivotal to long-term success, such as our digital health tech investments as well as focused hardware and software development. Creating the smallest, the quietest, the most comfortable, the most connected and the most intelligent health care solutions in the market. These changes have impacted some of our teams. And this week, we have taken actions that resulted in a reduction of our global workforce by 5%.

我們增加了對我們認為對長期成功至關重要的領域的投資，例如我們的數位健康技術投資以及重點硬體和軟體開發。打造市場上最小、最安靜、最舒適、最互聯、最聰明的醫療保健解決方案。這些變化影響了我們的一些團隊。本週，我們採取了行動，導致全球員工人數減少了 5%。

Decisions like this that impact people are never easy. However, we know that we are doing the right thing, and we're doing the right thing to accelerate our growth and to refocus on our long-term mission. I feel more strongly than ever that we are well positioned with an incredibly long runway of profitable growth and value creation for all of our stakeholders as we move forward.

像這樣影響人們的決定絕非易事。然而，我們知道我們正在做正確的事情，我們正在做正確的事情來加速我們的成長並重新專注於我們的長期使命。我比以往任何時候都更加強烈地感覺到，在我們前進的過程中，我們處於有利地位，為所有利益相關者提供了令人難以置信的長期盈利增長和價值創造。

Let's now turn to a discussion of our 3 key strategic priorities: number one, to grow and differentiate our core Sleep Apnea and Respiratory Care business; number two, to design, develop and deliver market-leading medical technology 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.

現在讓我們討論我們的 3 個關鍵策略重點：第一，發展和差異化我們的核心睡眠呼吸中止症和呼吸照護業務；第二，設計、開發和提供市場領先的醫療技術以及可在全球擴展的數位健康解決方案；第三，創造、創新和發展世界上最好的院外護理軟體解決方案，我們稱之為住院醫學領域。

There are over 2 billion people worldwide suffering from sleep apnea, chronic obstructive pulmonary disease, respiratory insufficiency due to neuromuscular disease and insomnia. There are millions more that we can support as they navigate the complex outside hospital health care system. We believe that health care should be delivered in the lowest cost, lowest acuity and highest comfort location possible. Very often, that is a patient's own home. We have a massive opportunity ahead of us to help hundreds of millions of people worldwide. Our end markets remain incredibly underpenetrated with many opportunities to add value, reduce friction, lower costs and improve patient outcomes.

全球有超過 20 億人患有睡眠呼吸中止症、慢性阻塞性肺病、神經肌肉疾病引起的呼吸功能不全和失眠。我們還可以為數百萬人提供支持，幫助他們應對複雜的醫院外醫療保健系統。我們相信醫療保健應在盡可能最低的成本、最低的敏銳度和最高舒適度的地點提供。很多時候，那是病人自己的家。我們面臨著巨大的機會來幫助全世界數億人。我們的終端市場的滲透率仍然極低，有許多增加價值、減少摩擦、降低成本和改善患者治療效果的機會。

Now that we've been able to comfortably support overall global market demand for sleep devices for the last few quarters, we're ramping up our demand generation initiatives. We're investing in marketing efforts to raise awareness and patient engagement across specific global markets. We are leveraging traditional health care channels as well as investing in cost-effective direct-to-consumer demand gen campaigns to help what we call sleep concern consumers find their way into the screening, diagnostic, treatment and management pathway. We will act as a digital concierge to guide patients on that journey.

既然過去幾季我們已經能夠輕鬆滿足全球市場對睡眠設備的整體需求，我們正在加大我們的需求產生計畫。我們正在投資行銷工作，以提高特定全球市場的認知度和患者參與度。我們正在利用傳統的醫療保健管道，並投資於具有成本效益的直接面向消費者的需求生成活動，以幫助我們所謂的睡眠問題消費者找到進入篩檢、診斷、治療和管理途徑的途徑。我們將充當數位禮賓人員，指導患者完成這趟旅程。

In terms of analyzing the results of these efforts to date and ongoing, we are tracking new patient starts in our physician and provider-based ecosystem, AirView, which now has more than 22.5 million patients, as well as the new user starts in myAir, where patients themselves choose to participate in their personalized health care journey to better breathing and better sleep. Patient flow into the funnel is at an all-time high.

在分析迄今為止和正在進行的這些努力的結果方面，我們正在追蹤我們基於醫生和提供者的生態系統AirView 中的新患者開始情況，該生態系統目前擁有超過2250 萬名患者，以及myAir 中的新使用者開始情況，患者自己選擇參與個人化的醫療保健之旅，以改善呼吸和睡眠。進入漏斗的患者流量處於歷史最高水準。

We are well above the rates that we saw pre-COVID in 2019 across all geographies, triple digits across the board. The bottom line is that we are driving strong growth of patients into the funnel. We believe the work that's being done in the pharmaceutical industry right now with obesity drugs will be a net positive for patient flow and patient growth in sleep apnea, COPD and for ResMed overall.

我們在所有地區的成長率都遠高於 2019 年新冠疫情之前的水平，全面達到三位數。最重要的是，我們正在推動漏斗中患者的強勁成長。我們相信，製藥業目前在肥胖藥物方面所做的工作將對睡眠呼吸中止症、慢性阻塞性肺病和瑞思邁的整體患者流量和患者成長產生積極的影響。

In terms of existing patients in our installed base, we are actively tracking a cohort of many thousands of patients on these GLP-1 medications and APAP therapy. We are not seeing any significant change in the PAP adherence rates nor any reduced participation in resupply programs versus control groups. These data indicate that there is a cohort of patients on combined therapies in a stable state.

就我們安裝基礎中的現有患者而言，我們正在積極追蹤使用這些 GLP-1 藥物和 APAP 治療的數千名患者。與對照組相比，我們沒有看到 PAP 遵守率有任何顯著變化，也沒有看到補給計畫的參與度有任何減少。這些數據表明，有一組接受聯合治療的患者處於穩定狀態。

In terms of new patients activated into the funnel, we are seeing the number of new patients activated into the health care funnel picking up. We see patient flow is not only strong but increasing. We believe in treating the whole person here at ResMed, including a combination of cardiovascular exercise, diet and nutrition as well as good sleep and breathing. That combination was called the Triumvirate of health by Professor Bill Dement from Stanford, may he rest in peace. And we think a combination of these 3 elements will result in the best outcomes for patients. It is quite possible that this new class of drugs may become as large or even larger than the cholesterol class or the blood pressure treatment class of pharmaceuticals.

就啟動進入漏斗的新患者而言，我們看到啟動進入醫療保健漏斗的新患者數量增加。我們看到患者流量不僅強勁而且還在增加。在瑞思邁，我們相信對整個人進行治療，包括心血管運動、飲食和營養以及良好的睡眠和呼吸的組合。史丹佛大學的比爾·德門特教授將這種組合稱為“健康三巨頭”，願他安息。我們認為這三個要素的結合將為患者帶來最好的結果。這類新藥物很可能會變得與膽固醇類或血壓治療類藥物一樣大，甚至更大。

If this is the case, we will see a whole new population of patients activated with their primary care providers that we may never have seen in the health care system. If this comes to pass, we may see benefits for the entire health system and for the people being treated themselves and for ResMed, as more and more people are evaluated and screened for sleep apnea, respiratory insufficiency and other key chronic conditions as part of their primary care evaluations. Our data are showing an all-time high of patient flow and that supports this thesis.

如果是這種情況，我們將看到一群全新的患者與他們的初級保健提供者一起活動，這是我們在醫療保健系統中可能從未見過的。如果這一點成為現實，我們可能會看到整個衛生系統、接受治療的人們以及瑞思邁都會受益，因為越來越多的人接受睡眠呼吸中止症、呼吸功能不全和其他關鍵慢性病的評估和篩檢，作為其治療的一部分。初級保健評估。我們的數據顯示患者流量創歷史新高，這支持了這個論點。

Stepping back and looking at the science in the field of respiratory medicine, we have created a forward-looking epidemiology model for our core market of sleep apnea, spanning over 2 to 3 decades into the future. We have assumed an aggressive case for high market penetration of this new class of pharmaceuticals. We will publish the epidemiology model in our investor deck straight after this call. The model starts using a baseline of the global prevalence of sleep apnea, which was 936 million people in 2015. And this is based on peer-reviewed and published data from the Journal Lancet in 2019. Our epidemiology model grows with conservative population and aging assumptions to a prevalence of around 1.4 billion people suffering from sleep apnea in 2050.

回過頭來審視呼吸醫學領域的科學，我們為睡眠呼吸中止症的核心市場創建了一個前瞻性的流行病學模型，涵蓋未來 2 到 3 個十年。我們假設了此類新型藥品的高市場滲透率的積極案例。在本次電話會議之後，我們將立即在投資者平台上發布流行病學模型。該模型開始使用全球睡眠呼吸中止症盛行率的基線，2015 年為9.36 億人。這是基於《柳葉刀》雜誌2019 年同行評審和發布的數據。我們的流行病學模型隨著保守的人口和老化假設而增長。到 2050 年，約有 14 億人患有睡眠呼吸中止症。

We then overlaid an aggressive assumption for the adoption of this new pharmaceutical class globally. We assumed some of the highest penetration rates that we have seen reported by analysts in the industry. With this aggressive and sustained adoption of the new drug class, we forecast that the global prevalence of sleep apnea will still be around 1.2 billion people in 2050.

然後，我們對這種新的藥物類別在全球範圍內的採用做出了積極的假設。我們假設產業分析師報告的滲透率是最高的。隨著新藥類別的積極和持續採用，我們預測到 2050 年，全球睡眠呼吸中止症盛行率仍將約為 12 億人。

Now in terms of the market penetration of our PAP therapy into this population, we have assumed market growth from our 22.5 million patients with PAP therapy here at the end of calendar year 2023 using steady-state market growth rates that we saw in the years leading up to 2019. That is mid-single-digit growth for devices and high single-digit growth for masks.

現在，就我們的PAP 治療對該人群的市場滲透率而言，我們使用我們在領先幾年中看到的穩態市場增長率，假設到2023 年底，我們的2250 萬名接受PAP 治療的患者會出現市場成長。到 2019 年。設備將實現中個位數成長，口罩將實現高個位數成長。

With these growth rates, we reached around 109 million patients on our PAP therapy by 2050. That leaves 1.1 billion people remaining in the addressable market in 2050. Over and above those already on our PAP treatment. We will continue to update our epidemiology model with all the new data as they arise. However, the bottom line is that there remains a huge number of people needing our sleep apnea treatment solutions today and for the next 2 to 3 decades and beyond.

以這樣的成長率，到 2050 年，我們的 PAP 治療患者將達到約 1.09 億。這使得到 2050 年，目標市場中仍有 11 億人。這超出了已經接受 PAP 治療的人數。我們將繼續使用出現的所有新數據來更新我們的流行病學模型。然而，最重要的是，在今天以及未來 2 到 3 十年甚至更長的時間裡，仍然有大量的人需要我們的睡眠呼吸中止症治療解決方案。

While we're proud that we have peer reviewed and published data showing that we can achieve over 87% adherence of patients to our PAP technology, combining our best-in-class med tech hardware with our digital health solutions, AirView and myAir. That still means 10% of our patients on an annual basis will need alternatives. We are investing in those alternative therapies, and we are actively working with direct -- to direct patients who do not adhere to PAP, that 10%-plus to second-line therapies, such as dental devices, where we have invested and scaled the market-leading 3D printed dental device for sleep apnea in Europe called Narval.

我們感到自豪的是，經過同行評審和發布的數據顯示，透過將我們一流的醫療技術硬體與我們的數位健康解決方案AirView 和myAir 結合，我們可以讓超過87% 的患者堅持使用我們的PAP 技術。這仍然意味著我們每年有 10% 的患者需要替代方案。我們正在投資這些替代療法，我們正在積極與直接合作——指導那些不遵守 PAP 的患者，其中 10% 以上的患者接受二線療法，例如牙科設備，我們在這些療法上進行了投資並擴大了歐洲市場領先的治療睡眠呼吸中止症的3D 列印牙科設備名為Narval。

In addition, we have investments in other second-line therapies, including pharmaceuticals, and hypoglossal nerve [stim] technology. We want every patient who suffocates at night to find a path to good breathing and good sleep. And it looks like there's 1 billion of them we need to help. We start with the highest efficacy and lowest cost therapy, which is PAP technology, where we have very high adherence rates and the best outcomes for patients, and we go from there.

此外，我們也對其他二線療法進行投資，包括藥品和舌下神經[刺激]技術。我們希望每位夜間窒息的患者都能找到良好呼吸和良好睡眠的途徑。看起來我們需要幫助其中的 10 億人。我們從最高療效和最低成本的治療開始，即 PAP 技術，我們擁有非常高的依從率和為患者提供最佳的結果，我們從那裡開始。

Given this incredible multiple decades long plus runway of growth and as part of our ongoing efforts to improve and streamline that end-to-end patient pathway and to make it easier for sleep physicians and sleep labs to diagnose and manage these patients. We're excited about our Somnoware acquisition that we closed during the last quarter.

鑑於這令人難以置信的長達數十年的成長跑道，並且作為我們持續努力的一部分，以改善和簡化端到端患者路徑，並使睡眠醫生和睡眠實驗室更容易診斷和管理這些患者。我們對上季完成的 Somnoware 收購感到非常興奮。

Somnoware is software for pulmonary and really all sleep physicians. And it complements our current portfolio of software offerings for physicians, homecare providers and patients, including AirView, Brightree and myAir, respectively. The goal is to ultimately drive greater efficiency and better patient care by helping sleep physicians to take best-in-class care of their patients with increased efficiency and a better overall experience for the doctor and for the patient. We're making progress across several digital health technology initiatives to drive the value proposition of our cloud-connected devices even higher. We are investing in several artificial intelligence-driven data products and capabilities in our Air Solutions ecosystem.

Somnoware 是一款針對肺部醫師和所有睡眠醫師的軟體。它補充了我們目前為醫生、家庭護理提供者和患者提供的軟體產品組合，分別包括 AirView、Brightree 和 myAir。目標是透過幫助睡眠醫生為患者提供一流的護理，提高效率並為醫生和患者提供更好的整體體驗，最終提高效率和改善患者護理。我們正在多項數位健康技術計劃方面取得進展，以進一步推動我們的雲端連接設備的價值主張。我們正在空氣解決方案生態系統中投資多種人工智慧驅動的數據產品和功能。

This quarter, we started rolling out a digital product in our U.S. market called Compliance Coach. Compliance Coach is built for home care providers to help them efficiently focus efforts and prioritize outreach to increase patient compliance and ultimately to drive better patient outcomes by helping them meet and beat 90-day adherence goals. The application utilizes ResMed's many billions of nights of deidentified sleep and respiratory care data in the cloud to predict the likelihood that a patient will be adherent to therapy or not. The AI product then advises and coaches the home care provider to best identify the patients who may struggle and to meet compliance requirements where they can.

本季度，我們開始在美國市場推出一款名為「Compliance Coach」的數位產品。合規教練專為家庭護理提供者打造，可幫助他們有效地集中精力並優先考慮外展活動，以提高患者的依從性，並最終通過幫助他們實現並超越90 天的依從性目標來推動更好的患者治療結果。該應用程式利用 ResMed 雲中數十億個夜晚的去識別睡眠和呼吸護理數據來預測患者是否堅持治療的可能性。然後，人工智慧產品會向家庭護理提供者提供建議和指導，以最好地識別可能陷入困境的患者，並盡可能滿足合規要求。

So they can prioritize their interventions and outreach to the best probabilities to support patient success. It's early in our rollout program of Compliance Coach. However, customers using the product are excited and engaged and are starting to see results. Watch this space for many more ways that we can work with all of our customers to unlock value from incredible depth of de-identified data using tech like AI and ML for the ultimate benefit of physicians, providers and patients.

因此，他們可以優先考慮介入措施和外展活動，以最大可能支持患者取得成功。現在是我們推出合規教練計畫的早期階段。然而，使用該產品的客戶感到興奮和投入，並開始看到結果。關注這個領域，了解我們可以與所有客戶合作的更多方式，利用人工智慧和機器學習等技術，從令人難以置信的深度去識別數據中釋放價值，從而為醫生、提供者和患者帶來最終利益。

Let me discuss the forward pathway stemming from our joint venture with Verily right now that was called Primasun. Based on a mutual agreement between ResMed and Verily, we've made the decision to unwind the joint venture's day-to-day operations. We expect this to be complete by the end of the current quarter. Over the past years of this partnership, we've learned how to leverage technology to better identify, engage, diagnose and manage sleep concern consumers in our U.S. market.

讓我討論一下我們現在與 Verily 的合資企業 Primasun 的未來發展方向。根據 ResMed 和 Verily 之間的共同協議，我們決定結束該合資企業的日常營運。我們預計這將在本季末完成。在過去幾年的合作中，我們學會如何利用科技來更好地識別、吸引、診斷和管理美國市場上有睡眠問題的消費者。

We expect to take ownership of key assets of the Primasun developed model so that we can build on the investment and the learnings and ultimately accelerate our ongoing demand generation efforts with sleep apnea patients across ResMed.

我們希望擁有 Primasun 開發模型的關鍵資產，以便我們能夠在投資和學習的基礎上繼續發展，並最終加速我們與 ResMed 的睡眠呼吸中止症患者持續不斷的需求開發工作。

It is exciting to take the learning from demand gen work in 1 project and in 1 country and to now look to apply that on a global scale across the 140 countries where we provide solutions. Our growing Respiratory Care business continues to be supported by the increased adoption of both noninvasive and life support ventilator solutions in terms of next-gen respiratory care therapies.

令人興奮的是，我們從 1 個項目和 1 個國家的需求生成工作中汲取了經驗教訓，現在希望將其應用到我們提供解決方案的全球 140 個國家。我們不斷成長的呼吸照護業務繼續受到下一代呼吸護理治療方面無創和生命支持呼吸機解決方案的越來越多採用的支持。

We continue to invest in clinical and economic trials for high-flow therapy that we call HFT, with the goal of cost effectively treating COPD in the home. We continue to generate strong clinical evidence and economic outcomes that we believe will support broader adoption of these technology innovations for treating lung disease in the home. We believe this has the potential for future growth for ResMed over the medium to long term.

我們繼續投資高流量療法（我們稱之為 HFT）的臨床和經濟試驗，目標是在家庭中有效地治療慢性阻塞性肺病。我們不斷產生強有力的臨床證據和經濟成果，我們相信這些證據和經濟成果將支持更廣泛地採用這些技術創新來在家中治療肺部疾病。我們相信，從中長期來看，這具有瑞思邁未來成長的潛力。

We remain focused on addressing COPD as one of the top 3 chronic diseases for hospitalization and the #1 cause of rehospitalization. The prevalence of respiratory insufficiency due to COPD as well as neuromuscular disease continues to increase and we are focusing and developing and plan to offer low-cost, high-quality solutions to address this health care epidemic.

我們仍然致力於解決慢性阻塞性肺病作為住院的三大慢性疾病之一和再住院的第一大原因的問題。慢性阻塞性肺病和神經肌肉疾病導致的呼吸功能不全的盛行率持續增加，我們正在重點關注和開發併計劃提供低成本、高品質的解決方案來應對這一醫療保健流行病。

Our SaaS business had another great quarter with year-over-year growth of 32%. SaaS business growth was powered by another full quarter contribution from our fast-growing MEDIFOX DAN business in Germany, as well as high single-digit organic growth across our Brightree and MatrixCare brands in the U.S. market. The sustained high single-digit organic growth in our SaaS business is driven by strength in the HME segment and stability as well as increased tech adoption by customers in the facilities segment. We see a pathway to stable double-digit organic growth across the SaaS business, as well as increased net operating profit performance from this part of our business.

我們的 SaaS 業務又迎來了一個出色的季度，年增 32%。 SaaS 業務的成長得益於我們在德國快速成長的 MEDIFOX DAN 業務的另一個完整季度貢獻，以及我們在美國市場的 Brightree 和 MatrixCare 品牌的高個位數有機成長。我們的 SaaS 業務持續高個位數有機成長是由 HME 領域的實力和穩定性以及設施領域客戶對技術採用率的提高所推動的。我們看到整個 SaaS 業務預計將實現穩定的兩位數有機成長，並且這部分業務的淨利潤也有所提高。

The ongoing synergies between our digital health solutions in SaaS and our core business remains strong, and we continue to leverage that through combined management of cloud compute, cyber security, interoperability, tech dev as well as customer-facing synergies, including patient resupply technology in our core business.

我們的SaaS 數位健康解決方案與我們的核心業務之間的持續協同效應仍然強勁，我們將繼續透過雲端運算、網路安全、互通性、技術開發以及面向客戶的協同效應（包括病患補給技術）的綜合管理來利用這一協同效應。我們的核心業務。

During the quarter, we appointed Gregg Timmons as the new General Manager of our Brightree business. I'm excited to support Greg and Bobby to continue to drive growth in our home medical equipment providers and to help our customers across the U.S. market. This quarter, I traveled to Hildesheim, Germany to meet in person with the entire team from our MEDIFOX DAN business.

本季度，我們任命 Gregg Timmons 為 Brightree 業務的新總經理。我很高興能夠支持 Greg 和 Bobby 繼續推動我們的家庭醫療設備提供者的成長，並幫助我們在美國市場的客戶。本季度，我前往德國希爾德斯海姆，與我們 MEDIFOX DAN 業務的整個團隊會面。

The growth in tech solutions for ambulant home nursing as well as stationary nursing home businesses is very strong in Germany. With an aging population in that country and a government that is driving care to be more home-based through their policies and more digital through their policies, we see a long runway for growth with our MEDIFOX DAN team and across our global Software-as-a-Service business.

德國流動家庭護理和固定療養院業務的技術解決方案成長非常強勁。隨著該國人口老化，以及政府透過政策推動護理更加以家庭為基礎，並透過政策更加數位化，我們看到了我們的 MEDIFOX DAN 團隊和整個全球軟體即服務的漫長增長之路。a-服務業務。

Our SaaS business remains an integral part of ResMed's growth strategy. This business complements the market-leading software and device solutions we have in our respiratory medicine business and we are well positioned as the leading global strategic provider of SaaS solutions for residential medicine globally. And we have created differentiated value for customers and will drive long-term sustainable growth for our shareholders.

我們的 SaaS 業務仍然是 ResMed 成長策略不可或缺的一部分。該業務補充了我們在呼吸醫學業務中擁有的市場領先的軟體和設備解決方案，並且我們處於全球領先的住宅醫學 SaaS 解決方案策略提供者的地位。我們為客戶創造了差異化價值，並將為股東推動長期永續成長。

Before we get into a detailed update on our financials, let me say this here at ResMed. We are transforming respiratory medicine and residential medicine at scale. We are leading the market in digital health technology across our markets. As we continue to scale and drive efficiencies in our operations, we will leverage appropriate pricing and cost reductions to drive profitable growth. We're focused on driving top line revenue and tight cost discipline as well as increased efficiencies so that we can accelerate profitability, delivering value for all of our stakeholders and especially the 2 billion patients plus worldwide who need our help.

在我們詳細介紹我們的財務狀況之前，讓我先在瑞思邁說一下。我們正在大規模改造呼吸醫學和住院醫學。我們在整個市場的數位健康技術領域處於領先地位。隨著我們繼續擴大業務規模並提高營運效率，我們將利用適當的定價和降低成本來推動獲利成長。我們專注於推動營收成長、嚴格成本控制以及提高效率，從而加快獲利速度，為所有利害關係人，特別是全球 20 億患者以及需要我們幫助的患者創造價值。

As we move through fiscal year 2024, I'm confident and laser focused that we will continue to see improvements in our gross margin with [GM] leverage programs focused on 5 key areas: number one, to drive the launch of AirSense 11 into new global markets and to increase the availability of AirSense 11 ultimately in all the country markets that we serve; number two, to drive ongoing strong mask growth with a combination of resupply programs, subscription programs and new product launches. And you can see that's working this quarter; number three, to increase software solutions growth moving from high single-digit organic growth to double-digit organic growth with increased net operating profit leverage in that segment; number four, to move the higher cost components and freight costs that we've seen through our legacy through our P&L.

隨著我們進入2024 財年，我充滿信心並高度關注，透過專注於5 個關鍵領域的[GM] 槓桿計劃，我們將繼續看到毛利率的改善：第一，推動AirSense 11 的推出進入新的領域全球市場，並最終提高 AirSense 11 在我們服務的所有國家市場的可用性；第二，透過補給計畫、訂閱計畫和新產品發布結合，推動口罩持續強勁成長。你可以看到這個季度正在發揮作用；第三，透過增加該領域的淨利槓桿，提高軟體解決方案的成長，從高個位數有機成長轉向兩位數有機成長；第四，透過我們的損益表轉移我們在傳統中看到的較高成本的組件和貨運成本。

Turning what was a supply chain crisis headwind into a steady tailwind as we move through fiscal year 2024; and number five, to implement cost reduction actions in noncore areas of our business to free up cash and to accelerate investments in market-leading med tech and digital health solutions.

在 2024 財政年度到來之際，將供應鏈危機的逆風轉變為穩定的順風；第五，在我們業務的非核心領域實施成本削減行動，以釋放現金並加速對市場領先的醫療技術和數位健康解決方案的投資。

So in terms of Digital Health Investments and Solutions, we now have over 16 billion nights of de-identified medical data in the cloud and over 22.5 million 100% cloud connectable medical devices sold in more than 140 countries worldwide. We continue to lead the industry in digital health technology, and we don't plan to stop anytime soon. There is so much opportunity ahead of us. ResMed's mission and key goal remain crystal clear to improve 250 million lives through better residential health care in 2025.

因此，就數位健康投資和解決方案而言，我們現在在雲端擁有超過 160 億晚的去識別化醫療數據，並在全球 140 多個國家/地區銷售超過 2,250 萬台 100% 雲端連接醫療設備。我們將繼續在數位健康技術領域處於行業領先地位，並且不會很快停止。我們面前有很多機會。 ResMed 的使命和主要目標仍然非常明確，即到 2025 年透過更好的住宅醫療保健改善 2.5 億人的生活。

This patient-centric mission drives and motivates Resmedians every day. During the last 12 months, we have improved over 165 million lives with the delivery of a medical device directly to a patient, a complete mask system to a patient or a digital health software solution, helping each person to sleep better, to breathe better and to live high-quality lives with best-in-class health care delivered right where they live. I'm very excited about the opportunities in front of us.

這種以患者為中心的使命每天都在推動和激勵 Resmediars。在過去12 個月中，我們透過直接向患者提供醫療設備、向患者提供完整的面罩系統或數位健康軟體解決方案，改善了超過1.65 億人的生活，幫助每個人睡得更好、呼吸得更好、在他們居住的地方享受一流的醫療保健，過著高品質的生活。我對擺在我們面前的機會感到非常興奮。

In closing, I want to express my sincere gratitude to the 10,000 ResMedians for their perseverance, their hard work, their dedication, both today and every day. Thank you.

最後，我要向 10,000 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。謝謝。

With that, I'll hand the call over to Brett in Sydney. And after Brett's remarks, we will open up for Q&A from the entire group. Brett, over to you.

這樣，我會將電話轉給雪梨的布雷特。在布雷特發言之後，我們將開放整個小組的問答環節。布雷特，交給你了。

Great. Thanks, Mick. In my remarks today, I'll provide an overview of our results for the first quarter of fiscal year 2024, unless noted, all comparisons are to the prior year quarter. We had strong financial performance in Q1. Group revenue for the September quarter was $1.1 billion, an increase of 16%. In constant currency terms, revenue increased by 15%. Revenue growth reflected the ongoing combined availability of AirSense 10 and AirSense 11 sleep devices to support solid underlying global demand as well as strong growth across our mask product portfolio. Year-on-year movements in foreign currencies positively impacted revenue by approximately $10 million in the September quarter.

偉大的。謝謝，米克。在今天的演講中，我將概述 2024 財年第一季的業績，除非另有說明，否則所有比較均與上一年季度進行。我們第一季的財務業績強勁。 9 月季度集團營收為 11 億美元，成長 16%。以固定匯率計算，營收成長了 15%。營收成長反映出 AirSense 10 和 AirSense 11 睡眠設備的持續組合可用性，以支援堅實的全球潛在需求以及我們的面罩產品組合的強勁成長。外幣同比變動對 9 月季度的收入產生了約 1000 萬美元的正面影響。

Looking at our geographic revenue distribution and excluding revenue from our Software as a Service business, sales in U.S., Canada and Latin America countries increased by 10%. In constant currency terms, sales in Europe, Asia and other markets increased by 18%. Globally, in constant currency terms, device sales increased by 8%, while masks and other sales increased by 21%. Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 2%, which reflects the fact that we are cycling a particularly higher prior year comparable that was driven by sales of our card to cloud devices.

從我們的地理收入分佈來看，不包括軟體即服務業務的收入，美國、加拿大和拉丁美洲國家的銷售額成長了 10%。以固定匯率計算，歐洲、亞洲和其他市場的銷售額成長了18%。在全球範圍內，以固定匯率計算，設備銷售額增長了 8%，而口罩和其他產品的銷售額增長了 21%。按地區劃分，美國、加拿大和拉丁美洲的設備銷售額增長了 2%，這反映出我們去年的可比性特別高，這是由我們的卡向雲端設備的銷售推動的。

Masks and other sales increased by 23%, reflecting growth in resupply and new patient setups. In Europe, Asia and other markets, device sales increased by 20% in constant currency terms, again, reflecting strong demand and significantly improved availability of cloud-connected devices. (inaudible) patient setups.

口罩和其他產品的銷售額成長了 23%，反映出補給和新病患設定的成長。在歐洲、亞洲和其他市場，以固定匯率計算，設備銷量再次成長了 20%，反映出雲端連接設備的強勁需求和可用性的顯著提高。 （聽不清楚）患者設定。

Software as a Service revenue increased by 32% in the September 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 7% in the September quarter. MEDIFOX DAN contributed revenue of $25.7 million for the September quarter, consistent with our expectations at the time of the acquisition. Note, we will anniversary this acquisition in Q2 FY '24, so our headline SaaS growth rate will moderate in Q2.

軟體即服務收入在 9 月季度增長了 32%，反映了我們收購 MEDIFOX DAN 的貢獻以及我們 HME 垂直領域持續強勁的業績。不包括我們收購的 MEDIFOX DAN，SaaS 營收在 9 月季度成長了 7%。 MEDIFOX DAN 在 9 月季度貢獻了 2,570 萬美元的收入，與我們收購時的預期一致。請注意，我們將在 2024 財年第二季慶祝收購，因此我們的整體 SaaS 成長率將在第二季放緩。

Turning to the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our first quarter earnings press release. Gross margin declined by 160 basis points to 56% in the September quarter. The decrease primarily reflects an increase in component and manufacturing costs, partially offset by favorable product mix due to the increase in mask growth relative to device growth and favorable foreign currency movements. Sequential gross margin improved by 20 basis points, driven primarily by favorable product mix.

談到我今天的評論的其餘部分，我將指的是非公認會計原則數字。我們在第一季財報新聞稿中提供了非公認會計原則與公認會計原則數據的全面調節。 9 月季度毛利率下降 160 個基點至 56%。這一下降主要反映了組件和製造成本的增加，但部分被有利的產品組合所抵消，這是由於相對於設備增長而言掩模增長的增加以及有利的外匯變動。毛利率環比提高了 20 個基點，主要得益於有利的產品組合。

Moving on to Operating Expenses. SG&A expenses for the first quarter increased by 15% or in constant currency terms increased by 14%. The increase was predominantly attributable to increases in employee-related costs as well as the incremental SG&A expense associated with the MEDIFOX DAN that we acquired in November 2022. SG&A expenses as a percentage of revenue was 20.2% compared to the 20.3% in the prior year period.

繼續討論營運費用。第一季的 SG&A 費用增加了 15%，以固定匯率計算成長了 14%。這一增長主要歸因於員工相關成本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 20.2%，而上一年為 20.3%。

Looking forward and subject to currency movements, we expect SG&A expense as a percentage of revenue to be in the range of 18% to 20% for fiscal year '24. This guidance also reflects the impact of restructuring we initiated earlier this week, and we estimate this will result in a reduction in our workforce of approximately 5%. We expect to complete the restructure during our second quarter of fiscal year '24.

展望未來，受匯率變動的影響，我們預期 24 財年的 SG&A 費用將佔營收的百分比將在 18% 至 20% 之間。這項指導意見也反映了我們本週稍早啟動的重組的影響，我們估計這將導致我們的員工人數減少約 5%。我們預計將在 24 財年第二季完成重組。

R&D expenses for the quarter increased by 20% or in constant currency terms increased by 21%. The R&D expenses as a percentage of revenue was 6.9% compared to the 6.6% in the prior year period. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 6% to 7% for fiscal year '24. Operating profit for the quarter increased by 10%, underpinned by strong revenue growth, partially offset by a lower gross margin. Our net interest expense for the quarter was $15 million, we expect interest expense to be in the range of $12 million to $14 million per quarter over the balance of fiscal year '24. Our effective tax rate for the September quarter was 20.1%, broadly consistent with the prior year quarter.

本季研發費用成長 20%，以固定匯率計算成長 21%。研發費用佔營收的比例為 6.9%，去年同期為 6.6%。展望未來，根據匯率變動，我們預期 24 財年研發費用將佔營收的比例在 6% 至 7% 之間。在營收強勁成長的推動下，本季營業利潤成長了 10%，但毛利率下降部分抵銷了這一成長。我們本季的淨利息支出為 1,500 萬美元，我們預計 24 財年餘額中每季的利息支出將在 1,200 萬美元至 1,400 萬美元之間。我們九月季度的有效稅率為 20.1%，與去年同期基本一致。

Looking forward, we estimate our effective tax rate for fiscal year '24 will be in the range of 19% to 21%. Our net income for the September quarter increased by 9% and non-GAAP diluted earnings per share of $1.64 also increased by 9%. During the quarter, we recorded a provision of $8 million associated with the expected cost of the recently announced Astral field safety notification. We also recorded acquisition-related expenses of $0.5 million during the quarter.

展望未來，我們估計 24 財年的有效稅率將在 19% 至 21% 之間。我們九月季度的淨利潤增長了 9%，非 GAAP 攤薄後每股收益 1.64 美元也增長了 9%。在本季度，我們記錄了與最近宣布的 Astral 現場安全通知的預期成本相關的 800 萬美元準備金。本季我們也記錄了 50 萬美元的收購相關費用。

These both have been treated as non-GAAP items in our Q1 financial results. We recorded losses of $4.5 million in our September quarter associated with the Primasun joint venture with Verily. As Mick discussed, the joint venture will be winding down operations, and we will incur no further losses going forward in relation to Primasun.

在我們第一季的財務表現中，這兩項均被視為非公認會計準則項目。我們在 9 月的季度中因與 Verily 成立 Primasun 合資企業而損失了 450 萬美元。正如 Mick 所討論的，合資企業將逐步結束運營，我們今後不會再因 Primasun 遭受任何損失。

Cash flow from operations for the quarter was $286 million, reflecting solid underlying earnings and stable working capital balances. Capital expenditure for the quarter was $30 million, and depreciation and amortization for the quarter totaled $45 million. We ended the first quarter with a cash balance of $209 million, and at September 30, we had $1.4 billion in gross debt and $1.2 billion in net debt. During the quarter, we reduced our debt by $80 million. At September 30, we had approximately $825 million available for drawdown under our revolver facility, and we continue to maintain a solid liquidity position.

本季營運現金流為 2.86 億美元，反映出穩健的基礎收益和穩定的營運資金餘額。該季度的資本支出為 3000 萬美元，該季度的折舊和攤銷總額為 4500 萬美元。第一季結束時，我們的現金餘額為 2.09 億美元，截至 9 月 30 日，我們的總債務為 14 億美元，淨債務為 12 億美元。本季度，我們減少了 8000 萬美元的債務。截至 9 月 30 日，我們的循環貸款工具下約有 8.25 億美元可供提取，並且我們繼續保持穩固的流動性頭寸。

During the quarter, we also closed our previously announced Somnoware acquisition, a company that provides an upstream diagnostic management platform that is complementary to our current AirView and Brightree solutions. Our Board of Directors today declared a quarterly dividend of $0.48 per share. As part of our capital management activities, we plan to resume our previously authorized share buyback program starting in our second quarter. We expect to purchase shares to the value of approximately $50 million per quarter. This will more than offset any dilution from the issue of employee equity during the year.

在本季度，我們也完成了先前宣布的 Somnoware 收購，該公司提供上游診斷管理平台，對我們目前的 AirView 和 Brightree 解決方案進行補充。我們的董事會今天宣布季度股息為每股 0.48 美元。作為我們資本管理活動的一部分，我們計劃從第二季開始恢復先前授權的股票回購計畫。我們預計每季購買價值約 5000 萬美元的股票。這將足以抵消年內發行員工股權所帶來的任何稀釋。

Finally, concurrent with our capital management activities, we plan to continue to reinvest in growth through R&D and expect to deploy further capital for tuck-in acquisitions.

最後，在我們的資本管理活動的同時，我們計劃繼續透過研發對成長進行再投資，並期望部署更多資本進行收購。

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

然後，我會將電話轉回給艾米。

Great. Thank you, Brett, and thank you, Mick. Kevin, let's go ahead and turn the call back over to you to remind participants about instructions for the Q&A portion of the call.

偉大的。謝謝你，布雷特，謝謝你，米克。凱文，讓我們繼續將電話轉回給您，以提醒參與者有關電話問答部分的說明。

(Operator Instructions) Our first question is coming from David Bailey from Macquarie.

（操作員說明）我們的第一個問題來自麥格理的 David Bailey。

Mick, I'd just like to press a bit more on some of the comments around the market to 2050. Just interested in your thoughts around GLP-1 has potentially been complementary to see that as opposed to being a substitution for. Just and maybe just giving some thoughts around the upcoming clinical trials and how that could influence that uptake going forward?

Mick，我想就 2050 年市場上的一些評論多講一點。只是對您對 GLP-1 的想法感興趣，這可能是補充，而不是替代品。只是，或許只是對即將到來的臨床試驗提出一些想法，以及這將如何影響未來的採用？

Yes. Thanks for the question, David. And I'm just happy that we've had 90 days and we put some sites behind the analysis of this as the world leader in the field of respiratory medicine and sleep apnea, we really know these prevalence numbers really well. And so that baseline of 936 million patients from 2015, growing to 1.4 billion through 2050 is really, I think, pretty conservative in its assumption of the growth rate of populations and aging populations in lower growth areas.

是的。謝謝你的提問，大衛。我很高興我們已經有 90 天的時間了，作為呼吸醫學和睡眠呼吸中止症領域的世界領導者，我們在一些網站上對此進行了分析，我們非常了解這些盛行率數字。因此，我認為，從 2015 年 9.36 億患者的基線到 2050 年增長到 14 億，對於低增長地區的人口增長率和老齡化人口的假設確實相當保守。

But what that shows is 1.4 billion available in that time, not including any impact from any of these GLP-1 class of drugs. And we took really the maximum aggressive efforts, including all current indications and some future ones to assess what the impact could be on the potential of patients in terms of sleep apnea prevalence worldwide, really aggressive and assume not only aggressive penetration but sustained that the adherence rate would stay sort of 80% to 100% on these drugs, which they're not achieving out there in the market, but we just said, let's take that high penetration case and that showed 1.2 billion patients in 2050.

但這表明當時有 14 億可用藥物，不包括任何這些 GLP-1 類藥物的任何影響。我們確實採取了最大的積極努力，包括所有當前的適應症和一些未來的適應症，以評估這對患者在全球睡眠呼吸中止症盛行率方面的潛力可能產生的影響，非常積極，不僅假設積極滲透，而且堅持堅持這些藥物的使用率將保持在80% 到100% 左右，這是他們在市場上無法實現的，但我們剛剛說過，讓我們以高滲透率為例，該案例顯示2050 年將有12 億患者。

And so we will look at every update that comes from the pharma industry. They're very active in this class of GLP-1 but we think we're taking a very high penetration analysis to get there. And so we'll continue to look at any new data that come on and every quarter, we'll update that epidemiology model and move it around.

因此，我們將關注製藥業的每一次更新。他們在此類 GLP-1 中非常活躍，但我們認為我們正在採取非常高的滲透分析來實現這一目標。因此，我們將繼續關注出現的任何新數據，每個季度我們都會更新流行病學模型並對其進行調整。

But what it shows is a huge opportunity, 1.1 billion patients above our penetration at quite high growth rates through the next number of decades. To your question around concomitant therapy and use, that's what we've been seeing in the last 2 years since a number of these have been out there in the diabetes side and on the obesity indications, it's obviously early days, but we're tracking many thousands of patients on GLP-1s and PAP we're seeing maintenance of adherence. We're seeing maintenance of resupply programs and really no change.

但它所展示的是一個巨大的機遇，在接下來的幾十年裡，將有 11 億患者以相當高的成長率超過我們的滲透率。對於你關於伴隨治療和使用的問題，這是我們在過去兩年中所看到的，因為其中一些藥物已經出現在糖尿病方面和肥胖適應症上，這顯然還處於早期階段，但我們正在追踪我們看到成千上萬的GLP-1 和PAP 患者的依從性得以維持。我們看到補給計劃仍在維護，但實際上沒有任何變化。

When you look at -- so that is the aggregate level, we are seeing no change there. We are seeing more patients coming into the funnel. Look, we know we're doing our awareness programs, our demand gen programs and there are other alternative therapies doing demand gen that bring patients into the funnel that we get a benefit from. But we truly believe that this idea that you could come in to the health care system, someone who's maybe obese, or morbidly obese likely avoiding the health care system, there's a high avoidance of people with BMI of 30, 32, 35 of the primary care system. And so we believe it will bring more patients in. We're seeing that with our very high patient flow.

當你觀察總體水準時，我們發現沒有任何變化。我們看到越來越多的患者進入漏斗。聽著，我們知道我們正在進行意識計劃、需求生成計劃，還有其他替代療法在進行需求生成，將患者帶入我們從中受益的管道。但我們確實相信，你可以進入醫療保健系統，一個可能肥胖或病態肥胖的人可能會避免進入醫療保健系統，對於 BMI 為 30、32、35 的主要人群，人們會高度迴避護理系統。因此，我們相信它將帶來更多的患者。我們透過非常高的患者流量看到了這一點。

So look, we're just looking at the data we're observing, which is patients on concomitant therapies there multiple years, and we're going to track those and track the adherence and we'll publish that every quarter. We're seeing actually our adherence rates steady and resupply rates steady in that installed base. And in the new patient flow side, we're actually seeing increased all-time highs of patients coming into the funnel.

所以看，我們只是查看我們正在觀察的數據，即多年來接受伴隨治療的患者，我們將追蹤這些數據並追蹤依從性，我們將每季發布這些數據。實際上，我們看到該安裝基地的遵守率和補給率保持穩定。在新的患者流量方面，我們實際上看到進入漏斗的患者數量創歷史新高。

So we're watching all of these above and we're looking for 2 to 3 decades and still see with highest case penetration, you can roll in any study like you're still going to see north of hundreds of millions to 1 billion patients between the likely penetration in our disease state and beyond. But David, thanks for the question, and I look forward to ongoing discussions.

因此，我們正在關注上述所有這些，我們正在尋找 2 到 3 年的時間，並且仍然會看到最高的病例滲透率，您可以進行任何研究，就像您仍然會看到數億至 10 億患者一樣介於我們疾病狀態下和之後的可能滲透率之間。但是大衛，謝謝你的提問，我期待著持續的討論。

(Operator Instructions) Our next question is coming from David Low from JPMorgan.

（操作員指示）我們的下一個問題來自摩根大通的 David Low。

If I could stick on the same topic. Mick, could I get you to talk a little bit to the 22.5 million patients that you've got on myAir. It would be really good to understand how they sort of fit into the categories of mild, moderate and severe sleep apnea. Because as much as you've given us some very big numbers we're fully aware that about half of those patients are in the mild category. And it's unclear to me that many of those patients are currently seeking treatment or will seek treatment in future. So if you could just help us with what you can see in the data, and so we can make an assessment as well, please.

如果我能堅持同一主題就好了。 Mick，我可以請您向 myAir 上的 2,250 萬名病患談一談嗎？如果您能了解它們如何分為輕度、中度和重度睡眠呼吸中止症的類別，那就太好了。因為儘管您給了我們一些非常大的數字，但我們完全意識到其中大約一半的患者屬於輕度患者。我不清楚其中許多患者目前正在尋求治療或將來會尋求治療。因此，如果您能幫助我們了解您在數據中看到的內容，以便我們也可以進行評估，請。

Yes, David, look, thanks for the question. And as you look at the epidemiology data, there's a number of splits on AHI. What we're lacking in the market is a split around symptomatology and how patients feel. And as we're looking at the data, patients with AHIs, 5 to 15, 15 to 30 and 30 plus and overlapping that with concomitant therapy, we'll be peer-reviewing and publishing data at upcoming conferences in 2024 on this to show some of these nuances of deltas.

是的，大衛，謝謝你的提問。當您查看流行病學數據時，您會發現 AHI 存在許多分歧。我們市場上缺乏的是圍繞症狀學和患者感受的分歧。當我們查看數據時，患有AHI、5 至15、15 至30 和30 歲以上的患者，並將其與伴隨治療重疊，我們將在2024 年即將召開的會議上對此進行同行評審和發布數據，以顯示三角洲的一些細微差別。

But on the aggregate group, we're not seeing changes in adherence. And even in the subsets, of mild to moderate. We're not seeing significant changes in adherence rates or new patients coming into the funnel. AHI is a great measure of the number of suffocation episodes per hour. Just to remind people, an AHI of 14, just under 15%, which is considered mild is suffocating every 4 minutes of sleep. So a doctor may call that mild, but to a patient who's suffocating every 4 minutes of sleep, in 15 -- 14 times an hour, and you're sleeping all through the not having 80, 90 suffocation episodes. They stick on the therapy and new patients coming in as well.

但就整體而言，我們沒有看到依從性發生變化。即使在輕度到中度的子集中。我們沒有看到依從率有重大變化，也沒有看到新病患進入漏斗。 AHI 是衡量每小時窒息次數的重要指標。只是提醒人們，AHI 為 14，略低於 15%，這被認為是輕度，每睡眠 4 分鐘就會令人窒息。所以醫生可能會說這是輕微的，但對於每4 分鐘睡眠就會窒息一次的患者來說，每小時會窒息15 到14 次，而你在整個睡眠過程中都沒有發生80、90 次窒息事件。他們堅持治療，新病人也進來了。

So look, we're watching this really carefully, and we're really analyzing by AHI, by symptomatology, by craniofacial distance between the tongue and the uvula and actually size of tongue because there's a whole lot of factors that go into -- go into the prevalence of sleep apnea. And obviously, the issues around hypopneas which are far more prevalent in women and lead to worse excessive daytime sleepiness, headache and comorbidities that are not associated with weight at all.

所以看，我們正在非常仔細地觀察這一點，我們實際上是透過 AHI、症狀學、舌頭和懸雍垂之間的顱面距離以及舌頭的實際大小進行分析，因為有很多因素會影響——睡眠呼吸暫停的盛行率。顯然，呼吸不足的問題在女性中更為普遍，會導致更嚴重的白天過度嗜睡、頭痛和與體重無關的併發症。

But look, we're looking through all of these data. And as we look forward over the next number of decades, there will be an impact. There's no question by these weight loss medications. But it will be on the margin and it won't be -- I mean, certainly, the market believes it's going to be dramatic given the last 90 days of our stock. And I can tell you, every bit of clinical data that we have going forward and every bit we have going retrospectively. And we've got the biggest database in the world, and it's 21.5 million patients. As we look at that split between mild, moderate and severe, we're not seeing changes.

但是看，我們正在查看所有這些數據。當我們展望未來幾十年時，將會產生影響。這些減肥藥毫無疑問。但它會是邊緣性的，也不會是——我的意思是，當然，考慮到我們股票過去 90 天的表現，市場相信這將是戲劇性的。我可以告訴你，我們所擁有的每一項臨床數據以及我們所回顧的每一項臨床數據。我們擁有世界上最大的資料庫，其中有 2,150 萬名患者。當我們觀察輕度、中度和重度之間的差異時，我們沒有看到任何變化。

But look, every quarter, we'll continue to update that, and we'll do more and more splits on severity. We published this epidemiology model this quarter, and we'll continue to update it and continue to provide data. I'm also making sure that we keep some of those data, so we can get them into the peer reviewed and published press like the Lancet article that started this epidemiology model, and so we'll be publishing the information that we can. And then every quarter here on the -- on our investor side, but they will also be running the real science and epidemiology models and healthy con and outcomes research work and making sure that gets into the peer reviewed and published press as well.

但是看，每個季度，我們都會繼續更新它，我們會根據嚴重性進行越來越多的劃分。我們本季發布了這個流行病學模型，我們將繼續更新它並繼續提供數據。我還確保我們保留其中一些數據，以便我們可以將它們放入同行評審和出版的媒體中，例如啟動此流行病學模型的《柳葉刀》文章，因此我們將發布我們可以發布的資訊。然後每個季度在我們的投資者方面，但他們也將運行真正的科學和流行病學模型以及健康的騙局和結果研究工作，並確保這些工作也進入同行評審和出版媒體。

Next question is coming from Dan Hurren from MST.

下一個問題來自 MST 的 Dan Huren。

I was going to ask some questions about the results rather than GLP-1 drugs, if that's okay?

我想問一些關於結果而不是 GLP-1 藥物的問題，可以嗎？

Dan, that would be delightful.

丹，那將是令人愉快的。

Okay. All right. Look, just a question for Brett. Could you walk us -- can you just walk us through the headwinds and tailwinds for gross margin over the balance of FY '24. And maybe we're seeing some pricing increases out there in the market and product mix shifting around. Could you just perhaps walk through those factors?

好的。好的。聽著，只是問布雷特一個問題。您能否帶領我們了解 24 財年剩餘毛利率的逆風和順風。也許我們會看到市場上的一些定價上漲和產品組合的變化。能否簡單介紹一下這些因素？

Yes, sure, Dan. As we look forward on GM, I mean, Mick mentioned it in his remarks as well. But if you look at it in terms of GM, we do feel that we're going to see improvements in our gross margin over FY '24. And those tailwinds are really going to be around improved product mix, manufacturing improvements and efficiencies that we think we can drive. Freight cost reductions are still making their way through inventory and some of that will manifest in FY '24. We're seeing stabilized component costs now. We -- that was a headwind even for this quarter but we're cycling -- largely cycling that, particularly in the second half FY '24.

是的，當然，丹。當我們期待通用汽車時，我的意思是，米克在他的演講中也提到了這一點。但如果你從通用汽車的角度來看，我們確實認為我們的毛利率將比 24 財年有所改善。這些推動因素實際上將圍繞著我們認為可以推動的產品組合的改進、製造的改進和效率的提高。貨運成本的降低仍在透過庫存進行，其中一些將在 24 財年體現出來。我們現在看到零件成本穩定了。即使對於本季度來說，這也是一個逆風，但我們正在循環——很大程度上是循環，特別是在 24 財年下半年。

And then we have, obviously, the AS10 to AS11 transition that will be progressive over FY '24 as well. And then your point mentioning a little bit around pricing as well. So a combination of those factors will give us confidence, I think, in the gross margin through FY '24.

顯然，我們還有 AS10 到 AS11 的過渡，這也將在 24 財年逐步進行。然後你的觀點也提到了一些關於定價的問題。因此，我認為，這些因素的結合將使我們對 24 財年的毛利率充滿信心。

Your next question is coming from Chris Cooper from Goldman Sachs.

你們的下一個問題來自高盛的克里斯·庫柏。

Sorry to come back to it, guys, but I think it is an important topic. So just on the patient data mix that you're tracking CPAP patients also in GLP-1s. Can you just update us on how many patients you're tracking there? And -- and when you intend on publishing that? I know Rob foreshadowed last month that you would be sort of releasing that data? Would it make sense to do that before? Or do you think maybe after the major study that's going to read out next year? And just any high-level thoughts you have on the outcome of that study would be helpful at this stage.

很抱歉回到這個話題，夥計們，但我認為這是一個重要的話題。因此，就患者資料組合而言，您也在 GLP-1 中追蹤 CPAP 患者。您能告訴我們您正在追蹤的患者數量嗎？還有——你打算什麼時候發布？我知道羅布上個月就預示過你們會發布這些數據？以前這樣做有意義嗎？或者你認為也許在明年宣讀的主要研究之後？在這個階段，您對該研究結果的任何高層次想法都會有所幫助。

Yes. Thanks, Chris. And so yes, there will be ongoing longitudinal studies that will get out to the peer-reviewed press, but obviously, look, it's an urgent issue. And if you look at the market reaction in the last 90 days, there's an assumption of 30%, 40% reduction in immediate TAM, right? If you look at that market cap change, and it's just in congress with every piece of scientific evidence that we've looked at historically and going forward.

是的。謝謝，克里斯。所以，是的，將會有正在進行的縱向研究，並將向同行評審的媒體公佈，但顯然，這是一個緊迫的問題。如果你看看過去 90 天內的市場反應，就會假設即時 TAM 減少 30%、40%，對吧？如果你觀察市值的變化，你會發現它與我們過去和未來研究過的每一項科學證據都是一致的。

Yes. So there's many thousands of patients on our GLP-1 plus PAP database. We also have 17,000 patients that we're tracking that have had gone through bariatric surgery and our own PAP therapy post surgery with 50-plus percent weight loss reductions in that cohort. So we're tracking much stronger weight loss cohort and this sort of -- depending on which type of GLP-1, 10, 20, 30, plus percent weight loss reductions in the extreme case of the 50% weight loss reductions.

是的。因此，我們的 GLP-1 plus PAP 資料庫中有數千名患者。我們也追蹤了 17,000 名接受過減重手術和我們自己的術後 PAP 治療的患者，該族群的體重減輕了 50% 以上。因此，我們正在追蹤更強大的減肥隊列和此類 - 取決於 GLP-1、10、20、30 的類型，以及在極端情況下體重減輕 50% 的減肥百分比。

And so we'll be publishing data in the peer-reviewed clinical press across all of those cohorts as we go forward. Yes, we will choose as we keep putting out the epidemiology data, we will choose to put some of those data, which aren't going into the peer-reviewed press, right? So we don't corrupt those studies that we actually want to get into the clinical information that can really be out there versus just the stuff that we put together for an investor, which then would prohibit that -- those same data going into a clinical paper.

因此，隨著我們的進展，我們將在經過同行評審的臨床媒體上發布所有這些隊列的數據。是的，當我們不斷發布流行病學數據時，我們會選擇發布其中一些數據，這些數據不會進入同行評審的媒體，對嗎？因此，我們不會破壞那些我們真正想要進入臨床資訊的研究，這些資訊確實可以存在，而不是我們為投資者整理的東西，然後這會禁止那些相同的數據進入臨床。紙。

But we are finding the balance between those, and we definitely hear you that the market is looking for those data. I can tell you now that the data on aggregate are showing no change despite how you look at which GLP-1 class, which AHI group for adherence and resupply. But I will start to find the right division between the information we can get out on the short- to medium-term basis and the information that needs to go in those longitudinal studies to really show the sites behind this and really balance it out.

但我們正在尋找這些數據之間的平衡，而且我們肯定聽到市場正在尋找這些數據。我現在可以告訴你，無論你如何看待哪個 GLP-1 類別、哪個 AHI 組的堅持和補給，整體數據都沒有顯示任何變化。但我將開始在我們可以在短期到中期獲得的資訊和那些縱向研究中需要的資訊之間找到正確的劃分，以真正展示其背後的網站並真正平衡它。

One of the best ways we're doing it every quarter is to show the incredible growth that we're getting in our devices and our masks and particularly the resupply of masks, right? There's no impact of anyone's recall. There's no impact of any drug therapy and you just look at the replenishment rate of masks. If you're not on therapy, you're not ordering masks, and we're seeing really strong resupply.

我們每季都這樣做的最好方法之一就是展示我們的設備和口罩，特別是口罩的補給取得的令人難以置信的增長，對嗎？任何人的回憶都沒有影響。沒有任何藥物治療的影響，你只看面膜的補充率。如果你沒有接受治療，你就不會訂購口罩，而且我們看到了非常強勁的補給。

The other fact to bring into this that we can publish and do publish is the number of patients in our Air Solutions ecosystem, 22.5 million patients that continues to go up. We had record numbers of new patients starting up. And in addition to that, record numbers of patients themselves engaging with myAir and that's driven by AirSense 11 being far more digitally engaged and higher rates of adoption of that. But we're seeing a really strong uptake of patients that flow in and patients on adherence, but we'll continue to publish every quarter those data and the appropriate data we can from the clinical, and we'll definitely update the epidemiology model every quarter.

我們可以發布和確實發布的另一個事實是我們的 Air Solutions 生態系統中的患者數量，即 2,250 萬名患者，並且持續增加。我們的新患者數量創歷史新高。除此之外，使用 myAir 的患者數量也創歷史新高，這是由 AirSense 11 的數位化程度更高且採用率更高所推動的。 But we're seeing a really strong uptake of patients that flow in and patients on adherence, but we'll continue to publish every quarter those data and the appropriate data we can from the clinical, and we'll definitely update the epidemiology model every四分之一.

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

下一個問題來自 RBC 的 Craig Wong-Pan。

Just on your Americas mask growth, could you provide some more details on where that additional growth in resupply has been coming from? And how long do you think you can sustain that strong year-on-year growth in mask revenues?

關於美洲口罩的成長，您能否提供更多有關補給額外成長來自何處的詳細資訊？您認為口罩收入較去年同期強勁成長能維持多久？

Yes. Thanks, Craig. It's a really good question because the mask growth across the group was 21% on constant currency. Europe was incredibly strong at 15% constant currency growth in a full competition market with everybody on the field and 23% in U.S., Canada, Latin America.

是的。謝謝，克雷格。這是一個非常好的問題，因為以固定匯率計算，整個集團的面具成長率為 21%。歐洲的表現非常強勁，在所有人都參與的充分競爭的市場中，貨幣恆定成長率為 15%，而美國、加拿大和拉丁美洲的成長率為 23%。

Look, as I said in my description in the prepared remarks on our look forward over the next number of decades, the stable market growth in our field was mid-single digits on the device side and high single digits on the mask side. If you look at the 5-year CAGR, 3-year CAGR leading into 2019 pre COVID. And that's sort of what we're looking at that epidemiology model that mid-single-digit growth on devices and high single-digit growth on masks.

看，正如我在對未來幾十年的展望的準備好的評論中所說的那樣，我們領域的穩定市場增長在設備方面是中個位數，在掩模方面是高個位數。如果你看看 2019 年新冠疫情爆發前的 5 年複合年增長率、3 年複合年增長率。這就是我們正在研究的流行病學模型，即設備上的中個位數成長和口罩上的高個位數成長。

So if you think of that as the market growth in a stable state, it then comes up to, well, what can ResMed do in market demand? What can we do in demand gen? What can we do to get patients into the funnel? I truly believe to the 3 questions focused on this new class of drugs, I do believe we are seeing more patients come into the funnel, more patients into primary care.

因此，如果您將其視為穩定狀態下的市場成長，那麼瑞思邁可以在市場需求方面做些什麼？在需求生成中我們能做什麼？我們可以做些什麼來讓患者進入漏斗？我確實相信針對此類新藥物的三個問題，我確實相信我們正在看到更多的患者進入漏斗，更多的患者進入初級保健。

That's great. I mean I think there's $1 trillion worth of market cap now from these companies, and they will turn that into marketing to bring people in for their miracle drug, and that will absolutely bring patients in for assessment for all the comorbidities that are associated with a patient that might have been severely overweight and now likely on the other side of these will still be overweight including sleep apnea, COPD and other cardiovascular diseases and beyond.

那太棒了。我的意思是，我認為這些公司現在有價值1 兆美元的市值，他們將把它轉化為行銷，吸引人們購買他們的神奇藥物，這絕對會讓患者接受與藥物相關的所有合併症的評估。那些可能曾經嚴重超重的患者，現在可能仍然超重，包括睡眠呼吸中止症、慢性阻塞性肺病和其他心血管疾病等。

So we're watching that really closely. Look, we've consistently over decades that we've been in business, not just accepted mask growth rates from the market, we said, let's drive it higher and higher. The 23% is extraordinary and very strong in a highly competitive market. But I look at what we're doing with resupply, I look at what we're doing with new product launches. I look at what we're doing to drive patients into the funnel.

所以我們正在密切關注這一點。看，幾十年來我們一直在開展業務，而不僅僅是接受市場的掩模成長率，我們說，讓我們把它推得越來越高。在競爭激烈的市場中，23% 的比例非比尋常且非常強勁。但我會看看我們在補給方面所做的事情，我會看看我們在新產品發布方面所做的事情。我研究了我們正在採取哪些措施來推動患者進入漏斗。

And I think we can meet and beat that high single digits that the market would grow at. And with us being such a strong share, we get to -- when we do demand gen, we get to get a very good share of those patients through the funnel. So there's more of an incentive for ResMed to drive demand-gen initiatives when we get such a good share of it on the device and mask side, and we're seeing that in many of the markets we operate in worldwide. But it's a great question.

我認為我們可以達到並超越市場成長的高個位數。由於我們擁有如此強大的份額，當我們確實需要基因時，我們可以透過管道獲得這些患者的大量份額。因此，當我們在設備和麵罩方面獲得如此大的份額時，瑞思邁就會更有動力推動需求生成計劃，而且我們在全球運營的許多市場中都看到了這一點。但這是一個很好的問題。

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。

Mick, really good OpEx control in the quarter. And I think Brett mentioned, if I pick it up correctly, 18% to 20% as a guide on revenue going forward. I'm just wondering if there is more restructuring to done -- or to be done? Or you think you're rightsized at the moment?

Mick，本季的營運支出控制得非常好。我認為 Brett 提到過，如果我沒聽錯的話，18% 到 20% 作為未來收入的指導。我只是想知道是否還需要進行更多重組？還是你認為你現在的規模合適了？

Yes, Sean, thanks for the question. And as I said in the prepared remarks, stuff that impacts our people are the toughest decisions to make, and we did this week, have a change in 5% of our global workforce reduction, a 5% of our global workforce. And tough decisions to make. I really think that, that is -- if you think about it, that is the restructuring.

是的，肖恩，謝謝你的提問。正如我在準備好的演講中所說，影響我們員工的事情是最艱難的決定，我們本週就做出了改變，我們的全球勞動力減少了 5%，占我們全球勞動力的 5%。並做出艱難的決定。我真的認為，如果你仔細想想，那就是重組。

There are some changes I'm looking at in the operating model, sort and roles and responsibilities and a focus on a more product-led and brand-led company that will come over time, but they're not massive restructures. And I think what that 18% to 20% of revenues that Brett talked about in SG&A is indicative of the change that we've made here and reestablished a new base and a push for, as you said, really strong profitable growth across our business.

我正在考慮營運模式、類別、角色和職責方面的一些變化，以及隨著時間的推移將重點放在產品主導和品牌主導的公司上，但它們並不是大規模的重組。我認為 Brett 在 SG&A 中談到的 18% 到 20% 的收入表明了我們在這裡所做的改變，並重建了一個新的基礎，並推動，正如你所說，整個業務真正強勁的盈利增長。

But look, the world has changed. We are already a product-led organization but our brand has increased in its value across the world, and we need to document and understand that and understand how to engage people in nonreimbursed markets as consumers into the funnel. And we've already invested in a number of our D2C markets in that, and we're driving that.

但你看，世界已經改變了。我們已經是一個以產品為主導的組織，但我們的品牌在全球範圍內的價值已經增加，我們需要記錄和理解這一點，並了解如何讓無償市場中的人們作為消費者進入管道。我們已經在這方面投資了許多 D2C 市場，並且我們正在推動這一點。

And in our B2B and B2B2C markets, we're also working with our health care partners and distributors in the channel to work out how to best get patients into the funnel. So we're sort of, if you like, we're freeing up cash to reinvest in demand gen, reinvest in getting patients into the funnel. And we think there's a billion reasons in terms of the patients that need our help to get out there and do it. And that's going to be there for decades, and we've got to find better ways to do it. But to answer your question directly, yes, that restructure is done, and we're now focused on moving forward.

在我們的 B2B 和 B2B2C 市場中，我們也與通路中的醫療保健合作夥伴和經銷商合作，研究如何最好地讓患者進入通路。所以，如果你願意的話，我們正在釋放現金來再投資於需求生成，再投資於讓患者進入漏斗。我們認為，對於需要我們幫助的患者來說，有十億個理由走出去並做到這一點。這將持續數十年，我們必須找到更好的方法來做到這一點。但直接回答你的問題，是的，重組已經完成，我們現在專注於前進。

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

你們的下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾。

I wanted to focus on the quarter as well. You guys talked about this all-time high patient flow number, which is notable. When you said the channel, I guess, were you referencing those are CPAP prescriptions or folks getting tests and any color you can give us on how that growth profile compared to recent quarters? And anything kind of on the U.S. device growth this quarter as well.

我也想關注本季。你們談到了歷史最高的患者流量，這是值得注意的。當你說這個頻道時，我想，你指的是那些 CPAP 處方或接受測試的人，以及你能給我們的任何顏色，說明與最近幾個季度相比的增長情況嗎？以及本季美國設備成長的任何情況。

Yes. Thanks, Margaret. And yes, so look, we have a relatively low share of the diagnostic space in home sleep apnea testing with our apnea and care product. It's so we are tracking that. Those are up. The best data we have is through our Air Solution System. So we talk about the 22.5 million patients on our Air Solutions Platform and almost 7 million patients that we now have on myAir, patients directly engaged in. So we watch those starts very closely. We also do have [deidentified] and objective data from our Brightree showing across the whole industry, patients coming into the funnel in sleep apnea, but also across other medical equipment categories.

是的。謝謝，瑪格麗特。是的，所以看，我們的呼吸中止症和護理產品在家庭睡眠呼吸中止測試中的診斷空間份額相對較低。我們正在追蹤這一點。這些都起來了。我們擁有的最佳數據來自我們的空氣解決方案系統。因此，我們談論了 Air Solutions 平台上的 2,250 萬名患者，以及 myAir 上現在的近 700 萬名患者，這些患者直接參與其中。因此，我們非常密切地關注這些開始。我們也確實有來自 Brightree 的[未識別的]客觀數據，顯示整個行業、進入睡眠呼吸中止漏斗的患者，以及其他醫療設備類別。

And I can tell you, patients are getting engaged and finding their way into the -- to the primary care treatment funnel and specifically in sleep apnea. And we believe it's not short term that this is a sustainable rate of growth of patients coming in. And I think it's really exciting to see that.

我可以告訴你，患者正在積極參與並找到進入初級保健治療漏斗的方法，特別是睡眠呼吸中止症治療。我們相信，就診患者的可持續成長率並不是短期的。我認為看到這真的很令人興奮。

To your question specifically about device growth, yes, so it's 8% globally. I mean I got to say I'm incredibly proud of our Europe, Asia and Rest Of World Markets growing 20% this quarter, year-on-year. That's where we're competing directly with our competitor that was out for their recall. They're back in many countries, in Europe, Asia and rest of world, meeting and beating them head-to-head, I think, proves out the thesis that ResMed has the best-in-class products, but services and solutions, not just the hardware but the software and the capability we've been investing in that for a long period of time.

對於你關於設備成長的具體問題，是的，全球範圍內的成長率為 8%。我的意思是，我必須說，我對我們的歐洲、亞洲和世界其他市場本季同比增長 20% 感到無比自豪。這就是我們與尋求召回的競爭對手直接競爭的地方。他們回到了歐洲、亞洲和世界其他地區的許多國家，與他們正面交鋒並擊敗他們，我認為這證明了瑞思邁擁有一流的產品，但服務和解決方案，不僅僅是硬件，還有我們長期以來一直在這方面投資的軟體和能力。

This period a year ago, the September quarter 2022, we had just unleashed card to cloud on an unallocated basis, and it took off despite usually what is quite a low growth quarter in September, given that summer here in the U.S. We had incredible growth last summer with our card to cloud solutions. So we're lapping that growth.

一年前的這個時期，即2022 年9 月季度，我們剛剛在未分配的基礎上推出了卡到雲，儘管通常9 月的增長相當低，但考慮到美國的那個夏天，我們的增長令人難以置信。去年夏天我們使用了我們的卡到雲端解決方案。所以我們正在努力實現這種成長。

I think the team with that device growth of 2% is building on what was an extraordinary uptick from card to cloud. But when we look at the number of patients coming through the diagnostic funnel and the setups coming into AirView and the setups of the patients coming into myAir, the growth rate of patients is mid-single digits plus and with [repap] really up there.

我認為設備成長 2% 的團隊是在從卡到雲端的非凡成長的基礎上發展起來的。但是，當我們查看通過診斷管道的患者數量、進入 AirView 的設定以及進入 myAir 的患者設定時，會發現患者的成長率處於中個位數以上，而且 [repap] 確實很高。

And so I think that's why I can say that I think it's sustainable for us to meet and beat sort of the pre COVID 2019 earlier CAGR of mid-single digit growth for devices, we can meet and beat that throughout demand gen and high single-digit growth in masks. We can definitely meet and beat that through our work and experience and expertise now on resupply, engagement with patients and the changes that happen during COVID are focused on respiratory health and respiratory hygiene. So I hope that answers your question, Margaret. Thanks to that.

因此，我認為這就是為什麼我可以說，我認為我們能夠可持續地滿足並超越2019 年新冠疫情之前設備的中個位數複合年增長率，我們可以滿足並超越整個需求一代和高個位數增長。口罩的數字增長。透過我們現在在補給、與患者的接觸以及新冠肺炎期間發生的變化（重點是呼吸健康和呼吸衛生）方面的工作、經驗和專業知識，我們絕對可以滿足並克服這一挑戰。所以我希望這能回答你的問題，瑪格麗特。多虧了這一點。

Next question is coming from Steve Wheen from Jarden.

下一個問題來自賈登的史蒂夫·惠恩。

Yes. Just a question back on to the gross margin. When we think about fourth quarter's growth margin it went down largely because of FX and mix and yet we've got that going in your favor in this quarter. I'm just curious as to really what is holding that gross margin back when you do have such a strong mix geographically with devices in Rest of World up but also masks as a category overall up and you've got the FX tailwind as well. And just to clarify, the Astral field safety notice cost is not in the 56% gross margin from what I can work out, if that's correct as well.

是的。只是回到毛利率的問題。當我們考慮第四季度的成長利潤時，它的下降主要是由於外匯和混合因素，但我們在本季度的情況對您有利。我只是很好奇，當你確實在地理上與世界其他地區的設備有著如此強大的組合，但同時也掩蓋了整個類別的上升，並且你還獲得了外匯的順風時，到底是什麼阻礙了毛利率的增長。需要澄清的是，Astral 領域安全通知成本並不在我計算出的 56% 毛利率中（如果這也是正確的）。

Steven, it's Brett. Yes, that's correct. That's excluded a non-GAAP item from 56%, but if you're talking year-on-year on the gross margin, really the biggest impact coming through was component cost increases that we're still cycling through and working through inventory. So that was the biggest factor. We did see some product mix favorability there, but not enough to offset those component cost increases, for example. That was the biggest impact on the year-on-year reduction in GM.

史蒂文，我是布雷特。對，那是正確的。這不包括 56% 的非 GAAP 項目，但如果你談論同比毛利率，實際上最大的影響是零件成本的增加，我們仍在循環研究和解決庫存問題。所以這是最大的因素。例如，我們確實看到了一些產品組合的受歡迎程度，但不足以抵消這些零件成本的增加。這是對通用汽車年減影響最大的。

Next question is coming from Saul Hadassin from Barrenjoey Capital.

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

Mick you've kind of commented on sustainability of U.S. flow gen growth. I just wanted to ask you, so the growth rate based on revenues this quarter implies about a 17% CAGR going back to 1Q fiscal '20, so the September '19 quarter. So I'm just wondering if you think you can sustain sort of the dollars of flow gen sales that you reported this quarter? Or if you think sales are going to step down as we work through the rest of fiscal '24. Just wondering if you can sustain the level of sales in dollar terms?

米克，您對美國流量發電成長的可持續性發表了評論。我只是想問你，所以基於本季營收的成長率意味著回到 20 財年第一季（即 19 年 9 月季度）的複合年增長率約為 17%。所以我只是想知道您是否認為您可以維持本季報告的流量發電銷售額？或者，如果您認為在 24 財年剩下的時間裡銷售額將會下降。只是想知道您是否能夠維持以美元計算的銷售水準？

Yes. Thanks. It's a good question, but it's a complicated answer because there's so many moving pieces between that baseline you took there for that CAGR number '19 and '20 with the COVID shutdowns, our spin-up on ventilators with 150,000 vents at the start of 2020 and then the slowdown and the restart-up of the sleep apnea funnel and the shift that happened through 2020, 2021. And then, of course, the perturbation that made it a perfect storm of a competitor with a recall of 5.5 million devices and '21 through '23 and ongoing.

是的。謝謝。這是一個很好的問題，但它是一個複雜的答案，因為在你為CAGR 數字“19”和“20”設定的基線之間有很多變化，因為新冠肺炎疫情導致停工，我們在2020 年初啟動了擁有150,000 個通風口的呼吸機然後是睡眠呼吸中止漏斗的放緩和重新啟動，以及2020 年、2021 年發生的轉變。當然，接下來的擾動使其成為競爭對手的完美風暴，召回了550 萬台設備，並且「 21 至 23 日並持續進行。

So with all that, I'll just talk to the market growth rate that we saw stable pre-2019, right, of that mid-single-digit growth of devices and high single-digit growth in masks. We think that where we're at now taking our baseline of now we can meet and beat that growth rate, right? And so that definitely doesn't mean going backwards. Take what we've got now, which is, I believe, a very strong share of the U.S. market. And in the 140 countries we're in competition, but it's a good place for us to be. We are looking at from where we are achieving mid-single-digit plus growth in our devices and high single-digit growth on our masks.

因此，我只想談談我們在 2019 年之前看到的穩定的市場成長率，即設備的中個位數成長和口罩的高個位數成長。我們認為，我們現在的基準是可以達到並超越這個成長率，對吧？所以這絕對不意味著倒退。以我們現在所擁有的為例，我相信，我們在美國市場佔有非常大的份額。我們在 140 個國家/地區參與競爭，但這對我們來說是一個好地方。我們正在著眼於我們的設備實現中個位數以上成長，以及我們的口罩實現高個位數成長。

And no, we don't intend to go backwards at all. In fact, we intend to not only go forward but go forward strongly. And I think what was shown up in the numbers this quarter is our incredibly strong growth. I talked earlier that our incredibly strong growth in devices of 20% in Europe, Asia and Rest Of World. We had 15% growth in masks in Europe, Asia and around the other countries.

不，我們根本不打算倒退。事實上，我們不僅要前進，而且要堅強地前進。我認為本季的數據顯示了我們令人難以置信的強勁成長。我之前說過，我們在歐洲、亞洲和世界其他地區的設備成長了 20%，令人難以置信。我們在歐洲、亞洲和其他國家的口罩銷量成長了 15%。

And so I think what it's shown is that ResMed is going to go head-to-head with full competition out there and be able to meet and beat the competition because we've got the smallest, quietest, most comfortable, most connected, the most intelligent health systems, and it's that whole combination of not just the product, but the solution, the service and how it's embedded in the health care system to the patient, to the physician that allows us to achieve that. So we're not going backwards. We're going forward Saul, and we're going to grow at or ahead of market. And in many countries, we're going to drive demand gen to increase the whole aggregate market growth rate, and pull more patients into the funnel because now we've got a greater incentive than ever to do that. Thanks for the question.

因此，我認為這表明瑞思邁將與全面的競爭進行正面交鋒，並且能夠滿足並擊敗競爭對手，因為我們擁有最小、最安靜、最舒適、最互聯、最智能的醫療系統，不僅僅是產品的整體組合，還有解決方案、服務以及如何將其嵌入到患者和醫生的醫療保健系統中，使我們能夠實現這一目標。所以我們不會倒退。我們將繼續前進，掃羅，我們的成長將同步或領先市場。在許多國家，我們將推動需求成長，以提高整個市場的整體成長率，並將更多的患者納入漏斗，因為現在我們比以往任何時候都有更大的動機來做到這一點。謝謝你的提問。

The next question is coming from Mathieu Chevrier from Citi.

下一個問題來自花旗集團的 Mathieu Chevrier。

One on SaaS, please. So what will drive the SaaS revenue to now grow double digits from high single digit previously?

請提供一份 SaaS 服務。那麼，是什麼推動 SaaS 收入從之前的高個位數成長到現在的兩位數呢？

Yes. Thanks for the question, Mathieu, and welcome to covering ResMed. Yes. So look, what's going to happen is with our organic SaaS business, as you saw in the quarter, we had good high single-digit growth at 7%. And we've sort of been in that sort of 7% to 8% in our organic growth across our U.S. franchise really MatrixCare plus Brightree. And with the MEDIFOX DAN group, we haven't sort of been breaking out organic growth within that. But it is going to be incremental to that group.

是的。感謝 Mathieu 提出問題，歡迎報道 ResMed。是的。所以看，我們的有機 SaaS 業務將會發生什麼，正如您在本季度看到的那樣，我們實現了 7% 的高個位數成長。我們在美國的 MatrixCare 和 Brightree 特許經營業務的有機成長一直在 7% 到 8% 左右。對於 MEDIFOX DAN 集團，我們還沒有在其中實現有機成長。但對於該群體來說，這將是增量的。

But in addition to that, there's a great product pipeline at both Brightree and MatrixCare, that I feel confident and some portfolio focuses on the high-growth parts of their portfolio and moving out or backing up with some of the low growth areas in that portfolio of MatrixCare that gives me great confidence as I look forward over the fiscal year and beyond that we're going to turn organic growth from sort of where it is now in the high single digits to double double-digit growth on a stable organic basis across that SaaS business.

但除此之外，Brightree 和MatrixCare 都有很棒的產品線，我對此充滿信心，並且一些投資組合專注於其投資組合中的高增長部分，並撤出或支持該投資組合中的一些低成長領域MatrixCare 的承諾給了我很大的信心，因為我展望本財年及之後的財務年度，我們將在穩定的有機基礎上將有機增長從目前的高個位數轉變為兩位數增長SaaS業務。

So Mathieu, it's a combination of MEDIFOX DAN increase in the group but also some great product pipelines in the current business to be able to get us there. And the final punchline I'll put there is, in addition to that, driving that better top line growth, we're working -- we were restructured as well on SG&A and some R&D in our SaaS business this week -- this quarter. And that will allow us to get good leverage on the net operating profit bottom line. And I see that moving closer and closer to the ResMed group and even being a strong contributor, an even stronger contributor for us as we look to maximize our long-term EPS and return on invested capital across our group.

Mathieu 表示，集團中 MEDIFOX DAN 的成長以及當前業務中一些出色的產品管道的結合使我們能夠實現這一目標。我要說的最後一個亮點是，除此之外，為了推動更好的營收成長，我們正在努力——本週——本季度——我們還在SG&A 和SaaS 業務的一些研發方面進行了重組。這將使我們能夠充分利用淨營業利潤底線。我看到，隨著我們尋求最大化整個集團的長期每股盈餘和投資資本回報率，我們與瑞思邁集團的關係越來越接近，甚至成為我們的強大貢獻者，甚至更強大的貢獻者。

So great question, Mathieu, but we're very confident we can achieve that as we go through fiscal year '24, '25 and beyond in our SaaS business.

這是一個很好的問題，Mathieu，但我們非常有信心在 24、25 財年及以後的 SaaS 業務中能夠實現這一目標。

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

我們的問答環節即將結束。我想將發言權交還給米克，以徵求進一步的意見或結束意見。

Well, thanks, everybody, for attending this call and for the great detailed questions. And thanks, Kevin. Yes. Look, I'll close with this, ResMed is well positioned for ongoing future success and accelerated profitable growth. We're taking actions to prioritize on the right initiatives, and we're optimizing costs to fuel our long-term growth.

好的，謝謝大家參加這次電話會議並提出非常詳細的問題。謝謝，凱文。是的。看，我將以此結束，瑞思邁已做好充分準備，以實現未來的持續成功並加速獲利成長。我們正在採取行動，優先考慮正確的舉措，並優化成本以推動我們的長期成長。

The opportunity in front of us is huge and largely untapped and it's an incredible runway. We see more and more people coming into the health care system every quarter and we'll benefit and help them sleep better, breathe better and live better lives in 140 countries. And we'll keep proving it to you every quarter as we go forward. Thanks to all the 10,000 ResMedians, many of whom are also shareholders, for all that you do today and every day.

我們面前的機會是巨大的，基本上尚未開發，這是一條令人難以置信的跑道。我們每季都會看到越來越多的人進入醫療保健系統，我們將受益並幫助 140 個國家的他們睡得更好、呼吸得更好、生活得更好。隨著我們的前進，我們將在每個季度繼續向您證明這一點。感謝所有 10,000 名 ResMedians，其中許多人也是股東，感謝你們今天和每天所做的一切。

And with that, I'll hand the call back to you, Amy, to close us out.

艾米，我會把電話轉回給你，結束我們的對話。

Great. Thank you, Mick. Thanks, everyone. We appreciate your interest and your time. As always, if you have any additional questions, please don't hesitate to reach out to us directly. This does conclude ResMed's First Quarter 2024 Conference Call. Kevin, you can now end the call.

偉大的。謝謝你，米克。感謝大家。我們感謝您的興趣和您的時間。像往常一樣，如果您有任何其他問題，請隨時直接與我們聯繫。瑞思邁 2024 年第一季電話會議到此結束。凱文，你現在可以結束通話了。

Thank you. You may now disconnect your lines and have a wonderful day. We thank you for your participation today.

謝謝。您現在可以斷開線路並度過美好的一天。我們感謝您今天的參與。