瑞思邁 (RMD) 2024 Q2 法說會逐字稿

Hello, and welcome to the ResMed Second Quarter Fiscal Year 2024 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加瑞思邁 2024 財年第二季財報電話會議及網路廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

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

Great. Thank you, Kevin. Hi, everyone, and welcome to ResMed's Second 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 these are now available. During today's call, we will discuss several non-GAAP measures that we believe provide useful information for investors. This information is not intended to be considered in isolation or as a substitute for the GAAP financial information. We encourage you to review the supporting schedules in today's earnings press release for a reconciliation of these non-GAAP measures to the GAAP reported numbers.

偉大的。謝謝你，凱文。大家好，歡迎參加瑞思邁2024 財年第二季度收益電話會議。我們正在對本次電話會議進行網絡直播，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的副本發布和演示。這兩個現在都可用。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，我們認為這些措施可以為投資者提供有用的信息。該資訊不應單獨考慮或取代 GAAP 財務資訊。我們鼓勵您查看今天的收益新聞稿中的支援時間表，以便將這些非公認會計原則衡量標準與公認會計原則報告的數字進行協調。

In addition to our discussion today, it 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 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.

除了我們今天的討論之外，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。請查看我們向 SEC 提交的文件，以全面討論可能導致我們的實際結果與今天所做的任何前瞻性聲明有重大差異的風險因素。

I'll now turn our call over to ResMed's CEO, Mick Farrell.

現在我將把電話轉給瑞思邁的執行長米克法雷爾 (Mick Farrell)。

Thanks, Amy, and thank you to all of our shareholders for joining us today. Our second quarter fiscal year 2024 results reflect strong execution across our entire business, driving double-digit top and bottom line growth. These results are a testament to the incredible efforts of the global ResMed team. Our results were driven by double-digit global growth in both devices and our Software as a Service business, together with high single-digit global growth in our masks and accessories business, holding our leading market share amongst high comps from the same quarter a year ago. In terms of bottom line leverage, our reorganization efforts and efficiency efforts in the quarter have set us on a clear trajectory of profitable growth.

謝謝艾米，也感謝我們所有的股東今天加入我們。我們 2024 財年第二季的業績反映了我們整個業務的強勁執行力，推動了營收和利潤實現兩位數成長。這些結果證明了瑞思邁全球團隊所付出的巨大努力。我們的業績得益於設備和軟體即服務業務的全球兩位數成長，以及我們的口罩和配件業務的全球個位數高成長，使我們在同季度的高競爭者中保持領先的市場份額前。就利潤槓桿而言，本季的重組工作和效率工作使我們走上了清晰的獲利成長軌道。

Taking a step back, all 10,000 ResMedians are energized about the opportunities in front of us. There are over 2 billion people worldwide suffering from sleep apnea, chronic obstructive pulmonary disease, respiratory insufficiency due to neuromuscular disease or insomnia. These chronic conditions form a health care epidemic in which ResMed is uniquely positioned to help. We believe that health care should be delivered in the lowest cost, lowest security and highest comfort location possible. Very often, that is a patient's own home.

退後一步，所有 10,000 名 ResMedia 人都對我們面前的機會充滿活力。全球有超過 20 億人患有睡眠呼吸中止症、慢性阻塞性肺病、神經肌肉疾病或失眠導致的呼吸功能不全。這些慢性病形成了一種醫療保健流行病，瑞思邁在其中具有獨特的優勢。我們相信醫療保健應在盡可能最低的成本、最低的安全性和最高的舒適度的地點提供。很多時候，那是病人自己的家。

Our end markets remain underpenetrated with many opportunities to add value, reduce friction, lower costs and improve patient outcomes. We support hundreds of millions of people as they take control of their health care journey and navigate the complex health care world outside the hospital system. ResMed is the global leader in digital health solutions with over 17 billion nights of medical data in the cloud and over 23.5 million 100% cloud connectable medical devices sold into over 140 countries worldwide. We are the clear market leader in sleep apnea, a huge and growing market with over 1 billion people impacted globally.

我們的終端市場仍然滲透不足，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。我們為數億人提供支持，幫助他們掌控自己的醫療保健旅程並駕馭醫院系統之外複雜的醫療保健世界。 ResMed 是數位健康解決方案的全球領導者，在雲端擁有超過 170 億個夜晚的醫療數據，並在全球 140 多個國家/地區銷售超過 2,350 萬台 100% 雲端連接醫療設備。我們是睡眠呼吸中止症領域明顯的市場領導者，這是一個不斷成長的龐大市場，全球有超過 10 億人受到影響。

Our category-leading flow generator platforms grew 11% year-over-year. We have achieved and are maintaining supply of our two 100% connectable AirSense platforms, with unconstrained supply of the AirSense 10 platform globally. Every quarter, we continue to gain regulatory approvals to launch and to increase delivery volumes of the best-in-class AirSense 11 platform on our pathway to support more and more patients worldwide. Our commercial teams are successfully demonstrating the clinical and economic benefits of the ResMed mask portfolio.

我們領先的流量產生器平台較去年同期成長 11%。我們已經實現並正在維持兩個 100% 可連接的 AirSense 平台的供應，並且 AirSense 10 平台的全球供應不受限制。每個季度，我們都會持續獲得監管部門的批准，以推出一流的 AirSense 11 平台並增加交付量，為全球越來越多的患者提供支援。我們的商業團隊成功展現了瑞思邁面罩產品組合的臨床和經濟效益。

During the quarter, our masks and accessories business grew 9% year-over-year in a highly competitive market, maintaining good market share with all players in the field in this category globally. We are excited to have achieved regulatory and reimbursement approval for our latest and greatest mask innovation and we look forward to bringing this technology to market soon. I have personally worn this new mask and our test data show, not just n equals 1 from the CEO, that it is highly favored by physicians, respiratory therapists and especially the most important customer, our patients.

本季度，我們的口罩及配件業務在競爭激烈的市場中同比增長9%，在全球該類別的所有參與者中保持了良好的市場份額。我們很高興我們最新、最偉大的掩模創新獲得了監管和報銷批准，我們期待盡快將該技術推向市場。我親自佩戴過這款新口罩，我們的測試數據表明，它不僅受到首席執行官的n等於1，而且受到醫生、呼吸治療師，尤其是最重要的客戶——我們的患者的高度青睞。

In terms of maintaining our momentum of mask and accessory growth, our clinical and commercial teams continue to partner with physicians and providers to drive resupply programs directly with their patients. Peer-reviewed and published clinical evidence shows that using resupply programs leads to better patient adherence and to better patient outcomes. This is proving out in the real-world customer by customer. We continue to see strong growth in the U.S. mask and accessories business, where resupply programs are powered by our digital health ecosystem, including AirView for physicians, Brightree for home care medical equipment providers and myAir for patients. Outside the U.S., we are focused on developing, launching and scaling our direct outreach and subscription programs, to help consumers take control of their own health and engage directly in refreshing their own mask, their own tubing, their own humidifier and other accessories.

在保持面罩和配件成長勢頭方面，我們的臨床和商業團隊繼續與醫生和提供者合作，直接與患者一起推動補給計劃。同儕審查和發表的臨床證據表明，使用補給計劃可以提高患者的依從性並改善患者的治療效果。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和配件業務的強勁增長，其中的補給計劃由我們的數位健康生態系統提供支持，包括為醫生提供的AirView、為家庭護理醫療設備提供者提供的Brightree 以及為患者提供的myAir 。在美國以外，我們專注於開發、啟動和擴展我們的直接推廣和訂閱計劃，以幫助消費者掌控自己的健康，並直接參與更新自己的面罩、自己的管道、自己的加濕器和其他配件。

The importance of respiratory health and respiratory hygiene in the eyes of consumers has seen a permanent uptick since 4 years ago when the COVID-19 epidemic started. We're supporting our customers with digital solutions and services to meet their needs and to ensure they have clean and fresh equipment to best treat their sleep suffocation and improve their health. Before I review updates on our key strategic priorities, I'd like to discuss recent actions we have taken to accelerate profitable growth across ResMed and to power our long-term success.

自 4 年前 COVID-19 流行以來，呼吸系統健康和呼吸衛生在消費者眼中的重要性持續上升。我們透過數位解決方案和服務為客戶提供支持，以滿足他們的需求，並確保他們擁有乾淨、新鮮的設備，以最好地治療他們的睡眠窒息並改善他們的健康。在回顧我們的關鍵策略重點的最新情況之前，我想討論一下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近期行動。

Last quarter, I discussed the steps we've taken to ensure that we can refocus and drive even more profitable growth. We stopped some projects that were not working out and we increased investment in areas that will be pivotal to our long-term success, including our digital health technology investments as well as focused device platform and mask technology development. We have introduced a new operating model centered on making ResMed even more product-led, even more customer-centric and even more brand enhanced. We will measure the success of this new 2030 operating model by an increase in the velocity of new product innovation as well as enhanced value in the ResMed brand while accelerating profitable growth. As the founder of ResMed states, innovation is not just invention of a great new technology is when a customer loves it, adopts it and chooses to pay for it. We have an incredible legacy and an exciting product pipeline to bring to market. Let's now turn to a discussion of our 3 key strategic priorities.

上個季度，我討論了我們為確保我們能夠重新調整重點並推動利潤更高的成長而採取的步驟。我們停止了一些不起作用的項目，並增加了對我們長期成功至關重要的領域的投資，包括我們的數位健康技術投資以及重點設備平台和麵罩技術開發。我們推出了一種新的營運模式，旨在使瑞思邁更加以產品為主導，更加以客戶為中心，更加品牌提升。我們將透過新產品創新速度的提高以及 ResMed 品牌價值的提高，同時加速利潤成長來衡量這項新的 2030 年營運模式是否成功。正如瑞思邁創辦人所說，創新不僅僅是發明一項偉大的新技術，而是當客戶喜歡它、採用它並選擇為其付費時。我們擁有令人難以置信的傳統和令人興奮的產品線可供推向市場。現在讓我們來討論我們的 3 個關鍵策略重點。

Number 1 is to grow and differentiate our core sleep health and breathing health business. Number 2 is to design and develop and deliver market-leading med tech and digital health solutions that can be scaled in 140 countries plus worldwide. Number 3 is to create and leverage the world's best software solutions for care delivered outside the hospital and preferably in the home. In terms of addressing strategic priority #1, as the world's clear leader in the field of sleep apnea and breathing health, we're laser-focused in 2024 on ramping up our demand generation initiatives. We're raising awareness and creating pathways for patients to find access to care for sleep suffocation across specific global markets. We are leveraging traditional health care channels and investing in cost-effective social media-driven demand generation campaigns to help consumers who are concerned about their own sleep and breathing to find their way into screening, diagnostic, treatment and management pathways.

第一是發展我們的核心睡眠健康和呼吸健康業務並使其脫穎而出。第二是設計、開發並提供市場領先的醫療技術和數位健康解決方案，這些解決方案可在全球 140 個國家/地區推廣。第三點是創建並利用世界上最好的軟體解決方案，在醫院外（最好是在家）提供護理。在解決策略重點 1 方面，作為睡眠呼吸中止症和呼吸健康領域的全球領導者，我們將在 2024 年集中精力加強我們的需求產生計劃。我們正在提高人們的意識，並為患者在特定的全球市場尋找睡眠窒息護理的途徑創造途徑。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社交媒體驅動的需求生成活動，以幫助關心自己睡眠和呼吸的消費者找到篩檢、診斷、治療和管理途徑。

Our goal is to provide a digital health care concierge service to help guide people on that journey. We are tracking new patient starts in our physician and provider-based ecosystem, which now contains more than 26 million patient records as well as the new user starts in myAir, which is a patient app where patients choose to participate in their own personalized health care journey to better sleep and better breathing. Our goal is to cost effectively drive more and more of the over 1 billion people worldwide who need our help into the channel. There are 2 megatrends that can have an influence on increasing that patient flow, 1 from big consumer tech and 1 from Big Pharma. Let me talk briefly about each of these megatrends.

我們的目標是提供數位醫療保健禮賓服務，以幫助指導人們完成這趟旅程。我們正在追蹤基於醫生和提供者的生態系統中的新患者開始情況，該生態系統目前包含超過2600 萬條患者記錄，以及myAir 中的新用戶開始情況，myAir 是一款患者應用程序，患者可以選擇參與自己的個人化醫療保健改善睡眠和呼吸的旅程。我們的目標是以經濟高效的方式推動全球超過 10 億需要我們幫助的人進入該管道。有兩種大趨勢可以對增加病患流量產生影響，一種來自大型消費科技，另一種來自大型製藥公司。讓我簡單談談這些大趨勢。

Many of the big consumer tech companies are increasing their focus on the area of sleep wellness. Apple has sleep wellness tracking built into its latest-generation Apple Watch and has plans to enhance that capability with further sleep quality assessment. Google's Fitbit division has sleep wellness tracking built into its platform. WHOOP is doing the same. Samsung have not only built sleep wellness tracking into its latest operating platform, but is helping to define sleep personas to help consumers better understand a 30% of their lives they spend in the state of sleep.

許多大型消費科技公司都在加強對睡眠健康領域的關注。蘋果在其最新一代 Apple Watch 中內建了睡眠健康追蹤功能，並計劃透過進一步的睡眠品質評估來增強該功能。谷歌的 Fitbit 部門在其平台中內建了睡眠健康追蹤功能。 WHOOP 也在做同樣的事情。三星不僅將睡眠健康追蹤內建到其最新的操作平台中，而且還幫助定義睡眠角色，以幫助消費者更好地了解他們一生中 30% 的時間都在睡眠狀態中度過。

We love this attention on the field of sleep wellness and many of these technologies will help each person find out if they have issues with sleep architecture, issues with breathing during sleep, or issues maintaining high quality sleep. This could be one of the biggest waves of people taking control of their own pathway for discovering they have sleep apnea or they have insomnia, or maybe they have both, a state that is called COMISA for comorbid insomnia and sleep apnea. Ultimately, this will lead to increasing patient growth for ResMed overall. And our goal is to best educate the person as they move from sleep wellness tracking to sleep health tracking and from consumer awareness into a true health care pathway for screening, diagnosis, treatment and ongoing management of their chronic condition. ResMed plans to be there with the person through that entire journey.

我們喜歡對睡眠健康領域的關注，其中許多技術將幫助每個人找出他們是否有睡眠結構問題、睡眠期間呼吸問題或維持高品質睡眠問題。這可能是人們控制自己發現自己患有睡眠呼吸中止症或失眠，或者可能兩者兼而有之的最大浪潮之一，這種狀態被稱為 COMISA，即失眠和睡眠呼吸中止症共病。最終，這將導致瑞思邁整體患者數量的增加。我們的目標是在人們從睡眠健康跟踪轉向睡眠健康跟踪，從消費者意識轉向真正的醫療保健途徑以篩檢、診斷、治療和持續管理慢性病的過程中，為他們提供最好的教育。瑞思邁計劃在整個旅程中陪伴患者。

In terms of the impact of megatrends from big pharma, the current focus is squarely on GLP-1 medications. Let me take some time to address what we are seeing in the market with patients on latest-generation GLP-1 therapies and positive airway pressure therapy. We're tracking a cohort of over 0.5 million patients with prescriptions for both GLP-1 medications and positive airway pressure therapy. These data are included in our investor deck, so you can review them there on our website, but I'll briefly summarize what we have observed. Around 6 months ago, there was a thought among some in the market that patients on GLP-1 medications would be less likely to start positive airway pressure therapy.

就大型製藥公司大趨勢的影響而言，目前的焦點完全集中在 GLP-1 藥物上。讓我花一些時間來談談我們在市場上看到的接受最新一代 GLP-1 療法和氣道正壓治療的患者的情況。我們正在追蹤超過 50 萬名服用 GLP-1 藥物和氣道正壓治療處方的患者。這些數據包含在我們的投資者資料中，因此您可以在我們的網站上查看它們，但我將簡要總結我們所觀察到的內容。大約 6 個月前，市場上一些人認為服用 GLP-1 藥物的患者開始進行氣道正壓治療的可能性較小。

We stated at the time and still do, that this was not likely the case as important risk factors such as craniofacial geometry, gender, age and the basic physics and anatomy of the upper airway would remain unchanged despite this new pharmaceutical therapy option. Still, the theory remained. So now we have real-world data and real-world evidence at scale. Our analysis of over 529,000 patients with GLP-1 prescriptions shows that not only is there not a reduction in the propensity to start positive airway pressure therapy, it is the exact opposite.

我們當時和現在都表示，這種情況不太可能發生，因為儘管有這種新的藥物治療選擇，但重要的危險因素，如顱面幾何形狀、性別、年齡以及上呼吸道的基本物理和解剖結構將保持不變。儘管如此，這個理論仍然存在。所以現在我們擁有大規模的真實世界數據和真實世界證據。我們對超過 529,000 名服用 GLP-1 處方的患者進行的分析表明，開始氣道正壓治療的傾向不僅沒有減少，而且恰恰相反。

For patients who have been prescribed a GLP-1, there is an increase of 10% of the absolute percentage of patients that commence positive airway pressure therapy. So as an example, if you take a baseline of 75% of patients that commence PAP therapy after their prescription on average in a certain group, that would become 85% of those same patients who were on a GLP-1 that would commence positive airway pressure therapy. And by the way, the vast, vast majority of these GLP-1s are the latest generation medications. Another hypothesis about 6 months ago was that patients on GLP-1 therapy and PAP therapy would quit their PAP therapy, their CPAP or their APAP at a higher rate than the general population over time. The real world data, again, with a cohort of over 0.5 million patients shows the exact opposite. At t equals 12 months after therapy commencement on PAP, the delta from general PAP population to a PAP plus GLP-1 prescribed population shows an increase in the resupply rate of 300 basis points.

對於服用 GLP-1 的患者，開始呼吸道正壓治療的患者絕對百分比增加了 10%。舉例來說，如果您以某個組別中平均有 75% 的患者在處方後開始 PAP 治療為基線，那麼在接受 GLP-1 治療的相同患者中，有 85% 的患者將開始正壓氣道治療壓力療法。順便說一下，這些 GLP-1 中的絕大多數都是最新一代的藥物。大約 6 個月前的另一個假設是，隨著時間的推移，接受 GLP-1 治療和 PAP 治療的患者會以比一般人群更高的比率退出 PAP 治療、CPAP 或 APAP。超過 50 萬患者的真實世界數據再次顯示出完全相反的情況。在 t 等於 PAP 治療開始後 12 個月時，從一般 PAP 人群到 PAP 加 GLP-1 處方人群的增量顯示再供應率增加了 300 個基點。

So again, as an example, if the general population resupply rate at 12 months was, say, 70%, it would then become 73% for the population that was prescribed both PAP and GLP-1 therapy. This delta actually increases over time going further with the delta from the general PAP population receiving resupply at 12 months being 500 basis points higher for a population prescribed both PAP and GLP-1s. Here at ResMed, we believe in treating the whole person, including a combination of what Professor Bill Dement, one of the founders of the field of Sleep Medicine, may he rest in peace, called the Triumvirate of Health. That triumvirate is one, regular cardiovascular exercise; two, balanced diet and nutrition; and three, good sleep and breathing. We believe that addressing all 3 aspects results in the best patient outcomes.

再舉個例子，如果 12 個月時一般人群的補給率為 70%，那麼同時接受 PAP 和 GLP-1 治療的人群的補給率將變為 73%。實際上，隨著時間的推移，這個增量會進一步增加，對於同時服用 PAP 和 GLP-1 的人群來說，在 12 個月時接受補給的一般 PAP 人群的增量要高出 500 個基點。在瑞思邁，我們相信治療整個人，包括睡眠醫學領域創始人之一 Bill Dement 教授所說的「健康三巨頭」的結合。這三者之一就是定期的心血管運動；二、均衡飲食和營養；第三，良好的睡眠和呼吸。我們相信解決所有三個方面會帶來最佳的患者治療結果。

In terms of best-in-class treatments for sleep apnea, achieving that goal of good sleep and good breathing, we have peer-reviewed and published research demonstrating that we can achieve over 87% of patients adherent to our PAP technology by combining our market-leading device platforms with digital health solutions, including AirView for physicians and myAir for patients. Even with this best-in-class global technology, we still have more than 10% of patients that need alternatives. We just can't get them adherent to those 10%. We're investing in these alternative therapies and we are working to help patients who do not adhere to positive airway pressure to find their path to second-tier therapies, such as dental devices where ResMed has invested and scaled the market-leading 3D printed dental device for sleep apnea in Europe called Narval. In addition, we have investments in other third-tier therapies, including pharmaceutical agents with our Apnimed investment as well as hypoglossal nerve stimulation technology with our (inaudible) investment.

在睡眠呼吸中止症的一流治療方法、實現良好睡眠和良好呼吸的目標方面，我們經過同行評審並發表的研究表明，透過結合我們的市場，我們可以讓超過 87% 的患者堅持使用我們的 PAP 技術-具有數位健康解決方案的領先設備平台，包括醫生的AirView 和患者導向的myAir。即使擁有這種一流的全球技術，我們仍然有超過 10% 的患者需要替代方案。我們就是無法讓他們遵守那 10%。我們正在投資這些替代療法，並努力幫助那些不堅持氣道正壓通氣的患者找到二線療法的途徑，例如瑞思邁投資並擴展了市場領先的 3D 列印牙科設備的牙科設備在歐洲，治療睡眠呼吸暫停的設備稱為Narval。此外，我們還對其他第三層療法進行了投資，包括我們透過 Apnimed 投資的藥劑以及透過我們（聽不清楚）投資的舌下神經刺激技術。

ResMed stands for respiratory medicine, not CPAP company, and we want to take care of the patient. We obviously start with the lowest cost, highest efficacy therapies, including CPAP, APAP and bilevel therapies. And we then work through the alternatives to help the person sleep better and breathe better. The bottom line is this, a huge number of people need our sleep apnea treatment solutions today and for the next decade, 2 decades, 3 decades and beyond. We want every patient to find a path to good breathing and good sleep.

ResMed 代表呼吸醫學，而不是 CPAP 公司，我們希望照顧病人。顯然，我們從成本最低、療效最高的治療開始，包括 CPAP、APAP 和雙水平治療。然後我們會研究各種替代方案來幫助患者睡得更好、呼吸得更好。最重要的是，在今天以及未來十年、二十年、三十年甚至更長的時間裡，大量的人需要我們的睡眠呼吸中止症治療解決方案。我們希望每位患者都能找到通往良好呼吸和良好睡眠的途徑。

Let's pivot for a moment to talk about our digital health technology investments, leveraging the 17 billion nights of deidentified medical data and the 23.5 million 100% cloud connectable devices in our ecosystem. We are investing in several artificial intelligence-driven data products and capabilities in that ecosystem that we call Air Solutions. We're continuing to roll out, one publicly we're talking about, which is called ComplianceCoach to customers in the U.S. market in a controlled market launch. ComplianceCoach is a solution that helps home medical equipment providers to prioritize both digital and personal outreach to improve patient compliance and drive better patient outcomes at a lower cost.

讓我們暫時談談我們的數位健康技術投資，利用我們生態系統中 170 億個夜晚的去識別醫療數據和 2350 萬個 100% 雲端連接設備。我們正在該生態系統中投資幾種人工智慧驅動的數據產品和功能，我們稱之為「空氣解決方案」。我們正在繼續向美國市場的客戶推出我們正在公開談論的一項名為「ComplianceCoach」的受控市場推出。 ComplianceCoach 是一種解決方案，可幫助家庭醫療設備提供者優先考慮數位和個人服務，以提高患者的依從性並以更低的成本推動更好的患者治療結果。

ComplianceCoach models and predicts the likelihood that a particular patient will or will not adhere to therapy based on algorithms built on billions of data points. The AI product then identifies for the HME provider, the key patients who may struggle to meet compliance requirements and takes a step further to drive digital and/or human actions to maximize the probability of adherence across the group. Customers using the product in its initial launch are excited and are starting to see very positive results across their business and for their patients. One final update on AI technology for this quarter. We recently launched an in-market trial of a ResMed developed generative AI product that serves as a digital concierge to help a group of people that we call sleep-concerned consumers, to best navigate as they search for their sleep-related information and they ask questions about their sleep wellness and potential treatment options.

ComplianceCoach 根據基於數十億數據點構建的演算法，對特定患者堅持或不堅持治療的可能性進行建模和預測。然後，人工智慧產品為 HME 供應商識別出可能難以滿足合規要求的關鍵患者，並進一步推動數位和/或人類行動，以最大限度地提高整個團隊的依從性。在首次推出時使用該產品的客戶感到很興奮，並開始在他們的業務和患者中看到非常積極的結果。本季人工智慧技術的最後更新。我們最近啟動了瑞思邁開發的生成式人工智慧產品的市場試驗，該產品充當數位禮賓服務，幫助一群我們稱之為關注睡眠的消費者，在他們搜尋睡眠相關資訊並詢問時進行最佳導航。有關他們的睡眠健康和潛在治療選擇的問題。

This generative AI tool helps the person identify, engage and enroll on their personal journey to better sleep and better breathing. We're currently beta test marking this product in Asia Pacific, and we will look to scale globally over time. Our goal is to develop and scale this digital sleep concierge so that all those seeking better sleep and better breathing can find their personal pathway for the best outcome, the best treatment and the best long-term care.

這種生成式人工智慧工具可以幫助人們識別、參與和參與他們的個人旅程，以改善睡眠和呼吸。我們目前正在亞太地區對該產品進行 Beta 測試，隨著時間的推移，我們將尋求在全球範圍內擴展。我們的目標是開發和擴展這個數位睡眠禮賓服務，以便所有尋求更好睡眠和更好呼吸的人都能找到獲得最佳結果、最佳治療和最佳長期護理的個人途徑。

Our Respiratory Health business continues to be supported by sustained activity across our noninvasive ventilator platforms as well as our life support ventilator platforms. We continue to invest in clinical and economic trials for high flow therapy that we call HFT to even more cost effectively treat COPD in the home. As we develop these next-generation therapies, we will generate strong clinical evidence and economic outcomes that will support broader adoption of these innovations for treating respiratory conditions at home. The prevalence of respiratory insufficiency due to COPD as well as neuromuscular disease continues to increase, and we offer low-cost, high-quality treatments to help address this health care epidemic.

我們的呼吸健康業務繼續受到非侵入性呼吸器平台和生命維持呼吸器平台持續活動的支持。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，以便在家庭中更經濟有效地治療慢性阻塞性肺病。當我們開發這些下一代療法時，我們將產生強有力的臨床證據和經濟成果，這將支持更廣泛地採用這些創新技術來治療家庭呼吸系統疾病。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，我們提供低成本、高品質的治療方法來幫助解決這場醫療保健流行病。

Turning to our Residential Care Software as a Service business, we had another great quarter with year-over-year growth of 24%. Organic growth of our SaaS business was solid across our Brightree and our MatrixCare brands with another full quarter contribution from our MEDIFOX DAN brand in Germany. Ongoing customer-facing synergies between our Brightree offering in the U.S. and our home medical equipment resupply revenue remains very strong, driving good growth across both our SaaS business and our core sleep health business. We expect to have sustainable organic growth across our portfolio of SaaS solutions in home medical equipment, home health, home nursing and beyond to be in the high single digits as we continue through this fiscal year and to achieve stable double-digit organic growth through fiscal year 2025 and beyond.

談到我們的住宅護理軟體即服務業務，我們又度過了一個出色的季度，年增 24%。 Brightree 和 MatrixCare 品牌的 SaaS 業務自然成長穩健，德國的 MEDIFOX DAN 品牌在整個季度也做出了貢獻。我們在美國的 Brightree 產品與我們的家庭醫療設備補給收入之間持續面向客戶的協同效應仍然非常強勁，推動我們的 SaaS 業務和核心睡眠健康業務實現良好成長。我們預計，隨著本財年的繼續，我們在家庭醫療設備、家庭健康、家庭護理等領域的 SaaS 解決方案組合將實現可持續的有機增長，並實現穩定的兩位數有機增長。2025 年及以後。

We continue to drive operating expense leverage through management of our capabilities for cloud compute, our capabilities for cybersecurity, interoperability and technology development and we plan to accelerate net operating profit growth across our SaaS portfolio and across the entire ResMed business. Our residential care SaaS business remains an integral part of ResMed's growth strategy. This business complements the market-leading software and the market-leading device solutions that we have in our sleep health and breathing health business, and we are well positioned as the leading global strategic provider of SaaS solutions for residential care. We are transforming respiratory medicine and residential care at scale. We are leading the industry in developing, applying and adopting digital health technology across our markets. We continue to scale and drive efficiencies in our operations. We're focused on driving top line revenue growth, focused cost discipline and increased efficiencies to accelerate profitability.

我們繼續透過管理雲端運算能力、網路安全、互通性和技術開發能力來推動營運費用槓桿，並計劃加速 SaaS 產品組合和整個 ResMed 業務的淨利潤成長。我們的住宅護理 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睡眠健康和呼吸健康業務中擁有的市場領先的軟體和市場領先的設備解決方案，並且我們處於全球領先的住宅護理 SaaS 解決方案策略提供者的地位。我們正在大規模改變呼吸醫學和住院護理。我們在市場上開發、應用和採用數位健康技術方面處於行業領先地位。我們繼續擴大營運規模並提高營運效率。我們專注於推動營收成長、集中成本控制和提高效率以加速獲利。

We have created differentiated products and solutions for customers worldwide, driving long-term sustainable value for our shareholders. We lead the industry in digital health technology with the smallest, quietest, most comfortable, most connected and most intelligent solutions, and we don't plan to stop innovating anytime soon. We invest around 7% of our revenues straight back into market-leading research and development. ResMed's mission remains crystal clear: To improve 250 million lives through better residential health care in 2025. This patient-centric mission motivates me and ResMedians every day. During the last 12 months, we have improved over 170 million lives by delivering a medical device directly to a patient or a complete mask system to a patient or a digital health software solution that provides personal care for a patient. We've helped each person to sleep better, to breathe better or to live higher-quality lives with best-in-class health care delivered right where they live. I'm very excited about the opportunities in front of us and the pipeline we have ahead.

我們為全球客戶創造了差異化的產品和解決方案，為股東帶來長期可持續的價值。我們以最小、最安靜、最舒適、最互聯、最聰明的解決方案引領數位健康科技產業，我們也不打算很快停止創新。我們將約 7% 的收入直接投資於市場領先的研發。 ResMed 的使命仍然非常明確：到 2025 年透過更好的住宅醫療保健改善 2.5 億人的生活。這項以患者為中心的使命每天都激勵著我和 ResMedians。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為患者提供個人護理的數位健康軟體解決方案，改善了超過 1.7 億人的生活。我們透過在居住地提供一流的醫療保健服務，幫助每個人睡得更好、呼吸得更好或過上更高品質的生活。我對我們面前的機會和我們未來的管道感到非常興奮。

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

最後，我要對一萬多名 ResMedians 的堅持、辛勤工作和奉獻精神表示衷心感謝，感謝他們今天和每一天的堅持。謝謝。

With that, I'll hand the call over to Brett in Sydney for his remarks, and then we'll open up to Q&A for Brett and me and the team. Over to you, Brett.

接下來，我會將電話轉交給雪梨的布雷特，聽取他的講話，然後我們將為布雷特、我和團隊進行問答。交給你了，布雷特。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the second quarter of fiscal year 2024. Unless noted, all comparisons are to the prior year quarter and in constant currency terms, where applicable. We had strong financial performance in Q2. Group revenue for the December quarter was $1.16 billion, a 12% headline increase and 11% in constant currency terms. Revenue growth reflects the ongoing combined availability of AirSense 10 and AirSense 11 sleep devices to support solid underlying global demand and continued growth across our mask portfolio. Year-over-year movements in foreign currencies positively impacted revenue by approximately $11 million in the December quarter.

偉大的。謝謝，米克。在今天的演講中，我將概述 2024 財年第二季的業績。除非另有說明，所有比較均與上一年季度進行比較，並在適用的情況下以固定貨幣計算。我們第二季的財務業績強勁。 12 月所在季度的集團營收為 11.6 億美元，整體成長 12%，以固定匯率計算成長 11%。收入成長反映了 AirSense 10 和 AirSense 11 睡眠設備的持續組合供應，以支持堅實的全球潛在需求和我們面罩產品組合的持續成長。外幣同比變動對 12 月所在季度的收入產生了約 1,100 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 9%. Sales in Europe, Asia and other markets increased by 12%. Globally, device sales increased by 11%, while masks and other sales increased by 9%. Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 7%, masks and other sales increased by 10%, reflecting growth in resupply and new patient setups. In Europe, Asia and other markets, device sales increased by 16%, again, reflecting strong demand and significantly improved availability of cloud connected devices. Mask and other sales increased by 4%, reflecting the impact of a strong prior year comparable growth rate. Software as a Service revenue increased by 24% in the December 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 10% in the December quarter.

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 9%。歐洲、亞洲等市場銷售額成長12%。在全球範圍內，設備銷量增長了 11%，而口罩和其他產品的銷量增長了 9%。按地區劃分，美國、加拿大和拉丁美洲的設備銷售額成長了 7%，口罩和其他產品的銷售額成長了 10%，反映出補給和新病患設定的成長。在歐洲、亞洲和其他市場，設備銷售再次成長 16%，反映出雲端連接設備的強勁需求和可用性的顯著提高。面膜和其他產品的銷售額成長了 4%，反映出上年強勁可比成長率的影響。軟體即服務收入在 12 月季度成長了 24%，反映了我們收購 MEDIFOX DAN 的貢獻，以及我們 HME 垂直領域的持續強勁表現。不包括我們收購的 MEDIFOX DAN，SaaS 營收在 12 月所在季度成長了 10%。

MEDIFOX DAN contributed revenue of $28 million in the December quarter, consistent with our expectations at the time of the acquisition. Note as we have now passed the first year anniversary of our MEDIFOX DAN acquisition, our future SaaS revenue year-over-year will reflect organic growth. During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our second quarter earnings press release. Gross margin increased by 10 basis points to 56.9% in the December quarter. The increase primarily reflects a decrease in freight costs and increase in average selling prices and favorable foreign currency movements.

MEDIFOX DAN 在 12 月季度貢獻了 2,800 萬美元的收入，與我們收購時的預期一致。請注意，由於我們現在已經過了收購 MEDIFOX DAN 一週年，因此我們未來的 SaaS 營收年將反映出有機成長。在今天剩下的評論中，我將提及非公認會計原則數字。我們在第二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。 12 月季度毛利率成長 10 個基點，達到 56.9%。這一增長主要反映了貨運成本的下降、平均售價的上漲以及有利的外匯走勢。

The benefits are partially offset by unfavorable product mix. Sequential gross margin increased by 90 basis points, primarily driven by a reduction in freight costs and an increase in average selling prices for our devices, partially offset by unfavorable product mix. We remain confident of a positive gross margin trajectory. Like many companies, we are monitoring potential headwinds that could arise in the Middle East conflict. Disruptions in the Red Sea will likely increase sea freight costs and shipping lead times. We're closely tracking the situation and taking action to mitigate potential impacts where we can.

不利的產品組合部分抵消了這些好處。毛利率環比增加了 90 個基點，主要是由於運輸成本的降低和設備平均售價的上漲，但部分被不利的產品組合所抵消。我們對正向的毛利率軌跡仍然充滿信心。與許多公司一樣，我們正在監控中東衝突中可能出現的潛在阻力。紅海的干擾可能會增加海運成本和運輸交貨時間。我們正在密切追蹤事態發展，並採取行動盡可能減輕潛在影響。

Moving on to operating expenses. SG&A expenses for the second quarter increased by 4%. The increase was predominantly attributable to increases in employee-related costs. SG&A expenses as a percentage of revenue improved to 19.1% compared to 20.5% in the prior year period and reflects savings and cost discipline following specific actions taken early in the December quarter. Looking forward and subject to currency movements, we expect SG&A expenses as a percentage of revenue to be in the range of 18% to 20% for the second half of fiscal year 2024. This guidance reflects the impact of our restructuring activities that resulted in a reduction in our workforce of approximately 5% during the quarter. R&D expenses for the quarter increased by 6%. R&D expenses as a percentage of revenue was 6.4% compared to the 6.8% in the prior year period.

接下來是營運費用。第二季的銷售、管理及行政費用增加了 4%。這一增長主要歸因於員工相關成本的增加。 SG&A 費用佔收入的百分比從去年同期的 20.5% 提高至 19.1%，這反映了 12 月季度初採取的具體行動後的節省和成本控制。展望未來，根據匯率變動，我們預計 2024 財年下半年的銷售、管理及行政費用佔收入的百分比將在 18% 至 20% 之間。該指導反映了我們重組活動的影響，這些活動導致了本季度我們的員工人數減少了約5%。本季研發費用成長 6%。研發費用佔營收的比例為 6.4%，去年同期為 6.8%。

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 the second half of fiscal year 2024. Operating profit for the quarter increased by 20%, underpinned by strong revenue growth and modest growth in our operating expenses. Following the acquisition of MEDIFOX DAN, our net interest expense for the quarter was $14 million. And as we continue to pay down debt, we expect interest expense to be in the range of $10 million to $12 million per quarter in the second half of fiscal year 2024. Our effective tax rate for the December quarter was 20.7% compared to 18.3% in the prior year quarter. The increase in our effective tax rate was primarily due to a significant reduction in the tax benefit associated with employee equity compensation this quarter compared to the prior year quarter.

展望未來，受匯率變動的影響，我們預計 2024 財年下半年研發費用佔收入的比例將在 6% 至 7% 之間。在強勁的強勁支撐下，本季度營業利潤增長 20%收入增長和運營支出小幅成長。收購 MEDIFOX DAN 後，我們本季的淨利息支出為 1,400 萬美元。隨著我們繼續償還債務，我們預計 2024 財年下半年每季的利息支出將在 1,000 萬至 1,200 萬美元之間。我們 12 月季度的有效稅率為 20.7%，而上一季為 18.3%去年同期。我們有效稅率的增加主要是由於本季與去年同期相比與員工股權薪酬相關的稅收優惠大幅減少。

We continue to estimate our effective tax rate for fiscal year '24 will be in the range of 19% to 21%. Our net income for the December quarter increased by 13% and non-GAAP diluted earnings per share also increased by 13%. During the quarter, we recorded $64.2 million of restructuring-related charges following an evaluation of our existing operations and actions undertaken to improve operational efficiency and increase profitability. Restructuring charges included $28.6 million of employee severance and other onetime termination benefits, $33.2 million of intangible asset impairments associated with the wind down of certain business activities and $2.4 million of other asset impairments. The restructure charge has been treated as a non-GAAP item in our Q2 financial results.

我們繼續估計 24 財年的有效稅率將在 19% 至 21% 之間。我們 12 月季度的淨利潤成長了 13%，非 GAAP 稀釋每股盈餘也成長了 13%。在對我們現有業務以及為提高營運效率和提高盈利能力而採取的行動進行評估後，本季度我們記錄了 6,420 萬美元的重組相關費用。重組費用包括 2,860 萬美元的員工遣散費和其他一次性解僱福利、與某些業務活動結束相關的 3,320 萬美元的無形資產減損以及 240 萬美元的其他資產減損。重組費用已被視為我們第二季財務業績中的非公認會計準則項目。

During the quarter, we also recorded a provision of $6.4 million for expected costs associated with the recently announced Masks with Magnets field safety notification. This expense has been treated as a non-GAAP item in our Q2 financial results. Cash flow from operations for the quarter was $273 million, reflecting solid underlying earnings and relatively stable working capital balances. Capital expenditure for the quarter was $23 million. Depreciation and amortization for the quarter totaled $45 million. We ended the second quarter with a cash balance of $210 million. On December 31, we have $1.2 billion in gross debt and $1 billion in net debt. During the quarter, we reduced our debt by $130 million. On December 31, we had approximately $955 million available for drawdown under our revolver facility, and we continue to maintain a solid liquidity position.

在本季度，我們還記錄了 640 萬美元的撥備，用於與最近宣布的帶磁鐵的口罩現場安全通知相關的預期成本。該費用已在我們第二季財務業績中被視為非公認會計準則項目。本季營運現金流為 2.73 億美元，反映出穩健的基礎收益和相對穩定的營運資金餘額。該季度的資本支出為 2300 萬美元。該季度的折舊和攤銷總額為 4500 萬美元。第二季結束時，我們的現金餘額為 2.1 億美元。截至 12 月 31 日，我們的總債務為 12 億美元，淨債務為 10 億美元。本季度，我們減少了 1.3 億美元的債務。截至 12 月 31 日，我們的循環貸款工具下約有 9.55 億美元可供提取，並且我們繼續保持穩健的流動性頭寸。

Today, our Board of Directors declared a quarterly dividend of $0.48 per share. As we advised last quarter, as part of our capital management activities, we resumed our previously authorized share buyback program in the December quarter. We purchased 335,000 shares for consideration of $50 million. We intend to continue to purchase approximately $50 million per quarter in the second half of fiscal year 2024. This will more than offset any dilution from the vesting of equity to employees during the year. Going forward, we plan to continue to reinvest in growth through R&D, pay down outstanding debt and deploy further capital for tuck-in acquisitions.

今天，我們的董事會宣布季度股息為每股 0.48 美元。正如我們上季度所建議的那樣，作為我們資本管理活動的一部分，我們在 12 月季度恢復了先前授權的股票回購計劃。我們以 5,000 萬美元的價格購買了 335,000 股股票。我們打算在 2024 財年下半年繼續每季購買約 5,000 萬美元。這將足以抵消年內因授予員工股權而造成的稀釋。展望未來，我們計劃繼續透過研發對成長進行再投資，償還未償債務並部署更多資本進行收購。

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

然後，我會將電話轉回給艾米。

Great. Thank you, Brett, and thank you, Mick. Let's go ahead and turn to the Q&A portion of our call. Kevin, I'd like to turn it over to you to provide the instructions and then run this part of the call.

偉大的。謝謝你，布雷特，謝謝你，米克。讓我們繼續進入電話會議的問答部分。凱文，我想將其交給您提供說明，然後運行這部分通話。

(Operator Instructions) Our first question is coming from Margaret Andrew from William Blair. (Operator Instructions)

（操作員說明）我們的第一個問題來自威廉布萊爾的瑪格麗特安德魯。 （操作員說明）

I wanted to maybe follow up on your comments on GLP-1, even more so than the quarter. And I look at that 10% greater likelihood of folks starting CPAP when you're on a GLP, it seems like it could have a pretty meaningful impact for growth. And again, I'm looking at it to say, if you're going from 75% patient new starts in a given period to 85%, that's a 13% bigger market every year. So I guess conceptually, is that something that you agree with? Would it have a greater or less benefit impact if that trend continues? And I guess any comments on a real impact on this over the next 3 years as GLP adoption grows.

我可能想跟進您對 GLP-1 的評論，甚至比本季更進一步。我發現，當您參加 GLP 時，人們開始 CPAP 的可能性會增加 10%，這似乎會對成長產生相當有意義的影響。再說一次，我想說的是，如果在特定時期內耐心的新開工率從 75% 增加到 85%，那麼市場每年會擴大 13%。所以我想從概念上講，您同意這一點嗎？如果這種趨勢持續下去，對效益的影響會更大還是更小？我想隨著 GLP 採用的成長，任何評論都會在未來 3 年內對此產生真正的影響。

Yes, Margaret. Look, it's a great question. And as a biomedical engineer, I look at this, and I don't know causality, I just know the correlation. And so we've now got data, the 529,000 data points that show that there's a 10% higher propensity to start PAP therapy if you prescribe the GLP-1 before and then you get the PAP therapy, 10 absolute percentage points higher of the cohort will start PAP therapy. My thought is that this is a more motivated patient, a more engaged patient in the health care system, and they've been brought in by this new therapeutic tool. And so I do think that it will lead to greater growth. This megatrend of GLP-1s will lead to greater growth of patients coming into our treatment pool over time. And certainly, the data is showing that with that cohort of patients.

是的，瑪格麗特。聽著，這是一個很好的問題。作為一名生物醫學工程師，我看到這個，我不知道因果關係，我只知道相關性。因此，我們現在獲得了 529,000 個數據點的數據，表明如果您之前開出 GLP-1，然後接受 PAP 治療，則開始 PAP 治療的傾向會高出 10%，比隊列高出 10 個絕對百分點將開始PAP 治療。我的想法是，這是一個更有動力的患者，一個更積極參與醫療保健系統的患者，他們已經被這種新的治療工具吸引了。所以我確實認為這將帶來更大的成長。隨著時間的推移，GLP-1 的這一大趨勢將導致進入我們治療池的患者數量大幅增加。當然，數據也顯示了這群患者的情況。

Yes, your quick math there of an increase, I think, is that if there's full penetration across the whole patient cohort and full adoption GLP-1s across every patient coming through. Of course, that's the maximum state. But I think realistically, as we see this pretty fast rollout of this new pharmaceutical class, we will start to see more patients come into the health care system. Everyone is seeing that across med tech and across health care. They are more engaged and they do seem to be getting prescriptions for many different chronic diseases, sleep apnea is non-exception. And we've got probably one of the highest number of patients in that cohort of over 0.5 million patients that we're tracking. And of course, we've got 26 million patients in our database. So this is a minority of patients that we're seeing on these, but it is interesting within that cohort to see a higher participation rate. Look, our goal will be to leverage that megatrend and to make sure that ResMed is there with the best tools for screening, diagnosis, treatment and management. And we've done that over decades, and we plan to do it ahead.

是的，我認為，如果在整個患者群體中全面滲透，並且在每個患者中全面採用 GLP-1，那麼您的快速計算就會增加。當然，這是最大狀態。但我實際上認為，當我們看到這種新的藥物類別快速推出時，我們將開始看到更多的患者進入醫療保健系統。每個人都在醫療技術和醫療保健領域看到了這一點。他們更加投入，而且他們似乎確實獲得了許多不同慢性疾病的處方，睡眠呼吸中止症也不例外。在我們追蹤的超過 50 萬名患者群組中，我們可能是患者數量最多的患者之一。當然，我們的資料庫中有 2600 萬患者。因此，這是我們看到的少數患者，但有趣的是，在該群體中看到更高的參與率。看，我們的目標將是利用這一大趨勢，並確保瑞思邁擁有用於篩檢、診斷、治療和管理的最佳工具。我們已經這樣做了幾十年，我們計劃繼續這樣做。

I think maybe the consumer -- big tech -- trend of sleep wellness tracking might be slightly higher in its impact over time, maybe not as quick adoption, but these sleep wellness tools coming across all consumer tech applications is incredibly exciting. ResMed's goal is there to leverage this demand gen that's coming to us from big pharma and big consumer tech, but then more importantly, to get that personalized health journey so that ResMed can be truly the concierge for that person if they find their path to better sleep and better health. So we do expect these trends to be positive. They won't be immediate. And our job is to drive it over time.

我認為，隨著時間的推移，消費者（大型科技公司）睡眠健康追蹤的趨勢可能會稍微提高其影響力，也許不會那麼快採用，但這些跨越所有消費者科技應用的睡眠健康工具令人難以置信地令人興奮。瑞思邁的目標是利用大型製藥公司和大型消費科技公司帶來的需求，但更重要的是，獲得個人化的健康之旅，這樣，如果人們找到了更好的道路，瑞思邁就可以真正成為他們的禮賓服務。睡眠和更好的健康。因此，我們確實預期這些趨勢是正面的。他們不會立即發生。我們的工作是隨著時間的推移推動它。

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 good quarter here. Maybe Mick, I will stay on GLP-1s, we're getting a lot of attention turning toward the Eli Lilly SURMOUNT-OSA study. And maybe the KPIs that you're looking for in that study how relevant do you think the primary endpoint is? Are there other secondary endpoints that are more important? And do you think over time you can collaborate with Lilly to drive the effort of using CPAP with the GLP-1.

恭喜您度過了一個美好的季度。也許米克，我會繼續使用 GLP-1，我們正在將很多注意力轉向禮來 SURMOUNT-OSA 研究。也許您在該研究中尋找的關鍵績效指標 (KPI) 您認為主要終點的相關性如何？還有其他更重要的次要終點嗎？您是否認為隨著時間的推移，您可以與禮來公司合作，推動將 CPAP 與 GLP-1 結合使用。

Yes. Thanks for the question, Anthony. And it's a really pertinent one. Certainly, we're watching the SURMOUNT-OSA trial. It's a pretty small trial. It's less than 500 patients, 500, 600 patients, I believe. So it's not sort of the order of the real world event, real-world data that we have, like 500,000 patients we're talking about there. But I think it will be very interesting to see the presumption is given it's the same biochemical compound as in other trials used for diabetes treatment and weight loss that it will have somewhere in the order of 10%, 20%, maybe even 30% weight loss reduction in this cohort. So that's a metric that's sort of well-known from prior studies. The best evidence from the primary investigator on this Professor Atul Malhotra from University of California, San Diego. His assessment is that, that should lead to pretty significant AHI reductions in the treatment cohort versus placebo, maybe in the order of 50% to 60%, maybe 65% AHI reductions in the cohort of these quite high BMI and quite high AHI patients.

是的。謝謝你的提問，安東尼。這是一個非常相關的問題。當然，我們正在關注 SURMOUNT-OSA 試驗。這是一個相當小的試驗。我相信，不到 500 名患者、500 名、600 名患者。所以這不是現實世界事件的順序，我們擁有的現實世界數據，例如我們正在談論的 50 萬名患者。但我認為，如果假設它與其他用於糖尿病治療和減肥的試驗中使用的生化化合物相同，那麼它會減少 10%、20%、甚至 30% 的體重，這將是非常有趣的。該隊列中的損失減少。所以這是一個在先前的研究中眾所周知的指標。來自加州大學聖地牙哥分校 Atul Malhotra 教授的主要研究者的最佳證據。他的評估是，與安慰劑相比，這應該會導致治療組的 AHI 顯著降低，在這些 BMI 和 AHI 相當高的患者組中，AHI 可能會降低 50% 到 60%，甚至 65%。

If you listen to a great podcast between Professor Malhotra and Dr. Carlos Nunez, our Chief Medical Officer, which are available on our website. When you've got to spare 45 minutes, but there are some cliff notes that I think are worth sharing here in this investor call is that Professor Malhotra was asked what's the best therapy to treat sleep apnea. Is it, a, weight loss? Or is it b, CPAP. And he said, "Well, that's a false dichotomy, this question, it's a false competition. It's a plus b. It has been for decades and will be for decades in the future. And as a PI on that study, he says, look, we have a new pharmaceutical agent that's going to help with treatment a.

如果您收聽 Malhotra 教授和我們的首席醫療官 Carlos Nunez 博士之間的精彩播客，您可以在我們的網站上找到該播客。當你必須抽出 45 分鐘時間時，但我認為在這次投資者電話會議中值得分享的一些懸崖筆記是，馬爾霍特拉教授被問到治療睡眠呼吸中止症的最佳療法是什麼。是減肥嗎？或者是b，CPAP。他說，「嗯，這是一個錯誤的二分法，這個問題，這是一個錯誤的競爭。這是一個優點b。幾十年來一直如此，未來幾十年也將如此。作為這項研究的PI ，他說，看，我們有一種新的藥劑可以幫助治療a。

And of course, that will be used in combination with treatment b. So the PI on the study is saying that he thinks the combination treatment of a weight loss medication similar to prior work and bariatric surgery that had much higher weight loss numbers or diet and exercise that had all the variance that we've seen over decades of different methodologies there. But this one does seem to be a good agent for treatment a. And then will need to be combined with treatment b to fully treat the sleep suffocation that the patients will have. So don't trust me, the CEO of the company that makes the therapeutic, trust the primary investigator that's saying, combination treatment has worked for decades and will work for decades. I would expect that to be the outcome the trial.

當然，這將與治療b結合使用。因此，該研究的PI 表示，他認為減肥藥物的聯合治療與先前的工作和減肥手術類似，減肥效果要高得多，或者飲食和運動的組合治療與我們幾十年來看到的所有差異都有所不同。那裡有不同的方法。不過這個似乎確實是治療a的好劑。然後需要結合治療b來充分治療患者出現的睡眠窒息。因此，不要相信我，即生產該療法的公司的首席執行官，請相信主要研究者所說的，聯合治療已經有效了數十年，並將持續數十年。我希望這就是審判的結果。

And in terms of working with big pharma on this, I think they're very focused on other areas like obesity and diabetes, but as much as we can get their attention to talk about sleep and sleep health and to do their D2P advertising to talk about the importance of sleep and sleep health. I think combined with the Apples and the Samsungs and the Googles of the world talking about it, it will be a huge positive for of us in the sleep apnea treatment industry. Thanks for the question, Anthony.

就與大型製藥公司在這方面的合作而言，我認為他們非常關注肥胖和糖尿病等其他領域，但我們盡可能吸引他們的注意力來談論睡眠和睡眠健康，並做他們的 D2P 廣告來談論關於睡眠和睡眠健康的重要性。我認為，與世界各地的蘋果、三星和谷歌相結合，這對我們睡眠呼吸中止症治療行業來說將是一個巨大的積極影響。謝謝你的提問，安東尼。

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

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

I guess I'll just ask one on Philips. So I think they've talked about relaunching their flow generators in some of the OUS markets, just curious what you're seeing there? Have you seen that happening? And have they been able to recapture share anywhere?

我想我只會問一個關於飛利浦的問題。所以我認為他們已經討論過在一些 OUS 市場重新推出流量發生器，只是好奇您在那裡看到了什麼？你看過這樣的事情發生嗎？他們是否能夠重新奪回任何地方的份額？

Yes. Thanks for the question, Mike. And yes, certainly in tens of countries in Europe and Asia, we are in full competition with all the global players, including the company you mentioned and the large regionals from Europe and from Asia and have been for many quarters. So they've come back in masks and devices across tens of countries in Europe and Asia. And their goal there when they come back, if they've been out for a year or 2, depending on the time they're out of each market is to fight their way from the bottom. They've got 0% new patient start share when they first come back in and they're trying to fight their way up. And in general, they've had to fight against the #2, the #3 and the #4 player who don't have like ResMed has the leading technology, the best AirSense platform, right? The AirSense 11 globally is the best platform in all 140 countries. The second best platform in, I would say, all 140 countries is the AirSense 10 platform.

是的。謝謝你的提問，麥克。是的，當然，在歐洲和亞洲的數十個國家，我們正在與所有全球參與者充分競爭，包括您提到的公司以及來自歐洲和亞洲的大型地區公司，並且已經持續了許多季度。因此，他們帶著口罩和設備回到了歐洲和亞洲的數十個國家。當他們回來時，如果他們已經缺席了一兩年，取決於他們離開每個市場的時間，他們的目標就是從底層奮力拼搏。當他們第一次回來時，他們的新患者起始份額為 0%，他們正在努力爭取上升。總的來說，他們必須與排名第二、排名第三和排名第四的公司競爭，這些公司沒有像瑞思邁那樣擁有領先的技術、最好的 AirSense 平台，對嗎？ AirSense 11 在全球是所有 140 個國家中最好的平台。我想說，在所有 140 個國家中，第二好的平台是 AirSense 10 平台。

So their goal is to then fight against regional player from Europe with the #3 or a regional player from Asia, with the #4 in the countries that they're coming back. And so we're seeing that country by country. We're seeing them fight for that share at the low end. It's our focus as the market leader is on growing the market. And I think they're a fair competitor. We've competed against them for decades since they bought Respironics.

因此，他們的目標是與排名第三的歐洲地區玩家或他們回來的國家/地區的排名第四的亞洲地區玩家進行對抗。所以我們逐一觀察這個國家。我們看到他們在低端市場爭奪份額。作為市場領導者，我們的重點是發展市場。我認為他們是一個公平的競爭對手。自從他們收購偉康公司以來，我們已經與他們競爭了幾十年。

And in general, we've won and taken share. We were winning and taking share from them in 2019. We're winning and taking share from them in 2023 and 2024 as they come back country by country. And if and when they come back to the U.S. marketing devices, by the way, they're already here on masks, never left, and we've been competing and leading them there. I look forward to them coming back to this U.S. market so we can get any stock overhang away about what's it going to look like and what it's going to look like is what it looks like in all the other tens of countries where they fight for share from the bottom and work their way up. And I look forward to competition, a healthy competition. And we seem to do very well in it because we've got the smallest, quietest, most comfortable, most connected and most intelligent solutions, and it's really about that. It's about the value you provide getting that patient to the right care, lowering the cost and improving adherence. And we've done a great job, and I like all global competition in the space.

總的來說，我們贏得了勝利並佔據了份額。 2019 年，我們從他們那裡贏得了份額，並獲得了份額。2023 年和 2024 年，當他們逐個國家回歸時，我們也贏得了他們的份額，並從他們那裡獲得了份額。順便說一句，如果他們回到美國的行銷設備，他們已經戴著口罩，從未離開過，我們一直在競爭並引領他們到達那裡。我期待他們回到美國市場，這樣我們就可以消除所有積壓的庫存，了解他們爭奪份額的其他數十個國家的情況。從底部開始並逐步向上。我期待競爭，良性的競爭。我們似乎在這方面做得很好，因為我們擁有最小、最安靜、最舒適、最互聯和最聰明的解決方案，而這正是這一點。這關乎您為患者提供正確照護、降低成本並提高依從性所提供的價值。我們做得很好，我喜歡這個領域的所有全球競爭。

Your next question is coming from Suraj Kalia from Oppenheimer.

您的下一個問題來自奧本海默的蘇拉吉·卡利亞（Suraj Kalia）。

Mick, can you hear me all right?

米克，你聽得到我說話嗎？

Got you loud and clear, Suraj.

蘇拉吉，你的聲音響亮而清晰。

Congrats on the nice quarter. So Mick, in the 2030 operating model, right? If I got your country right, ResMed brand and profitability, velocity of product control, some of these things that you highlighted, I guess, where does compliance coach fit within the 2030 strategic model. More specifically, I'm just trying to understand how do you measure the ROI in the ComplianceCoach. And I presume this is going to be a primarily a reactive AI model. Any additional clarity would be great.

恭喜這個美好的季度。那麼米克，在 2030 年的營運模式中，對嗎？如果我正確理解了您所在的國家/地區、瑞思邁品牌和盈利能力、產品控制速度以及您強調的一些內容，我想合規教練在 2030 年戰略模型中的位置。更具體地說，我只是想了解如何衡量ComplianceCoach 中的投資報酬率。我認為這將主要是一個反應式人工智慧模型。任何額外的清晰度都會很棒。

Well, thanks, Suraj. I could spend the rest of the time answering that call around the 2030 operating model. I'll just briefly talk about it and then talk specifically about compliance coach. Our 2030 operating model, yes, it's the 3 tenants, right? The 3 tenants are product-led, customer-centric, brand enhanced. ResMed has always been product-led, but now we have a Global Chief Product Officer, whose sole role is to curate that product portfolio with an amazing team of hundreds of engineers and marketeers to bring the great innovation to market. So we'll measure the success on that on product velocity, how quickly do we bring innovation to market, time to market, time to success.

嗯，謝謝，蘇拉吉。我可以用剩下的時間來回應 2030 年營運模式的號召。我先簡單講一下，然後具體講一下合規教練。我們2030年的營運模式，是的，就是3個租戶，對吧？這三個租戶以產品為主導，以客戶為中心，以品牌為核心。瑞思邁一直以產品為主導，但現在我們有一位全球首席產品官，他的唯一職責是與數百名工程師和行銷人員組成的出色團隊一起策劃產品組合，將偉大的創新推向市場。因此，我們將根據產品速度、我們將創新推向市場的速度、上市時間和成功時間來衡量成功。

Customer-centric. We've always been customer-centric. But we haven't always done the best of analyzing the Net Promoter Scores of patients, Net Promoter Scores of physicians, home care providers, physician payer providers and so on. So really understanding the marketing metrics around that, and having our first Chief Marketing Officer sit at the top table and really be laser-focused on those NPS scores and driving them up and really valuing the multibillion-dollar ResMed brand and enhancing that over time.

以顧客為中心。我們始終以客戶為中心。但我們並不總是充分分析患者的淨推薦值、醫生、家庭護理提供者、醫生付款提供者等的淨推薦值。因此，要真正了解與此相關的行銷指標，並讓我們的第一位首席行銷長坐在頂層，真正專注於這些NPS 分數並推動它們不斷提高，真正重視價值數十億美元的ResMed 品牌，並隨著時間的推移不斷增強這個品牌。

And the third part around focusing on profitable growth and driving that leverage with our first Chief Revenue Officer, it's really around that profitable growth.

第三部分圍繞著關注盈利增長並與我們的第一位首席營收長一起推動這種槓桿作用，它實際上是圍繞盈利增長的。

And if the title was used broadly, I would call it the Chief Profitable Growth Officer rather than Chief Revenue Officer, but really, it's around keeping that discipline on the great growth we've had on the top line, but ensuring we get that leverage through OpEx, R&D and particularly on SG&A in the new world to do things differently with tech.

如果這個頭銜被廣泛使用，我會稱之為首席盈利增長官而不是首席營收官，但實際上，這是圍繞我們在營收的巨大增長上保持這一紀律，但確保我們獲得這種影響力透過營運支出、研發，特別是在新世界的銷售、管理和管理 (SG&A) 方面，利用科技以不同的方式做事。

And that segues into the second part of your question, ComplianceCoach. Yes, Look, this is a great AI tool. By the way, it's not generative AI ComplianceCoach. The other one that we launched in Asia Pacific, the digital concierge is generative AI and has that extra capability. ComplianceCoach is garden variety, what would have been called machine learning is now artificial intelligence, it's a great algorithm, and it's out there. The measure of that one, success on that one, Suraj, is does it lower the cost to serve at that HME or with the same labor force of respiratory therapists and pulmonary doctors can they serve more patients.

這就進入了你問題的第二部分，ComplianceCoach。是的，看，這是一個很棒的人工智慧工具。順便說一句，它不是生成式 AI 合規教練。我們在亞太地區推出的另一項服務是數位禮賓服務，它是生成式人工智慧，具有額外的功能。合規教練是普通的品種，本來被稱為機器學習的東西現在變成了人工智慧，它是一個很棒的演算法，而且已經存在了。 Suraj，衡量這項計畫是否成功的標準是，該 HME 的服務成本是否降低，或者在呼吸治療師和肺科醫生擁有相同勞動力的情況下，他們是否可以為更多患者提供服務。

So lower cost, higher efficiency, and really, the key metric is what's the adherence rate at day 90, day 365, year 2, year 3, in that patient cohort that's gone through compliance couch. Is it statistically and significantly higher than what that customer was getting before. If they're a best-in-class ResMed customer getting 87% adherence at day 90, does it go up to 90, does it go up to 92. And by the way, those customers are very sophisticated in understanding what that means for their business, what it means for them showing the payers that they reduce costs in hospital care and that they improve outcomes for the patient in how they feel and of course, how they improve their own revenue and hours through replenishment supplies. Anyway, that's my -- the briefest answer I could do to that great question. Thanks, Suraj.

因此，成本更低，效率更高，實際上，關鍵指標是經過依從性治療的患者群體在第 90 天、第 365 天、第 2 年、第 3 年的依從率是多少。從統計上看，它是否顯著高於客戶之前獲得的水平？如果他們是一流的 ResMed 客戶，在第 90 天的依從性達到 87%，那麼它會上升到 90，還是會上升到 92。順便說一句，這些客戶非常了解這對他們意味著什麼。他們的業務，這對他們意味著什麼，向付款人展示他們降低了醫院護理成本，他們改善了患者的感受，當然還有他們如何透過補充供應來提高自己的收入和時間。不管怎樣，這就是我對這個偉大問題所能做的最簡短的回答。謝謝，蘇拉吉。

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 for Brett. Brett, I'm just wondering if we could look into the gross margin a little bit further and trying to understand, are we seeing in -- across that quarter, the full benefit of the price that you've taken? Or is that some annualization effect as some customers perhaps roll off contracts and whether or not from a rate perspective, could you just kind of reiterate what your expectations are there, what you're seeing with regard to the pricing following the conflict?

是的。只是問布雷特一個問題。布雷特，我只是想知道我們是否可以進一步研究毛利率，並試圖了解，我們是否在該季度看到了您所採取的價格的全部好處？或者是一些年化效應，因為一些客戶可能會取消合同，無論是否從費率角度來看，您能否重申一下您的期望，以及您對衝突後定價的看法？

Yes. Sure, Steve. So yes, I mean, on the gross margin and recent price increases we put through during the quarter, some of those were obviously the contractual arrangements there as well. So we've put some -- some of it's gone through as a general increase, and then there will be specific contractual arrangements that means those pricing will be a little bit progressive. I guess if you look over the back half of fiscal '24 on that. So let's call that kind of progressively roll through. But we're definitely seeing some of that impact already on that. I think the second part of your question was around -- is that around the sort of freight Red Sea disruptions and so on.

是的。當然，史蒂夫。所以，是的，我的意思是，就我們在本季實現的毛利率和最近的價格上漲而言，其中一些顯然也是那裡的合約安排。因此，我們已經提出了一些——其中一些已經作為普遍增長進行了，然後會有具體的合約安排，這意味著這些定價將有點進步。我想，如果你回顧 24 財年的後半段，你會發現這一點。所以我們稱這種方式為漸進式滾動。但我們肯定已經看到了一些影響。我認為你問題的第二部分是圍繞紅海貨運中斷等問題。

Yes. Yes. Just what you were sort of implementing, if you could just repeat that commentary, what you're seeing in the market and how you actually are trying to anticipate or protect yourselves against that.

是的。是的。就是你正在實施什麼，如果你能重複一下這個評論，你在市場上看到了什麼，以及你實際上是如何試圖預測或保護自己免受這種影響的。

Yes. Yes. So we're definitely seeing the impact there and a lot of that shipping is obviously not going through the Red Sea, but then going around and it's good hope. So that's happening certainly increased lead times, I think, probably you could be looking at 2 to 3 weeks on that. Particularly, this is a particularly freighting to Europe in particular, but also to some extent, to the U.S. where you've got to find alternate freight pass, if you like. So that's having an impact. And we're also seeing some increase in actual freight rates as well. And I think this is an industry wide and not just ourselves. So we're looking at that closely. We're looking at alternative routes. We're looking at multimodal distribution there. So there's a number of things we're looking at to mitigate that where we can. But it realistically probably see some uptick in freight across. It would not manifest in our P&L in Q3, but there could be some headwinds in Q4 on that. But again, we -- I think we've just got to see how that evolves over the next little while.

是的。是的。因此，我們肯定看到了那裡的影響，而且許多運輸顯然不是經過紅海，而是繞道而行，這是一個很好的希望。因此，我認為，這種情況肯定會增加交貨時間，您可能需要 2 到 3 週的時間。特別是，這是前往歐洲的特別貨運，但在某種程度上，也是前往美國的貨運，如果您願意，您必須找到替代的貨運通行證。所以這有影響。我們也看到實際運費也有所增加。我認為這是整個行業的問題，而不僅僅是我們自己。所以我們正在密切關注這一點。我們正在尋找替代路線。我們正在研究多式聯運。因此，我們正在考慮採取多種措施來盡可能減輕這種情況。但實際上，跨境貨運量可能會有所上升。它不會體現在我們第三季的損益表中，但第四季可能會出現一些阻力。但同樣，我認為我們只需要看看接下來的一段時間會如何發展。

Next question is coming from Saul Hadassin from Barrenjoey Capital.

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

Just another question for Brett. Brett, just regarding the restructuring charges and also the charge for the Mask recall. Is that done now in terms of those P&L costs? Or do you expect any further costs to be incurred in third quarter or in fourth quarter this fiscal year.

這是布雷特的另一個問題。布雷特，只是關於重組費用以及面具召回的費用。就這些損益成本而言，現在是否已完成？或者您預計本財年第三季或第四季會產生更多費用嗎？

Yes, well, let me through that. I mean, I can't -- I don't think you can rule out restructures from time to time, but I think the material restructure that we did is behind us now. So going -- anything going forward, I think, would be pretty minor on that. So I would say -- I'd characterize that as saying, yes, we've done the big restructure, and that should clear us now for the next quarter.

是的，好吧，讓我講一下。我的意思是，我不能——我認為你不能排除不時進行重組的可能性，但我認為我們所做的物質重組現在已經過去了。所以，我認為，未來的任何事情都將是微不足道的。所以我想說——我的特點是，是的，我們已經完成了大規模重組，這應該為我們下一季做好準備。

Just to jump in there, Brett, a little bit specifically to Saul's question about the mass with magnets upgrade of our labeling, which was classed as a recall in the U.S. and some other jurisdictions. That cost was fully taken account of in this quarter. We're not expecting to add anything more on the Mask with Magnets action relabel and recall in certain jurisdictions.

布雷特，我想直接跳到這裡，具體回答索爾關於我們標籤的磁鐵品質升級的問題，這在美國和其他一些司法管轄區被歸類為召回。本季度已充分考慮了該成本。我們不希望在某些司法管轄區對帶有磁鐵的口罩重新貼標籤和召回行動中添加任何內容。

Yes, absolutely.

是的，一點沒錯。

Next question is coming from Mathieu Chevrier from Citi.

下一個問題來自花旗銀行的 Mathieu Chevrier。

Simple one, when do you expect to be fully transitioned the AirSense 11 platform.

簡單來說，您預計何時完全過渡到 AirSense 11 平台。

Matthew, a very simple question, but rather complex answer in that we sell in 140 countries worldwide, and each of them -- most of them have their own regulatory pathway and often very different and complex and obviously, labeling language customization of the product for all regulatory requirements needed in all those 140 countries. So we clearly launched in our top countries, we launched in the U.S., many countries in Europe. We just got Japan last quarter, the quarter before and we're starting to ramp up there. And you saw that in the good growth numbers in devices in Europe, Asia and other in the quarter of 16%. There was some good sort of starting that ramp there in a place like Japan, which, as you know, is a fleet driven market versus a by-quarter driven market. And so great to see Japan -- the citizens of Japan to be able to get access to the best in the world technology in the AirSense 11.

馬太福音，一個非常簡單的問題，但相當複雜的答案，因為我們在全球140 個國家/地區銷售產品，其中每個國家/地區都有自己的監管途徑，並且通常非常不同且複雜，顯然，產品的標籤語言自訂所有這 140 個國家所需的所有監管要求。因此，我們顯然在我們的頂級國家/地區推出了產品，我們在美國、歐洲的許多國家/地區推出了產品。我們上個季度剛進入日本市場，上個季度我們就開始在那裡加速發展。您可以在歐洲、亞洲和其他地區的設備數量在本季實現 16% 的良好成長中看到這一點。在像日本這樣的地方，有一些很好的開始，正如你所知，日本是一個車隊驅動的市場，而不是一個按季度驅動的市場。很高興來到日本——日本公民能夠在 AirSense 11 中獲得世界上最好的技術。

But look, we've got hundreds of countries -- over 100 countries, we still have to go there. And so we've got to get regulatory country by country. And we care about people suffocating in all of those 140 countries in the same way. And so our regulatory and quality team with Dawn Haake, our Chief Quality and Regulatory as are working intensely with all the regulatory authorities in those countries and we have to ramp that up. And then in addition, we're ramping up supply. The good news is that we have the second best platform in the world in the AirSense 10, and that is completely unconstrained.

但你看，我們有數百個國家——100多個國家，我們仍然必須去那裡。因此，我們必須逐一進行監管。我們同樣關心這 140 個國家中窒息而死的人們。因此，我們的監管和品質團隊以及我們的首席品質和監管部門 Dawn Haake 正在與這些國家的所有監管機構密切合作，我們必須加強。此外，我們正在增加供應。好消息是，我們在 AirSense 10 中擁有世界第二好的平台，而且完全不受限制。

So if you do suffocate and get a prescription in the country that AirSense 11 is not cleared yet, you can get access to incredibly small, quiet and efficacious therapy in the AirSense 10 platform and our best in the world mask platform. And so there's no simple answer to when it will be completely done in 100% in all countries because I think as indifferent to maybe the AirSense 7 to AirSense 8, AirSense 8 to AirSense 9 and AirSense 9 to AirSense 10 generations is that we have a pretty unique citizen situation with our global citizenship here that we are the global leader, and we've got a different responsibility to maintain our second best platform, which is the second best in the world for a little longer.

因此，如果您確實窒息並在 AirSense 11 尚未獲得批准的國家/地區獲得處方，您可以在 AirSense 10 平台和我們世界上最好的面罩平台中獲得令人難以置信的小型、安靜和有效的治療。因此，對於何時在所有國家/地區完全實現 100% 沒有一個簡單的答案，因為我認為與 AirSense 7 到 AirSense 8、AirSense 8 到 AirSense 9 以及 AirSense 9 到 AirSense 10 一代無關的是，我們有一個我們的全球公民身份非常獨特，我們是全球領導者，我們有不同的責任來維持我們第二好的平台，這個平台在世界上排名第二的時間更長一些。

And so that will be out. And I'm not going to give a defined end date now, but I will tell you this, we're going country by country, we're driving regulatory and we're scaling manufacturing as fast as we can on AirSense 11 because it is better technology, is low cost to make, and we are able to have a premium for it in pricing. So it makes sense for us, the customers and for our shareholders.

這樣就可以了。我現在不打算給出明確的結束日期，但我會告訴你，我們將逐個國家進行，我們正在推動監管，我們正在盡快擴大 AirSense 11 的製造規模，因為它技術更好，製造成本低，我們能夠在定價上獲得溢價。因此，這對我們、客戶和我們的股東來說都是有意義的。

Next question today is coming from Matt Taylor from Jefferies.

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

I wanted to ask a follow-up question on the SURMOUNT study. I think you outlined a lot of the high-level stuff there really well. My question is a little more specific. I wanted to ask about what you thought you could see in terms of comparing the 2 arms of GLP-1 versus CPAP plus GLP-1? Do you think you'll see a difference there? And what would you make of their results if there is a difference some way or the other?

我想問一個有關 SURMOUNT 研究的後續問題。我認為您很好地概述了許多高級內容。我的問題有點具體。我想問一下，在比較 GLP-1 與 CPAP 加 GLP-1 的 2 組時，您認為您能看到什麼？你認為你會看到那裡有什麼不同嗎？如果他們的結果有某種差異，你會如何看待？

Yes. Thanks for the question, Matt. And so for those of you who haven't read through the nih.gov, feel free to go. But my reading -- I'm a visual learner. There's a split chart that the top half of it on the trial is a GLP-1 side and the bottom half is a placebo side. And so they have this 600-odd or less than 600 patients split between those 2 in a certain proportion. And then within the GLP-1 arm, they split to those on CPAP and those not on CPAP and the same within the placebo. So there ends up being 4 arms if you look at it. But if you go to the end of it, there's an arm that's placebo, no CPAP. So I'd just call that the placebo plus placebo arm.

是的。謝謝你的提問，馬特。因此，對於那些還沒有閱讀過 nih.gov 的人，請隨意閱讀。但我的閱讀——我是一個視覺學習者。有一張分割圖，試驗中的上半部是 GLP-1 一側，下半部是安慰劑一側。所以他們把這 600 多名或不到 600 名患者以一定比例分配給這兩者。然後在 GLP-1 組中，他們分為接受 CPAP 治療的患者和未接受 CPAP 治療的患者，以及安慰劑組的患者。所以如果你仔細觀察的話，最後會發現有 4 隻手臂。但如果你走到最後，你會發現有一隻手臂是安慰劑，而不是 CPAP。所以我稱之為安慰劑加安慰劑組。

And then there's placebo plus CPAP arm and then there's GLP alone arm and GLP plus PAP arm. So you start to get down to the subanalyses, it gets less powered. I actually -- I'm reading what you are on nih.gov. And so my presumption is at the highest level, they want to show that a GLP-1 is better than placebo for lowering weight and improving AHI. I think they'll achieve that primary outcome. I mean all the data show that there's 10%, 20%, 30% weight loss reduction and that should correlate to significant AHI reduction. So I think they'll show that. As opposed to then the sub-studies of CPAP versus no CPAP within each of those, look, we've got 35 years of history knowing that CPAP doesn't half treat, right? I mean, the best that I've seen from weight loss reductions in bariatric surgeries and the best on the GLP-1 prelim data is that it can half treat, right? Maybe 50% reduction in AHI. I'd call that half treatment. I don't think any pulmonary physician in the world would be happy with half treating an AHI with positive airway pressure.

然後是安慰劑加 CPAP 組，然後是單獨 GLP 組和 GLP 加 PAP 組。所以你開始進行子分析，它的力量會減弱。事實上，我正在閱讀您在 nih.gov 上發布的內容。所以我的假設是最高水準的，他們想證明 GLP-1 在減輕體重和改善 AHI 方面比安慰劑更好。我認為他們將實現這一主要成果。我的意思是所有數據都顯示體重減輕了 10%、20%、30%，這應該與 AHI 顯著降低有關。所以我認為他們會證明這一點。與當時的 CPAP 與無 CPAP 的子研究相反，我們已經有 35 年的歷史了，知道 CPAP 並不能起到一半的治療作用，對嗎？我的意思是，我從減肥手術中看到的最好的減肥效果以及 GLP-1 初步數據的最佳效果是它可以實現一半治療，對嗎？ AHI 可能降低 50%。我稱之為半治療。我認為世界上任何一位肺科醫師都不會樂於採用氣道正壓通氣來治療 AHI。

Frankly, if you're not turning the AHI to less than 5, you're not truly treating the patient. And if it's higher than 5, it might be residual central and you have to move them to a buy level or it might be complex sleep apnea, you have to move them to adaptive server ventilation. So there's so many options between CPAP, APAP bilevel ASV that the physicians should walk through, but they wouldn't be happy unless the AHI is less than 5%. I think the probability -- and don't trust me and my quote on this, Matt. Again, the primary investigator on the study, Professor Malhotra said, the idea that weight loss alone can treat sleep apnea is preposterous. That was the word he used.

坦白說，如果您不將 AHI 降至 5 以下，您就沒有真正治療患者。如果高於 5，則可能是殘留中樞，您必須將其移至購買水平，或者可能是複雜的睡眠呼吸暫停，您必須將其移至自適應伺服器通氣。因此，CPAP、APAP 雙倍水平 ASV 之間有很多選擇，醫生應該進行選擇，但除非 AHI 低於 5%，否則他們不會滿意。我認為這種可能性 - 不要相信我和我對此的引用，馬特。該研究的主要研究者馬爾霍特拉教授再次表示，僅靠減肥就可以治療睡眠呼吸中止症的想法是荒謬的。這是他用的詞。

So you can use -- and he's the PI on the study. You can use his thoughts to what he thinks between the PAP arm and the non-PAP arm. So he's sort of leaning towards what he said earlier, that best treatment for sleep apnea is not: a, weight loss or b, CPAP, it's a plus b. And so that's what I expect this study to show. And we'll see the data. They will be out there and release whatever they want to release in headline and we'll continue to go. We'll continue to grow. We'll continue to drive patients into the funnel, and I think this therapeutic class will help us over the coming decade to bring more patients into the funnel.

所以你可以使用——他是這項研究的 PI。您可以根據他的想法來判斷 PAP 組和非 PAP 組之間的差異。所以他有點傾向他之前所說的，睡眠呼吸中止症的最佳治療方法不是：a、減重或 b、CPAP，這是一個優點 b。這就是我希望這項研究能夠展示的內容。我們會看到數據。他們會在那裡發布他們想在標題中發布的任何內容，我們將繼續前進。我們將繼續成長。我們將繼續推動患者進入漏斗，我認為這個治療課程將幫助我們在未來十年將更多患者帶入漏斗。

Our next question today is coming from Lyanne Harrison from Bank of America.

今天我們的下一個問題來自美國銀行的 Lyanne Harrison。

So Mick, Brett and Amy, I might ask a question about your device and mass sales there. So obviously, strong device sales, your resupply programs, obviously, giving that some focus. But masks this quarter came out weaker than where we expected. Can you talk us through where the disconnect there might be?

米克、布雷特和艾米，我可能會問一個有關你們的設備和那裡的大規模銷售的問題。很明顯，強勁的設備銷售、你們的補給計畫顯然給了一些關注。但本季口罩的表現弱於我們的預期。您能告訴我們哪裡可能有脫節嗎？

Thanks for the question, Lyanne. And yes, really, really happy to take questions and talk about our devices business and our mask business. So look, devices growth globally, incredibly strong in the quarter at 11%. Masks growth globally incredibly strong at 9%. We talk about the market being mid-single-digit growth for devices, so we are clearly well ahead of that with the launch of AirSense 11 in Japan and Europe, Asia, Rest of World and doing well in the U.S. a couple of hundred basis points above.

謝謝你的提問，萊安。是的，真的，真的很高興回答問題並談論我們的設備業務和口罩業務。如此看來，本季全球設備成長非常強勁，達到 11%。面俱全球成長率令人難以置信地強勁，達到 9%。我們談論的是設備市場的中個位數成長，因此隨著 AirSense 11 在日本、歐洲、亞洲、世界其他地區的推出，以及在美國的表現，我們明顯領先於數百個基點以上幾點。

And then in masks and accessories, you talked about global growth being in high single digits. And so beating that in U.S., Canada, Latin America, but what you're probably focusing on is the Europe, Asia and Rest of World growth there in Q2 FY '24 being 4%, right? And just to be clear, the Q2 FY 2023 growth in that same category was 14%. And we were taking 500 basis points a share 12 months ago and then losing it this quarter. I really think if you look at the weighted average over that, which is, what, 18 divided by 2 is 9% is sort of more in line with the market growth in that mid- to high single-digit growth of masks there. And look, there's some things around some contracts with the particular countries that were moved from December to January and others. I'm not going to go to all the details other than to say, we look really closely at share.

然後在口罩和配件方面，您談到全球成長處於高個位數。因此，美國、加拿大、拉丁美洲的成長率超過了這一水平，但您可能關注的是歐洲、亞洲和世界其他地區 24 財年第 2 季的成長率為 4%，對嗎？需要明確的是，2023 財年第二季同一類別的成長率為 14%。 12 個月前，我們每股上漲了 500 個基點，但本季卻下跌了。我真的認為，如果你看一下加權平均值，即 18 除以 2 等於 9%，這在某種程度上更符合那裡口罩中高個位數增長的市場增長。看看，與特定國家/地區的一些合約從 12 月轉移到 1 月以及其他國家/地區存在一些問題。我不會討論所有細節，只是想說，我們非常密切地關注份額。

We look really closely at what we're doing. And this 90-day snapshot 4 quarters ago, which showed 14%, we weren't taking 500 basis points a share. We were holding share and growing in a little -- a category here or there. And now this quarter at 4%, we're not losing 500 bps a share. We're actually holding share across that and it's due to some of those shipping areas, launch areas and frankly, a couple of tenders that will move from one month to another. So really not much to see in that. But what I will say is that as we move forward, maintaining that high single-digit growth in devices globally, and the high -- sorry, mid-single-digit growth in devices globally and high single-digit growth in masks globally is not a given. We've got to drive that demand. We've got to leverage this big pharma trend. We've got to leverage the big tech trend, and we've got to get better at doing demand generation in the areas where we know we can push it up. And so that's what we're going to be focused on going forward. I hope that answers your question, Lyanne.

我們非常仔細地審視我們正在做的事情。 4 個季度前的 90 天快照顯示 14%，我們並沒有採取每股 500 個基點的價格。我們在某個類別中持有份額並有所增長。現在本季的利率為 4%，我們每股不會損失 500 個基點。我們實際上在這方面佔有份額，這是由於其中一些運輸區域、發射區域，坦白說，一些招標會從一個月轉移到另一個月。所以真的沒什麼好看的。但我要說的是，隨著我們向前邁進，保持全球設備的高個位數成長，以及全球設備的高個位數成長（抱歉，中個位數成長）和全球口罩的高個位數成長並不給定的。我們必須推動這種需求。我們必須利用這一製藥大趨勢。我們必須利用大科技趨勢，並且必須在我們知道可以推動需求的領域中更好地創造需求。這就是我們未來的重點。我希望這能回答你的問題，萊安。

Our final question today is coming from Michael Polark from Wolfe Research.

我們今天的最後一個問題來自沃爾夫研究中心的邁克爾·波拉克。

I will ask a mask question as well following up there in a slightly different way. So the U.S. number was up 2% sequentially. Normally, you see a high single-digit increase Q-over-Q kind of year-end seasonality in the U.S. deductible flush, that kind of thing. Kind of what are the puts and takes in that number? And the specific question is, did the Magnet field safety notice kind of limit your ability to fully capture mass demand in the quarter? Or were there other influences?

我也會問一個面具問題，並以稍微不同的方式跟進。因此美國的數字環比增長了 2%。通常情況下，你會看到美國免賠額的年末季節性環比出現高個位數增長，諸如此類的事情。這個數字的看跌期權和認沽期權是多少？具體問題是，磁場安全通知是否會限制您在本季充分捕捉大眾需求的能力？還是有其他影響？

Yes. Great question, Michael. So yes, U.S., Canada and Latin America, a 10% growth in the mask in the quarter. It was actually a very strong market growth rate, high single digits, holding share there. We do see that December, particularly for U.S. markets where high deductibles and deductibles reset December 31, some good revenue there. And so we had good comp from the year before, and both solid numbers there from the comp year before this 10% U.S., Canada, Latin America growth. So I think we did really well there as we closed out the quarter. In terms of any impact from the Masks with Magnets update on our labeling class in the U.S. by the U.S. FDA as a recall, I got to tell you, there was no product removed from the market. This was about having our plastic clips as an option, which we scaled up manufacturing and have them as an option.

是的。好問題，麥可。所以，是的，美國、加拿大和拉丁美洲，該季度的口罩增長了 10%。這實際上是一個非常強勁的市場成長率，高個位數，在那裡佔有份額。我們確實看到 12 月份，特別是對於高免賠額和 12 月 31 日重置的免賠額的美國市場，那裡有一些不錯的收入。因此，我們與前一年相比有良好的比較，與前一年相比，美國、加拿大和拉丁美洲增長了 10%。所以我認為當我們結束本季時我們做得非常好。至於美國 FDA 召回的帶磁鐵口罩更新對我們在美國標籤類別的影響，我必須告訴您，沒有任何產品從市場上撤下。這是關於將我們的塑膠夾作為一種選擇，我們擴大了生產規模並將它們作為一種選擇。

So when a patient is set up, if they're a very, very small minority of people who haven't implanted pacemaker or other metal device in their upper chest or craniofacial area, then those patients are offered an upgrade to the plastic clips. For everyone else, the other 95%, 99% of patients they keep the convenience of the magnet. So that if they go to the bathroom in the night, they can come back in the dark and just clip it on and not have to seek for plastic clips to clip together the magnet completely goes on there.

因此，在對患者進行設定時，如果他們是極少數沒有在上胸部或顱面部區域植入起搏器或其他金屬裝置的人，那麼這些患者將被升級為塑膠夾。對其他人來說，其他95%、99%的患者保留了磁鐵的便利性。這樣，如果他們晚上去洗手間，他們可以在黑暗中回來，只需將其夾住，而不必尋找塑膠夾將磁鐵完全固定在那裡。

And so as we've done that labeling upgrade, and we had a competitor do this similar one about 12 months ago, the market has been very trained in knowing to ask questions about implants, to ask questions about our partner's implants. And if they have that to offer the plastics clips, which are fully available on ResMed masks as an alternative to our Mask with Magnets. The Masks with Magnets are so convenient. They're doing so well and for 99% of people, they're great. For that 1%, the HMEs are very comfortable now to ask those questions. And the other 140 countries we are working through the appropriate ways to ask the questions and get people the best mask and have the best fit and drive the best adherence over time. But they had no impact on the quarterly sales whatsoever. And we don't expect an impact going forward because this was an upgrade to a labeling that was actually in line with clinical practice over the last 12 months. And it just makes sense to do that. Thanks a lot for the question, Michael.

因此，當我們完成標籤升級時，我們的競爭對手在大約12 個月前也做了類似的升級，市場已經接受過很好的訓練，知道如何詢問有關植入物的問題，詢問有關我們合作夥伴的植入物的問題。如果他們有能力提供塑膠夾，瑞思邁面罩上完全可以提供塑膠夾，作為我們帶磁鐵的面罩的替代品。帶磁鐵的口罩非常方便。他們做得很好，對於 99% 的人來說，他們都很棒。對於這 1%，HME 現在很樂意提出這些問題。對於其他 140 個國家，我們正在透過適當的方式提出問題，為人們提供最好的口罩，讓他們擁有最合適的口罩，並隨著時間的推移推動最佳的堅持。但它們對季度銷售額沒有任何影響。我們預計不會產生影響，因為這是對標籤的升級，實際上符合過去 12 個月的臨床實踐。這樣做是有意義的。非常感謝你的提問，麥可。

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

我們的問答環節已經結束。我想將發言權交還給米克，以徵求進一步的結束意見。

Thanks, Kevin, and thank you again to all of our stakeholders for joining us on this call. The opportunity in front of us is huge and largely untapped. It's an incredible runway. We see more and more people coming into the health care system, and this will benefit us as we seek to help them sleep better, breathe better and live better lives in 140 countries. Thank you to all 10,000 ResMedians. Many of you are also shareholders, for what you do today and every day. With that, I'll hand the call back to Amy to close this out.

謝謝凱文，並再次感謝我們所有的利害關係人加入我們的這次電話會議。我們面前的機會是巨大的，而且大部分尚未開發。這是一條令人難以置信的跑道。我們看到越來越多的人進入醫療保健系統，這將使我們受益，因為我們致力於幫助 140 個國家的人們睡得更好、呼吸得更好、生活得更好。感謝所有 10,000 位 ResMedians。你們中的許多人也是股東，因為你們今天和每天所做的事情。這樣，我會將電話轉回艾米來結束此事。

Great. Thank you, Mick. Thanks, everyone, for listening. We do appreciate your time and your interest. If you have any additional questions, please don't hesitate to reach out directly. This does conclude our second quarter 2024 conference call. Kevin, you can go ahead and close this out.

偉大的。謝謝你，米克。謝謝大家的聆聽。我們非常感謝您的時間和您的興趣。如果您還有任何其他問題，請隨時直接聯絡。我們的 2024 年第二季電話會議到此結束。凱文，你可以繼續結束這件事了。

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

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