瑞思邁 (RMD) 2024 Q3 法說會逐字稿

Hello, and welcome to the Q3 Fiscal Year 2024 ResMed Earnings Conference Call. My name is Kevin, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference call is being recorded.

您好，歡迎參加 ResMed 2024 財年第三季財報電話會議。我叫凱文，我將擔任今天電話的接線生。 （操作員說明）請注意，本次電話會議正在錄音。

I'll now turn the call over to Amy Wakeham, Chief Investor Relations Officer. Amy, you may begin.

我現在將把電話轉給首席投資者關係官 Amy Wakeham。艾米，你可以開始了。

Great. Thank you, Kevin. Hello, everyone. Welcome to ResMed's Third Quarter Fiscal Year 2024 Earnings Call. We are live webcasting this call, and the replay will be available on the Investor Relations section of our corporate website later today. Our earnings press release and presentation are both available online now.

偉大的。謝謝你，凱文。大家好。歡迎參加瑞思邁 2024 財年第三季財報電話會議。我們正在對此次電話會議進行網路直播，今天稍後將在我們公司網站的投資者關係部分提供重播。我們的收益新聞稿和簡報現已在線提供。

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 to reconcile the non-GAAP measures with 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.

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作為 GAAP 財務資訊的替代品。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 報告的數據進行協調。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。

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.

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'd like to now turn the call over to ResMed's Chairman and CEO, Mick Farrell.

我現在想將電話轉給瑞思邁董事長兼執行長米克法雷爾 (Mick Farrell)。

Thanks, Amy, and thank you to all of our shareholders for joining us today. Our third quarter fiscal year 2024 results reflect another strong period of execution across our entire business, resulting in solid top line growth and strong double-digit bottom line growth. Our results were driven by ongoing new patient demand for our devices across global markets, high single-digit growth in our Software as a Service business and double-digit global growth in our masks and accessories business. This is exceptional performance, given that we are annualizing a very strong quarter of growth in the prior year.

謝謝艾米，也感謝我們所有的股東今天加入我們。我們的 2024 財年第三季業績反映了我們整個業務的另一個強勁執行期，從而實現了穩健的營收成長和強勁的兩位數淨利潤成長。我們的業績得益於全球市場上患者對我們設備的持續新需求、我們的軟體即服務業務的高個位數增長以及我們的面罩和配件業務的全球兩位數增長。考慮到我們去年的季度成長非常強勁，這是非常出色的業績。

The recent launch of our ResMed 2030 operating model and our steady focus on driving increased operating leverage are delivering excellent bottom line results and keeping us on a clear trajectory of ongoing profitable growth. Over 2 billion people worldwide suffer from sleep apnea, what I call sleep suffocation, insomnia or respiratory insufficiency due to chronic obstructive pulmonary disease or neuromuscular disease. These chronic conditions form a health care epidemic that ResMed is uniquely positioned to address.

最近推出的 ResMed 2030 營運模式以及我們對提高營運槓桿的堅定關注正在帶來出色的利潤結果，並使我們保持在持續獲利成長的明確軌道上。全球有超過 20 億人因慢性阻塞性肺病或神經肌肉疾病而患有睡眠呼吸中止症，即我所說的睡眠窒息、失眠或呼吸功能不全。這些慢性病形成了一種醫療保健流行病，瑞思邁在解決這些問題上具有獨特的優勢。

We believe that health care should be delivered at the lowest cost, lowest security and highest comfort location possible. In the optimal case, that's in a person's own home. We are the global strategic leader in providing therapies for this epidemic as well as market-leading enterprise software for residential care, including home medical equipment home nursing and beyond.

我們認為，醫療保健應以盡可能最低的成本、最低的安全性和最高的舒適度提供。在最佳情況下，這是在一個人自己的家裡。我們是為這種流行病提供治療方法以及市場領先的住宅護理企業軟體（包括家庭醫療設備、家庭護理等）的全球策略領導者。

ResMed is the global leader in digital health solutions with over 18 billion nights of medical data in the cloud and over 24.5 million 100% cloud connectable medical devices that have been sold into over 140 countries worldwide. We are the clear leader in sleep apnea, a market of over 1 billion people globally. Our end markets remain significantly under-penetrated. We believe the latest advances in big consumer tech and big pharma can potentially bring incredible numbers of new patients into the health care system, where ResMed is uniquely positioned to provide ongoing care at home.

ResMed 是數位健康解決方案的全球領導者，在雲端擁有超過 180 億個夜晚的醫療數據和超過 2,450 萬個 100% 雲端連接的醫療設備，這些設備已銷往全球 140 多個國家。我們是睡眠呼吸中止症領域無可爭議的領導者，這個市場全球人口超過 10 億。我們的終端市場滲透率仍然嚴重不足。我們相信，大型消費技術和大型製藥公司的最新進展可能會將數量驚人的新患者帶入醫療保健系統，而瑞思邁在提供持續的家庭護理方面擁有獨特的優勢。

We have a myriad of opportunities to add value, to reduce friction to improve interoperability to lower costs and to improve patient outcomes. We're the global strategic leader with software supporting hundreds of millions of people as they take control of their health care journey and navigate the complex health care world beyond the hospital system.

我們有無數的機會來增加價值、減少摩擦、提高互通性、降低成本並改善患者治療結果。我們是全球策略領導者，我們的軟體為數億人提供支持，幫助他們控制自己的醫療保健旅程並駕馭醫院系統之外的複雜醫療保健世界。

Many more people can benefit from our products and solutions, and we're laser-focused on growing the market to help people get on the therapy they need and on a pathway to better sleep, better health and better long-term care.

更多的人可以從我們的產品和解決方案中受益，我們專注於發展市場，幫助人們獲得所需的治療，並走上更好的睡眠、更好的健康和更好的長期照護的道路。

Sales of our devices, including the category-leading AirSense platforms grew 5% year-over-year globally. Excluding the onetime COVID-related ventilator sales in the third quarter of last year, global devices grew about 300 basis points higher than that, so right around 8% global devices growth.

我們的設備（包括領先的 AirSense 平台）全球銷量較去年同期成長 5%。排除去年第三季與新冠疫情相關的呼吸器銷售量，全球設備成長約 300 個基點，即全球設備成長約 8%。

We are maintaining supply of 2 -- of the 2 market-leading 100% cloud connectable platforms, the AirSense 10 and AirSense 11. We're working to increase the global availability of AirSense 11 platform by securing market-by-market regulatory clearances.

我們正在維持 2 個市場領先的 100% 雲端連接平台 AirSense 10 和 AirSense 11 的供應。

We are following a similar path with our recently launched AirCurve11 bilevel and noninvasive ventilator platform as we continue its launch in the U.S. and beyond in the period ahead.

我們最近推出的 AirCurve11 雙水平和非侵入性呼吸器平台也遵循類似的路線，未來一段時間內我們將繼續在美國及其他地區推出該平台。

Our commercial teams are successfully demonstrating the clinical and economic benefits of the ResMed mask portfolio. Our masks and accessories business achieved 10% growth year-over-year, expanding at or above the market in a competitive category globally.

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。我們的口罩及配件業務年增 10%，在全球競爭類別的擴張速度達到或超過市場水準。

During the quarter, we introduced our latest mask innovation into the U.S. market called the AirFit F40. The F40 features a proprietary new technology that we call AdaptiSeal. It is a silicon cushion designed to create and maintain a better facial seal even when the person is moving frequently during sleep. It leverages a fully flexible frame technology to cope with such frequent nocturnal movement.

本季度，我們向美國市場推出了最新的面罩創新產品 AirFit F40。 F40 採用了我們稱為 AdaptiSeal 的專有新技術。它是一種矽膠墊，旨在即使人在睡眠期間頻繁移動時也能形成並保持更好的臉部密封。它利用完全靈活的框架技術來應對這種頻繁的夜間運動。

Physicians, respiratory therapists and patients love the F40 for its comfort, its fit and its ease of use. It is the smallest full-face mask on the market from ResMed. Patients are voting with their wallets and respiratory therapists and physicians are voting with their recommendations and their prescriptions. We look forward to ongoing success in the U.S. and to swiftly bring the F40 to other global markets very soon.

F40 因其舒適性、貼合性和易用性而深受醫生、呼吸治療師和患者的喜愛。它是瑞思邁市場上最小的全面罩。患者用他們的錢包投票，呼吸治療師和醫生用他們的建議和處方投票。我們期待 F40 在美國取得持續成功，並很快將 F40 推向其他全球市場。

Mask and accessory resupply programs are an important element of our offering as we serve the ongoing therapy needs of patients globally. ResMed's clinical and commercial teams continue to partner with physicians and providers to drive resupply programs directly for their patients.

面罩和配件補給計畫是我們服務的重要組成部分，因為我們滿足全球患者持續的治療需求。瑞思邁的臨床和商業團隊繼續與醫生和提供者合作，直接為患者推動補給計畫。

In our cash pay markets, we have established a number of subscription programs that have been adopted by consumers. Research shows that resupply programs lead to better patient adherence and better long-term clinical outcomes for the patients and their caregivers.

在我們的現金支付市場，我們建立了許多已被消費者採用的訂閱方案。研究表明，補給計劃可以提高患者的依從性，並為患者及其照護者帶來更好的長期臨床結果。

In the U.S., our resupply programs are powered by our digital health ecosystem, including AirView for physicians, myAir for patients and Brightree for home medical equipment providers. We will continue to develop, launch and scale these technologies as well as direct subscription programs to help people take control of their own health, regularly refreshing ongoing therapy needs, including masks, tubing, humidifiers and other accessories.

在美國，我們的補給計劃由我們的數位健康生態系統提供支持，包括針對醫生的 AirView、針對患者的 myAir 以及針對家庭醫療設備提供者的 Brightree。我們將繼續開發、推出和擴展這些技術以及直接訂閱計劃，以幫助人們掌控自己的健康，定期更新持續的治療需求，包括面罩、管道、加濕器和其他配件。

Let's now turn to a discussion of our top 3 global strategic priorities here at ResMed. Number one is to grow and differentiate our core sleep health and breathing health business. Number two is to design, develop and deliver market-leading med tech and digital health solutions that can be scaled in 140-plus countries worldwide. Number three is to create and leverage the world's best software solutions for residential care.

現在讓我們來討論 ResMed 的三大全球策略重點。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、開發和提供市場領先的醫療技術和數位健康解決方案，這些解決方案可以在全球 140 多個國家/地區推廣。第三是創建並利用世界上最好的住宅護理軟體解決方案。

As the global market leader in these significantly under-penetrated markets, our most significant opportunity is actually to expand and grow the market itself through awareness, diagnosis and pathways to treatment. We aspire to be the digital health concierge for each person as they pursue their personal journey to better sleep, better breathing and better care where they live. We are ramping up our demand generation initiatives to do just that.

作為這些滲透率明顯不足的市場的全球市場領導者，我們最重要的機會實際上是透過意識、診斷和治療途徑來擴大和發展市場本身。我們渴望成為每個人的數位健康禮賓員，幫助他們追求更好的睡眠、更好的呼吸和更好的照顧。為此，我們正在加大需求開發力道。

The ResMed 2030 operating model changes that we made recently position us for success as a product-led customer-centric brand enhanced leader in health tech. We're raising awareness and creating pathways for patients to find access to care for their sleep health and their breathing health across the globe. We are leveraging traditional market channels and investing in cost-effective social media-driven demand-generation campaigns. The goal is to help consumers concerned about their sleep and breathing find their way into appropriate screening, diagnostic, treatment and management pathways.

我們最近做出的 ResMed 2030 營運模式變革使我們能夠成功成為以產品為主導、以客戶為中心的品牌，增強了健康科技領域的領導者地位。我們正在提高人們的意識，並為患者創造途徑，讓他們在全球範圍內獲得睡眠健康和呼吸健康的護理。我們正在利用傳統市場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。目標是幫助關注睡眠和呼吸的消費者找到適當的篩檢、診斷、治療和管理途徑。

As we continue on our journey to create this digital health concierge for individuals, we are tracking progress with hard metrics. We are looking at new patient starts in our physician and provider-based ecosystem, including AirView, which now contains more than 27 million patient records. We're also tracking new starts in myAir, our consumer patient engagement app where people choose to participate in their personalized health care journey to better sleep and better breathing. myAir now includes a population of 7.8 million users. We will drive more and more of the over 1 billion people worldwide who need our help for their sleep suffocation into the health care system.

當我們繼續為個人創建數位健康禮賓服務的過程中，我們正在用硬指標追蹤進度。我們正在考慮在我們基於醫生和提供者的生態系統中開始新的患者，包括 AirView，它現在包含超過 2700 萬筆患者記錄。我們也正在追蹤 myAir 的新啟動，這是我們的消費者患者參與應用程序，人們可以選擇參與個人化醫療保健之旅，以改善睡眠和呼吸。 myAir 目前擁有 780 萬用戶。全球有超過 10 億人因睡眠窒息而需要我們幫助的人，我們將推動越來越多的人進入醫療保健系統。

We believe 2 global megatrends will further support our ongoing growth. Awareness driven by consumer tech specifically sleep tracking wearables like the Samsung Galaxy Watch, which has a de novo FDA clearance to screen for sleep apnea. We expect similar capabilities from other wearables from big tech, including the Apple Watch and Google's Fitbit. In addition, we believe that the population of patients -- the other megatrend, the population of patients coming from big pharma as they focus on obesity and related impacts on health, including sleep health will bring an incredible volume of patients into the health care system. And the patients will have clinically significant sleep apnea that is best addressed by our therapies post these other therapies.

我們相信兩大全球大趨勢將進一步支持我們的持續成長。消費性科技特別是睡眠追蹤穿戴裝置（例如三星 Galaxy Watch）推動了人們的意識，該產品已獲得 FDA 批准，可以篩選睡眠呼吸中止症。我們預計其他大型科技公司的穿戴裝置也將具有類似的功能，包括 Apple Watch 和Google的 Fitbit。此外，我們相信，患者群體——另一個大趨勢，來自大型製藥公司的患者群體，因為他們關注肥胖和對健康的相關影響，包括睡眠健康，將使大量患者進入醫療保健系統。患者將出現臨床上顯著的睡眠呼吸暫停，在這些其他療法之後，最好透過我們的療法來解決。

We love this attention from big consumer tech on the field of sleep wellness tracking, and we believe that many of these wearable technologies will help consumers find out if they have issues with breathing during sleep while maintaining high quality sleep. This could be one of the biggest ways of people taking control of their own pathway for discovering they have sleep issues like sleep apnea or insomnia or both a new disease state that is being called by the physicians, COMISA.

我們喜歡大型消費科技對睡眠健康追蹤領域的關注，我們相信許多穿戴式科技將幫助消費者發現他們在睡眠期間是否有呼吸問題，同時保持高品質的睡眠。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等睡眠問題或兩者都被醫生稱為 COMISA 的新疾病狀態的途徑的最大方式之一。

Ultimately, we believe that this will lead to increased patient awareness and sustainable long-term growth for ResMed. Our goal is to educate people as they move from sleep wellness tracking with these wearables to what I call sleep health tracking. And from consumer awareness to a true health care pathway for screening, diagnosis, treatment and ultimately, ongoing management of their sleep health and breathing health. We believe that here at ResMed, we are (inaudible) with their obesity. Their health care goals are focused on losing weight, while improving their diet, exercise and their sleep routines. We believe that increased utilization of GLP-1s to treat obesity will bring many new people into the health care funnel, activating them to see their primary care positions as they strive for weight loss and other medical health.

最終，我們相信這將提高患者意識並促進瑞思邁的可持續長期成長。我們的目標是教育人們從使用這些穿戴式裝置進行睡眠健康追蹤轉向我所說的睡眠健康追蹤。從消費者意識到篩檢、診斷、治療以及最終對其睡眠健康和呼吸健康的持續管理的真正醫療保健途徑。我們相信，在瑞思邁，我們（聽不清楚）正在關注他們的肥胖問題。他們的醫療保健目標集中在減肥，同時改善飲食、運動和睡眠習慣。我們相信，增加使用 GLP-1 治療肥胖症將使許多新人進入醫療保健漏斗，促使他們在努力減肥和其他醫療健康時看到自己的初級保健地位。

We believe this will open these patients up to knowledge of their other chronic diseases from their primary care physicians, including awareness of chronic diseases such as sleep apnea, ultimately driving new patients into diagnosis and treatment pathways that may not have previously been considered or being treated for those patients. So we believe this will drive not just more patients into our channel, but also more motivated patients into our channel.

我們相信，這將使這些患者從初級保健醫生那裡獲得有關其他慢性疾病的知識，包括對睡眠呼吸中止症等慢性疾病的認識，最終推動新患者進入以前可能未考慮或未接受治療的診斷和治療途徑對於那些患者。因此，我們相信這不僅會吸引更多的患者進入我們的管道，還會吸引更多積極主動的患者進入我們的管道。

ResMed has been tracking the impact of GLP-1s through a de-identified patient analysis using an overlap of our data and third-party claims data. With another quarter of data analyzed, we are now up to an incredible N equals 660,000 subjects in our analysis. The bottom line is that the data show that GLP-1s are having a positive impact on patients seeking and adhering to positive airway pressure therapy. The latest numbers are an improvement from what we presented previously.

ResMed 一直透過使用我們的數據和第三方索賠數據的重疊進行去識別化患者分析來追蹤 GLP-1 的影響。透過另外四分之一的數據進行分析，我們現在的分析結果達到令人難以置信的 N 等於 66 萬名受試者。最重要的是，數據顯示 GLP-1 對尋求和堅持氣道正壓治療的患者產生正面影響。最新的數字比我們之前提供的數字有所改進。

For patients prescribed a GLP-1 medication, the latest data show a 10.5% higher propensity to start positive airway pressure therapy over those not taking the drug. As we follow these patients longitudinally, the resupply rate at T equals 12 months is 310 basis points higher. That's $3.1 billion absolute basis percentage points higher for patients who have a GLP-1 prescription. And then at T equals 24 months, the resupply rate is 500 basis points so 5.0 absolute percentage points higher for patients who have a GLP-1 prescription. These data show clearly that these new GLP-1 pharmaceutical class is actually a tailwind for our ResMed business. bringing more patients and more motivated patients into the health care system.

最新數據顯示，對於服用 GLP-1 藥物的患者，開始進行氣道正壓通氣治療的傾向比未服用該藥物的患者高 10.5%。當我們縱向追蹤這些患者時，T 等於 12 個月時的再供應率高出 310 個基點。對於持有 GLP-1 處方的患者來說，這絕對高出了 31 億美元的絕對基點百分點。然後，在 T 等於 24 個月時，再供應率為 500 個基點，因此對於持有 GLP-1 處方的患者來說，再供應率高出 5.0 個絕對百分點。這些數據清楚地表明，這些新的 GLP-1 藥品類別實際上是我們 ResMed 業務的順風車。讓更多的患者和更有積極性的患者進入醫療保健系統。

We've included the full analysis of these data in our investor deck, and I encourage you to review the data there. It's very positive information and very thorough and detailed work by our health care economics and outcomes research as well as our digital health analytics teams here at ResMed. Existing clinical studies show many factors impact sleep epidemiology, including craniofacial anatomy, age of the subject, gender and weight. With over 1 billion people on the planet with sleep apnea right now, 80-plus percent of them are undiagnosed in our biggest market, the United States, and over 90% of patients are undiagnosed globally. There remains an incredible opportunity to help people sleep and breathe better through positive airway pressure therapy. The universally recognized gold standard for treating sleep apnea. We look forward to more patients entering the health care system for care and more motivated patients who can get on our therapy faster and stay on it longer.

我們已將這些數據的完整分析納入我們的投資者資料庫中，我鼓勵您查看其中的數據。這是非常積極的訊息，也是我們的醫療保健經濟學和結果研究以及瑞思邁數位健康分析團隊所做的非常徹底和詳細的工作。現有的臨床研究表明，影響睡眠流行病學的因素有很多，包括顱顏解剖結構、受試者年齡、性別和體重。目前全球有超過 10 億人患有睡眠呼吸暫停，其中 80% 以上的人在我們最大的市場美國未被診斷，而全球超過 90% 的患者未被診斷。透過氣道正壓治療幫助人們更好地睡眠和呼吸仍然是一個令人難以置信的機會。普遍公認的治療睡眠呼吸中止症的黃金標準。我們期待更多的患者進入醫療保健系統接受護理，也期待更多積極主動的患者能夠更快地接受我們的治療並持續更長時間。

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 evidence demonstrating that we can achieve over 87% of patients adherent through our positive airway pressure technology by combining our market-leading device platforms, our market-leading masks with our digital health solutions. Even with this best-in-class global tech just over 10% of patients still need alternative therapies. And we have a very high volume of patients coming through these days.

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了證據，表明我們可以透過將氣道正壓通氣技術與以下方法相結合，讓超過87% 的患者堅持使用：我們市場領先的設備平台、我們市場領先的口罩以及我們的數位健康解決方案。即使擁有這種一流的全球技術，仍有超過 10% 的患者需要替代療法。這些天我們接診的病人數量非常多。

We're investing in alternative therapies and we're working to help patients who just can't adhere to positive airway pressure therapy despite the latest technology to find their path to second-line therapies, such as dental devices where ResMed has the market-leading 3D printed dental device on the planet for sleep apnea in Western Europe and Northern Europe. That's called Narval.

我們正在投資替代療法，並致力於幫助那些無法堅持氣道正壓治療的患者，儘管有最新的技術可以找到二線療法的途徑，例如瑞思邁擁有市場的牙科設備——全球領先的3D 列印牙科設備，用於治療西歐和北歐的睡眠呼吸中止症。這就是所謂的納爾瓦爾。

In addition, we have investments in third-line therapies, including pharmaceutical options, we're an investor in Apnimed. And we're also an investor in hypoglossal nerve stimulation technology, through our investment in a company called Nyxoah. ResMed is about sleep health. It's about breathing health, and it's about delivering the best care right where you live. We make sure the person finds the path to the highest efficacy, lowest cost, most comfortable therapy that's best for them.

此外，我們也投資了三線療法，包括藥品選擇，我們是 Apnimed 的投資者。透過投資一家名為 Nyxoah 的公司，我們也是舌下神經刺激技術的投資者。瑞思邁致力於睡眠健康。這關係到呼吸健康，關係到在您居住的地方提供最好的護理。我們確保患者找到最有效、成本最低、最舒適的最適合他們的治療方法。

Let's pivot now to talk about our digital health technology investments, leveraging our 18 billion nights of de-identified medical data in the cloud and our 24.5 100% cloud connectable devices that are there in our ecosystem across 140 countries. We are investing in a portfolio of artificial intelligence-driven capabilities as well as customer-facing AI products in our ecosystem. We continue to roll out these products in our AirView ecosystem, such as compliance coach that I talked about last quarter, that's rolling out in the United States.

現在讓我們談談我們的數位健康技術投資，利用我們在雲端儲存的180 億個夜晚的去識別化醫療數據以及我們遍布140 個國家/地區的生態系統中的24.5 個100% 雲端可連接設備。我們正在投資我們的生態系統中的一系列人工智慧驅動的功能以及面向客戶的人工智慧產品。我們繼續在 AirView 生態系統中推出這些產品，例如我上季度談到的合規教練，該產品正在美國推出。

We're also progressing well with our generative AI capabilities to help patients along their journey, really people before their patients and then they become people seeking sleep health and breathing health solutions and then on their journey, they become patients. And we're rolling out that GenAI capability in the Asia Pac region for now, and we'll look to scale that as we move forward. We'll continue to share progress on this front as this revolutionary tech is developed and scaled across our business and many of medtech and health tech peers are doing the same and our ecosystem will move forward.

我們的生成式人工智慧能力也取得了良好進展，可以幫助患者度過他們的旅程，真正成為患者之前的人，然後他們成為尋求睡眠健康和呼吸健康解決方案的人，然後在他們的旅程中，他們成為患者。我們目前正在亞太地區推出 GenAI 功能，隨著我們的發展，我們將尋求擴大規模。隨著這項革命性技術在我們業務中的開發和擴展，我們將繼續分享這方面的進展，許多醫療技術和健康技術同行也在做同樣的事情，我們的生態系統將向前發展。

Our respiratory health business continues to be supported by sustained activity across our noninvasive ventilator platforms and our life support ventilator platforms. We continue to invest in clinical and economic trials for high-flow therapy that we call HFT to treat chronic obstructive pulmonary disease at home at a cost-effective rate. This is a long-term opportunity focused on generating evidence, developing pathways and driving new reimbursement options. We are focused on driving adoption of these technologies for treatment at home. The prevalence of respiratory insufficiency due to COPD as well as neuromuscular diseases, continues to increase, and we have low-cost high efficacy and high-tech treatments in HFT and beyond to 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，以經濟高效的方式在家治療慢性阻塞性肺病。這是一個長期機會，專注於產生證據、開發途徑和推動新的報銷方案。我們致力於推動這些技術在家庭治療中的應用。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，我們在高頻治療及其他領域擁有低成本、高效、高科技的治療方法來應對這一醫療保健流行病。

Turning to our Software as a Service business in the field of residential care we had another strong quarter with year-over-year growth of 8%. We plan to maintain high single-digit growth in the remainder of fiscal year 2024 and we plan to accelerate to double-digit growth for our residential care Software as a Service business on an organic basis throughout fiscal year 2025. We are seeing ongoing customer-facing synergies between our Brightree offering in the U.S. and our core home medical equipment channel and its resupply capabilities. We are driving good growth across both our residential care SaaS and our core sleep health and breathing health businesses, while serving many hundreds of thousands of patients.

談到我們在住宅護理領域的軟體即服務業務，我們又經歷了一個強勁的季度，年增 8%。我們計劃在 2024 財年剩餘時間內保持高個位數增長，併計劃在 2025 財年有機基礎上將我們的住宅護理軟體即服務業務加速至兩位數增長。在美國的Brightree 產品與我們的核心家庭醫療設備管道及其補給能力之間的協同效應。我們正在推動住宅護理 SaaS 以及核心睡眠健康和呼吸健康業務的良好成長，同時為數十萬名患者提供服務。

Our residential care SaaS business is integral to ResMed's growth portfolio, and we're excited to have created a global business that will achieve double-digit growth on organic basis throughout fiscal year 2025. We continue to drive OpEx leverage by managing our capabilities for cloud compute, cybersecurity, interoperability, privacy and R&D across our go-to-market brands that include Brightree, MatrixCare and MEDIFOX DAN. And those synergies go not just across the SaaS businesses, but also directly into our core sleep health and breathing health business.

我們的住宅護理SaaS 業務是ResMed 成長組合中不可或缺的一部分，我們很高興創建了一個全球業務，該業務將在2025 財年實現兩位數的有機增長。槓桿率我們的上市品牌（包括 Brightree、MatrixCare 和 MEDIFOX DAN）涵蓋運算、網路安全、互通性、隱私和研發。這些協同效應不僅涉及 SaaS 業務，還直接涉及我們的核心睡眠健康和呼吸健康業務。

And beyond this infrastructure leverage, our residential care SaaS business drives platform development synergies and customer engagement facilities and capabilities that are synergies as well. And these highly complement the market-leading med tech and software solutions capability that's there right in our core sleep health and breathing health business ecosystem, including products like AirView and myAir and beyond.

除了基礎設施的槓桿作用之外，我們的住宅護理 SaaS 業務還推動平台開發協同效應以及客戶參與設施和能力的協同效應。這些高度補充了我們核心睡眠健康和呼吸健康業務生態系統中市場領先的醫療技術和軟體解決方案能力，包括 AirView 和 myAir 等產品。

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 all the way to the bottom line and we made very good progress on that this quarter. The team delivered non-GAAP operating income up 23% and non-GAAP net income up 27%. 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 medtech solutions.

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，以加速獲利能力直至實現盈利，本季我們在這方面取得了非常好的進展。該團隊的非 GAAP 營業收入成長了 23%，非 GAAP 淨利潤成長了 27%。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、最互聯和最聰明的醫療技術解決方案引領數位健康科技產業。

During the last 12 months, we have improved over 174 million lives by delivering a medical device directly to a patient, a complete mask system to a patient or a digital health software solution that provides personal care for a patient right where they live. We've helped each person sleep better, breathe better and live higher-quality lives with best-in-class health care.

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 1.74 億人的生活。我們透過一流的醫療保健幫助每個人睡得更好、呼吸得更好並過上更高品質的生活。

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

最後，我要對一萬多名 ResMedians 的今天和每一天的堅持不懈的努力和奉獻表示誠摯的謝意。謝謝。

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

接下來，我將把電話轉交給悉尼的布雷特，聽取他的講話，然後我們將在悉尼和聖地亞哥之間與整個團隊進行問答。交給你了，布雷特。

Great. Thanks, Mick. In my remarks today, I'll provide an overview of our results for the third 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 Q3. Group revenue for the March quarter was $1.2 billion, a 7% headline increase and a 7% increase in constant currency terms. Revenue growth reflects positive and consistent contributions across our product and resupply portfolio. Year-over-year movements in foreign currencies had a negligible impact on revenue during the March quarter.

偉大的。謝謝，米克。在今天的演講中，我將概述 2024 財年第三季的業績。我們在第三季的財務業績強勁。三月季度的集團營收為 12 億美元，整體成長 7%，以固定匯率計算成長 7%。收入成長反映了我們的產品和補給組合的積極和持續的貢獻。外幣年減對三月季度的收入影響可以忽略不計。

Looking at our geographic revenue distribution and excluding revenue from our Software as a Service business, sales in U.S., Canada and Latin America increased by 9%. Sales in Europe, Asia and other markets increased by 3%. Globally, device sales increased by 5%, while masks and other sales increased by 10%.

從我們的地理收入分佈來看，不包括軟體即服務業務的收入，美國、加拿大和拉丁美洲的銷售額成長了 9%。歐洲、亞洲等市場銷售額成長3%。在全球範圍內，設備銷售額增長了 5%，而口罩和其他產品的銷售額增長了 10%。

Breaking it down by regional areas. Device sales in the U.S., Canada and Latin America increased by 7%, supported by solid ongoing new patient diagnosis, while mask other sales increased by 12% and reflecting growth in both resupply and new patient setups.

按地區劃分。在持續不斷的新患者診斷的支持下，美國、加拿大和拉丁美洲的設備銷售額增長了 7%，而面罩其他銷售額增長了 12%，反映了補給和新患者設置的增長。

In Europe, Asia and other markets, device sales increased by 1% on a constant currency basis. Year-over-year growth moderated due to incremental revenue in the prior year quarter of approximately $15 million from COVID-related demand. Excluding the COVID-related sales, device revenue increased by 8% on a constant currency basis. Masks and other sales increased by 6% on a constant currency basis.

在歐洲、亞洲和其他市場，設備銷售額以固定匯率計算成長了1%。由於與新冠病毒相關的需求，上一季的收入增量約為 1500 萬美元，年成長有所放緩。排除與新冠肺炎相關的銷售額，以固定匯率計算，設備收入成長了 8%。以固定匯率計算，口罩和其他產品的銷售額成長了 6%。

Software as a Service revenue increased by 8% in the March quarter, underpinned by growth from MEDIFOX DAN and continued strong performance from our HME vertical.

由於 MEDIFOX DAN 的成長和 HME 垂直領域持續強勁的業績，軟體即服務收入在 3 月季度增長了 8%。

During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our third quarter earnings press release.

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

Gross margin increased by 240 basis points to 58.5% in the March quarter. The increase was driven by reductions in freight expense, manufacturing cost improvements favorable product mix and an increase in device average selling prices. Sequential gross margin improved by 160 basis points. We continue to monitor potential headwinds that could arise from the Middle East conflict. Disruptions in the Red Sea have increased freight costs and shipping lead times. We estimate this will negatively impact our Q4 gross margin by around 30 to 50 basis points.

三月季度的毛利率成長了 240 個基點，達到 58.5%。這一成長的推動因素包括運費減少、製造成本改善、有利的產品組合以及設備平均售價的上漲。毛利率環比提高了 160 個基點。我們持續關注中東衝突可能產生的潛在不利因素。紅海的干擾增加了貨運成本和運輸交貨時間。我們估計這將對我們第四季的毛利率產生約 30 至 50 個基點的負面影響。

Moving on to operating expenses. SG&A expenses for the third quarter increased by 1%. SG&A expenses as a percentage of revenue improved to 19.2% compared to 20.5% in the prior year period and reflects savings and ongoing cost discipline following restructuring actions undertaken early in the December quarter.

接下來是營運費用。第三季的銷售、管理及行政費用增加了 1%。 SG&A 費用佔收入的百分比從去年同期的 20.5% 提高到 19.2%，這反映了 12 月季度初採取的重組行動後的節省和持續的成本控制。

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 balance of fiscal year 2024.

展望未來，受匯率變動的影響，我們預期 2024 財年的銷售管理費用將佔營收的百分比將在 18% 至 20% 之間。

R&D expenses for the quarter increased by 2% on a constant currency basis. R&D expenses as a percentage of revenue was 6.4% compared to the 6.8% 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 the balance of fiscal year 2024.

以固定匯率計算，本季研發費用成長 2%。研發費用佔營收的比例為 6.4%，去年同期為 6.8%。展望未來，受匯率變動的影響，我們預期 2024 財年的研發費用將佔營收的比例在 6% 至 7% 之間。

Operating profit for the quarter increased by 23%, underpinned by revenue growth, gross margin expansion and modest growth in our operating expenses. Our net interest expense for the quarter was $11 million. Given our lower debt levels, we expect interest expense to be in the range of $7 million to $9 million in the final quarter of fiscal year 2024.

在營收成長、毛利率擴張和營運費用小幅成長的推動下，本季營運利潤成長了 23%。本季我們的淨利息支出為 1,100 萬美元。鑑於我們較低的債務水平，我們預計 2024 財年最後一個季度的利息支出將在 700 萬至 900 萬美元之間。

Our effective tax rate for the March quarter was 20.3%, broadly consistent with the prior year quarter. We continue to estimate our effective tax rate for fiscal year 2024 will be in the range of 19% to 21%. Our net income for the March quarter increased by 27% and non-GAAP diluted earnings per share also increased by 27%.

我們 3 月季度的有效稅率為 20.3%，與去年同期基本一致。我們繼續估計 2024 財年的有效稅率將在 19% 至 21% 之間。我們三月季度的淨利潤成長了 27%，非 GAAP 攤薄每股收益也成長了 27%。

Cash flow from operations for the quarter was $402 million, reflecting solid underlying earnings and improvement in our working capital position.

本季營運現金流為 4.02 億美元，反映出穩健的基本獲利和營運資本狀況的改善。

Capital expenditure for the quarter was $21 million, depreciation and amortization for the quarter totaled $43 million. We ended the third quarter with a cash balance of $238 million. On March 31, we have $1 billion in gross debt and 670 -- sorry, $769 million in net debt.

該季度的資本支出為 2,100 萬美元，該季度的折舊和攤銷總額為 4,300 萬美元。第三季末，我們的現金餘額為 2.38 億美元。截至 3 月 31 日，我們的總債務為 10 億美元，淨債務為 670 美元（抱歉，為 7.69 億美元）。

During the quarter, we reduced our debt by $220 million. On March 31, we had approximately $1.2 billion available for drawdown under our revolver facility, and we continue to maintain a solid liquidity position. Today, our Board of Directors declared a quarterly dividend of $0.48 per share.

本季度，我們減少了 2.2 億美元的債務。截至 3 月 31 日，我們的循環貸款工具下有約 12 億美元可供提取，並且我們繼續保持穩固的流動性頭寸。今天，我們的董事會宣布季度股息為每股 0.48 美元。

During the quarter, we purchased 261,000 shares under our previously authorized share buyback program for consideration of $50 million. We plan to continue to purchase shares to the value of approximately $50 million per quarter for the balance 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.

本季度，我們根據先前授權的股票回購計畫購買了 261,000 股股票，代價為 5,000 萬美元。我們計劃在 2024 財年的剩餘時間內繼續每季購買價值約 5,000 萬美元的股票。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. Thanks, Mick. Kevin, let's go ahead and turn the call back over to you to provide the instructions and then run the Q&A portion of the call.

偉大的。謝謝你，布雷特。謝謝，米克。凱文，讓我們繼續將通話轉回給您以提供說明，然後進行通話的問答部分。

(Operator Instructions) Our first question today is coming from Dan Hurren from MST Marquee.

（操作員說明）今天我們的第一個問題來自 MST Marquee 的 Dan Hurren。

Look, I just wanted to ask about the gross margin predictably. That recovery is pretty sharp, whereas I think you had perhaps talked to a more modest gross margin recovery in the second half. So I just want to ask how sustainable that recovery is into fourth quarter and into '25?

聽著，我只是想問毛利率可預測的情況。這種復甦相當迅速，而我認為您可能談到了下半年毛利率的溫和復甦。所以我只想問第四季和 25 年的復甦能否持續？

Yes. Thanks, Dan. It's a good question. And obviously, as we talked about on the call a quarter ago and 2 quarters ago, we've got long-term programs and short-term programs that are moving very carefully to move our gross margin up some very long term as we walk through the launch of our AirSense 11 platform, which is at a better cost point, a better price point, launch of our new masks, the F40 last quarter and these have effects that go over the long term.

是的。謝謝，丹。這是一個好問題。顯然，正如我們在一個季度前和兩個季度前的電話會議上談到的那樣，我們有長期計劃和短期計劃，這些計劃正在非常謹慎地推進，以便在我們走過的過程中使我們的毛利率在很長一段時間內提高。

Some of the faster impacts we're able to do is working through the inventory that were higher freight costs from the semiconductor crisis and the supply chain crisis from 6, 9, 12, 18 months ago that are flowing through our system.

我們能夠實現的一些更快的影響是處理庫存，這些庫存因半導體危機和 6、9、12、18 個月前的供應鏈危機而導致運費成本上升，這些庫存正在流經我們的系統。

So look, I'm not upset when the team over-performs my expectations as they did here. As Brett said, in Q4, we'll see some moderation of that due to Red Sea impacts of couple of tens of basis points sort of 30, 40 basis points, Brett can give more detail on that. But look, Dan, I'm very -- what I'm excited about (technical difficulty)

所以看，當球隊像在這裡那樣超越我的期望時，我並沒有感到沮喪。正如布雷特所說，在第四季度，由於紅海的影響，我們將看到這種情況有所緩和，有幾十個基點，大約是 30、40 個基點，布雷特可以提供更多細節。但是丹，你看，我非常——令我興奮的是（技術難度）

Please stand by, we appear to be having technical difficulties. Please stand by.

請稍候，我們似乎遇到技術困難。請稍候。

Brett says he can't hear us.

布雷特說他聽不到我們的聲音。

Please proceed.

請繼續。

Can you hear me now, Kevin?

你現在聽得到我說話嗎，凱文？

We can now. Please proceed. We did lose your audio briefly. We do apologize. Please proceed.

我們現在可以了。請繼續。我們確實短暫丟失了您的音訊。我們深表歉意。請繼續。

Okay. Great. Well, I'll hand over to Brett to answer the question on gross margin, and then I'll follow up. I don't know where I got cut off there, Brett, you do -- over to you.

好的。偉大的。好吧，我就交給Brett來回答毛利率的問題，然後我再跟進。我不知道我在哪裡被打斷了，布雷特，你知道——交給你了。

Yes. Thanks, Mick. Not sure where that land a bit. Yes, in terms of gross margin, it is hard to predict given the movements in -- we have product mix, geographic mix, timing of cost improvements FX, freight costs. So it's all into the mix that we had pretty strong improvement through freight expense through manufacturing efficiencies and so on coming through, and that helped a lot. Stable component costs also means that's no longer a headwind there. So I think that's all reflected in the gross margin improvement. And as Mick said, in the short term, there is some Red Sea freight cost impacts that will come through in Q4. But our goal remains to improve gross margin over the course of FY '25.

是的。謝謝，米克。不知道在哪裡著陸了一點。是的，就毛利率而言，考慮到產品組合、地理組合、外匯成本改善時間、運費成本的變化，很難預測。因此，我們透過運輸費用、製造效率等方面取得了相當大的改進，這很有幫助。穩定的組件成本也意味著這不再是一個阻力。所以我認為這都反映在毛利率的改善上。正如米克所說，從短期來看，第四季將會對紅海貨運成本產生一些影響。但我們的目標仍是提高 25 財年的毛利率。

Next question is coming from Laura Sutcliffe from UBS.

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

Just sticking with gross margin, could you possibly give us an indication of how much of that 240 basis point improvement in core gross margin was freighting and how much was manufacturing?

就毛利率而言，您能否告訴我們，核心毛利率 240 個基點的改善中有多少是來自貨運，有多少是來自製造業？

Brett, you can answer that.

布雷特，你可以回答這個問題。

Sure. Yes. Thanks, Mick. Yes, I mean of that year-on-year the 240 basis points, the biggest contributors for the freight cost reduction and also the manufacturing cost improvements were the biggest drivers there. We saw some benefit or some favorable product mix playing out there, and a little bit in terms of ASP increases, but by far the most significant, too, which were significant contributors in their own right with a freight expense reduction and the manufacturing cost improvements.

當然。是的。謝謝，米克。是的，我的意思是年增 240 個基點，這是貨運成本降低的最大貢獻者，製造成本的改善也是最大的推動因素。我們看到了一些好處或一些有利的產品組合正在發揮作用，並且在平均售價方面有所增加，但到目前為止也是最重要的，它們本身就是運費減少和製造成本改善的重要貢獻者。

Are you able to tell us sort of how it falls between freighting and manufacturing cost improvement?

您能否告訴我們貨運成本和製造成本改善之間的關係如何？

I'd say -- I won't get drawn into specifics of each of the components, but I would say both of those are material in their own right of contributing to that 240 basis points.

我想說——我不會深入了解每個組成部分的細節，但我想說，這兩個組成部分本身對 240 個基點的貢獻都很重要。

Our next question is coming from Craig Wong-Pan from RBC.

我們的下一個問題來自 RBC 的 Craig Wong-Pan。

Just wanted to touch on the rest of world markets to see whether you're seeing much impact from (inaudible) there. And if any benefit was coming through from the backlog of activity with home care companies?

只是想接觸一下世界其他市場，看看您是否看到了那裡的巨大影響（聽不清楚）。家庭護理公司的積壓活動是否帶來了任何好處？

Yes. Thanks for the question, Craig. And yes, no, we really didn't see -- I mean, look, we've got many competitors out there in Europe, Asia, rest of world, including the one you mentioned. And it's a full playing field. It has been the whole time on masks. So there's no change to anyone coming back or leaving on the mask side. On the device side, no huge impacts. We were comping a very large device number. Europe, Asia, Rest of World, this quarter last year, we had a 36% growth that we're comping. And so we had good growth there on 36 comp at plus 1%. And if you take out from last year, a large ventilation provision in China. This time a year ago, China had a big COVID impact and ventilator purchase, it you take that out, the year-on-year growth would have been 8% in Europe, Asia, Rest of World devices, so up 700 basis points.

是的。謝謝你的提問，克雷格。是的，不，我們真的沒有看到——我的意思是，你看，我們在歐洲、亞洲和世界其他地方有很多競爭對手，包括你提到的那個。這是一個完整的競爭環境。一直以來都是戴著口罩。因此，戴著面具回來或離開的人沒有任何變化。在設備方面，沒有太大影響。我們正在計算一個非常大的設備數量。歐洲、亞洲、世界其他地區，去年這個季度，我們的成長率為 36%。因此，我們在 36 家公司中取得了良好的成長，成長率為 1%。如果你從去年開始，中國就有大量的通風設施。一年前的這個時候，中國受到了新冠疫情的巨大影響，購買了呼吸機，如果剔除這一點，歐洲、亞洲和世界其他地區的設備同比增長將達到 8%，即增長 700 個基點。

So look, the way I look at it is we're maintaining or growing share in all of our markets on the device side. We're the market leader with the AirSense 11 platform and we've got the second best platform in the world with the AirSense 10 platform against all competitors. And so really strongly. So no major impacts from restocking and no major impacts from competitive activity, and I think we had a very, very strong performance from the team in terms of their ability to ramp up the supply over the last period and get it all out there.

所以，我的看法是，我們在設備方面的所有市場中保持或增加份額。我們的 AirSense 11 平台是市場領導者，我們的 AirSense 10 平台在所有競爭對手中排名世界第二。而且非常強烈。因此，補貨沒有產生重大影響，競爭活動也沒有產生重大影響，而且我認為我們團隊在過去一段時間增加供應並全力以赴的能力方面表現非常非常出色。

And we're not -- no customer is not being able to fulfill an order. If they have an order for devices, we fill it up as much as we can with AirSense 11 and then we fill up the remainder with AirSense 10s, and we're able to take care of those customer needs. And so really good quarter of execution by our supply chain teams as well as our delivery teams and our commercial teams out there.

我們不會—沒有客戶無法履行訂單。如果他們有設備訂單，我們會用 AirSense 11 盡可能多地填充，然後用 AirSense 10 填充剩餘部分，這樣我們就能夠滿足這些客戶的需求。我們的供應鏈團隊、交付團隊和商業團隊在這個季度的執行力非常出色。

Next question is coming from David Bailey from Macquarie.

下一個問題來自麥格理的大衛貝利。

I just want to touch on new patient starts, maybe focusing on the U.S., if we can. Obviously, COVID had the impact of closing sleep labs and then followed on by some supply constraints around devices. Can you just give us a bit of a sense as to how you're seeing new patient starts at the moment versus a trend perhaps? And then also just touching on trends around home sleep testing versus PSG and how they might be impacting people coming into the system?

我只想談談新患者的開始情況，如果可以的話，也許重點關注美國。顯然，新冠疫情導致睡眠實驗室關閉，隨後設備供應受到一些限制。您能否讓我們了解目前新患者的治療情況與趨勢？然後也簡單談談家庭睡眠測試與 PSG 的趨勢，以及它們如何影響進入該系統的人？

Yes. 2 great components to the same question there, David. In terms of new patient starts, as you saw in U.S., Canada, Latin America, we achieved pretty strong growth of 7% of devices in the quarter, and that was on a comp, this time last year of 49%. So what I'd say is -- and this is what we say is that the market is sort of -- if ResMed doesn't do enough around demand gen, the market will grow at mid-single digits on devices and high single digits on masks. Obviously, we beat that this quarter with our device growth in the U.S., Canada and Latin America at 7%.

是的。大衛，同一個問題有兩個重要的組成部分。就新患者啟動而言，正如您在美國、加拿大、拉丁美洲看到的那樣，本季度我們的設備實現了 7% 的強勁增長，而去年同期為 49%。所以我想說的是——這就是我們所說的市場——如果瑞思邁在需求生成方面做得不夠，設備市場將以中個位數增長，而在高個位數增長在面具上。顯然，本季我們在美國、加拿大和拉丁美洲的設備成長率達到了 7%。

So new patient starts are strong. There is some (inaudible) up there, but it's a minority. And I can tell you that new patient flow into our channel has been steady. And we said this last quarter that we're starting to get back to that steady flow of patients. We've sort of gone through the perturbations of the COVID covered rebound, the supply chain dip, the supply chain rebound and now we're at steady state. So seeing really good flow of patients into the U.S.

因此，新患者的啟動情況很強。那裡有一些（聽不清楚），但只是少數。我可以告訴你，進入我們通路的新病患流量一直穩定。我們在上個季度表示，我們開始恢復穩定的患者流動。我們已經經歷了新冠病毒覆蓋的反彈、供應鏈下滑、供應鏈反彈的擾動，現在我們處於穩定狀態。因此，看到大量患者湧入美國

As I said on the prepared remarks, we are seeing these patients who come in on the GLP-1s, and it's only N equal 660,000 patients that we're looking at, but that's quite a big cohort. And as we look at those patients, their propensity to start being 10.5% above people without a prescription for that drug. I actually think we're seeing a really good flow that I think will be a long term. I think there's a long period of time, the S-curve or penetration of these GLP-1s and I think that's going to be a long cohort of patients coming into the channel. So really good on new patient starts.

正如我在準備好的演講中所說，我們正在看到這些接受 GLP-1 治療的患者，我們正在研究的患者只有 N 相當於 66 萬名患者，但這是一個相當大的群體。當我們觀察這些患者時，他們開始服用該藥物的傾向比沒有處方的人高出 10.5%。事實上，我認為我們看到了一個非常好的流程，我認為這將是一個長期的流程。我認為這些 GLP-1 的 S 曲線或滲透還有很長一段時間，我認為這將是一長群患者進入該通道。所以對於新病人的開始確實有好處。

And in terms of resupply, yes, look, we've got really good capabilities in the U.S., particularly with Brightree and Snap Technologies and Brightree resupply and our subscription models and our cash pay markets around the world. But there's a lot more runway left. There's many patients who aren't yet on a subscription program in cash pay markets and there's many patients who aren't yet on appropriate resupply in our large and developed markets.

在補給方面，是的，你看，我們在美國擁有非常好的能力，特別是 Brightree 和 Snap Technologies 以及 Brightree 補給以及我們的訂閱模式和我們在世界各地的現金支付市場。但還剩下很多跑道。在現金支付市場上，有許多患者尚未加入訂閱計劃，在我們龐大且發達的市場中，有許多患者尚未獲得適當的補給。

So I would say new patient flow in is very solid. Resupply, whether it's (inaudible) or reestablishing masks and accessories is good, but a lot of runway left -- a lot of runway left on both in terms of demand gen and resupply.

所以我想說新患者的流入非常穩定。補給，無論是（聽不清楚）還是重建口罩和配件都很好，但是還剩下很多跑道——在需求生成和補給方面都還剩下很多跑道。

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

我們的下一個問題來自瑞穗集團的 Anthony Petrone。

Congrats on strong quarter here. Maybe Mick, just staying on the GLP-1 topic, maybe just the house views on the SURMOUNT-OSA readout. And as we look to the ADA meeting, in June there, anything that you're really paying attention to and honing in on when we get the final data readout, are there specific secondary endpoints or sub-analysis that we should be focused in on?

恭喜本季表現強勁。也許 Mick，只是停留在 GLP-1 主題上，也許只是眾議院對 SURMOUNT-OSA 讀數的看法。當我們展望 6 月的 ADA 會議時，當我們獲得最終數據讀數時，您真正關注和磨練的任何內容，是否有我們應該關注的特定次要終點或子分析？

Yes. Thanks for the question, Anthony. And yes, certainly, we saw the headline results from that SURMOUNT-OSA trial. And look, since they had -- just to be really clear, the study had that at least 7-day washout at the end on the study that had patients that had been using CPAP. So with that 7- to 9-day washout period at the end, this was really a trial laser-focused on comparing their drug to placebo. And what it showed is somewhere in that sort of 59% to 63% reduction of AHI, and if you do the math on it and you look at the sort of average AHI coming in of around 50%, the average AHI coming out is sort of in the low 20s.

是的。謝謝你的提問，安東尼。是的，當然，我們看到了 SURMOUNT-OSA 試驗的主要結果。需要明確的是，該研究在研究結束時對一直使用 CPAP 的患者進行了至少 7 天的清除。因此，在最後的 7 到 9 天的清除期中，這實際上是專注於將藥物與安慰劑進行比較的試驗。它顯示 AHI 減少了 59% 到 63%，如果你計算一下，你會看到平均 AHI 大約減少了 50%，平均 AHI 大約是20多歲左右。

So patients were at the end of the study, on average, were suffocating every 3 minutes of sleep after treatment with this drug, right? And so AHI have 20 or more moderate plus sleep apnea. These patients would be treated by any sleep position on the planet and really require positive airway pressure treatment. So I think that's the most important thing to say right up front.

所以在研究結束時，患者在接受這種藥物治療後平均每睡 3 分鐘就會窒息一次，對嗎？因此 AHI 有 20 或更多中度加上睡眠呼吸中止症。這些患者可以接受地球上任何睡眠姿勢的治療，並且確實需要氣道正壓治療。所以我認為這是最重要的事情。

And so as we look at the readout that will come in June when they release the full analysis here and the primary investigators get up and we see all the sub-analysis data. What will be interesting is to look at because the combination therapy of a CPAP plus, CPAP plus these GLP-1s have a slightly higher efficacy, if you like. It had a higher reduction in AHI. I'd be interested to look on the secondary outcomes where there more blood pressure reductions and other cardiascular improvements. heart remodeling and things like that happen over time, and the washout period might have diluted that a little bit, it will depend on where they took them. But those would be the things that I'd be interested in this study.

因此，當我們查看六月的讀數時，他們會在這裡發布完整的分析，主要調查人員起床，我們會看到所有的子分析數據。有趣的是，如果您願意的話，看看 CPAP 加用 CPAP 的聯合治療、CPAP 加這些 GLP-1 的療效稍高一些。它的 AHI 降低幅度更大。我有興趣看看次要結果，即血壓降低更多和其他心血管改善。心臟重塑和類似的事情隨著時間的推移而發生，沖洗期可能會稍微稀釋一點，這將取決於他們把它們帶到哪裡。但這些正是我對這項研究感興趣的事。

As we see it, we're seeing new patients come in on this and not just anecdotally from the letters I get from patients saying, "I've been using a GLP-1 and now I'm using a PAP. This combination therapy is great. I'm taking care of my diet, my exercise and my sleep." But we're seeing real-world evidence, real-world data that we're presenting N equal 660,000 patients. And the patients start CPAP more. They adhere more, I mean, the fact that at 12-month resupply goes up 3.1%, 310 basis points, the fact that resupply at 24 months goes up 500 basis points. 5 absolute percentage points higher means that these are not only more patients into the funnel from these drugs and not just this particular drug from this particular company, but this class of drugs, we included tirzepatide and semaglutide now in our analysis and others. All new gen -- vast majority new gen tech.

正如我們所看到的，我們看到新的患者加入進來，而不僅僅是我從患者那裡收到的來信中的軼事，他們說：「我一直在使用GLP-1，現在我正在使用PAP 。但我們看到了真實世界的證據，我們提供的真實世界數據 N 等於 66 萬名患者。且患者開始CPAP呼吸器的次數增加。我的意思是，他們更堅持這樣一個事實：12 個月的補給增加了 3.1%，即 310 個基點，24 個月的補給增加了 500 個基點。絕對百分比高出5 個百分點意味著不僅有更多患者進入這些藥物的管道，而且不僅僅是來自該特定公司的特定藥物，而且我們現在將替西帕肽和索馬魯肽納入我們的分析和其他分析中。所有新一代——絕大多數新一代技術。

And I can tell you, we are going to do our own social media-driven demand gen, but the fact that big tech with the Samsung Watch, the Apple Watch and Google's Fitbit are going to be bringing patients in and big pharma. And this is trillions of dollars of capital between these companies are going to be doing advertising to drive patients into the funnel. We think this is a net tailwind for our business. We've started to see it somewhat now at very early stages, and we think it will be there in the future. So that's what we'll be looking for from this study, Anthony.

我可以告訴你，我們將做我們自己的社交媒體驅動的需求生成，但事實是，三星手錶、蘋果手錶和谷歌的 Fitbit 等大型科技將吸引患者和大型製藥公司。這些公司之間將投入數兆美元的資金進行廣告，以吸引患者進入管道。我們認為這對我們的業務來說是一個淨推動力。我們現在已經開始在非常早期的階段看到它，我們認為它將來會出現。這就是我們要從這項研究中尋找的內容，安東尼。

Next question today is coming from Suraj Kalia from Oppenheimer.

今天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？

Yes, I can, Suraj. Hopefully, your phone and our phone are good throughout this question and answer.

是的，我可以，蘇拉吉。希望您的手機和我們的手機在整個問答過程中都表現良好。

So forgive me if there is any background noise. Mick, first and foremost, congratulations on this quarter. Mick, specifically, and forgive me for belaboring this gross margins, a nice uptick in the quarter. Mick, if I recall correctly, a couple of quarters ago, gross margins were soft. And one of the reasons cited was a higher U.S. contribution, which intrinsically has lower margins than OUS. This quarter also, U.S. has ticked up nicely, contribution has picked up, can you -- maybe I'm missing a key aspect here. Can you help us reconcile those 2?

因此，如果有任何背景噪音，請原諒我。米克，首先，恭喜本季的業績。具體來說，米克，請原諒我對毛利率的闡述，本季毛利率有不錯的上升。米克，如果我沒記錯的話，幾個季度前，毛利率很低。引用的原因之一是美國的貢獻較高，而美國的利潤率本質上低於美國。本季度，美國的表現也不錯，貢獻也有所增加，也許我在這裡遺漏了一個關鍵面向。你能幫助我們協調這兩者嗎？

Yes. Thanks for the question, Suraj. I'll have a go first, and I'll hand over to Brett for detail. But as I look at it from my perspective, there were a number of factors that were positives to have such a great gross margin number this quarter. The first one was that we had excellent work by our global supply chain teams to work on getting our cost of goods sold down. Not just direct COGS but O-COGS as well. And so we worked through some of that high inventory -- high-cost inventory stock moved through the system and some of the reengineering work and revalidation and verification work we've done has been able to bring new product to market. We have a good flow between the AirSense 10 and AirSense 11 platforms.

是的。謝謝你的提問，蘇拉吉。我先嘗試一下，然後將細節交給 Brett。但從我的角度來看，本季毛利率如此之高有許多正面因素。第一個是我們的全球供應鏈團隊在降低商品銷售成本方面做出了出色的工作。不僅是直接銷貨成本，還有 O-COGS。因此，我們解決了一些高庫存——高成本庫存在系統中的移動，我們所做的一些重新設計工作以及重新驗證和驗證工作已經能夠將新產品推向市場。我們在 AirSense 10 和 AirSense 11 平台之間擁有良好的流程。

Look, if you look at the growth from like 12 months ago and some of the issues, I mean, we had -- as I said earlier, we had 49% growth in our U.S. Canada, Latin America flow generators a year ago. That has a very big impact on margin as it's lower margin than our masks business and other businesses, certainly in our ventilation and software around the world.

看，如果你看看 12 個月前的成長和一些問題，我的意思是，正如我之前所說，一年前我們在美國、加拿大、拉丁美洲的流量發電機成長了 49%。這對利潤率產生了很大的影響，因為它的利潤率低於我們的口罩業務和其他業務，尤其是我們在世界各地的通風和軟體業務。

This quarter, we're sort of back to a steady state where ResMed is growing well. We're growing at mid- to high single digits in parts of our business and double digits in the masks and accessories side. And I think we're just back to our core execution, something that ResMed has done in our 35-year history is have operating excellence and operational excellence is a core competency. We were able to -- after all those perturbations of COVID supply chain, cost of inventory, we're able to get back to what we do really well. So that's what I'd say are the main factors for us achieving such great gross margin in the quarter. Brett, do you want to provide any further detail?

本季度，我們有點回到了瑞思邁增長良好的穩定狀態。我們的部分業務以中高個位數成長，在口罩和配件方面以兩位數成長。我認為我們又回到了我們的核心執行，瑞思邁在 35 年的歷史中所做的就是卓越運營，而卓越運營是一項核心能力。在經歷了新冠肺炎供應鏈和庫存成本的所有乾擾之後，我們能夠回到我們真正擅長的領域。所以我想說的是，這是我們在本季實現如此高毛利率的主要因素。 Brett，你想提供更多細節嗎？

Yes. Thanks, Mick. I mean the only thing I would add is the geographic mix impact tends to be pre modest. You do see that, but for example, product mix is -- usually has much more impact than geographic mix. So it's less of an impact on our margin either way from geographic mix. It's fair, but it's not substantial.

是的。謝謝，米克。我的意思是，我唯一要補充的是，地理組合的影響往往是適度的。你確實看到了這一點，但例如，產品組合通常比地理組合具有更大的影響力。因此，無論哪種方式，地理組合對我們利潤率的影響都較小。這是公平的，但並不重要。

Next question is coming from Margaret Kaczor Andrew from William Blair.

下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾·安德魯。

I wanted to maybe touch on the market demand drivers and demand gen that you referenced earlier on the call. My recollection can -- tell me if I'm wrong, but I think you guys have sporadically maybe invested in understanding more growth drivers and the (inaudible) partnership is the one that kind of comes to mind on that. But as you think of demand gen, can you give us any data from those programs that might help inform the demand gen that you're trying to create? Over what time period can these efforts make that impact on market growth. And again, key sources, is it local level, Podcasts, news letters, global level celebrity partnerships? Just again, any details would be helpful.

我想談談您之前在電話會議中提到的市場需求驅動因素和需求產生。我的記憶可以——告訴我我是否錯了，但我認為你們可能偶爾會投入了解更多的成長動力，而（聽不清楚）合作關係就是我想到的那種。但是，當您想到需求產生時，您能否向我們提供這些程式中的任何數據，這些數據可能有助於告知您正在嘗試建立的需求生成？這些努力在什麼時間內可以對市場成長產生影響。再說一次，關鍵來源是地方層級、播客、新聞通訊、全球層面的名人合作關係嗎？再說一次，任何細節都會有幫助。

Well, yes, thanks, Margaret. It's a great question on how we're going to learn from our many years of experience of getting patients into the funnel and taking it to the next level and scaling globally. As you know, we've had sort of direct-to-consumer campaigns in our cash pay countries, Australia, New Zealand, Singapore and others around the world.

嗯，是的，謝謝，瑪格麗特。這是一個很好的問題，我們將如何從多年來讓患者進入漏斗並將其提升到新水平並在全球擴展的經驗中學習。如您所知，我們在現金支付國家、澳洲、紐西蘭、新加坡和世界其他地區開展了直接面向消費者的活動。

One of the big changes we made in our 2030 operating model was to establish a Global Chief Product Officer, Global Chief Revenue Officer, but also a Global Chief Marketing Officer. And I think bringing that marketing function to be across the whole of the sleep health and breathing health business and really across our whole ResMed business is going to allow us to bring -- yes, as you said, we did experiments in that joint venture, where -- by the way, we own all the intellectual property and capability of that joint venture assets and capability that we learned over those last many years in that JV. We've now taken that onboard, and we've said, okay, let's not just do that in 1 metropolitan statistical area in the United States or within 1 country like Australia or another country like Singapore or Korea. Let's look at ways we can scale that globally.

我們在 2030 年營運模式中做出的重大改變之一是設立了全球首席產品長、全球首席營收長以及全球首席行銷長。我認為，將行銷功能納入整個睡眠健康和呼吸健康業務，並真正涵蓋我們的整個瑞思邁業務，將使我們能夠——是的，正如您所說，我們在該合資企業中做了實驗，順便說一句，我們擁有該合資企業資產和能力的所有智慧財產權和能力，這些資產和能力是我們過去多年來在該合資企業中學到的。我們現在已經採取了這一點，我們已經說過，好吧，我們不僅僅在美國的一個大都市統計區域或澳大利亞等一個國家或新加坡或韓國等另一個國家內這樣做。讓我們看看如何在全球範圍內進行擴展。

So without signaling directly and exactly how, where and when we're going to do it. I can tell you we've got a global team looking at this, Margaret. And as we go throughout fiscal year 2025, we're going to talk about as they go public, this is the campaign. One thing that is different from what we did before is that -- I believe in what gets measured, gets done. And every single campaign we're going to do is going to have hardcore metrics, a sponsorship here driven here and influencer there, this social media impact there. Look at the ROI and before it scales, we're going to analyze that portfolio, primarily social media but other media-driven demand gen. And yes, it will be local, but it will also be national, and they'll be global. The platforms will be global.

因此，我們沒有直接、精確地發出訊號，說明我們將在何時、何地、如何進行。我可以告訴你，我們有一個全球團隊正在研究這個問題，瑪格麗特。當我們進入 2025 財年時，我們將在他們上市時談論這就是競選活動。與我們之前所做的不同的一件事是——我相信凡是經過衡量的事情，都會完成。我們要做的每一個活動都會有核心指標，這裡有贊助，那裡有影響力，那裡有社群媒體影響力。看看投資報酬率，在擴大規模之前，我們將分析該投資組合，主要是社群媒體，但也包括其他媒體驅動的需求產生。是的，這將是地方性的，但也將是全國性的，而且將是全球性的。這些平台將是全球性的。

The cultural impacts will be national and then the impact will be local and we'll be measuring that direct ROI of that marketing spend. As you saw in the quarter, we were very efficient on SG&A this quarter. We will go back to our steady state on that. Not growing at revenue, well below, but getting up to better growth, and those investments will go in areas like this in demand gen on SG&A. And of course, our core R&D growth will go back into AI and generative AI.

文化影響將是全國性的，然後影響將是地方性的，我們將衡量行銷支出的直接投資報酬率。正如您在本季所看到的，我們本季的銷售、管理和行政費用非常有效率。我們將在這方面回到穩定狀態。營收不會成長，遠低於營收成長，但會實現更好的成長，這些投資將進入SG&A 需求產生的領域。當然，我們的核心研發成長將回歸人工智慧和生成式人工智慧。

I can tell you some of that work on generative AI in Asia Pacific, helping a patient in that digital health concierge through the channel will be a big part of our demand gen as well. So a combination between R&D and SG&A there. But great question, Margaret, and we'll update you as we move through fiscal year 2025 and beyond on our demand gen initiatives.

我可以告訴你亞太地區產生人工智慧的一些工作，透過該管道幫助數位健康禮賓服務中的患者也將成為我們需求產生的重要組成部分。因此，研發與 SG&A 之間的結合。這是一個很好的問題，瑪格麗特，我們將在 2025 財年及以後的財年及以後的需求生成計劃中向您通報最新情況。

Our next question is coming from Gretel Janu from E&P.

我們的下一個問題來自 E&P 的 Gretel Janu。

Just want to go back to the gross margin and more just thinking about the gross margin trajectory into FY '25, so how should we think about the quantum of improvement likely to be achieved into FY '25? And where is that additional step-up going to come from now that you've kind of normalized a lot of the headwinds that we've seen in the last 12 months?

只是想回到毛利率，更多只是考慮 25 財年的毛利率軌跡，那麼我們應該如何考慮 25 財年可能實現的改善幅度？既然過去 12 個月中我們看到的許多不利因素已經正常化，那麼額外的升級將從何而來？

Yes. Thanks for the question, Gretel. Brett, with this great performance from your finance and our global supply chain team, you're getting all the questions this quarter. So over to you on projections for gross margin for FY '25 to answer Gretel's question.

是的。謝謝你的提問，格蕾特。布雷特，憑藉您的財務和我們的全球供應鏈團隊的出色表現，您將在本季度獲得所有問題。現在請您對 25 財年毛利率的預測來回答 Gretel 的問題。

Yes. Thanks, Mick. Yes, Gretel, I mean, there's -- yes, there's been quite a good increase year-on-year in freight and some manufacturing efficiencies, cost improvements there, obviously played a big part. We're also not so much facing the headwinds of these component cost increases that we would have saw -- we saw sort of 6 to 12 months ago as well. But if you look forward, and it's always hard to project, as I mentioned earlier, there's a lot that plays out on the gross margin product mix, the timing of the cost improvements or the continuous improvement programs that we're now running and we have an opportunity to do that. We're really focused on supply and getting devices into the market.

是的。謝謝，米克。是的，格蕾特，我的意思是，是的，貨運量同比有了相當大的增長，一些製造效率、成本改善顯然發揮了重要作用。我們也沒有像 6 到 12 個月前那樣面臨這些組件成本增加的不利因素。但如果你展望未來，總是很難預測，正如我之前提到的，毛利率產品組合、成本改進的時機或我們現在正在運行的持續改進計劃會產生很多影響。我們真正專注於供應並將設備推向市場。

So now as that stabilizes, then that gives us an opportunity to work on cost improvement programs. So we're focusing on that. So the goal without being specific on targets, but certainly, our goal is to improve gross margin over the course of FY '25. And we've got -- probably need to do that on a number of fronts, which is more around a continuous improvement or gradual improvement program now I think as we work through FY '25.

因此，現在隨著情況穩定下來，我們就有機會開展成本改進計劃。所以我們正在關注這一點。因此，我們的目標並不具體，但我們的目標當然是在 25 財年提高毛利率。我們可能需要在多個方面做到這一點，我認為現在我們在 25 財年工作時，這更多的是圍繞持續改進或逐步改進計劃。

Your next question is coming from [Brett Fishman] from KeyBanc.

您的下一個問題來自 KeyBanc 的 [Brett Fishman]。

I really appreciate some of the updates that you guys have provided on the data front. And I think what stood out to me a lot with the last couple of updates was the 10%-plus type of increase that you're seeing in [PAP] rates for the GLP users? And then especially considering this isn't really even reflecting some of the likely marketing activity from pharma. So curious some of the factors that you think might be driving this correlation. And then maybe looking ahead, where this number could potentially go once we're actually seeing patients that are prescribed with under an OSA indication and diagnosed with OSA?

我真的很感謝你們在數據方面提供的一些更新。我認為最近幾次更新對我來說最突出的是您在 GLP 用戶的 [PAP] 費率中看到的 10% 以上的增長？然後特別考慮到這甚至沒有真正反映製藥公司可能進行的一些行銷活動。非常好奇您認為可能推動這種相關性的一些因素。然後，也許展望未來，一旦我們真正看到根據 OSA 適應症開出處方並被診斷出患有 OSA 的患者，這個數字可能會走向何方？

Yes, Brett, it's a really good question. It's quite a complex one, and I think it will play out over time. We've obviously got very strong quantitative data with the 660,000 subjects that we're following in that analysis. But we get a lot of anecdotal information from folks all the way from folks who are involved in the clinical research to frontline physicians through our network, and we positioned this across 140 countries. These new medications are primarily focused on the U.S. and Western Europe right now.

是的，布雷特，這是一個非常好的問題。這是一個相當複雜的問題，我認為隨著時間的推移它會得到解決。顯然，我們在分析中追蹤的 66 萬名受試者中獲得了非常強大的定量數據。但我們透過我們的網路從參與臨床研究的人們到一線醫生等人們那裡獲得了大量軼事信息，並將其定位到 140 個國家。這些新藥目前主要集中在美國和西歐。

But as we watch -- our hypothesis, is that this new therapy is bringing people into the health care system who weren't previously there. They weren't choosing to go as frequently to their GP or their primary care physician. They are now seeing that PCP, that GP and now they are getting treated for not only their obesity, but now other chronic diseases. And we've seen this in other disease states from some of our peers here in medtech.

但正如我們所觀察到的，我們的假設是，這種新療法正在將以前不存在的人帶入醫療保健系統。他們沒有選擇經常去看全科醫生或初級保健醫生。他們現在去看 PCP、全科醫生，現在不僅接受肥胖治療，還接受其他慢性疾病的治療。我們已經從醫療技術領域的一些同行那裡看到了其他疾病狀態的情況。

But yes, it's quite extraordinary to have 10.5% higher propensity to start positive airway pressure therapy. There are not many other factors recently in terms of innovations from biotech and pharma that we've seen that could drive this level. And so it is early days as those drugs are penetrated in the U.S., Western Europe and beyond. But we're watching it very closely.

但是，是的，開始氣道正壓治療的傾向高出 10.5%，這是非常不尋常的。最近我們看到，在生物技術和製藥創新方面，沒有太多其他因素可以推動這一水平。因此，這些藥物在美國、西歐及其他地區的滲透仍處於早期階段。但我們正在非常密切地關注它。

I do think that these trillions of dollars worth of capital will bring -- lots of advertising will bring lots of patients into the funnel. And then our job will be to help those patients to find the best path to the best therapy and the best therapy is positive airway pressure therapy. And we're seeing that in these early days. And yes, I think as we move forward, we'll learn more, and we'll keep updating as we go every quarter on our flow of patients coming to the funnel, how we're seeing them and how we're taking care of them through our own demand gen through the demand gen that will be driven by this big pharma and one that we didn't get a question on that I talked about on my prepared remarks, they're on big tech.

我確實認為，這些價值數兆美元的資本將帶來——大量的廣告將吸引大量的患者進入管道。然後我們的工作將是幫助這些患者找到最佳治療的最佳途徑，而最好的治療就是氣道正壓治療。我們在早期就看到了這一點。是的，我認為隨著我們的前進，我們會了解更多，並且每個季度我們都會不斷更新進入漏斗的患者流量、我們如何看待他們以及我們如何護理其中包括我們自己的需求生成，以及將由這家大型製藥公司驅動的需求生成，我們沒有收到我在準備好的演講中談到的問題，他們是關於大型科技的。

I think the fact that there'll be wearables on tens of millions, maybe hundreds of millions of people's writs looking at oximetry, looking at nocturnal sleep, looking at nocturnal breathing and helping patients find out if they're not sleeping well, they're not breathing well. I think that might actually be a higher tidal wave than the big pharma tidal way. But we'll watch that as we move forward, and thanks for the question, Brett.

我認為事實上，數千萬甚至數億人都會使用穿戴式裝置來查看血氧飽和度、夜間睡眠、夜間呼吸並幫助患者發現他們是否睡眠不好，他們」我呼吸不順暢。我認為這實際上可能是比大型製藥浪潮更高的浪潮。但我們會在前進的過程中關注這一點，並感謝布雷特的提問。

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

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

Yes. So with the news that (inaudible) is exiting the noninvasive ventilation market, is there an opportunity for ResMed to pick up some share in this category? And if so, can you maybe talk about how big do you think that market is?

是的。那麼，隨著（聽不清楚）退出非侵入性通氣市場的消息傳出，瑞思邁是否有機會在這一類別中獲得一些份額？如果是這樣，您能談談您認為這個市場有多大嗎？

Yes. Thanks for the question, Mike. And the competitor you mentioned is leaving the U.S. market for life support ventilation. They will still -- at this point, I think claim to be coming back with CPAP, APAP and bilevel. So that bilevels are noninvasive ventilation, they reach an area of noninvasive ventilation. So we expect them back in that market. Look, I think there are opportunities in ventilation. Obviously, we saw through the COVID crisis, there was a very large volume of ventilators sold into the world in 2020, 2021, 2022. We talked about even just in '23, we're lapping a quarter where there were large sales a year ago into China of ventilators.

是的。謝謝你的提問，麥克。你提到的競爭對手正在退出美國生命維持通氣市場。在這一點上，我認為他們仍然會聲稱會帶著 CPAP、APAP 和雙水平回來。因此，雙水平是無創通氣，它們到達非侵入性通氣區域。因此，我們預計他們會重返該市場。你看，我認為通風方面還有機會。顯然，我們透過新冠危機看到，2020 年、2021 年、2022 年有大量呼吸器銷往世界各地。中國之前。

And so I think the -- if you like, the supply of ventilators into the market is quite high. So there's no huge sort of immediate opportunity by our competitor leaving life support ventilation in the U.S. But we are there to take care of our customers wherever they are, whatever country they're in and whatever needs they have.

所以我認為——如果你願意的話，市場上的呼吸機供應量相當高。因此，我們的競爭對手將生命維持通氣設備留在美國並沒有立即帶來巨大的機會。需求。

For us, the more material growth is really around driving our CPAP, our APAP and our bilevels with AirSense 11 and AirCurve11. And the AirCurve11, in terms of your question, noninvasive ventilation has AirCurve S, AirCurve ST and AirCurve STI and at the highest level, it has an AirCurve ASV, which is the highest level of adaptive set of ventilation. All these together form types of noninvasive ventilation to treat patients with COPD or neuromuscular disease that leads to respiratory insufficiency.

對我們來說，更多的實質成長實際上是圍繞著透過 AirSense 11 和 AirCurve11 來驅動我們的 CPAP、APAP 和雙水平儀。 AirCurve11，就你的問題而言，非侵入性通氣有AirCurve S、AirCurve ST和AirCurve STI，最高等級有AirCurve ASV，這是最高等級的自適應通氣組。所有這些共同構成了非侵入性通氣的類型，用於治療患有慢性阻塞性肺病或導致呼吸功能不全的神經肌肉疾病的患者。

And ResMed has the best platform in the planet to treat them. We think it's a huge opportunity. Many hundreds of millions of patients worldwide have COPD neuromuscular disease and respiratory insufficiency. And ResMed is there for them now, will be there for them there in the future. It's a long-term growth opportunity. It's not a short-term pop. It's a long-term growth opportunity for us to take care of these patients and help them sleep better, breathe better and our AirCurve platform is going to be fantastic to do that.

瑞思邁擁有全世界最好的治療平台。我們認為這是一個巨大的機會。全球有數億患者患有慢性阻塞性肺病（COPD）神經肌肉疾病和呼吸功能不全。瑞思邁現在就在他們身邊，將來也會在他們身邊。這是一個長期成長的機會。這不是短期流行。對我們來說，照顧這些患者並幫助他們睡得更好、呼吸得更好是一個長期的成長機會，我們的 AirCurve 平台將非常適合做到這一點。

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

我們的下一個問題來自美國銀行的 Lyanne Harrison。

I might come back to the real-world data, Mick. Obviously, some good resupply improvements there, 300 basis points and 500 basis points. But is there anything you can share on the data or the trend for lower severity OSA patients, sort of the mild to moderate categories? And then also secondly, on the data, whether should we do this or a separate data set, what trend are you seeing in the percentage of patients who have ceased CPAP therapy as a result of weight loss drugs?

我可能會回到現實世界的數據，米克。顯然，補給方面有一些良好的改善，分別是 300 個基點和 500 個基點。但是對於較低嚴重程度的 OSA 患者（輕度到中度類別），您有什麼可以分享的數據或趨勢嗎？其次，就數據而言，我們是否應該這樣做還是單獨的數據集，您認為因減肥藥物而停止 CPAP 治療的患者百分比有什麼趨勢？

Yes. So it's a good question, Lyanne, and there are sort of multiple parts to it. I'll address it at a high level, which is to say, yes, look, the real-world data is excellent. It's the largest data set out there with over 660,000 patients that have been prescribed to GLP-1 and are on positive airway pressure therapy and we're really laser-focused on tracking that cohort very carefully. We can and will look to in the future, slice and dice it by AHI 5 to 15, 15 to 30, 30 plus. We'll look to slice and dice it by age, by gender, by geography and others.

是的。所以這是一個很好的問題，萊安，它有多個部分。我將從高層次解決這個問題，也就是說，是的，看，現實世界的數據非常好。這是最大的數據集，其中有超過 660,000 名患者已接受 GLP-1 治療並正在接受氣道正壓治療，我們非常仔細地追蹤該隊列。我們可以而且將會期待在未來，將其按照 AHI 5 到 15、15 到 30、30 以上進行切片和切塊。我們將根據年齡、性別、地理位置等對它進行切片和切塊。

A lot of that will be for our internal work so that we can we can best drive social media marketing and know which patients to go after. For instance, the public information out there is that women are using GLP-1s more than men, and they're more adherent to the GLP-1s than men are. The rate that people quit the GLP-1 therapy is a lot higher in men than women. And so we're tracking a lot of that information publicly, and we will, over time, release it.

其中很大一部分將用於我們的內部工作，以便我們能夠最好地推動社交媒體行銷並知道要關注哪些患者。例如，公開資訊顯示，女性比男性更常使用 GLP-1，而且她們比男性更堅持 GLP-1。男性放棄 GLP-1 治療的比例遠高於女性。因此，我們正在公開追蹤大量此類信息，隨著時間的推移，我們將發布這些資訊。

We haven't seen at all a correlation to our information around people quitting PAP therapy because of a GLP-1. It just doesn't compute in the data we've got. It's the other way that it's a huge tailwind for people coming in. Look, when we see -- as we say, we get 87% adherence, we're very proud of that. For the 13% that don't get there, we look at all the reasons why, is it claustrophobia, is it insomnia where they have a psychological condition where they can't fall asleep and then they blame it on the CPAP mask when it's really a fact of a need to have treatment or their insomnia as well as or in parallel to or even before their OSA. So we're looking at all types of reasons for that.

我們尚未發現與我們關於人們因 GLP-1 而放棄 PAP 治療的資訊之間的任何相關性。它只是不計算我們得到的數據。另一方面，這對進來的人來說是一個巨大的推動力。對於那 13% 沒有達到目標的人，我們會研究所有原因，是不是幽閉恐懼症，是不是失眠，他們有無法入睡的心理狀況，然後他們將其歸咎於 CPAP 面罩。需要與OSA 一起進行治療，或同時進行治療，甚至在OSA 之前進行治療。所以我們正在研究造成這種情況的各種原因。

But look, we'll continue to update you and the rest of the world as we do the slice and dice by AHI, by age, by gender, to find the best way to help patients find the best path to therapy. But right now, we're seeing a huge trend of more patients coming in, more motivated patients. And our challenge is to keep up with that and make sure that we can scale and help them get on that great digital health journey.

但看，我們將繼續根據 AHI、年齡、性別進行切片和切塊，以找到幫助患者找到最佳治療途徑的最佳方法，從而為您和世界其他地方提供最新資訊。但現在，我們看到了一個巨大的趨勢：更多的病人進來，更有動力的病人。我們的挑戰是跟上這一點，並確保我們能夠擴大規模並幫助他們踏上偉大的數位健康之旅。

Next question is coming from Steve Wheen from Jarden.

下一個問題來自賈登的史蒂夫·惠恩。

I just had a question around the AirSense 11 and its availability and the pathway to it being kind of the platform that you're 100% rely upon. If you could just give us an update as to how that looks for the remainder of this year and perhaps into '25?

我剛剛有一個關於 AirSense 11 及其可用性以及成為您 100% 依賴的平台的途徑的問題。您能否向我們介紹今年剩餘時間（也許是 25 年）的最新情況？

Yes. Thanks for the question, Steve. I'll start out with this fact that we're still selling the AirSense 9 product in China right now. And so getting rid of getting rid of it completely, right? The AirSense 10 will take a while because there's great markets around the world where technology is useful for a long period of time. But I think what you're talking to is the materiality of AirSense 11 becoming the primary in global markets. I can tell you this the AirSense 11 is already the primary platform in our biggest market in the U.S. It's already well into the majority and growing quickly. And no customer who wants to order from ResMed can't get AirSense 11s as well as AirSense 10s.

是的。謝謝你的提問，史蒂夫。首先我要說的是，我們目前仍在中國銷售 AirSense 9 產品。所以要徹底擺脫它，對嗎？ AirSense 10 需要一段時間，因為世界各地都有巨大的市場，這些技術在很長一段時間內都是有用的。但我認為您所說的是 AirSense 11 成為全球市場主要產品的重要性。我可以告訴你，AirSense 11 已經是我們美國最大市場的主要平台。想要從 ResMed 訂購的客戶都無法獲得 AirSense 11 和 AirSense 10。

We do limit sometimes the AirSense 11s because there's so many customers from small, large regionals to statewide groups to nationals. And we've got to balance the flow to make sure every person has a fair chance to get an AirSense 11 and then we cover the difference with the awesome AirSense 10s. So we're already over the majority in the U.S. As we look at other big markets around the world, Germany, Japan, France, U.K. and beyond. The AirSense 11s are ramping -- the AirSense 11s are ramping very quickly and they'll quickly get to the majority across those areas.

有時我們確實會限制 AirSense 11，因為有很多客戶，從小型、大型區域到全州團體再到國民。我們必須平衡流量，以確保每個人都有公平的機會獲得 AirSense 11，然後我們用出色的 AirSense 10 來彌補差異。因此，當我們看看德國、日本、法國、英國等世界各地的其他大市場時，我們在美國已經超越了大多數市場。 AirSense 11 正在迅速擴張——AirSense 11 的擴張速度非常快，它們很快就會覆蓋這些地區的大部分地區。

As we look at more of the companies, hundreds more countries around the world in those top 20. Our job is, as I said in the prep remarks, to get the regulatory clearances, some of these countries require all separate paperwork and time and effort. And so we have to analyze how quickly we can do that. And we are also working with authorities to see if we can get clearances that can be used across multiple regions. And so Steve, we're working very hard to get AirSense 11 in all countries and to the majority in all countries. I hope that answers your question.

當我們觀察更多的公司時，全球有數百個國家躋身前 20 名。 。所以我們必須分析我們能多快做到這一點。我們也正在與當局合作，看看是否可以獲得可在多個地區使用的許可。因此，史蒂夫，我們正在非常努力地工作，以便讓 AirSense 11 在所有國家/地區普及到所有國家的大多數人。我希望這能回答你的問題。

Your next question is coming from Saul Hadassin from Barrenjoey Capital.

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

Just another quick one for Brett. Brett, just looking at the inventory balance, it came down quite significantly into the end of the third quarter. It's the lowest inventory has been, I think, since 2022. Just wondering where you think inventory goes from here? Do you think you need to start to sort of rebuild as it relates to sort of product demand? Or you think you can drive that dollar value down further?

對布雷特來說，這只是另一個快速的事情。布雷特，只要看看庫存餘額，到第三季末就顯著下降。我認為這是自 2022 年以來庫存最低的一次。您認為您是否需要開始進行某種重建，因為這與某種產品需求有關？或者您認為可以進一步壓低美元價值？

Yes. I think yes, we had -- I mean our teams have been working hard on that for a while now. So you're starting to see the results there in the balance sheet and in inventory, which is great. We're getting pretty close to our targets on the inventory. So I'd say it's -- there could be modest reductions, there could be modest gains there. It's more around making sure balancing supply and demand now. So I'd say it's pretty close to targets on kind of where we're at now for the inventory.

是的。我想是的，我們已經——我的意思是我們的團隊已經在這方面努力了一段時間了。因此，您開始在資產負債表和庫存中看到結果，這很棒。我們已經非常接近庫存目標了。所以我想說的是──可能會有適度的減少，也可能會有適度的成長。現在更多的是確保供需平衡。所以我想說，我們現在的庫存狀況非常接近目標。

Our final question today is coming from Matthew Taylor from Jefferies.

我們今天的最後一個問題來自 Jefferies 的 Matthew Taylor。

It's Mike Toomey covering for Matt Taylor. Coming back to Philips. I know you said you're maintaining or growing share in the markets where they're returning. But are you seeing any significant pricing pressure or pricing discounts from them? And any thoughts on when they might return to the U.S. market based on the consent decree?

麥克圖米（Mike Toomey）為馬特泰勒（Matt Taylor）做掩護。回到飛利浦。我知道你說過你在他們回歸的市場中保持或增加了份額。但您是否看到他們有任何重大的定價壓力或定價折扣？根據同意令，他們對何時返回美國市場有何想法？

Yes. Thanks for the question, Mike. And no, look, what we're seeing in the markets where that competitor has returned is that they're pricing for value, and they're trying to compete on value. And primarily, as they come back from sort of 0% share with new patients as they start in the market, they're competing with the sort of Tier 2 and Tier 3 players. So a local player in Europe or a local player in Asia, and they're not touching our share as the global market leader and global technology leader in this space.

是的。謝謝你的提問，麥克。不，你看，我們在競爭對手回歸的市場中看到的是，他們正在按價值定價，並且他們試圖在價值上競爭。主要是，當他們進入市場時，新患者的份額為 0%，他們正在與 2 級和 3 級參與者競爭。因此，無論是歐洲本地企業還是亞洲本地企業，他們都沒有觸及我們作為該領域全球市場領導者和全球技術領導者的份額。

And the work that we've been able to do these number of years that they were out of each market is to really entrench ourselves because we've got the lowest cost, the highest efficacy, the best technology and physicians love our digital data, patients love engagement with myAir and the whole ecosystem creates that value. So we really have seen -- as they come in the pricing for value and competing with Tier 2, Tier 3 players in those markets.

多年來，我們在退出每個市場後所做的工作是為了真正鞏固自己的地位，因為我們擁有最低的成本、最高的功效、最好的技術，而且醫生喜歡我們的數字數據，患者喜歡與myAir互動，整個生態系統創造了這種價值。所以我們確實看到了——因為他們的定價是為了價值，並與這些市場中的二級、三級參與者競爭。

As to when they'll reenter from 0% new patient share into the U.S. market, I don't know. You can do your own analysis on a consent decrees. This one is a very severe one. It has a lot of inspectors sort of 5x the normal number of inspectors. I think 5 versus 1 and a lot of constraints on that. I look forward to great competition. We've got good competition from the players there now. When they come back, they'll have to compete with them first and us after that. But no, look, we were winning and taking share from that competitor in 2019, all the way from 2010 to 2019. We'll continue to do that and beat them whenever they come back to market. Thanks for the question.

至於他們何時會從 0% 的新患者份額重新進入美國市場，我不知道。您可以對同意令進行自己的分析。這是一個非常嚴重的問題。它有很多檢查員，大約是正常檢查員數量的 5 倍。我認為是5對1，並且有很多限制。我期待著精彩的比賽。我們現在與那裡的球員展開了激烈的競爭。當他們回來時，他們必須先與他們競爭，然後再與我們競爭。但不，你看，我們在 2019 年從那個競爭對手那裡贏得了份額，從 2010 年到 2019 年。謝謝你的提問。

We have 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。

Great. Well, thanks, Kevin, and thanks to all of our stakeholders for joining this call, especially our shareholders. The opportunity in front of ResMed is huge and largely untapped. It's an incredible runway. We see more and more people coming into the health care system. This will benefit us as we help to -- help them sleep better, breathe better and to live better and healthier and happier lives in over 140 countries.

偉大的。好吧，謝謝凱文，也感謝我們所有的利害關係人加入這次電話會議，特別是我們的股東。瑞思邁面臨著巨大的機遇，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，因為我們將幫助 140 多個國家的人們睡得更好、呼吸得更好，並過上更好、更健康和更​​快樂的生活。

Thank you to 10,000 ResMedians, many of you who listened to this call and are also shareholders for all that you do today and every day.

感謝 10,000 名 ResMedians，你們中的許多人聽取了這一呼籲，並且也是你們今天和每天所做的一切的股東。

With that, I'll hand the call back to Amy and we can close it out.

這樣，我會將電話轉回給艾米，我們就可以結束了。

Great. Thank you, Mick, and thanks, everyone, for listening. We do appreciate your interest and your time. If you have any additional questions, please don't hesitate to reach out directly. This concludes ResMed's Third Quarter 2024 Conference Call. Kevin, I'll turn it back to you to officially close this out.

偉大的。謝謝你，米克，也謝謝大家的聆聽。我們非常感謝您的興趣和您的時間。如果您還有任何其他問題，請隨時直接聯絡。瑞思邁 2024 年第三季電話會議至此結束。凱文，我會將其轉回給你，以正式結束此事。

Thank you. This concludes ResMed's Third Quarter Fiscal Year 2024 Earnings Live Webcast. You may now disconnect.

謝謝。瑞思邁 2024 財年第三季財報到此結束。您現在可以斷開連線。