瑞思邁 (RMD) 2024 Q4 法說會逐字稿

Hello, and welcome to the Q4 fiscal year 2024 ResMed earnings conference all. My name is Kevin, and I'll be your operator for today's call. (Operator Instructions)

大家好，歡迎參加瑞思邁 2024 財年第四季財報會議。我叫凱文，我將擔任今天電話的接線生。 （操作員說明）

Please note this conference call is being recorded. I'll now turn the call over to Amy Wakeham, Chief Investor Relations Officer. Please go ahead, Amy.

請注意，本次電話會議正在錄音。我現在將把電話轉給首席投資者關係官 Amy Wakeham。請繼續，艾米。

Great. Thank you, Kevin. Hello, everyone. Welcome to ResMed's fourth-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 財年第四季財報電話會議。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 isolate 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 our 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.

我們根據我們的合理假設做出這些陳述。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 the call over to our Chairman and CEO, Mick Farrell.

現在我將把電話轉給我們的董事長兼執行長米克法雷爾。

Thanks, Amy, and thank you to our shareholders for joining us as we announce results from our full fiscal year 2024 and review our fourth-quarter results in more detail. Our global ResMed team executed incredibly well in our fourth quarter, producing another strong period of growth and execution across our business, with solid performance across all regions and all segments of our business and strong double-digit bottom line growth.

謝謝艾米，也感謝我們的股東加入我們，我們將宣布 2024 年整個財年的業績，並更詳細地審查我們的第四季業績。我們的全球瑞思邁團隊在第四季度的表現非常出色，為我們的業務帶來了又一個強勁的成長和執行力，在我們所有地區和所有業務部門都取得了穩健的業績，並實現了強勁的兩位數底線成長。

Ongoing new patient demand for our market-leading flow generators remained robust in the quarter, even against a very tough year-over-year comparable. Media interest in sleep apnea and all the various therapies seems to be helping patients find their way to screening, diagnosis and therapy, and especially, the lowest cost most efficacious therapy with the best outcomes, which is positive airway pressure therapy. In terms of our masks and accessories business, physicians respiratory therapists and patients are choosing ResMed masks when they start therapy and as they continue through resupply, resulting in very strong double-digit growth in our masks and accessories business.

儘管同比非常艱難，但本季患者對我們市場領先的流量產生器的持續新需求仍然強勁。媒體對睡眠呼吸中止症和各種療法的興趣似乎正在幫助患者找到篩檢、診斷和治療的方法，特別是成本最低、最有效、效果最好的療法，即氣道正壓療法。就我們的面罩和配件業務而言，醫生、呼吸治療師和患者在開始治療和繼續補給時都會選擇瑞思邁面罩，從而導致我們的面罩和配件業務實現非常強勁的兩位數增長。

Our residential care software business delivered double-digit growth in revenue and in net operating profit. Our laser focus on operating leverage has delivered another quarter of strong profitable growth, and we're well positioned to continue on this trajectory as we launch into fiscal year 2025.

我們的住宅護理軟體業務實現了收入和淨利潤的兩位數成長。我們對營運槓桿的高度關注已經帶來了另一個季度的強勁利潤增長，並且在我們進入 2025 財年時，我們已經做好了繼續沿著這一軌跡發展的準備。

Over 2.4 billion people worldwide suffer from sleep apnea, insomnia or respiratory insufficiency due to chronic obstructive pulmonary disease or neuromuscular disease. As the market leader in respiratory medicine and residential care globally, here at ResMed, we're uniquely positioned to drive increased market penetration through demand generation to accelerate growth. These chronic conditions in sleep health and breathing health form a global health epidemic that ResMed is well positioned to address.

全球有超過 24 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、失眠或呼吸功能不全。身為全球呼吸醫學和住院護理領域的市場領導者，瑞思邁擁有獨特的優勢，能夠透過產生需求來加速成長，進而提高市場滲透率。這些睡眠健康和呼吸健康的慢性疾病構成了全球健康流行病，瑞思邁完全有能力解決這個問題。

We believe that healthcare should be delivered in the lowest cost, lowest acuity and highest comfort location possible. In the optimal case, that's right in a person's own home. ResMed is the clear leader in sleep apnea, a market of over 1 billion people globally. Our end markets remain significantly underpenetrated. We're leading the industry in digital health solutions, with approximately 19 billion nights of medical data in the cloud and 26 million 100% cloud connectable medical devices sold into over 140 countries worldwide.

我們相信醫療保健應該在盡可能最低的成本、最低的敏銳度和最高舒適度的地點提供。在最佳情況下，就在一個人自己的家裡。瑞思邁是睡眠呼吸中止症領域無可爭議的領導者，全球人口超過 10 億。我們的終端市場滲透率仍然嚴重不足。我們在數位健康解決方案領域處於行業領先地位，在雲端儲存了約 190 億個夜晚的醫療數據，並在全球 140 多個國家/地區銷售了 2,600 萬台 100% 雲端連接醫療設備。

We've leveraged these de-identified data to show that our therapy solutions lower costs, improve outcomes and bend the curve of chronic disease progression. Significant opportunities remain in digital health, and we plan to be right there at the cutting edge of innovation. The latest advances in wearables from the consumer technology industry and the latest medicines from big pharmaceutical companies will bring more and more new patients into the healthcare system.

我們利用這些去識別化的數據來表明我們的治療解決方案可以降低成本、改善結果並扭轉慢性疾病進展的曲線。數位健康領域仍然存在重大機遇，我們計劃走在創新的前沿。消費科技產業穿戴裝置的最新進展以及大型製藥公司的最新藥物將把越來越多的新患者帶入醫療保健系統。

We have many opportunities to add value, expanding interoperability, lowering costs, and improving patient outcomes. Billions of people can benefit from our products and solutions, and we're focused on expanding our reach and growing the market to help people get on their pathway to better sleep, better breathing, and better care at home.

我們有很多機會來增加價值、擴大互通性、降低成本和改善患者治療效果。數十億人可以從我們的產品和解決方案中受益，我們致力於擴大影響力和發展市場，幫助人們獲得更好的睡眠、更好的呼吸和更好的家庭護理。

Sales of our flow generator devices, including the category-leading AirSense 11 platform grew 6% year over year globally. We're supporting the global market, and every patient who needs a device has access to our market-leading 100% cloud connectable platforms, the AirSense 10 and the AirSense 11. We continue increasing the availability and production of our AirSense 11 and our AirCurve 11 platforms worldwide, as we secure regulatory clearances and launch these market-leading technologies country by country.

我們的氣流產生器設備（包括業界領先的 AirSense 11 平台）的全球銷量年增 6%。我們支援全球市場，每位需要設備的患者都可以使用我們市場領先的 100% 雲端連接平台、AirSense 10 和 AirSense 11。許可並逐個國家推出這些市場領先的技術。

Our masks and accessories business grew 15% year over year, expanding in a competitive category globally. Our latest mask innovation, the AirFit F40 introduced last quarter is doing extremely well in the markets that it has launched in. New patients are selecting the F40 for its comfort, fit, and ease of use. It is the smallest profile or nasal mask on the market from ResMed.

我們的口罩和配件業務年增 15%，在全球競爭類別中不斷擴張。我們最新的面罩創新產品，上季度推出的 AirFit F40 在其推出的市場中表現非常出色。它是瑞思邁市場上最小的輪廓或鼻罩。

Patients are voting with their wallets and respiratory therapists are voting with their setup protocols and physicians are voting with their prescriptions. We look forward to ongoing success in the US and across global markets, as we increase availability and introduce the F40 into more and more countries throughout fiscal year 2025.

患者用他們的錢包投票，呼吸治療師用他們的設置方案投票，醫生用他們的處方投票。隨著我們在 2025 財年增加 F40 的可用性並將其引入越來越多的國家，我們期待在美國和全球市場取得持續成功。

ResMed's clinical and commercial teams continue to partner with physicians and providers to drive resupply programs directly with their patients. And we're successfully establishing subscription programs in our cash pay countries to help consumers find their path to therapy resupply directly. Masks and accessory resupply programs are a very important part of our offering, as we serve the ongoing therapy needs of patients globally.

瑞思邁的臨床和商業團隊繼續與醫生和醫療服務提供者合作，直接與患者一起推動補給計畫。我們正在現金支付國家成功建立訂閱計劃，以幫助消費者找到直接獲得治療補給的途徑。口罩和配件補給計畫是我們產品中非常重要的一部分，因為我們滿足全球患者持續的治療需求。

Research shows that resupply programs can both improve patient adherence and improve long-term clinical outcomes. In the US, 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 and programs to help people take control of their own health, regularly refreshing their ongoing therapy needs.

研究表明，補給計劃既可以提高患者的依從性，又可以改善長期臨床結果。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、啟動和擴展這些技術和項目，幫助人們掌控自己的健康，並定期更新他們正在進行的治療需求。

As the global leader in significantly underpenetrated markets, our most important opportunity is to expand and grow the market through awareness, diagnosis, and seamless 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 residential care. We are ramping up our demand generation initiatives to raise awareness and create pathways for patients to help them find access to care for their sleep health and their breathing health. We're serving traditional health care channels, as well as investing in cost-effective social media-driven demand generation campaigns to help consumers who are concerned about their sleep and breathing, find ways -- their own personal way into appropriate screening, diagnosis, treatment, and management pathways.

作為滲透率嚴重不足的市場的全球領導者，我們最重要的機會是透過意識、診斷和無縫治療途徑來擴大和發展市場。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住宿護理。我們正在加強我們的需求產生計劃，以提高患者的認識並為患者創造途徑，幫助他們獲得睡眠健康和呼吸健康的護理。我們正在為傳統醫療保健管道提供服務，並投資於具有成本效益的社交媒體驅動的需求生成活動，以幫助關心睡眠和呼吸的消費者找到方法——以他們自己的方式進行適當的篩檢、診斷、治療和管理途徑。

Our physician and provider based software ecosystem called AirView now contains over 28 million patient records. Adoption of our consumer patient engagement app which is called myAir, where people choose to participate in their personalized sleep health journey remains incredibly active and now includes over 8.3 million users. These digital health ecosystems are growing every quarter, showing the engagement of physicians as well as patients in accessing their own data to measure progress along their personal health journey.

我們基於醫生和提供者的軟體生態系統（稱為 AirView）現在包含超過 2800 萬筆病患記錄。人們選擇參與個人化睡眠健康之旅的消費者患者參與應用程式 myAir 的採用仍然非常活躍，目前擁有超過 830 萬用戶。這些數位健康生態系統每季都在成長，顯示醫生和患者都積極參與存取自己的數據，以衡量個人健康之旅的進展。

As we look to the future, I've discussed two global megatrends that I believe will further support ongoing growth for ResMed. Awareness of sleep and health issues driven by consumer technology companies, specifically sleep tracking wearables like the Samsung Galaxy Watch, which has a de novo FDA clearance to screen for moderate to severe sleep apnea. And we expect similar capabilities from other wearable players in consumer tech, such as the Apple Watch, Google's Fitbit, the Aura Ring, Whoop, and Garmin.

在我們展望未來時，我討論了兩個全球大趨勢，我相信這將進一步支持瑞思邁的持續成長。消費者科技公司推動了人們對睡眠和健康問題的認識，特別是三星 Galaxy Watch 等睡眠追蹤可穿戴設備，該產品已獲得 FDA 批准，可以篩選中度至重度睡眠呼吸中止症。我們預計消費科技領域的其他穿戴裝置也將具有類似的功能，例如 Apple Watch、Google 的 Fitbit、Aura Ring、Whoop 和 Garmin。

In terms of the second megatrend behind future patient growth, we are seeing increased volumes of patients entering the health care system driven by the efforts of big pharmaceutical companies as they increase awareness of the treatments for diabetes and obesity medicines and they continue their research into the impacts of these medicines on sleep apnea. Together, we believe these two megatrends in consumer tech and big pharma will increase patient awareness and be a significant tailwind for long-term growth here at ResMed.

就未來患者成長背後的第二個大趨勢而言，我們看到在大型製藥公司的努力推動下，進入醫療保健系統的患者數量不斷增加，因為他們提高了對糖尿病和肥胖藥物治療的認識，並繼續研究糖尿病和肥胖藥物。我們相信消費科技和大型製藥公司的這兩個大趨勢將提高患者的意識，並成為瑞思邁長期成長的重要推動力。

Our goal is to educate people as they move from what we call sleep wellness tracking on a wearable to what we would call sleep health tracking, where they are seeking to help, advice, and care of a health professional in the field of sleep medicine. This connection pathway from consumer awareness of sleep health and breathing health issues into a true health care pathway is what we are calling the digital health concierge opportunity.

我們的目標是教育人們從穿戴式裝置上的睡眠健康跟踪轉向睡眠健康跟踪，在睡眠醫學領域尋求健康專業人士的幫助、建議和護理。這種從消費者對睡眠健康和呼吸健康問題的認識到真正的醫療保健途徑的連接途徑就是我們所說的數位健康禮賓機會。

Our plan is to be there for that person, as they go through the process of screening, diagnosis, treatment, and ongoing management of their sleep health and their breathing health for life. Big Pharma is squarely focused on GLP-1 medications. For many people dealing with their obesity and diabetes issues, their health care goals are focused on losing weight, while improving their diet, cardiovascular exercise and their sleep routines, something that build them in called the Triumvirate of Health.

我們的計劃是在那個人經歷篩檢、診斷、治療和持續管理他們的睡眠健康和呼吸健康的過程中陪伴他們。大型製藥公司專注於 GLP-1 藥物。對於許多正在處理肥胖和糖尿病問題的人來說，他們的醫療保健目標集中在減肥，同時改善飲食、心血管運動和睡眠習慣，這被稱為「健康三巨頭」。

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 physicians as they strive to achieve and maintain weight loss. We believe this will open them up to treating other chronic diseases that they may suffer from, including increased awareness of sleep apnea, ultimately driving new patients into diagnosis and treatment pathways that they may not have previously considered or been treated for. So it's not just driving more patients into our channel, but we believe it's also driving more motivated patients.

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管道，促使他們在努力實現和維持減肥的同時去看初級保健醫生。我們相信，這將使他們能夠治療他們可能患有的其他慢性疾病，包括提高對睡眠呼吸中止症的認識，最終推動新患者進入他們以前可能沒有考慮過或沒有接受過治療的診斷和治療途徑。因此，這不僅吸引了更多的患者進入我們的管道，我們相信這也帶動了更多積極主動的患者。

The emphasis on GLP-1 medications and increased focus by big pharma has put a spotlight on sleep apnea like never before. We believe that the growth in weight loss drugs will be a net positive for our business, and the data support that thesis. ResMed has added to the biggest study in the field and our data, which is using real-world evidence of the impact of GLP-1s through a de-identified patient analysis leveraging third-party claims data. We now have an expanded cohort of over 811,000 de-identified subjects in our analysis.

對 GLP-1 藥物的重視以及大型製藥公司的日益關注，使睡眠呼吸中止症受到前所未有的關注。我們相信減肥藥物的成長將對我們的業務產生淨積極影響，並且數據支持了這一論點。 ResMed 添加了該領域最大規模的研究和我們的數據，該研究透過利用第三方索賠數據進行去識別化患者分析，使用 GLP-1 影響的真實世界證據。現在，我們的分析範圍已擴大到超過 811,000 名未識別身份的受試者。

This analysis demonstrates that GLP-1s are having a positive impact on patients both seeking and adhering to positive airway pressure therapy. The latest numbers are an improvement from what we have presented previously. For patients prescribed a GLP-1 medication, the latest data show a 10.7 absolute percentage points higher propensity to start PAP therapy over those without a GLP-1 prescription.

該分析表明，GLP-1 對尋求和堅持氣道正壓治療的患者產生積極影響。最新的數字比我們之前提供的數字有所改進。對於服用 GLP-1 藥物的患者，最新數據顯示，與未服用 GLP-1 處方的患者相比，開始 PAP 治療的傾向絕對高出 10.7 個百分點。

These data show that patients with this drug prescription are more motivated to start their CPAP, APAP or bilevel therapy. In terms of longer-term impacts on PAP therapy, we have seen that the resupply rate at T equals 12 months is 310 basis points. So 3.1 absolute percentage points higher for the patients who have a GLP-1 prescription. And further, at T equals 24 months, the resupply rate is 530 basis points, or 5.3% absolute percentage points higher for PAP therapy resupply for patients who have a GLP-1 prescription.

這些數據表明，服用該藥物處方的患者更有動力開始 CPAP、APAP 或雙水平治療。就 PAP 治療的長期影響而言，我們看到 T 等於 12 個月時的再供應率為 310 個基點。因此，對於持有 GLP-1 處方的患者來說，絕對值高出 3.1 個百分點。此外，在 T 等於 24 個月時，對於持有 GLP-1 處方的患者，再供應率為 530 個基點，即 PAP 治療再供應的絕對百分比高出 5.3%。

These data show that the new pharmaceutical class is a clear tailwind for our business, bringing more patients into the health care system. And more than that, we believe it is bringing highly motivated patients into the health care system. We've included this updated analysis in our quarterly earnings PowerPoint deck, and I encourage you to review the data there in further detail.

這些數據表明，新的藥品類別對我們的業務來說是一個明顯的推動力，讓更多的患者進入醫療保健系統。更重要的是，我們相信它正在將積極主動的患者帶入醫療保健系統。我們已將這項更新的分析納入我們的季度收益 PowerPoint 中，我鼓勵您更詳細地查看其中的數據。

ResMed is the clear world leader in sleep health, breathing health and health care delivered at home. Frankly, it's our obligation and it's our brand promise. It's the ResMed brand promise to ensure that sleep concern consumers find their path to the highest efficacy, lowest cost, and most comfortable therapy that's out there and is best for them.

瑞思邁在睡眠健康、呼吸健康和家庭醫療保健方面無疑是世界領導者。坦白說，這是我們的義務，也是我們的品牌承諾。瑞思邁品牌承諾確保關注睡眠的消費者找到最有效、最低成本和最舒適的治療方法，並且是最適合他們的。

Our peer reviewed and published evidence demonstrates that we can achieve over 87% to PAP technology, 87% adherence to PAP technology in the first 90 days by combining our market-leading device platforms with digital health solutions, myAir and AirView. Of course, that means that 13% of patients in that scenario still need alternatives. And ResMed wants to be there to help those patients too.

我們的同儕審查和發布的證據表明，透過將我們市場領先的設備平台與數位健康解決方案myAir 和AirView 結合，我們可以在前90 天內實現超過87% 的PAP 技術使用率和87% 的PAP 技術遵守率。當然，這意味著 13% 的患者在這種情況下仍然需要替代方案。瑞思邁也希望能夠幫助這些患者。

So we are investing in alternative therapies to help patients who can't adhere to PAP therapy to find their pathway to second-line therapies. And that includes dental devices, where ResMed provides Narval, the market-leading 3D printed dental device for treatment of sleep apnea with dental treatment in Western and Northern Europe.

因此，我們正在投資替代療法，幫助無法堅持 PAP 治療的患者找到二線療法的途徑。其中包括牙科設備，ResMed 提供了 Narval，這是市場領先的 3D 列印牙科設備，用於在西歐和北歐的牙科治療中治療睡眠呼吸中止症。

In addition, we have investments in third-line therapies, including pharmaceutical options with our investment in Apnimed, and hypoglossal nerve stimulation technology with our investment in Nyxoah. So let's step back and talk about broadly our digital health technology investments, leveraging an extraordinary ecosystem of almost 19 billion nights of deidentified medical data.

此外，我們還投資了三線療法，包括投資 Apnimed 的藥物選擇，以及投資 Nyxoah 的舌下神經刺激技術。因此，讓我們退後一步，廣泛討論一下我們的數位健康技術投資，利用由近 190 億個夜晚的去識別醫療數據組成的非凡生態系統。

We are developing and continuing to expand a portfolio of artificial intelligence-driven capabilities as well as customer-facing AI products that we're launching into the market from our ecosystem. We continue to roll out and expand the AI products in AirView, such as compliance coach in the United States and our new smart coaching pilot which is expanding into a few new countries as we go through our current quarter, which is Q1 of fiscal year 2025 and beyond.

我們正在開發並繼續擴展人工智慧驅動的功能組合以及我們從我們的生態系統推向市場的面向客戶的人工智慧產品。我們繼續在AirView 中推出和擴展人工智慧產品，例如美國的合規教練和我們新的智慧輔導試點，在我們當前季度（即2025 財年第一季）中，該試點計畫正在擴展到幾個新的國家/地區超越。

We are also progressing with our generative AI capabilities. to help patients along their health journey. A project that was initially piloted within our Asia Pacific region, our Generative AI sleep concierge that we call Dawn. And yes, that is a reference to the sun rising at Dawn after a great night of sleep, Dawn was recently expanded from Asia Pac into our US market. We'll continue to share the progress on this front of Gen AI and simple ML and generic AI as well as this tech is further developed and scaled across our business. It's going to enhance the user experience and drive consumer awareness. And what we're focused on is outcomes; not the tech, but what it can do for a patient, a physician, a provider.

我們的生成式人工智慧能力也在不斷進步。幫助患者走上健康之路。我們的生成式人工智慧睡眠禮賓服務計畫最初是在亞太地區試點的，我們稱之為 Dawn。是的，這是指一夜安眠後黎明時分的太陽升起，黎明最近從亞太地區擴展到我們的美國市場。我們將繼續分享 Gen AI、簡單 ML 和通用 AI 方面的進展，以及這項技術在我們的業務中進一步開發和擴展。它將增強用戶體驗並提高消費者意識。我們關注的是結果；不是技術，而是它能為病人、醫生、提供者做什麼。

In our Residential Care Software as a Service business, we had another strong quarter with year-over-year growth of 10%, supported by strength in our home medical equipment provider business through our Brightree brand, as well as very strong growth in our home nursing and nursing home business with our MEDIFOX DAN brand. We've made very good progress in the business segment throughout fiscal 2024, and we plan to maintain high single-digit growth to low double-digit growth throughout each quarter in fiscal year 2025. But really importantly, we're driving operating leverage, and we're going to have very strong double-digit net operating profit growth from our residential care software business sector in 2025.

在我們的住宅護理軟體即服務業務中，我們迎來了一個強勁的季度，同比增長 10%，這得益於 Brightree 品牌的家庭醫療設備提供商業務的實力，以及我們家庭業務的強勁增長擁有我們的MEDIFOX DAN 品牌的護理和療養院業務。在整個 2024 財年，我們在業務部門取得了非常好的進展，我們計劃在 2025 財年每個季度保持高個位數增長到低兩位數增長。到2025 年，我們的住宅護理軟體業務部門將實現非常強勁的兩位數淨利潤成長。

Our residential care software business is integral to the broader ResMed growth portfolio, with ongoing synergistic growth opportunities across our businesses. We are accelerating growth across our residential care software business intrinsically, but we're also helping to support the core business through mask and accessory resupply growth. We continue to drive operating leverage by managing across our businesses with capabilities managed such as cloud compute, cybersecurity, interoperability, privacy, and research and development velocity across our software platforms, and with our core sleep health and breathing health businesses. We are transforming respiratory medicine and residential care software at scale. We are leading the industry in developing, applying, and adopting digital health technology across the 140-plus countries that we serve.

我們的住宅護理軟體業務是瑞思邁更廣泛的成長產品組合的一部分，我們的業務之間存在持續的協同成長機會。我們本質上正在加速住宅護理軟體業務的成長，但我們也透過面罩和配件補給的成長來幫助支援核心業務。我們透過雲端運算、網路安全、互通性、隱私和整個軟體平台的研發速度等管理能力以及我們的核心睡眠健康和呼吸健康業務來管理整個業務，從而繼續提高營運槓桿。我們正在大規模改造呼吸醫學和住院護理軟體。我們在所服務的 140 多個國家/地區開發、應用和採用數位醫療技術方面處於行業領先地位。

We continue to scale and drive efficiencies in our operations. We're focused on driving top line revenue growth but with strong cost discipline and increasing efficiencies to accelerate profitability at the bottom line. We made excellent progress on that this quarter.

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，但透過嚴格的成本控制和提高效率來加速獲利。本季我們在這方面取得了巨大進展。

The global team delivered growth in non-GAAP operating income of 30%. The global team also delivered growth in non-GAAP net income of 30%. I'm more than incredibly proud of our global team and their performance.

全球團隊的非 GAAP 營業收入成長了 30%。全球團隊的非 GAAP 淨利潤也實現了 30% 的成長。我對我們的全球團隊及其表現感到非常自豪。

We provide 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 technologies.

我們為全球客戶提供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、最聰明的技術引領數位健康科技產業。

During the last 12 months, we have improved over 178 million lives by delivering a medical device directly to a patient or a complete mask directly to a patient or a digital health software solution that provides personal care. We've helped each person sleep better, breathe better, and live high-quality lives with best-in-class healthcare delivered right where they live. In closing, I want to express my sincere gratitude to 10,000-plus Resmedians for their perseverance, hard work and dedication today and every day across 140 countries. Thank you, team.

在過去 12 個月中，我們透過直接向患者提供醫療設備、直接向患者提供完整的口罩或提供個人護理的數位健康軟體解決方案，改善了超過 1.78 億人的生活。我們透過在他們居住的地方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，並過著高品質的生活。最後，我要向 140 個國家的 10,000 多名救援人員表示衷心感謝，感謝他們今天和每一天的堅持、辛勤工作和奉獻精神。謝謝你，團隊。

With that, I'll hand the call over to our CFO, Brett, who's in Sydney this morning for his remarks. And then we'll open up to Q&A with the global team here in San Diego and Sydney. Over to you, Brett.

接下來，我將把電話轉給我們的財務長布雷特，他今天早上在雪梨發表演說。然後我們將與聖地牙哥和雪梨的全球團隊進行問答。交給你了，布雷特。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the fourth quarter of fiscal year 2024. Unless noted, all comparisons out of the prior year quarter are in constant currency terms, where applicable. We had strong financial performance in Q4.

偉大的。謝謝，米克。在今天的演講中，我將概述 2024 財年第四季的業績。我們第四季的財務業績強勁。

Group revenue for the June quarter was $1.22 billion, a 9% headline increase and 10% 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 minimal impact on revenue during the June quarter.

六月季度集團營收為 12.2 億美元，整體成長 9%，以固定匯率計算成長 10%。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。外幣年減對六月季度的營收影響很小。

Looking at our geographic revenue distribution and excluding revenue from our Software as a Service business, sales in US, Canada, and Latin America increased by 10%. Sales in Europe, Asia, and other regions increased by 8%. Globally, device sales increased by 6% while masks and other sales increased by 15%.

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 10%。歐洲、亞洲和其他地區的銷售額成長了8%。在全球範圍內，設備銷售額增長了 6%，而口罩和其他產品的銷售額增長了 15%。

Breaking it down by regional areas. Device sales in the US, Canada and Latin America increased by 5%, supported by solid ongoing new patient diagnosis. Masks and other sales increased by 17% and reflecting growth in both resupply and new patient setups. In Europe, Asia, and other regions, device sales increased by 8% on a constant currency basis, and masks and other sales increased by 9% on a constant currency basis.

按地區劃分。在持續可靠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成長了 5%。口罩和其他產品的銷售額成長了 17%，反映出補給和新病患設定的成長。在歐洲、亞洲等地區，器械銷售額以固定匯率計算成長8%，口罩等銷售額以固定匯率計算成長9%。

Software as a Service revenue increased by 10% in the June 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 6 月季度增長了 10%。

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 fourth 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。我們在第四季度收益新聞稿中提供了非公認會計原則與公認會計原則數據的全面調節。

Gross margin increased by 330 basis points to 59.1% in the June quarter. The year-over-year increase was driven by reductions in freight expense, manufacturing and component cost improvements, favorable product mix and an increase in average selling prices.

六月季度的毛利率成長了 330 個基點，達到 59.1%。年比成長的推動因素包括運費減少、製造和零件成本改善、有利的產品組合以及平均銷售價格的上漲。

Sequential gross margin improved by 60 basis points. The increase was driven by favorable product mix and manufacturing cost improvements, partially offset by increased freight costs. We continue to monitor the freight cost headwinds arising from the Middle East conflict and congestion in Asian ports. We expect increased freight cost rates will continue to impact our gross margin in fiscal year 2025.

毛利率季增 60 個基點。這一增長是由有利的產品組合和製造成本改善所推動的，但部分被貨運成本增加所抵消。我們持續關注中東衝突和亞洲港口擁塞帶來的貨運成本不利因素。我們預計運費上漲將持續影響我們 2025 財年的毛利率。

We have made good progress expanding gross margin over the last several quarters, and we will continue to drive initiatives to improve gross margin. Looking forward, we estimate our gross margin will be in the range of 59% to 60% in fiscal year 2025.

過去幾個季度，我們在擴大毛利率方面取得了良好進展，我們將繼續推動提高毛利率的措施。展望未來，我們預計 2025 財年的毛利率將在 59% 至 60% 之間。

Moving on to operating expenses. SG&A expenses for the fourth quarter increased by 1%. SG&A expenses as a percentage of revenue improved to 19.8% compared to 21.5% in the prior year period and reflects savings and ongoing cost discipline following restructuring actions undertaken in the December quarter.

接下來是營運費用。第四季的 SG&A 費用增加了 1%。 SG&A 費用佔收入的百分比從去年同期的 21.5% 提高至 19.8%，這反映了 12 月季度採取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 fiscal year 2025. Consistent with historical trends, we expect Q1 FY25 will be at the higher end of this range.

展望未來，受匯率變動的影響，我們預期2025 財年的銷售及管理費用佔營收的百分比將在18% 至20% 之間。的較高水平範圍。

R&D expenses for the quarter increased by 4% on a constant currency basis. R&D expenses as a percentage of revenue was 6.6% compared to 7% in the prior year period.

以固定匯率計算，本季研發費用成長 4%。研發費用佔營收的比例為 6.6%，去年同期為 7%。

Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 6% to 7% for fiscal year 2025.

展望未來，受匯率變動影響，我們預期 2025 財年研發費用將佔營收的比例將介於 6% 至 7% 之間。

Operating profit for the quarter increased by 30% and underpinned by revenue growth, gross margin expansion and modest growth in operating expenses.

該季度的營業利潤增加了 30%，這得益於收入成長、毛利率擴張和營業費用的小幅成長。

Our net interest expense for the quarter was $6 million. Given our lower debt levels, we expect interest expense in the range of $1 million to $3 million in Q1 FY25. Additionally, we will likely generate net interest income in the second half of fiscal year 2025.

本季我們的淨利息支出為 600 萬美元。鑑於我們較低的債務水平，我們預計 2025 財年第一季的利息支出將在 100 萬至 300 萬美元之間。此外，我們可能會在 2025 財年下半年產生淨利息收入。

During the quarter, we recognized unrealized losses of $15 million associated with our minority investment portfolio. This reduced our Q4 earnings per share by $0.10. Our effective tax rate for the June quarter was 18.7%, broadly consistent with the prior year quarter. We estimate our effective tax rate for fiscal year 2025 will be in the range of 19% to 21%.

本季度，我們確認與少數股權投資組合相關的未實現損失 1,500 萬美元。這使我們第四季度的每股收益減少了 0.10 美元。我們第二季的有效稅率為 18.7%，與去年同期基本一致。我們預計 2025 財年的有效稅率將在 19% 至 21% 之間。

Our net income for the June quarter increased by 30%, and non-GAAP diluted earnings per share also increased by 30%.

我們六月季度的淨利潤成長了 30%，非 GAAP 攤薄每股收益也成長了 30%。

Cash flow from operations for the quarter was $440 million, reflecting strong underlying earnings and improvement in our working capital position.

本季營運現金流為 4.4 億美元，反映出強勁的基本獲利和營運資本狀況的改善。

Capital expenditure for the quarter was $25 million. Depreciation and amortization for the quarter totaled $44 million. We ended the fourth quarter with a cash balance of $238 million. During the quarter, we reduced debt by $300 million.

該季度的資本支出為 2500 萬美元。該季度的折舊和攤銷總額為 4,400 萬美元。在第四季結束時，我們的現金餘額為 2.38 億美元。本季度，我們減少了 3 億美元的債務。

As of June 30, we had $707 million in gross debt and $469 million in net debt, and we have approximately $1.5 billion available for drawdown under our revolver facility. We continue to maintain a healthy liquidity position. Today, our Board of Directors declared a quarterly dividend of $0.53 per share, representing an increase of 10% over our previous quarterly dividend and reflecting the Board's confidence in our operating performance.

截至 6 月 30 日，我們的總債務為 7.07 億美元，淨債務為 4.69 億美元，我們的左輪融資工具下可用於提取的資金約為 15 億美元。我們繼續保持健康的流動性狀況。今天，我們的董事會宣布季度股息為每股 0.53 美元，比上一季股息增加 10%，反映了董事會對我們經營業績的信心。

During the quarter, we purchased 232,000 shares under our previously authorized share buyback program for consideration of $50 million. We plan to continue to repurchase shares, the value of approximately $50 million per quarter in fiscal year 2025.

本季度，我們根據先前授權的股票回購計畫購買了 232,000 股股票，代價為 5,000 萬美元。我們計劃在 2025 財年繼續回購股票，每季價值約 5,000 萬美元。

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, deploy further capital for tuck-in acquisitions and continue with our share buyback program. And with that, I will hand the call back to Amy.

這將足以抵消年內向員工授予股權所帶來的任何稀釋。展望未來，我們計劃繼續透過研發對成長進行再投資，部署更多資本進行收購，並繼續實施我們的股票回購計畫。然後，我會將電話轉回給艾米。

Great. Thank you, Brett, and thanks, everyone. Kevin, I'd like to turn the call back over to you to review the Q&A instructions and run that portion of the call.

偉大的。謝謝你，布雷特，謝謝大家。凱文，我想將通話轉回給您，以查看問答說明並運行通話的該部分。

(Operator Instructions) Lyanne Harrison, Bank of America.

（操作員指示）Lyanne Harrison，美國銀行。

Yes, good morning, Mick, Brett and Amy, Can I start with devices? That came in a little bit lower than what I had expected. Can you give us some color in terms of that a 6% increase in device revenues. How much of that do you think is driven by November price increases? How much is the AX 11 mix benefit? And how much of that is volume? And then on volume, are you seeing any change in that new start pipeline coming through?

是的，早安，米克、布雷特和艾米，我可以從設備開始嗎？這比我的預期要低一些。能為我們介紹一下設備收入成長 6% 的情況嗎？您認為其中有多少是由 11 月價格上漲所推動的？ AX 11 混合收益有多少？其中有多少是成交量？然後在數量上，您是否看到新的啟動管道有任何變化？

Well, thanks for your question, Lyanne. That lets me talk to our really strong growth, I believe, in our devices business. Just to refresh, in fiscal year '23, just 12 short months ago, we were talking about US device growth of and Europe, Asia, rest of world growth of 15%. So incredible double-digit comps that we're building these numbers off. And we saw really good growth in the US of 5% growth in our US, Canada and Latin America. And we saw 8% growth in Europe, Asia, rest of world, we're in full competition with all the players out there. And as you said, 6% constant currency globally.

好吧，謝謝你的提問，萊安。我相信，這讓我可以談談我們在設備業務方面真正強勁的成長。回顧一下，在 23 財年，就在短短 12 個月前，我們談論的是美國的設備成長以及歐洲、亞洲和世界其他地區的 15%。如此令人難以置信的兩位數比較，我們正在建立這些數字。我們看到美國的成長非常好，美國、加拿大和拉丁美洲成長了 5%。我們在歐洲、亞洲和世界其他地區看到了 8% 的成長，我們正在與所有參與者進行充分的競爭。正如你所說，全球固定匯率為 6%。

Look, the market is growing in that mid-single digits, and we are holding share or gaining share. But really now as the global market leader, our primary focus is on demand generation. Where are the capacities in the field for screening, diagnosis, treatment and management that we can drive appropriate demand generation, not to overflow the channel, but to make sure that any spare capacity and screening, diagnosis and treatment and management can come through.

看，市場正在以中個位數成長，而我們正在持有或增加份額。但實際上，現在作為全球市場的領導者，我們的主要關注點是需求的產生。篩檢、診斷、治療和管理領域的能力在哪裡，我們可以推動適當的需求產生，不是讓管道溢出，而是確保任何閒置能力和篩檢、診斷、治療和管理都能通過。

So I was very impressed by those numbers. I think they're right in line with market and slightly ahead Europe, Asia, and rest of world. And I think the team did incredibly well. And we're doing it through patient flow, which is very strong.

所以這些數字給我留下了深刻的印象。我認為它們與市場相符，並且略微領先歐洲、亞洲和世界其他地區。我認為團隊做得非常好。我們正在透過非常強大的患者流來做到這一點。

And yeah, there are some ASP changes in there. They're kind of small. Our costs have gone up, and we did have some adjustments to pricing over the last 12 months. But the primary generator here is the flow of patients, which, as I said in the prep remarks, we're seeing really good flow of patients. And our job as the global market leader is to continue to have that grow and grow even faster as we go throughout the fiscal years ahead. Thanks for your question.

是的，其中有一些 ASP 變更。它們有點小。我們的成本有所上升，並且在過去 12 個月中我們確實對定價進行了一些調整。但這裡的主要動力是患者流量，正如我在準備發言中所說，我們看到了非常好的患者流量。作為全球市場領導者，我們的工作是在未來的財政年度中繼續保持這種成長，並且成長得更快。謝謝你的提問。

Steve Wheen, Jarden.

史蒂夫惠恩、賈登.

Yeah, thanks. I just had a question with regards to the gross margin. Are you going to quantify the freight-related expectations that you would have for the next quarter. And are you being able to introduce rate levies again given the spike in sea freight charges at the moment?

是的，謝謝。我只是有一個關於毛利率的問題。您是否要量化下個季度與貨運相關的預期？鑑於目前海運費用飆升，您是否能夠再次徵收費率稅？

So thanks for the question, Steve. I'll hand that over to Brett to cover some issues around GM and really good accretion of our gross margin year-on-year and sequentially, Brett, over to you.

謝謝你的提問，史蒂夫。我將把這個問題交給布雷特，以解決有關通用汽車的一些問題，以及我們毛利率逐年和連續增長的良好增長，布雷特，交給你。

Yes. Thanks, Mick. Yes, Steve, we're seeing -- I mean, we're seeing pressure on freight cost, particularly around the rates, the quite significant increases. I think everyone's seen those. So that is obviously, will continue to be a headwind for us, but we think notwithstanding that, we should be in that 59% to 60% range on gross margin.

是的。謝謝，米克。是的，史蒂夫，我們看到了——我的意思是，我們看到了貨運成本的壓力，特別是在費率方面，相當顯著的增長。我想每個人都看過這些。因此，這顯然將繼續成為我們的阻力，但我們認為儘管如此，我們的毛利率應該在 59% 至 60% 的範圍內。

There's a lot of factors, as you know, play into that. But the freight will be a headwind. In terms of -- really, I guess it depends how whether it's sort of permanent or transitory and see how the market goes in terms of freight that obviously, those costs we're bearing at the moment. So what we do going forward, I think, is something we'll think about as the year goes on.

如您所知，有很多因素在起作用。但貨運將是一個阻力。實際上，我想這取決於它是永久性的還是暫時的，並看看市場在貨運方面的走勢，顯然，我們目前正在承擔這些成本。因此，我認為，隨著時間的推移，我們會考慮接下來要做的事情。

Brett Fishbin, KeyBanc Capital Markets

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc 資本市場

Hey, guys. How are you doing? Thank you so much for taking the questions. Wanted to ask a quick follow-up on the gross margin question just now. Just thinking about some of the year-over-year trend, it looks like 2024 is finishing at about 57.7%, and you're guiding to 59% to 60%. So maybe if you could just walk through some of the positive incremental drivers relative to how we're exiting the second half year? And you already touched on the freight as a partial offset. Thank you

大家好。你好嗎？非常感謝您提出問題。剛才想快速跟進毛利率問題。只要考慮一下同比趨勢，2024 年的成長率似乎約為 57.7%，而您的指導目標是 59% 到 60%。那麼，也許您可以簡單介紹一下與我們如何退出下半年相關的一些積極的增量驅動因素？您已經談到了運費作為部分抵消。謝謝

So Brett, back to you, gross margin?

那麼布雷特，回到你的問題，毛利率？

Yeah, sure. The -- you -- to clarify, you talking into the future gross margins?

好，當然。您澄清一下，您談論的是未來的毛利率嗎？

Specifically, just asking about some of the commentary for FY25 relative to FY24.

具體來說，只是詢問 2025 財年相對於 2024 財年的一些評論。

Yeah, going forward. So going forward, I guess there's some factors at play out on the gross margin. Some of these big positive. We talked about freight, which will be a headwind. But if you -- if we look forward, we have cost optimization initiatives that we're getting back to now, whereas previously, we were really just trying to meet demand and catching up, but now we're getting back to running a more regular cost optimization programs, so we'll do that. We're building the pipeline of those initiatives.

是的，繼續前進。因此，展望未來，我想有一些因素會影響毛利率。其中一些大的正面因素。我們談到了貨運，這將是一個阻力。但如果你——如果我們展望未來，我們現在正在採取成本優化舉措，而以前，我們實際上只是試圖滿足需求並迎頭趕上，但現在我們正在恢復運行更多常規成本優化計劃，所以我們會這樣做。我們正在建立這些舉措的管道。

That will be around manufacturing improvements and efficiencies. It will be around the procurement initiatives than what we do there. And also, with the volumes we have now, we'll also get scale benefits coming through. So they're kind of the areas, I guess, we look at in terms of cost optimization in supply chain.

這將圍繞製造改進和效率進行。它將圍繞著採購計劃而不是我們在那裡所做的事情。而且，憑藉我們現在擁有的數量，我們還將獲得規模效益。所以我想，它們是我們在供應鏈成本優化方面關注的領域。

Other factors the continued transition to the AX 11 platform will be supportive of gross margin into FY25. We think product mix will likely be favorable through the course of FY25, that will be supportive. And I guess the last one is just around new product introductions as you introduce new products that helps with less discounting and you're able to price that according to the features and the value of those products. So there are some of the factors, I think that will play out in FY25.

繼續過渡到 AX 11 平台的其他因素將支援 25 財年的毛利率。我們認為，整個 25 財年的產品組合可能會很有利，這將起到支撐作用。我想最後一個是關於新產品的推出，因為你推出的新產品有助於減少折扣，並且你可以根據這些產品的功能和價值來定價。我認為有些因素將在 2025 財年發揮作用。

Mike Matson, Needham & Co.

麥克‧馬特森，李約瑟公司

Yeah. Thanks. Yes. So I guess, first, I just want to ask about Philips. Have you seen them reentering any of the international markets in any meaningful way with devices specifically?

是的。謝謝。是的。所以我想，首先，我只想問問飛利浦的狀況。您是否看到他們以任何有意義的方式重新進入任何國際市場，特別是設備？

Yeah. Thanks for the question, Mike. And yes, our -- I guess, I'll call them our number four competitor right now, right, because they've dropped down to fourth in new patient share globally. That competitor is back in many markets in Europe Asia and Rest of World, we grew in the quarter, 8% in Europe, Asia, rest of the world on a comp of 15%. So if you see which I do, the market growing in mid-single digits.

是的。謝謝你的提問，麥克。是的，我們的——我想，我現在將他們稱為我們的第四大競爭對手，對吧，因為他們在全球新患者份額中已下降至第四。這個競爭對手又回到了歐洲、亞洲和世界其他地區的許多市場，我們在本季度實現了成長，歐洲、亞洲和世界其他地區的成長率為 8%，而同期成長率為 15%。因此，如果你看到我所做的，你會發現市場以中個位數成長。

ResMed is taking share in Europe, Asia, rest of the world relative to our competition. So competitors from Europe like the one you named, but there's other ones that have higher share; and competitors from Asia, who have higher shares than them. And so I think that competitor as they come back are having to earn their way back.

相對於我們的競爭對手，瑞思邁正在歐洲、亞洲和世界其他地區佔據市場份額。來自歐洲的競爭對手喜歡你提到的那個，但還有其他競爭對手擁有更高的份額；還有來自亞洲的競爭對手，他們的份額比他們高。因此，我認為競爭對手回來後必須努力爭取回來。

We've got to try to repair their brand, try to repair their approach that they're going to have a safe and efficacious product, and they're competing with the Tier 2, Tier 3 players and working their way in. They had a call last week, and they sound like they're growing from a very low base to something better, and that's good on them.

我們必須嘗試修復他們的品牌，嘗試修復他們的方法，他們將擁有安全有效的產品，他們正在與二級、三級玩家競爭並努力進入。的基礎發展到更好的基礎，這對他們來說是件好事。

I love competition. ResMed is the market leader. We have the smallest, quietest, the most comfortable devices, but more important than that, they're the most connected and the most intelligent and it's all about the ecosystem of AirView and myAir and getting those data to the cloud and getting to doctors, getting to physicians.

我喜歡競爭。瑞思邁是市場領導者。我們擁有最小、最安靜、最舒適的設備，但更重要的是，它們是最互聯、最聰明的，這一切都與AirView 和myAir 的生態系統有關，並將這些數據傳輸到雲端並提供給醫生，去看醫生。

So yes, that competitor is back in a number of markets. And as we said last quarter, the quarter before, we were beating them from 2010 to 2019, 2020 before they had the recall, and we're going to beat them as they come back and we've shown that this quarter. And we'll continue to show it going forward.

所以，是的，該競爭對手又回到了許多市場。正如我們上個季度、前一個季度所說，我們從 2010 年到 2019 年、2020 年在他們召回之前擊敗了他們，當他們回來時我們將擊敗他們，我們在本季度已經證明了這一點。我們將繼續展示它。

Okay, got it. Thanks.

好，知道了。謝謝。

Thanks, Mike.

謝謝，麥克。

Dan Hurren, MST.

丹·赫倫，MST。

Good morning. Thanks very much. I wanted to ask about that mask growth and the impact of the new products. And specifically, does that strong growth are reflective of an element of initial stocking? Or is that level of growth representative of what the new products can sustain?

早安.非常感謝。我想問一下面膜的成長以及新產品的影響。具體來說，這種強勁的成長是否反映了初始庫存的一個因素？或者這種成長水準是否代表了新產品所能維持的水準？

Look, it's a good question, because we talk about mask growth being high single digits. And then obviously, in this quarter. We performed right there in Europe, Asia, rest of the world at 9%, right there in that high single digits. Then in US, Canada, Latin America, we performed at 17% growth, on a pretty good comp actually of 19% from the year before. So double digit on double digit.

看，這是一個很好的問題，因為我們談論掩模成長是高個位數。顯然，在本季。我們在歐洲、亞洲和世界其他地區的表現都是 9%，也就是很高的個位數。然後在美國、加拿大、拉丁美洲，我們的成長率為 17%，與上年相比實際成長率為 19%，相當不錯。所以兩位數上兩位數。

Look, you're not going to grow double digits in masks forever when the market is growing at high single digits, and you are the clear market leader. But you can drive demand generation and you can drive better resupply programs. And I said in the prep remarks, we've done a lot of investment in Brightree, Snap Technologies, and all of the digital health technology that we have to support home medical equipment providers here in the US market.

聽著，當市場以高個位數成長時，你的口罩銷售不會永遠以兩位數成長，而你是明顯的市場領導者。但你可以推動需求的產生，也可以推動更好的補給計畫。我在準備發言中說過，我們對 Brightree、Snap Technologies 以及我們必須支援美國市場的家庭醫療設備提供者的所有數位健康技術進行了大量投資。

And then globally, we've really set up some great subscription programs where people, frankly, I think, have been underserved in Europe, Asia, and rest of world with the ability to get fresh equipment. If they love their device and they love their mask, why isn't it super simple to just click on an app, see the price, and get a drop ship delivery of a device to your place in a cash pay market where those same people are doing the same and have done with Amazon and all the other WeChat in China, Amazon, the US, et cetera, et cetera, globally?

然後在全球範圍內，我們確實建立了一些很棒的訂閱計劃，坦白說，我認為歐洲、亞洲和世界其他地區的人們無法獲得新鮮設備。如果他們喜歡他們的設備並且喜歡他們的面具，為什麼不是超級簡單，只需點擊一個應用程序，查看價格，然後將設備直接運送到您在現金支付市場中的地方，而這些人就在這個市場上正在做同樣的事情，並且已經在中國、亞馬遜、美國等全球範圍內與亞馬遜和所有其他微信做了同樣的事情嗎？

Everyone has seen this in the consumer field. And so I think healthcare needs to catch up and be more consumer focused and in those cash pay markets. We've set up some great subscription programs. And in the more regulated provider-based markets like the US and Europe, we're really partnering with our providers like never before. So that's how we saw the outperformance. That's how we saw the extra demand generation. That's how we saw the extra resupply. Our goal is to meet or beat market growth every quarter that we go ahead.

在消費領域大家都看到了這一點。因此，我認為醫療保健需要迎頭趕上，並在現金支付市場上更加以消費者為中心。我們已經制定了一些很棒的訂閱計劃。在美國和歐洲等監管更嚴格的提供者市場中，我們確實以前所未有的方式與提供者合作。這就是我們看到的優異表現。這就是我們看到額外需求產生的方式。這就是我們看到額外補給的方式。我們的目標是在未來的每個季度實現或超越市場成長。

The team did it really well this quarter, and I have confidence that we'll be able to do it going forward. Thanks for the question about masks. It's a really important part of our business.

球隊本季做得非常好，我有信心我們能夠繼續做到這一點。感謝您提出有關口罩的問題。這是我們業務非常重要的一部分。

David Bailey, Macquarie.

大衛貝利，麥格理。

Morning. Thanks, Mick and Brett. Just thinking about longer-term new patient growth. You sort of mentioned that the awareness piece could potentially increase on the back of some of the GLP-1 studies and data. Just on the diagnosis side of things. Are there any constraints in your view to more new patients coming through? And I suppose I'm getting to -- the question is, when do you think you might see an inflection from or an increase in that sort of mid-single-digit growth to something a little bit higher?

早晨。謝謝，米克和布雷特。只是考慮長期的新患者成長。您提到，在一些 GLP-1 研究和數據的支持下，意識可能會增加。只是在診斷方面。您認為更多新患者的到來是否有任何限制？我想我要說的是——問題是，你認為什麼時候你可能會看到這種中個位數成長的轉折點或成長到更高一點？

Yes, David. It's a really good question, and it's sort of the 3.5 decade question for ResMed, right, which is how do you get people screen diagnosed and treated for a disease, whether they're unconscious when they suffer from it in sleep apnea, being asleep while you have the suffocation?

是的，大衛。這是一個非常好的問題，這有點像ResMed 的3.5 十年問題，對吧，就是如何讓人們對某種疾病進行篩檢、診斷和治療，當他們患有睡眠呼吸中止症、睡著時是否會失去知覺當你窒息的時候？

So education, awareness, and better protocols to get patients into the funnel screening diagnosis, treatment ,and management has been our decades long mission. And look, we did very well, I think, going through COVID and on the other side to apply increases in home sleep apnea testing increases in remote patient monitoring and technology that we've used to help. And so, I do think the big pharma GLP-1 trend is bringing more and more patients in and they're very motivated patients.

因此，教育、意識和更好的方案讓患者進入漏斗篩檢、診斷、治療和管理一直是我們數十年來的使命。看，我認為我們做得很好，經歷了新冠疫情，另一方面，增加了家庭睡眠呼吸中止測試，增加了遠端患者監測和我們用來提供幫助的技術。因此，我確實認為大型製藥公司 GLP-1 的趨勢正在吸引越來越多的患者，而且他們都是非常積極主動的患者。

You saw our latest update on our real-world evidence, 111,000 patients seeing 10.7 absolute percentage points, high propensity to start CPAP. These are very motivated patients over the average patient. And I think that's a big trend.

您看到了我們對現實世界證據的最新更新，111,000 名患者看到 10.7 個絕對百分點，開始 CPAP 的傾向很高。與一般患者相比，這些患者非常積極主動。我認為這是一個大趨勢。

You didn't mention in your question, but I will, David, consumer tech, the wearables. I mean, Samsung dropping the mic there on the other consumer tech companies to say, we've got a de novo clearance to screen for monitor severe sleep apnea from a watch, from the Samsung Galaxy Watch. And I know the Apple Watch has an oximeter on it, and they can do the same. We know Google's Fitbit team have been doing sleep architecture for years. And they will start to recognize many patients with this.

你在問題中沒有提到，但大衛，我會提到消費科技、穿戴式裝置。我的意思是，三星向其他消費科技公司放話，表示我們已經獲得了從頭開始的許可，可以透過三星 Galaxy Watch 的手錶來監測嚴重的睡眠呼吸中止症。我知道 Apple Watch 上有一個血氧計，他們也可以做同樣的事情。我們知道Google的 Fitbit 團隊多年來一直在研究睡眠架構。他們將開始認識到許多患有此病的患者。

So the real question is not will there be a flow of patients from consumer tech and big pharma. That's going to happen. The real question is, can ResMed really pick up and fight and be the world leader in a digital sleep health concierge to take that sleep concern consumer and help them find a path to a healthcare specialist to a protocol to a system that gets them screened, diagnosed and treated.

因此，真正的問題不是消費者科技和大型製藥公司是否會湧入病人。那將會發生。真正的問題是，瑞思邁能否真正振作起來，成為數位睡眠健康禮賓服務領域的世界領導者，吸引那些關注睡眠問題的消費者，幫助他們找到一條途徑，找到醫療保健專家，制定一套協議，讓他們接受篩檢，診斷並治療。

We're making good progress on it. We've got a number of experiments globally. We're partnering with an ecosystem of other smaller players out there as well as our own technology in all 140 countries. I can tell you the experiments are happening, and we're seeing some success. The question of the inflection point, look, I do think we can take market growth rate and move it up by 50, 75, 100, maybe even 125 basis points.

我們正在這方面取得良好進展。我們在全球範圍內進行了許多實驗。我們正在與其他小型參與者組成的生態系統以及我們在所有 140 個國家的技術進行合作。我可以告訴你，實驗正在進行中，我們看到了一些成功。關於拐點的問題，我確實認為我們可以將市場成長率提高 50、75、100、甚至 125 個基點。

We're not going to double it. It's a huge, huge global franchise now. Look at our trailing 12 months revenue north of $4.5 billion, but I do think we can move it up 50, 75, 125 basis points by bringing these new technologies that help with that digital sleep pathway.

我們不會加倍。現在它是一個巨大的全球特許經營權。看看我們過去 12 個月的收入超過 45 億美元，但我確實認為，透過引入這些有助於數位睡眠途徑的新技術，我們可以將其提高 50、75、125 個基點。

Yes, I'm aware I've got a disease. My watch has told me I'm at risk, what do I do about it? ResMed needs to be there to help that person find their pathway through the convoluted frankly, global health care systems to therapy. For those who are coming in the big pharma one, they're already in the health care system. They're going to a primary care physician or a specialist doctor.

是的，我知道我得病了。我的手錶告訴我我有危險，我該怎麼辦？瑞思邁需要幫助患者在錯綜複雜的全球醫療保健系統中找到治療途徑。對於那些進入大型製藥公司的人來說，他們已經進入了醫療保健系統。他們會去看初級保健醫生或專科醫生。

So that's an even easier route where it's more about education and driving the traditional channels. So we're working both, social media, digital and traditional channels. And together, I do think there's opportunities to accelerate market growth.

因此，這是一條更簡單的途徑，更多的是教育和推動傳統管道。因此，我們同時致力於社交媒體、數位管道和傳統管道。總的來說，我確實認為有機會加速市場成長。

And watch this space. We've done well over the years, and we've learned a lot in these last five years. And now as the global leader, it's our obligation to do this, and we're all over it.

並觀察這個空間。這些年來我們做得很好，在過去五年裡我們學到了很多。現在作為全球領導者，我們有義務這樣做，而且我們全力以赴。

Thanks for the question, David.

謝謝你的提問，大衛。

Gretel Janu, E&P.

Gretel Janu，勘探與生產。

Thanks, good morning. Just back on the gross margin and the guidance of 59% to 60% for FY25, how should we think about the cadence of that throughout the first half and second half weaker first half, stronger second half given freight or relatively consistent throughout each quarter? Thanks.

謝謝，早安。回到2025 財年的毛利率和59% 至60% 的指導，我們應該如何看待整個上半年和下半年的節奏：上半年較弱，下半年較強，考慮到運費，還是每季相對一致？謝謝。

Yes. Good question, Gretel. Over to you, Brett.

是的。好問題，格蕾特。交給你了，布雷特。

And it feels like this is the after call with modeling. But over to you, Brett.

感覺這是建模的後續工作。但現在就交給你了，布雷特。

Great. Thanks, Mick. Thanks, Gretel. Yeah, I mean, we're at 59.1%, I guess, exit there. I think we've got a 59% to 60% and I think it's probably likely kind of be that gradual improvement as we work through FY25. I think it's kind of our best estimate at this stage.

偉大的。謝謝，米克。謝謝，格蕾特。是的，我的意思是，我們現在是 59.1%，我猜，就從那裡退出。我認為我們已經達到了 59% 到 60%，我認為隨著我們在 2025 財年的工作，這可能會逐步改善。我認為這是我們現階段的最佳估計。

Suraj Kalia, Oppenheimer.

蘇拉吉·卡利亞，奧本海默。

Can you hear me?

你聽得到我嗎？

I can hear you loud and clear, Suraj.

我可以清楚地聽到你的聲音，蘇拉吉。

Perfect. Congrats on a nice quarter. So Mick, if I could, I'd love to push you on one of the earlier questions about pricing impact in the quarter. If you could strip out at least give us directionally a little bit additional color, that would be great.

完美的。恭喜您度過了一個美好的季度。因此，米克，如果可以的話，我很樂意向您提出有關本季定價影響的早期問題之一。如果你能至少給我們定向一點額外的顏色，那就太好了。

Mick -- and also, if I'll throw my follow-up question also together in terms of inventory levels, how should we think about inventory levels on masks, accessories across the pond? Is there anything out of the normal? Or how would you characterize it? THank you for taking my questions.

米克 - 另外，如果我將我的後續問題也放在庫存水平方面，我們應該如何考慮整個池塘的口罩和配件的庫存水平？有什麼不正常的地方嗎？或者你會如何描述它？感謝您回答我的問題。

Great. Well, I'll take the first question around pricing impact. And then Brett, you'll take the sneaky second question there around -- sneaky, I mean, by getting it in upfront, Suraj, not the question itself, on inventory levels, particularly with masking accessories. And we saw the total inventory come down, but I think it's specifically Brett on masks and accessories.

偉大的。好吧，我將回答有關定價影響的第一個問題。然後布雷特，你會偷偷地提出第二個問題——我的意思是，偷偷地把它放在前面，蘇拉傑，而不是問題本身，關於庫存水平，特別是遮蔽配件。我們看到總庫存下降，但我認為尤其是布雷特的口罩和配件。

So firstly, on pricing impact, look, Suraj, you and all the sell side, you guys do your investigations and you look and talk to our customers, particularly in the US and ask about pricing. You know that as a company, you've followed us over the last few fiscal years, we did see cost of components go up with inflation with shipping costs that have gone -- we've had increased cost of goods sold that ResMed has had to deal with, and we've shared some of that, not all of it. We've shared some of that with our customers with some increase in pricing. Often associated directly with innovation, right? The AirSense 11 was higher priced than the AirSense 10, but it's small, it's quiter, it's more comfortable, it's more connected. It has two-way comps.

因此，首先，關於定價影響，蘇拉吉，你們和所有賣方，你們進行調查，並與我們的客戶（特別是美國的客戶）交談並詢問定價。您知道，作為一家公司，您在過去的幾個財年中一直關注我們，我們確實看到組件成本隨著通貨膨脹而上升，運輸成本已經消失 - 我們已經增加了 ResMed 的銷售成本我們已經分享了其中的一些，而不是全部。我們已經與客戶分享了其中的一些內容，並提高了一些價格。通常與創新直接相關，對吧？ AirSense 11 的價格比 AirSense 10 更高，但它更小、更安靜、更舒適、連接性更強。它有雙向比較。

It has over-the-year upgrades. It has all these advances. And so it has a high price point. Similarly, with new mask inventions, the F40 is out there. It's a great mask. We don't need a price discount on something that is that much better than the competition. It's the smallest full-face mask, the smallest oral nasal mask in the history, a 35-year history of ResMed.

它有歷年的升級。它擁有所有這些進步。因此它的價格很高。同樣，隨著新面罩的發明，F40 也出現了。這是一個很棒的面具。我們不需要比競爭對手好得多的產品的價格折扣。這是ResMed 35年歷史上最小的全面罩、最小的口鼻罩。

So that -- those will be at price premiums. And so don't break out the exact breakdown on devices or masks of pricing or volume. But I can tell you, the vast majority of our growth was all on volumes. It's all about getting more of the 1 billion-plus patients with a sleep apnea, the 0.5 billion patients with insomnia, and 0.5 billion with COPD into the system, so they can get better fleet and better breathing. So we focus primarily on that screening diagnosis treatment, get the volume in, and then ASP is a component in that where we have increased costs.

因此，這些將是溢價。因此，不要透露設備的具體細目或定價或數量的遮罩。但我可以告訴你，我們的成長絕大多數都來自於銷售。這一切都是為了讓超過 10 億名睡眠呼吸中止症患者、5 億名失眠患者和 5 億名慢性阻塞性肺病患者中的更多人進入系統，以便他們能夠獲得更好的呼吸和更好的呼吸。因此，我們主要關注篩檢診斷治療，增加數量，然後 ASP 是我們增加成本的一個組成部分。

Look, frankly, I hope inflation comes down and costs come down, and we can share some savings with our customers, because they have a tough time with reimbursement often not going up. At least the US Medicare went up at the start of this year, in line with an inflation adjustment, but not all insurance companies around the world do that. And so our job is to get more patients in to make sure the channel is profitable so that we can have more money to invest in getting awareness out to all the patients who need our help. That's my answer to the first half.

坦白說，我希望通貨膨脹下降，成本下降，我們可以與客戶分享一些節省的費用，因為他們的日子不好過，報銷往往不會增加。至少美國醫療保險在今年年初隨著通貨膨脹調整而上漲，但並非世界上所有保險公司都這樣做。因此，我們的工作是讓更多的患者加入，以確保該管道有利可圖，這樣我們就可以有更多的資金投入到讓所有需要我們幫助的患者提高認識上。這是我對前半部的回答。

Brett, over to you to talk about inventory and masks and accessories, particularly.

布雷特，請您特別談談庫存、面具和配件。

Yeah. Thanks, Mick. Yes, on inventory, we've brought the inventory levels down over the last 12 months or so. I think down to reasonably appropriate levels where we are seeing at the moment. And then inventory likely to grow more in line with revenue as we go forward. So we feel we are in reasonable shape there.

是的。謝謝，米克。是的，在庫存方面，我們在過去 12 個月左右的時間裡降低了庫存水準。我認為目前的水平已降至合理適當的水平。隨著我們的發展，庫存的成長可能會與收入更加一致。所以我們覺得我們的狀況還算合理。

In terms of masks can accessories around that, we don't think of that too much differently. There's nothing particularly specific about it. We manage those inventory levels as we do with devices and components and so on. So nothing particularly to call out there other than I think we've got -- we're more comfortable with inventory levels that we're at now, and we will work, for example, 12 months ago. So I think we're in pretty good shape on inventory.

就面具和周邊配件而言，我們認為並沒有太大不同。沒有什麼特別具體的。我們像管理設備和組件等一樣管理這些庫存水準。因此，除了我認為我們已經擁有的庫存之外，沒有什麼特別值得指出的——我們對現在的庫存水平更加滿意，並且我們將在 12 個月前進行工作。所以我認為我們的庫存狀況非常好。

Margaret Kaczor, William Blair.

瑪格麗特·卡佐爾，威廉·布萊爾。

Good morning, folks. Thanks for taking the question. And I'm going to apologize because it's a series of three questions, but I'm going to say pick and choose whatever you want to answer. I promise they're all connected. And it's really -- Mick, you talked about wanting to be a sleep company service in one of your earlier question answers.

早安，夥計們。感謝您提出問題。我要道歉，因為這是一系列三個問題，但我會說，選擇你想回答的任何問題。我保證他們都是有連結的。確實是——米克，你在之前的一個問題回答中談到想要成為睡眠公司服務。

And so the question is, one, first, is the sleep comp service something that you will give away as a service? I assume you will, but maybe there's some ability to monetize that.

所以問題是，第一，睡眠補償服務是您將作為服務贈送的東西嗎？我想你會的，但也許有一些能力將其貨幣化。

And then two, how many patients do you think that those digital technologies that you referenced, how many patients could they bring into the market over what time period? Is it millions already? What's your success rate in getting those patients connected to you and ultimately, on a CPAP today versus what they're -- where they're getting lost?

第二個問題，您認為您提到的那些數位技術可以在什麼時間段內將多少患者帶入市場？已經有幾百萬了嗎？今天，您讓這些患者與您聯繫並最終接受 CPAP 治療的成功率是多少，而他們卻迷失了方向？

And third, again, I apologize for the multi-question here. But ultimately, this all kind of brings this idea of the funnel together and you guys delivered double-digit growth this quarter. I guess, is that one way to continue that as a trend and whether you want to give it numerically or not, but how do you get that over time on a longer-term basis?

第三，我再次對這裡的多個問題表示歉意。但最終，這一切將漏斗的想法結合在一起，你們在本季實現了兩位數的成長。我想，這是延續這種趨勢的一種方式嗎？ 無論你是否想以數位形式給出它，但隨著時間的推移，你如何在長期的基礎上實現這一點？

Yeah, Margaret, it's a great set of questions. And it really is one question, right? It's really about that demand generation and how we can as a company best leverage what is, frankly, once in a generation in the pharmaceutical cycle. And I think maybe once in a generation on the wearable cycle from consumer tech of of a bolus of patients over the coming 1, 3, 5, 10 years.

是的，瑪格麗特，這是一系列很好的問題。這確實是一個問題，對吧？這實際上是關於需求的產生，以及我們作為一家公司如何能夠最好地利用製藥週期中一代人一次的東西。我認為，在未來 1 年、3 年、5 年、10 年中，消費者科技的穿戴週期可能是一代人一次。

So look, yeah, we want -- we aspire to be this digital health concierge and digital health concierge specifically for sleeping and breathing. Look, I mean, obviously, when we're providing technology, if we're providing a service that is a service that's out there in the healthcare field, we're going to be charging for it.

所以，是的，我們想要——我們渴望成為數位健康禮賓員和專門針對睡眠和呼吸的數位健康禮賓員。聽著，我的意思是，顯然，當我們提供技術時，如果我們提供的服務是醫療保健領域的服務，我們就會收費。

But in the context of helping people find access to information, ResMed has the world's leading database with 19 billion nights of medical data in the cloud. We have more knowledge than anyone on the planet. I wouldn't call it a data lake, but I'd call it a data well. It's a bunch of deep, deep information about the field of sleep and breathing and about patients; how they get to sleep, how they breath all night, and how they wake up and have (inaudible) and/or apneas and/or issues.

但在幫助人們獲取資訊的背景下，瑞思邁擁有世界領先的資料庫，在雲端儲存著 190 億晚的醫療數據。我們比地球上任何人都擁有更多的知識。我不會稱之為資料湖，但我會稱之為資料井。這是關於睡眠、呼吸領域以及患者的大量深入資訊；他們如何入睡，他們如何整夜呼吸，以及他們如何醒來並出現（聽不清楚）和/或呼吸暫停和/或問題。

And so with that, we want to bring that information and bring it to the world. For instance, we don't charge patients for myAir. Patients get access, because we believe they paid their insurance. They -- in markets that are cash pay, they paid for that product with their own cash. So I believe they have the right to access their own data on their myAir app. So if they sign up, there's 8.3 million patients, they get myAir for free.

因此，我們希望將這些資訊帶給世界。例如，我們不向患者收取 myAir 費用。患者可以使用，因為我們相信他們支付了保險。他們－在現金支付的市場中，他們用自己的現金購買該產品。所以我相信他們有權在 myAir 應用程式上存取自己的資料。因此，如果他們註冊，就會有 830 萬名患者免費獲得 myAir。

So in a similar context, I would want patients to be able to find access to a pathway on a freemium basis. If there's advanced analytics and advanced information we're doing that does. AI isn't free, a lot of engineers to write it and a lot of energy consumed in the algorithms as they run. We probably will charge for some of those advanced information similar to what we do with AirView with our providers and physicians.

因此，在類似的情況下，我希望患者能夠在免費增值的基礎上找到一條途徑。如果有高級分析和高級信息，我們就會這樣做。人工智慧不是免費的，需要很多工程師來編寫它，演算法在運行時會消耗大量能量。我們可能會對其中一些高級資訊收費，類似於我們對提供者和醫生使用 AirView 所做的事情。

So sleep health concierge, there will be freemium basis and will be out there. There probably will be some pay -- for the really advanced folks. But the primary goal is to help the billion people find their path to treatment.

因此，睡眠健康禮賓服務將是免費增值的，並且將會出現。對於真正先進的人來說，可能會有一些報酬。但首要目標是幫助數十億人找到治療之路。

Now to your specific questions about quantifying how many patients in the channel, how many extra have we got from consumer tech, from big pharma versus from standard referrals. We do have some analytics and measurement on that. They're internal and they're not for sort of public consumption. If I say them here on the call, they become public for them.

現在，關於量化通路中有多少患者的具體問題，我們從消費科技、大型製藥公司與標準轉診中獲得了多少額外的患者。我們確實對此進行了一些分析和衡量。它們是內部的，不適合公共消費。如果我在電話會議上說出這些話，他們就會公開。

But I can tell you we are productively paranoid about analyzing this channel. The flow of patients in, where they come from and how they come from, what we can do to drive more patients in from each element of that, how we can get an ROI of either direct consumer advertising or social media-driven advertising, and really track the return on that.

但我可以告訴你，我們對分析這個管道非常偏執。患者的流動、他們來自哪裡以及如何來自，我們可以採取哪些措施來從每個要素中吸引更多患者，我們如何獲得直接消費者廣告或社交媒體驅動的廣告的投資回報率，以及真正跟踪其回報。

So watch this space, a lot of investment from ResMed. It is our brand promise to help people get better sleep, better breathing and better care at home. And we're the world leader. It's our duty to do so. So I do believe, to answer the sort of third part of your question, bringing the funnel together, it is all about that. We achieved incredible growth, double-digit growth, as you said, across the business, north of 6% in devices, north of 15% in masks and incredible growth in our respiratory care -- sorry, residential care services and software at 10%.

所以請關注這個領域，瑞思邁的大量投資。我們的品牌承諾是幫助人們獲得更好的睡眠、更好的呼吸和更好的居家照護。我們是世界領導者。我們有責任這樣做。所以我確實相信，為了回答你問題的第三部分，將漏斗整合在一起，就是這樣。正如您所說，我們在整個業務領域實現了令人難以置信的兩位數增長，設備增長了6% 以上，口罩增長了15% 以上，呼吸護理領域也實現了令人難以置信的增長——抱歉，住宅護理服務和軟體成長了10% 。

So really proud of the team. Our goal to keep doing it and keep doing it quarter in, quarter out, and the team is on it. So thanks for your question, Margaret

所以真的為團隊感到自豪。我們的目標是繼續這樣做，每季、每季繼續這樣做，團隊正在努力實現這一目標。謝謝你的提問，瑪格麗特

Anthony Petrone, Mizuho Group.

安東尼‧佩特龍，瑞穗集團。

Congrats on the quarter. Maybe just stay on the theme high level. If you think about the debate on GLP-1. On the one hand, we still have a low diagnostic rate just for sleep apnea overall. I think it stands at 20% or so based on the last Wisconsin sleep study. So when you think about Lilly coming in here, potentially doing DTC. Where do you think the diagnostic rate can go, so that would be a huge tailwind.

恭喜本季。也許只是停留在主題的高層次。如果你想想關於 GLP-1 的爭論。一方面，我們對睡眠呼吸中止症的整體診斷率仍然較低。根據威斯康辛州最近的睡眠研究，我認為這一比例約為 20%。所以當你想到 Lilly 來到這裡，可能會做 DTC。你認為診斷率會走向何方，這將是一個巨大的推動力。

And then on the flip side, you think about the continuum. We have dental devices CPAP therapy, auto, CPAP, of course, in their sleep metrics on AirView, et cetera. And then we also have hypoglossal nerve stimulation. When we add in the GLP-1, how do you think the decision-making process will shake out over time?

另一方面，你要考慮連續體。我們有牙科設備 CPAP 治療、自動呼吸器、CPAP，當然還有 AirView 上的睡眠指標等等。然後我們還有舌下神經刺激。當我們加入 GLP-1 時，您認為隨著時間的推移，決策過程將如何變化？

Yeah. Thanks for your question, Anthony. It's a broad one. It allows me to talk about diagnostics rates, but also the different sort of, as you said, continuum of care of the therapies for obstructive sleep apnea or sleep apnea in general. So yes, the Wisconsin Cohort, The Sleep Heart Health Study is a fantastic multi-decade study and really Terry Young and her colleagues have done incredibly well to have such a broad study across the field.

是的。謝謝你的提問，安東尼。這是一個廣泛的。它使我能夠談論診斷率，正如您所說，阻塞性睡眠呼吸中止症或一般睡眠呼吸中止症治療的不同類型的連續護理。所以，是的，威斯康辛州隊列睡眠心臟健康研究是一項出色的數十年研究，特里楊和她的同事在整個領域進行瞭如此廣泛的研究，確實做得非常好。

It does talk about the United States having diagnostic rates in that 15% to 20% rate. But it is a US-based study in the Sleep Heart Health Study. It's out of Wisconsin, it's US based. It doesn't talk about Europe.

它確實談到美國的診斷率在 15% 到 20% 之間。但這是美國睡眠心臟健康研究中的一項研究。它位於威斯康辛州，總部位於美國。它沒有談論歐洲。

And in Western Europe, the diagnostic rate is well south of 10% across Europe. And in Asia Pacific, MEA, and rest of world and Latin America, we're less than 5% penetrated into this. And if you just look at the macro of it, right, we've got -- and we brag about it. We're so proud of having 28 million patients in our ecosystem. That's out of 1 billion patients worldwide. So that's 2.8% of patients in our ecosystem.

在西歐，整個歐洲的診斷率遠低於 10%。在亞太地區、中東和非洲以及世界其他地區和拉丁美洲，我們在這方面的滲透率還不到 5%。如果你只看它的宏觀，對吧，我們已經擁有了——而且我們還吹噓它。我們為我們的生態系統中擁有 2800 萬患者感到自豪。這是全球 10 億患者中的一個。也就是說，我們生態系中的患者佔 2.8%。

And we're the world leader. We're the world leader in digital health, not just for respiratory medicine, but across the board with 19 billion nights of data. So globally, this is a single-digit penetration market. And so I welcome -- firstly, patients need treatment. I welcome all alternative therapies. We're investing in all alternative therapies.

我們是世界領導者。我們是數位健康領域的世界領導者，不僅在呼吸醫學領域，而且在整個領域都擁有 190 億晚的數據。因此，在全球範圍內，這是一個個位數的滲透率市場。所以我歡迎——首先，病人需要治療。我歡迎所有替代療法。我們正在投資所有替代療法。

We invest in CPAP, APAP, bilevel, obviously, world leader in that. We're investing in dental therapy. We're the world leader in naval 3D printed devices for Western Europe and Northern Europe, number one in three different dental devices in those regions. And we're investing in pharma with our at need investment and we're investing in (inaudible) with our XR investment.

我們投資於 CPAP、APAP、雙層呼吸機，顯然，我們在這方面處於世界領先地位。我們正在投資牙科治療。我們是西歐和北歐海軍 3D 列印設備的世界領先者，在這些地區的三種不同牙科設備中排名第一。我們正在用我們的急需投資來投資製藥業，我們正在用我們的 XR 投資來投資（聽不清楚）。

So we want to take care of every single patient. But the goal when you talk about the continuum of care, if you're a physician, payer provider and you're looking at the holistic system, you want lowest cost most efficacious, least invasive, most reversible, and the most used in terms of data of lowering death rates 39% -- sorry, 29% reduction in mortality rates that we've seen PAP across our Alaska study.

因此，我們希望照顧好每一位患者。但是，當您談論連續護理時，如果您是醫生、付款提供者並且您正在考慮整體系統，那麼您希望獲得成本最低、最有效、侵入性最小、最可逆和最常用的術語死亡率降低39%的數據—抱歉，我們在阿拉斯加研究中看到PAP 死亡率降低了29%。

So our goal is, yes, get that patient in the sleep health concierge channel, get them to the best therapy, which is start with CPAP, as you said, probably upgrade sometimes to APAP, sometimes bilevel. If you fail all of those and maybe 10% of the patients, we just can't get there, 10%-plus, we then will help them find a path to dental therapy, which is the next most efficacious therapy.

所以我們的目標是，是的，讓患者進入睡眠健康禮賓頻道，讓他們接受最好的治療，從 CPAP 開始，正如您所說，有時可能升級到 APAP，有時升級到雙水平。如果這一切都失敗了，也許有 10% 的患者失敗了，我們就無法達到目標，10% 以上的患者，我們將幫助他們找到牙科治療的途徑，這是下一個最有效的治療方法。

Then after that, based on SIM out study, probably pharma comes a little bit ahead of those in efficacy, right? They're talking 60% AHI reduction versus just north of 50% for some of the surgical ones. So probably third-line therapy is going to be either GLP-1 or an Apnimed-type product. And I think that all of the above are great, and we're investing in all of the above.

然後，根據 SIM 的研究，製藥公司在功效方面可能領先於那些公司，對吧？他們說 AHI 降低了 60%，而某些手術的 AHI 降低了 50% 以上。因此，三線療法可能是 GLP-1 或 Apnimed 類產品。我認為以上所有內容都很棒，我們正在投資以上所有內容。

And look, if you can't tolerate the see the dental and you won't take a pill, you probably do need to have that implant because some treatments better than no treatment. And we know that if you're treated for the suffocation, you're going to have lower incidences of heart attack, stroke, all-cause mortality, and you're going to be less costly to the healthcare system.

聽著，如果您無法忍受看牙醫並且不願意吃藥，那麼您可能確實需要植牙，因為有些治療比不治療更好。我們知道，如果您接受窒息治療，心臟病、中風和全因死亡率的發生率就會降低，醫療保健系統的成本也會降低。

We have dose response relationship data showing for every hour on positive airway pressure therapy. We see 7% to 8% reduction in emergency room costs. So our goal is to continue and be part of this ecosystem and help patients find their pathway to therapy. We are seeing more patients coming from this. I hope it does increase that diagnostic percentage because it's our obligation as an industry to do so.

我們有顯示氣道正壓治療每小時的劑量反應關係數據。我們看到急診室費用減少了 7% 到 8%。因此，我們的目標是繼續成為這個生態系統的一部分，幫助患者找到治療途徑。我們看到越來越多的患者來自此。我希望它確實能提高診斷百分比，因為作為一個行業，我們有義務這樣做。

Thanks for the question, Anthony.

謝謝你的提問，安東尼。

Saul Hadassin, Barrenjoey.

索爾·哈達辛，巴倫喬伊。

Yeah, good morning, Mick. Mick, can I just get you to give some commentary around the SURMOUNT-OSA write-up in the New England Journal, and particularly some of those secondary endpoints as it relates to the reduction in AHI in that no disease effectively of mild disease. You mentioned the data as it relates to resupply. I was wondering if you have any data that looks at or tracks people who are giving a script for GLP-1 and CPAPs as to how many people have actually been able to come off CPAP at the end of either 12 months or 24 months? Thanks.

是的，早上好，米克。 Mick，我能否請您就《新英格蘭雜誌》上的 SURMOUNT-OSA 文章發表一些評論，特別是其中一些次要終點，因為它與 AHI 的降低有關，因為沒有疾病有效地減輕了輕度疾病。您提到的數據與補給有關。我想知道您是否有任何數據來查看或追蹤為 GLP-1 和 CPAP 提供腳本的人，以了解有多少人實際上能夠在 12 個月或 24 個月結束時擺脫 CPAP？謝謝。

Yeah, Saul. Thanks for the question. And look, we're looking at the real-world evidence every single way that we can. And yeah, certainly, the SURMOUNT-OSA data had a pretty extraordinary trial, right, where they had the patients with the sleep coach, a nutrition coach, an exercise coach, they were calling them and interacting with them every day.

是的，索爾。謝謝你的提問。看，我們正在盡我們所能地研究現實世界的證據。是的，當然，SURMOUNT-OSA 數據進行了一次非常非凡的試驗，對吧，他們讓患者接受睡眠教練、營養教練、運動教練，他們每天打電話給他們並與他們互動。

So even people in the placebo arm had incredible reductions in weight and some really big reductions in HI in the placebo one, where they got no pharmaceutical medication, whatsoever, either saline or nothing. And so look, I think that under that circumstance, there's roughly 600 patients, plus or minus. They have some extraordinary results. But even in all those circumstances, they still weren't as good as dental devices and certainly nowhere near the 95% reduction in HI that any doctor would want with positive airway pressure therapy.

因此，即使是安慰劑組的人，體重也有令人難以置信的減輕，安慰劑組的 HI 也有很大的降低，他們沒有服用任何藥物，無論是生理食鹽水還是什麼都不服用。所以你看，我認為在這種情況下，大約有 600 名患者，上下左右。他們取得了一些非凡的成果。但即使在所有這些情況下，它們仍然不如牙科設備，而且肯定遠未達到任何醫生希望透過氣道正壓治療將 HI 降低 95% 的效果。

But look, it certainly was larger than many people thought in the HR reduction. So I think it's great. I think it means that those two companies that are investing in this are going to go through, getting the indication for use, and then they're going to be out there doing DTC advertising, which in the US, you can do a late-night television, and they'll be out there. They'll find some catchy tune and it'll will be out there driving patients into the funnel. And I think it will be good for all of us in the therapeutic side.

但你看，人力資源削減的幅度肯定比許多人想像的還要大。所以我認為這很棒。我認為這意味著投資於此的那兩家公司將會經歷，獲得使用指示，然後他們將在那裡做 DTC 廣告，在美國，你可以做一個後期-夜間電視，他們會在那裡。他們會找到一些朗朗上口的曲子，並將其吸引到患者的漏斗中。我認為這對我們所有人在治療方面都有好處。

We're definitely looking at the churn rates and CPAP quitters, APAP quitters, bilevel quitters, and really looking in detail at it. I can tell you, in aggregate, we've seen no change on the data. And as you know, the latest generation GLP-1s, some of them have been out there one year, three years, four years plus these latest gen, and we're not seeing any increase in that. We're looking at it real-world data, and we're analyzing left, right and center, but we're not seeing an increase in quitters rates.

我們肯定會關注流失率和 CPAP 戒菸者、APAP 戒菸者、雙水平戒菸者，並且真正詳細地研究它。我可以告訴你，總的來說，我們沒有看到數據改變。如你所知，最新一代的 GLP-1，其中一些已經上市一年、三年、四年，加上這些最新一代，我們沒有看到任何成長。我們正在研究現實世界的數據，我們正在分析左、右和中，但我們沒有看到戒菸者率增加。

If anything, we're seeing more motivated patients come in and holding on more. The combination therapy, which is what the primary investigators in this talk about, which is CPAP plus drug therapy as in I'm managing my weight and my suffocation are really there. And the vast majority of patients have incredible residual apnea at levels that would be treated by any primary care physician in the planet, even under the very controlled circumstances of this trial, let alone what's going to actually happen in the real world.

如果有什麼不同的話，那就是我們看到更多積極主動的患者進來並堅持更多。聯合治療，這是主要研究人員在本次演講中所討論的，即 CPAP 加上藥物治療，因為我正在控制體重，而我的窒息確實存在。絕大多數患者的殘餘呼吸暫停程度令人難以置信，即使在本次試驗的非常受控的情況下，地球上任何初級保健醫生都可以治療，更不用說現實世界中實際發生的情況了。

So we're watching it. We have a really strong focus on it. We've got 811,000 patients in our study. and we'll continue to publish data on it. And as we get more and more, we'll go even more to publish an American Thoracic Society, European Respiratory Society, and get in the Blue Journal, and all the big journals to have this down there in the clinical literature, as well as the subjects that we're looking at in our analysis.

所以我們正在關注它。我們非常關注它。我們的研究中有 811,000 名患者。我們將繼續發布相關數據。隨著我們得到的越來越多，我們將更多地出版美國胸腔科學會、歐洲呼吸學會，並進入藍色雜誌，以及所有大型期刊，將其納入臨床文獻，以及我們在分析中關注的主題。

Thanks for the question, Saul.

謝謝你的提問，索爾。

That's all the time we have for questions. I'd like to turn the floor back over to Mick for any further closing comments.

這就是我們提問的時間。我想將發言權交還給米克，以徵求進一步的結束意見。

Yes. Thanks, Kevin, and thank you to all of our stakeholders for joining us on this call. The opportunities in front of us, as you heard from all these questions, huge and largely untapped. It's an incredible runway. We see more and more people coming into the health system, and this will benefit us as we help them sleep better, breathe better and live better lives in 140 countries.

是的。謝謝凱文，也感謝我們所有的利害關係人加入我們的這次電話會議。正如您從所有這些問題中聽到的那樣，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衛生系統，這將使我們受益，因為我們幫助 140 個國家的人們睡得更好、呼吸得更好、生活得更好。

Thank you to all the ResMedians, who listen to this call around the world. Many of you are also shareholders. So thank you for what you do today and every day.

感謝所有在世界各地聆聽這項呼籲的 ResMedians。你們中的許多人也是股東。所以感謝你今天和每一天所做的事情。

With that, I'll hand the call back to you, Amy.

這樣，我會把電話轉給你，艾米。

Great. Thank you, Mick. Thanks, everyone, for listening and your questions. We do appreciate your interest and your time. If you have any additional questions, please don't hesitate to reach out directly.

偉大的。謝謝你，米克。謝謝大家的聆聽與提問。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。

This concludes ResMed's fourth-quarter 2024 conference call. Kevin, you may now close out the call.

瑞思邁 2024 年第四季電話會議至此結束。凱文，你現在可以結束通話了。

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

謝謝。您現在可以斷開線路，度過美好的一天。我們感謝您今天的參與。