瑞思邁 (RMD) 2025 Q1 法說會逐字稿

Hello, and welcome to the Q1 fiscal year 2025 ResMed Earnings conference call. My name is Kevin, and I'll be your operator for today's call. (Operator Instructions) Please note this conference call is being recorded.

您好，歡迎參加瑞思邁 2025 財年第一季財報電話會議。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. Hi, everyone, and welcome to ResMed's first quarter fiscal year 2025 earnings call. As Kevin said, 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 2025 財年第一季財報電話會議。正如凱文所說，我們正在對這次電話會議進行網路直播，今天晚些時候將在我們公司網站的投資者關係部分提供重播。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 helpful information for investors. This information is not intended to be considered in isolation or as a substitute for the reported GAAP financial information. We encourage you to review the supporting schedules in today's earnings press release to reconcile these non-GAAP measures with the GAAP reported numbers.

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。此資訊不應單獨考慮或取代所報告的 GAAP 財務資訊。我們鼓勵您查看今天的收益新聞稿中的支援時間表，以將這些非 GAAP 指標與 GAAP 報告的數字進行協調。

In addition, our discussion today will include forward-looking statements, including, but not limited to, expectations about our future financial and operating performance. We make these statements based on reasonable assumptions.

此外，我們今天的討論將包括前瞻性陳述，包括但不限於對我們未來財務和經營業績的預期。我們基於合理的假設做出這些陳述。

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.

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 ResMed's Chairman and CEO, Mick Farrell.

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

Thanks, Amy, and welcome to all of our shareholders for joining us today as we review ResMed's first quarter results for fiscal year 2025. I'm pleased to report another strong quarter of growth across all of our business segments.

謝謝艾米，並歡迎我們所有的股東今天加入我們，回顧瑞思邁 2025 財年第一季的業績。

We've seen solid revenue growth, improved gross margins and disciplined investments in both SG&A and R&D, resulting in very strong profit performance. The results we are presenting today reflect the hard work of the 10,000-plus ResMedians operating in over 140 countries worldwide and the dedication they bring to improving the lives of patients physicians, providers and all of our customers every day.

我們看到了穩健的收入成長、毛利率的提高以及銷售、行政管理和研發方面的嚴格投資，從而帶來了非常強勁的利潤表現。我們今天公佈的結果反映了在全球 140 多個國家/地區開展業務的 10,000 多名 ResMedians 的辛勤工作，以及他們每天為改善患者、醫生、醫療服務提供者和所有客戶的生活所做的奉獻。

Before delving into the details of our financial and strategic initiatives, I want to emphasize that the results we are presenting here today are not just financial in nature. They represent an improvement in health outcomes for many tens of millions of people worldwide.

在深入研究我們的財務和策略舉措的細節之前，我想強調，我們今天在這裡展示的結果不僅僅是財務性質的。它們代表著全世界數以千萬計的人健康狀況的改善。

Our mission here at ResMed is to create life-changing health care technologies that people love through cloud connectable medical devices, masks and accessories, digital health platforms as well as ongoing investments in the latest technology, including ML and AI and Gen AI. We are committed to helping hundreds of millions of people so that they can breathe better, sleep better and live longer and higher-quality lives, living the lives that they can to their forced potential.

ResMed 的使命是透過可雲端連接的醫療設備、面罩和配件、數位健康平台以及對最新技術（包括機器學習、人工智慧和 Gen AI）的持續投資，創造人們喜愛的改變生活的醫療保健技術。我們致力於幫助數億人，使他們能夠呼吸得更好、睡眠得更好、壽命更長、生活品質更高，並充分發揮他們的潛力。

Now turning to a high-level review of the financials. I'm proud to report that we delivered another strong quarter. Revenue grew by 11%, reflecting strong demand for sleep health and breathing health medical devices, our masks and accessories as well as our residential care software offerings. We achieved double-digit revenue growth across all product and geographic categories this quarter.

現在轉向對財務狀況的高層審查。我很自豪地報告，我們又實現了強勁的季度業績。收入成長了 11%，反映出對睡眠健康和呼吸健康醫療設備、我們的口罩和配件以及我們的住宅護理軟體產品的強勁需求。本季我們所有產品和地理類別的收入均實現了兩位數成長。

Masks and accessories growth was augmented by new patient activations as well as ongoing ReSupply. Our global device sales were driven by strong market performance from both the AirSense 10 and the AirSense 11 platforms. Our focus on operating excellence programs helped us drive operating leverage during the quarter.

新患者活化以及持續的 ReSupply 促進了口罩和配件的成長。我們的全球設備銷售受到 AirSense 10 和 AirSense 11 平台強勁的市場表現的推動。我們對卓越營運計劃的關注幫助我們在本季度提高了營運槓桿。

We achieved 27% growth in our operating profit and we further achieved 34% growth in earnings per share. We're committed to driving increased efficiencies, managing our operating expenses prudently and investing in areas that power long-term sustainable growth. By balancing strategic investments with cost discipline, together, we're driving an ongoing and sustainable profitable growth here at ResMed.

我們的營業利潤實現了 27% 的成長，每股收益進一步實現了 34% 的成長。我們致力於提高效率，審慎管理營運費用，並投資於推動長期永續成長的領域。透過平衡策略投資和成本控制，我們正在推動瑞思邁持續、可持續的獲利成長。

Device sales remained strong, growing by a double-digit percentage year over year, and we continue to maintain market leadership with our two AirSense platforms. We're supporting the global market and every patient or provider who needs a device has access to our market-leading, 100% cloud connectable platforms, the AirSense 10 and the AirSense 11.

設備銷售依然強勁，年成長兩位數，我們繼續憑藉兩個 AirSense 平台保持市場領先地位。我們為全球市場提供支持，每位需要設備的患者或提供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。

We are increasing the availability of our AirSense 11 platform worldwide with regulatory approvals expanding country by country. We will see ongoing momentum.

我們正在提高 AirSense 11 平台在全球範圍內的可用性，並逐一國家擴大監管批准。我們將看到持續的勢頭。

Our masks and accessories business had another strong quarter, delivering 11% year-over-year growth. The AirFit F40, ResMed's smallest (inaudible) nasal mask ever, continues to perform well in the US market, and we're expanding the F40s availability across additional global markets.

我們的口罩和配件業務季度表現再次強勁，年增 11%。 AirFit F40 是瑞思邁有史以來最小（聽不清楚）的鼻罩，在美國市場繼續表現良好，我們正在將 F40 的供應範圍擴大到其他全球市場。

The F40 has a proprietary adaptive seal technology. Combined with its lightweight and compact design, it has been incredibly well received. The F40 is praised for its fit, it's comfort and its adaptability, especially for patients who move frequently during sleep.

F40 擁有專有的自適應密封技術。結合其輕巧緊湊的設計，它受到了令人難以置信的好評。 F40 因其貼合性、舒適性和適應性而受到好評，特別是對於睡眠期間經常移動的患者。

At our Investor Day on September 30, we announced the upcoming launch of our latest mask innovation, the AirTouch N30i. Today, I can announce that this amazing new technology will be launched into select markets next week.

在 9 月 30 日的投資者日上，我們宣布即將推出最新的面罩創新產品 AirTouch N30i。今天，我可以宣布這項令人驚嘆的新技術將於下週在部分市場推出。

The AirTouch N30i is ResMed's first mask with a fabric, wrapped frame and a fabric-based patient interface with a soft, breathable fabric system for optimal comfort. The way I see it, we sleep with fabric covered pillows and fabric sheets like cotton, why can't we have CPAP mask technology that feels just as good?

AirTouch N30i 是 ResMed 首款採用織物、包覆式框架和基於織物的患者介面的面罩，採用柔軟、透氣的織物系統，可提供最佳舒適度。在我看來，我們睡覺時都會用布質枕頭和棉質床單，為什麼不能有感覺一樣好的 CPAP 面罩技術呢？

We believe this mask technology will set a new standard for CPAP, APAP and bilevel patient interface therapy and will help more people love their therapy, including how they feel in the morning and all day or because they can achieve longer and high quality sleep. This technology has been years in the making, and we are very proud to be able to deliver it to customers starting next week.

我們相信，這種面罩技術將為CPAP、APAP 和雙水平患者介面治療設定新標準，並將幫助更多的人熱愛他們的治療，包括他們在早上和全天的感覺，或者因為他們可以獲得更長、高品質的睡眠。這項技術已經醞釀多年，我們非常自豪能夠從下週開始將其交付給客戶。

ReSupply programs remain a critical element of our strategy to drive adherence to improve patient outcomes and to enhance long-term clinical results. Our digital health ecosystem empowers ReSupply through three market-leading platforms, including myAir for patients, AirView for physicians and providers as well as Brightree for home medical equipment or HME providers.

ReSupply 計劃仍然是我們推動依從性以改善患者治療結果並增強長期臨床結果的策略的關鍵要素。我們的數位健康生態系統透過三個市場領先的平台為 ReSupply 提供支持，包括針對患者的 myAir、針對醫生和提供者的 AirView 以及針對家庭醫療設備或 HME 提供者的 Brightree。

Published research shows that patients enrolled in ReSupply programs have [thought] higher therapy adherence rates in the first year and over the long term. As we expand these types of ReSupply programs globally, we expect to see continued positive impacts on patient outcomes as well as reduced overall health care system costs. We're proud of the progress we've made, and we're excited about the opportunities in front of us.

已發表的研究表明，參加 ReSupply 計畫的患者在第一年和長期都認為治療依從率較高。隨著我們在全球範圍內擴展這些類型的補給計劃，我們預計將看到對患者治療結果的持續積極影響以及整體醫療保健系統成本的降低。我們對所取得的進步感到自豪，對擺在我們面前的機會感到興奮。

Let's now talk about two significant macro trends that we've reviewed over recent quarters, namely consumer wearables and a new class of pharmaceutical medicines called GLP-1s. We believe that both of these macro trends will have significant impact on our business as tailwinds.

現在讓我們來談談最近幾季我們回顧的兩個重要的宏觀趨勢，即消費者穿戴式裝置和一類名為 GLP-1 的新型藥物。我們相信，這兩個宏觀趨勢都將對我們的業務產生重大影響。

Let me start with a discussion of GLP-1 medications with a focus on the latest generation of these medicines that are targeted specifically to treat diabetes and now obesity and beyond. We've designed a real-world data analysis with now N equals 989,000 subjects who received both a prescription for a GLP-1 medication and a prescription for positive airway pressure therapy.

讓我先討論 GLP-1 藥物，重點放在最新一代的藥物，這些藥物專門用於治療糖尿病、現在的肥胖症等。我們設計了一個真實世界數據分析，目前 N 等於 989,000 名受試者，他們同時接受了 GLP-1 藥物處方和氣道正壓治療處方。

The results from this analysis are clear. People prescribed the GLP-1 and PAP therapy have 10.8 absolute percentage points more likelihood or propensity to commence positive airway pressure therapy, 10.8 absolute percentage points higher.

這個分析的結果是顯而易見的。接受 GLP-1 和 PAP 治療的患者開始進行氣道正壓治療的可能性或傾向高出 10.8 個絕對百分點，即高出 10.8 個絕對百分點。

Moreover, once on therapy, people with a GLP-1 prescription and a PAP prescription appear to be even more committed to long-term therapy adherence. Our analysis shows that after 12 months, the ReSupply rate for patients with GLP-1s and PAP prescriptions is 3.2 absolute percentage points higher.

此外，一旦接受治療，持有 GLP-1 處方和 PAP 處方的人似乎更願意長期堅持治療。我們的分析顯示，12 個月後，服用 GLP-1 和 PAP 處方的患者的補給率提高了 3.2 個絕對百分點。

At 24 months, this expands even further and the ReSupply rate difference increases to 5.3 absolute percentage points higher for patients on both a GLP-1 and a PAP prescription. This suggests that patients who start GLP-1 therapy are also motivated to start and adhere to their sleep apnea treatment. As these therapies continue to expand in use, we believe that it will be a clear tailwind for our business.

24 個月時，這種情況進一步擴大，使用 GLP-1 和 PAP 處方的患者的補給率差異增加到 5.3 個絕對百分點。這表明開始 GLP-1 治療的患者也有動力開始並堅持睡眠呼吸中止症治療。隨著這些療法的使用不斷擴大，我們相信這將成為我們業務的明顯推動力。

Next, let's turn to the consumer wearables macro trend. In July, Samsung began selling its latest generation Galaxy Watch, which now includes detection of moderate to severe sleep apnea. Samsung achieved de novo FDA clearance for this capability.

接下來，我們來看看消費性穿戴裝置的宏觀趨勢。 7 月，三星開始銷售最新一代 Galaxy Watch，該手錶現具備中度至重度睡眠呼吸中止症檢測功能。三星的這項功能獲得了 FDA 的重新批准。

Just last month, Apple introduced its latest generation Apple watches with its own version of possible sleep apnea detection using [actigraphy] technology tracked over multiple weeks as its detection method. It's incredible to have two world-leading consumer technology companies recognize the importance of tracking sleep health and identifying sleep apnea.

就在上個月，蘋果公司推出了最新一代蘋果手錶，該手錶配備了自己的可能的睡眠呼吸中止症檢測版本，使用追蹤數週的[體動記錄]技術作為檢測方法。兩家世界領先的消費科技公司都意識到追蹤睡眠健康和識別睡眠呼吸中止症的重要性，這真是令人難以置信。

In addition to these technologies from Apple and Samsung, other wearables like Google's Fitbit, [Garmin, Aura, Whoop] and beyond are focusing on sleep health tracking. We see this investment by consumer wearable companies as an incredible once-in-a-generation opportunity for sleep health and breathing health awareness and particularly for sleep apnea awareness.

除了蘋果和三星的這些技術之外，Google的 Fitbit、[Garmin、Aura、Whoop] 等其他穿戴式裝置也專注於睡眠健康追蹤。我們認為消費者穿戴式裝置公司的這項投資對於提高睡眠健康和呼吸健康意識，特別是睡眠呼吸中止意識來說是一個千載難逢的絕佳機會。

We believe that these technologies will help drive more patients to seek out information regarding their sleep health and breathing health. ResMed's obligation is to help these sleep health and breathing health consumers find their own pathway to appropriate diagnosis and treatment for sleep apnea, where ResMed leads the world with the most clinically effective, the most noninvasive, the most proven and the most cost-effective solutions for care.

我們相信這些技術將有助於推動更多患者尋找有關睡眠健康和呼吸健康的資訊。瑞思邁的義務是幫助這些睡眠健康和呼吸健康消費者找到適合自己的睡眠呼吸中止症診斷和治療途徑，瑞思邁以臨床最有效、最無創、最經過驗證且最具成本效益的解決方案引領世界。

Our strong competitive position here at ResMed is underpinned by continuous innovation. Our commitment to patient care and our digital health ecosystem. We've made significant investments in our product offerings, including the expansion of the availability of cloud connectable devices the integration of artificial intelligence into our latest and greatest digital offerings and the scaling of our digital health tools, such as our patient management system called AirView and our consumer engagement application called MyAir, which now has over 8.8 million users globally.

我們在瑞思邁的強大競爭地位得益於持續創新。我們對病患照護和數位健康生態系統的承諾。我們對我們的產品進行了大量投資，包括擴展雲端連接設備的可用性、將人工智慧整合到我們最新、最出色的數位產品中，以及擴展我們的數位健康工具，例如名為 AirView 的患者管理系統我們的消費者參與應用程式名為MyAir，目前在全球擁有超過880 萬用戶。

Additionally, we recently announced the ability to integrate our own wearable home sleep apnea test system that's called NightOwl our with our MyAir platform. This will enable a more streamlined diagnosis process and provide improved consumer engagement on their path to therapy.

此外，我們最近還宣布能夠將我們自己的可穿戴式家用睡眠呼吸中止測試系統（稱為 NightOwl）與我們的 MyAir 平台整合。這將使診斷過程更加簡化，並提高消費者在治療過程中的參與。

Let's now turn to our long-term vision for growth, what we call our ResMed 2030 strategy. As we outlined during our recent Investor Day, just over three weeks ago at the New York Stock Exchange, this strategy is centered on three key pillars: one, growing and differentiating our core sleep health and breathing health business; two, expanding into near and adjacent areas; and three, leveraging our leadership in digital health to drive better outcomes for patients, physicians, providers and payers.

現在讓我們來談談我們的長期成長願景，即我們所說的 ResMed 2030 策略。正如我們在三週前在紐約證券交易所舉行的投資者日活動中概述的那樣，該策略以三個關鍵支柱為中心：一是發展和差異化我們的核心睡眠健康和呼吸健康業務；二是向鄰近地區擴張；第三，利用我們在數位健康領域的領導地位，為病患、醫生、醫療服務提供者和付款人帶來更好的結果。

Let me cover some high-level thoughts on each of these three pillars, and then I'll hand the call over to Brett. And after that, we'll go into our Q&A session. So one, sleep health and breathing health. Here at ResMed, we are laser-focused on maintaining and expanding our global leadership in sleep health and breathing health.

讓我談談對這三個支柱的一些高層想法，然後我將把電話交給布雷特。之後，我們將進入問答環節。第一，睡眠健康和呼吸健康。在瑞思邁，我們專注於維持和擴大我們在睡眠健康和呼吸健康方面的全球領先地位。

Our goal is to bring the best products to market, products that are the smallest, the quietest, the most comfortable, the most connected and the most intelligent. The term CPAP has traditionally stored for continuous positive airway pressure.

我們的目標是將最好的產品推向市場，即最小、最安靜、最舒適、最互聯和最聰明的產品。 CPAP 一詞傳統上是指持續性呼吸道正壓通氣。

Taking some artistic license, I would propose that it now stands for computerized positive airway pressure. And the smarts go beyond the devices themselves. By liberating the data to the cloud, here at ResMed, we can engage with patients, with physicians, providers and whole health care systems like never before.

經過一些藝術許可，我建議它現在代表電腦化氣道正壓通氣。而且智慧超出了設備本身。透過將資料釋放到雲端，在瑞思邁，我們可以以前所未有的方式與患者、醫生、提供者和整個醫療保健系統互動。

We now have approximately 20 billion nights of sleep health and breathing health data in the cloud. And we have more than 27 million 100% cloud connectable devices that we have provided in over 140 countries worldwide.

現在，我們在雲端擁有約 200 億個夜晚的睡眠健康和呼吸健康數據。我們在全球 140 多個國家提供超過 2,700 萬台 100% 雲端連線裝置。

This allows us to partner with patients, physicians, providers and beyond with unparalleled insights, ultimately leading to better product and better software offerings that help patients and their caregivers achieve better health outcomes, lower costs for the overall health care system and better management of chronic diseases.

這使我們能夠與患者、醫生、提供者等合作，提供無與倫比的見解，最終帶來更好的產品和更好的軟體產品，幫助患者及其護理人員實現更好的健康結果，降低整個醫療保健系統的成本，並且更好地管理慢性病疾病。

Second, health technology at home. ResMed is the global leader in digital health solutions for care delivered right where people live and often that's right in their own home. We are introducing the basic power of machine learning and artificial intelligence as well as more advanced generative AI to revolutionize health care delivery.

二是居家健康科技。瑞思邁 (ResMed) 是數位健康解決方案的全球領導者，為人們在居住地（通常是在自己家中）提供護理服務。我們正在引入機器學習和人工智慧的基本力量以及更先進的生成式人工智慧來徹底改變醫療保健服務。

Through platforms like myAir and AirView as well as our broad residential care software offerings, including go-to-market product brands like Brightree, MatrixCare or MEDIFOX DAN, we are making health care more accessible, more efficient and more patient centered. We're also developing AI-driven solutions to further personalize health care and improve therapy adherence.

透過 myAir 和 AirView 等平台以及我們廣泛的住宅護理軟體產品（包括 Brightree、MatrixCare 或 MEDIFOX DAN 等上市產品品牌），我們正在使醫療保健更容易獲得、更有效率、更以患者為中心。我們也正在開發人工智慧驅動的解決方案，以進一步個人化醫療保健並提高治療依從性。

Let me briefly update on two in-market products in this AI-driven space. Our compliance coach digital offering is helping home medical equipment providers identify the most at-risk patients for adherence issues and is making a significant impact to help deliver timely interventions to improve therapy outcomes for patients as well as their physicians and their providers.

讓我簡要介紹一下這個人工智慧驅動領域的兩種市場產品的最新情況。我們的合規教練數位產品正在幫助家庭醫療設備提供者識別依從性問題風險最高的患者，並產生重大影響，幫助及時採取乾預措施，改善患者及其醫生和提供者的治療結果。

Our latest generative AI-driven consumer product that we call Dawn, is helping more people get access to the information they need. And to answer questions they have about their own personal sleep health, breathing health and beyond.

我們最新的生成型人工智慧驅動的消費產品（我們稱之為 Dawn）正在幫助更多的人獲得他們需要的資訊。並回答他們關於個人睡眠健康、呼吸健康等的問題。

After just a few months of Dawn being launched into our US market, we've seen 25% of visitors initiate a session with Dawn. This has led to an extraordinary 40% reduction in the volume of direct to live human contact center queries, allowing tech to do what tech does best and our people to connect with customers how they connect best as humans.

Dawn 進入美國市場僅幾個月後，我們就看到 25% 的訪客發起了與 Dawn 的會話。這使得直接人工聯絡中心的查詢量大幅減少了 40%，讓科技能夠做科技最擅長的事情，讓我們的員工能夠以人類最好的方式與客戶聯繫。

The bottom line is these technologies represent higher quality, better outcomes and lower costs for the health care system and we are just getting started. Three, expanding into adjacencies. We are investing in adjacent areas, including insomnia, chronic obstructive pulmonary disease or COPD and other respiratory insufficiency fields, including neuromuscular disease and beyond.

最重要的是，這些技術代表了醫療保健系統更高的品質、更好的結果和更低的成本，而我們才剛開始。三是向周邊地區拓展。我們正在投資鄰近領域，包括失眠、慢性阻塞性肺病或慢性阻塞性肺病以及其他呼吸功能不全領域，包括神經肌肉疾病等。

With an aging population and an increasing incidence of chronic diseases, these areas represent significant growth opportunities. We continue to expand our cognitive behavior therapy for insomnia or CBTI offerings with a product called Somnio, while also looking at other novel technologies in the market, for the 860 million people worldwide who suffer from insomnia, the inability to get to sleep and stay asleep.

隨著人口老化和慢性病的發病率增加，這些領域代表著巨大的成長機會。我們繼續透過一款名為Somnio 的產品擴展針對失眠的認知行為療法或CBTI 產品，同時也關注市場上的其他新技術，為全球8.6 億患有失眠、無法入睡和保持睡眠狀態的人提供幫助。

We're also building on our leadership in noninvasive ventilation for COPD patients to help develop new pathways for high-flow therapy in the home. The 480 million people who suffer from COPD urgently need better therapy, and we are working on it.

我們也致力於鞏固我們在慢性阻塞性肺病患者非侵入性通氣領域的領先地位，幫助開發家庭高流量治療的新途徑。 4.8 億名慢性阻塞性肺病患者迫切需要更好的治療，我們正在為此努力。

We also believe there's a significant opportunity for ResMed to capitalize on the growing trend of people worldwide seeking better sleep health regardless of whether they have clinically significant sleep apnea. And we're excited to explore what this means for ResMed as we build on our leadership in sleep apnea to extend more broadly into global sleep health, breathing health and in fact, all health technology that's delivered in the home.

我們也相信，瑞思邁有一個重要的機會來利用全世界人們尋求更好睡眠健康的不斷增長的趨勢，無論他們是否患有臨床上嚴重的睡眠呼吸中止症。我們很高興探索這對瑞思邁意味著什麼，因為我們將在睡眠呼吸中止症領域發揮領先地位，更廣泛地擴展到全球睡眠健康、呼吸健康以及事實上所有在家中提供的健康技術。

As we look ahead, we are more energized than ever by the opportunities in front of us. The global demand for sleep health and breathing health solutions is growing and our mission to help people sleep better, breathe better and live higher-quality lives to their fullest potential continues to drive everything we do.

展望未來，我們對眼前的機會比以往任何時候都更加充滿活力。全球對睡眠健康和呼吸健康解決方案的需求不斷增長，我們的使命是幫助人們睡得更好、呼吸得更好，並充分發揮他們的潛力，過著更高品質的生活，這將繼續推動我們所做的一切。

We have updated our goal aligned with our 2030 strategy and we now plan to empower over 500 million people to reach their [fourth] potential in 2030 with sleep health, breathing health and health tech at home. With our strong financial foundation, our innovative product pipeline and our expanding digital health ecosystem, we are best positioned to achieve that goal.

我們更新了與 2030 年策略一致的目標，現在計劃讓超過 5 億人在 2030 年透過睡眠健康、呼吸健康和家庭健康技術實現他們的[第四]潛力。憑藉我們強大的財務基礎、創新的產品線和不斷擴大的數位健康生態系統，我們完全有能力實現這一目標。

ResMed is at the forefront of a rapidly evolving health care technology landscape. We're leading with improving patient outcomes, applying new technology and creating value for all of our stakeholders.

瑞思邁處於快速發展的醫療保健技術領域的前沿。我們在改善患者治療效果、應用新技術並為所有利害關係人創造價值方面處於領先地位。

Thank you to the 10,000-plus ResMedians, whose hard work and dedication make our mission possible. And thank you to you, our shareholders, for your continued trust and support.

感謝 10,000 多名 ResMedia 會員，他們的辛勤工作和奉獻精神使我們的使命得以實現。感謝我們的股東一直以來的信任與支持。

With that, I'll hand the call over to Brett in Sydney for a deeper dive into our financials, and then we'll open the floor up for questions. Brett, over to you.

接下來，我會將電話轉給雪梨的布雷特，以便更深入地了解我們的財務狀況，然後我們將開始提問。布雷特，交給你了。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the first quarter fiscal year 2025. Unless noted, all comparisons are to the prior year quarter and in constant currency terms were applicable.

偉大的。謝謝，米克。在今天的演講中，我將概述 2025 財年第一季的業績。

We had a strong financial performance in Q1. Group revenue for the September quarter was $1.22 billion, an increase of 11% on both a headline and constant currency basis. Revenue growth reflects positive and consistent contributions across our product and ReSupply portfolio. Year-over-year movements in foreign currencies positively impacted revenue by approximately $4 million during the September quarter.

我們第一季的財務業績強勁。 9 月季度的集團營收為 12.2 億美元，以總體營收和固定匯率計算均成長 11%。收入成長反映了我們的產品和 ReSupply 產品組合的積極且持續的貢獻。外幣的同比變動對 9 月所在季度的收入產生了約 400 萬美元的正面影響。

Looking at our geographic revenue distribution and excluding revenue from our residential care software business, sales in US, Canada and Latin America countries increased by 11% and Sales in Europe, Asia and other regions increased by 10%. Globally, device sales increased by 10%, while masks and other sales increased by 11%.

從我們的地理收入分佈來看，排除住宅護理軟體業務的收入，美國、加拿大和拉丁美洲國家的銷售額成長了 11%，歐洲、亞洲和其他地區的銷售額成長了 10%。在全球範圍內，設備銷量成長了 10%，口罩和其他產品的銷量成長了 11%。

Breaking it down by regional areas. Device sales in the US, Canada and Latin America increased by 11%, supported by solid ongoing new patient demand. Masks and other sales increased by 10%, reflecting growth in both ReSupply and new patient setups.

按地區劃分。在持續穩定的新患者需求的支持下，美國、加拿大和拉丁美洲的設備銷售量成長了 11%。口罩和其他產品的銷售額成長了 10%，反映出 ReSupply 和新病患設施的成長。

In Europe, Asia and other regions, device sales increased by 9% on a constant currency basis, while masks and other sales increased by 11%. Residential care software revenue increased by 12% in the September quarter, underpinned by growth from MEDIFOX DAN and continued strong performance from our HME software vertical.

在歐洲、亞洲和其他地區，以固定匯率計算，器械銷售額增加了9%，而口罩和其他銷售額增加了11%。由於 MEDIFOX DAN 的成長以及我們的 HME 軟體垂直領域的持續強勁表現，住宅護理軟體收入在 9 月季度增長了 12%。

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 first 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。我們在第一季財報新聞稿中提供了非公認會計原則與公認會計原則數據的全面調節。

Gross margin increased by 320 basis points to 59.2% in the September quarter. The increase was primarily driven by manufacturing efficiencies and component cost improvements and an increase in average selling prices. Sequentially, gross margin was broadly consistent with last quarter.

9 月季度毛利率成長 320 個基點，達到 59.2%。這一成長主要是由製造效率和零件成本改善以及平均銷售價格上漲所推動的。因此，毛利率與上季基本一致。

We continue to monitor potential headwinds that could arise from the Middle East conflict and congestion in Asian ports. We expect increased air and sea freight costs will continue to impact our gross margin throughout fiscal year 2025.

我們繼續關注中東衝突和亞洲港口擁塞可能帶來的潛在不利因素。我們預計空運和海運成本的增加將繼續影響我們整個 2025 財年的毛利率。

However, we have made good progress expanding gross margin over the last 12 months and we are focused on driving initiatives to further improve our gross margin. Looking forward, we continue to expect gross margin will be in the range of 59% to 60% in fiscal year 2025.

然而，在過去 12 個月裡，我們在擴大毛利率方面取得了良好進展，我們致力於推動進一步提高毛利率的措施。展望未來，我們繼續預期 2025 財年毛利率將在 59% 至 60% 之間。

Moving on to operating expenses. SG&A expenses for the first quarter increased by 7%. The increase was predominantly attributable to increases in employee-related costs, SG&A expenses as a percentage of revenue improved to 19.5% compared to 20.2% in the prior year period. 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.

接下來是營運費用。第一季的 SG&A 費用增加了 7%。這一成長主要歸因於員工相關成本的增加，SG&A 費用佔收入的百分比從去年同期的 20.2% 提高至 19.5%。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。

R&D expenses for the quarter increased by 4% on a constant currency basis. R&D expenses as a percentage of revenue was 6.5% compared to 6.9% in the prior year period. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 6% to 7% for fiscal year 2025.

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 6.5%，去年同期為 6.9%。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 27%, underpinned by revenue growth and gross margin expansion. Our net interest expense for the quarter was $1.7 million, given our low debt levels, we expect net interest expense to be less than $1 million in the second quarter.

在營收成長和毛利率擴張的推動下，本季營業利潤成長 27%。我們本季的淨利息支出為 170 萬美元，鑑於我們的債務水準較低，我們預計第二季的淨利息支出將低於 100 萬美元。

Additionally, we will likely generate net interest income in the second half of fiscal year 2025. Our effective tax rate for the September quarter was 19.2%. We estimate our effective tax rate for fiscal year 2025 will be in the range of 19% to 21%.

此外，我們可能會在 2025 財年下半年產生淨利息收入。我們預計 2025 財年的有效稅率將在 19% 至 21% 之間。

Our net income for the September quarter increased by 35%, and non-GAAP diluted earnings per share increased by 34%. The cash flow from operations for the quarter was $326 million, reflecting solid underlying earnings. Capital expenditure for the quarter was $18 million, depreciation and amortization for the quarter totaled $45 million.

我們九月季度的淨利潤增長了 35%，非 GAAP 攤薄每股收益增長了 34%。本季營運現金流為 3.26 億美元，反映出穩健的基本獲利。該季度的資本支出為 1800 萬美元，該季度的折舊和攤銷總額為 4500 萬美元。

We ended the first quarter with a cash balance of $426 million. During the quarter, we reduced our debt by $30 million. We have now repaid our variable debt, and our term debt remains at attractive interest rates relative to the current market.

第一季結束時，我們的現金餘額為 4.26 億美元。本季度，我們減少了 3000 萬美元的債務。我們現在已經償還了可變債務，並且我們的定期債務相對於當前市場的利率仍具有吸引力。

On September 30, we had $677 million in gross debt and $251 million in net debt. And we have approximately $1.5 billion available for drawdown under our revolver facility. We continue to maintain a solid liquidity position.

截至 9 月 30 日，我們的總債務為 6.77 億美元，淨債務為 2.51 億美元。我們的左輪融資工具下還有大約 15 億美元可供提取。我們持續保持穩健的流動性狀況。

Today, our Board of Directors declared a quarterly dividend of $0.53 per share. During the quarter, we purchased 222,000 shares under our previously authorized share buyback program for a consideration of $50 million.

今天，我們的董事會宣布季度股息為每股 0.53 美元。本季度，我們根據先前授權的股票回購計畫購買了 222,000 股股票，價格為 5,000 萬美元。

We plan to purchase shares to the value of approximately $75 million per quarter through the remainder of fiscal year 2025. 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 our share buyback program.

我們計劃在 2025 財年剩餘時間內每季購買價值約 7,500 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，部署更多資本進行收購，並繼續我們的股票回購計畫。

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, Kevin. I'd like to go ahead and turn the call over to you to provide the instructions again and run the Q&A portion of the call. Thank you.

偉大的。謝謝你，布雷特，凱文。我想繼續將通話轉交給您，以便您再次提供說明並進行通話的問答部分。謝謝。

Thank you. Now begin the question-and-answer session. (Operator Instructions) Laura Sutcliffe, UBS.

謝謝。現在開始問答環節。 （操作員說明）Laura Sutcliffe，UBS。

Just a quick one, do you have any sense of preorders for your new mask? I know it's not available yet, but any sense of what demand looks like for that product?

快速問一下，您對新口罩有預購感嗎？我知道它還沒有上市，但你知道該產品的需求是什麼樣的嗎？

Yes. Thanks for the question, Laura. It's de minimis at this point in terms of not material to the global financials, and so we don't release information like that. But what I can tell you is that we have shown this technology to our commercial teams in our big markets where it's going to launch next week and [has] incredible excitement.

是的。謝謝你的提問，勞拉。就目前而言，這對全球金融並不重要，因此我們不會發布此類資訊。但我可以告訴你的是，我們已經向我們大市場的商業團隊展示了這項技術，該技術將於下週推出，並且令人難以置信的興奮。

The marketing team have put together some fantastic programs, the sales team are ready to take it to customers. But most important here is the product engineering teams and the product management teams, this has been over a decade in development, it's really hard to take fabric and custom apply it on to a liquid silicon rubber and do that at scale.

行銷團隊已經制定了一些精彩的計劃，銷售團隊已準備好將其帶給客戶。但這裡最重要的是產品工程團隊和產品管理團隊，這已經發展了十多年，很難將織物和客製化應用到液體矽橡膠上並大規模地做到這一點。

The scale that ResMed needs to launch a mask like this to the global market. So I'm really excited about this technology. As a personal user of these types of devices, the idea of moving from a rubber type or a plastic type product to fabric is incredible.

瑞思邁向全球市場推出此類口罩所需的規模。所以我對這項技術感到非常興奮。作為這些類型設備的個人用戶，從橡膠類或塑膠類產品轉向織物類產品的想法是令人難以置信的。

I truly think this is a game changer. But very early days and nothing material to report at this point other than the great technology and the excitement of the commercial team.

我確實認為這是一個遊戲規則的改變者。但還處於早期階段，除了出色的技術和商業團隊的興奮之外，目前沒有什麼可報告的。

Craig Wong-Pan, RBC.

克雷格‧黃潘，加拿大皇家銀行。

Just wanted to touch on the rest of the world device's growth. 9% growth is good growth there. I was wondering if there was much benefit coming through from AirSense 11 sales, given that they are higher priced? Or if not, could you just explain some of the kind of growth drivers there for Rest of World devices?

只是想談談世界其他地區設備的成長。 9% 的成長是不錯的成長。我想知道 AirSense 11 的銷售是否能帶來很多好處，因為它們的價格較高？或者如果沒有，您能否解釋一下世界其他地區設備的一些成長驅動因素？

Yes. Look, Craig, as you know, that's Europe, Asia PAC and Rest of World. So there's quite a lot that goes into that 9% number. It's certainly very strong, we think we're holding share or taking share in the 140 countries that are included in that broad group of countries.

是的。克雷格，你知道，那是歐洲、亞太地區和世界其他地區。所以這 9% 的數字涉及很多內容。它當然非常強大，我們認為我們在這一廣泛國家集團中的 140 個國家中持有或正在佔據份額。

What I can tell you is it's full competition. All players are in those markets, and we're loving that global competition, and we're loving having the smallest, quietest, the most comfortable devices. As you alluded to in your question, there is obviously some combination of the switch from AirSense 10 to AirSense 11 in the countries where that's improved and that has a higher price and a lower COGS point.

我可以告訴你的是，這是一場全面的競爭。所有參與者都在這些市場中，我們喜歡這種全球競爭，我們喜歡擁有最小、最安靜、最舒適的設備。正如您在問題中提到的，在某些國家/地區，從 AirSense 10 到 AirSense 11 的轉換顯然存在某種組合，這些國家的情況有所改善，並且價格更高，COGS 點更低。

And so there are advantages to that. And in the revenue line, you'll see some of that. But I can tell you, the vast majority of that is volume and just the growth that we're able to achieve and that we're driving through demand [gen], demand capture and demand conversion in global markets.

所以這是有好處的。在收入線中，你會看到其中的一些。但我可以告訴你，其中絕大多數是數量，只是我們能夠實現的成長，以及我們透過全球市場的需求[gen]、需求捕獲和需求轉換來推動的成長。

And I'm really just proud of Andrew Huckster and the team in Europe and [Tony Lou] and the team in Asia Pac, they're just up there and performing really well and excited to -- 12 months in their new role is just really excelling. So great to see that.

我真的為 Andrew Huckster 和歐洲團隊以及 [Tony Lou] 和亞太地區團隊感到自豪，他們在那裡表現得非常好，並且很興奮——擔任新角色的 12 個月只是真的很優秀。很高興看到這一點。

Margaret Kaczor Andrew, William Blair.

瑪格麗特·卡佐爾·安德魯，威廉·布萊爾。

It's Jimmy on for Margaret. Mick, I wanted to maybe touch on devices here, and it's great to see double-digit growth worldwide.

吉米替瑪格麗特上場。米克，我可能想談談這裡的設備，很高興看到全球兩位數的成長。

As you've digested the drivers of the strength this quarter and maybe determine what you attribute the strength to, are you seeing any pull-through from Samsung or the spotlight that (inaudible) are putting on [OSA]? And maybe just talk to some of the confidence that might be giving you as you look at how ResMed is trying to make an impact in growing the market longer term?

當您消化了本季度實力的驅動因素並可能確定您將實力歸因於什麼時，您是否看到三星或（聽不清楚）對 [OSA] 的關注有任何拉動？也許只是談談當您了解瑞思邁如何努力對市場的長期發展產生影響時可能會給您帶來的信心？

Yes, Jimmy. Thanks for the question. It's a good one, it allows us to talk to those macro trends and also the micro -- what happened these last 90 days. Firstly, on the micro, look, US Canada, Latin America device growth was exceptional at 11%.

是的，吉米。謝謝你的提問。這是一件好事，它讓我們能夠談論這些宏觀趨勢以及微觀趨勢——過去 90 天發生的事情。首先，從微觀來看，美國、加拿大、拉丁美洲的設備成長非常出色，達到 11%。

Just want to be clear, that's on a comp of 2% from this time a year ago. So in Q1 2024, we had 2% growth in US, Canada, Latin America. So very good growth at 11%, but it's on a relatively low comp. So we won't take over credit for that.

只是想澄清一下，這是從一年前的這個時候開始的 2% 的補償。因此，2024 年第一季度，我們在美國、加拿大和拉丁美洲的成長率為 2%。 11% 的成長非常好，但比較相對較低。所以我們不會因此而獲得功勞。

But what I will say is that we're definitely holding share and taking share in those markets, and it's great to have the AirSense 10 and AirSense 11 so we can have the number one rated device in the world, which is the AirSense 11 and the number two rated device in the market, which is the AirSense 10 available for sale there.

但我要說的是，我們肯定會在這些市場中佔據份額並佔據份額，擁有 AirSense 10 和 AirSense 11 真是太棒了，這樣我們就可以擁有世界上排名第一的設備，即 AirSense 11 和市場上排名第二的設備，即在那裡出售的AirSense 10。

So I think that has a combination of it. To the specific part of your question around Samsung with their de novo clearance, earlier in the year and then Apple with their most recent launch of the latest watch with possible sleep apnea detection and Samsung with de novo FDA clearance for moderate to severe sleep apnea detection.

所以我認為這是兩者的結合。關於您問題的具體部分，三星在今年早些時候獲得了重新許可，然後蘋果最近推出了可能具有睡眠呼吸中止症檢測功能的最新手錶，而三星則獲得了FDA 重新許可，可以進行中度至重度睡眠呼吸中止症檢測。

I think it's very early days in those new technologies. They've just been rolled out. I think there's a long runway to go as they get them out there and a long runway. If you think about the analog being Apple Watch launching an EKG capability, what, 5, 5.5 years ago. And it's really now just starting to get good flow through cardiology.

我認為這些新技術還處於早期階段。它們剛剛推出。我認為他們還有很長的路要走，而且還有很長的路要走。如果你想想 Apple Watch 推出 EKG 功能的模擬，那是 5、5.5 年前的事了。現在心臟病學的發展才剛開始。

I think it will go faster than that, but it won't be in this one or two quarters since Samsung and just a quarter or less since Apple launched theirs. And so really early days there. Look, I do think the GLP-1 trend of getting patients into primary care is helping and we're tracking 989,000 patients now with combo prescriptions for GLP-1s and PAP, and those are having some tailwind effect.

我認為它會比這更快，但不會是三星推出以來的一兩個季度，也不會是蘋果推出後的四分之一或更短。那裡真的很早。看，我確實認為 GLP-1 讓患者進入初級保健的趨勢正在有所幫助，我們現在正在追蹤 989,000 名服用 GLP-1 和 PAP 組合處方的患者，這些患者正在產生一些順風作用。

So all these macro trends are positive. What I can tell you is I think it's just getting awareness out there, all this talks to the importance of sleep health, breathing health and that people are thinking about it. Big consumer tech companies, big pharma are thinking about it and people in general are and they're coming into the health care system and they're getting those prescriptions.

因此，所有這些宏觀趨勢都是正面的。我可以告訴你的是，我認為這只是提高了人們的認識，所有這些都說明了睡眠健康、呼吸健康的重要性，人們正在考慮這些問題。大型消費科技公司、大型製藥公司正在考慮這個問題，一般人也在考慮這個問題，他們正在進入醫療保健系統並獲得這些處方。

So no, really excited about 11% growth in US, Canada, Latin America on a 2% comp, really excited about Europe, Asia and rest of world growth of 9% and global growth of 10% constant currency in our devices category. And look, I'll give credit to the team.

所以不，我們對美國、加拿大、拉丁美洲在2% 的基礎上實現11% 的增長感到非常興奮，對歐洲、亞洲和世界其他地區9% 的增長以及我們設備類別中按固定匯率計算全球10%的增長感到非常興奮。看，我會把功勞歸功於團隊。

I think the team has done a great job commercially and a great job with our partners in home care providers, physicians, getting prescriptions and helping to expand the diagnostic funnel. Again, early days. We're excited about the flow and really, really proud to report these numbers.

我認為團隊在商業上做得很好，並且與家庭護理提供者、醫生、獲取處方和幫助擴大診斷管道方面的合作夥伴一起做得很好。再說一遍，早期。我們對這項流程感到興奮，並且非常非常自豪地報告這些數字。

David Low, JPMorgan.

大衛洛，摩根大通。

Thanks very much. Mick, perhaps a similar topic. Mask sales for the last year or so have been double digit looking particularly in the North American market. Just wondering if you could talk about the drivers there.

非常感謝。米克，也許有類似的話題。去年左右的口罩銷量一直是兩位數，尤其是在北美市場。只是想知道您是否可以談談那裡的司機。

I mean, what comes to mind is mask per patient is increasing, adherence is increasing and perhaps ResMed's market share is increasing. Can I just touch on what you think the drivers are? And maybe talk a little bit about what to expect in the future, please?

我的意思是，我想到的是每位患者的口罩數量正在增加，依從性也在增加，也許瑞思邁的市場份額正在增加。我可以簡單談談您認為的驅動因素是什麼嗎？也許可以談談對未來的期望，好嗎？

Yes, David, it's a good question. You help me answer it with three of the areas where that growth is coming from. Yes. I mean, look, mask and accessories growth in US, Canada and Latin America was at 10%, really solid. That was on an extraordinary comp of 23% from Q1, '24 a year ago.

是的，大衛，這是一個很好的問題。你幫我回答了成長來自的三個領域。是的。我的意思是，美國、加拿大和拉丁美洲的外觀、面膜和配件成長了 10%，非常穩健。與一年前的 24 年第一季相比，這一成長率達到了 23%。

And so as you said, solid ongoing double digits on double digits growth there. And look, it is, it's a combination of new patients. We're seeing new patient flow to be pretty solid into the system. It's a combination of that plus resupply.

正如您所說，那裡的兩位數增長持續穩定。你看，確實是新病人的組合。我們看到新的患者流量相當穩定地進入系統。這是加上補給的組合。

We are expanding Brightree resupply, we're expanding Snap to every Brightree customer that wants it. We actually said three weeks ago at our Investor Day at the New York Stock Exchange, we're going to launch Snap technologies even to non-Brightree customers, we're going to make it operable with whatever ERP type management system you're using for your HME.

我們正在擴大 Brightree 的補給，我們正在將 Snap 擴展到每個需要的 Brightree 客戶。實際上，三週前我們在紐約證券交易所的投資者日上說過，我們將甚至向非 Brightree 客戶推出 Snap 技術，我們將使其可與您正在使用的任何 ERP 類型管理系統一起使用為您的HME。

We've got really good share with Brightree, but if you're not using Brightree, we don't have to convert you to Brightree, although we want to, we -- to put you on Snap. And so that's a new advance there on ReSupply. So runway left there, yes, I think the masks per patient per year is going up, but there's still a lot of room.

我們與 Brightree 的共享非常好，但如果您不使用 Brightree，我們不必將您轉換為 Brightree，儘管我們希望將您放在 Snap 上。這是 ReSupply 的一個新進展。所以跑道就在那裡，是的，我認為每年每位患者的口罩數量正在增加，但仍有很大的空間。

I think there's a lot of people. I mean I talk to them anecdotally. But if you go out and do your channel checks and research, not everybody knows that reimbursement will pay for two, three or even four [mask] systems per year. And some people are still getting one mask system per year or less.

我想有很多人。我的意思是我和他們聊過一些軼事。但如果你出去進行通路檢查和研究，並不是每個人都知道每年可以報銷兩個、三個甚至四個[面罩]系統。有些人仍然每年獲得一個或更少的面罩系統。

And so there's a lot of room to improve. Some people are on those programs, and they love it and they get on the subscription ones. I love it because it's an overlap of altruism with the profit motive. The only reason someone is going to buy a new mask is if they're getting good care and pay that co-pay and go through the sign-off that they have to do.

因此還有很大的進步空間。有些人參加了這些節目，他們喜歡它，並訂閱了這些節目。我喜歡它，因為它是利他主義與利潤動機的重疊。人們購買新口罩的唯一原因是他們是否得到良好的照顧、支付共付額並完成他們必須做的簽字。

So really good growth there of 10% US, Canada and Latin America. But I'm also really proud of Europe, Asia and rest of world, where we don't have all those systems like Brightree and Snap technologies and all this sophistication that we have with our US HME channel partners. And we have to do it through different methodologies and subscription models and/or direct engagement through home care providers or direct engagement to the consumers, the patients themselves.

美國、加拿大和拉丁美洲 10% 的成長確實非常好。但我也為歐洲、亞洲和世界其他地區感到自豪，在這些地區，我們沒有 Brightree 和 Snap 技術等系統，也沒有我們與美國 HME 通路合作夥伴擁有的所有複雜技術。我們必須透過不同的方法和訂閱模式和/或透過家庭護理提供者直接參與或直接與消費者、患者本身接觸來做到這一點。

And so global growth of 11%, really solid. Look, we still see the market growth is mid-single digits on devices and high single digits on masks. But what you saw is this quarter, ResMed doesn't accept market growth, we drive it. And the third part you said around share -- yes.

全球成長 11%，確實很穩健。看，我們仍然看到設備的市場成長為中個位數，口罩的市場成長為高個位數。但你看到的是這個季度，瑞思邁不接受市場成長，我們推動它。你所說的第三部分是關於分享的——是的。

Look, this isn't carbonated beverages industry and Coke versus Pepsi or McDonald's versus KFC, this is really around expanding the pie. And so yes, we've done very well in share, have extraordinary good share in AirSense 10, AirSense 11 and our new masks, the F40, [great share] there in full pace, and I think we'll continue to take some point.

看，這不是碳酸飲料行業，可口可樂與百事可樂或麥當勞與肯德基，這實際上是為了擴大蛋糕。所以，是的，我們在份額方面做得非常好，在 AirSense 10、AirSense 11 和我們的新面罩 F40 方面擁有非常好的份額，[巨大份額]全速前進，我認為我們將繼續採取一些措施觀點。

But for me, it's less about that, I want to do that every day. We fight for a share of devices and masks. But more and more, it's about 1 billion people suffocating worldwide, and we're really happy to say we've sold 28 million 100% cloud-connected medical devices. That's 2.8% of the potential, throw in the rest of the market. We're less than 5% into this global market.

但對我來說，這並不重要，我每天都想這樣做。我們為設備和口罩的份額而戰。但越來越多的情況是，全球約有 10 億人正在窒息，我們很高興地說我們已經售出了 2800 萬台 100% 雲端連接的醫療設備。加上市場的其餘部分，這相當於潛力的 2.8%。我們在這個全球市場的市佔率還不到 5%。

And so our biggest opportunity is getting more patients into the funnel. I'm loving that big tech from the consumer side and big pharma are going to bring more patients in. And it's ResMed's job to help those people find the pathway through as I said in the prep remarks. That's how we'll be able to sustain the -- as we said in our Investor Day, high single-digit growth for ResMed and then better growth than that in terms of our profit and better growth in that -- our free cash flow and earnings per share.

因此，我們最大的機會是讓更多患者進入通路。我很高興消費者方面的大型科技和大型製藥公司將帶來更多的病人。正如我們在投資者日所說，這就是我們能夠維持瑞思邁的高個位數成長，然後在我們的利潤和更好的成長方面比我們的自由現金流和更好的成長更好的成長。

Saul Hadassin, Barrenjoey Capital.

索爾‧哈達辛 (Saul Hadassin)，巴倫喬伊資本 (Barrenjoey Capital)。

Maybe one for Brett. Brett, just on working capital, it looked like it was a bit of a headwind this quarter as it related to your operating cash flow and in particular, some inventory build. Can you just talk to -- is there just seasonality in this? Is it just some [inventory bill] as it relates to new product launch or any other issues that you're seeing as it relates to the cost of that inventory that's coming through the balance sheet?

也許是布雷特的一個。布雷特，就營運資本而言，本季看起來有點逆風，因為它與您的營運現金流有關，特別是一些庫存增加。您能否談談—這是否只是季節性因素？它只是一些[庫存帳單]，因為它與新產品發布有關，或您看到的任何其他問題，因為它與資產負債表中的庫存成本有關？

Yes. Thanks, Saul. Yes, a little bit of increase in our inventory [if you look at it] sequentially on the working capital. But what we've done is we're really in the process of rebalancing on [fee freight], air freight and particularly trying to mitigate some of those increased freight costs and freight rates.

是的。謝謝，索爾。是的，我們的庫存[如果你看一下]在營運資金上連續增加了一點。但我們所做的是，我們確實正在重新平衡[收費貨運]、空運，特別是試圖減輕一些增加的貨運成本和運費。

So we've increased some stock in transit, which is on the sea, which is increasing our inventory levels in the short term. There may be a little more of an increase in Q2, but then we think it will be pretty stable after that. It's just a process of balancing that. So part of what we're trying to do to mitigate some of those freight costs.

因此，我們增加了一些在途庫存，即海上庫存，這在短期內增加了我們的庫存水準。第二季可能會出現更多成長，但我們認為此後會相當穩定。這只是一個平衡的過程。因此，我們正在努力減輕部分貨運成本。

Anthony Petrone, Mizuho Group.

安東尼‧佩特龍，瑞穗集團。

Maybe a quick one, Mick, on pricing, Mick or Brett. Last year, you put in some price increases, both devices and ReSupply and I think we're approaching the anniversary of a few of those price actions last year. So maybe just a little bit on the pricing strategy going forward.

米克，也許可以快速談談定價，米克或布雷特。去年，你對設備和 ReSupply 進行了一些提價，我認為我們即將迎來去年一些價格行動的周年紀念日。所以也許只是簡單介紹一下未來的定價策略。

Is that going to be a part of the steady diet? And if I could sneak one in there as well, just US [DME] purchasing patterns, are they holding more inventory and buying more in bulk just because of the supply situation out there?

這會成為穩定飲食的一部分嗎？如果我也能偷偷放進去，只是美國 [DME] 的採購模式，他們是否僅僅因為那裡的供應狀況而持有更多庫存並大量購買更多？

Yes. Thanks, Anthony. I'll have a go at both questions, and Brett, feel free to chime in, Anthony is opening up for both of us. But firstly, on pricing strategy -- yeah.

是的。謝謝，安東尼。我會嘗試回答這兩個問題，布雷特，請隨意插話，安東尼正在為我們倆敞開心扉。但首先，關於定價策略——是的。

Look, as we saw during the supply chain crisis, the impacts on electrical components, availability and cost and specifically around semiconductors and comms chips, some really specific price increases we saw from our channel. And as Brad alluded to in his last answer, increase in freight costs, airfreight costs and availability and sea freight costs and availability over the last for 4, 8, 12 quarters have really flowed into our inventory and had a big hit on us.

看看，正如我們在供應鏈危機期間看到的那樣，對電氣元件、可用性和成本的影響，特別是在半導體和通訊晶片方面，我們從我們的管道看到了一些真正具體的價格上漲。正如布拉德在上一次回答中提到的那樣，過去4、8、12 個季度的貨運成本、空運成本和可用性以及海運成本和可用性的增加確實流入了我們的庫存，並對我們造成了巨大打擊。

And so -- and we took that hit four or five quarters ago, you saw us take significant hits from that. We are working through that. And so look, as we work with our customers, we shared some of the pain of those price increases that we saw. We took some of the hit, frankly, at ResMed as the market saw.

因此，我們在四、五個季度前就受到了打擊，你看到我們受到了重大打擊。我們正在努力解決這個問題。因此，當我們與客戶合作時，我們分擔了我們所看到的價格上漲的一些痛苦。坦白說，正如市場所見，瑞思邁受到了一些打擊。

And we passed on some of that and saying, look, these costs have gone up. They've gone up for everything, forever, in bread, milk, bananas and fruits. I mean it's happening and frankly, it's interesting to me on the retail side, not all of them have lowered their prices as things have started to come down.

我們傳遞了其中的一些內容並說，看，這些成本已經上升了。他們永遠都在漲價，包括麵包、牛奶、香蕉和水果。我的意思是這種情況正在發生，坦白說，零售方面對我來說很有趣，隨著情況開始下降，並非所有人都降低了價格。

Here at ResMed, look, we're in the health care industry. We understand this is controlled reimbursement in many countries by governments and private payers. And so we partner up with our channel to say, look, what's happening.

在瑞思邁，我們從事醫療保健行業。我們了解，在許多國家，這是由政府和私人付款人控制的報銷。因此，我們與我們的管道合作，說，看看，發生了什麼。

And so we shared some of that pain there. I think things are starting to level out somewhat as you saw in our costs. We're managing airfreight better, sea freight better. we're moving our way through those high-cost components.

所以我們在那裡分擔了一些痛苦。我認為，正如您在我們的成本中所看到的那樣，情況已經開始趨於平穩。我們更好地管理空運，海運。我們正在努力克服這些高成本的組件。

We're always wary of what could happen with Red Sea issues and Panama Canal issues and even a Seaport threat of a union strike just last month. And so we're watching it with a productive sense of paranoia.

我們始終對紅海問題和巴拿馬運河問題，甚至上個月海港工會罷工威脅可能發生的情況保持警惕。所以我們帶著一種富有成效的偏執感來觀看它。

But what I can tell you is [Shane Assi], our new Chief Supply Chain Officer, is all over this, and we've got plans to mitigate, and Brett led that group the last six months, so really good communication between our finance team our supply chain team.

但我可以告訴你的是，我們新任首席供應鏈官[Shane Assi] 正在處理這一切，我們已經制定了緩解計劃，布雷特在過去六個月中領導了該小組，因此我們的財務部門之間的溝通非常好組成我們的供應鏈團隊。

So we're all over this. And I think in terms of pricing, sure, you will see some maybe increases in pricing in components and parts where the costs are still high. I'm thinking like tubing and humidity in areas where there's just relatively high costs relative to where we price them.

所以我們已經結束了。我認為在定價方面，當然，您會看到成本仍然很高的零件的價格可能會上漲。我正在考慮像管道和濕度這樣的領域，相對於我們定價的成本而言，這些領域的成本相對較高。

But in general, I think it will be a benign pricing environment. To the second question about US HME purchasing patterns, no, we really haven't seen any across the market change and how that happens.

但總的來說，我認為這將是一個良性的定價環境。關於美國 HME 採購模式的第二個問題，不，我們確實沒有看到整個市場發生任何變化以及這是如何發生的。

I mean there are customers like in Japan, particularly with our large customers there, they tend to buy large bulk purchases and then work through an inventory fleet management system, if you think for the CPAPs and APAPs bilevels and certainly on -- in ventilators. And certainly on the mass side, they then have some level of of inventory stocking in Japan.

我的意思是，像日本這樣的客戶，特別是我們那裡的大客戶，他們傾向於大量購買，然後透過庫存車隊管理系統進行工作，如果你考慮到 CPAP 和 APAP 雙水平，當然還有呼吸機。當然，在大眾方面，他們在日本有一定程度的庫存。

But in the US, even the large customers, we partner up very well. We look at our supply chain. They don't want to hold excess inventory. We don't want to hold excess inventory. So as we can. It's not a just-in-time market. I worked in chemicals and steel and mining industries where it was just in time, minimum available and just make sure it's just there in time.

但在美國，即使是大客戶，我們也合作得很好。我們來看看我們的供應鏈。他們不想持有過多的庫存。我們不想持有過多的庫存。盡我們所能。這不是一個即時市場。我曾在化學、鋼鐵和採礦業工作過，這些行業的供應非常及時，可用量最少，並確保及時供應。

This is health care. If somebody misses out on that product, they may not get a life-changing health care technology. So we want to make sure it's available. As Brett said, we have some levels of inventory reasonably high.

這就是醫療保健。如果有人錯過了該產品，他們可能無法獲得改變生活的醫療保健技術。所以我們要確保它可用。正如布雷特所說，我們的庫存水準相當高。

But we are looking at efficiency of the supply chain for us our customers. So no major change in US HME purchasing patterns. And our goal is to make sure that it's as just in time as possible with no patient left behind.

但我們正在為我們的客戶著眼於供應鏈的效率。因此美國 HME 採購模式沒有重大變化。我們的目標是確保盡可能及時，不遺漏任何患者。

Daniel Hurren, MST Marquee.

丹尼爾‧赫倫 (Daniel Huren)，MST Marquee。

Look, we've noticed this term tuck-in acquisition has become very common in your commentary. And then in the presentation, you're pointing out the $1.5 billion in debt capacity. So I was hoping you could talk just to the M&A priorities and the scale of the M&A priorities, I guess, and how you think about capital management as the free cash really starts to ramp up over the next 12 months as that debt is retired?

看，我們注意到「塞入收購」這個詞在您的評論中已經變得非常常見。然後在演示中，您指出了 15 億美元的債務能力。因此，我希望您能談談併購優先事項以及併購優先事項的規模，以及隨著債務償還，未來 12 個月自由現金真正開始增加時，您如何看待資本管理？

Okay, Dan. Well, I'll take the first part of that question about tuck-in M&A, and I'll hand to Brett to talk about capital management more broadly as our CFO, and he each sleeps and breathes that. In terms of tuck-in acquisitions, obviously, I'm not going to go into details of our radar and what we're looking at and conversations we're having.

好的，丹。好吧，我將回答有關併購的問題的第一部分，然後我將交給布雷特作為我們的首席財務官更廣泛地談論資本管理，他每個人都在睡覺和呼吸。顯然，就收購而言，我不會詳細介紹我們的雷達、我們正在關注的內容以及我們正在進行的對話。

But what I will talk about is what we've done in terms of successful tuck-in acquisitions. So if you look at what we did around three, four years ago with Snap Technologies, was a tuck-in acquisition that was de minimis in terms of the number. I don't think we even published the number. It was relatively small in terms of our annual cash flow.

但我要談論的是我們在成功的收購方面所做的事情。因此，如果你看看我們大約三、四年前對 Snap Technologies 所做的事情，你會發現這是一筆小額收購，就數量而言是微不足道的。我認為我們甚至沒有公佈這個數字。就我們的年度現金流量而言，這是相對較小的。

But what it did was it gave us the ability to engage with HMEs and engage with their customers, the patients in ways that we hadn't ever before and brought new technology. So it improved both Brightree's residential care software as a service business.

但它的作用是讓我們能夠以我們以前從未有過的方式與 HME 互動，與他們的客戶、患者互動，並帶來了新技術。因此，它改進了 Brightree 的住宅護理軟體作為服務業務。

But it also improved our core sleep health and breathing health business by making sure people when they want a new mask, could easily and capably get approval, co-pays made all the Is dotted and Ts crossed for the health care system and then get the product needed that they could get. So we are absolutely out there on the lookout for acquisitions like Snap.

但它也改善了我們的核心睡眠健康和呼吸健康業務，確保人們在需要新口罩時，可以輕鬆且有效地獲得批准，共同支付醫療保健系統的所有點和十字，然後獲得他們可以獲得所需的產品。因此，我們絕對在尋找像 Snap 這樣的收購。

Another tuck-in acquisition I'll talk about is called Somnoware. Somnoware is software for pulmonary and sleep medicine physician practices across the respiratory spectrum. So sleep apnea, COPD and beyond, all sleep health and breathing health.

我要討論的另一項收購名為 Somnoware。 Somnoware 是一款適用於整個呼吸領域的肺部和睡眠醫學醫師實踐的軟體。因此，睡眠呼吸中止症、慢性阻塞性肺病等，都是睡眠健康、呼吸健康的關鍵。

Again, de minimis in that we didn't release the total number, we didn't need to, but we've got amazing capabilities with that acquisition, a team of engineers here in the US and in India. And actually, a great entrepreneur (inaudible), who joined our team. I first met him at a sleep meeting maybe 15 years ago.

同樣，我們沒有公佈總數，我們也不需要公佈總數，但我們透過這次收購獲得了驚人的能力，在美國和印度擁有一支工程師團隊。事實上，一位偉大的企業家（聽不清楚）加入了我們的團隊。我第一次見到他是在 15 年前的睡眠會議上。

And he said, I think, at that time, you're going to need us. You're going to buy our technology. And he was right. It was 1.5 decades later, but that was a great tuck-in acquisition and (inaudible) has the office right next door to meetings looking at our incubation and growth and looking at tuck-in acquisitions that are just like the company that he had.

他說，我想，到時候，你會需要我們。您將購買我們的技術。他是對的。那是1.5 年後的事了，但那是一次很棒的隱藏式收購，而且（聽不清楚）辦公室就在會議旁邊，負責我們的孵化和成長，並著眼於隱藏式收購，就像他擁有的公司一樣。

So he's out there at conferences like health and CES along with [Carlos Nunez] and the rest of our team to look at what those tuck-ins might be. But Somnoware allows us to engage with pulmonary doctors earlier and earlier on this end-to-end digital sleep health concierge process that ResMed wants to be. We're getting earlier and earlier in that with our Somnoware acquisition.

因此，他與 [Carlos Nunez] 以及我們團隊的其他成員一起出席健康和 CES 等會議，看看這些食物可能是什麼。但 Somnoware 使我們能夠更早與肺部醫生接觸，參與 ResMed 想要的端到端數位睡眠健康禮賓流程。透過收購 Somnoware，我們在這方面做得越來越早。

Final one I'll talk about. I can talk all day on it, but our final one for this is a tuck-in M&A that we did of a technology from a company called Ectosense and the technology is called NightOwl and I actually just talked in the prep remarks about how we've just integrated NightOwl with the MyAir platform, the patient consumer app and NightOwl.

最後一個我要談談。我可以談論一整天，但我們的最後一項是對一家名為 Ectosense 的公司的一項技術進行的併購，該技術稱為 NightOwl，實際上我剛剛在準備發言中談到了我們如何“我們剛剛將NightOwl 與MyAir 平台、患者消費者應用程式和NightOwl 整合。

NightOwl is a home sleep apnea test that is basically a wearable. I mean, it's the size of a Band-Aid with a sensor that goes on your finger. And with that connected to your smartphone, we can get very high sensitivity and specificity.

NightOwl 是一種家庭睡眠呼吸中止症測試，基本上是一種穿戴式裝置。我的意思是，它的大小就像創可貼一樣，帶有感測器，可以戴在手指上。透過將其連接到您的智慧型手機，我們可以獲得非常高的靈敏度和特異性。

Sensitivity and specificity well higher than you get from some of these other wearables I talked about from consumer tech companies because we're doing different things. They're both FDA (inaudible) devices, but ours is designed to be a diagnostic, a home sleep apnea test that can be a diagnostic and a prescription written from a pulmonary physician. Great tuck-in acquisition.

靈敏度和特異性遠高於我談到的消費科技公司的其他一些可穿戴設備，因為我們正在做不同的事情。它們都是 FDA（聽不清楚）設備，但我們的設備被設計為一種診斷、一種家庭睡眠呼吸中止症測試，可以是一種診斷，也可以是肺科醫師開出的處方。偉大的收購。

Again, we didn't release the number. It was relatively small, and that's why it's a tuck-in. But that technology scale by ResMed in 140 countries, and we're just ready to relaunch it here in the US market, I think the timing couldn't be better. because if Samsung and Apple will get these people thinking, oh, possible sleep apnea from my phone or maybe I've got this moderate sleep apnea detection.

再說一次，我們沒有公佈這個號碼。它相對較小，這就是它被塞進去的原因。但是 ResMed 的技術已在 140 個國家/地區推廣，而且我們剛剛準備好在美國市場重新推出該技術，我認為時機再好不過了。因為如果三星和蘋果會讓這些人思考，哦，我的手機可能患有睡眠呼吸暫停，或者我可能有這種中度睡眠呼吸中止症檢測。

Where do I go? Well, guess what? They go to a primary care physician or they go to a sleep physician. And then we need digital scalable models for them. So a product like NightOwl helps with that.

我該去哪裡？嗯，你猜怎麼著？他們去看初級保健醫生或去看睡眠醫生。然後我們需要它們的數位可擴展模型。因此像 NightOwl 這樣的產品可以幫助解決這個問題。

And we're creating not just in our own diagnostics but a portfolio of capabilities with other diagnostics companies and service providers in the US and beyond because that digital sleep health concierge is an obligation for ResMed. People are going to come with problems of sleep health and breathing health.

我們不僅在自己的診斷領域創造能力，而且還與美國及其他地區的其他診斷公司和服務提供者合作創造能力組合，因為數位睡眠健康禮賓服務是瑞思邁的義務。人們將會面臨睡眠健康和呼吸健康的問題。

We don't want them waiting in a do-loop we want them taken care of. So they are the three examples of tuck-in acquisitions and more to come on that. Brett, in terms of capital allocation, any thoughts to share with Dan on a broader level?

我們不希望他們在 do-loop 中等待，我們希望他們得到照顧。因此，它們是隱藏式收購的三個例子，而且還會有更多例子。 Brett，在資本配置方面，您有什麼想法可以在更廣泛的層面上與 Dan 分享嗎？

Yes. Thanks, Mick. And Dan, when you think about the tuck-ins, we've got -- and Mick articulated some great examples, which we think are going to add a ton of value over time. And we're continuously looking at these acquisitions.

是的。謝謝，米克。丹，當你想到吃東西的時候，我們已經——米克闡述了一些很好的例子，我們認為隨著時間的推移，這些例子將會增加大量的價值。我們正在不斷關注這些收購。

But in terms of [quantum], tuck-in, I guess that's fairly broad, $100 million, $200 million, it could be, given our balance sheet and size now, it could be up to $500 million, Dan. It just depends what the acquisitions strategically like, financially like, culturally like and then what capability it can bring into ResMed and how we might leverage that.

但就[量子]而言，我想這相當廣泛，1億美元、2億美元，考慮到我們現在的資產負債表和規模，它可能高達5億美元，丹。這只取決於收購在策略上、財務上、文化上的特點，以及它能為瑞思邁帶來什麼能力，以及我們如何利用它。

So we think pretty hard about before we actually make the acquisition. But they've been really good acquisitions over the last two or three years. And there's more out there as the market continues to develop. So anything in that range, I think we would look at.

因此，在實際進行收購之前，我們會仔細考慮。但在過去的兩三年裡，它們確實是一次很好的收購。隨著市場的不斷發展，還會有更多的產品出現。因此，我認為我們會關注該範圍內的任何內容。

And then the other side on capital management, and you heard my comments earlier, we will increase the buyback each quarter going forward, and that obviously remains a lever for us going forward. So that's the two areas, I guess, well eight or three really fundamentally R&D investment, where we get -- that's the greatest return we get.

然後在資本管理方面，您之前聽到了我的評論，我們將在未來每季增加回購，這顯然仍然是我們前進的槓桿。我想，這就是我們獲得的八個或三個真正根本性研發投資的兩個領域——這是我們獲得的最大回報。

We'll look at -- as Mick said, we'll look at the tuck-in acquisitions. And then we'll do some capital management as well as the three areas of focus.

我們將研究—正如米克所說，我們將研究隱藏式收購。然後我們會做一些資本管理以及三個重點領域。

Mike Matson, Needham & Company.

麥克馬森，李約瑟公司。

I guess I just wanted to ask one. So with the new -- on masks, with the new N30i with that fabric over the straps, is that a technology that you can apply to other masks in your portfolio? And then is that something that you're able to get a price premium for?

我想我只是想問一個。那麼，對於面罩上的新產品，以及帶子上採用這種織物的新型 N30i，您是否可以將這項技術應用於您產品組合中的其他面罩？那麼這是你能夠獲得溢價的東西嗎？

Yes, it's a great question, Mike, and thanks for coming to our Investor Day. You were able to touch and see that product because I think you've really got to touch and see what the AirTouch N30i is. It's in its name, right? It's an AirTouch. That fabric is -- it's extraordinarily advanced technology.

是的，這是一個很好的問題，麥克，感謝您參加我們的投資者日。您能夠觸摸並看到該產品，因為我認為您確實必須觸摸並看到 AirTouch N30i 是什麼。就在它的名字裡，對吧？這是AirTouch。這種面料是一種非常先進的技術。

As I said, we've been looking for a decade at fabrics and how to get them at scale and with efficacy on a mask that could be ResMed quality, and we were able to bring that to market. To your question, can we apply that technology to other marks?

正如我所說，十年來我們一直在尋找面料，以及如何大規模生產它們，並在口罩上發揮功效，達到瑞思邁的品質，並且我們能夠將其推向市場。對於您的問題，我們可以將該技術應用於其他商標嗎？

Absolutely. I think this is a game changer and it changes the basis of competition how patient interfaces are delivered from plastics and rubbers, medical type products that you might find in a hospital to ones that you might find at home.

絕對地。我認為這是一個遊戲規則的改變者，它改變了患者介面的競爭基礎，從塑膠和橡膠、您可能在醫院找到的醫療類型產品到您可能在家中找到的產品。

People sleep on cotton or sell fabric sheets. They have a cotton -- carbon pillow they don't sleep on plastic, why should that part be delivering care on your face. If we can get the pneumatic stent at safety, efficacious and long-term capability.

人們睡在棉花上或出售布床單。他們有一個棉質碳枕頭，他們不睡在塑膠上，為什麼那個部分要在你的臉上提供護理。如果能夠獲得安全、有效、長期的充氣支架。

But to your question, yes, it is a high cost. It's more difficult to have these machinery robotics and scalable systems that can do this even with ResMed having the biggest manufacturing footprint on the planet in the field of respiratory medicine, sleep health and breathing health.

但對於你的問題，是的，這是一個很高的成本。即使瑞思邁在呼吸醫學、睡眠健康和呼吸健康領域擁有全球最大的製造足跡，擁有能夠做到這一點的機械機器人和可擴展系統也更加困難。

Costs are still higher with the new technology like this. So pricing will be slightly higher for these types of products because the costs are higher.

採用這樣的新技術，成本仍然更高。因此，由於成本較高，此類產品的定價會略高。

But I think what you'll find is that first time fit rates will go up, that return rates will go down and that adherence rates will go up as we do with all our technology, that's the goal, lower the cost of the overall health care system, improve adherence, which means less chances of heart attacks, stroke, less chances of death, as we've shown in the Alaska study for patients who are inherent on CPAP versus [not].

但我認為你會發現，正如我們對所有技術所做的那樣，首次適合率會上升，返回率會下降，堅持率會上升，這就是目標，降低整體健康成本護理系統，提高依從性，這意味著心臟病發作、中風的機會更少，死亡的機會也更少，正如我們在阿拉斯加對接受CPAP 治療的患者與未接受CPAP 治療的患者進行的研究中所顯示的那樣。

And we think that these types of improvements will have a huge return on investment for the patient, for the physician, for the provider as we launch them to market. So yes, the AirTouch N30i is coming out, it will have a price premium because it's got a higher cost. We can take it to other masks, and we will over time.

我們認為，當我們將這些類型的改進推向市場時，將為患者、醫生和提供者帶來巨大的投資回報。所以，是的，AirTouch N30i 即將推出，它的價格會更高，因為它的成本更高。我們可以將其應用到其他面罩上，隨著時間的推移，我們也會這樣做。

But early days, we're just launching it next week. Lots of interest and excitement from our commercial team and the customers who have got sneak preview, and we're excited about AirTouch N30i and what it can do more broadly across the world.

但目前還處於早期階段，我們下週才推出它。我們的商業團隊和搶先預覽的客戶表現出了極大的興趣和興奮，我們對 AirTouch N30i 及其在全球範圍內更廣泛的用途感到興奮。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc 資本市場。

I just wanted to follow up a little bit on the macro tailwind around the wearable tech platforms. You've talked about it a bunch at the Investor Day and then again on today's call. I was just curious if you could maybe touch on a few potential strategies that the company could be looking at that would best position ResMed to capture potential increases in new patient demand driven by the adoption of these technologies.

我只是想跟進一下穿戴式科技平台的宏觀趨勢。您在投資者日上多次討論過這個問題，然後在今天的電話會議上又討論了一遍。我只是好奇您是否可以談談該公司可能正在考慮的一些潛在策略，這些策略最適合瑞思邁抓住因採用這些技術而驅動的新患者需求的潛在增長。

Yes, it's a great question, Brett. I mean, it's a complex answer. It could take all of the eight minutes we've got left on the call and longer. But as you heard in the four-hour overview that we gave on our Investor Day three weeks ago, there's lots of things we're doing in this.

是的，這是一個很好的問題，布雷特。我的意思是，這是一個複雜的答案。這可能需要我們剩下的八分鐘甚至更長的時間。但正如您在三週前的投資者日所進行的四小時概述中所聽到的，我們在這方面做了很多事情。

The broad categories are demand generation, demand capture and demand conversion, three areas. Now if big tech and big pharma are taking on some of that demand gen, right, driving people into PCPs, driving people into specialist sleep physicians, then what we have to do at ResMed is take the next phase in that.

大類包括需求產生、需求捕捉和需求轉換三個領域。現在，如果大型科技公司和大型製藥公司正在應對某些需求，推動人們進入 PCP，推動人們進入專業睡眠醫生，那麼我們在 ResMed 要做的就是進入下一階段。

So what we have to do is have products like Dawn, our general AI interaction format. They can talk and engage with patients to help them if they've just got sleep health questions about getting better, sleep, drinking more water, exercising more, less alcohol after certain times, less caffeine after certain times, different food and timing of food intake. All these type of broader sleep health can be conducted by a bot at levels that -- just human banks of callers don't have time for and don't spend as much time on and people can be embarrassed to ask some questions about sleep health and breathing health.

所以我們要做的就是擁有像 Dawn 這樣的產品，我們通用的人工智慧互動格式。如果患者剛遇到有關改善、睡眠、多喝水、多運動、特定時間後少飲酒、特定時間後攝取少咖啡因、不同食物和進食時間等睡眠健康問題，他們可以與患者交談和互動以幫助他們攝取量。所有這些類型的更廣泛的睡眠健康都可以由機器人進行，其水平是——只是呼叫者的人類銀行沒有時間，也沒有花那麼多時間，人們可能會不好意思問一些有關睡眠健康的問題和呼吸健康。

There's a stigma associated with all health care, and that's why companies like [hims and hers] and all these other type of digital platforms that are out there and achieving some success. And so ResMed wants to be that digital sleep health concierge and as I said, the answer is complex.

所有醫療保健都存在恥辱，這就是為什麼像[他和她]這樣的公司以及所有其他類型的數位平台都在那裡並取得了一些成功。因此，瑞思邁希望成為數位睡眠健康禮賓服務，正如我所說，答案很複雜。

It's more than just Dawn, it's more than just Somnoware, it's more than just MyAir, it's more than just our AirView and the whole combination. But it is those components. And it's how you stitch them together and how you create that seamless, frictionless end-to-end experience for a person.

它不僅僅是 Dawn，它不僅僅是 Somnoware，它不僅僅是 MyAir，它不僅僅是我們的 AirView 和整個組合。但正是這些組件。這就是你如何將它們縫合在一起，以及如何為人們創造無縫、無摩擦的端到端體驗。

Let's stop calling them a consumer, let's stop calling them a patient, let's say it's a person who suffocates and is looking for their own care. All their spouse and bed partners care and so we're really focused on this, and we think these macro trends are going to drive patients in, consumers in, persons in.

讓我們停止稱他們為消費者，讓我們停止稱他們為患者，讓我們說這是一個窒息並尋求自己護理的人。他們所有的配偶和床伴都關心，所以我們真的很關注這一點，我們認為這些宏觀趨勢將推動患者、消費者、人們的進來。

And ResMed's job is to do the best job at capture and demand conversion. And we've got many experiments around 140 countries, and we'll update you. It's not going to be one hit wonder, oh, here, we've got the [panacea] and it's this, no, there's going to be multiple attempts in different areas, different MSAs, different technologies, different health care systems.

瑞思邁的工作就是在捕捉和需求轉換方面做到最好。我們在 140 個國家進行了許多實驗，我們會向您通報最新情況。這不會是一個奇蹟，哦，在這裡，我們已經找到了[靈丹妙藥]，就是這個，不，將在不同的領域、不同的 MSA、不同的技術、不同的醫療保健系統中進行多次嘗試。

Every person is different. All of the 1 billion people sleep apnea, the 2.3 billion with Sleep Apnea or insomnia or COPD or some combination of the above with respirator insufficiency, they all need an individualized, personalized pathway to better sleep, better health and better health technology at home.

每個人都是不同的。所有10 億人患有睡眠呼吸暫停，23 億人患有睡眠呼吸中止症、失眠或慢性阻塞性肺病，或以上幾種疾病的組合併伴隨呼吸機功能不全，他們都需要一種個人化的途徑來改善睡眠、改善健康狀況並在家中使用更好的健康科技。

So ResMed's goal is to capture across that with a combination of technologies. And as we launch them and as the experiments are successful, we'll let you know. I want to be clear, this isn't just about brand awareness and brand driving.

因此，瑞思邁的目標是透過技術組合來克服這個問題。當我們啟動它們並且實驗成功時，我們會通知您。我想澄清的是，這不僅僅是品牌知名度和品牌驅動。

This is about brand ROI, return on investment that we show the experiments are successful, that the people see the ResMed brand, they engage with them and then they find a path to better sleep health and breathing health. And we're best positioned globally to do this with our market share and capability.

這是關於品牌投資回報率，投資回報，我們表明實驗是成功的，人們看到瑞思邁品牌，他們與他們互動，然後他們找到一條改善睡眠健康和呼吸健康的途徑。憑藉我們的市場份額和能力，我們在全球範圍內處於最佳位置，可以做到這一點。

If we did nothing, we get good share. I think our goal and our obligation is to do a lot and to drive more patients in and to help them find that best path that they can have. Thanks for the question, Brett. And sorry, to trivialize the answer with only a four-minute answer, but we probably got time for a couple more questions.

如果我們什麼都不做，我們就會得到很好的份額。我認為我們的目標和義務是做很多事情，吸引更多的患者參與進來，幫助他們找到最好的治療方法。謝謝你的提問，布雷特。抱歉，只用四分鐘的時間來回答這個問題，但我們可能還有時間回答幾個問題。

Suraj Kalia, Oppenheimer.

蘇拉吉·卡利亞，奧本海默。

Mick, I want to piggyback on Anthony's question, right? So your nominal growth right now is a perfect trifecta of pushing more ReSupply masks to patient price increases believe Brett mentioned something about a little bit of inventory also to cater to patients just in time. Mick, as we think forward, how would you say ResMed is buffer from a potentially more price-sensitive environment if and when [Philips] returns to the market?

米克，我想回答安東尼的問題，對嗎？因此，您現在的名義增長是推動更多 ReSupply 口罩以提高患者價格的完美三重奏，並相信布雷特提到了一些庫存，也是為了及時滿足患者需求。 Mick，當我們展望未來時，您認為如果[飛利浦]重返市場，瑞思邁可以緩衝可能對價格更加敏感的環境？

Yes. Thanks for the question, Suraj. Look, as you said, there's some really interesting overlays between our -- more masks and the technology we're bringing to market, our pricing strategies and our inventory management strategies.

是的。謝謝你的提問，蘇拉吉。瞧，正如您所說，我們的更多掩模和我們推向市場的技術、我們的定價策略和庫存管理策略之間存在一些非常有趣的重疊。

With regard to the competitor you mentioned, look, as I said, we just announced pretty good growth in Europe, Asia, rest of world, right? 9% growth in devices 11% growth in masks and accessories. That competitor is available in almost all of the 140 countries we're in, and they've been there for many, many, many quarters.

關於你提到的競爭對手，正如我所說，我們剛剛宣佈在歐洲、亞洲和世界其他地區實現了相當不錯的成長，對嗎？設備成長 9%，口罩和配件成長 11%。該競爭對手幾乎遍布我們所在的 140 個國家/地區，而且已經存在了很多很多季度。

And so love them. I love to compete with them. I love to beat them. I do the same with all the other competitors. I love the players from Europe and Asia. Competition is a fantastic thing for ResMed.

所以愛他們。我喜歡和他們競爭。我喜歡打敗他們。我對所有其他競爭對手也做了同樣的事情。我喜歡來自歐洲和亞洲的球員。對瑞思邁來說，競爭是一件很棒的事。

We love it. It keeps us on our toes. And we were beating that particular competitor all the way from 2001 through to 2021, as they had the recall in the US in devices, which is the only area, right?

我們喜歡它。它讓我們保持警惕。從 2001 年到 2021 年，我們一直在擊敗那個特定的競爭對手，因為他們在美國的設備上進行了召回，這是唯一的領域，對嗎？

So we've been ongoing competition with them in masks the whole time, and they've been out for a couple of years, two or three years now in devices. Look, I look forward to them coming back here. They'll have to fight for that number two, number three position against some other players with importing products in China and Europe that they've taken that number two, number three position.

因此，我們一直在口罩方面與他們進行持續的競爭，他們已經退出幾年了，現在在設備方面已經有兩三年了。聽著，我期待他們回到這裡。他們必須與其他一些在中國和歐洲進口產品的企業爭奪第二、第三的位置，而他們已經佔據了第二、第三的位置。

And I think they've got to set up new manufacturing and get a new sales team. And I look forward to them coming back. We we're beating them before their recall and we will beat them after. But look, I don't spend that much time, on my time looking back at the competition from Europe or Asia or that particular player from Europe. I look more forward.

我認為他們必須建立新的製造部門並組建新的銷售團隊。我期待他們回來。我們在他們被召回之前擊敗他們，之後我們也會擊敗他們。但你看，我並沒有花太多時間回顧歐洲或亞洲的比賽或來自歐洲的特定球員。我更加期待。

And I think about these macro trends and what we can do to take care because this isn't just a share gain. What we've got is a sustainable competitive advantage in a digital health ecosystem that patients engaging with MyAir, doctors engaging with AirView.

我思考這些宏觀趨勢以及我們可以採取哪些措施來應對，因為這不僅僅是股票收益。我們在數位健康生態系統中擁有可持續的競爭優勢，患者與 MyAir 互動，醫生與 AirView 互動。

And more importantly, consumers, persons who just suffocate coming in, they don't know where they want to go. We want to help them find that pathway and be objective about it.

更重要的是，消費者，那些剛進來就窒息的人，他們不知道自己想去哪裡。我們希望幫助他們找到這條道路並保持客觀。

And then they will choose the smallest, quietest, most comfortable, most connected and most intelligent therapies. That's how ResMed competes. And that's how ResMed wins.

然後他們會選擇最小、最安靜、最舒適、最互聯和最聰明的療法。這就是瑞思邁的競爭方式。這就是瑞思邁的勝利之道。

Lyanne Harrison, Bank of America.

萊安·哈里森，美國銀行。

Can you comment a little bit on the production of AS 11? You mentioned you're increasing you're targeting it to come off allocation at the end of this calendar year. Is that still on track?

您能評論一下 AS 11 的製作嗎？您提到您正在增加目標，以便在本日曆年年底完成分配。那還在軌道上嗎？

And then also, can you comment on the mix of AS 11 to AS 10 devices that you're selling in the United States? And do you have a sense that there might be a backlog waiting for the AirSense 11 still?

另外，您能否評論一下您在美國銷售的 AS 11 和 AS 10 設備的組合？您是否覺得 AirSense 11 可能還有積壓的訂單？

Thanks, Lyanne. Yes, there's a lot in that question, and we're almost right on time. We may have one more question, I think. So Yes, as you said, production of AirSense 11 is firing on all cylinders. Our Singapore plant, which is, as I said earlier, is the largest manufacturing plant in the world for respiratory medical care.

謝謝，萊安。是的，這個問題涉及很多內容，而且我們幾乎準時了。我想我們可能還有一個問題。所以，是的，正如您所說，AirSense 11 的生產正在全力進行。正如我之前所說，我們的新加坡工廠是世界上最大的呼吸醫療保健製造工廠。

That thing is pumping out and really at full capacity. And I'm really excited to have AirSense 11 coming off that line and AirSense 10 coming out of there and Sydney and beyond and through Atlanta and through our distribution centers throughout Asia and Europe.

那東西正在抽出並且真正滿載運轉。我真的很高興看到 AirSense 11 從此生產線上市，AirSense 10 也從那裡、雪梨及其他地區、亞特蘭大以及我們遍布亞洲和歐洲的配送中心上市。

And so to your specific question, AirSense 11 firing and really, really strong rate limiters to growth are just that we're the number one and number two player between AirSense 11 and AirSense 10 in many of these markets. And so there is a mix as you said.

因此，對於您的特定問題，AirSense 11 的推出以及非常非常強大的成長限制因素只是我們在許多這些市場中是 AirSense 11 和 AirSense 10 之間的第一和第二玩家。正如你所說，這是一種混合。

In the US, specifically, you asked, Lyanne, well over 50%, vast, vast majority of products sold in the US are AirSense 11. To the final part of your question, do we think that there are people at that I've been on therapy for five years and insurance will pay for a new one. I'm waiting until AirSense 11 is available.

具體來說，在美國，Lyanne，您問，在美國銷售的超過 50%、絕大多數、絕大多數產品都是 AirSense 11。治療五年，保險將支付新治療的費用。我正在等待 AirSense 11 上市。

Yes, may be some a little bit of a backlog with some particular consumers if you really want one consumer at that level might be going to one of the online dealers or looking at other ways to make sure they get in line for an AirSense 11.

是的，對於某些特定的消費者來說，可能會出現一些積壓，如果你真的想要某個級別的消費者，可能會去在線經銷商之一或尋找其他方式來確保他們排隊購買AirSense 11。

So I think there's always a bit of a backlog. I always think that recap opportunity is huge for us. We don't spend enough time on it. Our customers don't spend enough time on it. We've got really sophisticated at ongoing ReSupply for masks, tubing and accessories.

所以我認為總是會有一些積壓。我始終認為回顧機會對我們來說是巨大的。我們沒有花足夠的時間在這上面。我們的客戶沒有花足夠的時間在這上面。我們在面罩、管道和配件的持續補給方面非常成熟。

I think we need to be better at (inaudible) on a regular basis. And so it's a good call out and the team are on it with many things going on to make sure that as we get full AirSense 11 capabilities, everyone who's at that five-year point gets the chance to say, yes, I want the latest and greatest therapy, smallest, quietest, most comfortable most connected and most intelligent and that's the AirSense 11.

我認為我們需要定期提高（聽不清楚）。因此，這是一個很好的呼籲，團隊正在進行許多工作，以確保當我們獲得完整的 AirSense 11 功能時，每個處於五年期的人都有機會說，是的，我想要最新的最好的治療、最小、最安靜、最舒適、最互聯、最智能，這就是AirSense 11。

So we will continue to do that. As I said in the prep remarks, I think there's a long runway, lots of momentum left on the AirSense 11.

所以我們將繼續這樣做。正如我在準備發言中所說，我認為 AirSense 11 還有很長的路要走，還有很大的動力。

Andrew Paine, CLSA.

安德魯潘恩，里昂證券。

Look, just going back to the rest of world devices and just thinking about the EU sales, just need you good to get some views on competition that you're seeing in the region, in particular, if you're seeing a declining presence from fill-ups in some of these markets, which would open you up to taking a larger market share?

聽著，回到世界其他地區的設備並考慮歐盟的銷售，只需要您很好地了解您在該地區看到的競爭，特別是如果您看到來自歐洲的存在不斷下降其中一些市場的供應充足，這將使您能夠佔據更大的市場份額？

Yes. Thanks for the question, Andrew. And yes, look, we're competing with another particular European player, probably a little bit more than the one you mentioned. But we're competing with both of them very well, as you saw with Europe, Asia, rest of world device growth at 9%.

是的。謝謝你的提問，安德魯。是的，你看，我們正在與另一位特定的歐洲玩家競爭，可能比你提到的要多一點。但我們與這兩個國家的競爭非常激烈，正如您所看到的，歐洲、亞洲和世界其他地區的設備成長率為 9%。

We don't break that out and say exactly what component of that is Europe versus Asia Pac versus Rest of World. And we did have very good growth in our Japan markets and China markets and other parts of Asia Pac. But Europe is doing very well.

我們不會詳細說明其中的哪些部分是歐洲、亞太地區或世界其他地區。我們在日本市場、中國市場以及亞太地區其他地區確實取得了非常好的成長。但歐洲表現非常好。

As I said, I'm really proud of the team there. we've really brought together our pan-European management team over these last 12 months under our global Chief Revenue Officer, (inaudible) and our regional leader there in (inaudible). And I think that combination of communication and partnership across our team has allowed us to provide customers even more seamless and better service, better marketing, better sales, better delivery of products.

正如我所說，我真的為那裡的團隊感到自豪。在過去 12 個月裡，我們確實將泛歐管理團隊聚集在一起，由我們的全球首席營收長（聽不清楚）和我們的區域領導者（聽不清楚）領導。我認為，我們團隊之間的溝通和合作使我們能夠為客戶提供更無縫和更好的服務、更好的行銷、更好的銷售和更好的產品交付。

And we've not always been the best in that final mile of delivery, that final [pelometer] of delivery that we need to have in Europe, and we're getting better and better at it. So I think it's a combination of the products, AirSense 11, the communications through our commercial teams and the supply chain and logistics that we're really partnering up with customers that have allowed us to achieve that.

我們在歐洲需要的最後一哩交付、最後一哩交付方面並不總是最好的，但我們在這方面做得越來越好。因此，我認為這是產品、AirSense 11、我們商業團隊的溝通以及我們與客戶真正合作的供應鏈和物流的結合，使我們能夠實現這一目標。

The competitive environment is what it always was, but as you see in those numbers, ResMed is doing well competing hard and winning accounts, winning tenders and winning share. But more importantly than that, we're partnering up to ensure good flow of patients into the funnel, that's ResMed's primary goal more patients into the funnel, help them get best-in-class care. Thank you for the questions, team. I'll now hand the call over to Kevin.

競爭環境一如既往，但正如您在這些數字中看到的那樣，瑞思邁在激烈的競爭中表現出色，贏得了客戶、贏得了招標並贏得了份額。但更重要的是，我們正在合作，確保患者能好好進入漏斗，這是 ResMed 的主要目標，讓更多患者進入漏斗，幫助他們獲得一流的照護。謝謝你的提問，團隊。我現在將電話轉給凱文。

We reached the end of our question-and-answer session. Mick, do you have any further closing comments?

我們的問答環節結束了。米克，您還有什麼進一步的結束語嗎？

Yes, look, they got the prepared remarks here. I'm not going to say all that. Thanks to 10,000 ResMedians, 140 countries. You guys are doing amazing things. Thank you to all our shareholders for the support, incredible quarter. Let's power up and let's do it again for another 90 days. And with that, Amy, I'll hand over to you to close out the call.

是的，看，他們在這裡得到了準備好的評論。我不會說所有這些。感謝來自 140 個國家的 10,000 名 ResMedians。你們正在做令人驚奇的事。感謝所有股東的支持，這是一個令人難以置信的季度。讓我們重新啟動，再進行 90 天。艾米，接下來我會把電話交給你來結束這通通話。

Awesome. Thank you, Mick. Thank you, everyone, for listening for your questions, and we do appreciate your interest. If you have follow-up questions or need anything else, please don't hesitate to reach out to us directly. This does conclude our first quarter 2025 conference call. Kevin, you may now close the call.

驚人的。謝謝你，米克。謝謝大家傾聽你們的問題，我們非常感謝你們的關注。如果您有後續問題或需要任何其他信息，請隨時直接與我們聯繫。我們的 2025 年第一季電話會議到此結束。凱文，你現在可以結束通話了。

Thank you. This concludes ResMed's First Quarter Fiscal Year 2025 Earnings Live Webcast. You may now disconnect.

謝謝。瑞思邁 2025 財年第一季財報到此結束。您現在可以斷開連線。