瑞思邁 (RMD) 2025 Q2 法說會逐字稿

Welcome to the Q2 fiscal-year 2025 ResMed earnings conference call.

歡迎參加 ResMed 2025 財政年度第二季財報電話會議。

My name is Matt and I'll be your operator for today's call.

我叫馬特，我將擔任您今天電話的接線生。

(Operator Instructions)

（操作員指令）

Please note that this conference call is being recorded.

請注意，本次電話會議正在錄音。

I would now like to turn the call over to Mike Ott, Senior Manager, Investor Relations.

現在我想將電話轉給投資者關係高級經理 Mike Ott。

Thank you.

謝謝。

You may begin.

你可以開始了。

Great.

偉大的。

Thank you, Matt.

謝謝你，馬特。

Hello, everyone, and welcome to ResMed's second-quarter, fiscal-year 2025 earnings call.

大家好，歡迎參加 ResMed 2025 財年第二季財報電話會議。

We are live webcasting this call and the replay will be available on the Investor Relations section of our website later today.

我們正在對此電話會議進行網路直播，重播將於今天稍晚在我們網站的投資者關係欄位上發布。

Our earnings press release and presentation are both available online now.

我們的收益新聞稿和簡報現在都可以在線上取得。

During today's call, we'll discuss several non-GAAP measures that we believe provide helpful information for investors.

在今天的電話會議中，我們將討論幾個我們認為可以為投資者提供有用資訊的非公認會計準則指標。

This information is not intended to be considered in isolation or as a substitute for the GAAP financial information.

此資訊不應被單獨考慮或作為 GAAP 財務資訊的替代。

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.

我們鼓勵您查看今天的收益新聞稿中的支援時間表，以便將這些非 GAAP 指標與 GAAP 報告的數字進行協調。

In addition, our discussions today will include forward-looking statements including but not limited to expectations about our future financial and operating performance.

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營運績效的預期。

We make these statements based on reasonable assumptions.

我們根據合理的假設做出這些陳述。

However, our actual results could differ.

然而，我們的實際結果可能有所不同。

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.

請查看我們向美國證券交易委員會 (SEC) 提交的文件，以全面了解可能導致我們的實際結果與今天做出的任何前瞻性陳述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.

現在我將電話轉給 ResMed 董事長兼執行長 Mick Farrell。

Great.

偉大的。

Thank you, Mike and good morning and good afternoon as we welcome our shareholders and review ResMed's second-quarter, fiscal-year 2025 results.

謝謝，麥克，早上好，下午好，我們歡迎我們的股東並回顧 ResMed 2025 財年第二季的業績。

I'm pleased to share that ResMed delivered another strong quarter of global top-line and bottom-line growth.

我很高興地告訴大家，瑞思邁又一個季度實現了全球營業收入和利潤的強勁成長。

We achieved excellent year-over-year performance in Q2 with solid revenue growth, improved gross margins, combined with disciplined investments in both R&D and SG&A resulting in very strong operating profit and net profit performance.

我們第二季取得了出色的年比業績，營收穩定成長、毛利率提高，加上對研發和銷售、一般及行政開支的嚴格投資，從而實現了非常強勁的營業利潤和淨利潤表現。

These results reflect the hard work of 10,000-plus ResMedians and our dedication to improving the lives of patients, improving the workflow of home care providers, physicians, payers, and the communities that we serve in over 140 countries worldwide.

這些結果體現了 10,000 多名 ResMedia 人的辛勤工作以及我們致力於改善患者生活，改善家庭護理提供者、醫生、付款人以及我們在全球 140 多個國家/地區服務的社區的工作流程。

The foundation of our continued positive performance lies in our clear market leading value proposition, including the sustainable competitive advantage that we have established with our best-in-class hardware and software products as well as our digital health ecosystem.

我們持續保持正面績效的基礎在於我們明確的市場領先價值主張，包括我們憑藉一流的硬體和軟體產品以及數位健康生態系統所建立的可持續競爭優勢。

Through cloud connectable medical devices, masks, and accessories as well as digital platforms and ongoing investments in technology, including specifically ML, AI and, generative AI, we are committed to helping hundreds of millions of people so that they can sleep better, breathe better, and live longer and higher quality lives.

透過可連接雲端的醫療設備、面罩和配件以及數位平台和對科技的持續投資，特別是機器學習、人工智慧和生成式人工智慧，我們致力於幫助數億人，使他們睡得更好、呼吸更好，生活更長壽、品質更高。

Let me start with a high level review of our financials.

首先讓我對我們的財務狀況做一個高層次的回顧。

I'm proud to report that we delivered global revenue growth of 10%, reflecting positive and consistent contributions across our combined sleep health, breathing health, and residential care software portfolio.

我很自豪地報告，我們實現了全球收入成長 10%，這反映了我們的睡眠健康、呼吸健康和住宅護理軟體產品組合的積極和持續貢獻。

Global device sales were driven by strong market performance across our US as well as Europe, Asia, and rest of world markets, reflecting the continuing demand for our AirSense 10 and AirSense 11 platforms.

全球設備銷售受到美國、歐洲、亞洲和世界其他市場強勁的市場表現的推動，反映了對我們的 AirSense 10 和 AirSense 11 平台的持續需求。

Device sales remained strong, growing double digits year over year.

設備銷售維持強勁，較去年同期成長兩位數。

We increased the global availability of our AirSense 11 platform this quarter launching in India during Q2.

我們本季擴大了 AirSense 11 平台的全球可用性，並於第二季在印度推出。

We will have additional country launches of AirSense 11 planned throughout calendar year 2025.

我們計劃在 2025 年在其他國家推出 AirSense 11。

We make the market leading sleep health platform with the AirSense 11.

我們利用 AirSense 11 打造了市場領先的睡眠健康平台。

I want to make it clear that there is still strong global demand for the second-best device platform in the market, and that is the AirSense 10 range.

我想明確指出的是，全球對市場第二好的設備平台仍有強勁的需求，那就是 AirSense 10 系列。

Our masks and accessories business also had another strong quarter, delivering double-digit global growth in that category as well.

我們的口罩和配件業務也度過了一個強勁的季度，該類別在全球範圍內也實現了兩位數的成長。

Ongoing rollout of Brightree ReSupply and SNAP technology have helped in our US market and we expect to maintain that momentum as we launch SNAP technology that can work on all HME management platforms throughout calendar year 2025.

Brightree ReSupply 和 SNAP 技術的持續推出為我們在美國市場的發展提供了幫助，隨著我們在 2025 年推出可在所有 HME 管理平台上運行的 SNAP 技術，我們預計將保持這一勢頭。

We achieved 230 basis points of margin expansion in non-GAAP gross margin year over year to 59.2%, reflecting our ongoing focus on improving operating efficiencies.

我們的非公認會計準則毛利率較去年同期擴大了 230 個基點，達到 59.2%，這反映了我們持續致力於提高營運效率。

With disciplined investments in R&D and SG&A.

對研發和銷售、一般及行政開支進行嚴格的投資。

We achieved a 29% increase in non-GAAP earnings per share.

我們的非公認會計準則每股收益成長了 29%。

Our new head of supply chain, Shane Azzi, and his team are committed to driving increased supply and increased manufacturing efficiencies by investing in technology and infrastructure to power long-term cost improvements.

我們新任供應鏈主管 Shane Azzi 和他的團隊致力於透過投資技術和基礎設施來推動長期成本改善，從而增加供應並提高製造效率。

By balancing this cost discipline with strategic investments in new product introductions, we will continue to drive sustainable and profitable growth for ResMed.

透過平衡成本控制與新產品引進的策略投資，我們將持續推動 ResMed 的可持續獲利成長。

We have published peer reviewed studies showing categorically that ReSupply programs drive patient adherence.

我們已發表同行評審的研究，明確表明 ReSupply 計劃可以提高患者的依從性。

They improve patient outcomes and they also lower long-term costs for the healthcare system.

它們不僅改善了患者的治療效果，還降低了醫療保健系統的長期成本。

In the US, our digital health ecosystem including both AirView for payers, Brightree for home medical equipment payers as well as for patients, the myAir app.

在美國，我們的數位健康生態系統包括付款人的 AirView、家庭醫療設備付款人的 Brightree 以及患者的 myAir 應用程式。

They continue together to power these ReSupply programs.

他們繼續共同為這些 ReSupply 計劃提供支援。

We are actively investing in appropriate modified versions of these successful US ReSupply programs into our global markets.

我們正在積極投資這些成功的美國 ReSupply 計劃的適當修改版本以進入我們的全球市場。

Each of the 140 countries that we operate in have different regulatory, reimbursement, economic as well as cultural norms.

我們營運的 140 個國家都有不同的監管、報銷、經濟和文化規範。

It's our opportunity to leverage ResMed's knowledge of each of those markets and to optimize the best way for a person to regularly receive fresh supply for their life-changing and life-saving care.

這是我們利用 ResMed 對每個市場的了解並優化最佳方式讓人們定期獲得改變生活和拯救生命的護理新鮮供應的機會。

ResMed is an innovation machine.

ResMed 是一台創新機器。

Our ongoing investments of 6% to 7% of revenues into R&D is a key growth driver and a key part of our long-term success.

我們持續將營收的 6% 至 7% 投資於研發，這是關鍵的成長動力，也是我們長期成功的關鍵部分。

With trailing 12 months revenue around $5 billion, that's $300 million to $350 million that we invest annually into R&D, creating the smallest, the quietest, the most comfortable, the most connected, and the most intelligent devices, masks, and software solutions.

過去 12 個月的收入約為 50 億美元，每年我們在研發上投資 3 億至 3.5 億美元，創造最小、最安靜、最舒適、最具連結性和最智慧的設備、面罩和軟體解決方案。

During the quarter, we launched the AirTouch N30i to select markets.

本季度，我們向特定市場推出了 AirTouch N30i。

The AirTouch N30i is a world first from ResMed with its unique fabric-based patient interface.

AirTouch N30i 是 ResMed 全球首創的一款具有獨特基於織物的患者介面的產品。

My philosophy is this.

我的哲學是這樣的。

We sleep on cotton sheets.

我們睡在棉布床單上。

We have fabric covers for the pillows that we sleep on.

我們有布製枕頭套。

Why can't we have sleep apnea therapy that is just as comfortable as that.

為什麼我們不能進行同樣舒適的睡眠呼吸中止症治療呢？

Early feedback from respiratory therapists from physicians and from patients directly is that the comfort and fit of the AirTouch N30i is outstanding.

醫生的呼吸治療師和患者的早期回饋表明，AirTouch N30i 的舒適度和貼合度非常出色。

This new technology could permanently change the basis of competition in mask innovation.

這項新技術可能會永久改變口罩創新競爭的基礎。

It's one thing to create a prototype of a mask.

製作口罩原型是一回事。

It's another thing to have manufacturability at scale with top quality, top comfort, excellent seal, and great long-term patient outcomes.

實現大規模生產、擁有頂級品質、頂級舒適度、出色密封性和良好的長期患者效果又是另一回事。

Watch this space for our new to world fabric-based AirTouch technology, launched first here on the AirTouch N30i platform.

請關注我們面向世界推出的基於織物的 AirTouch 技術，該技術首次在 AirTouch N30i 平台上推出。

During the quarter, we announced another collaboration with the Apple Vision Pro team with the launch of what we call the Kontor Head Strap.

本季度，我們宣布與 Apple Vision Pro 團隊進行另一項合作，推出了所謂的 Kontor 頭帶。

This is a premium accessory for the Apple Vision Pro.

這是 Apple Vision Pro 的高級配件。

ResMed, as all of you as shareholders know, is the world leader in providing facial interfaces in the field of sleep health and breathing health and healthcare technology at home.

各位股東都知道，瑞思邁是睡眠健康和呼吸健康和家庭醫療保健技術領域的臉部介面提供者領域的全球領導者。

This is great to see that now, a top consumer tech company like Apple, has chosen to partner with ResMed on an interface that we make that delivers a superb balance of softness and support for the extended wear time that users of the Apple Vision Pro need.

很高興看到，現在，像 Apple 這樣的頂級消費科技公司選擇與 ResMed 合作，共同開發一種介面，在柔軟度和支撐性之間實現了完美平衡，可以滿足 Apple Vision Pro 用戶對延長佩戴時間的需求。

The Apple Vision Pro accessory is crafted with a blend of ResMed's exclusive ultra-premium materials and designed to be gentle on the skin.

Apple Vision Pro 配件採用 ResMed 獨家的超優質材料混合精心製作而成，對皮膚溫和。

This project shows that ResMed's expertise is applicable outside of pureplay in medical technology and it's part of this convergence of MedTech and consumer tech and the learning that that will provide for both the medical and consumer fields is an important part of this opportunity.

該計畫表明，ResMed 的專業知識不僅適用於純醫療技術領域，而且是醫療技術和消費技術融合的一部分，它為醫療和消費者領域提供的經驗教訓是這一機會的重要組成部分。

Watch this space.

請關注此空間。

ResMed had a very strong presence at the Consumer Electronics Show or CES in Las Vegas at the start of 2025, just a couple of weeks ago.

幾週前，瑞思邁 (ResMed) 在 2025 年初於拉斯維加斯舉行的消費性電子展 (CES) 上表現出色。

We provided a digital sleep lounge that offered people a place to go to relax and to learn about the importance of sleep health, of breathing health, and care delivered at home.

我們提供了一個數位睡眠休息室，為人們提供了一個放鬆的地方，並讓他們了解睡眠健康、呼吸健康和家庭護理的重要性。

Across CES display booths, there were many consumer tech companies showing their latest and greatest sleep wellness and sleep monitoring solutions from Apple to Samsung to Google's Fitbit, Oura ring, Garmin, WHOOP, and beyond.

在 CES 的展位上，許多消費科技公司展示了他們最新、最好的睡眠健康和睡眠監測解決方案，從蘋果到三星，再到谷歌的 Fitbit、Oura 戒指、Garmin、WHOOP 等等。

We are very excited to have sleep health become mainstream.

我們非常高興睡眠健康成為主流。

Interestingly, ResMed's products were on display in the massive Samsung booth.

有趣的是，ResMed 的產品在巨大的三星展位上展出。

Samsung was touting their new Galaxy watches' sleep apnea detection capability and illustrating the link between their Galaxy watch ecosystem and ResMed's market leading products for the treatment of sleep apnea.

三星正在大力宣傳其新款 Galaxy 手錶的睡眠呼吸中止症檢測功能，並闡述其 Galaxy 手錶生態系統與 ResMed 治療睡眠呼吸中止症的市場領先產品之間的關聯。

I'll talk more about sleep apnea detectors and this convergence of MedTech and consumer tech a little later.

稍後我將詳細談論睡眠呼吸中止症檢測儀以及醫療技術與消費技術的融合。

But now let me provide a brief update on GLP-1s, the new class of pharmaceuticals that are focused on weight loss, diabetes and metabolic control, cardiovascular outcomes, and now also sleep apnea.

但現在讓我簡單介紹一下 GLP-1，這是一類新型藥物，專注於減肥、糖尿病和代謝控制、心血管疾病，現在也用於治療睡眠呼吸中止症。

I'll then come back to consumer wearables that can detect sleep apnea.

然後我將回顧可以偵測睡眠呼吸中止症的消費性穿戴裝置。

So late during our Q2 on December 20, Eli Lilly gained FDA approval for the use of Zepbound, a GLP-1 in patients with obesity and moderate-to-severe sleep apnea with a reduced calorie diet and physical exercise.

因此，在我們第二季的 12 月 20 日，禮來公司獲得了 FDA 批准使用 Zepbound，一種 GLP-1，用於治療肥胖和中度至重度睡眠呼吸中止症患者，並輔以低熱量飲食和體能訓練。

It's interesting to note that the SURMOUNT-OSA trial excluded patients with diabetes.

值得注意的是，SURMOUNT-OSA 試驗排除了糖尿病患者。

In the lead up to its launch to consumers, Eli Lilly's early educational documents that are available to the medical community on the Eli Lilly website includes a patient guide for the treatment of obstructive sleep apnea or OSA.

在向消費者推出產品之前，禮來公司在網站上向醫學界提供了早期的教育文件，其中包括治療阻塞性睡眠呼吸中止症或 OSA 的患者指南。

It was encouraging to see that Lilly followed the American Academy of Sleep Medicine or AASM guidelines that explicitly state that positive airway pressure devices are the frontline and gold standard for treating sleep apnea and that these PAP devices -- CPAP APAP bilevel have the highest efficacy when used as directed.

令人鼓舞的是，禮來公司遵循了美國睡眠醫學學會 (AASM) 的指導方針，該指導方針明確指出，氣道正壓通氣裝置是治療睡眠呼吸中止症的一線和黃金標準，並且這些 PAP 設備 - CPAP APAP 雙水平在按照指示使用時具有最高功效。

Beyond just the guidelines, their own FAQs on the Lilly website informed physicians and patients that CPAP devices are now smaller and quieter and that CPAP masks have been refined to increase comfort.

除了指導方針之外，禮來公司網站上的常見問題解答還告知醫生和患者，CPAP 設備現在更小、更安靜，並且 CPAP 面罩也經過改進，可提高舒適度。

We agree.

我們同意。

We welcome the opportunity to educate potential patients on the benefit of all therapy options for the treatment of obstructive sleep apnea starting with the gold standard front line CPAP, APAP bilevel.

我們歡迎有機會向潛在患者介紹治療阻塞性睡眠呼吸中止症的所有治療方案的益處，從黃金標準一線 CPAP、APAP 雙倍水平開始。

Then considering the next most efficacious dental devices and finally looking at pharmaceutical or even surgical options.

然後考慮下一個最有效的牙科設備，最後考慮藥物甚至手術選擇。

On January 14, 2025, the AASM issued a quick reference guide to providers, considering the use of new drugs for the treatment of OSA.

2025 年 1 月 14 日，AASM 向醫療服務提供者發布了一份快速參考指南，考慮使用新藥物治療 OSA。

The AASM continues to emphasize the use of positive airway pressure as the frontline treatment and suggests that weight loss drugs may be useful as an adjunctive or combination therapy.

AASM 繼續強調使用氣道正壓通氣作為第一線治療，並建議減肥藥物可作為輔助療法或聯合療法。

Our experience with bariatric surgery patients these last two-plus decades and now with these latest generation GLP-1s these last five-plus years is that when someone loses weight that doesn't change their age, that doesn't change their gender, that doesn't change most importantly in this context, their craniofacial anatomy.

在過去 20 多年裡，以及在過去 5 多年裡，我們為接受減肥手術的患者提供的經驗以及現在使用最新一代 GLP-1 的經驗是，當一個人減肥時，他們的年齡不會改變，性別不會改變，最重要的是，他們的顱面解剖結構也不會改變。

These are key risk factors for sleep apnea.

這些是睡眠呼吸中止症的主要風險因素。

We are looking forward to addressing the educational gap on the prevalence and treatment of obstructive sleep apnea with continuing medical education or CME programs that we are aiming specifically at primary care physicians.

我們期待透過專門針對初級保健醫生的繼續醫學教育或 CME 計劃來解決阻塞性睡眠呼吸中止症的盛行率和治療方面的教育差距。

And we're especially targeting those who are high volume currently high volume GLP-1 prescribers.

我們尤其針對目前大量使用 GLP-1 處方的人員。

They will be the frontline for the patients that pharmaceutical companies will attract as they ramp up their own consumer advertising throughout calendar year 2025 and beyond.

隨著製藥公司在 2025 年及以後加強消費者廣告宣傳力度，他們將成為吸引病患的前線。

We are now tracking 1.2 million patients who have had a prescription for the latest generation GLP-1 medicines and who also have a prescription for positive airway pressure therapy.

我們目前正在追蹤 120 萬名有最新一代 GLP-1 藥物處方和氣道正壓通氣治療處方的患者。

The data are clear in this real-world analysis and that is that these people are very motivated.

在這個現實世界的分析中，數據很清楚，那就是這些人很有動力。

In fact, they are more than 10% more likely to start PAP therapy.

事實上，他們開始接受 PAP 治療的可能性高出 10% 以上。

That motivation versus a garden variety PAP patient remains.

與普通 PAP 患者相比，這種動機仍然存在。

One year later, we continue to see north of 3% higher, not just adherence but actually buying masks and accessories.

一年後，我們繼續看到3%以上的成長，不僅是依從性，而且實際購買口罩和配件。

Then the curves separate with a greater than 5% increased propensity for ReSupply at two years.

然後曲線分離，兩年後 ReSupply 的傾向增加超過 5%。

These data have now been steady with the same trend, plus or minus a couple of tens of basis points as we have grown our analysis from a year ago with 300,000-plus patients to now tracking over 1.2 million patients.

這些數據現在一直保持著穩定的趨勢，上下浮動幾十個基點，因為我們的分析範圍從一年前超過 30 萬名患者擴大到現在追蹤的超過 120 萬名患者。

One thing is clear, the real-world evidence shows that the combination of a GLP-1 prescription and a PAP prescription is powerful for patients with obstructive sleep apnea.

有一點是清楚的，現實世界的證據表明，GLP-1 處方和 PAP 處方相結合對阻塞性睡眠呼吸中止症患者非常有效。

They start our therapy more and adhere more to PAP therapy over the long term.

他們更多地開始我們的治療，並且長期堅持 PAP 治療。

And we know that adhering to PAP therapy over the long-term saves healthcare costs, improves patient quality-of-life outcomes, and lowers patient mortality.

我們知道，長期堅持 PAP 治療可節省醫療成本、改善病患的生活品質並降低病患死亡率。

We believe that GLP-1s are helping activate a whole new population of patients into the healthcare system that weren't coming in before and ResMed is well positioned to support them.

我們相信，GLP-1 有助於吸引大量以前從未進入過醫療保健體系的患者，而 ResMed 完全有能力為他們提供支援。

Okay.

好的。

Next, let's briefly return to the consumer wearables megatrend.

接下來，讓我們簡單回顧一下消費性穿戴裝置的大趨勢。

The velocity of change in the way the world operates in consumer tech and in health tech is amazing and ResMed is right in the nexus of that.

世界在消費科技和健康科技領域的運作方式變化速度令人驚嘆，而瑞思邁正處於這項變革的中心。

In fact, we are driving adoption of basic ML and AI broadly into our software offerings across the board.

事實上，我們正​​在廣泛推動基礎機器學習和人工智慧在我們軟體產品中的應用。

And we are pioneering generative AI with our commercially available product Dawn which I see is just the start of what I call the sleep health concierge platform.

我們的商用產品 Dawn 是生成式人工智慧的先驅，我認為這只是我所說的睡眠健康禮賓平台的起步。

More to come on that later.

稍後將對此進行更多介紹。

But the bottom line is consumers are more focused than ever on tracking their personal health, their personal wellness, and their personal wellbeing.

但最重要的是，消費者比以往任何時候都更專注於追蹤他們的個人健康、個人健康和個人幸福。

The Samsung Galaxy watch was the first to get De Novo FDA clearance for detecting OSA early in 2024.

三星 Galaxy 手錶是第一款於 2024 年初獲得 De Novo FDA 批准用於檢測 OSA 的手錶。

And Apple announced sleep apnea detection from the main stage as they launched the latest generation Apple Watch in September 2024.

蘋果在 2024 年 9 月推出最新一代 Apple Watch 時，就在主舞台上宣布了睡眠呼吸中止症偵測功能。

The data tracked by those two leading wearables will provide the opportunity for their millions -- no, their hundreds of millions of users to potentially detect sleep apnea.

這兩款領先的可穿戴設備所追蹤的數據將為數百萬——不，是數億用戶提供檢測睡眠呼吸中止症的機會。

This is not a one quarter step change, but a chance for gradual and steady long-term demand generation for sleep apnea patients that benefits ResMed.

這不是一個四分之一的改變，而是為睡眠呼吸中止症患者創造長期、逐步和穩定的市場需求的機會，這對 ResMed 有利。

Of course, the information goes both ways.

當然，訊息是雙向的。

Patients can get their myAir scores from the ResMed myAir app.

患者可以從 ResMed myAir 應用程式取得他們的 myAir 分數。

But they can also get them from their Apple Watch.

但他們也可以透過 Apple Watch 獲得這些資訊。

They can get their myAir scores on their Samsung Galaxy watch.

他們可以在三星 Galaxy 手錶上獲得 myAir 分數。

We know that this type of gamification of healthcare can help drive adherence.

我們知道，這種醫療保健遊戲化可以幫助提高依從性。

We expect more and more people are going to want access real-time to sleep data as the interest in improving sleep continues to grow.

我們預計，隨著人們對改善睡眠的興趣不斷增長，越來越多的人會希望獲得即時睡眠數據。

As I said earlier, it's not just these two leading tech players in Apple and Samsung, but it's also Google's Fitbit, Oura's Ring, WHOOP devices, Garmin devices, and beyond.

正如我之前所說，不僅僅是蘋果和三星這兩家領先的科技公司，還有谷歌的 Fitbit、Oura 的 Ring、WHOOP 設備、Garmin 設備等等。

We expect that they will all continue to expand their sleep architecture and sleep assessment capabilities.

我們期望他們將繼續擴展他們的睡眠結構和睡眠評估能力。

And my personal bet is that more than a few of these other wearable players will add sleep apnea detection in 2025.

我個人認為，到 2025 年，許多其他穿戴式裝置廠商都會增加睡眠呼吸中止症偵測功能。

We see this investment by consumer wearables companies and pharmaceutical companies in sleep health as a once-in-a-generation opportunity for sleep apnea awareness.

我們認為消費穿戴裝置公司和製藥公司在睡眠健康方面的投資，是提高人們對睡眠呼吸中止症認識的千載難逢的機會。

We believe that these technologies will help drive more potential patients to seek out information regarding their sleep health and their breathing health.

我們相信這些技術將有助於推動更多潛在患者尋找有關他們的睡眠健康和呼吸健康的資訊。

ResMed's obligation is to help sleep health concerned consumers to find their own pathway to appropriate diagnosis and treatment for sleep apnea where ResMed leads the world with the most clinically effective, the least invasive, the most proven, and the most cost effective solutions on the planet.

ResMed 的義務是幫助關注睡眠健康的消費者找到適合自己的睡眠呼吸中止症診斷和治療途徑，ResMed 憑藉全球最具臨床效果、侵入性最小、最成熟和最具成本效益的解決方案引領世界。

We don't believe that these two megatrends will drive a simple one and done or one-time step change in patient flow.

我們不相信這兩大趨勢會推動病患流量發生簡單的、一次性的改變。

Rather, we believe that this will be an increase from baseline patient flow that starts over one, three, five quarters as these technologies roll out but it has durability over one, three, five years and beyond.

相反，我們相信，隨著這些技術的推出，這將是從基線患者流量開始的成長，持續一、三、五個季度，但這種成長將持續一、三、五年甚至更長。

We are creating the infrastructure for demand, generation, demand capture, and demand conversion to help these people find the care that they need.

我們正在創建需求、產生、需求捕獲和需求轉換的基礎設施，以幫助這些人找到他們需要的護理。

Watch this space.

請關注此空間。

So turning now to our long-term vision that we outlined at our Investor Day at the New York Stock Exchange last September.

現在讓我們來談談我們去年 9 月在紐約證券交易所投資者日上提出的長期願景。

Our ResMed 2030 strategy is crystal clear.

我們的 ResMed 2030 策略非常清楚。

It's focused on three key pillars.

它主要集中於三個關鍵支柱。

Number one, growing and differentiating our core sleep health and breathing health business.

第一，發展並差異化我們的核心睡眠健康和呼吸健康業務。

Two, expanding into adjacent areas, including respiratory insufficiency such as COPD, including insomnia, including COMISA and beyond.

二是擴展到鄰近領域，包括慢性阻塞性肺病 (COPD) 等呼吸功能不全、失眠、COMISA 等。

And three, leveraging our leadership in digital health to drive better outcomes for patients, for providers, and for payers.

第三，利用我們在數位健康領域的領導地位，為病患、醫療服務提供者和付款人帶來更好的結果。

So a key component of pillar number one is driving the value of the ResMed brand.

因此，第一支柱的關鍵組成部分是推動 ResMed 品牌的價值。

That decision, that moment of truth when a physician writes a script for ResMed, when a respiratory therapist recommends a ResMed mask solution, when a health care provider chooses a ResMed digital health solution or where a consumer anywhere in the 140 countries where we sell our products and services establishes a personal relationship with the ResMed brand.

這個決定，這個關鍵時刻，當醫生為 ResMed 寫出腳本時，當呼吸治療師推薦 ResMed 面罩解決方案時，當醫療保健提供者選擇 ResMed 數位健康解決方案時，或者當在我們銷售產品和服務的 140 個國家/地區的任何地方的消費者與 ResMed 品牌建立個人關係時。

All of these moments added together that is the equity that is built into the ResMed brand.

所有這些時刻加在一起就構成了 ResMed 品牌的價值。

We will continue to build our ResMed brand awareness and evolve our brand to be more future focused and closer to the customer.

我們將繼續打造 ResMed 品牌知名度，並持續發展我們的品牌，使其更加重視未來並更貼近客戶。

I want to make it clear that our marketing tech team will ensure that there is ROI, return on investment for every single demand generation, every single demand capture, and every single demand conversion project as we move more and more people into the diagnosis and treatment fund.

我想明確指出的是，隨著我們將越來越多的人納入診斷和治療基金，我們的行銷技術團隊將確保每個需求產生、每一個需求捕獲和每一個需求轉換專案都能獲得投資回報。

With over 1 billion people suffocating with sleep apnea worldwide, we have a lot of runway ahead in our core market.

全球有超過 10 億人飽受睡眠呼吸中止症的困擾，我們在核心市場還有很大的發展空間。

It's great that we have a couple of megatrends on our side to help.

很高興我們能利用一些大趨勢來提供幫助。

The global demand for sleep health and breathing health solutions is growing, and our mission to help people sleep better, breathe better, and live high-quality lives to their fullest potential continues to drive everything that we do.

全球對睡眠健康和呼吸健康解決方案的需求正在增長，我們的使命是幫助人們睡得更好、呼吸更好、充分發揮他們的潛力，過著高品質的生活，這將繼續推動我們所做的一切。

But when you combine those opportunities from our core sleep apnea market with pillar number two, that is expanding into new adjacencies, the future couldn't be brighter.

但是，當你將我們核心的睡眠呼吸中止症市場的機會與第二大支柱，即擴展到新的鄰接領域結合起來時，未來將會更加光明。

We will continue to invest in our cloud-connected non-invasive ventilators for respiratory insufficiency including COPD and neuromuscular disease.

我們將繼續投資用於治療包括慢性阻塞性肺病和神經肌肉疾病在內的呼吸功能不全的雲端連接非侵入性呼吸器。

We will continue expanding our digital health and MedTech solutions for insomnia patients.

我們將繼續為失眠患者擴展我們的數位健康和​​醫療技術解決方案。

I believe we're just at the start of that journey of that awful disease that we need to treat -- the inability to get to sleep, stay asleep, and wake up with refreshing sleep and beyond.

我相信，我們才剛開始這場需要治療的可怕疾病的旅程——無法入睡、無法保持睡眠、無法睡醒，甚至無法恢復精神。

And for the generation of people who want to age in place to receive health care at the best place, lowest cost, lowest acuity, and highest quality of life, which is their home, we have our market leading software solutions like Brightree and MEDIFOX and we are best positioned to lower costs, improve efficiencies, and improve long-term outcomes.

對於希望在最佳地點（即自己的家）接受醫療服務、以最低成本、最低敏感度和最高生活品質養老的一代人來說，我們擁有市場領先的軟體解決方案，例如 Brightree 和 MEDIFOX，我們處於最佳位置，可以降低成本、提高效率並改善長期效果。

We create life-changing healthcare technologies that people love.

我們創造人們喜愛的改變生活的醫療保健技術。

In the last 12 months, we've provided over 147 million people with a product such as a CPAP, an APAP, a bilevel, a non-invasive ventilator, a mask, a cushion, a humidifier, other accessories or a digital health solution such as myAir, AirView, Somnoware, Brightree, MEDIFOX, and beyond.

在過去的 12 個月中，我們為超過 1.47 億人提供了 CPAP、APAP、雙水平、非侵入性呼吸器、面罩、墊子、加濕器、其他配件或數位健康解決方案（如 myAir、AirView、Somnoware、Brightree、MEDIFOX 等）等產品。

Our ambitious goal is to empower that impact and to empower 500 million people to reach their full potential in 2030 with sleep health, breathing health, and healthcare technology provided to them right where they live.

我們雄心勃勃的目標是增強這種影響力，到 2030 年，透過為 5 億人提供睡眠健康、呼吸健康和醫療保健技術，使他們能夠充分發揮自己的潛力。

With our strong financial foundation, our innovative product pipeline, and our expanded digital health ecosystem; we are well positioned to meet and beat our goals.

憑藉我們強大的財務基礎、創新的產品線和擴展的數位健康生態系統；我們已做好準備去達到並超越我們的目標。

Thank you to all the 10,000 ResMedians for your hard work and dedication to make our mission possible.

感謝所有 10,000 名 ResMedians 員工的辛勤工作和奉獻精神，使我們的使命得以實現。

And thank you to our shareholders for your continued trust and support of our global ResMed team.

並感謝我們的股東對我們全球 ResMed 團隊的持續信任和支持。

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

說完這些，我將把電話交給雪梨的布雷特，讓他更深入地了解我們的財務狀況，然後我們將開始回答問題。

Brett, over to you.

布雷特，交給你了。

Great.

偉大的。

Thanks, Mick.

謝謝，米克。

In my remarks today, I'll provide an overview of our results for the second quarter of fiscal-year 2025.

在今天的演講中，我將概述我們 2025 財年第二季的業績。

Unless noted, all comparisons out of the prior year quarter are in constant currency terms where applicable.

除非另有說明，否則與去年同期相比的所有比較均以固定匯率計算。

We had strong financial performance in Q2.

我們第二季的財務表現強勁。

Group revenue for the December quarter was $1.28 billion, an increase of 10% on both a headline and constant currency basis.

12 月季度的集團營收為 12.8 億美元，以整體和固定匯率計算均成長 10%。

Revenue growth reflects positive and consistent contributions across our product and ReSupply portfolio.

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。

Year-over-year movements in foreign currencies negatively impacted revenue by approximately $2 million during the December quarter.

與去年同期相比，外幣的變動對 12 月季度的收入產生了約 200 萬美元的負面影響。

Additionally, we expect that year-over-year movements in foreign currencies will also negatively impact our Q3 revenue somewhere in the range of $15 million to $20 million.

此外，我們預計外幣的年比變動也將對我們第三季的營收產生 1,500 萬至 2,000 萬美元的負面影響。

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 12%.

從我們的地理收入分佈來看，除去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 12%。

Sales in Europe, Asia, and other regions increased by 8%.

歐洲、亞洲和其他地區的銷售額成長了8%。

Globally on a constant currency basis, device sales increased by 11% while masks and other sales also increased by 11%.

以固定匯率計算，全球設備銷售額成長了 11%，而口罩和其他銷售額也成長了 11%。

Breaking it down by regional areas, device sales in the US, Canada, and Latin America increased by 12% supported by solid ongoing new patient diagnosis, masks and other sales also increased by 12%, reflecting growth in both ReSupply and new patient setups.

按地區細分，美國、加拿大和拉丁美洲的設備銷售額增長了 12%，這得益於持續強勁的新患者診斷，口罩和其他銷售額也增長了 12%，反映了 ReSupply 和新患者設置的增長。

In Europe, Asia, and other regions, device sales increased by 9% on a constant currency basis, masks and other sales increased by 7% on a constant currency basis.

在歐洲、亞洲和其他地區，設備銷售額以固定匯率計算成長了 9%，口罩和其他銷售額以固定匯率計算成長了 7%。

Residential care software revenue increased by 8% in the December quarter underpinned by strong performance from our MEDIFOX DAN software vertical.

12 月季度，住宅護理軟體營收成長了 8%，這得益於我們 MEDIFOX DAN 軟體垂直業務的強勁表現。

During the rest of my commentary today, I will be referring to non-GAAP numbers.

在今天剩餘的評論中，我將參考非 GAAP 數據。

We have provided a full reconciliation of the non-GAAP to GAAP numbers in our second quarter earnings press release.

我們在第二季財報新聞稿中提供了非 GAAP 資料與 GAAP 資料的完整對帳。

Gross margin increased by 230 basis points to 59.2% in the December quarter.

12 月季度毛利率增加 230 個基點，達到 59.2%。

Year over year, our increase was mainly driven by manufacturing and logistics efficiencies and component cost improvements.

與去年同期相比，我們的成長主要得益於製造和物流效率以及零件成本的改善。

Sequential gross margin was consistent with last quarter despite the impact from an unfavorable currency headwind of approximately 30 basis points during the quarter.

儘管本季受到約 30 個基點的不利貨幣逆風影響，但連續毛利率與上一季保持一致。

We continue to make good progress on our gross margin expansion initiatives and we are focused on driving further improvement in our gross margin.

我們在毛利率擴張計劃方面繼續取得良好進展，我們致力於進一步提高毛利率。

Looking forward, we expect gross margin will be in the range of 59% to 60% in the second half of fiscal-year 2025.

展望未來，我們預計 2025 財年下半年的毛利率將在 59% 至 60% 之間。

Moving on to operating expenses.

繼續討論營運費用。

SG&A expenses for the second quarter increased by 9% on both a headline and constant currency basis.

第二季的銷售、一般及行政開支以整體和固定匯率計算均增加了 9%。

The increase was predominantly attributable to increases in employee-related costs and to a lesser extent increases in marketing and travel expenses.

成長的主要原因是員工相關成本的增加，以及行銷和差旅費用的增加（較小程度）。

SG&A expenses as a percentage of revenue improved to 18.8%, compared to 19.1% in the prior year period.

銷售、一般及行政開支佔收入的百分比從去年同期的 19.1% 改善至 18.8%。

Looking forward and subject to currency movements, we expect SG&A expenses as a percentage of revenue to be in the range of 18% to 20% for the second half of fiscal year 2025.

展望未來，受匯率變動影響，我們預期 2025 財年下半年銷售、一般及行政費用佔營收的百分比將在 18% 至 20% 之間。

R&D expenses for the quarter increased by 10% on both a headline and constant currency basis.

本季的研發費用按整體和固定匯率計算均增加了 10%。

The increase was predominantly attributable to increases in employee-related expenses.

成長的主要原因是員工相關費用的增加。

R&D expenses as a percentage of revenue was 6.3% compared to the 6.4% in the prior year period.

研發費用佔營收的比例為 6.3%，去年同期為 6.4%。

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

展望未來，受貨幣變動的影響，我們預計 2025 財年下半年研發費用將佔營收的百分比將在 6% 至 7% 之間。

Operating profit for the quarter increased by 19% underpinned by revenue growth and gross margin expansion.

受營收成長和毛利率擴大的推動，本季營業利潤成長了19%。

Our interest expense for the quarter was $1 million.

我們本季的利息支出為 100 萬美元。

Given our lower debt levels, we expect to generate net interest income in the second half of fiscal-year 2025.

鑑於我們的債務水平較低，我們預計將在 2025 財年下半年產生淨利息收入。

Our effective tax rate for the December quarter was 18% compared to 20.7% in the prior year quarter.

我們 12 月季度的有效稅率為 18%，而去年同期為 20.7%。

The decrease in our effective tax rate was primarily due to higher tax benefits associated with employee equity compensation this quarter.

我們有效稅率的下降主要是由於本季與員工股權補償相關的稅收優惠增加。

We estimate our effective tax rate for fiscal-year 2025 will be in the range of 19% to 21%.

我們預計 2025 財年的有效稅率將在 19% 至 21% 之間。

Our net income for the December quarter increased by 29% and non-GAAP diluted earnings per share also increased by 29%.

我們 12 月季度的淨收入成長了 29%，非 GAAP 稀釋每股盈餘也成長了 29%。

Cash flow from operations for the quarter was $309 million, reflecting strong operating results, partially offset by higher working capital.

本季經營活動現金流為 3.09 億美元，反映出強勁的經營業績，但被更高的營運資本部分抵銷。

Capital expenditure for the quarter was $21 million, depreciation and amortization for the quarter totaled $46 million.

本季資本支出為 2,100 萬美元，本季折舊及攤銷總計 4,600 萬美元。

We ended the second quarter with a cash balance of $522 million.

我們第二季結束時的現金餘額為 5.22 億美元。

On December 31, we had $673 million in gross debt and $151 million in net debt.

截至 12 月 31 日，我們的總債務為 6.73 億美元，淨債務為 1.51 億美元。

And we have approximately $1.5 billion available for drawdown under our revolver facility.

我們的循環信貸安排下可供提取的資金約為 15 億美元。

We continue to maintain a solid liquidity position.

我們繼續保持穩固的流動性狀況。

Today, our Board of Directors declared a quarterly dividend of $0.53 per share.

今天，我們的董事會宣布季度股息為每股 0.53 美元。

During the quarter, we purchased approximately 307,000 shares under our previously authorized share buyback program for consideration of $75 million.

在本季度，我們根據先前授權的股票回購計畫購買了約 307,000 股股票，對價 7,500 萬美元。

We plan to continue to purchase shares to the value of approximately $75 million per quarter in fiscal-year 2025.

我們計劃在 2025 財年每季繼續購買價值約 7,500 萬美元的股票。

This will more than offset any dilution from the vesting of equity to employees during the year.

這將足以抵消本年度因員工股權歸屬而產生的任何稀釋。

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.

展望未來，我們計劃繼續透過研發來重新投資於成長，為補充收購部署更多資本，並繼續我們的股票回購計畫。

And with that, I'll hand the call back to Mike.

說完這些，我就把電話轉回給麥克。

Thanks, Brett.

謝謝，布雷特。

Matt, I'll now turn the call over to you to provide instructions and run the Q&A portion of the call.

馬特，現在我將把電話轉給你，以提供說明並運行電話的問答部分。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Dan Hurren, MST.

丹·赫倫（Dan Hurren），MST。

Good morning.

早安.

Can you hear me?

你聽得到我嗎？

Yes, loud and clear, Dan?

是的，聲音響亮，丹？

Hello?

你好？

Yes, loud and clear, Dan.

是的，很清楚，丹。

Oh, sorry, Dan.

哦，對不起，丹。

We can hear your line just so you can hear us.

我們可以聽到您的聲音，這樣您就能聽到我們的聲音。

Oh, I'm sorry.

噢，對不起。

Yes, sorry, my apologies.

是的，抱歉，我很抱歉。

That's coming through loud and clear now.

現在這一點已經非常清楚了。

Just question for Brett in regards to currency.

只是想問布雷特關於貨幣的問題。

At one of the recent speaking events, there were comments made about the negative impact of FX on margins.

在最近的演講活動中，有人評論了外匯對利潤率的負面影響。

Now, I think you've just spoken to some negative topline.

現在，我認為你剛才談到了一些負面消息。

Could you just talk us through any other FX impact down the P&L as we've seen the strength of the US dollar?

我們已經看到美元走強，您能否向我們介紹外匯對損益表的其他影響？

Yeah.

是的。

Hi, Dan.

你好，丹。

Yeah, I mean, you called out particularly sequentially that 30 basis points impact for us.

是的，我的意思是，您特別指出了這給我們帶來了 30 個基點的影響。

If you look down the P&L and net impact was negative $0.02 on our EPS for this quarter.

如果您查看損益表，您就會發現本季的淨影響對我們每股收益為負 0.02 美元。

Sorry, my question was more looking forward on the spot rates that we have at the moment

抱歉，我的問題更多的是關於我們目前的現貨價格

Yeah.

是的。

Got it.

知道了。

Yeah.

是的。

If we look at it, you think about it, we take -- if you like revenue straight away in the quarter.

如果我們看一下，想想看，我們會採取—如果您喜歡本季的直接收入。

But there is typically about a quarter's lag where we see some benefit from a weaker say Singapore dollar and Aussie dollar, for example.

但通常會有一個季度左右的滯後，我們才會看到新加坡元和澳元等貨幣走弱帶來一些好處。

So that helps us going into Q3, but we still have some of that Euro weakness coming through.

這有助於我們進入第三季度，但歐元的疲軟影響仍然存在。

So my expectation on gross margin will be relatively neutral on our gross margin and we'll get in a slight benefit if you like on a headline basis through R&D and SG&A.

因此，我對毛利率的預期將對我們的毛利率保持相對中性，如果你願意的話，我們將透過研發和銷售、一般及行政開支從總體上獲得輕微的收益。

That's great.

那太棒了。

Thank you very much.

非常感謝。

Davin Thillainathan, Goldman Sachs.

高盛的戴文‧蒂萊納坦 (Davin Thillainathan)。

Hi, Mick and team, thank you for the presentation.

嗨，Mick 和團隊，感謝你們的演講。

Just a question the devices part of your business.

我只是想問一下你們業務的設備部分。

Clearly, really strong US devices growth, double-digit profile.

顯然，美國設備成長確實強勁，達到兩位數。

Could you give us some sense there on your thinking about the GLP-1 impact there?

您能否就 GLP-1 的影響與我們談談您的看法？

I know there were some comments on your opening remarks about the patient flow, potentially stepping up from GLP-1s.

我知道您在開場白中提到了一些關於患者流量的評論，這些評論可能會比 GLP-1 有所提升。

Do you feel that is starting to flow through in the numbers now or do you feel like it's perhaps a bit backend weighted, considering the Lilly label expansion there as well?

您是否覺得現在這一趨勢已經開始在數字中體現出來了，或者您是否覺得這可能有點後端加權，考慮到禮來 (Lilly) 品牌的擴張？

Thank you.

謝謝。

Yeah, thanks.

是的，謝謝。

It's a good question.

這是個好問題。

And there's multiple impacts of those two megatrends I talked about the GLP-1s and the consumer tech companies and their awareness they're driving in sleep apnea.

我談到的這兩大趨勢有多重影響，即 GLP-1 和消費科技公司以及它們對睡眠呼吸中止症的認知。

Both of them drive together to drive patients to think about sleep health and breathing health and specifically about sleep suffocation or sleep apnea.

兩者共同促使患者思考睡眠健康和呼吸健康，特別是睡眠窒息或睡眠呼吸中止症。

And so, yeah, look incredibly strong performance as you noted, plus 12% devices year on year for the quarter in the US, plus 9% in Europe, Asia, rest of the world and just great growth.

是的，正如您所說，我們的業績表現非常強勁，美國本季的設備銷量較去年同期成長 12%，歐洲、亞洲和世界其他地區的設備銷量較去年同期成長 9%，成長速度非常快。

I don't think there's a huge material impact from specifically, the new Zepbound indication and Eli Lilly, they just got their indication in December.

我不認為這會帶來特別大的實質影響，特別是新的 Zepbound 適應症和禮來公司 (Eli Lilly) 剛剛在 12 月獲得了適應症。

And typically pharmaceutical companies wait six-plus months before they really start their direct-to-consumer advertising.

通常製藥公司要等待六個月以上才真正開始直接面對消費者的廣告。

And so what we're seeing now is a lot of clinical education, continuing medical education, CME programs from ResMed and from Lilly and others to primary care physicians and that's what I expect.

因此，我們現在看到的是大量的臨床教育、繼續醫學教育、ResMed、Lilly 和其他公司為初級保健醫生提供的 CME 計劃，這正是我所期望的。

But that education alone I think will start to drive some demand gen into the funnel.

但我認為，僅憑教育就能開始推動一些需求的產生。

It's going to be up to ResMed to really partner with those primary care physicians to ensure demand capture, conversion, and curation into the sleep apnea diagnosis, treatment, and management funnel.

瑞思邁將與這些初級保健醫生真正合作，以確保需求捕捉、轉化和納入睡眠呼吸中止症診斷、治療和管理管道。

And so that pathway if you like is in its early phases.

因此，如果您願意的話，這條道路目前還處於早期階段。

I think we're in the very early stages of that.

我認為我們正處於這一領域的早期階段。

As I said in the prep remarks, I think the impact will start to happen over the coming one, three, five quarters where we'll start to get those models working, but then it'll have a durable impact over the coming one, three, five years and beyond.

正如我在準備發言中所說，我認為影響將在未來一、三、五個季度內開始顯現，屆時我們將開始讓這些模型發揮作用，但隨後它將在未來一、三、五年甚至更長時間產生持久的影響。

So this isn't as I said earlier.

所以這不是我之前所說的。

It's not a one and done.

這不是一次性的事情。

It's not a single step change.

這並不是單一步驟的改變。

It's a gradual improvement in that patient flow.

病人流量正在逐步改善。

So I think we're in the very early innings of the flow of extra patients from GLP-1s and from consumer tech.

因此，我認為我們正處於 GLP-1 和消費者技術帶來額外患者的早期階段。

Thanks for the question.

謝謝你的提問。

Lyanne Harrison, Bank of America.

美國銀行的萊安·哈里森 (Lyanne Harrison)。

Yeah, good morning all and congratulations on very strong device growth both in the United States and rest of the world.

是的，大家早安，祝賀美國和世界其他地區的設備增長強勁。

Can you point out if there's any, I guess bulk purchases or one-offs that might have occurred this quarter?

您能否指出本季是否有可能發生大量採購或一次性採購？

Also if there was any DME stocking ahead of potential tariffs.

此外，在潛在關稅實施之前是否有任何 DME 庫存。

Yes.

是的。

So thanks for the question, Lyanne.

謝謝你的提問，Lyanne。

The short answer is no.

簡短的回答是「不」。

We haven't had any of that one-time stocking.

我們還沒有那種一次性庫存。

We did talk last quarter in Q1 about Japan where we launched the AirSense 11 and so Q1, there was some stocking in Japan because that is a fleet management business of our main distributors there.

我們上個季度在第一季度確實談到了日本，我們在那裡推出了 AirSense 11，因此在第一季度，我們在日本有一些庫存，因為這是我們在那裡的主要分銷商的車隊管理業務。

But no, in Q2, none of that.

但在第二季度，這些都沒有。

We do not believe that ResMed will have any impact to us on any tariffs when you hear.

我們不相信 ResMed 會對我們的任何關稅產生任何影響。

And I sit on the board of AdvaMed so I'm carefully involved with Washington DC and Brussels and Beijing from that group.

而且我是 AdvaMed 的董事會成員，因此我密切參與該組織在華盛頓特區、布魯塞爾和北京的事務。

But we had a Trump-ready group and we were looking at the tariffs and as we see them, even if there are blanket tariffs on China, there'll be no impact on ResMed.

但是我們有一個為川普做好準備的小組，我們正在研究關稅，我們認為，即使對中國徵收全面關稅，也不會對 ResMed 產生影響。

We manufacture in Sydney, Singapore, Atlanta, and beyond.

我們的生產基地在雪梨、新加坡、亞特蘭大等地。

And so none of those will be included.

因此這些都不會被包括在內。

It may impact one of our competitors from China as they import to the US through Florida.

這可能會影響我們中國的競爭對手之一，因為他們透過佛羅裡達州進口到美國。

So if there was a blanket impact on China, it could have a negative impact on them.

因此，如果對中國產生全面影響，可能會對他們產生負面影響。

And if there was a blanket USMCA, so Mexico Canada change from the Trump administration, which could happen and it has been threatened that could impact a competitor from New Zealand who does a lot of mask manufacturing in the maquiladoras there on the border on the Mexican side of the border.

如果達成一項全面的 USMCA，那麼墨西哥和加拿大將會改變川普政府的做法，這是有可能發生的事，而且有人威脅說，這可能會影響到紐西蘭的競爭對手，紐西蘭在墨西哥邊境的加工廠裡從事大量的口罩生產。

So both of those could have a negative impact on our competitors.

因此，這兩者都可能對我們的競爭對手產生負面影響。

We're not banking on it.

我們不指望它。

And in fact, at AdvaMed, I will advocate for a carveout for MedTech and/or food industries.

事實上，在 AdvaMed，我將倡導醫療科技和/或食品產業的豁免。

I think they should be carved out even though it would hurt our competitors.

我認為應該將其豁免，即使這會損害我們的競爭對手。

I think I'd take the high road and say what's right for the community there.

我想我會採取高姿態並說出對那裡的社區正確的事情。

But let's see, we get to see what happens over the coming weeks and months there.

但讓我們拭目以待，看看未來幾週和幾個月會發生什麼。

But at ResMed, we're really focused for any of these outcomes and we saw a pretty steady flow of patients into the funnel and that resulted in the strong device growth.

但在 ResMed，我們真正專注於這些結果，並且我們看到患者數量穩定地流入管道，這導致了設備的強勁增長。

Our challenge, as I said earlier in the prep remarks, Lyanne is to ensure that we contain -- continue that momentum and do our best to capture these patients who are being identified from their wearables or coming into the health care system because of the awareness of the new pharmaceutical class that can partially treat or can treat in combination therapy with CPAP.

正如我早些時候在準備發言中所說的那樣，Lyanne，我們面臨的挑戰是確保我們能夠控制——繼續保持這種勢頭，並盡最大努力捕捉這些透過可穿戴設備識別的患者或進入醫療保健系統的患者，因為人們意識到新的藥物類別可以部分治療或可以與 CPAP 聯合治療。

And so we'll be watching that and putting into place a lot of programs to see what we can do to maintain great momentum that we've had.

因此，我們將密切關注這一情況，並實施多項計劃，看看我們可以採取哪些措施來保持現有的強勁勢頭。

Thanks for the question.

謝謝你的提問。

Laura Sutcliffe, UBS.

瑞銀的勞拉·薩特克利夫（Laura Sutcliffe）。

Could you talk to your ability to scale things like home sleep testing and remote setup and anything else you think can help with getting all these potential new patients who might be coming your way onto therapy as soon as possible.

您能否談談您擴展家庭睡眠測試和遠端設定等項目的能力，以及您認為可以幫助所有這些可能來找您的潛在新患者盡快接受治療的任何其他方法。

Because one thing we hear is that sleep physicians in the US are struggling maybe to see all of the patients that they possibly could be.

因為我們聽說美國的睡眠醫生可能正在努力治療盡可能多的患者。

So just wondering how you can help create some space to get that done.

所以只是想知道您能如何幫助創造一些空間來完成這項工作。

Thanks.

謝謝。

Yeah, Laura, it's actually -- it's a great question.

是的，勞拉，這實際上是一個很好的問題。

And as you noted in your question, there is a limit to the physical space that you can have in the infrastructure required for in-lab sleep labs.

正如您在問題中提到的，實驗室內睡眠實驗室所需的基礎設施的實體空間是有限的。

And many of them are at capacity.

其中許多都已滿員。

As you've seen just the awareness of sleep health and breathing health, people are thinking about it and asking questions and going to see their primary care physicians and getting referrals.

正如您所看到的，人們開始意識到睡眠健康和呼吸健康，並開始思考這個問題、提出問題、去看初級保健醫生並獲得轉診。

We want to make sure that that sleep lab capacity remains at full usage but is focused on the more sick and more severe patients.

我們希望確保睡眠實驗室的容量仍能充分利用，但重點在於病情更嚴重、更嚴重的患者。

So patients who might have central sleep apnea, they need to be in a sleep lab because then they can diagnose their inability to breathe, which is with an open airway, which is central sleep apnea and get a prescription for something like Adaptive Servo-Ventilation, one of our high-end therapies that can help ventilate the patient with an open airway.

因此，患有中樞性睡眠呼吸中止症的患者需要進入睡眠實驗室，因為這樣他們才能診斷出他們的呼吸困難，即氣道開放，即中樞性睡眠呼吸暫停，並獲得自適應伺服通氣之類的處方，這是我們的高端療法之一，可以幫助患者通過開放氣道進行通氣。

Also with overlap syndrome, if patients have COPD, they need to be in one of those labs because they're probably going to put them on a bilevel, noninvasive ventilation therapy to ventilate the patient and account for the obstruction if they have overlap syndrome.

如果重疊綜合徵患者患有慢性阻塞性肺病 (COPD)，則需要到其中一個實驗室進行檢查，因為如果患者患有重疊綜合徵，實驗室可能會對其採用雙水平非侵入性通氣療法進行通氣，並解釋阻塞原因。

And if they have concomitant insomnia as I talked about in the prep remarks that is now called COMISA, the physician may use CPAP or APAP or bilevel for their obstructive sleep apnea.

如果他們患有伴隨性失眠症，正如我在前言中提到的，現在稱為 COMISA，醫生可能會使用 CPAP 或 APAP 或雙水平治療他們的阻塞性睡眠呼吸中止症。

And right now, most of the options are only pharmaceutical options for the insomnia part, but watch this space for the future there.

目前，大多數治療失眠的選擇都只是藥物選擇，但未來仍需關注。

To your point in your question, you said scaling the home sleep testing part, that's the part that can flex and that's the part that can flex quickly with this new demand.

關於你在問題中提到的問題，你說過要擴大家庭睡眠測試部分，這是可以靈活調整的部分，也是可以根據新需求快速調整的部分。

And even the large teaching hospitals like right here in California down the street, there's a large teaching hospital that has very large in-lab setup.

甚至連像加州街上的大型教學醫院，都有一間擁有非常大型實驗室的大型教學醫院。

But they also have an infrastructure of home sleep apnea testing equipment and they've got the ability to scale the number of tests that can happen for those who are at high risk for general garden variety obstructive sleep apnea.

但是他們也擁有家庭睡眠呼吸中止症檢測設備基礎設施，並且能夠擴大對那些患有普通阻塞性睡眠呼吸中止症高風險族群的檢測數量。

Those patients should be primarily funneled to home sleep apnea testing.

這些患者應主要接受居家睡眠呼吸中止症測試。

And so as we get this new flow of patients, ResMed's challenge is to do this demand capture, curation, and conversion and to partner with the sleep labs and the home sleep apnea testing companies and many of them are one and the same so that they can flex to keep this new demand and to make sure a patient doesn't wait months for a test, but waits days and no longer than weeks.

因此，當我們獲得這些新的患者流量時，ResMed 的挑戰是進行需求捕獲、管理和轉換，並與睡眠實驗室和家庭睡眠呼吸中止測試公司合作，其中許多公司都是相同的，因此他們可以靈活地滿足這一新需求，並確保患者不必等待數月才能進行測試，而是等待幾天而不是數週。

And so we saw during COVID a great flex around home sleep apnea testing when labs were just closed and hospitals weren't allowing patients for outpatient.

因此，我們看到，在 COVID 期間，當實驗室關閉且醫院不允許患者門診時，家庭睡眠呼吸中止症測試出現了很大的變化。

And so we know that it can work.

所以我們知道它是可行的。

We've created the infrastructure with ApneaLink Air.

我們已經使用 ApneaLink Air 創建了基礎架構。

We've launched our product called the NightOwl, which is a very small fingertip-sized home sleep apnea testing product.

我們推出了名為 NightOwl 的產品，這是一款非常小巧的指尖大小的家庭睡眠呼吸中止症測試產品。

And we have partners out there using that.

我們也有合作夥伴在使用它。

We're open to all of the other diagnostics from Nox Medical.

我們對 Nox Medical 的所有其他診斷方法持開放態度。

We partner with them in Europe.

我們在歐洲與他們合作。

And so our goal will be to make sure that every time patients come into primary care physicians and get that prescription and that desire for a home sleep apnea test, that a sleep physician is available to serve, whether it's in lab for the more complicated patients and for home sleep apnea testing for the triage of the vast majority of patients that have obstructive sleep apnea alone.

因此，我們的目標是確保每次患者來到初級保健醫生那裡並獲得處方並希望進行家庭睡眠呼吸中止測試時，都有睡眠醫生為他們提供服務，無論是在實驗室為病情較複雜的患者提供服務，還是在家中進行睡眠呼吸中止測試，以對絕大多數單純患有阻塞性睡眠呼吸中止症的患者進行分類。

So we're ready.

所以我們準備好了。

We're partnering with the channel.

我們正在與該頻道合作。

And as I said, over the upcoming one, three, five quarters, we'll roll out the infrastructure.

正如我所說，在接下來的一、三、五個季度裡，我們將推出基礎設施。

The one, three, five years will start to see the benefit of the scaling of the patients through there.

一、三、五年後，我們就會開始看到病人規模擴大所帶來的益處。

It's a great question about the infrastructure.

這是一個關於基礎設施的好問題。

Thank you, Laura.

謝謝你，勞拉。

Craig Wong-Pan, RBC.

克雷格·黃潘（Craig Wong-Pan），RBC。

SaaS revenue growth slowed a bit from the first quarter.

SaaS營收成長較第一季略有放緩。

Could you share what the growth rates were for the different businesses within SaaS?

能否分享一下 SaaS 內不同業務的成長率是多少？

And are you still expecting double-digit growth for that business?

您仍預期該業務將實現兩位數的成長嗎？

Yeah.

是的。

Thanks for the question, Craig.

謝謝你的提問，克雷格。

And yeah, our residential care software business includes MEDIFOX, Brightree, and MatrixCare brands and beyond, Citus Medical and others.

是的，我們的住宅護理軟體業務包括 MEDIFOX、Brightree 和 MatrixCare 品牌以及 Citus Medical 等。

We don't break out annually or even on a quarterly basis our -- the breakdown of, of what flow there.

我們不會按年度甚至按季度公佈流量的細目分類。

I can give you some trends though.

不過我可以給你一些趨勢。

Look, as Brett said in his prepared remarks, our MEDIFOX team are doing very well.

你看，正如布雷特在準備好的演講中所說，我們的 MEDIFOX 團隊做得非常好。

Our German home nursing and nursing home software business is growing very strongly.

我們的德國家庭護理和養老院軟體業務成長非常強勁。

So it's ahead of that group growth of 8%.

因此，它高於該集團 8% 的成長率。

And Brightree is doing very well in line in the high-single digits.

Brightree 在高個位數的銷售表現非常出色。

And some of the skilled nursing facilities and senior living facilities post-COVID have never really picked up the rate of growth that they'd had before.

疫情過後，一些專業護理機構和老年生活設施的成長率其實並未達到以前的水準。

And so we're looking -- as we look at those businesses, we look at it as a portfolio management approach.

因此，當我們審視這些業務時，我們將其視為一種投資組合管理方法。

And we're investing more and more in the growth parts of the business.

我們正在向業務成長部分投入越來越多的資金。

Obviously, huge synergies back to our core business in Brightree ReSupply, SNAP technologies.

顯然，巨大的綜效將回到我們的核心業務 Brightree ReSupply 和 SNAP 技術上。

And so we're investing a lot in Brightree and SNAP.

因此，我們對 Brightree 和 SNAP 投入了大量資金。

And as I said in my prep remarks, scaling SNAP for all which will increase our software-as-a-service, residential care software core growth, but also will help us maintain momentum in our mask growth in the core market as well, so we're seeing good growth there.

正如我在準備發言中所說的那樣，擴大 SNAP 的規模將增加我們的軟體即服務和住宅護理軟體的核心增長，同時也將幫助我們保持核心市場口罩增長的勢頭，因此我們看到了良好的增長。

And in some of the lower growth areas, we'll probably invest less in those areas.

在一些成長較低的地區，我們可能會減少對這些地區的投資。

And so that portfolio management, I think we guided to high-single digit growth for our residential care software business.

因此，我認為透過投資組合管理，我們引導住宅護理軟體業務實現高個位數成長。

I have guided to double-digit growth in net operating profit and we are achieving that within our residential care software business.

我預計淨營業利潤將實現兩位數成長，而我們的住宅護理軟體業務也正在實現這一目標。

And so that's where we're really looking at.

這正是我們真正關注的地方。

Meeting or beating that market growth of high-single digits and then making sure that we get leverage through SG&A and R&D to strong net operating profit growth in the double digits there.

達到或超過高個位數的市場成長，然後確保我們透過銷售、一般及行政開支和研發費用獲得槓桿，實現兩位數的強勁淨營業利潤成長。

But it's a good question and it's something we look at very carefully and portfolio management across residential care software.

但這是一個很好的問題，也是我們非常仔細研究和管理住宅護理軟體投資組合的問題。

I'm working very closely with the residential care software teams, the leaders of the Brightree, leaders of MEDIFOX, and leaders of our MatrixCare brands to make sure that we're investing in the right areas and where there's the most potential to lower costs improve outcomes and the most synergies with our core ResMed business.

我正在與住宅護理軟體團隊、Brightree 的領導者、MEDIFOX 的領導者以及 MatrixCare 品牌的領導者密切合作，以確保我們在正確的領域進行投資，並在最有潛力降低成本、改善結果和與我們的核心 ResMed 業務實現最大協同效應的地方進行投資。

Thanks for the question, Craig.

謝謝你的提問，克雷格。

Michael Matson, Needham & Company.

馬森 (Michael Matson)，Needham & Company。

I guess I want to ask one on the device growth.

我想問一個關於設備成長的問題。

I mean it was double digits.

我的意思是它是兩位數。

Do you think that's representative of the growth in patients?

您認為這代表了患者數量的增長嗎？

Or are you getting some pricing benefit there on top of that and then or is there something maybe happening with rePAP where that's starting to pick up?

或者您是否在此基礎上獲得了一些定價優惠，又或者 rePAP 是否發生了一些事情，讓其開始回升？

Yeah, Mike, thanks for the question and it's a good one.

是的，麥克，謝謝你提出這個問題，這是一個很好的問題。

Look what we say is that the market growth rate is mid-single digit for devices globally and mid-single digit devices growth in the US, just standard market growth and high-single digit growth for the masks.

我們說的是，全球設備的市場成長率為中等個位數，美國設備的市場成長率為中等個位數，這只是標準市場成長和麵罩的高個位數成長。

And our job, you followed us for a long time, Mike, is to not just accept market growth, but to meet or beat it through demand generation through, as you said, ReSupply on the mask side, rePAP on the device side.

麥克，您長期關注我們，我們的工作不僅僅是接受市場成長，而且要透過需求產生來滿足或超越它，就像你說的，透過口罩方面的 ReSupply，設備方面的 rePAP。

I can tell you our customers and our partners in the channel as well as globally, distributors and some of our consumer businesses in Europe and Asia are really focused on those new patients, but also on patients who have devices that are five or more years old, the warranties are usually only around three years.

我可以告訴你，我們的客戶和通路合作夥伴以及全球的經銷商以及我們在歐洲和亞洲的一些消費者業務都非常關注這些新患者，同時也關注那些使用五年或更長時間的設備的患者，他們的保固期通常只有三年左右。

And so any time after three years, some people, once it's out of warranty to buy, but most insurance companies including Medicare here in the US will provide a new device after five years, most of the private payers as well.

因此，有些人會在三年後的任何時間購買，因為保固期已過，但大多數保險公司（包括美國的醫療保險）都會在五年後提供新設備，大多數私人付款人也是如此。

And so I think that rePAP opportunity is still out there and it's something that we've got an opportunity to drive.

因此我認為 rePAP 機會仍然存在，而且我們也有機會去推動它。

But look, it's an ongoing battle.

但你看，這是一場持續的戰鬥。

It's an ongoing game to make sure that we can get the demand generation, demand curation, the domain capture and really that demand conversion to make sure a person gets from that, that referral to the sleep specialist if they have a positive diagnosis for a rapid path to set up.

這是一場持續的遊戲，以確保我們能夠獲得需求生成、需求策劃、領域捕獲和真正的需求轉換，以確保人們從中受益，如果他們對睡眠專家有積極的診斷，則可以將其轉診給他們，以快速建立路徑。

And we've been working a long time on that digital health platform.

我們已經在數位健康平台上工作了很長時間。

COVID helped us.

COVID 幫助了我們。

It proved that we could do some of these more digitally, more remotely.

事實證明，我們可以以更數位化、更遠端的方式完成一些工作。

And we've partnered with our physicians to do that and we've had some success as you saw with really good growth in this quarter.

我們已經與我們的醫生合作來實現這一目標，並且取得了一些成功，正如您所看到的，本季度實現了非常好的成長。

But look as we look at it, the default is mid-single digit growth in devices, high-single digit growth in masks, and high-single digit growth in software.

但從我們的角度來看，預設情況是設備呈現中個位數成長，光罩呈現高個位數成長，軟體呈現高個位數成長。

Our goal is to meet or beat that every quarter and we did meet or beat that in every part.

我們的目標是每個季度都達到或超過這個目標，而且我們確實在每個部分都達到或超過了這個目標。

We had a beat in the devices, but it's not a given and we don't take it for granted and we know that we have to work hard on all of the above demand gen, capture, curation, rePAP conversion and ReSupply on the mask side to keep that momentum.

我們在設備上取得了進展，但這不是理所當然的，我們也不會認為這是理所當然的，我們知道我們必須在上述所有需求生成、捕獲、策展、rePAP 轉換和麵罩方面的 ReSupply 上努力工作才能保持這種勢頭。

Thanks for the question, Mike.

謝謝你的提問，麥克。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Thanks, Mick, and I'll just revisit back to GLP-1 but actually pivot to a reimbursement coverage.

謝謝，米克，我將重新討論 GLP-1，但實際上轉向報銷範圍。

So Lilly secured Medicare coverage for Zepbound.

因此禮來公司為 Zepbound 獲得了醫療保險。

We haven't seen commercial payers come in.

我們還沒有看到商業付款人的介入。

So maybe just your views, Mick, how reimbursement in the United States will settle out now that we'll have a GLP-1 covered side by side with CPAP.

所以也許只是你的觀點，米克，既然現在我們將同時擁有 GLP-1 和 CPAP，那麼美國的報銷將如何解決。

Do you think eventually as commercial payers come in that you'll have to actually step through CPAP to get to a GLP-1.

您是否認為，最終隨著商業付款人的加入，您必須真正通過 CPAP 才能獲得 GLP-1。

Thanks again.

再次感謝。

Yeah.

是的。

Thanks for the question, Anthony.

謝謝你的提問，安東尼。

And look, you and the other great sell-side analysts here know the pharmaceutical side better than I do.

瞧，您和這裡其他優秀的賣方分析師比我更了解製藥方面。

I'm a global expert on MedTech and particularly respiratory MedTech.

我是醫療技術尤其是呼吸醫療技術的全球專家。

You're better on your own research and your team to know what's going to happen with if Lilly got Zepbound with CMS, what are their chances with United, Humana, Cigna, and beyond.

您最好根據自己的研究以及您的團隊的了解，如果 Lilly 透過 CMS 獲得 Zepbound，會發生什麼情況，他們與 United、Humana、Cigna 等公司合作的機會有多大。

But look in general in our space, the private players do follow Medicare at least to some extent, but not a given -- this is a new class of medicines that's not just focused on sleep apnea.

但總體來看，在我們的領域，私人企業至少在一定程度上遵循醫療保險，但這不是必然的——這是一種新型藥物，不僅僅關注睡眠呼吸中止症。

It's really focused on that broad obesity play, cardiovascular, diabetes, metabolic syndrome, and obstructive sleep apnea is probably the third tier there.

它真正關注的是廣泛的肥胖症、心血管疾病、糖尿病、代謝綜合徵，而阻塞性睡眠呼吸中止症可能是第三層。

So we're not unrealistic to know that this indication for use is not the only thing that Lilly's focused on and it's probably not their number one priority.

因此，我們知道，這項用途並不是禮來公司關注的唯一事項，而且可能不是他們的首要任務，這並不是不切實際的。

But I think having spent tens of millions on the SURMOUNT-OSA trial and having positive data that shows that on average, half treatment, 50% treatment of AHI, they've got a good incentive to start advertising.

但我認為，在 SURMOUNT-OSA 試驗上花費了數千萬美元，並且有積極的數據顯示，平均而言，一半的治療，50% 的 AHI 治療，他們有很好的動力開始做廣告。

We're going to watch very carefully as they get that reimbursement for Zepbound for different indications.

我們將密切關注他們因不同適應症獲得 Zepbound 報銷的情況。

Is it for obesity or is it for apnea and is it for diabetes.

它是用於治療肥胖症還是治療呼吸中止症以及治療糖尿病嗎？

But as they start to get those, I'm pretty certain that we will start to see that direct-to-consumer advertising.

但隨著他們開始獲得這些，我非常肯定我們將開始看到直接面向消費者的廣告。

What we have seen already is that they are investing in continuing medical education.

我們已經看到他們正在投資繼續醫學教育。

Their CME programs are out there.

他們的 CME 計劃已經在那裡。

They posted on their website, a lot of information and the heartening part for us, Anthony, is that they're following the American Academy of Sleep Medicine guidelines.

他們在網站上發布了很多信息，安東尼，讓我們感到振奮的是，他們遵循了美國睡眠醫學學會的指導方針。

They're following the gold standard guidelines and that really does, as you say, it says frontline, you have to use the most efficacious, least invasive, most proven therapy first, and so you have to use CPAP, APAP, bilevel.

他們遵循黃金標準指南，正如你所說，它確實處於第一線，你必須先使用最有效、侵入性最小、最成熟的治療方法，因此你必須使用 CPAP、APAP、雙水平。

And then as their own data showed like Lilly's data, SURMOUNT-OSA showed in there they had two trials.

然後，正如他們自己的數據（如禮來的數據）所顯示的那樣，SURMOUNT-OSA 顯示他們進行了兩次試驗。

One non-CPAP patients and one CPAP patients.

一名非 CPAP 患者和一名 CPAP 患者。

The CPAP patient trial, those patients did better.

CPAP 患者試驗顯示，這些患者表現較好。

They had better outcomes.

他們取得了更好的結果。

And so it's not just in the medical science from the American Academy of Sleep Medicine, it's from Lilly's own clinical data that shows the combination therapy is better.

因此，不僅是美國睡眠醫學學會的醫學科學證明，禮來公司自己的臨床數據也顯示聯合療法效果更好。

So I think that we'll start to see them do that advertising at some point following their indication for use approval.

因此我認為，在他們獲得使用批准後，我們會開始看到他們在某個時候做這樣的廣告。

I don't know if it's 6 months or 12 months, every pharmaceutical company makes a different decision every drug.

我不知道是 6 個月還是 12 個月，每家製藥公司對每種藥物的決定都不同。

But I look forward to them getting approval, getting coverage as broadly as they can, and starting to advertise, and doing the right thing, saying we want to treat the whole person.

但我期望他們能夠獲得批准，獲得盡可能廣泛的報道，並開始做廣告，做正確的事情，表明我們想要治療整個人。

You want to treat the core sleep apnea and you want to treat the weight.

您想治療核心睡眠呼吸暫停，也想治療體重。

And that combination therapy we think is the future of obstruction of sleep apnea treatment.

我們認為聯合療法是阻塞性睡眠呼吸中止症治療的未來。

We saw it in their data.

我們在他們的數據中看到了這一點。

We see it in our data, the 1.2 million patients we're following.

我們從追蹤的 120 萬名患者的數據中看到了這一點。

The combination prescription of a GLP-1 prescription and a PAP prescription leads to pretty good outcomes, high start rates and high propensity to adhere to therapy.

GLP-1 處方和 PAP 處方的組合處方可帶來相當不錯的結果、高啟動率和高堅持治療的傾向。

And for us, we see that in the purchase of masks and accessories and we know that leads to lower costs and better outcomes and lower mortality for the patients.

對我們來說，我們在購買口罩和配件時看到了這一點，我們知道這可以降低成本、改善治療效果並降低患者的死亡率。

So yeah, Anthony early days as I said, but we're quite excited about that.

是的，正如我所說，安東尼還處於早期階段，但我們對此感到非常興奮。

I haven't got any questions yet about it, but I'm actually slightly more excited about the consumer tech trend because that's already out there.

我對此還沒有任何疑問，但實際上我對消費科技趨勢更為興奮，因為它已經存在了。

You've got tens of millions of people, hundreds of millions of people with these watches, these wearables and that those algorithms are FDA cleared and they can detect sleep apnea and we will start to see those patients come through.

數千萬人、數億人擁有這些手錶和可穿戴設備，這些演算法都獲得了 FDA 批准，它們可以檢測睡眠呼吸暫停，我們將開始看到這些患者的康復。

And it's our challenge to help those people find a digital pathway into the healthcare system.

我們的挑戰是幫助這些人找到進入醫療保健體系的數位化途徑。

Thanks for the question, Anthony.

謝謝你的提問，安東尼。

Mathieu Chevrier, Citi.

花旗的 Mathieu Chevrier。

Just to jump back on that previous question, do you think there's more research to do on the benefits of CPAP and perhaps more education.

回到先前的問題，您是否認為對 CPAP 的好處還有更多的研究要做，或許還需要更多的教育。

It's clearly the pharma companies have been quite aggressive at just broadening the potential indications for GLP-1.

顯然，製藥公司在擴大 GLP-1 的潛在適應症方面一直非常積極。

Thank you.

謝謝。

No, it's a great question.

不，這是一個很好的問題。

And if you look at the nearly 21 billion nights of respiratory medical data that ResMed has in the cloud, the more than 30 million patients that are part of the AirView ecosystem, the 9.3 million patients that have downloaded the myAir app, we've got a treasure trove of information and we have absolutely -- it's all de-identified, it's private, it's cybersecure, and we really focus on really looking as you said on that research.

如果您查看 ResMed 在雲端儲存的近 210 億個夜晚的呼吸醫療數據、AirView 生態系統中的 3000 多萬名患者以及下載了 myAir 應用程序的 930 萬名患者，您就會發現我們擁有大量寶貴的信息，而且我們絕對保證 - 所有私密信息均已匿名化、真正的網絡化、網絡安全化，而且我們真正專注於該網絡的內容。

We have peer reviewed published data showing a 39% reduction in mortality for patients who are CPAP adherent versus not in our ALASKA study.

我們有經過同行評審的已發表數據，顯示在我們的 ALASKA 研究中，與未接受 CPAP 治療的患者相比，接受 CPAP 治療的患者死亡率降低了 39%。

We have a lot of data that we've shown in improvements in cardiovascular outcomes, reductions in blood pressure, improvements in HbA1C for metabolic control and beyond.

我們有大量數據表明，心血管疾病的症狀有所改善，血壓有所降低，糖化血紅蛋白（HbA1C）有所改善，有利於代謝控制等等。

But to your point, I think, given the awareness that's going to be driven by the pharmaceutical companies coming in here, we have to drive more and more of that.

但就你所說，我認為，考慮到製藥公司進入這裡後將推動的認識，我們必須更多地推動這一點。

So I've challenged our Chief Medical Officer, Carlos Nunez, and his team to increase the velocity and the qualities.

因此，我向我們的首席醫療官卡洛斯·努涅斯和他的團隊提出了挑戰，要求他們提高速度和品質。

Velocity is speed plus direction.

速度等於速率加上方向。

So not just the speed of clinical research to market from our real-world data, but the direction that it is more focused on outcomes really showing.

因此，不僅是從我們的真實世界數據來看臨床研究推向市場的速度，而且它更關注真正展現的結果的方向。

And we peer reviewed published this, that there's a dose response relationship between the use of CPAP every night and the lowering of health care, all causehealth care cost outcomes.

我們經過同行評審發表了這項研究，結果表明，每晚使用 CPAP 與降低醫療保健費用之間存在劑量反應關係，這都會導致醫療保健成本結果。

So for every hour of sleep, using your CPAP, you have a 7% reduction in total health care costs for that patient, all the way up to seven hours sleep.

因此，使用 CPAP 的每個睡眠小時，都可以為患者帶來 7 小時的睡眠總成本降低 7%。

So up to 50% reduction in all cause costs.

因此所有成本減少高達 50%。

And so the more and more ResMed can not only get those data but get those data and put them into the Intermountain Healthcare System, put them into the Kaiser Healthcare System, these great payer providers, Geisinger and beyond.

因此，ResMed 不僅可以獲得越來越多的數據，還可以將這些數據放入 Intermountain 醫療保健系統、Kaiser 醫療保健系統、這些重要的付款提供者、Geisinger 等。

And actually, the mortality data was done with the French government on a social security database, the ALASKA study, the more we can do that in western and northern Europe where you've got government run insurance programs that really do focus on long-term outcomes because the government is the payer for the life of these citizens.

實際上，死亡率數據是與法國政府合作在社會安全資料庫中完成的，即阿拉斯加研究，我們在西歐和北歐更能做到這一點，因為那裡有政府運營的保險計劃，這些計劃確實注重長期結果，因為政府是這些公民生命的支付者。

And so we're going to have more and more data.

因此我們將擁有越來越多的數據。

Watch this space.

請關注此空間。

We are the market leader in digital health.

我們是數位健康領域的市場領導者。

And I would say publication of real-world data and real-world evidence in the field of MedTech.

我想說的是醫療科技領域真實世界數據和真實世界證據的發表。

And you're going to see more and more from us and it will only be increased in the momentum with big pharma starting to invest with things like SURMOUNT-OSA showing combination therapy is better than single therapy as well.

你會看到我們取得越來越多的成果，而且隨著大型製藥公司開始投資 SURMOUNT-OSA 等項目，這種勢頭只會越來越強，這表明聯合療法比單一療法更好。

So more grist for the mill.

從而為工廠提供更多的利益。

Thanks for the question.

謝謝你的提問。

David Low, JP Morgan.

摩根大通 (JP Morgan) 的 David Low。

Mick, I was wondering if we could come back to the question that was asked earlier about the market growth versus ResMed's growth.

米克，我想知道我們是否可以回到之前提出的有關市場成長與 ResMed 成長的問題。

I mean, clearly with ResMed's dominance in devices, ResMed largely is the market.

我的意思是，顯然，由於 ResMed 在設備領域佔據主導地位，因此 ResMed 基本上佔據了市場主導地位。

Can I get you to talk a little bit as to what you think the drivers might have been this quarter that we drove the growth rate above 10% versus your estimates of market.

您能否簡單談談，您認為本季推動我們實現 10% 以上成長率（相對於市場預期）的因素是什麼？

I mean, clearly, some of the variables we would like it to understand the price and mix and whether that really was a contributor.

我的意思是，顯然，我們希望了解一些變數的價格和組合，以及它們是否真的是一個因素。

And do you have a sense as to whether rePAP is starting to become a meaningful contributor at this stage, please?

您是否認為 rePAP 現階段是否開始成為有意義的貢獻者？

Yeah, thanks, David.

是的，謝謝，大衛。

And as you know, you've followed us for a long time too that there's lots of aspects that go into just the quarterly snapshot.

而且如您所知，您也關注我們很長時間了，季度快照包含了很多方面的內容。

Clearly, we have a very strong position.

顯然，我們擁有非常強勢的地位。

We have very strong competition.

我們的競爭非常激烈。

We have a very strong position in the US, in Europe, and in Asia.

我們在美國、歐洲和亞洲都佔有非常強勢的地位。

But we do have competition.

但我們確實有競爭。

So we are able to take share and we are able to disproportionately partner with physicians, home care providers, and distributors and beyond where they are able to do better at growing shares.

因此，我們能夠佔據份額，並且能夠與醫生、家庭護理提供者、分銷商等建立不成比例的合作夥伴關係，使他們能夠更好地增加份額。

So we partner and provide technology like Brightree, and AirView that helps identify patients for ReSupply and that helped us get -- haven't really talked about it much, but our US mask growth was 12% of the quarter, which is really strong too.

因此，我們與 Brightree 和 AirView 等公司合作並提供技術，幫助 ReSupply 識別患者，這幫助我們獲得了——雖然還沒有真正談論太多，但我們美國口罩的銷量在本季度增長了 12%，這也非常強勁。

And so those Brightree ReSupply and SNAP technologies are really strong.

因此，Brightree ReSupply 和 SNAP 技術確實非常強大。

But on the device side, look, a couple of 100 basis points ahead of market.

但在設備方面，領先市場幾百個基點。

How much of that was some of that demand gen work, how much of that was high deductible health plans and what we can do with patients there in a December quarter, how much was rePAP?

其中有多少是需求生成工作，有多少是高免賠額健康計劃，以及我們在 12 月季度可以為患者做些什麼，有多少是 rePAP？

We have the splits around those.

我們對這些問題有分歧。

We know the levers that we can turn and we're going to -- what our job is to really, I think in these megatrends is to work out how do we sustainably and credibly to an earlier question about infrastructure, make sure that new patients coming in aren't held in a do-loop in terms of the time from referral to a sleep specialist to getting that diagnostic and then getting to therapy and that process optimization I think is a way that we can maintain that type of momentum but there are many other aspects.

我們知道我們可以轉動的槓桿，並且我們將要——我認為在這些大趨勢中，我們的工作實際上是研究如何可持續地、可信地回答先前關於基礎設施的問題，確保新來的病人不會被困在從轉診到睡眠專家到得到診斷再到接受治療的時間循環中，我認為流程優化是我們保持這種勢頭的一種方式，但還有許多其他方面。

And I mean I said this earlier, but I think we're in the very, very early stages of seeing any flow from these other big megatrends, but we have to be ready to capture those patients as well.

我之前就說過，但我認為我們正處於看到這些其他大趨勢流動的非常早期的階段，但我們必須也準備好捕捉這些患者。

So it's a complex portfolio management approach to demand gen, capture and conversion, whether it's existing installed base with ReSupply and rePAP and new patients and that balance for both devices and masks, I think we're getting down to a pretty good science on it.

因此，這是一種複雜的投資組合管理方法，用於需求生成、捕獲和轉換，無論是現有的 ReSupply 和 rePAP 安裝基礎還是新患者，以及設備和麵罩的平衡，我認為我們已經對此有了相當好的科學認識。

We did very well this quarter and we'll keep on focusing for 2025 on the long-term investments.

本季我們的表現非常好，我們將繼續專注於 2025 年的長期投資。

We're going to need to make an infrastructure and capabilities to capture, convert, and ensure a really good experience for the person as they go from sleep concerned consumer to a happy patient on therapy for life.

我們需要建立一個基礎設施和功能來捕捉、轉換並確保人們從關注睡眠的消費者轉變為接受終身治療的快樂患者獲得真正良好的體驗。

Brett Fishbin, KeyBanc Capital Markets.

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc 資本市場。

Just a question for Brett on the gross margin guidance for 2H.

我只是想問 Brett 關於下半年毛利率指引的問題。

Are you still expecting a sequential increase given relatively flat performance in 2Q versus 1Q or should we be thinking about 1H as more of a reasonable level for 2H?

鑑於第二季的表現與第一季相比相對持平，您是否仍預計會出現連續成長，還是我們應該將上半年視為下半年更合理的水平？

And just as a follow up there, what would be the biggest swing factors that you think could drive progress closer to the high end of the commentary, which would be closer to 60%?

作為後續問題，您認為哪些最大的影響因素可能會推動進展更接近評論的高端，即接近 60%？

Thank you very much.

非常感謝。

Yeah, thanks, Brett.

是的，謝謝，布雷特。

We've guided that 59% or 60% where it's the low end there.

我們的指導最低值為 59% 或 60%。

We certainly -- we've got initiatives in place.

我們當然已經採取了措施。

We want to continue to improve the gross margin.

我們希望繼續提高毛利率。

So certainly that's our aim as we work through the second half of FY25.

所以這當然是我們 25 財年下半年的目標。

But we think it'll be in that range of 59% to 60%.

但我們認為它會在 59% 到 60% 的範圍內。

There's a lot of optimization and issues.

有很多優化和問題。

We're working on three key areas, there's manufacturing, there's procurement initiatives, just scale benefits as well.

我們正致力於三個關鍵領域：製造、採購計畫以及規模效益。

The progressive transition to the AS11 platform as well plays out.

向 AS11 平台的逐步過渡也正在順利進行中。

Some of the swing factors on there will be things like product mix as well and how favorable or unfavorable that is.

其中的一些影響因素包括產品組合等，以及產品組合的有利或不利程度。

Freight, which is stabilized, do we see some benefits in the second half?

貨運量穩定後，下半年是否會看到一些好處？

That's probably still a watch and wait and as we roll out new products as well that tends to help.

這可能仍需要觀察和等待，隨著我們推出新產品，這也會有所幫助。

So there's a bunch of factors that play out on that can impact the timing of when these benefits come through.

所以有很多因素都會影響這些福利實現的時間。

But our priority is to have a good healthy pipeline and then we can deliver that pretty consistently and that should support our gross margin like in a medium-term view if you like rather than quarter by quarter.

但我們的首要任務是擁有良好健康的管道，然後我們就可以相當持續地提供這一管道，如果你願意的話，這應該可以從中期而不是逐季度的角度來支撐我們的毛利率。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

I'd like to turn the floor back to management for closing comments.

我想將發言權交還給管理階層，請他們發表最後評論。

Great.

偉大的。

Well, thanks, Matt and thank you to all our shareholders for joining us on this call.

好吧，謝謝馬特，也感謝所有股東參加這次電話會議。

And thank you especially to the 10,000 ResMedians operating in 140 countries.

並特別感謝在 140 個國家/地區運營的 10,000 名 ResMedian。

Many of you are also shareholders.

你們當中的很多人也是股東。

Thanks for what you do today and every day.

感謝您今天以及每天所做的一切。

You're working with patients, physicians, payers, providers, and health care communities to change the world and you build value for stakeholders, especially the shareholders who are listening to us today.

您正在與患者、醫生、付款人、提供者和醫療保健社區合作改變世界，並為利益相關者（尤其是今天正在聽我們說話的股東）創造價值。

So thank you for what you did these last 90 days.

感謝您過去 90 天所做的一切。

We'll talk to you all again about 90 days and that concludes the call.

我們將在 90 天後再次與大家討論此事，通話到此結束。

I'll hand over to Mike to close us out.

我將把話題交給麥克來結束我們的討論。

Great.

偉大的。

Thank you, Mick and thank you, everyone, for listening.

謝謝你，米克，也謝謝大家的聆聽。

We appreciate your time and interest.

我們感謝您的時間和關注。

If you have any additional questions, please don't hesitate to reach out directly.

如果您有任何其他問題，請隨時直接與我們聯繫。

This concludes ResMed's second-quarter 2025 conference call.

這就是 ResMed 2025 年第二季電話會議結束的地方。

Matt, you may now close the call.

馬特，你現在可以結束通話了。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you again for your participation.

再次感謝您的參與。