瑞思邁 (RMD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Q3 fiscal year 2025 Resmed earnings conference call. My name is Kevin, and I'll be your operator for today's call. (Operator Instructions) And also, please note this conference call is being recorded. (Operator Instructions) Let me hand the call over to Resmed's Chairman and CEO, Mick Farrell; for a brief introduction of Salli Schwartz, who recently joined the company as Chief Investor Relations Officer. Mick, please go ahead.

您好，歡迎參加 Resmed 2025 財年第三季財報電話會議。我叫凱文，今天我將擔任您的電話接線生。（操作員指示）另外，請注意，本次電話會議正在錄音。（操作員指示）讓我將電話轉給 Resmed 的董事長兼執行長 Mick Farrell；簡要介紹一下最近加入公司擔任首席投資者關係官的 Salli Schwartz。米克，請繼續。

Thank you, Kevin. I'm very excited to have Salli join the Resmed team, our newest Resmedian. She joined us earlier this week and brings more than two decades of experience across capital markets, health care and technology.

謝謝你，凱文。我很高興 Salli 能夠加入 Resmed 團隊，她是我們最新的 Resmedian。她在本週稍早加入我們，在資本市場、醫療保健和技術領域擁有二十多年的經驗。

We look forward to Sally helping us to take Investor Relations to the next level here at Resmed, providing clarity, transparency and long-term alignment amongst current and future investors and all of our stakeholders. So Salli, we're thrilled to have you on board.

我們期待 Sally 幫助我們將 Resmed 的投資者關係提升到一個新的水平，為當前和未來的投資者以及我們所有的利害關係人提供清晰度、透明度和長期一致性。所以，Salli，我們很高興你能加入我們。

Thanks, Mick. I'm happy to be here, and I look forward to meeting our investors very soon. But first, I want to welcome our listeners to Resmed's third quarter fiscal year 2025 earnings call. We are live webcasting this call, and the replay will be available on the Investor Relations section of our corporate website later today. Our earnings press release and presentations are both available online now.

謝謝，米克。我很高興來到這裡，並期待很快與我們的投資者見面。但首先，我想歡迎我們的聽眾參加 Resmed 2025 財年第三季財報電話會議。我們正在對本次電話會議進行網路直播，重播將於今天晚些時候在我們公司網站的投資者關係部分提供。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 will discuss several non-GAAP measures that we believe provide useful information for investors. This information is not intended to be considered in isolation or as a substitute for 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。此資訊不應被單獨考慮或取代 GAAP 財務資訊。我們鼓勵您查看今天的收益新聞稿中的支援時間表，以便將這些非 GAAP 指標與 GAAP 報告的數字進行核對。

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. 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.

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。我們根據合理的假設做出這些陳述。然而，我們的實際結果可能會有所不同。請查看我們向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 Mick.

我現在將電話轉給米克。

Thank you, Salli, and good morning, good afternoon and good evening to the folks from Asia, here in the North America and those in Europe, as we welcome our shareholders around the world and review results for our third quarter of fiscal year 2025.

謝謝你，薩利，各位來自亞洲、北美和歐洲的朋友們，早安、下午好、晚上好，我們歡迎來自世界各地的股東，並回顧 2025 財年第三季度的業績。

I'm excited to report that Resmed delivered another strong quarter, achieving excellent top line and bottom line results. We delivered solid revenue growth, gross margin expansion, both sequentially and year-on-year, very strong free cash flow generation and maintained our disciplined approach to investments in both research and development and SG&A.

我很高興地報告，Resmed 又一個季度表現強勁，取得了優異的營收和利潤業績。我們實現了穩健的收入成長、毛利率環比和同比擴張、非常強勁的自由現金流產生，並在研發和銷售、一般及行政費用方面保持了嚴謹的投資方針。

This performance reflects broad-based momentum and disciplined execution to capture growing demand for our products. Our continued success is driven by our market-leading value proposition with top quality hardware and top-quality software products as well as our expansive digital health software ecosystem, with cloud connected devices, digital health platforms and investments in machine learning, artificial intelligence as well as generative AI technology.

這一業績體現了廣泛的勢頭和嚴格的執行，以滿足我們產品日益增長的需求。我們持續成功的動力源於我們領先市場的價值主張，包括頂級硬體和頂級軟體產品以及我們廣泛的數位健康軟體生態系統，包括雲端連接設備、數位健康平台以及對機器學習、人工智慧和生成人工智慧技術的投資。

Our results are a testament to the work that we do to enhance sleep health breathing health and health care delivery in the home. Thanks to the over 10,000 Resmedians who make that happen by delivering products and services to serve patients in over 140 countries worldwide.

我們的成果證明了我們為改善睡眠健康、呼吸健康和家庭醫療保健所做的工作。感謝超過 10,000 名 Resmedians，他們透過為全球 140 多個國家的患者提供產品和服務來實現這一目標。

As the global leader in helping patients with chronic respiratory conditions, we are closely monitoring the evolving global trade environment, particularly in the area of tariffs. In my current role as a Board member at AdvaMed and the current Chair of the International Committee on the AdvaMed Board, we will continue to urge countries around the world to exempt all medical devices from tariffs on a humanitarian basis.

作為幫助慢性呼吸系統疾病患者的全球領導者，我們密切關注不斷變化的全球貿易環境，特別是在關稅領域。在我目前擔任 AdvaMed 董事會成員和 AdvaMed 董事會國際委員會主席期間，我們將繼續敦促世界各國基於人道主義原則免除所有醫療器材的關稅。

For us here at Resmed, the news is even better. I can report that because of the fact that our products are used to treat patients with chronic respiratory conditions, that have been subject to global tariff relief for decades. We have reaffirmed that, that is the case with federal authorities just this month in the current setting.

對我們 Resmed 公司來說，這是一個更好的消息。我可以報告，由於我們的產品用於治療患有慢性呼吸系統疾病的患者，幾十年來一直享受全球關稅減免。我們已經重申，聯邦當局本月在當前環境下就出現了這種情況。

In short, Resmed is very well positioned with exemptions in place for our products that are used to treat sleep apnea and respiratory insufficiency as well as other chronic respiratory conditions. In terms of Resmed's inherent strengths of outperforming our competitors with prior externalities, such as the COVID crisis, supply chain crisis and our ability to ramp up to meet the needs when our competitors simply could not.

簡而言之，Resmed 擁有非常有利的地位，其用於治療睡眠呼吸中止症和呼吸功能不全以及其他慢性呼吸系統疾病的產品均獲得了豁免。就 Resmed 的固有優勢而言，我們憑藉先前的外部因素（例如 COVID 危機、供應鏈危機）超越了競爭對手，而我們的競爭對手根本無法滿足需求。

I will say this, that our exceptionally strong balance sheet, and our net cash position, our global scale, our accelerating operational efficiency as well as ongoing cost discipline gives us the confidence to not just survive but to thrive whatever the market may bring. Resmed is all about stability and balance in times like this.

我想說的是，我們異常強勁的資產負債表、淨現金狀況、全球規模、不斷提升的營運效率以及持續的成本控制使我們有信心，無論市場如何變化，我們不僅能夠生存下來，而且能夠蓬勃發展。在這樣的時刻，Resmed 所關注的就是穩定與平衡。

Ultimately, we're committed to make sure that sleep therapy, breathing therapy and health care technology that's delivered in the home is both accessible and affordable as well as ensuring that the delivery of our solutions is consistently available for our patients, for our providers and all of the health care partners in our global ecosystem.

最終，我們致力於確保在家中提供的睡眠療法、呼吸療法和醫療保健技術既方便又實惠，並確保我們的解決方案始終如一地提供給我們的患者、我們的供應商以及我們全球生態系統中的所有醫療保健合作夥伴。

Our Sydney-based and Singapore-based facilities continue to be the core of our manufacturing leadership globally. In addition to that, we will soon open our newest manufacturing location in Calabasas, California. This will double the size of our current manufacturing footprint in the United States of America, serving as the hub of our research and development for our motor technology, increasing the manufacturing capacity of core motor technology even closer to our largest market here in the US and expanding manufacturing of silicone mass cushions, leveraging advanced molding technology that Resmed leads the world in.

我們位於雪梨和新加坡的工廠繼續成為我們全球製造業領導地位的核心。除此之外，我們很快就會在加州卡拉巴薩斯開設最新的製造基地。這將使我們目前在美國的生產規模擴大一倍，成為我們電機技術研發的中心，提高核心電機技術的製造能力，使其更接近我們在美國最大的市場，並擴大矽膠塊墊的生產，利用瑞思邁在全球領先的先進成型技術。

This facility is designed to scale over the coming years with multiple mask molding cells and more growth as mask manufacturing increases to meet growing US and global demand. And I can tell you, these factories are very automated and very high tech. We're getting -- we're also investing in getting to our products to our home care providers even more efficiently here in the United States.

該工廠計劃在未來幾年內擴大規模，配備多個口罩成型單元，並隨著口罩製造的增加而進一步發展，以滿足美國和全球日益增長的需求。我可以告訴你，這些工廠自動化程度很高，技術含量很高。我們正在——我們還在投資，以便更有效率地將我們的產品提供給美國的家庭護理提供者。

Our largest distribution facility worldwide is our 522,000 square foot campus in Atlanta, Georgia. We also have a West Coast facility just up the road from us here up in Moreno Valley, California. Over half of our global research and development investment is now US-based, with tenfold growth in American R&D over this last decade.

我們在全球最大的配送設施是位於喬治亞州亞特蘭大的 522,000 平方英尺的園區。我們在加州莫雷諾谷附近還有一個西海岸工廠。目前，我們全球研發投資的一半以上都在美國，過去十年美國的研發投入成長了十倍。

These investments reflect our leadership, our economic development focus and the health care impact that we have as Resmed right here in the US where we have our global headquarters and where we support our largest global market, the US domestic market.

這些投資體現了我們的領導地位、我們的經濟發展重點以及我們作為 Resmed 在美國的醫療保健影響力，我們的全球總部就設在美國，我們在這裡支持我們最大的全球市場——美國國內市場。

Resmed is an innovation machine, and our ongoing investments of over 6% to 7% of revenues into research and development is a key growth driver of our long-term success. I'm proud that we have been recognized for these market-leading efforts as we were named in the LexisNexis list of the top 100 global innovators.

Resmed 是一家創新公司，我們持續將 6% 至 7% 以上的收入投入研發中，這是我們長期成功的關鍵成長動力。我很自豪，我們因這些市場領先的努力而得到認可，並被列入 LexisNexis 全球百強創新者名單。

This award is given to market-leading companies that are driving pioneering innovation in the global economy. We continue to introduce new technology to our customers in the third quarter because it's nice to get awards. But as my father, the founder of Resmed says, innovation is when customers actually pay for it.

該獎項頒發給推動全球經濟開創性創新的市場領先公司。我們在第三季繼續向客戶推出新技術，因為獲得獎項是一件很高興的事。但正如我的父親，瑞思邁的創辦人所說，創新就是讓客戶真正為它買單。

This quarter marked the first full commercial rollout of NightOwl in the United States. NightOwl is a fingertip sized home sleep apnea test that is being used by physicians, sleep labs as well as independent diagnostic and testing facilities known as IDTFs to diagnose patients.

本季標誌著 NightOwl 在美國首次全面商業化推出。NightOwl 是一種指尖大小的家庭睡眠呼吸中止症測試儀，可供醫生、睡眠實驗室以及獨立診斷和測試機構（稱為 IDTF）用於診斷患者。

Widespread adoption of our NightOwl product will help more efficiently move patients through the screening and diagnostic funnel so that physicians can then write prescriptions and home care providers can then set up those patients on therapy and take care of them for life.

我們的 NightOwl 產品的廣泛採用將有助於更有效地讓患者通過篩檢和診斷管道，以便醫生可以開處方，家庭護理提供者可以為這些患者安排治療並終生照顧他們。

In addition to the nationwide launch of NightOwl, we're providing our sleep lab partners with even more new technology this quarter. On April 15, we launched the AirSense 11 version of VPAP Tx. VPAP Tx is our sleep lab testing and titration platform, built specifically for both hospital as well as outpatient sleep lab environments.

除了在全國推出 NightOwl 之外，本季我們還將為睡眠實驗室合作夥伴提供更多新技術。4月15日，我們推出了AirSense 11版VPAP Tx。VPAP Tx 是我們睡眠實驗室測試和滴定平台，專為醫院和門診睡眠實驗室環境建構。

VPAP Tx is purpose-built to support everything that a sleep physician needs in the sleep lab, including titration, evaluation and setup across every therapy mode that Resmed offers, including CPAP, APAP bilevel S, bilevel ST as well as adaptive servo ventilation, also known as ASV therapy.

VPAP Tx 專為支持睡眠醫生在睡眠實驗室中所需的一切而設計，包括 Resmed 提供的每種治療模式的滴定、評估和設置，包括 CPAP、APAP 雙水平 S、雙水平 ST 以及自適應伺服通氣（也稱為 ASV 治療）。

VPAP Tx gives physicians gives RPSG techs and respiratory therapists, a powerful new tool to personalize the gold standard positive airway pressure treatment decisions and ultimately, to accelerate adoption of long-term therapy for their patients through personalization of that therapy.

VPAP Tx 為醫生、RPSG 技術人員和呼吸治療師提供了一種強大的新工具，可以個性化黃金標準氣道正壓通氣治療決策，並最終透過個人化治療加速患者採用長期治療。

The VPAP Tx platform is built for flexibility for precision and for clinical confidence. When we pair NightOwl and VPAP Tx with AirView, our cloud-based software for physicians and home care providers, they become part of a complete connected pathway from diagnosis and titration to prescription and ultimately, therapy adherence.

VPAP Tx 平台的建置具有靈活性、精確度和臨床信心。當我們將 NightOwl 和 VPAP Tx 與 AirView（我們為醫生和家庭護理提供者提供的基於雲端的軟體）配對時，它們就成為從診斷和滴定到處方以及最終的治療依從性的完整連接途徑的一部分。

Of course, we are working to incorporate diagnostic insights from NightOwl into our myAir patient app and to incorporate diagnostic data from both NightOwl and VPAP Tx into Somnoware. Somnoware, our software for physicians and sleep physicians practices continues to grow in its reach and has been adopted by one of the largest private health care systems in the United States as well as being further expanded within the US Veterans Administration, or VA.

當然，我們正在努力將 NightOwl 的診斷見解整合到我們的 myAir 患者應用程式中，並將 NightOwl 和 VPAP Tx 的診斷資料整合到 Somnoware 中。Somnoware 是我們為醫生和睡眠醫生實踐開發的軟體，其應用範圍不斷擴大，已被美國最大的私人醫療保健系統之一採用，並在美國退伍軍人管理局 (VA) 內進一步擴展。

Our investments in testing devices and diagnostic tracking software, which benefits potential patients, sleep labs and our home care providers, demonstrate Resmed's depth of commitment to the entire sleep health and breathing health ecosystems that provides access to the market-leading sleep apnea therapy, and that's from Resmed.

我們對測試設備和診斷追蹤軟體的投資使潛在患者、睡眠實驗室和我們的家庭護理提供者受益，這表明 Resmed 對整個睡眠健康和呼吸健康生態系統的深度承諾，該生態系統提供了市場領先的睡眠呼吸中止症治療方法，而這正是 Resmed 提供的。

We will continue to invest in our digital health ecosystem to help expand the diagnostic funnel to keep up with expanding new patient flow from both our own demand generation, demand capture investments as well as capturing demand from two powerful macro trends. one, the widespread adoption of GLP-1 medications, both in the US and worldwide; and two, accelerating momentum in consumer wearables.

我們將繼續投資於我們的數位健康生態系統，以幫助擴大診斷管道，以跟上不斷擴大的新患者流量，這既來自我們自己的需求產生、需求捕獲投資，也來自兩個強大的宏觀趨勢的需求。一是 GLP-1 藥物在美國和世界各地廣泛採用；二是消費性穿戴裝置的發展動能不斷加速。

For consumers coming into the funnel from all of these areas, Resmed will be known as the company answering their questions about sleep health. I call this concept a digital sleep health concierge capability, including screening protocols, clinical tools, seamless workflows and cloud connected care pathways.

對於從這些領域進入通路的消費者來說，Resmed 將成為解答他們有關睡眠健康問題的公司。我將這個概念稱為數位睡眠健康禮賓功能，包括篩檢協議、臨床工具、無縫工作流程和雲端連接護理途徑。

Resmed is the leading global brand in the field of sleep health and breathing health. We want to expand the reach of that brand to help them more than 2.3 billion people that need our health for their sleep apnea or as I call it sleep suffocation, their insomnia inability to get to sleep, stay asleep, or their respiratory insufficiency due to chronic obstructive pulmonary disease or neuromuscular disease.

Resmed是睡眠健康和呼吸健康領域的全球領導品牌。我們希望擴大品牌的覆蓋範圍，幫助超過 23 億需要我們健康治療的人們，幫助他們解決睡眠呼吸中止症（我稱之為睡眠窒息）、失眠、無法入睡、無法維持睡眠，或因慢性阻塞性肺病或神經肌肉疾病導致的呼吸功能不全等問題。

During the quarter, we announced a comprehensive Resmed brand evolution strategy designed to unify our global brand portfolio into one across sleep health, breathing health and health care technology that is delivered into the home.

在本季度，我們宣布了一項全面的 Resmed 品牌發展策略，旨在將我們的全球品牌組合統一為涵蓋睡眠健康、呼吸健康和家庭醫療保健技術的品牌。

We will continue to build Resmed brand awareness and evolve our brand to be closer to each and every customer. However, I want to make it clear that our marketing team will make certain that there is a positive return on investment or ROI for every single demand generation, demand capture and demand conversion project that we launch as we move more and more people into the diagnostics and treatment funnel.

我們將持續打造 Resmed 品牌知名度，並持續發展我們的品牌，使其更貼近每位客戶。然而，我想明確指出的是，隨著我們讓越來越多的人進入診斷和治療管道，我們的行銷團隊將確保我們啟動的每一個需求產生、需求捕獲和需求轉換專案都能獲得正的投資回報或投資回報。

When we talk about Resmed brand development, please note that internally, that means Resmed brand ROI as well. An example of our disciplined demand generation experimentation is shown in our latest effort to educate physicians.

當我們談論 Resmed 品牌發展時，請注意，從內部來看，這也意味著 Resmed 品牌的投資報酬率。我們最近為醫師所進行的訓練工作就是我們嚴謹的需求產生實驗的一個例子。

We have launched a targeted demand generation program through continual medical education, also called CME programs to help teach physicians the benefits of CPAP, APAP and bilevel therapies for their patients. These targeted education efforts are having an impact with measurably increased prescriptions from those physicians.

我們透過持續醫學教育啟動了有針對性的需求產生計劃，也稱為 CME 計劃，以幫助醫生了解 CPAP、APAP 和雙水平療法對患者的益處。這些有針對性的教育工作正在產生影響，這些醫生開出的處方明顯增加。

In addition to physician education, we're also reaching out to consumers looking for what we call sleep health concerned consumers. On this front, I'm happy to say that our experiments on streaming advertising in select cities have resulted in significant increases in patient flow into the screening and diagnostic funnel.

除了醫生教育之外，我們還在接觸那些關注睡眠健康的消費者。在這方面，我很高興地說，我們在選定城市進行的串流廣告實驗已顯著增加了進入篩檢和診斷管道的患者流量。

It remains early days with these first cities, but we are seeing an openness in consumers to messaging that helps them find relief from their sleep apnea or sleep suffocation, and their lack of good quality of sleep that could be insomnia.

這些首批城市仍處於早期階段，但我們看到消費者對幫助他們緩解睡眠呼吸中止症或睡眠窒息以及缺乏良好睡眠品質（可能是失眠）的資訊持開放態度。

We're also continuing to build long-term value across our existing patient base to keep patients on therapy for their own personal health and for the good of the whole health care ecosystem. Research shows that patients who are enrolled in a compliant world-class resupply program are more likely to stay adherent to our therapy over the long term, and therefore, to have better health outcomes.

我們也將繼續在現有患者群體中創造長期價值，讓患者繼續接受治療，以保障他們個人的健康和整個醫療生態系統的利益。研究表明，參加合規的世界一流補給計畫的患者更有可能長期堅持我們的治療，從而獲得更好的健康結果。

With the provision of just one additional item per patient per year achieved by more efficient outreach, we believe we can provide exceptional value to our home care provider customers and make sure that our patients have access to new, clean masks and accessories for better care and better outcomes for them and for their physicians.

透過更有效率的外展服務，我們每年只需為每位患者提供一件額外的物品，我們相信我們可以為我們的家庭護理提供者客戶提供卓越的價值，並確保我們的患者能夠獲得新的、乾淨的口罩和配件，從而為他們和他們的醫生提供更好的護理和更好的結果。

Our focus is on driving increased patient adherence, improving outcomes. Programs like Brightree Connect, Resupply Complete and Resupply Essentials that are available for HME customers on any of the EHRs and ERPs they may use combined with personalized engagement through MyAir are delivering strong results with home care providers right here in the United States.

我們的重點是提高患者的依從性，改善治療效果。Brightree Connect、Resupply Complete 和 Resupply Essentials 等計劃可供 HME 客戶在其可能使用的任何 EHR 和 ERP 上使用，並結合透過 MyAir 進行的個人化互動，這些計劃正在為美國的家庭護理提供者帶來顯著成效。

We have the opportunity to adapt and scale these types of resupply and adherence technologies globally to the 140 countries ultimately that Resmed is able to deliver care. Keeping patients on therapy is our moral imperative, our obligation here at Resmed, and it's firmly supported by scientific research.

我們有機會在全球範圍內調整和擴展這些類型的補給和依從性技術，最終涵蓋 Resmed 能夠提供醫療服務的 140 個國家。讓患者繼續接受治療是我們的道德責任，也是 Resmed 的義務，並且得到了科學研究的有力支持。

During the quarter, the Lancet Respiratory Medicine Medical Journal published a landmark meta-analysis. And a meta-analysis has a higher clinical value than a randomized controlled trial, or RCT, that many people have considered and looked at as the gold standard for clinical trials. So in short, the Lancet publication showed that CPAP therapy reduces all-cause mortality by 37%. And it reduces overall death rates by 37%. And further, that study went on to say that CPAP therapy reduces cardiovascular mortality by 55%.

本季度，《柳葉刀呼吸醫學期刊》發表了一項具有里程碑意義的統合分析。薈萃分析比隨機對照試驗（RCT）具有更高的臨床價值，許多人認為 RCT 是臨床試驗的黃金標準。簡而言之，《刺胳針》雜誌的出版品顯示，CPAP 療法可將全因死亡率降低 37%。並將整體死亡率降低了37%。此外，該研究還表明，CPAP 療法可將心血管死亡率降低 55%。

So CPAP reduces cardiovascular death rates by 55%. And this study wasn't small. This meta-analysis included over 1 million participants. So here at Resmed, we've known for decades that CPAP improves quality of life for sleep apnea patients. We've talked internally about these improvements in cardiovascular and mortality health.

因此，CPAP 可將心血管死亡率降低 55%。這項研究的規模並不小。這項薈萃分析涉及超過 100 萬名參與者。因此，在 Resmed，我們幾十年來都知道 CPAP 可以改善睡眠呼吸中止症患者的生活品質。我們內部討論了心血管和死亡率健康的這些改善。

But now we have proof that it helps people to ultimately live longer and to live better. These data show that CPAP is not just another medical therapy. It's literally a case of life and death. So here at Resmed, we make the smallest, quietest, most comfortable, most cloud-connected and most intelligent therapies for sleep apnea, insomnia and respiratory insufficiency.

但現在我們有證據表明它最終可以幫助人們活得更長壽、生活得更好。這些數據表明 CPAP 不僅僅是另一種醫療療法。這確實是一個生死攸關的問題。因此，在 Resmed，我們針對睡眠呼吸中止症、失眠和呼吸功能不全等問題，研發出最小、最安靜、最舒適、雲端連結最緊密、最聰明的治療方法。

We also have the market-leading software for health care technology that is delivered right where people want to be, which is in their own home, with home medical equipment, home health, home nursing and software that's beyond.

我們還擁有市場領先的醫療保健技術軟體，可以在人們希望的地方（即他們的家中）提供家用醫療設備、家庭保健、家庭護理和其他軟體。

To our shareholders around the world, we are building on our Resmed foundation with our long-term leadership in our global markets. We now serve approximately 151 million lives through our hardware and software platforms. And we remain on track toward our ambitious goal of improving 500 million people's lives in 2030, half a billion worldwide. This quarter's results show the strength of our strategy, our investment in R&D, the clarity of our execution and the scale of our impact.

對於我們遍佈全球的股東，我們正在憑藉在全球市場的長期領導地位鞏固我們的 Resmed 基礎。我們目前透過硬體和軟體平台為約 1.51 億人提供服務。我們仍在朝著宏偉目標邁進，即在2030年改善5億人（全球5億人）的生活。本季的業績顯示了我們策略的實力、我們在研發方面的投資、我們執行的清晰度以及我們影響的規模。

We launched a renewed and refreshed brand. We scaled digital diagnostics and titration tools. We expanded intelligent therapy. We activated new patients. And really importantly, we replenished supplies for existing patients worldwide.

我們推出了一個煥然一新的品牌。我們擴展了數位診斷和滴定工具。我們擴展了智能治療。我們啟動了新患者。真正重要的是，我們為全球現有患者補充了物資。

And while doing all of this, we also delivered very strong financial results with top line growth and leverage down to the bottom line. I'd say this, we're just getting started. So thank you to every one of the 10,000 Resmedians around the world who made that possible and will make it possible our future growth.

在完成所有這些工作的同時，我們也取得了非常強勁的財務業績，收入成長，槓桿率下降至底線。我想說的是，我們才剛開始。因此，感謝全球 10,000 名 Resmedians 的每一位員工，是你們讓這一切成為可能，並將使我們未來的發展成為可能。

And with that, I'll now hand the call over to Brett, who's is Sydney today for a deeper dive into our financials, and then we'll open the floor up for questions. Brett, over to you.

現在，我將把電話交給今天在雪梨的布雷特，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。布雷特，交給你了。

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

偉大的。謝謝，米克。在今天的演講中，我將概述我們 2025 財年第三季的業績。除非另有說明，所有比較均與去年同期相比，並在適用的情況下以固定貨幣計算。

We had strong financial performance in Q3. Group revenue for the March quarter was $1.29 billion, an 8% headline increase and 9% in constant currency terms. Revenue growth reflects positive contributions across our product and resupply portfolio. Year-over-year movements in foreign currencies negatively impacted revenue by approximately $13 million during the March quarter.

我們在第三季的財務表現強勁。3 月季度的集團營收為 12.9 億美元，整體成長 8%，以固定匯率計算成長 9%。收入成長反映了我們的產品和補給組合的正面貢獻。與去年同期相比，外幣的變動對 3 月季度的收入產生了約 1,300 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 increased by 9%. Sales in Europe, Asia and other regions increased by 8% on a constant currency basis.

從我們的地理收入分佈來看，不包括住宅護理軟體業務的收入，美國、加拿大和拉丁美洲的銷售額成長了 9%。歐洲、亞洲和其他地區的銷售額以固定匯率計算成長了8%。

Globally, on a constant currency basis, device sales increased by 7%, while masks and other sales increased by 12%. Breaking it down by regional areas, device sales in the US, Canada and Latin America increased by 6%, and masks and other sales increased by 13%, reflecting continued growth in resupply and new patient setups.

以固定匯率計算，全球設備銷售額成長了 7%，而口罩和其他銷售額成長了 12%。按地區細分，美國、加拿大和拉丁美洲的設備銷售額成長了 6%，口罩和其他銷售額成長了 13%，反映出補給和新病患設定的持續成長。

In Europe, Asia and other regions, device sales increased by 9% on a constant currency basis while masks and other sales increased by 7% on a constant currency basis. Residential Care Software revenue increased by 10% on a constant currency basis in the March quarter, underpinned by strong performance from our MEDIFOX DAN software vertical.

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%，而口罩和其他銷售額則以固定匯率計算成長了 7%。3 月季度，住宅護理軟體營收以固定匯率計算成長了 10%，這得益於我們 MEDIFOX DAN 軟體垂直市場的強勁表現。

During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our third quarter earnings press release. Gross margin increased by 140 basis points to 59.9% in the March quarter.

在今天剩下的評論中，我將參考非公認會計準則資料。我們在第三季財報新聞稿中提供了非 GAAP 與 GAAP 資料的完整對帳。3 月季度毛利率增加 140 個基點，達到 59.9%。

The year-over-year increase was primarily driven by manufacturing and logistics efficiencies as well as favorable shifts in product mix, partially offset by unfavorable foreign currency movements. Sequential gross margin increased by 70 basis points, primarily driven by manufacturing and logistics efficiencies.

年比成長主要得益於製造和物流效率的提高以及產品結構的有利變化，但被不利的外匯走勢部分抵消。連續毛利率增加了 70 個基點，主要得益於製造和物流效率的提升。

We continue to make good progress on our gross margin expansion initiatives, and we are focused on making sustained long-term gross margin improvements. Looking forward and subject to currency movements, we expect our gross margin in Q4 FY25 to be broadly consistent with our third quarter gross margin.

我們在毛利率擴張計劃方面繼續取得良好進展，並致力於實現長期持續的毛利率改善。展望未來，受貨幣變動的影響，我們預期 2025 財年第四季的毛利率將與第三季的毛利率大致一致。

Moving on to operating expenses. SG&A expenses for the third quarter increased by 7% on a headline basis and by 8% on a constant currency basis. The increase was predominantly due to increases in employee-related expenses and increases in marketing expenses, including costs associated with our recent global brand launch and demand generation activities.

繼續討論營運費用。第三季銷售、一般及行政費用按總體計算增長了 7%，以固定匯率計算增長了 8%。成長的主要原因是員工相關費用增加以及行銷費用增加，包括與我們最近的全球品牌發布和需求產生活動相關的成本。

SG&A expenses as a percentage of revenue improved to 19% compared to 19.2% 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 the remainder of fiscal year 2025.

銷售、一般及行政費用佔收入的百分比從去年同期的 19.2% 改善至 19%。展望未來，受匯率變動的影響，我們預期 2025 財年剩餘時間銷售、一般及行政費用佔收入的百分比將在 18% 至 20% 之間。

R&D expenses for the quarter increased by 9% on a headline basis and by 11% on a constant currency basis. The increase was predominantly attributable to increases in employee-related expenses. R&D expenses as a percentage of revenue was 6.5% compared to 6.4% in the prior year period.

本季研發費用按總體計算增長了 9%，按固定匯率計算增長了 11%。成長的主要原因是員工相關費用的增加。研發費用佔營收的百分比為 6.5%，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 remainder of fiscal year 2025. Operating profit for the quarter increased by 13%, underpinned by revenue growth and gross margin expansion.

展望未來，受貨幣變動的影響，我們預計 2025 財年剩餘時間內研發費用將佔營收的百分比將在 6% 至 7% 之間。本季營業利潤成長 13%，得益於營收成長和毛利率擴大。

Our net interest income for the quarter was $1 million. Our effective tax rate for the March quarter was 20.1% compared to 20.3% in the prior year quarter. We estimate our effective tax rate for the full fiscal year 2025 will be in the range of 19% to 21%. Our GAAP effective tax rate for the March quarter was 12.6% as we recorded a net income tax benefit of $30 million relating to interest on our tax refunds from the IRS.

本季我們的淨利息收入為 100 萬美元。我們三月季度的有效稅率為 20.1%，而去年同期為 20.3%。我們預計 2025 財年全年有效稅率將在 19% 至 21% 之間。我們 3 月季度的 GAAP 有效稅率為 12.6%，因為我們記錄了與美國國稅局退稅利息相關的 3,000 萬美元淨所得稅收益。

We have treated this tax benefit as a non-GAAP item in our third quarter financial results. Our net income for the March quarter increased by 11%. The non-GAAP diluted earnings per share of $2.37 also increased by 11%. Excluding the impact of investment portfolio write-downs in Q3 totaling $6 million, earnings per share for the March quarter was $2.41, an increase of 13% over the prior year period.

我們在第三季財務業績中將此項稅務優惠視為非 GAAP 項目。我們三月季度的淨收入成長了11%。非公認會計準則每股攤薄收益 2.37 美元也成長了 11%。不計第三季投資組合減記總計 600 萬美元的影響，3 月當季每股收益為 2.41 美元，較去年同期成長 13%。

I would like to comment on the expected impact of US tariffs, particularly associated with the introduction of a 10% tariff on exports to the US from Australia and Singapore. These locations are where we currently manufacture most of our devices and masks for the US market.

我想評論美國關稅的預期影響，特別是對澳洲和新加坡向美國出口的產品徵收 10% 的關稅。這些地點是我們目前為美國市場生產大部分設備和口罩的地方。

We have for many years been importing our products under a chapter of the Harmonized Tariff Schedule of the United States that governs importation of certain medical devices, including equipment to treat sleep apnea and other chronic respiratory conditions. We have worked hard over the years to achieve that status and to maintain it for products we sell in the United States.

多年來，我們一直根據美國協調關稅表中管理某些醫療設備進口的章節進口我們的產品，包括治療睡眠呼吸中止症和其他慢性呼吸系統疾病的設備。多年來，我們一直努力爭取這一地位，並保持我們在美國銷售的產品的地位。

As a result, we have historically paid negligible duties or tariffs on the importation of most of our products. On April 5, US Customs and Border Protection issued a notice of implementation confirming that current tariff treatment of our products like ours continues.

因此，我們進口的大多數產品只需繳納微不足道的關稅。4月5日，美國海關和邊境保護局發布了一份實施通知，確認對我們這類產品的現行關稅待遇繼續有效。

Accordingly, we do not expect the introduction of US tariffs to have a material impact on our financial results. We also continue to improve the resilience of our global supply chain by expanding our manufacturing footprint in the US.

因此，我們預期美國關稅的推出不會對我們的財務表現產生重大影響。我們也透過擴大在美國的生產基地來持續提高全球供應鏈的彈性。

We expect to open our $30 million advanced manufacturing facility in Calabasas, California in June 2025. This high-tech facility will almost double our manufacturing footprint compared to the existing footprint in our Chatsworth, California facility. Over time, it will significantly expand our production capacity in mask resupply for the United States.

我們預計將於 2025 年 6 月在加州卡拉巴薩斯開設價值 3,000 萬美元的先進製造廠。與我們位於加州查茨沃斯的現有工廠相比，這座高科技工廠的製造規模幾乎將擴大一倍。假以時日，這將大大擴大我們為美國補給口罩的生產能力。

Cash flow from operations for the quarter was $579 million. This does include a refund of tax and interest from the IRS of $107 million. Excluding the impact of the tax refund, our operating cash flow was $472 million for the quarter, reflecting strong operating results and lower working capital. Capital expenditures for the quarter was $21 million. Depreciation and amortization for the quarter totaled $44 million.

本季經營活動產生的現金流為 5.79 億美元。其中包括美國國稅局退還的 1.07 億美元的稅款和利息。不計退稅的影響，本季我們的營運現金流為 4.72 億美元，反映了強勁的經營業績和較低的營運資本。本季資本支出為 2,100 萬美元。本季折舊和攤銷總額為 4,400 萬美元。

We ended the third quarter with a cash balance of $933 million. On March 31, we had $675 million in gross debt and $258 million in net cash, and we have $1.5 billion available for drawdown under our revolver facility.

截至第三季末，我們的現金餘額為 9.33 億美元。截至 3 月 31 日，我們的總債務為 6.75 億美元，淨現金為 2.58 億美元，我們擁有 15 億美元可供循環信貸額度提取。

We continue to maintain a solid liquidity position and with robust operating cash flows and a strong balance sheet, we are well positioned to weather the current global uncertainty and respond to geopolitical challenges. Today, our Board of Directors declared a quarterly dividend of $0.53 per share.

我們繼續保持穩固的流動性狀況，憑藉強勁的經營現金流和強大的資產負債表，我們完全有能力抵禦當前的全球不確定性並應對地緣政治挑戰。今天，我們的董事會宣布季度股息為每股 0.53 美元。

During the March quarter, we purchased approximately 314,000 shares under our previously authorized share buyback program for consideration of $75 million. We plan to increase our ongoing share buyback program and purchase shares to the value of approximately $100 million per quarter, commencing in Q4 FY25.

在三月季度，我們根據先前授權的股票回購計畫購買了約 314,000 股股票，對價為 7,500 萬美元。我們計劃從 2025 財年第四季開始，擴大正在進行的股票回購計劃，每季回購價值約 1 億美元的股票。

This will comfortably 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.

這將輕鬆抵消本年度授予員工股權所造成的任何稀釋。展望未來，我們計劃繼續透過研發對成長進行再投資，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 will hand the call back to Salli.

說完這些，我就把電話交還給薩利。

Thank you. We will now begin the question-and-answer session. I'll turn the call over to our operator, Kevin, to provide instructions.

謝謝。我們現在開始問答環節。我會將電話轉給我們的接線生凱文 (Kevin) 來提供指示。

(Operator Instructions)

（操作員指示）

Lyanne Harrison, Bank of America.

美國銀行的 Lyanne Harrison。

Good morning, Mick, Brett, and welcome, Salli. Can I start with gross margin. Obviously, very strong gross margin expansion there. Can you talk us through in terms of each of the factors that attributed to expansion, how much of it was driven by each?

早安，米克、布雷特，歡迎莎莉。我可以從毛利率開始嗎？顯然，那裡的毛利率擴張非常強勁。您能否向我們詳細解釋一下導致擴張的各個因素以及各個因素對擴張的推動作用有多大？

Brett, start off on that.

布雷特，從那開始。

Yes. Yes. Look, it's sort of said in the prepared remarks, the big driver was manufacturing and distribution efficiencies. So if I look through that, and these are all meaningful contributions. It's not just one factor. So we had, if you like, manufacturing efficiencies or better recoveries through the factories distribution and freight.

是的。是的。你看，準備好的發言稿裡好像說過，最大的驅動力是製造和分銷效率。所以如果我仔細看看，就會發現這些都是有意義的貢獻。這不只是一個因素。因此，如果您願意的話，我們可以透過工廠配送和貨運提高製造效率或實現更好的回收。

We're seeing improvements there coming through. The AS10 to AS11 transition to that platform continues, and we see some benefit with that as well. And then component costs as well are actually starting to contribute to that gross margin expansion as well. So those factors were all meaningful in terms of manufacturing and distribution efficiencies.

我們看到那裡正在取得進展。該平台從 AS10 到 AS11 的過渡仍在繼續，我們也看到了其中的一些好處。然後，零件成本實際上也開始促進毛利率的擴大。因此，這些因素對於製造和分銷效率而言都是有意義的。

And the other one was product mix year-on-year as well with that the mask growth relative to device growth, we saw some favorable or positive product mix as well. And they were -- those were the key drivers of the margin expansion.

另一個是產品組合同比變化，掩模成長相對於設備成長，我們也看到了一些有利或積極的產品組合。這些都是利潤率擴大的關鍵驅動因素。

Margaret Kaczor, William Blair.

瑪格麗特·卡佐爾，威廉·布萊爾。

Hey, good afternoon, good morning, everyone. Salli, good to meet over the phone. Maybe a bigger picture question for a second. Certainly on the short term, we've heard the sleep labs are facing backlog of patients. So I would be curious if that's gotten better or worse.

嘿，大家下午好，早安。薩利，很高興透過電話與你見面。也許這是一個更宏觀的問題。當然，就短期而言，我們聽說睡眠實驗室面臨病人積壓的問題。所以我很好奇情況是變好了還是變壞了。

But as we connect that concept with a series of investments, Mick, that you talked about pre and post diagnosis of sleep apnea, I'm curious what metrics you guys are tracking for these investments and when they should start to show up in results more meaningfully. I'm just trying to compare it to other growth factors that you guys did do, for example, resupply services that you provide in the past. Is this better or worse, slower, faster? Anything that you could provide. Thanks.

但是，米克，當我們將這個概念與您談到的睡眠呼吸中止症診斷前後的一系列投資聯繫起來時，我很好奇你們正在追蹤這些投資的哪些指標，以及它們何時應該開始更有意義地顯示在結果中。我只是想將它與你們所做的其他成長因素進行比較，例如你們過去提供的補給服務。這是更好還是更壞、更慢還是更快？您能提供的任何東西。謝謝。

Yes, Margaret, it's a great question and it allows us to talk pretty broadly about demand generation, demand capture, demand curation, and ultimately, getting more of the over 1 billion people worldwide who suffer from the obstructive sleep apnea onto therapy -- sleep suffocation onto therapy.

是的，瑪格麗特，這是一個很好的問題，它讓我們可以廣泛地談論需求生成、需求捕獲、需求策劃，並最終讓全球超過 10 億患有阻塞性睡眠呼吸中止症的人接受治療——睡眠窒息接受治療。

As you mentioned, as I discussed in the prepared remarks, the launch of NightOwl, a fingertip sized home sleep apnea test should inspire the market. And I encourage the other players in diagnostics to make smaller and more dynamic and capable because the sleep lab backlogs are at all-time highs. We track the metrics of how long a patient waits from a referral to a diagnostic. And we've got really detailed metrics on that for both in-lab and home sleep apnea testing.

正如您所提到的，正如我在準備好的演講中所討論的，NightOwl（一種指尖大小的家用睡眠呼吸中止測試儀）的推出應該會激發市場。我鼓勵診斷領域的其他參與者打造更小、更有活力、更強大的實驗室，因為睡眠實驗室的積壓工作量達到了歷史最高水準。我們追蹤患者從轉診到診斷等待的時間指標。我們對實驗室和家庭睡眠呼吸中止症測試都有非常詳細的指標。

I can say this that during that COVID emergency, everyone embraced telehealth, everyone embraced digital health, and we saw almost every sleep lab around the world embraced home sleep apnea testing as well.

我可以說，在那次 COVID 緊急事件期間，每個人都接受了遠距醫療，每個人都接受了數位醫療，我們看到幾乎全世界的每個睡眠實驗室都接受了家庭睡眠呼吸中止測試。

So we think that combination of us bringing NightOwl and making it available to everyone, sleep labs, IDTFs, primary care physicians across the board and empowering the sleep labs to take care of the toughest patients, the patients with overlap syndrome, where you have garden variety obstructive sleep apnea plus chronic obstructive pulmonary disease, you have diseased lungs and an obstructive upper airway.

因此，我們認為，我們將 NightOwl 推廣給所有人，包括睡眠實驗室、IDTF​​、初級保健醫生，並使睡眠實驗室能夠照顧最棘手的患者，即重疊綜合症患者，這種患者同時患有普通阻塞性睡眠呼吸中止症和慢性阻塞性肺病，肺部患病且上呼吸道阻塞。

And the gold standard therapy for that is a bilevel S or ST or even STA. And if you don't have the right titration equipment, you may not be able to get the patients through. And if you have too many garden variety I would say patients clogging up the beds, you don't get access to them.

其黃金標準療法是雙水平 S 或 ST 甚至 STA。如果你沒有合適的滴定設備，你可能就無法幫助病人度過難關。如果有太多普通病人，我會說病人會堵塞床位，你就無法接觸到他們。

So that combination of NightOwl for those who screened for likelihood of garden variety obstructive sleep apnea and then making sure the sleep lab beds have VPAP Txs in them, so they can get a CPAP and APAP bilevel S, ST, STA or if I have complex sleep apnea, an Adaptive Servo Ventilator, such as our market-leading ASV.

因此，對於那些篩選出患有普通阻塞性睡眠呼吸中止症可能性的人來說，NightOwl 的組合，然後確保睡眠實驗室的病床上有 VPAP Txs，這樣他們就可以獲得 CPAP 和 APAP 雙水平 S、ST、STA，或者如果我有復雜的睡眠呼吸中止症，可以使用自適應呼吸機，例如我們市場領先的 ASV。

And so yes, it's a combination. So what metrics are we tracking, Margaret, we're tracking that time to titration, time to test, TTT, and we're also tracking time from that titration or test through to therapy onset. And what is if there's any churn, what is the churn in terms of patients dropping out from referral to diagnostic and from diagnostic to therapy and then from therapy set up to first 30 days, first 90 days, first one year, and then for life. Because as you know, we don't have a cure here.

是的，這是一個組合。那麼，瑪格麗特，我們正在追蹤哪些指標，我們正在追蹤滴定時間、測試時間、TTT，我們也追蹤從滴定或測試到治療開始的時間。如果有流失，那麼患者從轉診到診斷、從診斷到治療、從治療到前 30 天、前 90 天、前一年、然後終身退出的情況是多少。因為如你所知，我們這裡沒有治癒方法。

We have a treatment for life. And Resmed's goal is laser-focused on that. overlapping, if you like, altruism of the patient has a better outcome, lower chance of death as we talked about through that landmark study in Lancet. And our ecosystem does well because obviously, HMEs and Resmed are able to overlap that altruism is with some profit motive and be able to have that resupply be profitable for the channel that allows us to then have revenue to reinvest into R&D, which we do at 6%, 7% of the revenue that we have. So great question, Margaret.

我們有終身治療方法。Resmed 的目標正是集中於此。如果你願意的話，重疊的，病人的利他主義有更好的結果，更低的死亡幾率，正如我們在《柳葉刀》上的里程碑式研究中所討論的那樣。我們的生態系統運作良好，因為顯然，HME 和 Resmed 能夠將利他主義與一些利潤動機相重疊，並能夠使補給為通路帶來利潤，這使我們能夠將收入再投資於研發，我們將 6% 到 7% 的收入用於研發。瑪格麗特，這個問題問得真好。

It's a complex one. We're tracking many metrics there. The ones we'll go public with are probably around the lines of, are we seeing a bend in that curve. Are we having less of a backlog? Are we getting more patients into the lab? And are we seeing an expansion of home sleep apnea testing from both pharma referrals and GLP-1, consumer tech as well as Resmed's own consumer demand generation. So we'll continue to update you as we go forward here. It's a marathon, not a sprint.

這是一個複雜的問題。我們正在那裡追蹤許多指標。我們將要公開的內容可能與我們看到曲線的轉折點有關。我們的積壓工作減少了嗎？我們會讓更多的病人進入實驗室嗎？我們是否看到了家庭睡眠呼吸中止測試的擴展，包括來自製藥推薦和 GLP-1、消費者技術以及 Resmed 自身的消費者需求產生。因此，我們將繼續向您通報最新進展。這是一場馬拉松，而不是短跑。

Davin Thillainathan, Goldman Sachs.

達文·蒂萊納森，高盛。

Hi, Mick and team. Just I guess a question on your share buybacks. You've increased the amount of debt to $100 million, and you've done about $75 million the quarter just passed. Could you talk to the confidence in -- in doing that in light of the demand environment you're seeing, just given some uncertainty now with tariffs as an example. And then also just related to that, the thought about capital allocation between buybacks and M&A, given the valuation sort of resets we've seen in the public markets?

嗨，米克和他的團隊。我只是想問一下有關你們股票回購的問題。您的債務金額已增至 1 億美元，而剛過去的這個季度您的債務金額已達 7,500 萬美元左右。鑑於您所看到的需求環境，您能否談談這樣做的信心，例如現在關稅存在一些不確定性。然後與此相關的是，考慮到我們在公開市場上看到的估值重置，對回購和併購之間的資本配置有何想法？

So I'll go first, and then I'll hand over to Brett. Actually, Brett, why don't you go first on the increase in the share buyback because going from $300 million a year to $400 million a year, I think it's a good step up. There's obviously no artificial limit. Our Board -- my fellow Board of Directors and I are very supportive where it's accretive to give cash back to shareholders. You've seen that in our long running dividend program.

我先走，然後交給布雷特。實際上，布雷特，你為什麼不先談談股票回購的增加呢？因為從每年 3 億美元增加到每年 4 億美元，我認為這是一個很好的進步。顯然沒有人為的限制。我們的董事會－我和我的董事會成員都非常支持向股東返還現金以增加收益。您已在我們長期運行的股息計劃中看到了這一點。

It's been up and share buybacks are an efficient way to give our cash back to shareholders. And we've shown that in the past and where it's accretive to us, I think we'll continue to do that, and you saw that in Brett's prepared remarks. So Brett, why don't you address that first? And then I'll talk a little bit about other uses for capital, particularly around M&A, tuck-ins and things like that.

它一直在上漲，股票回購是將現金返還給股東的有效方法。我們過去已經證明了這一點，並且它對我們有益，我認為我們會繼續這樣做，你們在布雷特的準備好的發言中也看到了這一點。那麼布雷特，為什麼不先解決這個問題呢？然後我會談談資本的其他用途，特別是併購、收購之類的事情。

Sure. Thanks, Mick. Yes. And then, I guess overall, we're looking to balance that it will be around dividends. It will be buyback. It will be the tuck-in acquisitions, and Mick will talk about that in a little while. So we want to get that balance right. But at the moment, how we see it is we've got very strong operating cash flows and a very robust business. We have -- we're a net cash position on the balance sheet. So we've got an exceptionally strong balance sheet as well.

當然。謝謝，米克。是的。然後，我想總的來說，我們希望在股息方面取得平衡。這將是回購。這將是一次小型收購，米克稍後會談論此事。所以我們希望取得正確的平衡。但目前，我們認為我們擁有非常強勁的經營現金流和非常穩健的業務。我們的資產負債表上呈現淨現金狀況。因此我們的資產負債表也異常強勁。

So the Board and Board management feel very confident of upticking that buyback from $75 million to $100 million a quarter, that it is accretive buyback. And I think overall, I feel that sort of gets the balance right in terms of capital allocation, buying back the stock there. So we've upticked that and we feel confident to do that.

因此，董事會和董事會管理層非常有信心將回購金額從每季 7,500 萬美元提高到 1 億美元，這是增值性回購。我認為總體而言，這在資本配置和回購股票方面達到了正確的平衡。因此，我們提高了這一目標，並且我們有信心做到這一點。

Yes. And I'll just fully in line with Brett there, use of capital, dividend, share buyback, the best investment is investing back in the business, which we do at 6% to 7% back into R&D and 19% to 20% there in SG&A. But look, the money is not burning a hole in our pocket. Obviously, we generated incredible free cash flow of $558 million for the quarter, $1.6 billion of free cash flow in the trailing 12 months. But we do look at M&A as an interesting area to accelerate our growth towards our 2030 strategy.

是的。我完全同意布雷特的觀點，即資本的使用、股息、股票回購，最好的投資就是重新投資於業務，我們將 6% 到 7% 的資金重新投入研發，將 19% 到 20% 的資金投入銷售、一般及行政費用 (SG&A)。但是你看，這些錢並沒有燒掉我們的錢包。顯然，我們本季產生了令人難以置信的 5.58 億美元自由現金流，過去 12 個月的自由現金流達到 16 億美元。但我們確實將併購視為一個有趣的領域，可以加速我們實現 2030 策略的成長。

So as we look at M&A, we're looking at tuck-ins sort of some 10%, sub-5% even of our market cap, sub 1%, I'd call it a definite tuck-in. There are a number on our radar screen nothing to announce here on this earnings call. It may not be too far before we announce something.

因此，當我們考慮併購時，我們看到的是大約 10%、低於 5% 甚至低於 1% 的市值的收購，我稱之為明確的收購。我們的雷達螢幕上顯示了一些數字，但本次收益電話會議上沒有什麼可宣布的。我們可能很快就會宣布一些事情。

We are actively out there. But I'll say this, the acquisitions that we look at have to meet three criteria: number one, they're in line with our 2030 strategy, that they're going to help us be the world leader in sleep health, breathing health and health care technology delivered at home to the financials have to be there, that's being ROI has to get the ROIC to the WACC at an appropriate period of time.

我們正積極地進行工作。但我要說的是，我們考慮的收購必須滿足三個標準：第一，它們符合我們的 2030 年策略，它們將幫助我們成為睡眠健康、呼吸健康和家庭醫療保健技術領域的全球領導者，並且財務狀況必須良好，即投資回報率必須在適當的時間內使投資資本回報率 (ROIC) 達到加權平均資本成本 (WACC)。

We have to have free cash flow. And we have to be the best owner of that asset. We have to be a better owner of the asset than the current owners in terms of expanding globally, expanding it around the US and expanding to all the 140 countries we're in.

我們必須有自由現金流。我們必須成為該資產的最佳所有者。就全球擴張、在美國擴張以及擴張到我們所在的所有 140 個國家而言，我們必須比現有所有者更好地擁有資產。

And thirdly, it's going to be a cultural fit. It's going to be aligned with Resmed's ethics integrity, doing the right thing when no one's watching and beyond. So watch this space, nothing to report, but I'm really excited to be upping the share buyback and watch this space for the tuck-in M&A over the coming 6 months, 12 months.

第三，這將是一個文化契合點。它將與 Resmed 的道德誠信保持一致，在無人監督的情況下做正確的事情。因此，請關注這個領域，沒有什麼可報告的，但我真的很高興能夠增加股票回購，並關注未來 6 個月、12 個月的補充性併購。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Thanks forcovering us in here. Sitting here this afternoon, I hope everyone is doing well. Maybe a question, Mick, just on we're now into the fourth or fifth month here where we have GLP-1s in the marketplace. Lilly was out there sort of indicating that it was pushing at the primary care physician level.

感謝您在這裡報道我們。今天下午坐在這裡，我希望每個人都過得很好。也許有一個問題，米克，我們現在已經進入 GLP-1 進入市場的第四或第五個月了。禮來公司似乎正在向初級保健醫生層面推進。

So just an update on the kind of state of the state as it relates to where GLP-1s are at the moment. And if you can opine on, will this out of the gate actually open up the new patient funnel for CPAP as we think it will based on our channel checks. Thanks again.

因此，這只是關於 GLP-1 目前所處狀態的更新。如果您能發表意見，這是否真的會為 CPAP 打開新的病患管道，正如我們根據管道檢查所認為的那樣。再次感謝。

Yes, Anthony, thanks for the question. It's a really good one. It's linked to that strategic question around demand generation, how we get to the billion worldwide, how do we get to the 70 million-plus in the US who are suffocating where GLP-1s are rolling out the fastest. As you said, yes, look, Lilly Direct and a lot of this sort of work that they do around the GLP-1s in diabetes, obesity and now with the new IFU for sleep apnea are investing in this space.

是的，安東尼，謝謝你的提問。這確實是一個好主意。這與需求產生的策略問題相關，即我們如何涵蓋全球十億人，如何覆蓋美國超過 7,000 萬的窒息人群，而 GLP-1 的推廣速度最快。正如您所說，是的，您看，Lilly Direct 和他們在糖尿病、肥胖症的 GLP-1 方面所做的大量工作以及現在針對睡眠呼吸中止症的新 IFU 正在投資這一領域。

They're not driving that sort of direct D2C campaign yet around sleep apnea. We believe they will probably start that 6 months post few somewhere between 6 months and 12 months. So we'll watch the space on that, but we're not waiting for them.

他們還沒有針對睡眠呼吸中止症進行這種直接的 D2C 活動。我們相信他們可能會在 6 個月到 12 個月之間的某個時間開始 6 個月的培訓。因此，我們會關注這一領域，但我們不會等待他們。

As you heard in my prep remarks, we're doing CME education, and we're going directly to high-volume GLP-1 providers. We're going to primary care physicians who they will target so that they're educated, and that they understand the gold standard treatment, CPAP, APAP bilevel that you can get 95% to 99% reduction in AHI with the gold standard, right?

正如您在我的準備演講中聽到的那樣，我們正在進行 CME 教育，並且我們將直接面向大批量 GLP-1 提供者。我們將針對初級保健醫生進行教育，讓他們了解黃金標準治療、CPAP、APAP 雙水平，透過黃金標準可以將 AHI 減少 95% 到 99%，對嗎？

All the clinical data, all the clinical literature. It's interesting. It's not branded Resmed. CME can't. But we did those experiments because it's right for those doctors to know and it's right to educate them on gold standard and how it can be used in combination with other therapies like pharmaceuticals and dental and other alternatives as well.

所有的臨床數據、所有的臨床文獻。這很有趣。它不是 Resmed 品牌。CME 不能。但是我們做了這些實驗，因為這對那些醫生來說是正確的，並且應該教育他們了解黃金標準以及如何將其與其他療法（如藥物、牙科和其他替代療法）結合使用。

And so we're very open on that. We tracked that education to say, well, did we see a change in referral rates and/or prescription rates through to sleep labs and IDTFs and into the funnel. And the answer is yes, we did see it. And so as I said earlier, we'll do brand development and demand generation, but it has to have a ROI.

因此我們對此持非常開放的態度。我們追蹤了這些教育，想知道我們是否看到了睡眠實驗室和 IDTF 以及漏斗中的轉診率和/或處方率的變化。答案是肯定的，我們確實看到了。正如我之前所說，我們會進行品牌開發和需求生成，但必須有投資報酬率。

So early days that Resmed's own demand generation capturing curation elements are working, and they are working not just in our traditional channels and in consumer, but they're working at primary care physicians and PCPs.

因此，Resmed 自身的需求產生捕捉策展元素在早期就發揮了作用，它們不僅在我們的傳統管道和消費者中發揮作用，而且還在初級保健醫生和 PCP 中發揮作用。

And as we've said earlier, we're not going to target the 300,000-plus PCPs around. We're going to look at the 10% that the high-volume GLP-1. We look at the portion of them that already have existing relationships with IDTFs or sleep labs. And so we are working. We are seeing some movement to your question of how materially will it open up the new patient funnel and how fast will that go?

正如我們之前所說，我們不會針對周圍的 30 萬多名 PCP。我們將研究高容量 GLP-1 的 10%。我們關注的是其中已經與 IDTF 或睡眠實驗室建立關係的部分。所以我們正在努力。我們看到您的問題有了一些進展，即它將如何實質地打開新的患者管道，以及打開的速度有多快？

Well, Resmed has got a lot of models. We're investing a lot. And obviously, that's pretty proprietary. But I can tell you that, as I said in the prep remarks, there's a ROI here. The CAC versus the LTV works. And so our goal is to scale it appropriately city by city, region by region, doctor by doctor.

嗯，Resmed 有很多型號。我們投入了大量資金。顯然，這是非常專有的。但我可以告訴你，正如我在準備發言中所說的那樣，這裡有一個投資回報。CAC 與 LTV 是有效的。因此，我們的目標是根據每個城市、每個地區、每個醫生的情況進行適當的擴展。

This is a very personal care. Patients take their sleep apnea care very personally and having a really good relationship with both their primary care physician and their sleep physician is really important to Resmed. We're supporting all of our channels and driving this demand gen. So great question, Anthony, and we'll continue to update you every quarter as to how this is going with demand gen, demand capture and demand curation.

這是一種非常個人化的護理。患者非常重視睡眠呼吸中止症治療，與初級保健醫生和睡眠醫生保持良好的關係對 Resmed 來說非常重要。我們支持所有管道並推動此需求的產生。安東尼，這個問題問得很好，我們會在每個季度繼續向您通報需求生成、需求捕獲和需求策劃的進度。

David Low, JPMorgan.

摩根大通的戴維‧洛 (David Low)。

Thanks very much. Mick, I'm going to stay on the same topic. I mean I look at the device growth in this quarter, and I know a quarter is a fairly short period, but we've seen a little bit of slowing. I heard the commentary that sleep labs backlogs are bigger than ever.

非常感謝。米克，我將繼續討論同一主題。我的意思是，我看一下本季的設備成長情況，我知道一個季度是一個相當短的時期，但我們已經看到了一點放緩。我聽到這樣的評論：睡眠實驗室積壓的工作比以往任何時候都多。

And then I see Resmed investing in NightOwl and focusing on perhaps a little bit more attention on the diagnosis channel. Can I get you to talk a little bit as to where you think market growth is how much of that headwind or how much of a challenge the backlog in sleep labs is and what Resmed is doing about it, please?

然後我看到 Resmed 投資 NightOwl 並將更多的注意力放在診斷管道上。您能否簡單談談您認為市場成長面臨的阻力有多大，或者睡眠實驗室積壓的挑戰有多大，以及 Resmed 對此採取了什麼措施？

Yes, absolutely, David. Look, you've followed us for over a decade and so over that time that we're sort of back to that traditional seasonality that we saw here in terms of in terms of growth sequentially versus and getting back to what we sort of have always had in the 55 years I've been at the company, which is high deductible health plans, health savings accounts run through December and then a bit of a reset in March. But I can tell you, US device growth at plus 6%. US mask growth at plus 14%, pretty darn solid numbers.

是的，絕對如此，大衛。你看，你已經關注我們十多年了，在這段時間裡，我們有點回到了傳統的季節性，就連續增長而言，而不是回到我在公司工作 55 年來一直擁有的狀態，即高免賠額健康計劃，健康儲蓄帳戶持續到 12 月，然後在 3 月稍微重置。但我可以告訴你，美國設備成長率為 6%。美國口罩產量增加了 14%，這是一個相當可觀的數字。

Yes, David, look, it's very consistent with where we were last quarter, last 5 quarters, last 10 quarters where we said the actual market growth rate is mid-single digits on devices, high single digits on masks. And that's if Resmed just accepts market growth, sits back and let's just suffocating people, their bed partners hearing them storing, push them into the channel. We're not going to sit back and do that.

是的，大衛，你看，這與我們上個季度、過去 5 個季度、過去 10 個季度的情況非常一致，我們說實際市場增長率在設備上為中等個位數，在口罩上為高個位數。如果 Resmed 只是接受市場成長，袖手旁觀，讓人們感到窒息，他們的床伴聽到他們存儲的聲音，將他們推入渠道，那就這樣吧。我們不會袖手旁觀，袖手旁觀。

It's not how we operate. We're going out there doing demand gen, doing these tests and getting things going. And so that's how we're beating what market growth would be at mid-single digits and high single digits on devices and masks, respectively.

這不是我們的運作方式。我們正在那裡進行需求生成、進行這些測試並讓事情順利進行。這就是我們如何分別在設備和光罩方面超越中等個位數和高個位數的市場成長。

To your point, going back to a normal seasonality, that means we get the benefits of sprinting through to the December quarter too, right, as we go forward through this calendar year. and Resmed is looking at ways to do that.

正如您所說，回到正常的季節性，這意味著隨著我們度過這個日曆年，我們也能從衝刺到 12 月季度中獲益。 Resmed 正在尋找實現這一目標的方法。

To your point, yes, we're looking at that backlog. We're looking at patients wanting to come through the channel. And we're looking at rePAP opportunities and resupply programs. So it's not just about new patients. particularly on our masks and accessories side, it's really about driving Brightree ReSupply, getting what we used to call SNAP technology, but we're now calling resupply complete and Resupply Essentials out to every HME that is adaptable to a cloud-based tech like that.

正如您所說，是的，我們正在處理積壓的問題。我們正在尋找想要通過該通道的患者。我們正在尋找 rePAP 機會和補給計劃。所以這不僅與新病人有關。特別是在我們的面罩和配件方面，我們真正要做的就是推動 Brightree ReSupply，獲得我們過去所說的 SNAP 技術，但現在我們將 resupply complete 和 Resupply Essentials 推廣到每一個可適應此類基於雲端的技術的 HME。

I can tell you that their opportunities are huge and that we've got good tests that show we can get a ROI. As I've said before, I think we can accelerate above market growth by 50 basis points, 75 basis points, 100 basis points, maybe even 125 basis points over that mid-single-digit growth of devices and high single-digit growth in masks as we get more and more effective at this demand gen, demand capturing curation.

我可以告訴你，他們的機會是巨大的，而且我們已經進行了良好的測試，表明我們可以獲得投資回報。正如我之前所說，我認為，隨著我們在需求生成和需求捕獲方面的效率越來越高，我們可以將設備的中等個位數增長和口罩的高個位數增長分別加速 50 個基點、75 個基點、100 個基點，甚至 125 個基點。

We're not doing it alone. We partner with the primary care physicians. We're partnering with the sleep physicians. We're partnering with doctors. And we're partner with our HME partners. One note, I'll say just a final answer to this question is we did this sort of direct-to-consumer empowerment in this last quarter and noting that on those sort of not late night television, all that sort of stuff that some of our competing technologies are doing, but really focus social media and streaming where we know and have already prescreened that this is a high probability candidate for being a sleep health concerned consumer and somebody has a propensity.

我們並不是孤軍奮戰。我們與初級保健醫生合作。我們正在與睡眠醫生合作。我們正在與醫生合作。我們與 HME 合作夥伴是合作夥伴。需要注意的是，我想說的是，這個問題的最終答案是，我們在上個季度做了這種直接面向消費者的授權，並指出，在那些非深夜電視節目中，我們的一些競爭技術正在做所有這些事情，但真正關注社交媒體和流媒體，我們知道並且已經預先篩選出，這是關注睡眠健康的消費者和睡眠健康傾向的人的高概率候選人。

We're seeing them follow through and get referrals to primary care and the sleep physicians. And so we are going to be able to move on all these channels. Traditional sleep labs, home sleep apnea testing that they use and PCPs use and moving consumers into the channel.

我們看到他們堅持到底並獲得初級保健和睡眠醫生的轉診。因此我們將能夠在所有這些渠道上前進。傳統睡眠實驗室、他們使用的家庭睡眠呼吸中止測試以及 PCP 使用並將消費者引入管道。

If we get any upside from the pharma and consumer wearable side, it will be in addition to our efforts. But we're taking the bull by the horns here, and we're driving the demand gen ourselves primarily. Thanks for the question, David.

如果我們從製藥和消費者穿戴式裝置方面獲得任何好處，那將是對我們的努力的補充。但我們在這裡採取了主動，主要靠我們自己來推動需求產生。謝謝你的提問，大衛。

Saul Hadassin, Barrenjoey.

索爾·哈達辛，巴倫喬伊。

Yes. Thanks for taking my question. Maybe just one for Brett. Brett, you comment on the gross margin into the fourth quarter being sort of broadly consistent with this quarter. Just based on where the euro is now and also that the Aussie dollar was a bit softer in the third quarter. Just wondering why your gross margin is not going to actually be materially higher in 4Q just based on those FX rates. Thanks.

是的。感謝您回答我的問題。也許對布雷特來說只有一個。布雷特，您評論說第四季度的毛利率與本季大致一致。僅基於歐元目前的走勢以及澳元在第三季略微走弱的情況。我只是想知道為什麼僅基於這些外匯匯率，您的毛利率在第四季度實際上不會大幅提高。謝謝。

Yes. Thanks, Saul. Well, yes, I mean, I've gone with broadly consistent that if you look at that margin, I guess that gives you a bit of room by the side. And you're right, I believe we'll get some FX benefit if the Euro stays where it is going into Q4. So probably the bias to that is north of what we printed in Q3.

是的。謝謝，索爾。嗯，是的，我的意思是，我大體上保持一致，如果你看一下那個邊距，我想這會給你留下一點空間。你說得對，我相信如果歐元在第四季度保持現狀，我們將獲得一些外匯利益。因此，這種偏差可能與我們在第三季公佈的數據相差甚遠。

Andrew Goodsall, MST Marquee.

安德魯‧古德索爾 (Andrew Goodsall)，MST Marquee。

Good day. Sorry, it's Dan Hurren playing a role for Andrew Goodsall. We've had a few call problems. Look, I just wanted to go back to the tariffs. Look, I understand that you've confirmed the exemption, but I was just wondering if that exemption will apply or extend to all CPAP therapy coming into the US because we had heard that one of your competitor sales reps is saying that they're pulling a couple of their Chinese-made products on the back of this.

再會。抱歉，這是丹赫倫 (Dan Hurren) 扮演安德魯古德索爾 (Andrew Goodsall) 的角色。我們遇到了一些通話問題。瞧，我只是想回到關稅問題。聽著，我知道您已經確認了豁免，但我只是想知道該豁免是否適用或擴展到所有進入美國的 CPAP 治療，因為我們聽說您的一位競爭對手的銷售代表說，他們正在因此撤下幾款中國製造的產品。

Yes, Dan. Look, really good question. So look, this tariffs work that we've been doing here at Resmed has gone back a long way. And if you look at the history of this, that was 1982 that this legislation was first put in place by the Reagan administration, was reaffirmed in 1989 under HW Bush, and then in 2009, Resmed actively worked with CBP, which is the Customs and Border Protection to get official recommendation for us to be with some tariffs at the time then in 2008, '09 that we're looking at being put in place. And we will give the full tariff exemption then.

是的，丹。瞧，這真是個好問題。所以，看看我們在 Resmed 這裡所做的關稅工作已經過去很久了。如果你回顧一下歷史，你會發現這項立法是 1982 年由雷根政府首次實施的，1989 年老布希政府再次確認了這項立法，然後在 2009 年，Resmed 積極與美國海關和邊境保護局 (CBP) 合作，以獲得官方建議，對我們當時徵收一些關稅，然後在 2008 年、2009 年，我們正在考慮這一立法。屆時我們將給予全額關稅豁免。

We went back here in 2025, just earlier, as you heard from Brett, just earlier this month and got reaffirmation from Customs and Border Protection that our tariff exemption supply under this protocol, sometimes called the Nairobi Protocol, and we're fully there.

我們在 2025 年就回到了這裡，就在本月早些時候，正如布雷特所說，我們得到了海關和邊境保護局的再次確認，根據該議定書（有時稱為《內羅畢議定書》）我們可以享受關稅豁免供應，而且我們完全遵守了該議定書。

As for our competitors, particularly coming from hot band countries where tariffs are in the triple digits, I would ask you to go talk to them to speculate on that. I think it will be very different for players. We're coming in from Australia and Singapore, two very friendly US nations that have long-standing relationships and very good approaches. For those coming from China or Mexico or beyond, I think you've got to ask them and see where they're at.

至於我們的競爭對手，特別是來自關稅高達三位數的熱門國家/地區的競爭對手，我建議您與他們交談，以對此進行推測。我認為這對球員來說將會非常不同。我們來自澳洲和新加坡，這兩個國家與美國非常友好，有著長期的關係和非常好的態度。對於來自中國、墨西哥或其他地方的人，我認為你必須問他們，看看他們在哪裡。

But yes, we've been at this for decades, and we reaffirmed it just days ago, and we're running with it, and it's going to stay that way. I don't see anything changing on that. And if it does, we've got an incredibly strong balance sheet and all the other elements that we talked about earlier. But right now, we are running through the tape and doing what we do, taking care of patients.

但是的，我們已經這樣做了幾十年，而且就在幾天前我們重申了這一點，我們正在堅持這樣做，而且會繼續這樣做。我沒有看到任何變化。如果確實如此，我們將擁有非常強勁的資產負債表以及我們之前談到的所有其他要素。但現在，我們正在做我們的工作，照顧病人。

And we're a US headquartered company these reinvestments in Calabasas in our distribution center in Atlanta, Georgia. We're looking at expanding our distribution here. So really strong relationship with the US government, really strong relationship with the Australian government and the Singapore government.

我們是一家總部位於美國的公司，在喬治亞州亞特蘭大的配送中心對卡拉巴薩斯進行再投資。我們正在考慮擴大我們在這裡的分銷範圍。因此，我們與美國政府、澳洲政府和新加坡政府的關係都非常密切。

And those sort of public-private partnerships that were tested during COVID, Resmed stepped up, and I think we've got really good relationships. I love being on the Board of AdvaMed and having the chance to go to Washington, DC to Brussels, to Canberra to Beijing and talk to these folks. I'm actually the chair elect of AdvaMed, which means on January 1, 2026, I take over the chair of the AdvaMed group.

在新冠疫情期間經過考驗的公私合作關係中，Resmed 發揮了積極作用，我認為我們之間的關係非常好。我很高興能成為 AdvaMed 董事會成員，有機會前往華盛頓特區、布魯塞爾、坎培拉和北京與這些人交談。我實際上是 AdvaMed 的當選主席，這意味著從 2026 年 1 月 1 日起，我將接任 AdvaMed 集團的主席。

And so I'll be leading the industry, actually asking for tariff exemptions for med tech because I think it's the right thing to do. I don't need to beat competitors with a short-term advantage. I beat them anyway. And we'll fight to do those as the right thing on a humanitarian basis. But for right now, we are -- have our tariff exemptions in place, the ones we've had for decades, we affirmed just weeks ago. Thanks for the question, Dan.

因此，我將領導這個行業，實際上要求對醫療技術實施關稅豁免，因為我認為這是正確的做法。我不需要憑藉短期優勢來打敗競爭對手。無論如何我都打敗了他們。我們將從人道主義的角度努力做正確的事。但就目前而言，我們已經實施了幾十年的關稅豁免，幾週前我們剛剛確認了這些豁免。謝謝你的提問，丹。

Matt Taylor, Jeffries.

馬特泰勒，杰弗里斯。

Hi. Thank you for taking my question. Mick, I actually wanted to follow up on that. You have this unique position with AdvaMed and it is great to see the Nairobi protocol is still in place for your products. But I guess I was wondering, have you had any discussions or back and forth with folks in the government about broader exemptions for Medtech? What do you think the chances are for that to be broader than just the historical harmonized tariff schedule under the current regime?

你好。感謝您回答我的問題。米克，我實際上想跟進一下這一點。您在 AdvaMed 中擁有獨特的地位，很高興看到您的產品仍然符合內羅畢協議。但我想知道，您是否與政府官員就醫療技術更廣泛的豁免進行討論或溝通？您認為，在目前體制下，此範圍比歷史統一關稅表擴大的可能性有多高？

Yes, Matt, look, it's a really good question. And I was saying refer to those specific country questions to my competitors. This one actually to refer to the CEO of AdvaMed, who's Scott Whittaker, who is the one negotiating directly with the White House. And obviously, we're all involved on the Board to do that. As I said, our goal there at AdvaMed is a 0 for 0 and a Medtech exemption.

是的，馬特，看，這是一個非常好的問題。我說的是向我的競爭對手詢問這些具體的國家問題。這實際上是指 AdvaMed 的執行長 Scott Whittaker，他是直接與白宮談判的人。顯然，我們董事會所有人都參與了這項工作。正如我所說，AdvaMed 的目標是實現 0 對 0 並獲得 Medtech 豁免。

We haven't seen progress in that as yet. I've seen a number of my Medtech peer CEOs reporting and some of them are talking about quantifying their specific tariff. Hit that they're going to have, and those are there for them. They're not there for us. We've been able to have this and reaffirmed it.

我們尚未看到這方面的進展。我看到許多醫療技術同行的執行長在做報告，其中一些正在談論量化他們的具體關稅。他們會受到打擊，而這些都為他們準備好了。他們不在我們身邊。我們已經能夠做到這一點並重申這一點。

I will still -- I'll take the high road for the whole industry and advocate for that. The probability of success. I'll leave that up to you, Matt, and your amazing sell-side folks to run your models on that. But here at Resmed, with our business, we're looking very good right now, and we're just powering through this.

我仍然會——我會為整個行業採取高尚的路線並倡導這一點。成功的機率。我將把這個問題留給你、馬特和你出色的賣方人員來運行你們的模型。但在 Resmed 這裡，我們的業務目前看起來非常好，而且我們正在努力解決這個問題。

I think our experience of going through global financial crisis, COVID crisis, supply chain crisis. Our competitor out and we had to ramp up to the global manufacturing in Singapore, Sydney and Atlanta to where we are now has given us a lot of sort of stability and balance.

我認為我們經歷過全球金融危機、新冠危機、供應鏈危機。我們的競爭對手退出了，我們不得不將全球製造業務擴展到新加坡、雪梨和亞特蘭大，現在這為我們帶來了巨大的穩定性和平衡性。

And I would say, ballast in the boat and a stoic nature for our company. We're going to get through this stronger and better than ever. As I said earlier, not just survive. We're going to thrive in environmental challenges, but they bring opportunities for people who are ready and opportunities is the overlap of everyone says it's luck when you get opportunities. And yes, there's a return on luck, but opportunity is the overlap of there's something there and the preparedness of the company. And Resmed is very well prepared. Thanks for the question, Matt.

我想說的是，這是我們公司的壓艙石，也是我們公司的堅忍不拔的精神。我們將比以往更加強大、更好地度過這一難關。正如我之前所說，不僅僅是生存。我們將在環境挑戰中茁壯成長，但它們為那些做好準備的人帶來了機遇，而機會是每個人都重疊的，當你獲得機會時，這是運氣。是的，運氣確實會帶來回報，但機會是現有事物與公司準備程度的重疊。Resmed 已經做好了充分的準備。謝謝你的提問，馬特。

Steve Wheen, Jarden.

史蒂夫惠恩，賈登。

Yes, thanks very much. A question for Brett. Just picking up again on the gross margin. You've obviously got a lot of those factors that you've been talking to for some time, all pulling in the right direction at the moment.

是的，非常感謝。問布雷特一個問題。毛利率剛剛再次回升。顯然，您已經討論了一段時間的許多因素，目前它們都在朝著正確的方向發展。

I'm just wondering what sort of runway you've got left to maybe be able to take that gross margin ignoring your comments on FX for the moment above 60%. So just trying to understand whether or not there's further shifts to see freight and if there's further manufacturing efficiencies or maybe even better procurement going -- that is an opportunity in the future?

我只是想知道，您還剩下什麼樣的跑道，可能能夠將毛利率暫時忽略 FX 的評論，達到 60% 以上。所以只是想了解是否有進一步的轉變來關注貨運，以及是否有進一步的製造效率或甚至更好的採購 - 這是未來的一個機會？

Yes, sure, Steve. I mean, we're 59.9%, we had. We're almost at 60% now, and we did see some pretty strong sequential increase in the GM as well Q2 to Q3. But as I mentioned in my prepared remarks, we do -- we're working on a number of initiatives. What we're really focusing on is building a good pipeline of margin improvement initiatives that we can roll out, not just for a quarter, but sustainably take a 6-month, 12-month, 24-month view on what we're doing.

是的，當然，史蒂夫。我的意思是，我們已經達到 59.9%。現在我們已經接近 60%，而且我們確實看到 GM 在第二季到第三季出現了相當強勁的連續成長。但正如我在準備好的發言中提到的那樣，我們正在進行多項舉措。我們真正關注的是建立良好的利潤率改善計劃管道，我們可以不只在一個季度內推出這些計劃，而是可持續地以 6 個月、12 個月、24 個月的眼光來看待我們正在做的事情。

And if we can -- if we build that pipeline of opportunities, and then we execute on those, then that should deliver those margin improvements year in, year out. So that -- and the areas we're focused on and probably the areas I mentioned, right, improving our manufacturing efficiencies and recoveries distribution and freight.

如果我們能夠——如果我們建立起這樣的機會管道，然後我們去執行它們，那麼這將年復一年地帶來利潤率的提高。所以——我們關注的領域以及我提到的領域，對的，就是提高我們的製造效率和回收分配和貨運。

And we've made a lot of progress there. So we've got -- that opportunity, I guess, is less now than it was because it made a lot of progress, but there's still opportunity there to optimize on that. We're still running the AS10 and AS11 platform.

我們在那裡取得了很大進展。所以我們有——我想，現在的機會比以前少了，因為我們已經取得了很大的進展，但仍然有機會進行優化。我們仍在運行 AS10 和 AS11 平台。

We are transitioning. So every quarter, we're moving more closer and closer to AS11 predominantly, although there will be a long tail in some markets on AS10, and it's still pretty popular product in the market. But that will help us.

我們正在轉型。因此，每個季度，我們都越來越接近 AS11，儘管在某些市場上 AS10 會有很長的銷售期，但它仍然是市場上相當受歡迎的產品。但這對我們有幫助。

And then on procurement components, designed for manufacturer for new products, for example, that come through some of the work that we might do in terms of life cycle engineering and how we improve the products in market as well.

然後是採購組件，例如為新產品製造商設計的組件，這些組件來自我們在生命週期工程方面可能做的一些工作，以及我們如何改進市場上的產品。

So there's a number of opportunities that we're looking at. It's not just one, and it's not kind of he's one and that's easy and there you go, this margin improvement. But if you work on a number of items given our scale, we will get benefit and we'll get improvement in the gross margin. That's certainly what our supply chain team is focused on delivering.

因此，我們正在尋找許多機會。這不只是一個，也不是說他只有一個，這很容易，你看，這就是利潤率的提升。但如果你根據我們的規模來開展多項業務，我們將獲得利益，毛利率也會提高。這當然是我們的供應鏈團隊致力於實現的目標。

And how do you do that? You do that by having a really solid long-term pipeline of opportunities as long as you're identifying them and executing on those then I'm confident we can continue to expand the gross margin and get that gross margin. I mean, our aim is to continue to improve it, and that would logically mean it has to end up in the 60s.

那你是怎麼做到的呢？你可以透過擁有真正穩固的長期機會管道來做到這一點，只要你識別它們並執行它們，那麼我相信我們可以繼續擴大毛利率並獲得該毛利率。我的意思是，我們的目標是繼續改進它，從邏輯上講，這意味著它必須達到 60 年代。

David Bailey, Morgan Stanley.

摩根士丹利的戴維貝利。

Yes. Thanks. Hi, Mick. Just interested in your latest thoughts on resupply rates for people who've or patients have initiated of GLP-1 therapy. Just wanted to test the thinking that patients who lose weight after being on a GLP-1 might cease their CPAP therapy. It's something that's sort of came up in conversations, but interested to hear how you think that might evolve over time and then maybe sort of reflecting or referencing some of the patient engagement initiatives you've got. Thanks.

是的。謝謝。你好，米克。我只是想知道您對開始 GLP-1 療法的人或患者的補給率的最新想法。只是想驗證這樣的想法：服用 GLP-1 後體重減輕的患者可能會停止 CPAP 治療。這是在談話中出現的問題，但我很想聽聽您認為隨著時間的推移，這個問題可能會如何發展，然後也許可以反映或參考您所採取的一些患者參與舉措。謝謝。

Yes, David, it's a really good question. And as you know, we don't just hypothesize on this, we go and collect data, right? And so we're now tracking over 1 million patients, and we see that high start rate on CPAP therapy for a GLP-1 prescribed patient plus a PAP prescription.

是的，大衛，這是一個非常好的問題。而且如你所知，我們不只是對此進行假設，我們還會去收集數據，對嗎？因此，我們現在正在追蹤超過 100 萬名患者，我們發現對於 GLP-1 處方加上 PAP 處方的患者，CPAP 治療的開始率很高。

We see that high reimbursement rate at 1 year, and we see a higher reimbursement rate and 2 years plus 3, plus 5, so plus 10 plus 3 plus 5, and we're tracking that and it's really consistent. Every quarter, we put stuff into it.

我們看到 1 年的報銷率很高，2 年加 3 年、加 5 年，甚至加 10 年加 3 年加 5 年的報銷率也更高，我們正在跟踪這一情況，而且它確實很一致。每個季度，我們都會往裡面投入一些東西。

And we're not really talking about it much because it's not changing that much in terms of these are very motivated patients. And as they lose the weight, I've been asked qualitatively and I've even asked sleep physicians like give me the reason why -- why are they more adherent, what do you think it is? And they talk about lifestyle. These people eating better, feeling better, exercising more and therefore, sleeping better. They also talk about the low weight May for those on APAP and bilevels that are automated in terms of titration, maybe lowering their pressures, which can increase adherence as well.

我們實際上並沒有過多地談論它，因為對於這些非常有動力的患者來說，它並沒有發生太大的變化。隨著他們的體重減輕，我被問到一些定性問題，我甚至詢問睡眠醫生，為什麼他們更堅持減肥，你認為原因是什麼？他們也談論生活方式。這些人吃得更好，感覺更好，運動更多，因此睡得更好。他們還討論了對於使用 APAP 和雙水平呼吸機的人來說，低體重可能在滴定方面是自動化的，可能會降低他們的壓力，這也可以提高依從性。

And so lots of hypotheses out in the literature. We're going to see a lot of clinical literature in this space. But David, the big change, I think, this quarter is I mean if you look at the clinical data, a dental device might sort of 70% treat, an implant or a drug might half treat sleep apnea. There is only one gold standard that fully treats this sleeping disorder, this sleep suffocation disorder and that is positive airway pressure. And it's incredibly effective, completely non-invasive and completely reversible.

文獻中提出了許多假設。我們將會看到大量有關這一領域的臨床文獻。但大衛，我認為本季最大的變化是，如果你查看臨床數據，牙科設備可能有 70% 的治療效果，而植入物或藥物可能有一半的治療效果。只有一個黃金標準可以完全治療這種睡眠障礙、睡眠窒息障礙，那就是呼吸道正壓通氣。而且它非常有效，完全非侵入性並且完全可逆。

And so the risk for the patient and nothing. It's not like going under the knife for an implant or putting something into your body that could have all sorts of [effects]. And so the propensity to start is low, and we're tracking really carefully that adherence rate. And we're getting good results there.

因此對於患者來說風險並不算什麼。這不像是動手術植入或將某種東西放入你的身體，可能會有各種各樣的[效果]。因此開始的傾向很低，我們正在非常仔細地追蹤依從率。我們在那裡取得了良好的成果。

So the real question is, how fast will they bring people into the funnel and can we expand the file, the home sleep apnea testing funnel with NightOwl, the sleep lab channel with better products like VPAP Tx more integration into Somnoware, into Brightree, into myAir, into AirView.

所以真正的問題是，他們能多快將人們帶入渠道，我們能否擴展文件，使用 NightOwl 進行家庭睡眠呼吸暫停測試渠道，使用 VPAP Tx 等更好產品的睡眠實驗室渠道，更多地集成到 Somnoware、Brightree、myAir 和 AirView 中。

So we're sort of preparing the infrastructure, if you like, David, for the flow of patients that will come from this. Yes, so the anecdotal all people will lose a bit of wait and stop. It's just not happening. Talk to any patient, do the clinical research, look at the clinical data. If you don't believe our 1 million patients in our study, go interview a doctor who says, no, absolutely not.

因此，大衛，如果你願意的話，我們正在為由此帶來的病患流量準備基礎設施。是的，所以軼事所有人都會失去一點等待和停止。這根本就沒發生。與任何患者交談，進行臨床研究，查看臨床數據。如果你不相信我們研究中的 100 萬名患者，請去採訪一位醫生，他會說，不，絕對不是。

They wouldn't think about it. They were actually doubling down on their use of it because they're feeling better across the board. And half treating suffocation is not treating suffocation. And the patients themselves know that, and certainly, the doctors know that. There's always churn, but the churn is lower in that group.

他們不會考慮這一點。他們實際上加倍使用它，因為他們感覺整體上更好了。而只治療一半的窒息就不是治療窒息。病人自己知道這一點，醫生當然也知道這一點。總是會有客戶流失，但該族群的客戶流失率較低。

And our job is to drive up adherence programs, resupply programs, which lead to better outcomes. And now from our data leads to 37% lower death rates in the patients sticking to therapy. 55% lower cardiovascular death rates. This is a big deal. Thanks for the questions, David. I think, Kevin, we're right at time.

我們的工作是推動遵守計劃、補給計劃，以便取得更好的結果。現在，根據我們的數據，堅持治療的患者的死亡率降低了 37%。心血管死亡率降低55%。這是一件大事。謝謝你的提問，大衛。凱文，我想我們現在正是時候。

I think we have time for one more question from Brett Fishbin from KeyBanc Capital Markets.

我想我們還有時間回答 KeyBanc Capital Markets 的 Brett Fishbin 提出的另一個問題。

Hey, guys. Thank you for fitting me in here at the end. Just I'll ask one follow-up on the gross margin trends. You called out manufacturing and logistics efficiencies as a primary driver of the sequential and year-over-year improvement. Just was hoping if you could maybe expand on like what some of the key initiatives in those buckets have been and where you're seeing the most impact. Thank you.

嘿，大家好。感謝您最後讓我來到這裡。我只想問一個關於毛利率趨勢的後續問題。您指出製造和物流效率是連續和年成長的主要驅動力。只是希望您能詳細說明一下這些類別中的一些關鍵舉措是什麼，以及您看到哪些方面的影響最大。謝謝。

Yes, sure. Sure, Brett. On the distribution and freight, we're really we're really seeing a strong improvement in our sea freight to airfreight ratio. So that's improved a lot. So we're pretty close to where we were pre-COVID actually. So that's been a strong driver which has been there probably for the last 12 months, 18 months, and that continues. So that's a big one there.

是的，當然。當然，布雷特。在配送和貨運方面，我們確實看到海運與空運比率有了顯著改善。所以這已經有了很大的改善。因此，我們實際上已經非常接近新冠疫情之前的水平。所以這是一個強大的驅動力，可能已經存在了 12 個月、18 個月，而且還在繼續。所以這是一個大問題。

Manufacturing efficiencies, what it's about doing a bunch of small things really well and driving that and improving the process, improving routing times, for example, so doing a bunch of things, looking at overhead and so on. You also get benefits of scale, obviously, as we continue to grow. And the other thing on that is the AS10 and even the AS11 platforms are quite mature now.

製造效率，就是把一堆小事做好，推動並改進流程，例如改善路由時間，做一堆事情，查看開銷等等。顯然，隨著我們的不斷發展，您還將獲得規模效益。另一件事是 AS10 甚至 AS11 平台現在已經相當成熟。

So as they mature, you get just better and better at making those devices and improve along the way in a sense of continuous improvement programs, if you like. So they really drive that. And at our scale, can have quite a significant impact. So that hopefully gives you a little bit more color on kind of some of the drivers there.

因此，隨著它們的成熟，你會越來越擅長製造這些設備，並且在持續改進計劃的意義上不斷改進，如果你願意的話。所以他們確實推動了這一點。在我們的規模下，可以產生相當大的影響。希望這能讓您更多地了解那裡的一些驅動因素。

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

謝謝。我們的問答環節已經結束。我想把發言權交還給米克，請他發表進一步的結論。

Yes. Thanks, Kevin. And thanks to the over 10,000 Resmedians, providing these products and services that we talked about to patients in over 140 countries worldwide. Thanks what you do today and every day. Thank you also to what you do for our patients, our physicians, providers, payers and health care communities and how you build value for our stakeholders, especially our shareholders who are listening to us today, which I know many of you Resmedians, are shareholders as well. We'll talk to all of our stakeholders here again in around 90 days. Thank you. Over to you, Salli.

是的。謝謝，凱文。感謝超過 10,000 名 Resmedians，為全球 140 多個國家的患者提供我們談到的這些產品和服務。感謝您今天以及每一天所做的一切。也感謝您為我們的患者、醫生、供應商、付款人和醫療保健社區所做的一切，感謝您為我們的利益相關者，特別是今天聆聽我們發言的股東創造價值，我知道你們中的許多人也是 Resmedians 的股東。我們將在大約 90 天後再次與所有利益相關者交談。謝謝。交給你了，薩莉。

Great. Thank you, Mick, and thank you, everyone, for listening. We appreciate your time and interest. If you have any additional questions, please don't hesitate to reach out directly. Kevin, you may now close the call.

偉大的。謝謝你，米克，也謝謝大家的聆聽。我們感謝您的時間和關注。如果您有任何其他問題，請隨時直接與我們聯繫。凱文，你現在可以結束通話了。

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

謝謝。今天的電話會議到此結束。網路廣播您現在可以斷開線路了，祝您有美好的一天。我們感謝您今天的參與。