瑞思邁 (RMD) 2025 Q4 法說會逐字稿

Hello and welcome to the Q4 fiscal year 2025 Resmed earnings conference call. My name is Kevin. I'll be your operator for today's call. (Operator Instructions) Also, please note this conference call is being recorded. Later we'll conduct a question and answer session.

您好，歡迎參加 Resmed 2025 財年第四季財報電話會議。我的名字是凱文。我將擔任您今天電話的接線生。（操作員指示）另外，請注意本次電話會議正在錄音。稍後我們將進行問答環節。

Let me hand the call over to Salli Schwartz, Resmed's Chief Investor Relations Officer. Salli, please go ahead.

讓我把電話交給 Resmed 的首席投資人關係長 Salli Schwartz。薩莉，請繼續。

Thanks, Kevin. I want to welcome our listeners to Resmed's fourth quarter fiscal year 2025 earnings call. We are live webcasting this call from Sydney, and the replay will be available on the Investor Relations section of our corporate website later today.

謝謝，凱文。我歡迎我們的聽眾參加 Resmed 2025 財年第四季財報電話會議。我們正在雪梨對此電話會議進行網路直播，重播將於今天稍晚在我們公司網站的投資者關係部分提供。

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

我們的收益新聞稿和簡報現在都可以在線上取得。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。

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

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。此外，我們今天的討論將包括前瞻性陳述，包括但不限於對我們未來財務和經營業績的預期。

We make these statements based on reasonable assumptions. However, our actual results could differ. Please review our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements made today. I'll now turn the call over to Mick.

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。我現在將電話轉給米克。

Thank you, Salli, and good morning from a wintery cold and rainy Sydney, Australia. Good afternoon to those in the US, and good evening to those in Europe and beyond, and welcome to Resmed's fourth quarter fiscal 2025 earnings call.

謝謝你，薩莉，來自寒冷多雨的澳洲雪梨的冬日早晨，向你問好。各位美國人下午好，各位歐洲及其他地區的朋友們晚上好，歡迎參加 Resmed 2025 財年第四季財報電話會議。

I'm pleased to report that Resmed delivered another very strong quarter, closing out fiscal year 2025 with excellent results. In our fourth quarter, we achieved 10% year-over-year reported revenue growth and 230 basis points of year-over-year gross margin expansion.

我很高興地報告，Resmed 又度過了一個非常強勁的季度，以優異的成績結束了 2025 財年。第四季度，我們的報告營收年增 10%，毛利率年增 230 個基點。

We continued our disciplined approach to investments in both research and development as well as SG&A, and we delivered another quarter of very strong free cash flow.

我們繼續採取嚴謹的投資方式，無論是在研發方面還是銷售、一般及行政費用方面，並且我們又一個季度實現了非常強勁的自由現金流。

In addition to the world -- to being the world's leading sleep health and medical devices company, Resmed continues to build a global digital health ecosystem, encompassing sleep health, breathing health and health care delivery in the home.

除了全球——作為世界領先的睡眠健康和醫療設備公司，Resmed 還繼續建立全球數位健康生態系統，涵蓋睡眠健康、呼吸健康和家庭醫療保健。

We continue to see robust demand for our products and are now serving more than 154 million lives through our hardware and software platforms as well as our technology solutions. We are well on our way to achieving our Resmed 2030 goal of improving over 500 million people's lives by 2030.

我們持續看到市場對我們產品的強勁需求，目前我們透過硬體和軟體平台以及技術解決方案為超過 1.54 億人的生活提供服務。我們正在順利實現 Resmed 2030 目標，即在 2030 年之前改善超過 5 億人的生活。

I want to take this opportunity to thank the more than 10,000 Resmedians serving patients and customers in more than 140 countries worldwide for all that they do to serve those customers today and every day. Last quarter, I spoke to three key themes: first, that Resmed generates robust free cash flow and has a very strong balance sheet.

我想藉此機會感謝全球 140 多個國家/地區的 10,000 多名 Resmedians 為患者和客戶提供服務，感謝他們今天和每天為這些客戶所做的一切。上個季度，我談到了三個關鍵主題：首先，Resmed 產生了強勁的自由現金流，並且擁有非常強勁的資產負債表。

Second, we're committed to operational excellence as well as driving ongoing operating leverage. And third, that Resmed is a compelling investment opportunity. We have a strong study ship that can go through the waves and especially amidst the global macro uncertainty that we're seeing around tariffs and trades, and so on, Resmed has a very smooth path.

其次，我們致力於卓越營運並推動持續的營運槓桿。第三，Resmed 是一個極具吸引力的投資機會。我們擁有強大的研究能力，能夠乘風破浪，尤其是在關稅、貿易等全球宏觀不確定性的背景下，Resmed 的發展道路非常順利。

These themes remain highly relevant here as we discuss our fourth quarter and our fourth quarter results illustrate them well. So let me walk through the first of those themes. First, our fiscal year 2025 free cash flow was $1.7 billion, which provides Resmed with significant flexibility to both invest in our business and return capital to our shareholders.

當我們討論第四季度時，這些主題仍然高度相關，而第四季度的業績很好地說明了這些主題。那麼就讓我來介紹一下第一個主題。首先，我們 2025 財年的自由現金流為 17 億美元，這為 Resmed 提供了極大的靈活性，既可以投資我們的業務，也可以向股東返還資本。

On the inorganic growth strategy front, we are focused on finding tuck-in size acquisitions that will help us accelerate towards our Resmed 2030 strategy. Recent examples include Somnoware, which is software for sleep physicians and pulmonary physicians.

在無機成長策略方面，我們專注於尋找能夠幫助我們加速實現 Resmed 2030 策略的規模收購。最近的例子包括 Somnoware，這是一款針對睡眠醫生和肺科醫生的軟體。

Ectosense, which has their product, the NightOwl, which is basically a wearable fingertip size sleep home sleep apnea test. And just last quarter, we completed the acquisition of VirtuOx. These businesses will help patients move through the sleep care funnel more efficiently.

Ectosense 有自己的產品 NightOwl，它基本上是一種可穿戴的指尖大小的家庭睡眠呼吸中止測試儀。就在上個季度，我們完成了對 VirtuOx 的收購。這些業務將幫助患者更有效地完成睡眠照護。

VirtuOx reduces diagnostic delays. It accelerates the rate of people moving from symptom recognition to home sleep apnea testing, and it keeps more patients on the path to treatment. VirtuOx will continue to operate independently under its own brand, and there are no changes that we plan to how providers and physicians will interact with either VirtuOx or Resmed.

VirtuOx 減少了診斷延遲。它加速了人們從症狀識別到家庭睡眠呼吸中止測試的速度，並使更多的患者走上治療之路。VirtuOx 將繼續以自己的品牌獨立運營，我們計劃不會改變供應商和醫生與 VirtuOx 或 Resmed 的互動方式。

In the US healthcare system, physician prescriptions, payer requirements and the need for personalized setup and support make home medical equipment or HME providers, our essential partners in ensuring patients receive and stay on effective therapy.

在美國醫療保健系統中，醫生處方、付款人要求以及個人化設定和支援的需求使得家庭醫療設備或 HME 提供者成為我們確保患者接受並維持有效治療的重要合作夥伴。

And sleep labs and home sleep apnea testing run from sleep labs is also a huge part of the infrastructure that we work with all day and every day. You will see us continue to selectively invest in our what we call digital sleep health concierge capabilities, including screening protocols, clinical tools, seamless workflows and cloud connected care pathways.

睡眠實驗室和睡眠實驗室運行的家庭睡眠呼吸中止症測試也是我們全天工作的基礎設施的重要組成部分。您將看到我們繼續有選擇地投資於我們所謂的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。

We will be looking to expand the diagnostic funnel to keep up with new patient flow coming from three sources. One, and most importantly, our own Resmed driven demand generation efforts that I'll talk about later.

我們將尋求擴大診斷管道，以跟上來自三個來源的新患者流量。首先，也是最重要的一點，我們自己的 Resmed 驅動的需求產生工作，我稍後會談到。

Two, the greater awareness of sleep apnea that has been generated by the promotion of GLP-1 or GLP-1 medications, particularly to the specific primary care physician groups that they target and we can target as well with education.

二、透過推廣 GLP-1 或 GLP-1 藥物，人們對睡眠呼吸中止症的認識得到了提高，特別是針對他們所針對的特定初級保健醫生群體，我們也可以透過教育來針對他們。

And three, the accelerating momentum in consumer wearables that are capable of sleep health monitoring as well as some with specific sleep apnea detection capabilities. Resmed remains laser-focused on helping the more than 2.3 billion people worldwide that suffer from sleep apnea, insomnia or respiratory insufficiency due to COPD or neuromuscular disease, and all those that need care delivered in the home.

第三，具有睡眠健康監測功能以及特定睡眠呼吸中止症檢測功能的消費性穿戴裝置的發展動能正在加速。Resmed 始終致力於幫助全球超過 23 億因 COPD 或神經肌肉疾病而患有睡眠呼吸中止症、失眠或呼吸功能不全的人，以及所有需要家庭護理的人。

We've also returned significant capital to shareholders in fiscal year 2025 through a combination of dividends and share repurchases that have totaled more than $610 million for the year. I'm pleased to announce that Resmed's Board of Directors, my fellow Board of Directors has authorized an increase in the quarterly dividend for fiscal year 2026.

我們也透過股利和股票回購的方式在 2025 財年向股東返還了大量資本，全年總額超過 6.1 億美元。我很高興地宣布，Resmed 董事會，我的董事會同事已批准增加 2026 財年的季度股利。

Additionally, we are significantly increasing our targeted share repurchase activity for fiscal year 2026. Brett will discuss both these actions in more detail in his remarks in a few minutes, and they represent the strength of our business.

此外，我們還將大幅增加 2026 財年的目標股票回購活動。布雷特將在幾分鐘後的演講中更詳細地討論這兩項行動，它們代表了我們業務的實力。

Resmed's very strong free cash flow affords us the ability to invest in the business through R&D and SG&A expenses, but also to pursue our share buybacks and raise our dividend, as I just mentioned. But in addition to that, to also have significant funds available for strategic technology and I would call pathway -- seamless pathway type tuck-in acquisitions.

Resmed 非常強大的自由現金流使我們能夠透過研發和銷售、一般及行政費用來投資業務，同時也使我們能夠進行股票回購併提高股息，正如我剛才提到的那樣。但除此之外，還要有大量資金用於策略技術，我稱之為路徑——無縫路徑類型的收購。

My second key message relates to our commitment to operational excellence. Resmed has demonstrated a very strong track record of improving and driving gross margin expansion and a pipeline of opportunities to deliver further operating leverage across our business.

我的第二個關鍵訊息與我們對卓越營運的承諾有關。Resmed 在改善和推動毛利率擴張方面有著非常出色的業績記錄，並且為我們在整個業務中提供進一步的營運槓桿提供了大量機會。

In the fourth quarter, we achieved 230 basis points of gross margin expansion year-over-year and well over 100 basis points sequentially quarter-over-quarter. And we have more runway left. We'll continue the execution on these opportunities over the course of our fiscal year 2026 that we're just firing up on here, and I'll update you here on this call every quarter as we continue to deliver these results.

第四季度，我們的毛利率年增 230 個基點，較上季成長超過 100 個基點。我們還剩下更多的跑道。我們將在 2026 財年繼續執行這些機會，我們剛剛啟動了這些計劃，隨著我們繼續提供這些成果，我將在每個季度的電話會議上向你們通報最新情況。

We will also continue to evolve our global manufacturing footprint. We're approaching the official opening of our newest manufacturing location in Calabasas, California. This site will double the size of our current manufacturing footprint in the United States and is designed for us to scale up our US-made product volume over the coming years and leverage the amazing technology capabilities of folks in East L.A. in terms of aeronautical and automotive industries that we use in the field of motor technology and motor manufacturing.

我們也將繼續擴大我們的全球製造足跡。我們位於加州卡拉巴薩斯的最新製造基地即將正式開幕。該工廠將使我們目前在美國的製造規模擴大一倍，旨在讓我們在未來幾年擴大美國製造的產品數量，並利用東洛杉磯在航空和汽車工業方面的驚人技術能力，用於我們在電機技術和電機製造領域。

During the fourth quarter, we delivered very strong net operating profit growth even with the continued investment in both R&D and SG&A. We see these growing investments in innovative R&D as well as SG&A investments that are focused on demand generation, demand capture and demand curation as critical components to Resmed's long-term growth.

在第四季度，即使在研發和銷售、一般及行政費用方面繼續投資，我們仍然實現了非常強勁的淨營業利潤成長。我們認為，這些對創新研發的不斷增長的投資以及專注於需求產生、需求捕獲和需求策劃的銷售、一般及行政費用 (SG&A) 投資是 Resmed 長期增長的關鍵組成部分。

Resmed is an innovation machine with R&D focused on market-leading masks, cloud connected devices and digital sleep health platforms, along with growing investments in AI, GenAI technology that's across the business.

Resmed 是一家創新機器，其研發專注於市場領先的面罩、雲端連接設備和數位睡眠健康平台，同時不斷增加對整個業務的 AI、GenAI 技術的投資。

We make the smallest, the quietest, the most comfortable, the most connected and the most intelligent therapy solutions for sleep apnea and now insomnia and respiratory insufficiency as well as having the market-leading software for healthcare and broader care delivered right where people live.

我們為睡眠呼吸中止症以及現在的失眠和呼吸功能不全提供最小、最安靜、最舒適、最具互聯性和最聰明的治療解決方案，同時擁有市場領先的醫療保健軟體和更廣泛的護理服務，可在人們居住的地方提供。

We continue to roll out our amazing AirSense 11 platform to more and more countries in our global markets. Over the course of fiscal year 2026, you'll see us do the same for our latest patient interface technologies, including the AirTouch N30i, which has an amazing fabric enhanced capability that can be put on to LSR manufacturing in a very unique way by our manufacturing and technology teams.

我們將繼續在全球市場上向越來越多的國家推出我們令人驚嘆的 AirSense 11 平台。在 2026 財年，您將看到我們對最新的患者介面技術採取相同的措施，包括 AirTouch N30i，它具有令人驚嘆的織物增強功能，我們的製造和技術團隊可以以非常獨特的方式將其應用於 LSR 製造。

And also the AirFit F40, which is a minimally contact oral nasal mask among many other products in our mask portfolio. We also have a robust road map for incorporating AI and GenAI technology into our digital products.

還有 AirFit F40，它是我們面罩產品組合中眾多產品中的一款微接觸口鼻面罩。我們還擁有將 AI 和 GenAI 技術融入我們的數位產品的強大路線圖。

In June, we integrated our digital assistant that we call Dawn as in the sunrises into myAir in our Australia business to provide personalized 24/7 support to our local users. We plan to have a wider rollout of Dawn on the myAir platform, which is our app that sits on smartphones throughout fiscal year 2026 as we get regulatory approvals and move that technology to the various countries that we operate worldwide. Watch this space on that front.

今年 6 月，我們將數位助理「Dawn」（意為日出）整合到澳洲業務的 myAir 中，為當地用戶提供個人化的全天候支援。我們計劃在 2026 財年期間在 myAir 平台上更廣泛地推出 Dawn，這是我們的智慧型手機應用程序，我們將獲得監管部門的批准，並將該技術推廣到我們在全球運營的各個國家。請關注此方面的空間。

Additionally, within the myAir app, our smart coaching feature uses machine learning combined with behavioral science-based interventions to enhance personalized PAP therapy outcomes. And finally, our resupply attrition predictor helps Brightree customers in the US to better manage patients who are at risk of dropping off or quitting positive airway pressure therapy.

此外，在 myAir 應用程式中，我們的智慧指導功能使用機器學習結合基於行為科學的干預措施來增強個人化的 PAP 治療效果。最後，我們的補給損耗預測器可幫助美國的 Brightree 客戶更好地管理可能放棄或終止氣道正壓通氣治療的患者。

This technology enables our HME partners to create personal touch points with patients and to ultimately increase long-term adherence of those patients. Greater long-term adherence leads to better patient outcomes, happier physicians, lower total cost of care for payers and better resupply volumes that are beneficial for HME providers and obviously, for Resmed.

這項技術使我們的 HME 合作夥伴能夠與患者建立個人接觸點，並最終提高這些患者的長期依從性。更好的長期堅持可以帶來更好的患者治療效果、更滿意的醫生、更低的支付者總護理成本以及更好的補給量，這對 HME 提供者有利，顯然對 Resmed 也有利。

As our trained AI technologies improve with more and more data, we foresee Resmed solutions will transform into proactive, personalized healthcare companions. Resmed is extremely well positioned to turn our over 23 billion nights of respiratory medical data as well as our three plus decades of sleep science and sleep medicine knowledge into personalized treatments and personalized insights that integrate seamlessly with wearable data, health data and virtual care.

隨著我們訓練的人工智慧技術隨著越來越多的數據而改進，我們預見 Resmed 解決方案將轉變為主動的、個人化的醫療保健伴侶。Resmed 擁有極其有利的優勢，能夠將我們超過 230 億個夜晚的呼吸醫療數據以及我們三十多年的睡眠科學和睡眠醫學知識轉化為個性化治療和個性化見解，並與可穿戴數據、健康數據和虛擬護理無縫整合。

In addition to our products, we see multiple applications for AI and GenAI in our business processes. In our R&D team, the use of agents in verification and validation can reduce development time to a fraction of our prior processes. We're using AI to write test scripts to diagnose test failures, to write reports as well as in verification of our product library.

除了我們的產品之外，我們還在業務流程中看到了 AI 和 GenAI 的多種應用。在我們的研發團隊中，使用代理進行驗證和確認可以將開發時間縮短到先前流程的一小部分。我們正在使用人工智慧編寫測試腳本來診斷測試失敗、編寫報告以及驗證我們的產品庫。

We are also rearchitecting development processes. As one example, we've been able to use AI to develop a human head-shaped variance model to represent a broad range of ethnic groups to run virtual fitting studies.

我們也正在重新設計開發流程。舉個例子，我們已經能夠使用人工智慧開發一個人類頭形差異模型來代表廣泛的種族群體，以進行虛擬試穿研究。

This will allow us to replace what was previously our multiple in-person mask fitting studies that would likely be limited in sample size to maybe 100 people and replace it with a digitized model that can simulate many thousands of people using less time, less planning and less investment dollars.

這將使我們能夠用數位化模型來取代先前多次面對面的口罩佩戴研究（這些研究的樣本量可能僅限於 100 人），該模型可以用更少的時間、更少的規劃和更少的投資來模擬數千人。

This type of doing more with less resources approach is only accelerating as we expand and broaden our use of AI across the business. Our SG&A investments have also continued to show a very strong ROI. Earlier this year, we announced a comprehensive Resmed brand evolution strategy and several targeted direct-to-consumer marketing campaigns to build brand awareness and really importantly, to drive undiagnosed patients to seek care.

隨著我們在整個業務中擴大和拓寬人工智慧的使用，這種用更少的資源做更多事情的方法只會加速發展。我們的銷售、一般及行政費用 (SG&A) 投資也持續顯示出非常強勁的投資報酬率。今年早些時候，我們宣布了一項全面的 Resmed 品牌發展策略和幾項有針對性的直接面向消費者的行銷活動，以建立品牌知名度，更重要的是，促使未確診的患者尋求治療。

Results to date have been very promising as we are in the early phases of this. But if this is a marathon, our first mile, or here in Australia, our first kilometer was a great lap time. We launched a multi-market campaign targeting sleep health awareness primarily in countries where we have significant direct market channels, including Germany, Australia, New Zealand, Korea and India.

由於我們正處於該研究的早期階段，因此迄今為止的結果非常令人鼓舞。但如果這是一場馬拉松，我們的第一英里，或者在澳大利亞，我們的第一公里，都是一個很棒的單圈時間。我們發起了一項針對睡眠健康意識的多市場活動，主要在我們擁有重要直接市場管道的國家，包括德國、澳洲、紐西蘭、韓國和印度。

To date, we have seen growing sell-through and delivered a strong return on our advertising spend, or ROAS, as the martech people call it, that is many multiples of the investment we've made. We've also had an omnichannel US-based campaign that's been focused on the perception of CPAP therapy.

到目前為止，我們的銷售量不斷增長，廣告支出（行銷技術人員稱之為 ROAS）獲得了豐厚的回報，是我們投資的許多倍。我們也在美國開展了全通路活動，並專注於 CPAP 療法的認知。

This effort ran in metropolitan areas in the US, very specific ones for several months earlier this year and touched both consumers as well as healthcare providers. So I think physicians, HMEs, primary care physicians and beyond.

此項活動於今年稍早在美國的一些大都市地區（特別是特定的地區）開展了幾個月，涉及消費者和醫療保健提供者。所以我認為是醫生、HME、初級保健醫生以及其他人員。

On the physician education front, specifically, we've expanded our offering of continuing medical education or as they call CME programs to teach physicians for the benefits of CPAP, APAP and bilevel therapy as the gold standard, the frontline treatment for any patient that has been diagnosed positively with sleep apnea in accordance with sleep medicine guidelines from the AASM and beyond.

具體來說，在醫生教育方面，我們擴大了繼續醫學教育（或 CME 項目）的範圍，向醫生傳授 CPAP、APAP 和雙水平治療的益處，將其作為黃金標準，根據 AASM 及其他機構的睡眠醫學指南，對被確診為睡眠呼吸中止症的任何患者進行一線治療。

We're seeing an increased participation from primary care physicians. We had 20,000 unique primary care physician participants who have taken our courses and those CME courses, and over 32,000 courses taken. So people are taking these multiple times. We love to see the repeat CME users. That means the PCPs, the primary care physicians, the GPs, they want to get even deeper into the field of sleep health.

我們看到初級保健醫生的參與度有所提升。我們有 20,000 名獨特的初級保健醫生參與者參加了我們的課程和 CME 課程，並且參加了超過 32,000 門課程。因此人們多次服用這些藥物。我們很高興看到 CME 的重複用戶。這意味著初級保健醫生、初級保健醫生和全科醫生都希望更深入地了解睡眠健康領域。

One of the most encouraging statistics I saw from this work is that 75% of the CME course graduates indicate in a survey that we do post the training that they specifically intend to change the clinical practices that they have in their practice related to sleep health based on what they've learned from our CME programs.

我從這項工作中看到的最令人鼓舞的統計數據之一是，75％的 CME 課程畢業生在調查中表示，我們確實發布了培訓，他們打算根據從我們的 CME 課程中學到的知識，改變他們在睡眠健康相關的臨床實踐。

This is an incredible result, and we will watch this space for the level of increased prescriptions and increased flow of patients into our home sleep apnea testing and sleep lab funnel and ultimately to prescriptions.

這是一個令人難以置信的結果，我們將密切關注該領域的處方增加水平以及進入我們的家庭睡眠呼吸中止測試和睡眠實驗室管道的患者流量增加情況，並最終開出處方。

For those who have been watching our brand enhanced investments closely, you will know that Resmed was recently named the official partner of the Qatar Airways British & Irish Lions Tour to Australia and beyond.

對於那些密切關注我們品牌增強投資的人來說，您會知道 Resmed 最近被任命為卡達航空英國和愛爾蘭雄獅隊澳洲及以外地區巡迴賽的官方合作夥伴。

It started actually in Dublin, Ireland and went around the world. Where we all have businesses in all these countries and many of them omnichannel businesses. Resmed launched what we call the Tackle Your Sleep campaign. This is a comprehensive digital and content focused campaign featuring some of the world's best athletes in the field of Rugby and coaches in the field of Rugby.

它實際上始於愛爾蘭都柏林，然後傳遍了世界各地。我們在所有這些國家都有業務，其中許多是全通路業務。Resmed 發起了我們所謂的「解決你的睡眠問題」活動。這是一項全面的數位化和內容重點活動，其中包括世界上一些最好的橄欖球運動員和橄欖球教練。

This campaign aims to raise awareness about the importance of quality sleep as the third pillar of health, along with cardiovascular exercise and good diet and nutrition. We will track brand awareness, Net Promoter Scores as well as consumer and patient flow statistics to measure the ROI and the return on advertising spend or ROAS.

這項活動旨在提高人們對優質睡眠的重要性的認識，優質睡眠是與心血管運動和良好的飲食和營養並列的健康第三大支柱。我們將追蹤品牌知名度、淨推薦值以及消費者和患者流量統計數據，以衡量投資回報率 (ROI) 和廣告支出回報率 (ROAS)。

Our clear goal of these brand awareness and demand generation campaigns is to help the 2.3 billion people worldwide who need our solutions to know the Resmed brand and more specifically, to know where, how and when to find a path to screening, diagnosis and ultimately to being on therapy for life, to save their job, to save their marriage, to save their life.

我們進行這些品牌知名度和需求產生活動的明確目標是幫助全球 23 億需要我們解決方案的人了解 Resmed 品牌，更具體地說，了解在哪裡、如何以及何時找到篩檢、診斷的途徑，並最終接受終身治療，挽救他們的工作、挽救他們的婚姻、挽救他們的生命。

Watch this space as we measure the ROI that we've had with these, I would say, relatively modest global marketing efforts, and we will pursue ongoing targeted additional phases of these initiatives in fiscal year 2026, with every investment based upon strong ROI and proven ROI targets, coupled with disciplined spend of our valuable SG&A resources.

專注於這個領域，因為我們衡量了這些相對適度的全球行銷努力的投資回報率，我們將在 2026 財年繼續推進這些計劃的有針對性的額外階段，每一項投資都基於強大的投資回報率和經過驗證的投資回報率目標，再加上我們寶貴的銷售、一般和行政費用 (SG&A) 資源的嚴格支出。

We are accelerating the next step of our Resmed 2030 operating model by integrating our revenue and product functions of our residential care software or RCS and sometimes called our SaaS or Software-as-a-Service business, into the broader Resmed organization.

我們正在透過將我們的住宅護理軟體或 RCS（有時稱為 SaaS 或軟體即服務業務）的收入和產品功能整合到更廣泛的 Resmed 組織中，來加速 Resmed 2030 營運模式的下一步發展。

This builds on earlier efforts that integrated our RCS, finance, human resources, cybersecurity and marketing functions and many more over the last periods. By aligning our people, our workflows, our platforms and our data across the business, we can continue to reduce friction, improve therapy adherence and deliver more personalized and more digital care.

這是基於我們過去一段時間的努力，整合了 RCS、財務、人力資源、網路安全和行銷職能等。透過協調我們的人員、工作流程、平台和整個業務的數據，我們可以繼續減少摩擦、提高治療依從性並提供更個人化和數位化的護理。

In line with this Resmed 2030 operating model evolution, I would like to announce that Bobby Ghoshal, who is the current Chief Commercial Officer for our RCS business, that Bobby will be leaving Resmed today, actually, here, we're in the August 1 here in Sydney, tomorrow for the US, and he's leaving Resmed to become President and Chief Operating Officer of a software business that is not competitive to Resmed and it's in the field of software for urgent care.

為了配合 Resmed 2030 營運模式的演變，我想宣布，現任 RCS 業務首席商務官的 Bobby Ghoshal 將於今天離開 Resmed，實際上，我們 8 月 1 日在悉尼，明天將前往美國，他將離開 Resmed，擔任一家與 Resmed 沒有競爭關係的軟體公司的總裁兼首席營運官，該公司從事緊急護理軟體領域。

I would like to take this opportunity to thank Bobby for his amazing 13 years-plus of dedication and service to Resmed. I personally hired Bobby from a company called ON Semiconductor to join the Resmed Americas commercial team that I was running at the time in 2012.

我想藉此機會感謝 Bobby 13 年來對 Resmed 的奉獻和服務。2012 年，我親自從安森美半導體公司聘請了 Bobby 加入我當時負責的 Resmed Americas 商業團隊。

Bobby played a key role in our digital evolution was one of the first Resmedians to jump into our new RCS business straight after our Brightree acquisition in 2016. We put him as Chief Operating Officer there, almost out the gate.

Bobby 在我們的數位轉型過程中發揮了關鍵作用，他是我們在 2016 年收購 Brightree 後第一批加入我們新的 RCS 業務的 Resmedians 之一。我們幾乎一開始就任命他為營運長。

And in the years since then, Bobby has helped scale our residential care software business across home medical equipment as well as home health, home nursing and beyond. He's helped us integrate strategic acquisitions as well as driving innovation. So we thank Bobby for his many contributions, this decade plus. And I personally wish Bobby the best of luck in the next phase of his career journey and his life journey.

從那時起的幾年裡，Bobby 幫助我們擴大了住宅護理軟體業務，涵蓋家庭醫療設備以及家庭保健、家庭護理等領域。他幫助我們整合策略收購並推動創新。因此，我們感謝 Bobby 十多年來所做的許多貢獻。我個人祝福 Bobby 在職涯和人生的下一個階段一切順利。

In terms of next steps of here at Resmed of our residential care software business leadership, our strong and capable residential care software leaders, Joachim, Arne on MediFox, Tim on the MatrixCare brand and Gregg across Brightree, they will now all report directly to Mike Fliss, our Global Chief Revenue Officer.

就 Resmed 住宅護理軟體業務領導層的下一步計劃而言，我們強大且有能力的住宅護理軟體領導者 Joachim、MediFox 的 Arne、MatrixCare 品牌的 Tim 和 Brightree 的 Gregg，現在都將直接向我們的全球首席營收長 Mike Fliss 匯報。

This is a fulfillment of our 2030 operating model that will accelerate our journey to meet and beat our Resmed 2030 strategy goals. So one key message before I hand over to Brett for his remarks is this quarter after quarter, Resmed has demonstrated -- it is able to consistently both deliver financially and operationally.

這是我們 2030 年營運模式的實現，它將加速我們實現並超越 Resmed 2030 策略目標的步伐。因此，在我把發言權交給 Brett 之前，我要傳達的一個關鍵訊息是，Resmed 已經連續幾個季度證明，它能夠在財務和營運方面始終如一地實現目標。

We're a compelling investment opportunity amidst what I would call global macro uncertainty. We are delivering products. We're delivering solutions that customers love, and I use customers, meaning patients, physicians, providers, payers, and they vote with their wallets.

在我所說的全球宏觀不確定性中，我們是一個引人注目的投資機會。我們正在運送產品。我們提供客戶喜愛的解決方案，我利用客戶，即患者、醫生、供應商、付款人，他們用錢包投票。

They buy our stuff more than our competitors. And we've been closely monitoring the global trade environment and the evolving regulatory landscape in both Washington, Brussels and Beijing. And as I noted last quarter, because our products are used to treat patients with chronic respiratory disabilities, they've been subject to global tariff relief for decades, and that has been ongoing and continuing.

他們購買我們的產品比購買我們競爭對手的產品更多。我們一直密切關注全球貿易環境以及華盛頓、布魯塞爾和北京不斷變化的監管格局。正如我上個季度所指出的，由於我們的產品用於治療患有慢性呼吸系統疾病的患者，因此幾十年來一直享受全球關稅減免，而且這種情況一直在持續。

This affords Resmed the opportunity to remain fully focused on our business and helping the more than 2.3 billion people worldwide that need our help for their sleep apnea or insomnia and the respiratory and sufficiency as well as all those needing our market-leading software for healthcare delivered in the phone and then in the home.

這使得 Resmed 有機會繼續完全專注於我們的業務，並幫助全球超過 23 億人，幫助他們解決睡眠呼吸中止症或失眠以及呼吸和充分性問題，以及幫助所有需要我們市場領先的醫療軟體透過手機和家庭提供的服務的人。

Let me make some brief comments about the competitive bidding program that CMS recently stated that it plans to resume. I simply cannot get too specific as CMS has not yet announced any of the details as to what product categories included nor the time frame that they plan for the next round.

讓我對 CMS 最近表示計劃恢復的競爭性投標計劃做些簡要評論。我無法說得太具體，因為 CMS 尚未公佈任何有關包含哪些產品類別的細節，也沒有公佈他們計劃下一輪的時間表。

But during this comment period, I'll remind you of this, Resmed has a long-standing track record of engaging constructively with the US government policymakers and industry participants over more than a decade in this area. I'm the incoming Chairman of AdvaMed, which is our US based, but also global advocacy group, and I plan to work with AdvaMed, and work with all of our sort of industry groups, to help give the right comments to the US government as we go through this process.

但在此評論期內，我要提醒您，Resmed 在這一領域十多年來一直與美國政府政策制定者和行業參與者進行建設性接觸。我是 AdvaMed 的新任主席，它是我們的美國總部，也是全球倡議組織，我計劃與 AdvaMed 合作，並與我們所有的行業組織合作，幫助在這個過程中向美國政府提出正確的意見。

Again, as always, Resmed remains committed to advocating for policies that protect most importantly, patient access to care and policies that promote fair and sustainable reimbursement for our HME providers. We'll continue to support our HME customers and the millions of Medicare beneficiaries who rely on Resmed for access to market-leading, high-quality sleep and respiratory care at home.

再次，像往常一樣，Resmed 仍然致力於倡導保護患者獲得護理的機會的政策，以及促進我們的 HME 提供者獲得公平和可持續報銷的政策。我們將繼續支持我們的 HME 客戶和數百萬依靠 Resmed 獲得市場領先、高品質家庭睡眠和呼吸照護的醫療保險受益人。

So I'll close with this. Resmed is highly resilient as a company and as a culture. We've successfully navigated the COVID crisis and immediately one of our competitors abrupt and multiyear exit from the device market in the US, and then the global supply chain crisis, including specifically the semiconductor supply issues that we got through well.

我就以此作為結束。Resmed 作為一家公司和一種文化，具有很強的彈性。我們成功度過了新冠疫情危機，緊接著我們的一個競爭對手突然退出美國設備市場多年，然後是全球供應鏈危機，特別是我們順利度過的半導體供應問題。

We have built the world's largest respiratory medical device manufacturing facility, and we have an incredibly robust global supply chain. We have driven sustained strong top line growth, and we're highly focused on operational execution, as you saw in our gross margin expansion that we delivered this quarter and throughout fiscal year 2025, and we're not done.

我們建造了世界上最大的呼吸醫療器材生產基地，並擁有極其強大的全球供應鏈。我們實現了持續強勁的營收成長，並且高度重視營運執行，正如您在本季度以及整個 2025 財年所看到的毛利率擴張一樣，而且我們還沒有完成。

We have maintained our very strong balance sheet, and that gives us ballast in the boat and flexibility for the future. We've established a leading market position in over 140 countries worldwide in a very underpenetrated market that still has a long runway of growth ahead.

我們的資產負債表保持了非常強勁的勢頭，這為我們提供了穩固的支撐，也為未來提供了靈活性。我們在全球 140 多個國家建立了領先的市場地位，儘管這個市場滲透率很低，但未來仍有很長的成長空間。

All these factors give us confidence in our ability to deliver for all of our customers, for consumers, for patients, for physicians, for providers, for payers and for our communities. And of course, for you, our shareholders.

所有這些因素使我們對自己為所有客戶、消費者、患者、醫生、供應商、付款人和社區提供服務的能力充滿信心。當然，還有你們，我們的股東。

So as we launch here into fiscal year 2026, we're continuing to execute on our 2030 strategy, investing in innovation, scaling our impact, and we're laser focused on delivering another year of strong results. So with that, I'll hand the call for the first time, just right next to me in the room, over to Brett for a deeper dive into our financials, and then we'll open the floor to your questions. Brett, over to you.

因此，當我們進入 2026 財年時，我們將繼續執行我們的 2030 策略，投資於創新，擴大我們的影響力，並全心全意地致力於在新的一年取得強勁的業績。因此，我將第一次把電話交給坐在我旁邊的布雷特，讓他更深入地了解我們的財務狀況，然後我們再回答你們的問題。布雷特，交給你了。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the fourth 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 財年第四季的業績，除非另有說明，所有比較均與去年同期相比，並以固定貨幣計算（如適用）。

We had strong financial performance in Q4. Group revenue for the June quarter was $1.35 billion, a 10% headline increase and 9% in constant currency terms. Revenue growth reflected positive contributions across our product and resupply portfolio.

我們第四季的財務表現強勁。6 月當季集團營收為 13.5 億美元，整體成長 10%，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。

Year-over-year, movements in foreign currencies positively impacted revenue by approximately $15 million during the June quarter. 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%.

與去年同期相比，外幣變動對 6 月當季的收入產生了約 1,500 萬美元的正面影響。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%。

Sales in Europe, Asia and other regions also increased by 9% on a constant currency basis. Globally, on a constant currency basis, device sales increased by 8%, while masks and other sales increased by 11%. Breaking it down by regional areas, device sales in the US, Canada and Latin America increased by 7%. Mask and other sales increased by 12%, reflecting continued growth in resupply and new patient setups as well as incremental revenue from two months of owning VirtuOx.

歐洲、亞洲和其他地區的銷售額以固定匯率計算也成長了 9%。以固定匯率計算，全球設備銷售額成長了 8%，而口罩和其他銷售額成長了 11%。按地區劃分，美國、加拿大和拉丁美洲的設備銷量成長了 7%。口罩和其他銷售額增長了 12%，反映了補給和新患者設置的持續增長以及擁有 VirtuOx 兩個月的增量收入。

In Europe, Asia and other regions, device sales increased by 10% on a constant currency basis, and masks and other sales increased by 7% on a constant currency basis. Residential care software revenue increased by 9% on a constant currency basis in the June quarter, underpinned by robust performance from our MediFox Dan and HME verticals. We will continue to report residential care software as a separate segment in our financial results.

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10%，口罩和其他銷售額以固定匯率計算成長了7%。6 月季度，住宅護理軟體收入按固定匯率計算增長了 9%，這得益於我們的 MediFox Dan 和 HME 垂直市場的強勁表現。我們將繼續在財務業績中將住宅護理軟體作為一個單獨的部分進行報告。

During the rest of my prepared remarks today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our fourth quarter earnings press release. Gross margin of 61.4% in the June quarter increased by 230 basis points year-over-year and by 150 basis points sequentially.

在今天剩下的準備發言中，我將參考非公認會計準則資料。我們在第四季度收益新聞稿中提供了非 GAAP 與 GAAP 數據的完整對帳。6 月當季毛利率為 61.4%，較去年同期成長 230 個基點，較上季成長 150 個基點。

These increases were primarily driven by procurement, manufacturing and logistics efficiencies as well as favorable foreign currency movements. Indeed, currency movements accounted for almost half the sequential improvement in gross margin.

這些成長主要得益於採購、製造和物流效率以及有利的外匯走勢。事實上，貨幣變動幾乎佔了毛利率持續成長的一半。

Changes in average selling prices had a minimal impact on our gross margin, both on a year-over-year and on a sequential basis. We've made considerable progress on our gross margin expansion objectives and continue to work diligently on our gross margin initiatives pipeline. We remain focused on making sustained long-term gross margin improvements. Looking forward and subject to currency movements, we expect gross margin will be in the range of 61% to 63% in fiscal year 2026.

平均銷售價格的變動對我們的毛利率影響很小，無論是年比或季比。我們在毛利率擴張目標上取得了長足的進步，並將繼續努力推進我們的毛利率計劃。我們將繼續致力於實現長期持續的毛利率提升。展望未來，受貨幣變動影響，我們預期 2026 財年的毛利率將在 61% 至 63% 之間。

Moving on to operating expenses. SG&A expenses for the fourth quarter increased by 9% on a headline basis and by 8% on a constant currency basis. The increase was primarily due to increases in employee-related expenses and increases in marketing expenses, including investments associated with our recent global brand launch, along with targeted demand generation activities.

繼續討論營運費用。第四季銷售、一般及行政費用按總體計算增長了 9%，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和行銷費用的增加，包括與我們最近的全球品牌發布相關的投資，以及有針對性的需求產生活動。

SG&A expenses as a percentage of revenue improved to 19.7% compared to 19.8% 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 19% to 20% in fiscal year 2026.

銷售、一般及行政費用佔收入的百分比從去年同期的 19.8% 改善至 19.7%。展望未來，受匯率變動影響，我們預期 2026 財年的銷售、一般及行政費用佔營收的百分比將在 19% 至 20% 之間。

The R&D expenses for the quarter increased by 7%, both on a headline and constant currency basis. The increase was predominantly attributable to increases in employee-related expenses. R&D expenses as a percentage of revenue was 6.4% compared to 6.6% in the prior year period. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue will be in the range of 6% to 7% in fiscal year 2026.

本季的研發費用按總體和固定匯率計算均增加了 7%。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 6.4%，去年同期為 6.6%。展望未來，受貨幣變動的影響，我們預期 2026 財年的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. Our operating margin improved to 35% of revenue compared to 33% in the prior year period. Our net interest income for the quarter was $6 million.

本季營業利潤成長 19%，得益於營收成長和毛利率擴大。我們的營業利潤率從去年同期的 33% 提高到 35%。本季我們的淨利息收入為 600 萬美元。

Our effective tax rate for the June quarter was 21.9% compared to 18.7% in the prior year quarter. The increase in our effective tax rate was due to a low comparable prior period tax rate and current year changes in our global mix of earnings.

我們六月季度的有效稅率為 21.9%，而去年同期為 18.7%。我們有效稅率的增加是由於可比前期稅率較低以及本年度我們全球收益結構的變化。

Our effective tax rate for the full year was 19.9% compared to 20% for the prior fiscal year. We estimate our effective tax rate for fiscal year 2026 will be in the range of 21% to 23%, with the uptick primarily due to the impact of tax legislation taking effect for certain jurisdictions beginning in fiscal year 2026.

我們全年的有效稅率為 19.9%，而上一財年為 20%。我們估計 2026 財年的有效稅率將在 21% 至 23% 之間，這一上漲主要歸因於 2026 財年開始對某些司法管轄區生效的稅收立法的影響。

Our GAAP effective tax rate for the June quarter was 17.1% as we recorded a one-time tax benefit of $21 million relating to the cessation of certain business activities. We have turned this tax benefit as a non-GAAP item in our fourth quarter financial results.

由於我們記錄了與停止某些業務活動有關的 2,100 萬美元的一次性稅收優惠，因此我們 6 月季度的 GAAP 有效稅率為 17.1%。我們已將此項稅務優惠納入第四季度財務表現作為非公認會計準則項目。

Our net income for the June quarter increased by 22%, and non-GAAP diluted earnings per share increased by 23%. Movements in foreign exchange rates had a positive impact on earnings per share of approximately $0.05 in Q4 FY25.

我們六月當季的淨收入成長了 22%，非 GAAP 稀釋每股盈餘成長了 23%。外匯匯率變動對 2025 財年第四季每股收益產生了約 0.05 美元的正面影響。

Cash flow from operations for the quarter was $539 million, reflecting strong operating results and disciplined working capital management. Capital expenditure for the quarter was $31 million, and depreciation and amortization for the quarter totaled $64 million.

本季經營現金流為 5.39 億美元，反映出強勁的經營業績和嚴格的營運資本管理。本季資本支出為 3,100 萬美元，本季折舊及攤銷總計 6,400 萬美元。

We ended the fourth quarter with a cash balance of $1.2 billion. At June 30, we had $668 million in gross debt and $541 million in net cash. We also have approximately $1.5 billion available for drawdown under our revolver facility. We continue to maintain a solid liquidity position, strong balance sheet and generate robust operating cash flows. We are well positioned to weather the ongoing global uncertainty and geopolitical challenges.

在第四季結束時，我們的現金餘額為 12 億美元。截至 6 月 30 日，我們的總債務為 6.68 億美元，淨現金為 5.41 億美元。我們的循環信貸額度下還有大約 15 億美元可供提取。我們持續保持穩固的流動性狀況、強勁的資產負債表並產生強勁的營運現金流。我們已做好準備，以應對持續存在的全球不確定性和地緣政治挑戰。

As Mick mentioned, we completed the acquisition of VirtuOx during the quarter for consideration of $140 million. VirtuOx has an annual revenue run rate of approximately $45 million. We have included VirtuOx in our financial results from the first of May.

正如米克所提到的，我們在本季完成了對 VirtuOx 的收購，收購價為 1.4 億美元。VirtuOx 的年收入運行率約為 4500 萬美元。從 5 月 1 日起，我們已將 VirtuOx 納入我們的財務表現。

Overall, the results are not material to the group and were neutral to non-GAAP earnings per share for the June quarter. Today, our Board of Directors declared a quarterly dividend of $0.60 per share, representing an increase of 13% over our previous quarterly dividend and reflecting the Board's confidence in our operating performance.

總體而言，該業績對集團而言並不重要，且對 6 月季度的非 GAAP 每股盈餘而言是中性的。今天，我們的董事會宣布季度股息為每股 0.60 美元，比上一季股息增加 13%，反映了董事會對我們經營業績的信心。

During the quarter, we purchased approximately 419,000 shares under our previously authorized share buyback program for consideration of $100 million. We plan to further increase our ongoing share buyback program and purchase share to the value of approximately $150 million per quarter, commencing in Q1 of fiscal year 2026.

在本季度，我們根據先前授權的股票回購計畫購買了約 419,000 股股票，對價 1 億美元。我們計劃從 2026 財年第一季開始進一步增加我們正在進行的股票回購計劃，每季回購價值約 1.5 億美元的股票。

At the current share price, this would result in approximately 1.5% of our outstanding shares being repurchased during fiscal year 2026. Going forward, we will continue to invest in growth through R&D, deploy further capital for tuck-in acquisitions and continue our share buyback program. And with that, I will hand the call back to Salli.

以當前股價計算，這將導致我們在 2026 財年回購約 1.5% 的流通股。展望未來，我們將繼續透過研發投資於成長，為補充收購部署更多資本，並繼續我們的股票回購計畫。說完這些，我就把電話交還給薩利。

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

謝謝你，布雷特。我們現在開始問答環節。我會將電話轉交給我們的接線生凱文 (Kevin)，讓他為該會議提供指導。

(Operator Instructions) Craig Wong-Pan, RBC.

（操作員指示）Craig Wong-Pan，RBC。

Thanks. Just wanted to understand the Rest of World devices growth, kind of really good growth there. I just wanted to understand the dynamics you're seeing. And if there's any kind of large tender that contributed to that Rest of World devices revenues?

謝謝。只是想了解世界其他地區設備的成長情況，那裡的成長確實很好。我只是想了解您所看到的動態。是否有任何大型招標活動對世界其他地區的設備收入有所貢獻？

Yeah, thanks for the question. And yeah, look, very good growth in our Europe, Asia and Rest of World devices at 10%. Yeah, multiple factors can come into that. We have some markets where there are buyers that move ahead or behind, like in Japan, where it's more of a fleet approach.

是的，謝謝你的提問。是的，我們在歐洲、亞洲和世界其他地區的設備成長率非常好，達到了 10%。是的，這可能涉及多種因素。在我們的一些市場中，買家要么領先，要么落後，例如日本，那裡的買家更多地採取的是車隊方式。

We have some areas in the world where we have tenders that may come in and out. But roughly, what we think is market growth for Europe, Asia and Rest of World for devices in the mid-single digits, so clearly, there's some fluctuations there. We're not saying that there's demand generation activities have had that 300%, 400%, 500% improvement right.

我們在世界上的一些地區有進出的招標。但大致而言，我們認為歐洲、亞洲和世界其他地區的設備市場成長率將處於中等個位數，因此顯然存在一些波動。我們並不是說需求產生活動已經帶來了 300%、400% 或 500% 的改善。

We're just starting our approach there. It's more in the tens of basis points of improvement that we're seeing from these early experiments. And so no change to actual market growth, but some pretty strong growth from Resmed in the quarter there.

我們才剛開始採取這項措施。我們從這些早期實驗中看到的改進有數十個基點。因此實際市場成長沒有變化，但 Resmed 在本季實現了相當強勁的成長。

But we think going forward, it's sort of more in the mid-single digits for devices in Europe, Asia, Rest of the World, actually the same for our devices in the US. Any other color, Brett, you want to provide on a country-by-country basis for Europe, Asia, Rest of World?

但我們認為，未來歐洲、亞洲和世界其他地區的設備銷售將處於中等個位數，實際上美國設備的銷售量也處於相同水準。布雷特，您想按國家/地區提供歐洲、亞洲和世界其他地區的其他顏色嗎？

No, I mean international markets, we had a good quarter, and there's good growth in Europe, some improved growth in China as well, actually. So some really strong results through numerous markets, and that's really contributed to that strong device performance.

不，我的意思是國際市場，我們這個季度表現不錯，歐洲的成長表現良好，中國的成長實際上也有所改善。因此，在眾多市場中取得了一些非常強勁的業績，這確實促進了設備的強勁性能。

Thanks for the question.

謝謝你的提問。

Dan Hurren, MST Marquee.

丹‧赫倫 (Dan Hurren)，MST Marquee。

Yes, definitely. MST Marquee. Yeah, look, thanks, everyone. Look, really good. Looking at gross margin and even better guidance. Brett, can you just talk through the elements of that gross margin guidance? And maybe touch on the FX, which is probably going to get to see a little bit coming into '26?

是的，當然。MST 字幕。是的，看，謝謝大家。看看，真的很不錯。查看毛利率和更好的指導。布雷特，您能簡單講一下毛利率指引的要素嗎？或許可以觸及 FX，它可能會在 26 年有所體現？

Yeah, sure, Dan. The -- yeah, I mean really pleased with the gross margin and really the team works really hard on gross margin improvement initiatives. And really seeing that manifest in the gross margin. Clearly, we had some benefit from foreign currency, particularly the euro during the quarter.

是的，當然，丹。是的，我對毛利率非常滿意，而且團隊確實非常努力地提高毛利率。這確實體現在毛利率上。顯然，本季我們從外幣，特別是歐元中獲益不少。

So if you look at that sequentially, basically almost half that sequential improvement was FX, that means that just over half was actually gains we made through efficiencies. Now some of the large components around that were component cost improvements that we've been making.

因此，如果按順序來看，基本上連續改進的近一半是外匯，這意味著超過一半實際上是我們透過效率獲得的利益。現在，我們正在對一些大型零件的成本進行改進。

We've been making those progressively and they're starting to come through. We've got -- freight was also a contributor because we've -- in terms of the sea freight to airfreight ratio now, that is actually back to pre-COVID levels.

我們正在逐步實現這些目標，而且它們已經開始顯現。我們已經得到了——貨運也是一個貢獻因素，因為就目前的海運與空運比率而言，實際上已經恢復到疫情之前的水平。

So the logistics team has done a great job on that. And that -- you're seeing that come through in the gross margin expansion as well. And then we continue with things like the AS10, to AS11 platform transition and so on, which has been ongoing, but is also a little bit of a tailwind for us. There probably the major impacts on that gross margin expansion for this year, both year-on-year and sequential actually.

所以物流團隊在這方面做得很好。而且，您還會看到毛利率的擴大。然後我們繼續進行諸如 AS10 到 AS11 平台的過渡等工作，這項工作一直在進行，但對我們來說也是一種順風。這可能會對今年的毛利率擴張產生重大影響，實際上無論是同比還是環比。

And I'll just pile on there. I think the -- I had a one-on-one with our Chief Supply Chain Officer, just hitting his one year anniversary with Resmed. I think we've gone from Resmed having a good approach, sort of almost an art type approach to a science-based approach and a lot of learning over this last year.

我就將就此繼續。我想——我與我們的首席供應鏈官進行了一對一的會談，正好是他加入 Resmed 的一周年紀念日。我認為我們已經從 Resmed 的良好方法（幾乎是一種藝術類型的方法）轉變為基於科學的方法，並且在過去的一年裡學到了很多東西。

And Brett ran our operations for over six months, and that strength between our financial teams and our supply chain teams is stronger than it's ever been. And so that gives us the confidence with that guidance to say actually, not only did we do really well in gross margin expansion in 2025.

布雷特負責我們的營運超過六個月，我們的財務團隊和供應鏈團隊之間的實力比以往任何時候都要強大。因此，這讓我們有信心說，實際上，我們不僅在 2025 年的毛利率擴張方面做得很好。

But as we look forward to '26, '27, '28 probably not at those levels because they're extraordinary in recovery from a supply chain crisis, but we will be able to have sort of an ongoing pipeline of innovation that we can set up and tune up and turn on as we go towards our 2030 goal.

但是，當我們展望 2026、2027、2028 年時，我們可能不會達到這些水平，因為它們在從供應鏈危機中復蘇方面非常出色，但我們將能夠擁有一種持續的創新管道，我們可以在朝著 2030 年目標邁進的過程中建立、調整和啟動它。

And so it's not one and done. There was some good reset and some catch-up. But actually, there's some sustainable improvements that allows us to give that guidance of 61 percent to 63 that you saw there, Dan. Thanks for the question.

所以這不是一勞永逸的事。有一些良好的重置和一些追趕。但實際上，有一些可持續的改進使我們能夠給出你所看到的 61% 到 63% 的指導，丹。謝謝你的提問。

Thanks.

謝謝。

Davin Thillainathan, Goldman Sachs.

達文·蒂萊納森，高盛。

Oh, hi, Mick and team. Thanks for the presentation. I guess I just wanted to discuss VirtuOx. Thank you for the disclosures on the materiality of revenues. But I guess it's more interested -- I'm more interested to understand the road map for this business towards your acquisition. What are the areas of investment that Resmed will be making over the next 12 months? And also are the leading indicators that we can look at to assess those returns, please?

哦，嗨，米克和他的團隊。謝謝你的演講。我想我只是想討論一下 VirtuOx。感謝您對收入重要性的揭露。但我想更感興趣的是——我更感興趣的是了解這項業務被收購的路線圖。未來 12 個月，Resmed 將在哪些領域投資？還有，我們可以參考哪些領先指標來評估這些回報？

Yeah, all really good questions. Look, we're really excited about VirtuOx, but VirtuOx isn't an acquisition on its own. You've got to think about it as a portfolio. So we've -- if you look over the last 12, 18 months, you look at Ectosense and what we're doing with NightOwl, that fingertip-size wearable home sleep apnea test that's now FDA-cleared and available, I’ll be at our US sales meeting, American Sales Meeting, ASM, in a couple of weeks in San Diego and that will be fully launched to our teams and education and driving it out.

是的，這些都是非常好的問題。看，我們對 VirtuOx 確實很興奮，但 VirtuOx 本身並不是一次收購。你必須把它看作一個投資組合。所以，如果你回顧過去的 12 到 18 個月，你會發現 Ectosense 以及我們正在開發的 NightOwl，這款指尖大小的可穿戴式家用睡眠呼吸中止測試儀現已獲得 FDA 批准並投入使用，幾週後我將參加在聖地亞哥舉行的美國銷售會議，美國銷售會議 (ASM)，屆時我們將向我們的團隊全面推廣這款產品，並進行教育推廣和推廣這款產品，並進行教育推廣和推廣這款產品，並進行教育推廣。

And I remember a decade a bit ago launching the apnea inhaler, which we thought was the smallest and most capable device and you had some cloud connectivity. This is taking it to the next level and sending out a challenge to say look, Resmed, we're the number one in therapeutics in 140 countries.

我記得十年前推出了呼吸暫停吸入器，我們認為它是最小、功能最強大的設備，並且具有一些雲端連接功能。這將把它提升到一個新的水平，並發出挑戰，說看，瑞思邁，我們是 140 個國家治療領域的第一名。

We don't need to be the number one in diagnostics in 140 countries. But if there isn't -- if there aren’t companies or there is an ecosystem of people driving home sleep apnea testing, smooth software and scalable sleep apnea testing than Resmed as the global leader in this space has to step in. So we're doing that with that wearable home sleep apnea test from NightOwl.

我們不需要成為 140 個國家診斷領域的佼佼者。但如果沒有——如果沒有公司或沒有一個由人們組成的生態系統來推動家庭睡眠呼吸中止測試、流暢的軟體和可擴展的睡眠呼吸中止測試，那麼作為該領域全球領導者的 Resmed 必須介入。因此，我們使用 NightOwl 的可穿戴式家用睡眠呼吸中止症測試儀來進行這項工作。

Then you add on Somnoware, and Subath, the CEO of that, is now Head of our Innovation and Growth Group. So we kept some great talent and moved in the business, but we kept that greater operating opportunity. And as you look at our AirView software and our Somnoware software, watch this space as we start to bring those types of things together to create seamless and frictionless flow of patients through the funnel.

然後你再加上 Somnoware，該公司的執行長 Subath 現在是我們的創新和成長集團的負責人。因此，我們保留了一些優秀人才並轉入該業務，但我們保留了更大的經營機會。當您查看我們的 AirView 軟體和 Somnoware 軟體時，請關注這個領域，我們開始將這些類型的東西整合在一起，以創建無縫且無摩擦的患者流。

Then to your question, VirtuOx, that fits in at the next phase, which is, look, home sleep apnea testing is the scalable part. Our sleep labs are amazing partners but they’re full, they are full in hospitals, coming back post COVID and aren't expanding their in-lab testing capabilities.

然後回答你的問題，VirtuOx，它適合下一階段，也就是說，家庭睡眠呼吸中止測試是可擴展的部分。我們的睡眠實驗室是非常棒的合作夥伴，但是它們已經人滿為患，醫院裡的人也都人滿為患，在新冠疫情之後才恢復工作，因此沒有擴大實驗室內的測試能力。

So we have to expand home sleep apnea testing, and we have to bring down those wait lists that went up very high during COVID and get that backlog down. And so we're doing that in the in-lab and we bought VirtuOx as the number one provider to drive home sleep apnea testing to show it can be scaled. And so watch this space as we invest in our marketing and capabilities.

因此，我們必須擴大家庭睡眠呼吸中止症測試，我們必須縮短 COVID 期間等待名單的長度，並減少積壓。因此，我們在實驗室中進行這項工作，並收購了 VirtuOx 作為家庭睡眠呼吸中止測試的頭號提供商，以證明其可擴展性。因此，當我們對行銷和能力進行投資時，請關注這個領域。

Obviously, look, our VirtuOx teams and our core sleep health teams, separate sales teams. There can be partnerships where we see opportunities where wait lists are high and home sleep apnea testing can scale. And so we'll look for opportunities to say where is the best need. Where is the most need for home sleep apnea testing to scale. And so watch this space as we do that. And this is not a step change with some sudden huge uptake of patients through home sleep apnea testing.

顯然，我們的 VirtuOx 團隊和核心睡眠健康團隊是獨立的銷售團隊。我們可以建立合作關係，在候診名單很長的情況下，擴大家庭睡眠呼吸中止症測試的規模。因此，我們會尋找機會找出最需要的地方。哪裡最需要擴大居家睡眠呼吸中止症測試的規模。因此，當我們這樣做時，請關注這個空間。這並不是突然大量患者透過居家睡眠呼吸中止症測試而發生的重大變化。

But I can tell you, in the arms of a strategic versus private owners, I think home sleep apnea testing companies like VirtuOx will do better, and we're the only strategic investing in this, and I think it's the right thing to do.

但我可以告訴你，在戰略所有者而非私人所有者的手中，我認為像 VirtuOx 這樣的家庭睡眠呼吸中止測試公司會做得更好，而且我們是唯一對此進行戰略投資的公司，我認為這是正確的做法。

As we talk to our HME partners, the message to them is this is fantastic because we're going to bring more and more patients to you. As we talk to our fleet plan partners, we say, hey, here's another tool that you can use for the patients who are big on the waiting list that you know a very high probability, obstructive sleep apnea, so that you can have the complex cases that might have central sleep apnea, complex sleep apnea, COPD or overlap syndrome, complicating cardiovascular disease or post stroke, do all of them in your lab, have the complex cases in your lab and let's free up that capacity for them and they end up on ST, STAs, an ASP-type therapy, which is good margin for Resmed and really good for the patient because they get the care they need and expand with home sleep apnea testing.

當我們與 HME 合作夥伴交談時，我們向他們傳達的訊息是，這太棒了，因為我們將為您帶來越來越多的患者。當我們與車隊計劃合作夥伴交談時，我們說，嘿，這是另一種工具，您可以將其用於候診名單上患病概率很高的患者，例如阻塞性睡眠呼吸中止症患者，這樣您就可以處理可能患有中樞性睡眠呼吸暫停、複雜性睡眠呼吸中止症、慢性阻塞性肺病或重疊綜合徵、心血管疾病或中風後的複雜病例，在您的實驗室中完成這些ST、STA 和 ASP 型治療，這對 Resmed 來說是一個很好的利潤，對患者來說也非常好，因為他們得到了所需的護理，並通過家庭睡眠呼吸中止測試進行了擴展。

So our goal is really VirtuOx is part of a long-term play here. There's no simple win in this quarter. As Brett said, it wasn't material to our global results, but we did want to give you visibility on the revenue and the size of it, just because we don't what you think it's bigger than it is or smaller than it is, but we are going to scale this.

因此，我們的目標是讓 VirtuOx 成為我們長期策略的一部分。本季沒有簡單的勝利。正如布雷特所說，這對我們的全球業績並不重要，但我們確實想讓您了解收入及其規模，只是因為我們不知道您認為它比實際更大或更小，但我們會擴大規模。

And actually, I want the competition to scale up too -- I want a strong competitive diagnostics space there because it's really important that we help all across the 50 states that we operate with VirtuOx. And frankly, we can't we have models like that in the 140 countries that we operate into. I spent a long time on that question because it's a complex one.

實際上，我也希望競爭能夠擴大——我希望那裡有一個強大的競爭性診斷領域，因為幫助 VirtuOx 運營的 50 個州非常重要。坦白說，我們無法在我們開展業務的 140 個國家/地區推行這樣的模式。我花了很長時間來思考這個問題，因為它很複雜。

But watch this space, we'll keep giving you updates every quarter on not just VirtuOx, but that ecosystem of Ectosense, Somnoware, VirtuOx and what Resmed is doing to free up the funnel and have more and more of the 1 billion people with sleep apnea worldwide get their way through the funnel, and we'll talk about insomnia and respiratory sufficiency as we go, as we look for ways to improve those pipelines as well. Thanks for the question.

但請關注這個領域，我們將繼續每季度為您提供有關 VirtuOx 的更新，還包括 Ectosense、Somnoware、VirtuOx 的生態系統以及 Resmed 為釋放渠道所做的工作，讓全球 10 億睡眠呼吸暫停患者中越來越多的人能夠通過渠道獲得幫助，同時，我們將討論失眠和呼吸渠道的方法。謝謝你的提問。

Saul Hadassin, Barrenjoey.

索爾·哈達辛，巴倫喬伊。

Yeah, good morning, Mick and Brett. Mick, just a question on US mask growth. Once again, low double digits seems to be ahead of what you described market growth at is high single digits on the last quarter. So just wondering if you can go into a bit of detail as to how much you think that is share gains versus just stronger growth in resupply overall at an industry level? Thank you.

是的，早安，米克和布雷特。米克，我只想問一下關於美國口罩增長的問題。再一次，低兩位數的成長似乎超過了您所描述的上個季度高個位數的市場成長。所以我只是想知道您是否可以詳細說明一下，您認為這在多大程度上是份額增長，而不是整個行業補給的更強勁增長？謝謝。

Yeah, thanks, Saul. It's a really good question, and you nailed all the elements of it, right? I do think, as we look at that AirTouch N30i. I don't know if you've seen the physical product. Brett, Salli and I are doing the roadshow through Sydney, Melbourne and Singapore.

是的，謝謝，索爾。這是一個非常好的問題，而且您已經準確地回答了其中的所有要素，對嗎？當我們看 AirTouch N30i 時，我確實這麼認為。不知道大家有沒有看過實體物品。布雷特、薩利和我正在雪梨、墨爾本和新加坡進行路演。

So for those investors that we see, I'm going to bring a sample of that with you because that type of idea of bringing fabric to the path that is the pure patient interface. We call that whole thing a patient interface, but the part that touches your nose, going from silicon rubber, which is the last 35 years of everyone in the space, including Resmed, the market leader, to now having fabric there.

因此，對於我們看到的那些投資者，我將向你們帶來一個樣本，因為這種將織物帶入純患者界面路徑的想法。我們將整個裝置稱為患者介面，但接觸鼻子的部分從矽橡膠（這是過去 35 年來該領域所有人，包括市場領導者 Resmed 所研發的）到現在的織物。

I think that innovation is not only incredibly technically difficult to do at scale and manufacturing levels that we do in multi-cavity tools and the high-pressure temperature, liquid silicon rubber, but it's so impactful for the patient, and it's so comfortable for the patient.

我認為，創新不僅在多腔工具、高壓溫度、液體矽橡膠等規模和製造層面上具有極高的技術難度，對患者的影響也很大，而且對患者來說非常舒適。

And the patient then loves that and wants to have it in our cash markets. And then in our RT driven markets where home medical equipment respiratory therapists do set up, they see how comfortable it is many of them are patients as well and recommend it. So I think there is some share gains from the AirTouch N30i and the F40, which is in our full face category or our nasal mask category. Those are doing really well.

然後患者就會喜歡它並希望在我們的現金市場上擁有它。然後，在我們的 RT 驅動市場中，家庭醫療設備呼吸治療師確實設立了該設備，他們看到它是多麼舒適，其中許多人也是患者並推薦它。因此，我認為 AirTouch N30i 和 F40 會帶來一些市場份額的成長，它們屬於我們的全臉類別或鼻罩類別。這些都做得很好。

But look, it's a competitive space. There are competitors out there. So I think there's some element of that competitive share taking. But I think there's other elements. As you said, it's resupply and frequency around resupply and contact around resupply.

但你看，這是一個競爭激烈的領域。那裡有競爭對手。所以我認為這裡存在著一些爭奪市場份額的因素。但我認為還有其他因素。正如你所說，它是補給和補給的頻率以及補給的連結。

And getting better at Brightree, getting better at Resmed ReSupply, getting better at contacting consumers through myAir and beyond. So watch this space. I think you'll start to see us enhance our resupply approach. And yeah, I think the market growth rate is high single digits. We were ahead of it for the quarter.

Brightree 和 Resmed ReSupply 也都越來越好，透過 myAir 和其他方式聯繫消費者的能力也越來越強。因此請關注此空間。我想你會開始看到我們加強我們的補給方式。是的，我認為市場成長率是高個位數。我們在本季取得了領先。

(multiple speakers) Saul you're still on. I don't think our SG&A investments are great, Saul. But anyway, I'll finish up with the masks and so on growth in US, Canada, Latin America, very solid in the quarter and expect us to continue to drive those resupply programs in partnership with our HMEs, with partnership with our myAir platforms.

（多位發言者）索爾，你還在。索爾，我認為我們的銷售、一般及行政費用投資並不好。但無論如何，我將以美國、加拿大、拉丁美洲的口罩等增長結束本季度，這些增長非常穩健，並希望我們繼續與我們的 HME 合作，與我們的 myAir 平台合作推動這些補給計劃。

And I mean, if you look at Europe, Asia and Rest of the World, I think we can do better at resupply in some of those markets where we're leveraging our own technologies like myAir and beyond. So mixed bag on that front, but we're very happy with the performance in the US, Canada and Latin America. Thank you for the question, Saul.

我的意思是，如果你看看歐洲、亞洲和世界其他地區，我認為我們可以在一些利用我們自己的技術（如 myAir 等）的市場中更好地進行補給。因此，在這方面的情況好壞參半，但我們對美國、加拿大和拉丁美洲的表現非常滿意。謝謝你的提問，索爾。

Anthony Petrone, Mizuho.

瑞穗的安東尼‧佩特羅內 (Anthony Petrone)。

Thank you. Congrats on another strong quarter. I have two quick ones, I'll just throw them out. The first one, Mick, competitive bidding. The proposal is calling for maybe just a consolidation of the number of contract suppliers out there. That just seems like pretty good draconian proposal. Maybe just walk through that a little bit. If that does kind of stick in the final rule, like how rapidly do you think consolidation occurs in the DME space.

謝謝。恭喜您又一個季度表現強勁。我有兩個很快的，我會把它們扔掉。第一個，米克，競爭性投標。該提案可能只是要求合併現有的合約供應商的數量。這看起來是一個非常嚴厲的提議。也許只是稍微走一下。如果這確實在最終規則中得到堅持，那麼您認為 DME 領域的整合發生得有多快。

And then on the second question is a broader strategy question. Mick, you've sort of commented in the past that Resmed today is a one-stop shop for sleep apnea but certainly wants to continue to expand across the spectrum. So maybe talk a little bit about oral drugs. There was a favorable outcome there from Apnimed's Phase 3 study and just the latest thinking on hypoglossal nerve stimulation. Thanks.

第二個問題是一個更廣泛的戰略問題。米克，您過去曾評論說，Resmed 如今是治療睡眠呼吸中止症的一站式商店，但肯定希望繼續擴大其治療範圍。所以也許可以稍微談談口服藥物。Apnimed 的第三階段研究取得了良好的結果，並且對舌下神經刺激提出了最新的想法。謝謝。

Thanks, Anthony, and thanks for the multipart question. I'm still writing it down. And your line, it will remain live through the question so we can have a bit of a conversation just as a heads up. Yes. So competitive bidding, I'll start with that part.

謝謝，安東尼，謝謝你提出的這個多部分問題。我仍在寫下它。您的線路將透過問題保持直播，以便我們可以進行一些對話，作為提醒。是的。因此，競爭性投標，我將從那部分開始。

Look, this isn't our first rodeo. I think this was announced when I was running marketing in 2005 and took over CEO in 2013 in the midst of around 2 -- 1 to A to B to C3. And our last round around 4 where we saw an uptick from our HME customers are actually bidding up against the proposal such that CMS just said, okay, let's go back to where it was and add inflation adjustments for these last four years.

瞧，這不是我們第一次參加牛仔競技表演。我認為這是 2005 年我負責行銷並於 2013 年接任執行長時宣布的，當時正值 2 階段——從 1 到 A 到 B 到 C3。在我們上一輪大約 4 輪的競標中，我們看到 HME 客戶的出價有所上升，他們實際上在競標該提案，因此 CMS 只是說，好吧，讓我們回到原來的狀態，並添加過去四年的通貨膨脹調整。

And so we're watching it very closely. Yeah, look, the guidelines aren't clear yet, and they haven't defined everything. And so we're in a comment period. We're going to talk and we work with AA Home Care and AdvaMed and give our feedback to Washington.

因此我們正在密切關注。是的，看，指導方針還不明確，而且還沒有定義所有內容。因此我們正處於評論期。我們將與 AA Home Care 和 AdvaMed 進行溝通和合作，並向華盛頓提供回饋。

I was there in Washington just last month in the CMS, with Dr. Oz and team and is also over a with HHS with the folks in RFK Jr’s office there. And so they're listening. This administration is listening and taking feedback from industry.

上個月我剛到華盛頓的CMS，和奧茲博士及其團隊一起，也和美國衛生及公眾服務部（HHS）裡羅伯特·甘迺迪（RFK Jr）辦公室的工作人員一起。所以他們正在聽。本屆政府正在傾聽並接受業界的回饋。

And so we're going to give that feedback. And just make sure we protect patient care, protect HME's rights to be able to freely access and really to make sure beneficiaries of US Medicare have a chance to get access to great therapies like Resmed has. So it's all about the patient. We will be advocating for that.

因此我們將給予回饋。並且確保我們保護患者護理，保護 HME 的自由獲取權利，並真正確保美國醫療保險的受益人有機會獲得像 Resmed 這樣的優質療法。所以一切都是為了病人。我們將為此大力倡導。

Yeah, with regard to consolidation, we've seen a lot of consolidation in the last 10 years of competitive bidding going through, but it's not really driven by that. It's driven by efficiencies and capabilities. Resmed's job is to support all our customers, small mom and pops, medium-sized regionals and large regionals as well as the big nationals.

是的，關於整合，我們在過去 10 年的競爭性招標中看到了很多整合，但這並不是真正受此推動的。它是由效率和能力所驅動的。Resmed 的工作是支持我們所有的客戶，包括小型夫妻店、中型地區商店、大型地區商店以及大型全國性商店。

And with technologies like Brightree, you could be running a small regional as efficiently as some of these large nationals. So we want to support a whole ecosystem, sometimes the care are local is just as good or better. So all the customers are important to us.

借助 Brightree 等技術，您可以像經營一些大型全國性機構一樣有效地經營小型區域性機構。因此，我們希望支持整個生態系統，有時本地護理也同樣好甚至更好。所以所有客戶對我們都很重要。

And I think we've seen some really good, I would say, mature infrastructure investments by our HME providers and some mature approaches to this. So I think we're going to do very well through this competitive bidding environment. And as we read through the rules there, they seem mostly in line with the last round and some improvements we have suggestions we’ll make specifically to Washington.

我認為我們已經看到我們的 HME 供應商進行了一些非常好的、成熟的基礎設施投資，並且採取了一些成熟的方法。所以我認為我們將在這種競爭性投標環境中做得很好。當我們仔細閱讀那裡的規則時，它們似乎與上一輪的規則基本一致，我們提出了一些改進建議，將專門針對華盛頓。

Two question about one stop shop for sleep apnea. Yeah, look, Resmed stands for respiratory medicine and residential medicine, it doesn't stand for just CPAP company. And we've had more than a decade of being the best provider of not just CPAP, APAP and bilevel which we've done for 36 years, but over a decade of providing mandibular repositioning devices, which is if CPAP, APAP and bilevel, the gold standard, which they are, I think Olympic medals, the silver goes to dental MRDs.

關於睡眠呼吸中止症一站式治療的兩個問題。是的，看，Resmed 代表呼吸醫學和住院醫學，它不僅僅代表 CPAP 公司。十多年來，我們一直是 CPAP、APAP 和雙水平治療儀的最佳供應商（我們已經做了 36 年），而且十多年來，我們還一直提供下顎復位設備，如果說 CPAP、APAP 和雙水平治療儀是黃金標準，我想它們是奧運獎牌，而銀牌則屬於牙科 MRD。

And so Resmed is the number one provider of 3D printed dental devices in Western Europe, Northern Europe and beyond and everywhere where there's a good economic model for the consumer to get access to dental care. That's where we participate.

因此，Resmed 是西歐、北歐及其他地區以及所有擁有良好經濟模式供消費者獲得牙科護理服務的地區的頭號 3D 列印牙科設備供應商。這就是我們參與的地方。

For the bronze metal, right, for sort of third tier therapy, if you can't tolerate CPAP, APAP, bilevel, can't tolerate dental, which both of them are relatively non-invasive, relatively affordable and use natural things like air and water, very much in line with the sort of Make America Healthy Again and actually European sort of naturalist approaches and cost-effective approaches of any payer, then you might end up if you can't tolerate those on the third tier therapy.

對於青銅金屬，對，對於第三層療法，如果您不能忍受 CPAP、APAP、雙水平，不能忍受牙科，這兩種療法都相對無創，相對便宜，並使用空氣和水等天然物質，非常符合“讓美國再次健康”的理念，實際上也符合歐洲的自然主義方法和任何付款人的成本效益方法，那麼如果您不能忍受第三層療法，您最終可能會忍受第三層療法。

And I think there's a range there. There's GLP-1s for pharmaceuticals. I think they've taken the wind out of the sales of Apnimed, frankly, because the GLP-1, not only half treats, I'll say half treats because it's about an AHI reduction of 50%, some of the apnea, it leaves a lot of residual and should be used in combination with gold standard and physicians know that.

我認為那裡有一個範圍。有用於藥物的 GLP-1。坦白說，我認為他們已經從 Apnimed 的銷售中獲利，因為 GLP-1 不僅能減少一半的 AHI，我會說是一半的 AHI，因為它可以將部分呼吸暫停減少 50%，但它會留下很多殘留物，應該與黃金標準結合使用，醫生知道這一點。

But it does that and some diabetic improvements and cardiovascular and all those. And so I think it's more likely that they are Zepbound or that type of a drug would be used as that third tier versus an Apnimed, which only half treats the apnea.

但它確實有這些功效，並且對糖尿病、心血管疾病等都有改善。因此，我認為更有可能的是，Zepbound 或類似類型的藥物將被用作第三層，而不是 Apnimed，他只能治療一半的呼吸中止症。

But we'll watch this space. We're invested there. We're obviously on the Advisory Board. And yes, I want to keep -- the one-stop shop thing for me, Anthony, is about Resmed keeping a relationship with the person who suffocates. And if they are on CPAP, APAP, bilevel, we've got an intimate relationship. They're on dental. We've got an intimate relationship.

但我們會關注這個領域。我們在那裡投資了。我們顯然是顧問委員會的成員。是的，我想維持——安東尼，對我來說，一站式服務就是讓 Resmed 與窒息者保持聯繫。如果他們使用 CPAP、APAP 或雙水平呼吸機，我們就建立了密切的關係。他們正在看牙醫。我們的關係很親密。

If they're on those third tier therapies, whether it's a drug or a hypoglossal nerve stim, I want to still have that relationship because, guess what, those drugs may not be inherent for life. That even an implant might not be something they want to keep turning on because of side effects or whatever.

如果他們正在接受第三級治療，無論是藥物治療還是舌下神經刺激，我仍然希望保持這種關係，因為，你猜怎麼著，這些藥物可能不是終身有效的。由於副作用或其他原因，他們可能也不想繼續使用植入物。

I want to have a relationship, so I can bring them back, and get them a chance to get the gold standard because as Jean-Louis Pepin from Grenoble University in France says, he says, the best alternative to failing positive airway pressure therapy is positive airway pressure therapy again.

我希望建立一種關係，這樣我就可以讓他們回來，並讓他們有機會獲得黃金標準，因為正如法國格勒諾布爾大學的 Jean-Louis Pepin 所說，他說，失敗的氣道正壓治療的最佳替代方案是再次進行氣道正壓治療。

And so I want to keep that relationship. That's that. And I think I included the answer to your third question there on Apnimed in that last one. So thanks for the triple there, Anthony, and we'll talk to you soon.

所以我想保持這種關係。就是這樣。我認為我在最後一個問題中已經包含了您對 Apnimed 上的第三個問題的答案。所以，感謝安東尼的回复，我們很快會再和你聯絡。

David Bailey, Morgan Stanley.

摩根士丹利的戴維貝利。

Yeah, thanks. Morning, Mick and Brett. You touched it on the last question there, Mick, but just post the Zepbound label, interested in your observations around new patients coming into the system and then maybe any feedback you can provide around the physicians prescribing patents post that label, if they are starting to prescribe GLP-1s in conjunction with CPAP. Any observations on those two would be appreciated. Thank you.

是的，謝謝。早上好，米克和布雷特。米克，你在最後一個問題中提到了這一點，但只需發布 Zepbound 標籤，我對進入該系統的新患者的觀察很感興趣，然後也許你可以為開具該標籤的處方的醫生提供任何反饋，如果他們開始結合 CPAP 開具 GLP-1。如能對這兩者提出任何意見，我們將不勝感激。謝謝。

Yeah, thanks, David, and very good question. I mean it allows me to talk to a bit broader on that sort of demand generation part of it, and we're watching very closely. We updated our numbers and so you'll see that in the book later. But it's really -- it's sort of well north of 10% increased rate.

是的，謝謝，大衛，這個問題問得非常好。我的意思是，它讓我能夠更廣泛地談論這種需求生成部分，我們正在密切關注。我們更新了我們的數字，因此您稍後會在書中看到。但實際上——成長率遠高於 10%。

I think it's now 11% increased rate of a patient with a GLP-1 prescription starting CPAP, APAP or bilevel versus those who don't have the code that they have had a prescription for GLP-1. So that's strong and just getting a little stronger of that.

我認為現在擁有 GLP-1 處方的患者開始使用 CPAP、APAP 或雙水平治療的比例比沒有 GLP-1 處方代碼的患者增加了 11%。所以這很強大，並且會變得越來越強大。

I'm a motivated patient. I've come in for this new pharmaceutical capability, which has the cardiovascular promise, the diabetes promise, the half treating of sleep apnea promise in this, I don't know, call it the Kim Kardashian or Botox effect, right, this aesthetic in fact. And so they come into the primary care position wanting that the GP, wanting that.

我是一個有上進心的病人。我來這裡是為了獲得這種新的藥物治療能力，它具有治療心血管疾病、糖尿病、治療睡眠呼吸中止症的潛力，我不知道，可以稱之為金·卡戴珊或肉毒桿菌效應，對吧，事實上是美學上的。因此，他們進入初級保健崗位，希望全科醫生能夠提供這樣的服務。

But then when the PCP, when the GP sees, they have apnea, they're writing a prescription for CPAP, like it's happening because in the US, there's -- you'll get sued if you don't give gold standard therapy, if you don't offer the standard of care, but also there's the Hippocratic Oath and they know that this is completely reversible, very cost effective and 100% effective if used as directive.

但是，當 PCP 和 GP 發現患者患有呼吸暫停時，他們會開 CPAP 處方，因為在美國，如果您不提供黃金標準治療，不提供標準護理，就會被起訴，但也有希波克拉底誓言，他們知道這是完全可逆的、非常划算的，如果按照指示使用，效果是 100%。

And so that's why we're seeing that. I think that 11% start rate. And you look at one year and two year end, those are unchanged. They're north of 3% higher resupply rate for GLP-1 prescribed patient versus control for one year, and then north of 5% higher resupply rate at two, and those numbers are steady. So you can see those in the numbers we've got in our reported this quarter.

這就是我們看到這種情況的原因。我認為開工率為11%。看看一年和兩年末，這些都是沒有改變的。與對照組相比，接受 GLP-1 治療的患者的一年補給率高出 3% 以上，兩年補給率高出 5% 以上，而且這些數字保持穩定。您可以在我們本季報告的數字中看到這些。

Look, we're not going to rely just upon Lilly who got the IFU for Zepbound. Well, that's our demand gen. We don't need to do any. Are we going to do what we said earlier, we're going to do these consumer direct approaches in particularly our omnichannel markets. But we're also going to do it in our primarily healthcare driven markets, healthcare insurance driven markets like the US, France and Germany because it's a combination of all the above.

你看，我們不會只依賴獲得 Zepbound IFU 的 Lilly。嗯，這就是我們的需求生成。我們不需要做任何事。我們是否會按照先前說的去做，特別是在全通路市場中採取直接面向消費者的方式。但我們也將在主要由醫療保健、醫療保險驅動的市場（如美國、法國和德國）開展這項業務，因為它是上述所有因素的結合。

But it will be a contributor to us. These patients are coming in. And you heard in my prep remarks, the focus on CME, that continuous medical education, that's huge to make sure that a primary care physician, and we're targeting ones that are high-volume GLP-1s that have prescribed them before and are likely to be where people go.

但它會對我們有所貢獻。這些病人正在進來。在我的準備發言中，您已經聽到了我重點關注的 CME，即持續醫學教育，這對於確保初級保健醫生至關重要，我們的目標是那些以前開過處方並且很可能成為人們去處的大量 GLP-1 藥物的醫生。

We're educating them about gold standard, silver and bronze for sleep apnea therapy, showing them CPAP, APAP and bilevel there and helping them set up home sleep apnea testing pathways. So very early days in demand gen from Resmed driven and pharma-driven and I would call consumer tech wearable driven. But we are starting to see some results in specific markets with more to come. Thanks for the question, Dave.

我們正在向他們解釋睡眠呼吸中止症治療的黃金標準、銀標準和銅標準，向他們展示 CPAP、APAP 和雙水平，並幫助他們建立家庭睡眠呼吸中止測試途徑。因此，早期的需求是由 Resmed 驅動、製藥驅動以及我稱之為消費科技穿戴裝置所驅動的。但我們已開始在特定市場看到一些成果，未來也將看到更多成果。謝謝你的提問，戴夫。

Brett Fishbin, KeyBanc Capital Markets.

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc 資本市場。

Hey guys, thanks very much for taking the questions. Just wanted to circle back on the gross margin question from earlier. I thought the answer on four key drivers was very clear. I just wanted to follow up more on the FY26 guidance, 61% to 63% represents 200 bps year-over-year at the midpoint, and 300 bps at the high end, so a pretty significant there.

嘿夥計們，非常感謝你們回答這些問題。我只是想回顧一下之前的毛利率問題。我認為關於四個關鍵驅動因素的答案非常明確。我只是想進一步了解 26 財年的指引，61% 到 63% 代表中點同比增長 200 個基點，高端同比增長 300 個基點，因此這是一個相當重要的數字。

And I was hoping you could talk through maybe the primary drivers supporting that level of expected improvement, how much do you think is coming from the FX movement this quarter? And then any considerations around seasonality or phasing that we should be thinking about? Thank you.

我希望您能談談支持這一預期改善水平的主要驅動因素，您認為本季外匯走勢在其中發揮了多大作用？那我們應該考慮季節性或分階段性的問題嗎？謝謝。

Yeah. Sure, Brett to take that. So it's Brett to Brett.

是的。當然，布雷特會接受的。所以這是 Brett 對 Brett 的。

Yeah. So, could see my namesake So yeah, I mean, we've got that -- the guidance there is 61, 63, we're kind of at lower end. And then we wouldn't progressively improve that. So I think that through it might start at that lower end, right?

是的。所以，可以看到我的同名，所以是的，我的意思是，我們已經得到了 - 那裡的指導是 61、63，我們處於較低端。然後我們就不會逐步改善這一點。所以我認為它可能從較低端開始，對嗎？

And we'll look to exit the fiscal year a higher rate than what we started. So that's how we're kind of thinking about it. And then what are we -- kind of what are the drivers going to be through FY26. There's probably a lot of talked about continuing the theme, but it's really that pipeline of cost optimization initiatives.

我們預期本財年結束時的利率能高於年初的利率。這就是我們對此的看法。那麼，我們的 2026 財年驅動因素是什麼呢？關於繼續這個主題可能有很多討論，但它實際上是成本優化舉措的管道。

So it will be around procurement initiatives. There'll be around manufacturing improvements in terms of how we balance that, cycle times, all that plays out. There will be scale benefits. We want to keep going with our logistics efficiencies as well. We've made a lot of inroads obviously, on that over the last 12 months.

因此它將圍繞採購計劃展開。我們將在如何平衡這些、週期時間等所有方面進行製造方面的改進。就會產生規模效益。我們也希望持續提高物流效率。顯然，在過去的 12 個月裡，我們在這方面取得了巨大進展。

So we think we can -- there will be some there that we have still to get, I think, on logistics efficiencies, and we'll keep working on that. The transition of AS10, AS11 platform will continue to play out. Obviously, a lot of that has played out, but that's still play out through FY26.

所以我們認為我們可以——我認為在物流效率方面我們還有一些需要改進的地方，我們會繼續努力。AS10、AS11平台的過渡也將繼續進行。顯然，很多事情已經發生，但仍將持續到 2026 財年。

We're probably likely -- probably a natural kind of product mix tailwind will be favorable, you think going into FY26. And then new product introductions always give you an opportunity as well through that. So they're kind of -- there's no one silver bullet on this. It's really about really strong execution to drive that on multiple fronts. And that's how you have to tackle it.

我們很可能 - 也許一種自然的產品組合順風將是有利的，你認為進入 FY26。新產品的推出也總是會為你帶來機會。所以他們覺得──這個問題沒有什麼靈丹妙藥。這實際上需要強有力的執行力來在多個方面推動這一目標。這就是你必須解決它的方法。

Very, very helpful. Thank you.

非常非常有幫助。謝謝。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

Hi, thanks for taking the question. I did want to go back, Mick, because you had so much experience with competitive bidding last time. Maybe you could just summarize in your words, the impact that it did have on your business and maybe more importantly, didn't have. I know there was a lot of concerns covering it back then and then ultimately, it wasn't that bad. And could you draw any lines from that situation to what may happen now?

你好，謝謝你回答這個問題。我確實想回去，米克，因為上次你在競爭性投標方面有豐富的經驗。也許您可以用自己的話來總結它對您的業務的影響，或者更重要的是，它沒有產生的影響。我知道當時有很多人對此感到擔憂，但最終，情況並沒有那麼糟。您能否從當時的情況與現在可能發生的情況進行一番比較？

Yeah, Matt, it's really good. And I know we've only got three minutes left here, so I'll do my best to summarize the last 15 years or so is -- and yeah, you know when I took over CEO 13 years ago -- 12, 13 years ago, we were in the heat of it. And I'd been running the Americas before that, and we were in the heat of it.

是的，馬特，這真的很好。我知道我們只剩下三分鐘的時間了，所以我會盡力總結過去 15 年左右的情況——是的，你知道，當我 13 年前接任執行長時——12、13 年前，我們正處於鼎盛時期。在此之前，我一直在管理美洲事務，我們正處於最激烈的時期。

And so a lot of learning. I'll do my best to say, I think when this sort of started around round one, round two, Medicare reimbursement was very significantly above private payer reimbursement. And so, you really couldn't argue the justification of not doing the program because government was paying a lot more than private payers.

還有很多要學的。我會盡力說，我認為當這種情況在第一輪、第二輪開始時，醫療保險報銷額明顯高於私人付款人報銷額。因此，你真的無法爭辯不實施該計劃的理由，因為政府支付的費用比私人支付的費用多得多。

As I look at it now, Medicare and private payers are very much in sync. And the private payers, there's lots of them, and there's 50 states, and there's -- it's like a 250 data point matrix with five payers and 50 states. But they mark the market on a very regular basis, annually or even quarterly in some and they're there.

我現在認為，醫療保險和私人付款人非常同步。私人付款人有很多，有 50 個州，而且 - 它就像一個 250 個數據點矩陣，有 5 個付款人和 50 個州。但他們會非常定期地關注市場，有時是每年或甚至每季度，而且他們就在那裡。

The government is right in line with them. And as you saw in the last round, that round four in 2021, we've got a very mature HME provider population who looked at their costs and looked at the capabilities and bid appropriately, and it was slightly above the rates that were previously there.

政府完全同意他們的觀點。正如您在上一輪，即 2021 年的第四輪中所看到的，我們擁有一個非常成熟的 HME 提供者群體，他們考慮了成本和能力並進行了適當的出價，其價格略高於之前的費率。

And so then the program went back to what I call just a CPI or inflation-based adjustment with some efficiency measures these last four years. I think it's -- I look at the rules and I look at all the stuff that we've seen so far, it looks pretty similar to that last round.

因此，該計劃在過去四年中又回到了我所說的基於消費者物價指數或通貨膨脹的調整，並採取了一些效率措施。我認為——我看了規則，也看了我們目前看到的所有東西，它看起來與上一輪非常相似。

There's some justifications of different percentiles and different averages and some questions we have that we'll get sorted out. But it's really -- it's not that different to what we've seen before, and the rates aren't that different from Medicare to private payers.

不同的百分位數和不同的平均值有一些道理，我們也有一些問題需要解決。但實際上，它與我們以前見過的並沒有什麼不同，醫療保險和私人支付的費率也沒有太大差別。

So I think, I won't say it's going to be a non-issue. I think for our HME customers, we want to work really closely with them and help them, and through our industry associations, and so on, we will, and we're going to support them through this.

所以我認為，我不會說這不是一個問題。我認為對於我們的 HME 客戶，我們希望與他們密切合作並幫助他們，並且透過我們的行業協會等，我們將透過這種方式為他們提供支援。

But look, Resmed doesn't bid directly, so we don't -- we're not directly involved in the program, but all I can say is it's pretty benign. I don't think there's going to be any major perturbations. And as you said, we got through what was pretty dramatic changes, 15 years ago and 10 years ago, very well.

但是，Resmed 並不直接參與競標，所以我們不直接參與該計劃，但我只能說它相當溫和。我認為不會有任何重大的擾動。正如您所說，我們很好地度過了 15 年前和 10 年前的劇烈變化。

Actually, we grew very well through that. This would be a much -- relatively a much more minor change, and I think we will power through, and I think our customers will power through it too. But I think most importantly, Medicare beneficiaries who pay the taxes that drive the government money that supports the Medicare and Medicaid programs, they will get access to care.

事實上，我們透過這種方式成長得很好。這將是一次相對較小的改變，我認為我們會努力克服它，而且我認為我們的客戶也會努力克服它。但我認為最重要的是，醫療保險受益人繳納的稅款將推動政府資金支持醫療保險和醫療補助計劃，他們將獲得醫療服務。

And Resmed will fight for that, fight for the patients, particularly in rural areas that they get access to care. We've been very strong in advocating for that and we'll continue to do so. Thanks for the question. It was a great one, Matt.

Resmed 將為此而奮鬥，為患者而奮鬥，特別是為農村地區的患者爭取醫療服務的機會。我們一直強烈倡導這一點，並將繼續這樣做。謝謝你的提問。太棒了，馬特。

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

謝謝。我們的問答環節結束了。我想再次請大家發表進一步的評論或結束語。

Great. Well, look, thank you for joining us on our earnings call today. On behalf of the more than 10,000 Resmedians operating in 140 countries worldwide. I'm very pleased that we're able to deliver another very strong year of performance and to build value for all of you, our shareholders. We look forward to speaking to you -- many of you over the coming weeks, and we'll see all of you in 90 days. Salli?

偉大的。好吧，感謝您今天參加我們的收益電話會議。代表全球 140 個國家的 10,000 多名 Resmedians。我很高興我們能夠再次取得非常強勁的業績並為所有股東創造價值。我們期待在接下來的幾週內與你們中的許多人交談，我們將在 90 天後與你們所有人見面。薩莉？

Thank you, Mick. And I'll echo Mick, thank you to 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.

謝謝你，米克。我同意米克的觀點，感謝大家的聆聽。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 webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。