瑞思邁 (RMD) 2026 Q1 法說會逐字稿

Hello, and welcome to the Q1 fiscal year 2026 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. (Operator Instructions)

大家好，歡迎參加瑞思邁2026財年第一季財報電話會議。我叫凱文。我將是今天通話的接線生。（操作員說明）另請注意，本次電話會議正在錄音。（操作說明）

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

讓我把電話交給瑞思邁首席投資者關係官薩莉·施瓦茨。

Thanks, Kevin. I want to welcome our listeners to Resmed's first-quarter fiscal year 2026 earnings call. We are live webcasting this call, and the replay will be available on the Investor Relations section of our corporate website later today. Our earnings press release and presentation are both available online now.

謝謝你，凱文。歡迎各位聽眾收聽瑞思邁公司2026財年第一季財報電話會議。本次電話會議將進行網路直播，稍後將在公司網站的投資者關係版塊提供回放。我們的獲利新聞稿和簡報現已上線。

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，我們將討論一些我們認為可以為投資者提供有用資訊的非GAAP指標。本資訊不應被孤立地看待，也不應被視為替代公認會計準則財務資訊。我們建議您查看今天發布的獲利新聞稿中的附表，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，我們今天的討論還將包括前瞻性陳述，包括但不限於對我們未來財務和營運績效的預期。我們基於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。請查閱我們向美國證券交易委員會提交的文件，以全面了解可能導致我們的實際業績與今天所作的任何前瞻性聲明有重大差異的風險因素。

I'll now turn the call over to Mick.

現在我將把電話交給米克。

Thank you, Salli, and good morning, good afternoon and good evening to everyone on the various time zones, and welcome to Resmed's first quarter fiscal year 2026 earnings call. I'm very proud of our global team of 10,000-plus Resmedians, who have delivered a strong quarter with 9% reported revenue growth or 8% on a constant currency basis, with multiple areas of high performance.

謝謝薩莉，也祝福各時區的各位早安、下午好、晚上好，歡迎參加瑞思邁2026財年第一季財報電話會議。我為我們遍布全球的 10,000 多名 Resmedian 員工感到非常自豪，他們在本季度取得了強勁的業績，報告收入增長了 9%，按固定匯率計算增長了 8%，並在多個領域表現出色。

Across US, Canada and Latin America, our team drove high single-digit growth in devices at 8%, and the same team also delivered double-digit growth in the masks and other category with 12% growth. For Europe, Asia and Rest of World devices, the team achieved high single-digit growth at 7% on a constant currency basis. These businesses collectively comprise more than 75% of our quarterly revenue.

在美國、加拿大和拉丁美洲，我們的團隊推動設備實現了 8% 的高個位數成長，而同一團隊還在口罩和其他類別中實現了 12% 的兩位數成長。在歐洲、亞洲和世界其他地區的設備市場，該團隊實現了7%的高個位數成長（以固定匯率計算）。這些業務合計占我們季度收入的 75% 以上。

For Europe, Asia and Rest of World in the masks and other category, we had mid-single-digit growth at 4% on a constant currency basis, following a strong comp from Q1 last year, where we grew at 11% in constant currency in this category and region. I'm confident that we will accelerate to high single-digit growth in this category, starting in the current quarter.

在歐洲、亞洲和世界其他地區的口罩及其他產品類別中，我們實現了 4% 的中等個位數增長（按固定匯率計算），此前一年第一季該類別和地區的增長率為 11%（按固定匯率計算）。我有信心，從本季開始，我們將加速實現該類別的高個位數成長。

We are focused on continued strategic expansion of our mask portfolio with new product innovation, which I'll talk about in a couple of minutes. And we're also focused on driving mask resupply through education, awareness, and execution. Increased mask resupply benefits patients, home care providers as well as payers and health care systems.

我們正致力於透過新產品創新，持續策略性地擴展我們的口罩產品組合，我稍後會詳細介紹。我們也致力於透過教育、宣傳和執行來推動口罩的補充供應。增加口罩供應，對患者、家庭照顧者、支付者和醫療保健系統都有好處。

And yes, it also benefits Resmed. This increase focused on mask and accessory resupply is fully aligned with our ongoing investments to accelerate growth in our direct-to-consumer markets around the world, including China, India, Korea, Australia, and New Zealand. As I noted above, I'm confident these efforts will accelerate our Europe, Asia and Rest of World masks and other category with solidly and sustainably back to high single-digit growth.

是的，這對瑞思邁公司也有好處。此次增加的投入主要用於口罩和配件的補給，與我們持續加大對全球直接面向消費者市場（包括中國、印度、韓國、澳洲和紐西蘭）的成長投入完全一致。正如我上面提到的，我相信這些努力將加速我們在歐洲、亞洲和世界其他地區的口罩及其他品類的增長，使其穩步、可持續地恢復到高個位數增長。

Resmed's residential care software or RCS business delivered mid-single-digit growth with 6% reported and 5% constant currency growth. We saw strong performance from our Medifox platform, our core Brightree platforms with good growth in the MatrixCare home health business, yet a challenging growth environment for the skilled nursing facilities segment.

瑞思邁的住宅護理軟體（RCS）業務實現了中等個位數的成長，報告成長率為 6%，以固定匯率計算的成長率為 5%。我們的 Medifox 平台表現強勁，核心 Brightree 平台在 MatrixCare 家庭健康業務方面也實現了良好成長，但專業護理機構領域的成長環境卻充滿挑戰。

Now that we have integrated our RCS business into our global revenue team, we will drive portfolio management with increased investment in the high-growth higher-margin parts of that RCS portfolio while reducing exposure to the lower growth, lower-margin areas, such as the services businesses.

現在，我們已將 RCS 業務整合到我們的全球收入團隊中，我們將透過增加對 RCS 投資組合中高成長、高利潤部分的投資，同時減少對低成長、低利潤領域（如服務業務）的投資，來推動投資組合管理。

We're confident that we will execute successfully on our portfolio management work and reaccelerate growth in our RCS platforms, moving from mid-single-digit growth here at the start of fiscal year 2026, accelerating to mid- to high a single-digit growth in the back half of fiscal year 2026 and achieving sustainable high single-digit growth with double-digit operating profit growth in 12 months from now.

我們有信心成功執行投資組合管理工作，並重新加速 RCS 平台的成長，從 2026 財年初的個位數中段增長，到 2026 財年下半年加速至個位數中段至高段增長，並在 12 個月內實現可持續的個位數高段增長和兩位數的營業利潤增長。

RCS is a key synergistic enabler of our core sleep and breathing health business through demand generation and especially through resupply programs. In this way, our RCS business forms a core part of our long-term growth strategy. During the quarter, we also continued to execute well on our ongoing work, driving operating leverage. Our global supply chain team delivered 280 basis points of year-over-year gross margin expansion.

RCS 透過需求創造，特別是透過補給計劃，成為我們核心睡眠和呼吸健康業務的關鍵協同推動者。這樣一來，我們的RCS業務就成為了我們長期成長策略的核心組成部分。本季度，我們也繼續很好地執行正在進行的工作，並提高了營運槓桿。我們的全球供應鏈團隊實現了毛利率年增 280 個基點。

These results, along with our disciplined approach to business investments in both R&D and SG&A translated to another quarter of strong double-digit earnings per share growth. I'd like to take this opportunity to thank not just our supply chain team, but the entire Resmed global team for their ongoing commitment in serving patients in more than 140 countries worldwide.

這些成果，加上我們在研發和銷售、管理及行政費用方面的嚴謹投資策略，使得公司又一個季度實現了強勁的兩位數每股收益成長。我想藉此機會感謝我們的供應鏈團隊，以及整個瑞思邁全球團隊，感謝他們一直以來為全球 140 多個國家的患者提供服務。

Resmed continues to build the world's largest digital health ecosystem, encompassing sleep health, breathing health and health care technology delivered right in the home. Over the recent quarters, I've highlighted three key themes for these earnings calls, one that Resmed is committed to operating excellence and driving operating leverage while simultaneously delivering new products to the market.

瑞思邁持續建構全球最大的數位健康生態系統，涵蓋睡眠健康、呼吸健康和家庭醫療保健技術。在最近幾季的財報電話會議上，我重點介紹了三個關鍵主題，其中之一是瑞思邁致力於卓越營運和提高營運槓桿，同時向市場推出新產品。

We are an innovation machine and an operational excellence machine. Two, Resmed is a compelling investment opportunity with huge addressable and growing markets and strong executable growth especially amidst global macro uncertainty. And three, Resmed's excellent free cash flow and strong balance sheet position, position us to both invest in the business and simultaneously return capital to our shareholders.

我們是一台創新機器，也是一台卓越營運機器。第二，瑞思邁（Resmed）是一個極具吸引力的投資機會，擁有龐大的潛在市場和不斷成長的市場，以及強勁的可執行成長，尤其是在全球宏觀經濟不確定的情況下。第三，Resmed 優秀的自由現金流和強勁的資產負債表狀況，使我們能夠既投資於業務，又同時向股東返還資本。

Our first quarter results are another demonstration of these important business elements, and I'll talk briefly about each of these three themes. On the first theme of operating leverage, I shared with you last quarter that Resmed has a pipeline of opportunities. One key area of focus has been optimization of our freight expense. Another area of focus has been our multiyear productivity programs that include improved planning systems and large-scale automation.

我們第一季的業績再次證明了這些重要的業務要素，接下來我將簡要地談談這三個主題。關於營運槓桿的第一個主題，我上個季度曾與大家分享過，瑞思邁有很多機會正在醞釀中。我們重點關注的領域之一是優化貨運成本。另一個重點領域是我們多年的生產力提升計劃，其中包括改進的規劃系統和大規模自動化。

These efforts, among others, helped deliver the 280 basis points of year-over-year gross margin expansion that we saw in this first quarter. We will continue to execute on these opportunities over the remainder of fiscal year 2026 and beyond. We'll update you here every quarter as we continue to deliver great results.

除此之外，這些努力幫助我們實現了第一季毛利率年增 280 個基點。在2026財年剩餘時間及以後，我們將繼續掌握這些機會。我們將每季在此更新最新進展，持續取得優異成績。

I've also previously highlighted the evolution of our global manufacturing footprint. In addition to our recently announced expansion of our Calabasas, California facility, which doubles our US manufacturing capacity, we are pleased to announce that with our strong ongoing growth in the United States that we are investing to establish a third facility, a third distribution center.

我之前也專注於我們全球製造佈局的演變。除了我們最近宣布擴建位於加州卡拉巴薩斯的工廠，使我們在美國的生產能力翻了一番之外，我們很高興地宣布，隨著我們在美國持續強勁增長，我們正在投資建立第三個工廠，即第三個配送中心。

This new facility will be in Indianapolis, Indiana, the heartland of the Midwest, and it will expand our distribution capacity. It will improve product velocity of delivery and enhance our overall network resilience by positioning inventory closer to our customers. We expect the Indianapolis facility to be operational in 2027.

這座新設施將位於中西部中心地帶的印第安納州印第安納波利斯市，它將擴大我們的分銷能力。這將提高產品交付速度，並透過將庫存部署在更靠近客戶的地方，增強我們整體網路的韌性。我們預計印第安納波利斯工廠將於 2027 年投入營運。

Once this facility comes online, Resmed will be able to ship to around 90% of our customers within two days. These efforts will also increase the capacity for our Made in America product to build on what we already do right here in the US.

該設施投入使用後，瑞思邁將能夠在兩天內向約 90% 的客戶發貨。這些努力也將提高我們美國製造產品的產能，以鞏固我們在美國本土已有的成就。

On the topic of Resmed as an innovation machine, our R&D investments in the next generation of market-leading masks, cloud connected device platforms and digital health software position us well to keep delivering the world's smallest quietest, most comfortable, most cloud-connected and most intelligent therapy solutions for sleep apnea, insomnia, respiratory insufficiency and beyond.

談到瑞思邁作為創新機器的地位，我們在下一代市場領先的面罩、雲端連接設備平台和數位健康軟體的研發投入，使我們能夠繼續為睡眠呼吸中止症、失眠、呼吸功能不全等疾病提供世界上最小、最安靜、最舒適、雲端連接性最強、最聰明的治療解決方案。

Just this week, we rolled out two world firsts for Resmed. These are the first two full face fabric masks available on the market. This brand-new AirTouch F30i mask platform is so innovative, we are launching two mass variants right out of the gate. First, the F30i Comfort, which is a premium price mask with a fabric-wrapped frame as well as an incredibly comfortable fabric-based oro-nasal patient interface. This amazing new product was launched earlier this week in Australia and will be launched into additional markets in the near future.

就在本週，我們為瑞思邁推出了兩項世界首創產品。這是市面上首批兩款全臉布口罩。這款全新的 AirTouch F30i 口罩平台極具創新性，我們一上市就推出了兩個量產版本。首先是 F30i Comfort，這是一款價格較高的面罩，採用織物包裹的框架，以及極其舒適的織物基口鼻患者接口。這款令人驚豔的新產品於本週稍早在澳洲上市，並將於不久的將來推向其他市場。

Second, just yesterday here in the US market, we launched the F30i Clear, which is a traditional silicon frame mask, but it still has that innovative, incredibly comfortable fabric oro-nasal patient interface. This variant will be launched into our B2B channels and our home care provider customers as we continue to launch to additional markets beyond the US.

其次，就在昨天，我們在美國市場推出了 F30i Clear，這是一款傳統的矽膠框架面罩，但它仍然具有創新、極其舒適的織物口鼻患者介面。我們將首先透過 B2B 管道和家庭護理服務提供者客戶推出此版本，並繼續向美國以外的其他市場推出。

These products expand Resmed's AirTouch portfolio of fabric-based mask offerings, delivering advanced comfort, mobility, and interchangeability for patients. They're designed to help more people start, stay and be on therapy, CPAP therapy for life. We're also excited to continue executing against our road map for incorporating ML, AI and generative AI technology into our digital health products.

這些產品擴展了瑞思邁 (Resmed) 的 AirTouch 織物面罩產品組合，為患者提供更佳的舒適性、靈活性和互換性。它們旨在幫助更多人開始、堅持並終身接受 CPAP 治療。我們也很高興能夠繼續按照我們的路線圖，將機器學習、人工智慧和生成式人工智慧技術融入我們的數位健康產品中。

Last quarter, I talked about how we integrated our personal sleep health digital assistant that we call Dawn into our myAir platform in the Australian market. Dawn allows Resmed to provide personalized 24/7 support to our users, giving them an intuitive, empowering way to get help right at the moment they need it, right on their own time. Based on that success, during the first quarter of fiscal year 2026, we launched Dawn on the myAir platform right here in the US market.

上個季度，我談到了我們如何將我們稱為 Dawn 的個人睡眠健康數位助理整合到我們在澳洲市場的 myAir 平台。Dawn 讓 Resmed 能夠為我們的用戶提供個人化的 24/7 全天候支持，為他們提供一種直觀、便捷的方式，讓他們在需要幫助的時候，在自己方便的時候獲得幫助。基於這項成功，在 2026 財年第一季度，我們在美國市場透過 myAir 平台推出了 Dawn。

Ultimately, Dawn strengthens the role of myAir as the central hub for therapy support for patients. This connectivity leads to increased long-term adherence, which in turn leads to better patient outcomes, lower total cost of care for payers and better resupply volumes for providers and for Resmed. Watch this space as we build and scale this amazing AI-based technology globally.

最終，Dawn 鞏固了 myAir 作為患者治療支持中心樞紐的地位。這種連結性有助於提高長期依從性，進而改善病患的治療效果，降低支付方的總醫療成本，並為醫療服務提供者和瑞思邁公司帶來更好的補給量。請關注，我們將持續在全球範圍內建構和推廣這項令人驚嘆的人工智慧技術。

We also recently launched in a limited beta program in Australia, a new feature that we call Comfort Match. Now Comfort Match is an AI-enabled comfort setting technology that sits on the myAir platform. Comfort Match is intended to help people become more confident, more comfortable and more adherent to therapy.

我們最近也在澳洲推出了一項名為「舒適匹配」的新功能，目前處於有限的測試階段。現在，Comfort Match 是一項基於 myAir 平台的 AI 賦能舒適度設定技術。Comfort Match 旨在幫助人們增強自信心、感到更舒適，並更堅持接受治療。

By engaging with patient settings such as humidification levels, air temperatures, heated tubing options and beyond, we will help patients define their optimal sleep health and breathing health environment faster, more easily and more efficiently, right from the start of their therapy journey.

透過與患者互動，例如調整加濕水平、空氣溫度、加熱管選項等，我們將幫助患者從治療之初更快、更輕鬆、更有效地確定最佳的睡眠健康和呼吸健康環境。

During set up, the Comfort Match technology receives information about a person's profile and through advanced machine learning suggests a personalized combination of comfort settings with the goal of maximizing adherence. We will measure the success of this technology in consumer engagement, improved patient perceived comfort as well as hard clinical outcomes such as patient adherence.

在設定過程中，舒適配對技術會接收有關個人個人資料的信息，並透過先進的機器學習技術，建議個人化的舒適設定組合，以最大限度地提高依從性。我們將透過消費者參與度、提高患者感知舒適度以及患者依從性等硬性臨床結果來衡量這項技術的成功。

Based on early trials, we are very excited that this technology will deliver for patients, for physicians, for providers and for payers and beyond. At Resmed, we view AI as a technology resource that will amplify and personalize care by identifying patents, surfacing insights and enabling personalized interventions, we are creating AI-based technologies that will help caregivers spend more time focusing on people rather than paperwork.

根據早期試驗，我們非常高興這項技術將為患者、醫生、醫療服務提供者、支付者以及其他各方帶來益處。在瑞思邁，我們將人工智慧視為一種技術資源，它可以透過識別患者、發現洞察和實現個人化介入來增強和個人化護理。我們正在創造基於人工智慧的技術，以幫助護理人員將更多的時間用於關注患者而不是文書工作。

For our patients, our AI technology translates health data into clear guidance, clear support and encouragement, empowering them to take an active role in their own therapy. As a result, we believe that our AI tech investments will provide returns through accelerated access to care through improved patient outcomes while also making care more personal, more proactive and ultimately more effective.

對於我們的患者而言，我們的人工智慧技術將健康數據轉化為清晰的指導、明確的支持和鼓勵，使他們能夠在自己的治療中發揮積極作用。因此，我們相信，我們對人工智慧技術的投資將透過改善患者治療效果，加快患者獲得醫療服務的速度，從而帶來回報，同時使醫療服務更加個人化、更加積極主動，並最終更加有效。

Moving on to Resmed's SG&A investments. We remain focused on demand generation, demand capture, and demand curation, as critical components to our long-term growth. Earlier this year, we expanded our offering of continuing medical education or CME programs to educate and to enforce or reinforce with physicians the benefits of CPAP, APAP and bilevel therapy as the clinical gold standard frontline treatment for any patient diagnosed with sleep apnea in accordance with sleep medicine guidelines.

接下來是瑞思邁的銷售、一般及行政費用投資。我們始終專注於需求創造、需求獲取和需求管理，因為這是我們長期成長的關鍵組成部分。今年早些時候，我們擴大了繼續醫學教育或 CME 計畫的提供範圍，旨在教育醫生並加強或強化 CPAP、APAP 和雙水平治療作為臨床黃金標準一線治療方案的益處，這些方案是根據睡眠醫學指南對任何被診斷患有睡眠呼吸中止症的患者進行的。

We have continued to see incredible uptake from primary care physicians or PCPs. To date, the CME programs have been completed nearly 40,000 times by more than 22,000 unique PCPs, demonstrating that health care providers have taken multiple courses. Surveys at the end of these courses have consistently shown that 75% of providers intend to change their clinical practices related to improving sleep and breathing health based on what they learned.

我們持續看到初級保健醫生（PCP）對該產品的接受度非常高。迄今為止，已有超過 22,000 名不同的初級保健醫生完成了近 40,000 次 CME 課程，這表明醫療保健提供者已經參加了多門課程。這些課程結束後進行的調查始終顯示，75% 的醫療服務提供者打算根據所學知識改變其在改善睡眠和呼吸健康方面的臨床實踐。

We will continue to drive select and targeted direct-to-consumer awareness campaigns to build sleep apnea awareness as well as Resmed brand awareness globally. The ultimate goal is to help undiagnosed patients to find their optimal path weighted treatment. With more than 2.3 billion people worldwide who need our solutions for sleep apnea, insomnia or respiratory insufficiency, it is our clear obligation to help them know the world's leading brand in the field, which is Resmed.

我們將繼續進行有針對性的直接面向消費者的宣傳活動，以提高全球對睡眠呼吸中止症以及瑞思邁品牌的認知度。最終目標是幫助未確診的患者找到最適合他們的治療方案。全球有超過 23 億人需要我們的睡眠呼吸中止症、失眠或呼吸功能不全解決方案，因此，我們有責任幫助他們了解該領域的世界領先品牌—瑞思邁 (Resmed)。

Immediately after that, though, our role is to be what I call a digital sleep health concierge to help that person find a path to screening, to diagnosis and ultimately, to therapy for life. On the sleep medicine clinical research front, you will see Resmed continue to invest in important studies that highlight new evidence in sleep health.

但緊接著，我們的角色就是成為我所謂的數位睡眠健康管家，幫助這個人找到篩檢、診斷，並最終獲得終身治療的途徑。在睡眠醫學臨床研究方面，你會看到瑞思邁繼續投資於重要的研究，這些研究突顯了睡眠健康的新證據。

In late August, we announced the publication of a landmark study in the Lancet Respiratory Medicine Journal projecting a significant rise in obstructive sleep apnea, or OSA, prevalence in the US over the coming three decades due to a variety of factors, including an aging population and increased chronic disease awareness.

8 月下旬，我們宣佈在《柳葉刀呼吸醫學雜誌》上發表了一項里程碑式的研究，該研究預測，由於人口老化和慢性病意識提高等多種因素，未來三十年美國阻塞性睡眠呼吸中止症（OSA）的患病率將顯著上升。

The study estimates that by 2050, OSA will affect nearly 77 million US adults representing a relative increase of nearly 35% from 2020 and ultimately impacting nearly half of all adults age 30 to 69. These epidemiology data include all of the estimated impacts of new drug classes, including GLP-1s. The bottom line from this epidemiology research is that the prevalence of sleep apnea will continue to increase. So our work is ongoing to help the many millions here in the US and the billions worldwide who need us.

研究估計，到 2050 年，OSA 將影響近 7,700 萬美國成年人，比 2020 年增加近 35%，最終影響近一半 30 至 69 歲的成年人。這些流行病學數據包括所有新藥物類別的估計影響，包括 GLP-1 類藥物。這項流行病學研究得出的結論是，睡眠呼吸中止症的盛行率將持續上升。因此，我們正在繼續努力，幫助美國數百萬需要幫助的人以及全球數十億需要幫助的人。

Last month, Resmed announced the launch of the Sleep Institute, a global clinical insights initiative, which is partnering with clinicians, researchers, policymakers and health system leaders to deliver objective non-commercial evidence-based insights that help inform care innovation, support policy decisions and elevate sleep as a global health priority. The Sleep Institute debuted at the World Sleep Congress in Singapore with an expert-led symposium examining barriers in diagnostic pathways for OSA and new scalable solutions to help improve access and outcomes.

上個月，瑞思邁宣布啟動睡眠研究所，這是一項全球臨床洞察計劃，旨在與臨床醫生、研究人員、政策制定者和衛生系統領導者合作，提供客觀的非商業性循證見解，以幫助指導護理創新、支持政策決策，並將睡眠提升為全球健康優先事項。睡眠研究所首次亮相新加坡世界睡眠大會，舉辦了一場專家主導的研討會，探討了 OSA 診斷途徑中的障礙以及有助於改善獲取途徑和治療效果的新型可擴展解決方案。

Even as we have continued our investments in both R&D and SG&A, Resmed again delivered strong net operating profit growth in the first quarter. Indeed, Resmed remains a compelling investment opportunity amidst global macro uncertainty. We continue to closely monitor the global trade environment and the evolving regulatory landscape.

儘管我們持續增加對研發和銷售、管理及行政費用的投入，但瑞思邁在第一季再次實現了強勁的淨營業利潤成長。的確，在全球宏觀經濟不確定的情況下，瑞思邁仍是一個極具吸引力的投資機會。我們將繼續密切關注全球貿易環境和不斷變化的監管情況。

As I noted last quarter, because our products are used to treat patients with chronic respiratory disabilities, they have been subject to global tariff relief for decades, and we have reconfirmed that with US authorities earlier this year. It's important to note that this relief has continued in the context of other Section 232 investigations, and we expect it to remain true for the investigation of medical supplies that was announced in late September.

正如我上個季度所指出的，由於我們的產品用於治療慢性呼吸系統疾病患者，因此幾十年來一直享受全球關稅減免，我們今年早些時候也向美國當局再次確認了這一點。值得注意的是，這種救濟措施在其他 232 條款調查中也一直持續，我們預計在 9 月下旬宣布的醫療用品調查中，這種情況也會持續存在。

Resmed was one of the many organizations across Medtech that submitted formal public comments regarding this investigation to the US Department of Commerce. There were over 800 official comments made from our industry which we see as a good show of strength from our colleagues in the field.

瑞思邁是眾多就此次調查向美國商務部提交正式公開意見的醫療科技公司之一。我們產業收到了 800 多則官方評論，我們認為這很好地展現了我們業內同仁的實力。

Our submission at Resmed focused on Resmed's significant and expanding, in fact, doubling of our US manufacturing, our broad domestic hardware and software R&D teams our global headquarters that's located right here in San Diego, California as well as our expansion of not just our US manufacturing, but also our many US jobs in research, development, and commercial operations here in the US.

我們在 Resmed 提交的資料重點介紹了 Resmed 在美國的顯著擴張（實際上是翻了一番），我們廣泛的國內硬體和軟體研發團隊，我們的全球總部就位於加利福尼亞州聖地亞哥，以及我們不僅擴大了在美國的製造規模，還擴大了我們在美國的研究、開發和商業運營方面的眾多工作崗位。

As the incoming Chairman of the industry group called AdvaMed from January 1, I'll be on the front lines of our med tech industry's response to this 232 investigation. Of 14 industries that has been investigated by the department. And I see our industry as actually quite analogous in potential outcome to that of the aircraft industry.

從 1 月 1 日起，我將擔任行業組織 AdvaMed 的主席，屆時我將站在醫療技術行業應對 232 調查的最前線。該部門已對14個行業進行了調查。而且我認為，我們這個產業的潛在結果其實與航空業非常相似。

And the aircraft industry saw some very favorable outcomes after their investigation and the details of their commentary. We are confident that ongoing tariff relief should still apply for Resmed and for our many patients with important disabilities that need access to care.

在他們的調查和詳細評論之後，航空業獲得了一些非常有利的結果。我們相信，瑞思邁公司以及我們眾多需要獲得醫療服務的重度殘疾患者仍應繼續享有關稅減免。

Let me also briefly comment on the competitive bidding program that CMS has stated that it plans to resume. In late August, Resmed submitted its comments on the proposed methodology that will apply to our home medical equipment or HME customers. We remain committed to advocating for policies that protect patient access to care and for policies that promote fair and sustainable reimbursement for HMEs.

我也想簡單評論一下CMS表示計畫恢復的競標計畫。8 月下旬，瑞思邁提交了對適用於我們家用醫療設備 (HME) 客戶的建議方法的意見。我們將繼續致力於倡導保護患者獲得醫療服務的政策，以及促進家庭醫療設備公平、可持續報銷的政策。

At this point, like everyone else in the industry, we are awaiting further information, including intended timing for the program, product categories that will be included or not included and bidding methodology details. Resmed will continue to support our HME customers and the millions of US Medicare beneficiaries who rely on us, both for access to market-leading, high-quality sleep and respiratory care at home.

目前，和業內其他人一樣，我們正在等待更多信息，包括該計劃的預期時間、將包含或不包含的產品類別以及競標方法詳情。瑞思邁將繼續支持我們的家庭醫療設備客戶以及數百萬依賴我們的美國醫療保險受益人，為他們提供市場領先的高品質家庭睡眠和呼吸照護服務。

We are fortunate to be able to remain fully focused on executing our 2030 strategy, including delivering value to all of our constituents. Resmed's strong free cash flow, our robust balance sheet provide us with significant flexibility to both invest in our business and return capital to shareholders.

我們很幸運能夠繼續全力以赴地執行我們的 2030 年策略，包括為我們所有的利害關係人創造價值。Resmed 強勁的自由現金流和穩健的資產負債表為我們提供了很大的靈活性，既可以投資於我們的業務，也可以向股東返還資本。

You will see us continue to selectively invest in our digital sleep health concierge capabilities, including screening protocols, clinical tools, seamless workflows and cloud connected care pathways. We'll be looking to expand the diagnostic funnel to keep up with the new patient flow that will come from Resmed's own demand generation efforts as well as the greater awareness of sleep apnea that has been and will be generated by the promotion of GLP-1 medications that can be used to partially treat or, as I say, half treat OSA.

您將會看到我們繼續有選擇地投資於我們的數位睡眠健康管家服務能力，包括篩檢方案、臨床工具、無縫工作流程和雲端連接的護理路徑。我們將努力擴大診斷管道，以跟上瑞思邁自身需求創造活動帶來的新患者流量，以及隨著 GLP-1 藥物的推廣而產生的對睡眠呼吸中止症的更高認識。這些藥物可以部分治療或如我所說，一半治療 OSA。

And the accelerating momentum in consumer wearables that are capable of not just sleep health monitoring, but also sleep apnea detection. Resmed's ability to integrate with multiple other wearable ecosystems and the growth in patients using Resmed products has driven the number of API calls per second up more than 40% year-over-year in this quarter.

能夠監測睡眠健康並檢測睡眠呼吸中止症的消費級穿戴裝置正以驚人的速度發展。瑞思邁與多個其他穿戴式生態系統的整合能力，以及使用瑞思邁產品的患者數量的增長，使得本季每秒 API 呼叫次數同比增長超過 40%。

The first quarter of fiscal year 2026 was the first time that we had more than 3 billion total API calls in a single quarter. The bottom line is that interoperability works, digital health works. People want to combine health data for lower costs, better outcomes and to bend the curve of chronic disease and to better manage the disorders and diseases that they have and that we treat.

2026 財年第一季度，我們首次在一個季度內 API 呼叫總數超過 30 億次。歸根究底，互通性有效，數位醫療有效。人們希望整合健康數據，以降低成本，獲得更好的結果，並扭轉慢性病的趨勢，更好地管理他們患有的以及我們治療的疾病。

Resmed also returned significant capital to shareholders through a combination of dividends and share repurchases. As you're aware, last quarter, Resmed's our Board of Directors authorized another increase in the quarterly dividend for fiscal year 2026. We also increased our targeted share repurchase activity for fiscal year 2026. And during the first quarter, we returned over $238 million to our shareholders.

瑞思邁也透過分紅和股票回購的方式向股東返還了大量資本。如您所知，上個季度，瑞思邁董事會批准了2026財年季度股息的再次成長。我們也增加了 2026 財年的股票回購目標。第一季度，我們向股東返還了超過 2.38 億美元。

Before I turn the call over to Brett, I would like to take this time to thank the Resmed Board Director has just recently announced his retirement, Rich Sulpizio, for his amazing years of contribution to Resmed. We announced that Rich will not stand for reelection at our upcoming annual meeting of shareholders, which will be November 19, 2025, and he will retire after that meeting.

在將電話交給 Brett 之前，我想藉此機會感謝 Resmed 董事會成員 Rich Sulpizio，他最近剛宣布退休，感謝他多年來為 Resmed 做出的卓越貢獻。我們宣布，Rich 將不會在即將於 2025 年 11 月 19 日舉行的年度股東大會上尋求連任，並將在大會後退休。

Rich has been a long-time mentor to me and to many executives in the technology and health care industries, including at Qualcomm, CA Technologies and of course, right here at Resmed. Rich had always brought candor, energy, and a people-first mindset to every boardroom conversation. We'll continue to do that in his legacy.

Rich 一直是我以及科技和醫療保健行業許多高階主管的長期導師，包括高通公司、CA Technologies 公司，當然還有我們 Resmed 公司。里奇總是以坦誠、熱情和以人為本的理念參與每一次董事會討論。我們將繼續秉承他的遺志。

I'd also like to formally welcome Nicole Mowad-Nassar to Resmed's Board of Directors. Nicole was elected to our Board August 15 and has been appointed to the Compensation and Leadership Development Committee. Nicole is President of the Global Allergan Aesthetics business, and she's a Senior Vice President at AbbVie. Nicole brings three decades of pharmaceutical industry experience, a sharp commercial lens, a deep commitment to patient access and a strong orientation towards digital health as well as consumer and patient engagement. Nicole is a great addition to the Resmed board.

我還要正式歡迎妮可·莫瓦德-納薩爾加入瑞思邁董事會。妮可於 8 月 15 日當選為董事會成員，並被任命為薪酬和領導力發展委員會成員。妮可擔任艾爾建全球美學業務總裁，同時也是艾伯維公司的高級副總裁。妮可擁有三十年的製藥業經驗、敏銳的商業眼光、對病患就醫的堅定承諾以及對數位醫療和消費者及病患參與的強烈關注。妮可的加入對瑞思邁董事會來說是一大助力。

One final note on the Board, I'd like to congratulate Chris DelOrefice on his recent appointment as Chief Financial Officer of Ulta Beauty in the consumer cosmetics retail industry. We are fortunate to have both Chris and Nicole bring their experience with consumer-driven aesthetics products and retail products to our Board discussions. Their insights will be increasingly critical as Resmed builds its brand presence with consumers around the world to augment our amazing B2B businesses.

關於董事會，最後我想祝賀 Chris DelOrefice 先生最近被任命為 Ulta Beauty（一家面向消費者的化妝品零售公司）的財務長。我們很榮幸能邀請到 Chris 和 Nicole，他們將在以消費者為導向的美容產品和零售產品方面的經驗帶到我們的董事會討論中。隨著瑞思邁在全球建立品牌影響力，以增強我們卓越的 B2B 業務，他們的見解將變得越來越重要。

Quarter-after-quarter, Resmed has demonstrated its ability to consistently deliver both financially and operationally. We've established a leading market position globally in an underpenetrated market that still has a very long runway for growth. This underpins our confidence in our ability to deliver for consumers, for patients, for physicians, for providers for payers, for our communities and, of course, for you, our shareholders.

瑞思邁已連續多個季度證明了其在財務和營運方面持續取得良好業績的能力。我們已在全球滲透率較低的市場中確立了領先的市場地位，該市場仍有很大的成長空間。這增強了我們對自身能力的信心，使我們能夠為消費者、患者、醫生、醫療服務提供者、支付者、我們的社區以及當然還有你們——我們的股東——提供服務。

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

接下來，我將把發言權交給布雷特，讓他更深入地分析我們的財務狀況，然後我們將開放提問環節。Brett，悉尼那邊交給你了。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the first quarter of fiscal year 2026. Unless noted, all comparisons are to the prior year quarter and in constant currency terms, where applicable. We had strong financial performance in Q1.

偉大的。謝謝你，米克。在今天的演講中，我將概述我們2026財年第一季的業績。除非另有說明，所有比較均與上年同期進行比較，並採用固定匯率（如適用）。第一季我們的財務業績表現強勁。

Group revenue for the September quarter was $1.34 billion, a 9% headline increase and 8% in constant currency terms. Revenue growth reflected positive contributions across our product and resupply portfolio. Year-over-year movements in foreign currencies positively impacted revenue by approximately $16 million during the September quarter.

集團9月季營收為13.4億美元，較去年成長9%，以固定匯率計算成長8%。營收成長反映了我們產品和補給組合的正面貢獻。9 月季度，外匯匯率的年比變動對收入產生了約 1,600 萬美元的正面影響。

Looking at our geographic revenue distribution and excluding revenue from our residential care software business, sales in US, Canada and Latin America increased by 10%. Sales in Europe, Asia and other regions increased by 6% on a constant currency basis. Globally, on a constant currency basis, device sales increased by 7%, while masks and other sales increased by 10%.

從我們的地域收入分佈來看，如果排除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 10%。以固定匯率計算，歐洲、亞洲及其他地區的銷售額成長了6%。在全球範圍內，以固定匯率計算，設備銷售額增長了 7%，而口罩和其他產品的銷售額增長了 10%。

Breaking it down by regional areas. Device sales in the US, Canada and Latin America increased by 8%. Masks and other sales increased by 12%, reflecting continued growth in resupply, new patient setups and incremental revenue from our recent VirtuOx acquisition, which we acquired in Q4 FY25.

按地區劃分。美國、加拿大和拉丁美洲的設備銷售額成長了 8%。口罩和其他產品的銷售額增長了 12%，這反映了補貨的持續增長、新患者數量的增加以及我們最近收購 VirtuOx 帶來的增量收入，我們在 2025 財年第四季度收購了 VirtuOx。

In Europe, Asia and other regions, device sales increased by 7% on a constant currency basis, and masks and other sales increased by 4% on a constant currency basis, impacted by a strong prior year comparable. Residential care software revenue increased by 5% on a constant currency basis in the September quarter, led by robust performance from our MEDIFOX DAN business, partially offset by weaker performance in our senior living and long-term care software business.

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 7%，口罩和其他產品的銷售額以固定匯率計算成長了 4%，這主要受到去年同期強勁成長的影響。9 月季度，住宅護理軟體收入按固定匯率計算增長了 5%，這主要得益於 MEDIFOX DAN 業務的強勁表現，但部分被老年生活和長期護理軟體業務的疲軟表現所抵消。

As Mick mentioned, we are reviewing our investment priorities within RCS and are working on initiatives to drive improved growth in the RCS portfolio. During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our first quarter earnings press release.

正如 Mick 所提到的，我們正在審查 RCS 內部的投資重點，並正在製定相關措施以推動 RCS 投資組合的成長。在今天剩餘的評論中，我將使用非GAAP財務資料。我們在第一季財報新聞稿中提供了非GAAP與GAAP資料的完整調節表。

Gross margin was 62% in the September quarter and increased by 280 basis points year-over-year and by 60 basis points sequentially. The increases were primarily driven by component cost improvements and manufacturing and logistics efficiencies. Changes in average selling prices had a minimal impact on our gross margin, both on a year-over-year and on a sequential basis.

9 月季度的毛利率為 62%，較去年同期成長 280 個基點，較上季成長 60 個基點。成長主要得益於零件成本的降低以及製造和物流效率的提高。平均售價的變動對我們的毛利率影響甚微，無論是年比或季比。

Our supply chain team continues to make progress on our pipeline of gross margin expansion initiatives, and we remain focused on making sustained long-term gross margin improvements. Looking forward and subject to currency movements, we still expect gross margin to be in the range of 61% to 63% for fiscal year 2026.

我們的供應鏈團隊在毛利率提升計畫方面持續取得進展，我們將繼續專注於實現毛利率的長期持續改善。展望未來，儘管匯率波動可能有所變化，但我們仍預期 2026 財年的毛利率將在 61% 至 63% 之間。

Moving on to operating expenses. SG&A expenses for the first quarter increased by 8% on a headline basis and by 7% on a constant currency basis. The increase was primarily attributable to additional expenses associated with our VirtuOx acquisition and growth in employee costs as well as ongoing marketing and technology investments. SG&A expenses as a percentage of revenue improved to 19.4% compared to 19.5% in the prior year period.

接下來是營運費用。第一季銷售、一般及行政費用以固定匯率計算成長了 8%，以固定匯率計算成長了 7%。成長主要歸因於收購 VirtuOx 帶來的額外支出、員工成本的成長以及持續的行銷和技術投資。銷售、一般及行政費用佔收入的百分比從去年同期的 19.5% 改善至 19.4%。

Looking forward and subject to currency movements, we still expect SG&A expenses as a percentage of revenue to be in the range of 19% to 20% for fiscal year 2026. R&D expenses for the quarter increased by 10% on both a headline and constant currency basis. The increase was primarily attributable to increases in employee-related expenses. R&D expenses as a percentage of revenue were 6.5%, consistent with the prior year period. Looking forward and subject to currency movements, we still expect R&D expenses as a percentage of revenue to be in the range of 6% to 7% and for fiscal year 2026.

展望未來，並視匯率波動情況而定，我們仍預期 2026 財年銷售、一般及行政費用佔收入的百分比將在 19% 至 20% 之間。本季研發費用以名目金額和固定匯率計算均成長了 10%。成長主要歸因於員工相關費用的增加。研發費用佔營收的百分比為 6.5%，與去年同期持平。展望未來，儘管匯率波動不定，我們仍預期 2026 財年研發支出佔營收的百分比將在 6% 至 7% 之間。

During the quarter, we recorded a restructuring related charge of $16 million, following a company-wide workforce planning review to better align our capabilities with our 2030 strategic priorities. Restructuring costs were comprised of employee severance and other one-time termination benefits. The restructuring charge has been treated as a non-GAAP item in our first quarter financial results.

本季度，我們計入了 1600 萬美元的重組相關費用，這是在公司範圍內進行勞動力規劃審查之後做出的決定，目的是更好地使我們的能力與 2030 年的戰略重點保持一致。重組成本包括員工遣散費和其他一次性離職補償金。重組費用已作為非GAAP項目計入我們第一季的財務表現。

Operating profit for the quarter increased by 19%, underpinned by revenue growth and gross margin expansion. Our operating margin improved to 36.1% of revenue compared to 33.2% in the prior year period. Our net interest income for the quarter was $9 million. During the quarter, we recognized unrealized losses of $6 million associated with our minority investment portfolio. This negatively impacted our Q1 earnings per share by -- sorry, by $0.04. Our effective tax rate for the September quarter was 22.3% compared to 19.2% in the prior year quarter.

受營收成長和毛利率擴張的支撐，本季營業利潤成長了 19%。我們的營業利益率從去年同期的33.2%提高到營收的36.1%。本季淨利息收入為900萬美元。本季度，我們確認了與少數股權投資組合相關的未實現損失 600 萬美元。這對我們第一季的每股收益產生了負面影響——抱歉，減少了 0.04 美元。我們 9 月季度的實際稅率為 22.3%，而去年同期為 19.2%。

As we noted in our last quarter call, the increase in our effective tax rate was primarily due to the impact of global minimum tax legislation introduced in certain jurisdictions that became effective from July 1, 2025. We still estimate our effective tax rate for fiscal year 2026 will be in the range of 21% to 23%. Our net income for the September quarter increased by 15% and non-GAAP diluted earnings per share increased by 16%.

正如我們在上一季電話會議中提到的那樣，我們實際稅率的上升主要是由於某些司法管轄區引入的全球最低稅立法的影響，這些立法從 2025 年 7 月 1 日起生效。我們仍預期 2026 財年的實際稅率將在 21% 至 23% 之間。我們9月季度的淨收入成長了15%，非GAAP稀釋後每股收益成長了16%。

Movements in foreign exchange rates had a positive impact on earnings per share of approximately $0.02 in Q1 FY26. Cash flow from operations for the quarter was $457 million, reflecting strong operating results and disciplined working capital management. Capital expenditure for the quarter was $43 million, and depreciation and amortization for the quarter totaled $48 million.

2026 財年第一季度，外匯匯率的波動對每股盈餘產生了約 0.02 美元的正面影響。本季經營活動產生的現金流為 4.57 億美元，反映了強勁的經營業績和嚴格的營運資本管理。本季資本支出為 4,300 萬美元，本季折舊及攤銷總額為 4,800 萬美元。

We ended the first quarter with a cash balance of $1.4 billion. At September 30, we had $669 million in gross debt and $715 million in net cash, and we 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.

第一季末，我們的現金餘額為14億美元。截至 9 月 30 日，我們的總債務為 6.69 億美元，淨現金為 7.15 億美元，根據我們的循環信貸額度，我們大約有 15 億美元可供提取。我們持續維持穩健的流動性狀況、強勁的資產負債表，並產生強勁的營運現金流。

Today, our Board of Directors declared a quarterly dividend of $0.60 per share. During the quarter, we purchased approximately 523,000 shares under our previously authorized share buyback program for a consideration of $150 million. We plan to continue to purchase shares to the value of approximately $150 million per quarter during the remainder of 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 dividend and share buyback program.

今天，我們的董事會宣布派發每股 0.60 美元的季度股息。本季度，我們根據先前批准的股票回購計劃，以 1.5 億美元的對價購買了約 523,000 股股票。我們計劃在 2026 財年剩餘時間內，每季繼續購買價值約 1.5 億美元的股票。展望未來，我們將繼續透過研發投資實現成長，投入更多資金進行補充收購，並繼續執行我們的分紅和股票回購計畫。

And with that, I will hand the call back to our operator, Kevin, to provide instructions for our Q&A session.

接下來，我將把電話轉回給我們的接線生凱文，由他來為我們的問答環節提供指導。

(Operator Instructions)

（操作說明）

Davinthra Thillainathan, Goldman Sachs.

達文特拉·蒂萊納坦，高盛。

Yes. Mick and team, I appreciate the time. Can we just touch on your new mask that you have launched in Australia and in the US. Could you just highlight the unique attributes of this product? And also, if I understand this right is in the full face category and it builds on the nasal launch towards the back end of calendar year '24.

是的。Mick和團隊，感謝你們抽出時間。我們能否簡單談談您在澳洲和美國推出的新款口罩？能否重點介紹一下這款產品的獨特之處？而且，如果我理解正確的話，這屬於全臉類別，並且是在 2024 年末推出的鼻部產品的基礎上發展起來的。

So if you could just help explain just the importance of that full face category and tie that into your ambitions to accelerate growth in March, especially in ex US regions?

所以，如果您能幫忙解釋全臉彩妝品類的重要性，並將其與您3月份加速增長的目標聯繫起來，尤其是在美國以外的地區，那就太好了？

Yes. That's a great question, David. And so yes, it's the AirTouch F30i and really incredible, I would say, fabric-based technology that, as you know, in Singapore, we've had a fabrics engineering team working for a while. And we had recently launched our AirTouch N30i, a couple of quarters ago and have had really good success with that nasal mask with fabric touching the face. And so we had this in development.

是的。大衛，你問得好。所以，是的，這就是 AirTouch F30i，它採用了非常出色的織物技術，正如您所知，我們在新加坡有一個織物工程團隊，已經研究這項技術一段時間了。我們最近推出了 AirTouch N30i，大概是幾個季度前推出的，這款鼻罩採用織物接觸臉部，取得了非常好的成功。所以，我們當時正在開發這個專案。

We accelerated it up. And you're right, this is a full-face mask. So it's high price, high margin. It's about the roughly 30%, 40% of people breathe through both their nose and their mouth while they sleep. So they need an oro-nasal mask. And so for those people, one-third-plus of people, the AirTouch F30i is coming to market.

我們加快了速度。你說得對，這是全臉面罩。所以價格高，利潤也高。大約有 30% 到 40% 的人在睡覺時會同時用鼻子和嘴巴呼吸。所以他們需要一個口鼻口罩。因此，對於這部分人群（超過三分之一的人群），AirTouch F30i 即將上市。

And we've got two variants of it, one, which I'll call sort of the premium one, which would be more, as you said, in the sort of direct-to-consumer cash pay markets. I think China, Australia, New Zealand, India, Korea, Singapore, et cetera, et cetera. And that's called the F30i Comfort. And that has fabric not only in the part touching the face, but all over the head gear as well.

我們有兩種版本，其中一種我稱之為高級版，正如你所說，它更適合直接面向消費者的現金支付市場。我認為是中國、澳洲、紐西蘭、印度、韓國、新加坡等等。這就是所謂的 F30i 舒適型。而且，不僅與臉部接觸的部分使用了織物，整個頭盔也使用了織物。

So, every part touching your body is like the sheets that you sleep in the bed. The other variant is called the F30i Clear. And that is for markets sort of that are B2B markets, or home care provider markets, where we have a more economical version, but it's still has the advanced technology where the part touching the face has this new fabric oronasal patient interface. So watch this space. We've seen really good success with the N30i over the last couple of quarters.

所以，身體接觸到的每個部位都像你睡覺時蓋在床上的床單。另一個版本叫做F30i Clear。這適用於 B2B 市場或家庭護理提供者市場，我們有一個更經濟的版本，但它仍然具有先進的技術，其中接觸面部的部分採用了這種新型織物口鼻患者介面。敬請期待。在過去的幾個季度裡，N30i 取得了非常好的成功。

I think we're going to do the same in the full-face category here. We're changing the basis of competition in masks away from liquid silicone rubber LSR away from silicone to fabrics. We're going to sell both, but I think this is going to be a very exciting product for us and it will help us, not only have high single-digit growth in the Europe/Asia rest world category, which we're going to be back to that this quarter and continue on it. I'm more excited about what it can do for patients around the world who want more comfort and more care and these masks do that. Thanks for the question, David.

我認為我們在全臉防護類別中也會採取同樣的做法。我們正在改變口罩行業的競爭格局，從液態矽橡膠 (LSR) 轉向矽膠，再轉向織物。我們會同時銷售這兩款產品，但我認為這款產品對我們來說將非常令人興奮，它不僅能幫助我們在歐洲/亞洲和世界其他地區實現高個位數增長（我們本季度將重返該市場並繼續保持這一增長勢頭），還能幫助我們實現其他目標。我更興奮的是它能為世界各地渴望獲得更多舒適和更多護理的患者帶來什麼，而這些口罩正能做到這一點。謝謝你的提問，大衛。

Laura Sutcliffe, Citi.

勞拉·薩特克利夫，花旗銀行。

Hello, thank you for taking my question. I think you spoke at the end of the prepared remarks to potential sort of tuck-in acquisitions. I think historically, you've said there'll be focus sort of refining the patient funnel improving retention within the funnel. I assume that because there's more for you to gain here. So could you just talk to how much work there is to do, how leaky is the funnel right now and perhaps sort of allude to how that fits into the Resmed 2030 strategy?

您好，感謝您回答我的問題。我認為你在準備好的演講稿最後談到了潛在的補充收購。我認為從歷史角度來看，您曾說過，重點將放在完善病患轉換流程、提高轉換流程內的留存率。我猜是因為你在這裡能獲得更多好處。那麼，您能否談談還有多少工作要做，目前的管道有多暢通，並簡要說明這如何融入瑞思邁 2030 年策略？

Yes. Thanks for the question, Laura. Look, it's a good one. And as you saw, we have done a couple of tuck-in acquisitions in this area of the patient funnel, helping with access to very easily usable home sleep apnea testing tools like our Ectosense acquisition and the NightOwl product that is now being launched to our US sales force. We did that at the sales meeting a couple of months ago.

是的。謝謝你的提問，勞拉。你看，這可是個好主意。正如你所看到的，我們在患者管道的這一領域進行了一些小規模收購，幫助人們更容易地獲得像我們收購的 Ectosense 和 NightOwl 產品這樣的家用睡眠呼吸中止檢測工具，NightOwl 產品現在正在向我們的美國銷售團隊推出。我們在幾個月前的銷售會議上就這麼做了。

And so then in addition to that, we acquired a home sleep apnea testing services company called VirtuOx. And that team is hard core, dedicated entrepreneurs that now have -- and they came to our sales meeting here in the US as well. They now have access to the Resmed capabilities. And I actually just got the quarterly update from the team on the advisory board and their numbers are doing really well.

因此，除此之外，我們還收購了一家名為 VirtuOx 的家庭睡眠呼吸中止症檢測服務公司。那支團隊是一群鐵桿、敬業的企業家，他們現在——他們也來到了我們在美國的銷售會議。他們現在可以使用瑞思邁（Resmed）的產品功能。我剛剛收到了顧問委員會團隊的季度報告，他們的業績數據非常好。

We are doing really well in terms of getting NightOwls, getting other homes sleep apnea tests to patients, bringing them through the funnel. So that really strong 8% growth we saw in US devices. I do think that sort of, I would say, beating sort of that mid-single-digit growth, which we say is the market growth without that, some of these tuck-in acquisitions of VirtuOx and the NightOwl product have helped with that.

我們在招募夜貓子、為患者提供其他家庭睡眠呼吸中止症測試、引導他們完成整個流程方面做得非常好。所以我們看到美國設備市場實現了非常強勁的 8% 的成長。我認為，可以說，超越個位數的中段成長（我們說，如果沒有這些收購，市場成長率就是個位數），VirtuOx 和 NightOwl 產品的一些收購對此有所幫助。

In addition, of course, we had the tuck-in of the Somnoware acquisition, which is software, for pulmonary and sleep medicine practices. So we're helping provide efficiency, seamless flows, so that the pulmonary doctors and the PCPs have better interactions and easier interactions with each other.

此外，當然，我們也收購了 Somnoware，這是一款針對肺科和睡眠醫學實踐的軟體。因此，我們正在幫助提高效率，實現無縫流程，以便肺科醫生和初級保健醫生之間能夠更好地互動，更容易進行溝通。

Yes, I'm not going to signal exactly what we are looking at for the future, but I can tell you more like that, technologies and capabilities to help with that seamless, frictionless flow from sleep concerned consumer to screening, diagnosis, treatment and set up. As you said in your question, Laura, there is churn in the channel. There is leakage in that funnel.

是的，我不會透露我們未來的具體方向，但我可以告訴你更多類似的事情，即利用各種技術和能力，幫助睡眠問題消費者實現從篩檢、診斷、治療到康復的無縫、無摩擦流程。正如你在問題中所說，勞拉，通路存在人員流動。那個漏斗漏水了。

And our goal is not only to bring more patients into the funnel at the top through demand generation, capture and curation, like our CME programs that I talked about in the prep remarks, but also to minimize the loss of people as they go through there. And how do you do that?

我們的目標不僅是透過需求產生、取得和篩選（例如我在準備發言中提到的 CME 項目）將更多患者引入漏斗頂端，而且還要最大限度地減少患者在就診過程中流失的情況。那你具體是怎麼做到的呢？

You interact better. You provide seamless and easier alternatives to go through the system. So I think having Dawn, our generative AI product, this sort of digital sleep health concierge, improving access to that capabilities of that, interoperability of that. Think of the 3 billion calls, API calls into and out of our AirView system. That means people want to know about their sleep health and their breathing health.

你們的互動更好了。您提供了更便利、更輕鬆的系統操作方式。所以我認為，擁有 Dawn 這款我們的生成式人工智慧產品，這種數位睡眠健康管家，可以改善用戶獲取該功能的機會，並提高其互通性。想想我們 AirView 系統每天要進行 30 億次 API 呼叫。這意味著人們想要了解自己的睡眠健康和呼吸健康狀況。

And we need to combine it with all those other data around chronic disease. So I really do think the investments from big pharma, they're putting in D2C advertising, including using basketball stars and all this late night stuff Don't Sleep on OSA campaign. It's going to bring patients into that funnel.

我們需要將它與所有其他有關慢性病的數據結合。所以我真的認為大型製藥公司正在加大投資，他們投入了直接面向消費者的廣告，包括聘請籃球明星以及所有這些深夜節目，例如「不要忽視 OSA」宣傳活動。它會將患者引入這個流程。

And so Resmed's goal is to maximize the opportunity of getting that screening, positive diagnosis, positive therapy for the gold standard, whether or not they have additional therapies like GLP-1s or others, making sure the gold standard happens at that time and that we maximize that 90-day adherence, year one adherence and beyond.

因此，瑞思邁的目標是最大限度地提高篩檢、陽性診斷和黃金標準治療的機會，無論他們是否還有其他療法，如 GLP-1 或其他療法，都要確保在那時達到黃金標準，並最大限度地提高 90 天、第一年及以後的依從性。

So the game is not done. There's a lot more to do. We're going to keep executing on NightOwl and VirtuOx and Somnoware and looking at others that can help drive further growth in the future. Thanks for the question, Laura.

所以遊戲還沒結束。還有很多事情要做。我們將繼續推動 NightOwl、VirtuOx 和 Somnoware 的發展，並尋找其他能夠幫助推動未來進一步成長的項目。謝謝你的提問，勞拉。

Saul Hadassin, Barrenjoey.

Saul Hadassin，Barrenjoey。

Yeah, good morning, Mick, and Brett. Thanks for taking my question. Mick, you touched on this Made in America strategy, Mick, and the Indianapolis distribution center expansion. I'm wondering if you can talk to your plans as it relates to actually manufacturing in the US, and I know you spoke about this last quarter at Calabasas. But just to be clear, how do you see product manufacturing evolving in the US as it relates to being able to develop all products, CPAPs, masks, not just the motors. If you could touch on that, that would be great.

早上好，米克，布雷特。謝謝您回答我的問題。米克，你剛才提到了「美國製造」策略，以及印第安納波利斯配送中心的擴建。我想請您談談您在美國實際生產製造的計劃，我知道您上個季度在卡拉巴薩斯談到這個問題。但為了明確起見，您認為在美國，產品製造業在開發所有產品（包括 CPAP、面罩，而不僅僅是馬達）方面將如何發展？如果您能談談這方面，那就太好了。

Great question, Saul. And I won't go into the detailed plans that we have to expand in Calabasas and Moreno Valley and Indianapolis and Atlanta. But I can tell you across our footprint here in the US, we've got a really broad manufacturing and distribution capacity world-class. And Shane Azzi and his supply chain team not only looking at inbound supply, but that manufacturing distribution, getting 90% of customers within two business days of delivery is sort of world-class and well above top tier for Medtech. And so that's where we're looking at going.

問得好，索爾。我不會詳細介紹我們在卡拉巴薩斯、莫雷諾谷、印第安納波利斯和亞特蘭大的擴張計劃。但我可以告訴你，在我們在美國的業務範圍內，我們擁有世界一流的廣泛製造和分銷能力。Shane Azzi 和他的供應鏈團隊不僅專注於入庫供應，還專注於生產和分銷，在兩個工作天內交付給 90% 的客戶，這在醫療技術領域堪稱世界一流，遠高於頂尖水平。所以，這就是我們未來的發展方向。

Yes, look, we do see certain policies coming in from Washington and being the incoming Chairman of AdvaMed, I’m very much across all that is coming and may or may not come. And you think about customers like the VA and others that the US government approach. I think it's just a good strategy for Resmed to not only have our Made in America motors, as you said, our Made in America masks that we already have, but to have capability for Made in American devices.

是的，你看，我們確實看到華盛頓方面正在出台一些政策，作為即將上任的美國醫療發展協會主席，我非常清楚所有即將發生和可能不會發生的政策。想想看退伍軍人事務部 (VA) 和其他美國政府機構這樣的客戶。我認為對瑞思邁來說，這是一個很好的策略，不僅要擁有我們美國製造的馬達（正如你所說），以及我們已經擁有的美國製造的面罩，還要具備生產美國製造設備的能力。

And so we will be setting up lines for that and be able to flex up and down as the needs of our US-based customers and our global customers go there. The bottom line is the vast majority of our global volume does come out of the US It's well over 50%, 60% of our global volume. So bringing more manufacturing here.

因此，我們將為此建立生產線，並能夠根據我們美國客戶和全球客戶的需求靈活調整產能。歸根究底，我們全球絕大部分銷售量都來自美國，佔全球銷售量的 50% 到 60% 以上。所以要把更多製造業引入這裡。

And we learned this in COVID that having manufacturing close to where the demand is, is needed when there's uncertainty -- geopolitical uncertainty. And so we're looking at all that and saying Resmed is a steady ship all this macro uncertainty. We've been so good with all these changes in up and down. Just being really good at delivering for our customers.

我們在新冠疫情中了解到，在存在不確定性（例如地緣政治不確定性）的情況下，製造業必須靠近需求地。因此，我們綜合考慮了所有這些因素，認為在所有這些宏觀經濟不確定因素的影響下，瑞思邁仍保持穩健發展。我們一直都很好地應對了這些起伏變化。我們只是盡力為客戶提供優質服務。

We want to have the ability to do that no matter what happens. And so we're preparing for that. And we're doing things for the long term. We're not doing them in response to a particular government. We're saying, well, what's right for us in 2030, 2035 and then what overlaps what rules may or may not come in. And that's why we're doubling our US manufacturing capacity and broadening from just motors to masks and potentially devices as well. So watch this space.

我們希望無論發生什麼事，都能具備這種能力。所以我們正在為此做準備。我們所做的一切都著眼於長遠發展。我們這樣做並非針對某個特定政府。我們想說的是，在 2030 年、2035 年，什麼對我們來說是正確的，以及哪些規則可能會或不會生效。因此，我們將把美國的生產能力提高一倍，並將產品範圍從馬達擴展到口罩，甚至可能擴展到其他設備。敬請期待。

Lyanne Harrison, Bank of America.

Lyanne Harrison，美國銀行。

Hi, good morning, Mick and team. I might ask on US devices. Obviously, very strong growth there and comping a strong previous quarter as well. Can you talk about the demand gen initiatives that you have in place? And how do you measure which ones are really delivering in terms of generating that demand?

嗨，早安，米克和各位同事。我可能會問美國設備上的情況。顯然，該領域成長非常強勁，上一季也表現強勁。您能談談您目前實施的需求創造計畫嗎？那麼，如何衡量哪些產品真正能有效創造需求呢？

And you do mention mid-single-digit growth for the device market. But certainly, what we are seeing this quarter is at high single digits. Can we expect high single digits going forward, given all those demand initiatives that you have in place?

您也提到設備市場實現了中等個位數的成長。但可以肯定的是，我們本季看到的成長率是接近兩位數。鑑於你們已經實施了所有這些需求刺激計劃，我們能否期待未來實現接近兩位數的成長？

Yes, Lyanne, look, it's a really good question. And you and many of the other analysts here have followed our work here very closely on demand gen, demand capture demand curation. And so you know it's not a simple algorithm. It's not a simple customer acquisition cost to lifetime value that you might see in a retail industry or an online-only type company where those equations are relatively simple. Turn this dial, you get this response.

是的，莉安，你看，這確實是個好問題。您和這裡的許多其他分析師都非常密切地關注我們在需求產生、需求獲取和需求管理方面的工作。所以你知道，這不是一個簡單的演算法。這不像零售業或純線上公司那樣，客戶獲取成本與客戶終身價值之間的簡單關係，因為在零售業或純線上公司，這些等式相對簡單。轉動這個旋鈕，你就會得到這樣的結果。

It's quite complicated in health care. And so we've actually become quite sophisticated, I think, in where, how and when we have targeted social media and digital media driven demand gen campaigns where we look at not only is there an age group and a demographic that's open to that demand gen, so that it's available demand gen, but the capacity for screen, diagnosis and prescription of referrals is there within that particular demographic, geography and capability.

醫療保健領域的情況相當複雜。因此，我認為，我們在社交媒體和數位媒體驅動的需求生成活動的目標地點、方式和時間方面，實際上已經變得相當成熟。我們不僅要考慮是否有年齡層和人口統計特徵對這種需求產生活動感興趣，從而確保需求產生活動是可行的，還要考慮在特定的人口統計特徵、地理位置和能力範圍內，是否存在篩檢、診斷和開立轉診處方的能力。

And so -- yes, look, I do think we outperformed what the market growth would have been without good execution there in Q1, right, with 8% growth in our US, Canada and Latin America devices on a reasonable comp as you noted. I'm not here to raise our guidance and say, oh, we're suddenly going to go to high single-digit growth in devices on a consistent basis in the US.

所以——是的，你看，我的確認為我們在第一季度的表現超過了市場增長，如果沒有良好的執行力，我們的美國、加拿大和拉丁美洲設備在合理的基數下實現了 8% 的增長，正如你所指出的那樣。我來這裡不是為了提高我們的預期，然後說，哦，我們突然間就要在美國實現設備銷售持續的高個位數成長。

But I do think that we can systematically move up 25, 50, 100 basis points from what the growth will be. We can move ahead sometimes and do really well and then we can just slowly and steadily move it up as well. And what we're looking for is that sustainable market demand, demand generation improvement. It is nice to have the tailwinds of $400 billion, $500 billion pharma company throwing a lot of D2C advertising that we can't afford to do with our P&L. That Don't Sleep on OSA campaign and all their other stuff is going to bring patients into the funnel.

但我認為我們可以有條不紊地將成長率提高 25、50、100 個基點。我們有時可以快速前進，做得非常好，然後我們也可以穩步前進。我們所尋求的是永續的市場需求，以及需求創造的改進。擁有市值 4000 億美元、5000 億美元的製藥公司，投入大量 D2C 廣告，這是我們用損益表無法負擔的，這真是太好了。他們的「不要忽視 OSA」宣傳活動以及其他所有活動都會吸引患者進入治療流程。

So our question then comes like -- how many of those 22,000 PCPs were trained are actively now prescribing CPAP as gold one front line therapy to every patient that comes through. They say they're going to do that close to the education, but what happens in practice? Have we connected them to a VirtuOx? Have we connected them to other home sleep apnea testing services because it doesn't have to all be from us. We want that patient well taken care of and brought through the funnel.

所以我們的問題就變成了——在接受過培訓的 22,000 名初級保健醫生中，有多少人現在正在積極地將 CPAP 作為一線黃金療法開給每一位前來就診的患者。他們說他們會在教育階段就這樣做，但實際情況會如何呢？我們是否已將它們連接到 VirtuOx？我們是否已將他們與其他家庭睡眠呼吸中止症檢測服務聯繫起來，因為這些服務不一定非得由我們來提供。我們希望這位病人得到妥善照顧，順利完成整個治療流程。

So yes, I think it was a great work by the team in US, Canada and Latin America in the quarter. And let's not forget, they also did great work and resupply. You saw 12% growth of US, Canada and Latin America masks and other categories. So that very good growth in the mask resupply and the VirtuOx services and all the other parts that go into that. So very excited about this growth and its ability to continue it.

所以，是的，我認為美國、加拿大和拉丁美洲的團隊在本季取得了巨大的成功。別忘了，他們也出色地完成了補給工作。美國、加拿大和拉丁美洲的口罩及其他品類成長了 12%。因此，口罩補給、VirtuOx 服務以及所有其他相關部分都實現了非常好的成長。我對這種增長及其持續增長的能力感到非常興奮。

But it's an ongoing game of innovation in marketing technology, demand generation technology and then also channel evolution, which relates to Laura's question about making sure the infrastructure is there as well. So we're combining all this together well. US, Canada and Latin America team did very well in the quarter, and we're going to continue to execute on that. Thanks for the question, Lyanne.

但行銷技術、需求產生技術以及通路演進都是一場持續不斷的創新遊戲，這也與勞拉提出的確保基礎設施到位的問題有關。所以我們把所有這些因素都很好地結合起來了。美國、加拿大和拉丁美洲團隊在本季表現出色，我們將繼續保持這種勢頭。謝謝你的提問，莉安。

Steven Wheen, Jarden.

Steven Wheen，Jarden。

Oh, thanks very much. Just a question for Brett in response to the global minimum tax jurisdiction and the impact on your tax rate. I think from your previous calls, you've indicated that there's other benefits that you're likely to get through R&D sort of credits or offsets or sort of staff concessions.

哦，非常感謝。Brett，關於全球最低稅收管轄區及其對稅率的影響，我有個問題想請教你。我認為從您之前的通話中，您已經表示您可能會透過研發方面的稅收抵免、抵銷或人員優惠等方式獲得其他好處。

I wonder if you could sort of help us understand what the sort of compensating factors may be for that lift in the tax rate in -- out of Singapore?

我想知道您能否幫助我們了解一下，新加坡稅率上升可能有哪些補償因素？

Yes, sure, Steve. Yes, we now have an agreement under refundable investment credit or RIC with the Singapore government, which is now effective into this quarter. So we are getting some offset that would flow through COGS, SG&A, R&D through the P&L.

當然可以，史蒂夫。是的，我們目前已與新加坡政府達成可退還投資抵免（RIC）協議，該協議已於本季生效。因此，我們將獲得一些抵消，這些抵消將透過損益表中的銷售成本、銷售、管理費用和研發費用來體現。

So that offsets it to some extent, but not completely, but we do get some benefit that's coming through. You'll see that over time. I think that will build over time as well through FY26 into FY27. So we are getting the benefit of that, but it's not -- it doesn't offset the tax impact.

所以這在某種程度上可以抵消損失，但不能完全抵消，不過我們確實從中獲得了一些好處。隨著時間的推移，你會發現這一點。我認為這種情況會隨著時間的推移而加劇，從 2026 財年到 2027 財年都會持續下去。所以我們從中受益，但這並不能抵消稅收影響。

David Bailey, Morgan Stanley.

大衛貝利，摩根士丹利。

Yeah, thanks. Good morning, Mick and Brett. Mick, just the commentary around PCP awareness rising prevalence in the US in relation to OSA. First part is, where do you think the penetration of the US market is at the moment? And then secondly, in terms of rePAP as an opportunity for growth, how do you sort of see that at the moment and going forward as well?

嗯，謝謝。早上好，米克和布雷特。Mick，只是想評論一下美國 PCP 對 OSA 的認識不斷提高的情況。首先，您認為目前美國市場的滲透率是多少？其次，就 rePAP 作為成長機會而言，您目前以及未來是如何看待它的？

Yes, David, it's a good question because it looks at the rePAP, which is a growing part of our devices side and the new patient flow that we spend a lot of our time for in the devices category. Look, I think PCP awareness is key. I want all 40,000 of the PCPs that I think will be targeted by this work from the pharmaceutical industry that are high-volume GLP-1 providers, and that already have access to home sleep apnea testing protocols.

是的，David，這是一個很好的問題，因為它涉及 rePAP，這是我們設備業務中日益增長的一部分，也是我們在設備類別中投入大量時間的新患者流程。我認為提高初級保健醫生的意識至關重要。我希望所有 40,000 名我認為會成為製藥行業目標人群的初級保健醫生都能參與進來，他們都是 GLP-1 藥物的大量提供者，並且已經能夠獲得家庭睡眠呼吸中止檢測方案。

And so we're going to work through really strongly to make sure that we hit all of those primary care physicians and make sure their education is there and that we are there with commercial solutions for them to be able to drive that. And yes, the rising prevalence from the data that was published in the Lancet. We're ready for that. We know there's an aging population.

因此，我們將全力以赴，確保我們能夠接觸到所有基層醫療醫生，確保他們接受到位，並且我們能夠為他們提供商業解決方案，以便他們可以推動這項工作。是的，《柳葉刀》上發表的數據顯示，盛行率正在上升。我們已經做好準備。我們知道人口正在老化。

We know there's increased chronic disease awareness, and we know that people are finding out more, not just in the big pharma ads, which is sort of temporal compared to these wearables that people are now managing their health and their fitness. And when it starts to identify sleep breathing disturbances or of course typically sleep apnea.

我們知道人們對慢性病的認識有所提高，我們也知道人們正在了解更多信息，不僅僅是透過大型製藥公司的廣告，與人們現在用來管理健康和健身的可穿戴設備相比，這些廣告在某種程度上是暫時的。當它開始識別睡眠呼吸障礙，或當然通常是睡眠呼吸中止症時。

They're going to seek treatment and they are. And so we've got to be aware for both of these at the primary care level. To your question around penetration in the US market. Look, I think when you take those numbers up to 77 million by 2050, where we're at in our penetration rates and the growth towards that.

他們會尋求治療，而且他們也正在這樣做。因此，在基層醫療層面，我們必須對這兩方面都保持警覺。關於您提出的美國市場滲透率問題。你看，我認為，當你把這些數字增加到 2050 年的 7700 萬時，我們目前的滲透率以及朝著這個目標增長的勢頭就會顯現出來。

The US market is sort of in that sort of 15% -- under 20%, sort of 15% to 20% penetration. The Europe market is in that sort of 10% to 15% penetration rate. And of course, in Asia Pacific and Rest of World, we're well sub-5% penetration. And our growth rates are struggling to keep up with the rise of prevalence.

美國市場的滲透率大概在 15% 到 20% 之間。歐洲市場的滲透率大約在 10% 到 15% 之間。當然，在亞太地區和世界其他地區，我們的滲透率遠低於 5%。我們的成長率難以跟上盛行率上升的腳步。

And so those percentages don't change as fast as I'd like them to change in terms of penetration. I'd like them to increase higher and higher because Resmed is finding better and better solutions to get there. But we're finding more and more patients as people age and get aware, frankly, of these chronic diseases.

因此，這些百分比的變化速度並沒有我想像中滲透率的變化速度那麼快。我希望他們的業績能越來越好，因為瑞思邁公司正在不斷尋找更好的解決方案來實現這一目標。但隨著人們年齡增長，對這些慢性疾病的認識也越來越深入，我們發現越來越多的患者。

And so both of those are good things. But yes, sort of in that 15% to max 20% sort of in the US range is sort of where we see penetration now. And thanks for your questions. It's a complex equation of getting that PCP aware and driving people appropriately into the funnel, but we're working on it and the team performed very well this quarter.

所以這兩件事都是好事。是的，目前美國的滲透率大概在 15% 到 20% 之間。謝謝你們的提問。讓初級保健醫生意識到這一點，並引導人們正確進入治療流程，這是一個複雜的問題，但我們正在努力，團隊本季表現非常出色。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

Hey guys, thanks very much for taking the questions. Nice overall quarter for Sleep & Respiratory, but I think the one area to maybe nitpick was just the mid-single-digit growth trend in SaaS which is a little bit below your typical levels. I was hoping you can maybe just unpack a little bit more in terms of the incremental headwinds you saw in those couple of end markets. And then just the assumptions underlying your expectation of returning to mid- to high single-digit growth near term and high single-digit growth next year?

各位，非常感謝你們回答這些問題。睡眠與呼吸業務整體季度表現不錯，但我覺得唯一需要挑剔的地方是 SaaS 業務的中個位數成長趨勢，這比通常水平略低。我希望您能再詳細闡述您在那幾個終端市場中遇到的漸進性不利因素。那麼，您預期近期將恢復到中高個位數成長，明年將恢復到高個位數成長的假設基礎是什麼呢？

Great. It's a good question. And yes, as you know, the Software as a Service part of our RCS business is incredibly strong, and that's where we're really looking to focus. So core Medifox, core Brightree and then MatrixCare home health, all Software-as-a-Service businesses that have higher growth and higher margins. So we are investing in those.

偉大的。這是個好問題。是的，如您所知，我們 RCS 業務中的軟體即服務部分非常強大，這也是我們真正想要重點發展的領域。所以，Medifox 的核心業務、Brightree 的核心業務，以及 MatrixCare 家庭醫療保健業務，都是軟體即服務 (SaaS) 業務，這些業務具有更高的成長速度和更高的利潤率。所以我們正在投資這些領域。

What you saw in the quarter and what I talked about for this fiscal year is that we're going to focus less on what I would call the lower margin, lower growth areas. Their services revenue, IT services, implementation services, which you need to have some of, right, for new customers that are coming on board with your ecosystem, but you don't need to expand on them and have them beyond what is needed.

從本季以及我之前談到的本財年情況來看，我們將減少對所謂低利潤、低成長領域的關注。他們提供的服務收入包括 IT 服務和實施服務，對於加入你生態系統的新客戶來說，你需要提供一些這些服務，對吧？但你不需要擴展這些服務，也不需要提供超出實際需要的服務。

And you can actually use third parties to provide those lower-margin areas where private companies are happy with lower growth, lower margin areas and they're not best suited as part of a strategic like Resmed in a global RCS platform. So I'm going at portfolio management that we're looking at for that, where we're going to invest more and more in the SaaS platforms, as you noted, and less and less in the services part of that.

實際上，你可以利用第三方來提供那些利潤較低的領域，私人公司樂於接受成長較慢、利潤較低的領域，而這些領域並不適合像 Resmed 那樣成為全球 RCS 平台策略的一部分。所以，我正在研究投資組合管理，正如你所指出的，我們將越來越多地投資於 SaaS 平台，而越來越少投資於其中的服務部分。

And that was what contributed to the couple of hundred basis points delta there from Q4 to Q1. But as I said in the prepared remarks, and we've got the plan and we're executing on it. I spent a lot of time. We've now rolled this business into our global revenue side. So Mike Fliss, our Chief Revenue Officer, and really importantly, with Joachim who runs our Medifox business, Tim who runs our MatrixCare business and Gregg, who runs our Brightree business, we're looking at every element of portfolio management is saying, let's invest for the long term.

這就是為什麼第四季到第一季之間出現幾百個基點差異的原因。但正如我在準備好的發言稿中所說，我們已經制定了計劃，並且正在執行。我花了很多時間。我們已將這項業務併入我們的全球收入體系。因此，我們的首席營收長 Mike Fliss，以及非常重要的，負責 Medifox 業務的 Joachim、負責 MatrixCare 業務的 Tim 和負責 Brightree 業務的 Gregg，我們正在審視投資組合管理的每一個要素，他們都在說，讓我們進行長期投資。

Let me get investment into the core platforms that are really servicing these home medical equipment companies, really servicing this home nursing and home health companies and our expandable and sustainable growth and can get us back to where we should be, which is high single-digit growth in the top line, but also double-digit growth on a net operating profit basis.

讓我把資金投入到真正服務於這些家庭醫療設備公司、家庭護理和家庭健康公司的核心平台，實現我們可擴展和可持續的增長，使我們回到我們應該在的位置，即營收實現高個位數增長，淨營業利潤實現兩位數增長。

So watch this space as we go through that. I think it's the right time to do this because our core business is performing so well. And I think it's the right thing to do for the long term because there's great synergistic impacts -- look at the growth of masks and accessories in our US at 12% this quarter. That was helped by our Brightree, not only Brightree resupply but Snap and not Snap on Brightree, but Snap for other areas.

請繼續關注，我們將逐步揭曉答案。我認為現在是做這件事的合適時機，因為我們的核心業務表現非常出色。我認為這從長遠來看是正確的做法，因為它具有巨大的協同效應——看看我們美國口罩和配件本季 12% 的成長率就知道了。這得歸功於我們的 Brightree 服務，不僅是 Brightree 的補貨，還有 Snap 服務，而且不僅是 Brightree 的 Snap 服務，還有 Snap 在其他領域的服務。

And so have we over-indexed on the resupply and a little less on the core platform maybe. And so I think what we're signaling here is we're going to invest in the core platform in Brightree and really make sure that's not only best in class and best market share, which it is, but it's innovating faster and faster to help more and more HME customers come on board.

所以，我們是不是在補給方面投入過多，而在核心平台方面投入不足呢？所以我認為我們在這裡發出的信號是，我們將投資於 Brightree 的核心平台，並真正確保它不僅是同類最佳、市場份額最高的（它確實是），而且還要不斷加快創新速度，以幫助越來越多的 HME 客戶加入。

So I think it's the right time for this portfolio management, and we're investing with those businesses. We've got three really strong leaders that are putting their plans together and executing and I met in person with them all this quarter. And I'm really excited about what we've got ahead for our SaaS-based businesses in Brightree high medical equipment and synergistic impacts as well as our work in Medifox and home health and MatrixCare.

所以我認為現在是進行這種投資組合管理的合適時機，我們正在投資這些企業。我們有三位非常優秀的領導者，他們正在製定和執行計劃，本季我與他們進行了多次面對面的會談。我對我們在 Brightree 高端醫療設備和協同效應方面的 SaaS 業務的未來發展，以及我們在 Medifox、家庭健康和 MatrixCare 方面的工作感到非常興奮。

Mike Matson, Needham & Company.

Mike Matson，Needham & Company。

This is Joseph on for Mike. I appreciate taking our questions. I guess maybe just a quick one on NightOwl. Obviously, it's pretty early days into the launch, but I was just wondering if you could give any more color around metrics? And how it's converting sleep patients and lowering that pretty high sleep patient backlog that you guys have called out? Much appreciated.

這裡是約瑟夫，替麥克報道。感謝你們回答問題。我想也許可以簡單地在NightOwl上寫一篇。顯然，現在距離產品發布還處於早期階段，但我只是想問您能否詳細介紹一下各項指標？那麼，它是如何轉化睡眠障礙患者並降低你們提到的睡眠障礙患者的積壓問題呢？非常感謝。

Yes. Thanks for the question, Joseph. And yes, we don't really split out exactly what the NightOwl numbers are. But what I can tell you is, compared to where we thought we'd be in the growth of our VirtuOx, which is the home sleep apnea testing service that runs NightOwl as well as ApneaLink as well as even competing diagnostic tools, but mostly NightOwl we're seeing really good growth. That team is performing well and driving patients through the funnel.

是的。謝謝你的提問，約瑟夫。是的，我們並沒有真正公佈 NightOwl 的具體數據。但我可以告訴你們的是，與我們之前對 VirtuOx 成長的預期相比，VirtuOx 是一家提供居家睡眠呼吸中止症偵測服務的公司，旗下擁有 NightOwl、ApneaLink 以及其他競爭性診斷工具，但主要還是 NightOwl，我們看到了非常好的成長。團隊表現出色，能夠有效引導患者完成治療流程。

I mean, you saw that in the 8% growth in devices in US, Canada, Latin America. Do I think there's more room for growth? 100%. Do I think that the big pharma, big tech, bringing patients in is going to be a tailwind? For sure. But it's an ongoing game of saying, let's make sure we get those NightOwls to every geography, to every primary care position who needs them.

我的意思是，你可以看到美國、加拿大和拉丁美洲的設備銷量成長了 8%。我認為還有成長空間嗎？100%。我認為大型製藥公司、大型科技公司吸引病患將成為一股順風嗎？一定。但這就像一場持續的遊戲，我們要確保把這些夜貓子送到每個地區，送到每個需要他們的基層醫療職位。

And more importantly, frankly, offer the service to that primary care physicians so they don't have to buy the diagnostics because most of them want a service that can provide it for them. So it's really a combination NightOwl of wrapped in the VirtuOx service as well as providing for the pulmonary physician growth of Somnoware, so that they can manage the systems and read the studies and get them back to the primary care physicians who can then see their own patient, write the prescriptions and then the care can be managed for life.

更重要的是，坦白說，要向初級保健醫生提供這項服務，這樣他們就不必購買診斷服務了，因為他們中的大多數人都希望有服務可以為他們提供這項服務。所以它實際上是 NightOwl 與 VirtuOx 服務相結合的產物，同時也為 Somnoware 的肺科醫生發展提供了支持，以便他們能夠管理系統、閱讀研究並將結果反饋給初級保健醫生，然後初級保健醫生可以接診自己的病人、開處方，從而實現終身護理管理。

So a bit of a complex equation. But I can tell you that the growth is good in VirtuOx, the growth is good in NightOwl, and that's what's contributing to our core business growth, which was strong, not just in the US but also in Europe, Asia, Rest of the World. We saw pretty good sort of 7% growth in devices across Europe, Asia, Rest of World this quarter.

所以，這算式有點複雜。但我可以告訴你們，VirtuOx 的成長情況良好，NightOwl 的成長情況也良好，這正是我們核心業務成長的動力，而我們的核心業務不僅在美國，而且在歐洲、亞洲和世界其他地區都表現強勁。本季度，歐洲、亞洲和世界其他地區的設備銷量實現了相當不錯的 7% 的成長。

And obviously, not driven by -- NightOwl, it’s not as available there, test some more on larger, more complex sleep apnea testing systems and in lab, but we're even doing well in driving patients through there. So no patient left behind. We want to make sure the 2.3 billion have access to care and the 1 billion with sleep apnea have a better approach and a good part of that.

顯然，這並非由 NightOwl 驅動——它在那裡並不那麼普及，還需要在更大、更複雜的睡眠呼吸中止測試系統和實驗室中進行更多測試，但我們甚至在引導患者進行測試方面也做得很好。所以，沒有一位病人被落下。我們希望確保 23 億人都能獲得醫療保健，並讓 10 億睡眠呼吸中止症患者獲得更好的治療方案，以及其中很大一部分治療效果。

Andrew Goodsall, MST.

Andrew Goodsall，MST。

Oh, good morning. Sorry, it's actually Dan Hurren. Look, thanks for your comments that you made before around competitive bidding. But sort of reflecting back, I'm not sure you actually gave us your thoughts on what you think the range of outcomes will be. But your commentary is bullish and confident as ever.

哦，早安。抱歉，其實是丹·赫倫。謝謝您之前就競標問題發表的意見。但回想起來，我不確定你是否真的向我們表達了你對可能出現的各種結果的看法。但你的評論一如既往地樂觀自信。

So I guess you must have a view on how competitive bidding will play out, So perhaps I'll push you there a little bit just to narrow your thoughts on the range of outcomes there?

所以我想你肯定對競標結果會有自己的看法，那麼或許我可以稍微引導你思考一下，縮小你對結果範圍的理解？

Yes. Thanks for the question, Dan. I mean look, this is our 15th year probably 60th quarter of watching the competitive bidding landscape right from when this launched in sort of 2010. And I think the HME customers are very sophisticated. They understand their costs and they understand how to bid, and so they're working through all that.

是的。謝謝你的提問，丹。我的意思是，你看，從 2010 年左右這項技術推出以來，我們已經觀察競爭性投標格局 15 年（可能是 60 個季度）了。而且我認為HME的客戶非常精明。他們了解自己的成本，也知道如何投標，所以他們正在努力解決所有這些問題。

So no matter what the scenarios are, the last round that we saw in 2021, just 4 years ago, they did a really good job of looking at their costs and bidding appropriately. And then we saw those bidding rates be right in line with what they thought. And then the government sort of went back and reassessed. Look, maybe we'll just stick to an inflationary adjustment approach. Look, I think the HMEs will do the same thing.

所以無論情況如何，在 2021 年（也就是 4 年前）的上一輪招標中，他們在成本控制和合理投標方面做得非常好。然後我們發現，這些競價結果與他們的預期完全一致。然後政府又重新進行了評估。或許我們應該堅持採用通膨調整策略。我認為家庭醫療設備供應商也會這樣做。

They'll bid appropriately. They know where Resmed is, which is we're here to support you. But this is something where we know where the costs are, their costs have gone up from 2021 to now, there's been inflation across it. They should bid appropriately in they’re working through the process through AA home care and all these groups to work out how to do that well. So I think we've got a mature sophisticated HME base that will bid appropriately.

他們會出價合理。他們知道瑞思邁在哪裡，那就是我們在這裡為您提供支持。但我們知道這方面的成本在哪裡，從 2021 年到現在，他們的成本一直在上漲，整個產業都出現了通貨膨脹。他們應該根據實際情況出價，因為他們正在透過 AA 家庭護理和所有這些團體來研究如何才能做好這件事。所以我認為我們已經擁有一個成熟且技術精湛的家庭電器設備（HME）客戶群，他們會做出合理的報價。

And I think the outcomes will be appropriate for them because they know the inputs they put into that system are the outputs they'll get. And they know that Resmed will be here to support them with the best smallest quiet, most comfortable most cloud-connected and most capable systems, and that together will help take cost out of the system by keeping people out of hospital, out of ERs and that this is about really that equation, which is sleep apnea diagnosis and treatment is a cost saver for the health care system.

我認為對他們來說，結果會是合適的，因為他們知道他們投入這個系統的投入就是他們將得到的結果。他們知道，瑞思邁將為他們提供最好、最小巧、最安靜、最舒適、雲端連接性最強、功能最強大的系統，這些系統將共同幫助降低醫療系統的成本，讓人們遠離醫院和急診室，而這實際上就是關於睡眠呼吸中止症的診斷和治療能夠為醫療保健系統節省成本這一等式。

That's what I advocate for us as Head of AdvaMed there about all of Medtech. There's an ROI of Medtech for the US government. So it’s a very good investment for them. And so that applies to both the lobbying on the 232 as well as on competitive bidding. So I'm confident that the outcome of this will be good because the sophisticated players going in and they know what to do and they know that the beneficiaries are the ones they should focus on. And that's what we're all here to serve them.

這就是我身為AdvaMed負責人，在所有醫療科技領域所倡導的。醫療科技對美國政府來說是有投資回報的。所以對他們來說，這是一筆非常好的投資。因此，這既適用於對第 232 號法案的遊說，也適用於競爭性招標。所以我相信結果會是好的，因為參與其中的都是經驗豐富的玩家，他們知道該怎麼做，也知道他們應該關注的是受益者。而這正是我們來到這裡為他們服務的目的。

Thank you. We are now at the 60-minute mark, I'm going to turn the floor back over to Mick for any further closing comments.

謝謝。現在時間已經過去 60 分鐘了，我將把發言權交還給米克，讓他做最後的總結發言。

Well, look, thank you for joining us for the earnings call today. Our fiscal year 2026 is off to a great start, strong 9% headline, 8% constant currency growth. On behalf of more than 10,000 Resmedians serving people in 140 countries worldwide, I'm pleased that they were able to deliver you another strong quarter of performance and for all our shareholders. We look forward to speaking with many of you over the coming weeks and to all of you here in 90 days. I'll hand back to Salli.

好的，謝謝各位今天參加我們的財報電話會議。我們的 2026 財年開局良好，整體成長率強勁，達到 9%，以固定匯率計算成長 8%。我謹代表遍佈全球 140 個國家的 10,000 多名 Resmedians 員工，很高興他們能夠為大家以及所有股東帶來另一個強勁的季度業績。我們期待在接下來的幾週內與你們中的許多人交談，並期待在90天後與在座的各位再次相聚。我把球交還給薩莉。

Great. Thank you, Mick. I'll echo Mick, thank you for everyone for listening, and 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。我同意米克的說法，感謝大家的聆聽，我們非常感謝你們的時間和關注。如果您還有其他疑問，請隨時直接與我們聯繫。凱文，你可以結束通話了。

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

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。