瑞思邁 (RMD) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Resmed second quarter fiscal year 2026 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded.

各位好，歡迎參加瑞思邁2026財年第二季財報電話會議。（操作說明）再次提醒，本次會議正在錄影。

It's now my pleasure to turn the call over to Salli Schwartz, Chief Investor Relations Officer. Please go ahead.

現在我很高興將電話轉交給首席投資者關係官薩莉·施瓦茨。請繼續。

Thanks, Kevin. I want to welcome our listeners to Resmed's second 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。歡迎各位聽眾參加瑞思邁公司2026財年第二季財報電話會議。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 all of our shareholders, and welcome to all to Resmed's second quarter fiscal year 2026 earnings call. We delivered another strong quarter with 11% headline revenue growth or 9% growth on a constant currency basis. We drove operating leverage leading to margin expansion sequentially and year-on-year, and we achieved GAAP EPS growth of 16%, strong double-digit bottom-line growth.

謝謝薩莉，也祝各位股東早安、下午好、晚上好，歡迎各位參加瑞思邁2026財年第二季財報電話會議。我們又實現了強勁的季度業績，營收年增 11%，以固定匯率計算成長 9%。我們透過提高營運槓桿，實現了利潤率的環比和同比擴張，並實現了 16% 的 GAAP 每股收益成長，以及強勁的兩位數淨利潤成長。

I'm very proud of our global team of 10,000-plus Resmedians, who continue to innovate and evolve the digital sleep health pathway to expand access to our life-changing technology across over 140 countries worldwide. Our team drove high single-digit growth in global devices revenue and double-digit growth in global masks, accessories and other revenue.

我為我們遍布全球的 10,000 多名 Resmedian 員工感到非常自豪，他們不斷創新和發展數位睡眠健康途徑，以擴大我們改變生活的技術在全球 140 多個國家/地區的普及範圍。我們的團隊實現了全球設備收入的高個位數成長，以及全球口罩、配件和其他收入的兩位數成長。

Last quarter, I expressed confidence that we would reaccelerate our Europe, Asia and Rest of World masks, accessories and other category to high single-digit growth in the second quarter. The team from EMEA and APAC has delivered, and we achieved 8% growth on a constant currency basis across Europe, Asia and Rest of World, driven by continued strategic expansion of our mask portfolio, including our new fabric masks, a focus on improved mask resupply through education, awareness and execution as well as targeted initiatives and focus in some of our direct-to-consumer markets around the world. And I'll spend a little time on that later. So well done to our EMEA and APAC teams.

上個季度，我曾表示有信心，我們將在第二季度重新加速歐洲、亞洲和世界其他地區的口罩、配件及其他品類的成長，實現高個位數成長。歐洲、中東和非洲以及亞太地區的團隊表現出色，我們在歐洲、亞洲和世界其他地區實現了 8% 的固定匯率增長，這得益於我們口罩產品組合的持續戰略擴張，包括我們的新型布口罩，以及通過教育、宣傳和執行來改善口罩補給，並在我們全球一些直接面向消費者的市場中採取有針對性的舉措和重點行動。我稍後會花點時間處理這件事。恭喜我們的歐洲、中東和非洲以及亞太地區團隊。

Last quarter, I also talked about our portfolio management work that we're doing in Resmed's residential care software or RCS business. We are making strong progress with that work, and I remain confident that we will be back to sustainable high single-digit growth and double-digit operating profit growth in fiscal year 2027.

上個季度，我還談到了我們在瑞思邁的住宅護理軟體（RCS）業務中開展的投資組合管理工作。我們在這項工作中取得了顯著進展，我仍然相信，到 2027 財年，我們將恢復可持續的高個位數成長和兩位數的營業利潤成長。

For this March and the June quarters, we expect to continue our portfolio management process and maintain mid-single-digit growth across our RCS business as we go through that portfolio management. This software business, this RCS business remains a key synergistic enabler of our sleep health and breathing health business, particularly through Brightree in the Americas and through MEDIFOX DAN in Germany, and it remains a core part of our long-term growth strategy.

對於今年三月和六月的季度，我們預計將繼續進行投資組合管理流程，並在進行該投資組合管理的過程中，保持 RCS 業務的中等個位數成長。這項軟體業務，即 RCS 業務，仍然是我們睡眠健康和呼吸健康業務的關鍵協同推動因素，尤其是在美洲透過 Brightree，在德國透過 MEDIFOX DAN，並且它仍然是我們長期成長策略的核心部分。

During the quarter, we also continued to drive operating leverage. Our global supply chain team delivered 310 basis points of year-over-year gross margin expansion, incredible result. These results, along with our disciplined approach to business investments in both R&D and SG&A translated to another quarter of strong mid-teens earnings per share growth.

本季度，我們也持續推動了經營槓桿效應。我們的全球供應鏈團隊實現了毛利率年增 310 個基點，這是一個了不起的成績。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格投資策略，使得公司又一個季度實現了強勁的每股收益增長，增幅達兩位數中段。

A huge thank you to the entire Resmed global team for their ongoing commitment to serving patients across 140 countries worldwide. Resmed continues to build the world's leading digital health ecosystem, encompassing sleep health, breathing health and health care technology that's delivered in the home.

非常感謝瑞思邁全球團隊一直以來對服務全球140個國家患者所做的貢獻。瑞思邁持續建構世界領先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。

Over the recent quarters, I've been highlighting three key themes: one, that Resmed is an operating excellence machine and an innovation machine. Two, that Resmed is a compelling investment opportunity, especially amidst global macro uncertainty; and three, that Resmed has an excellent free cash flow and a very strong balance sheet, and they both position us well to invest in the business as well as to return capital to our shareholders.

最近幾個季度，我一直在強調三個關鍵主題：第一，瑞思邁是一家卓越營運的機器和一家創新機器。第二，Resmed 是一個極具吸引力的投資機會，尤其是在全球宏觀經濟不確定的情況下；第三，Resmed 擁有優秀的自由現金流和非常強勁的資產負債表，這兩點都使我們能夠很好地投資於該業務，並向股東返還資本。

So let me cover these three themes briefly in these prepared remarks. On the topic of operational excellence, I've shared with you Resmed's pipeline of margin improvement drivers. These efforts helped deliver 310 basis points of year-over-year gross margin expansion in the second quarter and 30 basis points of sequential gross margin expansion. We will continue to execute on these opportunities over the remainder of fiscal year 2026 and beyond.

那麼，我將在事先準備好的發言稿中簡要介紹這三個主題。關於卓越運營，我已經和大家分享了瑞思邁公司提高利潤率的驅動因素。這些努力幫助公司在第二季度實現了年比毛利率成長 310 個基點，環比毛利率成長 30 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。

As I shared at a recent health care conference earlier this month, I have challenged our supply chain team to deliver double-digit basis points improvement in gross margin every year through 2030. I've also highlighted the evolution of our global manufacturing footprint. We're making very good progress on our newest US distribution center in Indiana. We recently signed lease and started construction in that state, and we are on track to be up and running during calendar year 2027.

正如我在本月初的一次醫療保健會議上所分享的那樣，我已經要求我們的供應鏈團隊在 2030 年前每年實現兩位數基點的毛利率增長。我還重點介紹了我們全球製造佈局的演變。我們在印第安納州新建的美國配送中心進展非常順利。我們最近在該州簽署了租賃協議並開始施工，預計將於 2027 年投入營運。

Once this facility comes online, Resmed will be able to ship to around 90% of our U.S. customers in less than 2 business days. This is in addition to our recently announced expansion of our Calabasas, California plant, which doubles our U.S. manufacturing capacity. Ultimately, Resmed will be able to deliver the only made in America CPAP, APAP, bilevel and mask systems.

該設施投入使用後，瑞思邁將能夠在不到 2 個工作天內向約 90% 的美國客戶出貨。此外，我們最近還宣布擴建位於加州卡拉巴薩斯的工廠，這將使我們在美國的生產能力翻倍。最終，瑞思邁將能夠提供唯一在美國製造的 CPAP、APAP、雙水平呼吸器和麵罩系統。

Resmed remains an innovation machine. Our R&D investments in the next generation of market-leading masks, cloud-connected medical devices and digital health care software position us to keep delivering the world's smallest, quietest, most comfortable, most connected and most intelligent therapy solutions for sleep apnea and expansions into insomnia, respiratory insufficiency and beyond.

瑞思邁依然是創新機器。我們在下一代市場領先的面罩、雲端連接醫療設備和數位醫療保健軟體的研發投入，使我們能夠繼續提供世界上最小、最安靜、最舒適、連接性最強、最聰明的睡眠呼吸中止症治療解決方案，並擴展到失眠、呼吸功能不全等領域。

We recently launched the F30i Comfort as well as the F30i Clear range of masks. These are the first compact full-face fabric masks available from Resmed. And they're in select key markets now, and we will continue to roll them out around the world as we get regulatory approvals.

我們最近推出了 F30i Comfort 和 F30i Clear 系列口罩。這是瑞思邁推出的首款小巧全臉布面罩。目前這些產品已在部分重點市場推出，隨著監管部門的批准，我們將繼續在全球推廣這些產品。

Patient and provider feedback on these new fabric masks has been incredibly positive. It's still early days into the launch, but we expect strong adoption of these masks over time. These latest variants expand Resmed's AirTouch portfolio of fabric-based mask offerings, which not only deliver advanced comfort, mobility and interchangeability for patients, but they also change the basis of competition for masks and for Resmed.

病患和醫護人員對這些新型布口罩的回饋都非常正面。雖然產品上市時間尚短，但我們預計這些口罩會隨著時間的推移而廣泛使用。這些最新型號擴展了瑞思邁 (Resmed) 的 AirTouch 織物面罩產品組合，不僅為患者提供了先進的舒適性、靈活性和可互換性，而且還改變了面罩和瑞思邁 (Resmed) 的競爭基礎。

Artificial intelligence is another vector for our product innovation. At Resmed, we view AI as a resource that will amplify and personalize care. Last quarter, I talked about our limited beta launch of Comfort Match, an AI-enabled comfort setting recommender within the myAir software platform.

人工智慧是我們產品創新的另一個途徑。在瑞思邁，我們認為人工智慧是一種能夠增強和個人化醫療服務的資源。上個季度，我談到了我們在 myAir 軟體平台內推出的有限測試版 Comfort Match，這是一個由人工智慧驅動的舒適度設定推薦功能。

This is Resmed's first FDA-cleared AI-enabled medical device. Comfort Match is intended to help people become more confident and more comfortable with CPAP, APAP and bilevel therapy. What I expect to see is having an AI algorithm that is effectively a sleep coach to help you start therapy that can really help you improve not just short-term adherence, but also long-term adherence as you get used to therapy. There are a bunch of comfort settings on these devices and many people do not adjust them. With help from AI, we think this technology will unlock decades worth of comfort features that have been underutilized by consumers and patients alike.

這是瑞思邁首款獲得FDA批准的人工智慧醫療設備。Comfort Match 旨在幫助人們在使用 CPAP、APAP 和雙水平呼吸器治療時更加自信和舒適。我希望看到的是一個人工智慧演算法，它能有效地充當睡眠教練，幫助你開始治療，這不僅可以真正幫助你提高短期依從性，而且在你逐漸適應治療的過程中，還能真正幫助你提高長期依從性。這些設備上有很多舒適度設置，但很多人都不去調整它們。我們認為，借助人工智慧，這項技術將釋放數十年來消費者和患者都未充分利用的舒適功能。

Moving on to Resmed's SG&A initiatives and investments. We remain focused on demand generation, demand capture and demand curation as critical components to our long-term growth. We continue to drive selected targeted direct-to-consumer campaigns to build sleep apnea awareness as well as to drive Resmed brand awareness globally and to drive patients into the funnel.

接下來談談瑞思邁的銷售、一般及行政費用計畫和投資。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。我們繼續進行有針對性的直接面向消費者的行銷活動，以提高人們對睡眠呼吸中止症的認識，同時提高瑞思邁品牌在全球範圍內的知名度，並將患者引入銷售漏斗。

This past quarter, we supported various holiday-related campaigns. We focused on 11/11 or Singles Day in China, and we also had some promotions around Christmas holidays and Black Friday within the U.S. markets. I can tell you, we've successfully encouraged consumers to give the gift of great sleep, and we highlighted our portable travel AirMini device, which is lightweight and compact size as perfect for travel, and we had good success in the December quarter.

上個季度，我們支持了各種與節日相關的活動。我們重點關注了中國的「雙十一」購物節，同時在美國市場也針對聖誕節假期和黑色星期五推出了一些促銷活動。我可以告訴大家，我們成功地鼓勵消費者將優質睡眠作為禮物贈送，並重點推介了我們輕巧便攜的旅行設備 AirMini，它非常適合旅行，我們在 12 月份的季度取得了不錯的成績。

We also are driving awareness in the clinical community. Earlier this year, we expanded our offering of Continuing Medical Education or CME programs that review sleep medicine guidelines, including the benefits of gold standard CPAP, APAP and bilevel therapy. It's the frontline treatment for any patient diagnosed with sleep apnea, and we're educating PCPs around the U.S. on this fact.

我們也在提高臨床界的認識。今年早些時候，我們擴大了繼續醫學教育 (CME) 課程的供應範圍，這些課程回顧了睡眠醫學指南，包括黃金標準 CPAP、APAP 和雙水平治療的益處。對於任何被診斷出患有睡眠呼吸中止症的患者來說，這都是一線治療方法，我們正在向全美各地的初級保健醫生普及這一事實。

To date, these CME programs have been completed nearly 60,000 times. That's a 50% increase from our first quarter 2026 earnings call numbers that we shared with more than 35,000 unique clinicians completing the CME training. That demonstrates that actually many of these health care providers have taken multiple courses, so not just sleep 101, but sleep 201, sleep 301. Surveys at the end of these courses now show 77% of these providers intend to change their clinical practices related to sleep apnea and sleep health and breathing health based on what they learned.

迄今為止，這些繼續醫學教育計畫已完成近 60,000 次。這比我們在 2026 年第一季財報電話會議上公佈的數字增加了 50%，當時我們與超過 35,000 名完成 CME 培訓的臨床醫生分享了這些數字。這表明，實際上許多醫療保健提供者都參加過多個課程，不僅僅是睡眠 101，還有睡眠 201、睡眠 301。這些課程結束後進行的調查顯示，77% 的從業人員打算根據所學知識改變他們與睡眠呼吸中止症、睡眠健康和呼吸健康相關的臨床實踐。

On the clinical research front, we continue to stay abreast of important studies that highlight evidence of sleep health and how it impacts the body and the brain and overall health. One important area of analysis is the link between sleep apnea and sleep health and brain health. A recent study published in JAMA Neurology looks at a cohort of more than 11 million U.S. veterans, where researchers found that Obstructive Sleep Apnea, or OSA, was associated with a higher incidence of Parkinson's disease over time.

在臨床研究方面，我們持續關注重要的研究，這些研究強調了睡眠健康及其對身體、大腦和整體健康的影響的證據。一個重要的分析領域是睡眠呼吸中止症與睡眠健康和大腦健康之間的關聯。最近發表在《美國醫學會神經病學雜誌》上的一項研究調查了超過 1,100 萬名美國退伍軍人，研究人員發現，隨著時間的推移，阻塞性睡眠呼吸中止症（OSA）與帕金森氏症的發生率較高有關。

The authors of the study also found that early treatment of OSA with CPAP may reduce the risk of developing Parkinson's disease in the first place. The study's findings align with prior evidence linking OSA with cognitive disease, gait instability and fall risk.

研究的作者也發現，早期使用 CPAP 治療 OSA 可以降低帕金森氏症的風險。研究結果與先前的證據相符，即阻塞性睡眠呼吸中止症與認知疾病、步態不穩和跌倒風險有關。

Growing evidence also now shows that OSA may meaningfully alter dementia risk. Adherence to CPAP appears to counteract several of the biological pathways that link disrupted sleep to neurodegeneration. A large cohort studies have shown that untreated moderate to severe OSA increases the likelihood of developing dementia by 30% to 45%, while patients who remain adherent to positive airway pressure therapy experienced substantially lower risks and rates of Alzheimer's disease and cognitive decline over time.

越來越多的證據表明，阻塞性睡眠呼吸中止症可能會顯著改變失智症風險。堅持使用 CPAP 似乎可以抵消將睡眠紊亂與神經退化性變聯繫起來的幾種生物學途徑。一項大型隊列研究表明，未經治療的中度至重度 OSA 會使患癡呆症的可能性增加 30% 至 45%，而堅持使用正壓通氣治療的患者，隨著時間的推移，患阿茲海默症和認知能力下降的風險和速度會顯著降低。

Mechanistic studies reinforce this signal. CPAP use has been shown to partially restore lymphatic clearance as well as the brain's oversight waste removal system that becomes impaired during OSA, and this reduces a key Alzheimer biomarker. Even short-term CPAP adherence around 5 hours a night can improve memory, attention and executive function in older adults with mild cognitive impairment, suggesting that consistent early intervention with CPAP may help stabilize some cognitive trajectories.

機制研究進一步證實了這個結論。研究表明，使用 CPAP 可以部分恢復 OSA 期間受損的淋巴清除功能以及大腦的廢物清除系統，從而降低阿茲海默症的關鍵生物標記。即使每晚堅持使用 CPAP 約 5 小時，也能改善輕度認知障礙老年人的記憶力、注意力和執行功能，這表明持續的早期 CPAP 介入可能有助於穩定某些認知軌跡。

Watch this space for more on this front between sleep health and brain health. It's increasingly clear that treating OSA, getting on, staying on CPAP, APAP and bilevel has implications to brain health as well as cardiovascular health, diabetes health and beyond. In fact, it is literally a matter of life and death. Research published last year in the Lancet Respiratory Medicine Journal found that CPAP therapy significantly reduces the risk of overall death for people with obstructive sleep apnea.

請繼續關注睡眠健康與大腦健康的更多研究。越來越明顯的是，治療 OSA，開始使用、堅持使用 CPAP、APAP 和雙水平呼吸機，對大腦健康、心血管健康、糖尿病健康以及其他方面都有重要影響。事實上，這關乎生死。去年發表在《刺胳針呼吸醫學雜誌》上的一項研究發現，CPAP 療法可顯著降低阻塞性睡眠呼吸中止症患者的整體死亡風險。

More specifically, this study showed that CPAP therapy lowers the overall chance of dying by 37% and the chance of heart-related or cardiovascular-related death is reduced by 55%. The study, which analyzed data from more than 1 million sleep apnea patients worldwide, underscores the importance of consistent CPAP therapy for improving survival outcomes in OSA patients. So this therapy saves lives, but also improves quality of life.

更具體地說，這項研究表明，CPAP 療法可使整體死亡幾率降低 37%，使心臟相關或心血管相關死亡幾率降低 55%。該研究分析了全球超過 100 萬名睡眠呼吸中止症患者的數據，強調了持續 CPAP 治療對於改善 OSA 患者存活結果的重要性。所以這種療法不僅能挽救生命，還能提升生活品質。

We're also excited to announce that our Medical Affairs team has launched the Resmed Science of Sleep Apnea Advisory Group, bringing together leading external physicians in various specialties from around the world to provide strategic clinical and scientific guidance to our innovation efforts. Watch this space for results of their work.

我們非常高興地宣布，我們的醫療事務團隊已成立瑞思邁睡眠呼吸中止科學諮詢小組，匯集了來自世界各地各個專業的頂尖外部醫生，為我們的創新工作提供策略性的臨床和科學指導。請繼續關注他們的工作成果。

Before I move on, I'd like to spend a minute on our latest real-world evidence that we shared during a recent health care conference. As you know, we've been tracking claims data now reflecting more than 1.95 million patients. What we've consistently seen is patients, who have scripts for both a latest generation GLP-1 or GLP-1 and CPAP prescriptions are 10% to 11% more likely to start their CPAP therapy than patients who only have a script for CPAP.

在繼續之前，我想花一分鐘時間介紹我們在最近的一次醫療保健會議上分享的最新真實世界證據。如您所知，我們一直在追蹤理賠數據，目前已涵蓋超過 195 萬名患者。我們一直觀察到，同時擁有最新一代 GLP-1 或 GLP-1 和 CPAP 處方的患者，開始接受 CPAP 治療的可能性比只有 CPAP 處方的患者高 10% 到 11%。

These patients that have a combined script, they are also 3% more likely to have a resupply event at one year, meaning they're buying a new mask, a new accessory of some type, a hose, filter and beyond. But that doubles, and we see more than 6% likelihood to have a resupply event at three years. This is the first time we had three-year data to share, and we shared that. It's encouraging to see that the motivation of these patients lasts and even accelerates over time. Ultimately, what we're finding is patients on a GLP-1 get on CPAP more and stay on CPAP therapy longer.

這些持有組合處方的患者，一年內發生補給事件的可能性也高出 3%，這意味著他們需要購買新的面罩、某種類型的新配件、軟管、過濾器等等。但這機率翻了一番，我們認為三年內發生補給事件的可能性超過 6%。這是我們首次擁有三年數據可以分享，我們也分享了這些數據。令人鼓舞的是，這些患者的積極性不僅持續存在，而且隨著時間的推移甚至有所改善。最終，我們發現接受 GLP-1 治療的患者更多地使用 CPAP，並且使用 CPAP 治療的時間更長。

Even as we've continued our investments in both R&D and SG&A, Resmed again delivered strong operating profit growth in the first quarter. Indeed, Resmed remains a compelling investment opportunity amidst global macro uncertainty. That's my second key message I'll spend a couple of minutes on and then get to Brett and we'll get to the Q&A.

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。這是我要花幾分鐘時間講的第二個重點訊息，然後就輪到布雷特，我們進入問答環節。

We continue to closely monitor the global trade environment and the evolving regulatory landscape. As you saw in December, CPAP, APAP and bilevel products are not included in CMS' upcoming competitive bidding program. That's the first time in 15 years that's happened, and we're very happy that, that result, we think, will be great for not just U.S . citizens and Medicare recipients, but also for our HME partners and the overall sleep health and breathing health industry.

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。正如您在 12 月看到的那樣，CPAP、APAP 和雙水平呼吸器產品不包含在 CMS 即將推出的競爭性招標計劃中。這是 15 年來第一次發生這種情況，我們非常高興，我們認為這一結果不僅對美國公民和醫療保險受益人有益，而且對我們的 HME 合作夥伴以及整個睡眠健康和呼吸健康行業也有益。

Also, because Resmed's products are used to treat patients with chronic respiratory disabilities such as obstructive sleep apnea and respiratory insufficiency, they've been subject to global tariff relief for decades. This relief has continued in the context of prior Section 232 investigations, and we expect it to remain true no matter what the result of those types of investigations are for medical supplies announced in the late September investigation that's currently underway. So the so-called Nairobi Protocol we see in play.

此外，由於瑞思邁的產品用於治療患有慢性呼吸系統疾病（如阻塞性睡眠呼吸中止症和呼吸功能不全）的患者，因此幾十年來一直享受全球關稅減免。在先前的 232 條款調查中，這種救濟措施一直持續存在，我們預計無論 9 月下旬宣布的目前正在進行的醫療用品調查結果如何，這種救濟措施都將保持不變。所以我們看到所謂的《內羅畢議定書》正在發揮作用。

We are fortunate to be able to remain fully focused, therefore, on executing on our 2030 strategy, including delivering value to all of our constituents. Resmed remains a very strong free cash flow generation machine. We have an incredibly robust balance sheet, and that provides us with significant flexibility to both invest in our business and return capital to shareholders. This is my third and final key message here.

因此，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。瑞思邁仍然是一家非常強大的自由現金流創造機器。我們擁有非常穩健的資產負債表，這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。這是我在這裡要傳達的第三個也是最後一個關鍵訊息。

We'll continue to selectively invest in our digital sleep health concierge capabilities, including screening tools, clinical tools, seamless workflows and cloud connected pathways. We'll be looking to expand and speed up the diagnostic funnel to keep up with new patient flow and even accelerate it over time from our own Resmed demand generation efforts.

我們將繼續有選擇地投資於我們的數位睡眠健康管家服務能力，包括篩檢工具、臨床工具、無縫工作流程和雲端連接路徑。我們將尋求擴大和加快診斷流程，以跟上新患者的成長速度，甚至隨著時間的推移，透過我們自己的瑞思邁需求創造努力來加快這一速度。

The greater awareness of sleep apnea generated by big pharma medications as well as the consumer wearables from big tech are capable of driving growth of patients into our funnel, if Resmed does the work of curating and helping those patients find a pathway.

大型製藥公司推出的藥物以及大型科技公司推出的消費級穿戴裝置提高了人們對睡眠呼吸中止症的認識，如果瑞思邁能夠做好篩選和幫助患者找到治療途徑的工作，就能推動更多患者進入我們的治療管道。

As I said at JPMorgan earlier this month, I'm predicting that at least one, two or three of these wearable companies will follow Apple Watch and Samsung Galaxy Watch to develop and launch sleep apnea detection capabilities that have passed through the FDA workflow. So watch this space on that.

正如我本月稍早在摩根大通所說，我預測至少會有一家、兩家或三家穿戴式裝置公司效仿 Apple Watch 和三星 Galaxy Watch，開發並推出已經通過 FDA 審批流程的睡眠呼吸中止症偵測功能。所以，讓我們拭目以待。

So with both big tech and big pharma bringing people into the funnel and primary care education from Resmed driving like never before, we need to be prepared to address this ongoing and growing awareness of sleep apnea as well as other sleep health and breathing health disorders.

因此，隨著大型科技公司和大型製藥公司將人們引入市場，以及瑞思邁等公司以前所未有的速度推動初級保健教育，我們需要做好準備，應對人們對睡眠呼吸中止症以及其他睡眠健康和呼吸健康障礙的持續增長的認識。

I spoke a few minutes ago about our CME -- CME courses. I also talked about some of our ongoing product innovation, such as our newer fabric masks. You've seen our prior acquisition of companies like VirtuOx and the NightOwl product from a company called Ectosense as well as Somnoware, which is the software for pulmonary and sleep medicine physicians.

我剛才談到了我們的 CME 課程。我還談到了我們正在進行的一些產品創新，例如我們新推出的布口罩。您可能已經看到我們之前收購了 VirtuOx 和 NightOwl（來自一家名為 Ectosense 的公司）以及 Somnoware（一款針對肺科和睡眠醫學醫生的軟體）。

Ultimately, through this M&A and organic developments, we're expanding the ecosystem to help people quickly and swiftly move from sleep apnea awareness through testing all the way to being diagnosed and treated and adherent on our therapy for life.

最終，透過此次併購和自身發展，我們正在擴展生態系統，以幫助人們快速、迅速地從了解睡眠呼吸中止症到進行測試，再到確診、治療，並終身堅持我們的療法。

With investing going back into our business is our absolute first priority for capital allocation. We invest over 6% to 7% of our revenues in R&D and 19% to 20% in SG&A. But we're also returning capital to shareholders through dividends, and we've been increasing those, and we've added an increase to our share repurchases.

將資金重新投入我們的業務中，是我們資本配置的絕對首要任務。我們將營收的 6% 至 7% 投入研發，19% 至 20% 投入銷售、管理及行政費用。但我們也透過分紅向股東返還資本，而且我們一直在增加分紅，同時我們也增加了股票回購。

During the second quarter, we returned another $263 million to our shareholders through our quarterly dividend and our $175 million in share repurchases. I noted at JPMorgan earlier this month that we are increasing our share repurchases to more than $600 million for fiscal year 2026. We picked up the pace of our share repurchases in the second quarter, and we'll continue to deploy meaningful capital through our share repurchase program. Quarter-after-quarter, Resmed has and will continue to demonstrate an ability to consistently deliver both financially and operationally. We've established a leading market position globally in underpenetrated markets, and we still have a very long runway of growth ahead. We're in mile one of the marathon.

第二季度，我們透過季度分紅和1.75億美元的股票回購，向股東返還了2.63億美元。我本月稍早在摩根大通提到，我們將把 2026 財年的股票回購規模增加到 6 億美元以上。我們在第二季加快了股票回購步伐，並將繼續透過股票回購計畫投入大量資金。瑞思邁每季都展現出持續的財務和營運業績，並將繼續保持這項能力。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，而且我們還有很長的成長空間。我們現在正處於馬拉鬆比賽的第一英里。

This underpins our confidence in our ability to deliver for consumers, for patients, for physicians, for providers, for payers and for our communities that we serve. And of course, to all of you listening here, our shareholders.

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、支付者以及我們所服務的社區提供服務。當然，也要感謝在座的各位，我們的股東們。

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

接下來，布雷特，我將把時間交給你，讓你更深入地分析我們的財務狀況，然後我們會開放提問環節。布雷特，該你了。

Thank you, Mick. In my remarks today, I will provide an overview of our results for the second quarter of fiscal year 2026. Unless noted, all comparisons are the prior year quarter and in constant currency terms where applicable.

謝謝你，米克。在今天的演講中，我將概述我們2026財年第二季的業績。除非另有說明，所有比較均與去年同期相比，並在適用情況下採用固定匯率。

We had strong financial performance in Q2. Group revenue for the December quarter was $1.42 billion, an 11% headline increase and 9% in constant currency terms. Revenue growth reflected positive contributions across our device and mask portfolio and our software business.

第二季我們的財務表現表現強勁。集團12月季營收為14.2億美元，以固定匯率計算成長11%，成長9%。營收成長反映了我們的設備和麵罩產品組合以及軟體業務的積極貢獻。

Year-over-year movements in foreign currencies positively impacted revenue by approximately $25 million during the December 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 11%. Sales in Europe, Asia and other regions increased by 6% on a constant currency basis.

受外匯匯率同比波動的影響，12 月季度營收增加了約 2,500 萬美元。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 11%。以固定匯率計算，歐洲、亞洲及其他地區的銷售額成長了6%。

Globally, on a constant currency basis, device sales increased by 7%. Masks and other sales increased by 14%. Breaking it down by regional areas, U.S. Canada and Latin America increased by 8%. Masks and other sales increased by 16%, reflecting continued growth in both resupply and new patient setups as well as incremental revenue from our VirtuOx acquisition, which we acquired in Q4 FY25.

在全球範圍內，以固定匯率計算，設備銷售額成長了 7%。口罩和其他商品的銷售額成長了14%。按地區劃分，美國、加拿大和拉丁美洲增長了 8%。口罩和其他產品的銷售額成長了 16%，這反映了補貨和新病患數量的持續成長，以及我們在 2025 財年第四季收購 VirtuOx 帶來的增量收入。

In Europe, Asia and other regions, device sales increased by 5% on a constant currency basis and masks and other sales increased by 8% on a constant currency basis. Residential care software revenue increased by 5% on a constant currency basis in the December quarter, underpinned by robust performance from our MEDIFOX DAN software vertical, partially offset by ongoing challenges in our senior living and long-term care vertical.

在歐洲、亞洲和其他地區，設備銷售額以固定匯率計算成長了 5%，口罩和其他產品的銷售額以固定匯率計算成長了 8%。在 MEDIFOX DAN 軟體垂直領域的強勁表現的支撐下，12 月份的住宅護理軟體收入按固定匯率計算增長了 5%，但部分被老年生活和長期護理垂直領域的持續挑戰所抵消。

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 second quarter earnings press release. Gross margin was 62.3% in the December quarter and increased by 310 basis points year-over-year and by 30 basis points sequentially. The year-over-year increase was primarily driven by component cost improvements and manufacturing and logistics efficiencies as well as a modest positive impact from foreign currency movements.

在今天剩餘的評論中，我將使用非GAAP財務資料。我們在第二季財報新聞稿中提供了非GAAP與GAAP資料的完整調節表。12 月季度毛利率為 62.3%，較去年同期成長 310 個基點，較上季成長 30 個基點。年比增幅主要得益於零件成本的降低、製造和物流效率的提高，以及外匯匯率波動帶來的適度正面影響。

Our supply chain team continues to work and make progress on our pipeline of gross margin productivity initiatives, and we remain focused on making sustained long-term gross margin improvements. Looking forward and subject to currency movements, we now expect gross margin will be in the range of 62% to 63% for fiscal year 2026.

我們的供應鏈團隊繼續努力，並在提高毛利率生產力的各項舉措方面取得進展，我們將繼續專注於實現毛利率的長期持續改善。展望未來，並視匯率波動情況而定，我們現在預計 2026 財年的毛利率將在 62% 至 63% 之間。

Moving on to operating expenses. SG&A expenses for the second quarter increased by 15% on a headline basis and by 12% on a constant currency basis. The increase was primarily attributable to growth in employee-related expenses and marketing and technology investments as well as additional expenses associated with our VirtuOx acquisition. SG&A expenses as a percentage of revenue increased to 19.6% compared to 18.8% in the prior year period.

接下來是營運費用。第二季銷售、一般及行政費用以固定匯率計算成長了 15%，以固定匯率計算成長了 12%。成長主要歸因於員工相關支出、行銷和技術投資的成長，以及與收購 VirtuOx 相關的額外支出。銷售、一般及行政費用佔收入的百分比從去年同期的 18.8% 增至 19.6%。

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 12% on a headline basis and 10% on a constant currency basis. The increase primarily reflects increases in employee-related expenses. R&D expenses as a percentage of revenue increased to 6.4% compared to 6.3% in the prior year period.

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。本季研發費用以固定匯率計算成長了 12%，以固定匯率計算成長了 10%。這一增長主要反映了員工相關費用的增加。研發費用佔收入的比例從去年同期的 6.3% 增至 6.4%。

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% for fiscal year 2026. During the quarter, we recorded a restructuring-related charge of $6 million, reflecting the finalization of our global workforce planning activities, which we initiated in the first quarter of fiscal year 2026. Restructuring charges were comprised of employee severance and other one-time termination benefits. The restructuring charge has been treated as a non-GAAP item in our second quarter financial results.

展望未來，並視匯率波動情況而定，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。本季度，我們計入了 600 萬美元的重組相關費用，這反映了我們全球勞動力規劃活動的最終完成，該活動是我們於 2026 財年第一季啟動的。重組費用包括員工遣散費和其他一次性終止福利。重組費用已作為非GAAP項目計入我們第二季度的財務表現。

Operating profit for the quarter increased 19%, underpinned by revenue growth and gross margin expansion. Our operating margin improved to 36.3% of revenue compared to 34% in the prior year period. Our net interest income for the quarter was $8 million. Our effective tax rate for the December quarter was 21.1% compared to 18% in the prior year quarter.

受收入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34%提高到營收的36.3%。本季淨利息收入為 800 萬美元。我們12月份季度的實際稅率為21.1%，而上年同期為18%。

As we previously noted in our Q1 earnings 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%.

正如我們在第一季財報電話會議上提到的那樣，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法的影響，這些法律從 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。

Our net income for the December quarter increased by 15% and diluted earnings per share increased by 16%. Movements in foreign exchange rates had a positive impact on earnings per share of approximately $0.04 in Q2 FY26. Cash flow from operations for the quarter was $340 million, reflecting strong operating results, partially offset by increases in working capital.

12 月季度，我們的淨收入成長了 15%，稀釋後每股收益成長了 16%。2026 財年第二季度，外匯匯率的波動對每股盈餘產生了約 0.04 美元的正面影響。本季經營活動產生的現金流量為 3.4 億美元，反映出強勁的經營業績，但部分被營運資金的增加所抵銷。

Capital expenditure for the quarter was $29 million and depreciation and amortization for the quarter totaled $50 million. We ended the second quarter with a cash balance of $1.4 billion. And at December 31, we had $664 million in gross debt and $753 million in net cash. 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.

本季資本支出為 2,900 萬美元，本季折舊及攤銷總額為 5,000 萬美元。第二季末，我們的現金餘額為14億美元。截至 12 月 31 日，我們的總債務為 6.64 億美元，淨現金為 7.53 億美元。我們根據循環信貸額度，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 704,000 shares under our previously authorized share buyback program for consideration of $175 million. We plan to continue to repurchase shares for a total value of more than $600 million for fiscal year 2026. In addition to returning capital to shareholders through a dividend and share buyback program, we will continue to invest in growth through R&D and tuck-in acquisitions.

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 1.75 億美元的對價購買了約 704,000 股股票。我們計劃在 2026 財年繼續回購股票，總價值超過 6 億美元。除了透過分紅和股票回購計畫向股東返還資本外，我們將繼續透過研發和補充收購來投資成長。

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

接下來，我將把電話轉回給我們的接線生凱文，由他來回答問題。

(Operator Instructions)

（操作說明）

Jon Block, Stifel.

Jon Block，Stifel。

Great. Thanks, guys. Appreciate it. Really strong U.S. mask number, I think it was 16%. Maybe if you could just help us out a little bit. Was that -- we're counting roughly a 400 basis point benefit from VirtuOx when you think about that?

偉大的。謝謝各位。謝謝。美國口罩戴率非常高，我記得是16%。或許您能幫我們一個小忙。也就是說——考慮到這一點，我們計算出 VirtuOx 大約能帶來 400 個基點的收益？

And then Mick or Brett, any movement or stocking, if you would, from F30, relatively new, good reception. So should we calibrate any sort of benefit or stocking from that dynamic? And then if I could ask a follow-up.

然後是 Mick 或 Brett，任何動作或庫存，如果你願意的話，來自 F30，相對較新，反應良好。那麼我們是否應該根據這種動態來調整任何收益或庫存呢？然後，我可以問一個後續問題嗎？

Yeah. I'll go first, Jon, and then hand to Brett to go through the -- with and without VirtuOx. As you said, the mask, accessories and other does include some contributions from the VirtuOx part. And so even taking that out, though, we had very solid growth. I'd say -- I'm going to say double-digit growth in our masks and accessories in the U.S. even taking out VirtuOx. And so really, really solid.

是的。我先來，Jon，然後交給Brett來示範——使用和不使用VirtuOx的情況。正如你所說，面罩、配件和其他產品確實包含 VirtuOx 的一些貢獻。即使剔除此因素，我們的成長依然非常穩健。我想說——即使不計入 VirtuOx，我們在美國口罩和配件的銷售額也將實現兩位數的成長。所以，真的非常紮實。

Look, yes, I think when we launch a new mask, it can have some good cycles. Our channel doesn't tend to really stock ahead of demand. They tend to buy when a new product comes and they start to see demand, buy more. I can tell you that the new F30i Clear and particularly for me, the F30i Comfort, which has fabric, not just at the nasal interface, but also around the headgear that goes around the head.

是的，我認為當我們推出新口罩時，它可能會經歷一些不錯的銷售週期。我們的通路通常不會提前備貨以滿足需求。他們往往會在新產品上市後購買，一旦發現市場需求，就會增加購買量。我可以告訴你，新款 F30i Clear，尤其是對我來說，F30i Comfort，它的鼻樑部分採用織物材質，頭戴部分也採用織物材質。

I think this is changing the basis of competition and I think we're going to see some really good adoption of these masks over time. Obviously, we also have the high-deductible health plans and health savings accounts, which are a factor in the U.S. market as they clear at the end of the December quarter there as well. So we will have some seasonality associated with that, I'd say.

我認為這正在改變競爭格局，而且我認為隨著時間的推移，我們會看到這些口罩得到非常廣泛的應用。顯然，我們還有高免賠額健康計畫和健康儲蓄帳戶，它們也是美國市場的一個因素，因為它們的結算時間也是在12月季末。所以，我認為這其中會存在一些季節性因素。

But Brett, anything to add there specifically to the numbers that Jon mentioned on with and without VirtuOx?

但是Brett，除了Jon提到的關於使用和不使用VirtuOx的數據之外，你還有什麼要補充的嗎？

No, I think you covered it pretty well, Mick. Even without VirtuOx, it's still double-digit growth, so still really strong. And we had a -- VirtuOx had a really good quarter as well. So across the board, and there's probably -- I think we'd see some seasonality impact from that. I think you're right, Mick.

不，我覺得你已經解釋得很清楚了，米克。即使不考慮 VirtuOx，其成長率仍達到兩位數，所以依然非常強勁。VirtuOx 的季度業績也非常好。所以總的來說，可能會——我認為我們會看到一些季節性影響。我想你是對的，米克。

And the early -- I think early days for the mask launches, but off to a good start that's kind of not as big of an impact necessarily, but it's certainly there. It's incremental, I think, really on the new fabric masks.

而口罩上市初期——我認為現在還處於早期階段，但開局良好，這可能不會產生很大的影響，但影響確實存在。我認為，新型布口罩的改良是一個漸進的過程。

Anthony Petrone, Mizuho Group.

Anthony Petrone，瑞穗集團。

Thank you and congrats on an excellent quarter here. Maybe, Mick, you gave an update on just the GLP-1 landscape here, the claims data, obviously, holding solid here on the attach rate for CPAP post starting GLP-1 therapy. We now have orals out there, and it's been almost a year, since the initial clearance.

謝謝，也恭喜你們本季表現出色。米克，或許你可以在這裡更新 GLP-1 的情況，索賠數據顯然在這裡保持穩定，即開始 GLP-1 治療後 CPAP 的附加率。現在口服藥物已經上市，距離最初的批准已經過去將近一年了。

Maybe just an update on the impact to the front end of the funnel more specifically in the latest channel checks that we're hearing is that this indeed is actually bringing more patients in and it's resulting in a high CPAP attach rate. So maybe walk through that dynamic a bit and how you see that playing out the rest of the year. Thanks.

或許可以更新一下對銷售漏斗前端的影響，更具體地說，根據我們最新的通路檢查結果，這確實帶來了更多患者，並導致了較高的 CPAP 連接率。所以，不妨稍微分析一下這種動態，以及你認為它在今年餘下的時間裡會如何發展。謝謝。

Yes. Thanks, Anthony. It's a really good question. And as you noted, we're now tracking 1.95 million patients in our claims data analysis there, and that shows that 10%, up to now, 11% higher start rate. So at the top of funnel, as you mentioned, there's just a really -- I would say a motivated patient group.

是的。謝謝你，安東尼。這確實是個好問題。正如您所指出的，我們現在正在透過理賠數據分析追蹤 195 萬名患者，結果顯示，迄今為止，發病率提高了 10%，11%。所以，正如你所提到的，在漏斗的頂端，有一群非常——我認為是非常積極的患者群體。

We don't fully understand the psychology. We see the correlation, don't know the causality. But our assumption as we do our channel checks, talk to the doctors, talk to the pulmonary doctors, then the primary care physicians, who are starting to see the patients brought in by GLP-1s, and they're saying these are motivated patients. And so I think that's what gets us at the top of funnel, that sort of inspiration to come back into the health care system with this new class of medicines, whether it's the injectables or the pill, which will go broader market.

我們尚未完全了解其中的心理學原理。我們只看到了相關性，卻不知道因果關係。但我們在進行通路檢查、與醫生交談、與肺科醫生交談，然後與開始接診 GLP-1 類藥物患者的初級保健醫生交談時，我們假設這些患者都很有動力。所以我認為，正是這種靈感讓我們站在了漏斗的頂端，帶著這種新型藥物（無論是注射劑還是藥丸）重返醫療保健系統，這些藥物將走向更廣泛的市場。

But then the interesting part, and the new data this quarter is the three-year data showing a 6% higher, I think, 6.2% higher resupply rate at three years. And so this impact it seems to be not only a motivated patient when I show up to the PCP or the pulmonary doc, but that motivation seems to last a long time. And as Carlos Nunez said, Dr. Carlos Nunez is on the stage at the healthcare conference earlier this month, it seems to stay -- motivation for our therapy even longer than the motivation for the other therapy.

但接下來才是有趣的部分，也是本季的新數據，三年數據顯示，三年內的補給率提高了 6%，我認為是 6.2%。因此，這種影響似乎不僅體現在我去看初級保健醫生或肺科醫生時，患者積極主動，而且這種積極性似乎還能持續很長時間。正如卡洛斯·努涅斯博士在本月初的醫療保健會議上所說，這種動力似乎會持續更久——這種動力甚至比其他療法的動力更持久。

So whether or not they stay on the GLP-1, where the adherence rate often is only 30% or 40% at one year, they're more motivated on our therapy over the long term. So we're watching it very closely. We've now got three years of data. We'll continue to watch that. But to your point, it does bring more patients in. They are more motivated and your channel checks confirm what we're hearing with our sleep doctors that this is bringing people in.

因此，無論他們是否繼續接受 GLP-1 治療（一年後的依從率通常只有 30% 或 40%），從長遠來看，他們對我們的療法更有動力。所以我們正在密切關注。我們現在有了三年的數據。我們會繼續關注此事。但正如你所說，這確實能帶來更多患者。他們更有動力了，你們的管道調查也證實了我們從睡眠醫生那裡聽到的情況，那就是這確實吸引了人們前來就診。

And now with the primary care doctors, they're getting motivated to get trained, 60,000 CME trainings and many of them are saying 77%, I'm going to change what I do on my screening, referral and pathways and so on, and we'll be there to help them with VirtuOx and all these virtual pathways, we'll also support our pulmonary physicians in our HME industry to scale to the flow that we need to deal with this increased demand. Thank you for the question, Anthony.

現在，初級保健醫生們積極接受培訓，已有 6 萬名醫生參加了繼續醫學教育培訓，其中 77% 的醫生表示，他們將改變篩檢、轉診和診療路徑等方面的做法。我們將透過 VirtuOx 和所有這些虛擬診療路徑來幫助他們，我們還將支持家庭醫療設備行業的肺科醫生擴大規模，以滿足不斷增長的需求。謝謝你的提問，安東尼。

(Operator Instructions)

（操作說明）

Dan Hurren, MST.

丹·赫倫，MST。

Good morning and thanks very much. A question for Brett. Can I just ask about the SG&A. The SG&A growth is uncharacteristically ahead of revenue growth. I'm just wondering if there's any transient expenses in there as you settle these acquisitions? Or is this a rebasing higher with promotional activities in sales force, et cetera?

早安，非常感謝。問布雷特一個問題。我可以問一下銷售、管理及行政費用（SG&A）嗎？銷售、管理及行政費用成長異常地超過了收入成長。我只是想知道，在完成這些收購的過程中，是否有任何臨時性費用？還是這是透過銷售團隊的促銷活動等方式提高基準線？

Yeah. I mean, there was some impact from the VirtuOx acquisition, Dan. So that -- if you excluded that, you'd get -- we would be at high single digits for SG&A growth. So tracking pretty close on revenue growth. But as Mick mentioned in his remarks, we're also doing some around -- some marketing programs and we've done, for example, China, Singles Day and things like that.

是的。我的意思是，VirtuOx 的收購確實產生了一些影響，丹。因此，如果排除此因素，我們將實現 SG&A 成長率接近兩位數。所以營收成長方面，追蹤數據相當準確。但正如米克在演講中提到的，我們也在進行一些行銷活動，例如，我們已經在中國開展了「雙十一」購物節等活動。

So there's some promotions we ran during the quarter as well on that. So overall, if you look at more underlying, it's more tracking to kind of revenue growth on that, I think.

所以，我們本季也針對這方面進行了一些促銷活動。所以總的來說，如果你從更深層的角度來看，我認為這與收入成長有關。

Laura Sutcliffe, Citi.

勞拉·薩特克利夫，花旗銀行。

Hello, thank you for taking my question. Another one on the patients funnel, if I can, please. Which sort of areas or stage is the patient funnel from -- all the way from an initial visit to a PCP through to their first night with a Resmed device do you think you've had the most impact on in the last couple of years? And where do you think there's, most work left to do?

您好，感謝您回答我的問題。如果可以的話，請再增加一位患者。在過去幾年裡，您認為您對患者從初次就診初級保健醫生到使用瑞思邁設備的第一個晚上這一整個過程中的哪個領域或階段影響最大？你認為還有哪些方面需要做的工作最多？

Yeah. Thanks, Laura. It's a great question. It's a complex one because that funnel, obviously, we map every single decision process and step along it from consumer, sleep-concerned consumer, considering diagnostic then prescription therapy and then therapy for life, year one and year X, right, year-end.

是的。謝謝你，勞拉。這是一個很好的問題。這是一個複雜的過程，因為很明顯，我們繪製了每一個決策過程，並沿著這個過程一步步地從消費者（關注睡眠的消費者）開始，考慮診斷，然後是處方治療，再到終身治療，第一年和第 X 年，對吧，年末。

So I would say the most progress we've made is probably in the top of the funnel area. I think we are being given some I would say, without having to pay for it some extra awareness from big pharma in bringing patients into the funnel with their GLP-1 medicines. They're spending a lot of money on direct-to-consumer advertising with Zepbound and other products to follow. So that brings patients in.

所以我覺得我們最大的進展可能在於漏斗頂部的區域。我認為我們正在獲得一些好處，可以說，無需為此付費，大型製藥公司就透過他們的 GLP-1 藥物將患者引入治療流程，從而提高了我們的意識。他們投入大量資金直接面向消費者的廣告宣傳，Zepbound 和其他後續產品也將陸續推出。這樣就能吸引病人。

And then from big tech, the fact that your Apple Watch or Samsung Galaxy Watch and -- as I predicted at least one more of the others, Whoop, Garmin, Oura Ring, Ultrahuman, someone else is going to add that in. That brings patients in too. So that top of funnel, I think that's moved a lot.

然後，大型科技公司方面，你的 Apple Watch 或三星 Galaxy Watch，以及——正如我預測的那樣，至少還有一家其他公司，比如 Whoop、Garmin、Oura Ring、Ultrahuman，將會把這個功能添加到你的手錶中。這樣也能吸引病人。所以我認為，漏斗頂部的變化很大。

Our challenge at Resmed is to partner with our channel to say, -- can we scale home sleep apnea testing? And so that's why we bought Ectosense, and we have the NightOwl product out in the US. That's why we bought VirtuOx, which is a home sleep apnea testing service company to help primary care physicians and pulmonary physicians with a very efficient home sleep apnea testing service.

Resmed 面臨的挑戰是與我們的通路夥伴一起探討—我們能否擴大居家睡眠呼吸中止症檢測的規模？所以這就是我們收購 Ectosense 的原因，我們在美國推出了 NightOwl 產品。這就是我們收購 VirtuOx 的原因，VirtuOx 是一家家庭睡眠呼吸中止症檢測服務公司，旨在為初級保健醫生和肺科醫生提供高效的家庭睡眠呼吸中止症檢測服務。

And then you saw us buy Somnoware, which is software that can help a pulmonary or sleep clinic be more efficient and more capable. So really focusing on expansion of that top part of the funnel. And then, of course, we're partnering with our HME customers to say, -- how can we help you grow? Now that we're not in competitive bidding, CPAP, APAP, all out, there's no distractions, let's grow our businesses together. And so we're helping them understand how to scale their setup process, to run their business more efficiently with Brightree so that they can cope with the greater flow of patients through the funnel.

然後你們看到了我們購買了 Somnoware，這是一款可以幫助肺科或睡眠診所提高效率和能力的軟體。所以，重點要放在拓展銷售漏斗的頂端部分。當然，我們也會與 HME 客戶合作，探討如何幫助你們發展壯大？既然我們不再參與競標，CPAP、APAP 等所有相關事宜也都已結束，沒有了乾擾，讓我們一起發展我們的業務吧。因此，我們正在幫助他們了解如何擴展其設定流程，以便更有效地利用 Brightree 來經營業務，從而應對不斷增長的患者流量。

And I've said this publicly; I don't think this is going to be like some crazy doubling of growth rates of devices in the US. But you certainly can see in the numbers we reported today that there is some good improvements there. And I think if the market is growing at mid-single digits on devices and high single digits on masks, we clearly drove extra market growth and/or took share this quarter.

我曾公開表示過，我不認為這會導緻美國設備成長率出現瘋狂的翻倍成長。但從我們今天公佈的數據中，確實可以看出這方面已經取得了一些不錯的進展。我認為，如果醫療器材市場以中個位數成長，口罩市場以高個位數成長，那麼我們顯然在本季度推動了額外的市場成長和/或獲得了市場份額。

And it's our goal to do that every quarter. Will we do it every quarter? No, but will we try? Absolutely. And as Brett said, we invested in some of these programs on Singles Day in China and some D2C work around the holidays in Australia, New Zealand, Korea, Singapore and even in the US, we make sure there's an ROI to every program. And if there is, we continue with it and if there isn't, we stop and then reevaluate and try another program. And so watch this space.

我們的目標是每個季度都做到這一點。我們每季都會這樣做嗎？不，但我們會嘗試嗎？絕對地。正如 Brett 所說，我們在中國雙十一期間投資了一些項目，並在澳大利亞、紐西蘭、韓國、新加坡甚至美國的假期期間開展了一些 D2C 業務，我們確保每個項目都有投資回報率。如果有效，我們就繼續；如果無效，我們就停止，然後重新評估並嘗試其他方案。敬請期待。

There's no particular area, Laura, but I would say that top-of-funnel, middle of funnel is the area we're laser focused on now because once they've got that prescription, we are a machine at getting that 87% adherence with our technology at day 90 and keeping them on therapy for life. And also the symptom relief that you get from CPAP keeps them there as well. Thanks for the question, Laura.

勞拉，沒有特別的領域，但我認為我們現在重點關注的是漏斗頂部和漏斗中部，因為一旦他們拿到處方，我們就能利用我們的技術在第 90 天達到 87% 的依從性，並讓他們終身接受治療。而且，CPAP 治療帶來的症狀緩解也會讓他們繼續留在診所。謝謝你的提問，勞拉。

Lyanne Harrison, Bank of America.

Lyanne Harrison，美國銀行。

Good morning, Mick, Brett and team. I'd like to come back to Anthony's questions on GLP-1. Obviously, you're tracking a lot of patients now and you've got three years' worth of data. But with the GLP-1 prices coming down, and now in pill form, we expect more people be on GLP-1 for longer.

早安，米克、布雷特和各位同事。我想回到安東尼關於 GLP-1 的問題上來。顯然，你們現在追蹤了很多患者，並且有三年的數據。但隨著 GLP-1 價格下降，並且現在有了藥片形式，我們預計會有更多的人長期服用 GLP-1。

Are you seeing any changes in compliance or therapy for those GLP-1 OSA patients in the cohort you're tracking who have been with you for three years now, in particular, those who have mild or moderate sleep apnea?

在您追蹤的 GLP-1 OSA 患者群體中，您是否觀察到那些已經接受治療三年的患者（特別是那些患有輕度或中度睡眠呼吸中止症的患者）的依從性或治療方面有任何變化？

Yes. Thanks for the question, Lyanne. And look, we have those aggregate numbers that we shared. And clearly, at three years, we see more purchases. And so these people are motivated and buy more from us. To your specific question of tracking individual patients and where they go through this therapy, what we're finding is patients who have this therapy, even if they have so-called mild to moderate sleep apnea and their AHI might be reduced somewhat. The symptomatic relief that they get from CPAP, APAP, bilevel, you never really -- you don't cure this disorder by lowering your AHI. You can mitigate some of its severity.

是的。謝謝你的提問，莉安。你看，我們已經分享了這些匯總數據。很明顯，三年後，購買量會增加。因此，這些人更有購買慾望，會向我們購買更多商品。關於您提出的追蹤個別患者及其接受治療情況的具體問題，我們發現接受這種治療的患者，即使他們患有所謂的輕度至中度睡眠呼吸暫停，他們的 AHI 也可能有所降低。他們透過 CPAP、APAP、雙水平呼吸器獲得的症狀緩解，並不能真正治癒這種疾病，降低 AHI 並不能治癒這種疾病。你可以減輕它的一些嚴重程度。

But what we're finding is the symptomatic relief and the care that patients have on therapy is such that they stick on our therapy full life. The side effects of these medicines are in the early stages, nausea, diarrhea or in some aspects, you have to get used to GLP-1 medicines.

但我們發現，患者在接受治療期間所獲得的症狀緩解和悉心照料，使得他們能夠終生堅持接受我們的治療。這些藥物的副作用在早期階段表現為噁心、腹瀉，或在某些方面，你必須適應 GLP-1 類藥物。

For CPAP, it's the opposite. You have symptomatic relief, your bed partner says, -- wow, you stopped snoring. We can now sleep here in the same room together. The sleep divorce is over. We have aspects of the patient themselves, but they wake up refreshed in the morning versus morning headaches. They're not tired in the afternoons at their jobs or in front of the television and movies with friends.

對於持續性正壓呼吸器（CPAP）來說，情況則相反。你的症狀得到了緩解，你的伴侶說——哇，你不打鼾了。現在我們可以一起睡在同一個房間裡了。睡眠離婚結束了。我們從患者自身情況來看，他們早上醒來神清氣爽，而不是像以前那樣早上頭痛。他們在下午工作時不會感到疲倦，也不會和朋友一起看電視、看電影時感到疲倦。

And so that symptomatic relief and change of life is very addictive. So even if patients go from an AHI of 40 to 20 or 20 to 10, they are sticking with therapy. And it's out there in those aggregate numbers. But we're actually looking and we'll do case studies around people where the combination therapy which, by the way, was shown in Lilly's SURMOUNT-OSA study to be the best outcome in their own analysis, is one that we would encourage. Weight loss and treating your sleep apnea has always been part of the care of pulmonary doctors.

因此，症狀緩解和生活方式的改變非常容易上癮。因此，即使患者的 AHI 從 40 降至 20，或從 20 降至 10，他們也會堅持治療。而這些都體現在匯總數據中。但實際上，我們正​​在研究，並將對接受聯合療法的患者進行案例研究。順便說一句，禮來公司的 SURMOUNT-OSA 研究顯示，聯合療法在他們自己的分析中取得了最佳療效，我們鼓勵採用這種療法。減重和治療睡眠呼吸中止症一直是肺科醫生診療的一部分。

They now have a new injectable/pill to cover with weight loss versus just eat less and exercise more. So it's a combination of all of the above that's leading to these numbers. But yes, no, we're looking at our adherence on the short, medium and long term, not seeing any reductions and particularly within this cohort of patients, we're actually seeing patients that are more adherent to therapy, more motivated to start and stick with therapy. So watching very carefully, but the thesis that this could be a headwind is completely gone.

他們現在有了一種新的注射劑/藥丸來掩蓋減肥的事實，而不再只是少吃多運動。所以，正是以上所有因素的綜合作用才導致了這些數字。但是，是的，我們正在從短期、中期和長期角度觀察患者的依從性，沒有發現任何下降，尤其是在這群患者中，我們實際上看到患者的治療依從性更高，更有動力開始並堅持治療。所以要密切關注，但「這可能是個不利因素」的說法已經完全不成立了。

It's a tailwind. And the question is now, how much of a tailwind will it be? How many PCPs can we educate to get combination prescriptions. And when are patients on therapy, how can we meaningfully engage with them, so they stay adherent for life. And we're having good success with this new cohort of patients.

這是順風。現在的問題是，這股順風究竟能帶來多大的助力？我們可以訓練多少位全科醫生，讓他們能夠開立聯合處方？當患者接受治療時，我們如何與他們進行有意義的互動，從而使他們終身堅持治療？我們對這批新患者取得了良好的治療效果。

Thanks for the question, Lyanne.

謝謝你的提問，莉安。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

Hi, thanks for taking the question, Mick, you actually sort of led into what I wanted to ask about, which is you've given a lot of positive stats about how GLP-1s are helping the funnel and your business. I guess I was wondering if you tried to quantify that now with some of the data that you have.

嗨，謝謝你回答這個問題，Mick，你其實已經引出了我想問的問題，那就是你提供了很多關於 GLP-1 如何幫助銷售漏斗和你的業務的積極數據。我想知道你是否嘗試用你掌握的一些數據來量化這一點。

Could you help us understand how much of a tail end it is now or it could be in the future? Or if they didn't exist, how much would you be growing? Would it be a material difference? Thank you.

您能否幫助我們了解一下，它現在究竟是多大的尾聲，或者將來可能會成為多大的尾聲？如果它們不存在，你的發展又會如何？這會是實質的差別嗎？謝謝。

Yeah, Matt, it's a really good one that we're wrestling with internally to go from the macro and claims data down to the individual. How many basis points -- to your point, how many basis points of that really good U.S. devices growth in the quarter was 8%. How much of that was driven by big tech and Apple and Samsung identifying someone that came to a PCP versus big pharmas advertising a new injectable or pill that brought someone into PCP, so they got the referral to the specialists and prescription.

是的，馬特，這是一個非常好的問題，我們內部正在努力解決，如何從宏觀和索賠數據細化到個人層面。你說的沒錯，美國設備市場本季8%的成長率是多少基點？其中有多少是由於大型科技公司（如蘋果和三星）識別出前來就診的患者，又有多少是由於大型製藥公司宣傳新的注射劑或藥丸，從而吸引患者前往初級保健醫生處就診，進而獲得轉診至專科醫生和處方。

And we've got a lot of that macro data. We also, through myAir, we now have 11 million users of myAir. And obviously, on a voluntary basis, every person who signs up to myAir can tell us how did you hear about sleep apnea? Was it your bed partner? Was it snoring? Was it a big pharma? Was it a GLP-1? Or was it big tech? Was it a wearable?

我們掌握了大量宏觀數據。此外，透過 myAir，我們現在擁有 1,100 萬 myAir 用戶。顯然，每個註冊 myAir 的用戶都可以自願告訴我們，您是如何了解到睡眠呼吸中止症的？是你的同床伴侶嗎？是打鼾嗎？是大型製藥公司嗎？它是GLP-1嗎？還是大型科技公司幹的？它是穿戴式裝置嗎？

And so we're asking those questions and we're getting early data. We're not prepared to publicly talk about it yet. But I can tell you that it is a contributor, and it's one that we are working very carefully to quantify and also to work out how we can continue to scale with to make sure that our funnel, the primary care physicians, the home sleep apnea testing capabilities, the prescription capabilities of a sleep doctor.

所以我們正在提出這些問題，並且正在獲取初步數據。我們目前還不方便公開談論此事。但我可以告訴你，這是一個影響因素，我們正在非常謹慎地對其進行量化，並研究如何繼續擴大規模，以確保我們的管道、初級保健醫生、家庭睡眠呼吸中止症檢測能力、睡眠醫生的處方能力都能得到有效利用。

Sleep Doctors are very busy. They have a long waiting lists, how can we help them with Somnoware and Brightree to better manage their practice and their DME if they have that part. And then for our DME customers to really help them scale. We're seeing a great demand for Brightree and its ability to lower costs and improve outcomes. And although we are completely out of competitive bidding, our HMEs have other products that are in there.

睡眠醫生們非常忙碌。他們的候診名單很長，我們如何透過 Somnoware 和 Brightree 幫助他們更好地管理他們的診所和他們的 DME（如果他們有這部分的話）？然後，我們還要真正幫助我們的DME客戶擴大規模。我們看到市場對 Brightree 的巨大需求，因為它能夠降低成本並改善效果。雖然我們已經完全退出了競標，但我們的HME還有其他產品參與其中。

So the more costs we can help an HME take out of their business with Brightree and then we'll resupply, we can help them drive to where a patient wants that new mask or accessory. That's what's going to get us to where we need to be.

因此，我們越能幫助 HME 透過 Brightree 降低業務成本，然後我們再進行補給，我們就能幫助他們把新口罩或配件送到病人需要的地方。這就是我們到達目的地所需要的。

So yes, thanks for the question, Matt. We are quantifying it, not yet ready to sort of release that. But we may peer review and publish some evidence on this through a scientific part of our business to really get it out there in the peer-reviewed press, and then I can start to talk about it publicly. But it is a contributor, and we'll quantify it over time. But really excited to have this moment, if you like, sleep health is having a very good moment in health care right now, and we're leveraging that.

是的，謝謝你的提問，馬特。我們正在進行量化分析，但還沒準備好發布分析結果。但是，我們可能會透過我們業務中的科學部分對這方面的證據進行同行評審並發表，以便真正將其公之於眾，然後我就可以開始公開談論它了。但這確實是一個影響因素，我們會隨著時間的推移對其進行量化。但我真的很高興能有這樣的時刻，如果你願意這麼說的話，睡眠健康目前在醫療保健領域正處於一個非常好的時期，我們正在利用這一點。

David Bailey, Morgan Stanley.

大衛貝利，摩根士丹利。

Yeah, thanks very much. Morning, Mick. One of the most frequent questions we get is the potential return of Philips back into the U.S. device market. Just thoughts on any potential timing of that re-entry to the extent you've got any thoughts there. Are there potential impacts? And where they have re-entered your observations in relation to the competitive dynamics, that would be great.

是的，非常感謝。早上好，米克。我們最常被問到的問題之一是飛利浦是否有可能重返美國設備市場。只是想問你對可能的重返市場時間有什麼想法嗎？是否有潛在影響？如果他們能將你對競爭動態的觀察結果重新納入考量，那就太好了。

Yeah, thanks for the question, David. And I'll just default to what that company's CEO said at a conference earlier this month and what their CFO said at a conference I was at the quarter before, which is they don't know.

是的，謝謝你的提問，大衛。我只能採納該公司執行長在本月初的一次會議上所說的話，以及他們的財務長在上個季度我參加的一次會議上所說的話，那就是他們不知道。

So if they don't know, then I don't know. But -- and frankly, I don't really look back to the number 2, 3 or 4 competitor, which that company is in the various markets, 140 markets we compete in. I look forward to say the last five questions, how do we deal with this new flow of patients in. I can say this, though, they're back in over 100 countries in Europe, Asia, Rest of World, and some they've been back for 12, 18, 24 plus months so we've lapped it multiple times in these quarterly calls.

如果他們不知道，那我也沒辦法。但坦白說，我並不太關注排名第 2、3 或 4 的競爭對手，而那家公司在我們競爭的 140 個市場中都是如此。我期待回答最後五個問題，我們如何應對這波新的患者湧入。不過我可以這麼說，他們已經在歐洲、亞洲、世界其他地區的 100 多個國家恢復了業務，有些國家已經恢復了 12、18、24 個月甚至更長時間，所以我們在這些季度電話會議上已經多次提到這一點了。

And I don't know if you looked into the Europe, Asia, rest of the world device growth in the quarter, pretty solid. They're at 5%, like right in line with market, maybe a little demand gen that we're driving. We're holding share and competing well with that competitor. But more importantly, frankly, in some of those regions, other competitors that have taken that number 2 spot that, that competitor you mentioned has to fight with to get back to number 4, number 3 and even number 2 space.

我不知道你是否有關注本季歐洲、亞洲和世界其他地區的設備成長情況，成長相當強勁。它們的佔比為 5%，與市場水平基本一致，可能還有一些我們正在推動的需求成長。我們保持著一定的市場份額，並且與競爭對手展開了激烈的競爭。但更重要的是，坦白說，在某些地區，其他競爭對手佔據了第二的位置，你提到的那個競爭對手必須與之競爭才能回到第四、第三甚至第二的位置。

So I welcome competition. I think competition is fantastic. I'm not fearful at all about that player that we're going to be making products that I think go in Thailand now and shipping them to the U.S. and Europe. I look forward to that. I think we've got a better product. It's smaller. It's quieter. It's more comfortable, it's more connected and it's more intelligent. And that ecosystem, what we developed with myAir and AirView and Brightree, that ecosystem is very hard to match and none of our competitors really can compete across the board on that.

所以我歡迎競爭。我認為競爭是件好事。我一點也不擔心，我們將要生產的產品現在將在泰國銷售，然後運往美國和歐洲。我期待著那一天的到來。我認為我們有了更好的產品。它更小。這裡更安靜了。它更舒適，連接性更強，也更聰明。我們與 myAir、AirView 和 Brightree 共同開發的生態系統，很難被其他生態系統匹敵，我們的競爭對手根本無法在各方面與之匹敵。

But no, I have no idea of the U.S. devices entry, but they've been in the U.S. for masks and accessories these last 20 quarters, and we've been competing very well against them and meeting and beating their growth and taking share when that's all they could sell in that market. I'm very happy to have them back Monday morning or next year, and it really won't affect us in terms of how we go to the market. They'll have to fight to get that number 3 or number 2 position from another player that took it, and we welcome that competition.

不，我對美國市場的設備進入情況一無所知，但他們在過去 20 個季度裡一直在美國銷售口罩和配件，我們與他們展開了非常激烈的競爭，在他們只能銷售這些產品的情況下，我們不僅達到了甚至超過了他們的增長速度，還搶佔了市場份額。我很高興他們週一早上或明年就能回來，這真的不會影響我們進入市場的方式。他們將不得不努力從其他球員手中奪回第三或第二的位置，我們歡迎這種競爭。

Thanks for the question, David.

謝謝你的提問，大衛。

Davin Thillainathan, Goldman Sachs.

達文·蒂萊納森，高盛。

Thanks, Mick and team for the presentation. It's good segue to my question, Mick, on the question about devices for the ex-U.S. markets, sort of 5% constant currency growth. Could you sort of help us understand that growth a little bit better?

感謝Mick和他的團隊帶來的精彩演講。米克，這正好引出了我的問題，關於美國以外市場的設備，以固定匯率計算，成長率約 5%。您能否幫我們更理解一下這種成長？

Clearly, it's a market that is quite lumpy. Was there any sort of pull forward of demand that have been in the previous quarters that sort of weighed on the growth this quarter? How do we think about, I guess, some of the demand generation activities that you are doing?

顯然，這是一個波動較大的市場。前幾季存在的需求提前釋放，是否對本季的成長造成了一定影響？我想請教一下，你們正在進行的一些需求創造活動是怎麼樣的呢？

Yeah. No, it's a really good question. And look, I think 5% growth across Europe, Asia, Rest of World is very solid in where we're at and it's in line with market. There were some -- if you take this quarter a year ago, there was some lumpiness from our Japan market, where it's kind of a fleet management market, and there was sort of increased purchases of devices in the Japan market. But look, the way I look at it is we've got 140 countries we sell in across there.

是的。不，這確實是個好問題。我認為，就我們目前的狀況而言，歐洲、亞洲和世界其他地區 5% 的成長非常穩健，也符合市場預期。如果以去年同期為例，我們在日本市場出現了一些波動，因為日本市場是車隊管理市場，當時日本市場的設備採購量增加。但是，我的看法是，我們的產品銷往全球 140 個國家。

Our job the portfolio of managing all of those is to continue to grow across them. And I think our teams did very well. There were some good promotional work that we did in China and Korea and Australia and New Zealand markets that can help that market and not just in the December quarter, but that's a particularly good one for D2C markets with the holidays and AirMini particularly. But yes, there was some lumpiness in the year before. But look, there are no excuses.

我們負責管理所有這些投資組合，目標是讓它們持續成長。我認為我們團隊表現得非常出色。我們在中國、韓國、澳洲和紐西蘭市場進行了一些不錯的推廣工作，這不僅有助於該市場，而且在 12 月季度尤其如此，但對於 D2C 市場來說，尤其是在假期和 AirMini 的推動下，這尤其有利。但沒錯，前一年確實出現了一些波折。但是，沒有任何藉口。

Markets are growing mid-single digits. Our team has to grow mid-single digits in devices and high single digits in masks. And I'm very proud of our EMEA and APAC teams that they delivered in the December quarter. And now they're on to March and June, and we'll continue to deliver. And our goal really is to across those 140 countries, emulate our best approach to help be that digital sleep health and breathing health concierge and drive patients in the funnel and through the funnel for their best path to get to therapy.

市場正以中等個位數的速度成長。我們的團隊需要在設備方面實現個位數中段的成長，在口罩方面達到個位數高段的成長。我為我們歐洲、中東和非洲以及亞太地區的團隊在12月季度所取得的成績感到非常自豪。現在他們已經進入三月和六月，我們將繼續交付。我們的目標是在這 140 個國家推廣我們最好的方法，成為數位睡眠健康和呼吸健康顧問，引導患者找到最佳的治療途徑。

Brett, anything to add on that for Europe, Asia, Rest of World devices?

Brett，關於歐洲、亞洲和世界其他地區的設備，還有什麼要補充的嗎？

No, we're pleased with that result. And the only thing I'd say is that the prior year comp that you mentioned, Mick, was 9% last year. So it was very strong comparable. But overall, I think -- yes, no, pretty solid, pretty happy with it.

不，我們對這個結果很滿意。我唯一想說的是，米克，你提到的上一年度的比較數據，去年是 9%。所以它的可比較性非常強。但總的來說，我認為——是的，不，相當不錯，我很滿意。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

Hi, everyone, thanks for taking the question. Mick, I wanted to ask, it's been a little bit over a year now that you started kind of stepping up the investments within the PCP channel. Talk to us a little bit about what are you seeing from that channel? How excited are you about it?

大家好，感謝大家回答這個問題。米克，我想問一下，你開始加大對 PCP 通路的投資到現在已經一年多了。請您簡單談談您從那個頻道看到了什麼？你對此有多興奮？

And what can it mean for growth on the devices side? And what kind of metrics should the investors be looking for as maybe like positive ROI on these investments within the PCP channel? Thanks.

那麼，這對設備領域的成長意味著什麼？那麼，投資人應該關注哪些指標，例如在 PCP 管道中進行這些投資的正投資報酬率 (ROI)？謝謝。

Yes, Brandon, it's a great question. Yeah, in the prep remarks, I talked about the 60,000 trainings we've done on CME with PCPs or GPs as they're known here in Australia and Europe. What's exciting for that -- for me is that, I mean, it was the number one downloaded PCP training in the last quarter. And it was up 50% just in the quarter. That's a metric on a very leading indicator, but it's a metric you can think about, which is what's the demand for knowledge about this.

是的，布蘭登，這是一個很好的問題。是的，在準備發言中，我談到了我們已經為全科醫生（在澳洲和歐洲被稱為PCP或GP）開展了6萬次繼續醫學教育培訓。令我興奮的是——我的意思是，它是上個季度下載量最高的 PCP 培訓課程。光是本季就上漲了50%。這是一個非常前瞻性的指標，但你可以思考這個指標，那就是人們對這方面的知識的需求有多大。

A primary care physician, they've got a tough job, they got to do with everything from headaches to tinea, head to toe, every complication. And in general, particularly in the U.S. market, they've got very little time. I think it's on average 5 to 7 minutes with a patient on an annual basis. And that's -- and they've got to assess everything.

全科醫生的工作很辛苦，他們要處理從頭痛到癬，從頭到腳的各種併發症。總的來說，尤其是在美國市場，他們的時間非常有限。我認為平均每年與患者交流時間為 5 到 7 分鐘。就是這樣——他們必須評估所有事情。

And so the fact that we can get sleep health on their radar, but maybe a pharma company has told them come in and ask for an injectable that might help with your sleep health and then -- and your breathing health. And then they come in and talk to the PCP. If they've done our education, that PCP knows where to send a patient to a home sleep apnea testing protocol. They know what is gold standard CPAP, APAP and bilevel, the only therapy that can completely eliminate your AHI back to zero, if used perfectly and as directed.

因此，我們可以讓他們專注於睡眠健康，但也許藥廠告訴他們來這裡要求注射一種可能有助於改善睡眠健康，進而改善呼吸健康的藥物。然後他們進來和初級保健醫生談話。如果他們接受過我們的教育，那麼這位初級保健醫生就知道患者應該轉診到哪裡進行居家睡眠呼吸中止症檢測方案。他們知道什麼是黃金標準的 CPAP、APAP 和雙水平呼吸機，這是唯一一種如果正確使用並按照指示，可以完全消除 AHI 指數至零的療法。

And they know what the backup plan is on dental and the backup to the backup plan, which is a pharma solution. And they're writing prescriptions. And so it's happening. As I said earlier, we're not yet quantifying exactly how much that we are seeing that comes through PCPs or from referrals of big pharma and big tech into PCPs versus that are coming sort of organically through our demand generation that we're driving or through the general organic demand that we've seen over the last decades in our space.

他們知道牙科方面的備用方案，以及備用方案的備用方案，即製藥解決方案。他們還在開處方。所以，這件事正在發生。正如我之前所說，我們還沒有確切地量化我們看到的來自初級保健醫生或大型製藥公司和大型科技公司向初級保健醫生轉診的訂單量，以及透過我們正在推動的需求生成或我們在過去幾十年中在這個領域看到的普遍自然需求而產生的訂單量。

But we are investing in this PCP channel. We're going to continue to invest in education. What I love about doing it is CME education is it's pure. It's true. Yes, it has the Resmed brand on the last page, we get a little bit there. But it's all done according to the American Academy of Sleep Medicine guidelines.

但我們正在投資這個PCP通路。我們將繼續加大對教育的投入。我喜歡做繼續醫學教育的原因是，它是純粹的。沒錯。是的，最後一頁有瑞思邁（Resmed）品牌，我們稍微了解了一下。但這一切都是按照美國睡眠醫學會的指導方針進行的。

So it's in line with what the doctors are saying on those guidelines, and it just helps the PCP say, -- okay, here's the pathway and here's what I should do. And look, many of you of the sell side here are doing channel checks and talking to everyone. Even ENT surgeons are saying, no, gold standard, of course. Even though they make money from doing the surgery, they're saying gold standard is this noninvasive, completely reversible incredibly effective positive air pressure therapy.

所以這與醫生在這些指南中所說的一致，而且它只是幫助初級保健醫生說——好的，這是治療路徑，這是我應該做的。你看，在座的各位賣方代表都在進行通路調查，與各方人士溝通。連耳鼻喉科醫生也說，不，這當然是黃金標準。儘管他們透過手術賺錢，但他們表示，黃金標準是這種非侵入性、完全可逆且極其有效的正壓療法。

So we're seeing that. The PCPs know it, and it's just helping them find a pathway. So here's a screening protocol. Here's a home sleep apnea testing service. And here's a referral pathway to a specialist and a DME, that's going to take care and get very high adherence for you, and you'll get the update on the next physical with this patient through a digital platform into your Epic or your Cerner or your Allscripts, whatever you use because we have API calls going in and out hundreds of times a second into and out of our AirView system to the doctor systems.

所以我們看到了這一點。初級保健醫生都知道這一點，這只是在幫助他們找到解決方案。以下是篩檢流程。這裡提供居家睡眠呼吸中止症檢測服務。這裡有一個轉診途徑，可以聯繫到專科醫生和耐用醫療設備供應商，他們會負責照顧您，並確保患者依從性非常高。您將透過數位平台（例如 Epic、Cerner 或 Allscripts，無論您使用什麼系統）獲取該患者下次體檢的最新信息，因為我們的 AirView 系統與醫生系統之間每秒有數百次 API 調用往來。

Thanks for the question, Brandon. And we'll continue to update you on those leading metrics for PCP education and more as we get more comfortable sharing across that new channel that we're developing. Thanks for the question.

謝謝你的提問，布蘭登。隨著我們越來越適應透過我們正在開發的新管道進行分享，我們將繼續向您更新有關 PCP 教育等領先指標的最新資訊。謝謝你的提問。

Nathan Treybeck, Wells Fargo.

內森·特雷貝克，富國銀行。

Great, thanks for taking the question. Congrats on a great quarter. Are you seeing anything that would suggest that U.S. mask strength that you saw in fiscal Q2 will persist at that level into the second half of the year? Thanks.

太好了，謝謝你回答這個問題。恭喜你本季表現出色。您是否看到任何跡象表明，美國在第二財季展現出的口罩強勁需求勢頭將持續到下半年？謝謝。

Yeah, thanks for the question, Nathan. Yeah, I mean, U.S. masks, accessories and other growth was 16% in the quarter, an incredible performance from our U.S. and broader Americas team. Look, I mean market growth is in the high single digits. So we don't expect to outperform by whatever. If you take 9% as high single digit by 700 basis points every quarter.

是的，謝謝你的提問，內森。是的，我的意思是，本季美國口罩、配件和其他產品的銷售額成長了 16%，這是我們美國和整個美洲團隊取得的驚人成績。你看，我的意思是，市場成長率只有接近兩位數。所以我們並不期望能取得任何超出預期的成績。如果你把 9% 作為個位數百分比，每季提高 700 個基點。

And as Brett said earlier, there was some contribution from VirtuOx, on that accessory side. So even taking out that -- and we've had double-digit growth in VirtuOx, by the way, which is great and does feed the core business in new patient flow. But even taking out VirtuOx, we're still in the high single -- we're still in the double digits. So still beating the high single-digit market growth.

正如 Brett 之前所說，VirtuOx 在配件方面也做出了一些貢獻。所以即使排除掉這一點——順便說一句，VirtuOx 也實現了兩位數的增長，這很棒，而且確實促進了新患者流量的核心業務。即使剔除 VirtuOx，我們的佔比仍然很高——仍然保持在兩位數。所以仍然超過了高個位數的市場成長率。

And so what do we do? Well, we have promotion campaigns. We talk to people about getting a new mask, and we engage with people through Brightree, through myAir and through our DME partners. And in other parts of the world, we did this as well. And so we're having some success with that. You can't do that every quarter, and you can't drive it every quarter, but I do think we can meet and beat that high single-digit growth of masks every quarter as we go meet and/or beat. And the beat is like this come where we get the brand ROI, we get the demand gen ROI, and we have good promotional programs that play out there.

那我們該怎麼辦？我們有推廣活動。我們與人們談論如何獲得新口罩，並透過 Brightree、myAir 和我們的 DME 合作夥伴與人們互動。在世界其他地區，我們也這麼做了。所以，我們在這方面取得了一些成功。你不可能每季都做到這一點，也不可能每季都推動它，但我認為，如果我們每季都能達到甚至超過口罩銷售的高個位數成長目標，我們就能實現這一目標。而關鍵在於，我們要獲得品牌投資報酬率、需求產生投資報酬率，並且要進行有效的推廣活動。

So it's a portfolio management, it's a balance, and we're balancing our investments, I think, pretty well, 6% to 7% into revenue and 19% to 20% into R&D from revenue and 19% to 20% of revenue into SG&A, the sort of sales and marketing programs. And I think we're doing a very efficient job. And I can tell you, on the marketing team, now one global team is looking at the ROI of every single program down to the return on advertising spend, the ROI of that individual metropolitan statistical area, what program did we run? How did it go?

所以這是一種投資組合管理，一種平衡，我認為我們對投資的平衡做得相當不錯，6% 到 7% 投入收入，19% 到 20% 投入研發，19% 到 20% 投入銷售、一般及行政費用，也就是銷售和行銷項目。我認為我們做得非常有效率。我可以告訴你，在行銷團隊中，現在有一個全球團隊正在研究每個專案的投資報酬率，細化到廣告支出報酬率，以及各個大都會統計區的投資報酬率，看看我們運行了什麼專案。情況如何？

And if it's profitable, of course, we'll continue to do it. If it's not, we stop and then rejoin. And so it's not perfect and smooth we won't outperform every quarter, but I'm really proud of the team and proud to report these numbers. And I challenged them to outperform every quarter. I just expect them to meet and/or beat that high single-digit growth, and they clearly beat it this quarter.

當然，如果有利可圖，我們會繼續這樣做。如果不是，我們就停止，然後再重新加入。所以情況並不完美，我們不可能每季都取得優異成績，但我真的為團隊感到驕傲，也為公佈這些數據感到自豪。我要求他們每季都要超越預期。我只是預期他們能夠達到甚至超過這個高個位數的成長目標，而他們本季顯然已經實現了這個目標。

Thanks for the question, Nathan.

謝謝你的提問，內森。

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

謝謝。我們的問答環節到此結束。我想把發言權交還給米克，讓他做最後的總結發言。

Well, thanks, Kevin, and thank you to everyone for joining us on our earnings call today on behalf of more than 10,000 Resmedians serving people in 140 countries worldwide. I'm pleased to say we're able to deliver another strong quarter of performance and continue to build value for all of our shareholders. We'll talk to you -- many of you over the coming days and weeks. And we'll talk to many of you right here in 90 days.

好的，謝謝凱文，也感謝各位今天代表遍布全球 140 個國家的 10,000 多名 Resmedians 員工參加我們的財報電話會議。我很高興地宣布，我們又取得了一個強勁的季度業績，並繼續為所有股東創造價值。在接下來的幾天和幾周里，我們會和你們中的許多人談談。90天后，我們將在這裡與你們中的許多人進行對話。

And with that, Salli, I'll hand over to you to close out the call.

那麼，薩莉，接下來就交給你來結束今天的通話了。

Great. Thank you, Mick. I'll echo Mick's thank you to everyone for listening. We really appreciate your time and interest. If you have any additional questions, please don't hesitate to reach out directly to InvestorRelations@Resmed.com or anyone on the Resmed IR team.

偉大的。謝謝你，米克。我謹代表米克，感謝大家的聆聽。我們非常感謝您抽出時間並對此感興趣。如果您還有其他疑問，請隨時直接聯絡 InvestorRelations@Resmed.com 或 Resmed 投資者關係團隊的任何成員。

Kevin, you may now close out the call.

凱文，你現在可以結束通話了。

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。