瑞思邁 (RMD) 2026 Q4 法說會逐字稿

Hello, and welcome to the Q4 fiscal year 2026 ResMed earnings conference call. My name is Kevin, and I'll be your operator for today's call. (Operator Instructions) Also, please note, this conference call is being recorded. Later, we'll conduct a question-and-answer session.

大家好，歡迎參加 ResMed 2026 財政年度第四季財報電話會議。我是 Kevin，將擔任今天會議的接線員。（接線員指示）另外請注意，本次電話會議將被錄音。稍後我們將進行問答環節。

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

接下來我把電話交給 ResMed 投資人關係長 Salli Schwartz。

Thanks, Kevin. I want to welcome our listeners to ResMed's fourth-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 presentation is available online now. Please note, we will be displaying our earnings presentation during our prepared remarks, and then we'll post the slides to our IR website after the conclusion of our remarks.

謝謝你，Kevin。歡迎各位收聽 ResMed 2026 財政年度第四季財報電話會議。我們正在進行本次會議的線上直播，重播將於今日稍晚在公司網站的投資人關係專區提供。我們的財報簡報目前已可在線上取得。請注意，在我們的事先準備發言期間將展示財報簡報，並在發言結束後把投影片上傳至投資人關係網站。

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.

在今天的會議中，我們將討論若干我們認為能為投資人提供有用資訊的非 GAAP 指標。這些資訊不應被孤立看待，也不應作為 GAAP 財務資訊的替代。我們鼓勵各位查閱今日財報新聞稿中的相關附表，以將這些非 GAAP 指標與 GAAP 公布數字進行調節。

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 earnings results could differ. Please review our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements made today.

此外，我們今天的討論將包含前瞻性陳述，包括但不限於對我們未來財務與營運表現的預期。我們基於合理假設作出這些陳述。然而，我們的實際財報結果可能有所不同。請查閱我們向 SEC 提交的文件，以了解可能導致實際結果與今日任何前瞻性陳述存在重大差異之風險因素的完整討論。

I'll now turn the call over to Mick.

現在我把電話交給 Mick。

Thank you, Salli. During the fourth quarter, we delivered another set of strong results, including: first, 9% growth in headline revenue or 8% growth on a constant currency basis; second, further progress in our supply chain efficiency initiatives, leading to gross margin expansion year-over-year. Third, a strong bottom line result, with 16% growth in non-GAAP earnings per share.

謝謝你，Salli。在第四季，我們再次交出一組強勁的成果，包括：第一，名目營收成長 9%，或以固定匯率計算成長 8%；第二，我們在供應鏈效率提升計畫上持續取得進展，帶動毛利率年增擴張。第三，強勁的獲利表現，非 GAAP 每股盈餘成長 16%。

We closed out another great fiscal year for ResMed on June 30. For fiscal year 2026, our 10% headline revenue growth and 180 basis points of operating margin expansion drove more than $1.6 billion in free cash flow. We used this capital to invest in our business, both organically and inorganically, and to return more than $1 billion to our shareholders through a combination of share repurchases and dividends. That's an increase of 72% versus the prior year.

我們於 6 月 30 日為 ResMed 再度畫下精彩的一個財政年度句點。在 2026 財政年度，我們名目營收成長 10%，營業利益率擴張 180 個基點，推動自由現金流超過 16 億美元。我們運用這些資本對業務進行投資，包括內生成長與外延併購，同時透過股票回購與股利的組合，向股東回饋超過 10 億美元。相較前一年度增加 72%。

I'd like to take this opportunity to thank the global ResMedian team, the ResMedians, for their unwavering dedication to our customers, including patients, providers and physicians in more than 140 countries worldwide. ResMed continues to build the world's leading digital health ecosystem, encompassing sleep health, breathing health and health care technology delivered in the home.

我想藉此機會感謝全球 ResMed 團隊——ResMedians——對我們客戶（包括全球超過 140 個國家的病患、服務提供者與醫師）始終如一的投入與奉獻。ResMed 持續打造全球領先的數位健康生態系，涵蓋睡眠健康、呼吸健康，以及在家中提供的醫療照護科技。

Across fiscal 2026, we executed against several key priorities. For fiscal year 2027, our attention is laser-focused on three priorities: one, continued operational excellence and innovation excellence to support ResMed's ongoing growth and transformation; two, active portfolio management across our product lines and our businesses; and three, leveraging our strong free cash flow to both reinvest in our business and return capital to shareholders.

在 2026 財政年度期間，我們圍繞多項關鍵優先事項執行到位。展望 2027 財政年度，我們將高度聚焦三大優先事項：第一，持續推動營運卓越與創新卓越，以支持 ResMed 持續成長與轉型；第二，針對各產品線與各項業務進行積極的投資組合管理；第三，運用我們強勁的自由現金流，一方面再投資於業務，另一方面回饋資本給股東。

A key focus area this year will be ResMed's growth and transformation work. ResMed's core markets remain largely underpenetrated. For many years, awareness has been our greatest challenge and our greatest opportunity. Now as wearables and GLP-1s gain traction, appreciation of the importance of sleep health is growing. In order to leverage this awareness opportunity effectively, ResMed needs to optimize the sleep health pathway.

今年的一個重點領域將是 ResMed 的成長與轉型工作。ResMed 的核心市場仍大多尚未充分滲透。多年來，認知度一直是我們最大的挑戰，也是我們最大的機會。如今，隨著穿戴式裝置與 GLP-1 類藥物逐漸普及，社會對睡眠健康重要性的重視正在提升。為了有效把握這個認知提升的機會，ResMed 需要優化睡眠健康的照護路徑。

We're seeing greater sleep health awareness amongst consumers with more and more people tracking their sleep with wearables and non-wearable sleep technology in their bedrooms, all the while recognizing the clinical importance of good sleep health and its correlation to overall health. This increased attention needs to be met with high-quality trusted data. As an example of this, let me talk about a recent ResMed partnership with the wearable ring-based technology company called OURA. With the ResMed plus OURA partnership, we are looking to expand access to sleep health education and the pathways to care.

我們看到消費者對睡眠健康的認知正在提高，越來越多人透過穿戴式裝置，以及臥室中的非穿戴式睡眠科技來追蹤睡眠，同時也意識到良好睡眠健康的臨床重要性及其與整體健康的關聯。這種更高的關注度需要以高品質、可信賴的數據來回應。作為例子，我想談談 ResMed 近期與一家名為 OURA 的穿戴式戒指技術公司所建立的合作夥伴關係。透過 ResMed 與 OURA 的合作，我們希望擴大睡眠健康教育的可及性，以及通往照護的路徑。

Early performance from our OURA partnership has exceeded expectations. Approximately 13,000 users have come to resmed.com from the OURA app with thousands of them taking the ResMed sleep assessment and approximately 75% of those assessed identifying as previously undiagnosed. This highlights the potential of consumer wearables to drive earlier sleep health intervention. As another example of tech companies involved with sleep health, Samsung has just announced that its Galaxy Ring is pursuing FDA clearance for its sleep apnea detection capability later this year.

我們與 OURA 合作的早期表現超出預期。約有 13,000 名使用者從 OURA App 進入 resmed.com，其中數千人完成了 ResMed 的睡眠評估，而在完成評估者中約有 75% 表示先前未被診斷。這凸顯了消費級穿戴式裝置在推動更早介入睡眠健康方面的潛力。作為另一個科技公司投入睡眠健康的例子，Samsung 剛宣布其 Galaxy Ring 將於今年稍晚就其睡眠呼吸中止偵測功能尋求 FDA 核准。

Another sleep pathway enabler are glucagon-like peptides or GLP-1s. As we've discussed before, patients on GLP-1s both initiate CPAP more and stay on CPAP therapy with a higher adherence and resupply rate. As an update to our analysis built from a claims database of many tens of millions of patients, our specifically analyzed cohort now includes more than n equals 2.5 million de-identified patients. We are still seeing that patients who have scripts for both PAP and GLP-1s are approximately 11% more likely to start on PAP therapy than patients who have a script for PAP alone. They're also more than 3% more likely to have a resupply event at one year and more than 6% more likely to have a resupply event at three years.

另一個能促進睡眠照護路徑的因素是胰高血糖素樣胜肽（glucagon-like peptides），或稱 GLP-1 類藥物。如同我們先前討論過的，使用 GLP-1 的病患不僅更會開始使用 CPAP，也更能以較高的依從性與補給率持續接受 CPAP 治療。作為我們基於涵蓋數千萬名病患之理賠資料庫所建立分析的最新更新，我們特別分析的族群目前已包含超過 n 等於 250 萬名去識別化病患。我們仍然觀察到，同時擁有 PAP 與 GLP-1 處方的病患，相較僅有 PAP 處方的病患，開始 PAP 治療的可能性約高出 11%。此外，他們在一年時點發生補給事件的可能性也高出超過 3%，在三年時點則高出超過 6%。

As we've talked about before, sleep apnea risk factors include age, gender and craniofacial anatomy as well as weight. OSA, therefore, very often persists even after a significant weight loss and still needs to be treated with gold standard therapy.

如同我們先前提到的，睡眠呼吸中止的風險因子包括年齡、性別與顱顏解剖結構，以及體重。因此，即使在顯著減重之後，阻塞型睡眠呼吸中止（OSA）仍常常持續存在，並仍需要以黃金標準療法進行治療。

During the SLEEP Medical Conference this June, ResMed highlighted several interesting data sets, including one showing that among newly diagnosed OSA patients, PAP therapy was initiated earlier than GLP-1s. Specifically, the data showed that at 90 days after a positive OSA diagnosis, more than 40% of patients had started on PAP versus less than 3% starting on a GLP-1. The proportion of patients with PAP increased rapidly immediately after diagnosis, while GLP-1 initiations increased more gradually. We continue to see GLP-1 medications as a tailwind for ResMed's business.

在今年 6 月的 SLEEP 醫學年會期間，ResMed 強調了幾組有趣的資料集，其中一組顯示：在新診斷的 OSA 病患中，PAP 治療的啟動時間早於 GLP-1。具體而言，資料顯示在 OSA 確診後第 90 天，超過 40% 的病患已開始使用 PAP，而開始使用 GLP-1 的比例不到 3%。確診後，使用 PAP 的病患比例立即快速上升，而 GLP-1 的啟動則較為逐步增加。我們持續將 GLP-1 藥物視為 ResMed 業務的順風因素。

As we continue to study the OSA population -- patient population more broadly, we are seeing some significant demographic shifts. We're seeing higher percentages of women, and we're seeing higher percentages of younger patients coming into the pipeline. These changes are leading us to evolve ResMed's promotional efforts to evolve our product designs, including our software offerings and our educational content for consumers, for physicians and for providers. Watch this space. It's an exciting opportunity.

隨著我們持續研究 OSA 族群——更廣泛的病患族群——我們正看到一些顯著的人口結構轉變。我們看到女性占比提高，也看到更多年輕病患進入我們的管道。這些變化正促使我們調整 ResMed 的推廣工作、演進我們的產品設計（包括軟體產品），以及面向消費者、醫師與服務提供者的教育內容。敬請期待。這是一個令人振奮的機會。

Greater awareness in the clinical community is another key element to ensuring consumers have ready access to information, diagnosis and the ability to get on and stay on treatment. Our continuing medical education or CME programs include sleep physician society approved guidelines, including the benefits of CPAP, APAP and bilevel PAP therapy as the gold standard, the frontline treatment for any patient diagnosed with sleep apnea.

臨床社群更高的認知度是另一個關鍵要素，可確保消費者能便捷取得資訊、獲得診斷，並能開始且持續接受治療。我們的持續醫學教育（CME）課程包含經睡眠醫師學會核准的指引，其中包括將 CPAP、APAP 與雙水平 PAP 治療的效益視為黃金標準、作為任何被診斷為睡眠呼吸中止症患者的一線治療。

Our sleep apnea educational courses have now been completed more than 95,000 times by more than 55,000 unique clinicians. We've been tracking before and after training, specifically looking at the number of referrals for home sleep apnea tests and prescriptions for positive airway pressure therapy. It's still early days, but we've already seen increases.

我們的睡眠呼吸中止症教育課程迄今已被完成超過 95,000 次，參與者為超過 55,000 名不重複臨床人員。我們一直在追蹤訓練前後的變化，特別關注居家睡眠呼吸中止檢測的轉介數量，以及正壓呼吸治療的處方數量。目前仍在早期階段，但我們已經看到增加。

It's great to observe that post training, clinicians are not only saying they intend to change their clinical practices, but they are actually changing them quantitatively. While education is important to getting patients through screening, diagnosis and then on to therapy, optimizing patients' experience with therapy requires continuous innovation across the sleep ecosystem. Our innovation machine has made significant steps to improve the patient experience with product launches across devices, masks and software.

令人欣慰的是，訓練後臨床人員不僅表示他們打算改變臨床作法，而且他們確實在量化層面做出了改變。雖然教育對於讓病患完成篩檢、診斷並進入治療很重要，但要優化病患的治療體驗，則需要在整個睡眠生態系中持續創新。我們的創新引擎已透過在裝置、面罩與軟體方面的產品上市，採取了重大步驟以改善病患體驗。

On the devices side of our business, the AirSense 11 platform is the foundation of our connected care ecosystem. It brings together device innovation, personalized digital engagement through apps like myAir for patients and provider connectivity through our software platform called AirView. We have made further progress with the global rollout of the AirSense 11, including ongoing growth in the US, Europe and fast-growing penetration after our launch into the China market just last quarter.

在我們業務的裝置端，AirSense 11 平台是我們互聯照護生態系的基礎。它整合了裝置創新、透過 myAir 等 App 為病患提供的個人化數位互動，以及透過我們名為 AirView 的軟體平台所提供的醫療服務提供者連線能力。我們在 AirSense 11 的全球推廣方面取得了進一步進展，包括在美國與歐洲的持續成長，以及在上一季才進入中國市場後快速提升的滲透率。

Expanding the AirSense 11 platform into global sleep health markets strengthens our ability to scale a common technology foundation while continuing to support the growing adoption of digital health and connected care software.

將 AirSense 11 平台擴展至全球睡眠健康市場，強化了我們在持續支持數位健康與互聯照護軟體日益普及的同時，擴大共同技術基礎規模的能力。

During the fourth quarter, we also reached an important milestone with the US introduction of the AirCurve 11 ST and the AirCurve 11 ST-A platforms. The AirSense and the ST are bilevel device platforms for patients who need more pressure support or who have complicated breathing disorders, including complex sleep apnea, overlap syndrome and beyond. We additionally just launched the AirCurve 11 platform in Hong Kong, Singapore, Australia and New Zealand. We continue to see opportunities to leverage a shared technology and digital health ecosystem across a broader range of patient populations, helping simplify workflows for providers while creating a more consistent experience for patients.

在第四季，我們也在美國推出 AirCurve 11 ST 與 AirCurve 11 ST-A 平台，達成一項重要里程碑。AirSense 與 ST 為雙水平裝置平台，適用於需要更多壓力支持或有複雜呼吸障礙的病患，包括複雜型睡眠呼吸中止、重疊症候群等。此外，我們也剛在香港、新加坡、澳洲與紐西蘭推出 AirCurve 11 平台。我們持續看到機會，能將共享的技術與數位健康生態系運用到更廣泛的病患族群，協助簡化醫療服務提供者的工作流程，同時為病患打造更一致的體驗。

Prioritizing patient care is also central to our ongoing Astral field safety corrective action. We reaffirm our commitment to supporting patients as our number one priority, period. Patients come first. This includes patient-centric and quality-focused completion of the ongoing field action while providing home care provider customers with the certainty needed to plan for future ventilation needs. We are focusing all available PCBA and other electronic components on corrective activities and service support for existing patients, prioritizing based on the highest clinical need and guided by expert clinical judgment. Aaron will discuss the financial considerations as part of our fiscal year 2027 guidance in a few minutes.

以病患照護為優先同樣是我們持續進行 Astral 現場安全矯正行動的核心。我們再次確認：支持病患是我們的第一優先，毫無疑問。病患至上。這包括以病患為中心、以品質為導向地完成持續中的現場行動，同時讓居家照護服務提供者客戶具備規劃未來通氣需求所需的確定性。我們正將所有可用的 PCBA 與其他電子元件集中用於矯正活動與既有病患的服務支援，並依最高臨床需求排序，且以專家臨床判斷為指引。Aaron 將在幾分鐘後，於我們 2027 會計年度指引中討論相關財務考量。

Beyond our device updates, we've continued our global rollout of our portfolio of novel fabric technology masks, including our AirTouch N30i and our AirTouch F30i masks. We also had strong uptake of our AirFit F40. The F40 is ResMed's smallest ever tube-down full-face mask. All of these masks are designed to deliver an elevated comfort experience for patients, and they are changing the basis of competition and mask technology, particularly this brand-new fabric technology.

除了裝置更新之外，我們也持續在全球推廣採用新型布料技術的面罩產品組合，包括 AirTouch N30i 與 AirTouch F30i 面罩。我們的 AirFit F40 也獲得強勁採用。F40 是 ResMed 迄今最小的下導管全罩式面罩。這些面罩皆旨在為病患提供更高層次的舒適體驗，並正在改變競爭基礎與面罩技術，特別是這項全新的布料技術。

The correlation between new ResMed mask technology and patient outcomes is clear. We have data showing that the AirTouch N30i drives 6% higher 90 day compliance than its silicone equivalent. Adherence is the single biggest driver of lifetime value, value for patients, value for physicians, value for payers and value for our HME partners and, of course, value also for ResMed.

ResMed 新面罩技術與病患結果之間的關聯十分明確。我們的數據顯示，AirTouch N30i 在 90 天依從性方面，比其矽膠對應產品高出 6%。依從性是終身價值的最大單一驅動因素——對病患有價值、對醫師有價值、對支付方有價值、對我們的 HME 夥伴有價值，當然對 ResMed 也同樣有價值。

On the software side, our new GenAI-powered digital sleep coach that's in the myAir app has seen more than 1.5 million inquiries to date. This incredible technology helps patients find support wherever and whenever they need it on the patient's terms. As a side benefit for ResMed, this has significantly reduced customer service inquiries.

在軟體方面，我們在 myAir App 中由生成式 AI（GenAI）驅動的新數位睡眠教練，迄今已收到超過 150 萬次詢問。這項令人驚嘆的技術可協助病患在需要的任何地點、任何時間，依病患自身的方式獲得支援。對 ResMed 而言，附帶的好處是這已大幅降低客服詢問量。

Our second priority is active portfolio management. We took actions in the fourth quarter to optimize our portfolio and focus our capital on what we can best allocate it to. On our last earnings call, I announced ResMed's acquisition of Noctrix, highlighting their lead or our lead product called Nidra, an FDA De Novo classified medical device that treats Restless Legs Syndrome called RLS, the world's third most prevalent sleep disorder after sleep apnea and insomnia. We closed this transaction on June 1, and we have begun integration of the business.

我們的第二項優先事項是積極的投資組合管理。我們在第四季採取行動以優化投資組合，並將資本聚焦於我們最能有效配置的領域。在上一次財報電話會議中，我宣布 ResMed 收購 Noctrix，並強調其主打（或我們的主打）產品 Nidra——一款獲 FDA De Novo 分類的醫療器材，用於治療不寧腿症候群（RLS），這是全球第三常見的睡眠障礙，僅次於睡眠呼吸中止症與失眠。我們已於 6 月 1 日完成此交易，並已開始進行業務整合。

As you may recall, RLS prescriptions are written predominantly by sleep physicians, and the Noctrix device flows through the same HME, DME delivery channel that ResMed leads in market share for all of our other sleep health products. We are thrilled to accelerate the trajectory of the Noctrix business, and we seek to help the 17 million people in the US alone that suffer from RLS. With an estimated 400 million people worldwide suffering from RLS, we are again just lacing up our shoes for another sleep health marathon.

如各位所記得，RLS 的處方主要由睡眠專科醫師開立，而 Noctrix 裝置透過與 ResMed 在其他所有睡眠健康產品中市占率領先的相同 HME、DME 交付通路進行。我們非常期待加速 Noctrix 業務的成長軌跡，並希望協助僅在美國就有 1,700 萬名受 RLS 困擾的人。全球估計有 4 億人受 RLS 影響，我們再次繫緊鞋帶，準備投入另一場睡眠健康馬拉松。

Another recent portfolio action is the divestiture of our MatrixCare business, which we announced on July 7, and we expect to close on or around September 1. This strategic decision is the culmination of the portfolio management work that I have mentioned to you on the last number of earnings calls.

另一項近期的投資組合行動是剝離我們的 MatrixCare 業務；我們已於 7 月 7 日宣布，並預期在 9 月 1 日前後完成交割。這項策略性決策，是我在最近幾次財報電話會議中向各位提到的投資組合管理工作的總結成果。

Divesting the MatrixCare business enables ResMed to sharpen focus on our core growth areas, which are sleep health, breathing health and connected digital home-based health care. These are areas that we continue to have sustainable competitive advantages, strong innovation pipelines and attractive long-term growth opportunities in line with our 2030 strategy.

剝離 MatrixCare 業務使 ResMed 能更聚焦於核心成長領域：睡眠健康、呼吸健康，以及互聯的數位居家型醫療照護。這些領域符合我們 2030 策略，且我們持續具備可持續的競爭優勢、強勁的創新管線，以及具吸引力的長期成長機會。

We expect this move to accelerate the growth and profitability profile across our core residential care software or RCS business, which post transaction includes both the Brightree and MEDIFOX DAN offerings. In fiscal year 2027, we are planning for the RCS business to deliver high single-digit revenue growth with operating leverage, reflecting both improved mix and execution focus. We intend to keep allocating capital towards our highest growth, highest return opportunities. This allows ResMed to accelerate the expansion of our digital health ecosystem to support continued innovation and scale and to drive strong progress towards the successful execution of our 2030 strategy.

我們預期此舉將加速我們核心居家照護軟體（RCS）業務的成長與獲利輪廓；該業務在交易完成後將同時包含 Brightree 與 MEDIFOX DAN 產品。在 2027 會計年度，我們規劃 RCS 業務在具備營運槓桿的情況下，實現高個位數的營收成長，反映產品組合改善與執行聚焦。我們打算持續將資本配置於成長最高、報酬最高的機會。這使 ResMed 能加速擴展我們的數位健康生態系，以支持持續創新與規模化，並推動朝向成功執行 2030 策略的強勁進展。

In addition to investing in our business, we will also maximize the return of capital to our shareholders. For fiscal year 2027, we'll be significantly accelerating our share repurchase activity. We also announced today that ResMed's Board of Directors increased our quarterly dividend by 10% to $0.66 per share. That's 10% over the prior quarterly dividend. I'll let Aaron talk about details of our increased share buyback plans for fiscal year 2027. As a sneak preview, I'll just say that the total capital returns will be well north of $1.5 billion.

除了投資於我們的業務之外，我們也將把資本回報最大化回饋給股東。在2027會計年度，我們將大幅加速股票回購活動。我們今天也宣布，ResMed 董事會將我們的季度股利提高10%，至每股0.66美元。這比先前的季度股利高出10%。我會請 Aaron 在稍後說明我們在2027會計年度增加股票回購計畫的細節。先給大家一個預告，我只想說，總資本回報將遠高於15億美元。

Before I turn the call over to Aaron, I'd like to touch on the recent Section 301 tariffs that were announced in the US late last month. As you're aware, ResMed's products are used to treat patients with chronic respiratory disabilities and have been subject to the global tariff relief for decades under Chapter 98 protections and specifically under the Nairobi Protocol. We have reconfirmed that this tariff relief remains in place for our ResMed products, including in the context of the recent Section 301 announcement. This is great news for ResMed patients.

在我把電話會議交給 Aaron 之前，我想先談談上個月底在美國宣布的近期《301條款》關稅。如各位所知，ResMed 的產品用於治療慢性呼吸功能障礙患者，且在第98章保護之下、特別是在《奈洛比議定書》下，數十年來一直享有全球關稅減免。我們已再次確認，這項關稅減免仍適用於我們的 ResMed 產品，包括在近期《301條款》公告的情境下亦然。這對 ResMed 的患者而言是非常好的消息。

Finally, I'd like to take a minute to thank you, our shareholders, for the feedback you've provided to ResMed through a variety of channels. Part of what we've heard from you is a keen interest in learning more details about our business and how we manage it. Going forward, we will be increasing the transparency we provide to the market. You'll hear some of our additions to disclosure, including both revenue and EPS guidance for fiscal year 2027 from Aaron in a few moments.

最後，我想花一點時間感謝各位股東透過各種管道提供給 ResMed 的回饋。我們從各位那裡聽到的一部分意見，是大家非常希望更深入了解我們的業務以及我們如何管理它。展望未來，我們將提高向市場提供的透明度。稍後 Aaron 將在幾分鐘內分享我們新增的揭露內容，包括2027會計年度的營收與每股盈餘（EPS）指引。

In fiscal 2026, ResMed again delivered high single-digit revenue growth as well as earnings growth that steadily outpaced revenue growth. We remain confident in our five year outlook that features the same strong performance, that is high single-digit revenue growth and earnings growth that's higher than revenue growth. ResMed has a tremendous market opportunity. We have the leading market position. We have an incredibly strong balance sheet and a solid track record of successful execution over decades. We are committed to keep delivering to the benefit of all of our constituents, but most importantly, for our patients.

在2026會計年度，ResMed 再次實現高個位數的營收成長，以及穩定超越營收成長的獲利成長。我們對五年展望仍具信心，預期將維持同樣強勁的表現，也就是高個位數的營收成長，以及高於營收成長的獲利成長。ResMed 擁有龐大的市場機會。我們具備領先的市場地位。我們擁有極為強健的資產負債表，以及數十年成功執行的穩健紀錄。我們承諾將持續交付成果，讓所有利害關係人受益，但最重要的是，為我們的患者。

With that, I'll turn the call over to Aaron to go through a deeper dive into our financials and guidance, and then we'll open the floor for your questions.

接下來，我把電話會議交給 Aaron，請他更深入說明我們的財務表現與指引，之後我們將開放各位提問。

Over to you, Aaron.

交給你了，Aaron。

Thanks, Mick. I am excited to be on the call today. In my first three months, I've spent time getting to know the team and the business. This has included visiting customers, manufacturing and service center visits, new product pipeline reviews and geographic deep dives throughout the US, Europe, Australia and Asia. I am so impressed by the talent of the more than 11,000 ResMedians around the world and their commitment to serving patients. The first three months have reinforced my excitement to build on our strong foundation and the growth opportunity in front of us to impact more patients and create meaningful shareholder value.

謝謝你，Mick。我很高興今天能參與這通電話會議。在我上任的前三個月，我花時間認識團隊與業務。這包括拜訪客戶、參訪製造與服務中心、檢視新產品研發管線，以及在美國、歐洲、澳洲與亞洲進行各地區的深入了解。我對全球超過11,000名 ResMed 員工的才華以及他們服務患者的承諾感到非常印象深刻。這前三個月更加強化了我的期待：在我們堅實的基礎上持續發展，掌握眼前的成長機會，影響更多患者並創造具意義的股東價值。

In my remarks today, I will provide an overview of our results for the fourth quarter of fiscal year 2026. After that, I will comment on our guidance for fiscal year 2027. Unless otherwise noted, all comparisons are to prior year quarter in constant currency terms where applicable and on a non-GAAP basis. We've provided a full reconciliation of the non-GAAP to GAAP numbers in our fourth quarter earnings press release. We had a strong financial performance in Q4. Group revenue for the fourth quarter was $1.5 billion, a 9% headline increase and 8% in constant currency. Non-GAAP earnings per share increased by 16% to $2.95.

在我今天的發言中，我將概述2026會計年度第四季的業績。之後，我將說明我們對2027會計年度的指引。除非另有說明，所有比較在適用情況下均以固定匯率（constant currency）口徑，並以非GAAP基礎與去年同期相比。我們已在第四季財報新聞稿中提供非GAAP與GAAP數字的完整調節表。我們在第四季有強勁的財務表現。第四季集團營收為15億美元，名目成長9%，以固定匯率計成長8%。非GAAP每股盈餘成長16%，至2.95美元。

Beginning this fourth quarter, we are increasing transparency into our revenue lines by introducing a split of our device revenue between sleep and life support devices for each of the Americas, Rest of World and global revenue. Sleep devices will include revenue from our CPAP, APAP and bilevel devices as well as from our acquisition of Noctrix. Life support devices will include revenue from our ventilator products, including Astral.

自本第四季起，我們透過新增揭露方式提高營收線的透明度：針對美洲、世界其他地區以及全球營收，將裝置營收拆分為睡眠裝置與生命支持裝置。睡眠裝置將包括我們的 CPAP、APAP 與雙水平（bilevel）裝置的營收，以及我們收購 Noctrix 所帶來的營收。生命支持裝置將包括我們的呼吸器產品營收，包括 Astral。

I'll move to a breakdown of revenue by business and geography. Starting in the Americas, sleep device revenue increased by 8%. Life support device revenue declined by 45% and masks and other revenue increased by 10%. In the Rest of World, sleep device revenue increased by 13%, life support device revenue decreased by 38%, and masks and other revenue increased by 12%. Residential care software revenue increased by 2% in the fourth quarter, with growth coming from MEDIFOX DAN and Brightree, partially offset by declines in MatrixCare.

接下來我將按業務與地區拆解營收。先看美洲地區，睡眠裝置營收成長8%。生命支持裝置營收下滑45%，面罩及其他營收成長10%。在世界其他地區，睡眠裝置營收成長13%，生命支持裝置營收下降38%，面罩及其他營收成長12%。第四季居家照護軟體營收成長2%，成長主要來自 MEDIFOX DAN 與 Brightree，部分被 MatrixCare 的下滑所抵銷。

Non-GAAP gross margin was 62.3% in the fourth quarter, up 90 basis points year-over-year. I'm proud of the work our supply chain team is doing to drive productivity and efficiencies, which more than offset inflation. During the fourth quarter, we took a $42 million provision for expected costs associated with the field safety notice on Astral devices. This charge is excluded in our non-GAAP financials.

第四季非GAAP毛利率為62.3%，年增90個基點。我為我們供應鏈團隊推動生產力與效率提升的工作感到自豪，這些成果不僅抵銷了通膨影響，且有餘裕。在第四季，我們就 Astral 裝置現場安全通知（field safety notice）相關的預期成本提列了4,200萬美元準備。此項費用已在我們的非GAAP財務數字中排除。

Moving on to operating expenses. R&D expenses for the fourth quarter increased by 22% on a headline basis and 19% on a constant currency basis. The increase was primarily driven by the development of next-gen devices and masks as well as increased investment in AI-driven patient workflow solutions to help get patients on therapy faster and increase adherence. SG&A expenses for the fourth quarter increased by 10% on a headline basis and 7% on a constant currency basis. The Q4 increase was primarily from VirtuOx and Noctrix acquisitions as well as an increase in marketing and technology investments to drive growth.

接著談營業費用。第四季研發費用以名目計增加22%，以固定匯率計增加19%。增加主要來自下一代裝置與面罩的開發，以及加大對AI驅動的患者工作流程解決方案的投資，以協助患者更快開始治療並提高依從性。第四季銷售、一般及行政（SG&A）費用以名目計增加10%，以固定匯率計增加7%。第四季的增加主要來自 VirtuOx 與 Noctrix 的收購，以及為推動成長而增加的行銷與科技投資。

Operating margin in the quarter was 35.2%, down 10 basis points year-over-year. Net interest income for the quarter was $21 million. As a reminder, this includes additional net interest income associated with a 10-year Singapore dollar to US dollar net investment hedge that was executed in February of 2026. We still expect this hedge to generate $9 million in net interest income on a quarterly basis going forward.

本季營業利益率為35.2%，年減10個基點。本季淨利息收入為2,100萬美元。提醒各位，這包括與我們於2026年2月執行的一項10年期新加坡元兌美元淨投資避險相關的額外淨利息收入。我們仍預期該避險在未來將每季帶來900萬美元的淨利息收入。

Our effective tax rate for the fourth quarter was 20.1% compared with 21.1% in the prior year quarter. Non-GAAP diluted earnings per share increased by 16% to $2.95, driven primarily by revenue growth, productivity and operating leverage.

第四季有效稅率為20.1%，去年同期為21.1%。非GAAP稀釋後每股盈餘成長16%至2.95美元，主要由營收成長、生產力提升與營運槓桿所帶動。

Movements in foreign exchange rates had a negative impact on earnings per share of approximately $0.05 in Q4, while Noctrix reduced non-GAAP earnings per share by approximately $0.02 in the quarter. Free cash flow for the quarter was $404 million, down 21% year-over-year, primarily due to the $42 million Astral provision, an increase in accounts receivable associated with higher revenue and an increase in capital expenditures. We ended the fourth quarter with a cash balance of approximately $1.5 billion.

外匯匯率變動在第四季對每股盈餘造成約 0.05 美元的負面影響，而 Noctrix 在本季使非 GAAP 每股盈餘約減少 0.02 美元。本季自由現金流為 4.04 億美元，年減 21%，主要由於 4,200 萬美元的 Astral 準備金、與較高營收相關的應收帳款增加，以及資本支出增加。我們在第四季末的現金餘額約為 15 億美元。

During the quarter, we purchased approximately 972,000 shares totaling $200 million. Along with our dividend, we returned $287 million to our shareholders in Q4. ResMed delivered a strong 2026. Full year revenue grew 10% on a headline basis and 8% on a constant currency basis. Non-GAAP earnings per share grew 17%, and we delivered $1.6 billion in free cash flow.

本季我們回購約 972,000 股股票，總金額 2 億美元。連同股利，我們在第四季向股東回饋 2.87 億美元。ResMed 交出強勁的 2026 財年表現。全年營收按表面（headline）口徑成長 10%，按固定匯率口徑成長 8%。非 GAAP 每股盈餘成長 17%，並創造 16 億美元自由現金流。

We also made progress on several of our strategic imperatives. First, operational excellence and innovation. We grew gross margin by 290 basis points. We continued our global rollout of the AirSense 11, introduced our fabric masks and brought AI to patients through an FDA-approved Smart Comfort and Dawn. Second, we took actions on portfolio management, including integrating our VirtuOx acquisition, expanding our core sleep portfolio through the Noctrix acquisition and recently announcing the divestiture of the MatrixCare business. Third, we returned over $1 billion in cash to shareholders through buybacks and dividends.

我們也在多項策略要務上取得進展。第一，營運卓越與創新。我們將毛利率提升 290 個基點。我們持續在全球推廣 AirSense 11，推出布料面罩，並透過獲 FDA 核准的 Smart Comfort 與 Dawn 將 AI 帶給患者。第二，我們在投資組合管理上採取行動，包括整合我們對 VirtuOx 的收購、透過收購 Noctrix 擴展核心睡眠產品組合，並於近期宣布出售 MatrixCare 業務。第三，我們透過回購與股利向股東返還超過 10 億美元現金。

Turning to guidance. For fiscal year 2027, we will provide guidance for revenue and non-GAAP earnings per share on both a core constant currency basis and reported basis. For purposes of calculating the core constant currency revenue growth rate, we have removed 10 months of MatrixCare business revenue from fiscal year 2026, such that there are only two months of MatrixCare business revenue in each of both fiscal year 2026 and 2027, assuming an expected close date of around September 1. We are also excluding Noctrix revenue. We believe this best represents the underlying organic growth of our core business.

接下來談展望指引。針對 2027 財年，我們將同時以核心固定匯率口徑與申報（reported）口徑提供營收與非 GAAP 每股盈餘指引。為計算核心固定匯率營收成長率之目的，我們已自 2026 財年移除 MatrixCare 業務 10 個月的營收，使 2026 與 2027 兩個財年各僅包含 MatrixCare 業務 2 個月的營收（假設預計交割日約為 9 月 1 日）。我們也排除 Noctrix 的營收。我們認為這最能反映核心業務的內生有機成長。

For fiscal year 2027, we expect year-over-year revenue growth on this basis to be in the range of 5% to 7%. This includes an approximately 130 basis headwind or around $75 million stemming from our decision to suspend sales of Astral to support our global field safety notice for the benefit of our existing Astral patients. Total reported revenue would be in the range of $5.75 billion to $5.85 billion. This assumes an approximately 50 basis points FX headwind based on rates as of fiscal year-end. This aligns with what you will see reported as headline revenue over the course of fiscal year 2027.

以此口徑計算，2027 財年我們預期營收年增率介於 5% 至 7%。其中包含約 130 個基點的不利因素（headwind），約 7,500 萬美元，源自我們為了既有 Astral 患者之利益、配合全球現場安全通知而決定暫停 Astral 銷售。總申報營收預計介於 57.5 億至 58.5 億美元。此假設基於財年期末匯率，約有 50 個基點的外匯不利因素。這與你們在 2027 財年期間將看到的表面（headline）營收申報一致。

We expect non-GAAP earnings per share to be in the range of $12 to $12.25, an increase of approximately 7% to 10% on a reported basis. This aligns with what you will see reported as non-GAAP earnings per share over the course of the year. If you were to exclude the approximately $0.30 of dilution from the MatrixCare business divestiture and $0.20 of dilution from the Noctrix acquisition, guidance implies year-over-year core EPS growth would be in the range of 12% to 14%. For gross margin, we expect low double-digit expansion in fiscal year 2027, with continued productivity efficiencies and very modest strategic price increases, slightly more than offsetting ongoing macro uncertainty and inflation across electronic components and freight.

我們預期非 GAAP 每股盈餘介於 12 至 12.25 美元，按申報口徑約成長 7% 至 10%。這與你們在全年將看到的非 GAAP 每股盈餘申報一致。若排除因出售 MatrixCare 業務造成約 0.30 美元的稀釋，以及因收購 Noctrix 造成約 0.20 美元的稀釋，則指引所隱含的核心 EPS 年增率介於 12% 至 14%。就毛利率而言，我們預期 2027 財年將有低雙位數的擴張，持續的生產力效率提升與非常溫和的策略性漲價，將略高於抵銷電子元件與運輸費用等面向持續的總體不確定性與通膨。

Our guidance also assumes a slight increase in operating margin percentage. We will drive productivity, efficiencies and operating leverage in targeted areas of SG&A to enable priority investments in the highest return areas that will drive growth in the near and long term, including targeted investments in both R&D and marketing. As Mick noted, we previously announced that we signed a definitive agreement to sell our MatrixCare business. We expect this transaction to close on or about September 1, 2026, subject to regulatory approvals.

我們的指引亦假設營業利益率百分比小幅上升。我們將在特定的 SG&A 領域推動生產力、效率與營運槓桿，以支持在最高報酬領域的優先投資，推動近中長期成長，包括對研發與行銷的定向投資。如 Mick 所提，我們先前已宣布簽署具約束力的最終協議，出售 MatrixCare 業務。在取得監管核准的前提下，我們預期此交易將於 2026 年 9 月 1 日左右完成交割。

For fiscal year 2026, the MatrixCare business represented approximately $220 million in revenue and $58 million of non-GAAP operating profit. We are entering into transition service agreements to ensure continuity across systems, processes, tools and day-to-day operations. We expect these TSAs to largely offset any stranded costs in year one, while we work to mitigate and remove any remaining stranded costs over time.

在 2026 財年，MatrixCare 業務約貢獻 2.2 億美元營收與 5,800 萬美元非 GAAP 營業利益。我們將簽訂過渡服務協議，以確保系統、流程、工具與日常營運的連續性。我們預期這些 TSA 在第一年將大致抵銷任何滯留成本（stranded costs），同時我們將隨時間推進以緩解並移除任何剩餘的滯留成本。

Our earnings per share guidance includes a total of $1.5 billion in share repurchases, including a $450 million accelerated share repurchase program that we intend to utilize with the proceeds from the divestiture of the MatrixCare business. Today, our Board of Directors declared a quarterly dividend of $0.66 per share, representing an increase of 10% over our previous quarterly dividend. Between share repurchases and dividends, we expect to return over $1.85 billion to shareholders in 2027, an increase of over 75% year-over-year. This marks the second consecutive year of over 70% growth in capital returned to shareholders.

我們的每股盈餘指引包含總計 15 億美元的股票回購，其中包括 4.5 億美元的加速股票回購計畫，我們擬以出售 MatrixCare 業務的所得款項加以運用。今日，我們董事會宣告每股 0.66 美元的季度股利，較先前季度股利提高 10%。在股票回購與股利之間，我們預期 2027 年將向股東返還超過 18.5 億美元，年增超過 75%。這是連續第二年股東資本回饋成長超過 70%。

We will also continue to invest in our business as a key capital deployment priority. We expect a step-up in our capital expenditures to a range of $160 million to $180 million as we expand and further automate our US and global manufacturing footprint to address the growing demand of our products. While we will not be providing quarterly guidance, we would like to share some of the trends that we are seeing in Q1.

我們也將持續投資於業務，作為資本配置的關鍵優先事項。隨著我們擴大並進一步自動化美國及全球製造布局，以因應產品需求成長，我們預期資本支出將提高至 1.6 億至 1.8 億美元區間。雖然我們不會提供季度指引，但我們想分享一些在第一季所觀察到的趨勢。

ResMed has historically experienced some seasonality, including first quarter revenue typically down a few percentage points sequentially from the fourth quarter. On an underlying basis, excluding the MatrixCare divestiture, the Noctrix acquisition and revenue from Astral, we expect to see typical revenue seasonality again in the first quarter of fiscal year 2027. We expect slight year-over-year contraction in gross margin in Q1 and anticipate operating expense dollars to be roughly flat with Q4.

ResMed 歷來存在一定季節性，包括第一季營收通常較第四季按季下降數個百分點。在基礎口徑下，排除 MatrixCare 出售、Noctrix 收購以及 Astral 的營收，我們預期 2027 財年第一季將再次呈現典型的營收季節性。我們預期第一季毛利率將較去年同期略為收縮，並預估營業費用金額大致與第四季持平。

Before I conclude, I wanted to share my key priorities. First, helping to drive sustainable growth. ResMed has a significant market opportunity, supported by an increasing level of awareness and importance of sleep health. It will be increasingly important we optimize our patient experience to help navigate and nurture them through the journey from awareness to being a loyal ResMed user.

在我結語之前，我想分享我的關鍵優先事項。第一，協助推動可持續成長。ResMed 擁有顯著的市場機會，並受睡眠健康意識與重要性提升所支撐。我們將愈發需要優化患者體驗，協助引導並培育他們從認知到成為忠誠 ResMed 使用者的旅程。

We also have an opportunity to increase penetration with our millions of device users through patient engagement and collaboration with our customers. We are intent on capitalizing on that opportunity and will ruthlessly prioritize investments in our highest ROI opportunities, particularly in R&D and marketing to support our sleep patients.

我們也有機會透過患者互動以及與客戶的協作，提高我們數百萬裝置使用者的滲透率。我們決心把握該機會，並將以最高投資報酬率（ROI）的機會為優先，果斷取捨投資，特別是在研發與行銷方面，以支持我們的睡眠患者。

Second, supporting the continued transformation of ResMed to enable this growth. We will embrace change and transform in order to optimize how we serve our customers and patients. We will take a very disciplined approach to capital allocation. Our first priority remains reinvesting back in our business to drive growth, but also to operate more efficiently. As Mick mentioned, we are taking actions to actively manage our existing portfolio and evaluate M&A opportunities in spaces where we have sustainable competitive advantages, innovation and attractive long-term growth. We will leverage AI and technology to drive productivity through all aspects of our business.

第二，支持 ResMed 持續轉型以促成此成長。我們將擁抱變革並推動轉型，以最佳化我們服務客戶與病患的方式。我們將以非常嚴謹的方式進行資本配置。我們的首要任務仍是再投資於本業以推動成長，同時也提升營運效率。如 Mick 所提及，我們正採取行動積極管理既有投資組合，並在我們具備可持續競爭優勢、創新能力與具吸引力長期成長的領域，評估併購（M&A）機會。我們將運用 AI 與科技，推動業務各層面的生產力提升。

Third, maximizing return to shareholders. We are providing additional clarity on our business, including additional revenue disclosures and providing annual financial guidance. We remain committed to the dividend and opportunistic share repurchases. Lastly, as we progress throughout 2027, we will evaluate our capital structure to ensure that we deliver premium shareholder returns while optimizing our balance sheet.

第三，最大化股東報酬。我們將就業務提供更清晰的資訊，包括增加營收揭露並提供年度財務指引。我們仍致力於股利政策以及機會性庫藏股回購。最後，隨著我們在 2027 年期間持續推進，我們將評估資本結構，以確保在最佳化資產負債表的同時，為股東帶來優質回報。

What attracted me most to ResMed is the strength of the opportunity ahead. We have a large underpenetrated market, strong competitive advantages and a proven ability to translate innovation and growth into shareholder value. I'm so excited to be a part of the journey and look forward to sharing our progress with you.

最吸引我加入 ResMed 的，是前方機會的強勁力道。我們面對的是一個滲透率仍偏低的龐大市場，具備強大的競爭優勢，並且已證明能將創新與成長轉化為股東價值。我非常興奮能成為這段旅程的一部分，也期待與各位分享我們的進展。

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

接下來，我把電話交回給 Kevin。

(Operator Instructions) Steve Wheen, Jarden.

(接線員指示) Steve Wheen，Jarden。

Yes. I just wanted to start with the gross margin movement sequentially. So it was down 50 basis points versus fourth quarter. I wonder if you could help us understand some of the components within that, that caused that drag? And what sort of price increases -- what sort of benefit the price increases that you seem to be putting through your customer base as called out by one of them just recently?

是的。我想先從毛利率的季比變動談起。相較第四季，毛利率下滑了 50 個基點。想請你們協助我們理解其中造成拖累的一些組成因素？另外，關於你們似乎正在對客戶群推動的漲價——近期也有客戶提到——這些漲價大概帶來什麼樣的效益？

Steve, that's a great question. I mean, I'll address the pricing part first, which is, look, we've got many customers across the 140 countries that we operate in. And I can tell you that nobody is immune to the global inflation that there is right now, and we see that in fuel costs, freight costs, many of us see it in our groceries, bread, milk and gasoline and petrol and so on. And so what we're looking to do is work with all of our customers in 140 countries and sort of share the load with that. And we will be looking at modest price increases as we work with our customers.

Steve，這是個很好的問題。我先回應定價的部分：我們在 140 個營運國家有許多客戶。我可以告訴你，沒有人能免於目前的全球通膨，我們在燃料成本、運輸成本都看得到；很多人也在日常採買中感受到，例如麵包、牛奶，以及汽油、燃油等等。因此，我們希望與 140 個國家的所有客戶合作，某種程度上共同分擔這些壓力。在與客戶合作的過程中，我們將尋求小幅度的價格調整。

What I can say is for customers who work with us and we have contracts on volume and price, we will honor those terms if they honor their terms around volume and price. But as we go to negotiate new contracts and as we work forward, inflation has to be addressed, and we'll work with modest price -- very modest price increases with our customers, understanding the capitated reimbursement environment that many of our customers are in and their tight margins. But with that overview, the detailed question on the financials for GM for Q4.

我可以說的是，對於與我們合作且在數量與價格上有合約的客戶，只要他們遵守合約中關於數量與價格的條款，我們也會遵守我們的條款。但當我們開始談判新合約並往前推進時，通膨必須被納入考量；我們會在理解許多客戶所處的按人頭給付（capitated reimbursement）環境及其緊縮利潤的前提下，與客戶協商小幅——非常小幅——的漲價。在這個概述之後，關於第四季毛利率（GM）財務細節的問題。

Over to you, Aaron.

交給你，Aaron。

Yes. And I think just building on the pricing piece, like Mick said, we're in an inflationary environment. And we've done everything we can. So proud of the work the supply chain team has done over the last couple of years. But just given the inflation, we can no longer offset inflation with productivity alone. And as part of actively managing our portfolio, are taking, again, very modest price increases that's going to build as we progress throughout fiscal year 2027.

是的。我想在定價的部分再補充一下，如 Mick 所說，我們正處於通膨環境。我們已盡一切所能。我也為供應鏈團隊過去幾年的工作感到非常自豪。但在通膨持續之下，我們已無法僅靠生產力提升就完全抵銷通膨影響。作為積極管理投資組合的一部分，我們正在採取——同樣是非常溫和的——價格上調，且這項效益將隨著我們在 2027 財年推進而逐步累積。

Specific to the quarter-over-quarter sequential decline in gross margin, you are right, it was down about 50 basis points quarter-over-quarter. I think importantly, still up 90 basis points year-over-year, a reflection of the strong productivity initiatives and efficiencies that the supply chain team continues to deliver. That said, quarter-over-quarter, it's primarily driven by the increased inflation that we're starting to see, particularly in electronic components and freight costs. There was also about a 20 basis points impact from FX sequentially as a headwind from Q4 versus Q3.

就毛利率的季對季連續下滑而言，你說得沒錯，季比約下降 50 個基點。但重要的是，年比仍上升 90 個基點，反映供應鏈團隊持續交付的強勁生產力計畫與效率提升。不過，就季比來看，主要驅動因素是我們開始看到通膨加劇，尤其是在電子零組件與運輸成本方面。此外，匯率（FX）季比也帶來約 20 個基點的負面影響，第四季相較第三季形成逆風。

I'll just close with this, that, look, ResMed's growth is based on volume. And so we're going to have very modest price increases we're going to work with customers on. But what we are laser-focused on is driving volume, volume of patients into the funnel, re-PAP, resupply, ongoing software sales. So that's our answer to that question. Thank you, Steve, for that question.

最後我想補充的是，ResMed 的成長是以量為基礎。因此，我們會與客戶合作推動非常溫和的漲價。但我們高度聚焦的是推動量：讓更多病患進入漏斗頂端、re-PAP、耗材補給（resupply）、以及持續性的軟體銷售。以上是我們對這個問題的回應。謝謝你，Steve，提出這個問題。

Davin Thillainathan, Goldman Sachs.

Davin Thillainathan，高盛。

Yes. Thanks for the presentation and the additional transparency of the business. I guess I just wanted to start on the revenue guide of 5% to 7%. Clearly, there's a few moving parts that you're working with. Your Astral recall, your new NIV product launch and your pricing increase. Could you sort of help us work out what would push the guide towards the top end, please?

是的。感謝簡報以及提高業務透明度。我想先從 5% 到 7% 的營收指引談起。顯然你們正在處理幾個變動因素。包括 Astral 召回、新的 NIV 產品上市，以及漲價。能否請你們協助我們理解，哪些因素會把指引推向區間上緣？

Yes. Look, it's a great question. And thank you for your comment there. It's the first time we provided revenue and EPS guidance in the history of ResMed being a public company. But I think, as you said, with the moving pieces, we bought Noctrix, we're integrating VirtuOx. We're selling off MatrixCare. We're not selling Astral for fiscal '27. There's so many moving pieces that we thought it's the right thing to do to provide that. As for the specifics, I'll hand to Aaron to the specifics of your question around revenue guide.

是的。這確實是個好問題。也謝謝你的評論。這是 ResMed 成為上市公司以來，我們首次提供營收與每股盈餘（EPS）指引。但如你所說，變動因素很多：我們收購了 Noctrix，正在整合 VirtuOx。我們正在出售 MatrixCare。我們在 27 財年不會銷售 Astral。變動因素非常多，因此我們認為提供指引是正確的做法。至於你問題中關於營收指引的具體細節，我交給 Aaron 說明。

So overall, we're guiding to 5% to 7%. And importantly, that includes a pretty material headwind that we're seeing from the action that we're taking to focus on patients with Astral. And so if you back out that impact, kind of the underlying core growth of the business is north of 6% to north of 8%. And if you look at kind of the components then within the business, I'll start with continued momentum around -- in our core sleep devices.

整體而言，我們給出的指引是 5% 到 7%。重要的是，這其中包含我們因採取行動、將 Astral 聚焦於病患而面臨的相當顯著逆風。因此，如果把那項影響扣除，公司的核心基本成長大約在 6% 以上到 8% 以上。若再看業務內部的組成，我先從核心睡眠裝置的持續動能談起。

We just grew 8% constant currency, both in the Americas as well as 9% globally this most recent quarter in a market that we've said is traditionally growing mid-single digits. So we've continued to see more patients come into the top of the funnel. As Mick talked about, we have an opportunity to increase the penetration through optimizing that patient experience and really helping them through that entire journey. Continue to have good momentum on masks, just put up double-digit growth again in Q4. That includes, obviously, the VirtuOx acquisition. And so maybe just a tick lower that from an ongoing basis.

在最近一季，我們以固定匯率計算在美洲成長 8%，全球成長 9%；而我們先前提到，這個市場傳統上是中個位數成長。因此，我們持續看到更多病患進入漏斗頂端。如 Mick 所談到的，我們有機會透過最佳化病患體驗、並在整段旅程中真正協助他們，來提升滲透率。面罩也持續有良好動能，第四季再次繳出雙位數成長。其中當然包含 VirtuOx 收購的貢獻。因此，若以持續性基礎來看，可能會略低一些。

And then on -- as it relates to RCS, we took actions on MatrixCare. And as we've said, we'd expect that, that would return to high single-digit growth for the full year. And so again, that's another part of the portfolio that's going to build as we progress throughout 2027.

接著談到——就 RCS 而言，我們已對 MatrixCare 採取行動。而且如同我們所說，我們預期全年將回到高個位數成長。因此再一次，這也是投資組合中另一個部分，會在我們一路推進到 2027 年的過程中逐步建立起來。

Matt Taylor, Jefferies.

Matt Taylor，Jefferies。

This is Young Li on for Matt. I guess just maybe a question just on the comment on active portfolio management and M&A opportunities. I was wondering just on M&A, if you can maybe help us understand and maybe ring-fence the size of the deals that you're looking at, some of the key ROI metrics and then just your general thoughts on the valuations you're seeing out there along with your funnel for potential acquisitions?

我是代替 Matt 的 Young Li。我想問一個關於主動式投資組合管理與併購（M&A）機會的問題。我想就併購而言，能否請你們協助我們理解並大致界定你們正在尋找的交易規模、一些關鍵的投資報酬（ROI）指標，以及你們對目前看到的估值水準與潛在收購標的管線（funnel）的整體看法？

Yes. Thanks, Young Li. It's a great question around M&A. It allows us to talk to what we've done and what we're planning to do and without giving obviously details of the companies to give some broad overviews of the companies that are on our radar screen.

好的。謝謝你，Young Li。這是一個關於併購的好問題。這讓我們可以談談我們做過什麼、以及我們計畫要做什麼；在不透露公司細節的前提下，提供一些我們雷達上公司類型的概括性觀點。

Look, in terms of quantifying the order of magnitude, it's sort of in that order of $100 million to $500 million that we're talking about, which I would consider for a $30 billion-plus company to be tuck-in acquisitions. So we're looking at that sort of tuck-in acquisition, $100 million to $500 million range roughly, right, could be plus or minus.

你看，就量級的量化而言，我們談的大概是 1 億到 5 億美元的範圍；對一家市值超過 300 億美元的公司來說，我會把這視為補強型收購（tuck-in acquisitions）。所以我們大致在看這種補強型收購，約 1 億到 5 億美元的區間，對吧？可能會有上下浮動。

And example acquisitions that we'll be looking at. And I'll talk about ones we've done, but talk about them as examples. So number one is Noctrix. So think of that as an amazing med tech innovation from these folks from Stanford BioDesign, first-in-class, got reimbursement, starting to pick up, and it's sleep physician prescribed. It goes through the DME, HME and VA channels. And it is a sleep health product that's aligned fully with ResMed's strategy. and we're a better owner of the asset, and we can leverage our amazing commercial infrastructure and technology and marketing infrastructure to add value and accelerate growth. So that's one type of sort of med tech acquisition that we're laser-focused on in neurostim and noninvasive, completely reversible, drug-free neurostim.

至於我們會看的收購案例。我會談一些我們做過的，但把它們當作例子來說明。第一個是 Noctrix。你可以把它想成來自 Stanford BioDesign 團隊的一項很了不起的醫療科技創新，屬於同類首創（first-in-class），已取得給付（reimbursement），正開始放量，而且是由睡眠專科醫師開立處方。它透過 DME、HME 以及 VA 通路。這是一個睡眠健康產品，完全符合 ResMed 的策略；而且我們會是這項資產更好的擁有者，我們能運用我們卓越的商業化、技術與行銷基礎設施來創造價值並加速成長。所以這是一種我們高度聚焦的醫療科技收購類型：神經刺激（neurostim）與非侵入式、完全可逆、無藥物的神經刺激。

Secondly, an example is VirtuOx, which is a company that, obviously, that's home sleep apnea testing virtually. But it's part of that sort of end-to-end pathway that we talk about for ResMed and sleep health, going from screening -- well, awareness, screening to diagnosis, treatment and management for life. And so think of VirtuOx and acquisitions that can help with anywhere along that pathway from awareness all the way through to ongoing management.

第二個例子是 VirtuOx，這家公司顯然是在家用睡眠呼吸中止症（sleep apnea）檢測的虛擬化。但它是我們談到的 ResMed 與睡眠健康端到端路徑的一部分，從認知——也就是提升認知、篩檢到診斷、治療，以及終身管理。因此，你可以把 VirtuOx 以及能在這條路徑上任何一段提供協助的收購案，視為從提升認知一路到持續管理的補強。

And the third example I'll give really briefly is SNAP Technologies, which was a tuck-in to Brightree, but actually expanded beyond Brightree, right? It was a resupply software that initially was SNAP technology on Brightree ERP software, but we've now created [SNAP Lite] that can work with HME customers who are not on our Brightree ERP, and it actually works for anyone's ERP. And so that's a great technology to add value to our core ResMed, our core Brightree and beyond.

第三個我很簡短提一下的例子是 SNAP Technologies。它是對 Brightree 的一個補強型收購，但實際上也擴展到了 Brightree 之外，對吧？它是一套補給（resupply）軟體，起初是 SNAP 技術在 Brightree 的 ERP 軟體上運作，但我們現在已打造出 [SNAP Lite]，可供未使用我們 Brightree ERP 的 HME 客戶使用，而且它其實可與任何人的 ERP 搭配。因此，這是一項很棒的技術，能為我們的核心 ResMed、核心 Brightree 以及更廣泛的領域增值。

So with that said around the sort of strategy side of it, I'll hand over to Aaron for some further detail on what we're looking at on M&A.

基於上述策略面的說明，我把時間交給 Aaron，請他進一步談談我們在併購上正在尋找什麼。

Yes. As Mick mentioned, think tuck-in size in terms of size of acquisition targets. We're going to consider from a metrics perspective, multiple metrics as we look at potential acquisitions and opportunities beyond strategic fit, growth opportunity that fit into the portfolio. But definitely looking at things like is the ROI over WACC over a short period of time as well as then ensuring after we acquire the company that we're delivering accountability. We have a track record that includes some performing above expectations, some meeting and others not. And that's something that we're going to continue to monitor on all of our acquisitions moving forward.

好的。如 Mick 所提，請把規模想成補強型的收購標的大小。從衡量指標的角度，我們在評估潛在收購與機會時，除了策略契合度、以及能納入投資組合的成長機會之外，也會考量多項指標。但我們確實會看例如：在較短期間內，ROI 是否高於 WACC（加權平均資本成本）；同時也要確保在收購後，我們能落實責任與績效交付。我們的過往紀錄包含：有些表現優於預期、有些符合預期，也有些未達預期。而這也是我們未來會持續監控所有收購案的事項。

Dan Hurren, MST.

Dan Hurren，MST。

Look, I might have missed it, but did you talk about talk to OpEx within your FY27 guidance? I'm only asking because it looks like R&D stepped up pretty materially in the fourth quarter. I can't really see a reason for it.

我可能漏聽了，但你們在 FY27 指引中有談到營運費用（OpEx）嗎？我之所以問，是因為看起來第四季的研發（R&D）支出相當明顯地上升。我看不太出原因。

Yes, Dan, it's a great question. I'll hand to Aaron to go through details on OpEx and R&D. I'll say this just as a sort of strategic point. ResMed is an innovation machine. We delivered world game-changing fabric technology in the AirTouch N30i, the AirTouch F30i and the silicon-based F40 as well as game-changing technology with GenAI on myAir on the patient app with 1.5 million inquiries just since it was launched just a quarter or so ago. So ResMed is an innovation machine. We're always going to invest in innovation, but it's not unlimited. And I'll hand to Aaron to talk about our balancing of OpEx and R&D and SG&A and beyond.

是的，Dan，這是個好問題。我把時間交給 Aaron，請他說明 OpEx 與 R&D 的細節。我先從策略面補充一點。ResMed 是一台創新機器。我們在 AirTouch N30i、AirTouch F30i 以及以矽膠為基礎的 F40 上，交付了足以改變市場格局的布料技術；同時也在病患 App 的 myAir 上導入 GenAI 的突破性技術，自從大約一季前推出以來，詢問量已達 150 萬次。所以 ResMed 是一台創新機器。我們會持續投資創新，但並非無上限。我把時間交給 Aaron，談談我們如何在 OpEx、R&D、SG&A 等之間取得平衡，以及其他相關面向。

So as we thought about giving guidance for the first time, we felt like it was important. We heard you, we wanted to give top line revenue guidance and then total earnings per share guidance. And what that's going to allow us to do, Dan, is to be able to reinvest back for growth and manage our business quarter-to-quarter. OpEx may fluctuate between R&D or SG&A in any given quarter over time. But I think the most important thing, right, is that we are committed to delivering world-class returns to shareholders, and that's what we did with the core revenue -- core EPS guide, excuse me, of 12% to 14%. And embedded in that, right, is low double-digit gross margin expansion as well as slight operating margin expansion.

當我們首次思考提供指引時，我們覺得這很重要。我們聽到你們的聲音，因此我們想提供營收（top line）指引，以及整體每股盈餘（EPS）指引。而這將讓我們能夠把資源再投入以促進成長，並以季度為單位管理我們的業務，Dan。隨著時間推移，OpEx 在任何一個季度可能會在 R&D 或 SG&A 之間波動。但我認為最重要的是，我們致力於為股東帶來世界級的報酬；這也是我們提出核心 EPS 指引（抱歉，是核心 EPS 指引）12% 到 14% 的原因。而其中已內含低雙位數的毛利率擴張，以及些微的營業利益率擴張。

Jon Block, Stifel.

Jon Block，Stifel。

Jordan Bernstein on here for John. A lot of talk out there on some recent price dynamics for ResMed. Perhaps, Aaron, you can break down the 5% to 7% organic revenue growth price versus volume. I think that really helped to put some of that noise out there to bed. And then within that volume, however you're breaking your divisions out, maybe you could give us a little color how to think about masks and devices just because of that 5% to 7% with RCS at high single kind of implies some of that underlying sleep business maybe in that mid-single when I think we were -- we've been guided in the past, masks are high single, devices are mid-single. Just how to think about that would be great.

我是代替 John 的 Jordan Bernstein。市場上對 ResMed 近期的一些價格動態有很多討論。也許 Aaron，你可以把 5% 到 7% 的有機營收成長拆解一下，價格與量各自的貢獻。我想那會很有助於讓外界的一些雜音塵埃落定。另外在量的部分，不論你們如何拆分事業部門，或許也能給我們一些方向，讓我們理解面罩與設備該怎麼看；因為在 5% 到 7% 的前提下，RCS 是高個位數，似乎暗示底層的睡眠業務可能在中個位數左右；而我記得過去的指引是：面罩高個位數、設備中個位數。如果能說明一下該如何思考，會很棒。

Yes, Jordan, I'll go first that we are still saying and guiding that the market growth rate for devices is mid-single digits and the market growth rate for masks is high single digits. We beat both in Q4, if you look at our core sleep devices and our masks growth. We won't beat every quarter, but our goal is to meet or beat those. With our share, we basically create the market growth, whatever our growth is, is the vast majority of the market growth. And so it's up to us to do demand generation, capture curation and follow through. But that is the market growth. And as Aaron said, if you take away that $75 million headwind that we are actively pulling away from Astral sales, we're pushing north of 6% to 8% growth of core across the business. But with all that preamble, I'll hand over to Aaron for any further detail you can give Jordan and his team.

是的，Jordan，我先說。我們仍然在說明並引導：裝置的市場成長率為中個位數，而面罩的市場成長率為高個位數。如果你看我們核心睡眠裝置與面罩的成長，我們在第四季兩者都超越了。我們不會每一季都超越，但我們的目標是達到或超越這些水準。以我們的市占來看，我們基本上是在創造市場成長；不論我們的成長是多少，都占了市場成長的絕大部分。因此，需求創造、通路/客戶組合的掌握與策劃，以及後續落地執行，都取決於我們。但那就是市場成長。而且如 Aaron 所說，如果把我們正主動從 Astral 銷售中移除所帶來的 7,500 萬美元逆風拿掉，我們整體業務的核心成長率將推升至約 6% 到 8%。不過在這些前言之後，我把時間交給 Aaron，看看你還能為 Jordan 和他的團隊補充哪些細節。

Jordan, so the first thing I would do is just reemphasize what Mick said earlier, which is we have always and will continue to be focused on volume, and that is what is driving the predominance of our growth on a historical basis in 2027 and on a go-forward basis. Not going to get into the specifics of how much exactly is embedded in the guide of volume versus price. But again, the predominance of our growth has and will continue to be coming from volume growth.

Jordan，我首先要再次強調 Mick 先前提到的重點：我們一直以來、也將持續把重心放在出貨量（volume）上，而這正是驅動我們歷史上（到 2027 年）以及未來成長占比最大的因素。我不會深入說明指引中出貨量與價格各自貢獻的具體比例。但再次強調，我們成長的主要來源一直是、也將持續來自出貨量成長。

I think one helpful piece, if you wanted to try to analyze it would be kind of look at our gross margin guide or some of the comments that we gave around that, which is low double-digit increases in our gross margin and very modest price increases, right? And you kind of put those 2 things together, I think you end up with a very small contribution from price, and it's something that's certainly going to build as we progress throughout the quarters in 2027.

我認為有一個有幫助的分析角度：你可以看看我們的毛利率指引，或我們對毛利率所做的一些評論，也就是毛利率將有低雙位數的提升，而價格僅有非常溫和的上調，對吧？把這兩點放在一起看，我認為你會得到一個結論：價格的貢獻非常小，而且隨著我們在 2027 年各季度推進，這個貢獻會逐步累積。

Craig Wong-Pan, RBC.

Craig Wong-Pan，RBC。

Just wanted to keep going on the gross margin impact. The first quarter comments about gross margins declining, but then your guidance for the full year for an improvement. Just wanted to understand, is that mainly through the price increases coming through? Or are there other factors that are driving that gross margin improving for the full year?

我想延續毛利率影響的問題。你們提到第一季毛利率會下滑，但全年指引卻是改善。我想了解，這主要是因為價格上調開始反映嗎？還是有其他因素在推動全年毛利率改善？

The first thing I'd say is just, again, reiterate, really, really proud of the manufacturing and supply chain team and the -- almost 600 basis points of expansion on our gross margins they've delivered against an inflationary environment in the last couple of years. I've had the chance to tour a couple of the sites with the manufacturing team and just couldn't be more excited about the pipeline of opportunities that they have. They've got a flywheel and a lot of momentum around productivity and efficiencies.

我首先要說的是，再次重申：我對製造與供應鏈團隊感到非常、非常自豪——在過去幾年通膨環境下，他們仍讓我們的毛利率擴張了將近 600 個基點。我有機會和製造團隊一起參觀了幾個據點，對他們的機會管線感到無比振奮。他們在生產力與效率提升方面已形成飛輪效應，並且累積了很強的動能。

And if you think about Q1, what's effectively happening is on a year-over-year basis, inflation is certainly outpacing the productivity that we have line of sight to. But we do have a strong and robust pipeline that builds. One specific example I'd give is our distribution network optimization. We've got an expansion coming in the US. The benefits on that are going to start to feather in as we progress throughout Q2, Q3 and Q4.

如果你看第一季，實際上發生的是：以年對年來看，通膨確實正超過我們目前可見的生產力提升幅度。但我們確實有一個強健且扎實、會逐步累積的改善管線。我舉一個具體例子：我們的配送網路最佳化。我們在美國將進行擴建。其效益將在第二季、第三季與第四季的進程中逐步顯現。

And the last thing I would come back to is we did talk about a very modest slight price increase and really no benefit from that coming in Q4. And so that would certainly inure to the benefit on the top line as well as our gross margin expansion as we progress Q2, Q3 and Q4.

最後我想回到一點：我們確實談到會有非常溫和的小幅提價，而且在第四季幾乎沒有從中獲益。因此，隨著第二季、第三季與第四季推進，這將有助於營收端，同時也有助於毛利率擴張。

Lyanne Harrison, Bank of America.

Lyanne Harrison，美國銀行。

Just wanted to understand a little bit more about the Astral field safety process. What happens here thereon? You mentioned there was a $40 million drag or $42 million drag on gross margin for this quarter. You mentioned that you're not selling the Astral going forward. What other expenses can we expect into fiscal '27? And is that been included in the guidance that you've given?

我想更了解 Astral 的現場安全處置流程。接下來會怎麼進行？你提到本季毛利率有 4,000 萬或 4,200 萬美元的拖累。你也提到未來不再銷售 Astral。那麼在 2027 財年，我們還可以預期有哪些其他費用？而這些是否已納入你們提供的指引之中？

Yes. Thanks for the question, Lyanne. Just want to be really clear. The $42 million charge we took in Q4 is our estimate for the total work that's needed for this field action globally. And we have taken a very conservative approach and a very patient-first quality-driven approach that ResMed is going to execute the best recall in the history of the med tech industry, and that's our aim. And by the way, we've done probably two or three recalls over Astral and we've done them incredibly well. We will do this one incredibly well. So all of that's encapsulated in that $42 million charge for Q4. The $75 million headwind for fiscal year 2027 means that we won't be selling any new product throughout all of fiscal year 2027.

是的。謝謝你的問題，Lyanne。我想非常清楚地說明：我們在第四季認列的 4,200 萬美元費用，是我們對這次全球現場行動所需全部工作量的估計。我們採取了非常保守、且以病患優先與品質驅動的做法；ResMed 的目標是執行醫療科技產業史上最好的召回，而這就是我們的追求。順帶一提，我們在 Astral 上大概做過兩到三次召回，而且都執行得非常好。這一次我們也會執行得非常好。因此，所有相關內容都已包含在第四季這筆 4,200 萬美元費用之中。而 2027 財年 7,500 萬美元的逆風，代表我們在整個 2027 財年都不會銷售任何新產品。

You said stopping selling. We haven't made any decisions for fiscal '28 or beyond as yet, and we will make those over time as we look at -- and we keep ourselves laser-focused on every PCBA, every electronic component goes straight to the sickest and most severe patient first, and we work our way through clinical guidance of our customers and the physicians and their patients worldwide. Laser-focused, patient first, $42 million charge Q4, $75 million headwind for FY27, and we'll talk about in ongoing quarters where we go from there.

你提到停止銷售。我們目前尚未對 2028 財年或更之後做出任何決定；我們會隨時間推進，在評估的同時做出決策——並且我們會把焦點高度集中在：每一片 PCBA、每一個電子元件，都要優先提供給病情最嚴重、最需要的病患，並依循我們客戶與醫師及其全球病患的臨床指引，逐步推進。高度聚焦、病患優先：第四季 4,200 萬美元費用、2027 財年 7,500 萬美元逆風；我們也會在後續季度持續更新接下來的方向。

But Aaron, any further detail you want to provide Lyanne, with regard to our Astral field action?

不過 Aaron，關於 Astral 的現場行動，你還想為 Lyanne 補充任何細節嗎？

The $42 million we took in the fourth quarter, like Mick said, just to reiterate, that was kind of an all-in estimate that we were able to accrue for. This is a really complex recall. We wanted to make sure that we took a conservative approach to the accrual because we don't want to compromise patient safety. And this is a higher cost than what we've seen on a prior Astral accrual that we took primarily just because it's impacting a higher population of devices out in the field based off of the failure mode that we have.

我們在第四季認列的 4,200 萬美元，如 Mick 所說，我再重申一次，那是一個我們能夠提列的、近乎全包式（all-in）的估計。這是一個非常複雜的召回。我們希望確保在提列準備金時採取保守作法，因為我們不想在病患安全上有任何妥協。而這次成本高於我們先前針對 Astral 所提列的準備金，主要是因為依據我們所掌握的失效模式，這次影響到現場更大範圍的裝置族群。

As it relates to 2027, the only other thing that I would add on from what Mick said, $75 million top line headwind, it is about a $0.15 earnings per share headwind, and that is embedded in that 12% to 14% core EPS growth. And so kind of excluding that, our core EPS growth is actually a tick higher.

至於 2027 年，除了 Mick 所說的之外，我唯一要補充的是：7,500 萬美元的營收端逆風，約等同於每股盈餘（EPS）0.15 美元的逆風，而這已包含在核心 EPS 成長 12% 到 14% 的指引之中。因此，若排除這項因素，我們的核心 EPS 成長其實會再高一點。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

I guess I'll just continue on the Astral line of questioning while you're kind of on the topic. How does the 130 basis points expected headwind for the year relate to the EPS guidance? What type of headwind is baked in from an earnings per share standpoint?

我想我就沿著 Astral 這條線繼續追問，因為你剛好在談這個主題。今年預期的 130 個基點逆風，和 EPS 指引之間是如何對應的？從每股盈餘的角度來看，已經納入了哪一類型的逆風？

I'll hand -- I think Aaron sort of went through that detail. But Aaron, do you want to reiterate maybe or rephrase that for Brett?

我來交給——我想 Aaron 已經把那部分細節講過了。不過 Aaron，你要不要再重申一次，或換個說法跟 Brett 說明？

Thanks, Brett. So yes, it's about $0.15, and the impact of that is just the lost revenue translating down to the lost gross margin that we're going to have associated with it. And again, to reiterate, that is embedded in the 12% to 14% kind of core earnings per share growth. And so excluding the impact of Astral, again, we would be higher than the 12% to 14% growth.

謝謝你，Brett。所以是的，大約是 0.15 美元，而其影響就是流失的營收往下反映成我們將會承受的毛利流失。再重申一次，這已經包含在 12% 到 14% 的核心每股盈餘成長之中。因此，若排除 Astral 的影響，我們的成長會高於 12% 到 14%。

Laura Sutcliffe, Citi.

Laura Sutcliffe，花旗。

Could you possibly talk a little bit to your early experience with the oral GLP-1s now that they've been on the market for a few months? Are they behaving in the same way as injectables when it comes to driving patients into the funnel?

你能否談談口服 GLP-1 上市幾個月後，你們目前的早期經驗？在把病患導入漏斗（funnel）方面，它們的表現是否和注射劑相同？

Yes, Laura, it's a great question. As you said, it's early days for oral GLP-1s. Obviously, we're looking at all the different injectables from the 2 major companies here from Indianapolis and from Europe. And we're analyzing our GLP data across -- GLP-1 data across all of the above. We haven't seen a dramatic change. What we are seeing is the peer-reviewed published literature shows a lower level of adherence and a lower level of weight loss associated with those oral GLP-1s, which is likely correlated to lower impact.

是的，Laura，這是個很好的問題。如你所說，口服 GLP-1 還在早期階段。很明顯地，我們正在觀察兩家主要公司（一家在印第安納波利斯、另一家在歐洲）的各種注射劑。我們也在上述所有產品之間，分析我們的 GLP-1 數據。我們尚未看到顯著的變化。我們看到的是：經同儕審查並發表的文獻顯示，口服 GLP-1 的依從性較低、減重幅度也較低，這很可能與較低的影響力相關。

So the tailwinds that are bringing people into the primary care physician funnel, Eli Lilly is spending tens, hundreds of millions of dollars on Shaquille O'Neal and Don't Sleep on OSA campaigns. It's bringing patients into primary care. And our education there with now 95,000 CME education episodes, 55,000 unique clinicians, these are the types of primary care physicians who are making these decisions. When that patient comes in and says, either I want that injectable weekly or I want that daily pill, the doctor will walk through.

至於把人帶進基層醫療醫師漏斗的順風因素，Eli Lilly 在 Shaquille O'Neal 以及「Don't Sleep on OSA」活動上投入了數千萬、甚至上億美元。這會把病患帶進基層醫療。而我們在那方面的教育——目前已有 95,000 次 CME 教育課程、55,000 位不重複臨床醫師——這些正是做出這些決策的基層醫師類型。當病患進來說「我想要每週一次的注射」或「我想要每天一顆的藥丸」時，醫師就會逐步說明。

And if they have a home sleep apnea test, which we are encouraging the doctors to get access to things like VirtuOx and their competitors, and it's positive. What we're seeing from the data we presented at sleep is that there is a very fast uptake of prescriptions for CPAP, APAP and bilevel and a far more modest sort of tenfold less increase in GLP-1 prescriptions. So there is a tailwind associated with this. It's not direct and proportional and immediate. But we think that if you look at our core Americas sleep device, right, US, Canada and Latin America, we were plus 8% constant currency in the quarter. How much of that above mid-single digits is from that demand generation versus Apple Watch versus the Galaxy Watch versus our OURA partnership, where people with these ring-based wearables are wearing these devices overnight during sleep.

而如果他們做了居家睡眠呼吸中止檢測——我們也在鼓勵醫師取得像 VirtuOx 及其競爭對手這類服務的使用管道——且結果為陽性。我們從在睡眠（sleep）會議上發表的數據看到，CPAP、APAP 與雙水平（bilevel）的處方採用速度非常快；相較之下，GLP-1 處方的增加幅度要溫和得多，大約少了十倍。因此，這確實有一股順風。但它不是直接、等比例、且立即的。不過我們認為，如果你看我們美洲地區的核心睡眠裝置業務（美國、加拿大與拉丁美洲），本季以固定匯率計算成長 8%。其中有多少是來自這種需求創造，相對於 Apple Watch、Galaxy Watch、或我們與 OURA 的合作——人們在睡覺時配戴這些戒指型穿戴裝置過夜——所帶來的影響？

So it's a combination of all of the above, Laura. And we're not seeing a material change from them going from talking about injectables to pills. I think it will be a minority of their sales probably. But over time, both will be a tailwind for us, just at different levels and different rates. This combination therapy and this fact that there's 11% higher start rate, 3% higher one year adherence resupply and 6% higher three year adherence and resupply. That's a separation of the curves. And we're seeing that trend continue no matter how you're getting this glucagon-like peptide or awareness from wearables.

所以，Laura，這是上述所有因素的綜合。而我們沒有看到從談注射劑轉向談藥丸，帶來實質性的改變。我認為口服產品可能只會占他們銷售的一小部分。但隨著時間推進，兩者都會對我們形成順風，只是程度與速度不同。這種合併療法，以及「起始率高 11%」、「一年依從性補給（resupply）高 3%」、「三年依從性與補給高 6%」的事實。這代表曲線出現分離。而我們看到這個趨勢持續存在，不論你是透過這種胰高血糖素樣胜肽（glucagon-like peptide）本身，或是透過穿戴裝置帶來的認知提升。

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

Mick, I wanted to ask on Americas devices only because Americas devices in the back half of the year was a couple of points lower than in the first half of the year. And interestingly, the international devices business has done very well and remained elevated growth levels even though international probably is a little bit more competitive than the US or Americas, correct me if I'm wrong on that. So I'm just curious if you can talk about those dynamics, talk about the US or the -- sorry, the Americas devices dynamics specifically, how they ended the year and how we should expect that to trend into fiscal '27?

Mick，我想問美洲地區裝置（Americas devices），因為下半年美洲裝置的表現比上半年低了幾個百分點。而有趣的是，國際裝置業務表現很好，成長率也維持在較高水準，儘管國際市場可能比美國或美洲更具競爭性——如果我說錯請糾正。所以我想請你談談這些動態，特別是美國或——抱歉——美洲裝置的動態：今年收尾如何，以及我們應該如何預期它在 2027 財年（fiscal '27）的走勢？

Yes, it's a great question. And we haven't broken out the new sort of sleep devices by quarter throughout FY26. We've just sort of given an over the whole year approach. And by the way, the Q4 devices growth is in line with that sort of overall year-based approach. And so yes, the Americas, which is US, Canada, Latin America, the vast majority is the US really solid growth there in Q4. And if you're asking me what I see for the year ahead, look, I see mid-single digits is the start.

是的，這是個很好的問題。我們並沒有在 2026 財年（FY26）按季度拆分新的睡眠裝置數據。我們只是以全年角度來提供說明。順帶一提，第四季裝置成長與那種全年口徑的說法是一致的。所以是的，美洲（美國、加拿大、拉丁美洲）其中絕大多數其實是美國，第四季那裡的成長非常穩健。如果你問我對未來一年的看法，我認為中個位數成長是起點。

And then our goal every quarter is to meet and beat that to go out and do demand generation demand, capture demand curation, particularly at the middle of the funnel, from that prescription to first-time setup and from that first-time setup to day 90 adherence. And we're very good once patients are in the funnel like that. So we've got the tailwinds from big pharma and big tech, and it's our job to meet or beat that. But no, look, I think it's steady as she goes with opportunities for upside. That's the way I'm looking at the business.

然後我們每一季的目標都是達成並超越這個水準：去做需求生成、捕捉需求、需求培育（curation），特別是在漏斗中段——從開立處方到首次裝機（first-time setup），以及從首次裝機到第 90 天依從性。一旦病患進入這樣的漏斗，我們就做得非常好。所以我們有來自大型藥廠與大型科技公司的順風，而我們的工作就是達成或超越它。但不，我認為整體就是穩健前行，同時存在上行機會。我就是這樣看這門業務的。

To your question about Europe, Asia and Rest of World, clearly, we've got all players and all competitors out there, but we're also innovating. We're launching. We launched the Air 11 platform into China, which is a very fast-growing market. We're launching the AirCurve into Hong Kong, Australia, New Zealand, Singapore and beyond in Southeast Asia and Asia Pac. And so those can help contribute to our growth as well.

至於你問到歐洲、亞洲與世界其他地區，很明顯地，所有玩家與競爭對手都在那裡，但我們也在創新。我們正在推出產品。我們已將 Air 11 平台導入中國，這是一個成長非常快的市場。我們也正在把 AirCurve 推向香港、澳洲、紐西蘭、新加坡，以及東南亞與亞太地區的更多市場。因此，這些也能協助帶動我們的成長。

So this isn't a one market or a one-device approach. We're looking at a whole portfolio across 140 countries. How do we help 1 billion people with sleep apnea, 800 million with insomnia, 480 million with COPD, 400 million now with restless leg syndrome. How do we get them all into the funnel?

所以這不是單一市場或單一裝置的策略。我們看的是橫跨 140 個國家的整體產品組合。我們要如何幫助 10 億名睡眠呼吸中止症患者、8 億名失眠患者、4.8 億名 COPD 患者、以及現在 4 億名不寧腿症候群患者？我們要如何把他們都導入漏斗？

And I think we're doing a pretty good job throughout fiscal year '26. And FY'27, we're just out here and running and we're going to meet and beat every quarter as we go through. And I'm happy to have that full year guidance that allows our team to look at and go from there.

我認為我們在整個 2026 財年都做得相當不錯。而在 2027 財年，我們已經全面啟動、全速運轉，並且會在接下來每一季都達成並超越目標。我也很高興能有這份全年指引，讓我們的團隊可以據此檢視並往下推進。

Saul Hadassin, Barrenjoey.

Saul Hadassin，Barrenjoey。

Just a question on the AirSense 11. Just based on the -- when it was launched, I think it goes back now to 2021 was its official launch. So it's five years effectively since that platform came to market. And you touched on the increase in R&D and you spoke to next-gen devices. So I'm just wondering in the context of the normal life cycle of your AirSense platform being around five years, is this going to be an extended release, do you think because of what happened during COVID and supply constraints? In other words, should we expect a new platform to come to market in the next year or so? Or do you think it's going to take several years to bring a new platform to market because you want to get more benefit out of AirSense 11 because of that extended launch?

我想問一個關於 AirSense 11 的問題。就其推出時間來看——我記得它的正式上市大概是在 2021 年。所以等於這個平台上市至今實際上已經五年了。你也提到研發支出增加，並談到下一代裝置。因此我想在你們 AirSense 平台一般約五年的正常產品生命週期脈絡下請教：你認為這次會不會因為 COVID 期間發生的事情以及供應限制，而延長推出週期？換句話說，我們是否應該預期在未來一年左右會有新平台上市？或者你認為推出新平台可能需要好幾年，因為你們希望從 AirSense 11（因為延後上市/拉長導入）中獲得更多效益？

Yes. So look, it's a great question. You followed us for many, many years, and you've known me for many, many years. And I don't talk about future product pipelines and you're obviously sort of talking about, hey, after AirSense 11, what does AirSense 12 look like and when would a likely launch be? We will give no information on this call nor anywhere about that.

是的。你問得很好。你追蹤我們很多很多年了，也認識我很多很多年了。而我不會談論未來的產品管線；你顯然是在問：嘿，在 AirSense 11 之後，AirSense 12 會是什麼樣子、以及可能何時推出？我們在這通電話上、也不會在任何地方提供相關資訊。

But look, I think your question allows us to talk to the sort of nuance and the amazing situation that we've had these last five years, which was we were able to have the best and the second best CPAP, APAP and bilevel platform in market for these last 5 years. The AirSense 11 is clearly the best worldwide based on market share and patient and physician and provider feedback.

不過，我認為你的問題讓我們可以談談過去五年我們所處的微妙之處與非常特殊的情況：在這五年裡，我們能夠在市場上同時擁有最佳與次佳的 CPAP、APAP 以及雙水平（bilevel）平台。AirSense 11 依據市占率以及病患、醫師與服務提供者的回饋，顯然是全球最佳。

And the second best is the AirSense 10, and that's allowed us to help customers in different parts of the world and move forward. And we haven't even got AirSense 11 approval everywhere, right? We just talked about getting China last quarter and so -- and there are more markets to go for the AirCurve 11, which is the bilevel S, ST and ST-A range that we're launching around the world, too.

而第二佳的是 AirSense 10，這讓我們能夠在世界不同地區協助客戶並持續向前推進。而且我們甚至還沒有在所有地區都取得 AirSense 11 的核准，對吧？我們剛提到上季才在中國取得核准；此外，AirCurve 11 也還有更多市場要推進——這是我們在全球推出的雙水平 S、ST 與 ST-A 系列。

So there's a lot more runway left on the AirSense 11. Yes, we're increasing R&D. That's across devices. It's across masks and it's across software. And there's a lot in the pipeline, and I'm very excited about it delivering on the guidance we talked for FY27. But more excitingly, what we're going to do through 2030 and beyond. We make the smallest, quietest, the most comfortable, the most cloud connected and the most intelligent devices, systems, platforms and software, and we are not done. And now we're expanding into Restless Legs Syndrome beyond sleep apnea and insomnia. Thank you.

所以 AirSense 11 還有很長的成長跑道。是的，我們正在增加研發投入。這涵蓋裝置。也涵蓋面罩。也涵蓋軟體。管線裡有很多內容，我對其交付我們所談到的 2027 財年指引感到非常振奮。但更令人興奮的是，我們在 2030 年及其後要做的事。我們打造最小、最安靜、最舒適、雲端連結最強、也最智慧的裝置、系統、平台與軟體，而我們還沒有完成。而且現在我們也正從睡眠呼吸中止症與失眠之外，擴展到不寧腿症候群（Restless Legs Syndrome）。謝謝。

Thank you. We are now at the 60-minute mark. So I'll turn the call back over to Mick Farrell.

謝謝。我們現在已到 60 分鐘的時間點。我把電話交回給 Mick Farrell。

Yes. Thanks, Kevin. And thank you to everyone who joined us on our earnings call today. I hope you appreciate the new format with slides and engagement here into the 21st century for ResMed. But on behalf of the more than 11,000 ResMedians serving people in over 140 countries, we're pleased to deliver an incredibly strong quarter and annual performance to build value for all of our stakeholders, including our shareholders and most importantly, our patients. We look forward to speaking with many of you over the coming weeks, and thank you for your time.

好的。謝謝你，Kevin。也感謝今天加入我們法說會的各位。希望你們喜歡這種加入投影片、互動性更高的新形式，讓 ResMed 也進入 21 世紀。我代表在 140 多個國家服務人們、超過 11,000 名 ResMed 團隊成員，我們很高興交出非常強勁的一季與全年表現，為所有利害關係人創造價值，包括股東，而最重要的是我們的病患。我們期待在接下來幾週與各位中的許多人交流，也謝謝你們撥冗參與。

I'll hand back to Salli to close this out.

我把電話交回給 Salli 來做結語。

Great. Thank you, Mick. I'll echo Mick's thank you. We appreciate your time and interest. If you have additional questions, please don't hesitate to reach out directly to investorrelations@resmed.com.

好的。謝謝你，Mick。我也呼應 Mick 的感謝。感謝各位的時間與關注。如果你有其他問題，請隨時直接聯絡 investorrelations@resmed.com。

Kevin, you may now close the call.

Kevin，你現在可以結束會議。

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。今天的電話會議與網路直播到此結束。你現在可以掛斷電話線，祝你有美好的一天。感謝你今天的參與。