瑞思邁 (RMD) 2027 Q1 法說會逐字稿

Welcome to the Q1 fiscal year 2027 ResMed earnings conference call. My name is Shamali, and I will be your operator for today's call. (Operator Instructions) Also, please note this conference call is being recorded. Later, we will conduct a question-and-answer session.

歡迎參加 ResMed 2027 會計年度第一季（Q1）財報電話會議。我是 Shamali，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 over the call to Salli Schwartz, ResMed's Chief Investor Relations Officer.

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

Thanks Shamali. I want to welcome our listeners to ResMed's first quarter fiscal year 2027 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 is available online now. As with last quarter, we will be displaying our earnings presentation during our prepared remarks, and then we will post the slides to our IR website after the conclusion of our remarks.

謝謝 Shamali。歡迎各位聽眾參加 ResMed 2027 會計年度第一季財報電話會議。我們正在進行本次會議的即時網路直播，重播將於今日稍晚在我們公司網站的投資人關係（Investor Relations）專區提供。我們的財報新聞稿目前已可於線上取得。與上一季相同，我們將在事先準備的發言期間展示我們的財報簡報，並在發言結束後把投影片上傳至我們的投資人關係網站。

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.

在今天的電話會議中，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。這些資訊不應被單獨看待，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 公告數字進行調節。

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

此外，我們今天的討論將包含前瞻性陳述，包括但不限於對我們未來財務與營運表現的預期。我們基於合理假設提出這些陳述。然而，我們的實際結果可能有所不同。請查閱我們向美國證券交易委員會（SEC）提交的文件，以完整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的風險因素。

And with that, I'll now turn the call over to Mick.

接下來，我把電話交給 Mick。

Great. Thanks, Salli, and welcome to all. We're all together here in Sydney, Australia and all filed up at 7:30 in the morning. During the first quarter of our fiscal year 2027, we delivered another strong set of results. 7% revenue growth on a core constant currency basis on the top line, 50 basis points of year-over-year gross margin expansion and 14% growth on the bottom line in non-GAAP earnings per share. We also returned more than USD1 billion to our shareholders during the quarter through both our quarterly dividend and our share repurchase funded with the MatrixCare business divestiture proceeds and cash on hand. ResMed's fiscal year 2027 is off to an excellent start.

很好。謝謝你，Salli，也歡迎各位。我們今天都在澳洲雪梨齊聚一堂，早上 7:30 就精神飽滿地開始。在 2027 會計年度第一季，我們再次交出一組強勁的成績。以核心固定匯率基礎計算，營收年增 7%；毛利率年對年擴張 50 個基點；非 GAAP 每股盈餘（EPS）年增 14%。本季我們也透過季度股利以及以 MatrixCare 業務出售所得與手上現金資助的庫藏股回購，向股東回饋超過 10 億美元。ResMed 的 2027 會計年度開局非常出色。

I'd like to take this opportunity to thank the global ResMed team for their unwavering dedication to our patients, our providers and physicians. We're building the world's leading digital health ecosystem encompassing sleep health, breathing health and health care technology delivered in the hunt. As we move throughout our fiscal year 2027, we're focused on three key areas: one, on our continued innovation and operational excellence to support ResMed's ongoing growth and transformation work; two, on active portfolio management across our business lines; and three, on leveraging our significant free cash flow to both reinvest in our business and return capital to shareholders.

我想藉此機會感謝全球 ResMed 團隊，對我們的病患、供應商與醫師展現堅定不移的投入。我們正在打造全球領先的數位健康生態系，涵蓋睡眠健康、呼吸健康與醫療科技，並以「在家」的方式提供服務。在 2027 會計年度的推進過程中，我們聚焦三個關鍵領域：第一，持續創新與卓越營運，以支持 ResMed 持續成長與轉型工作；第二，跨各業務線進行積極的投資組合管理；第三，運用我們可觀的自由現金流，一方面再投資於業務，一方面回饋資本給股東。

ResMed is committed to innovation excellence across the sleep health ecosystem. This means ongoing innovation in our products and bringing together devices, masks, digital tools and provider support to create a more connected therapy experience and to help people stay engaged with their therapy over time. Last quarter, I talked about the launch of the AirCurve 11 ST and ST-A platforms into the US market. The ST and the ST-A are bilevel device platforms for patients who need more pressure support or have more complicated breathing disorders, including central sleep apnea, complex sleep apnea and COPD plus OSA, which is known clinically as overlap syndrome.

ResMed 致力於在睡眠健康生態系中實現卓越創新。這意味著持續在產品上創新，並整合裝置、面罩、數位工具與供應商支援，打造更互聯的治療體驗，並協助人們長期維持對治療的投入。上一季我談到 AirCurve 11 ST 與 ST-A 平台在美國市場的上市。ST 與 ST-A 是雙水平（bilevel）裝置平台，適用於需要更多壓力支持或有更複雜呼吸障礙的病患，包括中樞型睡眠呼吸中止症、複雜型睡眠呼吸中止症，以及 COPD 合併 OSA（臨床上稱為重疊症候群）。

The AirCurve 11 is built on our market-leading Air 11 platform that has CPAPs, APAPs and now these advanced bilevels, allowing us to leverage a shared technology and digital health ecosystem across a broader range of patient populations. This helps simplify workflows for providers while creating a more consistent experience for patients. We've also launched just this week a third fabric mask into the market. We call it the AirTouch F40 in the US AirTouch F40 brings ResMed's proprietary ComfySoft fabric cushion to a minimalist design that is intended to adapt to a person's facial concierge dynamically as they move throughout the night.

AirCurve 11 建構於我們市場領先的 Air 11 平台之上；該平台包含 CPAP、APAP，現在也加入這些進階雙水平裝置，使我們能在更廣泛的病患族群中，運用共用的技術與數位健康生態系。這有助於簡化供應商的工作流程，同時為病患創造更一致的體驗。我們也在本週剛推出第三款布料面罩。在美國我們稱之為 AirTouch F40。AirTouch F40 將 ResMed 專有的 ComfySoft 布料襯墊導入極簡設計，旨在讓面罩能在夜間隨著使用者移動而動態貼合其臉部輪廓。

In a ResMed study, 91% of patients rated the AirTouch F40 as comfortable or very comfortable at initial fitting. This technology can help patients get adherent with less provider effort and can drive patient and provide a preference for ResMed products. On our most recently launched fabric masks, we have now shown 6% increase in therapy adherence for the fabric masks versus their silicone mask equivalent. This is market-leading technology, and we continue to bring these products to market, watch this space.

在一項 ResMed 研究中，91% 的病患在初次配戴時將 AirTouch F40 評為舒適或非常舒適。這項技術可在較少供應商投入的情況下，協助病患更快達到依從性，並可提升病患與供應商對 ResMed 產品的偏好。就我們最新推出的布料面罩而言，我們已顯示：相較於其矽膠面罩對應款，布料面罩的治療依從性提升 6%。這是市場領先的技術；我們將持續把這些產品推向市場，敬請期待。

On the software side, we recently launched a refresh of our myAir patient app. We're now well over 13 million downloads of our myAir app, and we'll talk about that later. But in addition to the enhanced user interface of myAir and the optional dark mode, new features include an updated myAir score a nightly time line of events and therapy control to adjust comfort setting from the app, giving each user a more personalized experience.

在軟體方面，我們近期推出了 myAir 病患 App 的更新版本。myAir App 的下載量目前已遠超過 1,300 萬次，我們稍後會再談。除了 myAir 強化後的使用者介面與可選的深色模式外，新功能還包括更新的 myAir 分數、每晚事件時間軸，以及可透過 App 調整舒適度設定的治療控制功能，為每位使用者帶來更個人化的體驗。

MyAir now also includes a service that we call Equipment Care and sports in a number of geographies, and it makes it easier for patients to request resupply by showing a visual countdown for each mask or other device accessory. It can send time reminders when masks and accessories are eligible for replacement, helping encourage action by patients and increasing convenience for the patient and making it easier for the provider.

myAir 現在也包含一項我們稱為 Equipment Care 的服務，並已在多個地區推出，透過為每個面罩或其他裝置配件顯示視覺化倒數計時，讓病患更容易提出補給（resupply）需求。當面罩與配件符合更換資格時，它也能發送適時提醒，協助鼓勵病患採取行動、提升便利性，並讓供應商更容易提供服務。

Watch this space as we increase availability of this type of service for consumers who want to access better resupply. Also on the myAir app, our generative AI-powered digital sleep coach that we call Dawn, has now seen more than 2.1 million inquiries from patients already on therapy. That's up over 40% just from last quarter. This demonstrates that patients are very curious about their CPAP therapy, and they want to learn more.

敬請期待我們將把此類服務擴大提供給希望獲得更佳補給服務的消費者。此外，在 myAir App 上，我們由生成式 AI 驅動的數位睡眠教練 Dawn，已收到正在接受治療的病患提出超過 210 萬次詢問。相較上一季增加超過 40%。這顯示病患對其 CPAP 治療非常好奇，並希望了解更多。

Dawn helps patients find support wherever and whenever they need it, significantly reducing customer service inquiries to ResMed, but also reducing customer service inquiries to ResMed's HME partners and channel partners. Delighting patients and saving costs for HMEs is a double win for ResMed through this innovative GenAI tech. We will continue to evolve myAir based on consumer and provider feedback.

Dawn 協助病患在任何時間、任何地點獲得所需支援，顯著降低對 ResMed 的客服詢問，同時也降低對 ResMed 的 HME 合作夥伴與通路夥伴的客服詢問。透過這項創新的生成式 AI 技術，讓病患更滿意並為 HME 節省成本，對 ResMed 而言是雙贏。我們將持續依據消費者與供應商的回饋演進 myAir。

Our aim is to bring clearer therapy insights, to bring more intuitive support and to bring increasingly personalized experience to engage patients throughout their therapy journey. Together with AirView, ResMed's remote monitoring platform for health care providers, myAir has been shown to meaningfully improve therapy compliance from 70% up to 87%, just by adding myAir for the patient.

我們的目標是提供更清晰的治療洞察、更直覺的支援，以及更高度個人化的體驗，以在整個治療旅程中持續吸引病患投入。結合 AirView（ResMed 提供給醫療照護提供者的遠端監測平台），研究顯示僅需為病患加入 myAir，就能將治療依從性從 70% 顯著提升至 87%。

One further update regarding our FDA-cleared AI-enabled digital medical device that we call Smart Comfort. We launched this just earlier this calendar year. Smart Comfort was built on millions and millions of nights of ResMed sleep data to recommend personalized adjustments to comfort settings like temperature, humidity and supplied on new AirSense 11 users.

關於我們已獲 FDA 核准、具備 AI 功能的數位醫療裝置（我們稱之為 Smart Comfort），再提供一項最新進展。我們在本曆年稍早才剛推出這項產品。Smart Comfort 建構於數以百萬計、數以百萬計夜晚的 ResMed 睡眠資料之上，用於建議個人化的舒適度設定調整，例如溫度、濕度，並提供給新的 AirSense 11 使用者。

We predicted in previous quarters that increased comfort could lead to increased adherence, and it turns out that prediction has come true. Early real-world data shows a 4.3% increase in 30-day compliance versus the device's default settings. Smart comfort has been selected as a special mention in Time Magazine's best inventions of 2026. But more important than that, it's evolving our products to deliver increasingly personalized therapy to patients. and it's a winning use case for AI.

我們在前幾季曾預測，提高舒適度可能帶來更高的依從性，而結果證明這項預測已成真。早期的真實世界數據顯示，相較於裝置的預設設定，30 天依從性提高了 4.3%。Smart Comfort 獲《時代》雜誌（Time Magazine）評選為 2026 年最佳發明的特別提名。但比這更重要的是，它正在推動我們的產品演進，為病患提供愈來愈個人化的治療。而且這是一個 AI 的成功應用案例。

ResMed's digital health ecosystem is second to none, providing sustainable value for patients, for physicians, for providers even for payers and beyond. On the operational excellence side, we were able to execute some of our planned supply chain initiatives more quickly than we predicted. We're able to rephase some of our planned expansion initiatives, particularly in Indianapolis, Indiana, allowing us to exceed our own expectations for gross margin for the quarter.

ResMed 的數位健康生態系統無與倫比，能為病患、醫師、服務提供者，甚至付款方等帶來可持續的價值。在營運卓越方面，我們得以比原先預期更快地執行部分既定的供應鏈計畫。我們也能重新排程部分既定的擴產計畫，特別是在印第安納州印第安納波利斯，讓我們本季的毛利率表現超出自身預期。

The transformational pipeline of initiatives, what I call our productivity pipeline for our supply chain team. They built it and it remains robust and multiyear, underpinning our ongoing confidence that we can deliver double-digit basis points improvement in gross margin every year, every fiscal year through 2030.

這一系列具變革性的計畫，我稱之為供應鏈團隊的生產力管線。他們建立了這套管線，且它依然強健、可延續多年，支撐我們持續的信心：我們能在每一年、每一個會計年度一直到 2030 年，都實現毛利率以雙位數基點幅度逐年改善。

I'm also proud to share that we produced our first Made in America CPAP device and AirSense 11 has come off the line at our Atlanta, Georgia facility. Having this capability for US manufacturing gives ResMed additional flexibility to optimize operations as needed across our global manufacturing footprint.

我也很自豪地分享，我們已生產出第一台「美國製造」的 CPAP 裝置，且 AirSense 11 已在我們位於喬治亞州亞特蘭大的工廠產線下線。具備美國本土製造能力，讓 ResMed 在全球製造版圖中能依需要取得更多彈性，以最佳化營運。

We also continued progress on our new Indiana, Indianapolis based distribution center, which once it's fully operational, will enable faster delivery to our North American customers. ResMed has a significant and growing US manufacturing presence, and we continue to invest in expanding our capability to serve our highest volume market.

我們也持續推進位於印第安納州印第安納波利斯的新配送中心；一旦全面投入營運，將可讓我們更快速地向北美客戶交付。ResMed 在美國擁有顯著且持續成長的製造據點，我們也持續投資擴充能力，以服務我們出貨量最高的市場。

With regard to our government advocacy work, I can tell you that we are actively engaged with the US government as well as industry partners to support policies that strengthen domestic US manufacturing and global supply chain resilience while protecting patient access to our life-saving therapy in the US and around 144 countries worldwide. Alongside these developments in the US, we are expanding our Asia manufacturing capabilities, including at our largest manufacturing facility in Singapore and our facilities in Malaysia that are joined to the Singapore operation. Together with our Sydney, Australia, Calabasas, California, Atlanta, Georgia, and our newly established Indianapolis, Indiana facilities.

就我們的政府倡議工作而言，我可以告訴各位，我們正積極與美國政府及產業夥伴合作，支持能強化美國本土製造與全球供應鏈韌性的政策，同時保障美國及全球約 144 個國家病患取得我們救命療法的可近性。在美國這些進展之外，我們也正在擴充亞洲的製造能力，包括我們位於新加坡、也是規模最大的製造基地，以及與新加坡營運相連的馬來西亞廠區。並結合我們位於澳洲雪梨、加州卡拉巴薩斯、喬治亞州亞特蘭大，以及新設立的印第安納州印第安納波利斯等據點。

Our global operations footprint positions us extremely well to serve our growing customer base and patients around the world. Over the past quarters, I've highlighted our initiatives to increase awareness of sleep apnea and the impact that chronic poor sleep has both on the individuals and health care system, but also on their partners and families and workmates.

我們的全球營運版圖讓我們具備極佳的定位，可服務不斷成長的客戶群與全球各地的病患。在過去幾季，我一直強調我們提升睡眠呼吸中止症認知的各項計畫，以及長期睡眠品質不佳對個人與醫療體系的影響，同時也會影響其伴侶、家人與同事。

As you know, we've been excited to see growing appreciation of the importance of sleep health, driven by consumer wearables, including Samsung Galaxy Ring that just this week, I think actually overnight, got FDA clearance for sleep apnea detection from the Samsung Galaxy Ring, but also from being far and the GLP-1s the investment that particularly Lilly is making, but also Novo and driving patients into primary care.

如各位所知，我們很高興看到大眾對睡眠健康重要性的認知持續提升，這股趨勢受到消費型穿戴裝置的帶動；其中包括三星 Galaxy Ring——就在本週，我想其實是昨晚，Samsung Galaxy Ring 已獲 FDA 核准可用於睡眠呼吸中止症偵測；此外，也受到 GLP-1 類藥物的推動，特別是禮來（Lilly）的投入，以及諾和諾德（Novo）的投入，正把病患帶進基層醫療。

Earlier this month, we announced the collaboration with Smart Mattress sensor maker, Eight Sleep. Their Eight Sleep pod users in both the US and Australian markets will be able to securely connect their myAir sleep insights to the Eight Sleep app, giving them a more complete picture of their sleep health. Here in Australia, Eight Sleep users whose sleep data shows trends such as heavy snoring, may be guarded to ResMed sleep health resources, including sleep assessments and the pathway to diagnosis and therapy and beyond. This consumer sleep wellness collaboration adds to our partnership with Smart Ring maker Aura, that I discussed during ResMed's last earnings call. We've continued to see strong traffic to ResMed's website from Aura app users.

本月稍早，我們宣布與智慧床墊感測器製造商 Eight Sleep 展開合作。Eight Sleep Pod 的使用者在美國與澳洲市場，將能安全地把他們的 myAir 睡眠洞察連結到 Eight Sleep App，讓他們更完整掌握自身的睡眠健康狀況。在澳洲，若 Eight Sleep 使用者的睡眠數據顯示例如嚴重打鼾等趨勢，可能會被引導至 ResMed 的睡眠健康資源，包括睡眠評估，以及通往診斷與治療等後續流程。這項面向消費者的睡眠健康合作，也延伸了我們與智慧戒指製造商 Aura 的合作關係，我在 ResMed 上一次財報電話會議中曾談到。我們持續看到來自 Aura App 使用者導流至 ResMed 官網的流量表現強勁。

As of September 30, approximately 28,000 or users, more than double what we had seen at the end of July have come to resmed.com from a customized tile within Aura's own app. Many thousands of those users are -- have taken the ResMed sleep assessment right there on resmed.com. Approximately 72% of those assessed identified themselves as previously undiagnosed for OSA, highlighting the potential to turn sleep insights into action and helping more people get evaluated and ultimately treated for their sleep apnea. Another sleep pathway enabler are these new medicines will not so new, maybe 10, 15 years in the market, but newly ramping up GLP-1s.

截至 9 月 30 日，約有 28,000 名 Aura 使用者——是 7 月底所見的兩倍以上——透過 Aura 自家 App 內的客製化入口（tile）來到 resmed.com。其中有數以千計的使用者——已在 resmed.com 直接完成 ResMed 的睡眠評估。約有 72% 的受評估者自我辨識為先前未被診斷出 OSA（阻塞型睡眠呼吸中止症），凸顯將睡眠洞察轉化為行動的潛力，並協助更多人接受評估，最終獲得治療。

As we've discussed before, patients on GLP-1s both initiate CPAP therapy more and stay on CPAP therapy longer and they buy more stuff. As an update to our analysis that's built from a claims database of tens of millions of patients, our specifically analyzed cohort now includes more than 3.3 million de-identified patients. We are still seeing that patients who have scripts for both CPAP and GLP-1s are more than 11% more likely to start on CPAP therapy than patients who have a script for CPAP alone. They are also more than 3% more likely to have a resupply event at one year and more than 7% more likely to have a resupply event at three years. The CPAP plus GLP-1 and the CPAP-only cohorts are measured on the same basis, i.e., patients who stopped CPAP remain in the base population for both groups.

如我們先前討論過的，使用 GLP-1 的病患不僅更常啟動 CPAP 治療，也會在 CPAP 治療上維持更久，而且他們會購買更多產品。就我們的分析更新而言：該分析建立在涵蓋數千萬名病患的理賠資料庫之上；我們目前特別分析的族群已包含超過 330 萬名去識別化病患。我們仍然觀察到，同時持有 CPAP 與 GLP-1 處方的病患，相較於僅持有 CPAP 處方的病患，開始 CPAP 治療的可能性高出 11% 以上。他們在一年時點發生補給（resupply）事件的可能性也高出 3% 以上，在三年時點則高出 7% 以上。「CPAP 加 GLP-1」與「僅 CPAP」兩個族群是以相同基準衡量；也就是說，停止使用 CPAP 的病患在兩組中都仍保留於基礎母體。

Sleep apnea risk factors include age, gender, craniofacial geometry as well as white. OSA very often needs to be treated even after very significant weight loss. As we've seen in the clinical literature, the real-world day that we show and in the numbers as if you look at our incredible mass growth over time. ResMed continues to selectively invest in marketing that expands our awards, reduces barriers to diagnosis and treatment and helps more people understand the life-changing impact of better sleep, better breathing.

睡眠呼吸中止症的風險因子包括年齡、性別、顱顏幾何結構，以及白人族群等。OSA 往往即使在非常顯著的減重之後，仍需要治療。正如我們在臨床文獻中所見、以及我們展示的真實世界數據與相關數字——如果你回頭看我們隨時間推移的驚人面罩（mask）成長。ResMed 持續選擇性地投入行銷，以提升我們的知名度、降低診斷與治療的障礙，並幫助更多人理解更好的睡眠、更好的呼吸所帶來的改變人生的影響。

You may have seen some of our campaigns underway. I'll highlight just three of them quickly here on our call. Number one, our so-called CPAP baddies campaign is helping normalize CPAP therapy through authentic community-driven conversations, making treatment more approachable and encouraging more people to start and stay on therapy. It's really creating a CPA community of people who are proud of changing their lives.

各位可能已看到我們正在進行的一些行銷活動。我在本次電話會議中快速重點提三項。第一，我們所謂的「CPAP baddies」活動，透過真實、社群驅動的對話來協助讓 CPAP 治療常態化，使治療更容易被接受，並鼓勵更多人開始治療並持續治療。它確實正在建立一個 CPAP 社群，讓人們以改變自己人生為榮。

Number two, our in-bedwidth interview series features sleep dockers, sleep physicians and other sleep wellness thought leaders to help more people recognize symptoms of sleep apnea to seek care and ultimately, to improve long-term clinical outcomes as well as quality of life outcomes. And thirdly and finally, our athletic partnerships, most recently with a NASCAR drier Tyler Reddick enable us to reach new audiences with powerful real-world stories that demonstrate how effective sleep therapy can improve energy, performance and personal and family life. It's interesting. The most watched episode featuring Tyler Reddick, who's a world-class professional driver, was not about is improvement in sports performance and winning the Daytona 500 and the first 3 NASCAR races of the season, creating new sports records for that sport.

第二，我們的「in-bedwidth」訪談系列邀請睡眠博士、睡眠醫師及其他睡眠健康領域的意見領袖，協助更多人辨識睡眠呼吸中止症的症狀、尋求照護，並最終改善長期臨床結果以及生活品質結果。第三，也是最後，我們的運動員合作夥伴關係——最近與 NASCAR 車手 Tyler Reddick 的合作——讓我們能以強而有力的真實故事觸及新的受眾，展示有效的睡眠治療如何提升精力、表現，以及個人與家庭生活。這很有意思。觀看次數最高、由世界級職業車手 Tyler Reddick 主演的一集，並不是在談他在運動表現上的提升、贏得 Daytona 500，以及賽季前 3 場 NASCAR 賽事並創下該運動的新紀錄。

The most watched podcast and viral social media was about his wife, Alexa, showing that ResMed CPAP treatment made him a better husband, a better father and a better friend. The words from Patient one, back here in Australia in 1989, Eddie Merck, who said this therapy saved my marriage, save my job, save my life come to mind. It's great to have that story retold from many perspectives and from a young racecar driver here right in 2026. Okay.

最受關注的播客與爆紅的社群媒體內容，是關於他的妻子 Alexa，分享 ResMed 的 CPAP 治療如何讓他成為更好的丈夫、更好的父親與更好的朋友。這也讓我想起第一位病患在 1989 年於澳洲的話——Eddie Merck 說，這項治療拯救了我的婚姻、保住了我的工作、救了我的命。很高興能從多種角度重述這個故事，而且是在 2026 年由一位年輕的賽車手親自分享。好的。

Together, these sort of consumer engagement initiatives are helping ResMed interact with more people driving greater awareness and adoption. And ultimately, they fulfill our mission of improving lives through better sleep and better breathing, longer life which is longevity by span, but more importantly, health span, which is living longer with a good quality of life.

總體而言，這類消費者互動倡議正協助 ResMed 與更多人互動，進一步提升認知並推動採用。最終，這些努力也實現了我們的使命：透過更好的睡眠與更好的呼吸來改善生活、延長壽命——也就是不僅是壽命長度（longevity by span），更重要的是健康壽命（health span），也就是在更長的時間裡維持良好的生活品質。

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

在臨床社群中提升認知，是確保消費者能便捷取得資訊，以及獲得診斷與治療途徑的另一個關鍵要素。我們的持續醫學教育（CME）課程包含由睡眠醫學醫師學會核准的指引。顯然，這也涵蓋 CPAP、APAP 與雙水平（bilevel）治療的效益；這些療法是臨床上的黃金標準，也是任何被診斷為睡眠呼吸中止症患者的一線治療。

Our sleep apnea education courses have now been completed by approximately 108,000 times by more than 63,000 unique clinicians. We've been tracking the number of referrals for home sleep apnea tests and prescriptions for positive airway pressure, both before and after training. It's great to see that post training. These clinicians are not only saying they intend to change their clinical practices. They are actually changing them, and it's impacting patient flow.

我們的睡眠呼吸中止症教育課程目前累計完成約 108,000 次，參與者超過 63,000 位不重複臨床人員。我們一直在追蹤訓練前後，居家睡眠呼吸中止檢測（home sleep apnea tests）的轉介數量，以及正壓呼吸治療（positive airway pressure）的處方數量。很高興看到在訓練之後，這些臨床人員不僅表示他們打算改變臨床作法，他們實際上也真的做出改變，並且正在影響病患流量。

Okay. Our second priority is active portfolio management. On September 1, we closed on the divestiture of our MatrixCare business. We continue to expect this move to accelerate the growth and profitability of our core residential care or RCS business. For fiscal year 2027, we are still planning for our RCS business to deliver high single-digit revenue growth with operating leverage, reflecting both improved mix and execution focus. We're off to a solid start with high single-digit growth, powered by our Brightree and MediFoxDarn product lines. We're also making good early progress integrating our Nidra or restless legs syndrome therapy that we acquired with the company was called Noctrix from the Stanford Biodesign incubator.

好的。我們的第二項優先事項是主動式投資組合管理。9 月 1 日，我們完成了 MatrixCare 業務的剝離（divestiture）。我們仍預期此舉將加速我們核心居家照護（Residential Care，或 RCS）業務的成長與獲利能力。針對 2027 會計年度，我們仍規劃 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。我們以高個位數成長穩健開局，主要由 Brightree 與 MediFoxDarn 產品線帶動。我們也在整合 Nidra（不寧腿症候群治療）方面取得良好的早期進展；該項業務是我們隨同公司（當時名為 Noctrix）自 Stanford Biodesign 孵化器收購而來。

Nidra's commercial footprint is expanding rapidly, albeit from a small base. We're keenly focused on increasing commercial coverage for Nidra and supporting expanded access to this novel noninvasive sleep physician prescribed DME channel delivered VA channel delivered to patients therapy. Prioritizing patient care is also central to our ongoing Astral field safety corrective action.

Nidra 的商業佈局正在快速擴張，儘管基期仍小。我們高度聚焦於提升 Nidra 的商業覆蓋，並支持擴大病患取得這項新型、非侵入式、由睡眠專科醫師開立處方、透過 DME 通路交付、並透過 VA 通路交付至病患的治療。將病患照護置於優先地位，同樣也是我們持續推動 Astral 現場安全矯正行動的核心。

We're responsibly supporting patients, including patient-centric and quality-focused completion of the ongoing action. We also recognize that home care provider customers need to be able to plan for future ventilation needs. That commitment is why we recently announced that we will no longer sell the Astral device. We're focusing all available components to service Astral devices for existing patients with prioritization based on the highest clinical acuity and guided by clinical judgment.

我們以負責任的方式支持病患，包括以病患為中心、以品質為導向地完成這項持續進行的行動。我們也理解居家照護供應商客戶需要能夠規劃未來的通氣需求。基於這項承諾，我們近期宣布將不再銷售 Astral 裝置。我們將把所有可用零組件集中用於為現有病患的 Astral 裝置提供維修服務，並依最高臨床急迫性排序，且以臨床判斷作為指引。

We're going to execute the best recall in the history of life support ventilation. We took $42 million reserve and I've seen the latest data, and it's very good. We're executing very well on that fill safety notice. We intend to keep allocating capital towards our high-growth, high-return opportunities. This allows us to accelerate the expansion of our digital health ecosystem to support continued innovation at scale and to drive strong progress towards successful execution of our 2030 strategy. In addition to investing in our business group continued innovation, partnerships and M&A, we're also maximizing the return of capital to our shareholders.

我們將執行生命支持通氣設備史上最出色的召回。我們提列了 4,200 萬美元準備金；我看過最新數據，表現非常好。我們在該現場安全通知（field safety notice）的執行上進展非常順利。我們打算持續將資本配置到高成長、高報酬的機會上。這使我們能加速擴展數位健康生態系，以支援規模化的持續創新，並強力推進我們 2030 策略的成功落地。除了投資於我們業務集團的持續創新、合作夥伴關係與併購（M&A）之外，我們也在最大化對股東的資本回饋。

During the first quarter, we bought back approximately $936 million of our stock through a combination of open market repurchase and an accelerated share repurchase program using the proceeds from our MatrixCare business divestiture. Together with our dividend, we returned more than $1 billion to our shareholders this quarter. This is a record for ResMed and reflects our conviction that investing in our company is a compelling high return on investment opportunity.

在第一季期間，我們透過公開市場回購與加速股票回購計畫（ASR）的組合，回購了約 9.36 億美元的股票；資金來源為 MatrixCare 業務剝離所得。加上股利，本季我們向股東回饋超過 10 億美元。這是 ResMed 的紀錄，並反映我們的信念：投資本公司是一項具吸引力、投資報酬率很高的機會。

Before I turn the call over to Aaron, I'd like to take this opportunity to thank Ron Taylor, ResMed's current Lead Independent Board Director. He recently announced his retirement after more than 21 years of service. Ron will not stand for reelection at our upcoming Annual General Meeting of Stockholders, which will be held on November 18, 2026. During his tenure, Ron helped guide ResMed's governance and strategy providing thoughtful leadership and independent oversight during a period of significant growth and transformation for the company. Ron's integrity, some judgment and unwavering commitment to our patients, employees and as a representative of shareholders help ResMed stay what it is, which is a strong company, innovating and driving growth.

在我把電話會議交給 Aaron 之前，我想藉此機會感謝 ResMed 現任首席獨立董事（Lead Independent Board Director）Ron Taylor。他近期宣布在服務超過 21 年後退休。Ron 將不會在我們即將於 2026 年 11 月 18 日舉行的股東週年大會（Annual General Meeting of Stockholders）上尋求連任。在其任期內，Ron 協助引導 ResMed 的公司治理與策略，在公司顯著成長與轉型期間提供深思熟慮的領導與獨立監督。Ron 的正直、穩健判斷，以及對病患、員工與作為股東代表的堅定承諾，幫助 ResMed 保持其本色——也就是一家強健的公司，持續創新並推動成長。

My fellow board members and I have appointed Carol Burt to serve as our next Lead Independent Director, effective November 15. Carol has served on ResMed's Board since 2013 and currently chairs the Norman Gov Committee, she is also a member of the Audit Committee as well as the compliance Privacy and Quality Committee. Carol's extensive Board leadership experience, extensive governance experience and extensive health care industry, including payer knowledge position her very well to serve as ResMed's next Lead Director.

我與其他董事會成員已任命 Carol Burt 擔任下一任首席獨立董事，自 11 月 15 日起生效。Carol 自 2013 年起擔任 ResMed 董事會成員，目前擔任提名與公司治理委員會（Nominating & Governance Committee）主席；她同時也是審計委員會，以及合規、隱私與品質委員會的成員。Carol 豐富的董事會領導經驗、深厚的公司治理經驗，以及涵蓋支付方（payer）知識在內的醫療產業經驗，使她非常適任擔任 ResMed 的下一任首席獨立董事。

I look forward to continuing to work closely with Carol and the entire board as we advance our strategy and create long-term value for our shareholders. Let me close with this. ResMed has a tremendous market opportunity, a leading market position, a very strong balance sheet and a strong track record of successful execution. We remain very excited about our 2030 strategy, and we're confident in our five-year outlook that features high single-digit top line revenue growth and bottom line earnings growth that's higher than revenue growth with leverage. We are committed to keep delivering to the benefit of all of our stakeholders and most importantly, for the number 1 stakeholder, our patients.

我期待能持續與 Carol 及全體董事會緊密合作，推進我們的策略並為股東創造長期價值。最後我想以這段話作結。ResMed 擁有龐大的市場機會、領先的市場地位、非常強健的資產負債表，以及成功執行的優良紀錄。我們對 2030 策略仍感到非常振奮，並對未來五年的展望充滿信心：營收（top line）將維持高個位數成長，而盈餘（bottom line）成長在槓桿效應帶動下將高於營收成長。我們承諾將持續交付成果，讓所有利害關係人受益；而最重要的是，為我們的第一號利害關係人——病患——帶來價值。

With that, I'll turn the call over to Aaron to go through a deeper dive into our financials, and then we'll open up the floor for Q&A. Aaron?

接下來，我把電話會議交給 Aaron，請他更深入說明我們的財務狀況，之後我們將開放 Q&A。Aaron？

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the fiscal quarter of for the first quarter of fiscal year 2027, Unless otherwise noted, all comparisons are to the prior year quarter and on a non-GAAP basis and core constant currency terms were applicable. We encourage you to review the updated detailed layout for a reconciliation of the non-GAAP to GAAP numbers in our first quarter earnings press release. We had a good start to our fiscal year 2027.

很好。謝謝你，Mick。今天我的發言將概述我們 2027 會計年度第一季的業績。除非另有說明，所有比較皆以去年同期為基準，並以非 GAAP 口徑以及（適用時）核心固定匯率（core constant currency）基礎呈現。我們建議各位查閱第一季財報新聞稿中更新後的詳細表格，以了解非 GAAP 與 GAAP 數字之間的調節（reconciliation）。我們在 2027 會計年度有個良好的開局。

Total revenue for the first quarter was $1.4 billion, a 6% increase on a reported basis and 7% increase on a core constant currency basis. As a reminder, core constant currency excludes our acquisition of Nidra restless leg syndrome therapy and includes only two months of the MatrixCare revenue in both fiscal years 2026 and 2027. Growth in the quarter reflected solid demand across devices, masks and our remaining RCS business. Non-GAAP earnings per share increased by 14% to $2.91 per share.

第一季總營收為 14 億美元，按報告口徑成長 6%，按核心固定匯率口徑成長 7%。提醒一下，核心固定匯率不包含我們收購的 Nidra 不寧腿症候群治療業務，且在 2026 與 2027 兩個會計年度中，MatrixCare 的營收皆僅納入兩個月。本季成長反映裝置、面罩以及我們保留的 RCS 業務均有穩健需求。非 GAAP 每股盈餘成長 14%，至每股 2.91 美元。

Moving to revenue by business and geography. Starting in the Americas, sleep device revenue increased by 6%. Life support device revenue declined by 94% and masks and other revenue increased by 10%. In the rest of world, sleep device revenue increased by 13%. Life support device revenue declined by 79% and masks and other revenue increased by 11%. The Rest of World sleep device growth in the quarter was supported in part by a fleet refresh in France, which is weighted towards the first half of the fiscal year.

接著看依業務與地理區域劃分的營收。在美洲地區，睡眠裝置營收成長6%。生命支持裝置營收下滑94%，而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滑79%，而面罩及其他營收成長11%。本季世界其他地區睡眠裝置的成長，部分受惠於法國的設備機隊汰換更新，而該更新的出貨比重偏向會計年度上半年。

The total contribution from pricing was minimal this quarter. In the appendix of our earnings presentation, we've provided historical revenue figures for both sleep devices and life support devices. Residential care software revenue declined by 7% in the first quarter on a headline reported basis and increased 5% on a constant currency basis, removing the MatrixCare business that we've now divested, the remaining businesses of RCS, Brightree and MediFoxDan increased by 8%.

本季價格調整帶來的總貢獻很小。在我們財報簡報的附錄中，我們提供了睡眠裝置與生命支持裝置的歷史營收數據。居家照護軟體營收在第一季以表面（headline）報告口徑計算下滑7%，以固定匯率口徑則成長5%；若剔除我們現已出售的MatrixCare業務，RCS其餘業務（Brightree與MediFoxDan）合計成長8%。

Non-GAAP gross margin was 62.5% in the first quarter, up 50 basis points year-over-year. The quarter's results was driven by productivity gains across procurement, manufacturing and distribution, along with favorable product mix, more than offsetting foreign exchange headwinds versus our initial expectations, our Q1 gross margin benefited from the phasing of supply chain expansion investments. primarily related to the continued build-out of our new US facility in Indiana.

第一季非GAAP毛利率為62.5%，年增50個基點。本季表現主要受採購、製造與配送各環節的生產力提升，以及有利的產品組合所帶動，且上述因素不僅抵銷了相較於我們初始預期更不利的匯率逆風；此外，我們第一季毛利率亦受惠於供應鏈擴張投資的時點配置。這主要與我們在印第安納州新建美國廠房的持續擴建相關。

We continue to experience the impacts of inflation, especially in some of our electronic components and expect these impacts to build throughout the remainder of the fiscal year. We are very proud of the work our supply chain team is doing to drive productivity and efficiencies despite the current inflationary environment.

我們仍持續受到通膨影響，尤其是在部分電子元件方面，並預期這些影響將在本會計年度剩餘期間逐步加劇。我們對供應鏈團隊在當前通膨環境下仍能推動生產力與效率提升的工作成果深感自豪。

Moving on to operating expenses. Non-GAAP R&D expenses for the first quarter increased by 16% on a reported basis and 14% on a constant currency basis. R&D expenses were roughly flat sequentially, excluding the impact of MatrixCare. The year-over-year increase was primarily driven by continued investment in our next-generation device and mass platforms. along with expanded development of AI-enabled tools that streamline the patient journey, helping patients start therapy sooner and stay on it longer.

接著談營業費用。第一季非GAAP研發費用以報告口徑年增16%，以固定匯率口徑年增14%。若排除MatrixCare的影響，研發費用與前一季相比大致持平。年增主要來自我們持續投資下一代裝置與大規模（mass）平台。以及擴大開發AI賦能工具，以簡化病患旅程，協助病患更早開始治療並更長時間持續治療。

Non-GAAP SG&A expenses for the first quarter increased by 6% on a reported basis and constant currency basis. The Q1 increase reflected investments we're making to drive growth, including marketing campaigns and by Nidra, partially offset by productivity gains that we're driving in our support functions. As you saw in the earnings release, during the quarter, we recorded restructuring and transformation-related charges of approximately $29 million as well as approximately $10 million of acquisition and divestment related expenses associated with the MatrixCare business.

第一季非GAAP銷售、一般及管理（SG&A）費用以報告口徑及固定匯率口徑均年增6%。第一季的增加反映我們為推動成長所進行的投資，包括行銷活動以及Nidra，部分則被我們在支援職能推動的生產力提升所抵銷。如同你在財報新聞稿中所見，本季我們認列約2,900萬美元的重組與轉型相關費用，以及約1,000萬美元與MatrixCare業務相關的併購與出售費用。

We are embarking on an exciting growth and transformation journey. This quarter, we identified early opportunities to address stranded costs. We'll have more to say on a separate and the benefits we expect to recognize in the coming quarters. Non-GAAP operating margin for the quarter was 35.8%, down 30 basis points year-over-year.

我們正展開一段令人振奮的成長與轉型旅程。本季我們已辨識出一些可及早著手、用以處理閒置成本（stranded costs）的機會。我們將在後續另行說明，以及我們預期在未來幾季可認列的效益。本季非GAAP營業利益率為35.8%，年減30個基點。

Net interest income for the quarter was $16 million, primarily driven by the ongoing benefit from the Singapore net investment hedge. Net other income also reflected a gain of approximately $6 million from our ownership stick in Apnemed as a result of its initial public offering. Our non-GAAP effective tax rate for the first quarter was 21.2%, and compared with 22.3% in the prior year quarter, reflecting a more favorable jurisdiction mix of earnings.

本季淨利息收入為1,600萬美元，主要來自新加坡淨投資避險持續帶來的效益。其他淨收益亦反映我們持有Apnemed股權因其首次公開募股（IPO）而產生約600萬美元的收益。第一季非GAAP有效稅率為21.2%，相較去年同期的22.3%下降，反映獲利來源司法管轄區組合更為有利。

Non-GAAP diluted earnings per share increased by 14% to $2.91, driven primarily by revenue growth, gross margin expansion and a lower diluted share count. This growth was partially offset by an approximate $0.05 headwind from the MatrixCare divestiture and Nidra acquisition as well as an approximate $0.08 headwind related to movements in foreign exchange rates.

非GAAP稀釋後每股盈餘成長14%至2.91美元，主要由營收成長、毛利率擴張以及稀釋後股數下降所帶動。上述成長部分被MatrixCare出售與Nidra收購帶來約0.05美元的不利影響，以及匯率變動帶來約0.08美元的不利影響所抵銷。

Free cash flow for the quarter was $374 million, down year-over-year. primarily driven by higher inventory goals that we have strategically built in light of the external environment and an increase in cash tax prepaids. Between fiscal year 2025 and 2026, we received significant US tax refunds, which were netted against prepaid in the presentation of free cash flow. This quarter represents our expected steady state for prepaids moving forward. We ended the first quarter with a cash balance of approximately $1 billion. During the quarter, our share repurchases totaled $936 million. Along with our dividend, we returned more than $1 billion to our shareholders in Q1, a more than fourfold increase over Q1 fiscal 2026.

本季自由現金流為3.74億美元，較去年同期下降。主要原因是我們因應外部環境而策略性提高庫存目標，以及預繳現金稅款增加。在2025至2026會計年度期間，我們收到可觀的美國退稅，並在自由現金流的呈列中與預繳款項相互抵銷。本季代表我們未來預繳款項的預期穩態水準。第一季期末現金餘額約為10億美元。本季股票回購總額為9.36億美元。連同股利，我們在第一季向股東返還超過10億美元，較2026會計年度第一季增加逾四倍。

Turning to guidance. As a reminder, for fiscal year 2027, we are now providing full year revenue -- or full year guidance for revenue and non-GAAP earnings per share on both a core constant currency and reported basis. We are pleased with our solid start to fiscal year 2027 and are reiterating our full year revenue and earnings per share guidance. We continue to expect year-over-year revenue growth in the range of 5% to 7% on a core constant currency basis. As a reminder, this includes an approximately 130 basis point headwind or around $75 million, stemming from our decision to no longer sell Astral. When excluding the impact of Astral, our core constant currency revenue growth would range from 6.3% to 8.3%.

接著談財測指引。提醒一下，針對2027會計年度，我們現在同時以核心固定匯率口徑與報告口徑，提供全年營收與非GAAP每股盈餘的全年指引。我們對2027會計年度的穩健開局感到滿意，並重申全年營收與每股盈餘指引。我們仍預期以核心固定匯率口徑計算，營收年增幅度介於5%至7%。提醒一下，這包含約130個基點、約7,500萬美元的不利影響，源自我們決定不再銷售Astral。若排除Astral的影響，我們的核心固定匯率營收成長區間將為6.3%至8.3%。

There are several key assumptions underpinning our revenue guidance. First, net price realization as we continue to roll out global pricing increases we discussed last quarter. Second, successful execution and impact from our new marketing campaigns that Mick shared in his remarks. Third, expected back half pressure in our Rest of World sleep devices as the France fleet renewal concludes. And finally, the broader external environment, including the continued impact of inflation on our customers, which we will continue to monitor. Our core constant currency growth includes guidance translates to reported revenue in the range of $5.75 billion to $5.85 billion. This assumes an approximately 60 basis point FX headwind based on rates as of quarter end.

我們的營收指引建立在幾項關鍵假設之上。第一，隨著我們持續推進上季所提到的全球漲價措施，淨價格實現（net price realization）。第二，Mick在談話中分享的新行銷活動之成功執行與其帶來的影響。第三，隨著法國設備機隊更新告一段落，我們預期世界其他地區的睡眠裝置在下半年將面臨壓力。最後，更廣泛的外部環境，包括通膨對客戶的持續影響，我們將持續監測。我們的核心固定匯率成長指引換算為報告口徑營收，區間為57.5億至58.5億美元。此假設以季末匯率計算，約有60個基點的匯率不利影響。

We still 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. Excluding the dilution from the divestiture of the MatrixCare business, and the acquisition of Nidra, guidance implies year-over-year core EPS growth would be in the range of 12% to 14%. For gross margin, we still expect low double-digit basis margin expansion in fiscal year 2027. We may see some variability quarter-to-quarter based on inflationary impacts and timing of our supply chain initiatives and facility expansions. Our expectations for a slight increase in operating margin percentage in fiscal year 2027 remain unchanged.

我們仍預期非GAAP每股盈餘介於12至12.25美元，按報告口徑約年增7%至10%。若排除MatrixCare業務出售與Nidra收購造成的稀釋影響，指引意味著核心EPS年增將介於12%至14%。就毛利率而言，我們仍預期2027會計年度毛利率將有低雙位數基點的擴張。由於通膨影響以及供應鏈計畫與廠房擴建的時點安排，我們可能會看到各季之間出現一些波動。我們對2027會計年度營業利益率百分比小幅上升的預期維持不變。

We are laser focused on achieving operating leverage by driving productivity and efficiency. This will enable us to reinvest back into high growth and high ROI opportunities in both R&D and marketing. In Q1, we made significant progress towards returning more than $1.85 billion to shareholders over the course of fiscal year 2027, including both share repurchases and dividends. This remains our expectation, and we will continue to be opportunistic with our repurchase activity as the year progresses. We still expect capital expenditures in the range of $160 million to $180 million, as we expand and further automate our US and global manufacturing footprint to address the growing demand for our products. While we do not provide quarterly guidance, we would like to share some Q2 trends.

我們高度聚焦於透過提升生產力與效率來實現營運槓桿。這將使我們能夠把資金再投入到研發與行銷中高成長且高投資報酬率（ROI）的機會。在第一季，我們在於2027會計年度期間向股東返還超過18.5億美元（包含股票回購與股利）的目標上取得了顯著進展。這仍是我們的預期，且隨著年度推進，我們將持續把握時機、機動進行回購。我們仍預期資本支出將落在1.6億至1.8億美元區間，因我們正擴張並進一步自動化我們在美國及全球的製造版圖，以因應對我們產品日益成長的需求。雖然我們不提供季度指引，但我們想分享一些第二季的趨勢。

ResMed has historically experienced a mid-single-digit sequential increase in total revenue from fiscal Q1 to Q2, and we expect a similar seasonal pattern to occur this year. excluding the 2 months of MatrixCare revenue that we had in Q1. We expect non-GAAP gross margin percent to be down slightly sequentially as certain expansion-related costs impact us in Q2 rather than in Q1. We also anticipate R&D expenses to be largely flat from Q1 and SG&A expenses to sequentially increase tied to the marketing campaigns Micron earlier. We'll continue to drive operating leverage across our support functions. We also expect net other income to be down roughly $10 million from Q1.

ResMed 過去從會計年度第一季到第二季的總營收，通常會出現中個位數百分比的季增，我們預期今年也會出現類似的季節性型態。（不含我們在第一季所包含的 MatrixCare 兩個月營收。）我們預期非 GAAP 毛利率百分比將較前一季略為下降，因部分與擴張相關的成本會在第二季而非第一季反映。我們也預期研發費用相較第一季大致持平，而 SG&A 費用將因前述行銷活動而呈現季增。我們將持續在各項支援職能推動營運槓桿。我們也預期其他淨收益將較第一季約減少1,000萬美元。

Last quarter, I shared my key priorities, driving sustainable growth supporting continued transformation of ResMed and maximizing return to shareholders. We've made progress on all three in Q1. The marketing campaigns and myAir updates aimed at helping patients start and stay on therapy. Partnerships we've entered into with companies like Eight Sleep and Aura to convert new patients entering into the phone and innovative new product launches such as the AirTouch S4, all support patients in the journeys towards better sweet health. At the same time, we're embracing change inside ResMed and creating a culture of continuous improvement, driving efficiencies, actively managing our portfolio and selectively evaluating M&A opportunities, while leveraging AI and technology to transform and improve productivity.

上季我分享了我的三項關鍵優先事項：推動可持續成長、支持 ResMed 持續轉型，以及最大化股東報酬。我們在第一季於這三方面皆取得進展。相關行銷活動與 myAir 更新，旨在協助患者開始治療並持續遵從治療。我們與 Eight Sleep、Aura 等公司建立的合作夥伴關係，用以轉化新進患者，以及如 AirTouch S4 等創新新產品的推出，皆在患者邁向更佳睡眠健康的旅程中提供支持。同時，我們也在 ResMed 內部擁抱變革並打造持續改善的文化，推動效率提升、積極管理產品組合並選擇性評估併購（M&A）機會，同時運用 AI 與科技來轉型並提升生產力。

We also returned over $1 billion in cash to shareholders this quarter, a more than fourfold increase over last year. Looking forward, we will continue to prioritize reinvestment in the business while maintaining our commitment to the dividend, opportunistic share repurchase and an optimized capital structure.

本季我們也向股東返還了超過10億美元現金，較去年增加逾四倍。展望未來，我們將在維持對股利承諾的同時，持續優先將資金再投入業務，並機動進行股票回購及優化資本結構。

And with that, I will hand the call back over to Shamali.

接下來，我把電話交回給 Shamali。

(Operator Instructions)

（接線員指示）

Chris Cooper, JPMorgan.

Chris Cooper，摩根大通。

Good morning, everyone. Thanks for taking the question. Maybe just perhaps for Aaron, on the gross margin. So you were guiding to a slight contraction year-over-year. You came in somewhere ahead of that with a 50 basis point increase non-GAAP. I know last quarter, you sort of alluded to it there. There was a lot of discussion on pricing. You were keen to emphasize these increases were very modest.

各位早安。謝謝讓我提問。也許先請教 Aaron，關於毛利率。你們原先指引為年對年略為收縮。但實際結果優於此一預期，非 GAAP 毛利率提高了50個基點。我知道上季你們有稍微提到。當時市場對定價有很多討論。你們也特別強調這些漲價幅度非常溫和。

And you also guided us, I think, to think that they don't really begin to benefit the P&L until the second quarter. So just wanted to understand, have these price rises benefited earlier than expected? Or should we think about further benefit building from here through the year? I think at the end there, you said there were some restructuring costs that moved from the first quarter to second quarter. So maybe just a bit more color on what drove that gross margin ahead of expectation, please?

而且我記得你們也引導我們理解，這些漲價對損益表（P&L）的效益要到第二季才會開始顯現。所以我想了解的是：這些漲價是否比預期更早帶來效益？或者我們應該預期從現在起到今年其餘時間，效益會進一步累積？我想你在最後也提到，有一些重整成本從第一季移到第二季。所以能否請你再多補充一些細節，說明是什麼因素讓毛利率優於預期？謝謝。

Hey, Chris. So first, I mean, we have an unbelievable manufacturing and supply chain team. It's obviously in a very dynamic environment out there, and the team just continues to rise to the occasion and perform. It was really incredible to see firsthand a productivity pipeline that continues to build and expand. We have hundreds of specific initiatives, and the team has really done a phenomenal job of building that culture of continuous improvement. Specific to Q1, the margins expanded about 50 basis points. And again, a testament to the productivity gains across the entire manufacturing and supply chain team. we benefited a bit from the continued transition globally to AirSense 11. We talked about a slight FX headwind that we had in the quarter.

嗨，Chris。首先，我們擁有一支非常出色的製造與供應鏈團隊。外部環境顯然非常動態，而團隊持續迎難而上、表現出色。親眼看到生產力專案管線持續建立並擴大，真的令人印象深刻。我們有數百項具體的改善措施，團隊在建立持續改善文化方面做得非常卓越。就第一季而言，毛利率擴張約50個基點。再次證明整個製造與供應鏈團隊在生產力提升上的成果。我們也受益於全球持續轉換至 AirSense 11。我們也提到本季有些微的匯率逆風。

But as mentioned in the prepared remarks, I think the biggest thing kind of that benefited us in Q1 relative to expectations, was just phasing from some of the timing of the supply chain expansion investments. primarily the US build-out of our facility in Indiana, and those costs are now expected in Q2. And so that's the biggest factor. That's about a 30 basis point headwind quarter-over-quarter from Q1 to Q2. Price very much in line with what we expected to begin with. Very, very modest for the full year. And as I mentioned in prepared remarks, really no contribution from pricing in Q1, and we would expect that to build as we progress throughout the year.

但如同在事先準備的講稿中所提，我認為第一季相較預期最大的有利因素，是供應鏈擴張投資在時點上的遞延。主要是我們在美國印第安納州廠房的擴建，而相關成本現在預期會在第二季發生。因此這是最大的因素。這將使第二季相較第一季出現約30個基點的季對季逆風。定價方面完全符合我們一開始的預期。就全年而言幅度非常、非常溫和。如我在準備稿中提到，第一季定價幾乎沒有貢獻，我們預期其影響會隨著年度推進而逐步累積。

David Low, UBS.

David Low，瑞銀。

Thanks very much for taking my question. Could we just talk a little bit about the rest of world. We haven't heard from ResMed much in the past on what happens in some of the other lesser markets. And I see you've called out the front sleep renewals. I could you talk -- give us a little bit of background on that and whether there's any other fleet renewal programs that we should be aware of, please?

非常感謝讓我提問。我們能否稍微談談「世界其他地區」的情況。過去我們較少聽到 ResMed 談及一些較小市場的狀況。我看到你們特別提到了法國的睡眠設備汰換（fleet renewals）。能否請你談談其背景，以及是否還有其他我們應該留意的設備汰換計畫？謝謝。

Yes, David, thanks for the question. Yes, look, Europe, Asia, rest of world, 140-plus countries. So much going on there. But with sleep devices growing in rest of the world, plus 13%. We thought it was very important to call out if we consider globally mid-single-digit growth in our devices, clearly, there are a number of hundreds of basis points above that. And so we wanted to call out what's happening in France. What happens there is there's differentiated reimbursement in France for a cloud-connected seats as a non-cloud donated CPAP.

好的，David，謝謝你的問題。是的，你看，歐洲、亞洲、世界其他地區，涵蓋140多個國家。那裡有很多事情在發生。而世界其他地區的睡眠設備成長達13%以上。我們認為很重要的是：若以全球來看，我們設備業務的成長大約是中個位數，但顯然有一些市場的表現高出數百個基點。因此我們想特別說明法國正在發生的情況。法國的情況是：對於雲端連線設備，相較於非雲端 CPAP，有差異化的給付（reimbursement）。

And when they reach their five-year life cycle, the customers, the distributors there have to renew their fleets to make sure that their patients have the latest in rose technology that they get appropriate reimbursement for the services they provide. And that renewal primarily from AirSense 10, now to AirSense 11 has been ongoing in France for a while. Obviously, that is an S curve a dose for a while, and then it plateaus out. And so we just felt like it was what to call that out.

當設備達到五年的使用週期時，當地的客戶與經銷商必須更新其設備機隊，以確保患者能使用最新的 ResMed 技術，並讓他們所提供服務能獲得適當的給付。而這項汰換主要是從 AirSense 10 轉換到 AirSense 11，且在法國已進行一段時間。顯然，這是一條 S 曲線：先成長一段時間，之後會趨於平緩。因此我們覺得有必要特別提出說明。

And to your question and point, we do have other fleet-based markets like Japan and a few others around the world. And we will, as appropriate, when we see performance like that, call out what the outperformance is, what it looks like and that we normally expect sort of mid-single digit in global device revenue. Thanks for the question, David, and we can go into more details as we see other areas, and we will continue to highlight different countries and different things happening as they become material to the business and to our strategy.

至於你的問題與觀點，我們確實還有其他以設備機隊為主的市場，例如日本以及全球其他少數市場。我們會在適當時機、當我們看到類似的表現時，說明超預期表現的原因、其樣貌，以及我們通常對全球設備營收的中個位數成長預期。謝謝你的提問，David；當我們看到其他地區的情況時，我們也可以再深入說明，並將在其對業務與策略變得重要時，持續強調不同國家與不同事件的進展。

Craig Wong-Pan, RBC Capital Markets.

Craig Wong-Pan，RBC 資本市場。

Thanks, Mick, for outlining all the marketing and partnership initiatives that you're using to drive growth and awareness. I just wanted to understand if they provide much benefit in the quarter to your top line? And when do you think that could provide a meaningful impact?

謝謝你，Mick，說明你們用來推動成長與提升知名度的所有行銷與合作夥伴計畫。我只是想了解，這些在本季對你們的營收（top line）是否帶來很大效益？你認為何時會產生有意義的影響？

Yeah, Craig, it's a great question. And I said this last quarter, I think I've said it every quarter the last number of years, which is we have to fight for growth every quarter. And a lot of that is in not so much top of funnel, which is awareness now around sleep supplications, sleep apnea and how important it is to treat a good sleep and good breathing for good health to lower cardiovascular risk, diabetes risk and sole cell tumor cancer risk, dementia outside and so on. It's middle funnel where somebody has -- is aware from their watch, they're wearable or a pharma company that there's an issue, and they turn up to that primary care physician.

是的，Craig，這是個很好的問題。我上季也說過，我想過去幾年幾乎每一季我都說過：我們每一季都必須為成長而戰。而其中很大一部分不在於漏斗頂端（top of funnel）——也就是目前對睡眠相關議題、睡眠呼吸中止症，以及良好睡眠與良好呼吸對健康的重要性（可降低心血管風險、糖尿病風險，以及某些腫瘤癌症風險、失智等）的認知。真正的重點在漏斗中段（middle funnel）：當有人透過手錶、穿戴裝置或某家藥廠得知自己可能有問題，接著就去看家庭醫師（primary care physician）。

So to your point, we updated the numbers, lots of education happening there. We're tracking premium post that 63,000 unique clinicians in the primary care area, whether that's in NP, PA and or a nurse, making sure that when they see the positive diagnosis, they walk that patient through the education and their pathway to gold standard therapy. So it's very early days.

所以回到你的問題，我們更新了數據，那裡有大量的教育正在進行。我們在追蹤 Premium Post（平台/內容）已觸及 63,000 名基層醫療領域的獨立臨床人員，不論是 NP、PA 或護理師，確保他們在看到陽性診斷時，能帶著病人完成教育並引導其走向黃金標準治療的路徑。所以目前仍是非常早期的階段。

I think on the oral partnership, we're in the tens of thousands just announced. Yes, we have connectivity into Apple Health and Google held through APIs and Epic and Cerner creates a huge ecosystem. But as for driving 0 contributions in Q1, no, not yet. But watch this space throughout this fiscal year, and Aaron talked about this in his sort of what would get us to the 7% will get us to the 5%. That 7% revenue growth, that's about strong execution in our marketing programs and achieving great results.

我想在口腔合作夥伴方面，我們剛宣布的規模已達數萬。是的，我們透過 API 與 Apple Health、Google（Health）以及 Epic、Cerner 連結，形成龐大的生態系。但若問 Q1 是否已帶來貢獻來推動成長？沒有，還沒有。不過請在本財年持續關注；Aaron 也談到過，什麼情況會讓我們達到 7%，什麼情況會是 5%。那個 7% 的營收成長，關鍵在於我們行銷計畫的強力執行並取得很好的成果。

And 5% is if we don't achieve the great results that our pilot trials have shown us. I'm an optimist -- internal optimist, and I a lot of luck you haven't aiming for that. But it's a quarter in, quarter outside and got a lot going. No mature contribution in Q1. But as we look at fiscal year, I hope to be here in 12 months' time talking about some good material contribution from our marketing programs. Anything I miss there, Aaron?

而 5% 則是在我們無法達到試點試驗所顯示的那些優異成果時的情境。我是個樂觀派——內部的樂觀派——而且我很幸運你們沒有把目標訂在那裡。但這才第一季，接下來還有很多事情在推進。Q1 沒有成熟的貢獻。但展望本財年，我希望 12 個月後能在這裡談到我們行銷計畫帶來一些相當可觀的實質貢獻。Aaron，我有漏掉什麼嗎？

There's such an opportunity on the top of the funnel like Mick talked about. And so we're laser focused on these critical investments targeting at the middle of the funnel. And this isn't about growth in a quarter or even a year. This is about creating durable growth that's sustainable over time. But like Mick said, it's going to take some time for some of these programs, the marketing campaigns, the myAir stuff that Nick talked about. It's going to take some time for those to be able to start to contribute.

就像 Mick 提到的，在漏斗頂端其實有很大的機會。因此我們非常聚焦於這些關鍵投資，並把目標鎖定在漏斗中段。這不是關於一季、甚至一年內的成長。這是關於打造可長期維持、可持續的耐久成長。但如 Mick 所說，這些計畫、行銷活動，以及 Nick 提到的 myAir 相關內容，需要一些時間才能開始產生貢獻。它們需要時間才能開始貢獻。

David Rescott, Baird.

David Rescott，Baird。

Great. Congrats on the results. I wanted to ask about the upcoming data, I think we're seeing on the pill form of the GLP-1 drug. And it sounds like there's been a pretty consistent adherence rate and new start rate that you've been calling out every quarter so far. So just wondering if at all, there's anything you're considering in your mind around if or why or why not, there would be a different maybe impact as you think about either the types of patients that could be coming in for the pill forma drug or based on where within which care setting, these patients are tending to come in through both from a headwind, I guess, and then that market expansion or potential that you've talked about in the past perspective.

很好。恭喜你們的成果。我想問一下即將公布的數據，我想我們會看到 GLP-1 藥物的口服錠劑形式（pill form）的相關資料。而且聽起來你們到目前為止每一季都提到相當一致的依從率（adherence rate）與新開始治療率（new start rate）。所以我想了解，你們是否有在思考：為什麼或為什麼不，當你們考量可能因口服 GLP-1 藥物而進來的病患類型，或這些病患通常是透過哪一種照護場域進入時，會帶來不同的影響？我想從逆風（headwind）以及你們過去談過的市場擴張或潛力的角度來看。

Yeah, David, thanks. It's a good question. Quite a nuance question. When you think about the injectable GLP-1s, they've tended to bring in a younger and a more female demographic into primary care physician. And for the goal -- the advertising that the farmer is doing is to bring them in for that injectable. And so when I talked about earlier, our middle funnel work, it's making sure that is educated about gold standard that they know the only way to 100% eliminate appears to create a pneumatic stent, that keeps the tongue of the ubular and all the clinical data that they are sort of -- well, they are obligated to write a script for pain.

是的，David，謝謝。這是個好問題。也是個相當細緻的問題。當你想到注射型 GLP-1，它們往往會把較年輕、且女性比例較高的人口族群帶進基層醫師端。而藥廠所做的廣告目標，就是把他們帶進來接受那種注射治療。所以如我先前提到，我們在漏斗中段的工作，就是確保（醫師端）了解黃金標準治療，並知道要 100% 消除（症狀/阻塞）唯一的方法是形成一個氣動支架（pneumatic stent），讓舌頭與懸雍垂（uvular）保持通暢，以及所有臨床數據；而他們某種程度上——嗯，他們也有義務開立處方。

So as we focus on that, we've actually seen good movement the pill form, if I read the latest from the two major pharma companies in this is bringing in a slightly different demographic. They might be slightly more older and slightly more towards the mail side. But we'll watch that cohort as it comes through. It tends to be that an older and more male cohort is actually easier for us to get that middle of funnel. So -- but then you look at the adherence rates and the effect -- efficacy rates of the pills versus the injectables and they're slightly lower.

因此當我們聚焦在這點時，如果我閱讀兩家主要藥廠最新的資訊，口服錠劑形式其實帶來了略有不同的人口族群。他們可能年齡稍長，且性別上稍微偏向男性。但我們會觀察這個族群進來後的表現。通常年齡較大、男性比例較高的族群，對我們而言在漏斗中段更容易推進。不過再看口服藥相對於注射劑的依從率與效果——療效（efficacy）——口服的略低一些。

So there's sort of puts and takes as we look at this new cohort. I can tell you, we're now up to many millions of patients. I think we're up to 3.1 million patients, 3 million patients in our cohort that we're analyzing here, and we separate by drug type, by injectable, by pill, early days on the pill, but we're not seeing a material change in those data. And as we get a cohort that's big enough to talk about, if there is some material change we'll split it out, and we'll talk about the different cohort. If you're asking me my gut take, I think it will be a slightly more adherent group because it will be slightly older and slightly less female because that's what we've seen over history, but you don't know who it's there.

所以當我們看這個新族群時，會有一些利弊權衡。我可以告訴你，我們現在分析的病患樣本已達數百萬。我想我們的分析隊列（cohort）已到 310 萬、約 300 萬名病患；我們會依藥物類型拆分，分成注射與口服。口服目前仍是早期，但我們尚未在這些數據中看到重大的變化。等到樣本隊列大到足以討論時，如果出現重大變化，我們會把它拆開來，並談不同隊列的差異。如果你問我直覺，我認為這可能會是一個依從性稍高的族群，因為年齡稍長、女性比例稍低——這是我們過去的觀察——但你也無法確定實際會如何。

I do think, though, that the net benefit of bringing someone into the primary care, having someone else pay $150-plus million a year in advertising to bring someone into the funnel is incredible tailwind for us. Our job every quarter is to fight middle of funnel, get that prescription, make it easy to get the homesites, make it easier get the sleep lab test, make it easy to get that prescription and get on therapy. And then once they started therapy, that's when AirView, myAir, all the upgrades we talked about earlier today can maximize adherence. It's a great question, David. Thank you.

不過我確實認為，淨效益在於：把人帶進基層醫療端，且由其他人每年花 1.5 億美元以上做廣告把人帶進漏斗，對我們而言是非常強的順風（tailwind）。我們每一季的工作，就是在漏斗中段努力，拿到處方，讓居家檢測（homesites）更容易取得、讓睡眠實驗室檢測更容易進行、讓處方更容易開立並開始治療。而一旦開始治療，AirView、myAir，以及我們今天稍早談到的所有升級，就能把依從性最大化。這是個很好的問題，David。謝謝你。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc 資本市場。

Hey guys, thank you so much for taking the questions. Just thinking about the quarter and rest of your setup, it seems like you beat pretty nicely versus Street and the quarterly guidance on both revenue growth and EPS, and I know it's just the first quarter of the year, but just curious on the decision to maintain full year guidance since this is a new practice for the company, if there's any thought around like early year conservatism? And if we should maybe be thinking about the higher end of the range as being more likely now versus signaling to the Street that we should really just be lowering the rest of the year numbers commensurate with the 1Q beat.

各位好，非常感謝讓我提問。回頭看本季以及你們接下來的布局，感覺你們在營收成長與 EPS 兩方面都明顯優於市場預期與季度指引；我知道這只是年度的第一季，但我想了解，在這是公司新的做法之下，你們仍決定維持全年指引，背後的考量是什麼？是否有像是年初偏保守的想法？以及我們是否應該把區間上緣視為現在更可能達成，而不是向市場暗示：我們應該把今年剩餘季度的數字，按 1Q 的超預期表現等比例下修？

Hey, Brett, thanks for the question. You are red as early and so just as a reminder, guiding 5% to 7% on a core constant currency basis. We did 7% in Q1. And so obviously, towards the high end of that, we're really pleased at a solid start to the year, but we're 1 quarter in. Just reiterating the guide at this point is prudent. I want to reiterate that the most likely outcome is still the midpoint of our guide and go 5% to 7%. And I did discuss in some of the prepared remarks, some of the more important assumptions that's going to move us towards either the low or the high end of the guide.

嘿，Brett，謝謝你的提問。你提到我們年初表現偏紅（亮眼），所以提醒一下，我們在核心固定匯率基礎上的指引是成長5%到7%。我們在第一季做到了7%。因此很明顯地，接近該區間高端，我們對今年有個穩健的開局感到非常滿意，但目前才過了1個季度。在這個時間點重申指引是審慎的。我想再次強調，最可能的結果仍然是落在我們指引的中點，也就是5%到7%。而我在部分事先準備的發言中也談到了一些更重要的假設，這些假設將會推動我們走向指引區間的低端或高端。

The net price realization as we roll out our price increases around the world. And as I mentioned, that's going to build as we progress throughout the year, but that it's very modest. Second and really importantly is these new marketing campaigns, the middle of the funnel work that we're doing. We have a tremendous opportunity to drive durable, sustainable growth in this middle of the funnel work over time. But as I mentioned a couple of questions ago, that's going to take some time. And so we're monitoring that closely. And obviously, that's going to be more of an H2 type of dynamic.

淨價格實現（net price realization），也就是我們在全球推動漲價時的實際落地效果。如我提到的，這會隨著年度推進而逐步累積，但幅度非常溫和。第二點、而且非常重要的是這些新的行銷活動，也就是我們在漏斗中段（middle of the funnel）所做的工作。隨著時間推移，我們在漏斗中段的工作有很大的機會帶來持久、可持續的成長。但如我在前幾個問題中提到的，這需要一些時間。因此我們正在密切監控。而且很明顯地，這會更偏向下半年（H2）的動態。

The external environment, we're continuing to see inflation not only on us, but on our customers and just the broader macro environment that our channel is facing. And then just from a phasing perspective, it in the call that we are really benefiting in the first half of the year in Rest of World devices, in particular, a really great recap fleet renewal in France. That will be a -- that's a huge tailwind in Q1 as you see the 13% device growth in rest of world. That's going to become a headwind as we go into the back half of the year. So look, we're monitoring all of that really, really closely. And I thought just prudent to reiterate the guide at this point.

外部環境方面，我們持續看到通膨不僅影響我們，也影響我們的客戶，以及我們通路所面臨的更廣泛總體環境。另外就時點（phasing）的角度來看，我們在電話會議中提到，上半年我們在「世界其他地區」（Rest of World）的裝置（devices）上受益很大，特別是法國一個非常好的 Recap 機隊更新（fleet renewal）。如你所見，世界其他地區裝置成長13%，這在第一季是一個巨大的順風。但當我們進入下半年時，這將轉為逆風。所以我們會非常、非常密切地監控所有這些因素。我認為在此時點重申指引是審慎的。

And then just on the earnings side, again, obviously, a really strong beat to start the year, but we're still only one quarter through four quarters in a full year. The team delivered really great productivity. In the first quarter, it's great to see the culture of continuous improvement and extending beyond supply chain down through the rest of the organization as well. But again, it's still early.

再談到獲利端，確實，今年開局我們明顯優於預期（beat），但全年四個季度我們也才走完第一季。團隊交出了非常好的生產力表現。第一季看到持續改善的文化，不僅在供應鏈，也延伸到組織其他部門，這很令人振奮。但同樣地，現在仍然還早。

Obviously, we did have the benefit of Apnimeds. There's some non-op benefit in the earnings per share. We also had a much more weighted share buyback in the first quarter. So we talked about almost $1 billion worth of cash deployed towards share buyback. You saw our Wassa come down quite a bit. And so those are some of the dynamics that drove the strength in the first quarter.

很明顯地，我們也受惠於 Apnimeds。每股盈餘（EPS）中也有一些來自非營運（non-op）的貢獻。此外，我們在第一季進行了更偏重的庫藏股回購。我們談到大約投入了近10億美元的現金用於股票回購。你也看到我們的 Wassa 大幅下降。因此，這些都是推動第一季強勁表現的一些動態因素。

Aaron, thank you so much. Super helpful, appreciate it.

Aaron，非常感謝。非常有幫助，謝謝。

Laura Sutcliffe, Citi.

Laura Sutcliffe，花旗（Citi）。

Hello. Thank you for taking my question. I'd just like to ask about how your portfolio optimization process is going, if I can. Do you see an abundance of opportunities out there at the moment that fit with the target deals as you've spoken to previously, your areas of focus, maybe your distribution channels. In your opinion, do tend to see what you think is outback?

你好。謝謝讓我提問。如果可以的話，我想問一下你們的投資組合優化（portfolio optimization）流程進展如何。你們目前是否看到大量符合你們先前提到的目標交易、聚焦領域，或許也包括你們的分銷通路的機會？以你的看法，你是否傾向於看到你認為是 outback 的情況？

Laura, it's a great question. And obviously, Yes, we've talked about back in acquisitions in that sort of sub-$500 million range, sort of $100 million to $500 million. And you saw last quarter that we closed on an amazing product need. And just having that sales team come into our headquarters in San Diego and meet with that team to see the passion they have as a startup, it really felt to me like sort of ResMed 1994, just pre-our IPO, you've got an incredibly fast growth opportunity, a huge market potential and just so excited about that Nidra product and what we can do for the 400 million plus people worldwide with restless leg syndrome. But right now, let's focus on the $17 million in the United States and the reimbursement and get market access and really make that work in its first market. So early days on Nidra were very excited.

Laura，這是個很好的問題。很明顯地，是的，我們談過回到那種5億美元以下的併購，也就是大約1億到5億美元的區間。你也看到上個季度我們完成了一項很棒的產品需求（product need）。而且讓那個銷售團隊來到我們聖地牙哥總部，與團隊見面，看到他們作為新創的熱情，對我來說真的很像1994年的 ResMed、也就是我們IPO之前：你有一個極快的成長機會、巨大的市場潛力，我們對 Nidra 這個產品以及我們能為全球4億多名不寧腿症候群（restless leg syndrome）患者做的事情感到非常興奮。但眼下，我們先聚焦在美國的1,700萬人，以及報銷（reimbursement）、取得市場准入（market access），並讓它在第一個市場真正跑起來。所以 Nidra 還在早期階段，我們非常興奮。

Yes. Look, we don't talk about the pipeline. I can tell you that we have Nardi stakes in a number of companies that we think could become future bright trees, future ambiance, future natures, future snaps. And as those come to the right point where we say, actually now ResMed's the best owner of that asset. It strategically fits with our sleep and breathing portfolio. it pencils out in the numbers in net present value, but also in how it's going to contribute in terms of accretion and growth in top line and gross margin, ultimately, EPS. And then thirdly, that there's a cultural fit, that this is a cultural add to ResMed. It stretches us and takes us to the right direction that has all the foundations around honesty, integrity, cybersecurity and privacy and so on. And so early days in this.

是的。你看，我們不談管線（pipeline）。我可以告訴你，我們在多家公司持有 Nardi 的股權（stakes），我們認為它們未來可能成為 future bright trees、future ambiance、future natures、future snaps。當它們發展到合適的時間點，我們會說：其實現在 ResMed 是這項資產的最佳擁有者。它在策略上與我們的睡眠與呼吸產品組合相契合。在數字上也算得過來（pencils out），不僅是淨現值（net present value），也包括它將如何在增厚（accretion）與成長方面貢獻營收（top line）與毛利率，最終反映到每股盈餘（EPS）。第三，還要有文化契合度，能為 ResMed 的文化加分。它會拉伸我們、帶我們往正確方向前進，並且具備誠實、正直、資安（cybersecurity）與隱私等各項基礎。所以這些都還在早期階段。

There's a number of candidates that we look at out there, but the money that we have is not burning a hole in our pocket. We want to return it to shareholders. We want to invest in R&D primarily for growth. We're a product-led company. And we want to do appropriate marketing as we talk about in middle of funnel to make sure people who get aware into the system get through. So nothing to announce right now. And as we find more Nitras, we'll talk about them and bring them into market.

我們確實在外面看了不少候選標的，但我們手上的資金並不是燙手山芋、非花不可。我們希望把資金回饋給股東。我們希望主要投資在研發（R&D）以推動成長。我們是一家以產品為導向（product-led）的公司。而且我們也希望如同我們談到的漏斗中段，做適當的行銷，確保進入系統、被喚起認知的人能夠順利往下轉化。所以目前沒有任何可宣布的事項。當我們找到更多像 Nidra 這樣的機會時，我們會談到它們並把它們帶入市場。

And -- but we're actively looking an amazing portfolio. We have an incredible strategy team has their fingers in a lot of pies irons and a lot of fires and we'll talk about them as they come through it. But again, I'll reiterate, it's tuck-in acquitions, sub-$500 million, and it's things that align strategically for us, and we're the best owner asset. Thanks for the question, Laura.

而且——我們正在積極尋找一個很棒的投資組合。我們有一支非常出色的策略團隊，手上同時在推進很多事情、很多機會，我們會在它們成熟時再對外說明。但我再重申一次：我們聚焦的是補強型併購（tuck-in acquisitions）、5億美元以下，且在策略上與我們一致、並且我們是該資產的最佳擁有者。謝謝你的提問，Laura。

Anthony Petrone, Mizuho Group.

Anthony Petrone，瑞穗集團（Mizuho Group）。

Thanks and congrats here on a strong start to the year. Maybe Mick, just a little bit on the US competitive landscape. I know it's been a topic for quite some time here. You have Rathelthin, and certainly, there's chatter there that Philips may come back. But if we have a more robust competitive land in the US What is the strategy from ResMed to defend its market share position? Can the company really maintain its growth trajectory even if the landscape shifts a bit?

謝謝，也恭喜今年有個強勁的開局。也許 Mick，想再請教一下美國的競爭態勢。我知道這段時間以來一直是個話題。你們有 Rathelthin，而且當然也有一些傳聞說 Philips 可能會回歸。但如果美國市場出現更激烈的競爭格局，ResMed 的策略是什麼，以捍衛其市占率地位？即使競爭環境有些變化，公司真的還能維持其成長軌跡嗎？

Yeah, Anthony, it's a great question. And I'll start with this and we love competition. It's amazing in all 143 countries worldwide, we have full competition in devices, mass, software, accessories, all across the planet there. And within the US market, incredible competition from every player in masks, and I look forward to the day where every player in devices as well because we love being competitors no matter where it is. Look, particularly as we think about our market share, yes, absolutely, we can defend our market share. We can even grow our market share in masks and devices in some of the countries.

是的，Anthony，這是個很好的問題。我先從這點開始：我們喜歡競爭。很驚人的是，在全球 143 個國家，我們在裝置、面罩、大眾市場、軟體、配件等各方面都面臨全面競爭，遍及全球。而在美國市場，每一家廠商在面罩領域都有激烈競爭；我也期待有一天在裝置領域同樣如此，因為無論在哪裡，我們都喜歡當競爭者。你看，特別是談到我們的市占率，是的，絕對，我們能守住市占。我們甚至能在某些國家的面罩與裝置上擴大市占。

And -- but I really don't look back at the competition and think, what are those -- what's our company? And at what are they looking for? I look forward. But in terms of what we've created, we've created an ecosystem. If you think about what I talked earlier about driving adherence up with our fabrics technology, that's great. And it's IP and it's hard to keep up with in that space that's full open competition. But the advances we made in my ear that drive adherence rates up to 87%.

而且——但我其實不太會回頭看競爭對手，去想：那些——我們公司是什麼？以及他們在尋找什麼？我會往前看。但就我們所打造的而言，我們打造了一個生態系。如果你回想我先前提到，透過我們的布料技術來提升治療依從性，那很棒。那是智慧財產（IP），而且在那個完全開放競爭的領域裡很難追上。但我們在 myAir 上所做的進步，讓依從率提升到 87%。

The advances we've made in upgrading the capability for doctors to get access in their own EHR system, whether it's Epic or Cerner or Allscripts, however they want the data, wherever they want the data they get it. And so 60%, 65% plus of sleep doctors write prescription, branded prescriptions for a device. They might write ResMed on the script, they might write AirSense 11 on the script, but they might also just write our view our software on it. And it's an incredible ecosystem that provides lower cost for the HME, lowest labor costs have set up and incredible value for the doctor that those 12 minutes they spend the patient once a year are much more valuable because all the data they've already got through the digital. So that's what's created the value. That's what's created incredible competitive nature out there.

我們在升級能力方面也有進展，讓醫師能在他們自己的 EHR 系統中取得資料，不論是 Epic、Cerner 或 Allscripts；不管他們想要資料以何種形式、放在哪裡，他們都能取得。因此，有 60%、65% 以上的睡眠科醫師在開立處方時，會開立品牌裝置的處方。他們可能在處方上寫 ResMed，可能寫 AirSense 11，但也可能只在上面寫我們的 View、我們的軟體。這是一個非常強大的生態系：為 HME 提供更低成本、最低的人力成本來完成設定；也為醫師帶來極高價值，因為他們一年只花 12 分鐘看一次病人，但由於先前已透過數位化取得所有資料，那 12 分鐘就更有價值。這就是價值的來源。這也造就了外部非常強的競爭態勢。

But I love the competition. I love the players coming there. We're not only going to defend our share. We're going to grow our share. But more important than that, we're going to grow the market. And we're going to find a way to get more patients in that top of funnel and leverage the work of consumer tech and big pharma to make sure middle of funnel, we maximize, if you know you suffocate. If you've got a prescription, we want to make it seamless and frictionless to start that therapy, and most importantly, stay on that therapy, not just at day 90, but day 365, year two, our three year four for life.

但我喜歡競爭。我喜歡這些玩家進來。我們不只會守住市占。我們會擴大市占。但更重要的是，我們要把市場做大。我們會想辦法在漏斗頂端導入更多病患，並善用消費性科技與大型藥廠的努力，確保在漏斗中段我們把握最大化：如果你知道你會窒息。如果你已經拿到處方，我們希望能讓你無縫、低摩擦地開始治療；而最重要的是持續治療，不只是第 90 天，而是第 365 天、第二年、第三年、第四年，終身如此。

I would also add the work that we're doing and some of the things Mick talked about related to myAir. And so how do we, beyond just grow the existing installed base, but how do we make sure that we're ensuring that all of our -- the millions of patients that use our device every single night to help them sleep are getting the appropriate new masks tubs, tubes throughout the year. And some of these grades that we're starting to implement with myAir, we think can have a meaningful impact on our resupply program over time.

我也想補充我們正在做的工作，以及 Mick 提到的一些與 myAir 相關的事情。也就是說，我們如何不僅擴大既有的裝機基礎（installed base），還要確保我們的——數百萬名每晚使用我們裝置來幫助睡眠的病患——在一年當中都能獲得適當的新面罩、接頭（tubs）、管路（tubes）等耗材。我們開始在 myAir 上導入的一些分級（grades）機制，我們認為隨時間推進，能對我們的補給/補貨（resupply）計畫產生實質影響。

Davin Thillainathan, Goldman Sachs.

Davin Thillainathan，高盛。

Good morning, Nick, Aaron and Shelly. I appreciate the comments. A question on your mask franchise. I guess I'm trying to understand the success of the investment into your fabric range. Clearly, you've launched another product there, which I believe is in the full face category, which is an attractive size. Could you give us a sense of how that range is going, please, whether a mix of your mask sales or even just on your market share, just to give us a sense of the momentum there?

早安，Nick、Aaron 和 Shelly。感謝你們的評論。我有一個關於你們面罩業務（mask franchise） 的問題。我想了解你們在布料系列上的投資成效。很明顯你們在那裡又推出了另一個產品，我相信是在全罩式（full face）類別，這個市場規模很有吸引力。能否請你們談談這個系列目前的進展，例如在你們面罩銷售組合中的占比，或甚至在市占率上的表現，讓我們了解一下目前的動能？

Yeah, Davin, it's a great question. And I got to tell you, having watched 7 years of the development of the fabrics technology and experimentation of our primarily Singapore-based fabrics engineering fabrics design team to brought those first masks to market like the AirTouch N30i and now to have the AirTouch F40 in play. We've now got real-world data to show a 6% increase in adherence for those first launched now 12, 18 months in market marks. And so this isn't just about look sexy.

是的，Davin，這是個很好的問題。我得說，過去 7 年我一路看著布料技術的開發，以及我們主要位於新加坡的布料工程與布料設計團隊所做的各種實驗，將像 AirTouch N30i 這樣的第一批面罩推向市場，而現在 AirTouch F40 也已經加入陣容。我們現在已有真實世界數據（real-world data）顯示：對於最早推出、目前已上市 12 到 18 個月的那些面罩，依從性提升了 6%。所以這不只是看起來性感而已。

It looks great, feels comfortable that first fit, which it does. And the HMEs love it, and the patients love it. They say, I'm choosing rest mat, I'm choosing the fabric. That's great because first time fit does map. First time failure is a big issue for many of our competitors. They have these masks that try to look like or they just don't fit the patient rejects them immediately.

它看起來很棒、第一次配戴就很舒適——而且確實如此。HME 喜歡它，病患也喜歡它。他們會說：我選 ResMed，我選布料款。這很棒，因為第一次配戴的貼合度很重要。第一次配戴失敗對許多競爭對手來說是個大問題。他們有些面罩要嘛試著看起來像——要嘛就是不合，病患立刻就拒絕使用。

But ours, they don't only like them immediately. Day 90, we're getting 6% higher adherence. And we'll produce more and more real-world evidence to show, I think that will be sustainable over time. I think the delta of a fabric mass versus a silicone equivalent will play out in all the areas. As you said, F40, it's an or nasal breather. It's up 30% of people breathe through their mouth at night. They need the pneumatic stent to cover both the oral and nasal parts of the body.

但我們的產品不只是病患一開始就喜歡。到了第 90 天，我們看到依從性高出 6%。我們也會產出越來越多的真實世界證據來證明，我認為這種優勢能隨時間持續。我認為布料面罩相對於矽膠同類產品的差異（delta），會在各個面向逐步展現。如你所說，F40 是——口呼吸或鼻呼吸者都適用。大約有 30% 的人晚上會用嘴巴呼吸。他們需要氣動支撐（pneumatic stent）來同時覆蓋口腔與鼻腔部位。

And what's great about that, Yes, it's a high-margin, high-growth area. But more important than that, if we can get fabric, which we can now to form a feel that moves with you all night. If you heard my prep marks, I talked about the contour and moving. Every person moves and tosses and turns at night unconsciously. So the body doesn't get cirrhosis and issues with muscles and so on. That movement can hurt. If your mask isn't good, it can come off and just serve the bed partner and not give therapy to you. This math feels comfortable to start moves with you all night and drives higher adherence on the former fabric mask.

而這點很棒：是的，這是一個高毛利、高成長的領域。但更重要的是，如果我們能用布料——而我們現在做得到——做出一種能整晚隨你移動的貼合與觸感。如果你聽到我先前的準備稿，我談到輪廓貼合與移動。每個人晚上都會在無意識中翻身、轉動。這樣身體才不會出現肝硬化（cirrhosis）以及肌肉等方面的問題。那種移動可能會造成困擾。如果你的面罩不好，可能會脫落，結果只是在「服務」同床伴侶，卻沒有對你提供治療。這款面罩一開始就舒適，整晚隨你移動，並在先前的布料面罩基礎上帶來更高的依從性。

So early days with AirTouch F40, there'll be more fabric masks to come with two or three in, and I just love the fact that ResMed is again doing a game-changing technology with IP, but more importantly, manufacturing capability that others can't touch and scale and distribution that others can't touch. Excited about AirTouch F40 early days, launched this week but we'll give you updates as we go throughout the fiscal year on the whole range of fabric masks.

所以 AirTouch F40 還在早期階段，接下來還會有更多布料面罩推出，可能再有兩到三款；我也很喜歡 ResMed 再次做出具顛覆性的技術，擁有 IP，但更重要的是，還具備其他人無法企及的製造能力、規模化能力與通路/配送能力。對 AirTouch F40 的早期表現感到興奮，本週剛上市；我們也會在整個會計年度中，隨著進展就布料面罩全系列持續向各位更新。

Dan Hurren, MST.

Dan Hurren，MST。

Good morning, everyone, thanks very much. I was wondering about the US manufacturing initiative just in terms of capacity and unit cost versus the legacy capacity, what sort of drag will be on gross margin during ramp-up and then at scale?

各位早安，非常感謝。我想請教美國製造計畫，就產能與單位成本相較於既有產能而言，在爬坡期間以及達到規模化之後，對毛利率會造成多大的拖累？

Yes, Dan, it's a great question. And what we look at and how we're looking at this is from all our supply chain work that we did during COVID, during the semiconductor crisis, the supply chain crisis. found out -- I know this is a known event we talked about it publicly in 2022. We rented 777 jet from Air Canada, we could get ventilators over when FedEx and all those were shutting down, and we just need to get product to our biggest volume market. And it was devices, masks and vents.

是的，Dan，這是個很好的問題。我們的看法以及我們如何看待這件事，是基於我們在 COVID 期間、半導體危機期間、供應鏈危機期間所做的所有供應鏈工作。我們發現——我知道這是我們在 2022 年公開談過的已知事件。我們向加拿大航空租了一架 777 噴射機，當 FedEx 和其他業者都在停擺時，我們仍能把呼吸器運過來，我們必須把產品送到我們最大量的市場。而那些是設備、口罩與呼吸器。

And so we never want to be in a position like that. No matter what happens with fortifies supply chain. Our biggest volume market is the US, and we need to have local manufacturing there. So we made that plans and we've been putting those in place, and we now have aligned to make AirSense 11 in Atlanta, Georgia. We have masks and cushion accessories and motors that we can make in Calabasas, and we're expanding our distribution in Indiana, so we can get the stuff to people within 48 hours around North America. And so these investments are good.

因此我們絕不希望再處於那樣的處境。無論發生什麼事，都要強化供應鏈。我們最大量的市場是美國，我們需要在當地設有製造能力。所以我們制定了這些計畫並持續落實，目前也已對齊在喬治亞州亞特蘭大生產 AirSense 11。我們在卡拉巴薩斯可以生產面罩與墊片配件以及馬達，我們也正在擴充印第安納州的配送能力，讓我們能在北美 48 小時內把產品送到使用者手上。因此這些投資是好的。

Aaron talked in prepared remarks, he can make some comments now around the investments of those and how we account for those in our books. But I can tell you, I look at the delivered landed provided cost and we want to make it equal. We've got a lot of robotics. We've got a lot of automation and we can get parts and pieces in and make product in Atlanta so that it's delivered to a customer in the US at the same delivered cost as something that we're transporting by or freight or sea freight on our volume manufacturing in Singapore.

Aaron 在事先準備的發言中談到過，他現在也可以就這些投資以及我們如何在帳上處理做一些補充。但我可以告訴你，我看的是交付到岸的總成本（delivered landed provided cost），我們希望把它做到相同。我們有大量機器人。我們有大量自動化，我們可以把零組件運進來並在亞特蘭大製造產品，讓交付給美國客戶的到貨成本，與我們在新加坡量產、再透過空運或海運運輸過來的到貨成本相同。

So that's what we're aiming for. The supply chain team has got the numbers we're ramping up and we're ready. It also provides us incredible flexibility and capability, not just with supply chain perturbations or tariff perturbations or whatever might happen in the world ResMed will be able to make sure everyone in 140 countries get the product they need at the right time and at the right cost so that we can keep our P&L and balance sheet together as well. Aaron, what did I miss on that?

這就是我們的目標。供應鏈團隊已掌握相關數據，我們正在爬坡並已準備就緒。這也為我們帶來驚人的彈性與能力，不僅是面對供應鏈擾動、關稅擾動或世界上可能發生的任何事情，ResMed 都能確保 140 個國家的每個人都能在正確的時間、以正確的成本取得所需產品，讓我們也能維持損益表與資產負債表的穩健。Aaron，我還漏了什麼嗎？

You hit the key thing, which is that over time, we expect to be able to deliver a similar landed cost in the US than what we would get importing. Obviously, there's start-up costs. We talk about that, for example, with the Indiana distribution center, and we'll experience some of those start-up costs in Q2 and Q3. Under utilization, right, as you continue to expand. But it's a great problem to have. We have an ever-growing increased demand for our products globally, and we have the opportunity to be able to bring manufacturing closer to where the customer is, and that's what we're looking to do.

你點出了關鍵，也就是隨著時間推進，我們預期在美國的到岸成本可以做到與進口相近。當然，會有啟動成本。我們有談到這點，例如印第安納配送中心，我們會在第二季與第三季承擔部分啟動成本。產能利用率不足，對吧，因為你持續擴張。但這是個很好的問題，代表我們有成長。我們的產品在全球需求持續增加，我們也有機會把製造更靠近客戶所在地，這正是我們要做的。

And we are now at the 60-minute mark, so I will turn the call back to Mick Farrell for closing remarks.

我們現在已到 60 分鐘的時間點，因此我會把電話會議交回 Mick Farrell 做結語。

Thank you, Shamali, and thank you to all of our stakeholders for joining us on the call today, particularly our long-term shareholders. On behalf of approximately 11,000 ResMedians serving people in 144 countries worldwide. I'm pleased we're able to deliver another strong quarter here in Q1 and we'll continue to build value for all of our stakeholders. We look forward to speaking with many of you over the coming days and weeks in more detail, and I'll turn the call back to Salli to close this out.

謝謝你，Shamali，也謝謝所有利害關係人今天加入我們的電話會議，特別是我們的長期股東。我代表約 11,000 名在全球 144 個國家服務人們的 ResMed 團隊成員。我很高興我們在第一季又交出一個強勁的季度表現，並將持續為所有利害關係人創造價值。我們期待在接下來幾天與幾週內，與各位中的許多人進一步更詳細交流，接著我把電話會議交回 Salli 來結束。

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

好的。謝謝你，Mick。我也呼應 Mick，謝謝各位。我們感謝各位的時間與關注。如果您還有任何其他問題，請隨時直接聯絡 investorrelations@resmed.com。Shamali，現在可以結束電話會議了。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的電話會議到此結束，您現在可以掛斷電話線。感謝各位的參與。