瑞思邁 (RMD) 2022 Q3 法說會逐字稿

Hello, and welcome to the Q3 Fiscal Year 2022 ResMed Earnings Conference Call. My name is Kevin, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to Amy Wakeham, Vice President of Investor Relations and Corporate Communications. Amy, you may begin.

您好，歡迎參加 2022 財年第三季度 ResMed 收益電話會議。我的名字是凱文，今天我將擔任您的接線員。 （操作員說明）請注意，本次會議正在錄製中。我現在將把電話轉給投資者關係和企業傳播副總裁 Amy Wakeham。艾米，你可以開始了。

Great. Thank you, Kevin. Hi, everyone, and welcome to ResMed's Third Quarter Fiscal Year 2022 Earnings Conference Call. We appreciate you joining us. This call is being webcast live and the replay will be available on the Investor Relations section of our corporate website later today, along with a copy of our earnings press release and presentation, which are both available now.

偉大的。謝謝你，凱文。大家好，歡迎參加 ResMed 2022 財年第三季度收益電話會議。我們感謝您加入我們。本次電話會議正在進行網絡直播，今天晚些時候將在我們公司網站的投資者關係部分提供重播，以及我們的收益新聞稿和演示文稿的副本，現在都可以使用。

With me on the call today are ResMed's Chief Executive Officer, Mick Farrell; and Chief Financial Officer, Brett Sandercock. During the Q&A portion of our call, Mick and Brett will be joined by Rob Douglas, President and Chief Operating Officer; Jim Hollingshead, President, Sleep and Respiratory Care; and David Pendarvis, our Chief Administrative Officer and Global General Counsel.

今天與我通話的是瑞思邁的首席執行官 Mick Farrell；和首席財務官布雷特·桑德科克。在我們電話的問答環節，總裁兼首席運營官 Rob Douglas 將加入 Mick 和 Brett； Jim Hollingshead，睡眠和呼吸護理總裁；以及我們的首席行政官兼全球總法律顧問 David Pendarvis。

During today's call, we will discuss several non-GAAP measures. For a reconciliation of these non-GAAP measures, please review the supporting schedules in today's earnings release or the appendix of the earnings presentation.

在今天的電話會議中，我們將討論一些非公認會計原則的措施。有關這些非公認會計原則措施的對賬，請查看今天的收益發布或收益演示文稿的附錄中的支持時間表。

As a reminder, our discussion today will include forward-looking statements, including, but not limited to, expectations about our future operating and financial performance. We believe these statements are based on reasonable assumptions, however, our actual results may differ. You are encouraged to review our SEC filings for a discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements that are made today.

提醒一下，我們今天的討論將包括前瞻性陳述，包括但不限於對我們未來運營和財務業績的預期。我們相信這些陳述是基於合理的假設，但是，我們的實際結果可能會有所不同。我們鼓勵您查看我們提交給 SEC 的文件，以討論可能導致我們的實際結果與今天做出的任何前瞻性陳述產生重大差異的風險因素。

I'd like to now turn the conference call over to Mick.

我現在想把電話會議交給米克。

Thanks, Amy, and thank you to all of our shareholders for joining us today as we review results for the third quarter of our fiscal year 2022 ended March 31.

謝謝，艾米，並感謝我們所有的股東今天加入我們，我們審查了截至 3 月 31 日的 2022 財年第三季度的業績。

Our third quarter results reflect strong performance across our business with double-digit revenue growth in our Sleep and Respiratory Care business and high single-digit growth in our Software-as-a-Service segment. Our growth is the direct result of our global team's ability to pivot and drive for results, even as we continue to manage through several external challenges that are impacting our business, including: one, ongoing supply chain disruptions; two, COVID restrictions in parts of the world; three, recovering post-COVID peak patient flows; and four, unprecedented demand from a competitor recall, which will keep them out of the market at least through the end of the calendar year.

我們的第三季度業績反映了我們整個業務的強勁表現，我們的睡眠和呼吸護理業務實現了兩位數的收入增長，我們的軟件即服務部門實現了高個位數的增長。我們的增長是我們的全球團隊能夠轉向和推動結果的直接結果，即使我們繼續應對影響我們業務的若干外部挑戰，包括：一，持續的供應鏈中斷；二、世界部分地區的COVID限制；三、恢復後COVID高峰患者流量；第四，競爭對手召回的空前需求，這將使他們至少在日曆年年底之前退出市場。

The global supply chain environment remains very challenging across multiple industries. I'm very proud of our team, growing double digits this quarter year-on-year with an astounding 30% growth this quarter for devices in U.S., Canada, and Latin America. Even with this incredible growth, the demand in the market was even greater.

跨多個行業的全球供應鏈環境仍然非常具有挑戰性。我為我們的團隊感到非常自豪，本季度同比增長兩位數，本季度美國、加拿大和拉丁美洲的設備增長了驚人的 30%。即使有了這種令人難以置信的增長，市場的需求也更大。

As with almost all customers in the global components industry, we remain on allocation from our suppliers, particularly for electronic components with our #1 bottleneck being semiconductor chips. This allocation impacts our ability to meet the incredible demand that we see in our marketplace, and we are forced, in turn, to allocate ResMed products to our customers. We have established guiding principles for allocation, giving priority to [the production and delivery of devices to the] (added by company after the call) highest acuity patients first.

與全球組件行業的幾乎所有客戶一樣，我們仍然從供應商那裡獲得分配，特別是對於我們的#1瓶頸是半導體芯片的電子組件。這種分配影響了我們滿足我們在市場上看到的令人難以置信的需求的能力，反過來，我們被迫將 ResMed 產品分配給我們的客戶。我們制定了分配的指導原則，將[設備的生產和交付給]（由公司在電話後添加）優先考慮最高敏銳度的患者。

Additionally, the ongoing challenges of sea freight and air freight due to reduced availability and increased prices are impacting our ability to efficiently get components into, and finished goods out of, our factories worldwide. We are working closely with our global supply chain partners doing everything that we can to secure additional supply to further increase production of our devices.

此外，由於可用性降低和價格上漲，海運和空運面臨的持續挑戰正在影響我們有效地將組件進出我們全球工廠的能力。我們正在與我們的全球供應鏈合作夥伴密切合作，盡我們所能確保額外的供應，以進一步增加我們設備的產量。

This work includes a combination of a number of work streams: one, shoring up the flow of existing parts from existing suppliers; two, establishing flow of existing parts from new suppliers; three, validating new parts from existing suppliers; and four, validating and verifying new parts from new suppliers, as we review and redesign across key devices in our portfolio. In addition, we have a fifth line of work. So it's 5 lines of work, and that fifth line is reengineering designs to eliminate and/or mitigate the top bottlenecks to achieve greater flow through our supply chain.

這項工作包括多個工作流的組合：一，支撐現有供應商的現有零件流；二，建立來自新供應商的現有零件流；三、驗證現有供應商的新零件；第四，在我們審查和重新設計我們產品組合中的關鍵設備時，驗證和驗證來自新供應商的新部件。此外，我們還有第五條工作線。所以這是 5 條工作線，第五條線是重新設計設計，以消除和/或緩解最重要的瓶頸，以實現更大的供應鏈流動。

The most significant example of a project in this fifth line of work is our newly released AirSense 10 card-to-cloud device. This device eliminates the #1 bottleneck of the 3G, 4G comms chip while facilitating secure data upload to our cloud-based software platform called AirView, so that providers and physicians can access the data and better manage the patient.

這第五條工作中最重要的項目示例是我們新發布的 AirSense 10 卡到雲設備。該設備消除了 3G、4G 通信芯片的 #1 瓶頸，同時促進將數據安全上傳到我們名為 AirView 的基於雲的軟件平台，以便提供者和醫生可以訪問數據並更好地管理患者。

We've already begun to offer AirSense 10 card-to-cloud devices in select markets to some customers, and we will be ramping up from there. With these 5 lines of work continuing in parallel, we have been able to offset some of the impact of continuing component shortages and decommits to help us better support patients, providers and physicians.

我們已經開始在特定市場向一些客戶提供 AirSense 10 卡到雲設備，我們將從那裡開始增加。隨著這 5 條工作的並行繼續，我們已經能夠抵消持續的組件短缺和退役的一些影響，以幫助我們更好地支持患者、提供者和醫生。

We recognize that this is a very difficult situation for all of our customers, including physicians who feel the pressure from their patients, home medical equipment providers who see this every day in their businesses, but also payers and entire healthcare systems and especially the most important customer, the patient themselves. We are partnering across the industry to be the solutions provider to these problems.

我們認識到，這對我們所有的客戶來說都是一個非常困難的局面，包括感受到患者壓力的醫生、每天在業務中看到這種情況的家庭醫療設備供應商，還有付款人和整個醫療保健系統，尤其是最重要的客戶，患者自己。我們正在與整個行業合作，成為這些問題的解決方案提供商。

We expect a significant backlog of patients diagnosed and coming through the system to be present for at least the next 12 to 18 months with incredible associated demand. We are working to address this demand with this portfolio of supply projects and beyond. And we will get through this time stronger than ever as an industry and as a company.

我們預計，至少在接下來的 12 到 18 個月內，大量積壓的確診患者並通過該系統出現，相關需求令人難以置信。我們正在努力通過這個供應項目組合及其他項目來滿足這一需求。作為一個行業和一家公司，我們將比以往任何時候都更強大地度過這段時間。

Our #1 priority will always be patients, doing our best to help those who suffer from sleep apnea, chronic obstructive pulmonary disease, asthma and other key chronic respiratory insufficiency diseases, as well as those who benefit from our out of the hospital care Software-as-a-Service solutions. Our goal is to ensure that every person gets the care that they need, where they need it and when they need it.

我們的第一要務永遠是患者，盡最大努力幫助那些患有睡眠呼吸暫停、慢性阻塞性肺病、哮喘和其他主要慢性呼吸功能不全疾病的人，以及那些從我們的出院護理軟件中受益的人-即服務解決方案。我們的目標是確保每個人在需要的地點和時間都能獲得所需的護理。

Let's now briefly discuss the other broad market conditions in our industry. We continue to see steady ongoing recovery of patient flow and demand through the diagnostic channel across the countries that we operate in. In fact, many countries are above 100% of pre-COVID levels of patient flow. However, ongoing surges, variants and government restrictions continue to impact a few countries, which remain below pre-COVID diagnostic levels. China is a case in point right now with severe shutdowns in Shanghai and beyond.

現在讓我們簡要討論一下我們行業中其他廣泛的市場狀況。通過我們開展業務的國家/地區的診斷渠道，我們繼續看到患者流量和需求持續穩步恢復。事實上，許多國家的患者流量都超過了 COVID 前水平的 100%。然而，持續的激增、變異和政府限制繼續影響一些國家，這些國家仍低於 COVID 之前的診斷水平。中國現在就是一個很好的例子，上海及其他地區都嚴重停工。

But across our portfolio, our global portfolio, we're in 140 countries that we serve, I expect that these metrics will steadily improve to pre-COVID patient levels and beyond as vaccines and boosters roll out globally and people remain focused on their personal respiratory health and hygiene. It's been a big learning through COVID.

但是在我們的產品組合中，我們的全球產品組合中，我們在 140 個國家提供服務，我預計這些指標將穩步提高到 COVID 之前的患者水平，並隨著疫苗和增強劑在全球範圍內的推廣以及人們繼續關注他們的個人呼吸系統健康和衛生。通過 COVID 學到了很多東西。

With the adoption of digital health solutions for screening, diagnosis and remote patient setup and remote patient monitoring as well as establish COVID cleaning protocols, sleep labs and other facilities, I expect the impact of new variants to diminish in absolute impact each and every time.

隨著採用數字健康解決方案進行篩查、診斷和遠程患者設置和遠程患者監測，以及建立 COVID 清潔協議、睡眠實驗室和其他設施，我預計新變種的影響每次都會減少絕對影響。

Let me now update you on our top 3 strategic priorities. Number one, which is to grow and differentiate our core sleep apnea, chronic obstructive pulmonary disease and asthma businesses. Number two, to design, develop and deliver world-leading medical devices as well as digital health solutions that can be scaled globally. And number three, to innovate and grow the world's best software solutions for care that is delivered outside the hospital, where people live and especially in the home.

現在讓我向您介紹我們的三大戰略重點。第一，發展和區分我們的核心睡眠呼吸暫停、慢性阻塞性肺病和哮喘業務。第二，設計、開發和交付世界領先的醫療設備以及可在全球範圍內擴展的數字健康解決方案。第三，創新和發展世界上最好的軟件解決方案，用於在醫院外、人們居住的地方，尤其是在家中提供的護理。

The U.S. launch of our next-generation device platform called AirSense 11 continues to go very well. Although it is challenging to differentiate ongoing positive customer sentiment and feedback from the incredibly high demand in the U.S. market and beyond. The AirSense 11 has provided much needed additional product supply as we face all-time high demand for ResMed devices and it couldn't have launched at a better time for that purpose to help us mitigate ongoing component shortages.

我們在美國推出的稱為 AirSense 11 的下一代設備平台繼續進展順利。儘管將持續的積極客戶情緒和反饋與美國市場及其他地區令人難以置信的高需求區分開來具有挑戰性。 AirSense 11 提供了急需的額外產品供應，因為我們面臨著對 ResMed 設備的空前高需求，而且為了幫助我們緩解持續的組件短缺問題，它的推出時機再合適不過了。

We will introduce the AirSense 11 into additional countries in the fourth quarter that we're in right now here of fiscal year 2022 and throughout fiscal 2023. In parallel, we will continue to sell our globally available market-leading platform, the AirSense 10, which is second in customer preference only to the AirSense 11. Including the new card-to-cloud AirSense 10, as we seek to maximize the total volume of CPAP, APAP and by levels available for all of our customers.

我們將在 2022 財年第四季度和整個 2023 財年的第四季度將 AirSense 11 引入其他國家/地區。與此同時，我們將繼續銷售我們全球可用的市場領先平台 AirSense 10，這在客戶偏好中僅次於 AirSense 11。包括新的卡到雲 AirSense 10，因為我們尋求最大限度地提高 CPAP、APAP 的總量以及所有客戶可用的級別。

With our digital health technology ecosystem, we are engaging patients in their therapy in a digitally native environment like never before in the industry. We are also making it easier and more efficient for our home medical equipment and home care provider customers to manage their patient populations using our full suite of software solutions, including myAir for patients, AirView for physicians and providers and Brightree for HME providers.

借助我們的數字健康技術生態系統，我們讓患者在業內前所未有的數字原生環境中參與治療。我們還使我們的家庭醫療設備和家庭護理提供者客戶使用我們的全套軟件解決方案（包括用於患者的 myAir、用於醫生和提供者的 AirView 以及用於 HME 提供者的 Brightree）更輕鬆、更高效地管理他們的患者群體。

When customers use these digital health technology solutions, they have increased efficiencies, lower costs, and together with us, we achieve improved outcomes for patients and their physicians. With the latest technology built into the AirSense 11 platform, we are driving higher adoption rates of the myAir app by patients, higher than ever before. Right now, we are seeing more than double the myAir adoption rate as patients engage directly in their own healthcare.

當客戶使用這些數字健康技術解決方案時，他們提高了效率，降低了成本，並且與我們一起，我們為患者及其醫生實現了更好的結果。借助 AirSense 11 平台內置的最新技術，我們正在推動患者對 myAir 應用程序的更高采用率，比以往任何時候都高。目前，隨著患者直接參與自己的醫療保健，我們看到 myAir 的採用率增加了一倍以上。

People want personal care. They want their own data, on their own app, on their own phones. And they like the coaching and the personal engagement of our digital ecosystem. This means more patients are signing up onto myAir every day and fully engaging with ResMed's software technology, helping us to now pass over 11.5 billion nights of respiratory medical data in the cloud.

人們需要個人護理。他們想要自己的數據，在他們自己的應用程序上，在他們自己的手機上。他們喜歡我們數字生態系統的指導和個人參與。這意味著每天都有更多的患者註冊 myAir 並充分利用 ResMed 的軟件技術，幫助我們現在在雲中傳遞超過 115 億晚的呼吸醫療數據。

Ultimately, these software solutions, these big data, deliver a better patient experience. They deliver better efficiencies for home care providers, and most importantly, they deliver greater long-term adherence to therapy by patients.

最終，這些軟件解決方案，這些大數據，提供了更好的患者體驗。它們為家庭護理提供者提供了更高的效率，最重要的是，它們為患者提供了更好的長期治療依從性。

Let me spend just a couple of minutes outlining some real-world evidence showing that greater therapy adherence leads to lower hospitalizations, lower mortality and better clinical outcomes through mitigation of chronic disease. We are demonstrating better patient outcomes and lowering costs for the healthcare system at a scale not seen before in the industry. These are critical components of the ResMed 2025 strategy.

讓我花幾分鐘時間概述一些真實世界的證據，這些證據表明，更好的治療依從性可以通過減輕慢性疾病來降低住院率、降低死亡率和更好的臨床結果。我們正在以業內前所未見的規模展示更好的患者治療效果並降低醫療保健系統的成本。這些是 ResMed 2025 戰略的關鍵組成部分。

The latest example is a study recently published in the landmark American Journal of Respiratory and Critical Care Medicine Journal, also known in the industry as the Blue Journal. This article demonstrates that patients with obstructive sleep apnea and chronic obstructive pulmonary disease who were adherent to CPAP therapy, versus nonadherent to CPAP therapy, and it showed significant year 1 and year 2 reduction of clinical use by over 30% and reduction of inpatient hospitalizations by nearly 50%. It showed a 20% reduction in year 1 and year 2 total healthcare resource costs, which included a 25% reduction in emergency room costs and a 52% reduction in inpatient hospitalizations. These are important metrics for the whole healthcare system.

最新的例子是最近發表在具有里程碑意義的美國呼吸和重症監護醫學雜誌上的一項研究，該雜誌在業內也被稱為藍色雜誌。這篇文章表明，阻塞性睡眠呼吸暫停和慢性阻塞性肺病患者堅持 CPAP 治療與不堅持 CPAP 治療相比，第一年和第二年臨床使用顯著減少了 30% 以上，住院人數減少了近 50%。它顯示第 1 年和第 2 年的總醫療資源成本降低了 20%，其中包括急診室成本降低了 25%，住院治療降低了 52%。這些是整個醫療保健系統的重要指標。

Another key aspect of our long-term growth strategy is driving awareness and increasing the flow of patients through the top of the sleep apnea diagnostic funnel. COVID-19 has advanced awareness, adoption and acceptance of digital health and respiratory health, including telehealth tools and specifically home-based sleep apnea tests. Although driving demand generation is not a priority in the immediate term, given the supply shortage and the incredible demand we're facing, we are maintaining our long-term focus and investments in this diagnostic channel so that we are ready when conditions improve to ensure sustainable long-term pipelines of new patients coming through the channel. With 1.6 billion people worldwide suffering from sleep apnea, COPD and asthma, it's also our duty to do this.

我們長期增長戰略的另一個關鍵方面是提高意識並增加患者通過睡眠呼吸暫停診斷漏斗頂部的流量。 COVID-19 提高了對數字健康和呼吸健康的認識、採用和接受程度，包括遠程醫療工具，特別是基於家庭的睡眠呼吸暫停測試。儘管在短期內推動需求的產生並不是優先事項，但鑑於供應短缺和我們面臨的巨大需求，我們將保持長期關注並在這一診斷渠道上進行投資，以便在條件改善時做好準備，以確保通過該渠道進入的新患者的可持續長期管道。全世界有 16 億人患有睡眠呼吸暫停、慢性阻塞性肺病和哮喘，我們也有責任這樣做。

We are innovating with partners and our customers to create even more efficient and effective approaches to sleep apnea patient identification, screening, diagnostics, treatment and management. We will continue to invest in technology that enable what we call an end-to-end seamless digital experience for patients.

我們正在與合作夥伴和我們的客戶進行創新，以創造更有效的睡眠呼吸暫停患者識別、篩查、診斷、治療和管理方法。我們將繼續投資於技術，為患者提供我們所謂的端到端無縫數字體驗。

One example we recently rolled out is the next generation of our remote mask selector tool that makes mask selection and sizing easier and more effective by creating personalized mask recommendations based on a patient's health, sleep attributes and their own facial measurements.

我們最近推出的一個例子是我們的下一代遠程面罩選擇器工具，它通過根據患者的健康狀況、睡眠屬性和他們自己的面部測量結果創建個性化的面罩建議，使面罩選擇和調整尺寸變得更容易、更有效。

Choosing the right mask is challenging to do remotely. But getting the right mask fit is crucial to patient comfort and long-term adherence. The technology MaskSelector is a web-based tool that solves this problem by prompting the patient to answer a few simple questions and follow a few easy steps with their camera-enabled smartphone to capture a digital facial scan. Based on the answers and the digital facial measurements, MaskSelector then provides a recommended mask and sizing. Whether a patient is then being set up at home remotely or preparing for a face-to-face interaction with the respiratory therapists and clinical staff at a provider's office, MaskSelector helps the patient quickly get to the right mask for their unique needs.

遠程選擇正確的面罩具有挑戰性。但是，獲得合適的面罩對患者的舒適度和長期依從性至關重要。 MaskSelector 技術是一種基於網絡的工具，它通過提示患者回答幾個簡單的問題並使用支持攝像頭的智能手機按照幾個簡單的步驟來捕獲數字面部掃描來解決這個問題。根據答案和數字面部測量，MaskSelector 然後提供推薦的面罩和尺寸。無論是在家中遠程安置患者，還是準備與供應商辦公室的呼吸治療師和臨床工作人員進行面對面的互動，MaskSelector 都可以幫助患者快速找到適合其獨特需求的面罩。

Turning to a discussion of our respiratory care business, focusing on our strategy to better serve the 380 million patients with COPD worldwide and the 330 million patients that suffer from asthma worldwide. Our goal is to reach many hundreds of millions of patients with our respiratory care solutions, including noninvasive ventilation and life support ventilation, as well as newer therapeutic areas such as our cloud-connected pharmaceutical delivery solutions from our Propeller technology and high-flow therapy offerings such as our product platform called Lumis HFT.

轉向我們的呼吸護理業務的討論，重點關注我們為全球 3.8 億 COPD 患者和全球 3.3 億哮喘患者提供更好服務的戰略。我們的目標是為數億患者提供我們的呼吸護理解決方案，包括無創通氣和生命支持通氣，以及更新的治療領域，例如我們的 Propeller 技術和高流量治療產品的雲連接藥物輸送解決方案比如我們的產品平台 Lumis HFT。

Demand for our core noninvasive ventilation and life support ventilation solutions for COPD and other respiratory insufficiency patients remained strong throughout the quarter, especially in markets outside the U.S. where providers shifted focus to supporting the most severe and highest acuity patients. This demand and the work of providers is aligned with the ResMed guiding principles of our allocation process, specifically to give the highest priority to manufacturing life support ventilation. As I speak, we are not component constrained on our life support ventilator called Astral.

在整個季度，我們對 COPD 和其他呼吸功能不全患者的核心無創通氣和生命支持通氣解決方案的需求保持強勁，特別是在美國以外的市場，供應商將重點轉移到支持最嚴重和最高敏銳度的患者上。這種需求和供應商的工作符合我們分配流程的 ResMed 指導原則，特別是優先考慮製造生命支持通氣。正如我所說，我們不受我們稱為 Astral 的生命支持呼吸機的組件限制。

Let me now review our Software as a Service business for out-of-hospital care. During the quarter, our SaaS business achieved high single-digit growth year-on-year across our portfolio of SaaS markets, including home medical equipment as well as facilities-based and home-based care settings. Our SaaS customers recognize the need for technology solutions to solve their challenges with efficiency and scale. And our software services and solutions help them achieve both.

現在讓我回顧一下我們用於院外護理的軟件即服務業務。本季度，我們的 SaaS 業務在我們的 SaaS 市場組合（包括家庭醫療設備以及基於設施和基於家庭的護理設置）中實現了高個位數的同比增長。我們的 SaaS 客戶認識到需要技術解決方案來以效率和規模解決他們的挑戰。我們的軟件服務和解決方案可幫助他們實現這兩點。

The continued growth of home-based care is providing tailwinds for our home medical equipment and our home health products, and we continue to grow with our customers as they increase their utilization of our software and data solutions to improve and optimize business efficiencies and patient care, including our landmark Brightree and Snap ReSupply products.

家庭護理的持續增長為我們的家庭醫療設備和家庭保健產品提供了順風，我們將繼續與客戶一起成長，因為他們增加了對我們的軟件和數據解決方案的利用，以提高和優化業務效率和患者護理，包括我們具有里程碑意義的 Brightree 和 Snap ReSupply 產品。

As businesses continue to open up, we've been able to visit customers in person as well as to attend SaaS trade shows, where interest in our Brightree, MatrixCare and Citus offerings, to name a few, remain very strong. We have a very solid pipeline in SaaS.

隨著企業的不斷開放，我們已經能夠親自拜訪客戶並參加 SaaS 貿易展，其中對我們的 Brightree、MatrixCare 和 Citus 產品的興趣仍然非常強烈。我們在 SaaS 方面擁有非常穩固的管道。

The COVID-19 pandemic has been and remains challenging for some verticals in our SaaS business, particularly skilled nursing facilities, where headwinds have kept patient census rates below pre-pandemic levels. But as COVID restrictions continue to ease and our customers improve their line of sight to better conditions, we expect to see pent-up demand for technology investments, which provide opportunities for us to sell more services and more solutions to existing customers, as well as to increase our new customer pipeline.

COVID-19 大流行對我們 SaaS 業務中的某些垂直領域一直充滿挑戰，尤其是熟練的護理設施，因為逆風使患者普查率低於大流行前的水平。但是，隨著 COVID 限制繼續放寬，我們的客戶將視線改善到更好的條件，我們預計對技術投資的需求被壓抑，這為我們提供了向現有客戶銷售更多服務和更多解決方案的機會，以及增加我們的新客戶渠道。

As we look at our portfolio of solutions across care settings, we expect our SaaS group revenue growth to maintain high single-digit growth as we exit this fiscal year and well into the next fiscal year and beyond. As always, our goal is to meet or beat that market growth rate as we continue to innovate, and we expect to grow the market and take market share.

當我們審視我們跨護理環境的解決方案組合時，我們預計我們的 SaaS 集團收入增長將在本財年結束時保持高個位數增長，並進入下一財年及以後。與往常一樣，我們的目標是在不斷創新的同時達到或超過該市場增長率，我們希望擴大市場並佔據市場份額。

We are the leading strategic provider of SaaS solutions for outside-hospital care. And we provide mission-critical software across a broad range of very attractive vertical markets. We are well-positioned, and we have created differentiated value for customers and for ResMed with our SaaS businesses. I'm excited about the future of our SaaS business. It's an important part of ResMed's future growth, and I see a lot of opportunities to innovate in lower cost, lower acuity settings of care. It's the future of healthcare delivery with strong organic and inorganic growth ahead for ResMed.

我們是院外護理 SaaS 解決方案的領先戰略提供商。我們在範圍廣泛且極具吸引力的垂直市場中提供關鍵任務軟件。我們處於有利地位，我們通過 SaaS 業務為客戶和瑞思邁創造了差異化價值。我對我們 SaaS 業務的未來感到興奮。這是 ResMed 未來增長的重要組成部分，我看到了很多在低成本、低敏銳度的護理環境中進行創新的機會。這是醫療保健服務的未來，瑞思邁將實現強勁的有機和無機增長。

Our focus is on personal care that is patient-centric, physician-centric and provider-centric. This approach, combined with our unique ResMed culture means that we are positioned to continue winning in the vastly underserved medical markets of sleep apnea, chronic obstructive pulmonary disease, asthma and beyond. We are transforming out-of-hospital healthcare at scale, leading the market in digital health technology.

我們的重點是以患者為中心、以醫生為中心和以提供者為中心的個人護理。這種方法與我們獨特的 ResMed 文化相結合，意味著我們有能力在睡眠呼吸暫停、慢性阻塞性肺病、哮喘等醫療服務嚴重不足的市場繼續贏得勝利。我們正在大規模改造院外醫療保健，引領數字醫療技術市場。

As I said earlier, we have over 11.5 billion nights of medical data in the cloud, and we have over 17 million cloud-connectable medical devices on bedside tables in 140 countries worldwide. We are unlocking value by using de-identified data to help patients directly but also to help providers, physicians, payers and entire healthcare systems.

正如我之前所說，我們在雲端擁有超過 115 億晚的醫療數據，我們在全球 140 個國家的床頭櫃上擁有超過 1700 萬台可連接雲的醫療設備。我們通過使用去識別化數據來釋放價值，直接幫助患者，同時幫助提供者、醫生、付款人和整個醫療保健系統。

We have invested in the cybersecurity, the privacy, cloud operations as well as data analytics, including artificial intelligence machine learning capabilities to do this at a scale unmatched by our competitors, and we are increasing our lead each and every day. Our two key software customer-facing products, AirView and myAir, are now 100% managed in the cloud. So not only are our devices cloud-connected and our software cloud-enabled, we here at ResMed as a company are cloud-connected and cloud-enabled. In fact, we are a leading digital health company, globally.

我們在網絡安全、隱私、雲運營以及數據分析方面進行了投資，包括人工智能機器學習能力，以達到競爭對手無法比擬的規模，而且我們每天都在增加領先優勢。我們面向客戶的兩個關鍵軟件產品 AirView 和 myAir 現在 100% 在雲端進行管理。因此，不僅我們的設備與雲連接並且我們的軟件支持雲，我們在 ResMed 作為一家公司也是雲連接和雲支持的。事實上，我們是全球領先的數字健康公司。

Our mission and goal to improve 250 million lives through better healthcare in 2025 drives and motivates me and ResMedians around the world every day. We made excellent progress towards that inspiring goal during the last quarter.

我們的使命和目標是在 2025 年通過更好的醫療保健改善 2.5 億人的生活，每天都在激勵著我和世界各地的 ResMedians。在上個季度，我們在實現這一鼓舞人心的目標方面取得了巨大進展。

Before I hand the call over to Brett for his remarks, I want to again express my sincere gratitude to the more than 8,000 ResMedians worldwide for their perseverance, their hard work and their dedication during these ongoing and unprecedented times. Thank you for all that you do.

在我將電話轉交給 Brett 發表講話之前，我想再次對全球 8,000 多名 ResMedians 表示誠摯的感謝，感謝他們在這些持續和前所未有的時期內的堅持、辛勤工作和奉獻精神。感謝您所做的一切。

With that, I will hand the call over to Brett in Sydney, and then we will move to open the lines for Q&A. Over to you, Brett.

有了這個，我將把電話轉給悉尼的 Brett，然後我們將打開問答線路。交給你了，布雷特。

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the third quarter fiscal year 2022. Unless noted, all comparisons are to the prior year quarter.

偉大的。謝謝，米克。在我今天的講話中，我將概述我們 2022 財年第三季度的業績。除非另有說明，否則所有比較都是與去年同期相比。

We had solid financial performance in Q3 despite the headwinds we faced as a result of significant ongoing supply chain constraints and a challenging freight environment. Group revenue for the March quarter was $865 million, an increase of 12%. In constant currency terms, revenue increased by 14%. Revenue growth reflects increased demand for our sleep and respiratory care products across our portfolio driven by recovering market conditions and by increased device demand in response to the ongoing product recall by one of our competitors.

儘管由於持續的供應鏈限制和充滿挑戰的貨運環境而面臨不利因素，但我們在第三季度的財務表現穩健。 3 月份季度的集團收入為 8.65 億美元，增長 12%。按固定匯率計算，收入增長了 14%。收入增長反映了對我們產品組合中睡眠和呼吸護理產品的需求增加，這是由於市場狀況的恢復以及我們的競爭對手之一正在進行的產品召回導致設備需求增加。

In the March quarter, we recorded immaterial incremental revenue from COVID-19 related demand consistent with the prior year quarter. Looking forward, we expect negligible revenue from COVID-19-related demand.

在 3 月季度，我們記錄了來自 COVID-19 相關需求的非實質性增量收入，與去年同期一致。展望未來，我們預計與 COVID-19 相關的需求帶來的收入微不足道。

In relation to the impact of our competitors' recall, we estimate that we generated incremental device revenue in the range of $35 million to $45 million in the March quarter. For the first 3 quarters of FY '22, this reflects incremental revenue in the range of $170 million to $190 million. We continue to experience challenges in securing sufficient components, and this has hampered our ability to materially increase our supply of devices.

關於競爭對手召回的影響，我們估計我們在 3 月季度產生了 3500 萬美元至 4500 萬美元的增量設備收入。對於 22 財年的前 3 個季度，這反映了 1.7 億美元至 1.9 億美元範圍內的增量收入。我們在確保足夠的組件方面繼續面臨挑戰，這阻礙了我們大幅增加設備供應的能力。

We expect our fiscal fourth quarter to remain supply constrained and similar to our recent fiscal quarters, therefore, limiting incremental revenue during the fourth quarter. We now expect the total incremental device revenue opportunity for fiscal year 2022 will fall somewhere between $200 million and $250 million.

我們預計我們的第四財季將繼續受到供應限制，並且與我們最近的財季類似，因此限制了第四季度的增量收入。我們現在預計 2022 財年的總增量設備收入機會將介於 2 億美元至 2.5 億美元之間。

Looking at our geographic revenue distribution and excluding revenue from our Software as a Service business, sales in U.S., Canada and Latin America increased by 18%. Sales in Europe, Asia and other markets increased by 11% in constant currency terms. By product segment globally, in constant currency terms, device sales increased by 21%, while masks and other sales increased by 9%.

從我們的地理收入分佈來看，不包括我們的軟件即服務業務的收入，美國、加拿大和拉丁美洲的銷售額增長了 18%。按固定匯率計算，歐洲、亞洲和其他市場的銷售額增長了 11%。按全球產品細分，按固定匯率計算，設備銷售額增長了 21%，而口罩和其他銷售額增長了 9%。

Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 30% as we benefited from incremental revenue due to a competitor's recall and favorable product mix as we sold an increased proportion of higher acuity devices. This is consistent with our guiding principles for product allocation, namely that we are giving priority to the production and delivery of our devices to meet the needs of the highest acuity patients first.

按地區劃分，美國、加拿大和拉丁美洲的設備銷售額增長了 30%，因為我們受益於競爭對手的召回和有利的產品組合帶來的收入增加，因為我們銷售了更高比例的更高敏銳度設備。這與我們的產品分配指導原則是一致的，即我們優先考慮生產和交付我們的設備，以滿足最敏銳患者的需求。

Mask and other sales in the U.S., Canada and Latin America increased by 7%, reflecting solid resupply revenue achieved despite the challenging device supply environment, which continues to limit new patient setups. In Europe, Asia and other markets, device sales increased by 10% in constant currency terms. Mask and other sales in Europe, Asia and other markets increased by 13% in constant currency terms.

美國、加拿大和拉丁美洲的口罩和其他銷售額增長了 7%，這反映出儘管設備供應環境充滿挑戰，但仍實現了穩定的再供應收入，這繼續限制新的患者設置。在歐洲、亞洲和其他市場，按固定匯率計算，設備銷售額增長了 10%。歐洲、亞洲和其他市場的口罩和其他銷售額按固定匯率計算增長了 13%。

Software as a Service revenue increased by 8% in the March quarter. We saw a strong performance of the HME segment as customers continue to utilize our SaaS solutions to streamline and more efficiently run their businesses, and we are seeing more stability in the skilled nursing care segment as it continues to emerge from the challenge of the COVID-19 pandemic.

軟件即服務收入在 3 月季度增長了 8%。隨著客戶繼續利用我們的 SaaS 解決方案來簡化和更有效地運營他們的業務，我們看到 HME 部門的強勁表現，並且隨著熟練護理部門繼續擺脫 COVID- 19 流行病。

During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our third quarter earnings press release.

在我今天剩下的評論中，我將提到非 GAAP 數字。我們在第三季度收益新聞稿中提供了非 GAAP 與 GAAP 數字的全面核對。

Our non-GAAP gross margin declined by 150 basis points to 58.1% in the March quarter. The decrease is predominantly attributable to higher freight, component, and manufacturing costs, partially offset by a positive product mix due to strong growth in our higher acuity devices, and improvement in average selling prices following the introduction of the device surcharge.

我們的非 GAAP 毛利率在 3 月季度下降了 150 個基點至 58.1%。下降的主要原因是運費、零部件和製造成本增加，但部分被積極的產品組合所抵消，原因是我們的高敏度設備強勁增長，以及引入設備附加費後平均售價的提高。

Moving on to operating expenses. We are seeing a normalized expenditure profile as COVID-19 impacts subside compared to the low comparable and negative growth rates we experienced in Q3 last year. SG&A expenses for the third quarter increased by 14% or in constant currency terms, increased by 17%. The increase was predominantly attributable to an increase in employee-related expenses.

繼續運營費用。與去年第三季度的低可比和負增長率相比，隨著 COVID-19 的影響消退，我們看到了正常化的支出狀況。第三季度的 SG&A 費用增長了 14%，按固定匯率計算，增長了 17%。增加的主要原因是與員工相關的費用增加。

SG&A expenses as a percentage of revenue at 21.1% remained broadly consistent with the 20.9% we recorded in the prior year period. Looking forward and subject to currency movements, we expect SG&A expense as a percentage of revenue to be in the range of 20% to 22% for the balance of FY '22.

SG&A 費用佔收入的 21.1%，與去年同期的 20.9% 基本一致。展望未來並受匯率變動影響，我們預計 22 財年餘額中 SG&A 費用佔收入的百分比將在 20% 至 22% 之間。

R&D expenses for the quarter increased by 19% or in constant currency terms increased by 22%. The R&D expenses as a percentage of revenue was 7.7% compared to 7.3% in the prior year quarter. We continue to make significant investments in innovation because we believe our long-term commitment to technology, product and solutions development will deliver a sustained competitive advantage.

本季度研發費用增長 19%，按固定匯率計算增長 22%。研發費用佔收入的百分比為 7.7%，而去年同期為 7.3%。我們繼續在創新方面進行重大投資，因為我們相信我們對技術、產品和解決方案開發的長期承諾將帶來持續的競爭優勢。

Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 7% to 8% for the balance of FY '22.

展望未來並受匯率變動影響，我們預計 22 財年餘額中研發費用佔收入的百分比將在 7% 至 8% 之間。

Our non-GAAP operating profit for the quarter increased by 5%, underpinned by strong revenue growth, partially offset by the contraction of our gross margin and higher operating expenses. On a non-GAAP basis, our effective tax rate for the March quarter was 21.1% compared to the prior year quarter non-GAAP tax rate of 19.4%. Looking forward, we estimate our non-GAAP effective tax rate for the full fiscal year '22 will be in the range of 19% to 20%.

我們本季度的非公認會計原則營業利潤增長了 5%，這得益於強勁的收入增長，部分被我們的毛利率收縮和更高的運營費用所抵消。在非 GAAP 基礎上，我們 3 月季度的有效稅率為 21.1%，而去年同期的非 GAAP 稅率為 19.4%。展望未來，我們估計 22 財年的非公認會計原則有效稅率將在 19% 至 20% 之間。

Our non-GAAP net income for the quarter increased by 2% and our non-GAAP diluted earnings per share for the quarter also increased by 2%.

我們本季度的非公認會計原則淨收入增長了 2%，我們本季度的非公認會計原則攤薄後每股收益也增長了 2%。

Cash flow from operations for the quarter was $117 million, reflecting robust underlying earnings, partially offset by higher levels of working capital. Capital expenditure for the quarter was $48 million. Depreciation and amortization for the quarter totaled $42 million.

本季度的運營現金流為 1.17 億美元，反映了強勁的基本收益，部分被較高的營運資金水平所抵消。本季度的資本支出為 4800 萬美元。本季度的折舊和攤銷總額為 4200 萬美元。

During the quarter, we paid dividends to shareholders totaling $61 million. We recorded equity losses of $2.6 million in our income statement in the March quarter associated with the Primasun joint venture with Verily. We expect to record equity losses of approximately $2 million to $3 million per quarter through the balance of fiscal year '22 and into FY '23 associated with the joint venture operation.

在本季度，我們向股東支付了總計 6100 萬美元的股息。我們在與 Verily 的 Primasun 合資企業相關的 3 月季度損益表中記錄了 260 萬美元的股權損失。我們預計在 22 財年的餘額和與合資經營相關的 23 財年，每季度將記錄大約 200 萬至 300 萬美元的股權損失。

We ended the third quarter with a cash balance of $202 million. At March 31, we had $681 million in gross debt and $479 million in net debt. Our debt levels remained modest. And at March 31, we had approximately $1.6 billion available for drawdown under our existing revolver facility.

我們在第三季度結束時的現金餘額為 2.02 億美元。截至 3 月 31 日，我們的總債務為 6.81 億美元，淨債務為 4.79 億美元。我們的債務水平仍然適中。到 3 月 31 日，我們現有的左輪手槍設施有大約 16 億美元可供提取。

In summary, our liquidity position remains strong. Our Board of Directors today declared a quarterly dividend of $0.42 per share, reflecting the Board's confidence in our operating performance. Our solid cash flow and low leverage provides flexibility in how we allocate capital. Going forward, we plan to continue to reinvest in growth through R&D. We also expect to continue to deploy capital for tuck-in acquisitions.

總之，我們的流動性狀況依然強勁。我們的董事會今天宣布派發每股 0.42 美元的季度股息，這反映了董事會對我們經營業績的信心。我們穩健的現金流和低杠桿為我們如何分配資本提供了靈活性。展望未來，我們計劃繼續通過研發對增長進行再投資。我們還預計將繼續為臨時收購部署資金。

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

有了這個，我會把電話交給艾米。

Great. Thanks, Brett. Kevin, I'd like to ask you to come back on the line. I'll turn the call over to you to provide instructions and to manage the Q&A portion of the call.

偉大的。謝謝，布雷特。凱文，我想請你回來接電話。我會將電話轉給您，以提供說明並管理電話的問答部分。

(Operator Instructions) Our first question today is coming from David Low from JPMorgan.

（操作員說明）我們今天的第一個問題來自摩根大通的 David Low。

If I could just start with a question on the guidance and the benefit from the Philips' recall. So it's fallen $100 million short of where you're projecting a year or so ago. Just wondering how you are now thinking about that opportunity set as we move into the new financial year?

如果我可以從關於飛利浦召回的指導和好處的問題開始。因此，它比您一年左右前的預測少了 1 億美元。只是想知道隨著我們進入新的財政年度，您現在如何看待這個機會？

David, yes, it's Mick here. That's a good question. And clearly, in the second half of the year now, we're readjusting that expectation for FY '22 now in total to be $200 million to $250 million.

大衛，是的，這裡是米克。這是個好問題。顯然，在今年下半年，我們正在將 22 財年的預期重新調整為 2 億至 2.5 億美元。

Look, I'll just be very open, very specifically a contract from 12 months ago with a particular -- I will not name them, but a particular semiconductor supplier had a very significant double-digit de-commit in these last months, weeks. And there's a commitment from 12 months ago that had some very strong supply, and it went down double digits.

聽著，我會非常開放，非常具體地是 12 個月前與一個特定的合同——我不會說出它們的名字，但一個特定的半導體供應商在過去幾個月、幾週內有一個非常顯著的兩位數取消承諾. 12 個月前的承諾有一些非常強勁的供應，而且下降了兩位數。

And so with that as a headwind into us, all the tailwinds of our work, the 5 projects -- 5 lines of projects going on, our supply chain allowed us to sort of take 2 steps forward and 2 steps back versus 2 steps forward and 1 step back. And that didn't allow us to achieve that extra $100 million of incremental revenue that we thought that we would achieve here through fiscal '22 for the first half. And so that's going to be tougher and it moves things a little bit further back.

因此，這對我們來說是一個逆風，我們工作的所有順風，5個項目——5個項目線，我們的供應鏈使我們能夠向前邁出2步和後退2步，而不是向前邁出2步，退後 1 步。這並沒有讓我們實現額外的 1 億美元增量收入，我們認為我們將在 22 財年上半年實現這一目標。因此，這將變得更加艱難，並且將事情向後移動了一點。

Having said that, some of these projects coming to market such as the card-to-cloud AirSense 10 device, where we eliminate that bottleneck, or the #1 bottleneck, which is the 3G, 4G comms chip. And we allow the next bottleneck, which is another electronic component to become the one. We can then speed up some production to make up some of that difference. And that's allowed us to achieve the 30% year-on-year growth that we saw in devices in U.S., Canada, and Latin America and the 10% year-on-year growth that we achieved this quarter for Europe, Asia, and rest of world.

話雖如此，其中一些項目即將上市，例如卡到雲的 AirSense 10 設備，我們消除了該瓶頸，或 #1 瓶頸，即 3G、4G 通信芯片。我們允許下一個瓶頸，即另一個電子元件成為瓶頸。然後我們可以加快一些生產以彌補其中的一些差異。這使我們能夠實現我們在美國、加拿大和拉丁美洲的設備中看到的 30% 的同比增長，以及我們本季度在歐洲、亞洲和其他地區實現的 10% 的同比增長的世界。

Look, it's not perfect sailing ahead when you get decommits. I never heard that word decommit. We're offering -- you've got a signed contract. You're offering money, very good margins, long-term contracts and people just can't supply, often force majeure and other aspects coming into play. But I can tell you that all the work that we've been doing, these hard works by our supply chain, have allowed us to actually to achieve these results despite that headwind.

看，當你退役時，這並不是完美的航行。我從來沒有聽說過這個詞decommit。我們提供 - 你已經簽署了合同。您提供資金、非常好的利潤、長期合同和人們無法供應、經常發生不可抗力和其他方面的影響。但我可以告訴你，我們一直在做的所有工作，我們供應鏈的這些辛勤工作，使我們能夠在逆風中真正取得這些成果。

We're not planning on giving guidance for FY '23 around this. We are saying that -- this is what I'll say. What we're doing is going to strive for sequential growth every quarter as we go ahead. So sequential growth from March to June, June to September, September to December throughout this fiscal year, that's what we're going for.

我們不打算就此為 23 財年提供指導。我們是這麼說的——這就是我要說的。我們正在做的是在我們前進的過程中爭取每個季度的連續增長。因此，整個財年從 3 月到 6 月、6 月到 9 月、9 月到 12 月的連續增長，這就是我們的目標。

And I actually think as you start to look towards the second half of the calendar year, you look at the December quarter, there are a number of other projects that don't involve necessarily the risk of an externality, of a de-commit from someone else. There's enough projects and enough, I would say, new suppliers, new components, new designs and new engineering, reengineering that we're doing around both the hardware and the software, to give us strong confidence in supply of product ahead.

我實際上認為，當你開始展望日曆年的下半年時，你看看 12 月季度，還有許多其他項目不一定涉及外部性風險，即解除承諾其他人。有足夠多的項目，我想說，新的供應商、新的組件、新的設計和新的工程，我們圍繞硬件和軟件進行的重新設計，讓我們對未來的產品供應充滿信心。

So I think our supply chain has done amazingly. And if you look at what we would have achieved, 14% growth constant currency year-on-year, yes, we could have got to 20% or 25% if we had unlimited supply, decommits and changes in supply chain in global semiconductor and other electronic components have been a headwind. But I think with all the work we've got, we're going to power through this. We've got a strong ship. There are waves ahead, but we're going to power through it stronger than ever. And I think our team has done a great job and the supply that we're going to get throughout this calendar year will be a great opportunity for sequential growth as we go through.

所以我認為我們的供應鏈做得非常好。如果你看看我們會取得什麼，14% 的固定匯率同比增長，是的，如果我們有無限的供應，全球半導體供應鏈的停止和變化，我們可能會達到 20% 或 25%，其他電子元件一直是逆風。但我認為，通過我們所做的所有工作，我們將通過這個來實現。我們有一艘強大的船。前方有波濤，但我們將比以往任何時候都更強大。而且我認為我們的團隊做得很好，我們將在整個日曆年獲得的供應將是我們經歷的連續增長的絕佳機會。

Our next question is coming from Gretel Janu from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Gretel Janu。

Just one question on the backlog of patients. So you did mention in your prepared remarks. Just trying to see if you can quantify how large the backlog is currently. And how long are patients waiting to get on to treatment? Is there something that ResMed can do to keep these patients engaged? Or is there a risk that they potentially fall out of the system if they don't get on to product in a short period of time?

只有一個關於患者積壓的問題。所以你在準備好的評論中確實提到了。只是想看看您是否可以量化當前積壓的數量。患者要等多久才能接受治療？ ResMed 可以做些什麼來保持這些患者的參與度？或者如果他們沒有在短時間內投入產品，他們是否有可能退出系統？

Thanks, Gretel. It's a great question. And yes, as you know that, I talked about at least 12 to 18 months of the backlog here, which is in many industries, you say fantastic to have a backlog, but these are patients awaiting therapy.

謝謝，格蕾特。這是一個很好的問題。是的，正如你所知，我在這裡談到了至少 12 到 18 個月的積壓，這是在許多行業中，你說有積壓真是太棒了，但這些都是等待治療的患者。

And to the specific part of your question, Gretel, how long will any individual patient wait? It's not like a patient gets a diagnosis, and they have to wait 12 to 18 months. It depends on the geography and the environment. It might be 8 days or 8 weeks depending on the geography and our flow of products. But an individual patient is not sitting out there told you've got this life-threatening disease. We'll take care of you next April. They're being told, look, it's going to take 4 weeks. And they're not happy with that. I mean they've been told they suffocate, maybe 100 times per night, maybe 50 times per hour if they've got very severe sleep apnea. And they're suffocating, they want therapy. And so that pressure is there and the desire is there. We're watching very carefully.

Gretel，對於您問題的具體部分，任何個別患者會等待多長時間？這不像患者得到診斷，他們必須等待 12 到 18 個月。這取決於地理和環境。根據地理位置和我們的產品流程，可能需要 8 天或 8 週。但是沒有一個病人坐在外面告訴你得了這種危及生命的疾病。明年四月我們會照顧你的。他們被告知，看，這將需要 4 週。他們對此並不滿意。我的意思是，他們被告知會窒息，每晚可能會窒息 100 次，如果他們患有非常嚴重的睡眠呼吸暫停症，可能每小時會窒息 50 次。他們快要窒息了，他們需要治療。所以壓力就在那裡，慾望就在那裡。我們正在非常仔細地觀察。

I mean obviously, we're involved in the substitute therapies. We sell a dental device all across Western and Northern Europe. We're the #1 provider with Narval, our technology. We're not seeing this huge movement over to dental and hypoglossal nerve stim that we're investing through Nyxoah. We're not seeing a huge movement over to those substitutes.

我的意思很明顯，我們參與了替代療法。我們在整個西歐和北歐銷售牙科設備。我們的技術 Narval 是排名第一的供應商。我們沒有看到我們通過 Nyxoah 投資的牙齒和舌下神經刺激這一巨大運動。我們沒有看到向這些替代品轉移的巨大動向。

So they're being told by the doctor, it's 8 days or it's 8 weeks. And they're accepting that, and they're sitting there in that pipeline. What I mean by the 12- to 18-month backlog is if you look at the net of the industry, this is building up because the #2 player here is out. As I said earlier this week, they said at least through the end of this calendar year, I think they said they'd only be 90% done with their recall by the end of this calendar year.

所以醫生告訴他們，是8天還是8週。他們正在接受這一點，他們正坐在那個管道中。我所說的 12 到 18 個月的積壓是指，如果你看看這個行業的網絡，這是因為排名第二的玩家已經出局了。正如我本週早些時候所說，他們說至少到今年年底，我認為他們說他們在今年年底之前只能完成 90% 的召回。

So that means the rest of us have to step up, and ResMed is the #1 player, and we're stepping up the most. And we're stepping up incredibly well. And I think we'll do that through it. But even when they come back online, it's not like the backlog goes away, the day they come on. That's there, and it's for all of us to drive.

所以這意味著我們其他人必須加強，而 ResMed 是排名第一的參與者，我們正在加強最多。而且我們的進展非常好。我認為我們會通過它做到這一點。但即使他們重新上線，積壓也不會在他們上線的那一天消失。就在那裡，我們所有人都可以開車。

I think the share that we've gained is going to be entrenched because of the digital solutions we have, and we'll go and gain from there, but the patients are there. And I think it's awful that somebody might have to wait 4 weeks or 8 weeks. I don't want them to wait more than 4 to 8 hours. But right at the moment, we're in this situation will be that way for a period of time given these unprecedented circumstances.

我認為，由於我們擁有的數字解決方案，我們獲得的份額將變得根深蒂固，我們將從那裡獲得收益，但患者就在那裡。我認為有人可能不得不等待 4 週或 8 週，這很糟糕。我不希望他們等待超過 4 到 8 個小時。但就目前而言，鑑於這些前所未有的情況，我們處於這種情況將在一段時間內保持這種狀態。

Your next question is coming from Lyanne Harrison from Bank of America.

您的下一個問題來自美國銀行的 Lyanne Harrison。

Can you just talk a little bit about the device and mask dynamics in both Americas and Rest of the World? Obviously, Americas had softer devices but -- sorry, had Americas had stronger device growth but much softer mask growth there. Can you, I guess, share what your thoughts are around to the extent that's driven by fewer devices in the market as opposed to resupply, and then vice versa for the rest of the world?

你能談談美洲和世界其他地區的設備和麵罩動態嗎？顯然，美洲的設備更軟，但是 - 抱歉，美洲的設備增長更強勁，但面罩增長更軟。我想，您能否分享一下您的想法，因為市場上的設備數量減少而不是再供應，反之亦然？

Thanks, Lyanne, for the question. Yes, as you mentioned, very strong device growth in the U.S., Canada, and Latin America, 30% and very solid growth in devices in Europe, Asia, elsewhere at 10%, netting out at 21% CC across that sector.

謝謝，Lyanne，你的問題。是的，正如您所提到的，美國、加拿大和拉丁美洲的設備增長非常強勁，增長了 30%，歐洲、亞洲和其他地方的設備增長非常穩健，達到 10%，整個行業淨增 21%。

In the mask side, actually, if you go back to 2019, Lyanne, when we were talking about market growth rate, we were talking then about devices mid single-digits and masks being high single-digits. I look at our global mask growth rate at 9% constant currency, with the headwind of new diagnosis down due to competitor being out for new patient starts, and the U.S., Canada and Latin America at 7% constant currency. It's pretty reasonable growth. New patients are down, but what we're actually doing there is working with resupply, with Brightree ReSupply, with Snap technology resupply, in the U.S. and around the world with some of our models of working with patients directly in markets like Australia, New Zealand, Singapore, and our Western and Northern European teams working with hospital and care delivery systems to achieve that 13% constant currency growth in Europe, Asia, and America.

在口罩方面，實際上，如果你回到 2019 年，Lyanne，當我們談論市場增長率時，我們當時談論的是中等個位數的設備和高個位數的口罩。我看我們的全球口罩增長率為 9% 不變貨幣，由於競爭對手正在尋找新的患者開始，新診斷的逆風下降，美國、加拿大和拉丁美洲的不變貨幣為 7%。這是相當合理的增長。新患者數量下降，但我們實際上正在做的是在美國和世界各地使用補給、Brightree ReSupply 和 Snap 技術補給，我們的一些模型直接在澳大利亞等市場與患者合作，新新西蘭、新加坡和我們的西歐和北歐團隊與醫院和護理服務系統合作，在歐洲、亞洲和美洲實現 13% 的恆定貨幣增長。

And I think I'll hand to Jim Hollingshead, the President of our Global Sleep business. But Jim, I think we're actually taking share in some of those categories during the quarter.

我想我會交給我們全球睡眠業務總裁 Jim Hollingshead。但是吉姆，我認為我們在本季度實際上在其中一些類別中佔有一席之地。

Yes. Thanks, Mick, and thanks, Lyanne. It's a great question. I think this is one of those weird circumstances for us where the numbers don't actually very clearly convey the underlying dynamic. And the reason for that is the volumes and the revenue growth we're producing in different markets is almost completely contingent on which SKUs we can produce.

是的。謝謝，米克，謝謝，萊安。這是一個很好的問題。我認為這對我們來說是一種奇怪的情況，其中數字實際上並不能非常清楚地傳達潛在的動態。其原因是我們在不同市場產生的數量和收入增長幾乎完全取決於我們可以生產哪些 SKU。

So it's a little bit complicated, but when we can produce devices that have cell chips that can go into certain European markets and we have those components, then we get more growth for that period of time as we ship those products. And then sometimes those specific SKUs get constrained.

所以這有點複雜，但是當我們可以生產具有可以進入某些歐洲市場的細胞芯片的設備並且我們擁有這些組件時，那麼隨著我們運送這些產品，我們會在這段時間內獲得更多的增長。然後有時這些特定的 SKU 會受到限制。

And so the dynamic is actually pretty constant across all geographies, which is very, very high demand for our devices, very, very high demand for our masks. There is a headwind on masks because new patient starts are down because the market is undersupplied. But really across all geographies, there are tailwinds for masks because in the U.S., we have very resilient resupply. And in other European markets, we have very resilient resupply in markets like France and Northern Europe.

因此，所有地區的動態實際上都相當穩定，這對我們的設備的需求非常非常高，對我們的口罩的需求非常非常高。由於市場供應不足，新患者開始下降，因此口罩面臨阻力。但實際上，在所有地區，口罩都有順風，因為在美國，我們有非常有彈性的補給。在其他歐洲市場，我們在法國和北歐等市場擁有非常有彈性的補給。

And so the number -- the differences you've seen in the growth rate is actually driven by component supply and not by demand dynamics, if that makes sense. So it continues to be really almost unlimited demand for our products across the board.

所以這個數字 - 你在增長率中看到的差異實際上是由組件供應而不是需求動態驅動的，如果這是有道理的話。因此，對我們的產品的全面需求仍然是幾乎無限的。

With devices, obviously, in the U.S., we introduced AirSense 11. That freed up a lot of capacity for us. That's why we got such outsized growth relative to the other markets in the U.S. market this quarter. And, but mask growth is pretty steady across all the markets.

對於設備，顯然，我們在美國推出了 AirSense 11。這為我們釋放了很多容量。這就是為什麼我們本季度相對於美國市場的其他市場獲得瞭如此巨大的增長。而且，所有市場的口罩增長都相當穩定。

Your next question today is coming from Saul Hadassin from Barrenjoey.

您今天的下一個問題來自 Barrenjoey 的 Saul Hadassin。

Just a quick one on the guidance that you've provided for the full year for the Philips share gains and that revenue contribution, the other component, obviously. What do you think is the underlying growth rate of the base business, excluding that share gains? I guess, in other words, what were you expecting to grow the business by -- how do you come up with that $200 million to $250 million? And I guess the question really is what do you expect the base business to be able to grow at considering the supply constraints that are in the market at the moment?

只需快速介紹一下您為飛利浦股票收益和收入貢獻提供的全年指導，顯然是另一個組成部分。您認為基礎業務的基本增長率是多少，不包括股票收益？我想，換句話說，你對業務增長的期望是什麼——你是怎麼想出這 2 億到 2.5 億美元的？我想問題真的是，考慮到目前市場上的供應限制，您期望基礎業務能夠增長多少？

Yes. Saul, thanks for the question. And look, these estimates started about 6 months ago. I'll probably get Brett to give a little bit of detail around how we actually came up with the details of the calculations of the $300 million to $350 million and the $200 million to $250 million. I'll give you the CEO's perspective first. And the CFO will come and give more quantitative detail in a moment.

是的。掃羅，謝謝你的問題。看，這些估計是在大約 6 個月前開始的。我可能會讓 Brett 詳細介紹一下我們實際上是如何得出 3 億到 3.5 億美元和 2 億到 2.5 億美元的計算細節的。我先給你CEO的觀點。首席財務官稍後會來提供更多的量化細節。

But the way I look at it is about 6 or 8 months ago, I guess it was June -- mid-June when the competitor announced this -- there were estimates on the sell side from $50 million of incremental revenue for ResMed during the fiscal year, up to $950 million from some of the sell-side analysts.

但我的看法是大約 6 或 8 個月前，我猜是 6 月 - 6 月中旬，競爭對手宣布這一點 - 賣方估計 ResMed 在本財年增加了 5000 萬美元的收入年，來自一些賣方分析師的高達 9.5 億美元。

And we thought, look, that range is just too broad. We generally don't give guidance. We leave that to the job of very smart people on the sell side and the buy side to do so, but that variance was too big.

我們認為，看，這個範圍太寬泛了。我們一般不給予指導。我們把這留給賣方和買方非常聰明的人去做，但這種差異太大了。

And so we said, let's calculate it. Let's take our forecast that we had at that time, 8, 9 months ago for the fiscal year '22 and then look at what we think we can achieve based upon parts and components we can get into our factories and product we can make to take care of what is a seemingly infinite demand. So we'll just be rate limited on the parts and pieces. And we looked at mostly comms chips and some other electronic components would be rate limiting. And so we said, okay, let's see how high we can ramp those with our great work from our ops team looking at ResMed 2030, 2035 and a brand new plant in Singapore.

所以我們說，讓我們計算一下。讓我們來看看我們在 8、9 個月前對 22 財年的預測，然後看看我們認為我們可以根據我們可以進入工廠的零件和組件以及我們可以製造的產品來實現什麼關心什麼是看似無限的需求。所以我們只會對零件和零件進行速率限制。我們主要研究的是通信芯片，而其他一些電子元件將受到速率限制。所以我們說，好吧，讓我們看看我們的運營團隊在 ResMed 2030、2035 和新加坡的全新工廠中所做的出色工作，能將這些提升到多高。

We actually weren't limited and aren't limited on manufacturing capacity. It was just about supply. And we estimated $300 million to $350 million in incremental revenue, above our forecast growth. We didn't actually give a public number on what our forecast growth was. We just talked about that incremental revenue being there, letting sell-side models for their forecast add on to that in the $300 million to $350 million.

我們實際上並沒有受到限制，也不受製造能力的限制。這只是關於供應。我們估計增加了 3 億至 3.5 億美元的收入，高於我們的預測增長。我們實際上並沒有就我們的預測增長提供一個公眾號。我們剛剛談到了存在的增量收入，讓他們預測的賣方模型增加了 3 億到 3.5 億美元。

We've adjusted that to $200 million to $250 million. So on top of whatever that growth was, we think it will be 200 to 250 million, and that's really getting down to these this last quarter, Q4 gives a bit more detail on that.

我們已將其調整為 2 億至 2.5 億美元。因此，除了增長是什麼之外，我們認為這將是 200 到 2.5 億，這實際上是上個季度的這些，第四季度對此提供了更多細節。

Brett, any further quantitative info you want to give on that to Saul's question there?

布雷特，你想就掃羅的問題提供更多的定量信息嗎？

Yes. Thanks, Mick. I think you got that right. We saw, really what we did is we looked at our pre-recall forecast and it's very much an estimate on what we think that incremental demand was.

是的。謝謝，米克。我認為你說得對。我們看到，實際上我們所做的是我們查看了召回前的預測，這在很大程度上是對我們認為增量需求的估計。

And to your question, kind of what would the underlying growth be? I mean if you backed out that incremental revenue you'd get -- you'd probably get circa 10% growth on devices. So it's still pretty strong.

對於你的問題，潛在的增長是什麼？我的意思是，如果你放棄你會獲得的增量收入——你可能會在設備上獲得大約 10% 的增長。所以還是很強的。

Our next question is coming from Dan Hurren from MST.

我們的下一個問題來自 MST 的 Dan Hurren。

I just wanted to ask, in regards to -- you mentioned Astral, the Astral was not on allocation, it's unlimited or, sorry, is not constrained. Can you just talk about how that product is traveling and competitive -- and the competitive market with Philips being out of the market for their products?

我只是想問一下，關於-- 你提到了Astral，Astral 沒有分配，它是無限的，或者，抱歉，不受限制。您能否談談該產品的旅行和競爭力 - 以及飛利浦退出市場的競爭市場？

Yes, Dan, thanks for the question. And yes, you're right. As I said in the prep remarks, we -- it was our guiding principle that we take care of the sickest patients first and the highest acuity devices first, and the Astral is that. And so we've done a great job. Our ops team, supply chain team, manufacturing team has done a great job. We are not supply constrained on that and we are going head-to-head with the Trilogy and Evo. And what I see is regular leases of recalls and issues with our competitor in that space, and so not just our brand reputation and the amazing technology that's in the Astral. It's incredibly reliable and very high quality. And I believe we've been taking share there for a number of quarters.

是的，丹，謝謝你的提問。是的，你是對的。正如我在準備發言中所說，我們的指導原則是首先照顧病情最嚴重的患者，首先照顧最高敏銳度的設備，而 Astral 就是這樣。所以我們做得很好。我們的運營團隊、供應鏈團隊、製造團隊都做得很好。我們不受供應限制，我們將與 Trilogy 和 Evo 正面交鋒。我看到的是我們的競爭對手在該領域的定期召回和問題，而不僅僅是我們的品牌聲譽和 Astral 中令人驚嘆的技術。它非常可靠且質量非常高。我相信我們已經分享了幾個季度。

But Jim, do you want to give detail on the Astral and how well that's doing, the U.S., rest of the world?

但是吉姆，你想詳細介紹 Astral 以及它在美國、世界其他地區的表現如何嗎？

Yes. Thanks, Mick. Thanks, Dan. The Astral is performing really, really well from a competitive point of view. We've taken share with the Astral. It's a very, very strong device offering. We've made a number of improvements to that platform over the last couple of years. And also, remember that the Astral can be connected to an attachable modem, which can then allow patients using an Astral to be monitored in the cloud. And we have that capability now in our AirView platform worldwide.

是的。謝謝，米克。謝謝，丹。從競爭的角度來看，Astral 的表現非常非常好。我們已經與 Astral 分享了。這是一個非常非常強大的設備產品。在過去的幾年裡，我們對該平台進行了許多改進。此外，請記住，Astral 可以連接到可連接的調製解調器，然後可以允許使用 Astral 的患者在雲中進行監控。我們現在在全球的 AirView 平台中擁有這種能力。

And so we've had a lot of adoption of monitoring ventilated patients in our AirView platform, especially a very strong growth in Europe with that offering. And so Astral continues to perform extremely well.

因此，我們在 AirView 平台中大量採用了監測通氣患者，尤其是該產品在歐洲的強勁增長。因此，Astral 繼續表現出色。

Your next question is coming from Matthew Mishan from KeyBanc.

您的下一個問題來自 KeyBanc 的 Matthew Mishan。

Just going back to the de-commit. Did you give a sense of why your orders were, from over a year ago, were decommitted? And just -- how do you -- how does the semiconductor supply chain get unlocked over like the next 3 to 6 months? Like what are they telling you needs to happen incrementally so that you can get a steadier supply moving forward?

只是回到解除承諾。您是否了解為什麼一年多前您的訂單被取消了？只是——你如何——在接下來的 3 到 6 個月內，半導體供應鏈如何解鎖？就像他們告訴你需要逐步發生什麼，這樣你才能獲得更穩定的供應？

Matt, it's a great question. I'll talk a little bit about what our supply chain is doing. And I'll hand over to Rob Douglas, our COO, to go through the incredible work that Andrew Price and Linda Laidlaw, our President of Global Ops and the Head of our Supply Chain are doing there.

馬特，這是一個很好的問題。我會談談我們的供應鏈在做什麼。我將交給我們的首席運營官 Rob Douglas 來介紹 Andrew Price 和我們的全球運營總裁兼供應鏈負責人 Linda Laidlaw 在那裡所做的令人難以置信的工作。

But I can tell you what they're getting me to do. They're getting me to work with the CEOs of these companies and the heads of production. And we're working and providing information to show the importance in how these technologies that they're providing are going into life-saving medical devices. I actually created a video for the investors and the internal employees at one of our major electronic component suppliers to talk to them about how every chip they give us gives the gift of breath to a person who's suffocating.

但我可以告訴你他們讓我做什麼。他們讓我與這些公司的首席執行官和生產負責人一起工作。我們正在努力並提供信息，以展示他們提供的這些技術如何進入救生醫療設備的重要性。實際上，我為我們一家主要電子元件供應商的投資者和內部員工製作了一段視頻，與他們討論他們給我們的每一個芯片是如何給一個窒息的人帶來呼吸的禮物。

And to really get that message through, I mean, I think in the huge demand for electric cars and cloud-connected consumer devices and across the board, demand is up across industries. And so it can be hard if you're a component-maker to differentiate industry A from B from C and know where it's going.

為了真正傳達這一信息，我的意思是，我認為在對電動汽車和雲連接消費設備的巨大需求中，各行各業的需求都在上升。因此，如果您是一家組件製造商，則很難區分行業 A、B 和 C 並了解其發展方向。

When they know, firstly, that we pay high margins, that we have long-term contracts, that we're a recession-resistant industry as showed through the global financial crisis, and the benefit for employees looking for purpose that, hey, this chip doesn't just go into a car and goes from A to B or give cloud-connectivity to a refrigerator. This thing literally keeps them breathing and allows them and their doctor to see that breath and that improvement of incomes, reduction of costs and reduction in mortality.

當他們知道，首先，我們支付高額利潤，我們有長期合同，我們是一個抗衰退的行業，正如全球金融危機所表明的那樣，以及為尋找目標的員工帶來的好處，嘿，這芯片不只是進入汽車並從 A 到 B 或為冰箱提供雲連接。這個東西確實讓他們呼吸，讓他們和他們的醫生看到呼吸和收入的提高、成本的降低和死亡率的降低。

So getting that message through is really strong. We've been working very strongly since the starting gun sort of went off on this, June last year, and we're getting better and better. But across the industry, Robert, it's a tough environment for supply.

因此，通過該信息非常強大。自從去年 6 月發令槍響起以來，我們一直在非常努力地工作，而且我們正在變得越來越好。但在整個行業，羅伯特，這是一個艱難的供應環境。

Yes, it is tough, Matt. And the way the electronics and semiconductor industry works is like any other industry. There's a number of players, have got long-term forecast, which they need to have because the capital investments in order to build capacity take a long time to develop. But they've really only got short-term clarity on what the demand levels are going to be.

是的，這很難，馬特。電子和半導體行業的運作方式與任何其他行業一樣。有很多參與者都有長期預測，他們需要這些預測，因為為了建設能力而進行的資本投資需要很長時間才能發展。但他們實際上只是在短期內明確需求水平將是什麼。

And actually, the electronic industry has always been feast-or-famine for particular components like that. This is just a worse than usual version of the usual situation. There was so much excess demand around the COVID environment. So many new dynamics like, as Mick mentioned, electric vehicles taking up demand, and consumer electronics and all of that.

實際上，電子行業一直是對此類特定組件的盛宴或飢荒。這只是通常情況的一個比平常更糟糕的版本。圍繞 COVID 環境的需求過多。如此多的新動態，如 Mick 提到的，電動汽車佔據了需求，消費電子產品等等。

And then the key suppliers have all their own inputs that have those sort of same investment issues coming. So they're also an allocation for their raw materials as well. And then they have a number of contracts. And as Mick gets to it is, if we can manage the priorities that these people have and -- by the way, whenever we talk to almost anyone in any industry, we end up talking to somebody who either has sleep apnea, or their loved ones have sleep apnea, or their good friends have sleep apnea. So we can get a really strong measure through as to why it should be a priority.

然後，關鍵供應商擁有自己的所有投入，這些投入也會帶來同樣的投資問題。因此，它們也是原材料的分配。然後他們有許多合同。正如米克所說，如果我們能夠管理這些人的優先事項，而且——順便說一句，每當我們與任何行業的幾乎任何人交談時，我們最終都會與患有睡眠呼吸暫停症或他們所愛的人交談有些人患有睡眠呼吸暫停症，或者他們的好朋友患有睡眠呼吸暫停症。所以我們可以得到一個非常有力的衡量標準，說明為什麼它應該是優先事項。

But sometimes, they've got contracts and they need to be able to call force majeure on those contracts before they can supply us. So it's a very complex project. We keep working on it. As Mick mentioned, we've got these other longer-term projects that are really designing around the constraints and putting in options so that we can have what were traditionally single-source components, we have options for multiple source components. We have many different communication modules that can operate in the -- into the units now, and different protocols, and we'll keep working on that.

但有時，他們有合同，他們需要能夠對這些合同提出不可抗力，然後才能向我們供貨。所以這是一個非常複雜的項目。我們一直在努力。正如 Mick 所提到的，我們還有其他長期項目，這些項目真正圍繞約束進行設計並添加選項，以便我們可以擁有傳統的單源組件，我們可以選擇多源組件。我們現在有許多不同的通信模塊可以在單元中運行，還有不同的協議，我們將繼續努力。

But it's not going to clear short-term. And we're going to need this great sort of agile performance from our supply team to really try and predict the areas of decommits so that we can inform our engineering teams of what they should be designing around, and get started on those key areas before they become problems. But these are tough problems to solve, but we're working on them.

但這不會在短期內清除。我們將需要我們的供應團隊提供這種出色的敏捷性能來真正嘗試和預測退役領域，以便我們可以告知我們的工程團隊他們應該圍繞什麼進行設計，並在這些關鍵領域開始之前他們成為問題。但這些都是難以解決的問題，但我們正在努力解決這些問題。

Yes. And in short, our goal will be through all that work that Rob just talked about to make sure we take 3 steps forward, so that when you do get the 2 steps back on this or that component, we're still moving forward sequentially every quarter throughout the year and then really freeing up, as Rob said, the long-term stuff starts to come into fruition over the next 3, 6, 9 months and beyond. Thanks for the question, Matt.

是的。簡而言之，我們的目標將是完成 Rob 剛才談到的所有工作，以確保我們向前邁出 3 步，這樣當您在這個或那個組件上退後 2 步時，我們仍然會按順序向前全年一個季度，然後真正釋放出來，正如 Rob 所說，長期的東西在接下來的 3、6、9 個月及以後開始取得成果。謝謝你的問題，馬特。

Your next question is coming from David Bailey from Macquarie.

您的下一個問題來自麥格理的 David Bailey。

I might just follow up on those five areas of work. You mentioned sourcing, validation, and reengineering. Just wondering where progress sits relative to your plans, if there have been any benefits to date? And when do you think these projects are expected to complete such that you do start to see some of those benefits coming through?

我可能會跟進這五個工作領域。你提到了採購、驗證和再造。只是想知道相對於您的計劃的進展情況，迄今為止是否有任何好處？您認為這些項目預計何時完成，以便您確實開始看到其中的一些好處？

David, it's a great question, and it's really complex, and I'll probably hand to Rob to maybe give some of the detail on it. But those five lines of work have multiple projects within each of them, I throw out a term like new parts from new suppliers. That means our R&D team is reengineering a new part, validating, verifying, putting through all the quality tests. We're seeing in our market how incredibly important that is, and we will not compromise on quality.

大衛，這是一個很好的問題，而且真的很複雜，我可能會交給 Rob 來提供一些細節。但是這五個工作線每個都有多個項目，我拋出了一個術語，比如來自新供應商的新零件。這意味著我們的研發團隊正在重新設計一個新零件，驗證、驗證、完成所有質量測試。我們在市場上看到了這非常重要，我們不會在質量上妥協。

And then you've got to validate and verify a new supplier and get them through. And so just 1 of those 5 lines of work is an incredible amount of work for our quality, regulatory, R&D, engineering, production, and manufacturing teams. And so these aren't overnight. It's not like we're just having a cell phone here or a comms chip in a consumer device. This thing, a life support event, has to be working all day every day. A CPAP has to work every night. And we are, I think, able to, with all that work. I mean, as you saw, we got $200 million to $250 million just this fiscal year ahead of incredible growth in our supply chain, pivoted to all of that.

然後你必須驗證和驗證一個新的供應商並讓他們通過。因此，對於我們的質量、監管、研發、工程、生產和製造團隊來說，這 5 條工作中的 1 條工作量是驚人的。所以這些不是一夜之間的事。這不像我們只是在這裡擁有一部手機或消費設備中的通訊芯片。這東西，一個生命維持事件，必須每天都在工作。 CPAP 必須每晚工作。我認為，我們有能力完成所有這些工作。我的意思是，正如你所見，僅在本財年，我們就獲得了 2 億至 2.5 億美元的資金，而我們的供應鏈則以這一切為中心，實現了令人難以置信的增長。

If there hadn't been this competitor recall, we, as an industry, ResMed, would have been absolutely able to do with every single supply chain constraint that had happened, throughout this. And that speaks to the flex and the ability to go. We have these products that have been going 9 months. I actually think they're doing well. It's hard to say even if I gave you on each of those 5 lines of work, the key milestones on it. There are probably 5 projects within each of them. So it's sort of a 5x5, 25-point matrix.

如果沒有這次競爭對手的召回，我們作為一個行業，瑞思邁，完全能夠應對在整個過程中發生的每一個供應鏈限制。這說明了靈活性和前進的能力。我們有這些產品已經使用了 9 個月。我實際上認為他們做得很好。很難說即使我給了你這 5 條工作中的每一條，以及其中的關鍵里程碑。每個里面大概有5個項目。所以它是一個 5x5 的 25 點矩陣。

Rob is looking at this. Jim is looking at this on a daily basis. I get the updates every second or third day. As a CEO, I used to focus all my time just on customers, talking to customers, talking to health insurers, and showing the benefit of our therapy. I'm spending a lot more time with supply chain than I want to. But right now, that's where the urgent need is. And for the next 3, 6, 9, 12 months is where we're going to be focused.

羅布正在看這個。吉姆每天都在看這個。我每隔兩天或三天就會收到一次更新。作為首席執行官，我過去常常只關注客戶，與客戶交談，與健康保險公司交談，並展示我們治療的好處。我花在供應鏈上的時間比我想的要多得多。但現在，這就是迫切需要的地方。在接下來的 3、6、9、12 個月內，我們將重點關注。

But at the same time, we're investing in demand gen so that as supply starts to come back -- and it will -- and as the competitor comes back online, we can turn that demand gen back on, securing all these share gains we've got through the digital entrenchment, and then drive for future growth.

但與此同時，我們正在投資於需求發電，以便隨著供應開始恢復 - 而且它會 - 隨著競爭對手重新上線，我們可以重新開啟需求發電，確保所有這些份額收益我們已經打通了數字防線，然後推動了未來的增長。

But Rob, how do you summarize all the work we're doing, for David, simply here?

但是 Rob，您如何總結我們正在做的所有工作，對於 David，就在這裡？

Dave, we wouldn't break down all the individual projects. But I mentioned having multiple comms protocols, multiple chips, multiple sources of chips. And to Mick's point, our issue around quality and patient safety is just so important. So we can't really take any undue risk or give any give on the quality of the validation processes, and making sure we're doing the right things through all of that.

戴夫，我們不會分解所有單獨的項目。但我提到有多種通信協議、多種芯片、多種芯片來源。在米克看來，我們圍繞質量和患者安全的問題非常重要。因此，我們真的不能冒任何不適當的風險或對驗證過程的質量給予任何讓步，並確保我們在所有這些過程中都在做正確的事情。

So we can't just throw in a new component and say, let's see if it works. We've got to really do all the proper life testing and check-throughs. So that's why it doesn't happen overnight. But the teams are working on it, and they say they're thinking around how to forecast the right areas so that we can get on the front foot on these.

所以我們不能只扔一個新組件然後說，讓我們看看它是否有效。我們必須真正進行所有適當的壽命測試和檢查。所以這就是為什麼它不會在一夜之間發生。但是團隊正在努力，他們說他們正在考慮如何預測正確的區域，以便我們能夠在這些方面處於領先地位。

Another important area is our ability to burst demand and burst supply when we do get solutions come in. And you actually will see our inventory levels have increased. And that's interesting in a time when really every product we make is immediately delivered to customers and sold, and that's because we're working hard on making sure we've got all the raw material inventories, including longer-term commitments with these suppliers, which actually we've had to do in order to guarantee short-term supply. And so we've got very strong inventories of nearly everything but the few that are short. But when those few ones short, that were short, come in, we're able to put them quickly into production and quickly get them on to patients.

另一個重要領域是當我們確實獲得解決方案時，我們能夠滿足需求和供應的需求。您實際上會看到我們的庫存水平有所增加。這很有趣，因為我們製造的每一件產品都會立即交付給客戶並出售，這是因為我們正在努力確保我們擁有所有原材料庫存，包括與這些供應商的長期承諾，實際上，我們必須這樣做才能保證短期供應。所以我們幾乎所有東西都有非常強大的庫存，除了少數短缺的。但是當那些短的，短的，進來時，我們能夠迅速將它們投入生產，並迅速將它們提供給患者。

Our next question is coming from Mike Matson from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mike Matson。

I wanted to ask about this card-to-cloud device. Can you maybe comment on how that works? I assume that they collect the data on the card and then has to be uploaded somehow. And then is there any kind of long-term repercussions from having these out there in your installed base in terms of lost data over time or anything like that?

我想問一下這個卡到雲的設備。你能評論一下它是如何工作的嗎？我假設他們收集卡上的數據，然後必須以某種方式上傳。那麼，隨著時間的推移丟失數據或類似情況，在您的安裝群中安裝這些設備是否會產生任何長期影響？

Thanks for the question, Mike. And I'll hand to Jim to walk through some further detail. And I can tell you from ResMed, when we really first got into digital health in 2002, we had paging devices on experimental parts of our devices. In 2005, we started to -- with the S8 launch in 2006, '07, had some SD cards that were in those devices.

謝謝你的問題，邁克。我將交給 Jim 來詳細介紹一些細節。我可以從 ResMed 告訴你，當我們在 2002 年真正第一次涉足數字健康時，我們在設備的實驗部分安裝了尋呼設備。 2005 年，隨著 2006 年 07 年推出的 S8，我們開始在這些設備中安裝一些 SD 卡。

And so we sort of had this world of card-to-cloud at ResMed for well over a decade. 10, 15 years that we've had the ability to do that type of technology. Obviously, with the AirSense 10, we changed the whole market. We did the sort of reverse Amazon play where we said 100% connectivity in the AirSense 10 through the comms chip. And then you take it seamlessly, and it's taken to go there.

因此，十多年來，我們在 ResMed 擁有了這個從卡到雲的世界。 10 到 15 年，我們有能力做這種技術。顯然，AirSense 10 改變了整個市場。我們做了一種反向亞馬遜遊戲，我們說 AirSense 10 通過通信芯片實現 100% 連接。然後你無縫地接受它，它被帶到那裡。

Look, this is a humanitarian emergency right now. We have a competitor out of the market, and there's not enough comms chips to go around the world. And we looked at this and said, well, look, why don't we go to where we were before, which is a great technology of card-to-cloud. The differentiator for us is AirView that the doctors use, myAir that the patients use, and the whole ecosystem of data.

看，現在是人道主義緊急情況。我們有一個競爭對手退出市場，而且沒有足夠的通信芯片可以在全球範圍內銷售。我們看著這個並說，好吧，看，我們為什麼不去以前的地方，這是一項很棒的卡到雲技術。對我們而言，區別在於醫生使用的 AirView、患者使用的 myAir 以及整個數據生態系統。

And so I think it's far more efficient and appropriate that it goes straight into a secure end-to-end encrypted from the device there. But in this time of emergency, for a period of time, who knows how long it will last, these AirSense 10 card-to-clouds are a whole lot better, patient getting that technology, than one of the competitors out there that has some klugey solution that may or may not be encrypted, the who knows how it works, and the device and it might not be as reliable.

因此，我認為直接進入從那裡的設備加密的安全端到端加密會更加有效和合適。但是在這個緊急時刻，在一段時間內，誰知道它會持續多久，這些 AirSense 10 卡到雲比那些擁有一些技術的競爭對手要好得多，耐心地獲得這項技術可能加密也可能不加密的 klugey 解決方案，誰知道它是如何工作的，以及設備和它可能不那麼可靠。

So the AirSense 10 is the second best device in the market, second only to the AirSense 11. So card-to-cloud is out there. But Jim, it's early days. How is it going?

所以 AirSense 10 是市場上第二好的設備，僅次於 AirSense 11。所以卡到雲就在那裡。但是吉姆，現在還為時尚早。最近好嗎？

It's very early days, and we'll be bringing it to more and more geographies. But to Mick's point, we really just want to make sure patients get on therapy. I mean that's the driving rationale for launching this device, this card-to-cloud version. It's basically an AirSense 10 without the cell chip in it.

現在還很早，我們將把它帶到越來越多的地區。但就米克而言，我們真的只是想確保患者接受治療。我的意思是這就是推出這款設備的驅動原理，這款卡到雲版本。它基本上是一個沒有電池芯片的 AirSense 10。

So to the process question, Mike, you asked is about the devices all have SD cards in them, the SD card has to get to the provider. The provider uploads the data into the cloud. We've actually just relaunched, or launched, a renewed and better version of the process for doing that for the software that allows the upload into the cloud.

所以對於流程問題，邁克，你問的是設備中都有 SD 卡，SD 卡必須交給提供商。提供商將數據上傳到雲端。實際上，我們剛剛重新啟動或啟動了一個更新的、更好的版本，以便為允許上傳到雲的軟件執行此操作。

And the great advantage of the whole system is that the patient still can be managed in AirView, and AirView is the best patient management system on the market. We know that it has the strongest preference, the strongest performance, it's secure, it's encrypted, it protects privacy, and importantly, all of our customers are using AirView right now in their workflows.

而整個系統最大的優勢就是病人仍然可以在AirView中進行管理，AirView是目前市場上最好的病人管理系統。我們知道它具有最強的偏好、最強的性能、安全、加密、保護隱私，重要的是，我們所有的客戶現在都在他們的工作流程中使用 AirView。

And so what the card-to-card device is missing is one step, which is the daily cloud-uploaded data and a wireless system. The data will come into the system, into the cloud, when the SD card gets uploaded by the providers. So I don't think anybody will do that on a daily basis. They'll do it relatively infrequently.

因此，卡對卡設備缺少的只是一個步驟，即日常的雲上傳數據和無線系統。當供應商上傳 SD 卡時，數據將進入系統，進入雲端。所以我認為沒有人會每天都這樣做。他們會相對不經常這樣做。

The data is all there in the SD card. The device stores the data for months, so no data is lost. It's just the frequency of upload. And again, the main rationale behind it is we want to make sure patients get on therapy. There's a growing patient backlog. We can produce these devices at volume. And it gets around our biggest constraint, which is the communication cell chip.

數據都在 SD 卡中。該設備將數據存儲數月，因此不會丟失任何數據。這只是上傳的頻率。同樣，其背後的主要理由是我們希望確保患者接受治療。有越來越多的病人積壓。我們可以批量生產這些設備。它繞過了我們最大的限制，即通信單元芯片。

Your next question today is coming from Margaret Kaczor from William Blair.

你今天的下一個問題來自威廉布萊爾的瑪格麗特卡佐爾。

This is Maggie on for Margaret. I wanted to ask the incremental benefit guidance question a little bit of a different way. So obviously, the supply constraints here are not allowing you to service all the patients out there, so you're reducing it by $100 million. So as the pie improves, and when it does, do you think that you will be able to recover that full $100 million in the next fiscal year, and even more than that?

這是瑪格麗特的瑪吉。我想以不同的方式提出增量福利指導問題。很明顯，這裡的供應限制不允許您為那裡的所有患者提供服務，因此您將其減少了 1 億美元。因此，隨著餡餅的改善，當它改善時，您是否認為您將能夠在下一財年收回全部 1 億美元，甚至更多？

Thanks for your question, Maggie. I mean the short answer is yes, absolutely, through not just the technology Jim was talking about, the AirSense card-to-cloud, but all the other projects Rob has been talking about, the 5 by 5, 25-plus matrix of incredible projects that are going through that are going to free up supply. And sequentially, as we go through this year, we're going to get growth and growth and growth.

謝謝你的問題，瑪吉。我的意思是簡短的回答是肯定的，當然，不僅通過 Jim 所說的技術，AirSense 卡到雲，而且通過 Rob 一直在談論的所有其他項目，5 x 5，25+ 矩陣令人難以置信正在進行的項目將釋放供應。依次，隨著我們今年的發展，我們將獲得增長、增長和增長。

And so just to be clear, it was on top of, as Brett said, strong sort of 10% forecast growth. We then had, in addition to that $300 million to $350 million of incremental. That incremental was reduced to $200, 250 million as we said today for this fiscal year that we're in. But that incremental growth, those patients will be there and we will be in the backlog, and we will get to them in fiscal '23, and more as we continue to grow throughout the fiscal year 2023.

因此，需要明確的是，正如布雷特所說，這是在強勁的 10% 預測增長之上。然後，除了 3 億到 3.5 億美元的增量之外，我們還有。正如我們今天所說，對於我們所在的本財年，增量減少到 200 美元，2.5 億美元。但是增量增長，那些患者將在那裡，我們將在積壓中，我們將在財政年度得到他們23，隨著我們在整個 2023 財年繼續增長。

It's not like this is an overnight success, and 1 of the 25 projects works tomorrow and we're all perfect. It's incremental, continuous improvement, step-by-step improvement of an amazing ops and supply chain team, and an amazing sales and delivery team working with customers on this allocation, and understanding how to bring that product to market, and understanding on the marketing side to just get ready for the demand gen that's going to need to happen to get all the backlog in and new patients in as we go in throughout fiscal year '23 and beyond.

這不是一夜之間的成功，25 個項目中的 1 個明天就可以工作，我們都很完美。這是一個令人驚嘆的運營和供應鏈團隊的漸進式、持續改進、逐步改進，以及一個出色的銷售和交付團隊與客戶合作進行此分配，並了解如何將該產品推向市場，以及對營銷的理解一邊為我們在 23 財年及以後的整個財政年度進行的所有積壓工作和新患者提供所需的需求生成做好準備。

But the short answer is, Maggie, yes, we will get to that increment, and more, throughout the coming 12, 18 months.

但簡短的回答是，Maggie，是的，我們將在接下來的 12、18 個月內達到這個增量，甚至更多。

Our final question today is coming from Suraj Kalia from Oppenheimer.

我們今天的最後一個問題來自奧本海默的 Suraj Kalia。

Mick, a lot of questions have been answered. Mick, if we layer a recessionary environment on top of an inflationary environment, can you just give us some guidance in terms of new order flow-throughs, patient behavior, resupply orders? Especially -- it almost seems inevitable that there's another complicating factor on the horizon.

米克，已經回答了很多問題。米克，如果我們在通脹環境之上疊加一個衰退環境，您能否就新訂單流轉、患者行為、補給訂單給我們一些指導？尤其是——似乎不可避免地還會出現另一個複雜因素。

Thanks, Suraj. Yes. Look, I mean, clearly, inflation is high. And as you've seen, that's been hitting some of our areas of cost. We have some price mitigation on the AirSense 11 and on global surcharge and some sort of SKUs across the range to deal with inflation and to share some of the pain of that that we are seeing from our suppliers within the channel. But -- so that's how we're sort of mitigating the impacts of inflation.

謝謝，蘇拉傑。是的。看，我的意思是，很明顯，通貨膨脹率很高。正如你所看到的，這已經影響了我們的一些成本領域。我們對 AirSense 11 和全球附加費以及整個範圍內的某種 SKU 進行了一些降價，以應對通貨膨脹並分擔我們從渠道內的供應商那裡看到的一些痛苦。但是——這就是我們減輕通貨膨脹影響的方式。

Your question about a future recession, who knows? We have a long bull market. One thing I know about ResMed, and I was here through -- I was actually running the global sleep business through '08, '09 and '10. And I'd just taken over it the year before. And ResMed was remarkably resistant to that global financial crisis. In a recessionary environment, people may forgo that extra Tesla, that extra phone for $2,000, but they will not forgo that extra CPAP for $1,000 as much. And so we were very recession-resistant through that last global financial crisis, had a bull run here globally for 10, 12 years. It is possible.

你關於未來經濟衰退的問題，誰知道呢？我們有一個漫長的牛市。關於 ResMed，我知道一件事，而且我一直在這裡——我實際上在 08 年、09 年和 10 年一直在經營全球睡眠業務。我剛剛在前一年接手了它。瑞思邁對那場全球金融危機的抵抗力極強。在經濟衰退的環境中，人們可能會以 2,000 美元的價格放棄額外的特斯拉、額外的手機，但他們不會以 1,000 美元的價格放棄額外的 CPAP。因此，我們在上一次全球金融危機中非常抗衰退，在全球範圍內經歷了長達 10 年、12 年的牛市。有可能的。

Suraj, you're probably better at predicting the timing of when a recession may come in the next 12, 24, 36 months, I don't know. But I know that as opposed to other consumer industries and automotive industries and fast-moving consumer goods, med tech and particularly consumer-driven med tech like ResMed in sleep apnea, we've been very recession-resistant. So a very strong player throughout that and gives us a competitive advantage, I think, over some of the other players fighting for the dollars available.

Suraj，我不知道，你可能更擅長預測未來 12、24、36 個月內可能出現衰退的時間。但我知道，與其他消費行業和汽車行業以及快速消費品、醫療技術，尤其是像 ResMed 治療睡眠呼吸暫停症這樣的消費驅動型醫療技術相比，我們一直非常抗衰退。因此，在整個過程中，一個非常強大的玩家給了我們競爭優勢，我認為，相對於其他一些為可用資金而戰的玩家。

But look, who knows what the timing of any of that would be? But we've got mitigation plans in for inflation, I think, very good experience and capabilities to deal with downturns and/or recessions. But thanks for the question.

但是看，誰知道其中的時間是什麼？但我認為，我們已經制定了緩解通脹的計劃，擁有非常好的經驗和能力來應對經濟低迷和/或衰退。但謝謝你的問題。

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

我們的問答環節已經結束。我想將發言權轉回給 Mick，以獲取任何進一步的或結束的評論。

Well, thanks, Kevin, for handing the phone back. And thanks again to all of our shareholders for joining us on this call. I'd like to once again thank the 8,000 ResMedians. Many of you are also shareholders through our ESPP, so thank you for that, for your dedication and your hard work, helping people breathe better, sleep better and live better lives outside the hospital in 140 countries worldwide.

好吧，謝謝，凱文，把電話還給我。再次感謝我們所有的股東加入我們的電話會議。我要再次感謝 8,000 名 ResMedians。你們中的許多人也是我們 ESPP 的股東，所以感謝你們的奉獻精神和辛勤工作，幫助全世界 140 個國家的人們更好地呼吸、睡得更好，並在醫院外過上更好的生活。

Thanks for what you do today and every day. I look forward to talking to you and all of our stakeholders here again in 90 days. Thank you, and we can now close the call.

感謝您今天和每天所做的一切。我期待在 90 天內再次與您和我們所有的利益相關者交談。謝謝，我們現在可以結束通話了。

Great. Thanks, Mick. Thank you, everyone. To echo him, we appreciate your interest and your time. As a reminder, if you have any additional questions, please don't hesitate to reach out to our Investor Relations team directly. This does conclude our third quarter 2022 conference call. Kevin, I'll turn it back to you to close things out.

偉大的。謝謝，米克。謝謝大家。為了回應他，我們感謝您的興趣和您的時間。提醒一下，如果您有任何其他問題，請隨時直接聯繫我們的投資者關係團隊。這確實結束了我們 2022 年第三季度的電話會議。凱文，我會把它還給你來解決問題。

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

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，度過美好的一天。我們感謝您今天的參與。