瑞思邁 (RMD) 2022 Q2 法說會逐字稿

Hello, and welcome to the ResMed Second Quarter Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加瑞思邁 2022 財年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Amy Wakeham, Vice President, Investor Relations and Corporate Communications. Please go ahead, Amy.

現在我很高興將電話轉給投資人關係和企業傳播副總裁 Amy Wakeham。請繼續，艾米。

Great. Thanks, Kevin, and hi, everyone. Welcome to ResMed's Second Quarter Fiscal Year 2022 Earnings Conference Call. We thank you for 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 the earnings press release and presentation, which are both available now.

偉大的。謝謝，凱文，大家好。歡迎參加瑞思邁 2022 財年第二季財報電話會議。我們感謝您加入我們。本次電話會議正在進行網路直播，今天稍後將在我們公司網站的投資者關係部分提供重播，以及收益新聞稿和簡報的副本（現已提供）。

With me on the call today are 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, our President and Chief Operating Officer; Jim Hollingshead, our President, Sleep and Respiratory Care; and David Pendarvis, our Chief Administrative Officer and Global General Counsel.

今天與我一起參加電話會議的是執行長米克法雷爾 (Mick Farrell)；和財務長布雷特·桑德科克。在我們電話會議的問答部分，我們的總裁兼營運長 Rob Douglas 將與 Mick 和 Brett 一起參加； Jim Hollingshead，我們的睡眠與呼吸照護總裁；以及我們的首席行政官兼全球總法律顧問 David Pendarvis。

As a reminder, on today's call, we will discuss some non-GAAP measures. For a reconciliation of the non-GAAP measures, please review the notes in today's earnings press release or the appendix of the earnings presentation. Our discussion today may also include forward-looking statements, including, but not limited to, expectations about ResMed's future 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，在今天的電話會議上，我們將討論一些非公認會計原則措施。有關非公認會計準則衡量標準的調節，請查看今天的收益新聞稿或收益報告附錄中的註釋。我們今天的討論也可能包括前瞻性陳述，包括但不限於對瑞思邁未來表現的預期。我們相信這些陳述是基於合理的假設。然而，我們的實際結果可能會有所不同。我們鼓勵您查看我們向 SEC 提交的文件，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聲明有重大差異的風險因素。

I'll now turn the call over to Mick.

我現在將電話轉給米克。

Thanks, Amy, and thank you to all of our shareholders for joining us today as we review results for the December quarter, the second quarter of our fiscal year 2022. Our second quarter results continue to demonstrate the strong performance across our business, benefiting from the ongoing extremely high demand for our sleep and respiratory care devices as well as the steady recovery of markets from the peaks of COVID-19 impacts.

謝謝艾米，感謝我們所有的股東今天加入我們，回顧 2022 財年第二季度 12 月季度的業績。和呼吸護理設備的持續極高的需求，以及市場從COVID-19 影響的高峰中穩步復甦。

We achieved double-digit growth in our business as we navigate three major externalities: one, the recovery of patient flow post the COVID maximum peaks; two, global supply chain constraints, particularly in electronic components; and three, the almost unlimited demand associated with a competitor recall that has actually extended further in terms of volumes of their devices that were impacted and the duration of their repair and replace process. The bottom line is we have at least twelve more months of this incredible demand for ResMed products.

我們的業務實現了兩位數的成長，因為我們應對了三個主要的外部因素：一是在新冠疫情最高峰後患者流量的恢復；二是全球供應鏈限制，特別是電子元件；第三，與競爭對手召回相關的幾乎無限的需求實際上進一步延長了受影響設備的數量以及維修和更換過程的持續時間。最重要的是，我們對瑞思邁產品的這種令人難以置信的需求至少還有十二個月的時間。

I'm very proud of 8,000 ResMedians serving patients in 140 countries worldwide. Our global teams are finding ways to deliver products and solutions to home care providers, physicians and healthcare systems and ultimately into the hands of patients who need them most.

我為 8,000 名 ResMedians 為全球 140 個國家的患者提供服務感到非常自豪。我們的全球團隊正在尋找方法向家庭護理提供者、醫生和醫療保健系統提供產品和解決方案，並最終到達最需要的患者手中。

Clearly, the global supply chain environment remains very challenging across multiple industries, and we are not immune to its impact. During the quarter, despite growing double digits year-on-year, we were not able to meet all the demand available in the market. We are being allocated components from our suppliers, particularly electronic components and even more specifically, semiconductor chips, and we are thus being forced to allocate our outbound products to our customers.

顯然，多個產業的全球供應鏈環境仍充滿挑戰，我們也無法倖免於其影響。本季度，儘管同比增長兩位數，但我們仍無法滿足市場上的所有需求。我們正在從供應商分配組件，特別是電子組件，更具體地說是半導體晶片，因此我們被迫將出口產品分配給我們的客戶。

We have established an allocation process with clear guiding principles that give priority to the production and delivery of devices to meet the needs of the highest acuity patients first. In addition to component supply issues, the ongoing challenges of sea freight and air freight are impacting our ability to respond as rapidly as we would like to the demand for ResMed products. Freight costs are increasing across the board on inbound components from suppliers and on outbound products to our distribution centers and for ultimate delivery to our customers. As a result of these increased costs, we implemented a surcharge on our products starting in January to share some of the burden of these increased costs with customers. Given all the increases in prices from commodities to specialty products across multiple industries around the world, the necessity of this surcharge has been understood and accepted by our customers.

我們建立了一個具有明確指導原則的分配流程，優先考慮設備的生產和交付，以滿足最嚴重患者的需求。除了組件供應問題外，海運和空運的持續挑戰也影響了我們對瑞思邁產品需求快速反應的能力。從供應商進口的零件以及運送至我們的配送中心並最終交付給客戶的產品的貨運成本都在全面增加。由於成本增加，我們從一月份開始對我們的產品徵收附加費，以便與客戶分擔成本增加的部分負擔。鑑於全球多個行業從大宗商品到特色產品的價格不斷上漲，這項附加費的必要性已被我們的客戶理解和接受。

We are working closely with our global supply chain partners, doing everything that we can to gain access to additional supply of the critical components that we need to further increase production of our medical devices. We are also re-engineering designs, validating new parts, pieces, suppliers and accelerating new product launch and development to further catch up with the demand. We understand that this is a difficult situation for all of our customers, including physicians, home medical equipment providers, payers, healthcare systems and the most important customer, the patient. Our #1 priority will always be patients, doing our best to help those who suffer from sleep apnea, COPD, asthma and other respiratory chronic diseases as well as those who benefit from our out-of-hospital healthcare software solutions.

我們正在與全球供應鏈合作夥伴密切合作，盡一切努力獲得進一步增加醫療器材產量所需的關鍵零件的額外供應。我們也重新設計設計，驗證新零件、零件、供應商，並加快新產品的推出和開發，以進一步滿足需求。我們知道，這對我們所有的客戶來說都是一個困難的局面，包括醫生、家庭醫療設備提供者、付款人、醫療保健系統以及最重要的客戶—病患。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中止症、慢性阻塞性肺病、氣喘和其他呼吸道慢性疾病的人，以及那些從我們的院外醫療保健軟體解決方案中受益的人。

To grow and differentiate our sleep and respiratory care business, we will develop, design and deliver world-leading therapy solutions that can be scaled globally. And we're going to deliver the world's leading out-of-hospital software solutions to empower each person's healthcare wherever they are. Our goal is to ensure that every person gets the care that they need, where they need it and when they need it.

為了發展我們的睡眠和呼吸護理業務並使其脫穎而出，我們將開發、設計和提供可在全球擴展的世界領先的治療解決方案。我們將提供世界領先的院外軟體解決方案，為每個人提供醫療保健服務，無論他們身在何處。我們的目標是確保每個人在需要的時間和地點獲得所需的照顧。

Let me step back to discuss the broad market conditions in our industry. We're seeing steady ongoing recovery of demand across the countries that we operate in. We are still seeing a divergence in the total patient flow from 85% to 100% of pre-COVID levels in most countries and above 100% of pre-COVID levels in a few locations. These metrics will continue to steadily increase towards pre-COVID levels and beyond as vaccines and boosters roll out globally. Each new COVID variant has an impact, but with the adoption of digital health solutions for screening, diagnosis and remote patient setup and remote patient monitoring as well as established and well-established processes for COVID cleaning protocols at sleep labs, we expect the impact of new variants to diminish in absolute impact each time.

讓我退一步討論一下我們行業的廣泛市場狀況。我們看到我們開展業務的國家的需求持續穩定復甦。一些地點的水平。隨著疫苗和加強疫苗在全球的推廣，這些指標將繼續穩定上升，達到新冠疫情前的水平甚至更高。每個新的新冠病毒變體都會產生影響，但隨著用於篩檢、診斷和遠端患者設定和遠端患者監測的數位健康解決方案的採用，以及睡眠實驗室新冠病毒清潔方案的既定且完善的流程，我們預計會產生影響每次新變體的絕對影響都會減弱。

Our global ResMed team remains committed to working with national, state and city governments as well as local healthcare systems, hospitals and healthcare providers to supply ventilators, masks and training for acute care and the important transition to home as needed. Given the steadily decreasing severity of each impact on the hospitalizations and severe disease from COVID, the demand for ventilators is now consistent with pre-COVID levels.

我們的全球瑞思邁團隊仍致力於與國家、州和市政府以及當地醫療保健系統、醫院和醫療保健提供者合作，根據需要提供呼吸器、口罩和急性護理培訓以及重要的居家過渡服務。鑑於新冠肺炎對住院治療和嚴重疾病的各項影響的嚴重程度正在穩步下降，目前對呼吸器的需求與新冠疫情前的水平一致。

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

現在讓我向您介紹我們的三大策略重點：第一個是發展和差異化我們的核心睡眠呼吸中止症、慢性阻塞性肺病和氣喘業務；第二是設計、開發和提供世界領先的醫療設備以及可在全球擴展的數位健康解決方案；第三是創新和發展世界上最好的軟體解決方案，用於醫院外（尤其是家庭）提供的護理。

The U.S. launch of our next-generation device platform called AirSense 11 continues to go very well. This new platform has provided much needed additional product supply as we faced all-time high demand for ResMed devices. We expect to introduce the AirSense 11 platform into additional countries throughout calendar year 2022. In parallel, we will continue to sell our globally available market-leading platform, the AirSense 10, to maximize the total volume of CPAP, APAP and bilevels available for sale. In fact, the only product that the AirSense 10 is inferior to is the AirSense 11.

我們在美國推出的下一代設備平台 AirSense 11 進展順利。當我們面臨對瑞思邁設備的空前高需求時，這個新平台提供了急需的額外產品供應。我們預計在 2022 年將 AirSense 11 平台引入更多國家。事實上，AirSense 10 唯一的遜色產品是 AirSense 11。

As you saw in our results with double-digit growth this quarter, the ongoing adoption of both the AirSense 10 and AirSense 11 platforms remains very, very strong. With the AirSense 11 platform and our digital health technology ecosystem, we are engaging patients in their therapy digitally like never before in the industry.

正如您在本季兩位數成長的業績中看到的那樣，AirSense 10 和 AirSense 11 平台的持續採用仍然非常非常強勁。透過 AirSense 11 平台和我們的數位健康科技生態系統，我們以業界前所未有的方式讓患者以數位方式參與治療。

We are also making it easier and more efficient for our customers to manage their patient populations using our full suite of software solutions, including myAir for patients, AirView for physicians and Brightree for home medical equipment providers. When customers use these digital health technology solutions, they have increased efficiencies, lower costs and we achieve improved outcomes for patients and their physicians. We have peer-reviewed published evidence showing that combining AirSense platform with myAir software and AirView software, we see over 87% adherence to positive airway pressure therapy. This was in a study with over 85,000 patients.

我們也利用我們的全套軟體解決方案（包括針對患者的 myAir、針對醫生的 AirView 和針對家庭醫療設備提供者的 Brightree），讓客戶能夠更輕鬆、更有效率地管理患者群體。當客戶使用這些數位健康技術解決方案時，他們可以提高效率、降低成本，並且我們可以為患者及其醫生提供更好的治療效果。我們經過同行評審的已發表證據表明，將 AirSense 平台與 myAir 軟體和 AirView 軟體結合，我們發現超過 87% 的人堅持氣道正壓治療。這是一項針對 85,000 多名患者的研究。

On our latest and greatest platform, the AirSense 11, we are driving even higher adoption rates of the myAir app than ever before. In fact, we are seeing more than double the uptake of patients signing up to myAir and fully engaging with ResMed software technology. The net result is that this delivers a better patient experience, better efficiency for the home care providers and more importantly, greater long-term adherence to therapy. We saw this demonstrated in the ALASKA study in partnership with the French healthcare systems, where we showed in a study with over 176,000 patients that those patients who adhered to CPAP therapy had a 39% relative reduction in mortality rates versus control. Demonstrating these types of better patient outcomes and lower costs for the healthcare system at a scale not seen before in the industry are critical components of the ResMed 2025 strategy.

在我們最新、最出色的平台 AirSense 11 上，我們推動 myAir 應用程式的採用率比以往任何時候都更高。事實上，我們發現註冊 myAir 並充分使用 ResMed 軟體技術的患者數量增加了一倍以上。最終結果是，這為居家照護提供者提供了更好的病患體驗、更高的效率，更重要的是，提高了對治療的長期依從性。我們在與法國醫療保健系統合作的阿拉斯加研究中看到了這一點，我們在一項針對超過 176,000 名患者的研究中表明，與對照組相比，堅持 CPAP 治療的患者死亡率相對降低了 39%。以行業前所未見的規模展示這些類型的更好的患者治療結果和更低的醫療保健系統成本，是 ResMed 2025 策略的關鍵組成部分。

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 diagnosis funnel. COVID-19 has advanced awareness, adoption and acceptance of respiratory health and respiratory hygiene but also adoption and acceptance of digital health and telehealth tools, including home-based sleep apnea tests.

我們長期成長策略的另一個關鍵方面是提高意識並增加透過睡眠呼吸中止症診斷漏斗頂部的患者流量。 COVID-19 提高了人們對呼吸健康和呼吸衛生的認識、採用和接受度，同時也採用和接受了數位健康和​​遠距醫療工具，包括家庭睡眠呼吸中止測試。

Although increasing demand is not as important in the immediate short-term given the ongoing competitor recall, we have a long-term focus, and we're always focused on that long-term demand gen opportunity. We are innovating with partners and our customers to create an even more efficient and effective approach to sleep apnea patient identification, screening, diagnostics, treatment and management. We will continue to invest in technology that enables an end-to-end, seamless digital experience for patients.

儘管考慮到競爭對手的不斷召回，短期內需求的增加並不那麼重要，但我們著眼於長期，並且始終關注長期的需求產生機會。我們正在與合作夥伴和客戶一起創新，創造一種更有效率和有效的方法來識別、篩檢、診斷、治療和管理睡眠呼吸中止症患者。我們將繼續投資技術，為患者提供端到端、無縫的數位體驗。

As we mentioned in our October call, during the second quarter, we acquired Ectosense, a leading provider of cloud-connected home sleep apnea testing technology worldwide. We believe Ectosense's digital and easy-to-use solutions in the hands of physicians, sleep lab technicians as well as consumers can help significantly increase both diagnostic and screening rates as well as general sleep apnea awareness.

正如我們在 10 月的電話會議中提到的，在第二季度，我們收購了 Ectosense，這是一家全球領先的雲端連接家庭睡眠呼吸中止測試技術提供商。我們相信，醫生、睡眠實驗室技術人員以及消費者手中的 Ectosense 數位化且易於使用的解決方案可以幫助顯著提高診斷和篩檢率以及一般睡眠呼吸中止症的認識。

Let me now turn to a discussion of our respiratory care business, focusing on our strategy to better serve the 380 million patients with chronic obstructive pulmonary disease, or COPD, worldwide and the 330 million patients that suffer from asthma worldwide. Our goal is to reach 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 cloud-connected pharmaceutical delivery solutions from our Propeller technology and high-flow therapy offerings such as our product platform called Lumis HFT.

現在讓我談談我們的呼吸照護業務，重點討論我們的策略，以便更好地服務全球 3.8 億慢性阻塞性肺病 (COPD) 患者和全球 3.3 億名氣喘患者。我們的目標是透過我們的呼吸照護解決方案涵蓋數億患者，包括非侵入性通氣和生命維持通氣以及更新的治療領域，例如我們的Propeller 技術的雲端連接藥物輸送解決方案和高流量治療產品，例如我們的Propeller 技術與高流量治療產品。

Demand for our core noninvasive ventilation and life support ventilation solutions was strong throughout the quarter, especially in markets outside the U.S., where providers shifted focus to support the most severe, highest acuity patients. This demand is aligned with the guiding principles of our allocation process, namely to give the highest priority to manufacturing life support ventilation and noninvasive ventilation devices, including bilevels that meet the needs of these highest acuity patients first.

本季對我們核心無創通氣和生命維持通氣解決方案的需求強勁，尤其是在美國以外的市場，這些市場的供應商將重點轉向支持最嚴重、最嚴重的患者。這項需求符合我們分配流程的指導原則，即優先考慮製造生命維持通氣和非侵入性通氣設備，包括首先滿足這些最嚴重患者需求的雙層通氣設備。

Adoption of the AirView for Ventilation software solution that we launched in Europe a little over a year ago remains solid, and we continue to expand this technology to regions around the world. AirView for Ventilation has provided value by helping physicians and the healthcare systems they operate in to manage high-risk patients during the COVID-19 pandemic. But it is also increasingly being used on an ongoing basis to enhance quality of care through early and proactive intervention at the first sign of respiratory medical issues to help reduce the risk of hospitalization. We see a world where AirView for Ventilation is standard of care for COPD treatment, the way that our core sleep apnea AirView platform is now standard of care for sleep apnea treatment.

我們一年多前在歐洲推出的 AirView for Ventilation 軟體解決方案的採用仍然穩固，並且我們將繼續將該技術擴展到世界各地。 AirView for Ventilation 協助醫生及其所在的醫療保健系統在 COVID-19 大流行期間管理高風險患者，從而提供了價值。但它也越來越多地被持續使用，透過在出現呼吸系統醫療問題的第一個跡象時進行早期和主動幹預來提高護理質量，以幫助降低住院風險。我們看到，AirView 通氣成為慢性阻塞性肺病 (COPD) 治療的護理標準，就像我們的核心睡眠呼吸中止症 AirView 平台現在成為睡眠呼吸中止症治療的護理標準一樣。

Let me now review our Software as a Service business for out-of-hospital care. During the quarter, our SaaS business showed improved sequential growth. We 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.

現在讓我回顧一下我們的院外護理軟體即服務業務。本季度，我們的 SaaS 業務環比成長有所改善。我們的 SaaS 市場組合實現了同比高個位數成長，包括家庭醫療設備以及基於設施和家庭的護理環境。

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

居家照護的持續成長為我們的家庭醫療設備以及家庭健康和臨終關懷產品提供了動力。隨著客戶越來越多地使用我們的軟體和數據解決方案，以提高和優化業務效率和患者護理（包括 Brightree 和 SNAP 補給），我們將繼續與客戶一起成長。

The COVID-19 pandemic has been and remains challenging for some of the verticals in our SaaS business, particularly skilled nursing facilities, as the effects of the highly contagious Omicron variant remains a headwind for patient volumes in these settings. We will continue to watch this closely as COVID rates peak and then decline with this latest variant, as has happened in many regions around the country and around the world. 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 provides opportunities for us to sell more and more services and solutions to existing customers, as well as to increase our new customer pipeline.

COVID-19 大流行對於我們SaaS 業務中的一些垂直行業（尤其是熟練的護理機構）來說一直是、並且仍然是一個挑戰，因為高度傳染性的Omicron 變種的影響仍然是這些環境中患者數量的不利因素。我們將繼續密切關注這一情況，因為新冠病毒感染率會隨著這一最新變種而達到峰值，然後下降，就像全國和世界各地許多地區發生的情況一樣。隨著新冠疫情限制的不斷放鬆以及我們的客戶將視野改善到更好的條件，我們預計將看到對技術投資的被壓抑的需求，這為我們提供了向現有客戶銷售越來越多的服務和解決方案的機會，以及增加我們的新客戶管道。

As we look at our portfolio of solutions across care settings, we expect our SaaS group revenue growth to accelerate, achieving sustainable high single-digit growth as we exit this fiscal year. As always, our goal is to meet or beat that market growth rate as we continue to innovate and continue to take market share from competitors. We are the leading strategic provider of SaaS solutions for out-of-hospital care, and we provide mission-critical software across a broad set of very attractive markets.

當我們審視我們跨護理環境的解決方案組合時，我們預計 SaaS 集團的收入成長將加速，在本財年退出時實現可持續的高個位數成長。一如既往，我們的目標是透過不斷創新並繼續從競爭對手手中奪取市場份額，達到或超過市場成長率。我們是院外護理 SaaS 解決方案的領先策略提供者，我們為眾多極具吸引力的市場提供關鍵任務軟體。

Our latest and greatest SaaS solutions address the #1 issue reported across our customer base, which is staffing challenges. Our SaaS customers expect this problem to persist and they recognize the need for technology solutions to help solve their challenges with efficiency and scale. And our software services and solutions help them achieve both of these outcomes. We are well-positioned and we have created differentiated value for our customers and for ResMed within our SaaS business.

我們最新、最出色的 SaaS 解決方案解決了我們客戶群報告的第一個問題，即人員配置挑戰。我們的 SaaS 客戶預計這個問題將持續存在，並且他們認識到需要技術解決方案來幫助高效和規模化地解決他們的挑戰。我們的軟體服務和解決方案幫助他們實現這兩個成果。我們處於有利位置，並在 SaaS 業務中為我們的客戶和 ResMed 創造了差異化價值。

Looking at the broader portfolio of ResMed's businesses across sleep and respiratory care as well as our SaaS solutions, we remain confident in our long-term strategy and our pipeline of innovative solutions. Our sleep and respiratory care solutions treat the most prevalent and highest cost chronic conditions, and our SaaS solutions support the care settings where people face these and other chronic conditions.

縱觀瑞思邁在睡眠和呼吸照護領域更廣泛的業務組合以及我們的 SaaS 解決方案，我們對我們的長期策略和創新解決方案管道仍然充滿信心。我們的睡眠和呼吸照護解決方案可治療最常見且成本最高的慢性病，​​而我們的 SaaS 解決方案可為人們面臨這些慢性病和其他慢性病的照護環境提供支援。

With this combination, we can fundamentally transform out-of-hospital healthcare at a scale that no other company can match. And we are set up for sustainable growth through ongoing investments in R&D to the tune of 7% of our revenues, commercial excellence in partnerships with CVS, Verily and beyond, as well as future acceleration through strategic M&A as well as tuck-in M&A as we move forward.

透過這種組合，我們可以從根本上改變院外醫療保健，其規模是其他公司無法比擬的。我們已做好準備，透過持續投資研發（佔營收的 7%）、與 CVS、Verily 及其他公司合作實現商業卓越，以及透過策略併購和附加併購加速未來發展，實現永續成長。

Our patient-centric, physician-centric and provider-centric 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 with over 10.5 billion nights of medical data in the cloud and over 16 million 100% cloud-connectable medical devices on bedside tables in 140 countries worldwide, we are unlocking value by using de-identified data to help patients, providers, physicians, payers and in entire healthcare systems. We have invested in the privacy, cloud operations and AI and ML-driven data analytics capabilities to do this at a scale that is unmatched by competitors, and we are increasing our lead every day.

我們以病人為中心、以醫生為中心、以服務提供者為中心的方法，加上我們獨特的瑞思邁文化，意味著我們能夠在睡眠呼吸中止症、慢性阻塞性肺病、氣喘等服務中嚴重不足的醫療市場中繼續獲勝。我們正在大規模改造院外醫療保健，引領數位健康科技市場，在全球 140 個國家/地區擁有超過 105 億個夜晚的雲端醫療數據以及床頭櫃上超過 1600 萬台 100% 可雲端連接的醫療設備。去識別化資料來幫助病人、提供者、醫生、付款人和整個醫療保健系統來釋放價值。我們在隱私、雲端營運以及人工智慧和機器學習驅動的數據分析能力方面進行了投資，以達到競爭對手無法比擬的規模，並且我們的領先優勢每天都在擴大。

Our mission to improve 250 million lives through better healthcare in 2025, drives and motivates ResMedians every day. We again made excellent progress toward that inspiring goal during this last quarter.

我們的使命是到 2025 年透過更好的醫療保健改善 2.5 億人的生活，這項使命每天都在推動和激勵 ResMedians。在上個季度，我們在實現這一鼓舞人心的目標方面再次取得了巨大進展。

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

在我將電話轉交給 Brett 聽取他的演講之前，我想再次向 8,000 多名 ResMediaans 表示誠摯的謝意，感謝他們在這個前所未有的時期中的堅持、辛勤工作和奉獻精神。謝謝。

With that, I'll hand the call over to Brett in Sydney and then we'll move to the group for Q&A. Brett, over to you.

這樣，我會將電話轉交給雪梨的布雷特，然後我們將進入小組進行問答。布雷特，交給你了。

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

偉大的。謝謝，米克。在今天的演講中，我將概述 2022 財年第二季的業績。

We're pleased with our financial performance in Q2 despite the headwinds we faced as a result of significant ongoing supply chain constraints and a challenging freight environment. Group revenue for the December quarter was $895 million, an increase of 12%. In constant currency terms, revenue increased by 13%. 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阻力，但我們對第二季的財務表現感到滿意。 12 月季度集團營收為 8.95 億美元，成長 12%。以固定匯率計算，營收成長了 13%。收入成長反映了我們的整個產品組合中對睡眠和呼吸護理產品的需求增加，這是由於市場狀況的復甦以及因我們的競爭對手之一正在進行的產品召回而導致的設備需求增加所推動的。

In the December quarter, we recorded immaterial incremental revenue from our COVID-19 related demand consistent with the prior year quarter. Looking forward, we expect negligible revenue from COVID-19 related demand. However, we will continue to estimate it for you as appropriate.

在 12 月季度，我們記錄了與去年同期一致的、來自 COVID-19 相關需求的微量增量收入。展望未來，我們預期 COVID-19 相關需求帶來的收入可以忽略不計。不過，我們將繼續視情況為您估價。

In relation to the impact of our competitor's recall, we estimate that we generated incremental device revenue in the range of $45 million to $55 million in the December quarter. For the first half of FY '22, this reflects incremental revenue in the range of $125 million to $145 million. We continue to expect component supply constraints will limit the total incremental device revenue opportunity to somewhere between $300 million and $350 million for the full fiscal year 2022.

考慮到競爭對手召回的影響，我們估計 12 月所在季度的設備收入增量在 4,500 萬美元至 5,500 萬美元之間。 22 財年上半年，這反映了 1.25 億至 1.45 億美元的增量收入。我們仍預計，2022 年整個財年，組件供應限制將導致裝置總收入增量限制在 3 億至 3.5 億美元之間。

As we shared last quarter, we expect our fiscal third quarter to remain supply constrained similar to our fiscal second quarter, therefore, limiting incremental revenue during the third quarter. We see supply challenges to some extent easing in our fiscal fourth quarter and into fiscal year 2023.

正如我們上季度分享的那樣，我們預計第三財季的供應仍將受到與第二財季類似的限制，因此限制了第三季的收入增量。我們預計第四財季和 2023 財年供應挑戰將有所緩解。

Looking at our geographic revenue distribution and excluding revenue from our Software as a Service business, sales in U.S., Canada and Latin America countries increased by 14%. Sales in Europe, Asia and other markets increased by 12% in constant currency terms. By product segment, globally, in constant currency terms, device sales increased by 16%, while masks and other sales increased by 10%.

從我們的地理收入分佈來看，不包括軟體即服務業務的收入，美國、加拿大和拉丁美洲國家的銷售額成長了 14%。以固定匯率計算，歐洲、亞洲和其他市場的銷售額成長了 12%。以產品細分來看，全球範圍內，以固定匯率計算，設備銷售額成長了 16%，而口罩和其他銷售額成長了 10%。

Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 19% 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19%，因為我們受益於競爭對手召回帶來的收入增量以及我們銷售更高敏銳度設備比例的增加所帶來的有利產品組合。這符合我們產品分配的指導原則，即我們優先生產和交付我們的設備，首先滿足最高危重病患的需求。

Masks and other sales increased by 9%, reflecting solid resupply revenue and achieved despite the challenging device supply environment, which continues to limit new patient setups. In Europe, Asia and other markets, device sales increased by 13% in constant currency terms, again, reflecting the benefit from incremental revenue due to a competitor's recall.

口罩和其他產品的銷售額成長了 9%，反映出儘管設備供應環境充滿挑戰，繼續限制新的患者設置，但仍實現了穩健的補給收入。在歐洲、亞洲和其他市場，以固定匯率計算，設備銷售再次成長了 13%，反映出競爭對手召回帶來的收入增量帶來的好處。

Masks and other sales in Europe, Asia and other markets benefited from improved patient flow relative to the prior year and increased by 11% in constant currency terms. Overall, our Asian operations, in particular, delivered a strong quarter.

歐洲、亞洲和其他市場的口罩和其他產品的銷售受益於與前一年相比患者流量的改善，以固定匯率計算增加了 11%。整體而言，我們的亞洲業務尤其是本季表現強勁。

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

軟體即服務收入在 12 月所在季度增長了 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 細分市場表現強勁，並且隨著熟練護理護理細分市場繼續擺脫新冠疫情的挑戰，我們看到了一些穩定性。

For the second half of fiscal year '22, we expect to continue to benefit from our competitor's inability to supply new patients and from the global sleep market's general recovery from COVID-19 impacts. However, as we have said for the last few quarters, while we are working hard to increase device output, we will not be able to meet all the expected demand resulting from our competitor's recall, primarily because of significant and ongoing supply constraints for electronic components.

在 22 財年下半年，我們預計將繼續受益於競爭對手無法提供新患者以及全球睡眠市場從 COVID-19 影響中整體復甦的情況。然而，正如我們在過去幾個季度所說的那樣，雖然我們正在努力增加設備產量，但我們將無法滿足競爭對手召回帶來的所有預期需求，這主要是因為電子元件的供應持續受到嚴重限制。

We are operating in a very dynamic supply chain environment. As I stated earlier, we continue to expect component supply constraints will limit the incremental device revenue resulting from our competitor's recall to somewhere between $300 million and $350 million for fiscal year '22. This includes the device revenue we were able to generate in the first half of fiscal year '22. We expect Q3 to remain challenging but Q4 to be better.

我們在一個非常活躍的供應鏈環境中運作。正如我之前所說，我們仍然預計，22 財年，組件供應限制將把競爭對手召回帶來的設備收入增量限制在 3 億至 3.5 億美元之間。這包括我們在 22 財年上半年能夠產生的設備收入。我們預計第三季仍將充滿挑戰，但第四季會更好。

During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our second quarter earnings press release. Our non-GAAP gross margin declined by 230 basis points to 57.6% in the December quarter. The decrease is predominantly attributable to higher freight, component and manufacturing costs and unfavorable currency movements, partially offset by positive product mix, particularly in relation to strong growth of our higher acuity devices.

在今天剩下的評論中，我將提及非公認會計原則數字。我們在第二季財報新聞稿中提供了非公認會計原則與公認會計原則數據的全面調節。 12 月所在季度的非 GAAP 毛利率下降 230 個基點至 57.6%。下降的主要原因是運費、零件和製造成本增加以及不利的貨幣走勢，但部分被積極的產品組合所抵消，特別是與我們的更高敏銳度設備的強勁增長有關。

Moving on to operating expenses. During Q2, we maintained a disciplined approach in our ongoing spend to support our operations. But we are seeing a more normalized expenditure profile as COVID-19 impacts subside. SG&A expenses for the second quarter increased by 9% or in constant currency terms increased by 10%. The increase was predominantly attributable to an increase in employee-related expenses. Importantly, SG&A expense as a percentage of revenue improved to 20.7% compared to 21.2% 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 second half of FY '22.

接下來是營運費用。在第二季度，我們在持續支出中保持了嚴格的方法來支持我們的營運。但隨著 COVID-19 影響消退，我們看到支出狀況更加正常化。第二季的銷售、管理及行政費用增加了 9%，以固定匯率計算成長了 10%。增加的主要原因是員工相關費用的增加。重要的是，SG&A 費用佔收入的百分比從去年同期的 21.2% 提高到 20.7%。展望未來，受匯率變動的影響，我們預計 22 財年下半年的銷售及管理費用將佔收入的百分比在 20% 至 22% 之間。

R&D expenses for the quarter increased 14% on both a headline and a constant currency basis. R&D expenses as a percentage of revenue was 7% compared to 6.9% 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 sustained competitive advantage. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the vicinity of 7% for the second half of FY '22.

本季的研發費用在整體和固定匯率基礎上均成長了 14%。研發費用佔營收的百分比為 7%，去年同期為 6.9%。我們繼續在創新方面進行大量投資，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。展望未來，受匯率變動的影響，我們預期 22 財年下半年的研發費用將佔營收的比例將在 7% 左右。

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. On a GAAP basis, our effective tax rate for the December quarter was 15%, while on a non-GAAP basis, our effective tax rate for the quarter was 15.6% compared to the prior year quarter of 15.2%. The relatively low tax rate in Q2 in both the current quarter and prior year quarter reflects a favorable tax benefit associated with employee equity vesting that typically occurs in the second quarter. 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%.

我們本季的非公認會計準則營業利潤成長了 5%，這得益於強勁的收入成長，但部分被毛利率的收縮所抵銷。以 GAAP 計算，我們第 12 季的有效稅率為 15%，而以非 GAAP 計算，我們本季的有效稅率為 15.6%，而去年同期為 15.2%。本季和去年同期第二季的稅率相對較低，反映出與通常發生在第二季的員工股權歸屬相關的有利稅收優惠。展望未來，我們預計 22 年整個財政年度的非 GAAP 有效稅率將在 19% 至 20% 之間。

Our non-GAAP net income for the quarter increased by 5% and our non-GAAP diluted earnings per share for the quarter increased by 4%. Our cash flow from operations for the quarter was $220 million, reflecting robust underlying earnings, partially offset by higher working capital. Capital expenditure for the quarter was $30 million. Depreciation and amortization for the quarter totaled $41 million. During the quarter, we paid dividends to shareholders totaling $61 million.

我們本季的非 GAAP 淨利潤成長了 5%，本季非 GAAP 稀釋每股盈餘成長了 4%。本季我們的營運現金流為 2.2 億美元，反映出強勁的基本獲利，但部分被較高的營運資本所抵銷。該季度的資本支出為 3000 萬美元。該季度的折舊和攤銷總額為 4,100 萬美元。本季度，我們向股東支付了總計 6,100 萬美元的股息。

We recorded equity losses of $1.9 million in our income statement in the December quarter associated with the Primasun joint venture with Verily. We expect to record equity losses of approximately $2 million per quarter through the balance of fiscal year '22 associated with the joint venture operation.

我們在 12 月季度的損益表中記錄了與 Primasun 與 Verily 合資企業相關的 190 萬美元的股權損失。我們預計在 22 財年的剩餘時間內，每季將記錄與合資企業營運相關的約 200 萬美元的股權損失。

We ended the second quarter with a cash balance of $194 million. At December 31, we had $680 million in gross debt and $486 million in net debt. Our debt levels remain modest. And at December 31, we had approximately $1.6 billion available for drawdown under our existing revolver facility. In summary, our liquidity position remains strong.

第二季結束時，我們的現金餘額為 1.94 億美元。截至 12 月 31 日，我們的總債務為 6.8 億美元，淨債務為 4.86 億美元。我們的債務水平仍然較低。截至 12 月 31 日，我們現有的左輪融資工具下約有 16 億美元可供提取。總而言之，我們的流動性狀況依然強勁。

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 provide flexibility in how we allocate capital. Going forward, we plan to continue to reinvest for growth through R&D. We also expect to continue to deploy capital for tuck-in acquisitions such as Citus Health and Ectosense, an acquisition we completed on October 1.

我們的董事會今天宣布派發每股 0.42 美元的季度股息，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槓桿為我們分配資本提供了靈活性。展望未來，我們計劃繼續透過研發進行再投資以實現成長。我們也預計將繼續部署資本用於收購 Citus Health 和 Ectosense（我們於 10 月 1 日完成的收購）。

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

然後，我會將電話轉回給艾米。

Great. Thanks, Brett, and thanks, Mick. Kevin, let's go ahead and now turn the call over to you to provide instructions and then run the Q&A portion of the call.

偉大的。謝謝布雷特，謝謝米克。凱文，讓我們繼續，現在將通話轉交給您提供說明，然後進行通話的問答部分。

(Operator Instructions) Our first question today is coming from Chris Cooper from Goldman Sachs.

（操作員說明）我們今天的第一個問題來自高盛的 Chris Cooper。

Mick, can you just remind us, please, of the specific measures you're employing to mitigate the component supply challenges? And I guess, where you're seeing more and less success?

米克（Mick），您能否提醒我們您為緩解零件供應挑戰所採取的具體措施？我想，您在哪些方面看到了更多或更少的成功？

Yes, Chris. Thanks. It's a very pertinent question, obviously, and we're pursuing multiple paths, as I outlined in the prep remarks. We're focusing on, the first thing we're doing is going to our existing suppliers and existing supply chains and really imploring them to prioritize medical devices over the other aspects. They have choices to give to electric cars or cellular phones, consumer devices and medical devices, and we are working with them directly on that. We're seeing some benefit on that, certainly at the level of maintaining the sort of double-digit growth that you saw during this quarter.

是的，克里斯。謝謝。顯然，這是一個非常相關的問題，正如我在準備演講中概述的那樣，我們正在尋求多種路徑。我們的重點是，我們要做的第一件事就是聯繫我們現有的供應商和現有的供應鏈，並真正懇求他們優先考慮醫療設備而不是其他方面。他們可以選擇購買電動車或手機、消費性設備和醫療設備，我們正在與他們直接合作。我們看到了一些好處，當然是在保持本季兩位數成長的水平上。

In addition to that, we are redesigning parts and pieces and components within our existing platforms, and we're bringing new platforms to market faster. So we're working on Air 10 designs and Air 11 designs. We're also re-engineering our supply chains to validate and verify new suppliers to be able to get there. And so that whole combination gives us a lot more confidence that as we look to March quarter to get better than December, but then June quarter to get significantly better than March. And then as we go through September and December of this calendar year, we really start to free up, a lot of those projects come into play, and we're seeing a lot of confidence with them. But over that portfolio, Rob, do you have any more information to provide maybe, Chris, around what we're doing with supply chain and parts?

除此之外，我們正在重新設計現有平台內的零件，我們正在更快地將新平台推向市場。因此，我們正在研究 Air 10 設計和 Air 11 設計。我們也正在重新設計我們的供應鏈，以驗證和驗證新的供應商是否能夠實現這一目標。因此，整個組合讓我們更有信心，因為我們預計 3 月份季度會比 12 月份好，但 6 月份季度會明顯好於 3 月份。然後，當我們經歷今年的 9 月和 12 月時，我們真正開始釋放，許多項目開始發揮作用，我們看到對它們充滿信心。但是，在這個投資組合中，羅布，克里斯，您是否有更多關於我們在供應鏈和零件方面所做的工作的信息可以提供？

Maybe only also, Chris, this has sort of been going on for a year now. And we knew these shortages were going to be coming. So our teams had been working on all those activities that Mick's been talking about throughout the year starting to bear fruit. It does take time, and that's why we're talking about sort of things don't fix immediately. We're talking about it continuing to be challenging for this coming quarter and starting to see improvement further out. That said, it's a very dynamic situation and things do change on a weekly basis. And so our teams have to be extremely agile. And we're actually putting a lot of resources into it, got a really strong team of engineers and commercial relationship people with the suppliers and our product teams are all really focused on this as we work through these challenging times.

也許只是克里斯，這種情況已經持續了一年了。我們知道這些短缺即將到來。因此，我們的團隊一直致力於米克全年談論的所有這些活動，並開始取得成果。這確實需要時間，這就是為什麼我們談論的事情不會立即解決。我們正在談論的是，在下個季度，它仍然面臨挑戰，並且開始看到進一步的改善。也就是說，這是一個非常動態的情況，事情每週都會改變。因此我們的團隊必須非常敏捷。實際上，我們投入了大量資源，擁有一支非常強大的工程師團隊以及與供應商的商業關係人員，我們的產品團隊在我們度過這些充滿挑戰的時期時都非常關注這一點。

So can I ask, I mean, relative to the update you were providing on the last quarter results in October, are you now more or less confident that the deficits that you're currently seeing in components can be addressed by the fourth quarter?

那麼我可以問一下，相對於您在 10 月份提供的最後一個季度業績的更新，您現在是否或多或少有信心您目前看到的零部件赤字可以在第四季度得到解決？

Yes. It's a good question, Chris. I'm actually precisely where I was in October that I think we said in October, it's going to be tough in December. It's going to be tough in March, and really start to open up in June and then as we go out throughout the calendar year. So I stand by that. And I stand as Brett said earlier, looking at fiscal '22, the $300 million to $350 million of incremental product.

是的。這是個好問題，克里斯。事實上，我正處於 10 月的狀態，我想我們在 10 月就說過，12 月會很艱難。三月會很艱難，六月才真正開始開放，然後我們全年都會出去。所以我堅持這一點。正如 Brett 早些時候所說，我的觀點是，展望 22 財年，增量產品將達到 3 億至 3.5 億美元。

I mean, look at the December quarter, 16% growth year-on-year in devices amongst a global supply chain crisis, COVID-19 recovery and all the challenges that are there. That's really strong. But we're going to get stronger than that as we go throughout the fiscal and as we go throughout the calendar year. This seemingly infinite demand is going to be with us for the whole of this calendar year and potentially beyond that. And so all the projects that Rob talked about, if the starting gun went off sort of June 14 when the competitor put this recall notice and field safety notices globally out, our team have done a pretty darn good job getting to 16% year-on-year in this crisis in the December quarter.

我的意思是，看看 12 月所在季度，在全球供應鏈危機、COVID-19 復甦以及所有挑戰的背景下，設備年增 16%。那真是太強了。但隨著整個財政年度和整個日曆年的進行，我們將變得更加強大。這種看似無限的需求將伴隨我們整個日曆年，甚至可能超越這一年。因此，Rob 談到的所有項目，如果發令槍在 6 月 14 日響起，當時競爭對手在全球範圍內發布了召回通知和現場安全通知，我們的團隊就做得非常好，同比達到 16%這場危機發生在12 月季度。

I think it will get, as I said in October, I think it will get better in March than December and significantly better in June. And then really start to free up as we hit September and December. And with almost infinite demand, you never quite catch up to that, but we're going to get faster and faster and grow more year-on-year as we go throughout the calendar year.

我認為，正如我在 10 月所說的那樣，我認為 3 月的情況會比 12 月更好，6 月會明顯更好。當我們進入九月和十二月時，才真正開始釋放。由於需求幾乎無限，你永遠無法完全趕上這一點，但隨著我們全年的發展，我們會變得越來越快，逐年增長。

(Operator Instructions) Our next question is coming from Dan Hurren from MST Marquee.

（操作員說明）我們的下一個問題來自 MST Marquee 的 Dan Hurren。

Mick, you mentioned that ventilation demand was back at pre-COVID levels, but I presume you're talking about the hospital vents or hospital patients. So I was hoping you could give us some color or detail on ventilation into the home healthcare market, specifically how the Astral product has performed whilst displacing the Trilogy range over the last couple of quarters?

米克，您提到通風需求回到了新冠疫情前的水平，但我認為您談論的是醫院通風口或醫院患者。因此，我希望您能給我們一些關於家庭醫療保健市場通風的資訊或細節，特別是 Astral 產品在過去幾季取代 Trilogy 系列的同時表現如何？

Yes. Thanks for the question, Dan. I'll have a first stab at it and then hand to Jim Hollingshead, who's our President of Sleep and Respiratory Care. Yes. So what I said in the prep remarks is that what we're seeing is that the demand for ventilators is really around that COPD, neuromuscular disease, respiratory insufficiency markets are where they were pre COVID-19 pandemic. So that we're seeing that flow of sick patients finding their way through digital health solutions, telehealth monitoring, digital work with their pulmonary and/or COVID cleaning protocols in labs with their pulmonary physicians. We're getting the prescriptions for those products.

是的。謝謝你的提問，丹。我將首先嘗試解決這個問題，然後交給吉姆·霍林斯黑德（Jim Hollingshead），他是我們的睡眠和呼吸護理總裁。是的。因此，我在準備發言中所說的是，我們看到的是，對呼吸器的需求實際上是圍繞著慢性阻塞性肺病、神經肌肉疾病、呼吸功能不全市場進行的，而這些市場正是在COVID -19 大流行之前的情況。因此，我們看到大量患病患者透過數位醫療解決方案、遠距醫療監測、肺部醫生的數位工作和/或實驗室中的新冠病毒清潔方案找到了出路。我們正在獲取這些產品的處方。

The vast majority of our revenue, 90-plus percent globally on respiratory care, are out-of-hospital respiratory care. So even Astrals, but Stellars and bilevel ST-As, STs and ASVs. They're used for ventilation outside the hospital. So those seem to be back in terms of patient flow. Jim, any further color to provide Dan on that?

我們的絕大多數收入（全球 90% 以上來自呼吸照護）都是院外呼吸照護。因此，即使是星界，也包括恆星和雙層 ST-As、ST 和 ASV。它們用於醫院外的通風。因此，就患者流量而言，這些似乎又回來了。吉姆，還有什麼可以提供丹更多的資訊嗎？

Yes. And Dan, the only thing I would add to what Mick said is that our Astral product is performing really well in the market. It's got very sophisticated algorithms that can treat a wide range of patients and demand for it has been really strong. And so in general, the Astral has been very well accepted and some of the algorithms we've added over the last several months have driven demand up for it. It's also benefiting from the -- for what is for us a tailwind from the Philips recall. And so there's a bit of incremental demand for Astral in that context as well.

是的。 Dan，我對 Mick 所說的唯一要補充的是，我們的 Astral 產品在市場上表現得非常好。它擁有非常複雜的演算法，可以治療廣泛的患者，並且對其的需求非常強勁。因此，總的來說，Astral 已被廣泛接受，我們在過去幾個月中添加的一些演算法推動了對其的需求。它也受益於飛利浦召回事件對我們來說是一個順風車。因此，在這種情況下，對 Astral 的需求也有所增加。

Our next question is coming from Sean Laaman from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Sean Laaman。

Mick and team, I hope you're all well. Mick, I'm hoping we could get an update on the new RTM codes from CMS and how that might be influencing Propeller.

米克和他的團隊，希望你們一切都好。 Mick，我希望我們能夠從 CMS 獲得有關新 RTM 程式碼的更新以及這可能對 Propeller 產生的影響。

Yes. Sean, it's a great question. And as you know, Propeller technology is, for those who may not know is our cloud-connected pharmaceutical delivery product for both COPD and asthma. And a lot of those are in pilot stage and partnerships with governments in Europe and private payers in the United States. And so we are -- do have some commercial models going. They're not material to the global business. But Dave Pendarvis, do you have any data about RTM codes that we've got through reimbursement and any impacts on those for Propeller and across the business?

是的。肖恩，這是一個很好的問題。如您所知，對於可能不知道的人來說，Propeller 技術是我們針對慢性阻塞性肺病和氣喘的雲端連接藥物傳遞產品。其中許多正處於試點階段，並與歐洲政府和美國私人付款人建立夥伴關係。所以我們確實有一些商業模式正在運作。它們對全球業務並不重要。但是 Dave Pendarvis，您是否有關於我們透過報銷獲得的 RTM 程式碼的任何資料以及對 Propeller 和整個業務的影響？

Yes. Well, generally, we're happy to see coding and reimbursement flow towards more remote monitoring type activity. That's a positive. At the same time, Propeller is working both to have physician adoption of those codes, and we're working to see the funding come through with that. And nothing changes quickly in terms of medical practice. And Propeller is also working with healthcare systems and other system-wide bases to try to adopt the Propeller system.

是的。好吧，總的來說，我們很高興看到編碼和報銷流程轉向更遠端監控類型的活動。這是積極的。同時，Propeller 正在努力讓醫生採用這些規範，我們正在努力確保資金到位。就醫療實踐而言，沒有什麼可以很快改變。而 Propeller 也與醫療保健系統和其他系統範圍的基地合作，嘗試採用 Propeller 系統。

So I'd say we're encouraging, but it's still a little early in the day for us to say we're seeing material uptake for Propeller as a result. But certainly, it improves the operating conditions, and we think this is a long-term trend that will benefit Propeller as well as the rest of the business and its remote patient monitoring in the long run.

所以我想說我們很鼓舞人心，但現在說我們看到 Propeller 的材料被採用還為時過早。但可以肯定的是，它改善了營運條件，我們認為這是一個長期趨勢，從長遠來看將有利於 Propeller 以及其他業務及其遠端病患監控。

Your next question today is coming from Matthew Mishan from KeyBanc.

今天你們的下一個問題來自 KeyBanc 的 Matthew Mishan。

You saw a sequential improvement quarter-over-quarter in U.S. masks. Can you give us a sense of what the drivers of that are? And whether or not you expect continued sequential improvement moving forward?

您看到美國口罩的季比連續改善。您能否讓我們了解一下其驅動因素為何？您是否預計未來會持續改善？

Matt, and it's great to see U.S., Canada, Latin America at a strong 9% constant currency growth on masks. And Europe, Asia, rest of world at 11% year-on-year with a strong double-digit 10% growth worldwide. And as you said, that is up from last year.

馬特，很高興看到美國、加拿大、拉丁美洲的口罩貨幣持續強勁成長 9%。歐洲、亞洲和世界其他地區年增 11%，其中全球實現了兩位數的 10% 強勁成長。正如你所說，這比去年有所增加。

Look, I think I'll start and maybe hand to Jim for some more color. But at the broad level, COVID-19 has shown the importance of respiratory health and respiratory hygiene. And we said this in 2020 when we saw that sort of uptick of the growth of our masks and accessories business. And we just launched SNAP and we have Brightree ReSupply. And a lot of people thought, well, this is a secular step up. It's just up while people are people with stock holding some commodity products. This is a stockholding issue. And we said, no, this is sustainable. We're talking to patients. We're doing the Net Promoter Score. We're analyzing the data. Consumers want, have always wanted more healthcare. They've now seen the reason for respiratory health and respiratory hygiene.

聽著，我想我會開始，也許會交給吉姆一些更多的顏色。但從廣義上講，COVID-19 顯示了呼吸系統健康和呼吸系統衛生的重要性。我們在 2020 年說過這一點，當時我們看到我們的口罩和配件業務成長有所回升。我們剛剛推出了 SNAP，並且推出了 Brightree ReSupply。很多人認為，這是一個世俗的進步。當人們持有一些商品時，它才剛剛上漲。這是一個持股問題。我們說，不，這是可持續的。我們正在與患者交談。我們正在計算淨建議值。我們正在分析數據。消費者想要、一直想要更多的醫療保健。他們現在已經了解了呼吸健康和呼吸衛生的原因。

We're now two years into this and we are seeing sustained growth at the patient level demand for respiratory health, respiratory hygiene. We're adding to that the technology from SNAP, technology from Brightree. But in other parts of the world, where those technologies aren't there, we're partnering with our home care providers, with patients directly and beyond to encourage and make that happen. But Jim, any further color on the sustainability of this strong milestone?

現在已經兩年了，我們看到患者對呼吸系統健康和呼吸衛生的需求持續成長。我們添加了 SN​​AP 的技術和 Brightree 的技術。但在世界其他地區，那些沒有這些技術的地方，我們正在與我們的家庭護理提供者、直接與患者合作，以鼓勵並實現這一目標。但是吉姆，對於這個重要里程碑的可持續性還有什麼進一步的看法嗎？

I think Mick just listed a couple of tailwinds there related to, I do think patients have changed their behavior in the context of COVID and are much more keen to get clean, refreshed consumables in their experience. And I think our customers worldwide have gotten better at providing that and the U.S. market in particular, there's a very strong push on resupply and has been for months, and so that's the tailwind. There's always a Q2 cyclicality tailwind because of deductibles. So that's a normal cyclical thing.

我認為米克剛剛列出了一些與新冠病毒相關的有利因素，我確實認為患者在新冠肺炎的背景下改變了他們的行為，並且在他們的經歷中更渴望獲得乾淨、新鮮的消耗品。我認為我們世界各地的客戶在提供這種服務方面已經做得更好，特別是美國市場，幾個月來一直在大力推動補給，所以這是順風。由於免賠額，第二季的周期性順風總是存在。所以這是一個正常的周期性事情。

But the other thing I think is really important to point out is that our mask portfolio is performing really, really well. We have the -- we do have the widest range of masks available to fit really almost any patient experience. We continue to take share, I think, which is a really important dynamic for us. So not massive shocking movement, but incrementally, we continue to take a bit of share over the last two or three quarters, we've taken some points of share. And so that's been really good.

但我認為真正需要指出的另一件事是，我們的面膜產品組合表現非常非常好。我們擁有最廣泛的面罩，可以滿足幾乎所有患者的需求。我認為，我們將繼續分享，這對我們來說是一個非常重要的動力。因此，這並不是大規模的令人震驚的變動，而是逐漸地，我們在過去的兩三個季度中繼續佔據了一些份額，我們已經佔據了一些份額。所以這真的很好。

The only headwind on masks is the Philips recall because the Philips recall is dampening new patient starts. And so that's a tiny headwind against four or five tailwinds that we've just listed, and we feel really confident about our mask portfolio going forward.

口罩的唯一阻力是飛利浦召回，因為飛利浦召回正在抑制新患者的開始使用。因此，與我們剛剛列出的四到五個順風相比，這是一個微小的逆風，我們對我們的面罩產品組合的未來充滿信心。

Next question today is coming from Craig Wong-Pan from Royal Bank of Canada.

今天的下一個問題來自加拿大皇家銀行的 Craig Wong-Pan。

Just a question on U.S. device sales. I was wondering if you could provide any comments on the split there between AirSense 11 and AirSense 10? And how that kind of proportion of sales between the two might compare to the first quarter?

只是關於美國設備銷售的問題。我想知道您是否可以對 AirSense 11 和 AirSense 10 之間的差異發表評論？與第一季相比，兩者之間的銷售額比例如何？

Craig, it's a pertinent question, but it's one we don't feel comfortable going into the details on. What I can tell you as an N equals 1 personal user of this AirSense 11 platform is that the delivery is smaller, quieter, more comfortable, more connected. My wife actually asked me if it was on when I turn it on, it is that much smaller, quieter and better than our last generation, already the leading platform.

克雷格，這是一個相關的問題，但我們不願意詳細討論這個問題。作為 AirSense 11 平台的 N 等於 1 個人用戶，我可以告訴您的是，交付更小、更安靜、更舒適、連接性更強。當我打開它時，我妻子實際上問我它是否已打開，它比我們上一代（已經是領先的平台）小得多，更安靜，更好。

So what I can tell you is it is taking off every single AirSense 11 we can make is sold that day. It comes out of the factory, it's already pre-sold and they are moving fast. And so it is increasing as a portion of our U.S. sales. For competitive reasons, we're not going to split out how quickly that S-curve is coming up. But the points I made in the prep remarks are really strong. The AirSense 10 on its own is the second-best product in the market after only the AirSense 11. So it is already there. And every AirSense 10 we can get a component for and then put through the production line gets sold as well. So we're selling both in parallel. And customers are demanding both and will take both over any of the competition. And so we're driving those out there.

所以我可以告訴你的是，我們當天生產的每一台 AirSense 11 的銷量都在下降。它從工廠出來，已經預售，而且進展很快。因此，它在我們美國銷售額中所佔的比例正在增加。出於競爭原因，我們不會透露 S 曲線出現的速度。但我在準備發言中提出的觀點非常有力。 AirSense 10 本身是市場上僅次於 AirSense 11 的第二好的產品。我們可以獲得一個組件並投入生產線的每個 AirSense 10 也會被出售。所以我們同時銷售兩者。客戶對兩者都有要求，並且會在任何競爭中佔據優勢。所以我們正在推動這些。

We're driving great growth of both, and we will do throughout all of calendar year 2022 as the Philips recall will last at least that long in their update just this week. And so 90 days ago, it was twelve months ending in September. We were ready for that scenario that will come back in September and get our great mask uptake, as Jim was saying earlier. We're now ready for their new scenario, which is December, and we're ready to expand our components and our share on the device side and driving as much of that demand is as is possible. So we're ready for all the scenarios of all the above. But yes, we're not going to break down the exact AirSense 11 versus AirSense 10.

我們正在推動兩者的巨大增長，我們將在 2022 年全年都這樣做，因為飛利浦召回將在本週的更新中至少持續那麼長時間。 90 天前，到 9 月為止，已經過了 12 個月。正如吉姆早些時候所說，我們已經準備好迎接九月會出現的情況，並得到我們大量的口罩使用。我們現在已經為 12 月的新場景做好了準備，我們已經準備好擴展我們的組件和設備端的份額，並盡可能地推動這一需求。因此，我們已經為上述所有場景做好了準備。但是，是的，我們不會詳細分析 AirSense 11 與 AirSense 10 的差異。

I can tell you it's growing extraordinarily fast. The S-curve uptake is great, and patients are loving it. So throughout calendar year, we will introduce it to other countries around the world, and we expect the same sort of level of uptake in those other countries.

我可以告訴你它的成長速度非常快。 S 曲線吸收效果很好，深受患者喜愛。因此，在整個日曆年中，我們將把它介紹給世界其他國家，我們期望這些其他國家也能達到同樣的採用水準。

Our next question is coming from Andrew Paine from CLSA.

我們的下一個問題來自里昂證券的安德魯潘恩。

Just wanting to get a bit more clarity on your ability to re-engineer parts and redesign elements in your devices. How is that going to be achieved? And does this mean you won't be as exposed to chip shortages from 4Q and onwards? And when do you think these changes will allow you to be running at full capacity and in essence, meeting current demand?

只是想更清楚地了解您重新設計設備中的零件和重新設計元素的能力。這將如何實現？這是否意味著從第四季起您將不再面臨晶片短缺的問題？您認為這些變化什麼時候能讓您滿載運轉並在本質上滿足當前需求？

Yes. Andrew, great three-part question. I'll start with it, and then maybe, Rob, you can't cover anything I missed to Andrew's components there. But look, yes, the starting gun went on this project in April when they said there was a quality issue, June when they said there was a recall. We were already ready for those supply chain shortages that COVID-19 would drive. And if this recall for our competitor hadn't happened, we would be able to meet all the existing demand. As you saw, we grew 16% year-on-year in this quarter, and that would have been great growth, taking some good share in the core competitive market.

是的。安德魯，很好的三部分問題。我將從它開始，然後，羅布，你可能無法涵蓋我在安德魯的組件中遺漏的任何內容。但是看，是的，這個項目的發令槍在四月開始，當時他們說有品質問題，六月他們說有召回。我們已經做好了應對 COVID-19 可能導致的供應鏈短缺的準備。如果我們的競爭對手沒有發生這次召回，我們將能夠滿足所有現有的需求。正如你所看到的，我們本季同比增長了 16%，這將是一個巨大的增長，在核心競爭市場中佔據了一些不錯的份額。

But with that starting gun going off in June, we did start those re-engineering projects. We said, look, we are not going to be able to just go back and ask for more supply. We know the supply chain constraints. We know the automotive industry, cellular comms and others are all screaming for more product, too. And so we started those re-engineering of components and parts. We started also re-engineering the Six Sigma black belts looking at our supply chain and analyzing different suppliers and revalidating and assuring that we could get them there. And so there's a bunch of projects going on. I run out of fingers looking at them.

但隨著六月發令槍響，我們確實開始了那些重新設計專案。我們說，看，我們不能只是回去要求更多供應。我們知道供應鏈的限制。我們知道汽車產業、蜂窩通訊和其他產業也都在渴望更多的產品。因此我們開始對零件進行重新設計。我們也開始重新設計六西格瑪黑帶，審視我們的供應鏈，分析不同的供應商，重新驗證並確保我們能夠將他們帶到那裡。所以有很多項目正在進行中。我看著它們已經沒有手指頭了。

But when I look at that portfolio, it gives me strong confidence to say, we saw some of them come to fruition in December, some more in March. But in the June quarter, I think a bunch of these projects will free up supply and then you hit September and December and the portfolio of projects that are going to get to market in terms of a new supplier, a new piece, a new redesign will get there. And that's what gives us that confidence in that recovery of the amount of share we're going to take through 2022. Rob, what did I miss there?

但當我看到這個投資組合時，我有很強的信心說，我們看到其中一些在 12 月取得了成果，還有一些在 3 月取得了成果。但在 6 月季度，我認為其中一些項目將釋放供應，然後你會看到 9 月和 12 月，以及將在新供應商、新產品、新重新設計方面進入​​市場的項目組合會到達那裡。這就是讓我們對 2022 年份額恢復充滿信心的原因。

Maybe just going into some of the sort of the re-engineering processes. You know these, Andrew, these products have hundreds of components in them. And if you're missing one, you can't build any of the product. So you'll actually see us as we build buffers around all this, we will see our inventory levels of materials go up as we build buffers of these alternatives.

也許只是進入某種重新設計過程。你知道這些，安德魯，這些產品中有數百個組件。如果缺少一個，您就無法建立任何產品。因此，當我們圍繞所有這些建立緩衝區時，您實際上會看到我們，當我們建立這些替代品的緩衝區時，我們將看到我們的材料庫存水準上升。

Now some of the components, they're easy to have as alternatives. You've got to revalidate them. And in the medical device world, you've got to have very rigorous revalidation of alternate components, and that's often a lot of the engineering work. But some of the other components like the micro controllers and things like that, they are a lot more complex. They interact with the embedded software on the systems, all of that type of thing. The design and validation processes for those are more complex and do take more time. We've got projects across all of those areas going on in there.

現在有些組件很容易作為替代品。你必須重新驗證它們。在醫療設備領域，您必須對替代組件進行非常嚴格的重新驗證，這通常需要大量的工程工作。但其他一些組件，例如微控制器等，則複雜得多。它們與系統上的嵌入式軟體進行交互，諸如此類。這些的設計和驗證過程更加複雜並且需要更多時間。我們在所有這些領域都有項目正在進行。

And as we make these alternatives, then we're scheduling the longer-term commitments, the relationships with the suppliers, building the inventories and making sure we have options. That said, I keep coming back to the fact that it is a very variable situation. And just when you think you've got everything right, then you start seeing other components be challenges. So our teams, as I said earlier, have to be really agile and keep competing on this. You've got to keep running really fast to track these issues.

當我們做出這些替代方案時，我們會安排長期承諾、與供應商的關係、建立庫存並確保我們有選擇。也就是說，我不斷地回到這樣一個事實：這是一個非常多變的情況。當您認為自己已經做好了一切時，您就會開始看到其他組件面臨挑戰。因此，正如我之前所說，我們的團隊必須非常敏捷，並在此方面不斷競爭。您必須保持快速運行才能追蹤這些問題。

Our next question today is coming from John Deakin-Bell from Citigroup.

今天我們的下一個問題來自花旗集團的約翰·迪金·貝爾。

I'm just trying to get a bit more color around the underlying new patients, maybe between the U.S. and the rest of the world. And just give us a sense of where you think we're at in different markets and perhaps some sense of when you think it might get back to the patient growth we were in 2019.

我只是想對潛在的新患者有更多的了解，也許是在美國和世界其他地區之間。請讓我們了解一下您認為我們在不同市場中所處的位置，以及您認為什麼時候我們可能會恢復到 2019 年的耐心成長。

Yes, John, it's a very complex question because, as you know, we operate in 140 countries and all the different Greek letter variants of COVID flow through those 140 countries at different rates. One great thing because we have strong visibility and awareness into this as we talk to the pulmonary and critical care physicians and we watch hospitalization rates and ventilation usage rates and ICU/CCU usage rates is each variant seems to be, although more and more communicable, less and less severe in the impact in terms of hospitalizations, severe need for ventilatory help and death.

是的，約翰，這是一個非常複雜的問題，因為如您所知，我們在 140 個國家開展業務，而新冠病毒的所有不同希臘字母變體以不同的速率流經這 140 個國家。一件好事，因為當我們與肺部和重症監護醫生交談時，我們對此有很強的可見性和認識，我們觀察住院率、通氣使用率以及ICU/CCU 使用率，每種變體似乎都在，儘管越來越具有傳染性，住院、嚴重需要通氣幫助和死亡方面的影響越來越輕。

And so the work that we did in 2020 and 2021 establishing these digital protocols, home sleep apnea testing protocols, that pulmonary doctors who previously hadn't done telehealth visits are now doing them. Doctors who weren't embracing ApneaLink Air or some of the NOx digital diagnostics components have embraced them throughout 2020 out of necessity and then 2021 out of scale.

因此，我們在 2020 年和 2021 年所做的工作建立了這些數位協議、家庭睡眠呼吸中止測試協議，以前沒有做過遠距醫療就診的肺部醫生現在正在做這些協議。原本不接受 ApneaLink Air 或某些 NOx 數位診斷組件的醫生在 2020 年出於必要而接受了它們，然後在 2021 年則超出了規模。

So as we enter 2022 here, we're feeling very comfortable across those 140 countries. I gave in the prep remarks sort of a wide band, right, 85% to 100% of pre-COVID patient flow depending on the country, the city, the location. There are some, as I said in the prep remarks, there are some locations that are above 100%. And I won't go into the detail, North Rhine-Westphalia this quarter or Bavaria last quarter or Southern France this quarter, southeast of the U.S. this quarter. But what we're seeing is, as the variants come down, those protocols go, we're hitting those. If you take 2019 as the base year, we're hitting those 100% triple-digit rates in some locations.

因此，當我們進入 2022 年時，我們對這 140 個國家感到非常滿意。我在準備發言中給出了一個寬範圍的數據，對吧，85% 到 100% 的新冠疫情前患者流量，具體取決於國家、城市和地點。正如我在準備發言中所說，有些位置的使用率高於 100%。我不會詳細介紹，本季的北萊茵-威斯特法倫州，上季的巴伐利亞，本季的法國南部，本季的美國東南部。但我們看到的是，隨著變體的減少，這些協議的消失，我們正在解決這些問題。如果以 2019 年為基準年，我們在某些​​地區將達到 100% 三位數的比率。

And so gives us a lot of confidence because the beauty is we're in all 140 countries. So that portfolio, I feel every 90 days we're seeing positive movement, even though a particular location might go back two steps and one might go forward three steps. On aggregate, we're seeing sort of one step forward for ResMed as we look across that portfolio every 90 days.

這給了我們很大的信心，因為我們遍佈 140 個國家。因此，我覺得每 90 天我們都會看到投資組合的積極變化，即使某個特定位置可能會後退兩步，而一個可能會前進三步。總的來說，當我們每 90 天查看一次該產品組合時，我們看到瑞思邁向前邁出了一步。

That's why we're able to see this great strong 16% device growth across our region. It's not only share-taking. There's some good flow of patients coming through. What worries me a little bit, John, is actually some of the backlog that might be happening in the system due to our competitor just not being in the market for 18 months, right, in aggregate, according to their call this week. It will be 18 months from June 2021 through December 2022. That backlog of patients, we can't get them all, right? We're ramping up, as Rob said, doing everything we can to ramp up. We're not going to get them all.

這就是為什麼我們能夠看到整個地區的設備成長 16%。這不僅僅是股權收購。有一些病人前來就診。約翰，讓我有點擔心的是，實際上，根據他們本週的電話，由於我們的競爭對手已經 18 個月沒有進入市場，系統中可能會出現一些積壓。從2021年6月到2022年12月，有18個月的時間。正如羅布所說，我們正在加大力度，盡一切努力加大力度。我們不會把它們全部得到。

And so that backlog of patients, even when our competitor comes back, it's going to have to flow through the system. So this is not just an effect that's over the day our competitors back. There's going to be a number of quarters where ResMed is going to grow, take share and deal with this flow of patients through this. So although we are pushing very strong around our long-term demand gen, we're not turning up the dial yet on driving the top of the funnel because, frankly, the top of the funnel is full and growing, and will do for the next 12 months.

因此，即使我們的競爭對手回來，積壓的患者也必須流經系統。所以這不僅僅是我們的競爭對手當天回來的效果。瑞思邁將在多個季度實現成長、佔領市場份額並應對患者的流動。因此，儘管我們正在大力推動長期需求生成，但我們還沒有全力推動漏斗頂部，因為坦白說，漏斗頂部已滿且正在增長，這將有助於推動漏斗頂部的發展。

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

今天我們的下一個問題來自瑞士信貸銀行的 Gretel Janu。

More of a medium-term question, Mick. So as the industry isn't able to meet the demand for new patients at the moment, what are you doing to ensure that patients don't fall off the waiting list I guess, do you see any risk that the industry will see lower growth in the medium term from all the disruption over this 12-, 24-month period?

更多的是一個中期問題，米克。因此，由於該行業目前無法滿足新患者的需求，您正在採取哪些措施來確保患者不會從候補名單上掉下來，我想，您是否認為該行業存在增長放緩的風險從中期來看，這12 個月、24 個月期間的所有乾擾會帶來什麼影響？

Gretel, I'll have the first go and hand to Jim. I mean the short answer to your question is absolutely not. I do not see any growth slowing down. In fact, the backlog, certainly for ResMed, I see incredible growth coming for our industry. And so a lot of the demand gen stuff I talked about, and we talked about it on our Investor Day, with CVS partnerships on the brick-and-mortar side in the front line. And then on our Verily partnership, Primasun on the front line. We are not turning the dials on that demand gen up, but we don't need to through 2022, but we will start to turn them up in 2023. And I think what we'll see is the backlog will come in and our demand gen will come in, and we'll actually, post-COVID, see a faster growth rate of our industry because of all the learnings of digital health, home sleep apnea testing, seamless and digital end-to-end journeys for patients. It's got better for patients when they get into the system.

格蕾特，我將首先向吉姆求助。我的意思是，對你的問題的簡短回答是絕對不會。我沒有看到任何增長放緩。事實上，對於瑞思邁來說，積壓的訂單，我看到我們這個行業將會出現令人難以置信的成長。因此，我談到了許多需求產生的內容，我們在投資者日討論了這些內容，並在第一線與 CVS 的實體合作夥伴關係進行了討論。然後，在我們的 Verily 合作夥伴關係中，Primasun 處於前線。我們不會加強需求力度，但到 2022 年我們都不需要這樣做，但我們將在 2023 年開始加強。將會到來，實際上，在新冠疫情之後，我們將看到我們行業更快的增長速度，因為我們在數位健康、家庭睡眠呼吸中止測試、患者無縫和數位化端到端旅程方面學到了很多知識。當患者進入系統後，情況會變得更好。

The trouble is now, the competitor that can't provide the therapy at the end, and that does create a bit of a backlog. But I think on the other side of this, we'll actually see increased secular growth. The mid- to high single-digit growth of our industry might move up 50, 100, even more basis points because of the embracement of digital net-net. But Jim, anything to Gretel's question around industry growth there?

現在的問題是，競爭對手最終無法提供治療，這確實造成了一些積壓。但我認為，另一方面，我們實際上會看到長期成長的增加。由於數位網路的擁抱，我們產業中高個位數的成長可能會上升50個、100個甚至更多基點。但是吉姆，格蕾特關於那裡的行業成長的問題有什麼答案嗎？

Yes. Gretel, I guess I would just add a couple of things. The first one is we're working really hard with our channel partners to understand the dynamic of patient wait lists and working really hard with physicians on that. And so we're, as you know, we're prioritizing higher acuity patients, higher acuity conditions with our production. But we know that there are kind of straight OSA patients out there that are facing a longer way list, and we're working with our customers to try to reduce those wait times and to better manage an understanding of when we can deliver product to which customers. So that's just sort of a general thing we're trying to do.

是的。格蕾特，我想我只想補充幾件事。第一個是我們正在與通路合作夥伴非常努力地合作，以了解患者候補名單的動態，並與醫生在這方面非常努力地合作。因此，如您所知，我們在生產中優先考慮視力較高的患者和病情較高的患者。但我們知道，有些直接 OSA 患者面臨著更長的路線清單，我們正在與客戶合作，努力減少等待時間，並更好地了解我們何時可以將產品交付給哪些人。這只是我們正在嘗試做的一般性事情。

I think the other thing that will help us to drive growth on an ongoing basis is we're working right now on programs that will allow us to capture patients who maybe faced a long waitlist, and I don't want to go into great detail on that, but our marketing teams in our main countries are working on those programs right now. And as we have more supply, we feel pretty confident we'll be able to run programs that will be able to re-engage patients that maybe have, they're tired of waiting or something like that. So we think we'll be able to capture a big part of that backlog, which there is a backlog, and we think there'll be an even bigger backlog as that goes forward.

我認為另一件事將幫助我們持續推動成長，那就是我們現在正在製定一些計劃，這些計劃將使我們能夠捕獲可能面臨很長候補名單的患者，我不想詳細介紹對此，我們在主要國家的行銷團隊目前正在製定這些計劃。隨著我們有更多的供應，我們非常有信心能夠運行一些項目，重新吸引那些厭倦了等待或類似情況的患者。因此，我們認為我們將能夠捕獲積壓的很大一部分，即存在積壓，並且我們認為隨著這種情況的發展，將會有更大的積壓。

And the last thing I would add is we're pretty active in developing new channels. And so those are new and growing areas for us. But if you think about something like CVS HealthHUBs, there's a new channel that continues to grow. CVS continues to invest there. That's a new way for patients to be reminded that they were diagnosed with OSA or to be reminded that they might need resupply. And CVS is just one example where we're working in new channels. We're doing that not just in the U.S., but in multiple markets around the world.

我要補充的最後一件事是我們非常積極地開發新管道。因此，這些對我們來說是新的、不斷成長的領域。但如果你考慮 CVS HealthHUBs 這樣的東西，你會發現有一個新的管道持續成長。 CVS 繼續在那裡投資。這是提醒患者他們被診斷出患有 OSA 或提醒他們可能需要補給的新方法。 CVS 只是我們在新通路開展工作的一個例子。我們不僅在美國這樣做，還在全球多個市場這樣做。

So we're going to expand the ability to reach of different channels for patients to get treated and we're accelerating those now. We'll be accelerating those programs even more as production comes up to higher volumes and we're able to treat more patients.

因此，我們將擴大患者接受治療的不同管道的能力，並且我們現在正在加速這一進程。隨著產量的增加以及我們能夠治療更多的患者，我們將進一步加快這些計劃。

Our next question today is coming from Saul Hadassin from Barrenjoey Capital.

今天我們的下一個問題來自 Barrenjoey Capital 的 Saul Hadassin。

Just maybe one for Rob. Rob, just on the discussion around semiconductors and the shortages. Can you talk to us about the line of sight you get as it relates to the inflow of those chips and then the manufacturability? In other words, is it still taking circa three months to process devices? And so you're in a position now to know what your volume on flow generator is looking like into fourth quarter because you have those chips either sitting with you now or they're due to come in over the next few weeks?

也許只是給羅布的一個。羅布，只是關於半導體和短缺的討論。您能否與我們談談您所獲得的視線，因為它與這些晶片的流入以及可製造性有關？換句話說，處理設備還需要大約三個月的時間嗎？因此，您現在可以知道第四季度的流量發生器銷售量是多少，因為這些晶片要么現在就在您身邊，要么將在接下來的幾週內上市？

Yes. Actually, as I was saying earlier, we've actually had to greatly extend our forecast lead times to get the supply commitments that we want, actually multiyear. So at that level, we have a long view. Yes, our cycle times are actually pretty short. The longest part of our cycle time, and variable part of it, is freight. And so a lot of the challenges of forecasting sales on a weekly basis is what's happening to any freight that's stuck off Los Angeles or something like that. Now we can mitigate that at a cost with air freight, and we do that, but we certainly can't do 100% on freight.

是的。事實上，正如我之前所說，我們實際上必須大大延長我們的預測交貨時間才能獲得我們想要的供應承諾，實際上是多年的供應承諾。因此，在這個層面上，我們有長遠的眼光。是的，我們的周期時間實際上很短。我們週期時間中最長的部分，也是其中可變的部分，就是貨運。因此，每週預測銷售的許多挑戰是在洛杉磯或類似地區滯留的貨物所發生的情況。現在我們可以透過空運來緩解這個問題，我們確實做到了，但我們當然不能在貨運方面做到 100%。

And so we're trying to balance up those sort of freight demands and that does create a variability. So the hardest thing for predicting what we're forecasting over the next couple of weeks is actually those freight deliveries. Our internal systems around delivering them out of our warehouses are extremely slick and really run well. And we've got great teams in those warehouses.

因此，我們正在努力平衡此類貨運需求，這確實會產生變化。因此，預測未來幾週最困難的事情實際上是貨運量。我們將貨物從倉庫運出的內部系統非常流暢且運作良好。我們在這些倉庫裡都有很棒的團隊。

Our factory capacity, we typically run a policy of having significant burst capacity in these factories. And as we've said before, we've just invested in a major new factory in Tuas in Singapore. And out of that factory, we would normally have the capacity to meet all of the industry demand. So we can actually push stuff through that system really quickly. The key issue is that variability and the propensity of the suppliers to meet their commitments.

我們的工廠產能，我們通常採取的政策是在這些工廠中擁有大量的突發產能。正如我們之前所說，我們剛剛在新加坡大士投資了一家大型新工廠。從那個工廠出來，我們通常有能力滿足所有產業需求。因此，我們實際上可以非常快速地透過該系統推送內容。關鍵問題是供應商履行承諾的可變性和傾向。

Now they do everything they can to meet their commitments. But actually, some of those freight issues, they have the same issues. They have the same issues of allocation from their suppliers. And so we have to manage all the way through all of those layers to get there. So it's a long answer. But really, the main factor is suppliers and the short-term variability is freight.

現在，他們竭盡全力履行自己的承諾。但實際上，其中一些貨運問題，他們也有同樣的問題。他們也面臨供應商分配的相同問題。因此，我們必須對所有這些層進行全程管理才能實現這一目標。所以這是一個很長的答案。但實際上，主要因素是供應商，短期變化是運費。

Our next question today is coming from Lyanne Harrison from Bank of America.

今天我們的下一個問題來自美國銀行的 Lyanne Harrison。

I guess you've spoken about volume in detail, but can we talk about price and provide some color on the trends you're seeing in average device prices this quarter, perhaps with some reference to discounting, if you can?

我想您已經詳細談到了銷量，但是我們可以談談價格，並提供一些您在本季度平均設備價格中看到的趨勢的信息，也許可以參考一些折扣，如果可以的話？

Yes. Lyanne, it's a good question. And traditionally, we don't talk much that about at all. But one thing I will say is that we announced it in our prep remarks, my prep remarks here today that we have a surcharge now on all ResMed devices that are associated with exactly the last question from Saul where Rob was talking about increased air freight and sea freight costs. Sea freight costs of 5x or 10x what they were. Air freight was always a significant factor above sea freight, and it's got more expensive, too. And so all of that has meant that we had to provide that surcharge to our [customers] (corrected by company after the call).

是的。萊安，這是個好問題。傳統上，我們根本不會談論太多。但我要說的一件事是，我們在準備發言中宣布了這一點，我今天在這裡的準備發言中，我們現在對所有瑞思邁設備徵收附加費，這些設備與索爾的最後一個問題相關，羅佈在其中談到增加空運和海運費用。海運成本是原來的 5 倍或 10 倍。空運始終是高於海運的重要因素，而且價格也更高。因此，所有這些都意味著我們必須向我們的[客戶]提供附加費（在通話後由公司更正）。

So we haven't done a price increase as some of our competitors have to the customers, but we have put a surcharge on devices starting in January. Our customers have accepted it. I mean, the people running these companies go to a supermarket and see the price of milk or the prices of whatever commodities that they're purchasing in their daily lives going up in price. And so a surcharge from us given the nature of this has made sense to them.

因此，我們沒有像一些競爭對手那樣向客戶提價，但我們從一月開始對設備收取附加費。我們的客戶已經接受了。我的意思是，經營這些公司的人去超市看到牛奶的價格或他們在日常生活中購買的任何商品的價格都在上漲。因此，鑑於其性質，我們收取附加費對他們來說是有意義的。

And so your question was, what's the levels of price discounting. There is no price discounting right now. In fact, we're taking away some of the early pay and some of the other factors that were there that were non-price related, but impacted sort of cash flow there because it's very important in an environment like this to make sure that the costs are shared in a fair and equal way through the supply chain, and we're doing that through a surcharge.

所以你的問題是，價格折扣的水平是多少。目前沒有價格折扣。事實上，我們取消了一些早期工資和其他一些與價格無關但影響現金流的因素，因為在這樣的環境中確保成本透過供應鏈以公平、平等的方式分攤，我們透過收取附加費來實現這一點。

But as I see it, the mix side, the second part of your question, we're following our guiding principle on allocation here. If we have limited chips and parts and pieces, we will make an Astral before a Stellar, before an AirCurve ST-A, an ST, an ASV and so on down to an APAP and CPAP. And so the mix can lead to some sort of ASP mix increases on that, but any individual like-for-like product, we're keeping the prices where they are because we're in steady reimbursed environment. Our customers, we have relationships going back decades. We want them for decades for the future, and we really value those relationships. And so we're really focused on this sort of temporary surcharge where it's going to be associated with those increased costs we have and any impact on ASP is really around mix towards those higher acuity products.

但在我看來，混合方面，你問題的第二部分，我們在這裡遵循我們的分配指導原則。如果我們的晶片和零件有限，我們會先製造 Astral，然後再製造 Stellar，再製造 AirCurve ST-A、ST、ASV 等等，直至 APAP 和 CPAP。因此，這種組合可能會導致某種形式的平均售價組合增加，但對於任何單獨的同類產品，我們都會將價格保持在原位，因為我們處於穩定的報銷環境中。我們的客戶，我們的關係可以追溯到幾十年前。我們希望他們能夠在未來幾十年持續發展，我們非常重視這些關係。因此，我們真正關注的是這種臨時附加費，它將與我們增加的成本相關，並且對 ASP 的任何影響實際上都是圍繞著那些更高敏銳度產品的組合。

Your next question today is coming from Steve Wheen from Jarden Australia.

今天你們的下一個問題來自澳洲 Jarden 的 Steve Whien。

I've got a somewhat related question for Brett just with regards to the gross margin. So I was just wondering if you could help us sort of break into that number a little bit, particularly from the point of view of the next few quarters. So I'm trying to put into context the surcharge as to what sort of effect that will have. And then there's obviously other drivers, which all look quite positive, like FX, mix, maybe the AirSense 11 pricing. So if you could sort of maybe comment on any of that. And then lastly, maybe a headwind. Is there any pricing pressure coming from the semiconductors suppliers to you guys? So if you'd help me unpack that gross margin that would be great.

我有一個與毛利率有關的問題要問布雷特。所以我只是想知道你是否可以幫助我們稍微了解這個數字，特別是從接下來幾季的角度來看。因此，我試著將附加費放在具體的背景中，看看它會產生什麼樣的影響。然後顯然還有其他驅動因素，看起來都非常積極，例如 FX、mix，也許還有 AirSense 11 的定價。所以如果你能對其中任何一個發表評論的話。最後，也許是逆風。半導體供應商對你們有定價壓力嗎？因此，如果您能幫助我了解毛利率，那就太好了。

Yes. Thanks, Steve. Let me try and unpack that a little bit. On the gross margin, if you look at it year-on-year, pretty big decline and really freight was the big one and logistics costs. Some component cost increases coming in, and also manufacturing because it's really hard to optimize on the manufacturing front at the moment. We're just trying to make sure we can really maximize output rather than efficiencies. So that's playing out. That played out year-on-year. If you look at it sequentially, in quite good shape, a little bit of an increase there sequentially, actually.

是的。謝謝，史蒂夫。讓我試著稍微解開它。就毛利率而言，如果與去年同期相比，下降幅度相當大，而且貨運和物流成本才是最大的。一些組件成本增加，製造成本也增加，因為目前在製造方面確實很難優化。我們只是想確保我們能夠真正最大化產出而不是效率。所以這就是上演的結果。這與去年同期相比。如果你按順序看它，形狀相當好，實際上按順序有一點增加。

If you go forward, we're still going to have freight and logistics costs coming through. I mean, that's still going to be, I think, a headwind for, I think, for the rest of this calendar. FX probably relatively neutral as we look forward. And I think ASP declines won't -- we've typically had that, but I don't think we'll see that going forward. We have the surcharge. It's only a small surcharge so, and we're only, we're not recovering anywhere near our increasing cost there. But as Mick said, we're looking to share that.

如果繼續下去，我們仍然需要承擔運費和物流成本。我的意思是，我認為，對於本日曆的其餘部分來說，這仍然是一個阻力。正如我們預期的那樣，外匯可能相對中性。我認為平均售價不會下降——我們通常會遇到這種情況，但我認為我們不會看到這種情況繼續下去。我們有附加費。這只是一筆很小的附加費，所以，我們只是，我們沒有恢復到接近我們不斷增加的成本的水平。但正如米克所說，我們希望分享這一點。

So they're kind of, they're still with us. There are some headwinds there. We've got AirSense 11 coming through, which is at a price premium, but that's only in the U.S. market at the moment. But taking in a medium-term view, that will be supportive. But the other one to call out is, as particularly in Q4, as we increase the output or the volumes from the supply constraints easing, then we'll have higher revenue there, but in a relative sense, it will be more of the kind of lower acuity in terms of that mix. So that one will be a little bit of a headwind because the product mix won't be as beneficial as it has been. So there's some puts and takes there, but that's kind of how I see it at the moment.

所以他們仍然和我們在一起。那裡存在一些阻力。我們已經推出了 AirSense 11，價格較高，但目前僅在美國市場上市。但從中期來看，這將是有利的。但另一個需要指出的是，特別是在第四季度，隨著我們增加產量或供應限制放鬆而增加數量，那麼我們將在那裡獲得更高的收入，但從相對意義上來說，這將是更多的情況就該組合而言，敏銳度較低。因此，這將是一個有點逆風，因為產品組合不會像以前那樣有益。所以這裡有一些看跌和看跌，但這就是我目前的看法。

Your next question today is coming from David Bailey from Macquarie.

今天你們的下一個問題來自麥格理的大衛貝利。

You sort of touched on this in part of your earlier remarks, but I just wanted to confirm that you're confident that some of the changes in relation to digital initiatives over the past couple of years will allow the system to deal with the backlog of new patients over the medium term?

您在之前的演講中談到了這一點，但我只是想確認您相信過去幾年與數位計畫相關的一些變化將使系統能夠處理積壓的工作中期新患者？

Yes, David, it's a really pertinent question, and I feel very confident. And we've watched it. Before this recall was announced through to June '21, we saw great adoption for 18 months of all the digital solutions, from doctors getting involved in telehealth, to the adoption of identification, engagement, enrollment and diagnostic systems on a digital basis. In countries where, like in Germany where home sleep apnea testing was less than 10% of the total diagnoses in 2019. It went to huge double digits throughout 2020 and has stayed quite high despite the reopening with COVID cleaning protocols of sleep labs throughout Germany.

是的，大衛，這是一個非常相關的問題，我感到非常有信心。我們已經看過了。在宣布召回之前，截至 21 月 21 日，我們看到了所有數位解決方案在 18 個月內廣泛採用，從醫生參與遠距醫療，到採用數位基礎上的識別、參與、登記和診斷系統。在德國等國家，2019 年家庭睡眠呼吸中止症檢測佔診斷總數的比例不到10%。數字仍然保持在相當高的水平。

And so I think as you look on aggregate, David, that adoption that happened in the last two years will be a huge impact, permanent adoption of digital health screening tools. And as Jim said, as we open up new channels, we're going to roll that digital end-to-end solution through multiple new funnels to get patients into the funnel through our Verily partnership with Primasun, through our CVS partnership. And they're the two public ones in the U.S., but we're doing, as Jim said, stuff in the other 140 countries that are on more a partnership basis with the U.K. government, with the NHS, some great information from our U.K. team I was looking at over the last week, incredible work in our Northern Europe team, our Western European team, the partnership with the French government.

所以我認為，大衛，從總體上看，過去兩年發生的採用將產生巨大的影響，永久採用數位健康篩檢工具。正如吉姆所說，當我們開闢新管道時，我們將透過多個新管道推出數位端到端解決方案，透過我們與 Primasun 的 Verily 合作夥伴關係、透過我們的 CVS 合作夥伴關係讓患者進入管道。它們是美國的兩個公共機構，但正如吉姆所說，我們正在其他140 個國家/地區開展工作，這些國家更多地與英國政府、國民醫療服務體系(NHS) 建立夥伴關係，從英國獲得了一些重要資訊。

I talked about the ALASKA study. That's just the peer-reviewed published evidence that's out there. We're doing stuff on the ground that we're not talking about publicly but has incredible adoption of digital health technologies in conjunction with the French social security system supporting that through high reimbursement of cloud-connected CPAP versus non cloud-connected CPAP because they see the results. They see higher adherence. They see better outcomes and they see lower costs. Not only death rate, lower death rate of those who are CPAP adherent, but lower hospitalization. So it saves lives and saves money. So David, it's a permanent adoption. I think it will improve our efficiency as an industry as we get into '22, '23 here and beyond.

我談到了阿拉斯加研究。這只是經過同行評審的已發表的證據。我們正在實地做一些事情，我們沒有公開談論，但令人難以置信地採用了數位健康技術，並與法國社會安全系統相結合，透過雲端連接的CPAP 與非雲端連接的CPAP 的高額報銷來支持這一點，因為它們查看結果。他們看到更高的依從性。他們看到了更好的結果，並且看到了更低的成本。堅持 CPAP 治療的患者不僅死亡率較低，住院率也較低。因此它可以拯救生命並節省金錢。大衛，這是永久收養。我認為，隨著我們進入「22」、「23」及以後，這將提高我們作為一個行業的效率。

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

今天你們的下一個問題來自威廉布萊爾的瑪格麗特卡佐爾。

I wanted to follow up a little bit on some of the math that you guys had implied from the benefit of the competitive recall. And if we sort of keep the fiscal Q3 benefit similar to what we saw in fiscal Q2, maybe tick it up a little bit, the fiscal Q4 benefit sounds like it's going to be $130 million, $140 million or so at the midpoint of your range. So as we think about that with Philips extending the timing of the impact of the recall, should we be using that $140 million as a base benefit as we go into the second half of the calendar year, especially given that it sounds like even at that range, the demand maybe isn't fully satisfied? And so it could theoretically go higher especially with the underlying market improvement. Jim's help here would be great.

我想對你們從競爭性召回的好處中暗示的一些數學進行一些跟進。如果我們保持第三財季的收益與我們在第二財季看到的類似，也許稍微提高一點，第四財季的收益聽起來將是 1.3 億美元、1.4 億美元左右，處於範圍的中點。因此，當我們考慮飛利浦延長召回影響的時間時，我們是否應該在進入日曆年下半年時使用這 1.4 億美元作為基本福利，特別是考慮到即使在那個時候範圍內，需求可能沒有完全滿足？因此理論上它可能會走高，尤其是隨著基礎市場的改善。吉姆在這裡的幫助會很大。

Yes, Margaret, it's a great question, and I'm not going to get into sort of the detailed breakdown of the $350 million through the fiscal year. But as you said, look, it is back-end loaded in terms of Q4 is going to be the lion's share of that because all the projects that Rob talked about earlier will come to fruition in June, September and December. And so the only guidance I think I've given in the last 9 years as CEO was around this $350 million on the revenue side there for fiscal '22. And so I'm not going to go into 2023. We did that because the models were quite wide there on the benefit from this recall on the sell-side for as low as $50 million to as high as $950 million. So we wanted to rate set it at $300 million to $350 million. We're still comfortable with that for fiscal '22.

是的，瑪格麗特，這是一個很好的問題，我不打算詳細介紹整個財年 3.5 億美元的具體情況。但正如你所說，看，第四季度的後端加載將佔據其中的大部分，因為 Rob 之前談到的所有項目都將在 6 月、9 月和 12 月實現。因此，我認為在過去 9 年裡，我作為執行長給出的唯一指導是 22 財年的收入方面約為 3.5 億美元。所以我不打算進入 2023 年。因此我們希望將其評級為 3 億至 3.5 億美元。我們對 22 財年的情況仍然感到滿意。

But as you look for fiscal '23, look, I do think that the share that we're taking this year will be a long-term sustainable share. When we go in and take share, we don't just go into a competitive account and say, great, here's your product, go. We work with people who are adopting, existing relationships with people who are adopting myAir for their patients, getting that 60%, 70% uptake that we've seen with AirSense 11. They're working with AirView. All their physicians are on the cloud platform, getting that efficiency. They're using Brightree and they're partnering up in the United States and beyond. So that digital end-to-end, it becomes a very sticky platform because the value is so strong.

但當你尋找 23 財年時，我確實認為我們今年所佔據的份額將是長期可持續的份額。當我們進入並獲取份額時，我們不會只是進入一個競爭性客戶並說，太好了，這是你的產品，走吧。我們與正在採用 myAir 的人合作，與正在為其患者採用 myAir 的人建立現有關係，獲得了我們在 AirSense 11 中看到的 60%、70% 的採用率。 他們正在與 AirView 合作。他們所有的醫生都在雲端平台上，獲得了這種效率。他們正在使用 Brightree，並在美國和其他地區進行合作。因此，數位端到端，它成為一個非常黏性的平台，因為價值非常強大。

They lower their labor costs by 50% setting up the device. They improve adherence to 87% for their patients and their physicians and it becomes permanent. So I do think that the share we're taking will be long-term sustainable. When our competitor comes back, they're going to have to go after the low-priced people first that don't have all that digital end-to-end. When they try to come after us, we're going to be so far ahead with 18 months' worth of digital health innovation and all the work that we're doing to partner with physicians, patients and providers.

他們將設置設備的勞動成本降低了 50%。他們將患者和醫生的依從性提高到 87%，並且這種情況是永久性的。所以我確實認為我們所佔據的份額將是長期可持續的。當我們的競爭對手捲土重來時，他們將不得不先瞄準那些不具備端到端數位化能力的低價人員。當他們試圖追趕我們時，我們將憑藉 18 個月的數位健康創新以及我們與醫生、患者和提供者合作所做的所有工作遙遙領先。

I look forward to it. We were winning this football game before we got the penalty kick. It's like we were the Kansas City Chiefs and we were up 42 to 0, and then we got a penalty kick, and now we're up 45 to 0. We didn't need the penalty kick to get there. So I still think we'll win on the other side of this.

我很期待。在獲得點球之前我們已經贏得了這場足球比賽。就好像我們是堪薩斯城酋長隊，當時我們以 42 比 0 領先，然後我們獲得了點球，現在我們以 45 比 0 領先。所以我仍然認為我們會在另一方面獲勝。

But having said that, we're not going to give guidance around '23, but everyone will have their models. I think that certainly with our competitor being out for the calendar year, we're going to take incredible share this calendar year. I think as they come back, their name brand will be different. They'll have to start from the ground up and we'll have a strong lead as we go through fiscal '23 and beyond.

但話雖如此，我們不會在 23 年左右提供指導，但每個人都會有自己的模型。我認為，隨著我們的競爭對手今年出局，我們今年將獲得令人難以置信的份額。我認為當他們回來時，他們的品牌將會有所不同。他們必須從頭開始，而我們將在 23 財年及以後擁有強大的領先優勢。

The most important thing, we're not really looking back at our competition. We're looking forward as we were talking about. As Jim and I have been talking about, it's about the digital health solutions, getting patients into the funnel and finding new ways to get the one billion people worldwide who have sleep suffocation into the funnel and 80% to 90% of them are undiagnosed. That's what we're laser-focused on.

最重要的是，我們並沒有真正回顧我們的競爭對手。正如我們所談論的那樣，我們很期待。正如吉姆和我一直在談論的那樣，這是關於數位健康解決方案，讓患者進入漏斗，並尋找新方法讓全世界10 億患有睡眠窒息症的人進入漏斗，其中80% 到90% 未被診斷。這就是我們重點關注的事情。

Your next question today is coming from Suraj Kalia from Oppenheimer.

今天你們的下一個問題來自奧本海默的蘇拉吉·卡利亞（Suraj Kalia）。

Mick, one question from my side. And Mick, let me pose this as a hypothetical. Obviously, demand is not being met, right, whether because of supply constraints or so forth. How do you ration between an organic ResMed patient that will be sticky long-term versus, let's say, a Philips patient that potentially could generate a higher ASP short term? I guess a subpart of that, I'm also trying to understand, do you see mix and matches going out in the field, i.e., tubes and accessories with blowers being mixed and matched just to meet demand?

米克，我這邊有個問題。米克，讓我將此作為一個假設。顯然，無論是由於供應限制還是其他原因，需求都沒有得到滿足，對吧。您如何在長期黏性的瑞思邁有機患者與短期內可能產生更高 ASP 的飛利浦患者之間進行分配？我想其中的一部分，我也試圖理解，您是否看到現場出現混合和匹配，即管道和配件與鼓風機的混合和匹配只是為了滿足需求？

Suraj, it's a good question. And look, we don't, particularly in the United States market, we work with home care providers. And we're really taking the human patient-first model here first, which is we start with the highest acuity patients and work our way down. With our partnerships with home care providers, we start with existing relationships, digital adoption and because it drives best efficiency for the system and best outcomes for patients.

蘇拉吉，這是個好問題。看，我們沒有，特別是在美國市場，我們與家庭護理提供者合作。我們實際上首先採用人類患者至上的模型，即我們從最嚴重的患者開始，然後逐步降低。透過與家庭護理提供者的合作，我們從現有關係和數位化採用入手，因為它可以提高系統效率並為患者帶來最佳結果。

So we don't make priorities. I will choose this patient because it will be more profitable or this system because it will be there. We focus on that acuity first, those relationships and the adoption of digital because the long-term is what we're focused on. We don't want some short-term revenue and some short-term gains that you just give up. We're looking for transforming the healthcare system towards our 2025 goal. And so that's where our priorities are. Any further color, Jim, you'd like to provide on Suraj's question?

所以我們不區分優先順序。我會選擇這個病人，因為它會更有利可圖，或選擇這個系統，因為它會在那裡。我們首先關注的是敏銳度、這些關係和數位化的採用，因為長期才是我們關注的重點。我們不希望你放棄一些短期收入和一些短期收益。我們正在尋求醫療保健系統轉型，以實現 2025 年的目標。這就是我們的首要任務。吉姆，您想對蘇拉傑的問題提供進一步的意見嗎？

Just a couple of things. First thing is, we're not making the decision about the patients. It's the provider that's making the decision about the patients. But we're driving our production mix for higher acuity so that we can enable providers to meet the needs of the higher acuity patients first. That's the first thing I would say.

只是幾件事。首先，我們不會做出有關患者的決定。醫療服務提供者對患者做出決定。但我們正在推動我們的生產組合以獲得更高的敏銳度，以便我們能夠使供應商首先滿足更高敏銳度患者的需求。這是我要說的第一件事。

Second thing, just as a reminder, I think we mentioned this, I think we mentioned it today, but we've certainly talked about this on previous calls. The way we're prioritizing product allocation is higher acuity patients, but we're also prioritizing, effectively prioritizing the existing ResMed customer volumes, right? And that's a very explicit decision, right, because we could have said the alternate. We could have said, we're going to take this opportunity to go take accounts that have favored Philips historically.

第二件事，只是提醒一下，我想我們提到了這一點，我想我們今天提到了這一點，但我們在之前的電話會議中肯定已經討論過這一點。我們優先考慮產品分配的方式是優先考慮視力較高的患者，但我們也在優先考慮現有瑞思邁客戶量，有效地優先考慮，對嗎？這是一個非常明確的決定，對吧，因為我們本來可以說替代方案。我們本來可以說，我們將藉此機會去爭取歷史上對飛利浦有利的客戶。

But in fact, what we've done is we've done all of our allocations of product based upon the history we have with our customers. And de facto what that means is that it's customers who have been more adoptive of ResMed products who are getting more volume from us, right? And one of the opportunities for us as our volumes build is to actually, once we've met the demands of those customers, to actually take competitive share in accounts that might have trended more towards Philips historically. So that's, and we've had some questions on growth next year. I think that's a big opportunity for us on growth next year.

但事實上，我們所做的是根據我們與客戶的歷史記錄完成所有產品分配。事實上，這意味著更傾向於採用瑞思邁產品的客戶從我們這裡獲得了更多的銷量，對吧？隨著銷售量的增加，我們的機會之一是，一旦我們滿足了這些客戶的需求，實際上就可以在歷史上更傾向於飛利浦的客戶中獲得有競爭力的份額。所以我們對明年的成長有一些疑問。我認為這對我們明年的成長來說是一個巨大的機會。

And then the third thing on your question is, it's always been the case that providers will mix and match one manufacturer's mask with one manufacturer's device or whatever. There's a little bit more of a tie to the device and the tube if it's a heated tube because those are lock and key. So our heated tube works with our devices and not with others. But we have higher share. We have a higher attach rate for all the consumables in the market than our competitors do. So when there's mixing and matching, it's almost always to our benefit.

你的問題的第三件事是，供應商總是將一個製造商的口罩與一個製造商的設備或其他設備混合搭配。如果是加熱管，則設備和管子之間的關係要多一些，因為它們是鎖和鑰匙。因此，我們的加熱管適用於我們的設備，而不適用於其他設備。但我們的份額更高。我們對市場上所有消耗品的附加率都比我們的競爭對手更高。因此，當進行混合和匹配時，幾乎總是對我們有利。

Our next question is coming from Michael Polark from Baird.

我們的下一個問題來自貝爾德 (Baird) 的邁克爾·波拉克 (Michael Polark)。

It's a U.S.-centric one. And I'm curious, Inspire is second line to CPAP therapy in the U.S. The company has been running a fairly active marketing campaign with TV commercials. In 2021, they spent $50 million. That number is going to be a lot higher in '22, and I think a regional campaign is going national. Inspire is second line so it goes without saying on that. But their commercials tend not to portray CPAP therapy in the best light. And I'm curious what you think about this and if there's any counter detailing efforts you can do to respectfully push back on some of the marketing runs that Inspire is doing?

這是一個以美國為中心的問題。我很好奇，Inspire 是美國 CPAP 治療的二線產品。 2021年，他們花了5000萬美元。這個數字在 22 年將會高得多，我認為區域性的活動正在走向全國。 Inspire 是第二線，所以這是不言而喻的。但他們的廣告往往不會以最好的方式描繪 CPAP 治療。我很好奇你對此有何看法，以及你是否可以採取任何反細節措施來恭敬地抵制 Inspire 正在進行的一些行銷活動？

Yes. Thanks for your question, Michael. And it speaks to substitute therapies, which is something we look at very carefully because ResMed stands for respiratory medicine, not CPAP manufacturer, right? And so we've been in alternative therapies for sleep apnea therapy for decades. We have a dental, 3D printed dental device called Narval. We're the #1 provider of dental sleep apnea therapy in Western Europe, Northern Europe and many other countries around the world. And we've invested in a technology in this space of the company you mentioned, Inspire. Hypoglossal nerve stimulation is the category. We invested in a company called Nyxoah, N-Y-X-O-A-H, which is actually now listed on Nasdaq and a European exchange. And they're in PMA trials here in the United States and MDR work in Europe. And so that product will come to market in this segment.

是的。謝謝你的提問，麥可。它涉及替代療法，這是我們非常仔細研究的問題，因為瑞思邁代表呼吸醫學，而不是 CPAP 製造商，對吧？因此，我們幾十年來一直致力於睡眠呼吸中止症的替代療法。我們有一款名為 Narval 的 3D 列印牙科設備。我們是西歐、北歐和世界許多其他國家排名第一的牙科睡眠呼吸中止症治療提供者。我們已經在你提到的 Inspire 公司的這個領域投資了一項技術。屬於舌下神經刺激的範疇。我們投資了一家名為 Nyxoah，N-Y-X-O-A-H 的公司，該公司實際上現在在納斯達克和歐洲交易所上市。他們在美國進行 PMA 試驗，在歐洲進行 MDR 試驗。因此該產品將進入該細分市場。

Look, yes, we've seen some people do D2C advertising in this space. There was an oxygen delivery company that had a guy from Star Trek for a while. I think these things of demand gen in the old-school way is not the future for us. We're focused on social media. Our partnership with Google and Verily is around people typing in, "my husband snores", "I snore", and getting through a digital end-to-end pathway to identify, engage and enroll people through. And we haven't really gone old-school media with demand gen. We certainly don't need it in calendar 2022.

是的，我們已經看到有些人在這個領域做 D2C 廣告。有一家氧氣輸送公司，有一段時間有一個來自《星際迷航》的人。我認為這些以老式方式產生需求的東西不是我們的未來。我們專注於社群媒體。我們與 Google 和 Verily 的合作關係是讓人們輸入“我丈夫打鼾”、“我打鼾”，並透過數位端到端途徑來識別、吸引和招募人們。我們還沒有真正走向老式媒體的需求生成。 2022 年我們當然不需要它。

To your point, you can't change. You can market however you want in the industry, but you can't change clinical and economic realities. CPAP is the most economical and best noninvasive way to treat sleep apnea, period. Now we make a sleep apnea device and a dental device and we're invested in hypoglossal nerve stim. I say that on the clinical and economic reality, you talk to any pulmonary person, even an ENT surgeon will say, no, you have to try CPAP, you have to try dental, and then you'll try the hypoglossal nerve stim. ResMed is going to be involved in all three categories. I think they'll all be valid, but I think they should be known. Here's primary, here's secondary and here's tertiary.

就你的觀點而言，你無法改變。您可以在行業中隨心所欲地進行行銷，但您無法改變臨床和經濟現實。 CPAP 是治療睡眠呼吸中止症最經濟、最好的非侵入性方法。現在我們生產睡眠呼吸中止症裝置和牙科裝置，並投資於舌下神經刺激。我說，在臨床和經濟現實中，你與任何肺部患者交談，甚至耳鼻喉科醫生都會說，不，你必須嘗試CPAP，你必須嘗試牙科，然後你會嘗試舌下神經刺激。瑞思邁將涉足所有三個類別。我認為它們都是有效的，但我認為它們應該為人所知。這裡是初級，這裡是次級，這裡是第三級。

And the economic reality is clear. You can Google the price. It's probably gone up a little on CPAP.com for a CPAP from those providers or easybreathe.com. They're probably $500 for the device and trailing of, what, $100 on a mask every year. Compare that to a $25,000 surgery. I don't care what your high deductible health plan and health savings account is in the U.S., that's a lot of money for the individual and a boatload for the health system. So there'll be some economic realities of payers doing care management around this as it grows. Good category, long-term.

經濟現實是顯而易見的。你可以穀歌一下價格。在 CPAP.com 上，這些提供者或 easybreathe.com 提供的 CPAP 價格可能會略有上漲。他們每年購買該設備的價格可能是 500 美元，另外，每年還要花費 100 美元購買一個面罩。與 25,000 美元的手術相比。我不在乎你在美國的高免賠額健康計劃和健康儲蓄帳戶有多少，這對個人來說是一大筆錢，對醫療系統來說也是一筆巨款。因此，隨著其發展，付款人圍繞此進行護理管理將面臨一些經濟現實。好的品類，長期的。

My opinion on the stuff is, any talk, including The Wall Street Journal article this morning around one billion people suffocating, 80%, 90% of sleep apnea undiagnosed, any news about sleep apnea, sleep suffocation is good for ResMed and it's demand gen. I prefer it in 2023 than 2022 because we've got enough demand to keep us going for 12 months. We'll be turning the knobs on our social media, our digital and our brick-and-mortar demand gen in 2023.

我對這個問題的看法是，任何談話，包括今天早上《華爾街日報》的文章，大約十億人窒息，80%、90%的睡眠呼吸中止未確診，任何有關睡眠呼吸中止症、睡眠窒息的新聞對瑞思邁都有好處，它的需求產生。我更喜歡 2023 年，而不是 2022 年，因為我們有足夠的需求來維持我們 12 個月的運作。到 2023 年，我們將徹底改變我們的社群媒體、數位媒體和實體需求。

Our final question today is coming from Mike Matson from Needham & Company.

今天我們的最後一個問題來自 Needham & Company 的 Mike Matson。

Yes. Just want to ask about the surcharge. I don't know if you're willing to disclose roughly what percentage that is? And is that something that's being applied to all your products, in other words, the devices and masks and accessories, or is it just specific to devices? And then finally, is this something that's tended to be temporary or something that you expect to be more permanent? And I have a follow-up as well on something else.

是的。只是想問一下附加費。不知道你願不願意透露一下大概是多少比例？這是應用於您所有產品的東西，換句話說，是設備、面罩和配件，還是僅特定於設備？最後，這往往是暫時的還是您期望更永久的？我對其他事情也有後續行動。

Yes, Mike. Thanks. And we may not have time for your follow-up given we're fifteen minutes over already. But look, the surcharge, I'm comfortable, I think there was a sell-side note that was public out around this. It's a $12 surcharge in the U.S. and a EUR 12 surcharge in Europe and it's basically on all devices. It's not applying on the mask side. So that's the answer to those.

是的，麥克。謝謝。鑑於已經過去十五分鐘了，我們可能沒有時間進行後續跟進。但是看，附加費，我很放心，我認為有一份關於此事的公開的賣方說明。美國的附加費為 12 美元，歐洲的附加費為 12 歐元，基本上適用於所有設備。它不適用於面膜一側。這就是這些問題的答案。

To the question of how long will this last? Obviously, we're in discussions with customers around the world. If you look at Rob's answer to the question, if you're reading the transcript, further up that transcript, it's a complex issue around sea freight, air freight, component costs, semiconductor, microchips. And we don't know how long those freight costs will be high, those component costs will be high. So I will say the surcharge will be there as long as those are there. It's temporary, but it's as long as those are there. And I think you've got many other stocks in your portfolio where they're talking, they are the semiconductor manufacturer or there are others who give you further detail on how long they think they will have supply chain constraints and therefore, higher cost to pass through to their customers. So that would be the way I'd answer your two questions, Mike.

問題是這種情況會持續多久？顯然，我們正在與世界各地的客戶進行討論。如果你看看羅伯對這個問題的回答，如果你正在閱讀文字記錄，再往上看文字記錄，你會發現這是一個圍繞海運、空運、零件成本、半導體、微晶片的複雜問題。我們不知道這些運費會高多久，那些零件成本會高。所以我想說，只要有這些，附加費就會存在。它是暫時的，但只要它們在那裡，它就一直存在。我認為你的投資組合中還有許多其他股票，他們是半導體製造商，或者還有其他人向你提供更多詳細信息，說明他們認為他們將受到供應鏈限制的時間有多長，因此，他們的成本更高傳遞給他們的客戶。這就是我回答你的兩個問題的方式，麥克。

Thank you for bringing those through. And thank you to everyone for staying an extra fifteen minutes. There's a lot to go on this quarter. Look, thanks to all of our shareholders for joining us on the call. Once again, I'd like to thank the opportunity for the 8,000 ResMedians, many of whom are also shareholders who listen in here for your dedication and hard work, helping people breathe better, sleep better and live better lives outside the hospital in 140 countries. Thanks for all that you do today and every day. Thanks for surviving this COVIDness and the Zoom calls and all the craziness.

感謝您帶來這些。感謝大家多待了十五分鐘。本季有很多事情要做。看，感謝所有股東加入我們的電話會議。我要再次感謝8,000 名ResMedians 提供的機會，他們中的許多人也是股東，他們在這裡聆聽你們的奉獻和辛勤工作，幫助140 個國家的人們在醫院外呼吸得更好、睡得更好並過上更好的生活。感謝您今天和每一天所做的一切。感謝您在這場新冠疫情、Zoom 電話以及所有瘋狂事件中倖存下來。

Thanks also to our frontline heroes who aren't on Zoom calls. They're doing patient care, technical care, sales teams visiting customers every day. I'd also like a special call out to the frontline supply chain team, management, procurement, distribution and our digital health teams working around the clock to keep up with every new launch of myAir, AirView and Brightree and MatrixCare. So thank you all. I look forward to talking to you all again in 90 days. Thank you. I'll hand it to you, to Amy, to close this out.

也要感謝沒有參加 Zoom 通話的前線英雄。他們每天都在做病人照護、技術照護、銷售團隊拜訪客戶。我還想特別感謝一線供應鏈團隊、管理、採購、分銷以及我們全天候工作的數位健康團隊，以跟上 myAir、AirView、Brightree 和 MatrixCare 的每次新推出。謝謝大家。我期待 90 天後再次與大家交談。謝謝。我會把它交給你，交給艾米，來結束這一切。

Great. Thanks, Mick. And to echo Mick's comments, thank you, everyone, for sticking with us an extra 15 minutes. It enabled us to get through everybody in the call queue. We do appreciate your interest and your time. And if you have any follow-up questions or additional questions, please don't hesitate to reach out to us directly. This does conclude our second quarter 2022 call. Kevin, I'll turn it back to you to close things out.

偉大的。謝謝，米克。為了回應 Mick 的評論，感謝大家多陪我們 15 分鐘。它使我們能夠接通呼叫隊列中的每個人。我們非常感謝您的興趣和您的時間。如果您有任何後續問題或其他問題，請隨時直接與我們聯絡。我們的 2022 年第二季電話會議到此結束。凱文，我會把它轉回給你來結束一切。

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。今天的電話會議和網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。