瑞思邁 (RMD) 2022 Q1 法說會逐字稿

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

大家好，歡迎收看 ResMed 2022 財年第一季度收益電話會議和網絡廣播。 （操作員說明）提醒一下，正在錄製此會議。

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

現在我很高興將電話轉給 ResMed 的投資者關係和企業傳播副總裁 Amy Wakeham。請繼續，艾米。

Great. Thank you, Kevin. Hello, everyone, and welcome to ResMed's First Quarter Fiscal Year 2022 Earnings 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。謝謝你，凱文。大家好，歡迎來到瑞思邁 2022 財年第一季度財報電話會議。感謝您加入我們。此電話會議正在進行網絡直播，今天晚些時候將在我們公司網站的“投資者關係”部分提供重播，以及收益新聞稿和演示文稿的副本，現在都可以使用。

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

今天和我一起打電話的是 ResMed 的首席執行官 Mick Farrell；和首席財務官 Brett Sandercock。在我們電話會議的問答部分，我們的總裁兼首席運營官 Rob Douglas 將加入 Mick 和 Brett； Jim Hollingshead，我們的睡眠和呼吸護理業務總裁； David Pendarvis，首席行政官兼全球總法律顧問。

During 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. And as a reminder, our discussion today may 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 made today.

在今天的電話會議中，我們將討論一些非 GAAP 指標。如需非 GAAP 措施的對賬，請查看今天的收益新聞稿中的註釋或收益報告的附錄。提醒一下，我們今天的討論可能包括前瞻性陳述，包括但不限於對 ResMed 未來業績的預期。我們相信這些陳述是基於合理的假設，但是，我們的實際結果可能會有所不同。我們鼓勵您查看我們提交給美國證券交易委員會的文件，以討論可能導致我們的實際結果與今天所做的任何前瞻性陳述存在重大差異的風險因素。

With that, I'll turn the call over to Mick.

有了這個，我會把電話轉給米克。

Thanks, Amy, and thank you to all of our stakeholders for joining us today as we review results for the September quarter, our first quarter of fiscal year 2022.

謝謝，艾米，並感謝我們所有的利益相關者今天加入我們，因為我們審查了 2022 財年第一季度 9 月季度的結果。

Our first quarter results demonstrate strong performance across our business, buoyed by extremely high demand for our sleep and respiratory care devices as well as continuing recovery of many markets from COVID-19. We achieved double-digit growth at both the top- and bottom-line metrics of our business. I want to be clear that achieving these results has not been easy this quarter. We are dealing with an unprecedented, what I would call "a perfect storm of elements", including the COVID recovery, but also including a competitor recall that's -- a recall that's tenfold higher than any in the industry to date, and supply chain constraints that are impacting not only our industry but multiple industries worldwide.

我們的第一季度業績表明我們的業務表現強勁，這得益於對我們的睡眠和呼吸護理設備的極高需求以及許多市場從 COVID-19 中持續復甦。我們在業務的頂線和底線指標上都實現了兩位數的增長。我想明確表示，本季度取得這些成果並非易事。我們正在應對前所未有的，我稱之為“完美風暴”，包括 COVID 恢復，但也包括競爭對手的召回——召回率是迄今為止業內任何一次召回率的十倍，以及供應鏈限制這不僅影響著我們的行業，而且影響著全球多個行業。

I'm incredibly proud of ResMedians across our global teams, many of whom are working 24/7 to get our products and solutions into the hands of patients who need them most. Despite these extraordinary efforts, we know that we have not been able to meet all of the demand. As the market leader, our competitor, that is in the #2 market share position, announced a recall mid-June that has created unprecedented dislocations in the market. In effect, we are facing the challenge of providing the volume for our own #1 market share position, and also trying to meet as much of their #2 market share position as possible, around the world.

我為我們全球團隊中的 ResMedians 感到無比自豪，他們中的許多人全天候工作，將我們的產品和解決方案送到最需要它們的患者手中。儘管做出了這些非凡的努力，我們知道我們無法滿足所有需求。作為市場領導者，我們的競爭對手（市場份額排名第二）於 6 月中旬宣布召回，這在市場上造成了前所未有的混亂。實際上，我們面臨著為我們自己排名第一的市場份額地位提供銷量的挑戰，同時也在努力盡可能多地滿足他們在全球排名第二的市場份額地位。

Given the supply chain crisis, our suppliers have been allocating components to us on the inbound side. We have, in turn, been forced to allocate our products on the outbound side to our customers. We have been clear on the guiding principles for that allocation of our products, namely that we are giving priority for production and delivery of our devices to meet the needs of the highest acuity patients first. The allocation conversations that I have with our customers are the same ones that I am having with my suppliers and their suppliers and so on up the supply chain.

鑑於供應鏈危機，我們的供應商一直在向我們分配進口方面的組件。反過來，我們被迫將出境方面的產品分配給我們的客戶。我們已經明確了我們產品分配的指導原則，即我們優先考慮生產和交付我們的設備，以滿足最嚴重患者的需求。我與客戶進行的分配對話與我與供應商及其供應商等向上供應鏈進行的對話相同。

As an example, during the quarter, I was on a Zoom call with one of our supplier's, supplier's, supplier's, supplier's, supplier's, suppliers, and I'm not kidding. We achieved our goal with that manufacturer. And we received increased allocation from that manufacturer. But then we faced the challenge, and are still facing it, of working with the five customers of theirs, all the way down that chain to get to us, to ensure that the agreed upon increased allocation of that component actually gets to ResMed, gets manufactured into ResMed products, and then sent to ResMed customers, and ultimately to patients. That's just one example of a high degree of difficulty dive for our supply chain team.

例如，在本季度，我正在與我們的供應商、供應商、供應商、供應商、供應商、供應商之一進行 Zoom 通話，我不是在開玩笑。我們與那家製造商達成了我們的目標。我們從該製造商那裡獲得了更多的分配。但後來我們面臨著挑戰，並且仍然面臨著挑戰，與他們的五個客戶合作，沿著這條鏈一路向下到達我們，以確保商定的增加分配的那個組件實際上到達了 ResMed，得到製造成 ResMed 產品，然後發送給 ResMed 客戶，最終發送給患者。這只是我們供應鏈團隊高難度下潛的一個例子。

The supply chain analyses and negotiations are ongoing, and the situation is very fluid, changing day by day, week by week, and month by month. We have an incredible Six Sigma Black Belt-laden team of supply chain specialists working on these issues 24/7. In short, supply bottlenecks continue to restrict our access to critical electronic components, especially semiconductor chips that ultimately limit our net production output.

供應鏈分析和談判正在進行中，情況非常多變，每天、每週、每月都在變化。我們有一個令人難以置信的六西格碼黑帶供應鏈專家團隊，全天候 24 小時處理這些問題。簡而言之，供應瓶頸繼續限制我們獲得關鍵電子元件，尤其是最終限制我們淨產量的半導體芯片。

In addition to component supply issues, the ongoing challenges of sea freight and airfreight from manufacturing facilities to distribution warehouses and ultimately, to customers, are increasing our costs and further impacting our ability to respond as rapidly as we want to the huge demand for ResMed products. The combination of component shortages and transportation bottlenecks makes providing steady and smooth flow of products to the market very difficult.

除了組件供應問題之外，從製造設施到配送倉庫並最終到客戶的海運和空運的持續挑戰正在增加我們的成本，並進一步影響我們盡快響應對 ResMed 產品的巨大需求的能力.組件短缺和運輸瓶頸的結合使得向市場提供穩定順暢的產品流變得非常困難。

We are working incredibly closely with our global supply chain partners, doing everything we can to gain access to additional supply of the critical components that we need to further increase production of our medical devices. We will continue to coordinate with all stakeholders as the situation develops. We understand that this is a difficult situation for all of our customer groups, including physicians, home medical equipment providers, payers, and the most important customer, the patient.

我們正在與我們的全球供應鏈合作夥伴密切合作，竭盡所能獲得我們進一步提高醫療設備產量所需的關鍵部件的額外供應。隨著形勢的發展，我們將繼續與所有利益相關者進行協調。我們知道，這對我們所有的客戶群體來說都是一個困難的局面，包括醫生、家庭醫療設備供應商、付款人和最重要的客戶——患者。

Our #1 priority will always be patients, doing our best to help those who need treatment for sleep apnea, for COPD, for asthma and for other chronic respiratory diseases, as well as critical out-of-hospital care. Our goal is to ensure that patients get the therapy that they need, where they need it, and when they need it.

我們的第一要務始終是患者，盡最大努力幫助那些需要治療睡眠呼吸暫停、慢性阻塞性肺病、哮喘和其他慢性呼吸系統疾病以及急需院外護理的人。我們的目標是確保患者在需要的地方和需要的時候得到他們需要的治療。

Let's now discuss the overall market conditions in our industry. We are seeing a steady ongoing recovery of demand in the countries that we operate in. They remain at various stages of the post-COVID peak recovery process in terms of new patient flow. We are still seeing a divergence in total patient flow and sleep lab capacity from 75% to 95% of pre-COVID levels in some countries, up to 100% plus of pre-COVID levels in others. These metrics will continue to ebb and flow as vaccines and boosters roll out globally, and as new variants of the coronavirus arise and cause temporary perturbations. Our global ResMed team remains committed to working with national, state, and city governments, as well as local health systems, hospitals, and healthcare providers to supply the ventilators, the masks, and the training for acute care and the transition home for affected patients.

現在讓我們討論一下我們行業的整體市場狀況。我們看到我們開展業務的國家/地區的需求正在穩步持續復甦。就新患者流量而言，它們仍處於 COVID 後高峰恢復過程的不同階段。我們仍然看到，在一些國家，總患者流量和睡眠實驗室容量存在差異，從 COVID 前水平的 75% 到 95%，而在其他國家則高達 100% 以上。隨著疫苗和助推器在全球範圍內的推廣，以及隨著冠狀病毒新變種的出現並引起暫時的擾動，這些指標將繼續起伏不定。我們的全球 ResMed 團隊繼續致力於與國家、州和市政府以及地方衛生系統、醫院和醫療保健提供者合作，為受影響的患者提供呼吸機、口罩和急救培訓和過渡之家.

Let me now update you on our three strategic priorities as we pivot back to grow our core business. These three are: one, to grow and differentiate our core sleep apnea, COPD and asthma businesses; two, to design, develop and deliver world-leading medical devices as well as digital health solutions that can be scaled globally; and three, 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個戰略重點，因為我們將重心轉向發展我們的核心業務。這三項是：第一，發展和區分我們的核心睡眠呼吸暫停、慢性阻塞性肺病和哮喘業務；第二，設計、開發和交付世界領先的醫療設備以及可在全球範圍內推廣的數字健康解決方案；第三，創新和發展世界上最好的院外護理軟件解決方案，尤其是在家中。

In August, we launched our next-generation device platform that we call AirSense 11 into the United States market. In short, that launch has been very successful. We will be introducing the AirSense 11 into additional countries very soon. Our market-leading R&D team accelerated the launch of this amazing innovation. First, by expanding the controlled product launch to additional customers, and then accelerating to an earlier full product launch date to bring this product to market faster.

8 月，我們將稱為 AirSense 11 的下一代設備平台推向美國市場。簡而言之，這次發射非常成功。我們將很快將 AirSense 11 引入更多國家/地區。我們市場領先的研發團隊加速了這一驚人創新的推出。首先，通過將受控產品發布擴展到更多客戶，然後加速到更早的完整產品發布日期，以更快地將此產品推向市場。

Globally, we continue to sell our market-leading legacy platform, the AirSense 10, to maximize the total volume of CPAP, APAP and bilevels available for customers. Clearly, the ongoing adoption of both the AirSense 10 and the AirSense 11 platforms remains very, very strong. It's still early into the AirSense 11 launch, but initial customer feedback, combined with the detailed response as to our controlled product launch, tells me that the AirSense 11 is another success for ResMed.

在全球範圍內，我們繼續銷售我們市場領先的傳統平台 AirSense 10，以最大限度地為客戶提供 CPAP、APAP 和雙水平呼吸機的總量。顯然，AirSense 10 和 AirSense 11 平台的持續採用仍然非常非常強勁。 AirSense 11 的發布還處於早期階段，但最初的客戶反饋以及對我們受控產品發布的詳細響應告訴我，AirSense 11 是 ResMed 的又一次成功。

Physician, provider and patient feedback are all very positive. I was able to attend the California Sleep Society meeting in person, actually, during the quarter, and I was able to observe firsthand the responses to the latest innovations on the AirSense 11, such as personal therapy assistant, care check-in and the incredible rate of uptake of the patient-centric app called myAir, which has been upgraded for AirSense 11. And the uptake on that is almost double what it was for the myAir app than the AirSense 10.

醫生、提供者和患者的反饋都非常積極。事實上，在本季度，我能夠親自參加加州睡眠協會會議，並且能夠親眼觀察到人們對 AirSense 11 最新創新的反應，例如個人治療助理、護理登記和令人難以置信的名為 myAir 的以患者為中心的應用程序的使用率，該應用程序已針對 AirSense 11 進行了升級。而 myAir 應用程序的使用率幾乎是 AirSense 10 的兩倍。

What's clear to me is that this platform, the AirSense 11, benefits not only patients and their bed partners, in addition, the device and software combination benefits physicians, it benefits providers and it benefits payers as well as entire healthcare systems with more data, more insights and better outcomes.

我清楚的是，這個平台，AirSense 11，不僅有利於患者和他們的床伴，此外，設備和軟件的組合也有利於醫生，它有利於提供者和支付者以及整個醫療保健系統，有更多的數據，更多的見解和更好的結果。

As a two-way digital health comms platform with many technical features that represent significant therapeutic advances, AirSense 11 is not only easy to set up and use, it also offers a very rich patient-centric experience. All AirSense 11 devices are 100% cloud connectable with upgraded digital health technology that is able to increase patient adherence to improve clinical outcomes and to deliver proven cost reductions within healthcare providers' and physicians' own health systems. We are engaging with patients in their therapy digitally like never before in the industry. This is a critical part of the ResMed 2025 strategy, as presented at our Investor Day, which we held virtually during this last quarter.

作為一個雙向數字健康通信平台，具有許多代表重大治療進步的技術特徵，AirSense 11 不僅易於設置和使用，而且還提供非常豐富的以患者為中心的體驗。所有 AirSense 11 設備都 100% 可與升級的數字健康技術連接到雲，該技術能夠提高患者的依從性以改善臨床結果，並在醫療保健提供者和醫生自己的健康系統內實現經證實的成本降低。我們正在以業內前所未有的方式與患者進行數字化治療。這是 ResMed 2025 戰略的關鍵部分，正如我們在上個季度虛擬舉辦的投資者日上所展示的那樣。

Another key aspect of our long-term growth is linked to the awareness and the increasing flow of sleep apnea patients. With 936 million sleep apnea sufferers worldwide, this work is critical to our mission. COVID-19 has advanced awareness, adoption and acceptance of digital health and remote care, including home-based sleep apnea tests. We want to support seamless and cost-effective approaches to sleep diagnostics. We want to scale technology that, in our consumer markets, enables an easy-to-use device experience and technology that, in our reimburse markets, can be a low-cost, clinically reliable, screening tool for sleep apnea.

我們長期增長的另一個關鍵方面與睡眠呼吸暫停患者的意識和增加的流量有關。全球有 9.36 億睡眠呼吸暫停患者，這項工作對我們的使命至關重要。 COVID-19 提高了對數字健康和遠程護理（包括家庭睡眠呼吸暫停測試）的認識、採用和接受度。我們希望支持無縫且經濟高效的睡眠診斷方法。我們希望擴展技術，在我們的消費市場中實現易於使用的設備體驗和技術，在我們的報銷市場中，它可以成為一種低成本、臨床上可靠的睡眠呼吸暫停篩查工具。

In this vein, on October 1, we closed a transaction to acquire Ectosense, a leader in cloud-connected home sleep apnea testing technology from Belgium. We believe Ectosense's digital and easy-to-use solutions in the hands of both physicians and sleep lab technicians, as well as consumers, can help significantly increase sleep apnea diagnosis rates as well as general sleep awareness. Ectosense will operate within our Sleep and Respiratory Care business unit, and we're excited to bring this innovative technology to more global markets as we move forward.

在這種情況下，我們於 10 月 1 日完成了收購 Ectosense 的交易，Ectosense 是來自比利時的雲連接家庭睡眠呼吸暫停測試技術的領導者。我們相信 Ectosense 的數字化和易於使用的解決方案在醫生和睡眠實驗室技術人員以及消費者手中，可以幫助顯著提高睡眠呼吸暫停診斷率以及一般睡眠意識。 Ectosense 將在我們的睡眠和呼吸護理業務部門內運營，我們很高興在我們前進的過程中將這項創新技術帶到更多的全球市場。

Let me now turn to a discussion of our respiratory care business, focusing on our strategy to better serve the 380 million COPD patients and the 330 million asthma patients worldwide.

現在讓我談談我們的呼吸護理業務，重點是我們更好地服務全球 3.8 億慢性阻塞性肺病患者和 3.3 億哮喘患者的戰略。

Our long-term 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 and high-flow therapy offerings.

我們的長期目標是通過我們的呼吸護理解決方案覆蓋數億患者，包括無創通氣和生命支持通氣以及更新的治療領域，如雲連接藥物輸送解決方案和高流量治療產品。

Demand for our core noninvasive ventilation and life support ventilation solutions for COPD and beyond was strong throughout the quarter, especially in markets outside the United States where physicians and providers shifted focus to support the most severe, highest acuity patients. This demand is aligned with our strategy to ensure priority for manufacturing and delivery of the devices that meets the needs of those patients, specifically those that need life support ventilation or noninvasive ventilation, including bilevel support, first.

整個季度，對我們針對慢性阻塞性肺病及其他疾病的核心無創通氣和生命支持通氣解決方案的需求強勁，尤其是在美國以外的市場，那裡的醫生和供應商將重點轉移到支持最嚴重、病情最嚴重的患者。這一需求符合我們的戰略，以確保優先製造和交付滿足這些患者需求的設備，特別是那些需要生命支持通氣或無創通氣（包括雙水平支持）的患者。

We are balancing the growth in the respiratory care demand with the supply of ventilators that made it to market throughout the coronavirus pandemic as well as customers as they balance their inventory with ongoing acute and chronic ventilation patient needs.

我們正在平衡呼吸護理需求的增長與在整個冠狀病毒大流行期間進入市場的呼吸機的供應，以及客戶在平衡庫存與持續的急性和慢性通氣患者需求之間的關係。

We continue to see rapid adoption of the AirView for Ventilation software solution that we launched in Europe a little over a year ago, and we continue to expand this technology to regions around the world. The value being provided through AirView for Ventilation has been very helpful to physicians, not only during COVID, but it is increasingly valuable on an ongoing basis for them and the healthcare systems that they operate in.

我們繼續看到我們一年多前在歐洲推出的 AirView for Ventilation 軟件解決方案得到迅速採用，並且我們繼續將這項技術擴展到世界各地。通過 AirView for Ventilation 提供的價值對醫生非常有幫助，不僅在 COVID 期間，而且在持續的基礎上對他們和他們所在的醫療保健系統的價值越來越大。

In the not-too-distant future, I can see AirView becoming standard of care for patients on home-based ventilation protocols in many healthcare systems.

在不久的將來，我可以看到 AirView 成為許多醫療保健系統中基於家庭通氣協議的患者護理標準。

Let me now review our Software as a Service business for out-of-hospital care. During the quarter, our SaaS business grew in the mid-single digits year-on-year across our portfolio of markets, including home medical equipment as well as facility-based and home-based care settings. The continued growth of home-based care is providing tailwinds for our home medical equipment and our home health products, and we continue to grow with customers as they utilize our software and data solutions, including Brightree and Snap resupply to improve and optimize business efficiencies and patient care.

現在讓我回顧一下我們的院外護理軟件即服務業務。本季度，我們的 SaaS 業務在我們的市場組合中同比增長了中個位數，包括家庭醫療設備以及基於設施和家庭的護理設置。家庭護理的持續增長為我們的家庭醫療設備和家庭保健產品提供了順風，我們繼續與客戶一起成長，因為他們使用我們的軟件和數據解決方案，包括 Brightree 和 Snap 補給，以提高和優化業務效率和病人護理。

The COVID-19 pandemic has been challenging for some verticals in our SaaS business, particularly skilled nursing facilities. However, we are seeing positive trends as census rates of patients improve across SNFs and other facility-based care settings. We will continue to watch this closely as covered cases ebb and flow at slower and slower rates around the country. We expect there to be pent-up demand for technology investments in these SaaS verticals, which provides opportunities for us to increase our new customer pipeline as COVID restrictions continue to ease.

COVID-19 大流行對我們 SaaS 業務中的某些垂直行業構成了挑戰，尤其是專業護理機構。然而，隨著 SNF 和其他基於設施的護理環境的患者普查率有所提高，我們看到了積極的趨勢。我們將繼續密切關注這一情況，因為涵蓋的案件在全國范圍內以越來越慢的速度起起落落。我們預計這些 SaaS 垂直領域的技術投資需求將被壓抑，隨著 COVID 限制的繼續放寬，這為我們提供了增加新客戶渠道的機會。

As we look at our portfolio of software solutions, we expect SaaS revenue to accelerate, increasing from mid-single-digit growth to high single-digit growth by the back end of this fiscal year. As always, our goal is to meet or beat these market growth rates as we continue to innovate and take market share. 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. We are uniquely positioned, and we have created differentiated value for ResMed with our SaaS portfolio. We are set up for sustainable growth through ongoing innovation investments, commercial excellence partnerships and future acceleration through strategic M&A as well as selective tuck-in M&A opportunities.

當我們審視我們的軟件解決方案組合時，我們預計 SaaS 收入將加速增長，到本財年末從中個位數增長增長到高個位數增長。一如既往，我們的目標是在我們不斷創新和搶占市場份額的同時達到或超過這些市場增長率。我們是院外護理 SaaS 解決方案的領先戰略供應商，我們在一系列極具吸引力的市場中提供關鍵任務軟件。我們處於獨特的位置，我們通過我們的 SaaS 產品組合為 ResMed 創造了差異化的價值。我們通過持續的創新投資、卓越的商業合作夥伴關係和未來通過戰略併購以及選擇性的併購機會加速發展，從而實現可持續增長。

Looking at the portfolio of ResMed's business 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 patient-centric, physician-centric and provider-centric approach, combined with our unique ResMed culture, means that we are well positioned to continue winning in the vastly underserved respiratory medical markets of sleep apnea, COPD, asthma and other chronic diseases.

看看 ResMed 在睡眠和呼吸護理領域的業務組合以及我們的 SaaS 解決方案，我們對我們的長期戰略和我們的創新解決方案管道充滿信心。我們以患者為中心、以醫生為中心和以提供者為中心的方法，結合我們獨特的 ResMed 文化，意味著我們有能力繼續在睡眠呼吸暫停、慢性阻塞性肺病、哮喘和其他慢性病等服務嚴重不足的呼吸醫療市場中取勝。

We are transforming out-of-hospital care at scale. We are leading the market in digital health technology. With over 10 billion nights now, 10 billion nights of medical data in the cloud and over 15.5 million, 100% cloud-connectable medical devices on bedside tables in 140 countries worldwide, we are unlocking value from these data to help patients, providers, physicians, payers and entire healthcare systems. Our mission and goal, to improve 250 million lives through better healthcare in 2025, drives and motivates me and ResMedians every day. We again made excellent progress toward that goal this quarter.

我們正在大規模改造院外護理。我們在數字健康技術領域處於領先地位。現在有超過 100 億個夜晚，100 億個夜晚的醫療數據在雲中，以及超過 1550 萬個、100% 雲連接的醫療設備在全球 140 個國家的床頭櫃上，我們正在釋放這些數據的價值，以幫助患者、提供者、醫生、付款人和整個醫療保健系統。我們的使命和目標是在 2025 年通過更好的醫療保健改善 2.5 億人的生活，這每天都在推動和激勵著我和 ResMedians。本季度，我們再次朝著這個目標取得了出色的進展。

Before I hand the call over to Brett for his remarks, I want to once again express my sincere gratitude and thanks to the more than 8,000 ResMedians for their perseverance, hard work and dedication during these ongoing and unprecedented times. You, our ResMed team, have helped save the lives of many hundreds of thousands of people around the world with COVID-19, with those emergency needs these last 18 months. And you are now, and you have now, already pivoted back to provide ongoing support for all of our customers during some of the most challenging industry dynamics that we've seen in the industry.

在我將電話轉交給 Brett 發表評論之前，我想再次對 8,000 多名 ResMedian 表示衷心的感謝，感謝他們在這個持續不斷的前所未有的時代中的堅持不懈、辛勤工作和奉獻精神。您，我們的 ResMed 團隊，在過去的 18 個月裡幫助挽救了全世界數十萬人的 COVID-19 生命，滿足了這些緊急需求。在我們在行業中看到的一些最具挑戰性的行業動態中，你現在，你現在已經轉向為我們所有的客戶提供持續的支持。

Thank you. With that, I'll hand the call over to Brett in Sydney, and then we'll open the call up for Q&A. Brett?

謝謝。有了這個，我會把電話轉給悉尼的布雷特，然後我們會打開電話進行問答。布雷特？

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

偉大的。謝謝，米克。在今天的發言中，我將概述我們 2022 財年第一季度的業績。如前所述，所有比較均與上一季度進行。

Group revenue for the September quarter was $904 million, an increase of 20%. In constant currency terms, revenue increased by 19%. Revenue growth reflected increased demand for our sleep and respiratory care devices, driven by both sleep patient flow recovering from the COVID-19-impacted reduced levels experienced in the prior year quarter and by increased demand in response to the recent product recall by one of our competitors.

9 月季度的集團收入為 9.04 億美元，增長 20%。按固定匯率計算，收入增長了 19%。收入增長反映了對我們的睡眠和呼吸護理設備的需求增加，這是由於睡眠患者流量從上一季度受 COVID-19 影響的減少水平恢復以及響應我們最近的產品召回而增加的需求推動的競爭對手。

In the September quarter, we estimate the incremental revenue from COVID-19-related demand was approximately $4 million compared to $40 million estimated incremental revenue from COVID-19 related demand in the prior year quarter. Excluding the impact of COVID-19 related revenue in both the September '21 and September '20 quarters, our global revenue increased by 25% on a constant currency basis. Looking forward, we expect negligible revenue from COVID-19 related demand.

在 9 月季度，我們估計來自 COVID-19 相關需求的增量收入約為 400 萬美元，而去年同期來自 COVID-19 相關需求的估計增量收入為 4000 萬美元。排除 20 年 9 月 21 日和 20 年 9 月兩個季度與 COVID-19 相關的收入的影響，我們的全球收入按固定匯率計算增長了 25%。展望未來，我們預計 COVID-19 相關需求的收入微不足道。

In relation to the impact of our competitors' recall, we estimate that we generated incremental device revenue in the range of $80 million to $90 million in the September quarter.

關於競爭對手召回的影響，我們估計我們在 9 月季度產生了 8000 萬至 9000 萬美元的增量設備收入。

Taking a look at our geographic revenue distribution and excluding revenue from our Software as a Service business, our sales in U.S., Canada and Latin America countries were $491 million, an increase of 22%. Sales in Europe, Asia and other markets totaled $315 million, an increase of 23% and or an increase of 21% in constant currency terms.

看看我們的地理收入分佈並排除我們的軟件即服務業務的收入，我們在美國、加拿大和拉丁美洲國家的銷售額為 4.91 億美元，增長了 22%。歐洲、亞洲和其他市場的銷售額總計 3.15 億美元，按固定匯率計算增長 23% 或 21%。

By product segment, U.S., Canada and Latin America device sales were $276 million, an increase of 40%. Masks and other sales were $215 million, an increase of 5%. In Europe, Asia and other markets, device sales totaled $218 million, an increase of 24% or in constant currency terms, a 22% increase. Masks and other sales in Europe, Asia and other markets were $97 million, an increase of 21% or in constant currency terms, an 18% increase.

按產品細分，美國、加拿大和拉丁美洲的設備銷售額為 2.76 億美元，增長 40%。口罩和其他銷售額為 2.15 億美元，增長 5%。在歐洲、亞洲和其他市場，設備銷售額總計 2.18 億美元，增長 24%，按固定匯率計算，增長 22%。歐洲、亞洲和其他市場的口罩和其他銷售額為 9700 萬美元，增長 21%，按固定匯率計算，增長 18%。

Globally, in constant currency terms, device sales increased by 31%, while masks and other sales increased by 8%. Excluding the impact of COVID-19 related sales in both the current quarter and the prior year quarter, global device sales increased by 44% in constant currency terms, while masks and other sales increased by 10% in constant currency terms.

在全球範圍內，以固定匯率計算，設備銷售額增長了 31%，而口罩和其他銷售額增長了 8%。剔除本季度和上年同期 COVID-19 相關銷售額的影響，全球設備銷售額按固定匯率計算增長 44%，而口罩和其他銷售額按固定匯率計算增長 10%。

Software as a Service revenue for the September quarter was $98 million, an increase of 6% over the prior year quarter. For the balance of fiscal year '22, we expect several factors will drive demand, including the general recovery of the global sleep market from COVID-19 impacts, the ongoing launch of our next-generation AirSense 11 platform into additional markets and geographies, and share gains during our competitors' recall. However, as reported last quarter, while we are working hard to increase manufacturing output, we will not be able to meet the expected demand resulting from our competitors' recall, primarily because of significant and ongoing supply constraints for electronic components.

9 月季度的軟件即服務收入為 9800 萬美元，比去年同期增長 6%。對於 22 財年的餘額，我們預計有幾個因素將推動需求，包括全球睡眠市場從 COVID-19 的影響中普遍復甦，我們的下一代 AirSense 11 平台正在向更多市場和地區推出，以及在競爭對手召回期間分享收益。然而，正如上個季度所報告的那樣，雖然我們正在努力增加製造產量，但我們將無法滿足競爭對手召回導致的預期需求，這主要是因為電子元件的供應受到嚴重且持續的限制。

As Mick discussed earlier, we're operating in a very dynamic supply chain environment. Based on the latest information available, we continue to expect component supply constraints will limit the incremental device revenue resulting from our competitors' recall to somewhere between $300 million and $350 million for fiscal year 2022. This includes the device revenue we were able to generate in Q1. In particular, we now do not see any improvement in our component supply position until our fourth quarter of FY '22.

正如 Mick 之前所討論的，我們在一個非常動態的供應鏈環境中運營。根據可用的最新信息，我們繼續預計，在 2022 財年，組件供應限制將限制我們的競爭對手召回導致的增量設備收入在 3 億至 3.5 億美元之間。這包括我們能夠產生的設備收入Q1。特別是，直到 22 財年第四季度，我們現在才看到我們的組件供應狀況有任何改善。

During 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 first quarter earnings press release. Our non-GAAP gross margin decreased by 270 basis points to 57.2% in the September quarter compared to 59.9% in the same quarter last year. The decrease is predominantly attributable to higher manufacturing and freight costs, ASP declines and unfavorable currency movements, which has been partially offset by a positive product mix, particularly in relation to strong growth of our higher acuity devices.

在我今天的評論中，我將提到非 GAAP 數字。我們在第一季度收益新聞稿中提供了非 GAAP 與 GAAP 數據的全面對賬。與去年同期的 59.9% 相比，我們的非 GAAP 毛利率在 9 月季度下降了 270 個基點至 57.2%。下降的主要原因是更高的製造和貨運成本、平均售價下降和不利的貨幣變動，這已被積極的產品組合部分抵消，特別是與我們更高敏銳度設備的強勁增長有關。

Moving on to operating expenses. Our SG&A expenses for the first quarter were $177 million, an increase of 11% or in constant currency terms, SG&A expenses increased by 10% compared to the prior year period. The increase was predominantly attributable to an increase in employee-related expenses. SG&A expenses as a percentage of revenue improved to 19.5% compared to the 21.1% we reported in the prior year quarter.

繼續經營費用。我們第一季度的 SG&A 費用為 1.77 億美元，增長 11% 或按固定匯率計算，SG&A 費用比上年同期增長 10%。增加的主要原因是員工相關費用的增加。 SG&A 費用佔收入的百分比從去年同期報告的 21.1% 提高到 19.5%。

Looking forward and subject to currency movements, we expect SG&A as a percentage of revenue to be in the range of 20% to 22% for the balance of fiscal year '22. R&D expenses for the quarter were $60 million, an increase of 10% or on a constant currency basis, an increase of 9%.

展望未來並受貨幣變動影響，我們預計 SG&A 在 22 財年剩餘時間內佔收入的百分比將在 20% 至 22% 之間。本季度研發費用為 6000 萬美元，增長 10%，按固定匯率計算，增長 9%。

R&D expenses as a percentage of revenue was 6.6% compared to 7.3% in the prior year quarter. We continue to make significant investments in innovation because we believe our long-term commitment to technology, product and solutions development will deliver a sustained competitive advantage. 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 balance of fiscal year '22.

研發費用佔收入的百分比為 6.6%，而去年同期為 7.3%。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。展望未來並受貨幣走勢影響，我們預計研發費用佔收入的百分比在 22 財年剩餘時間將接近 7%。

Total amortization of acquired intangibles was $19 million for the quarter, and stock-based compensation expense for the quarter was $17 million. Our non-GAAP operating profit for the quarter was $281 million, an increase of 18%, underpinned by strong revenue growth.

本季度收購的無形資產攤銷總額為 1900 萬美元，本季度基於股票的補償費用為 1700 萬美元。我們本季度的非美國通用會計準則營業利潤為 2.81 億美元，增長 18%，這得益於強勁的收入增長。

During the quarter, we finalized the deed of settlement with the Australian Taxation Office, or ATO, covering transit pricing audits for the years 2009 through 2018, and also agreed on transfer pricing principles for the future. In anticipation of this settlement, we had previously estimated and recorded an accounting tax reserve of $249 million, net of credits and deductions, in our FY '21 financial results. In relation to the conclusion of the settlement in the current quarter, we recorded an additional GAAP tax expense of $4 million associated with lower tax credits, which were driven by foreign currency movements.

本季度，我們與澳大利亞稅務局 (ATO) 敲定了和解協議，涵蓋 2009 年至 2018 年的過境定價審計，並就未來的轉讓定價原則達成一致。考慮到此次和解，我們之前在 21 財年的財務業績中估計並記錄了 2.49 億美元的會計稅收儲備，扣除貸項和扣除項。關於本季度結算的結束，我們記錄了 400 萬美元的額外 GAAP 稅收支出，與較低的稅收抵免相關，這是由外匯變動驅動的。

On a GAAP basis, our effective tax rate for the September quarter was 21.3%, while on a non-GAAP basis, our effective tax rate for the quarter was 20%. Looking forward, we estimate our non-GAAP effective tax rate for the fiscal year '22 will be in the range of 19% to 20%.

在 GAAP 基礎上，我們 9 月份季度的有效稅率為 21.3%，而在非 GAAP 基礎上，我們該季度的有效稅率為 20%。展望未來，我們估計 22 財年的非 GAAP 有效稅率將在 19% 至 20% 之間。

Non-GAAP net income for the quarter was $222 million, an increase of 20%. Non-GAAP diluted earnings per share for the quarter were $1.51, an increase of 19%. Our GAAP net income for the quarter was $204 million, and our GAAP diluted earnings per share for the quarter was $1.39.

本季度非 GAAP 淨收入為 2.22 億美元，增長 20%。本季度非 GAAP 攤薄後每股收益為 1.51 美元，增長 19%。我們本季度的 GAAP 淨收入為 2.04 億美元，本季度我們的 GAAP 攤薄後每股收益為 1.39 美元。

We had negative cash flow from operations for the quarter of $66 million due to the payment of $285 million to the Australian Taxation Office associated with the deed of settlement. After adjusting for this payment, our operating cash flow for the quarter was $219 million, reflecting robust underlying earnings, partially offset by increases in working capital.

由於向澳大利亞稅務局支付了與和解契約相關的 2.85 億美元，我們本季度的運營現金流為負數 6600 萬美元。調整這筆付款後，我們本季度的經營現金流為 2.19 億美元，反映出強勁的基礎收益，部分被營運資本的增加所抵消。

Capital expenditure for the quarter was $27 million. Depreciation and amortization for the September quarter totaled $39 million. During the quarter, we paid dividends of $61.2 million.

本季度的資本支出為 2700 萬美元。 9 月季度的折舊和攤銷總額為 3900 萬美元。本季度，我們支付了 6120 萬美元的股息。

We recorded equity losses of $1.4 million in our income statement in the September quarter associated with the Primasun joint venture with Verily. We expect to report equity losses of approximately $2 million per quarter through the balance of fiscal year '22 associated with the joint venture operations.

我們在與 Verily 的 Primasun 合資企業相關的 9 月份季度的損益表中記錄了 140 萬美元的股權損失。我們預計在 22 財年的餘額中報告與合資企業業務相關的每季度約 200 萬美元的股權損失。

We ended the first quarter with a cash balance of $276 million. At September 30, we had $806 million in gross debt and $530 million in net debt. Our debt levels remain modest. And at September 30, we had almost $1.5 billion available for drawdown under our existing revolver facility. In summary, our liquidity position remains strong.

第一季度結束時，我們的現金餘額為 2.76 億美元。截至 9 月 30 日，我們的總債務為 8.06 億美元，淨債務為 5.3 億美元。我們的債務水平仍然適中。截至 9 月 30 日，我們現有的左輪手槍貸款機制下有近 15 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 provides flexibility in how we allocate capital. Going forward, we plan to continue to reinvest for growth through R&D. We will also likely continue to deploy capital for tuck-in acquisitions such as Citus Health and Ectosense, the acquisition we made 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，這反映了董事會對我們經營業績的信心。我們穩健的現金流和低杠桿率為我們分配資本提供了靈活性。展望未來，我們計劃繼續通過研發進行再投資以實現增長。我們也可能會繼續為 Citus Health 和 Ectosense 等收購項目部署資金，這是我們在 10 月 1 日進行的收購。

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

有了這個，我會把電話轉回給艾米。

Great. Thanks, Brett, and thanks, Mick. Now Kevin, I'd like to now turn the call back 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，現在我想把電話轉回給你提供說明，然後進行電話的問答部分。

(Operator Instructions) Our first question today is coming from Matthew Mishan from KeyBanc.

（操作員說明）我們今天的第一個問題來自 KeyBanc 的 Matthew Mishan。

I hope everyone is doing well. Mick, the first question is how do you ensure that your devices are going to new patient fits versus a replacement device for Philips?

我希望每個人都做得很好。 Mick，第一個問題是您如何確保您的設備適合新患者而不是飛利浦的替代設備？

Thanks, Matthew. Well, it's easy in markets where we're fully vertically integrated, like Germany, South Korea, and other markets worldwide, Australia, New Zealand and others, and we're able to work directly with those patients and the doctors to make that happen. It is more difficult in other markets like France or the U.S. where we work through providers. But it's been pretty clear from our competitor there that they want people to go and register their devices, and they're going to focus, they said 12 months on just replacing those devices. And frankly, that's their ethical and legal duty to go do that. And so they are laser-focused on that.

謝謝，馬修。好吧，在我們完全垂直整合的市場上很容易，比如德國、韓國和全球其他市場、澳大利亞、新西蘭和其他市場，我們能夠直接與這些患者和醫生合作來實現這一目標.在我們通過供應商開展工作的法國或美國等其他市場，這要困難得多。但是我們的競爭對手已經很清楚地表明，他們希望人們去註冊他們的設備，他們將集中精力，他們說 12 個月只更換這些設備。坦率地說，這樣做是他們的道德和法律責任。因此，他們非常專注於此。

And so our work is to make sure we see the demand from patients directly in those vertically integrated markets and through distributors. And we're pretty confident that the vast, vast, vast majority of our devices go to new patients. There may be some going to replacement patients who are going online or going through certain aspects to get around and go faster than the Philips process, but certainly, the vast majority are going to new patients.

因此，我們的工作是確保我們直接在那些垂直整合的市場中並通過分銷商看到患者的需求。我們非常有信心，我們的絕大多數設備都會用於新患者。可能有一些要更換的患者正在上網或通過某些方面來繞過並比飛利浦過程更快，但可以肯定的是，絕大多數都是新患者。

The challenge for us is that the demand of being the #1 player and also covering as much of the demand of the #2 players as possible, we've reached the capacity of those critical components coming in, in the front end. And so we're not even able to meet all of that new patient demand with -- due to those supply chain constraints.

我們面臨的挑戰是成為第一名玩家的需求，同時盡可能多地滿足第二名玩家的需求，我們已經達到了前端那些關鍵組件的容量。因此，由於供應鏈的限制，我們甚至無法滿足所有新的患者需求。

Our next question today is coming from Chris Cooper from Goldman Sachs.

我們今天的下一個問題來自高盛的 Chris Cooper。

Look, Mick, I know when you set the guidance of $300 million to $350 million for the recall, you were sort of unable to quantify masks and reluctant to do so. I was just hoping for an update today on whether you are seeing, in fact, any associated benefit on your mask sales due to the significant increase in CPAPs that you've seen in the quarter?

聽著，米克，我知道當你為召回設定 3 億到 3.5 億美元的指導時，你有點無法量化口罩，也不願意這樣做。我只是希望今天能更新您是否看到，事實上，由於您在本季度看到的 CPAP 顯著增加，您的面罩銷售有任何相關的好處嗎？

Yes. Thanks, Chris. It's a great question. And as you know, we don't provide detailed guidance and we sort of went further than we ever did because of the wide variety of sell-side estimates of what the incremental revenue could be. And we gave that last quarter, we gave that $300 million to $350 million device rough guidance, right? It's not perfect because we're predicting 12 months out in a very uncertain environment. And as Brett just reiterated, we're sticking with that, knowing that we actually had $80 million to $90 million during this quarter that comes out of that, right? And so then we've got the remainder to go fight for those components and be able to deliver that over the next 9 months.

是的。謝謝，克里斯。這是一個很好的問題。正如你所知，我們沒有提供詳細的指導，而且我們比以往任何時候都走得更遠，因為賣方對增量收入的估計有多種多樣。我們在上個季度給出了 3 億至 3.5 億美元的設備粗略指導，對吧？它並不完美，因為我們預測 12 個月後的環境非常不確定。正如布雷特剛剛重申的那樣，我們堅持這一點，因為我們知道本季度我們實際上有 8000 萬到 9000 萬美元，對吧？因此，我們有剩餘的資金來爭取這些組件，並能夠在接下來的 9 個月內交付這些組件。

In the mask side, it's a very complicated story, and there's a number of moving factors. And we can get into this, and I can hand to Jim Hollingshead, who runs our Sleep and Respiratory Care, can give further detail on this question or if there's a follow-up question on it. But what I can say on masks is we're not going to give public guidance around it, but there's a number of moving factors.

在面具方面，這是一個非常複雜的故事，有很多感人的因素。我們可以討論這個問題，我可以交給 Jim Hollingshead，他負責我們的睡眠和呼吸護理，可以就這個問題提供更多細節，或者是否有後續問題。但關於口罩，我可以說的是，我們不會就此提供公眾指導，但有許多因素在起作用。

You saw our mask growth during the quarter, it was globally at 8%, and the U.S. market was around 5%. The headwinds we have is that while our #2 competitor is not serving as many new patients as they should, and we're not able to take all that demand, there are less new patients being set up. And ResMed, no matter what the device was, ResMed has a very good, well above 50% uptake rate of those new masks on new devices, no matter who was the manufacturer. And so that's a headwind for our business if there's a new patient that's not getting any therapy.

你看到了我們本季度的口罩增長，全球範圍內增長了 8%，美國市場增長了 5% 左右。我們面臨的不利因素是，雖然我們的第二大競爭對手沒有為他們應有的新患者提供服務，而且我們無法滿足所有需求，但新患者的數量卻減少了。而 ResMed，無論設備是什麼，無論製造商是誰，ResMed 對新設備的新面罩採用率都非常好，遠高於 50%。因此，如果有新患者未接受任何治療，這對我們的業務來說是不利因素。

And then the tailwinds would be, which are not as high in volume, but the tailwinds would be that when it is a ResMed device, there is a higher probability because they're designed to work together, and they are working better together and a doctor who loves our devices often likes our masks and same with a sleep technician and the sleep therapist and a respiratory therapist, they often like the brands across the technology spectrum, and ResMed's the leader in that. We do get a very good uptake on it.

然後順風將是，數量不那麼高，但順風將是當它是 ResMed 設備時，有更高的可能性，因為它們被設計為一起工作，並且它們一起工作得更好，並且喜歡我們設備的醫生通常喜歡我們的面罩，睡眠技術員、睡眠治療師和呼吸治療師也喜歡我們的面罩，他們通常喜歡整個技術領域的品牌，而 ResMed 是這方面的領導者。我們確實很好地接受了它。

So there's some upgrade on the adherence rate to a ResMed device, but there's a headwind of, even with a competitor device, if there's no device out there, there's less mask sales happening. And thus, you have the sort of 5% growth in the U.S. masks while we're limited on the ability, as an industry, to take care of that upfront demand. I think that's about as much color as I can go into it without quantifying it for you. But I can tell you, it's a complex moving equation for us to model at a customer basis and a country level, so I can understand the difficulty for folks in the sell side as well.

因此，ResMed 設備的依從率有所提升，但存在不利因素，即使使用競爭對手的設備，如果沒有設備，面罩銷售量也會減少。因此，美國口罩有 5% 的增長，而作為一個行業，我們在滿足前期需求方面的能力有限。我認為這是我在不為您量化的情況下可以使用的盡可能多的顏色。但我可以告訴你，我們在客戶基礎和國家層面建模是一個複雜的移動方程式，所以我也能理解賣方人員的困難。

Our next question is coming from David Low from JPMorgan.

我們的下一個問題來自摩根大通的 David Low。

Mick, if I could just get you to touch on the guidance, the $300 million to $350 million. I mean given we've seen $80 million to $90 million come through this quarter, could we just talk a little bit about how you expect this to be phased through the rest of the year, given the supply side constraints, please?

米克，如果我能讓你談談指導意見，那就是 3 億到 3.5 億美元。我的意思是，考慮到本季度我們已經看到 8000 萬到 9000 萬美元，我們能否談談您希望如何在今年剩餘時間分階段進行，考慮到供應方面的限制？

Yes. Thanks, David. And as I said in the prep remarks, there's a perfect storm hitting the industry. And so there's so many dynamics impacting us that I'm on a call this afternoon working on this. I'm shifting my attention, which usually focuses purely on customers and governments and making sure the demand is there for this amazing industry that we serve in sleep apnea and asthma, and I'm spending a lot more time with suppliers.

是的。謝謝，大衛。正如我在準備發言中所說，一場完美的風暴襲擊了這個行業。因此，影響我們的因素太多了，今天下午我正在接聽電話來處理這個問題。我正在轉移我的注意力，這通常完全集中在客戶和政府上，並確保對我們在睡眠呼吸暫停和哮喘方面服務的這個驚人行業的需求存在，而且我會花更多時間與供應商打交道。

So with that, our best reading of the future flow of components is that, you look at it, and as Brett said in the prepared remarks, that we actually had reasonably good flow, some through inventory and working through that in the quarter of $80 million to $90 million here in the first quarter. It's going to be very difficult here in the December quarter with component shortages and very difficult in the March quarter with component shortages.

因此，我們對未來組件流量的最佳解讀是，正如布雷特在準備好的發言中所說，我們實際上擁有相當不錯的流量，其中一些是通過庫存並在 80 美元的季度中完成的第一季度這裡有 100 萬到 9000 萬美元。由於組件短缺，在 12 月季度這裡將非常困難，而在組件短缺的 3 月季度將非常困難。

I do think the components, as we are getting some increased signals and actually doing some great engineering to work around different suppliers and to design in new components. I feel much more confident about the June quarter 2022. So our Q4 fiscal year 2022. And so that's sort of qualitative guidance to it.

我確實認為組件，因為我們得到了一些更多的信號，並且實際上做了一些偉大的工程來圍繞不同的供應商工作並設計新組件。我對 2022 年 6 月季度更有信心。所以我們的 2022 財年第四季度。所以這是對它的定性指導。

We're not modeling it out. We've got the $300 million to $350 million. You can subtract off the $80 million to $90 million and model it. But if I was looking at it, it would be tougher in December and tougher in March right now, and then freeing up in the June quarter, and in September quarter, even more so as some of our new designs and new components get to roll in and we get that flow going. But look, it's changing day by day, week by week. I'm looking forward to my call this afternoon to potentially impact that. But even if I get agreement with someone today, it takes quite a while, as I explained, sort of with that example of the five levels deep in the supply chain to get that to flow through from a foundry, to a chip manufacturer, to our factory, to a product, to then our warehouse, to then be able to sell it to a customer.

我們不是在模擬它。我們有 3 億到 3.5 億美元。您可以減去 8000 萬到 9000 萬美元並對其建模。但如果我看的話，現在 12 月會更艱難，3 月會更艱難，然後在 6 月季度和 9 月季度放鬆，甚至隨著我們的一些新設計和新組件開始推出進去，我們讓流程繼續進行。但是你看，它每天、每週都在變化。我期待著今天下午的電話可能會影響到這一點。但是，即使我今天與某人達成一致，正如我所解釋的那樣，也需要相當長的時間，比如供應鏈中五個層次的例子，才能讓它從代工廠流向芯片製造商，再到我們的工廠，產品，然後是我們的倉庫，然後才能將其出售給客戶。

So I know that's not a specific quantitative guidance, David. It's probably the best I can give you in terms of color for fiscal year 2022 and the hope we have in Q4 and Q1 '23 as we start to see those components really start to free up.

所以我知道這不是具體的量化指導，大衛。就 2022 財年的顏色以及我們在 23 年第四季度和第一季度開始看到這些組件真正開始釋放的希望而言，這可能是我能給你的最好的。

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

我們今天的下一個問題來自奧本海默的 Suraj Kalia。

I hope everyone is safe and healthy. Mick, specifically, on the Philips recall, if I could, could you walk us through the dynamics in the U.S. versus OUS? How sticky are these share gains? And unless our math is wrong, it almost comes across like there is some sort of mix and match on the masks versus the devices. Just give us some additional color. And really what we are trying to understand is, okay, you get $350 million, $400 million, whatever million incremental, how sticky are these? And how do you all plan for this?

我希望每個人都平安健康。米克，特別是關於飛利浦召回事件，如果可以的話，你能給我們介紹一下美國與美國的動態嗎？這些股票收益的粘性如何？除非我們的數學有誤，否則它幾乎給人的印像是面具與設備之間存在某種混合搭配。給我們一些額外的顏色。我們真正想要了解的是，好吧，你得到 3.5 億美元、4 億美元，無論增加多少百萬美元，它們的粘性如何？你們是如何計劃的？

Thanks for the question, Suraj. And since I've answered the first three, I'll just correct that our guidance was $300 million to $350 million, not $350 million to $400 million, like what you just said, but $300 million to $350 million for the fiscal year.

謝謝你的問題，Suraj。由於我已經回答了前三個問題，我將更正我們的指導是 3 億至 3.5 億美元，而不是像你剛才所說的 3.5 億至 4 億美元，而是本財年的 3 億至 3.5 億美元。

But Jim Hollingshead, you run this business. Do you want to -- can you give as much as you can on the color to Suraj?

但是 Jim Hollingshead，你經營這家公司。你想——你能給 Suraj 盡可能多的顏色嗎？

Sure. Thanks, Suraj, for the question. I think it's a very good question. And I'm just going to back up to what we're trying to do in the business, independent of the Philips recall, and then talk about the context of the Philips recall. With the launch of AirSense 11, our aim is to put in place a product that once again significantly improves the patient experience and significantly improves workflows and lowers cost for providers, and also puts us in the position, mid-term to long-term to improve outcomes.

當然。謝謝 Suraj，提出這個問題。我認為這是一個很好的問題。我只想回到我們在業務中嘗試做的事情，獨立於飛利浦召回，然後談談飛利浦召回的背景。隨著 AirSense 11 的推出，我們的目標是推出一款能夠再次顯著改善患者體驗並顯著改善工作流程並降低供應商成本的產品，同時也使我們處於中期到長期的位置改善結果。

So AirSense 11 is a device that we put on market anticipating long-term share gain. And we have internal goals for that number, and we don't talk about that number publicly, but our plan was to take share with that device. We're launching that device now into a situation where the #2 player in the market is out of the market for new patients. And so obviously, we're going to take as -- quite a lot of share as we can put that product into the market, and we have the two best products on the market in AirSense 10 and AirSense 11.

因此，AirSense 11 是我們投放市場預期長期份額增長的設備。我們對這個數字有內部目標，我們不會公開談論這個數字，但我們的計劃是與那個設備分享。我們現在將該設備推出市場上排名第二的玩家已經退出新患者市場。很明顯，我們將佔據相當大的份額，因為我們可以將該產品投放市場，我們擁有市場上最好的兩款產品 AirSense 10 和 AirSense 11。

So your question is how sticky will that share be. Our goal is to make it quite sticky. But obviously, we have good competitors in this market, and we don't anticipate landing at 100% share when the recall clears, but we want to have a number that's higher than what it was before we launched AirSense 11, and we're pretty confident we can do that.

所以你的問題是這個份額會有多粘。我們的目標是讓它變得非常粘。但顯然，我們在這個市場上有很好的競爭對手，我們預計在召回結束後不會達到 100% 的份額，但我們希望擁有一個比我們推出 AirSense 11 之前更高的數字，而且我們非常有信心我們能做到。

And just to cap on that, this answer is probably already too long, but to cap on that, I will say that we've managed to take a few points of mask share during the recall as well, and our aim would be to keep some of that share as well. So I think we will emerge from this stronger than when we entered it. And our offerings are clearly the best offerings on the market.

順便說一下，這個答案可能已經太長了，但為了說明這一點，我要說的是，我們在召回期間也設法取得了一些口罩份額，我們的目標是保持其中一些份額也是如此。所以我認為我們會比進入時更強大。我們的產品顯然是市場上最好的產品。

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

我們今天的下一個問題來自瑞士信貸的 Gretel Janu。

Just on U.S. masks, I just wanted to touch a little bit more on that, given that it did disappoint slightly versus expectations. So has there been any change to the resupply dynamics in the U.S. market in the quarter?

就美國口罩而言，我只想多談一點，因為它確實比預期略微令人失望。那麼本季度美國市場的補給動態是否有任何變化？

Thanks, Gretel. I'll have a go and maybe -- Jim can join in as well. But I can tell you, the resupply is actually very strong. We have Brightree ReSupply. We also have Snap technology that has been incorporated into our Brightree platform that has driven incredible resupply. If you remember, that really was going strong throughout 2020. So we have some incredibly high comps when you look at the percentage growth rate of masks from this quarter a year ago. Even despite COVID hitting this time a year ago, our mask resupply, and maybe because of that somewhat with the HMEs focusing on it, our mask resupply was through the roof this time of a year ago. And even with those comps, we're still achieving some very good rates in resupply.

謝謝，格萊特。我會試一試，也許 Jim 也可以加入。但我可以告訴你，補給其實很給力。我們有 Brightree ReSupply。我們還擁有 Snap 技術，該技術已被納入我們的 Brightree 平台，該平台推動了令人難以置信的補給。如果您還記得的話，這在整個 2020 年都非常強勁。因此，當您查看一年前這個季度的口罩增長率時，我們得到了一些非常高的補償。儘管 COVID 在一年前的這個時候出現，但我們的面具補給了，也許是因為 HME 關注它，我們的面具補給在一年前的這個時候已經達到了頂峰。即使有這些補償，我們仍然在補給方面取得了一些非常好的速度。

As I said, there are headwinds in that -- when we're not taking care of all new patients and ResMed gets well over 50% of all masks on new patients, no matter whose device it is in the global market, that's a headwind that we're dealing with while this recall continues. But the tailwinds of resupply are actually well-incorporated into those figures. And I think if you look outside the U.S. market, look at Europe, Asia and the other 140 countries we operate in, you saw pretty strong 18%, double-digit growth in masks in those areas and global growth of around 8%, which is very strong given the headwinds of new patient setups.

正如我所說，這有不利因素——當我們沒有照顧所有新患者，而 ResMed 為新患者提供超過 50% 的口罩時，無論它在全球市場上的設備是誰，這都是不利因素我們正在處理，而這次召回仍在繼續。但補給的順風實際上很好地融入了這些數字。而且我認為，如果你看看美國市場以外的歐洲、亞洲和我們開展業務的其他 140 個國家，你會看到相當強勁的 18%，這些地區口罩的兩位數增長以及全球約 8% 的增長，這考慮到新患者設置的不利因素，它非常強大。

But Jim, any further color on the U.S. or beyond?

但是吉姆，美國或其他國家還有什麼進一步的色彩嗎？

Yes. I would just say, I'll probably end up repeating some of the key points, but we had a very large comp. And there was a tailwind created by COVID, which is patients -- we've talked about this before over the last three or four quarters, but patients are more focused on having clean masks, right? COVID has created a mentality of I want a new mask, I want a fresh mask, for patients.

是的。我只想說，我可能最終會重複一些關鍵點，但我們有一個非常大的組合。 COVID 創造了順風，那就是患者——我們在過去三四個季度之前已經討論過這個問題，但患者更注重佩戴乾淨的口罩，對吧？ COVID 為患者創造了一種心態，即我想要一個新口罩，我想要一個新口罩。

And then our HME customers in the U.S. have been focused on driving resupply into their installed base of patients. And I actually think that within the context of the Philips recall, driving revenue out of the installed base of patients has once again become quite an important emphasis for our HME customers. And then there are the headwinds. The headwinds of the whole market is not being served, the new patient starts are down. And because we had slower new patient starts during the span of COVID overall because labs weren't open, there's a little bit of headwind on resupply because the installed base didn't grow during that period the way we might have anticipated it to.

然後，我們在美國的 HME 客戶一直專注於為他們安裝的患者群提供補給。我實際上認為，在飛利浦召回的背景下，從患者的已安裝基礎中增加收入再次成為我們 HME 客戶的一個非常重要的重點。然後是逆風。整個市場的不利因素沒有得到解決，新患者開始減少。而且由於在整個 COVID 期間，由於實驗室沒有開放，我們的新患者入院速度較慢，因此在補給方面存在一些阻力，因為在那段時間安裝的基數沒有像我們預期的那樣增長。

So it balances out. The dynamic insight of the installed base is quite good. So the installed base of patients continue to be resupplied at a very healthy rate.

所以它平衡了。已安裝基礎的動態洞察力非常好。因此，已安裝的患者群繼續以非常健康的速度得到補給。

Our next question today is coming from Craig Wong-Pan from RBC.

我們今天的下一個問題來自 RBC 的 Craig Wong-Pan。

Just the question for me was on the different regions which are trending below pre-COVID levels and which ones are above. Could you just give any color which different markets are in which category?

對我來說，問題在於不同地區的趨勢低於 COVID 前的水平，哪些高於 COVID 之前的水平。你能給出不同市場屬於哪個類別的任何顏色嗎？

Thanks for the question, Craig. I'll hand that to Rob Douglas, our President and Chief Operating Officer.

謝謝你的問題，克雷格。我會把它交給我們的總裁兼首席運營官 Rob Douglas。

Yes. Thanks, Craig. The issue really is that all of our markets are performing very strongly. The actual recall impacts are global. So we're seeing that really excess demand. And just with different dynamics, as Mick said before, you saw that very strong in the masks on all of it.

是的。謝謝，克雷格。問題實際上是我們所有的市場都表現非常強勁。實際召回影響是全球性的。所以我們看到了真正的過剩需求。正如米克之前所說，只是具有不同的動力，你在所有面具上都看到了非常強烈的力量。

I actually couldn't call out any particular region and saying it wasn't doing really well. And there are specific countries, and sometimes it's local, when there's a lockdown, there might be a shortage of diagnosis capacity, and you'll see that. But our teams really run through that and manage around that. And as I said, just to recap, the strong performance was across all countries.

實際上，我無法指出任何特定區域並說它表現不佳。並且有特定的國家，有時是當地的，當有封鎖時，診斷能力可能會短缺，你會看到這一點。但我們的團隊確實經歷了這一點並圍繞著它進行了管理。正如我所說，回顧一下，所有國家/地區都表現強勁。

Yes. And I'll add on maybe just a little bit of color there, Craig. I mean it's hard to say because you said, "what regions?", and as Rob said, we can't say what regions. And even if you would ask the more specific question, what countries, it'd be difficult to say there, because in the U.S., there are 50 states with all different regulations, and some of them are 100% plus capacity and some are at 75%, 80% within the state level. And then Sydney is going up and down, and China is not just there. It's different regions there as well.

是的。克雷格，我可能會在那裡添加一點顏色。我的意思是很難說，因為你說，“哪些地區？”，正如 Rob 所說，我們不能說是哪些地區。即使你會問更具體的問題，哪些國家，也很難說，因為在美國，有 50 個州有不同的規定，其中一些是 100% 以上的容量，有些是75%，80%在州內。然後悉尼就起起落落，中國不只是在那裡。那裡也是不同的地區。

So it -- there are ebbs and flows on a daily, weekly, monthly. But what we can say is on aggregate, it is getting better and better. And it's nice to see some cities, some states, some countries at 100% plus that they're getting through it, they're finding ways to embrace digital health, home sleep apnea testing, and remote setup so that we're able to get the flow of patients going through. Then the challenge we have right now is that we don't have the components as those patients with prescriptions come through to meet all that demand, which is the real critical rate-limiter right now as well.

所以它——每天、每週、每月都有潮起潮落。但我們可以說的是，總的來說，它變得越來越好。很高興看到一些城市、一些州、一些國家 100% 加上他們正在通過它，他們正在尋找方法來接受數字健康、家庭睡眠呼吸暫停測試和遠程設置，以便我們能夠讓病人流過。然後，我們現在面臨的挑戰是，當那些有處方的患者通過滿足所有需求時，我們沒有組件，這也是目前真正的關鍵限速器。

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

我們今天的下一個問題來自 Macquarie 的 David Bailey。

Just as part of the recall, ResMed is going to be getting more exposure through the patient referral network. I'm just wondering if you've had any feedback or observations from physician DME patients in relation to ResMed's product offering? Just wondering if there's any observations from that group that may have used ResMed less frequently before?

作為召回的一部分，ResMed 將通過患者轉診網絡獲得更多曝光。我只是想知道您是否從 DME 患者那裡獲得了關於 ResMed 產品的任何反饋或意見？只是想知道該小組是否有任何觀察結果表明以前使用 ResMed 的頻率較低？

Yes, David, it's a good question. I think everyone had exposure to ResMed products. We're the market leader, everyone knew the brand name. Everyone had tried it, and we get a large percentage of the prescriptions and actually the share in the 140 countries we operate in. But as you said, there are some doctors who liked a particular aspect or a technical aspect or an emotional aspect really or a workflow aspect of some of our competitors' devices or software systems.

是的，大衛，這是個好問題。我想每個人都接觸過 ResMed 產品。我們是市場領導者，每個人都知道這個品牌。每個人都嘗試過，我們得到了很大比例的處方，實際上在我們開展業務的 140 個國家/地區中佔有一席之地。但是正如您所說，有些醫生真的喜歡某個特定方面或技術方面或情感方面或我們的一些競爭對手的設備或軟件系統的工作流程方面。

And to your question, they are getting, if you like, forced exposure because it's the only one available for new patients, to ResMed's amazing innovation on the device, the software, the systems and the flow. And if they had some form of prejudice of device from the '90s that they tried or something and have been stuck with the brand, they're now trying a new brand.

對於你的問題，如果你願意的話，他們正在強制接觸 ResMed 在設備、軟件、系統和流程方面的驚人創新，因為它是新患者唯一可用的方式。如果他們對他們嘗試過的 90 年代設備有某種形式的偏見，並且一直堅持使用該品牌，那麼他們現在正在嘗試一個新品牌。

And I do think, to Jim's point earlier, that some of that brand-new share of somebody who was in another brand's componentry area says, "Wow, this actually is great. My prejudice was wrong." And I think we will get a lot of that share that we'll maintain forever. And I think certainly, the exposure of patients to the brands and to understand that, has increased. I mean the Net Promoter Score for ResMed amongst patients is rising, and their knowledge about the brands, for better or for worse, through this awful recall is they're getting to know what device they have.

而且我確實認為，對於吉姆早些時候的觀點，在另一個品牌的組件領域的一些全新的人說，“哇，這實際上很棒。我的偏見是錯誤的。”而且我認為我們將獲得很多我們將永遠保持的份額。而且我認為當然，患者對品牌的接觸和理解已經增加。我的意思是 ResMed 在患者中的淨推薦值正在上升，他們對品牌的了解，無論是好是壞，通過這次可怕的召回，他們開始知道他們擁有什麼設備。

And that awareness is actually good for the whole industry, because I think physicians and providers and technicians have always been aware of the brands and had prescription biases and others that we absolutely influence through our really strong commercial, clinical sales teams. And now we're getting that brand name to new customers as well. So I mean the short answer to your question is yes, we've got exposure to new consumers, new physicians, new providers. And we think a lot of that will be sticky because of the value we provide.

這種意識實際上對整個行業都有好處，因為我認為醫生、供應商和技術人員一直都知道品牌，並且有處方偏見和其他我們通過我們非常強大的商業、臨床銷售團隊絕對影響的因素。現在我們也將這個品牌名稱提供給新客戶。所以我的意思是對你的問題的簡短回答是肯定的，我們已經接觸到新的消費者、新的醫生、新的提供者。而且我們認為，由於我們提供的價值，其中很多將具有粘性。

The brand is the brand, but when it represents 50% lower labor cost if you're setting up a patient, when it represents three less clicks to get a report, when it reflects an API that can link into your Epic or your Cerner or your national health trust system, really efficiently, it becomes really part of your day-to-day workflow. And that's the type of share that we think is part of the ResMed brand and will maintain our strong growth for a long period to come through for this period.

品牌就是品牌，但當它代表降低 50% 的勞動力成本時，如果你正在為病人做準備，當它代表獲得報告的點擊次數減少 3 次時，當它反映出可以鏈接到你的 Epic 或你的 Cerner 或您的國家健康信託系統非常有效，它真正成為您日常工作流程的一部分。這就是我們認為是 ResMed 品牌一部分的份額類型，並將在很長一段時間內保持我們的強勁增長。

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

我們今天的下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾。

This is Maggie Boeye on for Margaret. I wanted to ask one on gross margins today. I would say that the gross margins for the quarter came in a little bit better than expected, although still contracting. Can you talk about some of the dynamics within that and how you are leveraging the increase in cost given the supply constraints and the freight issues today? And how you are looking at future gross margins specifically in the upcoming quarters?

這是瑪格麗特的瑪吉博伊。我今天想問一個關於毛利率的問題。我要說的是，本季度的毛利率略高於預期，但仍在收縮。您能否談談其中的一些動態，以及在當今供應限制和貨運問題的情況下，您如何利用成本的增加？您如何看待未來幾個季度的未來毛利率？

Yes. Brett, I'll hand that question to you.

是的。布雷特，我會把這個問題交給你。

Yes. Thanks, Mick. Maggie, yes, the gross margin is pretty consistent with where we were at Q4. And the big impact we're still seeing is on freight costs, that's been really significant. So we've been -- that's a big headwind for us. So that's in it, some FX impacts. I think we've had a deal with -- it is a headwind this quarter as well. We were -- we did have a little bit of benefit on product mix with the higher acuity devices. So I think it was the bilevels, Astrals, Stellars, ASV devices that helped the favorable product mix this quarter, which helped on the gross margin side. So that was a little bit of a tailwind for us.

是的。謝謝，米克。 Maggie，是的，毛利率與我們在第四季度的水平非常一致。我們仍然看到的最大影響是對運費的影響，這真的很重要。所以我們一直 - 這對我們來說是一個很大的逆風。這就是其中的一些外匯影響。我認為我們已經達成協議 - 這也是本季度的逆風。我們是——我們確實在使用更高敏銳度設備的產品組合上有一點好處。所以我認為是 bilevels、Astrals、Stellars、ASV 設備在本季度幫助了有利的產品組合，這在毛利率方面有所幫助。所以這對我們來說有點順風。

But having said all that, there's still challenges, still pressures on freight, still pressures that will come through on component costs and so on as well. So we need to keep an eye on that, but product mix has been quite good for us, and that's helped. Yes. So overall, pretty pleased with how the gross margin ended up for the quarter.

但話雖如此，仍然存在挑戰，仍然存在運費壓力，仍然存在零部件成本等方面的壓力。所以我們需要密切關注這一點，但產品組合對我們來說非常好，這很有幫助。是的。總的來說，對本季度的毛利率結果非常滿意。

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

我們今天的下一個問題來自摩根士丹利的 Sean Laaman。

Great set of numbers. Mick, I know you typically don't give sort of much discussion around what you've observed on price in the quarter or on product mix. But that said, you've talked to the supply constraints, yet you've delivered the device numbers that you have. How would you -- or could you help us characterize what you've observed on the price/volume mix somehow in the quarter?

很棒的一組數字。米克，我知道你通常不會就你在本季度的價格或產品組合上觀察到的情況進行過多的討論。但話雖如此，你已經談到了供應限制，但你已經交付了你擁有的設備編號。你會如何 - 或者你能幫助我們描述你在本季度以某種方式觀察到的價格/數量組合的特徵嗎？

Yes. Thanks for the question, Sean. And you're right, we don't provide details around pricing. But look, clearly, this is -- these are unprecedented times. Costs, as you saw, and even just in Brett's last answer there around gross margin, are going up. Freight costs, I mean, sea freight, there are over a hundred ships just 2 hours north of me here on the I-5 stuck outside Long Beach that can't get through, so the sea freight inventory is sitting there. It's coming through, higher cost than it's ever been.

是的。謝謝你的問題，肖恩。你是對的，我們不提供有關定價的詳細信息。但是，很明顯，這是——這是前所未有的時代。正如你所看到的，甚至在布雷特關於毛利率的最後一個回答中，成本都在上升。運費，我的意思是，海運，在我以北僅 2 小時的 I-5 公路上有一百多艘船被困在長灘外無法通過，所以海運庫存就在那裡。它正在通過，成本比以往任何時候都高。

Airfreight, we have literally chartered planes to fly from Singapore to L.A. and Singapore to Atlanta to get our products to market with this demand. And so those types of things increase costs dramatically. And we have to do that. They're actually consumer planes, but no consumers in them and literally just ResMed devices taking up the seats and overhead.

空運，我們包機從新加坡飛往洛杉磯，從新加坡飛往亞特蘭大，以滿足這種需求，將我們的產品推向市場。因此，這些類型的事情會大大增加成本。我們必須這樣做。它們實際上是消費類飛機，但裡面沒有消費者，實際上只是 ResMed 設備佔據了座位和頭頂。

And so that has impacted our costs. One thing we are doing is with the AirSense 11, we are launching that with a price premium. It is excellent innovation. It is not just the best in ResMed for 8 years, it's the best in the market, I think, ever, as a platform. And so that deserves a price premium, and so we will be extracting that.

因此，這影響了我們的成本。我們正在做的一件事是使用 AirSense 11，我們以溢價推出它。這是極好的創新。它不僅是 ResMed 8 年來最好的，而且我認為它是市場上最好的平台。因此，這值得溢價，因此我們將提取它。

And look, we have been working with customers and eliminating some certain discounts and rebates and other things that we had used in the past because those don't apply now. And so we're eliminating some of those costs. And look, this is a customer-by-customer, region-by-region discussion that happens on a daily basis with our commercial team. But clearly, we cannot take all the costs that are being given to us, and we are working with Airsense 11 launch and with appropriate removal of other elements and pricing conditions with customers on a customer-on-customer basis to address this over time.

看，我們一直在與客戶合作，取消了我們過去使用的某些折扣和回扣以及其他東西，因為這些現在不適用。因此，我們正在消除其中一些成本。看，這是每天與我們的商業團隊進行的逐個客戶、逐個區域的討論。但很明顯，我們不能承擔所有給我們的成本，我們正在與 Airsense 11 的發布合作，並在客戶對客戶的基礎上適當刪除其他元素和定價條件，以隨著時間的推移解決這個問題。

But our goal -- our laser-focused goal is to make sure we take care of every patient that comes through the channel, and I think that's what you saw during this last quarter.

但我們的目標——我們以激光為中心的目標是確保我們照顧好通過渠道來的每一位病人，我想這就是你在上個季度看到的。

Our next question today is coming from Anthony Petrone from Jefferies.

我們今天的下一個問題來自 Jefferies 的 Anthony Petrone。

This is Frank on for Anthony. Two questions from our side. Number one, what's the reception to Philips' recent U.S. clearance of the replacement -- the rebatement foam -- among U.S. DMEs? And then a follow-up. We're hearing a lot on U.S. hospital staffing shortages. Is there a potential tailwind for MatrixCare? Or what are some of the dynamics there looking ahead to the rest of the year?

這是安東尼的弗蘭克。我們這邊的兩個問題。第一，飛利浦最近在美國批准替代品——回扣泡沫——在美國 DME 中的反響如何？然後是跟進。我們聽到很多關於美國醫院人員短缺的消息。 MatrixCare 是否有潛在的順風？或者展望今年剩餘時間的動態是什麼？

Thanks for the questions, Frank. Look, I actually have no idea what customers are thinking of the replacement foam versus the replacement devices for our competitor. That's their job to take care of that. If I was a patient, I'd want a replacement device. I would want to replace mine, that's what I'd say. But I have no idea on that. It's a very, very lack of strong communication that I've seen publicly on that. And I can tell you, N equals one, I have nothing to add to that.

謝謝你的問題，弗蘭克。看，我實際上不知道客戶如何看待替換泡沫和我們競爭對手的替換設備。這是他們的工作來照顧它。如果我是病人，我會想要一個替換設備。我想換掉我的，這就是我要說的。但我對此一無所知。我在這方面公開看到的是非常非常缺乏強有力的溝通。我可以告訴你，N 等於 1，對此我無話可說。

But on the U.S. hospital front, I do think, as I said in my prepared remarks, that we are seeing facilities-based SaaS -- the census rates at skilled nursing facilities are starting to pick up. The numbers of patients in beds is picking up. And we actually think, as you said, that there's a pent-up demand for technology to help with that.

但在美國醫院方面，正如我在準備好的發言中所說，我確實認為我們正在看到基於設施的 SaaS——熟練護理設施的人口普查率開始回升。躺在床上的病人數量正在增加。正如您所說，我們實際上認為，對技術的需求已被壓抑，以幫助實現這一目標。

But Rob, do you have any further color on MatrixCare and the Brightree home health and hospice?

但是 Rob，你對 MatrixCare 和 Brightree 家庭健康和臨終關懷有什麼進一步的了解嗎？

Absolutely. It's actually an underpinning of our SaaS strategy that it's been a long-term issue, getting the right staff and keeping them and dealing with the cost of training them and getting staff who are providing really good patient experiences has been a big challenge for all of these care providers, not just hospitals. And so we believe that our technology solutions actually make life better for the staff, make it easier for them to do the job, easier to get trained and more likely to stay on the job, and also more efficient.

絕對地。這實際上是我們 SaaS 戰略的基礎，它一直是一個長期問題，獲得合適的員工並留住他們，處理培訓他們的成本，並獲得能夠提供真正良好患者體驗的員工，這對所有人來說都是一個巨大的挑戰這些護理提供者，而不僅僅是醫院。因此，我們相信我們的技術解決方案實際上讓員工的生活更美好，讓他們更容易完成工作，更容易接受培訓，更有可能留在工作崗位上，而且效率更高。

So staffing challenges actually are another driver of our strategy, just like as Jim mentioned earlier, the concerns about cleanliness and respiratory health are a driver of our core sleep strategy, these staffing shortages and challenges do drive our SaaS strategy long-term. And long-term, that will be a tailwind for the business.

因此，人員配置挑戰實際上是我們戰略的另一個驅動力，就像吉姆之前提到的那樣，對清潔和呼吸健康的擔憂是我們核心睡眠戰略的驅動力，這些人員短缺和挑戰確實推動了我們的 SaaS 戰略的長期發展。從長遠來看，這將對企業有利。

Many, many short-term factors going on there. But we've -- as Mick said earlier, we're seeing good, improved performance despite challenging times, particularly for skilled nursing facilities across our SaaS businesses.

那裡有很多很多短期因素。但是我們——正如米克早些時候所說的那樣，儘管面臨挑戰，但我們看到了良好的、改進的性能，特別是對於我們 SaaS 業務中的熟練護理設施。

Our next question today is coming from Steve Wheen from Jarden.

我們今天的下一個問題來自 Jarden 的 Steve Wheen。

I just wanted to ask, I imagine it's quite difficult to differentiate what sales of devices are relating or going into the Philips opportunity versus the organic growth of your business. But if I do strip out the $90 million out of your device revenues for this quarter and then strip out the $40 million of event sales in the PCP, you're getting in excess of 20% growth. Is that how you characterize what's going on with the new patient starts?

我只是想問，我想很難區分哪些設備銷售與飛利浦機會相關或與您的業務有機增長有關。但是，如果我真的從你本季度的設備收入中剔除 9000 萬美元，然後剔除 PCP 中的 4000 萬美元的活動銷售額，你將獲得超過 20% 的增長。這就是你描述新病人開始時發生的事情的方式嗎？

Steve, thanks for the question. And yes, good morning to you there in Australia. I think you're not wrong that we would have very strong double-digit growth. And that actually makes sense and has traditionally happened when we launch a new product like the AirSense 11 as our first platform launch in 8 years.

史蒂夫，謝謝你的提問。是的，早上好，在澳大利亞。我認為你沒有錯，我們會有非常強勁的兩位數增長。這實際上是有道理的，並且傳統上發生在我們推出像 AirSense 11 這樣的新產品作為我們 8 年來首次推出的平台時。

And as I said in my prep remarks, I mean, I'm blown away by things like the personal care system, watching the care check-in, the personal therapies -- or watching the sleep technicians and sleep doctors live at that California Sleep Society engage, not just with the presentation from the marketing teams, but then sitting down with the clinical teams and walking through this device, I think it's a device that deserves to take double-digit growth and take a lot of share.

正如我在準備發言中所說，我的意思是，我對個人護理系統、看護理登記、個人治療等事情感到震驚——或者看睡眠技術人員和睡眠醫生住在加州睡眠社會參與，不僅是營銷團隊的介紹，還有臨床團隊坐下來了解這個設備，我認為這是一個值得實現兩位數增長並佔據大量份額的設備。

And so I think your calculations there are spot on in terms of this is a double-digit growth time for ResMed in the device space irrespective of this competitor recall, irrespective of the comps that we had around COVID events and the tailwinds events and headwinds of sleep apnea patients coming in a year ago that we're seeing really strong growth of the sleep space.

因此，我認為您的計算是正確的，即 ResMed 在設備領域的兩位數增長時間，無論競爭對手召回情況如何，無論我們圍繞 COVID 事件以及順風事件和逆風事件進行的比較如何一年前進來的睡眠呼吸暫停患者，我們看到睡眠空間的增長非常強勁。

And as Jim said earlier, our goal is to entrench people in these amazing workflows that have lower costs and better outcomes and drive therapy to patients in ways never seen before. The part that I'd highlight is this huge take-up of patients signing on to myAir and having a personal relationship with their therapy through their smartphone with myAir is at unprecedented levels. I'm talking double the uptake of AirSense 10. That's one of the highlights that I think has been missed throughout this phone call.

正如 Jim 之前所說，我們的目標是讓人們融入這些令人驚嘆的工作流程中，這些工作流程具有更低的成本和更好的結果，並以前所未有的方式為患者提供治療。我要強調的部分是，大量患者登錄 myAir 並通過智能手機與 myAir 與他們的治療建立個人關係達到了前所未有的水平。我說的是 AirSense 10 的採用率的兩倍。我認為這是在整個電話會議中被遺漏的亮點之一。

So Steve, thanks for the question and the opportunity to highlight that.

所以史蒂夫，感謝你提出這個問題並有機會強調這一點。

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

我們今天的下一個問題來自花旗集團的 John Deakin-Bell。

I was just hoping to get a little more color on where you think the sleep testing capacity is in the market. Are we back to pre-pandemic levels? So just give us a little more color on new patients and where you think that has kind of trended over the last couple of quarters?

我只是希望對您認為市場上的睡眠測試能力有更多了解。我們回到大流行前的水平了嗎？那麼，請給我們更多關於新患者的顏色，以及您認為在過去幾個季度中出現的趨勢？

Great question, John. I'll hand that to Jim Hollingshead.

好問題，約翰。我會把它交給 Jim Hollingshead。

Thanks, John. As we said in Mick's prepared remarks, testing capacity is mostly back to normal. I would say, in the U.S. market, we're mostly back to normal, and there's actually probably some upside built into that because a number of sleep labs increasingly during the COVID crisis, home sleep testing was more readily adopted by sleep labs who maybe would not have taken it on before.

謝謝，約翰。正如我們在米克準備好的發言中所說，測試能力已基本恢復正常。我想說的是，在美國市場，我們基本上恢復了正常，實際上這可能有一些好處，因為在 COVID 危機期間，越來越多的睡眠實驗室越來越多，睡眠實驗室更容易採用家庭睡眠測試，他們可能以前不會接受的。

And so probably, you still probably got slightly fewer people going to labs but a much broader use of home sleep testing. And I think in general, you can say, in the U.S., testing capacity is back to normal, maybe a little bit up, although the shape of it looks a little bit different.

因此，去實驗室的人可能仍然會稍微少一些，但家庭睡眠測試的使用範圍要廣泛得多。而且我認為總的來說，你可以說，在美國，測試能力已經恢復正常，也許有點上升，儘管它的形狀看起來有點不同。

And then other reason it's really -- it varies quite a lot by what's happened with the Delta variant, what's happened with healthcare systems. But in general, I would say new patient starts in, say, Europe, are coming back to pre-COVID normal. Some countries are a little bit different. And in some cases, you've still got health systems that are a little bit backed up, right? So especially in hospital-based systems the diagnosis may be back up, but the actual capacity to set patients up on therapy may be now a bit of the bottleneck. So there's pent-up demand and things like that. But I would say, in general, we're almost back to normal.

然後是其他原因——它因 Delta 變體發生的事情、醫療保健系統發生的事情而有很大差異。但總的來說，我會說新患者開始在歐洲等地恢復到 COVID 前的正常狀態。有些國家有點不同。在某些情況下，您仍然擁有一些備份的衛生系統，對嗎？因此，尤其是在基於醫院的系統中，診斷可能會得到支持，但讓患者接受治療的實際能力現在可能有點瓶頸。所以有被壓抑的需求和類似的東西。但我想說，總的來說，我們幾乎恢復正常了。

And I would add to that, one of the reasons we decided to move forward with the acquisition of Ectosense is that we really want to make it much easier for patients to understand whether or not they have a sleeping issue. So in some markets, Ectosense will be used as a screener. And in some markets, Ectosense is already used as a diagnostic tool. But the patient experience with that technology is really, really simple, really easy to do. And so we're working with that acquisition to open up the funnel even further.

我還要補充一點，我們決定繼續收購 Ectosense 的原因之一是我們真的想讓患者更容易了解他們是否有睡眠問題。所以在一些市場上，Ectosense 會被用作篩選器。在某些市場，Ectosense 已被用作診斷工具。但是使用該技術的患者體驗真的非常簡單，非常容易做到。因此，我們正在與該收購合作，以進一步打開漏斗。

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

我們今天的下一個問題來自美國銀行的 Lyanne Harrison。

I just wanted to talk about inventory levels a little bit, both at ResMed and also at the distributors. So on your balance sheet, I see higher inventory levels compared to last quarter. Can you talk about what that might mean for device sales going into second quarter? But then also, if we look at the different regions you're operating in, from our perspective, we're seeing greater bottlenecks at set up in the United States than in Europe. So do you have a sense of what inventory levels are like with your distributors between the United States and Europe?

我只想談談 ResMed 和分銷商的庫存水平。因此，在您的資產負債表上，我看到與上一季度相比庫存水平更高。你能談談這對進入第二季度的設備銷售意味著什麼嗎？但是，如果我們看看你們經營的不同地區，從我們的角度來看，我們發現在美國設置的瓶頸比在歐洲更大。那麼，您是否了解您在美國和歐洲之間的分銷商的庫存水平如何？

So that's a great question, Lyanne, and quite detailed. I'll hand the first part of the question about ResMed's inventory and what's been happening with the build up there to Brett. And then I'll hand the second part about the inventory at the HMEs, HCPs and distributors, as they call them in Europe, between the U.S. and Europe to Jim Hollingshead.

Lyanne，這是一個很好的問題，而且非常詳細。我將把有關 ResMed 庫存的問題的第一部分以及那裡的構建情況交給 Brett。然後我將把第二部分關於 HME、HCP 和分銷商的庫存，正如他們在歐洲對美國和歐洲之間的稱呼，交給 Jim Hollingshead。

So Brett, over to you first, and then Jim.

布雷特，首先是你，然後是吉姆。

Yes. Thanks, Mick. Lyanne, yes, on the inventory that -- a lot of that field reflects the components of raw materials part of our inventory. And we're really -- it's really in response, I think, to the elongation of supply chains and the bottlenecks and congestions that we're seeing. We are looking to support production for any upside in electronic components. So there's a lot of components that are ready to go once we get electronic components. So we've been pretty deliberate on that.

是的。謝謝，米克。 Lyanne，是的，關於庫存——很多領域反映了我們庫存中原材料的組成部分。我們真的——我認為，這真的是對供應鏈的延長以及我們所看到的瓶頸和擁堵的回應。我們正在尋求支持電子元件的任何優勢的生產。因此，一旦我們獲得電子元件，就會有很多組件準備就緒。所以我們對此非常慎重。

We're looking to increase safety stocks as well, really just trying to deal with these supply disruptions. And the other big one we're seeing is that just with the increased sea freight, airfreight lead times, it's sort of blowing out to two, up to four weeks. So that's kind of more inventory that we're carrying, and I think probably a lot of companies will see that as well. So those logistics delays, I think, are causing a lot more, what I call, stock in transit coming through as well.

我們也在尋求增加安全庫存，實際上只是為了應對這些供應中斷。我們看到的另一個大問題是，隨著海運、空運交貨時間的增加，它有點吹到兩週，最多四個星期。所以這是我們攜帶的更多庫存，我認為可能很多公司也會看到這一點。因此，我認為，這些物流延誤導致了更多的運輸中庫存。

So it's a combination of those factors. We're also running, for example, the dual AS 10, AS 11 platforms, and that's really there to support demand into the market. So we're doing that as well, which might be a little more unusual than what we would typically do. So the combination of those factors is really driving up our inventory levels a little bit low. Inventory days have been reasonable. So that's really trying to support overall production when we get those components in, I think, is the crux and the thesis there.

所以這是這些因素的結合。例如，我們還在運行雙 AS 10、AS 11 平台，這確實可以支持市場需求。所以我們也在這樣做，這可能比我們通常做的更不尋常。因此，這些因素的結合確實將我們的庫存水平推高了一點點。庫存天數是合理的。因此，我認為，當我們將這些組件納入其中時，這真的是在努力支持整體生產，這才是癥結所在。

Our next question today is coming...

我們今天的下一個問題來了......

Oh. Hold on. Sorry, Jim was going to answer the second part of that.

哦。堅持，稍等。抱歉，Jim 打算回答第二部分。

I apologize.

我道歉。

I'll just add to Lyanne's question. No that's fine. I'll just add to the second half of Lyanne's question, which is, I think it's very safe to say that our customers and distributors have very little inventory. They are running right now, I think, with unusually low inventory levels. And so when you take the #2 manufacturer out of the market and you underserve the market, it creates a very, very difficult situation.

我將補充 Lyanne 的問題。不，沒關係。我只想補充 Lyanne 問題的後半部分，也就是說，我認為可以肯定地說我們的客戶和分銷商的庫存很少。我認為，他們現在正在運行，庫存水平異常低。因此，當您將排名第二的製造商趕出市場並且您對市場的服務不足時，就會造成非常非常困難的局面。

So we're reporting what we think is obviously a strong quarter, but we are working frantically to lift our manufacturing supply and deliver product to market. And as an industry, the manufacturers in this industry are underserving demand. And so it's put our customers at a very difficult situation, and they're frustrated and we understand that they're frustrated. And we're doing the very best we can to build product as fast as we can and deliver it as fast as we can because we know that the market is undersupplied, and it's putting our customers under a great deal of pressure.

因此，我們正在報告我們認為顯然是一個強勁的季度，但我們正在瘋狂地工作以提升我們的製造供應並將產品推向市場。作為一個行業，這個行業的製造商正在滿足需求。所以這讓我們的客戶處於非常困難的境地，他們很沮喪，我們理解他們很沮喪。我們正在盡最大努力盡可能快地構建產品並儘快交付，因為我們知道市場供不應求，這讓我們的客戶承受著巨大的壓力。

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

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

Apologies, if the line a bit crackly. But Mick, just a quick question on SaaS. You mentioned growth increasing to the upper single-digits by the end of fiscal '22. Can you just talk to what the drivers of that increase are? What the key drivers of that uplift are likely to be that give you that confidence?

抱歉，如果線路有點斷斷續續。但是米克，只是一個關於 SaaS 的快速問題。你提到到 22 財年結束時增長會增加到較高的個位數。你能談談這種增長的驅動因素是什麼嗎？這種提升的關鍵驅動因素可能是什麼給了你這種信心？

Yes. Thanks. I'll start and hand to Rob maybe for some further details. Look, we have Bobby Ghoshal, our new President of the SaaS division. And I can tell you, he's hitting the ground running these last five weeks he's been in there, and certainly, we're seeing some great opportunities for accelerating growth. I think look, the externalities that I talked about in the prep remarks that we covered earlier, that skilled nursing facility census is coming back, so demand is coming back. And we see the book or the pipeline book starting to build up. And in a SaaS business, that's great because when the pipeline builds up, you get the conversions and then it turns into revenue.

是的。謝謝。我將開始並交給 Rob 了解更多詳細信息。看，我們有 SaaS 部門的新總裁 Bobby Ghoshal。我可以告訴你，他在過去的五個星期裡一直在努力，當然，我們看到了一些加速增長的大好機會。我想看，我在我們之前提到的準備發言中談到的外部因素，熟練的護理機構普查正在回歸，所以需求正在回歸。我們看到這本書或管道書開始建立起來。在 SaaS 業務中，這很好，因為當渠道建立起來時，您會獲得轉化，然後轉化為收入。

So we get pretty good visibility, even 3, 6, 9 months out to seeing sort of an acceleration of growth. So I feel pretty confident that those census rates and others that SNF census rates are going up and that we are going to see, with MatrixCare's really good products, some growth in the MatrixCare business to start accelerating there. In addition, Brightree and Snap, although they're annualizing some of the acquisitions of Snap, we're seeing really good adoption of those resupply and some really new innovative tools that the Brightree R&D team are bringing to market.

因此，我們獲得了很好的可見性，甚至在 3、6、9 個月後都能看到增長的加速。因此，我非常有信心，這些人口普查率和其他 SNF 人口普查率正在上升，我們將看到，隨著 MatrixCare 非常好的產品，MatrixCare 業務的一些增長將開始在那裡加速。此外，Brightree 和 Snap，雖然他們正在對 Snap 的一些收購進行年度化，但我們看到這些補給的很好採用以及 Brightree 研發團隊正在推向市場的一些非常新的創新工具。

And Bobby was previously COO there and has a good knowledge of that. I think that will accelerate throughout the rest of the fiscal year. But Rob, there's so many -- there are eight verticals there. What other elements do you have reasons to believe we can accelerate this business?

鮑比以前是那裡的首席運營官，對此非常了解。我認為這將在整個財政年度的剩餘時間內加速。但是 Rob，有很多——那裡有八個垂直方向。您有理由相信我們可以加速這項業務的其他哪些因素？

I think you've covered many of them, Mick, but also there's a real execution focus on the team, and we're really confident that they're driving execution. Mick mentioned the innovation. There's a strong innovation mentality in that team. And we've got great new offerings and great new ideas coming to market as well as really streamlining our focus. And a lot of it's also the execution on the sales front and having the sales team being able to build the pipelines and then increasingly doing face-to-face visits in getting these deployments underway as things ease up. So we've got a lot of confidence in that business.

我想你已經涵蓋了其中的很多，Mick，但也有一個真正關注團隊的執行力，我們真的很有信心他們正在推動執行力。米克提到了創新。那個團隊有很強的創新心態。我們有很棒的新產品和很棒的新想法進入市場，並真正簡化了我們的重點。其中很大一部分也是在銷售方面的執行，讓銷售團隊能夠建立管道，然後隨著事情的緩解，越來越多地進行面對面的訪問，以進行這些部署。因此，我們對該業務充滿信心。

Our next question today is coming from Dan Hurren from MST Marquee.

我們今天的下一個問題來自 MST Marquee 的 Dan Hurren。

Just looking at the fourth quarter, you guided to this $300 million to $350 million. And at that time, you were quite explicit that we should not expect the uplift until the second half. And now today, you're suggesting uplift comes in first quarter and fourth quarter, and you delivered almost what, 30% of that total uplift in the first quarter alone.

僅看第四季度，您就指導了這 3 億至 3.5 億美元。那時，您非常明確地表示，我們不應該期望在下半年之前有所提升。而現在，今天，您建議在第一季度和第四季度出現增長，而您僅在第一季度就交付了幾乎 30% 的總增長。

So -- and on top of that, Brett, has just said you've got the small material inventory build. So can you explain what has -- what's changed since then? And why -- what mechanics of this drop off in second and third quarter would be?

所以 - 最重要的是，布雷特剛剛說你已經建立了小的材料庫存。那麼你能解釋一下從那以後發生了什麼變化嗎？為什麼——第二和第三季度下降的機制是什麼？

Yes. Thanks, Dan. So look, it's a complex and moving dynamic. But the rate-limiting step here is electronic components and specifically the semiconductor chips from a particular manufacturing and a supply chain that I know the names and the people and I'm talking to them to try and get this supply. The trouble is that there are multiple other industries. And demand for semiconductor chips that are through the roof.

是的。謝謝，丹。所以看，這是一個複雜而動人的動態。但這裡的限速步驟是電子元件，特別是來自特定製造商和供應鏈的半導體芯片，我知道名稱和人員，我正在與他們交談以嘗試獲得這種供應。麻煩的是還有其他多個行業。對半導體芯片的需求正在飆升。

And obviously, everyone on this call follows many other industries. You've heard this, we're not alone in medical device industry, automotive industry, consumer communications industry, even consumer products are often cloud-connected now and have these limitations. So look, things haven't gone better these last 90 days in terms of supply. They've got very difficult.

顯然，這次電話會議的每個人都關注許多其他行業。你聽說過，我們在醫療設備行業、汽車行業、消費通信行業並不孤單，甚至消費產品現在也經常是雲連接的，並且有這些限制。所以看，過去 90 天在供應方面情況並沒有好轉。他們過得很艱難。

And our visibility, as I look at the June quarter, I feel very confident in the semiconductor chips coming through. But in December and March, it's hand-to-mouth of these devices, and chartering planes, and working with redesigns to make sure the semiconductor chips go so much in. And so our best reading of the dynamics, even though we feel in aggregate, that $300 million and $350 million, which is which is a pretty broad range in itself, and has some plus or minus on the top and bottom end of it, that we feel stronger on that June quarter with the supply that we see coming through, whereas it's not as strong. I'm closer to the December 1 now, and I know it's going to be tough, and March as well.

而我們的知名度，當我看到 6 月季度時，我對半導體芯片的通過感到非常有信心。但在 12 月和 3 月，這些設備、包機和重新設計工作，以確保半導體芯片投入大量使用。因此，我們對動態的最佳解讀，即使我們整體感覺，這 3 億美元和 3.5 億美元，這本身就是一個相當廣泛的範圍，並且在它的頂端和底端有一些正負，我們在那個 6 月的那個季度感覺更強，我們看到供應通過，而它沒有那麼強。我現在離 12 月 1 日更近了，我知道這會很艱難，3 月也是如此。

But look, things can change on a day by day, week by week, month by month. And what we're doing is we're being as open as we ever have around supply chain, as open as we ever had and transparent about sort of the variability, if you like, of the flow of these components that come in. I can tell you though, we get one more chip, it goes into one more device and goes to one patient. And that's the truth. There is no stockpiling of this inventory. It goes all the way straight through to production. And we have an incredibly efficient plant in Singapore, and also in Sydney, and also manufacturing in Atlanta, Georgia, and we are not constrained on our internal capacity. As soon as that part comes in, that rate-limiting bottleneck part, it goes on to a product, gets to a customer. And that's what we are focused on. And I'm giving as much color as I can qualitatively around that.

但是看，事情每天、每週、每月都可能發生變化。我們正在做的是，我們在供應鏈方面一如既往地開放，一如既往地開放，並且對這些組件的流動的可變性保持透明，如果你願意的話。我不過可以告訴你，我們又得到了一個芯片，它進入了另一個設備並送到了一個病人身上。這是事實。該庫存沒有庫存。它一直直接到生產。我們在新加坡和悉尼都有一家非常高效的工廠，在佐治亞州的亞特蘭大也有製造工廠，而且我們的內部產能不受限制。一旦那個部分進來，那個限速瓶頸部分，它就會進入產品，到達客戶。這就是我們所關注的。我會盡可能多地給出定性的顏色。

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

我們的問答環節已經結束。我想將發言權轉回 Farrell 先生，聽取任何進一步的結束評論。

Well, thanks, Kevin, and thanks again to all of our shareholders for staying on an extra five to seven minutes here and joining us on this call. I'd also like to thank once again the 8,000 ResMedians, many of whom are also shareholders who listen to this call, for their dedication and hard work, helping people breathe better, sleep better and live better lives outside the hospital in 140 countries. Thanks for what you do today and every day.

好吧，謝謝凱文，再次感謝我們所有的股東在這裡多呆五到七分鐘並加入我們的電話會議。我還要再次感謝 8,000 名 ResMedian，他們中的許多人也是聽取此次呼籲的股東，感謝他們的奉獻和辛勤工作，幫助 140 個國家/地區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。

Thanks especially to our ResMed heroes on the front lines during this crisis, patient care, technical service, sales teams working with customers every day, but I'd like to add a special call out to our amazing teams on the front lines of supply chain, management production, distribution, all of you are heroes. Every chip you get is a patient's life changed. So I look forward to talking with you all again, all of our stakeholders here in 90 days.

特別感謝我們在這場危機期間在前線工作的 ResMed 英雄們，患者護理、技術服務、每天與客戶合作的銷售團隊，但我想特別感謝我們在供應鏈前線的出色團隊，管理生產，發行，你們都是英雄。您獲得的每一個芯片都改變了患者的生活。因此，我期待著在 90 天后再次與大家交談，我們所有的利益相關者。

Thank you. I'll turn the call back to Amy to close out.

謝謝。我會將電話轉回給艾米以結束。

Great. Thanks, Mick, and thanks, everyone. We appreciate your interest and your time. If you have any additional questions, please don't hesitate to reach out directly. This does conclude our first quarter 2022 call. Kevin, you may now close us out.

偉大的。謝謝，米克，謝謝大家。感謝您的關注和時間。如果您有任何其他問題，請隨時直接與我們聯繫。這確實結束了我們 2022 年第一季度的電話會議。凱文，你現在可以關閉我們了。

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

謝謝。今天的電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。感謝您今天的參與。