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.

您好，歡迎參加瑞思邁 2022 財年第一季財報電話會議及網路廣播。 （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 for ResMed. Please go ahead, Amy.

現在我很高興將電話轉給 ResMed 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，歡迎參加瑞思邁 2022 財年第一季財報電話會議。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 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.

今天與我一起參加電話會議的是 ResMed 執行長 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，睡眠與呼吸照護業務總裁；首席行政官兼全球總法律顧問 David Pendarvis。

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，我們將討論一些非公認會計準則措施。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。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，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向 SEC 提交的文件，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聲明有重大差異的風險因素。

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

這樣，我就把電話轉給米克。

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，也感謝我們所有的利害關係人今天加入我們，回顧 2022 財年第一季 9 月季度的業績。

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.

我們第一季的業績表明，我們的整個業務表現強勁，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。我們的業務收入和利潤指標均實現了兩位數成長。我想澄清的是，本季要取得這些成果並不容易。我們正在應對一場史無前例的、我稱之為「完美風暴」的事件，其中包括新冠疫情的復甦，但也包括競爭對手的召回——此次召回比迄今為止行業中的任何召回都要高十倍，以及供應鏈的限制這不僅影響我們的產業，也影響全球多個產業。

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，其中許多人每天 24/7 全天候工作，將我們的產品和解決方案交到最需要的患者手中。儘管做出了這些非凡的努力，我們知道我們還無法滿足所有需求。身為市場領導者，我們的競爭對手（市佔率排名第二）在 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，我們面臨的挑戰是為我們自己的第一大市場份額地位提供銷量，並盡力滿足他們在全球第二大市場份額的地位。

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進口方面向我們分配零件。反過來，我們被迫將我們的產品在出口方面分配給我們的客戶。我們對產品分配的指導原則很明確，即我們優先生產和交付我們的設備，首先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供應鏈上游的分配對話相同。

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.

舉個例子，在本季度，我與我們的供應商、供應商、供應商、供應商、供應商、供應商進行了 Zoom 通話，我不是開玩笑。我們透過該製造商實現了我們的目標。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​​，並且仍然面臨著與他們的五個客戶合作的挑戰，一路沿著鏈條到達我們，以確保商定的該組件的增加分配實際上到達瑞思邁，得到製造成瑞思邁產品，然後發送給瑞思邁客戶，最終發送給患者。這只是我們供應鏈團隊面臨的高難度潛水的一個例子。

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，情況非常不穩定，每天、每週、每月都在變化。我們擁有一支令人難以置信的六西格瑪黑帶供應鏈專家團隊，全天候（24/7）致力於解決這些問題。簡而言之，供應瓶頸繼續限制我們獲得關鍵電子元件，特別是半導體晶片，最終限制我們的淨產量。

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，從製造工廠到配送倉庫，最終到達客戶的海運和空運持續存在的挑戰正在增加我們的成本，並進一步影響我們對瑞思邁產品的巨大需求做出快速響應的能力。零件短缺和運輸瓶頸的結合使得向市場提供穩定、順暢的產品流動變得非常困難。

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設備產量所需的關鍵零件的額外供應。隨著情勢的發展，我們將繼續與所有利害關係人進行協調。我們理解，這對我們所有的客戶群來說都是一個困難的局面，包括醫生、家庭醫療設備提供者、付款人以及最重要的客戶—病患。

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中止症、慢性阻塞性肺病、氣喘和其他慢性呼吸系統疾病以及重症院外護理的患者。我們的目標是確保患者在需要的時間和地點獲得所需的治療。

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/地區的需求持續穩定復甦。我們仍然發現，在某些國家，患者總流量和睡眠實驗室容量僅為新冠疫情前水準的 75% 至 95%，而在其他國家，則高達新冠疫情前水準的 100% 以上。隨著疫苗和加強劑在全球範圍內的推出，以及冠狀病毒新變種的出現並造成暫時的擾動，這些指標將繼續波動。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、口罩以及急診和過渡之家的培訓。

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，讓我向您介紹我們在重新發展核心業務時的三個策略重點的最新情況。這三點是：一是發展並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；二是設計、開發和提供世界領先的醫療設備以及可在全球推廣的數位健康解決方案；第三，創新和發展世界上最好的醫院外（尤其是家庭）護理軟體解決方案。

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.

八月，我們在美國市場推出了我們稱為 AirSense 11 的下一代設備平台。簡而言之，這次發射非常成功。我們很快就會將 AirSense 11 引入更多國家。我們市場領先的研發團隊加速了這項驚人創新的推出。首先，將受控產品的發布範圍擴大到更多客戶，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，我們繼續銷售市場領先的傳統平台 AirSense 10，以最大限度地提高為客戶提供的 CPAP、APAP 和雙水平的總量。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，但最初的客戶回饋，再加上對我們受控產品發布的詳細回應，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、提供者和患者的回饋都非常積極。實際上，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功能。 myAir 的使用率，該應用程式已針對AirSense 11 進行了升級。

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，AirSense 11 這個平台不僅有利於患者及其床位夥伴，此外，該設備和軟體組合也有利於醫生、提供者和付款人以及透過更多數據的整個醫療保健系統，更多見解和更好的結果。

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.

作為一個雙向數位健康通訊平台，AirSense 11 具有許多代表重大治療進步的技術功能，不僅易於設定和使用，而且還提供非常豐富的以患者為中心的體驗。所有AirSense 11 設備均可100% 與雲端連接，並採用升級的數位醫療技術，能夠提高患者的依從性，從而改善臨床結果，並在醫療保健提供者和醫生自己的醫療系統中實現經證實的成本降低。我們以業界前所未有的方式與患者進行數位化治療。這是 ResMed 2025 策略的重要組成部分，正如我們在上個季度虛擬舉行的投資者日所介紹的那樣。

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.

我們長期成長的另一個關鍵方面與睡眠呼吸中止症患者的意識和不斷增加的流量有關。全球有 9.36 億睡眠呼吸中止症患者，這項工作對我們的使命至關重要。 COVID-19 提高了人們對數位健康和​​遠距照護（包括居家睡眠呼吸中止症測試）的認識、採用和接受度。我們希望支援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，並在我們的報銷市場中成為一種低成本、臨床可靠的睡眠呼吸中止症篩檢工具。

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.

本著這項精神，我們於 10 月 1 日完成了收購 Ectosense 的交易，Ectosense 是比利時雲端連接家庭睡眠呼吸中止測試技術的領導者。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睡眠呼吸中止症診斷率以及整體睡眠意識。 Ectosense 將在我們的睡眠和呼吸護理業務部門內運營，我們很高興隨著我們的發展，將這項創新技術推向更多的全球市場。

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照護業務，重點討論我們更好地服務全球 3.8 億慢性阻塞性肺病患者和 3.3 億氣喘患者的策略。

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.

我們的長期目標是透過我們的呼吸照護解決方案覆蓋數億患者，包括非侵入性通氣和生命維持通氣以及雲端連接藥物輸送解決方案和高流量治療產品等較新的治療領域。

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非侵入性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，在這些市場中，醫生和醫療服務提供者將重點轉向支持最嚴重、最嚴重的患者。這項需求與我們的策略一致，即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維持通氣或非侵入性通氣（包括雙水平支援）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成長與在冠狀病毒大流行期間投放市場的呼吸機的供應，以及平衡庫存與持續的急慢性通氣患者需求的客戶。

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.

我們一年多前在歐洲推出的 AirView for Ventilation 軟體解決方案繼續快速採用，並且我們繼續將技術擴展到世界各地。透過 AirView for Ventilation 提供的價值對醫生非常有幫助，不僅在新冠疫情期間，而且對於他們及其所在的醫療保健系統來說，它的持續價值也越來越大。

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 成為許多醫療系統中採用家庭通氣方案的患者的護理標準。

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體即服務業務。本季度，我們的 SaaS 業務在我們的市場組合中同比實現中個位數成長，包括家庭醫療設備以及基於設施和家庭的護理環境。家庭護理的持續成長為我們的家庭醫療設備和家庭健康產品提供了動力，當客戶利用我們的軟體和數據解決方案（包括 Brightree 和 Snap resupply）來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 業務中的一些垂直行業（尤其是熟練的護理機構）構成了挑戰。然而，隨著 SNF 和其他基於設施的護理環境中患者普查率的提高，我們看到了積極的趨勢。我們將繼續密切關注這一情況，因為全國案件的消退和流動速度越來越慢。我們預計這些 SaaS 垂直領域對技術投資的需求將被壓抑，隨著新冠疫情限制的不斷放鬆，這為我們提供了增加新客戶管道的機會。

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體解決方案組合時，我們預計 SaaS 營收將加速成長，到本財年末從中個位數成長到高個位數成長。一如既往，我們的目標是透過不斷創新並佔領市場份額，達到或超過這些市場成長率。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。我們擁有獨特的定位，並透過我們的 SaaS 產品組合為 ResMed 創造了差異化價值。我們已做好準備，透過持續的創新投資、卓越的商業合作夥伴關係以及透過策略併購和選擇性併購機會加速未來發展，實現永續成長。

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.

縱觀瑞思邁在睡眠和呼吸照護方面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，意味著我們處於有利地位，能夠在睡眠呼吸中止症、慢性阻塞性肺病、氣喘和其他慢性病等服務嚴重不足的呼吸醫療市場中繼續獲勝。

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.

我們正在大規模改變院外護理。我們在數位健康技術市場處於領先地位。目前，全球140 個國家/地區擁有超過100 億個夜晚、100 億個夜晚的雲端醫療數據以及床頭櫃上超過1550 萬台100% 可雲端連接的醫療設備，我們正在釋放這些數據的價值，以幫助患者、提供者和醫生、付款人和整個醫療保健系統。我們的使命和目標是在 2025 年透過更好的醫療保健改善 2.5 億人的生活，這項使命和目標每天都在推動和激勵我和 ResMedians。本季度我們在實現這一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 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 聽取他的演講之前，我想再次向 8,000 多名 ResMedians 表示誠摯的謝意和感謝，感謝他們在這個前所未有的時刻所堅持的、辛勤的工作和奉獻精神。在過去 18 個月裡，我們的 ResMed 團隊幫助拯救了世界各地數十萬新冠肺炎 (COVID-19) 患者的生命，滿足了這些緊急需求。在我們看到的一些最具挑戰性的行業動態期間，您現在已經回頭為我們所有的客戶提供持續的支援。

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。這樣，我會將電話轉交給雪梨的布雷特，然後我們將開始電話問答。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。在今天的演講中，我將概述 2022 財年第一季的業績。

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月份季度集團營收為9.04億美元，成長20%。以固定匯率計算，營收成長了 19%。收入成長反映出對我們的睡眠和呼吸照護設備的需求增加，這是由於睡眠患者流量從上一年季度受COVID-19 影響的減少水平中恢復過來，以及因我們的一家公司最近召回產品而導致的需求增加。

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 COVID-19 相關需求的增量收入約為 400 萬美元，而上一年季度 COVID-19 相關需求的增量收入估計為 4000 萬美元。排除 2021 年 9 月和 20 年 9 月兩個季度與 COVID-19 相關收入的影響，我們的全球收入按固定匯率計算增長了 25%。展望未來，我們預期 COVID-19 相關需求帶來的收入可以忽略不計。

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.

考慮到競爭對手召回的影響，我們估計 9 月所在季度的設備收入增量在 8,000 萬美元至 9,000 萬美元之間。

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.

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，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，成長了 22%。歐洲、亞洲和其他市場的銷售額總計 3.15 億美元，成長 23%，以固定匯率計算成長 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.

以產品細分來看，美國、加拿大和拉丁美洲的設備銷售額為 2.76 億美元，成長 40%。口罩及其他銷售額為2.15億美元，成長5%。在歐洲、亞洲和其他市場，設備銷售額總計 2.18 億美元，成長 24%；以固定匯率計算，成長 22%。歐洲、亞洲等市場的口罩及其他銷售額為 9,700 萬美元，成長 21%；以固定匯率計算，成長 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%，而口罩和其他產品的銷售額增長了 8%。排除本季和去年同期與 COVID-19 相關銷售的影響，全球設備銷售額按固定匯率計算增長了 44%，而口罩和其他銷售額按固定匯率計算增長了 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 月季度的軟體即服務收入為 9,800 萬美元，比去年同期成長 6%。對於 22 財年的剩餘時間，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 影響中普遍復甦、我們的下一代 AirSense 11 平台正在向其他市場和地區推出，以及在競爭對手召回期間分享收益。然而，正如上季報告的那樣，儘管我們正在努力提高製造產量，但我們將無法滿足競爭對手召回所帶來的預期需求，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.

正如米克之前所討論的，我們在一個非常動態的供應鏈環境中運作。根據現有的最新消息，我們仍然預計，2022 財年，組件供應限制將導致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。設備收入。特別是，直到 22 財年第四季度，我們的零件供應狀況才有任何改善。

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.

在今天的評論中，我將提及非公認會計原則數字。我們在第一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。 9 月季度的非 GAAP 毛利率下降 270 個基點至 57.2%，去年同期為 59.9%。下降的主要原因是製造和貨運成本上升、平均售價下降以及不利的貨幣走勢，但積極的產品組合部分抵消了這一影響，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. 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.

接下來是營運費用。我們第一季的 SG&A 費用為 1.77 億美元，成長 11%；以固定匯率計算，SG&A 費用與去年同期相比成長 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，受匯率變動的影響，我們預期 22 財年餘下的銷售、管理及行政費用 (SG&A) 佔營收的百分比將在 20% 至 22% 之間。該季度研發費用為 6 千萬美元，成長 10%；以固定匯率計算，成長 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.

研發費用佔營收的百分比為 6.6%，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，受匯率變動的影響，我們預期 22 財年餘下的研發費用將佔營收的百分比將在 7% 左右。

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.

本季收購的無形資產攤銷總額為 1,900 萬美元，本季股票補償費用為 1,700 萬美元。在營收強勁成長的推動下，本季我們的非 GAAP 營業利潤為 2.81 億美元，成長 18%。

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，我們與澳洲稅務局 (ATO) 敲定了和解協議，涵蓋 2009 年至 2018 年的轉讓定價審計，並就未來的轉讓定價原則達成協議。考慮到這項和解，我們先前在 21 財年財務表現中估計並記錄了 2.49 億美元的會計稅收儲備（扣除抵免額和扣除額）。關於本季和解的結論，我們記錄了 400 萬美元的額外 GAAP 稅收費用，該費用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%.

以 GAAP 計算，我們第二季的有效稅率為 21.3%，而以非 GAAP 計算，本季的有效稅率為 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.

該季度非 GAAP 淨利潤為 2.22 億美元，成長 20%。該季度非 GAAP 攤薄每股收益為 1.51 美元，成長 19%。我們本季的 GAAP 淨利潤為 2.04 億美元，本季 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.

由於與和解協議相關的澳洲稅務局支付了 2.85 億美元，我們本季的營運現金流為負 6,600 萬美元。調整這筆款項後，我們本季的營運現金流為 2.19 億美元，反映出強勁的基本收益，但部分被營運資本的增加所抵銷。

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.

該季度的資本支出為 2700 萬美元。 9 月季度的折舊和攤銷總額為 3,900 萬美元。本季度，我們支付了 6,120 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 9 月季度的損益表中記錄了與 Primasun 與 Verily 合資企業相關的 140 萬美元的股權損失。我們預計在 22 財年的剩餘時間內，每季將報告與合資企業營運相關的約 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較低。截至 9 月 30 日，我們現有的左輪融資工具下有近 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，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。我們也可能繼續部署資金用於收購，例如 Citus Health 和 Ectosense（我們於 10 月 1 日進行的收購）。

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. 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。現在，凱文，我想將通話轉回給您，以提供說明，然後進行通話的問答部分。

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

（操作員說明）今天我們的第一個問題來自 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換設備？

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。嗯，在我們完全垂直整合的市場中，這很容易，例如德國、韓國和全球其他市場、澳洲、紐西蘭等，我們能夠直接與這些患者和醫生合作實現這一目標。在法國或美國等其他市場，我們透過供應商開展工作，情況更加困難。但我們的競爭對手非常清楚地表明，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 個月的時間只是更換這些設備。坦白說，這是他們這樣做的道德和法律義務。所以他們全神貫注於此。

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這些垂直整合的市場中並透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送給新患者。可能有一些想要替代的患者會上網或經歷某些方面，以比飛利浦流程更快地繞過，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，既要滿足第一名玩家的需求，又要盡可能滿足第二名玩家的需求，我們已經達到了前端關鍵組件的容量。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.

今天我們的下一個問題來自高盛的克里斯庫柏。

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 億至 3.5 億美元的指導時，你有點無法量化口罩並且不願意這樣做。我只是希望今天能得到最新消息，了解您是否確實看到由於本季度 CPAP 顯著增加而對您的面罩銷售帶來任何相關好處？

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。如您所知，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多種多樣。上個季度我們給出了 3 億至 3.5 億美元設備的粗略指導，對嗎？它並不完美，因為我們預測 12 個月後的環境非常不確定。正如布雷特剛才重申的那樣，我們會堅持這一點，因為我們知道本季度我們實際上有 8000 萬到 9000 萬美元的收入，對吧？因此，我們剩下的人可以去爭奪這些組件，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，我可以交給負責睡眠和呼吸護理的吉姆·霍林斯黑德（Jim Hollingshead），他可以提供有關這個問題的更多細節，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，但有許多令人感動的因素。

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.

你看到我們這個季度的口罩成長，全球成長了 8%，美國市場成長了 5% 左右。我們面臨的不利因素是，雖然我們的第二名競爭對手沒有為盡可能多的新患者提供服務，而且我們也無法滿足所有需求，但新患者的數量卻減少了。而瑞思邁，無論設備是什麼，瑞思邁在新設備上的新口罩採用率都非常好，遠高於 50%，無論製造商是誰。因此，如果有新患者沒有接受任何治療，這對我們的業務來說是一個不利因素。

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，數量沒有那麼大，但順風將是，當它是瑞思邁設備時，有更高的可能性，因為它們被設計為協同工作，並且它們協同工作得更好，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，而瑞思邁是這方面的領導者。我們確實對此有很好的理解。

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，瑞思邁設備的依從率有所提高，但即使有競爭對手的設備，也存在一個不利因素，如果沒有設備存在，口罩銷量就會減少。因此，美國口罩增長了 5%，而我們作為一個行業滿足這種前期需求的能力有限。我認為這就是我能介紹的盡可能多的顏色，而無需為您進行量化。但我可以告訴你，對我們來說，在客戶和國家層級進行建模是一個複雜的移動方程，所以我也可以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，請讓我談談指導意見，即 3 億至 3.5 億美元。我的意思是，考慮到本季度我們已經收到了 8000 萬至 9000 萬美元的資金，考慮到供應方面的限制，我們能否談談您預計如何在今年剩餘時間內分階段進行？

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，一場完美風暴正在襲擊這個行業。因此，有這麼多的動態影響著我們，所以今天下午我正在打電話討論這個問題。我正在轉移我的注意力，通常只關注客戶和政府，並確保我們為睡眠呼吸中止症和氣喘服務的這個令人驚嘆的行業有需求，而且我花更多的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，我們對未來組件流動的最佳解讀是，你看一下，正如布雷特在準備好的評論中所說，我們實際上有相當好的流動，一些通過庫存，並在 80 美元的季度完成第一季的銷售額為100 萬至9,000 萬美元。由於零件短缺，12 月季度的情況將非常困難，而 3 月季度由於零件短缺，情況將非常困難。

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，因為我們收到了一些增加的信號，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。

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.

我們不會對其進行建模。我們有3億到3.5億美元。您可以減去 8000 萬至 9000 萬美元並對其進行建模。但如果我看的話，12 月會更困難，現在 3 月會更困難，然後在 6 月季度和 9 月季度釋放，隨著我們的一些新設計和新組件投入使用，情況會更糟然後我們就可以讓這個流程繼續下去。但看，它每天、每週都在變化。我期待著今天下午的電話可能會對此產生影響。但即使我今天與某人達成協議，正如我所解釋的那樣，也需要相當長的時間，就像供應鏈深處的五個層次的例子一樣，才能從代工廠流向晶片製造商，再到晶片製造商。

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.

所以我知道這不是一個具體的定量指導，大衛。這可能是我能為您提供的關於 2022 財年的最好的信息，以及我們在 23 年第四季度和第一季度的希望，因為我們開始看到這些組件真正開始釋放。

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

今天我們的下一個問題來自奧本海默的蘇拉吉·卡利亞（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?

我希望每個人都安全健康。 Mick，具體來說，關於飛利浦召回事件，如果可以的話，您能否向我們介紹美國與 OUS 之間的動態？這些股票收益的黏性有多大？除非我們的數學錯誤，否則看起來就像是面具與設備之間存在某種混合和匹配。只需給我們一些額外的顏色。我們真正想要了解的是，好吧，你會得到 3.5 億美元、4 億美元，無論增量是多少，這些的黏性有多大？你們對此有何計畫？

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.

謝謝你的提問，蘇拉吉。既然我已經回答了前三個問題，我就更正一下，我們的指導是3 億至3.5 億美元，而不是像您剛才所說的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?

但是吉姆·霍林斯黑德（Jim Hollingshead），你經營這家公司。你願意－你能給蘇拉吉盡可能多的顏色嗎？

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。謝謝蘇拉吉的提問。我認為這是一個非常好的問題。我只想支持我們在業務中試圖做的事情，與飛利浦召回無關，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產品，再次大幅改善患者體驗，顯著改善工作流程並降低提供者的成本，並使我們能夠從中長期改善結果。

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 是我們投放市場的設備，預計會獲得長期份額。我們對這個數字有內部目標，我們不會公開談論這個數字，但我們的計劃是與該設備分享。我們現在推出該設備的情況是，市場上排名第二的設備已經退出了新患者的市場。顯然，我們將佔據相當多的份額，因為我們可以將該產品投入市場，並且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的黏性有多大。我們的目標是讓它變得非常黏。但顯然，我們在這個市場上有很好的競爭對手，我們預計召回清除後不會達到 100% 的份額，但我們希望擁有一個比推出 AirSense 11 之前更高的數字，而且我們正在我們非常有信心能夠做到這一點。

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.

只是為了限制這一點，這個答案可能已經太長了，但為了限制這一點，我想說的是，我們在召回期間也設法獲得了一些口罩份額，我們的目標是保持其中一些也是如此。所以我認為我們在走出困境時會比進入困境時更強大。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.

今天我們的下一個問題來自瑞士信貸銀行的 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，我只是想多談一點，因為它確實比預期稍微令人失望。那麼本季美國市場的補給動態有什麼變化嗎？

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，格蕾特。我會嘗試一下，也許——吉姆也可以加入。但我可以告訴你，補給其實是非常強大的。我們有 Brighttree ReSupply。我們還擁有已納入 Brightree 平台的 Snap 技術，該技術推動了令人難以置信的補給。如果你還記得的話，整個 2020 年這一趨勢確實強勁。儘管一年前的這個時候爆發了新冠肺炎，但我們的口罩補給，也許是因為 HME 的關注，我們的口罩補給在一年前的這個時候就達到了頂峰。即使有了這些補償，我們仍然在補給方面取得了一些非常好的成績。

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，這其中存在阻力——當我們沒有照顧到所有新患者時，瑞思邁為​​新患者提供了超過 50% 的口罩，無論全球市場上的設備是誰的，這都是一個阻力在此次召回仍在繼續的同時，我們正在處理這個問題。但補給的推動力實際上很好地融入了這些數字中。我認為，如果你看看美國市場以外的市場，看看歐洲、亞洲和我們開展業務的其他140 個國家，你會發現這些地區的口罩產量實現了18% 的兩位數強勁增長，全球增長率約為8%，這考慮到新患者設定的阻力，這一點非常強勁。

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

但是吉姆，還有關於美國或其他地區的更多資訊嗎？

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，但我們的競爭非常大。新冠肺炎帶來了一股順風車，那就是患者——我們在過去三四個季度之前已經討論過這一點，但患者更注重擁有乾淨的口罩，對嗎？新冠疫情創造了一種心態：我想要一個新的口罩，我想要一個新的口罩，給病人。

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的患者群提供補給。事實上，我認為在飛利浦召回的背景下，從病患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。然後還有一些逆風。整個市場的逆風並未緩解，新病人開工量下降。而且，由於在新冠疫情期間，實驗室沒有開放，我們的新患者啟動速度較慢，因此在補給方面存在一些阻力，因為在此期間安裝的基礎沒有按照我們預期的方式增長。

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。對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補充。

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

今天我們的下一個問題來自加拿大皇家銀行 (RBC) 的克雷格黃潘 (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，問題是哪些地區的趨勢低於新冠疫情前的水平，哪些地區高於疫情前的水平。您能否給出不同市場屬於哪個類別的顏色？

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

謝謝你的提問，克雷格。我會將其交給我們的總裁兼營運長 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。所以我們看到需求確實過剩。正如米克之前所說，只是以不同的動力，你在所有面具上都看到了非常強烈的動力。

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.

事實上，我無法指出任何特定地區並說它表現不佳。在某些特定的國家，有時是當地的，當封鎖時，可能會缺乏診斷能力，你會看到這一點。但我們的團隊確實經歷過這一點並圍繞它進行管理。正如我所說，回顧一下，所有國家都表現強勁。

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，我可能會添加一點顏色。我的意思是很難說，因為你說“哪些地區？”，正如羅布所說，我們不能說哪些地區。即使你問更具體的問題，哪些國家，也很難說，因為在美國，有 50 個州，有不同的法規，其中一些是 100% 加容量，有些是 100% 加容量。 %。然後悉尼就起起落落，而中國不僅僅在那裡。那裡也有不同的地區。

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.

所以每天、每週、每個月都會有潮起潮落。但我們可以說，總的來說，它正在變得越來越好。很高興看到一些城市、一些州、一些國家 100% 度過難關，他們正在尋找接受數位健康、家庭睡眠呼吸中止測試和遠端設定的方法，以便我們能夠讓患者流過。那麼我們現在面臨的挑戰是，我們沒有足夠的組件來滿足那些持有處方的患者的所有需求，這也是目前真正關鍵的速率限制因素。

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

今天我們的下一個問題來自麥格理的大衛貝利。

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，瑞思邁將透過病患轉診網路獲得更多曝光。我只是想知道您是否從 DME 患者醫生那裡得到過有關瑞思邁產品的任何反饋或觀察結果？只是想知道該小組是否有任何觀察結果，以前可能較少使用瑞思邁？

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，這是一個很好的問題。我想每個人都接觸過瑞思邁的產品。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，我們獲得了很大比例的處方，實際上在我們開展業務的140 個國家中也獲得了份額。方面，或我們的一些競爭對手的設備或軟體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，他們正在被迫接觸，因為這是唯一可供新患者使用的瑞思邁在設備、軟體、系統和流程方面的驚人創新。如果他們對 90 年代嘗試過的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.

我確實認為，正如吉姆之前所說，其他品牌零件領域的一些新人會說：“哇，這實際上很棒。我的偏見是錯誤的。”我認為我們將獲得很多我們將永遠保持的份額。我認為當然，患者對品牌的接觸和了解增加。我的意思是，患者中瑞思邁的淨推薦值正在上升，他們對品牌的了解，無論好壞，透過這次可怕的回憶，他們開始了解自己擁有什麼設備。

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、提供者和技術人員一直都了解這些品牌，並且存在處方偏見和其他偏見，而我們透過我們真正強大的商業、臨床銷售團隊絕對可以影響這些偏見。現在我們也向新客戶提供該品牌名稱。所以我的意思是，對你的問題的簡短答案是肯定的，我們接觸到了新的消費者、新的醫生、新的提供者。我們認為，由於我們提供的價值，其中許多都會具有黏性。

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，但當您設定患者時，它代表著勞動力成本降低50%；當它代表著獲取報告的點擊次數減少了3 次；當它反映了一個可以連結到您的Epic 或Cerner 的API 時，您的國家健康信託系統非常高效，它真正成為您日常工作流程的一部分。我們認為這種份額是 ResMed 品牌的一部分，並將在這段時間內保持我們的強勁成長。

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

今天我們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?

這是為瑪格麗特配音的瑪吉·博耶。我今天想問一個關於毛利率的問題。我想說的是，本季的毛利率略好於預期，儘管仍在收縮。您能否談談其中的一些動態，以及考慮到當今的供應限制和貨運問題，您如何利用成本的增加？您如何看待未來的毛利率，特別是未來幾季的毛利率？

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。瑪吉，是的，毛利率與我們第四季的水準相當一致。我們仍然看到的巨大影響是對貨運成本的影響，這確實非常重要。所以我們一直——這對我們來說是一個很大的阻力。這就是其中的一些外匯影響。我認為我們已經達成協議了——這也是本季的一個阻力。我們確實在使用更高敏銳度設備的產品組合方面獲得了一些好處。因此，我認為是 bilevels、Astrals、Stellars、ASV 設備推動了本季有利的產品組合，從而提高了毛利率。所以這對我們來說有點順風順水。

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，挑戰仍然存在，貨運壓力仍然存在，零件成本仍然面臨壓力等等。所以我們需要密切注意這一點，但產品組合對我們來說非常好，這很有幫助。是的。總的來說，我們對本季的毛利率非常滿意。

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

今天我們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?

一組很棒的數字。米克，我知道您通常不會就您在本季度的價格或產品組合方面觀察到的情況進行太多討論。但話雖如此，您已經討論了供應限制，但您已經提供了您擁有的設備編號。您會如何—或者您能幫助我們描述您在本季觀察到的價格/銷售組合的情況嗎？

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。謝謝你的提問，肖恩。你是對的，我們不提供有關定價的詳細資訊。但顯然，這是一個前所未有的時代。正如您所看到的，成本正在上升，甚至在布雷特最後一次關於毛利率的回答中也是如此。貨運成本，我的意思是海運，在我以北僅 2 小時車程的 I-5 州際公路上，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。它正在實現，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.

空運方面，我們實際上包機從新加坡飛往洛杉磯，從新加坡飛往亞特蘭大，以滿足這一需求，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。它們實際上是消費型飛機，但裡面沒有消費者，實際上只是瑞思邁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.

這影響了我們的成本。我們正在做的一件事是推出 AirSense 11，我們以溢價推出它。這是出色的創新。它不僅是 ResMed 8 年來最好的平台，我認為它也是市場上最好的平台。因此，這值得溢價，因此我們將提取溢價。

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，取消一些我們過去使用過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，這是我們的商業團隊每天都會進行的逐一客戶、逐個地區的討論。但顯然，我們無法承擔所有為我們帶來的成本，我們正在與 Airsense 11 的發布合作，並在逐個客戶的基礎上與客戶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——我們的重點目標是確保我們照顧到通過該管道的每一位患者，我認為這就是您在上個季度所看到的。

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

今天我們的下一個問題來自 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?

這是弗蘭克替補安東尼。我們這邊有兩個問題。第一，飛利浦最近在美國批准的替代品——回扣泡沫——在美國 DME 中有何反應？然後是後續行動。我們聽到很多關於美國醫院人員短缺的消息。 MatrixCare 有潛在的動力嗎？或展望今年剩餘時間有哪些動態？

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.

謝謝你的提問，弗蘭克。聽著，我實際上不知道客戶對替換泡沫與我們競爭對手的替換設備有何看法。這是他們的工作來處理這個問題。如果我是病人，我想要一個替換設備。我想換掉我的，這就是我想說的。但我對此一無所知。我在公開場合看到，這方面非常非常缺乏強而有力的溝通。我可以告訴你，N 等於一，我沒有什麼好補充的。

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，我確實認為，正如我在準備好的演講中所說，我們正在看到基於設施的 SaaS——熟練護理設施的人口普查率正在開始上升。病床上的病人數量正在增加。事實上，正如您所說，我們認為對技術的需求被壓抑，可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，您對 MatrixCare 和 Brightree 家庭健康和臨終關懷中心還有什麼進一步的看法嗎？

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。實際上，這是我們SaaS 策略的基礎，這是一個長期問題，找到合適的員工並留住他們，處理培訓他們的成本，並找到能夠提供真正良好患者體驗的員工，這對所有企業來說都是一個巨大的挑戰。因此，我們相信我們的技術解決方案實際上可以讓員工的生活變得更好，讓他們更輕鬆地完成工作，更容易接受培訓，更有可能留在工作崗位上，而且效率也更高。

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策略的另一個驅動因素，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策略的驅動因素，這些人員短缺和挑戰確實推動了我們長期的SaaS 策略。從長遠來看，這將成為業務的推動力。

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.

那裡存在著很多很多短期因素。但正如 Mick 之前所說，儘管面臨挑戰，但我們看到了良好且有所改善的業績，特別是對於我們 SaaS 業務中的熟練護理機構。

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

今天我們的下一個問題來自賈登的史蒂夫惠恩。

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業務的有機成長相關。但如果我從本季的設備收入中剔除 9,000 萬美元，然後剔除 PCP 中的 4,000 萬美元活動銷售額，您將獲得超過 20% 的成長。您就是這樣描述新病人的情況的嗎？

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，澳洲的你們早安。我認為你沒有錯，我們將實現非常強勁的兩位數成長。這實際上是有道理的，而且當我們推出像 AirSense 11 這樣的新產品作為我們 8 年來的第一個平台時，傳統上就會發生這種情況。

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、觀看護理登記、個人治療或觀看睡眠技術人員和睡眠醫生住在加州睡眠中心等事情感到震驚社會的參與，不僅僅是行銷團隊的演示，而是與臨床團隊坐下來一起參觀這個設備，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，瑞思邁在設備領域的兩位數增長時間與競爭對手的召回無關，無論我們圍繞新冠病毒事件以及順風事件和逆風進行的比較如何一年前就診的睡眠呼吸中止症患者表明，我們看到睡眠空間確實強勁成長。

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.

正如吉姆之前所說，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推動患者接受治療。我要強調的一點是，越來越多的患者登入 myAir 並透過智慧型手機與 myAir 建立個人聯繫，以達到前所未有的水平。我說的是 AirSense 10 的使用率翻倍。

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

史蒂夫，感謝您提出問題並有機會強調這一點。

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 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。我們回到了大流行前的水平嗎？那麼請給我們更多關於新患者的信息，您認為過去幾個季度的趨勢是什麼？

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

好問題，約翰。我會把它交給吉姆·霍林黑德。

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演講中所說，測試能力已基本恢復正常。我想說，在美國市場，我們基本上已經恢復正常，而且實際上這可能有一些好處，因為在新冠危機期間，越來越多的睡眠實驗室越來越多，家庭睡眠測試更容易被睡眠實驗室採用，他們可能以前不會接受它。

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會更廣泛。我認為總的來說，你可以說，在美國，檢測能力已經恢復正常，也許有所上升，儘管它的形式看起來有點不同。

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.

還有一個原因是——它因 Delta 變體所發生的情況以及醫療保健系統所發生的情況而有很大差異。但總的來說，我想說，在歐洲等地出現的新患者正在恢復到新冠疫情前的正常狀態。有些國家的情況略有不同。在某些情況下，您的衛生系統仍然得到了一些支持，對吧？因此，特別是在基於醫院的系統中，診斷可能會備份，但讓患者接受治療的實際能力現在可能有點瓶頸。所以存在著被壓抑的需求和類似的事情。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.

我想補充一點，我們決定繼續收購 Ectosense 的原因之一是，我們確實希望讓患者更容易了解他們是否有睡眠問題。所以在一些市場，Ectosense會被用來當作篩選器。在一些市場，Ectosense 已經被用作診斷工具。但該技術的患者體驗非常非常簡單，非常容易做到。因此，我們正在透過這次收購來進一步打開通路。

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 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?

我只是想談談瑞思邁和經銷商的庫存水準。因此，在您的資產負債表上，我看到與上季度相比庫存水平更高。您能談談這對第二季的設備銷售意味著什麼嗎？但另一方面，如果我們看看您所在的不同地區，從我們的角度來看，我們會發現美國比歐洲有更大的瓶頸。那麼您是否了解美國和歐洲經銷商的庫存水準如何？

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 庫存以及那裡的庫存建設情況的問題的第一部分交給 Brett。然後我會將有關歐洲、美國和歐洲之間的 HME、HCP 和分銷商庫存的第二部分交給 Jim Hollingshead。

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

布雷特，先交給你，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，在庫存中，該欄位的許多內容反映了我們庫存中原材料的組成部分。我認為，我們確實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生產的任何優勢。因此，一旦我們獲得電子元件，就有很多元件可以使用了。所以我們對此非常深思熟慮。

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，實際上只是想應對這些供應中斷。我們看到的另一個重大問題是，隨著海運、空運交貨時間的增加，交貨時間可能會增加到兩週甚至四週。因此，我們持有的庫存更多，我想很多公司也會看到這一點。因此，我認為，這些物流延誤也導致了更多的運輸途中的庫存。

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，我們也運行 AS 10、AS 11 雙平台，這確實可以支援市場需求。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導致我們的庫存水準略低。庫存天數合理。因此，當我們加入這些組件時，我認為這確實是在努力支持整體生產，而這才是癥結所在。

Our next question today is coming...

今天我們的下一個問題來了…

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

哦。堅持，稍等。抱歉，吉姆要回答第二部分。

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.

我只是補充一下 Lyanne 的問題。不，沒關係。我將補充 Lyanne 問題的後半部分，即我認為可以非常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逐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情況。

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，我們報告的季度顯然是強勁的，但我們正在瘋狂地努力提高製造供應並將產品推向市場。作為一個行業，該行業的製造商無法滿足需求。因此，這讓我們的客戶陷入了非常困難的境地，他們感到沮喪，我們理解他們的沮喪。我們正在盡最大努力盡快建立產品並儘快交付，因為我們知道市場供應不足，這使我們的客戶面臨巨大的壓力。

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

今天我們的下一個問題來自巴倫喬伊的索爾·哈達辛 (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，如果線路有點破裂。但 Mick，我想問一個關於 SaaS 的簡單問題。您提到到 22 財年末成長將達到較高個位數。您能談談這種成長的驅動因素是什麼嗎？給您帶來信心的提升的關鍵驅動因素可能是什麼？

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。我將開始向 Rob 詢問更多詳細資訊。看，我們有 Bobby Ghoshal，我們的 SaaS 部門新任總裁。我可以告訴你，他在過去五週一直在起步，當然，我們看到了一些加速成長的絕佳機會。我認為看，我在我們之前討論的準備發言中談到的外部性，即熟練護理設施普查正在恢復，因此需求正在恢復。我們看到這本書或管道書開始增加。在 SaaS 業務中，這非常棒，因為當管道建立起來時，您可以獲得轉化，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，我們獲得了相當好的可見性，甚至在 3、6、9 個月後就能看到成長的加速。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，憑藉 MatrixCare 真正優秀的產品，MatrixCare 業務的一些成長將開始加速。此外，Brightree 和 Snap，儘管他們對 Snap 的一些收購進行了年度化，但我們看到這些補給和 Brightree 研發團隊正在推向市場的一些真正新的創新工具得到了很好的採用。

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?

鮑比此前曾擔任該公司的首席營運官，對此非常了解。我認為這將在本財年剩餘時間內加速。但是 Rob，有很多——有八個垂直領域。您還有哪些因素相信我們可以加速這項業務？

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.

我認為你已經涵蓋了其中的許多內容，米克，但團隊也真正專注於執行力，我們非常有信心他們正在推動執行力。米克提到了這項創新。該團隊有很強的創新心態。我們已經向市場推出了很棒的新產品和很棒的新想法，並真正簡化了我們的重點。其中很大一部分還在於銷售方面的執行，讓銷售團隊能夠建立管道，然後隨著情況的緩解，越來越多地進行面對面的訪問，以讓這些部署得以進行。所以我們對該業務充滿信心。

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

今天我們的下一個問題來自 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.

光是看第四季度，您就指導了 3 億至 3.5 億美元。當時，您非常明確地表示，直到下半年我們才應該期待經濟的提升。今天，您建議第一季和第四季成長，而您僅在第一季就實現了幾乎總成長的 30%。

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?

因此，最重要的是，布雷特剛剛表示，您已經建立了小型材料庫存。那麼您能解釋一下自那時以來發生了什麼變化嗎？為什麼 - 第二和第三季的下降機制是什麼？

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晶片，我知道這些供應鏈的名稱和人員，我正在與他們交談以嘗試獲得這種供應。問題在於還有多個其他行業。對半導體晶片的需求也不斷增加。

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，參加這次電話會議的每個人都關注許多其他行業。您已經聽說過，在醫療設備行業、汽車行業、消費通訊行業，我們並不孤單，甚至消費產品現在也經常透過雲端連接並具有這些限制。所以看，過去 90 天供應情況並沒有改善。他們的處境非常困難。

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.

當我看到六月季度時，我們的可見度，我對半導體晶片的發展非常有信心。但在 12 月和 3 月，這些設備、包機和重新設計工作都處於勉強糊口的狀態，以確保半導體晶片投入使用。億美元，這本身就是一個相當廣泛的範圍，並且在其頂部和底部有一些正負，隨著我們看到的供應，我們對6 月季度的供應感覺更強，而它並不那麼強。現在距離 12 月 1 日越來越近了，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.

但你看，事情可能日復一日、週復一周、月復一月發生變化。我們正在做的是，我們在供應鏈方面一如既往地開放，並且對於這些組件的流動變化（如果你願意的話）保持透明。一個設備並進入了一名患者。這就是事實。該庫存沒有庫存。它一路直通生產。我們在新加坡、雪梨和喬治亞州亞特蘭大都有一座高效能工廠，而且我們的內部產能不受限制。一旦該部分進入，即限速瓶頸部分，它就會進入產品，到達客戶。這就是我們關注的重點。我將盡可能圍繞這一點進行定性描述。

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。我想將發言權交還給法雷爾先生，以徵求進一步的結論。

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，並再次感謝我們所有的股東在這裡多待了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ResMedians，他們中的許多人也是聽取這一呼籲的股東，感謝他們的奉獻和辛勤工作，幫助140 個國家/地區的人們更好地呼吸、睡得更好，並在醫院外過更好的生活。感謝您今天和每一天所做的事情。

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.

特別感謝在這場危機期間奮戰在前線的瑞思邁英雄、病患照護、技術服務、銷售團隊每天與客戶合作，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。您獲得的每一顆晶片都會改變患者的生活。因此，我期待 90 天內再次與大家、我們所有的利害關係人交談。

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

謝謝。我會把電話轉回給艾米結束。

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。我們感謝您的興趣和您的時間。如果您還有任何其他問題，請隨時直接聯絡。我們的 2022 年第一季電話會議到此結束。凱文，你現在可以把我們拒之門外了。

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路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。