瑞思邁 (RMD) 2021 Q3 法說會逐字稿

Welcome to the Q3 Fiscal Year 2021 ResMed Earnings Conference Call.

歡迎參加 ResMed 2021 財年第三季度收益電話會議。

My name is Celine, and I will be your operator for today's call.

我叫席琳，我將擔任今天電話的接線員。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the call over to Amy Wakeham, Vice President of Investor Relations and Corporate Communications.

我現在將把電話轉給投資者關係和企業傳播副總裁 Amy Wakeham。

Amy, you may begin.

艾米，你可以開始了。

Great.

偉大的。

Thank you, Celine.

謝謝你，席琳。

Hello, everyone, and welcome to ResMed's Third Quarter Fiscal Year 2021 Earnings Call.

大家好，歡迎參加瑞思邁 2021 財年第三季度收益電話會議。

We appreciate you joining us.

我們感謝您加入我們。

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 release and presentation, both of which are available now.

此次電話會議正在進行網絡直播，今天晚些時候將在我們公司網站的投資者關係部分提供重播，以及收益報告和演示文稿的副本，兩者現已提供。

With me on the call today are CEO, Mick Farrell; and CFO, Brett Sandercock.

今天與我一起參加電話會議的是首席執行官米克·法雷爾 (Mick Farrell)；和首席財務官布雷特·桑德科克。

Other members of our management team will be available during the Q&A portion, following our prepared remarks.

在我們準備好的發言之後，我們管理團隊的其他成員將在問答部分參與。

During today's call, we will discuss some non-GAAP measures.

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。

For a reconciliation of the non-GAAP measures, please review the notes in today's earnings press release or in the appendix of the earnings presentation.

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。

As a reminder, our discussion today may include forward-looking statements, including, but not limited to, expectations about ResMed's future performance.

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業績的預期。

We believe these statements are based on reasonable assumptions, however, our actual results may differ.

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。

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.

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存在重大差異的風險因素。

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

我現在想把電話轉給米克。

Thanks, Amy, and thank you to all of our shareholders for joining us today as we review results for the March quarter, the third quarter of our fiscal year 2021.

謝謝艾米，也感謝我們所有的股東今天加入我們，我們將審查 2021 財年第三季度 3 月份季度的業績。

On today's call, I'll provide a high-level overview of our Q3 business metrics, and then I'll hand the call over to Brett for further detail on our financial results.

在今天的電話會議上，我將提供我們第三季度業務指標的高級概述，然後我會將電話轉交給布雷特，以獲取有關我們財務業績的更多詳細信息。

I will review progress towards ResMed's 2025 strategic goals, including execution highlights against our quarterly and our annual operating priorities.

我將回顧瑞思邁 2025 年戰略目標的進展情況，包括針對我們季度和年度運營優先事項的執行要點。

A year ago today, when we discussed our March 2020 results, we were only just beginning to understand the scope of the COVID-19 pandemic.

一年前的今天，當我們討論 2020 年 3 月的結果時，我們才剛剛開始了解 COVID-19 大流行的範圍。

Much of our business, particularly in the United States, had not yet been significantly impacted.

我們的大部分業務，特別是在美國的業務，尚未受到重大影響。

However, outside the U.S., countries including China and Italy were already in the midst of emergency needs.

然而，在美國之外，包括中國和意大利在內的國家已經處於緊急需求之中。

We quickly mobilized our supply chain and global operations to address and support ventilation needs worldwide, producing over 150,000 ventilators.

我們迅速動員我們的供應鍊和全球運營來滿足和支持全球的通風需求，生產了超過 150,000 台呼吸機。

We accelerated the production and distribution of noninvasive and life support ventilators and mask systems to those in need, resulting in an incremental $35 million of COVID-related revenue during the March 2020 quarter.

我們加快了無創和生命支持呼吸機和麵罩系統的生產和分發給有需要的人，導致 2020 年 3 月季度的新冠相關收入增加了 3500 萬美元。

I'm incredibly proud of how we quickly pivoted our business to meet that need, providing life-saving solutions around the world so that healthcare systems were prepared with the resources needed to treat patients who are fighting COVID-19.

我對我們如何迅速調整業務以滿足這一需求、在世界各地提供拯救生命的解決方案感到無比自豪，以便醫療保健系統準備好治療與 COVID-19 作鬥爭的患者所需的資源。

Today, one year later, the countries we operate in are at various different stages of the post-COVID peak recovery process in terms of getting to normal patient flow.

一年後的今天，我們開展業務的國家在恢復正常患者流量方面正處於新冠疫情后高峰恢復過程的各個不同階段。

We see a range of -- from 70% of pre-COVID patient flow in some countries, up to 90% of pre-COVID patient flow in other countries.

我們看到了一系列的情況——從某些國家/地區 70% 的新冠疫情前患者流量，到其他國家/地區的 90% 的新冠疫情前患者流量。

Vaccines are steadily rolling out in the United States, the U.K. and many other countries worldwide.

疫苗正在美國、英國和世界許多其他國家穩步推出。

We still see significant impact from ongoing second, third and fourth waves of infection in some countries in Europe as well as in South America and Asia, and especially right now in the country of Brazil and in particularly India.

我們仍然看到歐洲、南美洲和亞洲一些國家正在進行的第二波、第三波和第四波感染帶來的重大影響，特別是目前在巴西和印度。

Our team is working with hospitals and healthcare providers in those 2 countries and beyond for preservation of life, making sure that they have ventilators, masks and the training that they need to use them.

我們的團隊正在與這兩個國家及其他國家的醫院和醫療保健提供者合作，以挽救生命，確保他們擁有呼吸機、口罩並接受使用它們所需的培訓。

We continue to support the frontline respiratory therapists and the physicians who are there on the ground as well as providers, patients and ResMedians throughout the 140-plus countries that we operate in.

我們繼續為我們開展業務的 140 多個國家的一線呼吸治療師和現場醫生以及提供者、患者和 ResMedians 提供支持。

We're pleased with the steady progress that we are seeing in getting new sleep apnea, COPD and asthma patients diagnosed.

我們對在診斷新的睡眠呼吸暫停、慢性阻塞性肺病和哮喘患者方面取得的穩步進展感到高興。

Excluding the $35 million of COVID-related ventilator sales in the March 2020 quarter, our team delivered positive sales growth across our core sleep apnea and respiratory care business this quarter on both the headline and constant currency basis.

排除 2020 年 3 月季度與新冠病毒相關的呼吸機銷售額 3500 萬美元，我們的團隊本季度在核心睡眠呼吸暫停和呼吸護理業務中實現了整體銷售和固定匯率的正銷售增長。

We forecast a steady improvement trend of patient flow for sleep apnea and COPD and asthma continuing as we move through 2021 and into 2022.

我們預測，隨著 2021 年和 2022 年的到來，睡眠呼吸暫停、慢性阻塞性肺病和哮喘患者流量將持續穩步改善。

We expect this progress to accelerate as global vaccination rates continue.

我們預計，隨著全球疫苗接種率持續上升，這一進展將會加速。

We are encouraged to see that patients, physicians and providers around the world are adopting digital health tools for remote patient screening, home-based testing, remote patient monitoring and ongoing patient management.

我們很高興看到世界各地的患者、醫生和服務提供者正在採用數字健康工具進行遠程患者篩查、家庭檢測、遠程患者監測和持續患者管理。

I'd like to be clear that the ventilation sales that we made in 2020 will be part of our comparables for the next 2 quarters.

我想明確的是，我們 2020 年的通風銷售額將成為未來兩個季度可比銷售額的一部分。

In the June 2020 quarter, we recognized $125 million in COVID-related ventilator sales.

在 2020 年 6 月季度，我們確認與新冠病毒相關的呼吸機銷售額為 1.25 億美元。

And in September 2020 quarter, we recognized $40 million in such revenue.

在 2020 年 9 月季度，我們確認了 4000 萬美元的此類收入。

Over the coming quarters, we expect to continue to show strong positive year-over-year revenue growth excluding these onetime sales from 2020.

在接下來的幾個季度中，我們預計收入將繼續呈現強勁的同比收入增長，不包括 2020 年的一次性銷售。

As we look further forward, we see a clear path to double-digit revenue growth in the back half of our fiscal year 2022 across our full business, powered by opening economies and our pipeline of new technology and innovation.

展望未來，我們看到在開放經濟體以及新技術和創新渠道的推動下，我們整個業務在 2022 財年後半段實現兩位數收入增長的明確道路。

Our headline results were impacted this quarter by an accounting reserve we took in connection with discussions with the Australian Tax Office, or ATO, regarding their ongoing audit dating back to fiscal year 2009.

我們本季度的總體業績受到了與澳大利亞稅務局 (ATO) 就其自 2009 財年以來正在進行的審計進行討論而採取的會計準備金的影響。

Brett has been leading those discussions and will speak to the details in his remarks.

布雷特一直在主導這些討論，並將在他的講話中詳細闡述細節。

I will make this statement: ResMed pays significant taxes in countries around the world, and we operate in over 140 countries, helping people sleep better, breathe better and live better lives well away from the hospital.

我要發表這樣的聲明：瑞思邁在世界各國繳納大量稅款，我們在 140 多個國家開展業務，幫助人們在遠離醫院的地方睡得更好、呼吸得更好、生活得更好。

Brett and his team are working towards a final resolution of these transfer pricing discussions dating back over 12 years with the ATO.

Brett 和他的團隊正在努力解決與 ATO 長達 12 年來的轉讓定價討論。

So we have taken this $255 million reserve.

所以我們拿走了這 2.55 億美元的儲備金。

We believe that resolving these discussions is the pragmatic thing to do for all of our stakeholders so that we can put this behind us and focus all of our efforts on our core mission of improving lives in respiratory medicine around the world.

我們相信，解決這些討論對於我們所有利益相關者來說都是務實的事情，這樣我們就可以把這些問題拋在腦後，將所有努力集中在改善世界各地呼吸醫學生活的核心使命上。

During the third quarter of fiscal year 2021, we generated over $196 million in operating cash, allowing us to return $57 million in cash dividends to shareholders.

在 2021 財年第三季度，我們產生了超過 1.96 億美元的運營現金，使我們能夠向股東返還 5700 萬美元的現金股息。

We also increased our R&D investments in the period in digital health technology as well as R&D for hardware, embedded software and clinical research while maintaining financial discipline with reduced SG&A and other operating costs.

在此期間，我們還增加了數字健康技術以及硬件、嵌入式軟件和臨床研究的研發投資，同時保持財務紀律，降低銷售管理費用和其他運營成本。

We have seen increased demand for our digital health solutions from patients, physicians, providers and healthcare systems around the world as they embrace remote patient engagement and adopt population health management.

我們看到世界各地的患者、醫生、醫療服務提供者和醫療保健系統對我們的數字健康解決方案的需求不斷增加，因為他們接受遠程患者參與並採用人口健康管理。

We are the clear leader in this field with over 14 million cloud-connectable medical devices in the market.

我們是該領域明顯的領導者，市場上有超過 1400 萬台可連接雲的醫療設備。

And our ongoing and increasing investments in digital health innovation will ensure we provide superior value to patients, physicians and providers to be their partner of choice.

我們對數字健康創新的持續和不斷增加的投資將確保我們為患者、醫生和提供商提供卓越的價值，成為他們的首選合作夥伴。

We don't take our leading market share position for granted.

我們並不認為我們領先的市場份額地位是理所當然的。

We fight for it every day through innovation.

我們每天都通過創新為之奮鬥。

Our digital technologies are a growth catalyst for our business.

我們的數字技術是我們業務增長的催化劑。

We have an exciting pipeline of innovative solutions that will generate both medium and long-term value, with an industry-leading IP portfolio, including over 8,000 patents and designs.

我們擁有一系列令人興奮的創新解決方案，將產生中長期價值，並擁有行業領先的知識產權組合，包括 8,000 多項專利和設計。

We now have over 8.5 billion nights of respiratory medical data in our cloud-based platform called Air Solutions.

現在，我們名為 Air Solutions 的雲平台中擁有超過 85 億個夜晚的呼吸醫療數據。

We have over 15.5 million patients enrolled in our cloud-based AirView software solution.

我們有超過 1550 萬名患者註冊了我們基於雲的 AirView 軟件解決方案。

And we also have over 105 million patients managed within our Software as a Service network for out-of-hospital healthcare.

我們的軟件即服務網絡還管理著超過 1.05 億患者，用於院外醫療保健。

These incredible data assets allow us to unlock value for all of our customers, patients, physicians, providers as well as private and government payers.

這些令人難以置信的數據資產使我們能夠為所有客戶、患者、醫生、提供商以及私人和政府付款人釋放價值。

Let me take a few minutes to share some recent clinical highlights that show how we are working with researchers to advance the field of sleep and respiratory medicine with these data and beyond.

讓我花幾分鐘時間分享一些最近的臨床亮點，展示我們如何與研究人員合作，利用這些數據及其他數據來推進睡眠和呼吸醫學領域的發展。

During 2020, an important 30-year duration study was published in the European Respiratory Journal, following over 4,500 diagnosed OSA patients to better understand the long-term impacts of untreated sleep apnea.

2020 年，《歐洲呼吸雜誌》發表了一項為期 30 年的重要研究，對 4,500 多名確診的 OSA 患者進行了追踪，以更好地了解未經治療的睡眠呼吸暫停的長期影響。

The study showed that untreated sleep apnea leads to high incidence of myocardial infarction or heart attack, high incidence and prevalence of type 2 diabetes, and high incidence of ischemic heart disease.

研究表明，未經治療的睡眠呼吸暫停會導致心肌梗塞或心髒病的高發病率、2型糖尿病的高發病率和患病率以及缺血性心髒病的高發病率。

This real-world clinical analysis is showing that what we've known for over 3 decades: sleep apnea is a public health epidemic that simply can't be ignored.

這項現實世界的臨床分析表明，我們 30 多年來所知道的事實是：睡眠呼吸暫停是一種不容忽視的公共衛生流行病。

In terms of clinical quality of life improvement from CPAP therapy, the data are also clear.

在CPAP治療改善臨床生活質量方面，數據也很明確。

In late 2019, the multicenter, randomized controlled trial called MERGE, was published in the journal, Lancet Respiratory Medicine.

2019 年底，名為 MERGE 的多中心隨機對照試驗發表在《柳葉刀呼吸醫學》雜誌上。

The results were that patients randomized to CPAP demonstrated clear improvement in quality of life for CPAP patients versus standard of care with symptomatic benefits, including reductions in sleepiness as well as improvements in fatigue and importantly, depression, a key part of mental health.

結果顯示，與標準護理相比，隨機接受 CPAP 治療的患者的生活質量明顯改善，並具有症狀益處，包括減少嗜睡和改善疲勞，重要的是，改善抑鬱症（心理健康的關鍵部分）。

Importantly, these results were evident in both mild as well as moderate and severe sleep apnea.

重要的是，這些結果在輕度、中度和重度睡眠呼吸暫停中都很明顯。

In terms of economic data and a dose-response relationship from CPAP therapy, the data are also unequivocal.

在經濟數據和 CPAP 治療的劑量反應關係方面，數據也很明確。

In 2019, a study was published in the Journal of Clinical Sleep Medicine showing a quantified dose response relationship from CPAP therapy.

2019 年，《臨床睡眠醫學雜誌》上發表的一項研究顯示了 CPAP 治療的量化劑量反應關係。

So for every additional hour of positive airway pressure use, there was an 8% decrease in hospital inpatient visits and a 4% decrease in overall physician visits.

因此，氣道正壓通氣每增加一小時，住院患者就診次數就會減少 8%，總醫生就診次數就會減少 4%。

In other words, treating sleep apnea with our CPAP therapy not only improves lives, it also saves money for the healthcare system by lowering total healthcare utilization costs.

換句話說，用我們的 CPAP 療法治療睡眠呼吸暫停不僅可以改善生活，還可以通過降低總醫療保健使用成本為醫療保健系統節省資金。

During the quarter, we saw the publication of a draft technology assessment from the Agency for Healthcare Research and Quality, or AHRQ, here in the U.S. market.

本季度，我們看到美國市場醫療保健研究與質量局 (AHRQ) 發布了一份技術評估草案。

AHRQ sort input and ResMed-filed public comments, along with comments from many physician groups, sleep apnea patient advocates, provider groups and beyond.

AHRQ 對輸入內容和 ResMed 提交的公眾評論進行排序，以及來自許多醫生團體、睡眠呼吸暫停患者倡導者、醫療服務提供者團體等的評論。

I won't repeat all the details of those public comments, but I will say this, we presented peer-reviewed and published data showing that CPAP therapy improves quality of life, reduces healthcare costs and even reduces mortality.

我不會重複這些公眾評論的所有細節，但我要說的是，我們提供了經過同行評審和發布的數據，表明 CPAP 治療可以改善生活質量，降低醫療成本，甚至降低死亡率。

In short, these data prove that in partnership with our physician and provider colleagues in the market, we are saving lives and saving money for the healthcare system through our medical technology.

簡而言之，這些數據證明，通過與市場上的醫生和提供商同事合作，我們正在通過我們的醫療技術拯救生命並為醫療保健系統節省資金。

We have peer-reviewed and published data showing that a reduction in incidence of heart attack, a reduction in hypertension as well as a reduction in the incidence of solid cell cancer tumors.

我們經過同行評審並發表的數據顯示，心髒病發作率降低、高血壓發生率以及實體細胞癌腫瘤發生率降低。

All of these are logical sequelae of the elimination of hypoxia that is associated with CPAP therapy in treated sleep apnea patients.

所有這些都是在治療睡眠呼吸暫停患者中消除與 CPAP 治療相關的缺氧的邏輯後遺症。

We are encouraged by technical studies completed by the National Institute of Clinical Effectiveness, the acronym is NICE, in the U.K. Just last month, NICE made public their 2021 draft guidelines that recommend that CPAP therapy, along with telemonitoring, is the frontline treatment option for patients with mild OSA.

我們對英國國家臨床有效性研究所（縮寫為 NICE）完成的技術研究感到鼓舞。就在上個月，NICE 公佈了 2021 年指南草案，建議將 CPAP 治療與遠程監護一起作為輕度 OSA 患者的一線治療選擇。

That would be an expansion of coverage in the U.K. and also an expansion of the use of digital health technology in that market.

這將擴大英國的覆蓋範圍，也將擴大數字醫療技術在該市場的使用。

Similarly, the Ministries of Health in France, Germany and Japan have seen the value of digital health in sleep apnea therapy and have begun investing reimbursement funds in this space.

同樣，法國、德國和日本的衛生部也看到了數字健康在睡眠呼吸暫停治療中的價值，並開始在這一領域投資報銷資金。

It's great to see this expansion of coverage for sleep apnea therapy and digital health around the world as governments see improvement in outcomes and reductions in total healthcare system costs with this technology.

很高興看到世界各地睡眠呼吸暫停治療和數字健康的覆蓋範圍擴大，因為政府看到這項技術的結果得到改善並降低了醫療系統總成本。

While we respect the work of AHRQ, we, along with many other academic research-focused institutes and practicing physician groups, believe that they bypassed a generation of data in real-world evidence that needs to be taken into account, along with their own select group of RCTs in the draft report.

雖然我們尊重 AHRQ 的工作，但我們與許多其他以學術研究為重點的機構和執業醫師團體一起認為，他們繞過了需要考慮的現實世界證據中的一代數據，以及他們自己在報告草案中選擇的隨機對照試驗組。

We are optimistic that the final report when issued will reflect the preponderance of real-world evidence and broader RCTs, showing both the clinical and economic benefits of treating sleep apnea with positive airway pressure.

我們樂觀地認為，最終報告發佈時將反映現實世界證據和更廣泛的隨機對照試驗的優勢，顯示通過氣道正壓治療睡眠呼吸暫停的臨床和經濟效益。

Okay.

好的。

Let me now update you on our top-3 ResMed strategic priorities.

現在讓我向您介紹瑞思邁三大戰略重點的最新情況。

These 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 globally scalable digital health solutions; and three, to innovate and grow the world's best software solutions for care delivered outside the hospital and preferably, in a person's home.

這些是：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；二是設計、開發和提供世界領先的醫療設備以及全球可擴展的數字健康解決方案；第三，創新和發展世界上最好的軟件解決方案，用於在醫院外（最好是在家中）提供護理。

In our core market of sleep apnea, we continue to see sequential improvement in new patient diagnosis trends as we seek to provide solutions for the 936 million people worldwide who suffocate every night.

在我們的睡眠呼吸暫停核心市場中，我們不斷看到新的患者診斷趨勢不斷改善，因為我們致力於為全球 9.36 億每晚窒息的人提供解決方案。

The rate of new patients starting sleep apnea therapy in the U.S. was impacted by the typical seasonality that we see in the March quarter, primarily as a result of insurance deductibles resetting at the start of each calendar year.

在美國，開始睡眠呼吸暫停治療的新​​患者的比率受到我們在三月份季度看到的典型季節性的影響，這主要是由於保險免賠額在每個日曆年年初重置的結果。

This seasonal impact affects devices more than mask systems, given the incremental cost of diagnosis and the relative price points of the 2 categories.

考慮到診斷成本的增量以及兩類產品的相對價格點，這種季節性影響對設備的影響大於面罩系統。

We expect sequential growth in sleep and respiratory care as we move past this typical seasonality.

我們預計，隨著這一典型季節性的到來，睡眠和呼吸護理將出現連續增長。

We continue to see strong ongoing mask and accessory resupply in the U.S. market and beyond.

我們繼續看到美國市場及其他地區的口罩和配件補給持續強勁。

New patient flow during the quarter was impacted by the recent COVID-related case surges in select countries in Asia and Europe, including 2 large markets, France and Germany.

本季度新增患者流量受到亞洲和歐洲部分國家（包括法國和德國這兩個大市場）近期新冠相關病例激增的影響。

We see that impact the number of patients going for clinic-based diagnosis pathways in these affected countries.

我們發現這會影響這些受影響國家中尋求臨床診斷途徑的患者數量。

We expect to see these markets reopen, along with hospitals, as vaccines continue to roll out and as we see further scaling of the remote home-based diagnostic capacity.

隨著疫苗的不斷推出以及遠程家庭診斷能力的進一步擴大，我們預計這些市場以及醫院將重新開放。

Clearly, the kinetics of opening of these economies and the rate of vaccination rollout are beyond our control.

顯然，這些經濟體開放的動力和疫苗接種的速度超出了我們的控制範圍。

However, we can control our investments in digital solutions for our physician and provider partners, which we are doing at increasing velocity and with scalable systems and processes.

然而，我們可以控制我們對醫生和提供商合作夥伴的數字解決方案的投資，我們正在以越來越快的速度並通過可擴展的系統和流程來做到這一點。

More broadly, we are seeing growth in total sleep -- total new sleep apnea, COPD and asthma patient flow.

更廣泛地說，我們看到總睡眠量——新的睡眠呼吸暫停、慢性阻塞性肺病和哮喘患者流量——的增長。

And we expect to see this improve over time in our portfolio of 140 country markets each quarter.

我們預計每個季度我們的 140 個國家/地區市場投資組合中的這種情況都會隨著時間的推移而有所改善。

Importantly, our market-leading share position has remained stable across both masks and devices, and we're excited about our future pipeline.

重要的是，我們在口罩和設備方面的市場領先份額保持穩定，我們對未來的產品線感到興奮。

We rarely talk about our future pipeline as those who have followed us for a period of time know.

正如那些關注我們一段時間的人所知，我們很少談論我們未來的管道。

But today, I would like to open up the curtain just a little bit on our next-generation sleep apnea platform.

但今天，我想稍微揭開我們下一代睡眠呼吸暫停平台的帷幕。

You may have seen some recent U.S. regulatory filings that we made for our next-generation flow generator platform called the AirSense 11.

您可能已經看到了我們最近為名為 AirSense 11 的下一代流量發生器平台提交的一些美國監管文件。

Clearly, there are multiple steps in the process to bring this new platform to global markets and these public regulatory filings are simply one important step, but we are making good progress.

顯然，將這個新平台推向全球市場的過程需要多個步驟，這些公開監管備案只是重要的一步，但我們正在取得良好進展。

Earlier this month, we started a limited controlled product launch of the AirSense 11 in certain parts of the United States.

本月早些時候，我們開始在美國某些地區進行 AirSense 11 的有限受控產品發布。

We expect to move to a broader commercial launch of the platform later this calendar year in the U.S. and then to country markets worldwide in sequence after that.

我們預計今年晚些時候該平台將在美國進行更廣泛的商業發布，然後依次進入全球國家市場。

For now, I can say that as a personal user of our CPAP therapy, I have firsthand knowledge that the AirSense 11 device will benefit patients and their bed partners.

現在，我可以說，作為我們 CPAP 治療的個人用戶，我擁有第一手資料，即 AirSense 11 設備將使患者及其床伴受益。

And our early data show that the device and software platform combination will benefit physicians, providers, payers and beyond, and ultimately continue to catalyze ResMed's global leadership in digital health solutions for sleep apnea and then also accelerate our success in digital health solutions for COPD, asthma and other key chronic diseases.

我們的早期數據顯示，該設備和軟件平台的組合將使醫生、提供商、付款人等受益，並最終繼續促進瑞思邁在睡眠呼吸暫停數字健康解決方案方面的全球領導地位，然後加速我們在慢性阻塞性肺病、哮喘和其他關鍵慢性疾病數字健康解決方案方面的成功。

We make the smallest, quietest, smartest and the most comfortable devices on the market.

我們製造市場上最小、最安靜、最智能和最舒適的設備。

Importantly, they are all cloud connectable with the latest and greatest digital health technology to increase adherence, improve clinical outcomes and deliver proven cost reductions within our customers' own healthcare systems.

重要的是，它們都可與最新、最先進的數字健康技術進行雲連接，以提高依從性、改善臨床結果並在我們客戶自己的醫療保健系統中實現經過驗證的成本降低。

Let me turn now to a discussion of our respiratory care business, focusing on our strategy to better serve the 380 million COPD, or chronic constructive pulmonary disease, patients and the 340 million asthma patients worldwide.

現在讓我談談我們的呼吸護理業務，重點討論我們更好地服務全球 3.8 億慢性阻塞性肺病（慢性建設性肺病）患者和 3.4 億哮喘患者的戰略。

Our goal is to reach more patients with our core respiratory care solutions, including both noninvasive ventilation and life support ventilation as well as newer therapeutic areas, such as cloud-connected pharmaceutical drug delivery devices and high flow therapy devices.

我們的目標是為更多患者提供我們的核心呼吸護理解決方案，包括無創通氣和生命支持通氣以及更新的治療領域，例如雲連接的藥物輸送設備和高流量治療設備。

Our respiratory care business benefited in the March 2020 quarter as we sold incremental ventilated devices and ventilation mask solutions to meet growing demand worldwide as a result of the pandemic.

我們的呼吸護理業務在 2020 年 3 月季度受益，因為我們銷售了增量通氣設備和通氣面罩解決方案，以滿足全球因大流行而不斷增長的需求。

During the March 2021 quarter, COVID-related ventilator sales were not material to the global business.

在 2021 年 3 月季度，與新冠肺炎相關的呼吸機銷售對全球業務並不重要。

However, we are seeing some demand in select countries affected by these latest COVID surges, such as just this month with the surge in India.

然而，我們看到一些受最近新冠疫情激增影響的特定國家的需求有所增加，例如本月印度的需求激增。

We're getting many thousands of devices to those in need.

我們正在向有需要的人提供數千台設備。

The demand is there in that country.

那個國家有需求。

But as in Q3, we do not expect the revenue to be material to our global business, even though the broader impact, particularly with preservation in life in these countries is clearly priceless and incredibly important to not only our local team in India, but to all of us here at ResMed worldwide.

但與第三季度一樣，我們預計收入不會對我們的全球業務產生重大影響，儘管更廣泛的影響，特別是在這些國家的生命保護方面，顯然是無價的，並且不僅對我們在印度的當地團隊，而且對瑞思邁全球所有人都非常重要。

Demand for our core noninvasive ventilator and life support ventilator solutions for COPD and other respiratory insufficiency are experiencing the same steady recovery in new patient flow as in sleep apnea.

對於我們針對慢性阻塞性肺病和其他呼吸功能不全的核心無創呼吸機和生命支持呼吸機解決方案的需求，在新患者流量中正經歷著與睡眠呼吸暫停相同的穩定恢復。

We are balancing the growth in patient demand there with the supply of ventilators that we made to the market throughout 2020 as customers balance their inventory and their core ongoing patient needs.

我們正在平衡患者需求的增長與我們在 2020 年向市場生產的呼吸機的供應，因為客戶需要平衡其庫存和患者的核心持續需求。

We continue to see rapid adoption of the AirView for Ventilation software solution that we launched in Europe in the midst of the pandemic this time a year ago.

我們繼續看到我們一年前疫情期間在歐洲推出的 AirView for Ventilation 軟件解決方案得到了快速採用。

We are now seeing that this technology has expanded to regions around the world.

我們現在看到這項技術已經擴展到世界各地。

The value being provided through this cloud-based software solution has been fruitful not only during the COVID pandemic and the peak parts of the crisis, but it's also valuable on an ongoing value basis for physicians as well as the healthcare systems they operate in.

通過這種基於雲的軟件解決方案提供的價值不僅在新冠病毒大流行期間和危機高峰期卓有成效，而且對於醫生及其所在的醫療保健系統來說，它在持續的價值基礎上也很有價值。

We are helping to ensure that digital health is now the new standard of care for respiratory care.

我們正在幫助確保數字健康現在成為呼吸護理的新護理標準。

Let me now review our Software as a Service business for out-of-hospital care.

現在讓我回顧一下我們的院外護理軟件即服務業務。

During the quarter, our SaaS business grew in the mid single-digits year-on-year across our portfolio of markets.

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增長。

The verticals include home medical equipment, or HME, skilled nursing facilities, home health, hospice, private duty home care, home infusion, senior living and life plan communities.

這些垂直行業包括家庭醫療設備（HME）、專業護理設施、家庭健康、臨終關懷、私人家庭護理、家庭輸液、老年生活和生活計劃社區。

Our HME customers are leveraging our advanced resupply solutions, including Snap technology and Brightree ReSupply for our existing portfolio of patients.

我們的 HME 客戶正在利用我們先進的補給解決方案，包括針對我們現有患者組合的 Snap 技術和 Brightree ReSupply。

And they are contributing to ongoing growth as the flow of new patients in HME continues to recover steadily period by period.

隨著 HME 的新患者流量持續穩步恢復，它們正在為持續增長做出貢獻。

Over the past 12 months, COVID-19 has had a dampening effect on elective and emergent procedures at hospitals, as we all know, and that has slowed hospital discharge rates affecting patient flow and ultimately, the census rates at skilled nursing facilities, home health, hospice and beyond.

眾所周知，在過去 12 個月中，COVID-19 對醫院的擇期和急診手術產生了抑製作用，這減緩了出院率，影響了患者流量，並最終影響了熟練護理機構、家庭健康、臨終關懷等機構的人口普查率。

As the rate of vaccinations accelerate across the U.S. and the number of COVID-19 cases continues to trend downward in this country, we're seeing improvements in the census rates across skilled nursing facilities, home health, hospice and across all post-acute care settings.

隨著美國各地疫苗接種率的加快以及該國 COVID-19 病例數持續下降的趨勢，我們看到熟練護理機構、家庭保健、臨終關懷機構和所有急性後護理機構的人口普查率有所改善。

In addition to the solid organic growth that we are seeing in our SaaS business, we closed an exciting acquisition just this month.

除了我們在 SaaS 業務中看到的穩健的有機增長之外，我們還在本月完成了一項令人興奮的收購。

The company is called Citus Health.

該公司名為 Citus Health。

Citus is a digital health leader specializing in patient engagement solutions for home infusion and specialty pharmacy as well as for home health and hospice markets.

Citus 是一家數字健康領導者，專門為家庭輸液和專業藥房以及家庭健康和臨終關懷市場提供患者參與解決方案。

Citus enhances the patient experience, and it also improves provider efficiency and reduces the workload for frontline clinicians and caregivers.

Citus 增強了患者體驗，還提高了提供者的效率並減少了一線臨床醫生和護理人員的工作量。

We are excited to have the Citus team as part of the ResMed family of solutions and to leverage their digital collaboration and patient support platform in our mission to improve patients' lives outside the hospital.

我們很高興 Citus 團隊成為 ResMed 解決方案系列的一部分，並利用他們的數字協作和患者支持平台來完成我們改善患者院外生活的使命。

I'm very impressed by the breadth and depth of talent at Citus and their passion for patient care.

Citus 人才的廣度和深度以及他們對患者護理的熱情給我留下了深刻的印象。

This goes from their CEO and Co-Founder all the way to the frontline.

這從他們的首席執行官和聯合創始人一直到一線。

We're very excited to have them join our team, and we will be better together.

我們很高興他們加入我們的團隊，我們在一起會變得更好。

As we look across our portfolio of solutions from Brightree to MatrixCare to now Citus including HME, specialty pharmacy, home infusion, skilled nursing facilities, home health, hospice, senior living, life plan communities and private duty home care, we expect this portfolio, this SaaS portfolio of revenue growth to accelerate, increasing from mid-single-digit growth that we saw in this quarter to high single-digit growth as we move forward.

當我們審視從 Brightree 到 MatrixCare 再到現在的 Citus 的解決方案組合時，包括 HME、專業藥房、家庭輸液、專業護理設施、家庭健康、臨終關懷、老年生活、生命計劃社區和私人家庭護理，我們預計這個組合、這個 SaaS 組合的收入增長將加速，從我們在本季度看到的中個位數增長增加到高個位數增長。

As always, our goal is to meet or beat the sort of market average growth rates, and we continue to take share across the verticals that we're in.

一如既往，我們的目標是達到或超過市場平均增長率，並且我們將繼續在我們所處的垂直領域佔據份額。

We also see opportunity to drive growth through further acquisitions that will augment and add to our existing portfolio of solutions.

我們還看到了通過進一步收購來推動增長的機會，這些收購將擴大並豐富我們現有的解決方案組合。

Our offerings are very well received in each of these verticals, and we continue to see and leverage analytics and the technology that we have across our core business and the SaaS business to help people age in place and minimize or eliminate acute care episodes.

我們的產品在每個垂直領域都非常受歡迎，我們將繼續觀察並利用我們在核心業務和 SaaS 業務中擁有的分析和技術來幫助人們就地養老，並最大限度地減少或消除急性護理事件。

Looking at the broader ResMed portfolio of business across sleep and respiratory care as well as our Software as a Service solutions, we remain confident in our long-term strategy and our pipeline of innovative solutions.

縱觀瑞思邁在睡眠和呼吸護理方面更廣泛的業務組合以及我們的軟件即服務解決方案，我們對我們的長期戰略和創新解決方案渠道仍然充滿信心。

Our mission to improve lives, drives and motivates ResMedians across the world every day.

我們的使命是改善生活，每天推動和激勵世界各地的 ResMedians。

COVID has highlighted and continues to highlight the importance of respiratory health and respiratory hygiene.

新冠疫情已經並將繼續強調呼吸健康和呼吸衛生的重要性。

It has highlighted also the importance of digital health and remote care, and it has also accelerated awareness and adoption of technologies that can be used for remote patient screening, diagnosis, setup as well as remote patient management and monitoring.

它還強調了數字醫療和遠程護理的重要性，並且還加速了人們對可用於遠程患者篩查、診斷、設置以及遠程患者管理和監控的技術的認識和採用。

We have continued to invest aggressively in R&D and innovation to ensure our solutions are best in class and are a catalyst for future growth.

我們繼續積極投資於研發和創新，以確保我們的解決方案是同類最佳的，並成為未來增長的催化劑。

With over 1.5 billion people around the world suffering from sleep apnea, COPD and asthma combined, we see incredible opportunities for greater identification, enrollment and engagement of people with our digital health pathways.

全球有超過 15 億人患有睡眠呼吸暫停、慢性阻塞性肺病和哮喘，我們看到了通過我們的數字健康途徑更好地識別、登記和參與人們的絕佳機會。

We are relentlessly driving innovation and development to provide the scale needed to expand the impact of this technology across the 140 countries that we operate in.

我們正在不懈地推動創新和發展，以提供所需的規模，以擴大這項技術在我們開展業務的 140 個國家的影響力。

Before I hand the call over to Brett for his remarks, I want to once again express my sincere gratitude for the more than 7,500 ResMedians for their perseverance, hard work and dedication during these most unusual circumstances these last 15 months.

在我將電話轉交給 Brett 聽取他的講話之前，我想再次對 7,500 多名 ResMediaans 表示誠摯的謝意，感謝他們在過去 15 個月的最不尋常的情況下堅持不懈、辛勤工作和奉獻精神。

This team has helped save the lives literally of many hundreds of thousands of people around the world with ventilators with these emergency needs.

該團隊通過呼吸機幫助拯救了世界各地數十萬人的生命，滿足了這些緊急需求。

The team is now rapidly pivoted back to our core markets and our core purpose of helping people with sleep apnea, COPD and asthma.

該團隊現在迅速回歸我們的核心市場和幫助睡眠呼吸暫停、慢性阻塞性肺病和哮喘患者的核心目標。

And for all those who need world-class care delivered well away from the hospital and preferably in their own home.

對於所有需要遠離醫院、最好是在自己家中提供世界一流護理的人。

Thank you.

謝謝。

With that, I will now hand the call over to Brett in Sydney, and then we will move to Q&A.

現在，我將把電話轉交給悉尼的布雷特，然後我們將進行問答。

Brett, over to you.

布雷特，交給你了。

Great.

偉大的。

Thanks, Mick.

謝謝，米克。

In my remarks today, I will provide an overview of our results for the third quarter of fiscal year 2021 and comment on our FY '22 outlook.

在今天的講話中，我將概述 2021 財年第三季度的業績，並對 22 財年的前景發表評論。

Unless noted, all comparisons are to the prior year quarter.

除非另有說明，所有比較均與去年同期進行。

Group revenue for the March quarter was $769 million, which is consistent with the prior year quarter.

三月份季度的集團收入為 7.69 億美元，與去年同期持平。

In constant currency terms, revenue decreased by 3% compared to the prior year quarter.

按固定匯率計算，收入較去年同期下降 3%。

Consistent with our prediction during the Q2 earnings call, we derived negligible incremental revenue from COVID-19 related demand in the March quarter, whereas our prior year Q3 revenue included an incremental benefit from COVID-19 related sales of approximately $35 million.

與我們在第二季度財報電話會議期間的預測一致，我們在 3 月份季度從 COVID-19 相關需求中獲得的增量收入可以忽略不計，而我們去年第三季度的收入包括來自 COVID-19 相關銷售的約 3500 萬美元的增量收益。

Excluding these impacts, our Q3 FY '21 revenue increased by 1% in constant currency terms.

排除這些影響，我們 21 財年第 3 季度的收入按固定匯率計算增長了 1%。

Taking a close look at our geographic distribution and excluding revenue from our Software as a Service business, our sales in U.S., Canada and Latin America countries were $403 million, an increase of 2%.

仔細觀察我們的地理分佈，不包括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 4.03 億美元，增長了 2%。

Sales in Europe, Asia and other markets totaled $272 million, a decrease of 5% or a decrease of 13% in constant currency terms.

歐洲、亞洲和其他市場的銷售額總計2.72億美元，下降5%，按固定匯率計算下降13%。

By product segment, U.S., Canada and Latin America device sales were $193 million, a decrease of 2%.

按產品細分來看，美國、加拿大和拉丁美洲的設備銷售額為 1.93 億美元，下降 2%。

Masks and other sales were $210 million, an increase of 7%.

口罩及其他銷售額為2.1億美元，增長7%。

In Europe, Asia and other markets, device sales totaled $173 million, a decrease of 11% or in constant currency terms, an 18% decrease.

在歐洲、亞洲和其他市場，設備銷售額總計 1.73 億美元，下降 11%；按固定匯率計算，下降 18%。

Masks and other sales in Europe, Asia and other markets were $99 million, an increase of 9% or flat year-over-year in constant currency terms.

歐洲、亞洲等市場的口罩及其他銷售額為9900萬美元，按固定匯率計算同比增長9%或持平。

Globally, in constant currency terms, device sales decreased by 10%, while masks and other sales increased by 4%.

在全球範圍內，按固定匯率計算，設備銷售額下降了 10%，而口罩和其他銷售額則增長了 4%。

Excluding the impact of COVID-19 related sales in the prior year quarter, global device sales declined by 3% in constant currency terms, while masks and other sales increased by 6% in constant currency terms.

排除去年同期與 COVID-19 相關銷售的影響，按固定匯率計算，全球設備銷售額下降了 3%，而口罩和其他產品的銷售額按固定匯率計算增長了 6%。

Software as a Service revenue for the third quarter was $94 million, an increase of 5% over the prior year quarter.

第三季度軟件即服務收入為 9400 萬美元，比去年同期增長 5%。

During my commentary today, I will be referring to non-GAAP numbers.

在今天的評論中，我將提及非公認會計原則數字。

We have provided a full reconciliation of the non-GAAP to GAAP numbers in our third quarter earnings press release.

我們在第三季度收益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。

Our non-GAAP gross margin decreased by 40 basis points to 59.6% in the March quarter compared to 60% in the same quarter last year.

3 月份季度，我們的非 GAAP 毛利率下降 40 個基點，至 59.6%，而去年同期為 60%。

The decrease is predominantly attributable to higher freight costs, additional manufacturing costs associated with the transition to our new Singapore site with commenced operations during the quarter and geographic mix changes.

下降的主要原因是貨運成本上升、由於本季度開始運營而過渡到新加坡新工廠以及地理組合變化而導致的額外製造成本。

Moving on to operating expenses.

接下來是運營費用。

Our SG&A expenses for the third quarter were $160 million, a decrease of 7%, or in constant currency terms, SG&A expenses decreased by 11% compared to the prior year period.

我們第三季度的 SG&A 費用為 1.6 億美元，下降了 7%，或者按固定匯率計算，SG&A 費用與去年同期相比下降了 11%。

SG&A expenses, as a percentage of revenue, improved to 20.9% compared to the 22.4% we reported in the prior year quarter, benefiting from cost management and reduced travel as a result of COVID-19 restrictions.

SG&A 費用佔收入的百分比從去年同期的 22.4% 提高至 20.9%，這得益於成本管理以及因 COVID-19 限製而導致的差旅減少。

Looking forward, we expect SG&A expenses in Q4 FY '21 to increase in the low single-digits relative to the prior year period.

展望未來，我們預計 21 財年第 4 季度的銷售、管理及行政費用將較上年同期以低個位數增長。

R&D expenses for the quarter were $56 million, an increase of 9%, on a constant currency basis, an increase of 3%.

本季度研發費用為 5600 萬美元，增長 9%，按固定匯率計算增長 3%。

R&D expenses as a percentage of revenue was 7.3% compared to 6.7% in the prior year.

研發費用佔收入的比例為 7.3%，而上年為 6.7%。

Looking forward, we expect R&D expenses in Q4 to increase year-over-year in the high single-digits, reflecting our long-term commitment to innovation.

展望未來，我們預計第四季度的研發費用將同比以高個位數增長，反映出我們對創新的長期承諾。

Total amortization of acquired intangibles was $18 million for the quarter and stock-based compensation expense for the quarter was $16 million.

本季度收購的無形資產攤銷總額為 1800 萬美元，本季度的股票補償費用為 1600 萬美元。

Our non-GAAP operating profit for the quarter was $242 million, an increase of 2%, reflecting well-contained operating expenses.

本季度我們的非 GAAP 運營利潤為 2.42 億美元，增長 2%，反映出運營費用得到良好控制。

For the March quarter, we estimated and recorded an accounting tax reserve of $255 million, which is net of credits and deductions for a proposed settlement of transfer pricing audits by the Australian Taxation Office, or ATO.

對於 3 月份季度，我們估計並記錄了 2.55 億美元的會計稅收儲備，其中扣除了澳大利亞稅務局 (ATO) 擬議的轉讓定價審計結算的抵免和扣除。

The audits covered tax years 2009 to 2018.

審計涵蓋2009年至2018年的納稅年度。

As previously disclosed, for 2009 to 2013, the ATO issued assessments of $266 million, inclusive of penalties and interest.

正如之前披露的，2009 年至 2013 年，ATO 評估了 2.66 億澳元，其中包括罰款和利息。

The 2014 to 2018 year audits remain open, ongoing and assessments have not been issued.

2014 年至 2018 年的審計仍在進行中，評估尚未發布。

We have tentatively agreed on a number with the ATO to result in the entire matter for all audit years.

我們已與 ATO 初步商定了一個數字，以便在所有審計年度解決整個問題。

We expect any adjustments to the reserve we have taken this quarter would be immaterial.

我們預計本季度對儲備金的任何調整都不會產生重大影響。

Next steps include getting to a written agreement and final board approval.

下一步包括達成書面協議和董事會的最終批准。

If the deal falls apart, we will litigate.

如果交易失敗，我們將提起訴訟。

We continue to believe we are more likely than not to succeed in litigation.

我們仍然相信我們更有可能在訴訟中獲勝。

However, transfer pricing litigation is complex, costly and uncertain.

然而，轉讓定價訴訟複雜、成本高昂且具有不確定性。

So we are looking forward to putting this behind us.

因此，我們期待著將其拋在腦後。

As a result of recording the reserve, on a GAAP basis, our effective tax rate for the March quarter was 136%.

根據公認會計原則 (GAAP) 記錄儲備金，我們 3 月份季度的有效稅率為 136%。

While on a non-GAAP basis, which excludes the reserve, our effective tax rate for the quarter was 19.4%.

而按照非公認會計原則（不包括準備金）計算，我們本季度的有效稅率為 19.4%。

Looking forward, we estimate our underlying non-GAAP FY '21 effective tax rate will be in the range of 17% to 19%.

展望未來，我們估計我們的基本非 GAAP 21 財年有效稅率將在 17% 至 19% 之間。

Our non-GAAP net income for the quarter was $190 million, an increase of 1%.

我們本季度的非 GAAP 淨利潤為 1.9 億美元，增長 1%。

Non-GAAP diluted earnings per share for the quarter were $1.30, an increase of 1%.

本季度非 GAAP 稀釋後每股收益為 1.30 美元，增長 1%。

As a result of the tax reserve recorded this quarter, our GAAP net loss for the quarter was $78 million and our GAAP diluted loss per share for the quarter was $0.54.

由於本季度記錄的稅收儲備，我們本季度的 GAAP 淨虧損為 7800 萬美元，本季度 GAAP 攤薄每股虧損為 0.54 美元。

Cash flow from operations for the quarter was $196 million, reflecting solid underlying earnings, partially offset by increases in working capital.

本季度運營現金流為 1.96 億美元，反映出穩健的基本盈利，但部分被營運資本的增加所抵消。

Capital expenditure for the quarter was $26 million.

該季度的資本支出為 2600 萬美元。

Depreciation and amortization for the March quarter totaled $40 million.

三月份季度的折舊和攤銷總額為 4000 萬美元。

During the quarter, we paid dividends of $57 million.

本季度，我們支付了 5700 萬美元的股息。

We recorded equity losses of $5 million in our income statement in the March quarter associated with the Verily joint venture.

我們在 3 月份季度的損益表中記錄了與 Verily 合資企業相關的 500 萬美元的股權損失。

And going forward, we expect to record equity losses in the range of $3 million to $5 million per quarter associated with the Verily joint venture.

展望未來，我們預計與 Verily 合資企業相關的每季度股權損失將在 300 萬至 500 萬美元之間。

We ended the third quarter with a cash balance of $231 million.

第三季度末，我們的現金餘額為 2.31 億美元。

At March 31, we had $734 million in gross debt and $503 million in net debt.

截至 3 月 31 日，我們的總債務為 7.34 億美元，淨債務為 5.03 億美元。

Our debt levels remain modest.

我們的債務水平仍然較低。

And at March 31, we had a further $1.5 billion available for drawdown under our existing revolver facility.

截至 3 月 31 日，我們現有的左輪融資工具下還有 15 億美元可供提取。

In summary, our liquidity position remains strong.

總而言之，我們的流動性狀況依然強勁。

During the third quarter, we completed the acquisition of Citus Health.

第三季度，我們完成了對 Citus Health 的收購。

Citus Health is a digital health leader specializing in patient engagement solutions that enable real-time secure collaboration between patients and those involved in their care.

Citus Health 是一家數字健康領導者，專門提供患者參與解決方案，使患者與其護理人員之間能夠實現實時安全協作。

We also acquired certain business assets of Tong-ill Medical Company based in Korea, which primarily represented Tong-ill's sleep and respiratory distribution business.

我們還收購了位於韓國的 Tong-ill Medical Company 的某些業務資產，該資產主要代表 Tong-ill 的睡眠和呼吸分配業務。

Both these acquisitions will not be material to our group results.

這兩項收購不會對我們的集團業績產生重大影響。

Our Board of Directors today declared a quarterly dividend of $0.39 per share, reflecting the Board's confidence in our strong liquidity position and operating performance.

我們的董事會今天宣布派發每股 0.39 美元的季度股息，反映了董事會對我們強勁的流動性狀況和經營業績的信心。

Our solid cash flow and liquidity provides flexibility in how we allocate capital.

我們穩健的現金流和流動性為我們如何分配資本提供了靈活性。

During the pandemic, we have focused on paying down debt.

疫情期間，我們重點關注償還債務。

Going forward, we plan to continue to reinvest for growth through R&D.

展望未來，我們計劃繼續通過研發進行再投資以實現增長。

We will also likely continue to deploy capital for tuck-in acquisitions like Citus Health.

我們也可能會繼續部署資金用於收購 Citus Health 等公司。

We intend to continue to return cash to shareholders through our dividend program.

我們打算繼續通過股息計劃向股東返還現金。

We may also resume our share buyback program sometime during the calendar year.

我們還可能在今年的某個時候恢復我們的股票回購計劃。

This program has been on pause since our acquisitions of MatrixCare and Propeller Health in fiscal year 2019.

自 2019 財年我們收購 MatrixCare 和 Propeller Health 以來，該計劃一直暫停。

Turning now to our expectations on the outlook for Q4 FY '21 and FY '22 outlook.

現在轉向我們對 21 財年第四季度和 22 財年前景的預期。

There remains uncertainty in the short term, particularly in predicting the timing of recovery of new patient flow from COVID-19 related impacts across the many countries that we operate in.

短期內仍存在不確定性，特別是在預測我們開展業務的許多國家的新患者流量因 COVID-19 相關影響而恢復的時間方面。

Consequently, we expect Q4 FY '21 revenue to reflect low single-digit sequential growth over Q3 FY '21.

因此，我們預計 21 財年第 4 季度的收入將比 21 財年第 3 季度的低個位數環比增長。

As we move through FY '22, we expect to see continued improvement in new patient flow and a return to more normalized underlying revenue growth trends.

隨著 22 財年的到來，我們預計新患者流量將持續改善，基本收入增長趨勢將回歸更加正常化。

Additionally, we are seeing minimal COVID-19 generated demand for our ventilators and do not expect any material benefit going forward.

此外，我們發現 COVID-19 對我們的呼吸機產生的需求很少，預計未來不會產生任何實質性好處。

As a reminder, we recorded $35 million COVID-19 generated revenue in our March quarter last year, $125 million in our June quarter last year and $40 million in our first quarter of FY '21.

提醒一下，我們去年 3 月季度的 COVID-19 收入為 3500 萬美元，去年 6 月季度為 1.25 億美元，21 財年第一季度為 4000 萬美元。

Mask and accessories have continued to demonstrate resilience and growth over the past 3 months, reflecting the insulating value of the large patient installed base and the success of our resupply service offerings.

在過去 3 個月中，面罩和配件繼續展現出彈性和增長，反映了龐大患者安裝基礎的絕緣價值以及我們補給服務產品的成功。

We expect to see continued year-on-year growth of our mask sales in FY '22.

我們預計 22 財年的口罩銷售額將持續同比增長。

Finally, like many other companies, we continue to experience significant uncertainty in the current environment, particularly in relation to the timing of the reopening of economies as the vaccination programs roll out.

最後，與許多其他公司一樣，我們在當前環境中繼續面臨巨大的不確定性，特別是在疫苗接種計劃推出後重新開放經濟的時間方面。

As a result, our forecast and possible future revenue outcomes remain dynamic.

因此，我們的預測和未來可能的收入結果仍然是動態的。

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

然後，我會將電話轉回給艾米。

Great.

偉大的。

Thanks, Brett.

謝謝，布雷特。

Xeline, I'd like to now turn the call over to you to provide instructions and then run the Q&A portion of the call.

Xeline，我現在想將通話轉交給您，由您提供說明，然後進行通話的問答部分。

Xeline, are you there?

謝琳，你在嗎？

Ready to run the Q&A portion of the call?

準備好進行通話的問答部分了嗎？

This is the backup operator.

這是後備操作員。

And Xeline had an issue on her end.

Xeline 也遇到了麻煩。

We have a question coming from the line of Lyanne Harrison from Bank of America.

美國銀行的 Lyanne Harrison 向我們提出了一個問題。

Perhaps I could start with rest of the world or outside of the United States or in America in terms of the device trends you're seeing there, certainly down 18% on constant currency.

也許我可以從世界其他地區或美國以外的地區開始，看看您在那裡看到的設備趨勢，按固定匯率計算，肯定下降了 18%。

Could you perhaps split in terms of what you're seeing in terms of real devices decline without the COVID impact there?

您是否可以根據您所看到的在沒有新冠疫情影響的情況下實際設備數量下降的情況來劃分？

And then also, particularly for Germany and France, what you're seeing in that market currently?

另外，特別是對於德國和法國，您目前在該市場看到了什麼？

And at what sort of rate is offering as a percentage of normal, particularly given the increased COVID cases in those countries?

特別是考慮到這些國家的新冠病例增加，提供的利率是正常的百分比是多少？

Yes.

是的。

Thanks for the question, Lyanne.

謝謝你的提問，萊安。

And yes, clearly, as I said in the prepared remarks, the March 2020, $35 million worth of ventilators were primarily where COVID was impacting then, which was southwest China, so primarily Hubei province, and northern Italy.

是的，很明顯，正如我在準備好的發言中所說，2020 年 3 月，價值 3500 萬美元的呼吸機主要用於當時受新冠疫情影響的地區，即中國西南部，主要是湖北省和意大利北部。

So China and Italy and so clearly, the $35 million worth of sales in the March quarter last year were predominantly in that rest of world category.

中國和意大利，很明顯，去年第三季度價值 3500 萬美元的銷售額主要來自世界其他地區。

So you can imagine that the actual decline in terms of the COVID impact on year-on-year is significantly below that 18% CC that you talked about, much further below that.

所以你可以想像，新冠疫情影響同比的實際下降幅度遠低於你所說的 18% CC，甚至遠低於這個數字。

And really importantly, when you look at the sort of kinetics of this and you think about the December quarter to the March quarter and then what we're going to see in June, we're seeing countries opening up.

非常重要的是，當你觀察這種動態並考慮 12 月季度到 3 月季度以及我們將在 6 月看到的情況時，我們會看到各國正在開放。

They're adopting digital health, and they're finding ways to make it work.

他們正在採用數字醫療，並且正在尋找使其發揮作用的方法。

And even in France and Germany, where you did see lockdowns in the retail side, the healthcare was not as impacted.

即使在法國和德國，零售業確實被封鎖，但醫療保健也沒有受到太大影響。

And our digital health solutions, particularly around remote patient screening, diagnosis have been effective.

我們的數字健康解決方案，特別是在遠程患者篩查和診斷方面，非常有效。

And so we're seeing that open up as we move forward.

因此，隨著我們的前進，我們看到這種情況正在開放。

Rob, do you want to take the second part of the question?

羅布，你想回答問題的第二部分嗎？

The Germany and France, you mean?

你是說德國和法國嗎？

Yes.

是的。

Yes.

是的。

The challenge in Germany and France really in this quarter has been the sort of the second wave, which really caused extensive lockdowns and put challenges in there.

德國和法國本季度面臨的挑戰實際上是第二波浪潮，這確實導致了廣泛的封鎖並帶來了挑戰。

We had seen sort of an incremental opening up.

我們看到了漸進式的開放。

That actually slowed down.

這實際上減慢了速度。

It wasn't quite as significant as before, where we really saw all of the sleep labs get converted into COVID wards, but we certainly saw a reduction in new patient flow in those countries as well and it has been a significant issue.

這並不像以前那麼重要，我們確實看到所有睡眠實驗室都被改造成新冠病房，但我們當然也看到這些國家的新患者流量有所減少，這是一個重大問題。

In terms of actually breaking out the sort of the device sales in those specific countries without the COVID impact, Lyanne, I don't think we'll be able to give that sort of granularity out to really clarify that for you.

至於在沒有受到新冠疫情影響的情況下這些特定國家/地區的設備銷售情況的實際情況，Lyanne，我認為我們無法提供這種粒度來真正為您澄清這一點。

But underlying it, we need to understand that those sleep businesses continued.

但在其背後，我們需要了解這些睡眠業務仍在繼續。

And also, you're probably aware that our ventilation businesses in Europe are a larger share than what they are -- of the ResMed business than what they are in terms of the global ResMed business.

而且，您可能已經意識到，我們在歐洲的通氣業務所佔的份額比瑞思邁業務所佔的份額要大得多。

So there was a factor in that in terms of the relativities of what had happened with the incremental COVID ventilator sales in the previous period.

因此，就上一時期新冠肺炎呼吸機銷量增量發生的相關性而言，有一個因素。

We have our next question coming from the line of Gretel Janu with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Gretel Janu。

Just firstly on U.S. devices, what was sort of performance of underlying CPAP devices ex COVID?

首先，在美國設備上，除新冠病毒外，基礎 CPAP 設備的性能如何？

I'm assuming there was very limited COVID ventilator sales in the prior year.

我假設前一年的新冠肺炎呼吸機銷量非常有限。

So I guess when we compare this to last quarter, it was actually much weaker.

所以我想當我們將其與上季度進行比較時，它實際上要弱得多。

So is that because there's less patients coming through the sleep labs or were there potentially market share losses?

那麼，這是因為進入睡眠實驗室的患者減少了，還是因為潛在的市場份額損失了？

Can you explain what happened from a sequential performance between last quarter and this quarter?

您能否解釋一下上季度和本季度的連續表現發生了什麼？

Thanks, Gretel.

謝謝，格蕾特。

Good question.

好問題。

And if you look at just U.S., Canada, Latin America, the America's numbers' devices were down 2% year-on-year.

如果只看美國、加拿大和拉丁美洲，美國的設備數量同比下降了 2%。

And if you think about what we're talking about the COVID recovery rates being somewhere between 70% of pre-COVID patient flow to 90% of pre-COVID patient flow, depending on the country.

如果你想想我們所說的，新冠病毒康復率介於新冠病毒之前患者流量的 70% 到新冠病毒之前患者流量的 90% 之間，具體取決於國家/地區。

If you just do that raw math there, that comes out to 98% of pre-COVID patient level, which it's not quite there because there are some replacement devices included there.

如果你只是在那裡進行原始數學計算，結果是新冠肺炎前患者水平的 98%，但實際情況並不完全如此，因為其中包含一些替代設備。

But certainly, no, we actually saw very steady market share, some gains in some of the mask areas, but very steady market share in the device side.

但當然，不，我們實際上看到了非常穩定的市場份額，在一些掩模領域取得了一些增長，但在設備方面的市場份額非常穩定。

Some of our competitors are having some difficulties around supply as all of us are, with global supply chains and other factors going on, we may have even taken some share in the device side.

我們的一些競爭對手和我們一樣在供應方面遇到了一些困難，在全球供應鍊和其他因素的影響下，我們甚至可能在設備端佔據了一些份額。

So what we're seeing just in those U.S. numbers, when you think about sequential from the December to March quarter is really all about, as I said in the prepared remarks, around deductibles, resetting of those deductibles that impacts devices significantly more than masks and accessories.

因此，當你考慮從 12 月到 3 月這個季度的連續情況時，我們在這些美國數據中看到的實際上是，正如我在準備好的評論中所說，圍繞免賠額，重置那些對設備的影響遠遠大於對口罩和配件的影響的免賠額。

If you look at the masks and accessories just in that quarter, we saw 7% constant currency growth in masks and accessories in the March quarter year-on-year.

如果你看看該季度的口罩和配件，我們會發現 3 月份季度口罩和配件的貨幣匯率同比增長了 7%。

But look, always there's a sequential impact from December to March.

但你看，從 12 月到 3 月總是會產生連續的影響。

And so that's in there.

就在那裡。

But no, actually share very steady, maybe moving up a little on the mask side, very steady on the devices with some modest gains, but the year-on-year 2% decline in devices is truly around the COVID recovery rates.

但事實並非如此，實際上份額非常穩定，可能在口罩方面略有上升，在設備方面非常穩定，有一些適度的增長，但設備同比下降 2% 確實與新冠病毒恢復率有關。

And as we know, the rollout in the U.S. has actually been pretty strong in terms of the vaccinations.

據我們所知，在疫苗接種方面，美國的推廣實際上相當強勁。

I don't think we're quite at the 98%, which would mean that 2% decline could indicate.

我認為我們還沒有達到 98%，這意味著 2% 的下降可能表明這一點。

But I do think that we are moving well towards the 90% range in some states and the sort of 80% range in some other states of pre-COVID patient flow.

但我確實認為，在某些州，我們正在向 90% 的範圍邁進，在其他一些州，新冠疫情前的患者流量將達到 80% 的範圍。

But every period we look at, we see improvement in both of those.

但我們觀察的每個時期，我們都會看到這兩個方面都有所改善。

Thanks for the question, Gretel.

謝謝你的提問，格蕾特。

We have our next question coming from the line of Margaret Kaczor with William Blair.

我們的下一個問題來自瑪格麗特·卡佐爾和威廉·布萊爾的對話。

You guys mentioned, I believe, at one point in the comments that you expect to return to that double-digit underlying growth in the second half of fiscal '22, and then you were kind enough to give us a series of reasons as to why it'll do so and it suggests that you'll go on the offensive.

我相信，你們在評論中曾提到，你們預計在 22 財年下半年恢復兩位數的基本增長，然後你們很友善地給了我們一系列理由來解釋為什麼會這樣做，這表明你們將繼續進攻。

But the question is, how quickly can those investments take hold?

但問題是，這些投資能多快落地？

And as you look at the short term, will growth still remain on the bottom of that U shape that you discussed previously, until you get to that second half of the fiscal year?

從短期來看，在進入本財年下半年之前，增長是否仍會保持在您之前討論的 U 形底部？

Or can there be meaningful -- more meaningful improvements driven by some of these investments?

或者其中一些投資能夠帶來更有意義的改進嗎？

That -- I'm sorry, I know it's a loaded question.

那個——我很抱歉，我知道這是一個很沉重的問題。

But can the U.S., for example, even being further ahead on the vaccination curve actually help you guys and offset maybe some other geographies that are a little weaker?

但是，例如，美國即使在疫苗接種曲線上走得更遠，實際上也能幫助你們並抵消其他一些實力稍弱的地區的影響嗎？

Yes.

是的。

Thanks, Margaret.

謝謝，瑪格麗特。

That is a very good question and a thorough one.

這是一個非常好的問題，也是一個徹底的問題。

Look, clearly, we're very confident that the medium-to-long term of the core business is incredible, given the flow of patients and the flow of our new technology.

顯然，考慮到患者的流動和新技術的流動，我們非常有信心，核心業務的中長期發展是令人難以置信的。

Yes, there are short-term dynamics around second and third waves and then the vaccinations on the positive side and the opening up of economies on the positive side.

是的，第二波和第三波疫情存在短期動態，然後是積極的疫苗接種和經濟開放。

As we put it all together, we are very confident that as we get the AirSense 11 from control product launch to then start to roll that out over this calendar year in the U.S. market that, that will be a catalyst for growth.

總而言之，我們非常有信心，當我們從控制產品發佈到今年開始在美國市場推出 AirSense 11 時，這將成為增長的催化劑。

It brings not only the hardware, but also amazing software solutions for patients, physicians, providers and others.

它不僅為患者、醫生、提供商和其他人帶來了硬件，還提供了令人驚嘆的軟件解決方案。

And as we think about the scaling of just the remote patient digital health models from some of our partners and identification, engagement and enrollment, all the way through to home sleep testing and home sleep setup and rolling out of those devices, we're seeing a lot of investments start to pay off on that.

當我們考慮擴展一些合作夥伴的遠程患者數字健康模型以及識別、參與和註冊，一直到家庭睡眠測試和家庭睡眠設置以及推出這些設備時，我們看到大量投資開始在這方面獲得回報。

So look, it's really hard to get down to the dynamics of how quickly vaccines will go, how quickly economies will open up.

所以，你看，要了解疫苗的上市速度和經濟開放的速度確實很難。

But here in the U.S., which is our biggest market, we're certainly seeing both of those trend in a really positive manner, and that led me to talk about pretty bullish sort of double-digit growth towards the back end of our fiscal year 2022.

但在我們最大的市場美國，我們確實以非常積極的方式看到了這兩種趨勢，這讓我談到了 2022 財年末相當樂觀的兩位數增長。

And so I think they're all the dynamics going into it.

所以我認為它們是其中的所有動力。

I don't know, Jim Hollingshead, if you've got any further thoughts as the President of our sleep and respiratory care business about how quickly we can use that technology to drive growth towards that back end?

我不知道 Jim Hollingshead，作為我們睡眠和呼吸護理業務的總裁，您是否對我們能夠以多快的速度使用該技術來推動後端增長有任何進一步的想法？

Yes.

是的。

Thanks, Mick, and thanks, Margaret, for the question.

謝謝米克，也謝謝瑪格麗特提出的問題。

I really just would reiterate what Mick said.

我真的只是想重申米克所說的話。

I think that when you think about growth, when we get back to double-digit growth, the numbers were against the big comps that came out of COVID, right?

我認為，當你考慮增長時，當我們回到兩位數增長時，這些數字與新冠疫情帶來的大型公司相比，對吧？

So when you think about growth as a percentage.

因此，當您將增長視為百分比時。

And so the underlying dynamic in the market in the U.S., specifically but the U.S. market is pretty strong.

因此，美國市場的潛在動態，特別是美國市場相當強勁。

March was the best month of the quarter for us in new patient growth in the U.S. market.

三月份是我們本季度美國市場新患者增長最好的月份。

And so we think that, that trend is going to continue, and we're very hopeful about vaccine roll outs will start to open up diagnostics.

因此，我們認為這種趨勢將繼續下去，我們對疫苗的推出將開始開放診斷充滿希望。

And of course, we have the new product that will come out in the calendar year.

當然，我們將在今年推出新產品。

So we feel very confident about the underlying core sleep business continuing to grow over the coming quarters and then we'll be able to not just maintain share but probably take some share.

因此，我們對未來幾個季度的基礎核心睡眠業務繼續增長非常有信心，然後我們不僅能夠保持份額，而且可能會佔據一些份額。

So -- but there's obviously some uncertainties associated with COVID and some other things, where we feel very confident in the underlying growth dynamic, and it's the COVID comp that has to clear for us to be able to talk about double-digit growth.

所以，但顯然存在與新冠病毒和其他一些事情相關的一些不確定性，我們對潛在的增長動力非常有信心，而必須清除新冠病毒的影響，我們才能談論兩位數的增長。

We have our next question coming from the line of Matthew Mishan with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Matthew Mishan。

Great.

偉大的。

I listened to the HCA call, which is -- HCA is a large hospital system in the U.S. They seem to be integrating hospice and home health into their systems at this point.

我聽了 HCA 的電話，HCA 是美國的一個大型醫院系統。他們目前似乎正在將臨終關懷和家庭健康整合到他們的系統中。

And you've seen like Cerner not really want to follow the hospital customers down.

你已經看到，塞納並不是真的想跟著醫院的顧客走下去。

How can you work with larger hospital systems as they migrate down and do you think there would be scale for that in SaaS?

當大型醫院系統向下遷移時，您如何與它們合作？您認為 SaaS 是否會實現規模化？

Yes.

是的。

Matt, it's a great question.

馬特，這是一個很好的問題。

And it talks to within our Software as a Service business, obviously, we have privacy.

顯然，它涉及我們的軟件即服務業務，我們有隱私。

We have cybersecurity, but then we have interoperability.

我們有網絡安全，但我們也有互操作性。

And interoperability, making sure our data can -- through secure private APIs, be able to interact with hospital care systems is an incredibly important part of the system.

互操作性，確保我們的數據能夠通過安全的私有 API 與醫院護理系統進行交互，是該系統極其重要的一部分。

We call it out-of-hospital healthcare because we don't believe we have to go to hospital to get good healthcare.

我們稱之為院外醫療保健，因為我們認為我們不必去醫院才能獲得良好的醫療保健。

But the hospital systems call it post-acute care.

但醫院系統將其稱為急性後護理。

And that link between post-acute care and out-of-hospital care has to be very secure and has to be very seamless, if you like, for the patient and for the healthcare system.

如果您願意的話，對於患者和醫療保健系統來說，急性後護理和院外護理之間的聯繫必須非常安全，並且必須非常無縫。

We're now many quarters into our Cerner partnership and what we've shown in that to our partner there, Cerner, is that ResMed is a great recipient of patients from the hospital system into both home health and hospice and beyond now into infusion with that partnership.

我們與 Cerner 的合作夥伴關係已經持續了很多個季度，我們向那裡的合作夥伴 Cerner 展示的是，ResMed 是醫院系統患者進入家庭健康和臨終關懷醫院以及現在與該合作夥伴關係輸液的良好接受者。

And I think we've got a sort of a track record that ResMed can take care of those patients and make sure that there's a seamless transition from hospital to the out-of-hospital healthcare network.

我認為我們已經取得了一定的記錄，瑞思邁可以照顧這些患者，並確保從醫院到院外醫療保健網絡的無縫過渡。

And so with that proven track record, I look -- to their customers, those sort of Cerner, Epic and Allscripts, their customers being HCA and others.

因此，憑藉這一可靠的記錄，我關注他們的客戶，比如 Cerner、Epic 和 Allscripts，他們的客戶是 HCA 和其他公司。

As HCA sort of broadens their holistic care, if you like, of patients from hospital to the home, that's an opportunity for those providers to partner with someone like ResMed.

如果您願意的話，HCA 可以將患者的整體護理範圍從醫院擴大到家庭，這對這些提供者來說是一個與 ResMed 等公司合作的機會。

So that there's a seamless transfer of the patients.

這樣病人就可以無縫轉移。

Look, the ultimate goal is that we take costs out of the system, we take care of the patient better, and we have a seamless transfer from hospital to home or out-of-hospital care.

看，最終目標是我們降低系統成本，更好地照顧患者，並且實現從醫院到家庭或院外護理的無縫轉移。

And then hopefully not, but if you do go back to the hospital, that record can move back and forwards very well.

希望不會，但如果你真的回到醫院，這個記錄可以很好地前後移動。

We've got a good track record of it.

我們在這方面有良好的記錄。

And I actually see a lot of upside as hospital systems think holistically in that sort of ACO, sort of accountable care organization approach.

事實上，我看到了很多好處，因為醫院系統以 ACO（一種負責任的護理組織方法）進行整體思考。

And we've got a lot of experience in Western Europe in patients taking care holistically throughout Northern Europe and beyond.

我們在西歐為整個北歐及其他地區的患者提供全面護理方面擁有豐富的經驗。

So I'm confident that we will do well in this evolution of sort of an acute care system or a sick care system to a true healthcare system and a preventative healthcare system, which is where ResMed bets 90-plus percent of our revenues and profits.

因此，我相信，在從急症護理系統或疾病護理系統向真正的醫療保健系統和預防性醫療保健系統的演變過程中，我們將做得很好，瑞思邁將我們 90% 以上的收入和利潤押在了這個系統上。

And really with the SaaS business, it's where we are the only strategic with the capability to scale, not just across the U.S., but globally.

事實上，對於 SaaS 業務，我們是唯一有能力在美國乃至全球範圍內進行擴展的戰略領域。

We have our next question coming from the line of Mike Matson with Needham & Company.

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

I wanted to ask about the AirSense 11.

我想問一下 AirSense 11 的情況。

Is there anything more you can tell us about that product and how it compares to the AirSense 10?

關於該產品以及它與 AirSense 10 的比較，您還有什麼可以告訴我們的嗎？

And then historically, when you've launched these flow generator platforms, it has had a fairly sizable impact on your growth, at least, on the device side.

從歷史上看，當您推出這些流量生成器平台時，它對您的增長產生了相當大的影響，至少在設備方面是這樣。

So is there any reason to believe that, that won't happen with this?

那麼有沒有理由相信這種情況不會發生呢？

And then similar question on the cost, is this going to be higher, I guess, a lower cost of manufacturing plus higher gross margin product for you guys once it ramps up, obviously?

然後是關於成本的類似問題，我想，一旦產品增加，製造成本會降低，毛利率也會更高嗎？

Yes.

是的。

Thanks, Mike.

謝謝，邁克。

Great question.

很好的問題。

There are 3 great parts to it.

它有 3 個重要部分。

So the first part, the AirSense 11 is out there, it's in controlled product launch.

所以第一部分，AirSense 11 已經上市，它正在受控產品發布中。

As I said in the prepared remarks, I'm personally part of that CPL and just amazing benefits for the individual patient and the bed partner in terms of how quiet, comfortable, cloud-connected and capable it is.

正如我在準備好的發言中所說，我個人是該 CPL 的一部分，並且在安靜、舒適、雲連接和功能方面，它為個體患者和床伴帶來了驚人的好處。

So the features are extraordinary.

所以特點是非凡的。

One thing -- we've opened up for the most we ever have around a pipeline that is out there because there's a public regulatory documents out there, and it's in CPL.

有一件事——我們已經開放了我們有史以來最大的管道，因為那裡有公共監管文件，而且它在 CPL 中。

I don't want to go through all the features and functions other than to say that, that it's smaller.

我不想詳細介紹所有的特性和功能，只是想說它更小。

It's quieter.

比較安靜了。

It's more comfortable.

這樣更舒服。

It's more cloud-connected and it's not just the device, it's the software system that goes with it that provides the value for not just the patient, but the physician, the provider and the healthcare system that are a part of it.

它與雲的連接程度更高，不僅僅是設備，還包括與之配套的軟件系統，不僅為患者提供價值，還為作為設備一部分的醫生、提供者和醫療保健系統提供價值。

So to the second part of your question around growth, yes, look, I do think this will be a catalyst for growth.

因此，對於您關於增長的問題的第二部分，是的，我確實認為這將成為增長的催化劑。

That's why I'm comfortable in the prep remarks and the answer to Gretel earlier to talk about our confidence in saying we're going to push towards double-digit growth for the back end of this fiscal year that we're in here.

這就是為什麼我對之前的準備發言和對格蕾特的回答感到滿意，我們有信心表示我們將在本財年末推動兩位數的增長。

And I think this device will be a catalyst for it.

我認為這個設備將成為它的催化劑。

I think the software, the digital health technology software around it will be a large part of that catalyst for growth.

我認為軟件，及其周圍的數字健康技術軟件將成為增長催化劑的很大一部分。

Obviously, we're a different business than -- when I was running the sleep group, we launched the S9.

顯然，我們的業務不同——當我管理睡眠小組時，我們推出了 S9。

It was -- I think the total revenues of the company were less than $1 billion, and now the total revenues are over $3 billion trailing 12 months.

我認為公司的總收入不到 10 億美元，而現在過去 12 個月的總收入超過 30 億美元。

And so the percentage growth, the numbers won't be as impressive as 10 years ago, but the growth in terms of net revenue and profitability that we can reinvest in the business for more devices and more software will certainly be there.

因此，百分比增長、數字不會像 10 年前那樣令人印象深刻，但我們可以對業務進行再投資以購買更多設備和更多軟件的淨收入和盈利能力肯定會出現增長。

The third part of your question around cost.

你問題的第三部分是關於成本的。

Clearly, our goal, every generation is to create smaller, quieter and more comfortable, more clever devices and software systems, but also ones that have better efficiencies.

顯然，我們每一代人的目標都是創造更小、更安靜、更舒適、更智能的設備和軟件系統，而且效率更高。

So it will lower cost of manufacturing, lower cost to our supply chain.

因此，它將降低製造成本，降低我們供應鏈的成本。

So clearly, that's an important part of this platform.

顯然，這是這個平台的重要組成部分。

We expect to do that, as you said, as we scale that up across our global business.

正如您所說，隨著我們在全球業務中擴大這一規模，我們希望做到這一點。

We have our next question coming from the line of David Low with JPMorgan.

我們的下一個問題來自摩根大通的 David Low。

Mick, we are all aware that Philips had the issue with their device.

米克，我們都知道飛利浦的設備存在問題。

Just wondering what your expectations are?

只是想知道您的期望是什麼？

One, if we can clarify whether there's any risk that ResMed has the same issues with ozone cleaning?

第一，我們能否澄清瑞思邁在臭氧清潔方面是否存在同樣的問題？

And then secondly, what implications might be for ResMed's position in the market, please?

其次，請問瑞思邁的市場地位可能會受到什麼影響？

Yes.

是的。

Thanks, David.

謝謝，大衛。

And yes, we clearly saw from the earnings call from our competitor some issues that they're having with product quality.

是的，我們從競爭對手的財報電話會議中清楚地看到了他們在產品質量方面遇到的一些問題。

And I never comment on details of that.

我從不評論其中的細節。

And I think all of us care most of all about our patients.

我認為我們所有人最關心的是我們的病人。

And so Rob, do you want to talk a little bit to our quality standards and what we're working on, as we look at that issue?

羅布，當我們考慮這個問題時，您想談談我們的質量標準以及我們正在開展的工作嗎？

Sure.

當然。

Yes, David.

是的，大衛。

As Mick said, patient safety is our number one priority, and we really focus on that.

正如米克所說，患者安全是我們的首要任務，我們非常關注這一點。

And we've actually paid a lot of attention to the foam in our devices over the years.

事實上，多年來我們非常關注我們設備中的泡沫。

And I can confidently say we actually don't have this problem that has been reported by competitors.

我可以自信地說，我們實際上不存在競爭對手報告的這個問題。

We have a different design using different materials.

我們使用不同的材料有不同的設計。

And we have a very solid test -- aggressive testing procedure, looking at this.

我們有一個非常可靠的測試——積極的測試程序，看看這個。

We have a very sophisticated complaint tracking system.

我們有一個非常複雜的投訴跟踪系統。

And across our 14 million installed base, we -- this issue is just not there at all.

在我們 1400 萬的安裝基礎上，我們根本不存在這個問題。

So we're extremely confident with that.

所以我們對此非常有信心。

We do -- we will always continue to pay close attention to patient safety and keep on it.

我們確實如此——我們將始終繼續密切關注患者安全並繼續努力。

The issue of ozone cleaning is an issue there, and we have communicated regarding our warranty position on that.

臭氧清潔問題是那裡的一個問題，我們已經就我們對此的保修立場進行了溝通。

It's an effective disinfectant, but the amount of use is important to keep a close eye on.

它是一種有效的消毒劑，但要密切關注使用量。

So we've publicly put out information on that.

所以我們已經公開發布了相關信息。

And you can find that on our website if you're interested in that.

如果您對此感興趣，可以在我們的網站上找到它。

So -- but we'll keep a close -- very close eye on this as we would with any industry safety issue.

因此，我們將密切關注這一問題，就像我們關注任何行業安全問題一樣。

Thanks, David.

謝謝，大衛。

Actually, the second part of your question talked about what would be the implications in the market.

實際上，你問題的第二部分談到了對市場的影響。

I mean, clearly, I don't know if Jim Hollingshead wants to talk to this.

我的意思是，顯然，我不知道吉姆·霍林黑德是否想談論這個。

But look, we want to take share when our products are smaller, quieter and more comfortable and better, and we've been doing that for 3 decades.

但是你看，當我們的產品更小、更安靜、更舒適、更好時，我們希望搶占市場份額，而且我們已經這樣做了 30 年。

But clearly, there might be some share implications if a competitor has constraints around supply.

但顯然，如果競爭對手在供應方面受到限制，可能會對份額產生一些影響。

Jim, do you want to talk a little bit to that?

吉姆，你想談談這個嗎？

Sure.

當然。

I think we're waiting to see what will happen with our competitors' position and their ability to deliver product, but we're obviously always ready, willing, and able to help our customers have more product and to whatever extent there is potential upside for in market share gains during the next quarter or two with that we'll certainly do our best to take advantage of it.

我認為我們正在等待，看看我們的競爭對手的地位和他們提供產品的能力會發生什麼，但我們顯然總是準備好、願意並且能夠幫助我們的客戶擁有更多的產品，無論在多大程度上，在未來一兩個季度，市場份額的增長都有潛在的上升空間，我們肯定會盡最大努力利用它。

We have our next question coming from the line of Sean Laaman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Sean Laaman。

Mick, even just in broad brush starts to answer this question, we've seen, I guess, one of a better term, the finality of competitive bidding in it shape, many, many -- in its proposed shape many months ago.

米克，即使只是粗略地開始回答這個問題，我想，我們已經看到了一個更好的術語之一，競爭性招標的最終結果，很多很多——幾個月前提出的形式。

I'm wondering if that's having influence or whatever influence that might have had with respect to pricing since that point in time?

我想知道自那時以來這是否有影響或可能對定價產生任何影響？

Thanks, Sean.

謝謝，肖恩。

That's a great question, and I'll hand back to Jim Hollingshead to talk about whether the elimination of competitive bidding pretty much in terms of its delay to 2024 has any implications for pricing with us with our U.S. customers.

這是一個很好的問題，我將回到 Jim Hollingshead 來談談取消競爭性招標（推遲到 2024 年）是否會對我們與美國客戶的定價產生任何影響。

Jim, you want to take that?

吉姆，你想要那個嗎？

Yes.

是的。

Sure.

當然。

Thanks Mick and thanks for the question.

謝謝米克，也謝謝你的提問。

The competitive bidding being canceled led to ongoing stability in the pricing in the U.S. market.

競爭性招標的取消導緻美國市場定價持續穩定。

And that's what we see.

這就是我們所看到的。

There's stability in pricing throughout the period because of stability of reimbursement.

由於報銷的穩定性，整個期間的定價保持穩定。

And we -- so far, we haven't seen any signals from CMS of the intent to relaunch a program or anything like that.

到目前為止，我們還沒有看到 CMS 發出任何重新啟動計劃或類似信號的信號。

So it's a weird way to answer the question, but the nonevent led to no changes, we've just seen pricing stability.

所以這是一個奇怪的方式來回答這個問題，但非事件沒有導致任何變化，我們只是看到了價格的穩定性。

We have our next question coming from the line of Andrew Goodsall with MST Marquee.

我們的下一個問題來自 MST Marquee 的 Andrew Goodsall。

Just going to touch back on your SaaS business.

回顧一下您的 SaaS 業務。

I know you fielded a few questions on this, particularly around MatrixCare.

我知道您就此提出了一些問題，特別是有關 MatrixCare 的問題。

But just trying to think in practical terms, how quickly we can sort of see that come back.

但試著從實際角度思考一下，我們能多快看到這種情況回來。

There's certainly a lot of commentary in the marketplace, but there's a big swing on the back of COVID to home delivery care in the home.

市場上當然有很多評論，但新冠疫情對家庭送貨護理的影響很大。

So just trying to sort of think just over the next sort of quarters, how you're seeing the profile of that recovery?

那麼，想一下在接下來的幾個季度中，您如何看待復甦的情況？

Yes.

是的。

Andrew, thanks.

安德魯，謝謝。

It's a great question, and there are so many dynamics of hospital care and then the flow out through post-acute care to our SaaS system.

這是一個很好的問題，醫院護理有很多動態，然後通過急性後護理流向我們的 SaaS 系統。

I think, as we look forward, we saw 5% growth in the quarter across our SaaS business.

我認為，展望未來，我們的 SaaS 業務本季度將增長 5%。

We think the weighted average market growth across those 7 or now 8 verticals that we're in with Citus joining the portfolio in specialty pharmacy and home infusion, we think that sort of mid single-digit growth can move towards high single-digit growth as we see patients get back to the hospital and, therefore, get back to being discharged to skilled nursing facilities, home health, hospice and beyond.

我們認為，隨著 Citus 加入專業藥房和家庭輸液產品組合，我們所處的 7 個或現在 8 個垂直市場的加權平均市場增長，我們認為，隨著我們看到患者回到醫院，並因此回到出院到熟練的護理機構、家庭健康、臨終關懷等機構，這種中等個位數增長可能會轉向高個位數增長。

And so it's difficult to say the exact rate of increase, but it's going to increase.

因此很難說出確切的增長率，但它會增加。

And I think our technology and what we've invested in, particularly, even during COVID, some of the software that we put for our skilled nursing facility customers to manage patients who may or may not be infected by COVID and how they operate their businesses have been very well received.

我認為我們的技術和投資，特別是在新冠疫情期間，我們為熟練護理機構客戶提供的一些軟件，用於管理可能感染或未感染新冠病毒的患者以及他們的業務運營方式，都受到了好評。

So even as case rates decline, but COVID is still here, and it is still across -- even with vaccinations going up, still going to impact those customers.

因此，即使病例率下降，但新冠病毒仍然存在，而且仍然存在——即使疫苗接種量增加，仍然會影響這些客戶。

I think some of those tools will help us see a faster path to getting from that mid single-digit growth to high single-digit growth across the group.

我認為其中一些工具將幫助我們找到一條更快的道路，使整個集團從中個位數增長轉向高個位數增長。

And as I said in the prep remarks, and this is true for ResMed always, we don't just want to meet market growth.

正如我在準備發言中所說，對於瑞思邁來說始終如此，我們不僅僅想滿足市場增長。

We want to beat that market growth.

我們希望超越市場增長。

So as I look towards our long-term strategy in 2025, we've got the opportunity to get way back to that double-digit growth in our SaaS business.

因此，當我展望 2025 年的長期戰略時，我們有機會在 SaaS 業務中恢復兩位數的增長。

But in the short-to-medium term, I think we can move from mid single-digits to high single-digits in this part of our portfolio.

但從中短期來看，我認為我們的投資組合的這一部分可以從中個位數轉向高個位數。

We've made the investments in the technology.

我們已經在技術上進行了投資。

We made the investments for the customers to help them deal with the dynamics of COVID.

我們為客戶進行了投資，幫助他們應對新冠疫情的動態。

And as the recovery happens, we will be partners for them for growth on the other side.

隨著經濟復甦，我們將成為他們的合作夥伴，促進他們的另一面增長。

We have our next question coming from the line of Suraj Kalia with Oppenheimer.

我們的下一個問題來自蘇拉吉·卡利亞（Suraj Kalia）和奧本海默（Oppenheimer）的對話。

Mick, Brett, can you hear me all right?

米克、布雷特，你們能聽到我說話嗎？

Got you loud and clear, Suraj.

蘇拉吉，你的聲音響亮而清晰。

Perfect.

完美的。

So Mick, a couple of questions, and I'll just kind of put them together.

米克，有幾個問題，我會把它們放在一起。

Mick, I'm not sure I heard about the AHRQ report.

米克，我不確定是否聽說過 AHRQ 報告。

Would love to get your perspective from a counter-messaging perspective and any quantification of impact?

想從反信息的角度了解您的觀點以及任何影響的量化嗎？

And the second part of my question, Mick, if I could, the SaaS business.

我的問題的第二部分，Mick，如果可以的話，SaaS 業務。

There was a period of time that it was a tailwind to margins, to top line growth.

有一段時間，它對利潤率和營收增長起到了推動作用。

And just kind of looking at it over the last, let's say, 4 or so quarters, it seems to be becoming a drag on overall growth.

看看過去四個季度左右的情況，它似乎正在成為整體增長的拖累。

Some of these COVID issues notwithstanding, maybe you can just kind of parse us through the structural dynamics of returning this line item to what you would have perceived as normalized growth?

儘管存在一些新冠問題，也許您可以通過結構動態來解析我們，使該訂單項恢復到您認為的正常增長水平？

Thanks, Suraj.

謝謝，蘇拉吉。

I'll hand the first question to Dave on AHRQ, and then I'll take the second one on SaaS.

我會將有關 AHRQ 的第一個問題交給 Dave，然後我會回答有關 SaaS 的第二個問題。

Dave?

戴夫？

Yes.

是的。

Thanks, Suraj.

謝謝，蘇拉吉。

And I'll give you just kind of a brief response here if you want any more details, feel free to reach out to Amy, and she can bring you up to speed.

如果您想了解更多詳細信息，我將在這裡給您一個簡短的答复，請隨時與 Amy 聯繫，她可以為您提供最新信息。

But basically, AHRQ, we believe, is taking a very narrow perspective on looking at the clinical literature, looking at only randomized controlled trials done under certain very careful criteria.

但基本上，我們認為，AHRQ 在研究臨床文獻時採取了非常狹隘的視角，僅研究在某些非常謹慎的標準下進行的隨機對照試驗。

And while traditionally, that has been the hallmark of the gold standard of trials, we think, particularly in this industry wherein you've got a massive amount of real-world evidence and a lot of other longitudinal trials that clearly demonstrate benefits in terms of longevity, benefits in terms of clinically significant cardiovascular outcomes, also quality of life outcomes and also outcomes in terms of healthcare utilization and lower costs, all of that evidence ought to be used to come to a conclusion that treating sleep apnea with CPAP therapy is not only good for patients, but good for the healthcare systems and good for economies as a whole.

雖然傳統上，這一直是試驗黃金標準的標誌，但我們認為，特別是在這個行業，您擁有大量的真實世界證據和許多其他縱向試驗，這些試驗清楚地證明了壽命方面的益處、臨床意義重大的心血管結果方面的益處、生活質量結果以及醫療保健利用率和較低成本方面的結果，所有這些證據都應該用來得出這樣的結論：用 CPAP 治療治療睡眠呼吸暫停不僅對患者有利，而且對醫療保健系統有利對整體經濟有利。

So we're hopeful that all that evidence that we've brought in, and it's not just us, other societies, many of the clinical societies have come out, and there's been a vigorous sort of cross-industry wide, cross-clinical and academic key opinion leaders have all come out in the same direction.

因此，我們希望我們帶來的所有證據，不僅僅是我們，其他協會、許多臨床協會都已經出來，並且有大量跨行業、跨臨床和學術的關鍵意見領袖都朝著同一個方向出來。

So we're hopeful that, that will be taken into account.

因此，我們希望這一點能夠得到考慮。

And the final report, which we don't know when it will be, but likely perhaps later this calendar year, will include that data and come to a better conclusion.

最終報告（我們不知道什麼時候發布，但可能會在今年晚些時候）將包含這些數據並得出更好的結論。

So Suraj, I mean the only thing I'd add to Dave's response, which is very thorough there is that actually there are RCTs, randomized controlled trials, that also are excellent that weren't included.

所以蘇拉吉，我的意思是，我唯一要補充戴夫的答复，這是非常徹底的，實際上有隨機對照試驗，隨機對照試驗，也很出色，但沒有包括在內。

So if you're just looking at RCTs even, you need to include some of those RCTs, which were, in fact, very positive.

因此，如果您只是查看隨機對照試驗，則需要包括其中一些隨機對照試驗，這些試驗實際上非常積極。

And the AHRQ just looked at some neutral RCTs and said, well, neutral means no benefit.

AHRQ 只看了一些中立的隨機對照試驗，然後說，中立意味著沒有好處。

Like, wait, there's all these other preponderance of evidence, real-world and RCTs that are positive.

等等，還有所有其他優勢證據、現實世界和隨機對照試驗都是積極的。

So it was an interesting subsection of the literature that they used.

所以這是他們使用的文獻中一個有趣的部分。

And we have lots of folks, us and academics working on that.

我們有很多人、我們和學者正在致力於此。

On the second part of your question, SaaS.

關於你問題的第二部分，SaaS。

Look, it actually was a strong tailwind for us in this quarter, at 5% growth versus the COVID-included core part of the business.

看，這實際上對我們本季度來說是一個強勁的推動力，與包含新冠疫情在內的核心業務部分相比，增長了 5%。

And I think it can be, as we look forward, and I spoke to this earlier in my answer to Andrew about SaaS going from mid single-digits to high single-digits, I think it can and then us meeting or beating that.

我認為，正如我們所期待的那樣，我之前在回答安德魯關於 SaaS 從中個位數到高個位數的回答時談到了這一點，我認為它可以，然後我們會滿足或超越這個目標。

So getting to double-digit growth in the SaaS part of our business.

因此，我們業務的 SaaS 部分實現了兩位數的增長。

I do think that, that will become a tailwind for us.

我確實認為，這將成為我們的順風。

That 12% of our revenue is all service, SaaS, as we get out of the COVID sort of slowdown of census rates in this out-of-hospital care, we get back to a normal flow of patients through because people are wanting to age in place.

我們收入的 12% 全部來自服務、SaaS，隨著我們擺脫了院外護理中人口普查率放緩的影響，我們恢復了正常的患者流動，因為人們希望就地養老。

People are wanting to be outside the hospital.

人們想要走出醫院。

COVID just increased the probability that people do not want to be in a hospital for any longer than they need to.

新冠病毒只是增加了人們不想在醫院呆太久的可能性。

And so I think the geographic and socioeconomic trends of a growing community and people wanting to age in place and an aging population and the fact that people are seeing lower costs, lower acuity and better healthcare delivered outside the hospital all lead towards this.

因此，我認為不斷增長的社區和人們想要就地養老的地理和社會經濟趨勢以及人口老齡化以及人們看到醫院外提供的成本更低、敏銳度更低和更好的醫療保健這一事實都導致了這一點。

The dynamics of how quickly we go from mid single-digit growth to high single-digit growth, we can debate.

我們可以爭論我們從中等個位數增長到高個位數增長的動態。

But the fact is it's going to go there because people are moving from the hospital to out-of-hospital healthcare, and that's where we're investing.

但事實是它會去那裡，因為人們正在從醫院轉向院外醫療保健，而這就是我們投資的地方。

So as I look forward to our long-term strategy, 2025, I am very confident that this will be a very strong tailwind to our business.

因此，當我展望我們的 2025 年長期戰略時，我非常有信心這將成為我們業務的強勁推動力。

The recovery of our whole business post-COVID is what we're talking about here.

我們在這裡討論的是疫情過後我們整個業務的複蘇。

But I look on the end of FY2022, strong double-digit growth across our business.

但我預計到 2022 財年末，我們的業務將實現兩位數的強勁增長。

And I mean that across our whole business.

我的意思是我們整個業務都是如此。

Thanks for the questions, Suraj.

謝謝你的提問，蘇拉吉。

We have our last question coming from the line of Anthony Petrone with Jefferies.

我們的最後一個問題來自安東尼·佩特隆（Anthony Petrone）和杰弗里斯（Jefferies）的電話。

Maybe just to follow up on the SaaS business and kind of going between Brightree and MatrixCare.

也許只是為了跟進 SaaS 業務以及 Brightree 和 MatrixCare 之間的關係。

On the Brightree side, there was some consolidation in DME space through 2020.

Brightree 方面，2020 年 DME 領域出現了一些整合。

I'm just wondering if that is cycling through the numbers there and sort of how that plays out?

我只是想知道那裡的數字是否循環以及結果如何？

And then sort of when we think of core sleep trends, if you could provide maybe a quick update on sleep labs, in particular?

然後，當我們想到核心睡眠趨勢時，您是否可以提供有關睡眠實驗室的快速更新，特別是？

I know it's a small portion of the overall business.

我知道這只是整個業務的一小部分。

But it sounds like there could be a reversal in activity as folks actually get back to sleep labs.

但聽起來，隨著​​人們真正回到睡眠實驗室，活動可能會發生逆轉。

So just sort of an update on sleep labs.

這是睡眠實驗室的最新動態。

Yes.

是的。

Thanks for the questions, Anthony.

謝謝你的提問，安東尼。

And to your first part of your question around SaaS, yes.

關於 SaaS 問題的第一部分，是的。

I mean, clearly, there's consolidation of some players in the HME industry.

我的意思是，顯然，HME 行業的一些參與者正在整合。

And that can impact our contracts with those.

這可能會影響我們與這些人的合同。

In general, SaaS is a per user, per month -- like per activated user per month approach.

一般來說，SaaS 是按每個用戶按月計算的，就像按每個激活用戶按月計算的方法一樣。

And so acquisitions in -- an HME acquiring another HME that doesn't currently use Brightree is actually upside for us because usually the acquiring entity has all the efficiencies and scale and capabilities because they're using Brightree and then they put that into the acquired account.

因此，一家 HME 收購另一家目前不使用 Brightree 的 HME 對我們來說實際上是有利的，因為收購實體通常擁有所有的效率、規模和能力，因為他們使用 Brightree，然後將其存入被收購的賬戶。

And so therefore, actually increase the number of users and per user per month revenue for ResMed can be an upside on that.

因此，實際上增加 ResMed 的用戶數量和每個用戶每月的收入可能是一個好處。

If it's a Brightree user acquiring another Brightree user, well, then there can be some reduction, they might get some efficiencies and reductions of the number of chairs.

如果 Brightree 用戶收購了另一個 Brightree 用戶，那麼可能會有所減少，他們可能會提高效率並減少椅子數量。

But ultimately, if it's a smart customer, it's going to continue to grow.

但最終，如果它是一個聰明的客戶，它就會繼續增長。

And so then that over time, as they grow, will increase our revenues as part of that.

隨著時間的推移，隨著他們的成長，我們的收入也會隨之增加。

So a lot of dynamics around the M&A there.

因此，圍繞併購的動態很多。

But in general, in the long run for us, it's about us betting on the winning and efficient HMEs and Brightree helps us do that because the people who adopt Brightree are the winners.

但總的來說，從長遠來看，我們需要押注於獲勝且高效的 HME，而 Brightree 幫助我們做到這一點，因為採用 Brightree 的人就是贏家。

They have the lowest costs and the best outcomes for their patients.

他們為患者提供最低的成本和最好的結果。

To the second part of your question around sleep labs.

關於您關於睡眠實驗室的問題的第二部分。

Look, I look on the capacity here in the U.S. and the reduction that happened during COVID of the in-lab tests.

看，我看一下美國的產能以及新冠疫情期間實驗室測試的減少。

Those people scale their digital health solutions and their home sleep testing capabilities.

這些人擴展了他們的數字健康解決方案和家庭睡眠測試能力。

So as they come back and open up the in-lab facilities, I think that will absolutely have a rebound of the capacity in the in-labs, but they won't lose what they gained in home sleep testing.

因此，當他們回來並開放實驗室設施時，我認為實驗室的能力絕對會反彈，但他們不會失去在家庭睡眠測試中獲得的成果。

As Aristotle said, "when the mind is stretched by a new idea, it never returns to its original size".

正如亞里士多德所說，“當心靈被一個新想法拉伸時，它永遠不會恢復到原來的大小”。

So they're not going to forget about these great digital health solutions they have for home sleep testing.

因此，他們不會忘記這些用於家庭睡眠測試的出色數字健康解決方案。

So yes, we'll get the capacity back in the sleep labs, but I also think the scalable opportunity for those sleep diagnostics providers -- to provide lower-cost, customer-friendly diagnostics in the home will be just a part of their portfolio and hopefully, will improve the rate of diagnosing the 936 million people worldwide or just looking at the U.S., the 70 million people in this country that have mild, severe or obstructive sleep apnea that need to be taken care of.

所以，是的，我們將恢復睡眠實驗室的能力，但我也認為這些睡眠診斷提供商的可擴展機會——在家裡提供成本更低、客戶友好的診斷將只是他們產品組合的一部分，並有望提高全球 9.36 億人的診斷率，或者僅看美國，這個國家有 7000 萬人患有輕度、重度或阻塞性睡眠呼吸暫停，需要治療。

Thanks for the question, Anthony, and I'll hand back to you, Amy, to close out the call.

謝謝你的提問，安東尼，艾米，我將把電話交還給你，以結束這次通話。

Thanks, Mick.

謝謝，米克。

Did you want to give your closing remarks?

您想發表結束語嗎？

Sure.

當然。

Yes, I know we're 9 minutes over.

是的，我知道我們已經 9 分鐘了。

So I'll make this brief.

所以我會簡單介紹一下。

Thanks again to all our shareholders for joining us on the call.

再次感謝所有股東參加我們的電話會議。

I'd like to thank once again the 7,500 ResMedians, many of you, our shareholders.

我要再次感謝 7,500 名 ResMedians，你們中的許多人，我們的股東。

Thank you for your hard work, dedication, helping people sleep better, breathe better, around 140 countries worldwide.

感謝你們的辛勤工作和奉獻精神，幫助全球約 140 個國家的人們睡得更好、呼吸得更好。

Thank you for the many thousands of ventilators you're getting right now to our team in India so that we can take care of people in this another emergency.

感謝你們現在為我們印度團隊提供了數千台呼吸機，以便我們能夠在另一場緊急情況下照顧人們。

I look forward to talking to you and to all of our shareholders here again in 90 days.

我期待 90 天后再次與您和我們所有股東交談。

Thanks.

謝謝。

Great.

偉大的。

Thanks, Mick, and thank you all again for joining us today.

謝謝米克，再次感謝大家今天加入我們。

We appreciate your interest and your time.

我們感謝您的興趣和您的時間。

If you have any additional questions, please don't hesitate to reach out directly.

如果您還有任何其他問題，請隨時直接聯繫。

This does conclude our call.

我們的通話到此結束。

Xeline, you may now close out the call.

Xeline，您現在可以結束通話了。

This concludes ResMed's Third Quarter of Fiscal Year 2021 Earnings Live Webcast.

瑞思邁 2021 財年第三季度收益網絡直播到此結束。

You may now disconnect.

您現在可以斷開連接。