2022-08-11 ResMed Inc. (RMD) Q4 2022 Earnings Call Transcript
Resmed, Inc. (NYSE:RMD) Q4 2022 Earnings Conference Call August 11, 2022 4:30 PM ET
雷思迈德公司（NYSE：RMD）2022 年第四季度收益电话会议 2022 年 8 月 11 日 下午 4:30 ET
Company Participants 公司参与者
Amy Wakeham - VP, IR & Corporate Communications
艾米·韦克汉姆 - 副总裁，投资者关系和企业传播
Michael Farrell - CEO & Director
迈克尔·法雷尔 - 首席执行官兼董事
Brett Sandercock - CFO
布雷特·桑德科克 - 首席财务官
Robert Douglas - President, COO and Interim President, Sleep & Respiratory Care
罗伯特·道格拉斯 - 总裁，首席运营官兼睡眠与呼吸护理临时总裁
Conference Call Participants
电话会议参与者
Craig Wong-Pan - RBC Capital Markets
Craig Wong-Pan - RBC Capital Markets 克雷格·王潘 - 加拿大皇家银行资本市场
Sean Laaman - Morgan Stanley
肖恩·拉曼 - 摩根士丹利
Margarate Boeye - William Blair & Company
玛格丽特·博伊 - 威廉·布莱尔公司
David Bailey - Macquarie Research
大卫·贝利 - 麦格理研究
Michael Matson - Needham & Company
迈克尔·马特森 - 尼德姆公司
Lyanne Harrison - Bank of America Merrill Lynch
莉安·哈里森 - 美国银行美林证券
Steven Wheen - Jarden Limited
史蒂文·惠恩 - 贾登有限公司
David Low - JPMorgan Chase & Co.
大卫·洛 - 摩根大通公司
Saul Hadassin - Barrenjoey Capital
索尔·哈达辛 - 巴伦乔伊资本
Gretel Janu - Crédit Suisse
格雷特尔·亚努 - 瑞士信贷
Suraj Kalia - Oppenheimer
Matthew Mishan - KeyBanc Capital Markets
马修·米山 - 凯邦资本市场
Chris Cooper - Goldman Sachs Group
克里斯·库珀 - 高盛集团
Dan Hurren - MST Marquee
丹·赫伦 - MST 帐篷
Operator 操作员
Hello and welcome to the Q4 Fiscal Year 2022 ResMed Earnings Conference Call. My name is Kevin, and I'll be your operator for today's call. [Operator Instructions]. Please note that this conference is being recorded.
您好，欢迎参加 2022 财年第四季度瑞思迈盈利电话会议。我是 Kevin，今天的电话会议操作员。【操作员指示】。请注意，本次电话会议正在录音。
I will now turn the call over to Amy Wakeham, Vice President of Investor Relations and Corporate Communications. Amy, you may begin.
我现在将电话转接给投资者关系和企业传播副总裁艾米·韦克汉姆。艾米，你可以开始了。
Amy Wakeham 艾米·韦克汉姆
Great. Thank you, Kevin, and hi, everyone. Welcome to ResMed's Fourth Quarter Fiscal Year 2022 Earnings Conference Call. We thank you for joining us. This call is being webcast live, and the replay will be available on the Investor Relations section of our corporate website later today, along with a copy of our earnings release and the presentation, both of which are available now.
很好。谢谢你，凯文，大家好。欢迎参加雷迪思医疗 2022 财年第四季度收益电话会议。感谢您的参与。本次电话会议正在现场网络直播，回放将于今天晚些时候在我们公司网站的投资者关系部分提供，同时我们的收益发布和演示文稿副本现已可供查阅。
Joining me on the call today are our Chief Executive Officer, Mick Farrell; and Chief Financial Officer, Brett Sandercock. Following our prepared remarks, we will host a Q&A session, and Mick and Brett will be joined by Rob Douglas, President and Chief Operating Officer; and David Pendarvis, Chief Administrative Officer and Global General Counsel.
今天与我一起参加电话会议的是我们的首席执行官 Mick Farrell；和首席财务官 Brett Sandercock。在我们准备好的发言后，我们将举行问答环节，Mick 和 Brett 将与总裁兼首席运营官 Rob Douglas；以及首席行政官兼全球总法律顾问 David Pendarvis 一起参加。
During today's call, we will discuss several non-GAAP measures. For a reconciliation of the non-GAAP measures, please review the supporting schedules in today's earnings press release. And as a reminder, our discussion today will include forward-looking statements, including, but not limited to, expectations about our future operating and financial performance. We believe these statements are based on reasonable assumptions. However, our actual results may differ. Please refer to our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements made today.
在今天的电话会议中，我们将讨论几项非通用会计准则措施。有关非通用会计准则措施的调和，请查阅今天收益新闻发布中的支持时间表。作为提醒，我们今天的讨论将包括前瞻性声明，包括但不限于对我们未来运营和财务表现的预期。我们相信这些声明是基于合理假设的。然而，我们的实际结果可能会有所不同。请参阅我们的 SEC 备案，以获取有关可能导致我们的实际结果与今天所做的任何前瞻性声明有实质不同的风险因素的完整讨论。
I'll now go ahead and turn the call over to Mick.
我现在将电话转接给米克。
Michael Farrell 迈克尔·法雷尔
Thanks, Amy, and thank you all for joining us today as we review the results for the fourth quarter of our fiscal year 2022 ended June 30. On today's call, I will provide a brief high-level overview of our financial results. I'll then review progress towards our ResMed 2025 strategic goals, and then discuss our actions to navigate through ongoing industry and supply chain challenges. Brett will then join the call to review our financial results in more detail.
谢谢，艾米，感谢大家今天加入我们，一起回顾截至 2022 年 6 月 30 日的财政年度第四季度的业绩。在今天的电话会议上，我将简要概述我们的财务业绩。然后我将回顾我们朝着 ResMed 2025 战略目标的进展，然后讨论我们应对持续行业和供应链挑战的行动。布雷特随后将加入电话会议，更详细地回顾我们的财务业绩。
Okay. Let's jump right in. Our fourth quarter results reflect strong performance across our business with high single-digit revenue growth in both our sleep and respiratory care business segment as well as in our Software-as-a-Service business segment. Our ongoing growth reflects our global team's relentless focus to solve very complex supply chain problems and find alternate design and engineering solutions to address the incredible industry challenges that we have faced over the past year and beyond.
好的。让我们开始吧。我们第四季度的业绩反映出我们业务的强劲表现，在我们的睡眠和呼吸护理业务领域以及我们的软件即服务业务领域，收入均实现高个位数增长。我们持续增长反映了我们全球团队不懈专注于解决非常复杂的供应链问题，并寻找替代设计和工程解决方案，以解决我们在过去一年及以后面临的令人难以置信的行业挑战。
The global supply chain environment remains very much in flux across multiple industries. We are starting to see indications that the macro environment is improving, particularly semiconductor availability. However, we're mindful that even as macro trends start to improve, we still need our supplier partners to prioritize med tech component needs over other nonlife-sustaining industries.
全球供应链环境在多个行业仍然处于不稳定状态。我们开始看到宏观环境正在改善的迹象，尤其是半导体供应。然而，我们要谨记，即使宏观趋势开始改善，我们仍需要我们的供应商合作伙伴将医疗技术组件需求置于其他非生命维持行业之上。
Demand in the market remains very strong. We've been able to mitigate some of the electronic component bottlenecks with the launch of our redesigned card to cloud AirSense 10 devices introduced to the market midway through our fourth quarter. As you can imagine, clearing one bottleneck simply brings the next rate-limiting step to the forefront. Our team is actively working to clear as many bottlenecks as they can as quickly as possible.
市场需求仍然非常强劲。通过在第四季度中期推出重新设计的卡至云 AirSense 10 设备，我们已经成功缓解了一些电子元件瓶颈。正如您所想象的那样，清除一个瓶颈只会将下一个限制步骤推到前台。我们的团队正在积极努力尽快清除尽可能多的瓶颈。
On the positive news side, the redesign, reengineering and launch of the card to cloud device greatly improved our ability to meet the incredible demand that we see in the marketplace. During the last month of the quarter, during June, we were able to allocate more products to our customers than in recent months and in recent quarters. We're not out of the woods yet, but the compass is pointing to true north and we are on top of it.
在积极的消息方面，对卡到云设备的重新设计、重新工程和推出极大地提高了我们满足市场上令人难以置信的需求的能力。在本季度的最后一个月，即六月份，我们能够为客户分配比最近几个月和最近几个季度更多的产品。我们还没有走出困境，但指南针指向了真正的北方，我们已经掌握了局势。
Throughout this crisis of demand and supply, our established ResMed guiding principles remain the same: that is that we will give priority to the production and delivery of devices to meet the needs of the highest-acuity patients first. As we discussed last quarter, we are still facing a challenging freight environment. The key challenges of sea freight and airfreight are due to reduced availability and elevated prices. These forces are impacting our ability to efficiently get components into our factories and then to get the finished goods out of those factories and ship to warehouses and ultimately to customers.
在这场需求和供应危机中，我们既定的 ResMed 指导原则保持不变：即我们将优先生产和交付设备，以满足最高急性患者的需求。正如我们在上个季度讨论的那样，我们仍然面临着具有挑战性的货运环境。海运和空运的主要挑战是由于供应减少和价格上涨。这些因素影响了我们有效地将零部件送入工厂，然后将成品从这些工厂运出并运送到仓库，最终交付给客户的能力。
We continue to do everything that we can to secure additional supply to ultimately further increase production of our devices. As highlighted on previous calls, this includes a combination of 5 concurrent work streams in supply chain. One, we are locking in the flow of our existing parts from existing suppliers. Two, we are establishing flow of existing parts from new suppliers. Three, we're validating and verifying new parts from existing suppliers. And four, we're validating and verifying new parts from new suppliers. And then finally, five, we're reengineering designs to mitigate the major supply bottlenecks.
我们继续尽一切努力确保获得额外的供应，最终进一步增加我们设备的生产。正如之前所强调的，这包括供应链中 5 个并行工作流的组合。一，我们正在锁定现有供应商提供的零部件流动。二，我们正在建立新供应商提供的现有零部件流动。三，我们正在验证和核实现有供应商的新零部件。四，我们正在验证和核实新供应商的新零部件。最后，五，我们正在重新设计以减轻主要的供应瓶颈。
In summary, we're making good progress with these 5 lines of work, and we've been able to offset some of the impacts of the component shortages to best support patients, providers, physicians and beyond. In addition to the successful launch of our redesigned card to cloud device last quarter, we also continue to support our customers with our market-leading mask portfolio. The supply -- despite the challenges we faced with reduced new patient setups due to a competitor recall, we continue to see strong uptake of our mask solutions as our customers want the smallest, the quietest, the most comfortable, the easiest to fit and the most highly patient-rated masks in the market, and those come from ResMed.
总的来说，我们在这 5 个工作方面取得了良好的进展，并且已经能够抵消部件短缺的一些影响，以最好地支持患者、提供者、医生等。除了上个季度成功推出我们重新设计的卡到云设备之外，我们还继续通过我们市场领先的口罩产品组合支持我们的客户。尽管由于竞争对手召回导致新患者设置减少而面临挑战，我们仍然看到我们口罩解决方案的强劲接受度，因为我们的客户希望市场上最小、最安静、最舒适、最容易安装和最受患者好评的口罩都来自 ResMed。
Peer-reviewed and published studies have clearly shown that patients that are on a ReSupply program are much more likely to remain on sleep apnea treatment adherent for the long term than those that aren't on a ReSupply program. Our home care provider customers not only want to put new patients on therapy, they want to keep those new patients and all of their existing patients on therapy over the long term. And the ultimate goal there is to improve patient outcomes to lower total health care system costs as well as to drive their own recurring revenue streams.
经同行评审并发表的研究清楚地表明，参与再供应计划的患者长期遵循睡眠呼吸暂停治疗的可能性要比不参与再供应计划的患者高得多。我们的家庭护理服务提供商不仅希望让新患者接受治疗，还希望长期保持这些新患者和所有现有患者接受治疗。其最终目标是改善患者结果，降低整体医疗系统成本，并推动他们自己的可再生收入流。
We recognize that this demand outstripping supply situation remains a very difficult temporary state for all customers, including physicians, home medical equipment providers, payers, health care systems as well as the most important customer of all, the patient. We continue to work across the industry to be the best partner and the best solutions provider for all customers. We expect demand to be greater than supply for at least 12 more months, driven by the recall of one of our competitors primarily. The net result is that every device that we here at ResMed make during these next 12 months, we will sell as it leaves the production line to a warehouse and is shipped to a customer. We are looking at every angle to maximize supply and address this incredible demand these next 12 months.
我们意识到这种需求超过供应的情况对所有客户来说仍然是一个非常困难的临时状态，包括医生、家庭医疗设备提供商、支付者、医疗保健系统以及最重要的客户——患者。我们将继续在整个行业中努力，成为所有客户最佳的合作伙伴和最佳的解决方案提供商。我们预计需求将在至少未来 12 个月内大于供应，主要受到竞争对手的召回的推动。最终结果是，在接下来的 12 个月里，我们在 ResMed 制造的每一台设备都将在离开生产线时销售给仓库，并运送给客户。我们正在从各个角度寻找方法来最大化供应，并满足未来 12 个月的这种巨大需求。
As a company, we are learning every day. And as an industry, we will get through this challenge stronger than ever. Our goal is to ensure that every person gets the care that they need, where they need it, when they need it, and we won't stop until we achieve that goal.
作为一家公司，我们每天都在学习。作为一个行业，我们将比以往任何时候都更加强大地度过这一挑战。我们的目标是确保每个人在需要的时候得到他们需要的照顾，我们将不会停止，直到实现这个目标。
Let's now briefly review the COVID-related market impacts on our industry. Most of the 140 countries that we operate in are now above 100% of pre-COVID levels of patient flow. It is noted that in some regions and some countries, we see ongoing surges of new COVID variants with some select governments continuing to impose COVID restrictions. In these areas, patient flow remains below pre-COVID levels. But across the board, we are seeing ongoing adoption of digital health solutions for screening, for diagnosis and for remote patient setup and monitoring as well as well-established COVID cleaning protocols at sleep labs and physician offices. These trends continue to minimize the impact of new variants and diminish the absolute impact of COVID on our industry over time.
让我们简要回顾一下 COVID 对我们行业的市场影响。我们经营的 140 个国家中，大多数国家的患者流量现在已经超过了 COVID 前水平的 100%。值得注意的是，在一些地区和一些国家，我们看到新的 COVID 变种持续激增，一些政府继续实施 COVID 限制。在这些地区，患者流量仍低于 COVID 前水平。但总体而言，我们看到数字健康解决方案在筛查、诊断和远程患者设置和监测方面的持续采用，以及在睡眠实验室和医生办公室建立的 COVID 清洁协议。这些趋势继续减少新变种的影响，并随着时间的推移减少 COVID 对我们行业的绝对影响。
Let's now step back a little and review ResMed's top 3 strategic priorities: number one, to grow and differentiate our core sleep apnea and respiratory care businesses; number two, to design, develop and deliver world-leading medical devices as well as digital health solutions that can be scaled globally; and number three, to innovate and grow the world's best software solutions for care that is delivered outside the hospital and especially in the home.
让我们现在稍微退后一步，回顾一下瑞思迈的前三项战略重点：第一，发展和区分我们的核心睡眠呼吸暂停和呼吸护理业务；第二，设计、开发和交付全球可扩展的世界领先医疗设备以及数字健康解决方案；第三，创新并发展全球最佳的软件解决方案，用于在医院外以及特别是在家中提供的护理。
The launch of our next-generation device platform called the AirSense 11 continues to go very well. It remains somewhat difficult to differentiate the success of the launch from previous generations with the incredibly high demand we're seeing around the world. Every Air 11 we make is sold immediately as it leaves the manufacturing floor. However, when we drill into patient feedback data, we see that patients are very excited about the platform, including the Air 11 device itself and the myAir software solutions surrounding it.
我们的下一代设备平台 AirSense 11 的推出继续顺利进行。很难将这次推出的成功与之前的几代产品区分开来，因为我们在全球看到了非常高的需求。每一台 Air 11 在离开生产线时立即售罄。然而，当我们深入研究患者反馈数据时，我们发现患者对这个平台非常兴奋，包括 Air 11 设备本身以及围绕它的 myAir 软件解决方案。
During the fourth quarter, we introduced the AirSense 11 into several new countries outside the United States where we first launched the platform, including France, Switzerland and across the Nordic countries of Northern Europe. We look forward to further expansion into additional countries as we progress through our fiscal year 2023.
在第四季度，我们将 AirSense 11 引入了美国以外的几个新国家，包括法国、瑞士以及北欧国家。我们期待在 2023 财年继续扩大到更多国家。
One area that we are closely watching is patient adoption of digital health solutions. And to that point, adoption rates of the myAir app by new patients set up on therapy with the AirSense 11 continue to be more than double that of the AirSense 10. This is because the AirSense 11 platform is designed to enable and encourage patients to engage directly with their own health care.
我们密切关注的一个领域是患者对数字健康解决方案的采纳情况。在这一点上，使用 AirSense 11 开始治疗的新患者对 myAir 应用的采纳率仍然是 AirSense 10 的两倍以上。这是因为 AirSense 11 平台旨在促使患者直接参与自己的健康护理。
The bottom line is that people want personal care. They want their own data on their own app on their own phone. And they love the coaching and personal engagement of our ecosystem. They are voting with their digital presence, and repeat usage of the myAir app is stronger than ever. More patients on myAir means more patients are fully engaging with ResMed's software technology. This has led us to now passing over 12 billion nights of sleep apnea and respiratory care medical data in the cloud. Our software solutions, including myAir and AirView, are delivering a better patient experience, better efficiencies for home care providers and physicians, and most importantly, greater long-term adherence to therapy for the patient.
底线是人们想要个性化关怀。他们希望在自己的应用程序上拥有自己的数据，而且希望在自己的手机上使用。他们喜欢我们生态系统中的辅导和个性化互动。他们通过数字存在投票，而 myAir 应用程序的重复使用率前所未有地高。更多的患者使用 myAir 意味着更多的患者完全参与了 ResMed 的软件技术。这使我们现在在云端传递了超过 120 亿个睡眠呼吸暂停和呼吸护理医疗数据。我们的软件解决方案，包括 myAir 和 AirView，提供了更好的患者体验，为家庭护理提供者和医生提供了更高效率，最重要的是，提高了患者对治疗的长期依从性。
Another key aspect of our long-term growth strategy is driving awareness and increasing the flow of patients through the top of the sleep apnea diagnosis funnel. COVID-19 has advanced awareness, adoption and acceptance of digital health. For our industry, this is specifically seen in the increased usage of home-based sleep apnea tests. Although new patient demand gen is clearly not a top priority in the immediate term given the current supply-demand imbalance, we are maintaining our focus in this area and our long-term investments so that we are ready when conditions improve and we can pivot and fire up our portfolio of demand-gen models and thereby ensure sustainable long-term pipelines of new patients for our industry.
我们长期增长战略的另一个关键方面是提高意识并增加通过睡眠呼吸暂停诊断漏斗顶部的患者流量。 COVID-19 已促进了数字健康意识、采用和接受度的提高。对于我们的行业，这主要体现在家庭睡眠呼吸暂停测试的增加使用上。尽管在当前供需失衡的情况下，新患者需求生成显然不是当务之急，但我们仍将保持对这一领域的关注和我们的长期投资，以便在条件改善时做好准备，转变并激活我们的需求生成模型组合，并确保我们的行业有可持续的长期新患者流水线。
With over 1 billion people suffocating every night with sleep apnea worldwide, we see this work as an opportunity, but also an obligation as the market leader in the field. We are innovating with health care system partners and all of our customers to create an even more efficient and effective approach to sleep apnea patient identification, screening, diagnosis, treatment and management. We will continue to invest in technology that enables an end-to-end, seamless, digital experience for patients and their caregivers.
全球每晚有超过 10 亿人患有睡眠呼吸暂停症，我们将这项工作视为一个机会，同时也是作为该领域市场领导者的责任。我们正在与卫生保健系统合作伙伴和所有客户一起进行创新，以创建更高效和有效的睡眠呼吸暂停症患者识别、筛查、诊断、治疗和管理方法。我们将继续投资于技术，为患者及其护理者提供端到端、无缝、数字化体验。
As we consider opportunities to address the wider sleep market, we are investing in opportunities to address another major sleep disorder epidemic, that of insomnia. Insomnia has been shown in clinical research to occur in combination with sleep apnea, and that's a deadly combination. To this medical need and this medical opportunity, just last week, we announced the acquisition of a company called mementor. This is a German and Swiss digital health start-up that develops and sells digital medical products in the field of sleep medicine and beyond. mementor offers the first and so far the only permanently listed digital health application in the field of sleep medicine that is reimbursed by the statutory insurances in Germany. The acronym for these German digital health apps is DIGA, D-I-G-A.
在考虑解决更广泛的睡眠市场机遇时，我们正在投资于解决另一个重大睡眠障碍流行病，即失眠。临床研究表明，失眠常与睡眠呼吸暂停同时发生，这是一个致命的组合。针对这一医疗需求和医疗机遇，就在上周，我们宣布收购了一家名为 mementor 的公司。这是一家德国和瑞士的数字健康初创公司，致力于开发和销售睡眠医学领域及其他领域的数字医疗产品。mementor 提供了德国唯一一个目前永久列入名单的数字健康应用，该应用在睡眠医学领域得到德国法定保险的报销。这些德国数字健康应用的首字母缩写是 DIGA，即 D-I-G-A。
This acquisition furthers our efforts to diversify and accelerate growth of our ResMed business in Germany and the potential opportunity with DIGA to expand this offering into other markets around Europe and around the world. There's an unmet need in diagnosing and treating people with sleep problems, such as sleep apnea and insomnia, the 2 biggest sleep problems on the planet and especially when there's an overlap of these chronic conditions. This acquisition of mementor broadens our focus in this vertical from a sleep apnea therapy company to a true sleep therapy company. More to come as we pursue growth in this exciting space in Germany and beyond.
这一收购进一步推动了我们在德国扩大和加速 ResMed 业务增长的努力，以及与 DIGA 合作的潜在机会，将这一产品推广到欧洲和全球其他市场。在诊断和治疗睡眠障碍（如睡眠呼吸暂停症和失眠）方面存在未满足的需求，这两种是全球最常见的睡眠问题，尤其是在这些慢性疾病重叠的情况下。这次对 mementor 的收购将我们在这一垂直领域的关注从睡眠呼吸暂停疗法公司扩展到真正的睡眠疗法公司。随着我们在德国及其他地区追求这一令人兴奋的领域的增长，更多内容即将呈现。
Growth trends in the global sleep apnea market are in a state of flux in the short term given the market supply-demand dynamics that we talked about and the recall from one of our competitors. Long term, we estimate the underlying growth trends in the global sleep apnea market to be very strong; in the mid-single-digit range for devices and the high single-digit range for masks. As always, our goal is to drive market demand and to meet or beat market growth through generation of new patients and sales of our market-leading therapy solutions and the introduction of new innovations and alternative treatment pathways that enable us to address even more patients with undiagnosed sleep apnea.
全球睡眠呼吸暂停市场的增长趋势在短期内处于不稳定状态，考虑到我们讨论过的市场供需动态以及竞争对手之一的召回。从长期来看，我们估计全球睡眠呼吸暂停市场的潜在增长趋势非常强劲；设备方面为中单位数增长范围，面罩方面为高单位数增长范围。我们的目标始终是通过吸引新患者和销售我们市场领先的治疗方案以及推出新的创新和替代治疗途径来推动市场需求，并实现或超越市场增长，从而使我们能够处理更多未诊断睡眠呼吸暂停患者。
Current industry dynamics indicate that we have a multiyear opportunity to drive even greater ongoing acceptance and adoption of our solutions to further solidify our market leadership position. I've challenged our global ResMed team to strive for even stronger growth in the coming months and quarters and the fiscal year and beyond. I'm telling them to go get the share, to go lock in that share with digital health with value that speaks for itself with lower costs, better outcomes for patients and increased efficiencies for the health care system.
当前行业动态表明，我们有多年的机会推动更广泛的持续接受和采纳我们的解决方案，以进一步巩固我们在市场领导地位。我已经向我们的全球 ResMed 团队提出挑战，要求他们在未来几个月和季度以及财政年度及以后努力实现更强劲的增长。我告诉他们去获取份额，通过数字健康锁定那份额，以具有自身价值的更低成本、更好的患者结果和提高医疗系统效率。
Turning to a discussion of our respiratory care business. I want to focus on our strategy to better serve the 380 million people worldwide with chronic obstructive pulmonary disease, or COPD, with many others with neuromuscular diseases and respiratory insufficiency and the 330 million patients that suffer from asthma worldwide. Our goal is to reach hundreds of millions of patients with our respiratory care solutions, including noninvasive ventilation as well as life support ventilation; as well as newer therapeutic areas, such as our cloud-connected pharmaceutical delivery solutions from our Propeller team; and high-flow therapy offerings that we are conducting clinical trials on right now, including our product platform called Lumis HFT.
转向我们呼吸护理业务的讨论。我想重点关注我们的策略，以更好地为全球 3.8 亿患有慢性阻塞性肺疾病（COPD）的人提供服务，以及许多患有神经肌肉疾病和呼吸功能不全的人，以及全球 3.3 亿患有哮喘的患者。我们的目标是通过我们的呼吸护理解决方案，包括无创通气以及生命支持通气；以及新的治疗领域，例如我们 Propeller 团队的云连接制药递送解决方案；以及我们目前正在进行临床试验的高流量疗法产品，包括我们的产品平台 Lumis HFT。
Demand for our core noninvasive ventilation and life support ventilation solutions for COPD and neuromuscular disease and beyond remains solid throughout the quarter. Ventilation solution demand was supported by the continued success, adoption and scaling of our AirView for ventilation software platform by customers as they experience the benefits of remote monitoring to better manage their ventilated patient populations through remote access to clinical data as well as customizable physician notifications.
我们针对慢性阻塞性肺疾病和神经肌肉疾病等核心无创通气和生命支持通气解决方案的需求在整个季度保持稳固。通气解决方案的需求得到支持，客户持续成功采用和扩展我们的 AirView 通气软件平台，他们通过远程监测体验到远程访问临床数据以及可定制的医生通知等优势，更好地管理其通气患者群体。
Let me now review our Software-as-a-Service business for outside hospital care. Our SaaS business achieved another quarter of high single-digit growth year-on-year across our portfolio of verticals, including home medical equipment as well as facilities-based and home-based care settings. Our SaaS customers recognize the need for technology solutions to solve their challenges with efficiency and scale, and our software, services and solutions help them achieve both.
让我现在回顾一下我们的医院外软件即服务业务。我们的 SaaS 业务在家庭医疗设备以及基于设施和家庭的护理环境等各个垂直领域的组合中，实现了又一个季度同比高个位数增长。我们的 SaaS 客户认识到需要技术解决方案来提高效率和规模化应对挑战，而我们的软件、服务和解决方案帮助他们实现这一目标。
The continued growth of home-based care is providing tailwinds for HME solutions as well as home health solutions. We continue to grow with our customers as they increase their utilization of our software and our data solutions to improve and optimize their business efficiencies and their patient care, including Brightree and Snap ReSupply offerings.
家庭护理的持续增长为 HME 解决方案和家庭健康解决方案提供了助力。随着客户增加对我们软件和数据解决方案的利用，以改善和优化他们的业务效率和患者护理，我们也在不断成长，包括 Brightree 和 Snap ReSupply 产品。
As businesses continue to open up, we've been able to visit customers more and more in person as well as attend trade shows, host conferences, where the interest in our Brightree, MatrixCare, HEALTHCAREfirst and Citus offerings remain very strong.
随着企业继续开放，我们已经能够越来越多地亲自拜访客户，参加贸易展会，举办会议，对我们的 Brightree，MatrixCare，HEALTHCAREfirst 和 Citus 产品的兴趣仍然非常强烈。
Earlier this week, I personally attended the Inspire 2022 Conference in Austin, Texas. This is MatrixCare's annual customer summit, and it was in person for the first time since 2019. I had the pleasure and the opportunity of presenting and engaging in person with over 600 customers and partners from home health, skilled nursing, senior living, private-duty home care, life plan community verticals and beyond. The passion for caring for each patient that was involved in every conversation I had this week, the openness, the sharing and the ability for us as a community to move patients to lower-cost, lower-acuity and higher-quality outcome cares, those settings was palpable at Inspire 2022. I came away from that conference even more energized and excited about the opportunities that we have to support customers across the care settings with our digital health and our software solutions.
本周早些时候，我亲自参加了在得克萨斯州奥斯汀举办的 2022 年启迪大会。这是 MatrixCare 每年一度的客户峰会，自 2019 年以来首次线下举办。我有幸能够与来自家庭护理、熟练护理、老年生活、私人护理、生活规划社区等各个领域的 600 多名客户和合作伙伴面对面交流和演讲。本周我参与的每次对话中都充满了对每位患者关怀的热情，开放、分享以及我们作为一个社区将患者转移到更低成本、更低病情严重度和更高质量结果护理环境的能力，在 2022 年启迪大会上都是明显的。我从那次会议中更加充满活力和激动，对我们通过数字健康和软件解决方案支持各种护理环境的机会感到更加兴奋。
The ultimate goal is that customers of our Brightree- and MatrixCare-branded solutions can provide better care for the people that they serve. Given the passion of our customers and the service levels that we're providing and the product pipeline that was discussed at this conference, I expect we'll continue to not only take share from our competitors across the portfolio, but even drive growth with more tech solutions being adopted by customers across care settings.
我们的最终目标是，我们的 Brightree 和 MatrixCare 品牌解决方案的客户可以为他们服务的人提供更好的护理。鉴于我们客户的热情、我们提供的服务水平以及在本次会议上讨论的产品管道，我预计我们将继续不仅从我们的竞争对手那里获得份额，甚至通过更多客户在护理环境中采用的技术解决方案推动增长。
The COVID-19 pandemic has been and remains challenging for facility-based verticals in our SaaS business, particularly skilled nursing and to a lesser extent hospice, where patient census rates below -- remain below pre-pandemic levels. As COVID restrictions continue to ease and our customers improve their line of sight to better conditions and better cleaning, we are seeing pent-up demand for technology investments in these facility-based areas. This provides opportunities for us to sell more services and more tech solutions to existing customers as well as to increase our new customer pipeline.
新冠肺炎大流行对我们 SaaS 业务中基于设施的垂直领域一直是一个挑战，特别是在熟练护理和较小程度的临终关怀方面，患者普查率低于——仍低于疫情前水平。随着新冠限制继续放宽，我们的客户对更好的条件和更好的清洁有了更好的了解，我们看到了这些基于设施领域技术投资的潜在需求。这为我们提供了机会，向现有客户销售更多服务和技术解决方案，同时增加我们的新客户渠道。
One MatrixCare customer at Inspire 2022 grabbed me at the conference, and he described what he called a rocket ship acceleration of demand at skilled nursing tech solutions for those skilled nursing customers. This is a really welcome sign for sustainable growth across our SaaS portfolio.
在 Inspire 2022 大会上，一位 MatrixCare 的客户抓住了我，他描述了他所称的对于那些熟练护理客户的熟练护理技术解决方案需求的火箭般加速。这对于我们 SaaS 投资组合的可持续增长来说是一个非常受欢迎的迹象。
So as we look at our portfolio of solutions across care settings, we expect our SaaS group revenue to maintain high single-digit growth throughout fiscal year 2023. As always, our goal is to meet or beat market growth rates, and we will continue to invest and innovate to grow the market and to take share. Our growth in SaaS will come through organic and inorganic growth.
因此，当我们审视跨护理设置的解决方案组合时，我们预计我们的 SaaS 集团收入在 2023 财年始终保持高个位数增长。与往常一样，我们的目标是达到或超过市场增长率，我们将继续投资和创新，以扩大市场份额。我们的 SaaS 增长将通过有机和非有机增长实现。
We've long talked about our desire to expand our SaaS offerings internationally if and when we found the right opportunity for ResMed. In early June, we announced the acquisition of MEDIFOX DAN, the leading provider of end-to-end software solutions for home health and for nursing home providers in Germany. We've been closely watching the evolution of the German digital health system and the associated outside hospital health care system for many years. And we've actually been closely watching MEDIFOX DAN for a number of years. This is our first investment in a pure-play SaaS business in Europe, and it's a great opportunity to expand our reach in this business globally.
我们长期以来一直谈论着我们希望扩大 ResMed 的 SaaS 产品在国际上的提供，只要我们找到了合适的机会。在六月初，我们宣布收购了 MEDIFOX DAN，这是德国领先的为家庭保健和养老院提供端到端软件解决方案的供应商。多年来，我们一直密切关注德国数字健康系统的发展以及相关的院外医疗保健系统。实际上，我们多年来一直密切关注 MEDIFOX DAN。这是我们在欧洲纯 SaaS 业务的首次投资，也是一个扩大我们在全球业务中影响力的绝佳机会。
We're starting in Germany as it is not only a market where we're vertically integrated in our core business of sleep and respiratory care, it's also one of our largest markets globally and a country where the government is investing in digital health reimbursement. We're excited about the opportunity to accelerate innovation and recurring revenue business models through this acquisition in Germany. As we discussed on the acquisition call that we had in June, MEDIFOX DAN will be immediately accretive to ResMed at close. Progress towards closing this acquisition is moving ahead as expected. We remain on track to close by the end of December 2022 in our fiscal 2023 second quarter.
我们选择德国作为起点，因为这不仅是我们在睡眠和呼吸护理核心业务中垂直整合的市场，也是我们全球最大的市场之一，也是政府正在投资数字健康报销的国家。我们对通过在德国进行的这次收购加速创新和循环收入业务模式的机会感到兴奋。正如我们在六月份的收购电话会议上讨论的那样，MEDIFOX DAN 将在交易完成时立即增加 ResMed 的收益。朝着完成这项收购的进展正在按预期进行。我们计划在我们 2023 财年第二季度结束前完成收购。
We are the leading strategic provider of SaaS solutions for outside hospital care globally, and we provide mission-critical software across a broad set of very attractive markets. We are well positioned, and we have created a differentiated value for our customers and for ResMed with our SaaS business investments. I'm excited about the future of our SaaS business. And Bobby Ghoshal and the excitement that he had on Inspire 2022 with the crowd for both MatrixCare and Brightree was an inspiration for me as the CEO of the parent company but also for the whole team there. It's an important part of ResMed's future growth, and I see a lot of opportunities to invest in lower-cost, lower-acuity settings of care. We believe that this is the future of health care delivery, and that's where ResMed competes and it's where ResMed wins.
我们是全球领先的提供 SaaS 解决方案的战略性供应商，为院外护理提供使命关键软件，覆盖一系列非常有吸引力的市场。我们处于有利位置，并通过我们的 SaaS 业务投资为我们的客户和 ResMed 创造了差异化价值。我对我们的 SaaS 业务的未来感到兴奋。Bobby Ghoshal 在 Inspire 2022 上与 MatrixCare 和 Brightree 的观众共同分享的激情对我作为母公司的首席执行官以及整个团队都是一种鼓舞。这是 ResMed 未来增长的重要组成部分，我看到有很多投资机会可以投资于成本更低、护理需求更低的环境。我们相信这是医疗保健交付的未来，这也是 ResMed 竞争和取得胜利的地方。
To bring it all together, our strategic focus remains on personal care that is patient-centric, physician-centric and provider-centric. This triple-pronged approach, combined with our unique ResMed culture, means that we are very well positioned to continue winning in the vastly underserved medical markets of sleep apnea, COPD, neuromuscular disease, asthma, insomnia and beyond.
为了将所有内容整合在一起，我们的战略重点仍然是以患者为中心、医生为中心和提供者为中心的个人护理。这种三管齐下的方法，再加上我们独特的 ResMed 文化，意味着我们非常适合继续在睡眠呼吸暂停症、慢性阻塞性肺病、神经肌肉疾病、哮喘、失眠等医疗市场中继续取得成功。
We are transforming outside hospital care at scale. We're leading the market in digital health technology with over 12 billion nights of medical data in the cloud and nearly 18 million cloud-connectable medical devices on people's bedside tables in 140 countries worldwide. We are unlocking value by using de-identified data to help patients, providers, physicians, payers and entire health care systems. We have invested in the cybersecurity, the privacy, the cloud ops, the data analytics, the AI/ML capabilities to do this at scale, unmatched by any competitor. And we are increasing our investments and our lead each and every day.
我们正在大规模改变医院外护理。我们在数字健康技术市场处于领先地位，在全球 140 个国家的床头柜上有超过 120 亿个医疗数据夜晚存储在云端，以及近 1800 万个可连接云端的医疗设备。我们正在利用去标识化数据来帮助患者、医疗提供者、医生、付款方和整个医疗系统释放价值。我们已经投资于网络安全、隐私、云运营、数据分析、人工智能/机器学习能力，以大规模实现这一目标，这是任何竞争对手无法比拟的。我们每天都在增加我们的投资和领先优势。
Our 2 key global customer-facing software products, AirView and myAir, are 100% in the cloud. Our devices are both cloud-connected and cloud-enabled, making ResMed itself a market-leading cloud-connected and cloud-enabled digital health company. Our mission and goal to improve 250 million lives through better health care in 2025 drives and motivates ResMedians every day. We made excellent progress towards that inspiring goal this last fiscal year 2022. We changed nearly 141 million lives these last 12 months with our devices, our mask systems, our software solutions, helping people sleep better, breathe better and live higher-quality lives with outside hospital care.
我们的两款关键全球客户软件产品 AirView 和 myAir 完全在云端。我们的设备既连接云端又启用云端，使 ResMed 本身成为市场领先的云连接和云启用数字健康公司。我们的使命和目标是通过更好的医疗保健在 2025 年改善 2.5 亿人的生活，这驱使和激励着 ResMed 的员工每天努力。在过去的 2022 财年，我们朝着这一激励目标取得了出色进展。在过去 12 个月中，我们通过我们的设备、面罩系统、软件解决方案改变了近 1.41 亿人的生活，帮助人们睡得更好、呼吸更顺畅，并在医院外获得更高质量的生活。
Before I hand the call over to Brett for his remarks, I want to once again express my sincere gratitude and thanks to more than 8,000 ResMedians helping their customers in 140 countries. Your perseverance, hard work and dedication has been impeccable. Thank you.
在我把电话转给布雷特发表讲话之前，我想再次向在 140 个国家帮助客户的 8000 多名 ResMed 员工表示衷心的感谢。你们的毅力、努力和奉献精神无可挑剔。谢谢。
With that, I'll hand the call over to Brett in Sydney, and then we'll open up for Q&A. Brett, over to you.
我将电话转接给悉尼的布雷特，然后我们将开始问答环节。布雷特，请讲。
Brett Sandercock 布雷特·桑德科克
Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the fourth quarter of fiscal year 2022. Unless noted, all comparisons are to the prior year quarter.
太好了。谢谢，米克。在我今天的发言中，我将概述我们 2022 财年第四季度的业绩。除非另有说明，所有比较均与去年同期相比。
We had solid financial performance in Q4 despite the headwinds we faced due to significant ongoing supply chain constraints in a challenging freight environment. Group revenue for the June quarter was $915 million, an increase of 4%. In constant currency terms, revenue increased by 8%. Revenue growth reflects increased demand for our sleep products across our portfolio and increased device demand generated by our competitor's ongoing product recall.
尽管在具有挑战性的货运环境中由于持续的重大供应链限制而面临阻力，我们在第四季度取得了稳健的财务业绩。截至六月季度，集团营收为 9.15 亿美元，增长了 4%。按恒定汇率计算，营收增长了 8%。营收增长反映了我们产品组合中睡眠产品需求的增加以及由竞争对手持续产品召回所带来的设备需求增加。
We did not derive incremental revenue from COVID-19-related demand during the June quarter compared to $20 million in the prior year quarter. Looking forward, we expect negligible revenue from COVID-19-related demand. Excluding the impact of COVID-19-related demand in the prior year, revenue increased by 10% on a constant currency basis.
与去年同期的 2000 万美元相比，我们在 6 月季度未从与 COVID-19 相关的需求中获得额外收入。展望未来，我们预计从 COVID-19 相关需求中获得的收入微乎其微。在去年的 COVID-19 相关需求影响下，收入按恒定汇率基础增长了 10%。
In relation to the impact of our competitor's recall, we estimate that we generated incremental device revenue in the range of $60 million to $70 million in the June quarter. Note, this is consistent with the estimated $60 million to $70 million incremental device revenue in the prior year quarter. For fiscal year '22, this brings the total estimated incremental revenue in the range of $230 million to $250 million associated with our competitor's recall.
关于竞争对手召回的影响，我们估计我们在六月季度产生了 6,000 万至 7,000 万美元的额外设备收入。请注意，这与去年同期估计的 6,000 万至 7,000 万美元额外设备收入一致。对于'22 财年，这将使我们与竞争对手召回相关的总估计额外收入达到 2.3 亿至 2.5 亿美元。
While we continue to experience ongoing challenges in securing sufficient production components to meet market demand, we are now seeing a stable to improving supply chain environment. This has given us more confidence around our expectation of increasing device production in fiscal year '23 relative to fiscal year '22.
尽管我们在确保足够的生产零部件以满足市场需求方面仍然面临持续挑战，但我们现在看到供应链环境稳定向好的趋势。这让我们对相对于财政年度'22 而言在财政年度'23 增加设备生产的预期更加有信心。
Looking at our geographic revenue distribution and excluding revenue from our Software-as-a-Service business, sales in U.S., Canada and Latin America countries increased by 12%. Sales in Europe, Asia and other markets increased by 1% in constant currency terms. By product segment globally in constant currency terms, device sales increased by 6%, while masks and other sales increased by 11%.
根据我们的地理收入分布，不包括我们的软件即服务业务收入，美国、加拿大和拉丁美洲国家的销售额增长了 12%。欧洲、亚洲和其他市场的销售额在恒定货币条件下增长了 1%。按产品细分全球范围内的恒定货币条件下，设备销售增长了 6%，而口罩和其他销售增长了 11%。
Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 11% as we benefited from incremental revenue due to our competitor's recall. Masks and other sales increased by 13%, reflecting solid resupply revenue and achieved despite the challenging device supply environment, which continues to limit new patient setups.
按地区划分，由于我们受益于竞争对手的召回，美国、加拿大和拉丁美洲的设备销售额增长了 11%。口罩和其他销售额增长了 13%，反映出稳固的补给收入，尽管设备供应环境具有挑战性，继续限制新患者的设置，但仍然取得了成就。
In Europe, Asia and other markets, device sales decreased by 2% in constant currency terms or excluding the impact of COVID-19-related sales in the prior year increased by 7% in the current -- in constant currency terms. Masks and other sales in Europe, Asia and other markets increased by 7% in constant currency terms or excluding COVID-19-related sales in the prior year increased by 9% in constant currency terms.
在欧洲、亚洲和其他市场，设备销售按恒定货币汇率下降了 2%，或者在排除 COVID-19 相关销售影响的情况下，与前一年相比，当前的销售增长了 7% -- 按恒定货币汇率计算。口罩和其他产品在欧洲、亚洲和其他市场的销售按恒定货币汇率增长了 7%，或者在排除 COVID-19 相关销售影响的情况下，与前一年相比，按恒定货币汇率计算增长了 9%。
Software-as-a-Service revenue increased by 8% in the June quarter. We saw a strong performance from our HME segment as customers continue to utilize our SaaS solutions to streamline and more efficiently run their businesses. And we are seeing stability in the skilled nursing care segment despite the continuing challenges of COVID-19.
软件即服务收入在六月季度增长了 8%。我们看到我们的 HME 部门表现强劲，客户继续利用我们的 SaaS 解决方案来简化和更高效地运营他们的业务。尽管 COVID-19 持续挑战，我们看到熟练护理护理部门的稳定性。
During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our fourth quarter earnings press release.
在今天我其余的评论中，我将提到非通用会计准则数字。我们在第四季度收益新闻发布中提供了非通用会计准则与通用会计准则数字的完整调和。
Gross margin increased by 50 basis points to 57.8% in the June quarter. The increase is predominantly attributable to improvement in average selling prices and a positive product mix, partially offset by higher freight component and manufacturing costs, negative geographic mix and unfavorable foreign currency movements.
6 月季度毛利率提高了 50 个基点，达到 57.8%。这一增长主要归因于平均销售价格的提高和产品组合的积极变化，部分抵消了更高的运费成本和制造成本、负面地理组合以及不利的外币波动。
Moving on to operating expenses. We are seeing a more normalized expenditure profile as COVID-19 impacts subside compared to the low comparable growth rate we experienced in Q4 last year. SG&A expenses for the fourth quarter increased by 6%, or in constant currency terms, increased by 11%. The increase was predominantly attributable to increases in employee-related costs and T&E expenses. SG&A expense as a percentage of revenue at 21.1% remained broadly consistent with the 20.7% we recorded in the prior year period. Looking forward and subject to currency movements, we expect SG&A expense as a percentage of revenue to be in the range of 20% to 22% during fiscal year '23.
转向营业费用。与去年第四季度经历的低可比增长率相比，随着 COVID-19 影响减弱，我们看到了更加正常的支出情况。第四季度 SG&A 费用增加了 6%，或者按恒定货币计算，增长了 11%。这一增长主要归因于员工相关成本和差旅费用的增加。SG&A 费用占收入的比例为 21.1%，与我们去年同期记录的 20.7%基本保持一致。展望未来，并受货币波动影响，我们预计在第 23 财年，SG&A 费用占收入的比例将在 20%至 22%的范围内。
R&D expenses for the quarter increased by 7%, or in constant currency terms increased by 11%. The R&D expenses as a percentage of revenue was 7% compared to 6.8% in the prior year quarter. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 7% to 8% in fiscal year '23.
本季度研发费用增加了 7%，或者按不变货币计算增加了 11%。研发费用占收入的比例为 7%，而去年同期为 6.8%。展望未来并受货币波动影响，我们预计在 2023 财年，研发费用占收入的比例将在 7%至 8%的范围内。
Operating profit for the quarter increased by 4%, underpinned by strong revenue growth, partially offset by higher operating expenses. Our effective tax rate for the June quarter was 17.6% compared to the prior year quarter rate of 21.5%. Looking forward, we estimate our effective tax rate for fiscal year '23 will be in the range of 19% to 21%.
本季度营业利润增长了 4％，主要得益于强劲的收入增长，部分抵消了较高的营业费用。我们 6 月季度的有效税率为 17.6％，而去年同期税率为 21.5％。展望未来，我们预计我们在 2023 财年的有效税率将在 19％至 21％的范围内。
Our net income for the quarter increased by 10%, and our diluted earnings per share for the quarter also increased by 10%. Cash flow from operations for the quarter was $79 million, reflecting solid underlying earnings, offset by higher levels of working capital. Capital expenditure for the quarter was $29 million; depreciation and amortization for the quarter totaled $37 million.
本季度我们的净收入增长了 10％，每股摊薄收益也增长了 10％。本季度的营运现金流为 7900 万美元，反映了坚实的基础收入，受较高水平的营运资本抵消。本季度的资本支出为 2900 万美元；本季度的折旧和摊销总额为 3700 万美元。
During the quarter, we paid dividends to shareholders totaling $61 million. We recorded equity losses of $2.5 million in our income statement in the June quarter associated with the Primasun joint venture with Verily. We expect to record equity losses of approximately $3 million per quarter in fiscal year '23 associated with the joint venture operation.
在本季度，我们向股东支付了总额为 6100 万美元的股息。我们在 6 月份的收入报表中记录了与 Verily 的 Primasun 合资企业相关的 250 万美元的股权损失。我们预计在 2023 财年每个季度与合资企业运营相关的股权损失约为 300 万美元。
We ended the fourth quarter with a cash balance of $274 million. At June 30, we had $780 million in gross debt and $500 million in net debt. Our debt levels remained modest. At June 30, we had approximately $1.4 billion available for drawdown under our revolver facility. In summary, our liquidity position remains strong.
我们以 2.74 亿美元的现金结余结束了第四季度。截至 6 月 30 日，我们的总债务为 7.8 亿美元，净债务为 5 亿美元。我们的债务水平保持适度。截至 6 月 30 日，我们在循环信贷设施下大约有 14 亿美元可供提取。总之，我们的流动性状况仍然强劲。
Our Board of Directors today declared a quarterly dividend of $0.44 per share, representing an increase of 5% over the previous quarterly dividend and reflecting the Board's confidence in our operating performance. Our solid cash flow and low leverage provides flexibility in how we allocate capital. We recently announced the MEDIFOX DAN acquisition and expect to close this transaction before the end of the calendar year pending regulatory clearances. Going forward, we plan to continue to reinvest in growth through R&D and also expect to continue to deploy capital for tuck-in acquisitions, such as the recently announced acquisition of mementor, a German pioneer and health tech start-up that develops and distributes digital medical products in the field of sleep medicine and related areas.
我们的董事会今天宣布每股股息为 0.44 美元，比上一季度股息增加了 5%，反映了董事会对我们运营业绩的信心。我们稳固的现金流和低杠杆提供了资本配置的灵活性。我们最近宣布了对 MEDIFOX DAN 的收购，并预计在本年度结束前完成该交易，待监管审批。展望未来，我们计划继续通过研发投资来实现增长，并预计将继续通过小规模收购来配置资本，比如最近宣布的对德国先驱和健康科技初创公司 mementor 的收购，该公司开发和分销睡眠医学及相关领域的数字医疗产品。
And with that, I will hand the call back to Amy.
随着这个，我将电话交回给艾米。
Amy Wakeham 艾米·韦克汉姆
Great. Thanks, Brett, and thanks, Mick. Kevin, I'll now turn the call over to you to provide instructions and manage the Q&A portion of the call.
好的。谢谢，布雷特，谢谢，米克。凯文，现在我将把电话交给你，让你提供说明并管理电话会议的问答部分。
Question-and-Answer Session
问答环节
Operator 操作员
[Operator Instructions]. Our first question today is coming from Craig Wong-Pan from Royal Bank of Canada.
【操作员指示】。我们今天的第一个问题来自加拿大皇家银行的 Craig Wong-Pan。
Craig Wong-Pan
Mick, you mentioned at the start that you were seeing some improvement in the global supply chain. I just wanted to understand the details around what you meant by that improvement, and when that could start to see improvements to your manufacturing volumes.
米克，你在开始时提到你看到了全球供应链有所改善。我想了解一下你所说的改善细节，以及何时可以开始看到对你的制造量有所改善。
Michael Farrell 迈克尔·法雷尔
Yes. Thanks for the question, Craig. And what we've seen over the last 2, 3, 4 quarters was a really deteriorating supply situation, where we were getting decommits, a word I'd never heard of in supply chain, including my time at BHP and other companies that just -- you never heard of that sort of supply even in commodity industries, and to get it in specialty industries was so unusual. What we're seeing is that sort of noise is starting to go away. And what I'd say is it's a stable to improving component supply environment and that's what we're seeing.
是的。谢谢你的问题，克雷格。在过去的 2、3、4 个季度中，我们看到供应情况出现了严重恶化，我们开始出现供应链中的“取消承诺”这个词，这是我在必和必拓和其他公司的任职期间从未听说过的词汇，甚至在大宗商品行业中也从未听说过这种供应情况，而在特种行业中出现这种情况是非常不寻常的。我们看到这种噪音正在逐渐消失。我想说的是，我们正在看到一个稳定到改善的零部件供应环境。
从矿山企业引入 的CEO，能不能做好产品？
But I don't know, Rob, if you want to provide any further color on the supply chain and how we're -- for the details on how we're seeing a supply that's stable to improving on components.
但我不知道，罗布，如果你想对供应链提供更多细节，以及我们如何看待供应稳定至改善的组件方面。
Robert Douglas 罗伯特·道格拉斯
Sure. Yes, Mick. Craig, one of the sort of fundamental things of supply chain management is ongoing risk management and having sort of the ability to foresee problems and to react through all of that. And then you also manage your risk through inventories and that type of thing.
当然。是的，米克。克雷格，供应链管理的一个基本要素是持续的风险管理，以及具备预见问题并通过各种方式做出反应的能力。此外，您还可以通过库存等方式管理风险。
We've over recent months put in place a lot of forward orders, working a lot on relationships with key suppliers. We suspect that sort of global demand on these suppliers is moderating a little bit. And then as Mick says, that means that they're sticking with their commitments at a higher level than what we have seen recently.
在过去几个月里，我们已经下了很多预订单，与关键供应商建立了良好的关系。我们怀疑这些供应商所面临的全球需求有所减弱。正如米克所说，这意味着他们在更高水平上坚守承诺，而不是最近我们所见到的水平。
There are always problems to overcome. And as Mick said earlier, there are other bottlenecks. Once we close one bottleneck, we have to go and work on the next. But overall, I'd say we're feeling better about the forward outlook that we have, and we've got a little more clarity. It's not perfect. There still will be challenges and undoubtedly unexpected things that we'll have to manage through, but the net of it all is that we should see our volumes continue to increase from here.
总是有问题需要克服。正如 Mick 之前所说，还有其他瓶颈。一旦我们解决了一个瓶颈，就必须着手解决下一个。但总体而言，我想说我们对未来的前景感觉更好了，我们也更清楚了一些。虽然不是完美的。仍然会有挑战，毫无疑问会有意想不到的事情需要我们应对，但总体来看，我们应该看到我们的销量会继续增加。
小企业的生存越来越难，行业整体规模也是问题，如果是苹果就会不一样。
Operator 操作员
Our next question is coming from Chris Cooper from Goldman Sachs.
我们接下来的问题来自高盛的克里斯·库珀。
Chris Cooper 克里斯·库珀
So I noticed, Mick and Brett, no specific guidance on the recall tailwind in fiscal '23. Obviously, I understand the prudence. But I guess just given the importance of the debate, perhaps you can just share your latest thoughts on how you see that dynamic playing out this year.
所以我注意到，Mick 和 Brett，在 2023 财年关于召回风险的具体指导没有明确的指引。显然，我理解这种谨慎。但考虑到辩论的重要性，也许你们可以分享一下你们最新的想法，关于你们如何看待这种动态在今年的发展。
Michael Farrell 迈克尔·法雷尔
Yes. Thanks for the question, Chris, and it's a really good one. But as you know, we've annualized the impact of that competitor recall. And for us now, as I said in my prepared remarks, for the next 12 months, I do not believe there'll be really in the new patient market given the consent decree work they've got to do, the remediation work they've got to do in responding to that and the observations.
是的。谢谢你的问题，克里斯，这是一个非常好的问题。但正如你所知，我们已经对竞争对手召回的影响进行了年度化处理。就我们目前而言，正如我在我的准备好的讲话中所说的那样，在接下来的 12 个月里，我认为在新的患者市场中不会有真正的竞争，因为他们必须进行同意书工作，必须进行整改工作以回应那个问题和观察。
And so what that means for us is basically demand that is incredible for these next 12 months, and that every device we make will be solved as it comes through the manufacturing line. And so the rate-limiting step on that, as Rob said, will be a bunch of bottlenecks that we'll work our way through. And it's like a game of Whac-A-Mole. We just keep -- find a problem, solve it; find the next problem, solve it. And ResMed is exceptional at that continuous improvement process. Our supply chain teams, our manufacturing teams, our distribution teams have been heroic in the ventilator crisis in 2020 and then the supply chain crisis of '21-'22.
因此，对我们来说，基本上意味着在接下来的 12 个月里需求非常高，我们制造的每台设备都将在制造线上解决。正如 Rob 所说，这将是一个我们将逐步克服的一系列瓶颈。这就像打地鼠游戏一样。我们不断地发现问题，解决问题；发现下一个问题，解决问题。ResMed 在持续改进过程中表现出色。我们的供应链团队、制造团队、分销团队在 2020 年的呼吸机危机以及'21-'22 年的供应链危机中表现英勇。
And so that gives us confidence to say sequentially every quarter through fiscal '23, we're going to see those volumes improve. And we've got line of sight to that, and we've got interactions with suppliers on that, and we think it's going to go up every quarter. I don't look at this as incremental or temporal taking of share now. This is permanent share taking. We're going to go in, we're going to get the share, we're going to lock it in with digital health solutions. And when somebody uses something that lowers their labor costs by 50%, that improves the adherence rate of the end customer, the patient, to 87%, 9 out of 10 patients getting adherent at day 9 and beyond, that's where we can lock it in. So that's sort of some extra color for you, Chris, but great question.
因此，这让我们有信心说，在财政'23 年的每个季度，我们将看到这些量增加。我们已经看到了这一点，并且与供应商有互动，我们认为每个季度都会增加。我不认为这是现在逐步或暂时占有份额。这是永久性的份额占有。我们将进入，我们将获得份额，我们将通过数字健康解决方案锁定它。当有人使用降低劳动成本 50%的东西时，这将提高最终客户、患者的依从率至 87%，9 成患者在第 9 天及以后变得依从，这就是我们可以锁定的地方。所以这是给你一些额外信息，克里斯，但是很好的问题。
Operator 操作员
Next question is coming from Sean Laaman from Morgan Stanley.
下一个问题来自摩根士丹利的肖恩·拉曼。
Sean Laaman 肖恩·拉曼
Mick, my question is around the card to cloud devices. And is there anything that you note with respect to either compliance rates or resupply potential with card to cloud versus direct cloud connectivity? And is there a view that maybe you get patients that are on card to cloud devices back to the fully charged AirSense 11 at some point?
麦克，我的问题是关于卡片到云设备。您是否注意到卡片到云与直接云连接在合规率或补给潜力方面有什么不同？您是否认为可能会有一种看法，即最终将使用卡片到云设备的患者转回完全充电的 AirSense 11？
Michael Farrell 迈克尔·法雷尔
Thanks, Sean. Two questions. Card to cloud AirSense 10 is really new. I mean we just really launched it midway through and really in the month of June in the quarter. So it's early days on that. But we've got a lot of experience with card to cloud. I mean think about the S8 and then the S9 with its little SD chip in the back of S9. The product -- when I was running the sleep business, we launched that back in '09 and '10.
谢谢，肖恩。两个问题。卡到云 AirSense 10 确实很新。我的意思是我们刚刚在中途真正推出它，确实是在六月份的季度。所以在这方面还处于早期阶段。但我们在卡到云方面有很多经验。我是说想想 S8，然后是 S9，S9 背面有一个小 SD 芯片。这个产品——当我负责睡眠业务时，我们在 09 年和 10 年推出了它。
And we -- so we have a lot of experience with card to cloud. And it's primarily -- the card to cloud, primarily volume has been in the U.S. And that's where we had a very strong digital health system and engagement with our HME partners in a card to cloud environment. So we don't have sort of adherence exact numbers delta between AS 10 C2C versus AS 11.
所以我们对卡片到云端有很多经验。主要是卡片到云端的体积主要在美国。在那里，我们拥有非常强大的数字健康系统，并与我们的 HME 合作伙伴在卡片到云端环境中进行互动。因此，我们没有 AS 10 C2C 与 AS 11 之间的粘附确切数字差异。
I think it will be higher, the adherence on the AirSense 11 just because we're getting double the rate of myAir uptake, and that digital health engagement drives higher adherence. And I can tell you as soon as we get clearance on line of sight to those comms chips picking up supply, we'll move everybody to AirSense 11 as soon as we have it.
我认为它会更高，对 AirSense 11 的依从性只是因为我们的 myAir 吸收率翻了一番，数字健康参与推动了更高的依从性。我可以告诉你，一旦我们获得了对那些通信芯片拾取供应的视线清晰的许可，我们将尽快将所有人转移到 AirSense 11。
Probably, we won't go back and retrofit the groups that are there, just because people when they get therapy, they're happy. And the data will go to the cloud, they just won't go to the cloud every day. It will go when the SD card is uploaded on day 30, 60 or 90, and when they see the home care provider and the physician. And so they're not lost patients, they're not lost data. They're still part of the ecosystem, it's just not quite as efficient as it could be.
可能我们不会回去对已经存在的群体进行改装，因为当人们接受治疗时，他们会感到高兴。数据将上传到云端，只是不会每天上传。当 SD 卡在第 30、60 或 90 天上传时，数据将上传到云端，当他们见到家庭护理提供者和医生时也会上传。因此，他们不是失联的患者，也不是失联的数据。他们仍然是生态系统的一部分，只是效率不如可能的那么高。
So we're going to get back to AS 11 and really ramping that as fast as possible. But given the supply demand crisis, I was amazed and thrilled that our team was able to pivot in June, get there. And we're going to be able to do that through September and December quarters here as well and beyond. But thanks for your question, Sean.
所以我们将回到 AS 11，并尽快加速推进。但考虑到供需危机，我很惊讶和高兴我们的团队能够在六月转变方向，到达那里。我们也将能够在这里的九月和十二月季度以及以后做到这一点。但感谢您的问题，肖恩。
Operator 操作员
Next question is coming from Margaret Kaczor from William Blair.
下一个问题来自 William Blair 的 Margaret Kaczor。
Margarate Boeye 玛格丽特·博伊
This is Maggie Boeye on for Margaret today. I wanted to ask one on ReSupply, just the trends you're seeing this quarter and if you're continuing to see incremental and permanent share gains within that market as well.
这是玛吉·博耶代表玛格丽特今天发言。我想问一个关于 ReSupply 的问题，就是您在本季度看到的趋势，以及您是否继续在该市场内看到增量和永久份额的增长。
Michael Farrell 迈克尔·法雷尔
Yes. Thanks, Maggie. Great question, allows us to talk about masks. Despite that competitor not being there for new patient setups where we had a lot of adoption of ResMed masks on their platform as well as ours and then it's not in the market. We saw mask growth rates at 11% constant currency globally. We saw 13% constant currency growth in the quarter on masks in the U.S. And we saw a pretty strong 7% constant currency growth on masks in Europe, Middle East and other markets.
是的。谢谢，玛吉。很棒的问题，让我们谈谈口罩。尽管竞争对手在新患者设置方面不在场，我们在他们的平台以及我们的平台上对 ResMed 口罩的采用率很高，但市场上并没有这种竞争。我们看到全球口罩的增长率为 11%的恒定货币。我们在美国口罩方面看到了季度内 13%的恒定货币增长。而在欧洲、中东和其他市场，我们看到口罩的恒定货币增长率为 7%。
And so I actually think that the team and all the work we've done with Brightree and Snap ReSupply in the U.S. and all the work our European and Middle East teams and our Asia teams have done around engaging patients digitally through either myAir or other marketing and adherence programs have performed really well. And despite the headwind of lower new patient setups, we're achieving at or above market growth rates.
因此，我实际上认为，我们与 Brightree 和 Snap ReSupply 在美国所做的所有工作以及我们的欧洲和中东团队以及我们的亚洲团队通过 myAir 或其他营销和依从性计划在数字化吸引患者方面所做的所有工作表现得非常出色。尽管新患者设置较少的不利因素，我们的增长率达到或超过市场增长率。
And to the second part of your question, yes, I do think we're taking share across categories. And I think we're creating new categories by some of our innovations in the different types of comfort and design of the masks, the minimalist masks, the fun comfort masks, the over-the-head masks and -- so creating new segments, taking share in those and being able to lock in that share. Because when a patient gets happy on their mask, like I am with my AirFit P10, they tend to stick with it for life. And it's a great thing for us to be able to do on that. So really excited about it, and I look forward to more mask innovation coming out and more share taking and locking it in over time.
对于你问题的第二部分，是的，我认为我们正在跨越各个类别获得份额。我认为我们通过一些创新在不同类型的舒适和口罩设计上创造了新的类别，比如极简口罩、有趣的舒适口罩、头戴口罩等等，因此创造了新的细分市场，在这些市场中获得份额并锁定这一份额。因为当患者对他们的口罩感到满意时，就像我对我的 AirFit P10 口罩感到满意一样，他们倾向于终身使用。这对我们来说是一件很棒的事情。因此，我对此感到非常兴奋，期待更多口罩创新的推出，以及随着时间的推移获得更多份额并锁定它。
Operator 操作员
Your next question is coming from Matthew Mishan from KeyBanc.
您的下一个问题来自 KeyBanc 的 Matthew Mishan。
Matthew Mishan 马修·米山
I guess I wanted to ask a question on the gross margins. Do you have a sense of kind of what the supply issues, FX, retrofitting, all of this is having on your productivity and kind of gross margins in FY '22?
我想问一个关于毛利的问题。您对供应问题、外汇、改装等对您在 2022 财年生产率和毛利的影响有什么感觉吗？
Michael Farrell 迈克尔·法雷尔
That's a great question, Matthew. I'm going to hand that to Brett. Any color on GM there for Matthew?
这是一个很棒的问题，马修。我会把这个问题交给布雷特。关于通用汽车的任何消息，马修？
Brett Sandercock 布雷特·桑德科克
Yes. Matthew, I mean it is because we're just trying to maximize the devices out the door with the components that we have. So as you think through that, in terms of manufacturing optimization, that's -- we've really struggled with that. So I do think as we get further through this and some of the supply issues abate, then I think we do have some opportunities there on for manufacturing, think around manufacturing recoveries to significantly improve from where we are. So I do think that's an opportunity for us. It's not immediate, but if you look through the medium term, there is definitely opportunity for us to optimize there.
是的。马修，我的意思是因为我们只是试图最大化出货的设备，利用我们现有的零部件。所以当你考虑到这一点时，在制造优化方面，我们确实遇到了困难。所以我认为随着我们进一步推进，一些供应问题得到缓解，我认为我们在制造方面确实有一些机会，考虑到制造恢复，可以显著改善我们目前的状况。所以我认为这对我们来说是一个机会。这并不是立即的，但如果你从中期来看，我们确实有机会在那方面进行优化。
Operator 操作员
Your next question is coming from Steve Wheen from Jarden.
您的下一个问题来自 Jarden 的 Steve Wheen。
Steven Wheen 史蒂文·维恩
You can hear me here, yes?
你能在这里听到我吗，是的？
Michael Farrell 迈克尔·法雷尔
Yes. Got you loud and clear, Steve.
是的。史蒂夫，我清楚地听到你了。
Steven Wheen 史蒂文·惠恩
Yes. Great. Also, just on the gross margin for Brett. We're seeing in freight costs spot prices for shipping and for airfreight coming down by about 30% at the moment from its peak in March. I just wonder when we might start to see that appearing in the gross margin and if there's any changes with regards to semiconductor chip pricing that is worth calling out in more recently.
是的。太好了。此外，就布雷特的毛利率而言。我们看到目前货运成本和空运的现货价格比三月份的峰值下降了约 30%。我只是想知道我们何时可能会看到这种情况出现在毛利率中，以及最近半导体芯片定价是否有任何变化值得特别注意。
Brett Sandercock 布雷特·桑德科克
Yes. Steve, it's Brett. The -- Yes, I mean you're sort of seeing some of that or you're seeing some of these freight costs definitely moderate -- some cost reductions, but certainly not manifesting our numbers at the moment. I think we'll get some of that benefit, I would say, in our second half, where we'll probably see some of that coming through.
是的。史蒂夫，我是布雷特。是的，我的意思是你可能会看到一些运费成本的调整，但当然并没有完全体现在我们的数字中。我认为我们会在下半年获得一些好处，我们可能会看到一些效果。
But at this stage, I'd say, look, it's not even in our margin at the moment. But we do have some potential on freight in the second half, both on rates, and I think also we'll skew a little more -- start putting a little more on sea freight as we get through the back of the year as well, and that will certainly help us on our overall freight costs. So again, just kind of that environment where you're seeing some moderation or stabilization. And then I'm seeing as we get through fiscal year '23, some opportunities could be at manufacturing, be on the freight side as well. But we're not seeing that just yet in our numbers.
但在这个阶段，我想说，目前这甚至不在我们的利润范围内。但在下半年，我们在货运方面确实有一些潜力，无论是运价方面，我认为我们也会稍微倾向于更多地使用海运，随着年底的临近，这将有助于我们整体货运成本。所以再次强调，我们正在看到一些温和或稳定的环境。而且我认为，当我们度过 2023 财年时，一些机会可能会出现在制造业，也可能会出现在货运方面。但目前我们的数据中还没有看到这一点。
Operator 操作员
Your next question is coming from David Low from JPMorgan.
您的下一个问题来自摩根大通的 David Low。
David Low 大卫·洛维
Maybe just continuing on the cost around gross margins. Can I get, perhaps you, Brett, to talk about the impact of inflation, what you're seeing on costs, and what you expect or what we should be looking out for in terms of margins and the impact there for?
也许只是继续关注毛利润方面的成本。我可以请你，布雷特，谈谈通货膨胀对成本的影响，你看到的情况以及我们应该关注的毛利润方面的预期或影响吗？
Brett Sandercock 布雷特·桑德科克
Yes. Thanks, Dave. I mean we've seen component inflation, component cost increases. We've certainly seen that in electronic components. We've talked -- we've clearly talked about the freight and the increases that we have seen there. So that's all been built in, if you like, to our cost base at the moment.
是的。谢谢，戴夫。我的意思是我们已经看到了组件通货膨胀，组件成本上涨。我们当然看到了电子组件的这一点。我们已经谈过 - 我们明确谈到了我们看到的货运和增长。所以，如果你愿意的话，这一切都已经纳入了我们目前的成本基础。
Going forward, I think we'll still see some of those increases, but I think that's manageable. And then what we've done, as you know, is we've done a little bit on our pricing to customers as well to help offset some of that. So we put through the device surcharge, for example. And we're also planning some modest price increases from July 1 as well. So some of this is going to offset some of that.
未来，我认为我们仍会看到一些增长，但我认为这是可以控制的。正如你所知，我们已经在向客户调整了一些价格，以帮助抵消部分成本。例如，我们已经增加了设备附加费。此外，我们还计划从 7 月 1 日起进行一些适度的价格调整。因此，这些措施将抵消部分成本。
And -- but I would say, yes, we saw that -- is it accelerating? No, but we're still seeing some cost and component increases coming through. Probably -- I would expect to see that probably for the next little while. But it's not -- we're not seeing any acceleration in that, which I think is good. So I think that there's some offsets there on the gross margin, headwinds on components. I guess some tailwind on ASPs will be benefit for margin going forward.
我想说，是的，我们看到了一些成本和零部件的增加，但我不认为它在加速。可能在接下来的一段时间内我们会继续看到这种情况。但我们没有看到任何加速的迹象，我认为这是好事。所以我认为在毛利方面有一些抵消因素，零部件方面有一些阻力。我想 ASP 的一些正面影响将有助于未来的利润率。
Operator 操作员
Your next question is coming from Gretel Janu from Credit Suisse.
您的下一个问题来自瑞士信贷的格雷特·贾努。
Gretel Janu 格雷特尔·亚努
So just moving back to revenue. How much revenue did the card to cloud contribute in the fourth quarter? And then I guess going forward, do you expect it to be meaningful in FY '23?
所以就回到收入这个问题。卡到云在第四季度贡献了多少收入？然后我猜想未来，您是否预计在 2023 财年它会有意义？
Michael Farrell 迈克尔·法雷尔
Yes. Thanks for the question, Gretel, and it's a really good one. For competitive reasons, I don't want to go into too much detail around it, other than to say that, that pivot of the team during the quarter was incredible. To redesign, reengineer and requalify, validate and verify a device with a new model of card to cloud and get it to market and get it in customers' hands in June was fantastic. So all credit to the team.
是的。谢谢你的问题，格雷特尔，这是一个非常好的问题。出于竞争原因，我不想过多详细讨论这个问题，除了说，团队在本季度的转变令人难以置信。重新设计、重新工程化、重新确认、验证和验证一个带有新型卡到云的设备，并在六月将其推向市场并交到客户手中，这是太棒了。所以所有的功劳都归于团队。
It was material to our growth in the quarter, and it will be material to our growth up to and when we get those comms chip supply back to the levels that we need it to meet the incredible demand of the marketplace.
这对我们本季度的增长至关重要，当我们恢复通信芯片供应至我们需要的水平以满足市场的巨大需求时，它将对我们的增长产生重大影响。
So it was material. It was strong, not going to quantify it down to the nth level of detail here. But it provided great additional growth for us in that last quarter and will for the coming quarters. I look forward to the point where I can say we are no longer selling AirSense 10 card to cloud because that means that we've got AirSense 11 connectivity and AirSense 10 connectivity back up to where we need it with that component no longer being a bottleneck for us. But that may be 3, 6, 9, 12 months out there with this incredible demand we're seeing in the market.
所以这是实质性的。它很强大，不会在这里详细量化到第 n 级。但它为我们在上个季度提供了巨大的额外增长，并将在未来几个季度继续提供。我期待着能够说我们不再销售 AirSense 10 卡到云，因为这意味着我们已经拥有了 AirSense 11 的连接性，并且 AirSense 10 的连接性已经回到我们需要的水平，而这个组件不再是我们的瓶颈。但由于市场上的需求非常大，可能需要 3、6、9、12 个月才能实现这一点。
Operator 操作员
Our next question today is coming from Saul Hadassin from Barrenjoey Capital.
我们今天的下一个问题来自 Barrenjoey Capital 的 Saul Hadassin。
Saul Hadassin 索尔哈达辛
Mick, just following up on that card to cloud commentary. Can you just confirm or give us some color as to what happens to those machines once the chip alleviation is completed and you start to get better access to comms chips? Is the intention to bring those devices back and put those chips in? Or if you buy -- if you get issued a card to cloud device, do you effectively keep that device for the next sort of 5 years and then upgrade at some point in the future?
米克，关于那张关于芯片到云端评论的卡片，我只是跟进一下。您能否确认一下或者给我们一些关于芯片缓解完成后那些设备会发生什么变化以及您开始更好地获取通信芯片的情况？是打算把那些设备带回来并安装那些芯片吗？还是如果您购买 - 如果您获得一张卡片到云设备，您是否有效地保留该设备未来的大约 5 年，然后在将来某个时候升级？
Michael Farrell 迈克尔·法雷尔
Yes. So it's a really good question. I think it will probably be the latter part of your question -- or the answer to your question that you gave, which is it will probably be -- when somebody receives a device, it becomes a very personal, very intimate part. It sits on their bedside table. It gives them the gift of breath, the gift of sleep, and it changes their life. And the fact that they may have to take an SD card to the doctor, to their HME provider or have it mailed back and forth won't stop them from having that personal and intimate relationship.
是的。所以这是一个非常好的问题。我认为可能是你问题的后半部分，或者是你提出的问题的答案，也就是当有人收到一个设备时，它会变成一个非常个人化、非常亲密的部分。它坐在他们的床头柜上。它赐予他们呼吸的礼物，睡眠的礼物，并改变他们的生活。他们可能需要把 SD 卡带给医生，交给他们的 HME 供应商，或者通过邮寄来回，但这并不会阻止他们拥有这种个人和亲密的关系。
So there will be some very savvy patients who will see that and want to upgrade in less than that 3-year -- depending on insurance, 3- to 5-year time horizon. But I think the vast majority of those will remain there permanently. And our job will be to provide the great services around AirView and the engagement that we provide through some of our VoIP. And we do e-mail, text and interactions with patients that go well above just the cloud connectivity from the device itself that we've had in place on our Air Solutions ecosystem for a long time.
因此，会有一些非常精明的患者会看到这一点，并希望在不到 3 年的时间内升级 - 取决于保险，3 至 5 年的时间范围。但我认为其中绝大多数人将永久留在那里。我们的工作将是围绕 AirView 提供出色的服务以及通过我们的一些 VoIP 提供的参与度。我们通过电子邮件、短信和与患者的互动，提供的服务远远超出了我们长期以来在 Air Solutions 生态系统中设立的仅仅是设备本身的云连接。
So I'm very confident we're going to get very high adherence from the AirSense 10 card to cloud people with the ecosystem we have. It will be better with Air 11. So as soon as those components are back there, we'll do that. But I think there'll be a small group of people that will look to upgrade their device before insurance provides it in certain socioeconomic groups in certain countries.
因此，我非常有信心，我们将从 AirSense 10 卡到云端的人群中获得非常高的依从性，因为我们拥有的生态系统。使用 Air 11 将会更好。所以一旦那些组件回来了，我们就会这样做。但我认为会有一小部分人会在保险提供之前升级他们的设备，在某些社会经济群体和某些国家。
Just to be clear, we're really focusing card to cloud right now in the U.S., and that's where we've got a really good ecosystem of home care providers who know how to use card readers and get the data to the cloud and get it into AirView and get it to doctors and engage their patients to drive ReSupply through other means, Brightree, Snap and whole Air Solutions ecosystem. Great questions, Saul. But I think it will be mostly the latter, answer to your own question there.
只是为了明确起见，我们目前在美国真正专注于卡到云，这是我们拥有非常好的家庭护理提供商生态系统的地方，他们知道如何使用卡阅读器并将数据传输到云端，并将其传输到 AirView，并将其传输给医生，并鼓励他们的患者通过其他方式驱动 ReSupply，Brightree，Snap 和整个 Air Solutions 生态系统。很棒的问题，索尔。但我认为大部分会是后者，回答你自己的问题。
Operator 操作员
Next question is coming from Dan Hurren from MST Marquee.
下一个问题来自 MST Marquee 的 Dan Hurren。
Dan Hurren 丹·赫伦
Mick, you've been quite specific in the past about these streams of engineering efforts to overcome supply chain shortages, and I guess, including the AirSense 11 range with parts alternate suppliers. So the card to cloud device clearly had a big impact. But do you have any update on the timing of these other initiatives? And will that be a calendar year '22 feature?
米克，您过去对这些工程努力的具体情况非常明确，以克服供应链短缺问题，我猜，包括 AirSense 11 系列与备用零部件供应商。因此，卡到云设备显然产生了重大影响。但您对这些其他倡议的时间安排有任何更新吗？这将成为 2022 年的一个特色吗？
Michael Farrell 迈克尔·法雷尔
Yes. Dan, it's a really good question. And we have our Chief Operating Officer on the line here who's closer to the other 4 work streams. The fifth one is that reengineering for C2C and beyond. Rob, any color for Dan on all that work we're doing in the supply chain and the reengineering we're doing to -- the streams of engineering work we're doing to increase supply over the fiscal year?
是的。丹，这是一个非常好的问题。我们在电话线上有我们的首席运营官，他更接近其他四个工作流。第五个是为 C2C 及更远的地方进行的重新设计。罗布，对于我们在供应链中所做的所有工作以及我们为了增加本财政年度供应而进行的重新设计工作，你能给丹解释一下吗？
Robert Douglas 罗伯特·道格拉斯
Yes, Dan. I mean one of the key areas, obviously, is in the columns is around getting access to some of the 5G protocols that are being rolled out. And we're seeing them get rolled out pretty nicely in some markets. And some of our validation, some of those streams are getting access to those types of chips, including we're getting access to earlier-gen protocols as well. And we'll be deploying both of those.
是的，丹。我指的是其中一个关键领域，显然，就在列中，围绕着获取一些正在推出的 5G 协议。我们看到它们在一些市场上得到了很好的推广。我们的一些验证，一些流正在获取这些类型的芯片，包括我们也在获取早期的协议。我们将部署这两者。
I don't think we can give you granularity over it. And it's not without risk in some of the timing. But what we will be doing is as soon as we can deploy and validate and have access to those chip volumes, we'll switch to that as quickly as possible. So it won't actually be a single overnight switch of now, all of a sudden, everything has gone to some new protocol or something; they'll be targeted to markets in specific volumes, and we'll keep doing work on that.
我认为我们无法为您提供关于此的细节。在某些时间方面，这并非没有风险。但我们将尽快部署、验证并获得这些芯片的数量后，我们将尽快切换到那个。因此，实际上不会是一夜之间的单一切换，突然间，所有事情都转向了某种新协议或其他什么；它们将针对特定市场的特定数量，我们将继续在此方面努力。
As I said earlier, the outlook in terms of the overall demand for these chips from other parts of industries, obviously, cars and phones, may be looking a little better for us. And certainly, people are less likely to allocate away from us. So we're expecting to be able to plan a little more certainty, but we won't be able to sort of publicly give out the exact dates and things like that on those deployments.
正如我之前所说，从其他行业对这些芯片的整体需求前景来看，显然，汽车和手机等方面可能对我们来说看起来更好一些。当然，人们更不太可能从我们这里分配出去。因此，我们期望能够更有把握地制定计划，但我们不会公开提供确切的日期和部署等信息。
Operator 操作员
Our next question is coming from David Bailey from Macquarie.
我们接下来的问题来自 Macquarie 的 David Bailey。
David Bailey 大卫·贝利
My question is just around consumables and masks and accessories. Are we expecting increased device output over fiscal '23? Just interested in your thoughts on the impact of that on masks and accessories volumes and what that might mean to masks and accessories revenues. And then also, do you think the attachment rates on market share, that those incremental revenues would be higher than you may have seen in the past?
我的问题只是关于耗材、口罩和配件。我们是否预计在财政'23 年会增加设备产量？只是想知道您对此对口罩和配件销量的影响的看法，以及这可能对口罩和配件收入意味着什么。另外，您认为市场份额的附加率，这些额外收入会高于您过去可能看到的吗？
Michael Farrell 迈克尔·法雷尔
Yes. Thanks, David. It's a really good question. And I mean, as you saw in the quarter, 11% CC global and 13% CC in the U.S. in Q4, right, where we're only just starting to ramp up AirSense 10 card to cloud to meet that -- some of that incremental demand gap.
是的。谢谢，大卫。这是一个非常好的问题。正如您在本季度所看到的，全球 CC 增长 11%，美国 CC 增长 13%，我们仅仅开始加快 AirSense 10 卡到云端的速度，以满足部分增量需求差距。
Yes, as we talked about every quarter during fiscal '23, we plan to see incremental growth in our volume delivery across the portfolio of AirSense 10 comms, AirSense 11 card to cloud and AirSense 11 comms. And as Rob just described, all those streams that are going to mean we're going to have increased volume every quarter sequentially throughout fiscal '23. And to your question specifically, that does mean that masks and consumables attached to those new patients will add on.
是的，正如我们在财政'23 年的每个季度讨论的那样，我们计划在 AirSense 10 通信组合、AirSense 11 卡到云和 AirSense 11 通信组合的交付量中看到递增增长。正如 Rob 刚刚描述的那样，所有这些流向意味着我们将在整个财政'23 年的每个季度逐步增加交付量。而对于您的问题，这确实意味着与这些新患者相关的口罩和耗材将会增加。
As you know, a very large double-digit percentage of any quarter's revenue on masks and accessories is ReSupply and recurring revenue of the installed base of patients. And so that installed base has been incredibly strong. The engagement of people post COVID in respiratory health, respiratory hygiene and making sure that a clean mask, clean humidifier, clean tubing, it's just been full front with everyone wearing masks for COVID and understanding communicable respiratory diseases like COVID makes them think about respiratory health and hygiene. So that's a permanent change we've seen over the last 12, 24 months in sort of secular demand on the installed base. And then you add to that, that sort of lower double-digit number of the new patients coming in, which is picking up as supply goes.
正如您所知，任何一个季度口罩和配件收入的很大一部分是 ReSupply 和已安装患者基数的重复收入。因此，已安装的患者基数非常强大。COVID 后人们对呼吸健康、呼吸卫生的关注以及确保口罩、加湿器、管道清洁的参与度非常高。每个人都戴着口罩，了解 COVID 等传染性呼吸道疾病，这让他们开始思考呼吸健康和卫生。因此，在过去的 12 至 24 个月中，我们看到已安装基数的长期需求发生了永久性变化。此外，随着供应的增加，新患者数量也在以较低的两位数增长。
So I know you guys have all got models on this, David. You've got a good model. You'll start to see that mask and consumable rate pick up. It won't be like a step change jumping up, but there will be a sort of second derivative change, if you like, a little bit of increase in the rate of increase for a while on masks and accessories throughout fiscal year as we get the supply of devices closer and closer to the demand that is out there for these next 12 months, way ahead of where we can get to. But it means every device we make, we sell.
所以我知道你们都对此有模型，大卫。你有一个很好的模型。你会开始看到口罩和耗材的使用率上升。它不会像一个突变一样跳升，但会有一种二阶导数变化，如果你愿意的话，口罩和配件的增长率会在财政年度中一段时间内略微增加，因为我们将设备供应与需求越来越接近，这是未来 12 个月的需求，远远超出我们所能达到的范围。但这意味着我们制造的每个设备都会被销售。
Operator 操作员
Our next question is coming from Mike Matson from Needham Company.
我们接下来的问题来自 Needham 公司的 Mike Matson。
Michael Matson 迈克尔·马特森
I was curious if the card to cloud units are helping your gross margin at all by taking out those -- the other chipsets. I mean is that resulting in some savings that's having material impact on your margins? Or is it not really the case?
我很好奇，卡到云单元是否通过去除其他芯片组来帮助您的毛利率。我的意思是，这是否导致了一些节省，对您的利润率产生了实质性影响？还是并非如此？
Michael Farrell 迈克尔·法雷尔
Brett, you want to answer Mike's question?
布雷特，你想回答迈克的问题吗？
Brett Sandercock 布雷特·桑德科克
Sure, Mick. Yes, Mike. Yes, so the card to cloud, I mean, obviously, doesn't have the comms module in it, so there is some savings there. So it is positive for our margin, but it would really might just be around the edges. It wouldn't -- like it wouldn't be material.
没错，米克。是的，迈克。是的，所以卡片到云端，我的意思是，显然，它里面没有通信模块，所以在这方面有一些节省。所以对我们的利润是正面的，但可能只是在边缘上。它不会像重要的那样。
Operator 操作员
Our next question is coming from Suraj Kalia from Oppenheimer.
我们下一个问题来自 Oppenheimer 的 Suraj Kalia。
Suraj Kalia 苏拉吉·卡利亚
Mick, I'll throw in a two part question, if I could, Mick. For the card to cloud, how much of this shift is tactical and how much of it is strategic? Because the market growth -- you've always referenced 5% to 8% growth for the market. Maybe if you can just parse out how the shift long term would help ResMed's overall device growth.
米克，如果可以的话，我想提出一个两部分的问题，米克。对于卡片到云端，这种转变有多少是战术性的，有多少是战略性的？因为市场增长 - 你一直提到市场增长为 5%到 8%。也许你可以解释一下这种长期转变如何帮助瑞思迈德整体设备增长。
And if I could quickly, Brett, if I take SG&A in FY '22, right, 8% to 9% year-over-year, and that approximate to about 20% to 22% of revs, my math is around $3.6 billion to $4 billion for FY '23. Is that the right way to think about it? Sorry, gentlemen, for squeezing in the second question.
如果我能快速地，布雷特，如果我在 FY '22 中考虑销售、一般及管理费用，对吧，年同比增长 8%至 9%，大约占收入的 20%至 22%，那么我的估算是 FY '23 大约为 36 亿至 40 亿美元。这样考虑对吗？抱歉，先生们，插入第二个问题。
Michael Farrell 迈克尔·法雷尔
Yes. Very cheeky, Suraj, but we'll go at it. I'll go briefly at the first one, then hand to Brett for the second part of your 2-part one question. So the card to cloud, look, it is tactical. It's based on the fact that -- for a very important thing. We have people suffocating out there. They get all the way through the health care system, screen, diagnosed and then get a prescription, and they're waiting for a device. And we said we're not going to have our strategy, which is 100% connectivity in every device through comms chips, get in the way of the patient needs. So it's a tactical pivot based upon the comms chips being in a rate-limiting bottleneck of our supply that we're going to do the AirSense 10 C2C. As soon as that supply moves, we go straight back to 100% connectivity AirSense 10 and AirSense 11 devices. So it's tactical, temporal, and we're going to go back to it.
是的。Suraj，非常无礼，但我们会继续讨论。我会简要谈一下第一个问题，然后将第二部分交给 Brett 回答你的两部分问题。所以关于卡片到云端，看，这是策略性的。它基于一个非常重要的事实。我们有人在那里窒息。他们通过整个医疗系统，筛选，诊断，然后拿到处方，他们正在等待一个设备。我们说我们不会让我们的策略，即通过通信芯片在每个设备中实现 100%连接性，妨碍患者需求。因此，这是一种基于通信芯片处于我们供应的速率限制瓶颈上的策略性转变，我们将进行 AirSense 10 C2C。一旦供应移动，我们将立即恢复到 100%连接性的 AirSense 10 和 AirSense 11 设备。因此，这是策略性的、暂时的，我们将回到这个问题。
只是一个增加一个通信的芯片就搞的这么难，这类企业未来的不确定性看着远大于大型科技企业，大型科技很容易接管这类需求，对于大型科技来说这是个小问题。
We're going to do the best we can for those patients, and they're going to get incredible adherence, just won't have all the tech of the daily feedback that you get on those devices with Air 11 and the double myAir uptake that you get with AirSense 11. And that's why I want everyone to get an AirSense 11 as soon as we get the components. And our supply chain team knows that, our customers know that, and we're ready to ramp up over the fiscal year. So a tactical shift.
我们将尽力为这些患者提供最好的服务，他们将获得令人难以置信的依从性，只是不会像 Air 11 设备上获得的每日反馈技术那样全面，也不会像 AirSense 11 设备上获得的双倍 myAir 吸收那样。这就是为什么我希望每个人尽快获得 AirSense 11，一旦我们获得了零部件。我们的供应链团队知道这一点，我们的客户也知道，我们准备在财政年度内加大产能。因此，这是一次战术转变。
Brett, I'll just quickly say on that -- the second part of the question, I think our competitor put out some numbers that they think the market is today and in 2025. And I think they underestimated the actual market today and the market in 2025 by 25%, 30%, even 35%. I think they were talking about $2.1 billion device market in 2025. For me, it's north of $2.5 billion, $2.6 billion, $2.7 billion, even more than that in 2025, if we get our demand gen and drive it. And we're going to get the lion's share of that. But Brett, any thoughts?
布雷特，我只是快速地说一下——关于问题的第二部分，我认为我们的竞争对手发布了一些数字，他们认为市场今天和 2025 年的规模是多少。我认为他们低估了今天和 2025 年的实际市场规模，低估了 25%，30%，甚至 35%。我认为他们在谈论 2025 年的设备市场规模时提到了 21 亿美元。对我来说，2025 年的市场规模将超过 25 亿美元，26 亿美元，27 亿美元，甚至更多，如果我们提高需求并推动市场。我们将获得其中的最大份额。但是，布雷特，你有什么想法吗？
Brett Sandercock 布雷特·桑德科克
Sure. Yes. Suraj, I mean given some broad guidance, I guess, on the SG&A as a percentage of revenue, I wouldn't get drawn into kind of strict revenue guidance. I'd just reiterate what we said before. We're expecting an increase in production volumes, and that should definitely support sequential revenue growth through FY '23.
当然。是的。苏拉吉，我是说在一些宽泛的指导下，我猜，关于销售和行政费用占收入的百分比，我不会被牵扯进严格的收入指导中。我只是重申之前我们所说的。我们预计生产量将增加，这肯定会支持到 FY '23 年度的顺序收入增长。
Operator 操作员
Our final question today is coming from Lyanne Harrison from Bank of America.
我们今天的最后一个问题来自美国银行的莉安·哈里森。
Lyanne Harrison 莲恩·哈里森
I was hoping if you could help us understand the softer device sales in rest of the world a little bit better. Obviously, understanding that you're having that cloud -- card to cloud push in the United States. But can you give us a sense of what the market's like in rest of the world, and what you're seeing from competitors other than Philips in that market?
我希望您能帮助我们更好地了解全球其他地区软件销售情况。显然，我们知道您在美国进行云端推动。但您能否让我们了解一下其他地区市场情况，以及除飞利浦之外的竞争对手情况？
Michael Farrell 迈克尔·法雷尔
Yes. Thanks, Lyanne. It's a good question, and it's pretty simple, the answer, in that in Q4 of our fiscal '21, we had $20 million of COVID-related ventilator sales in India. And if we can all remember 12 months ago, there was a huge surge of the COVID variant in India, and we sold $20 million of ventilators to Delhi, Bangalore and across the country to save lives. And it was incredible, the way we pivoted and got those $20 million worth of sales out. Justin Leon and his team did a great job of getting to India.
是的。谢谢，莉安。这是一个很好的问题，答案相当简单，在我们财政'21 年第四季度，我们在印度有 2000 万美元的与 COVID 相关的呼吸机销售。如果我们都能记得 12 个月前，印度的 COVID 变种出现了巨大的激增，我们向德里、班加罗尔和全国各地销售了 2000 万美元的呼吸机，以拯救生命。我们转变方向并完成了这 2000 万美元的销售，这令人难以置信。贾斯汀·莱昂和他的团队在抵达印度方面做得很好。
So if you subtract that $20 million of COVID sales out there, you actually see a positive growth -- a good positive growth in devices in Europe, Asia and rest of world. And what you're seeing, to the broader part of your question, is actually in countries where they don't have these, I would say, now illogical COVID lockdowns that are happening in a couple of geographies, China and a couple of other countries are sticking with these lockdowns, we're seeing well over 100% rates of patient flow.
所以，如果你减去那 2 千万美元的 COVID 销售额，实际上你会看到在欧洲、亚洲和世界其他地区的设备销售出现了正增长——一个良好的正增长。而你所看到的，对于你问题的更广泛部分来说，实际上是在一些国家，他们没有这些，我会说，现在不合逻辑的 COVID 封锁，这些封锁正在发生在一些地理位置，中国和另外一些国家正在坚持这些封锁，我们看到患者流量超过 100%。
And so incredible demand for our products, both on the ventilation side and on the device side, back to where we were, which is mid-single-digit device growth in the device side and high single-digit growth on the masks and accessories. And we're getting even higher than that, as you saw in the numbers, because we're driving share, we're driving demand and we're getting patients out there. So that's what it all is. But yes -- no, that Europe, Asia, Rest of the world was really just associated with those ventilator sales.
由于我们产品的需求非常高，无论是在通风方面还是设备方面，我们回到了我们之前的水平，即设备方面的中单位数增长和口罩及配件方面的高单位数增长。正如您在数字中看到的那样，我们的增长甚至超过了这个水平，因为我们在提高市场份额，刺激需求，并让患者获益。这就是一切的原因。但是是的 - 不，欧洲，亚洲，以及其他地区的增长确实只与那些呼吸机销售有关。
Operator 操作员
We reached the end of our question-and-answer session. I'd like to turn the floor back over to Mick for any further closing comments.
我们已经到达了问答环节的尽头。我想把话筒交还给米克，让他发表任何进一步的结束性评论。
Michael Farrell 迈克尔·法雷尔
Thanks, Kevin, and thanks again to all our shareholders for joining us on the call today. I'd like to once again take the opportunity to thank all 8,000 ResMedians, many of whom are also shareholders. And thank you for your hard work, your dedication, helping over 141 million people sleep better, breathe better and live better lives outside the country in over 140 countries worldwide. Thanks for what you do today and every day. I look forward to talking with all of our stakeholders here on our earnings call in about 90 days, plus or minus. And with that, I'll hand over to Amy.
谢谢，凯文，再次感谢所有股东今天加入我们的电话会议。我想再次借此机会感谢所有 8,000 名瑞思迈员工，其中许多人也是股东。感谢您的辛勤工作，奉献精神，帮助超过 1.41 亿人在全球 140 多个国家外睡得更好、呼吸更顺畅，过上更美好的生活。感谢您今天和每一天所做的一切。我期待在大约 90 天后与我们所有的利益相关者进行电话会议，具体时间可能有所变动。现在我将把话筒交给艾米。
Amy Wakeham 艾米·韦克汉姆
Great. Thanks, Mick, and thanks, everybody. We do appreciate your time and your interest. And if you have any additional questions, please don't hesitate to reach out directly to Investor Relations. This does conclude our fourth quarter fiscal year 2022 conference call.
非常感谢，米克，也感谢大家。我们非常感谢您的时间和兴趣。如果您有任何额外的问题，请随时直接联系投资者关系部门。这标志着我们 2022 财年第四季度电话会议的结束。
Kevin, I'll turn it back to you to close things out.
凯文，我会把话题转回给你来结束。
Operator 操作员
Certainly. 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.
当然。今天的电话会议和网络直播到此结束。您可以在此时断开电话线，祝您有一个美好的一天。感谢您今天的参与。
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