2024-04-25 ResMed Inc. (RMD) Q3 2024 Earnings Call Transcript
ResMed Inc. (NYSE:RMD) Q3 2024 Earnings Conference Call April 25, 2024 4:30 PM ET
雷思美德公司（NYSE：RMD）2024 年第三季度收益电话会议 2024 年 4 月 25 日 下午 4:30 ET
Company Participants 公司参与者
Amy Wakeham - Chief Communications and Investor Relations Officer
艾米·韦克汉姆 - 首席传讯和投资者关系官
Mick Farrell - Chief Executive Officer
米克·法雷尔 - 首席执行官
Brett Sandercock - Chief Financial Officer
布雷特·桑德科克 - 首席财务官
Conference Call Participants
电话会议参与者
Dan Hurren - MST Marquee
丹·赫伦 - MST 帐篷
Laura Sutcliffe - UBS
劳拉·萨特克利夫 - 瑞银
Craig Wong-Pan - RBC
David Bailey - Macquarie
大卫·贝利 - 麦格理
Anthony Petrone - Mizuho Group
安东尼·佩特罗内 - 瑞穗集团
Suraj Kalia - Oppenheimer
Margaret Kaczor-Andrew - William Blair
玛格丽特·卡佐尔-安德鲁 - 威廉·布莱尔
Gretel Janu - E&P
格雷特尔·亚努 - E&P
Brett Fishbin - KeyBanc
布雷特·菲什宾 - 凯邦
Mike Matson - Needham & Company
迈克·马特森 - 尼德姆公司
Lyanne Harrison - Bank of America
莉安·哈里森 - 美国银行
Steve Wheen - Jarden
史蒂夫·惠恩 - 贾登
Saul Hadassin - Barrenjoey Capital
索尔哈达辛 - 巴伦乔伊资本
Mike Toomey - Jefferies
迈克·图米 - 杰弗里斯
Operator 操作员
Hello. And welcome to the Q3 Fiscal Year 2024 ResMed Earnings Conference Call. My name is Kevin, and I’ll be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session. Please note that this conference call is being recorded.
您好。欢迎参加 2024 财年第三季度 ResMed 收益电话会议。我是 Kevin，今天的操作员。此时，所有参与者都处于听取模式。稍后，我们将进行问答环节。请注意，此电话会议正在录音。
I’ll now turn the call over to Amy Wakeham, Chief Investor Relations Officer. Amy, you may begin.
我现在将电话转给首席投资者关系官艾米·韦克汉姆。艾米，你可以开始了。
Amy Wakeham 艾米·韦克汉姆
Great. Thank you, Kevin. Hello, everyone. Welcome to ResMed’s third quarter fiscal year 2024 earnings call. We are live webcasting this call and the replay will be available on the Investor Relations section of our corporate website later today. Our earnings press release and presentation are both available online now.
很好。谢谢，凯文。大家好。欢迎参加 ResMed 2024 财年第三季度收益电话会议。我们正在现场网络直播此电话会议，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。我们的收益新闻稿和演示文稿现在都可以在线获取。
During today’s call, we will discuss several non-GAAP measures that we believe provide useful information for investors. This information is not intended to be considered in isolation or as a substitute for the GAAP financial information. We encourage you to review the supporting schedules in today’s earnings press release to reconcile the non-GAAP measures with the GAAP reported numbers.
在今天的电话会议中，我们将讨论几项非通用会计准则（non-GAAP）措施，我们认为这些措施为投资者提供了有用的信息。这些信息并非旨在孤立地考虑，也不应作为通用会计准则（GAAP）财务信息的替代。我们鼓励您查看今天收益新闻发布中的支持时间表，以调和非通用会计准则措施与通用会计准则报告数字。
In addition, our discussion today will include forward-looking statements, including but not limited to, expectations about our future financial and operating performance. We make these statements based on reasonable assumptions, however, our actual results could differ. Please review 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.
此外，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财务和运营表现的期望。我们基于合理假设做出这些声明，然而，我们的实际结果可能会有所不同。请查阅我们的 SEC 备案，以获取有关可能导致我们实际结果与今天所做前瞻性声明有实质不同的风险因素的完整讨论。
I’d like to now turn the call over to ResMed’s Chairman and CEO, Mick Farrell.
我现在想把电话转给瑞思迈的董事长兼首席执行官 Mick Farrell。
Mick Farrell 米克·法雷尔
Thanks, Amy, and thank you to all of our shareholders for joining us today. Our third quarter fiscal year 2024 results reflect another strong period of execution across our entire business, resulting in solid topline growth and strong double-digit bottomline growth.
谢谢，艾米，也感谢所有股东今天加入我们。我们 2024 财年第三季度的业绩反映出我们整个业务的又一个强劲执行期，实现了稳健的收入增长和强劲的两位数底线增长。
Our results were driven by ongoing new patient demand for our devices across global markets, high single-digit growth in our Software-as-a-Service business and double-digit global growth in our Masks and Accessories business. This is exceptional performance given that we are annualizing a very strong quarter of growth in the prior year.
我们的业绩受到全球市场对我们设备持续增长的新患者需求驱动，我们的软件即服务业务实现高位数增长，我们的口罩和配件业务在全球实现两位数增长。鉴于我们正在对去年同期增长非常强劲的季度进行年度化，这是非凡的表现。
主营业务有3项：设备，SaaS，以及口罩。
The recent launch of our ResMed 2030 operating model and our steady focus on driving increased operating leverage are delivering excellent bottomline results and keeping us on a clear trajectory of ongoing profitable growth.
我们 ResMed 2030 运营模式的最新推出以及我们稳定的专注于推动增加运营杠杆效应，正在取得出色的底线业绩，并使我们保持在持续盈利增长的明确轨迹上。
Over 2 billion people worldwide suffer from sleep apnea, what I call sleep suffocation, insomnia or respiratory insufficiency due to chronic obstructive pulmonary disease or neuromuscular disease. These chronic conditions form a healthcare epidemic that ResMed is uniquely positioned to address. We believe that healthcare should be delivered at the lowest cost, lowest acuity and highest comfort location possible. In the optimal case, that’s in a person’s own home. We are the global strategic leader in providing therapies for this epidemic, as well as market-leading enterprise software for Residential Care, including home medical equipment, home nursing and beyond.
全球有超过 20 亿人患有睡眠呼吸暂停症，我称之为睡眠窒息、失眠或由慢性阻塞性肺病或神经肌肉疾病引起的呼吸不足。这些慢性疾病构成了一个卫生保健流行病，ResMed 独特地处于解决这一问题的位置。我们认为卫生保健应该以最低成本、最低严重程度和最高舒适度的地点提供。在最理想的情况下，那就是在一个人的家中。我们是全球在为这一流行病提供治疗方案方面的战略领导者，同时也是住宅护理市场领先的企业软件提供商，包括家庭医疗设备、家庭护理等。
ResMed is the global leader in digital health solutions with over 18 billion nights of medical data in the cloud and over 24.5 million 100% cloud-connectable medical devices that have been sold into over 140 countries worldwide.
ResMed 是全球数字健康解决方案领导者，在云端拥有超过 180 亿个医疗数据之夜，销售到全球 140 多个国家的超过 2450 万台 100%云连接的医疗设备。
有20亿适用人口，目前卖了2450万台，占适用人口的1%。
We are the clear leader in sleep apnea, a market of over 1 billion people globally. Our end markets remain significantly underpenetrated. We believe the latest advances in big consumer tech and Big Pharma can potentially bring incredible numbers of new patients into the healthcare system where ResMed is uniquely positioned to provide ongoing care at home.
我们是全球睡眠呼吸暂停症领域的明显领导者，全球市场超过 10 亿人。我们的终端市场仍然存在显著的渗透空间。我们相信大型消费科技和大型制药行业的最新进展可能会吸引大量新患者进入医疗保健系统，在这方面，ResMed 独具优势，能够为他们提供在家持续护理。
指的是苹果的手机业务和LLY的减肥药的推广。
We have a myriad of opportunities to add value, to reduce friction, to improve interoperability, to lower costs and to improve patient outcomes. We’re the global strategic leader with software supporting hundreds of millions of people as they take control of their healthcare journey and navigate the complex healthcare world beyond the hospital system.
我们有无数机会增加价值，减少摩擦，改善互操作性，降低成本，改善患者结果。我们是全球战略领导者，软件支持数亿人掌控他们的医疗旅程，并在医院系统之外的复杂医疗世界中导航。
我的理解是仍有大量适用人口没有得到应有的治疗。
Many more people can benefit from our products and solutions and we’re laser-focused on growing the market to help people get on the therapy they need and on a pathway to better sleep, better health and better long-term care.
我们的产品和解决方案可以让更多人受益，我们专注于扩大市场，帮助人们获得他们需要的治疗，并走上通往更好睡眠、更好健康和更好长期护理的道路。
Sales of our devices, including the category-leading AirSense platforms, grew 5% year-over-year globally. Excluding the one-time COVID-related ventilator sales in the third quarter of last year, global devices grew about 300 basis points higher than that, so right around 8% global devices growth.
我们的设备销售，包括领先的 AirSense 平台在内，全球同比增长了 5%。去年第三季度 COVID 相关的一次性呼吸机销售除外，全球设备增长约高出 300 个基点，因此全球设备增长约为 8%。
8%的增长速度对应33倍的PE，不算高，属于自然增长还是份额扩大的增长？
We are maintaining supply of two of the two market-leading 100% cloud-connectable platforms, the AirSense 10 and the AirSense 11. We’re working to increase the global availability of the AirSense 11 platform by securing market-by-market regulatory clearances. We are following a similar path with our recently launched AirCurve 11 Bilevel and non-invasive ventilator platform as we continue its launch in the U.S. and beyond in the period ahead.
我们正在维护两个市场领先的 100%云连接平台之一，即 AirSense 10 和 AirSense 11 的供应。我们正在努力通过逐个市场获得监管许可，以增加 AirSense 11 平台的全球可用性。我们将继续在未来的时期中在美国及其他地区推出我们最近推出的 AirCurve 11 双水平和非侵入式通气器平台。
Our commercial teams are successfully demonstrating the clinical and economic benefits of the ResMed Mask portfolio. Our Masks and Accessories business achieved 10% growth year-over-year, expanding at or above the market in a competitive category globally.
我们的商业团队成功展示了 ResMed 口罩产品组合的临床和经济效益。我们的口罩和配件业务实现了年增长率达到 10%，在全球竞争激烈的市场中扩张速度达到或超过市场水平。
口罩卖的比设备好，这是有问题的，设备是基础。
During the quarter, we introduced our latest mask innovation into the U.S. market called the AirFit F40. The F40 features a proprietary new technology that we call AdaptiSeal. It is a silicone cushion designed to create and maintain a better facial seal even when the person is moving frequently during sleep. It leverages a fully flexible frame technology to cope with such frequent nocturnal movement.
在本季度，我们将最新的口罩创新产品 AirFit F40 引入美国市场。F40 采用了我们称之为 AdaptiSeal 的专有新技术。这是一种硅胶垫，旨在在人在睡眠时频繁移动时仍能创建并保持更好的面部密封。它利用了完全灵活的框架技术来应对这种频繁的夜间运动。
Physicians, respiratory therapists and patients love the F40 for its comfort, its fit and its ease of use. It is the smallest full-face mask on the market from ResMed. Patients are voting with their wallets and respiratory therapists and physicians are voting with their recommendations and their prescriptions. We look forward to ongoing success in the U.S. and to swiftly bring the F40 to other global markets very soon.
医生、呼吸治疗师和患者都喜欢 F40 的舒适性、合适性和易用性。这是 ResMed 市场上最小的全脸面罩。患者们用他们的钱包投票，呼吸治疗师和医生用他们的推荐和处方投票。我们期待在美国取得持续成功，并很快将 F40 带到其他全球市场。
Mask and Accessory ReSupply programs are an important element of our offering, as we serve the ongoing therapy needs of patients globally. ResMed’s clinical and commercial teams continue to partner with physicians and providers to drive ReSupply programs directly for their patients.
口罩和配件再供应计划是我们提供的重要元素，因为我们为全球患者的持续治疗需求提供服务。ResMed 的临床和商业团队继续与医生和提供者合作，直接为他们的患者推动再供应计划。
In our cash pay markets, we’ve established a number of subscription programs that have been adopted by consumers. Research shows that ReSupply programs lead to better patient adherence and better long-term clinical outcomes for the patient and their caregivers.
在我们的现金支付市场中，我们建立了许多被消费者采纳的订阅计划。研究显示，ReSupply 计划可以提高患者的依从性，对患者及其护理者的长期临床结果有更好的影响。
传统企业的软件能力很成问题，这个问题的长期影响更大，大部分会被大型科技企业替代，手里的那点传统手艺最终证明都是屁。
In the U.S., our ReSupply programs are powered by our digital health ecosystem, including AirView for physicians, myAir for patients and Brightree for home medical equipment providers. We will continue to develop, launch and scale these technologies, as well as direct subscription programs to help people take control of their own health. Regularly refreshing ongoing therapy needs including masks, tubing, humidifiers and other accessories.
在美国，我们的 ReSupply 计划由我们的数字健康生态系统支持，包括为医生提供的 AirView，为患者提供的 myAir 以及为家庭医疗设备提供商提供的 Brightree。我们将继续开发、推出和扩大这些技术，以及直接订阅计划，帮助人们掌控自己的健康。定期更新持续治疗所需的口罩、管道、加湿器和其他配件。
Let’s now turn to a discussion of our top three global strategic priorities here at ResMed. Number one is to grow and differentiate our core sleep health and breathing health business. Number two is to design, develop and deliver market-leading medtech and digital health solutions that can be scaled in 140 plus countries worldwide. Number three is to create and leverage the world’s best software solutions for Residential Care.
让我们现在转向讨论 ResMed 在这里的三个全球战略重点。第一是增长和差异化我们的核心睡眠健康和呼吸健康业务。第二是设计、开发和交付在全球 140 多个国家可以扩展的市场领先的医疗科技和数字健康解决方案。第三是为居家护理创造并利用世界最好的软件解决方案。
差异化不是刻意追求的，而是自然的结果，通过持续创新做出更好的产品。
As a global market leader in these significantly underpenetrated markets, our most significant opportunity is actually to expand and grow the market itself through awareness, diagnosis and pathways to treatment.
作为这些市场中显著未渗透的全球市场领导者，我们最重要的机会实际上是通过意识、诊断和治疗途径来扩大和发展市场本身。
We aspire to be the digital health concierge for each person as they pursue their personal journey to better sleep, better breathing and better care where they live. We are ramping up our demand generation initiatives to do just that.
我们立志成为每个人数字健康的管家，帮助他们追求更好的睡眠、更好的呼吸和更好的居住护理。我们正在加大需求生成举措，以实现这一目标。
The ResMed 2030 operating model changes that we made recently position us for success as a product-led, customer-centric, brand-enhanced leader in health tech. We’re raising awareness and creating pathways for patients to find access to care for their sleep health and their breathing health across the globe.
最近我们进行的 ResMed 2030 运营模式变革使我们定位为以产品为导向、以客户为中心、以品牌增强为主导的健康科技领导者，为全球患者提高意识并开辟通道，让他们找到关于睡眠健康和呼吸健康护理的途径。
We are leveraging traditional market channels and investing in cost-effective, social media-driven demand generation campaigns. The goal is to help consumers concerned about their sleep and breathing find their way into appropriate screening, diagnostic, treatment and management pathways.
我们正在利用传统的市场渠道，并投资于具有成本效益的、以社交媒体为驱动的需求生成活动。我们的目标是帮助关注睡眠和呼吸问题的消费者找到适当的筛查、诊断、治疗和管理途径。
需求不是问题，看着品牌是最主要的问题，对照苹果，伟大的品牌需要伟大的思想。
As we continue on our journey to create this digital health concierge for individuals, we are tracking progress with hard metrics. We are looking at new patient starts in our physician and provider-based ecosystem, including AirView, which now contains more than 27 million patient records.
在我们继续努力打造这个数字健康助手的过程中，我们正在用硬指标跟踪进展。我们正在关注我们基于医生和提供者的生态系统中的新患者开始情况，包括 AirView，该系统现在包含超过 2700 万患者记录。
We’re also tracking new starts in myAir, our consumer patient engagement app, where people choose to participate in their personalized healthcare journey to better sleep and better breathing. myAir now includes a population of 7.8 million users. We will drive more and more of the over 1 billion people worldwide who need our help for their sleep suffocation into the health care system.
我们还在 myAir 中跟踪新的开始，这是我们的消费者患者参与应用程序，人们选择参与他们个性化的医疗旅程，以改善睡眠和呼吸。myAir 现在包括 780 万用户群。我们将把全球 10 亿需要我们帮助解决睡眠窒息问题的人们带入医疗保健系统中。
We believe two global megatrends will further support our ongoing growth. Awareness driven by consumer tech, specifically sleep tracking wearables like the Samsung Galaxy Watch which has a de novo FDA clearance to screen for sleep apnea. We expect similar capabilities from other wearables from Big Tech including the Apple Watch and Google’s Fitbit.
我们相信两个全球大趋势将进一步支持我们持续增长。消费者科技驱动的意识，特别是像三星 Galaxy Watch 这样的睡眠追踪可穿戴设备，该设备已获得新的 FDA 清除以筛查睡眠呼吸暂停症。我们期待其他大科技公司的可穿戴设备，包括苹果手表和谷歌的 Fitbit，具有类似的功能。
In addition, we believe that the population of patients, the other megatrend, the population of patients coming from Big Pharma as they focus on obesity and related impacts on health, including sleep health, will bring an incredible volume of patients into the healthcare system and the patients will have clinically significant sleep apnea that is best addressed by our therapies post these other therapies.
此外，我们相信患者人口，另一个大趋势，来自大型制药公司的患者人口，因为他们专注于肥胖和相关健康影响，包括睡眠健康，将会带来大量患者进入医疗系统，这些患者将患有临床显著的睡眠呼吸暂停症，最好通过我们的治疗方法来处理这些其他治疗方法。
We love this attention from big consumer tech on the field of sleep wellness tracking and we believe that many of these wearable technologies will help consumers find out if they have issues with breathing during sleep or maintaining high quality sleep. This could be one of the biggest waves of people taking control of their own pathway for discovering they have sleep issues like sleep apnea or insomnia or both, a new disease state that has been called by the physicians COMISA.
我们喜欢大型消费科技对睡眠健康追踪领域的关注，我们相信许多这些可穿戴技术将帮助消费者发现他们在睡眠期间是否存在呼吸问题或保持高质量睡眠。这可能是人们控制自己发现他们有睡眠问题的最大浪潮之一，比如睡眠呼吸暂停症或失眠或两者，这是一种新的疾病状态，医生们称之为 COMISA。
Ultimately, we believe that this will lead to increased patient awareness and sustainable long-term growth for ResMed. Our goal is to educate people as they move from sleep wellness tracking with these wearables to what I call sleep health tracking and from consumer awareness to a true healthcare pathway for screening, diagnosis, treatment and ultimately ongoing management of their sleep health and breathing health. We believe that here at ResMed we are uniquely positioned to help.
最终，我们相信这将导致瑞思迈得患者意识增强和可持续的长期增长。我们的目标是教育人们，让他们从使用这些可穿戴设备进行睡眠健康跟踪，转向我所称的睡眠健康跟踪，从消费者意识到真正的医疗保健路径，包括筛查、诊断、治疗，最终持续管理他们的睡眠健康和呼吸健康。我们相信瑞思迈在这方面拥有独特的优势，能够提供帮助。
短期有价值，长期真不好说，显然这是长在别人身上的能力，苹果的文化是尽可能少的外部合作，ResMed已经坐在井里，不这么想又能怎么办？自己做个手表，没有苹果的整一套能力，三星也是扯淡。
Big Pharma is squarely focused on GLP-1 medications right now. For many people dealing with their obesity, their healthcare goals are focused on losing weight while improving their diet, exercise and their sleep routines.
大型制药公司目前正专注于 GLP-1 药物。对于许多处理肥胖问题的人来说，他们的健康目标是减肥，同时改善饮食、锻炼和睡眠习惯。
We believe that increased utilization of GLP-1s to treat obesity will bring many new people into the healthcare funnel, activating them to see their primary care physicians as they strive for weight loss and other medical health.
我们相信，增加 GLP-1 类药物治疗肥胖将吸引更多新人进入医疗保健渠道，激励他们积极寻求减重和其他医疗健康方面的帮助。
We believe this will open these patients up to knowledge of their other chronic diseases from their primary care physicians, including awareness of chronic diseases such as sleep apnea, ultimately driving new patients into diagnosis and treatment pathways that may not have previously been considered or been treated for those patients. So we believe this will drive not just more patients into our channel, but also more motivated patients into our channel.
我们相信这将使这些患者了解他们的其他慢性疾病，包括睡眠呼吸暂停症等慢性疾病，从而最终将新患者引入可能之前未考虑或未治疗的诊断和治疗途径。因此，我们相信这不仅会吸引更多患者进入我们的渠道，还会吸引更多有动力的患者进入我们的渠道。
ResMed has been tracking the impact of GLP-1s through a de-identified patient analysis using an overlap of our data and third-party claims data. With another quarter of data analyzed, we are now up to an incredible N equals 660,000 subjects in our analysis. The bottomline is that the data show that GLP-1s are having a positive impact on patients seeking and adhering to positive airway pressure therapy.
ResMed 一直通过使用我们的数据和第三方索赔数据的重叠进行去标识化患者分析，跟踪 GLP-1s 的影响。经过另一个季度的数据分析，我们现在在我们的分析中已经有了令人难以置信的 660,000 个受试者。最重要的是，数据显示 GLP-1s 对寻求和坚持积极的气道正压疗法的患者产生了积极影响。
The latest numbers are an improvement from what we presented previously. For patients prescribed a GLP-1 medication, the latest data show a 10.5% higher propensity to start positive airway pressure therapy over those not taking the drug.
最新数据比我们之前提供的数据有所改善。对于被开具 GLP-1 药物的患者，最新数据显示，他们开始积极使用空气压力治疗的倾向比不服用该药物的患者高出 10.5%。
As we follow these patients longitudinally, the ReSupply rate at T equals 12 months is 310 basis points higher. That’s 3.1 absolute basis percentage points higher for patients who have a GLP-1 prescription. And then at T equals 24 months, the ReSupply rate is 500 basis points. So 5.0 absolute percentage points higher for patients who have a GLP-1 prescription.
随着我们对这些患者进行纵向跟踪，T 等于 12 个月时的再供应率高出 310 个基点。对于有 GLP-1 处方的患者来说，这是 3.1 个绝对基础百分点的增加。然后在 T 等于 24 个月时，再供应率为 500 个基点。因此，对于有 GLP-1 处方的患者来说，这是 5.0 个绝对百分点的增加。
These data show clearly that these new GLP-1 pharmaceutical class is actually a tailwind for our ResMed business, bringing more patients and more motivated patients into the healthcare system.
这些数据清楚地显示，这个新的 GLP-1 药物类实际上是我们 ResMed 业务的助推器，将更多患者和更有动力的患者引入医疗保健系统。
We’ve included the full analysis of these data in our investor deck and I encourage you to review the data there. It’s very positive information and very thorough and detailed work by our healthcare economics and outcomes research, as well as our digital health analytics teams here at ResMed.
我们已经在我们的投资者资料中包含了对这些数据的全面分析，我鼓励您在那里查看数据。这是我们在 ResMed 的医疗经济学和结果研究团队以及我们的数字健康分析团队进行的非常积极和非常详细的工作。
Existing clinical studies show many factors impact sleep apnea epidemiology, including craniofacial anatomy, age of the subject, gender and weight. With over 1 billion people on the planet with sleep apnea right now, 80% plus of them are undiagnosed in our biggest market, the United States and over 90% of patients are undiagnosed globally.
现有的临床研究显示，许多因素影响睡眠呼吸暂停流行病学，包括颅面解剖学、受试者年龄、性别和体重。目前全球有超过 10 亿人患有睡眠呼吸暂停，其中 80%以上在我们最大的市场美国没有被诊断，全球超过 90%的患者没有被诊断。
There remains an incredible opportunity to help people sleep and breathe better through positive airway pressure therapy, the universally recognized gold standard for treating sleep apnea. We look forward to more patients entering the healthcare system for care and more motivated patients who can get on our therapy faster and stay on it longer.
通过积极的气道正压疗法，仍然存在着一个令人难以置信的机会，帮助人们改善睡眠和呼吸，这是治疗睡眠呼吸暂停症的普遍认可的黄金标准。我们期待更多患者进入医疗系统接受治疗，更多积极主动的患者能够更快地接受我们的疗法，并坚持更长时间。
In terms of best-in-class treatments for sleep apnea, achieving that goal of good sleep and good breathing, we have peer-reviewed and published evidence demonstrating that we can achieve over 87% of patients’ adherent to our positive airway pressure technology by combining our market-leading device platforms, our market-leading masks, with our digital health solutions. Even with this best-in-class global tech, just over 10% of patients still need alternative therapies, and we have a very high volume of patients coming through these days.
就睡眠呼吸暂停症的最佳治疗而言，实现良好睡眠和良好呼吸的目标，我们有同行评审和发表的证据表明，通过结合我们市场领先的设备平台、市场领先的面罩和数字健康解决方案，我们可以实现超过 87%的患者对我们的正压通气技术的依从性。即使有这种全球领先的技术，仍然有超过 10%的患者需要替代疗法，而我们这些天有大量患者前来就诊。
We’re investing in alternative therapies and we’re working to help patients who just can’t adhere to positive airway pressure therapy despite the latest technology to find their path to second-line therapies, such as dental devices, where ResMed has the market-leading 3D printed dental device on the planet for sleep apnea in Western Europe and Northern Europe. That’s called Narval.
我们正在投资于替代疗法，并努力帮助那些尽管有最新技术，却无法坚持积极气道压力疗法的患者找到通往第二线疗法的途径，比如牙科设备，在西欧和北欧地区，ResMed 拥有市场领先的用于睡眠呼吸暂停症的 3D 打印牙科设备，名为 Narval。
In addition, we have investments in third-line therapies, including pharmaceutical options. We’re an investor in Apnimed, and we’re also an investor in hypoglossal nerve-stimulation technology through our investment in a company called Nyxoah.
此外，我们还投资于第三线疗法，包括药物选择。我们是 Apnimed 的投资者，也是通过对 Nyxoah 公司的投资而投资于舌下神经刺激技术。
ResMed is about sleep health, it’s about breathing health and it’s about delivering the best care right where you live. We make sure the person finds the path to the highest efficacy, lowest cost, most comfortable therapy that’s best for them.
ResMed 关注睡眠健康，呼吸健康，以及在您所在的地方提供最佳护理。我们确保每个人找到通往最高功效、最低成本、最舒适的治疗路径，以最适合他们的方式。
相互矛盾是思维方式不能聚焦重点的特征，“既和又”，造成这个问题的要么是生存环境，要么是自身的底子，但凡有这个问题不可能有伟大的思想，也就不可能造就伟大的品牌。
Let’s pivot now to talk about our digital health technology investments, leveraging our 18 billion nights of de-identified medical data in the cloud and our 24.5 100% cloud-connectable devices that are out there in our ecosystem across 140 countries.
让我们现在转向讨论我们在数字健康技术投资方面的举措，利用我们在云端中的 180 亿个去标识化医疗数据以及我们在全球 140 个国家的生态系统中拥有的 24.5 亿 100%云连接设备。
We are investing in a portfolio of artificial intelligence-driven capabilities, as well as customer-facing AI products in our ecosystem. We continue to roll out these products in our AirView ecosystem, such as Compliance Coach, that I talked about last quarter, that’s rolling out in the United States.
我们正在投资一系列由人工智能驱动的能力，以及我们生态系统中面向客户的人工智能产品。我们继续在我们的 AirView 生态系统中推出这些产品，比如我上季度谈到的 Compliance Coach，这款产品正在美国推出。
We’re also progressing well with our generative AI capabilities to help patients along their journey, really people before they’re patients and then they become people seeking sleep health and breathing health solutions, and then on their journey they become patients. And we’re rolling out that gen AI capability in the Asia-Pac region for now and we’ll look to scale that as we move forward.
我们在发展生成式人工智能能力方面也取得了良好进展，以帮助患者在他们的旅程中，真正把他们当作人而不是患者，然后他们成为寻求睡眠健康和呼吸健康解决方案的人，然后在他们的旅程中成为患者。目前，我们正在亚太地区推出这种生成式人工智能能力，随着我们的前进，我们将考虑扩大规模。
没有具体指向的都是幻觉，有这个习惯的终身不治，并且只会越来越严重。
We’ll continue to share progress on this front, as this revolutionary tech is developed and scaled across our business and many of medtech and health tech peers are doing the same and our ecosystem will move forward.
我们将继续分享在这一领域取得的进展，随着这一革命性技术在我们的业务中得到发展和推广，许多医疗科技和健康科技同行也在做同样的事情，我们的生态系统将不断前进。
Our Respiratory Health business continues to be supported by sustained activity across our non-invasive ventilator platforms and our life-support ventilator platforms. We continue to invest in clinical and economic trials for high-flow therapy that we call HFT to treat chronic obstructive pulmonary disease at home at a cost-effective rate. This is a long-term opportunity focused on generating evidence, developing pathways and driving new reimbursement options.
我们的呼吸健康业务继续得到持续支持，跨越我们的非侵入式呼吸机平台和生命支持呼吸机平台的活动。我们继续投资于高流量疗法的临床和经济试验，我们称之为 HFT，以在家中以具有成本效益的方式治疗慢性阻塞性肺疾病。这是一个长期机会，专注于产生证据，制定途径并推动新的报销选择。
We are focused on driving adoption of these technologies for treatment at home. The prevalence of respiratory insufficiency due to COPD, as well as neuromuscular diseases, continues to increase, and we have low-cost, high-efficacy and high-tech treatments in HFT and beyond to address this healthcare epidemic.
我们专注于推动这些技术在家庭治疗中的应用。由于慢性阻塞性肺病以及神经肌肉疾病导致的呼吸不足的患病率持续增加，我们拥有低成本、高效性和高科技的 HFT 及其他治疗方法，以解决这一医疗流行病。
总是强调低成本说到底是对自己的产品不够自信。
Turning to our Software-as-a-Service business in the field of Residential Care, we have another strong quarter with year-over-year growth of 8%. We plan to maintain high single-digit growth in the remainder of fiscal year 2024 and we plan to accelerate to double-digit growth for our Residential Care Software-as-a-Service business on an organic basis throughout fiscal year 2025.
转向我们在居家护理领域的软件即服务业务，我们在过去的一个季度取得了 8%的年度增长。我们计划在 2024 财年剩余时间内保持高个位数增长，并计划在整个 2025 财年通过有机方式加速我们的居家护理软件即服务业务实现两位数增长。
We are seeing ongoing customer-facing synergies between our Brightree offering in the U.S. and our core home medical equipment channel and its ReSupply capabilities. We are driving good growth across both our Residential Care SaaS and our core sleep health and breathing health businesses while serving many hundreds of thousands of patients.
我们看到在美国的 Brightree 产品和我们的核心家庭医疗设备渠道以及其 ReSupply 能力之间存在持续的客户面协同效应。在为数十万患者提供服务的同时，我们在住宅护理 SaaS 和核心睡眠健康以及呼吸健康业务上都取得了良好增长。
Our Residential Care SaaS business is integral to ResMed’s growth portfolio and we’re excited to have created a global business that will achieve double-digit growth on an organic basis throughout fiscal year 2025.
我们的住宅护理 SaaS 业务对 ResMed 的增长组合至关重要，我们很高兴已经创建了一个全球业务，将在 2025 财年实现有机基础上的两位数增长。
We continue to drive OpEx leverage by managing our capabilities for cloud compute, cybersecurity, interoperability, privacy and R&D across our go-to-market brands that include Brightree, MatrixCare, and MEDIFOX DAN. And those synergies go not just across the SaaS businesses, but also directly into our core sleep health and breathing health business.
我们继续通过管理我们在云计算、网络安全、互操作性、隐私和研发方面的能力，来推动 OpEx 杠杆效应，跨越我们的市场品牌，包括 Brightree、MatrixCare 和 MEDIFOX DAN。这些协同效应不仅延伸到 SaaS 业务，还直接影响我们的核心睡眠健康和呼吸健康业务。
And beyond this infrastructure leverage, our Residential Care SaaS business drives platform development synergies and customer engagement facilities and capabilities that are synergies as well, and these highly complement the market-leading medtech and software solutions capability that’s there right in our core sleep health and breathing health business ecosystem, including products like AirView and myAir and beyond.
除了这种基础设施杠杆之外，我们的住宅护理 SaaS 业务还推动了平台发展的协同效应和客户参与设施和能力，这些也是协同效应，这些高度补充了我们核心睡眠健康和呼吸健康业务生态系统中的市场领先的医疗技术和软件解决方案能力，包括 AirView 和 myAir 等产品。
We are transforming Respiratory Medicine and Residential Care at scale. We are leading the industry in developing, applying and adopting digital health technology across our markets. We continue to scale and drive efficiencies in our operations. We’re focused on driving topline revenue growth, focused cost discipline and increased efficiencies to accelerate profitability all the way to the bottomline, and we made very good progress on that this quarter. The team delivered non-GAAP operating income up 23% and non-GAAP net income up 27%.
我们正在大规模改变呼吸医学和住宅护理。我们在开发、应用和采用数字健康技术方面引领行业。我们继续扩大规模并提高运营效率。我们专注于推动营收增长、专注于成本纪律和提高效率，以加速盈利直至底线，并且在本季度取得了非常好的进展。团队交付了非 GAAP 运营收入增长 23％，非 GAAP 净收入增长 27％。
We have created differentiated products and solutions for customers worldwide, driving long-term sustainable value for our shareholders. We lead the industry in digital health technology with the smallest, quietest, most comfortable, most connected, and most intelligent medtech solutions.
我们为全球客户创造了差异化的产品和解决方案，为股东创造长期可持续价值。我们在数字健康技术领域处于领先地位，提供最小、最安静、最舒适、最连接和最智能的医疗科技解决方案。
During the last 12 months, we have improved over 174 million lives by delivering a medical device directly to a patient, a complete mask system to a patient or a digital health software solution that provides personal care for a patient right where they live. We’ve helped each person sleep better, breathe better and live higher quality lives with best-in-class healthcare.
在过去的 12 个月里，我们通过直接向患者提供医疗设备、向患者提供完整的面罩系统或提供数字健康软件解决方案，在 1740 万人的生活中取得了改善。我们帮助每个人睡得更好、呼吸更顺畅，并通过一流的医疗保健提高生活质量。
In closing, I want to express my sincere gratitude to the more than 10,000 ResMedians for their perseverance, hard work and dedication today and every day.
在结束时，我想向超过 10,000 名 ResMed 员工表达我诚挚的感激，感谢他们今天和每一天的坚持、努力和奉献。
Thank you. With that, I’ll hand over the call to Brett in Sydney for his remarks and then we’ll open up to Q&A with the entire team between Sydney and San Diego. Over to you, Brett.
谢谢。有了这个，我将把电话交给悉尼的布雷特发表讲话，然后我们将在悉尼和圣地亚哥之间的整个团队之间进行问答环节。布雷特，你说吧。
Brett Sandercock 布雷特·桑德科克
Great. Thanks, Mick. In my remarks today, I’ll provide an overview of our results for the third quarter of fiscal year 2024 and let’s note that all comparisons out of the prior year quarter and in constant currency terms were applicable.
太好了。谢谢，米克。在我今天的发言中，我将概述我们 2024 财年第三季度的业绩，并请注意，所有与去年同期的比较以及在恒定货币条件下的比较都是适用的。
We had strong financial performance in Q3. Group revenue for the March quarter was $1.2 billion, a 7% headline increase and a 7% increase in constant currency terms. Revenue growth reflects positive and consistent contributions across our product and ReSupply portfolio. Year-over-year movements in foreign currencies had a negligible impact on revenue during the March quarter.
我们在第三季度取得了强劲的财务业绩。三月季度集团营收为 12 亿美元，同比增长 7%，在恒定货币条件下增长 7%。营收增长反映了我们的产品和 ReSupply 组合在正面和一致的贡献。外币的年度变动对三月季度的营收影响微乎其微。
如果主要来自ReSupply是有些问题的，大部分属于存量。
Looking at our geographic revenue distribution and excluding revenue from our Software-as-a-Service business, sales in U.S., Canada and Latin America increased by 9%. Sales in Europe, Asia and other markets increased by 3%. Globally, device sales increased by 5%, while masks and other sales increased by 10%.
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、加拿大和拉丁美洲的销售额增长了 9%。欧洲、亚洲和其他市场的销售额增长了 3%。全球范围内，设备销售增长了 5%，而口罩和其他销售增长了 10%。
5％的增长接近于可口可乐的水平，放在一个大量用户未被满足的市场里，这样的增长有些疑问。
Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 7%, supported by solid ongoing new patient diagnosis, while masks and other sales increased by 12%, reflecting growth in both ReSupply and new patient setups.
按地区划分，美国、加拿大和拉丁美洲的设备销售增长了 7%，得到了持续稳固的新患者诊断的支持，而口罩和其他销售增长了 12%，反映了 ReSupply 和新患者设置的增长。
In Europe, Asia and other markets, device sales increased by 1% on a constant currency basis. Year-over-year growth moderated due to incremental revenue in the prior year quarter of approximately $15 million from COVID-related demand. Excluding the COVID-related sales, device revenue increased by 8% on a constant currency basis. Masks and other sales increased by 6% on a constant currency basis. Software-as-a-Service revenue increased by 8% in the March quarter, underpinned by growth from MEDIFOX DAN and continued strong performance from our HME Vertical.
在欧洲、亚洲和其他市场，设备销售按恒定货币基础增长了 1%。由于去年同期大约 1500 万美元的 COVID 相关需求增量收入，同比增长有所放缓。在排除 COVID 相关销售的情况下，设备收入按恒定货币基础增长了 8%。口罩和其他销售按恒定货币基础增长了 6%。软件即服务收入在三月季度增长了 8%，得益于 MEDIFOX DAN 的增长以及我们 HME 垂直领域持续强劲的表现。
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 third quarter earnings press release.
在今天的评论中，我将参考非通用会计准则数字。我们在第三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 240 basis points to 58.5% in the March quarter. The increase was driven by reductions in freight expense, manufacturing cost improvements, favorable product mix and an increase in device average selling prices. Sequential gross margin improved by 160 basis points.
3 月季度毛利率提高了 240 个基点，达到 58.5%。这一增长是由于运费支出的减少、制造成本的改善、有利的产品组合以及设备平均销售价格的增加所推动的。顺序毛利率提高了 160 个基点。
We continue to monitor potential headwinds that could arise from the Middle East conflict. Disruptions in the Red Sea have increased freight costs and shipping lead times. We estimate this will negatively impact our Q4 gross margin by around 30 basis points to 50 basis points.
我们将继续监测可能来自中东冲突的潜在阻力。红海地区的中断已经增加了货运成本和航运时间。我们估计这将对我们第四季度的毛利率产生负面影响，大约在 30 个基点到 50 个基点之间。
Moving on to operating expenses, SG&A expenses for the third quarter increased by 1%. SG&A expenses as a percentage of revenue improved to 19.2%, compared to 20.5% in the prior year period and reflect savings and ongoing cost discipline following restructuring actions undertaken early in the December quarter. Looking forward and subject to currency movements, we expect SG&A expenses as a percentage of revenue to be in the range of 18% to 20% for the balance of fiscal year 2024.
转向运营费用，第三季度 SG&A 费用增加了 1%。 SG&A 费用占收入的比例提高到 19.2％，而去年同期为 20.5％，反映了在去年 12 月季度初进行的重组行动后的节省和持续成本纪律。展望未来，并受货币波动影响，我们预计 2024 财年余下时间的 SG&A 费用占收入比例将在 18%至 20%的范围内。
R&D expenses for the quarter increased by 2% on a constant currency basis. R&D expenses as a percentage of revenue were 6.4%, compared to the 6.8% in the prior year period. Looking forward and subject to currency movements, we expect R&D expenses as a percentage of revenue to be in the range of 6% to 7% for the balance of fiscal year 2024.
本季度研发费用按恒定货币基础增加了 2%。研发费用占收入的比例为 6.4%，而去年同期为 6.8%。展望未来，并受货币波动影响，我们预计 2024 财年余下时间内，研发费用占收入的比例将在 6%至 7%的范围内。
Operating profit for the quarter increased by 23%, underpinned by revenue growth, gross margin expansion and modest growth in our operating expenses.
本季度的营业利润增长了 23％，得益于收入增长、毛利率扩大以及运营费用的适度增长。
收入增长不够，暂时的利润增长有没有基础？能做到比不能做到要好。
Our net interest expense for the quarter was $11 million. Given our lower debt levels, we expect interest expense to be in the range of $7 million to $9 million in the final quarter of fiscal year 2024.
本季度我们的净利息支出为 1100 万美元。鉴于我们较低的债务水平，我们预计在 2024 财年最后一个季度，利息支出将在 700 万美元至 900 万美元的范围内。
Our effective tax rate for the March quarter was 20.3%, broadly consistent with the prior year quarter. We continue to estimate our effective tax rate for fiscal year 2024 will be in the range of 19% to 21%.
我们三月季度的有效税率为 20.3%，与去年同期基本一致。我们继续预计 2024 财年的有效税率将在 19%至 21%的范围内。
Our net income for the March quarter increased by 27% and non-GAAP diluted earnings per share also increased by 27%.
我们三月季度的净收入增长了 27％，非通用会计准则稀释每股收益也增长了 27％。
Cash flow from operations for the quarter was $402 million, reflecting solid underlying earnings and improvement in our working capital position.
本季度的经营活动现金流为 4.02 亿美元，反映了坚实的基础收入和我们营运资本状况的改善。
Capital expenditure for the quarter was $21 million. Depreciation and amortization for the quarter totaled $43 million.
本季度的资本支出为 2100 万美元。本季度的折旧和摊销总计 4300 万美元。
We ended the third quarter with a cash balance of $238 million. On March 31 we had $1 billion in gross debt and $676, sorry, $769 million in net debt. During the quarter we reduced our debt by $220 million. On March 31 we had approximately $1.2 billion available for drawdown under our revolver facility and we continue to maintain a solid liquidity position.
我们第三季度以 2.38 亿美元的现金余额结束。3 月 31 日，我们的总债务为 10 亿美元，净债务为 6.76 亿，抱歉，7.69 亿美元。在本季度，我们将债务减少了 2.2 亿美元。3 月 31 日，我们在循环信贷设施下有大约 12 亿美元可供提取，并继续保持良好的流动性位置。
Today our Board of Directors declared a quarterly dividend of $0.48 per share. During the quarter we purchased 261,000 shares under our previously authorized share buyback program for consideration of $50 million. We plan to continue to purchase shares for the value of approximately $50 million per quarter for the balance of fiscal year 2024. This will more than offset any dilution from the vesting of equity to employees during the year. Going forward we plan to continue to reinvest in gross through R&D, pay down outstanding debt and deploy further capital for tucking acquisitions.
今天，我们的董事会宣布每股 0.48 美元的季度股息。在本季度，我们根据之前授权的股票回购计划购买了 261,000 股，总价值为 5000 万美元。我们计划在 2024 财年的余额季度继续以约 5000 万美元的价值购买股票。这将超过员工股权解锁带来的任何稀释。未来，我们计划继续通过研发进行再投资，偿还未偿还债务，并进一步部署资本进行收购。
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. Thank you, Brett. Thanks Mick. Kevin, let’s go ahead and turn the call back over to you to provide the instructions and then run the Q&A portion of the call.
太好了。谢谢，布雷特。谢谢，米克。凯文，让我们继续把电话交给你，提供指示，然后进行问答环节。
Question-and-Answer Session
问答环节
Operator 操作员
Certainly. [Operator Instructions] Our first question today is coming from Dan Hurren from MST Marquee. Your line is now live.
当然。【操作员指示】我们今天的第一个问题来自 MST Marquee 的 Dan Hurren。您现在可以发言了。
Dan Hurren 丹·赫伦
Thanks very much and good morning. Look, I just wanted to ask about that gross margin predictably. That recovery is pretty sharp whereas I think you had perhaps talked to a more modest gross margin recovery in the second half. So I just wanted to ask how sustainable that recovery is into fourth quarter and into 2025?
非常感谢，早上好。看，我只是想问问那个毛利率的预测。那个复苏相当迅速，而我认为你可能曾经谈到在下半年有一个更为温和的毛利率复苏。所以我只是想问问那个复苏在第四季度和 2025 年是否可持续？
Mick Farrell 米克·法雷尔
Yeah. Thanks Dan. It’s a good question and obviously as we talked about on the call a quarter ago and two quarters ago we’ve got long-term programs and short-term programs that are moving very carefully to move our gross margin up.
是的。谢谢丹。这是一个很好的问题，显然正如我们在一个季度前和两个季度前通话时所讨论的，我们有长期计划和短期计划，正在非常谨慎地提高我们的毛利率。
还有债务，短期业绩看着还比较重要。
Some -- very long-term as we walk through the launch of our AirSense 11 platform which is at a better cost point, a better price point. Launch of our new masks, the F40 last quarter and these have effects that go over long-term.
一些——随着我们推出成本更低、价格更合理的 AirSense 11 平台，我们走过了非常漫长的时间。我们上个季度推出了新的面罩 F40，这些产品具有长期效果。
Some of the faster impacts we’re able to do is working through the inventory that were high freight costs from the semiconductor crisis and the supply chain crisis from six months, nine months, 12 months, 18 months ago that are flowing through our system.
我们能够做的一些更快的影响是通过处理半导体危机和供应链危机中高运费成本的库存，这些危机发生在六个月、九个月、十二个月、十八个月前，现在正在我们的系统中流动。
So look, I’m not upset when the team overperforms my expectations as they did here. As Brett said in Q4 we’ll see some moderation of that due to Red Sea impacts of a couple of tens of basis points, sort of 30 basis points, 40 basis points. Brett can give more detail on that. But look Dan, I’m very, what I’m excited about...
所以看，当团队超出我的期望时，我并不感到沮丧，就像他们在这里所做的那样。正如布雷特在第四季度所说，由于红海的影响，我们将看到一些调整，大约是几十个基点，大约是 30 个基点，40 个基点。布雷特可以就此提供更多细节。但看，丹，我非常，我对此感到兴奋...
Operator 操作员
Please stand by. We appear to be having technical difficulties. Please stand by.
请稍候。我们似乎遇到了技术困难。请稍候。
Mick Farrell 米克·法雷尔
He cannot. Brett says he can’t hear us.
他不能。布雷特说他听不见我们。
Operator 操作员
Please proceed. 请继续。
Brett Sandercock 布雷特·桑德科克
Okay. 好的。
Operator 操作员
Please proceed. 请继续。
Brett Sandercock 布雷特·桑德科克
Can you hear me now, Kevin?
你现在能听到我说话吗，凯文？
Operator 操作员
We can now. Please proceed. We did lose your audio briefly. We do apologies. Please proceed.
我们现在可以了。请继续。我们刚刚丢失了您的音频。我们深表歉意。请继续。
Mick Farrell 米克·法雷尔
Okay. Great. Well I’ll hand over to Brett to answer the question on gross margin and then I’ll follow up. I don’t know where I got cut off there. Brett, you do. Over to you.
好的。太好了。那么我将把问题交给布雷特来回答毛利率的问题，然后我会跟进。我不知道我在哪里被切断了。布雷特，你知道。交给你了。
Brett Sandercock 布雷特·桑德科克
Yes. Thanks, Mick. I’m not sure where that landed, but, yeah, in terms of gross margin, it is hard to predict given the movements in, we have product mix, geographic mix, timing of cost improvements, FX, freight costs. So it’s all into the mix that we had pretty strong improvement through freight expense, through manufacturing efficiencies and so on coming through and that helped a lot. Stable component costs also means that’s no longer a headwind there. So I think that’s all reflected in the gross margin improvement. And as Mick said, in the short-term, there is some Red Sea freight cost impacts that will come through in Q4 but our goal remains to improve gross margin over the course of FY 2025.
是的。谢谢，米克。我不确定那里着陆在哪里，但是，是的，在毛利方面，很难预测，考虑到产品组合、地理组合、成本改进的时间、外汇、运费成本的变动。所以，我们在运费支出、制造效率等方面取得了相当大的改善，这对我们有很大帮助。稳定的零部件成本也意味着不再是一个阻力。所以我认为这一切都反映在毛利的改善中。正如米克所说，在短期内，有一些红海运费成本的影响将在第四季度出现，但我们的目标仍然是在 2025 财年内改善毛利。
Operator 操作员
Thank you. Our next question is coming from Laura Sutcliffe from UBS. Your line is now live.
谢谢。我们下一个问题来自瑞银的劳拉·萨特克利夫。您现在可以发言。
Laura Sutcliffe 劳拉·萨特克利夫
Hello. Thanks for taking my question. Just sticking with gross margin, could you possibly give us an indication of how much of that 240-basis-point improvement in core gross margin was freighting and how much was manufacturing? Thanks.
你好。感谢您回答我的问题。就毛利率而言，您能否告诉我们核心毛利率提高了 240 个基点中有多少是货运，有多少是制造业？谢谢。
Mick Farrell 米克·法雷尔
Brett, you can answer that.
布雷特，你可以回答这个问题。
Brett Sandercock 布雷特·桑德科克
Sure. Yeah. Thanks, Mick. Yeah. I mean, that -- of that year-on-year, the 240 basis points, the biggest contributors were the freight cost reduction and also the manufacturing cost improvements were the biggest drivers there.
当然。是的。谢谢，米克。是的。我的意思是，那一年比一年增长的 240 个基点中，最大的贡献者是运费成本的降低，同时制造成本的改善也是最大的推动因素。
We saw some benefit or some favorable product mix playing out there and a little bit in terms of ASP increases, but by far the most significant two, which were significantly contributed in their own right, were the freight expense reduction and the manufacturing cost improvements.
我们看到一些好处或一些有利的产品组合正在发挥作用，以及在 ASP 增加方面有一点点，但迄今为止最重要的两个是，它们分别在运费支出减少和制造成本改善方面做出了显著贡献。
Laura Sutcliffe 劳拉·萨特克利夫
Are you able to tell us sort of how it falls between freighting and manufacturing cost improvement?
你能告诉我们，它在运费和制造成本改善之间是如何分配的吗？
Brett Sandercock 布雷特·桑德科克
I would say -- I wouldn’t get drawn into specifics of each of the components, but I would say, both of those are material in their own right of contributing to that 240 basis points.
我会说 - 我不会被每个组件的具体细节所吸引，但我会说，这两者都是各自对贡献那 240 个基点的材料。
Operator 操作员
Thank you. The next question is coming from Craig Wong-Pan from RBC. Your line is now live.
谢谢。下一个问题来自 RBC 的 Craig Wong-Pan。您现在可以发言了。
Craig Wong-Pan 克雷格·王潘
Thank you. I just wanted to touch on the rest of world markets to see whether you’re seeing much impact from business there and if any benefit was coming through from the backlog of activity with home care companies?
谢谢。我只是想谈一下其他世界市场，看看您是否在那里看到了很大的影响，以及是否从家庭护理公司的活动积压中获得了任何好处？
Mick Farrell 米克·法雷尔
Yeah. Thanks for the question, Craig. And yeah, no, we really didn’t see, I mean, look, we’ve got many competitors out there in Europe, Asia, rest of the world, including the one you mentioned, and it’s a full playing field. It has been the whole time on masks, so there’s no change to anyone coming back or leaving on the mask side.
是的。谢谢你的问题，克雷格。是的，我们真的没有看到，我是说，看，我们在欧洲、亚洲、世界其他地方有很多竞争对手，包括你提到的那个，这是一个完全公平的竞技场。关于口罩，一直都是这样，所以对于任何人回来或离开口罩这一方面都没有变化。
On the device side, no huge impacts. We were comping a very large device number, Europe, Asia, rest of the world, this quarter last year, we had a 36% growth that we’re comping. And so we had good growth there on a 36% comp at plus 1%. And if you take out from last year, a large ventilation provision in China, this time a year ago, China had a big COVID impact on ventilator purchase. If you take that out, the year-on-year growth would have been 8% in Europe, Asia, rest of world devices. So up 700 basis points.
设备方面没有太大的影响。我们在比较去年同期的非常大的设备数量，欧洲、亚洲和其他地区，我们在这个季度有 36%的增长。所以我们在 36%的基础上有了良好的增长，增长了 1%。如果去年从中国的大型通风设备中扣除，去年这个时候，中国的呼吸机采购受到了重大影响。如果去掉这部分，欧洲、亚洲和其他地区设备的年增长率将达到 8%。因此增长了 700 个基点。
这个需要长时间的比较，看上10年肯定能看明白。
So look, the way I look at it is, we’re maintaining or growing share in all of our markets on the device side. We’re the market leader with the AirSense 11 platform. And we’ve got the second best platform in the world with the AirSense 10 platform against all competitors and so really strong there.
所以看，我看待的方式是，我们在设备方面的所有市场中都在维持或增长份额。我们是 AirSense 11 平台的市场领导者。而且，我们在全球拥有第二好的平台，即 AirSense 10 平台，与所有竞争对手相比，表现非常强劲。
So no major impacts from restocking and no major impacts from competitive activity and I think we had a very, very strong performance from the team in terms of their ability to ramp up the supply over the last period and get it all out there. And we’re not -- no customer is not being able to fulfill an order. If they have an order for devices, we fill it up as much as we can with AirSense 11s and then we fill up the remainder with AirSense 10s and we’re able to take care of those customer needs and so really good quarter of execution by our supply chain teams, as well as our delivery teams and our commercial teams out there.
因此，从补货中没有重大影响，也没有来自竞争活动的重大影响，我认为我们的团队在过去的一段时间里在提高供应能力方面表现非常强劲，并将所有产品推向市场。我们没有一个客户无法完成订单。如果他们有设备订单，我们会尽可能用 AirSense 11 填满，然后用 AirSense 10 填满剩下的部分，我们能够满足客户需求，所以我们的供应链团队、交付团队和商业团队在这个季度的执行非常出色。
Operator 操作员
Thank you. Next question is coming from David Bailey from Macquarie. Your line is now live.
谢谢。下一个问题来自麦格理的大卫·贝利。您现在可以发言了。
David Bailey 大卫·贝利
Yeah. Thanks. Good morning, Mick and Brett. I just want to touch on new patient starts, maybe focusing on the U.S. if we can. Obviously, COVID had the impact of closing sleep labs and then followed on by some supply constraints around devices. Can you just give us a bit of a sense as to how you’re seeing new patient starts at the moment versus a trend, perhaps, and then also just touching on trends around home sleep testing versus PSG and how that might be impacting people coming to the system?
是的。谢谢。早上好，米克和布雷特。我只是想谈一下新患者的开始，也许可以重点关注美国。显然，COVID 导致了关闭睡眠实验室，然后又出现了一些设备供应方面的限制。您能否告诉我们目前新患者的开始情况与趋势相比如何，以及家庭睡眠测试与 PSG 之间的趋势，以及这可能如何影响人们前来就诊？
Mick Farrell 米克·法雷尔
Yeah. Two great components to the same question there, David. In terms of new patient starts, as you saw in U.S., Canada, Latin America, we achieved pretty strong growth of 7% of devices in the quarter and that was on a comp, this time last year of 49%.
是的。大卫，同一个问题有两个很棒的组成部分。就新患者的开始而言，正如您在美国、加拿大和拉丁美洲所看到的，我们在本季度设备方面取得了相当强劲的增长，增长率为 7%，而去年同期为 49%。
可能能说明把Philips留下的市场填上了。
So what I’d say is, and this is what we say, is that the market is sort of, if ResMed doesn’t do enough around demand gen, the market will grow at mid-single digits on devices and high-single digits on masks. Obviously, we beat that this quarter with our device growth in the U.S, Canada, Latin America at 7%. So new patient starts are strong.
所以我要说的是，这也是我们所说的，市场在某种程度上，如果瑞思迈在需求生成方面不够，市场将以中单位数的速度增长设备和高单位数的速度增长面罩。显然，我们在美国、加拿大、拉丁美洲的设备增长率达到了 7%，超过了这一季度的预期。因此，新患者的开始是强劲的。
这是实质性的评价，宣传很重要，品牌很重要，这是影响长期的最重要因素。
There is some repat there, but it’s a minority, and I can tell you that new patient flow into our channel has been steady. And we said this last quarter that we’re starting to get back to that steady flow of patients. We’ve sort of gone through the perturbations of the COVID dip, the COVID rebound, the supply chain dip, the supply chain rebound, and now we’re at steady state. So seeing really good flow of patients into the U.S.
那里有一些重复，但是它只是少数，我可以告诉你，新病人流入我们的渠道是稳定的。我们在上个季度说过，我们开始恢复到病人的稳定流量。我们经历了 COVID 低谷、COVID 反弹、供应链低谷、供应链反弹，现在我们处于稳定状态。所以看到病人流入美国的情况非常好。
As I said on the prepared remarks, we are seeing these patients who come in on the GLP-1s and it’s only N equals 660,000 patients that we’re looking at, but that’s quite a big cohort. And as we look at those patients, their propensity to start being 10.5% above people without a prescription for that drug, I actually think we’re seeing a really good flow that I think will be a long-term, I think, there’s a long period of time, the S-curve of penetration of these GLP-1s, and I think, that’s going to be a long cohort of patients coming into the channel. So really good on new patient starts.
正如我在准备好的发言中所说，我们看到这些 GLP-1 患者进来，只有 N 等于 660,000 患者，但这是一个相当大的队列。当我们看这些患者时，他们开始服用这种药物的倾向比没有处方的人高出 10.5％，我认为我们看到了一个非常好的趋势，我认为这将是一个长期的过程，我认为，这些 GLP-1 的渗透率将呈现 S 形曲线，我认为，这将是一个长期的患者队列进入渠道。所以新患者的开始非常好。
And in terms of ReSupply, yeah, look, we’ve got really good capabilities in the U.S., particularly with Brightree and Snap technologies and Brightree ReSupply, and our subscription models and our cash pay markets around the world.
在 ReSupply 方面，是的，看，我们在美国拥有非常好的能力，特别是在 Brightree 和 Snap 技术以及 Brightree ReSupply 方面，以及我们的订阅模式和我们在全球的现金支付市场。
But there’s a lot more runway left. There’s many patients who aren’t yet on a subscription program and cash pay markets, and there’s many patients who aren’t yet on appropriate resupply in our large and developed markets.
但是还有很多潜力可挖。还有许多患者尚未加入订阅计划和现金支付市场，还有许多患者尚未在我们庞大而发达的市场上获得适当的补给。
对科技企业来说非常容易，传统企业的跟进速度很慢，这种慢是系统性的。
So I would say new patient flow in is very solid. ReSupply, whether it’s REPAP or reestablishing masks and accessories, is good, but a lot of runway left, a lot of runway left on both in terms of demand gen and resupply.
所以我会说新病人流入非常稳定。ReSupply，无论是 REPAP 还是重新建立面具和配件，都很好，但在需求生成和再供应方面还有很多潜力。
Operator 操作员
Thank you. Next question is coming from Anthony Petrone from Mizuho Group. Your line is now live.
谢谢。下一个问题来自瑞穗集团的安东尼·佩特罗内。您现在可以发言了。
Anthony Petrone 安东尼·佩特罗内
Thanks, everyone, and congrats on a strong quarter here. Maybe, Mick, just staying on the GLP-1 topic, maybe just the House views on the SURMOUNT-OSA headline readout and as we look to the ADA meeting in June there, anything that you’re really paying attention to and honing in on when we get the final data readout, are there specific secondary endpoints or sub-analyses that we should be focused in on? Thanks.
谢谢大家，恭喜大家在这里度过了一个强劲的季度。也许，米克，就停留在 GLP-1 主题上，也许就是关于 SURMOUNT-OSA 头条新闻的看法，以及我们在六月份 ADA 会议上的关注重点，当我们获得最终数据读数时，您真正关注和专注的是什么，有特定的次要终点或次要分析应该引起我们的注意吗？谢谢。
Mick Farrell 米克·法雷尔
Yeah. Thanks for the question, Anthony. And yeah, certainly we saw the headline results from that SURMOUNT-OSA trial, and look, since they had, just to be really clear, their study had that at least seven-day washout at the end on the study that had patients that had been using CPAP.
是的。感谢您的问题，安东尼。是的，我们确实看到了那个 SURMOUNT-OSA 试验的主要结果，而且看，由于他们在研究结束时至少有七天的停药期，他们的研究非常清楚，研究对象是使用 CPAP 的患者。
So with that seven-day to nine-day washout period at the end, this was really a trial laser-focused on comparing their drug to placebo. And what it showed is somewhere in that sort of 59% to 63% reduction of AHI, and if you do the math on it and you look at the sort of average AHI coming in of around 50%, the average AHI coming out is sort of in the low 20%s.
因此，在结束时有七天到九天的冲洗期，这实际上是一项试验，重点是将他们的药物与安慰剂进行比较。它显示的是 AHI 减少了大约 59%到 63%，如果你计算一下，看看平均 AHI 大约是 50%，出来的平均 AHI 大约在 20%左右。
So patients were, at the end of the study, on average, were suffocating every 3 minutes of sleep after treatment for this drug, right? And so AHI of 20% or more, moderate plus sleep apnea, these patients would be treated by any sleep physician on the planet and really require positive airway pressure treatment. So I think that’s the most important thing to say right up front.
因此，在研究结束时，患者平均每 3 分钟在睡眠中窒息一次，经过这种药物治疗，对吧？因此，AHI 超过 20％，中度以上的睡眠呼吸暂停，这些患者将被全球任何睡眠医师治疗，并真正需要正压通气治疗。所以我认为这是最重要的事情要提前说的。
And so as we look at the readout that’ll come in June when they release the full analysis here and the primary investigators get up and we see all the sub-analysis data, what will be interesting is to look at, because the combination therapy of CPAP plus CAPAP plus these GLP-1s had a slightly higher efficacy, if you like, it had a higher reduction in AHI. I’ll be interested to look on the secondary outcomes, were there more blood pressure reductions and other cardiovascular improvements, heart remodeling and things like that happen over time and the washout period might have diluted that a little bit, it’ll depend on where they took them. But those would be the things that I’d be interested in on this study.
因此，当我们查看 6 月份发布的完整分析以及主要调查人员的报告时，以及查看所有的子分析数据时，有趣的是要看到，因为 CPAP 加 CAPAP 加 GLP-1 联合疗法的效果略高，它在 AHI 的降低方面效果更好。我将对次要结果感兴趣，是否有更多的降压效果和其他心血管改善，心脏重塑等情况会随着时间发生，冲洗期可能会稍微削弱这一点，这将取决于他们的取样位置。但这些将是我对这项研究感兴趣的事情。
As we see it, we’re seeing new patients come in on this and not just anecdotally from the letters I get from patients saying, I’ve been using a GLP-1 and now I’m using a PAP, this combination therapy is great, I’m taking care of my diet, my exercise and my sleep. But we’re seeing real world evidence, real world data that we’re presenting, N equals 660,000 patients and these patients start CPAP more, they adhere more.
就我们看来，我们看到新的患者通过这种方式进来，而不仅仅是从患者来信中得到的个别情况。他们说，我一直在使用 GLP-1，现在我在使用 PAP，这种联合疗法很棒，我正在照顾我的饮食、运动和睡眠。但我们看到了真实世界的证据，我们正在呈现真实世界的数据，N 等于 660,000 名患者，这些患者开始更多地使用 CPAP，他们更加遵守。
I mean, the fact that at 12 months ReSupply goes up 3.1%, 310 basis points. The fact that ReSupply at 24 months goes up 500 basis points, 5 absolute percentage points higher, means that this is not only more patients into the funnel from this drug and not just this particular drug from this particular company, but this class of drugs.
我是说，在 12 个月时，ReSupply 增长了 3.1％，310 个基点。在 24 个月时，ReSupply 增长了 500 个基点，比例高出 5 个绝对百分点，这意味着不仅有更多的患者从这种药物进入漏斗，而且不仅仅是来自这家公司的这种特定药物，而是这类药物。
We included tirzepatide and semaglutide in our analysis and others. All new gen, vast majority new gen tech. And I can tell you, we are going to do our own social media driven demand gen, but the fact that Big Tech with the Samsung Watch, the Apple Watch and Google’s Fitbit are going to be bringing patients in and Big Pharma, and this is trillions of dollars of capital between these companies are going to be doing advertising to drive patients into the funnel. We think this is a net tailwind for our business. We’ve started to see it somewhat now at the very early stages and we think it’ll be there in the future. So that’s what we’ll be looking for from this study, Anthony.
我们在分析中包括了 tirzepatide 和 semaglutide 以及其他。所有新一代，绝大多数新一代技术。我可以告诉你，我们将进行我们自己的社交媒体驱动的需求生成，但事实上，三星手表、苹果手表和谷歌的 Fitbit 等大科技公司将会吸引患者，大型制药公司也将投入数万亿美元的资本进行广告推动患者进入漏斗。我们认为这对我们的业务是一个净正向推动。我们已经开始在非常早期阶段看到了一些迹象，我们认为未来也会存在。所以这就是我们从这项研究中期待的，安东尼。
这是一个容易解决、有显著效果并且基本没有医疗风险的领域，谁是最终的赢家？
Operator 操作员
Thank you. Next question today is coming from Suraj Kalia from Oppenheimer. Your line is now live.
谢谢。今天的下一个问题来自 Oppenheimer 的 Suraj Kalia。您现在可以发言了。
Suraj Kalia 苏拉杰·卡利亚
Mick, can you hear me all right?
米克，你能听到我说话吗？
Mick Farrell 米克·法雷尔
Yes, I can, Suraj. Hopefully your phone and our phone are good throughout this question and answer.
是的，我可以，苏拉杰。希望你的手机和我们的手机在整个问答过程中都能正常运行。
Suraj Kalia 苏拉杰·卡利亚
So forgive me if there is any background noise. Mick, first and foremost, congratulations on this quarter. Mick, specifically, and I -- forgive me for belaboring this, gross margins, a nice uptick in the quarter. Mick, if I recall correctly, a couple of quarters ago, gross margins were soft and one of the reasons cited was a higher U.S. contribution, which intrinsically has lower margins than OUS. This quarter also, U.S. has ticked up nicely. Contribution has picked up. Maybe I’m missing a key aspect here. Can you help us reconcile those two? Thank you for taking my questions.
请原谅如果有任何背景噪音。米克，首先，恭喜你这个季度。米克，具体地说，我--请原谅我再次强调，毛利率，在这个季度有一个不错的增长。米克，如果我记得正确的话，几个季度前，毛利率较低，其中一个原因是美国贡献增加，其本质上比 OUS 的利润率低。这个季度，美国的贡献也有了不错的增长。贡献有所提高。也许我漏掉了一个关键方面。你能帮助我们调和这两者吗？谢谢你回答我的问题。
Mick Farrell 米克·法雷尔
Yeah. Thanks for the question, Suraj. I’ll have a go first and I’ll hand over to Brett for detail. But as I look at it from my perspective, there are a number of factors that were positives to have such a great gross margin number this quarter.
是的。感谢你的问题，苏拉杰。我先来试试，然后把详细情况交给布雷特。但从我的角度来看，有几个因素是积极的，使得本季度的毛利率数字如此出色。
The first one was that we had excellent work by our global supply chain teams to work on getting our cost of goods sold down, not just direct COGS but OCOGS as well. And so we worked through some of that high inventory -- high cost inventory stock moved through the system, and some of the reengineering work and revalidation and verification work we’ve done has been able to bring new product to market. We have a good flow between the AirSense 10 and AirSense 11 platforms.
第一个是我们全球供应链团队出色的工作，努力降低我们的销售成本，不仅仅是直接成本，还包括其他成本。因此，我们通过一些高库存的处理，高成本库存通过系统，以及一些重新设计和重新验证工作，我们已经能够将新产品推向市场。我们在 AirSense 10 和 AirSense 11 平台之间有良好的流动。
But look, if you look at the growth from like 12 months ago and some of the issues, I mean, we had -- as I said earlier, we had 49% growth in our U.S., Canada, Latin America flow generators a year ago. That has a very big impact on margin as it’s, lower margin than our masks business and other businesses, certainly in our ventilation and software around the world.
但是，如果你看看从 12 个月前开始的增长和一些问题，我是说，我们在美国、加拿大、拉丁美洲的流量发生器去年增长了 49%。这对利润率有很大影响，因为它的利润率比我们的口罩业务和其他业务低，当然也比我们在全球的通风和软件业务低。
This quarter, we’re sort of back to a steady state where ResMed’s growing well. We’re growing at mid-to-high single digits in parts of our business and double digits in the masks and accessory side. And I think we’re just back to our core execution, something that ResMed’s done in our 35-year history is have operating excellence and operational excellence as a core competency.
这一季度，我们有点回到了一个稳定状态，ResMed 的增长良好。我们在业务的某些部分以中高个位数增长，口罩和配件方面以两位数增长。我认为我们只是回到了我们的核心执行力，ResMed 在我们的 35 年历史中一直以运营卓越和操作卓越作为核心竞争力。
We were able to, after all those perturbations of COVID, supply chain, cost of inventory, we’re able to get back to what we do really well. So that’s what I’d say are the main factors for us achieving such great gross margin in the quarter. Brett, do you want to provide any further detail?
我们终于能够在 COVID、供应链、库存成本等诸多干扰之后，重新做回我们真正擅长的事情。这就是我认为我们本季度取得如此出色毛利率的主要因素。Brett，你想提供更多细节吗？
Brett Sandercock 布雷特·桑德科克
Yeah. Thanks, Mick. I mean, the only thing I would add is the geographic mix impacts tend to be pretty modest. You do see that, but for example, product mixes usually has much more impact than geographic mix. So it’s less of an impact on our margin either way from geographic mix. It’s there, but it’s not substantial.
是的。谢谢，米克。我的意思是，我要补充的唯一一点是地理组合的影响往往相当温和。你会看到这一点，但例如，产品组合通常比地理组合的影响要大得多。所以无论是从地理组合的角度来看，对我们的利润影响都较小。虽然有一定影响，但并不重大。
Operator 操作员
Thank you. Next question is coming from Margaret Kaczor-Andrew from William Blair. Your line is now live.
谢谢。下一个问题来自 William Blair 的 Margaret Kaczor-Andrew。您现在可以发言了。
Margaret Kaczor-Andrew 玛格丽特·卡佐尔-安德鲁
Hey. Good afternoon. Good morning, guys. Thanks for taking the questions. I wanted to maybe touch on the market demand drivers and demand gen that you referenced earlier on the call. My recollection can tell me if I’m wrong, but I think you guys have sporadically maybe invested in understanding market growth drivers and the Verily partnership is the one that kind of comes to mind on that. But as you think of demand gen, can you give us any data from those programs that might help inform the demand gen that you’re trying to create? Over what time period can these efforts make that impact on market growth? And again, key sources, is it local level, podcasts, newsletters, global level, celebrity, partnerships? Again, any details would be helpful. Thanks, guys.
嘿。下午好。早上好，各位。感谢您们回答问题。我想可能谈一下您之前在通话中提到的市场需求驱动因素和需求生成。我记得如果我没记错的话，您们可能零星地投资于了解市场增长驱动因素，而 Verily 合作伙伴关系是我想到的一个例子。但在您考虑需求生成时，能否向我们提供这些计划中的任何数据，以帮助了解您正在努力创造的需求生成？这些努力可能在多长时间内对市场增长产生影响？再次，关键来源是地方层面、播客、通讯、全球层面、名人、合作伙伴关系吗？再次，任何细节都将有所帮助。谢谢，各位。
原来提名第一的Philips已经被搞掉，选择这个时候加大推广力度是合理的，关键看执行力如何？
Mick Farrell 米克·法雷尔
Well, yeah. Thanks, Margaret. It’s a great question on how we’re going to learn from our many years of experience of getting patients in the funnel and taking it to the next level and scaling globally. As you know, we’ve had sort of direct to consumer campaigns in our cash paid countries, Australia, New Zealand, Singapore and others around the world.
嗯，是的。谢谢，玛格丽特。这是一个很好的问题，关于我们如何从多年的经验中学习，将患者引入漏斗，并将其提升到下一个水平，并实现全球扩展。正如您所知，我们在我们的现金支付国家，澳大利亚、新西兰、新加坡以及世界其他地方，开展了直接面向消费者的活动。
One of the big changes we made in our 2030 operating model was to establish a Global Chief Product Officer, Global Chief Revenue Officer, but also a Global Chief Marketing Officer. And I think bringing that marketing function to be across the whole of the sleep health and breathing health business, and really across our whole ResMed business, is going to allow us to bring.
我们在 2030 年的运营模式中做出的重大变化之一是设立了全球首席产品官、全球首席营收官，以及全球首席营销官。我认为将营销职能覆盖整个睡眠健康和呼吸健康业务，以及我们整个 ResMed 业务，将使我们能够实现。
Yeah, as you said, we did experiments in that joint venture where, by the way, we own all the intellectual property and capability of that joint venture, the assets and capability that we learned over those last many years in that JV. We’ve now taken that on board and we’ve said, okay, let’s not just do that in one metropolitan statistical area in the United States or within one country like Australia or another country like Singapore or Korea. Let’s look at ways we can scale that globally.
是的，正如你所说，我们在那个合资企业进行了实验，顺便说一句，我们拥有该合资企业所有的知识产权和能力，以及我们在过去多年在该合资企业中学到的资产和能力。我们现在已经接受了这一点，并且我们说，好吧，让我们不仅在美国的一个大都会统计区域内做到这一点，也不仅在澳大利亚或新加坡或韩国这样的一个国家内做到这一点。让我们看看如何在全球范围内扩展。
So without signaling directly and exactly how, where, and when we’re going to do it, I can tell you we’ve got a global team looking at this, Margaret, and as we go throughout fiscal year 2025, we’re going to talk about, as they go public, this is the campaign.
因此，我可以告诉你，我们有一个全球团队正在研究这个问题，玛格丽特，随着我们在 2025 财政年度的进行，我们将谈论，当他们公开时，这就是这次活动。
One thing that is different from what we did before is that I believe in what gets measured gets done and every single campaign we’re going to do is going to have hardcore metrics of sponsorship here, driven here and influence it there, this social media impact there.
与以往不同的一件事是，我相信衡量到的事情才会被完成，我们将要做的每一个活动都将有严格的赞助指标，这里推动，那里影响，社交媒体影响在这里。
We’ll look at the ROI, and before it scales, we’re going to analyze that portfolio of primarily social media but other media-driven demand gen, and yes, it will be local, but it’ll also be national, and there’ll be global. The platforms will be global, the cultural impacts will be national, and then the impact will be local, and we’ll be measuring that direct ROI of that marketing spend.
我们将查看投资回报率，在其扩大之前，我们将分析主要是社交媒体但也包括其他媒体驱动的需求生成的投资组合，是的，它将是本地的，但也将是全国性的，还将是全球性的。平台将是全球性的，文化影响将是全国性的，然后影响将是本地的，我们将衡量那次营销支出的直接投资回报率。
As you saw in the quarter, we were very efficient on SG&A this quarter. We will go back to our steady state on that, not growing at revenue, well below, but getting up to better growth and those investments will go in areas like this, in demand gen on SG&A, and of course, our core R&D growth will go back into AI and generative AI.
正如您在本季度所看到的，我们在本季度的销售和管理费用上非常高效。我们将回到我们的稳定状态，不会随着收入增长，远低于收入增长，但会实现更好的增长，这些投资将用于像这样的领域，即需求生成在销售和管理费用上，当然，我们的核心研发增长将重新投入到人工智能和生成式人工智能中。
I can tell you some of our work on generative AI in Asia-Pacific, helping a patient in that digital health concierge through the channel will be a big part of our demand gen as well, so a combination between R&D and SG&A there, but great question, Margaret, and we’ll update you as we move through fiscal year 2025 and beyond on our demand gen initiatives.
我可以告诉你一些我们在亚太地区生成式人工智能方面的工作，通过该渠道帮助数字健康礼宾服务中的患者将成为我们需求生成的重要部分，因此在研发和销售费用之间有一个结合，但是很好的问题，玛格丽特，我们将在 2025 财年及以后的需求生成倡议中向您更新。
Operator 操作员
Thank you. Our next question is coming from Gretel Janu from E&P. Your line is now live.
谢谢。我们下一个问题来自 E&P 的 Gretel Janu。您现在可以发言了。
Gretel Janu 格雷特尔·亚努
Thanks. Good morning. I just want to go back to the gross margin and more just thinking about the gross margin trajectory into FY 2025, so how should we think about the quantum of improvement likely to be achieved into FY 2025, and where’s that additional step up going to come from now that you’ve kind of normalized a lot of the headwinds that we’ve seen in the last 12 months? Thanks.
谢谢。早上好。我只是想回到毛利方面，更多地考虑到毛利在 2025 财年的轨迹，那么我们应该如何考虑到 2025 财年可能实现的改善量，以及在您已经将我们在过去 12 个月中看到的许多逆风归一化之后，这额外的提升将从哪里来？谢谢。
Mick Farrell 米克·法雷尔
Yeah. Thanks for the question, Gretel. Brett, with this great performance from your finance and our global supply chain team, you’re getting all the questions this quarter, so over to you on projections for gross margin for FY 2025 to answer Gretel’s question.
是的。谢谢你的问题，格雷特尔。布雷特，由于您的财务团队和我们的全球供应链团队表现出色，这一季度所有的问题都是关于您的，所以现在请您回答格雷特尔的问题，关于 2025 财年毛利率的预测。
Brett Sandercock 布雷特·桑德科克
Yeah. Thanks, Mick. Yeah. Gretel, I mean, there is -- yeah, there’s been quite a good increase year-on-year and freight and some manufacturing efficiencies, cost improvements there, obviously played a big part. We’re also not so much facing the headwinds of these component cost increases that we saw sort of six months to 12 months ago as well.
是的。谢谢，米克。是的。格雷特尔，我的意思是，有一些 -- 是的，年度货运和一些制造效率都有相当大的增长，成本改进在其中起到了很大作用。我们也不再像六个月到一年前那样面临这些零部件成本增加的逆风。
But if you look forward, and it’s always hard to predict, as I mentioned earlier, there’s a lot that plays out on the gross margin, product mix, the timing of the cost improvements or the continuous improvement programs that we’re now running, and we’ve had an opportunity to do that. We’re really, really focused on supply and getting devices into the market.
但是如果你往前看，而且很难预测，正如我之前提到的，很多事情都会影响毛利、产品组合、成本改善的时机或我们现在正在进行的持续改进计划，我们已经有机会做到这一点。我们真的非常专注于供应和将设备推向市场。
So now as that stabilizes, then that gives us an opportunity to work on cost improvement programs. So we’re focusing on that. So the goal, without being specific on targets, but certainly our goal is to improve gross margin over the course of FY 2025. And we’ve got, probably need to do that on a number of fronts, which is more around a continuous improvement or gradual improvement program now, I think, as we work through FY 2025.
所以现在随着稳定，这给了我们一个机会来开展成本改进项目。所以我们正在专注于这一点。所以目标，不具体指定目标，但肯定我们的目标是在 2025 财年期间改善毛利率。我们可能需要在许多方面做到这一点，现在更多地是围绕持续改进或逐步改进计划，我认为，随着我们在 2025 财年的工作。
Operator 操作员
Thank you. Next question is coming from Brett Fishbin from KeyBanc. Your line is now live.
谢谢。下一个问题来自 KeyBanc 的 Brett Fishbin。您现在可以发言了。
Brett Fishbin 布雷特·菲什宾
Hey, guys. Thanks so much for taking the questions. Really appreciate some of the updates that you guys have provided on the data front. And I think what stood out to me a lot with the last couple of updates was the 10% plus type of increase that you’re seeing in PAP initiation rates for the GLP users. And then especially considering this isn’t really even reflecting some of the likely marketing activity from pharma. So curious, some of the factors that you think might be driving this correlation and then maybe looking ahead where this number could potentially go once we’re actually seeing patients that are prescribed with under an OSA indication and diagnosed with OSA?
嘿，大家。非常感谢你们回答问题。真的很感激你们在数据方面提供的一些更新。我觉得最近几次更新中让我印象深刻的是你们看到的 GLP 用户 PAP 启动率增长超过 10%。尤其考虑到这甚至还没有反映出制药公司可能的一些市场活动。因此，我很好奇，你们认为可能推动这种相关性的一些因素，然后也许展望一下，一旦我们真正看到被开具 OSA 指示并被诊断为 OSA 的患者，这个数字可能会走向何方？
Mick Farrell 米克·法雷尔
Yeah. Brett, it’s a really good question. It’s quite a complex one and I think it’ll play out over time. We’ve obviously got very strong quantitative data with the 660,000 subjects that we’re following in that analysis. But we get a lot of anecdotal information from folks, all the way from folks who are involved in the clinical research to frontline physicians through our network and we position this across 140 countries.
是的。布雷特，这是一个非常好的问题。这是一个相当复杂的问题，我认为它会随着时间的推移而发展。我们显然有着 660,000 名受试者的非常强大的定量数据。但我们也从很多人那里得到了许多轶事信息，从参与临床研究的人到我们网络中的一线医生，我们在 140 个国家中传播这些信息。
These new medications are primarily focused on the U.S. and Western Europe right now. But as we watch, our hypothesis is that this new therapy is bringing people into the healthcare system who weren’t previously there. They weren’t choosing to go as frequently to their GP or their primary care physician. They are now seeing that PCP, that GP, and now they are getting treated for not only their obesity, but now other chronic diseases and we’ve seen this in other disease states from some of our peers here in medtech.
这些新药物目前主要针对美国和西欧。但随着我们的观察，我们的假设是，这种新疗法正在吸引那些以前没有进入医疗系统的人。他们以前不经常选择去看家庭医生或主治医生。他们现在看到了家庭医生、主治医生，现在不仅治疗肥胖，还治疗其他慢性疾病，我们在医疗技术领域的一些同行中也看到了这一点。
But yeah, it’s quite extraordinary to have 10.5% higher propensity to start positive airway pressure therapy. There are not many other factors recently in terms of innovations from biotech and pharma that we’ve seen that could drive this level. And so it is early days as those drugs are penetrated in the U.S., Western Europe, and beyond. But we’re watching it very closely.
但是，拥有比例高达 10.5％更高的倾向开始积极的气道压力疗法确实非常不同寻常。最近在生物技术和制药领域，我们看到没有太多其他因素可以推动这一水平的创新。因此，随着这些药物在美国、西欧以及其他地区的渗透，现在还处于早期阶段。但我们正在密切关注这一情况。
I do think that these trillions of dollars worth of capital will bring lots of advertising and will bring lots of patients into the funnel. And then our job will be to help those patients to find the best path to the best therapy and the best therapy is positive airway pressure therapy and we’re seeing that in these early days.
我认为这些价值数万亿美元的资本将带来大量广告，并将大量患者引入漏斗。然后我们的工作将是帮助这些患者找到最佳疗法的最佳途径，最佳疗法是正压通气疗法，我们在这些早期阶段看到了这一点。
这是大企业播下去的种子。
And yeah, I think as we move forward, we’ll learn more and we’ll keep updating as we go every quarter on our flow of patients that come into the funnel, how we’re seeing them and how we’re taking care of them through our own demand gen, through the demand gen that will be driven by this Big Pharma.
是的，我认为随着我们的前进，我们会学到更多，我们会在每个季度更新我们的病人流量，了解他们是如何进入漏斗的，我们是如何看待他们的，以及我们是如何通过我们自己的需求生成来照顾他们的，以及通过这家大型制药公司推动的需求生成。
And one that we didn’t get a question on, but I talked about on my prepared remarks there on Big Tech. I think the fact that there’ll be wearables on tens of millions, maybe hundreds of millions of people’s wrists, looking at oximetry, looking at nocturnal sleep, looking at nocturnal breathing and helping patients find out if they’re not sleeping well, they’re not breathing well. I think that might actually be a higher tidal wave than the Big Pharma tidal wave. But we’ll watch that as we move forward, DAN. Thanks for the question, Brett.
我们没有被问到的一个问题，但我在我的准备好的发言中谈到了大科技。我认为成千上万，甚至可能是数亿人的手腕上会有可穿戴设备，监测血氧饱和度，监测夜间睡眠，监测夜间呼吸，并帮助患者找出他们是否睡眠不好，呼吸不畅。我认为这可能会比大制药公司的浪潮更大。但我们将在前进的过程中密切关注这一点，DAN。谢谢你的问题，Brett。
Operator 操作员
Thank you. Next question is coming from Mike Matson from Needham & Company. Your line is now live.
谢谢。下一个问题来自 Needham & Company 的 Mike Matson。您现在可以发言了。
Mike Matson 迈克·马特森
Yeah. So with the news that Coops [ph] is exiting the non-invasive ventilation market, is there an opportunity for ResMed to pick up some share in this category? And if so, can you maybe talk about how big you think that market is?
是的。所以随着 Coops 退出无创通气市场的消息，ResMed 有机会在这个领域获得一些份额吗？如果是这样，您能谈谈您认为这个市场有多大吗？
Mick Farrell 米克·法雷尔
Yeah. Thanks for the question, Mike. And the competitor you mentioned is leaving the U.S. market for life support ventilation. They will still, at this point, I think, claim to be coming back with CPAP, APAP and Bilevel. So that Bilevels are non-invasive ventilation. They reach an area of non-invasive ventilation. So we expect them back in that market.
是的。谢谢你的问题，迈克。你提到的竞争对手正在退出美国市场的呼吸机市场。他们目前仍然声称将回归 CPAP、APAP 和双水平呼吸机市场。因此，双水平呼吸机是无创通气。他们涉足了无创通气领域。因此，我们期待他们回归该市场。
Look, I think there are opportunities in ventilation. Obviously, we saw through the COVID crisis, there was a very large volume of ventilators sold into the world in 2020, 2021, 2022. We talked about even just in 2023, we’re lapping a quarter where there were large sales a year ago into China of ventilators.
看，我认为通风领域存在机会。显然，我们通过 COVID 危机看到，2020 年、2021 年、2022 年世界范围内售出了大量呼吸机。我们甚至谈到，即使在 2023 年，我们也在中国售出了大量呼吸机的同一季度。
And so I think, if you like, the supply of ventilators into the market is quite high. So there’s no huge sort of immediate opportunity by our competitor leaving life support ventilation in the U.S. But we are there to take care of our customers wherever they are, whatever country they’re in and whatever needs they have.
所以我认为，如果你愿意的话，市场上通风机的供应相当充足。因此，我们的竞争对手离开美国的生命支持通风设备并没有什么巨大的即时机会。但无论客户在哪里，无论是哪个国家，无论有什么需求，我们都会照顾好他们。
For us, the more material growth is really around driving our CPAP, our APAP and our Bilevels with AirSense 11 and AirCurve 11. And the AirCurve 11, in terms of your question, non-invasive ventilation, has AirCurve S, AirCurve ST and AirCurve FTI. And at the highest level, it has an AirCurve ASV, which is the highest level of adaptive server ventilation. All these together form types of non-invasive ventilation to treat patients with COPD or neuromuscular disease that leads to respiratory insufficiency.
对我们来说，更多的物质增长实际上是围绕着使用我们的 CPAP、APAP 和 Bilevels 与 AirSense 11 和 AirCurve 11。就您的问题而言，AirCurve 11 在无创通气方面有 AirCurve S、AirCurve ST 和 AirCurve FTI。在最高级别上，它具有 AirCurve ASV，这是最高级别的自适应服务器通气。所有这些共同形成了治疗患有 COPD 或导致呼吸不全的神经肌肉疾病患者的非侵入性通气类型。
And ResMed has the best platform in the planet to treat them. We think it’s a huge opportunity. Many hundreds of millions of patients worldwide have COPD, neuromuscular disease and respiratory insufficiency and ResMed is there for them now and will be for them there in the future. It’s a long-term growth opportunity. It’s not a short-term pop. It’s a long-term growth opportunity for us to take care of these patients and help them sleep better, breathe better and our AirCurve platform is going to be fantastic to do that.
雷思迈德拥有全球最佳平台来治疗这些疾病。我们认为这是一个巨大的机会。全球有数亿患者患有慢性阻塞性肺疾病、神经肌肉疾病和呼吸不足，雷思迈德现在就在他们身边，并将在未来继续为他们提供服务。这是一个长期增长的机会。这不是短期的快速增长，而是一个长期增长的机会，让我们照顾这些患者，帮助他们睡得更好、呼吸更顺畅，我们的 AirCurve 平台将会非常出色。
Operator 操作员
Thank you. Our next question is coming from Lyanne Harrison from Bank of America. Your line is now live.
谢谢。我们下一个问题来自美国银行的 Lyanne Harrison。您现在可以发言了。
Lyanne Harrison 莉安·哈里森
Good morning, all. I might come back to the real-world data, Mick. Obviously, some good resupply improvements there, 300 basis points and 500 basis points. But is there anything you can share on the data or the trend for lower severity OSA patients, sort of the mild to moderate categories? And then also, secondly, on the data, whether we do this or a separate data set, what trend are you seeing in the percentage of patients who have ceased CPAP therapy as a result of weight loss drugs?
早上好，大家。我可能会回到真实世界的数据，米克。显然，有一些良好的补给改进，300 个基点和 500 个基点。但是您是否可以分享有关较低严重度 OSA 患者的数据或趋势，例如轻度至中度类别？其次，关于数据，无论我们是否使用相同数据集还是单独的数据集，您看到患者因减肥药物而停止 CPAP 治疗的百分比趋势如何？
Yeah. So it’s a good question, Lyanne, and there are sort of multiple parts to it. I’ll address it at a high level, which is to say, yeah, look, the real-world data is excellent. It’s the largest data set out there with 660,000 patients that have been prescribed a GLP-1 and are on positive airway pressure therapy and we’re really laser-focused on tracking that cohort very carefully.
是的。所以这是一个很好的问题，莉安娜，而且有多个部分。我会在高层次上解答，也就是说，是的，看，现实世界的数据非常出色。这是迄今为止最大的数据集，有 66 万名患者被开具了 GLP-1 处方，并接受了正压通气治疗，我们非常专注于非常仔细地跟踪这个队列。
We can and will look to, in the future, slice and dice it by AHI, 5 to 15, 15 to 30, 30 plus. We’ll look to slice and dice it by age, by gender, by geography and others. A lot of that will be for our internal work so that we can best drive social media marketing and know which patients to go after. For instance, the public information out there is that women are using GLP-1s more than men, and they’re more adherent to the GLP-1s than men are. The rate that people quit the GLP-1 therapy is a lot higher in men than women. And so we’re tracking a lot of that information publicly and we will, over time, release it.
我们可以并且将来会根据 AHI（睡眠呼吸暂停指数）进行切分，5 至 15，15 至 30，30 以上。我们将根据年龄、性别、地理位置等进行切分。其中很多工作将用于我们的内部工作，以便我们能够最好地推动社交媒体营销，并知道要追踪哪些患者。例如，公开信息显示，女性使用 GLP-1 类药物的比例高于男性，并且她们对 GLP-1 类药物的依从性也高于男性。男性停止使用 GLP-1 类治疗的比例远高于女性。因此，我们正在公开追踪很多这方面的信息，并将随着时间的推移逐步公布。
We haven’t seen at all a correlation or information around people quitting PAP therapy because of a GLP-1. It just doesn’t compute in the data we’ve got. It’s the other way that it’s a huge tailwind for people coming in. Look, when we see -- as we say, we get 87% adherence. We’re very proud of that. For the 13% that don’t get there, we look at all the reasons why. Is it claustrophobia? Is it insomnia, where they have a psychological condition where they can’t fall asleep and then they blame it on the CPAP mask when it’s really a fact of a need to have treatment or their insomnia, as well as or in parallel to or even before their OSA. So we’re looking at all types of reasons for that.
我们根本没有看到任何关于人们因为 GLP-1 而放弃 PAP 疗法的相关性或信息。在我们掌握的数据中，这根本不合逻辑。事实上，情况正好相反，这对于人们接受治疗是一个巨大的助力。当我们看到——正如我们所说，我们有 87%的依从性。我们为此感到非常自豪。对于那 13%没有达到标准的人，我们会查看所有的原因。是因为幽闭恐惧症吗？是因为失眠，他们有一种心理状况导致他们无法入睡，然后他们将其归咎于 CPAP 面罩，而实际上是需要治疗或他们的失眠，以及或与他们的 OSA 甚至在其 OSA 之前。因此，我们正在研究所有这些原因。
呼吸暂停大部分原因是生理结构造成的，跟肥胖的关系不大。
But, look, we’ll continue to update you and the rest of the world as we do the slice and dice by HI, by age, by gender, to find the best way to help patients find the best path to therapy. But right now, we’re seeing a huge trend of more patients coming in, more motivated patients, and our challenge is to keep up with that and make sure that we can scale and help them get on that great digital health journey.
但是，看，当我们通过 HI、年龄、性别进行切片和分析时，我们将继续向您和全世界更新信息，以找到帮助患者找到最佳疗法路径的最佳方式。但是现在，我们看到越来越多的患者涌入，更有动力的患者，我们的挑战是跟上这一趋势，并确保我们能够扩大规模，帮助他们踏上伟大的数字健康之旅。
Operator 操作员
Thank you. Next question is coming from Steve Wheen from Jarden. Your line is now live.
谢谢。下一个问题来自 Jarden 的 Steve Wheen。您的线路现在已连接。
Steve Wheen 史蒂夫·惠恩
Yeah. Thanks very much. I just had a question around the AirSense 11 and its availability and the pathway to it being kind of the platform that you 100% rely upon. If you could just give us an update as to how that looks for the remainder of this year and perhaps into 2025?
是的。非常感谢。我只是想问一下 AirSense 11 的情况以及其可用性，以及它成为您百分之百依赖的平台的路径。如果您能告诉我们今年剩下的时间以及可能延伸到 2025 年的情况，那就太好了。
Mick Farrell 米克·法雷尔
Yeah. Thanks for the question, Steve. I’ll start out with this fact that we’re still selling the S9 product in China right now. And so, getting rid of it completely, right, the AirSense 10, will take a while because there’s great markets around the world where technology is useful for a long period of time. But I think what you’re talking to is the materiality of the AirSense 11 becoming the primary in global markets.
是的。感谢您的问题，史蒂夫。我将从我们目前仍在中国销售 S9 产品这一事实开始。因此，完全淘汰它，对吧，AirSense 10，需要一段时间，因为全球有许多市场在很长一段时间内仍然需要这项技术。但我认为您所说的是 AirSense 11 的重要性正在成为全球市场的主要因素。
I can tell you this, the AirSense 11 is already the primary platform in our biggest market in the U.S. It’s already well into the majority and growing quickly. And no customer who wants to order from ResMed can’t get AirSense 11s, as well as AirSense 10s.
我可以告诉你，AirSense 11 已经成为我们在美国最大市场的主要平台。 它已经占据了绝大多数，并且增长迅速。 想要从 ResMed 订购的任何客户都可以获得 AirSense 11，以及 AirSense 10。
We do limit sometimes the AirSense 11s, because there’s so many customers from small, large regionals to statewide groups to nationals and we’ve got to balance the flow to make sure every person has a fair chance to get an AirSense 11 and then we cover the difference with the awesome AirSense 10s.
有时我们确实会限制 AirSense 11 的数量，因为有很多客户来自小型、大型地区、州级团体到全国性团体，我们必须平衡流量，确保每个人都有公平机会获得 AirSense 11，然后我们用出色的 AirSense 10 来弥补差距。
So, we’re already over the majority in the U.S. As we look at other big markets around the world, you know, Germany, Japan, France, U.K., and beyond, the AirSense 11s are ramping very quickly and they’ll quickly get to the majority across those areas.
所以，我们在美国已经超过了大多数人。当我们看向世界其他大市场时，你知道，德国、日本、法国、英国等等，AirSense 11 迅速增长，很快就会成为这些地区的大多数。
As we look to more of the countries, hundreds more countries around the world than those top 20, our job is, as I said in the prep remarks, to get the regulatory clearances. Some of these countries require all separate paperwork and time and effort, and so we have to analyze how quickly we can do that and we are also working with authorities to see if we can get clearances that can be used across multiple regions. And so, Steve, we’re working very hard to get AirSense 11 in all countries and to the majority in all countries. I hope that answers your question.
当我们看向更多的国家时，世界上有数百个国家，比那些前 20 个国家更多，我们的工作是，正如我在准备说明中所说的，获得监管许可。其中一些国家需要所有单独的文件工作、时间和精力，因此我们必须分析我们能够多快完成这些工作，我们也正在与当局合作，看看我们是否能够获得可以在多个地区使用的许可。所以，史蒂夫，我们正在非常努力地让 AirSense 11 进入所有国家，并在大多数国家。希望这回答了你的问题。
Operator 操作员
Thank you. Next question is coming from Saul Hadassin from Barrenjoey Capital. Your line is now live.
谢谢。下一个问题来自 Barrenjoey Capital 的 Saul Hadassin。您现在可以发言了。
Saul Hadassin 索尔哈达辛
Yeah. Thanks. Good morning. Just another quick one for Brett. Brett, just looking at the inventory balance, it came down quite significantly into the third quarter. It’s the lowest inventory has been, I think, since 2022. Just wondering where you think inventory goes from here. Do you think you need to start to sort of rebuild as it relates to sort of product demand or do you think you can drive that dollar value down further? Thanks.
是的。谢谢。早上好。这只是另一个快速问题给布雷特。布雷特，看看库存余额，它在第三季度下降得相当显著。我认为这是自 2022 年以来库存最低的时候。我想知道你认为库存会走向何方。你认为你需要开始重建以满足产品需求，还是你认为可以进一步降低货值？谢谢。
Brett Sandercock 布雷特·桑德科克
Yeah. Hi, Saul. I think, yeah, we had -- I mean, the team’s been working hard on that for a while now, so you’re starting to see the results there in the balance sheet and in the inventory, which is great. We’re getting pretty close to our targets on inventory, so I’d say it’s -- there could be modest reductions, there could be modest gains there. It’s more around making sure we’re balancing supply and demand now. So I’d say it’s pretty close to targets on kind of where we’re at now for the inventory.
是的。嗨，索尔。我认为，是的，我们已经——我的意思是，团队已经在这方面努力工作了一段时间，所以你现在开始在资产负债表和库存中看到结果，这很棒。我们在库存方面已经接近目标了，所以我会说，可能会有适度的减少，也可能会有适度的增长。现在更多的是确保我们平衡供应和需求。所以我会说，我们现在的库存情况已经非常接近目标了。
Saul Hadassin 索尔哈达辛
Thanks. 谢谢。
Operator 操作员
Thank you. Our final question today is coming from Matthew Taylor from Jefferies. Your line is now live.
谢谢。今天我们的最后一个问题来自 Jefferies 的 Matthew Taylor。您现在可以发言。
Mike Toomey 迈克·图米
Hi, guys. It’s Mike Toomey covering for Matt Taylor. Thanks for taking my question and fitting me in here. Coming back to Philips, I know you said you’re maintaining or growing share in the markets where they’re returning, but are you seeing any significant pricing pressure or pricing discounts from them and any thoughts on when they might return to the U.S. market based on the consent decree? Thanks.
嗨，各位。我是迈克·图米，代表马特·泰勒报道。感谢您回答我的问题并安排时间让我参与。关于飞利浦，我知道您说在它们回归的市场中，您正在维持或增长份额，但您是否看到了来自它们的任何重大定价压力或定价折扣，以及对于它们何时可能根据和解协议重返美国市场的任何想法？谢谢。
Mick Farrell 米克·法雷尔
Yeah. Thanks for the question, Mike. And no, look, what we’re seeing in the markets where that competitor’s returned is that they’re pricing for value and they’re trying to compete on value. And primarily as they come back from sort of zero percent share with new patients as they start in the market, they’re competing with the sort of Tier 2 and Tier 3 players, so a local player in Europe or a local player in Asia, and they’re not touching our share as the global market leader and global technology leader in this space.
是的。谢谢你的问题，迈克。不，看，我们在竞争对手回归的市场中看到的是，他们在定价上注重价值，试图在价值上竞争。主要是因为他们从零份额开始与新患者竞争，他们正在与二线和三线玩家竞争，比如欧洲的本地玩家或亚洲的本地玩家，他们没有触及我们作为全球市场领导者和全球技术领导者在这一领域的份额。
如果医疗事故的打击是致命的，将来ResMed会不会轮到同样的问题？
And the work that we’ve been able to do these number of years that they were out of each market is to really entrench ourselves because we’ve got the lowest cost, the highest efficacy, the best technology, and physicians love our digital data, patients love the engagement with myAir and the whole ecosystem creates that value. So we really have seen, you know, as they come in, they’re pricing for value and competing with Tier 2, Tier 3 players in those markets.
我们在这些年里所能做的工作是真正地巩固自己的地位，因为我们拥有最低的成本、最高的功效、最好的技术，医生们喜欢我们的数字数据，患者们喜欢与 myAir 互动，整个生态系统创造了价值。因此，我们确实看到，随着它们进入市场，它们正在为价值定价，并与这些市场中的第二梯队、第三梯队的竞争对手竞争。
As to when they’ll re-enter from zero percent new patient share into the U.S. market, I don’t know. You can do your own analysis on consent decrees. This one’s a very severe one. It has a lot of inspectors, sort of five times the normal number of inspectors. I think five versus one and a lot of constraints on that. I look forward to great competition. We’ve got good competition from the players there now. When they come back, they’ll have to compete with them first and us after that. But, no, look, we were winning and taking share from that competitor in 2019 all the way from 2010 to 2019. We’ll continue to do that and beat them whenever they come back to market. Thanks for the question.
至于他们何时从零百分比新病人份额重新进入美国市场，我不知道。您可以对同意裁定进行自己的分析。这是一个非常严厉的裁定。有很多检查员，大约是正常数量的五倍。我认为是五比一，而且有很多限制。我期待激烈的竞争。我们现在已经有来自那些参与者的激烈竞争。当他们回来时，他们将首先与他们竞争，然后再与我们竞争。但是，看，我们在 2019 年从 2010 年到 2019 年一直在赢得并夺取那个竞争对手的份额。我们将继续这样做，并在他们再次回到市场时击败他们。感谢提问。
Philips被荷兰人收购，但凡被欧洲人收购的都没什么竞争力，这个可能是事实。
Operator 操作员
Thank you. We’ve 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.
谢谢。我们已经到达了问答环节的尽头。我想把话题转回给米克，让他发表任何进一步的结束性评论。
Mick Farrell 米克·法雷尔
Great. Well, thanks, Kevin, and thanks to all of our stakeholders for joining this call, especially our shareholders. The opportunity in front of ResMed is huge and largely untapped. It’s an incredible runway. We see more and more people coming into the healthcare system. This will benefit us as we help them sleep better, breathe better, and to live better and healthier and happier lives in over 140 countries. Thank you to 10,000 ResMedians, many of whom listened to this call and are also shareholders, for all that you do today and every day.
很好。嗯，谢谢，凯文，也感谢所有利益相关者参加这次电话会议，特别是我们的股东。ResMed 面临的机遇是巨大的，而且很大程度上尚未被开发。这是一个难以置信的发展机会。我们看到越来越多的人加入到医疗保健系统中。当我们帮助他们更好地睡眠、呼吸，以及在全球 140 多个国家过上更好、更健康、更幸福的生活时，这将使我们受益。感谢 1 万名 ResMed 员工，其中许多人听了这次电话会议，也是股东，感谢你们每天为我们所做的一切。
With that, I’ll hand the call back to Amy and we can close it out.
我会把电话交给艾米，然后我们可以结束通话。
Amy Wakeham 艾米·韦克汉姆
Great. Thank you, Mick, and thanks, everyone, for listening. We do appreciate your interest and your time. If you have any additional questions, please don’t hesitate to reach out directly. This concludes ResMed’s third quarter 2024 conference call. Kevin, I’ll turn it back to you to officially close us out.
太好了。谢谢你，米克，也感谢大家的倾听。我们感谢您的关注和时间。如果您有任何额外的问题，请随时直接联系我们。这就结束了 ResMed 2024 年第三季度电话会议。凯文，我将把话题转回给你，正式结束我们的会议。
Operator 操作员
Thank you. This concludes ResMed’s third quarter fiscal year 2024 earnings live webcast. You may now disconnect.
谢谢。这就结束了 ResMed 2024 财年第三季度收益的现场网络直播。您现在可以断开连接。
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