2024-10-24 ResMed Inc. (RMD) Q1 2025 Earnings Call Transcript
ResMed Inc. (NYSE:RMD) Q1 2025 Earnings Conference Call October 24, 2024 4:30 PM ET
ResMed 公司 (NYSE:RMD) 2025 财年第一季度收益电话会议 2024 年 10 月 24 日 下午 4:30 ET
Company Participants 公司参与者
Amy Wakeham - Chief Investor Relations Officer
艾米·韦克汉姆 - 首席投资者关系官
Michael Farrell - Chairman and Chief Executive Officer
Michael Farrell - 董事长兼首席执行官
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
Laura Sutcliffe - UBS
Craig Wong-Pan - RBC
David Low - JPMorgan
Saul Hadassin - Barrenjoey Capital
Anthony Petrone - Mizuho
Daniel Hurren - MST Marquee
Mike Matson - Needham & Company
Brett Fishbin - KeyBanc Capital Markets
Suraj Kalia - Oppenheimer
Lyanne Harrison - Bank of America
Lyanne Harrison - 美国银行
Andrew Paine - CLSA
Operator 操作员
Hello, and welcome to the Q1 Fiscal Year 2025 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 this conference call is being recorded.
您好，欢迎参加 2025 财年第一季度ResMed收益电话会议。我叫凯文，将担任今天会议的操作员。目前，所有参与者都处于只听模式。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.
现在我将电话交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
Great. Thank you, Kevin. Hi, everyone, and welcome to ResMed's first quarter fiscal year 2025 earnings call. As Kevin said, 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。谢谢你，Kevin。大家好，欢迎参加ResMed 2025 财年第一季度的财报电话会议。正如 Kevin 所说，我们正在进行网络直播，重播将在今天晚些时候在我们公司网站的投资者关系部分提供。我们的财报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 helpful information for investors. This information is not intended to be considered in isolation or as a substitute for the reported GAAP financial information. We encourage you to review the supporting schedules in today's earnings press release to reconcile these 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 GAAP 指标，我们认为这些指标为投资者提供了有用的信息。这些信息不应单独考虑或替代报告的 GAAP 财务信息。我们鼓励您查看今天收益新闻稿中的支持性附表，以将这些非 GAAP 指标与 GAAP 报告数字进行对比。
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预期。我们基于合理的假设做出这些声明。然而，我们的实际结果可能会有所不同。请查阅我们的 SEC 文件，以全面讨论可能导致我们实际结果与今天所做的任何前瞻性声明存在重大差异的风险因素。
I'll now turn the call over to ResMed's Chairman and CEO, Mick Farrell.
现在我将电话交给ResMed的董事长兼首席执行官，Mick Farrell。
Michael Farrell
Thanks, Amy, and welcome to all of our shareholders for joining us today as we review ResMed's first quarter results for fiscal year 2025.
谢谢，Amy，欢迎所有股东今天加入我们，一起审查ResMed 2025 财年第一季度的业绩。
I'm pleased to report another strong quarter of growth across all of our business segments. We've seen solid revenue growth, improved gross margins, and disciplined investments in both SG&A and R&D, resulting in very strong profit performance. The results we are presenting today reflect the hard work of the 10,000-plus ResMedians operating in over 140 countries worldwide. And the dedication they bring to improving the lives of patients, physicians, providers, and all of our customers every day.
我很高兴地报告我们所有业务部门在本季度再次实现了强劲增长。我们看到了稳健的收入增长、毛利率的改善，以及在销售、管理和研发方面的有纪律投资，从而实现了非常强劲的利润表现。我们今天展示的结果反映了全球 140 多个国家的 1 万多名 ResMed 员工的辛勤工作。他们每天都致力于改善患者、医生、供应商和我们所有客户的生活。
Before delving into the details of our financial and strategic initiatives, I want to emphasize that the results we are presenting here today are not just financial in nature. They represent an improvement in health outcomes for many tens of millions of people worldwide.
在深入探讨我们的财务和战略举措的细节之前，我想强调的是，我们今天在这里展示的结果不仅仅是财务性质的。它们代表了全球数千万人的健康结果的改善。
Our mission here at ResMed is to create life-changing healthcare technologies that people love, through cloud-connectable medical devices, masks and accessories, digital health platforms, as well as ongoing investments in the latest technology, including ML and AI and GenAI. We are committed to helping hundreds of millions of people so that they can breathe better, sleep better, and live longer and higher-quality lives. Living the lives that they can to their fullest potential.
我们在ResMed的使命是通过云连接的医疗设备、面罩和配件、数字健康平台以及对最新技术（包括 ML、AI 和 GenAI）的持续投资，创造人们喜爱的改变生活的医疗技术。我们致力于帮助数亿人，以便他们能够更好地呼吸、更好地睡眠，并拥有更长寿和更高质量的生活。过上他们能够充分发挥潜力的生活。
Now turning to a high-level review of the financials. I'm proud to report that we delivered another strong quarter. Revenue grew by 11%, reflecting strong demand for sleep health and breathing health medical devices, our masks and accessories, as well as our residential care software offerings. We achieved double-digit revenue growth across all product and geographic categories this quarter. Masks and accessories growth was augmented by new patient activations as well as ongoing ReSupply.
现在转向对财务状况的高层次审查。我很自豪地报告，我们又度过了一个强劲的季度。收入增长了 11%，反映了对睡眠健康和呼吸健康医疗设备、我们的面罩和配件以及我们的住宅护理软件产品的强劲需求。本季度我们在所有产品和地理类别中实现了两位数的收入增长。面罩和配件的增长得益于新患者的激活以及持续的补给。
Our global device sales were driven by strong market performance from both the AirSense 10 and the AirSense 11 platforms. Our focus on operating excellence programs helped us drive operating leverage during the quarter. We achieved 27% growth in our operating profit and we further achieved 34% growth in earnings per share. We're committed to driving increased efficiencies, managing our operating expenses prudently, and investing in areas that power long-term sustainable growth.
我们的全球设备销售受到 AirSense 10 和 AirSense 11 平台强劲市场表现的推动。我们对运营卓越计划的关注帮助我们在本季度实现了运营杠杆。我们的营业利润增长了 27%，每股收益进一步增长了 34%。我们致力于提高效率，审慎管理运营费用，并投资于推动长期可持续增长的领域。
By balancing strategic investments with cost discipline, we have -- together we're driving an ongoing and sustainable profitable growth here at ResMed. Device sales remain strong, growing by a double-digit percentage year-over-year and we continue to maintain market leadership with our two AirSense platforms. We're supporting the global market and every patient or provider who needs a device has access to our market-leading 100% cloud-connectable platforms, the AirSense 10 and the AirSense 11.
通过平衡战略投资与成本纪律，我们在ResMed实现了持续和可持续的盈利增长。设备销售保持强劲，同比增长达到两位数百分比，我们继续通过我们的两个 AirSense 平台保持市场领导地位。我们支持全球市场，每个需要设备的患者或提供者都可以使用我们市场领先的 100%云连接平台，AirSense 10 和 AirSense 11。
We are increasing the availability of our AirSense 11 platform worldwide with regulatory approvals expanding country-by-country. We will see ongoing momentum. Our masks and accessories business had another strong quarter, delivering 11% year-over-year growth.
我们正在通过逐国扩展的监管批准增加我们 AirSense 11 平台在全球的可用性。我们将看到持续的势头。我们的面罩和配件业务又迎来了一个强劲的季度，实现了 11%的同比增长。
The AirFit F40, ResMed's smallest oronasal mask ever, continues to perform well in the U.S. market and we're expanding the F40's availability across additional global markets. The F40 has a proprietary adaptive feel technology, combined with its lightweight and compact design, it has been incredibly well-received.
AirFit F40，ResMed有史以来最小的口鼻面罩，在美国市场表现良好，我们正在扩大 F40 在其他全球市场的供应。F40 拥有专有的自适应触感技术，结合其轻便和紧凑的设计，受到了极大的欢迎。
The F40 is praised for its fit, its comfort, and its adaptability, especially for patients who move frequently during sleep. At our Investor Day on September 30th, we announced the upcoming launch of our latest mask innovation, the AirTouch N30i.
F40 因其贴合性、舒适性和适应性而受到赞誉，特别适合在睡眠中经常移动的患者。在 9 月 30 日的投资者日上，我们宣布即将推出最新的面罩创新产品 AirTouch N30i。
Today, I can announce that this amazing new technology will be launched into select markets next week. The AirTouch N30i is ResMed's first mask with a fabric-wrapped frame and a fabric-based patient interface with a soft breathable fabric system for optimal comfort.
今天，我可以宣布这项惊人的新技术将于下周在特定市场推出。AirTouch N30i 是ResMed的首款面罩，采用织物包裹框架和基于织物的患者接口，配有柔软透气的织物系统，以实现最佳舒适度。
The way I see it, we sleep with fabric-covered pillows and fabric sheets like cotton. Why can't we have CPAP mask technology that feels just as good? We believe this mask technology will set a new standard for CPAP, APAP, and bilevel patient interface therapy and will help more people love their therapy, including how they feel in the morning and all day, all because they can achieve longer and higher-quality sleep. This technology has been years in the making and we are very proud to be able to deliver it to customers starting next week.
在我看来，我们睡觉时使用布料覆盖的枕头和像棉布一样的床单。为什么我们不能拥有同样舒适的 CPAP 面罩技术呢？我们相信这种面罩技术将为 CPAP、APAP 和双水平患者接口治疗设立新的标准，并将帮助更多人热爱他们的治疗，包括他们早晨和全天的感觉，这一切都因为他们能够实现更长时间和更高质量的睡眠。这项技术已经研发多年，我们非常自豪能够从下周开始将其交付给客户。
胡扯。
ReSupply programs remain a critical element of our strategy to drive adherence, to improve patient outcomes, and to enhance long-term clinical results. Our digital health ecosystem empowers ReSupply through three market-leading platforms, including myAir for patients, AirView for physicians and providers, as well as Brightree for home medical equipment or HME providers.
补给计划仍然是我们推动依从性、改善患者结果和提高长期临床效果战略的关键要素。我们的数字健康生态系统通过三个市场领先的平台支持补给，包括面向患者的 myAir、面向医生和提供者的 AirView，以及面向家庭医疗设备或 HME 提供者的 Brightree。
Published research shows that patients enrolled in ReSupply programs have higher therapy adherence rates in the first year and over the long term. As we expand these types of ReSupply programs globally, we expect to see continued positive impacts on patient outcomes as well as reduced overall healthcare system costs. We're proud of the progress we've made and we're excited about the opportunities in front of us.
已发表的研究表明，参与再供应计划的患者在第一年和长期内的治疗依从性更高。随着我们在全球范围内扩展这些类型的再供应计划，我们预计将继续对患者结果产生积极影响，并降低整体医疗系统成本。我们为取得的进展感到自豪，并对面前的机会感到兴奋。
Let's now talk about two significant macro trends that we've reviewed over recent quarters, namely consumer wearables and a new class of pharmaceutical medicines called GLP-1s. We believe that both of these macro trends will have a significant impact on our business as tailwinds.
现在让我们讨论两个我们在最近几个季度中审查过的重要宏观趋势，即消费类可穿戴设备和一种称为 GLP-1 的新型药物。我们相信，这两个宏观趋势都将作为顺风对我们的业务产生重大影响。
Let me start with a discussion of GLP-1 medications, with a focus on the latest generation of these medicines that are targeted specifically to treat diabetes and now obesity and beyond. We've designed a real-world data analysis with now n equals 989,000 subjects, who received both a prescription for a GLP-1 medication and a prescription for positive airway pressure therapy.
让我先讨论一下 GLP-1 药物，重点是最新一代专门用于治疗糖尿病以及现在的肥胖症及其他疾病的药物。我们设计了一项真实世界数据分析，目前样本量为 989,000 名接受了 GLP-1 药物处方和正压呼吸治疗处方的受试者。
The results from this analysis are clear. People prescribed a GLP-1 and PAP therapy have 10.8 absolute percentage points more likelihood or propensity to commence positive airway pressure therapy, 10.8 absolute percentage points higher.
这一分析的结果很清晰。接受GLP-1和PAP疗法的患者开始正压通气治疗的可能性或倾向高出10.8个百分点，绝对增加了10.8个百分点。
Moreover, once on therapy, people with a GLP-1 prescription and a PAP prescription appear to be even more committed to long-term therapy adherence. Our analysis shows that after 12 months, the ReSupply rate for patients with GLP-1s and PAP prescriptions is 3.2 absolute percentage points higher.
此外，一旦开始治疗，拥有 GLP-1 处方和 PAP 处方的人似乎更加致力于长期治疗依从性。我们的分析显示，12 个月后，拥有 GLP-1 和 PAP 处方的患者的补给率高出 3.2 个百分点。
At 24 months, this expands even further and the ReSupply rate difference increases to 5.3 absolute percentage points higher for patients on both a GLP-1 and a PAP prescription. This suggests that patients who start GLP-1 therapy are also motivated to start and adhere to their sleep apnea treatment. As these therapies continue to expand in use, we believe that it will be a clear tailwind for our business.
在 24 个月时，这种情况进一步扩大，GLP-1 和 PAP 处方患者的补给率差异增加到高出 5.3 个百分点。这表明开始 GLP-1 治疗的患者也有动力开始并坚持他们的睡眠呼吸暂停治疗。随着这些疗法的使用继续扩大，我们相信这将成为我们业务的明显顺风。
Next, let's turn to the consumer wearables macro trend. In July, Samsung began selling its latest generation Galaxy Watch, which now includes detection of moderate-to-severe sleep apnea. Samsung achieved de novo FDA clearance for this capability. Just last month, Apple introduced its latest generation Apple Watches with its own version of possible sleep apnea detection using actigraphy technology tracked over multiple weeks as its detection method. It's incredible to have two world-leading consumer technology companies recognize the importance of tracking sleep health and identifying sleep apnea.
接下来，让我们来看一下消费类可穿戴设备的宏观趋势。7月，三星开始销售其最新一代Galaxy Watch，新增了中重度睡眠呼吸暂停检测功能。三星为该功能获得了FDA的de novo许可。就在上个月，苹果发布了其最新一代Apple Watch，使用体动记录技术，通过多周的跟踪实现可能的睡眠呼吸暂停检测。这两家全球领先的消费科技公司认识到睡眠健康监测和识别睡眠呼吸暂停的重要性，实在令人赞叹。
In addition to these technologies from Apple and Samsung, other wearables like Google's Fitbit, Garmin, Oura, Whoop, and beyond are focusing on sleep health tracking. We see this investment by consumer wearable companies as an incredible once-in-a-generation opportunity for sleep health and breathing health awareness, and particularly for sleep apnea awareness.
除了苹果和三星的这些技术之外，谷歌的 Fitbit、Garmin、Oura、Whoop 等其他可穿戴设备也专注于睡眠健康追踪。我们认为，消费者可穿戴设备公司在睡眠健康和呼吸健康意识方面的投资是一个难得的世代机遇，尤其是在睡眠呼吸暂停意识方面。
We believe that these technologies will help drive more patients to seek out information regarding their sleep health and breathing health. ResMed's obligation is to help these sleep health and breathing health consumers find their own pathway to appropriate diagnosis and treatment for sleep apnea, where ResMed leads the world with the most clinically effective, the most non-invasive, the most proven, and the most cost-effective solutions for care. Our strong competitive position here at ResMed is underpinned by continuous innovation, our commitment to patient care, and our digital health ecosystem.
我们相信这些技术将帮助推动更多患者寻求有关其睡眠健康和呼吸健康的信息。ResMed的责任是帮助这些睡眠健康和呼吸健康的消费者找到适合自己的睡眠呼吸暂停诊断和治疗途径，其中ResMed以最具临床效果、最非侵入性、最经验证和最具成本效益的护理解决方案引领全球。我们在ResMed的强大竞争地位由持续创新、对患者护理的承诺以及我们的数字健康生态系统支撑。
We've made significant investments in our product offerings, including the expansion of the availability of cloud-connectable devices, the integration of artificial intelligence into our latest and greatest digital offerings, and the scaling of our digital health tools, such as our patient management system called AirView and our consumer engagement application called myAir, which now has over 8.8 million users globally.
我们在产品供应方面进行了重大投资，包括扩大云连接设备的可用性，将人工智能集成到我们最新和最出色的数字产品中，以及扩展我们的数字健康工具，例如名为 AirView 的患者管理系统和名为 myAir 的消费者参与应用程序，目前在全球拥有超过 880 万用户。
Additionally, we recently announced the ability to integrate our own wearable home sleep apnea test system that's called NightOwl with our myAir platform. This will enable a more streamlined diagnosis process and provide improved consumer engagement on their path to therapy.
此外，我们最近宣布可以将我们自己的名为 NightOwl 的可穿戴家庭睡眠呼吸暂停测试系统与我们的 myAir 平台集成。这将使诊断过程更加简化，并在他们的治疗过程中提供更好的消费者参与。
Let's now turn to our long-term vision for growth, what we call our ResMed 2030 strategy. As we outlined during our recent Investor Day just over three weeks ago at the New York Stock Exchange, this strategy is centered on three key pillars: one, growing and differentiating our core sleep health and breathing health business; two, expanding into near and adjacent areas; and three, leveraging our leadership in digital health to drive better outcomes for patients, physicians, providers, and payers.
现在让我们转向我们的长期增长愿景，即我们称之为ResMed 2030 战略。正如我们在三周前于纽约证券交易所举行的投资者日活动中所概述的，这一战略围绕三个关键支柱：一，发展和差异化我们的核心睡眠健康和呼吸健康业务；二，扩展到临近和相邻领域；三，利用我们在数字健康领域的领导地位，为患者、医生、提供者和支付者带来更好的结果。
Let me cover some high-level thoughts on each of these three pillars, and then I'll hand the call over to Brett, and after that, we'll go into our Q&A session. So one, sleep health and breathing health. Here at ResMed, we are laser-focused on maintaining and expanding our global leadership in sleep health and breathing health. Our goal is to bring the best products to market, products that are the smallest, the quietest, the most comfortable, the most connected, and the most intelligent.
让我来谈谈这三个支柱的高层次想法，然后我会把电话交给 Brett，之后我们将进入问答环节。首先，睡眠健康和呼吸健康。在ResMed，我们专注于保持和扩大我们在睡眠健康和呼吸健康方面的全球领导地位。我们的目标是将最好的产品推向市场，这些产品是最小的、最安静的、最舒适的、最连接的和最智能的。
The term CPAP has traditionally stood for continuous positive airway pressure. Taking some artistic license, I would propose that it now stands for computerized positive airway pressure. And the smarts go beyond the devices themselves. By liberating the data to the cloud, here at ResMed, we can engage with patients, with physicians, providers, and whole healthcare systems like never before.
CPAP 这个术语传统上代表持续正压通气。稍作艺术化处理，我建议它现在代表计算机化正压通气。而且智能不仅限于设备本身。通过将数据释放到云端，在ResMed，我们可以以前所未有的方式与患者、医生、供应商和整个医疗系统互动。
We now have approximately 20 billion nights of sleep health and breathing health data in the cloud, and we have more than 27 million 100% cloud-connectable devices that we have provided in over 140 countries worldwide. This allows us to partner with patients, physicians, providers, and beyond with unparalleled insights, ultimately leading to better product and better software offerings that help patients and their caregivers achieve better health outcomes, lower costs for the overall healthcare system, and better management of chronic diseases.
我们现在在云端拥有大约 200 亿个睡眠健康和呼吸健康数据，并且我们在全球 140 多个国家提供了超过 2700 万台 100%可连接云的设备。这使我们能够与患者、医生、提供者及其他合作伙伴合作，提供无与伦比的见解，最终带来更好的产品和软件服务，帮助患者及其护理人员实现更好的健康结果，降低整体医疗系统的成本，并更好地管理慢性疾病。
Second, health technology at home. ResMed is the global leader in digital health solutions for care delivered right where people live and often that's right in their own home. We are introducing the basic power of machine learning and artificial intelligence as well as more advanced generative AI to revolutionize healthcare delivery.
其次，家庭健康技术。ResMed是全球数字健康解决方案的领导者，提供的护理服务就在人的居住地，通常就在他们自己的家中。我们正在引入机器学习和人工智能的基本力量，以及更先进的生成式人工智能，以革新医疗服务的提供。
Through platforms like myAir and AirView, as well as our broad residential care software offerings, including go-to-market product brands like Brightree, MatrixCare, or MEDIFOX DAN, we are making healthcare more accessible, more efficient, and more patient-centered. We're also developing AI-driven solutions to further personalize healthcare and improve therapy adherence.
通过像 myAir 和 AirView 这样的平台，以及我们广泛的住宅护理软件产品，包括像 Brightree、MatrixCare 或 MEDIFOX DAN 这样的市场产品品牌，我们正在使医疗保健更加便捷、高效和以患者为中心。我们还在开发 AI 驱动的解决方案，以进一步个性化医疗保健并提高治疗依从性。
Let me briefly update on two in-market products in this AI-driven space. Our compliance coach digital offering is helping home medical equipment providers identify the most at-risk patients for adherence issues and is making a significant impact to help deliver timely interventions to improve therapy outcomes for patients as well as their physicians and their providers.
让我简要更新一下这个由人工智能驱动的领域中的两个市场产品。我们的合规教练数字产品正在帮助家庭医疗设备提供商识别出最有可能出现依从性问题的高风险患者，并在及时干预以改善患者、医生及其提供商的治疗效果方面产生了重大影响。
Our latest generative AI-driven consumer product that we call Dawn, is helping more people get access to the information they need. And to answer questions they have about their own personal sleep health, breathing health, and beyond.
我们最新的生成式人工智能驱动的消费产品，我们称之为 Dawn，正在帮助更多人获取他们所需的信息，并回答他们关于个人睡眠健康、呼吸健康等方面的问题。
After just a few months of Dawn being launched into our U.S. market, we've seen 25% of visitors initiate a session with Dawn. This has led to an extraordinary 40% reduction in the volume of direct-to-live human contact center queries, allowing tech to do what tech does best and our people to connect with customers how they connect best as humans. The bottom line is these technologies represent higher quality, better outcomes, and lower costs for the healthcare system and we are just getting started.
在 Dawn 进入美国市场仅仅几个月后，我们看到 25%的访客通过 Dawn 发起了会话。这导致了直接与人工联系中心的查询量显著减少了 40%，让技术发挥其最佳作用，并让我们的员工以最佳的人性化方式与客户沟通。最重要的是，这些技术代表了更高的质量、更好的结果和更低的医疗系统成本，而我们才刚刚开始。
人工智能很适合充当医生的角色。
Three, expanding into adjacencies. We are investing in adjacent areas, including insomnia, chronic obstructive pulmonary disease or COPD, and other respiratory insufficiency fields, including neuromuscular disease and beyond. With an aging population and an increasing incidence of chronic diseases, these areas represent significant growth opportunities. We continue to expand our cognitive behavior therapy for insomnia or CBTi offerings with a product called Somnoware, while also looking at other novel technologies in the market for the 860 million people worldwide who suffer from insomnia, the inability to get to sleep and stay asleep.
三，扩展到邻近领域。我们正在投资于邻近领域，包括失眠、慢性阻塞性肺病或 COPD，以及其他呼吸功能不全领域，包括神经肌肉疾病等。随着人口老龄化和慢性病发病率的增加，这些领域代表了重大的增长机会。我们继续通过一款名为 Somnoware 的产品扩展我们的失眠认知行为疗法或 CBTi 产品，同时也在关注市场上其他新技术，以帮助全球 8.6 亿失眠患者，即无法入睡和保持睡眠的人。
We're also building on our leadership in non-invasive ventilation for COPD patients to help develop new pathways for high-flow therapy in the home. The 480 million people who suffer from COPD urgently need better therapy and we are working on it. We also believe there is a significant opportunity for ResMed to capitalize on the growing trend of people worldwide seeking better sleep health regardless of whether they have clinically significant sleep apnea. And we're excited to explore what this means for ResMed as we build on our leadership in sleep apnea to extend more broadly into global sleep health, breathing health, and in fact, all health technology that's delivered in the home.
我们还在利用我们在慢阻肺患者无创通气方面的领导地位，帮助开发家庭高流量治疗的新途径。4.8 亿慢阻肺患者迫切需要更好的治疗，我们正在努力实现这一目标。我们还认为，ResMed有很大的机会利用全球人们寻求更好睡眠健康的趋势，无论他们是否有临床显著的睡眠呼吸暂停。我们很高兴探索这对ResMed意味着什么，因为我们在睡眠呼吸暂停方面的领导地位基础上，进一步扩展到全球睡眠健康、呼吸健康，事实上，所有在家中提供的健康技术。
As we look ahead, we are more energized than ever by the opportunities in front of us. The global demand for sleep health and breathing health solutions is growing. And our mission to help people sleep better, breathe better, and live higher-quality lives to their fullest potential continues to drive everything we do.
展望未来，摆在我们面前的机遇让我们比以往任何时候都更有活力。全球对睡眠健康和呼吸健康解决方案的需求正在增长。我们的使命是帮助人们更好地睡眠、更好地呼吸，并充分发挥潜力，过上更高质量的生活，这一使命继续推动着我们所做的一切。
We have updated our goal aligned with our 2030 strategy, and we now plan to empower over 500 million people to reach their fullest potential in 2030 with sleep health, breathing health, and health tech at home.
我们已更新目标以符合我们的 2030 战略，现在计划在 2030 年通过睡眠健康、呼吸健康和家庭健康技术赋能超过 5 亿人，帮助他们充分发挥潜力。
With our strong financial foundation, our innovative product pipeline, and our expanding digital health ecosystem, we are best positioned to achieve that goal. ResMed is at the forefront of a rapidly evolving healthcare technology landscape. We're leading with improving patient outcomes, applying new technology, and creating value for all of our stakeholders.
凭借我们强大的财务基础、创新的产品管线和不断扩展的数字健康生态系统，我们处于实现这一目标的最佳位置。ResMed处于快速发展的医疗技术领域的前沿。我们通过改善患者结果、应用新技术并为所有利益相关者创造价值来引领行业。
Thank you to the 10,000-plus ResMedians whose hard work and dedication make our mission possible and thank you to you, our shareholders for your continued trust and support.
感谢一万多名 ResMed 员工的辛勤工作和奉献，使我们的使命成为可能，也感谢我们的股东对我们的持续信任和支持。
With that, I'll hand the call over to Brett in Sydney for a deeper dive into our financials and then we'll open the floor up for questions. Brett, over to you.
接下来，我将把电话交给悉尼的布雷特，让他深入分析我们的财务状况，然后我们将开放提问环节。布雷特，交给你了。
Brett Sandercock
Great. Thanks, Mick. 太好了。谢谢，米克。
In my remarks today, I will provide an overview of our results for the first quarter of fiscal year 2025. Unless noted, all comparisons out of the prior year quarter and in constant currency terms were applicable. We had a strong financial performance in Q1. Group revenue for the September quarter was $1.22 billion, an increase of 11% on both a headline and constant currency basis.
在我今天的讲话中，我将概述我们 2025 财年第一季度的业绩。除非特别说明，所有比较均基于上一年同期，并以不变汇率计算。我们在第一季度的财务表现强劲。9 月份季度的集团收入为 12.2 亿美元，按标题和不变汇率计算均增长了 11%。
Revenue growth reflects positive and consistent contributions across our product and ReSupply portfolio. Year-over-year movements in foreign currencies positively impacted revenue by approximately $4 million during the September quarter. Looking at our geographic revenue distribution and excluding revenue from our Residential Care Software business, sales in U.S., Canada, and Latin America countries increased by 11%. Sales in Europe, Asia, and other regions increased by 10%.
收入增长反映了我们产品和补给组合的积极和持续贡献。外币的年度变动在九月季度对收入产生了约 400 万美元的正面影响。查看我们的地理收入分布并排除来自我们的住宅护理软件业务的收入，美国、加拿大和拉丁美洲国家的销售额增长了 11%。欧洲、亚洲和其他地区的销售额增长了 10%。
Globally, device sales increased by 10%, while masks and other sales increased by 11%. Breaking it down by regional areas, device sales in the U.S., Canada, and Latin America increased by 11%, supported by solid ongoing new patient demand. Masks and other sales increased by 10%, reflecting growth in both ReSupply and new patient setups. In Europe, Asia, and other regions, device sales increased by 9% on a constant-currency basis, while masks and other sales increased by 11%.
全球范围内，设备销售增长了 10%，而口罩和其他销售增长了 11%。按地区划分，美国、加拿大和拉丁美洲的设备销售增长了 11%，得益于持续强劲的新患者需求。口罩和其他销售增长了 10%，反映了补给和新患者设置的增长。在欧洲、亚洲和其他地区，设备销售按不变汇率计算增长了 9%，而口罩和其他销售增长了 11%。
Residential Care Software revenue increased by 12% in the September quarter, underpinned by growth from MEDIFOX DAN and continued strong performance from our HME software vertical. 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 first quarter earnings press release.
在九月份季度，住宅护理软件收入增长了 12%，这得益于 MEDIFOX DAN 的增长以及我们 HME 软件垂直领域的持续强劲表现。在我今天其余的评论中，我将引用非 GAAP 数字。我们在第一季度收益新闻稿中提供了非 GAAP 与 GAAP 数字的完整对账。
Gross margin increased by 320 basis points to 59.2% in the September quarter. The increase was primarily driven by manufacturing efficiencies and component cost improvements and an increase in average selling prices. Sequentially, gross margin was broadly consistent with last quarter. We continue to monitor potential headwinds that could arise from the Middle East conflict and congestion in Asian ports.
毛利率在九月份季度增加了 320 个基点，达到 59.2%。增长主要得益于制造效率和组件成本的改善以及平均售价的提高。环比来看，毛利率与上季度大致一致。我们将继续监测可能因中东冲突和亚洲港口拥堵而出现的潜在不利因素。
We expect increased air and sea freight costs will continue to impact our gross margin throughout fiscal year 2025. However, we have made good progress expanding gross margin over the last 12 months and we are focused on driving initiatives to further improve our gross margin. Looking forward, we continue to expect gross margin will be in the range of 59% to 60% in fiscal year 2025.
我们预计空运和海运成本的增加将在整个 2025 财年继续影响我们的毛利率。然而，在过去的 12 个月中，我们在扩大毛利率方面取得了良好进展，并且我们专注于推动措施以进一步改善我们的毛利率。展望未来，我们继续预计 2025 财年的毛利率将在 59%到 60%之间。
Moving on to operating expenses. SG&A expenses for the first quarter increased by 7%. The increase was predominantly attributable to increases in employee-related costs. SG&A expenses as a percentage of revenue improved to 19.5% compared to 20.2% in the prior year period. 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 fiscal year 2025.
接下来是运营费用。第一季度的销售、一般和行政（SG&A）费用增加了 7%。增加主要归因于与员工相关的成本增加。SG&A 费用占收入的百分比从去年同期的 20.2%改善至 19.5%。展望未来，受汇率变动影响，我们预计 2025 财年 SG&A 费用占收入的百分比将在 18%至 20%之间。
R&D expenses for the quarter increased by 4% on a constant currency basis. R&D expenses as a percentage of revenue was 6.5% compared to 6.9% 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 fiscal year 2025. Operating profit for the quarter increased by 27%, underpinned by revenue growth and gross margin expansion.
本季度研发费用在固定汇率基础上增加了 4%。研发费用占收入的比例为 6.5%，而去年同期为 6.9%。展望未来，受汇率变动影响，我们预计 2025 财年研发费用占收入的比例将在 6%至 7%之间。本季度营业利润增长了 27%，得益于收入增长和毛利率扩张。
Our net interest expense for the quarter was $1.7 million. Given our low debt levels, we expect net interest expense to be less than $1 million in the second quarter. Additionally, we will likely generate net interest income in the second half of fiscal year 2025. Our effective tax rate for the September quarter was 19.2%. We estimate our effective tax rate for fiscal year 2025 will be in the range of 19% to 21%. Our net income for the September quarter increased by 35% and non-GAAP diluted earnings per share increased by 34%.
我们本季度的净利息支出为 170 万美元。鉴于我们的低债务水平，我们预计第二季度的净利息支出将少于 100 万美元。此外，我们可能在 2025 财年的下半年产生净利息收入。我们 9 月份季度的有效税率为 19.2%。我们估计 2025 财年的有效税率将在 19%到 21%之间。我们 9 月份季度的净收入增长了 35%，非 GAAP 稀释每股收益增长了 34%。
Cash flow from operations for the quarter was $326 million, reflecting solid underlying earnings. Capital expenditure for the quarter was $18 million. Depreciation and amortization for the quarter totaled $45 million. We ended the first quarter with a cash balance of $426 million. During the quarter, we reduced our debt by $30 million.
本季度经营活动产生的现金流为 3.26 亿美元，反映了稳固的基础收益。本季度资本支出为 1800 万美元。本季度折旧和摊销总计 4500 万美元。我们在第一季度结束时的现金余额为 4.26 亿美元。在本季度，我们减少了 3000 万美元的债务。
We have now repaid our variable debt and our term debt remains at attractive interest rates relative to the current market. On September 30, we had $677 million in gross debt and $251 million in net debt, and we have approximately $1.5 billion available for drawdown under our revolver facility. We continue to maintain a solid liquidity position.
我们现在已经偿还了我们的浮动债务，而我们的定期债务相对于当前市场仍保持在有吸引力的利率。到 9 月 30 日，我们的总债务为 6.77 亿美元，净债务为 2.51 亿美元，并且在我们的循环信贷额度下大约有 15 亿美元可供提取。我们继续保持稳健的流动性状况。
Today, our Board of Directors declared a quarterly dividend of $0.53 per share. During the quarter, we purchased 222,000 shares under our previously authorized share buyback program for consideration of $50 million.
今天，我们的董事会宣布每股派发季度股息 0.53 美元。在本季度，我们根据之前授权的股票回购计划购买了 222,000 股，耗资 5,000 万美元。
We plan to purchase shares to the value of approximately $75 million per quarter through the remainder of fiscal year 2025. 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 growth through R&D, deploy further capital for tuck-in acquisitions, and continue our share buyback program.
我们计划在 2025 财年剩余时间内，每季度购买价值约 7500 万美元的股票。这将超过员工年度股权归属所带来的任何稀释。展望未来，我们计划继续通过研发进行增长再投资，进一步投入资金进行小型并购，并继续我们的股票回购计划。
And with that, I will hand the call back to Amy.
好了，我将把电话交还给艾米。
Amy Wakeham
Great. Thank you, Brett. Kevin, I'd like to go ahead and turn the call over to you to provide the instructions again and run the Q&A portion of the call. Thank you.
好的。谢谢你，Brett。Kevin，我想把电话交给你，请你再次提供说明并进行问答环节。谢谢。
Question-and-Answer Session
问答环节
Operator 操作员
[Operator Instructions] Our first question today is coming from Laura Sutcliffe from UBS. Your line is now live.
[操作员说明] 我们今天的第一个问题来自瑞银的 Laura Sutcliffe。您的线路已接通。
Laura Sutcliffe
Hello. Thank you for taking my question. Just a quick one. Do you have any sense of pre-orders for your new mask? I know it's not available yet, but any sense of what demand looks like for that product?
你好。感谢您回答我的问题。只是一个简单的问题。您对新口罩的预购有任何了解吗？我知道它还没有上市，但对该产品的需求有任何了解吗？
Michael Farrell
Yes. Thanks for the question, Laura. You know it's de-minimis at this point in terms of not material to the global financials. And so we don't release information like that. But what I can tell you is that we have shown this technology to our commercial teams in our big markets where it's going to launch next week. And there's incredible excitement.
是的。谢谢你的提问，劳拉。你知道在这一点上，这对全球金融来说是不重要的。因此，我们不会发布这样的信息。但我可以告诉你的是，我们已经向我们的大市场的商业团队展示了这项技术，它将在下周推出。大家都非常兴奋。
The marketing team have put together some fantastic programs. The sales team are ready to take it to customers. But most important here is the product engineering teams and the product management teams. This has been over a decade in development, it's really hard to take fabric and custom apply it onto Liquid Silicon Rubber and do that at scale. The scale that ResMed needs to launch a mask like this to the global market.
市场团队已经策划了一些非常棒的项目。销售团队已准备好将其带给客户。但这里最重要的是产品工程团队和产品管理团队。这已经开发了十多年，将织物定制应用于液态硅橡胶并大规模实现这一点确实很困难。ResMed需要以这种规模将这样的面罩推向全球市场。
看不懂有值得夸口的技术。
So I'm really excited about this technology. As a personal user of these types of devices, the idea of moving from a rubber type or a plastic type product to fabric is incredible. I truly think this is a game changer, but very early days, and nothing material to report at this point other than the great technology and the excitement of the commercial team.
所以我对这项技术感到非常兴奋。作为这类设备的个人用户，从橡胶或塑料产品转向织物的想法令人难以置信。我真的认为这是一个改变游戏规则的技术，但目前还处于非常早期的阶段，除了出色的技术和商业团队的兴奋之外，没有什么实质性的内容可以报告。
Thanks for the question, Laura.
谢谢你的提问，劳拉。
Laura Sutcliffe
Thanks. 谢谢。
Operator 操作员
Thank you. Our next question today is coming from Craig Wong-Pan from RBC. Your line is now live. Craig, your line...
谢谢。我们今天的下一个问题来自 RBC 的 Craig Wong-Pan。您的线路已接通。Craig，您的线路...
Michael Farrell
Craig, if you are there you might be on mute.
克雷格，如果你在的话，你可能静音了。
Craig Wong-Pan
Yes. Sorry about that. Thanks for taking my question. I just wanted to touch on the rest of world devices growth. 9% growth is good growth there. I was wondering if there was much benefit coming through from AirSense 11 sales given that they are higher priced. Or if not, could you just explain some of the kind of growth drivers there for rest of world devices?
是的。对此感到抱歉。感谢您回答我的问题。我只是想谈谈世界其他地区设备的增长。9%的增长是不错的增长。我想知道 AirSense 11 的销售是否带来了很多好处，因为它们的价格更高。或者如果没有，您能否解释一下世界其他地区设备的一些增长驱动因素？
国际增长长期低于美国国内增长的例子，有可能说明竞争力不足。
Michael Farrell
Yes. Look, Craig, as you know, that's Europe, Asia-Pac and rest of world. So there's quite a lot that goes into that 9% number, certainly very strong. We think we're holding share or taking share in the sort of 140 countries that are included in that broad group of countries. What I can tell you is, it's full competition. All players are in those markets and we're loving that global competition and we're loving having the smallest, quietest, and the most comfortable devices.
是的。看，克雷格，如你所知，那是欧洲、亚太和世界其他地区。所以 9%的数字包含了很多内容，当然非常强劲。我们认为在大约 140 个国家中，我们要么保持份额，要么增加份额，这些国家都包括在这个广泛的国家群体中。我可以告诉你的是，这是全面竞争。所有参与者都在这些市场中，我们喜欢这种全球竞争，我们喜欢拥有最小、最安静和最舒适的设备。
As you alluded to in your question, there is obviously some combination of the switch from AirSense 10 to AirSense 11 in the countries where that's improved and that has a higher price and a lower COGS point. And so there are some advantages to that. And in the revenue line, you'll see some of that.
正如你在问题中提到的，在那些有所改善的国家，从 AirSense 10 到 AirSense 11 的转换显然有某种组合，并且它的价格更高，COGS 点更低。因此，这有一些优势。在收入线上，你会看到其中的一些。
But I can tell you the vast majority of that -- the vast, vast, vast majority of that is volume and just the growth that we're able to achieve and that we're driving through demand, gen demand capture, and demand conversion in global markets. And I'm really just proud of Andrew Huxter and the team in Europe and Tony Lou in the team in Asia-Pac, they're just up there and performing really well and excited to -- 12 months in their new role is just really excelling. So great to see that.
但我可以告诉你，其中绝大部分——绝大部分、绝大部分是通过需求生成、需求捕获和需求转化在全球市场中实现的增长和我们能够取得的成就。我真的为 Andrew Huxter 和欧洲团队以及 Tony Lou 和亚太团队感到自豪，他们在那里表现得非常出色，并且在新角色的 12 个月里表现得非常出色。很高兴看到这一点。
Thanks for the question, Craig.
感谢你的提问，克雷格。
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。您的线路已接通。
Unidentified Analyst 未具名分析师
Hi guys, it's Jimmy on for Margaret. Thanks for taking the question and congrats on a great quarter here. Mick, I wanted to maybe touch on devices here, and it's great to see double-digit growth worldwide. As you've digested the drivers of the strength this quarter and maybe determine what you attribute the strength to. Are you seeing any pull-through from Samsung or the spotlight that GLPs are putting on OSA? And maybe just talk to some of the confidence that might be giving you as you look at how ResMed is trying to make an impact in growing the market longer term?
大家好，我是 Jimmy，代替 Margaret。感谢你们提问，并祝贺这个季度取得了优异的成绩。Mick，我想谈谈设备方面，很高兴看到全球实现了两位数的增长。在你们分析本季度强劲表现的驱动因素时，可能会确定你们将强劲表现归因于什么。你们是否看到三星的推动作用或 GLP 对 OSA 的关注？也许可以谈谈你们在展望ResMed如何在长期增长市场中产生影响时所获得的一些信心？
Michael Farrell
Yes, Jimmy. Thanks for the question. It's a good one. It allows us to talk to those macro trends and also sort of the micro, what happened these last 90 days. Firstly on the micro, look, U.S., Canada, Latin America device growth was exceptional at 11%. Just want to be clear, that's on a comp of 2% from this time a year ago.
是的，Jimmy。谢谢你的提问。这是个好问题。它让我们可以谈论那些宏观趋势，也可以谈论微观层面，过去 90 天发生了什么。首先在微观层面，美国、加拿大、拉丁美洲的设备增长非常出色，达到了 11%。我想明确一下，这是在去年同期 2%的基础上实现的。
So in Q1 2024, we had 2% growth in U.S., Canada, Latin America. So very good growth at 11%, but it's on a relatively low comp. So won't take over credit for that. But what I will say is that we're definitely holding share and taking share in those markets and it's great to have the AirSense 10 and AirSense 11. So we can have the number one rated device in the world, which is the AirSense 11, and the number two rated device in the market, which is the AirSense 10 available for sale there. So I think that has a combination of it.
因此，在 2024 年第一季度，我们在美国、加拿大和拉丁美洲的增长率为 2%。所以增长非常好，达到了 11%，但这是在一个相对较低的基数上。因此不会因此而获得荣誉。但我想说的是，我们肯定在这些市场上保持份额并扩大份额，拥有 AirSense 10 和 AirSense 11 是很棒的。这样我们就可以在全球销售排名第一的设备 AirSense 11，以及市场上排名第二的设备 AirSense 10。我认为这两者的结合起到了作用。
To the specific part of your question around Samsung with their de novo clearance earlier in the year and then Apple with their most recent launch of their latest watch with S, possible sleep apnea detection, and Samsung with de novo FDA clearance for moderate-to-severe sleep apnea detection. I think it's very early days in those new technologies. They've just been rolled out. I think there's a long runway to go as they get them out there.
关于您问题中特定部分，涉及三星在年初获得 de novo 许可，然后是苹果最近推出的最新手表，具有 S、可能的睡眠呼吸暂停检测功能，以及三星获得 FDA de novo 许可用于中度至重度睡眠呼吸暂停检测。我认为这些新技术还处于非常早期的阶段。它们刚刚推出。我认为在它们被广泛应用之前还有很长的路要走。
In a long runway, if you think about the analog being Apple Watch launching an EKG capability, what, 5, 5.5 years ago, and it's really now just starting to get good flow-through cardiology. I think it will go faster than that, but it won't be sort of in this one or two quarters since Samsung and just a quarter or less since Apple launched theirs and so really early days there.
在一个长跑道上，如果你考虑到类似苹果手表推出心电图功能，大约是 5 到 5.5 年前，现在才刚刚开始在心脏病学中获得良好的流通。我认为这会比那更快，但不会像三星推出以来的一两个季度，或者苹果推出以来的一个季度或更短时间那样快，所以现在还处于非常早期的阶段。
Look, I do think the GLP-1 trend of getting patients into primary care is helping and we're tracking 989,000 patients now with combo prescriptions for GLP-1s and those PAP and those are having some tailwind effects. So all of these macro trends are positive. What I can tell you is, I think it's just getting awareness out there. All this talks to the importance of sleep health, breathing health, and that people are thinking about it. Big consumer tech companies, big pharmas are thinking about it and people in general are and they're coming into the healthcare system and they're getting those prescriptions.
我确实认为将患者引入初级保健的 GLP-1 趋势正在发挥作用，我们现在正在跟踪 989,000 名患者，他们有 GLP-1 和那些 PAP 的组合处方，并且这些正在产生一些顺风效应。所以所有这些宏观趋势都是积极的。我能告诉你的是，我认为这只是提高意识。所有这些都说明了睡眠健康、呼吸健康的重要性，人们正在关注它。大型消费科技公司、大型制药公司都在关注它，人们普遍也在关注，他们正在进入医疗系统并获得这些处方。
So really excited about 11% growth in U.S., Canada, Latin America on a 2% comp, really excited about Europe, Asia, and rest of world growth of 9% and global growth of 10% constant currency in our devices category.
因此，对于美国、加拿大、拉丁美洲在 2%基数上的 11%增长感到非常兴奋，对于欧洲、亚洲和世界其他地区 9%的增长以及我们设备类别中 10%的全球恒定货币增长感到非常兴奋。
And look, I'll give credit to the team. I think the team has done a great job commercially and a great job with our partners in home care providers, physicians getting prescriptions, and helping to expand the diagnostic funnel. Again, early days, we're excited about the flow and really, really proud to report these numbers.
而且你看，我会给予团队应有的赞誉。我认为团队在商业上做得很出色，并且在与家庭护理提供者、医生获取处方以及帮助扩大诊断渠道方面做得很好。同样，早期阶段，我们对这个流程感到兴奋，并且非常自豪地报告这些数字。
Operator 操作员
Thank you. Next question is coming from David Low from JPMorgan. Your line is now live.
谢谢。下一个问题来自摩根大通的 David Low。您的线路已接通。
David Low
Thanks very much. Mick, perhaps a similar topic. Mask sales for the last year or so have been double-digit. I'm looking particularly the North American market. Just wondering if you could talk about the drivers there. I mean, what comes to mind is master patient is increasing, adherence is increasing and perhaps ResMed's market share is increasing. Can I get a touch on what you think the drivers are and maybe talk a little bit about what to expect in the future, please?
非常感谢。Mick，也许是一个类似的话题。过去一年左右的口罩销售额一直是两位数增长。我特别关注北美市场。想知道你能否谈谈那里的驱动因素。我是说，首先想到的是主患者在增加，依从性在增加，也许ResMed的市场份额在增加。我能否了解一下你认为的驱动因素是什么，并且能否稍微谈谈对未来的预期？
Michael Farrell
Yes, David, it's a good question. You helped me answer it with three of the areas where that growth is coming from. Yes, I mean, look, masks and accessories growth in U.S., Canada, Latin America was at 10%, really solid. That was on an extraordinary comp of 23% from Q1 '24 a year ago. And so as you said, solid ongoing double-digits on double-digits growth there. And look, it is, it's a combination of new patients. We're seeing new patient flow to be pretty solid into the system. It's a combination of that plus ReSupply. We are expanding Brightree ReSupply. We're expanding Snap to every Brightree customer that wants it.
是的，大卫，这是个好问题。你帮助我回答了这个问题，指出了增长的三个来源。是的，我的意思是，美国、加拿大、拉丁美洲的口罩和配件增长率为 10%，非常稳固。这是在去年 Q1 '24 的 23%非凡对比基础上实现的。因此，正如你所说，持续的双位数增长是非常稳固的。看，这是新患者的组合。我们看到新患者流入系统相当稳固。这是新患者加上 ReSupply 的组合。我们正在扩展 Brightree ReSupply。我们正在将 Snap 扩展到每个想要的 Brightree 客户。
We actually said three weeks ago at our Investor Day at the New York Stock Exchange, we're going to launch Snap Technologies even to non-Brightree customers. We're going to make it operable with whatever ERP-type management system you're using for your HME. We've got a really good share with Brightree, but if you're not using Brightree, we don't have to convert to Brightree, although we want to -- we to put you on Snap. And so that's a new advance there on ReSupply.
实际上，我们三周前在纽约证券交易所的投资者日上说过，我们将向非 Brightree 客户推出 Snap Technologies。我们将使其能够与您用于 HME 的任何 ERP 类型管理系统兼容。我们在 Brightree 上有很好的份额，但如果您没有使用 Brightree，我们不必转换到 Brightree，尽管我们希望您使用 Snap。因此，这是 ReSupply 上的一项新进展。
So runway left there. Yes, I think the masks per patient per year is going up, but there is still a lot of room. I think there's a lot of people. I mean, I talk to them anecdotally, but if you go out and do your channel checks and research, not everybody knows that reimbursement will pay for two, three, or even four mask systems per year and some people are still getting one mask system per year or less.
所以跑道就在那里。是的，我认为每位患者每年的口罩数量正在增加，但仍有很大的空间。我认为有很多人。我的意思是，我与他们交谈过，但如果你出去做渠道检查和研究，并不是每个人都知道报销可以支付每年两到三个甚至四个口罩系统，而有些人每年仍然只得到一个口罩系统或更少。
And so there's a lot of room to improve. Some people are on those programs and they love it and they get on the subscription ones. I love it because it's an overlap of altruism with the profit motive. The only reason someone is going to buy a new mask is if they're getting good care and pay that co-pay and go through the sign-off that they have to do.
因此，还有很大的改进空间。有些人参与了这些项目，他们很喜欢，并且订阅了这些项目。我喜欢它，因为它是利他主义与利润动机的重叠。有人购买新口罩的唯一原因是他们得到了良好的护理，支付了共付额，并完成了他们必须做的签字手续。
So really good growth there of 10% in U.S., Canada, and Latin America. But I'm also really proud of Europe, Asia, and rest of world, where we don't have all those systems like Brightree and Snap Technologies and all the sort of sophistication that we have with our U.S. HME channel partners. And we have to do it sort of through different methodologies and subscription models and/or direct engagement through home care providers or direct engagement to the consumers, the patients themselves. And so global growth of 11% really solid.
美国、加拿大和拉丁美洲的增长非常好，达到了 10%。但我也为欧洲、亚洲和世界其他地区感到自豪，在这些地方，我们没有像 Brightree 和 Snap Technologies 这样的系统，也没有我们与美国 HME 渠道合作伙伴所拥有的那种复杂性。我们必须通过不同的方法和订阅模式，或者通过家庭护理提供者的直接参与，或者直接与消费者、患者本人接触来实现。因此，全球增长 11%非常稳固。
Look, we still see the market growth as mid-single digits on devices and high-single digits on masks. But what you saw is this quarter, ResMed doesn't accept market growth, we drive it. And the third part you said around share, yes, look, this isn't carbonated beverages industry in Coke versus Pepsi or McDonald's versus KFC. This is really around expanding the pie. And so, yes, we've done very well in share, have extraordinary good share in AirSense 10, AirSense 11, and our new masks, the F40, great share there in full phase and I think we'll continue to take some points.
看，我们仍然认为设备市场增长为中个位数，口罩为高个位数。但你看到的是这个季度，ResMed不接受市场增长，我们推动它。你提到的第三部分是关于份额，是的，看，这不是可口可乐与百事可乐或麦当劳与肯德基的碳酸饮料行业。这实际上是关于扩大市场。因此，是的，我们在份额上做得非常好，在 AirSense 10、AirSense 11 和我们的新口罩 F40 上有非常好的份额，在全面阶段表现出色，我认为我们将继续获得一些份额。
But for me, it's less about that, I want to do that. Every day, we fight for share of devices and masks. But more and more, it's about 1 billion people suffocating worldwide. And we're really happy to say we've sold 28 million 100% cloud-connectable medical devices. That's 2.8% of the potential, throw in the rest of the market, we're less than 5% into this global market.
但对我来说，这不太重要，我想做这件事。每天，我们都在争夺设备和口罩的份额。但越来越多的是，全球有 10 亿人正在窒息。我们很高兴地说，我们已经售出了 2800 万台 100%可云连接的医疗设备。这是潜力的 2.8%，加上市场的其他部分，我们在这个全球市场中的份额不到 5%。
And so our biggest opportunity is getting more patients into the funnel. I'm loving that big tech from the consumer side and big pharma are going to bring more patients in and that's ResMed's job to help those people find the pathway through as I said in the prep remarks.
因此，我们最大的机会是让更多的患者进入渠道。我喜欢来自消费者方面的大型科技公司和大型制药公司将带来更多患者，而这正是ResMed的工作，帮助这些人找到通路，正如我在准备发言中所说的那样。
That's how we'll be able to sustain the sort of as we said in our Investor Day, high-single-digit growth for ResMed and then better growth than that in terms of our profit and better growth in that in our free cash flow and earnings per share. Thanks for the question, David.
这就是我们能够维持我们在投资者日所说的那种高个位数增长的方法，ResMed的增长，然后在利润方面实现更好的增长，以及在自由现金流和每股收益方面实现更好的增长。谢谢你的提问，大卫。
Operator 操作员
Thank you. Next question today is coming from Saul Hadassin from Barrenjoey Capital. Your line is now live.
谢谢。今天的下一个问题来自 Barrenjoey Capital 的 Saul Hadassin。您的线路已接通。
Saul Hadassin
Good morning. Good afternoon, Mick and Brett. Can you hear me?
早上好。下午好，Mick 和 Brett。你们能听到我吗？
Michael Farrell
Hear you loud and clear, Saul.
听得很清楚，索尔。
Saul Hadassin
Thanks, Mick. Maybe one for Brett. Brett, just on working capital, it looked like it was a bit of a headwind this quarter as it related to your operating cash flow and in particular some inventory build. Can you just talk to -- is there sort of just seasonality in this? Is it just some inventory build as it relates to new product launch or any other issues that you're seeing as it relates to the cost of that inventory that's coming through the balance sheet? Thank you.
谢谢，Mick。也许这个问题适合 Brett。Brett，就营运资金而言，本季度似乎对你的经营现金流有些不利，特别是一些库存增加。你能谈谈这是否只是季节性因素？是否只是与新产品发布相关的库存增加，或者你看到的与库存成本相关的其他问题？谢谢。
Brett Sandercock
Yes. Thanks, Saul. Yes, a little bit of increase in our inventory, if you looked at it sequentially on the working capital. What we've done is we're really in the process of rebalancing on sea freight, air freight and particularly trying to mitigate some of those increased freight costs and freight rates.
是的。谢谢，索尔。是的，我们的库存略有增加，如果你按营运资本顺序查看。我们所做的是，我们正在重新平衡海运、空运，特别是努力减轻一些增加的运费和运价。
So we've increased some stock in transit, which is on the sea, which is increasing our inventory levels in the short term. There may be a little more of an increase in Q2, but then we think it will be pretty stable after that. It's just a process of balancing that. So part of what we're trying to do to mitigate some of those freight costs.
因此，我们增加了一些在途库存，这些库存在海上，这在短期内增加了我们的库存水平。第二季度可能会有更多的增加，但之后我们认为会相当稳定。这只是一个平衡的过程。这是我们为减轻一些运费成本所做的部分努力。
Saul Hadassin
Thank you. 谢谢。
Operator 操作员
Thank you. Next question today is coming from Anthony Petrone from Mizuho. Hope your line is now live.
谢谢。今天的下一个问题来自瑞穗的 Anthony Petrone。希望您的线路现在已接通。
Anthony Petrone
Hi. Thanks. Congratulations on the quarter, and thanks again for all the feedback at the Analyst Day. Maybe a quick one, Mick, on pricing, Mick or Brett. Last year, you put in some price increases, both devices and ReSupply and I think we're approaching the anniversary of a few of those price actions last year. So maybe just a little bit on the pricing strategy going forward. Is that going to be a part of the steady diet? And if I could sneak one in there as well, just U.S. DME purchasing patterns, are they holding more inventory and buying more in bulk just because of the supply situation out there? Thanks again, and congratulations.
嗨。谢谢。祝贺你们这个季度的成绩，再次感谢你们在分析师日的所有反馈。也许可以快速问一个问题，关于定价，Mick 或 Brett。去年，你们对设备和补给进行了价格上涨，我想我们正在接近去年这些价格调整的周年纪念日。所以也许可以谈谈未来的定价策略。这会成为一个常规策略吗？如果可以的话，我还想问一下美国耐用医疗设备的采购模式，他们是否因为供应情况而持有更多库存并进行批量采购？再次感谢，祝贺你们。
Michael Farrell
Yes. Thanks, Anthony. I'll have a go at both questions. And Brett, feel free to chime in. Anthony is opening up for both of us. But firstly on pricing strategy, look, as we saw during the supply-chain crisis, the impacts on electrical components availability and cost and specifically around semiconductors and comms chips, some really specific price increases we saw from our channel.
是的。谢谢，安东尼。我会尝试回答这两个问题。布雷特，你也可以随时加入。安东尼正在为我们两人开场。但首先关于定价策略，看看，就像我们在供应链危机期间看到的那样，电气元件的可用性和成本的影响，特别是围绕半导体和通信芯片，我们从渠道看到了一些非常具体的价格上涨。
And as Brett alluded to in his last answer, increase in freight costs -- air freight costs and availability and sea freight costs and availability over the last four, eight, 12 quarters have really flowed into our inventory and had a big hit on us. And so -- and we took that hit. Four, five quarters ago, you saw us take significant hits from that. We are working through that.
正如布雷特在他最后的回答中提到的，运费的增加——航空运费和可用性以及海运运费和可用性在过去的四个、八个、十二个季度中确实流入了我们的库存，并对我们造成了很大影响。因此——我们承受了这种打击。四、五个季度前，你看到我们因此遭受了重大打击。我们正在努力解决这个问题。
And so look, as we worked with our customers, we shared some of the pain of those price increases that we saw. We took some of the hit, frankly at ResMed as the market saw and we passed on some of that in saying, look, these costs have gone up. They've gone up for everything, forever, bread, milk, bananas, fruits. I mean, it's happened. And frankly, it's interesting to me on the retail side, not all of them have lowered their prices as things have started to come down.
所以你看，当我们与客户合作时，我们分担了一些我们看到的价格上涨带来的痛苦。坦率地说，我们在ResMed承担了一些冲击，正如市场所见，我们传递了一些信息，说这些成本已经上涨。面包、牛奶、香蕉、水果，所有东西的价格都上涨了。我是说，这已经发生了。坦率地说，我觉得有趣的是，在零售方面，并不是所有人都在价格开始下降时降低了价格。
Here at ResMed, look, we're in the healthcare industry. We understand this is controlled reimbursement many countries by governments and private payers. And so we partner up with our channel to say, look, what's happening. And so we shared some of that pain there. I think things are starting to level out somewhat as you saw in our costs. We're managing air freight better, sea freight better.
在ResMed，看，我们在医疗保健行业。我们理解这是由政府和私人支付者在许多国家控制的报销。因此，我们与我们的渠道合作，看看发生了什么。因此，我们分享了一些痛苦。我认为事情开始有所平稳，正如你在我们的成本中看到的。我们正在更好地管理空运和海运。
We're moving our way through those high-cost components. We're always wary of what could happen with Red Sea issues and Panama Canal issues and even a seaport threat of a union strike just last month.
我们正在处理那些高成本的组件。我们始终对红海问题、巴拿马运河问题，甚至上个月的港口工会罢工威胁保持警惕。
And so we're watching it with a productive sense of paranoia. But what I can tell you is, Shane Azzi, our new Chief Supply Chain Officer is all over this, and we've got plans to mitigate and Brett led that group the last six months. So really good communication between our finance team and our supply chain team. So we're all over this.
因此，我们带着一种富有成效的偏执感在关注它。但我可以告诉你的是，我们的新首席供应链官 Shane Azzi 对此非常关注，我们已经制定了缓解计划，Brett 在过去六个月里领导了那个团队。所以我们的财务团队和供应链团队之间的沟通非常好。所以我们对此非常关注。
And I think in terms of pricing, sure, you will see some maybe increases in pricing in components and parts where the costs are still high. I'm thinking like tubing and humidifiers in areas where there is just relatively higher costs relative to where we price them. But in general, I think it will be a benign pricing environment.
我认为在定价方面，当然，你会看到一些组件和零件的价格可能会上涨，因为这些地方的成本仍然很高。我想到的是管道和加湿器，这些地方的成本相对较高。但总体而言，我认为这将是一个温和的定价环境。
To the second question about U.S. HME purchasing patterns. No, we really haven't seen any sort of across the market change in how that happens. I mean, there are customers like in Japan, particularly with our large customers there, they tend to buy large bulk purchases and then work through sort of an inventory fleet management system, if you think for the CPAPs, APAPs, and buy levels and certainly on the ventilators and certainly on the mask side, they then have some level of inventory stocking in Japan. But in the U.S., even the large customers, we partner up very well.
关于美国 HME 采购模式的第二个问题。不，我们确实没有看到市场上发生任何变化。我是说，有些客户，比如在日本，特别是我们在那里的大客户，他们倾向于进行大批量采购，然后通过某种库存车队管理系统来运作，如果你考虑 CPAP、APAP 和买入水平，当然在呼吸机和面罩方面，他们在日本有一定的库存储备。但在美国，即使是大客户，我们的合作也非常好。
We look at our supply chain, they don't want to hold excess inventory. We don't want to hold excess inventory. So as we can, it's not a just-in-time market. I worked in chemicals and steel and mining industries where it was just-in-time minimum available and just make sure it's just there in time. This is healthcare. If somebody misses out on that product, they may not get a life-changing healthcare technology.
我们查看我们的供应链，他们不想持有过多库存。我们也不想持有过多库存。因此，我们可以说，这不是一个准时制市场。我曾在化工、钢铁和采矿行业工作，那些行业是准时制，最低可用，并确保它能及时到达。这是医疗保健。如果有人错过了那个产品，他们可能无法获得改变生活的医疗技术。
So we want to make sure it's available. As Brett said, we have some levels of inventory reasonably high, but we are looking at efficiency of the supply chain for us and our customers. So no major change in U.S. HME purchasing patterns. And our goal is to make sure that it's as just-in-time as possible with no patient left behind.
所以我们想确保它是可用的。正如布雷特所说，我们有一些库存水平相对较高，但我们正在关注供应链对我们和客户的效率。因此，美国 HME 采购模式没有重大变化。我们的目标是确保尽可能做到准时交付，不让任何患者落下。
Operator 操作员
Thank you. Next question is coming from Daniel Hurren from MST Marquee. Your line is now live.
谢谢。下一个问题来自 MST Marquee 的 Daniel Hurren。您的线路已接通。
Daniel Hurren
Good morning. Thanks very much. Look, we've noticed that the term tuck. Sorry, can you hear me?
早上好。非常感谢。看，我们注意到这个词 tuck。抱歉，你能听到我吗？
Michael Farrell
Yes. Got you loud and clear, Dan.
是的。听得很清楚，丹。
Daniel Hurren
Thanks. Thanks, Mick. Look, we've noticed that this term tuck-in acquisition has become very common in your commentary. And then in the presentation, you pointed out the $1.5 billion in debt capacity. So I was hoping you could talk just to the M&A priorities and the scale of the M&A priorities, I guess, and how you think about capital management as the free cash really start to ramp up over the next 12 months as that debt is retired.
谢谢。谢谢，米克。看，我们注意到这个术语“并购整合”在你的评论中变得非常常见。然后在演示中，你指出了 15 亿美元的债务能力。所以我希望你能谈谈并购的优先事项和并购优先事项的规模，我想，以及在未来 12 个月随着债务偿还，自由现金流真正开始增加时，你如何看待资本管理。
Michael Farrell
Okay, Dan. Well, I'll take the first part of that question about tuck-in M&A and I'll hand it to Brett to talk about capital management more broadly as our CFO and he sleeps and breathes that. In terms of tuck-in acquisitions, obviously, I'm not going to go into details of our radar and what we're looking at, and conversations we're having. But what I will talk about is what we've done in terms of successful tuck-in acquisitions.
好的，丹。好吧，我将回答关于补充并购问题的第一部分，然后交给我们的首席财务官布雷特来更广泛地谈论资本管理，他对此了如指掌。关于补充收购，显然，我不会详细介绍我们的雷达和我们正在关注的内容以及我们正在进行的对话。但我会谈谈我们在成功的补充收购方面所做的工作。
So if you look at what we did sort of around three, four years ago with Snap Technologies, that was a tuck-in acquisition. It was de-minimis in terms of the number. I don't think we even published the number. It was relatively small in terms of our annual cash flow. But what it did was it gave us the ability to engage with HMEs and engage with their customers, the patients in ways that we hadn't ever before and brought new technology.
因此，如果你看看我们大约三、四年前与 Snap Technologies 的合作，那是一项小规模的收购。在数量上是微不足道的。我认为我们甚至没有公布这个数字。就我们的年度现金流而言，它相对较小。但它给了我们与 HMEs 及其客户、患者以我们以前从未有过的方式互动的能力，并带来了新技术。
So it improved both Brightree's sort of Residential Care Software as a service business, but it also improved our core sleep health and breathing health business by making sure people when they wanted a new mask could easily and capably get approval, co-pays made, all the Is dotted and Ts cross for the healthcare system and then get the product needed that they could get. So we are absolutely out there on the lookout for acquisitions like Snap.
因此，它不仅改善了 Brightree 的住宅护理软件即服务业务，还通过确保人们在需要新面罩时能够轻松获得批准、支付共付费用、完成所有医疗系统的手续并获得所需产品，改善了我们的核心睡眠健康和呼吸健康业务。因此，我们绝对在寻找像 Snap 这样的收购机会。
Another tuck-in acquisition I'll talk about is called Somnoware. Somnoware is software for pulmonary and sleep medicine physician practices across the respiratory sections, so sleep apnea, COPD, and beyond, all sort of sleep health and breathing health. Again, de-minimis in that we didn't release the total number, we didn't need to, but we got amazing capabilities with that acquisition.
我要谈论的另一个小型并购叫做 Somnoware。Somnoware 是用于呼吸科的肺部和睡眠医学医生实践的软件，包括睡眠呼吸暂停、慢性阻塞性肺病等，涵盖所有类型的睡眠健康和呼吸健康。同样，由于我们没有公布总数，所以影响很小，但通过这次收购我们获得了惊人的能力。
A team of engineers here in the U.S. and in India and actually a great entrepreneur in Subath, who joined our team. I first met him at a SLEEP meeting maybe 15 years ago. And he said, I think at that time, you're going to need us, you're going to buy our technology. And he was right. It was a decade and a half later, but that was a great tuck-in acquisition and Subath has the office right next door to me and he's looking at our incubation and growth and looking at tuck-in acquisitions that are just like the company that he had.
我们在美国和印度的一个工程师团队，以及一位伟大的企业家 Subath，他加入了我们的团队。我第一次见到他是在大约 15 年前的一次 SLEEP 会议上。他当时说，我认为你们将需要我们，你们将购买我们的技术。他是对的。虽然是十五年后，但那是一次很好的并购，Subath 的办公室就在我隔壁，他正在关注我们的孵化和增长，并寻找与他公司类似的并购机会。
So he's out there at conferences like Health and CES along with Carlos Nunez and the rest of our team to look out what those tuck-ins might be. But Somnoware allows us to engage with pulmonary doctors earlier and earlier on this sort of end-to-end digital sleep health concierge process that ResMed wants to be. We're getting earlier and earlier in that with our Somnoware acquisition.
所以他和卡洛斯·努涅斯以及我们团队的其他成员一起出席了健康和 CES 等会议，以了解那些可能的并购机会。但 Somnoware 使我们能够在这种端到端的数字睡眠健康服务过程中更早地与肺科医生接触，而这正是ResMed想要成为的。通过收购 Somnoware，我们在这方面越来越早。
The final one I'll talk about, I could talk all day on it, but our final one for this is a tuck-in M&A that we did of a technology from a company called Ectosense and the technology is called NightOwl. And I actually just talked in the prep remarks about how we've just integrated NightOwl with myAir, the myAir platform, the patient consumer app, and NightOwl. NightOwl is a home sleep apnea test that is basically a wearable. I mean, it's the size of a band-aid with a sensor that goes on your finger. And with that connected to your smartphone, we can get very high sensitivity and specificity.
最后我要谈的是，我们进行了一项技术的并购，这项技术来自一家名为 Ectosense 的公司，技术名为 NightOwl。我刚刚在准备发言中谈到我们如何将 NightOwl 与 myAir、myAir 平台、患者消费者应用程序和 NightOwl 集成。NightOwl 是一种家庭睡眠呼吸暂停测试，基本上是一种可穿戴设备。它的大小像创可贴，传感器放在你的手指上。通过与智能手机连接，我们可以获得非常高的灵敏度和特异性。
Sensitivity and specificity are well higher than you get from some of these other wearables I talked about from consumer tech companies because we're doing different things. They're both FDA, 510 cleared devices, but ours is designed to be a diagnostic, a home sleep apnea test that can be a diagnostic, and a prescription written from a pulmonary physician. Great tuck-in acquisition.
敏感性和特异性远高于我提到的一些其他消费科技公司生产的可穿戴设备，因为我们做的事情不同。它们都是 FDA 510 批准的设备，但我们的是设计为诊断工具，一种可以用于诊断的家庭睡眠呼吸暂停测试，并由肺科医生开具处方。非常好的收购。
Again, we didn't release the number, it was relatively small and that's why it's a tuck-in. But that technology is scaled by ResMed in 140 countries and we're just ready to relaunch it here in the U.S. market. I think the timing couldn't be better because if Samsung and Apple get these people thinking, oh, possible sleep apnea from my phone or maybe I've got this moderate sleep apnea infection, where do I go? Well, guess what? They go to a primary care physician or they go to a sleep physician and then we need digital scalable models for them. So a product like NightOwl helps with that.
我们没有公布具体数字，因为相对较小，这就是为什么它是一个小型并购。但这项技术已由ResMed在 140 个国家推广，我们正准备在美国市场重新推出。我认为时机再好不过了，因为如果三星和苹果让人们开始思考，哦，我的手机可能检测到睡眠呼吸暂停，或者我可能有中度睡眠呼吸暂停感染，我该去哪里？好吧，你猜怎么着？他们会去看初级保健医生或睡眠医生，然后我们需要为他们提供数字化可扩展的模型。因此，像 NightOwl 这样的产品对此有所帮助。
And we're creating not just in our own diagnostics, but a portfolio of capabilities with other diagnostics companies and service providers in the U.S. and beyond because that digital sleep health concierge is an obligation for ResMed. People are going to come with problems of sleep health and breathing health. We don't want them waiting in a do-loop. We want them taken care of. So they are the sort of three examples of tuck-in acquisitions and more to come on that.
我们不仅在自己的诊断中进行创造，还与美国及其他地区的其他诊断公司和服务提供商一起创建了一系列能力，因为数字睡眠健康礼宾服务是ResMed的责任。人们会带着睡眠健康和呼吸健康的问题来找我们。我们不希望他们在一个循环中等待。我们希望他们得到照顾。这就是三种并购的例子，还有更多的例子。
Brett, in terms of capital allocation, any thoughts to share with Dan on a broader level?
布雷特，在资本配置方面，有什么想法可以在更广泛的层面上与丹分享吗？
Brett Sandercock
Yes. Thanks, Mick. And Dan, when you think about the tuck-ins we've got and Mick articulated some great examples, which we think are going to add a ton of value over time, and we're continuously looking at these sort of acquisitions. But in terms of quantum tuck-in, I guess, that's fairly broad, $100 million -- $200 million, it could be given our balance sheet and size now, it could be up to $500 million, Dan.
好的，谢谢，Mick。Dan，当您考虑我们已有的一些小型并购项目时，Mick提到了一些非常好的例子，我们认为这些项目随着时间推移会带来巨大的价值，我们也在持续关注此类收购。但就收购规模而言，我认为范围相对广泛，大概在1亿到2亿美元之间。鉴于我们目前的资产负债表和规模，可能会达到5亿美元。
It just depends what the acquisitions strategically like, financially like, culturally like, and then what sort of capability it can bring into ResMed and how we might leverage that. So we think pretty hard about it before we actually make the acquisition. But it's been really good acquisitions over the last two or three years and there's more out there as the market continues to develop. So anything in that range, I think we would look at.
这取决于收购在战略上、财务上、文化上是什么样的，然后它能为ResMed带来什么样的能力，以及我们如何利用这些能力。所以我们在实际进行收购之前会认真考虑。但在过去两三年里，这些收购都非常成功，并且随着市场的不断发展，还有更多的机会。因此，我认为我们会考虑这个范围内的任何东西。
And then the other side on capital management and you heard my comments earlier, we will increase the buyback each quarter going forward and that obviously remains a lever for us going forward. So that's kind of the two areas, I guess, will -- well, three really. Fundamentally R&D investment where we get -- that's the greatest return we get. We'll look at, as Mick said, we'll look at the tuck-in acquisitions and then we'll do some capital management as well. That's kind of the three areas of focus.
然后在资本管理方面，你们之前听到了我的评论，我们将每季度增加回购，这显然是我们未来的一个杠杆。所以我想这大概是两个领域，实际上是三个。根本上是研发投资，这是我们获得最大回报的地方。正如 Mick 所说，我们会考虑小型并购，然后我们也会进行一些资本管理。这大概是三个重点领域。
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。您的线路已接通。
Mike Matson
Yes. Thanks for taking my question. I guess, I just wanted to ask one. So with the new - on masks with the new N30i with that fabric over the straps, is that a technology that you can apply to other masks in your portfolio? And then is that something that you're able to get a price premium for?
是的。谢谢您回答我的问题。我想，我只是想问一个问题。那么关于新款——在带有织物肩带的新款 N30i 口罩上，这项技术是否可以应用于您产品组合中的其他口罩？那么这是否是您能够获得价格溢价的东西？
Michael Farrell
Yes, it's a great question, Mike, and thanks for coming to our Investor Day. You were able to touch and see that product because I think you've really got to touch and see what the AirTouch N30i is. It's in its name, right? It's an AirTouch. That fabric is -- it's extraordinarily advanced technology. As I said, we've been looking for a decade at fabrics and how to get them at scale and with efficacy on a mask that could be ResMed quality, and we were able to bring that to market.
是的，这是个很好的问题，迈克，感谢你来参加我们的投资者日。你能够触摸和看到那个产品，因为我认为你真的需要触摸和看到 AirTouch N30i。它的名字就说明了一切，对吧？它是一个 AirTouch。那种面料是——它是非常先进的技术。正如我所说，我们已经研究了十年如何在面罩上大规模有效地使用面料，并达到ResMed的质量，我们成功地将其推向市场。
To your question, can we apply that technology to other masks? Absolutely. I think this is a game changer and it changes the basis of competition for how patient interfaces are delivered from plastics and rubbers sort of medical-type products that you might find in a hospital to ones that you might find at home. People sleep on cotton or silk fabric sheets. They have a cotton-covered pillow. They don't sleep on plastic, why should that part be delivering care on your face? If we can get the pneumatic stent at safety, efficacious, and long-term capability.
对于你的问题，我们能否将该技术应用于其他面罩？绝对可以。我认为这是一个游戏改变者，它改变了竞争的基础，从医院中可能找到的塑料和橡胶类医疗产品到你可能在家中找到的产品。人们睡在棉布或丝绸床单上。他们有一个棉布覆盖的枕头。他们不睡在塑料上，为什么那部分要在你的脸上提供护理？如果我们能让气动支架在安全、有效和长期能力上实现。
可能是美国医疗系统的钱太好赚了，弄点小花招就能够提高价格。
But to your question, yes, it is a higher cost. It's more difficult to have these machinery robotics and scalable systems that can do this even with ResMed having the biggest manufacturing footprint on the planet in the field of respiratory medicine, sleep health, and breathing health, it's costs are still higher with a new technology like this. So pricing will be slightly higher for these types of products because the costs are higher.
但回答你的问题，是的，成本更高。即使ResMed在呼吸医学、睡眠健康和呼吸健康领域拥有全球最大的制造足迹，拥有这些能够做到这一点的机械机器人和可扩展系统也更加困难，使用这种新技术的成本仍然更高。因此，这类产品的定价会略高一些，因为成本更高。
But I think what you'll find is that first-time fit rates will go up, that return rates will go down, and that adherence rates will go up. As we do with all our technology, that's the goal, lower the cost of the overall healthcare system, improve adherence, which means less chances of heart attack, stroke, less chances of death as we've shown in the Alaska study for patients who are adherent on CPAP versus not.
但我认为你会发现，首次适配率会上升，退货率会下降，依从率会上升。正如我们对所有技术所做的那样，这就是目标，降低整体医疗系统的成本，提高依从性，这意味着心脏病发作、中风的几率更小，死亡的几率更小，正如我们在阿拉斯加研究中所显示的那样，使用 CPAP 的患者与不使用的患者相比。
And we think that these types of improvements will have a huge return on investment for the patient, for the physician, for the provider as we launch them to market. So yes, the AirTouch N30i is coming out. It will have a price premium because it's got a higher cost. We can't take it to other masks and we will over time. But early days, we're just launching it next week. Lots of interest and excitement from our commercial team and the customers who sort of got a sneak preview and we're excited about AirTouch N30i and what it can do more broadly across the world.
我们认为，这些类型的改进将为患者、医生和提供者带来巨大的投资回报，因为我们将它们推向市场。所以是的，AirTouch N30i 即将推出。它的价格会有溢价，因为成本更高。我们不能将其应用于其他面罩，但我们会随着时间的推移做到这一点。但在早期阶段，我们将在下周推出它。我们的商业团队和那些提前预览的客户对此充满了兴趣和兴奋，我们对 AirTouch N30i 及其在全球范围内的广泛应用感到兴奋。
Operator 操作员
Thank you. Next question is coming from Brett Fishbin from KeyBanc Capital Markets. Your line is now live.
谢谢。下一个问题来自 KeyBanc Capital Markets 的 Brett Fishbin。您的线路已接通。
Brett Fishbin
Hi, guys. Thanks so much for taking the questions. Just wanted to follow up a little bit on the macro tailwind around the wearable tech platforms. You've talked about it a bunch at the Investor Day and then again on today's call. I was just curious if you could maybe touch on a few potential strategies that the company could be looking at that would best position ResMed to capture potential increases in new patient demand driven by the adoption of these technologies. Thank you so much for taking the question.
嗨，大家好。非常感谢你们回答问题。只是想跟进一下关于可穿戴技术平台的宏观顺风。你们在投资者日和今天的电话会议上都谈到了这一点。我只是好奇你们是否可以谈谈公司可能考虑的一些潜在策略，以便最好地定位ResMed，以捕捉这些技术采用所带来的新患者需求的潜在增长。非常感谢你们回答这个问题。
Michael Farrell
Yes, it's a great question, Brett. I mean, it's a complex answer. It could take all of the eight minutes we got less left on the call and longer. But as you heard in the sort of four-hour overview that we gave on our Investor Day three weeks ago, there is lots of things we're doing in this. The broad categories are demand generation, demand capture, and demand conversion, three areas.
是的，这是个很好的问题，布雷特。我的意思是，这是一个复杂的答案。可能需要我们在通话中剩下的八分钟甚至更长时间。但正如你在三周前的投资者日上听到的四小时概述中所说的，我们在这方面做了很多事情。广泛的类别是需求生成、需求捕获和需求转换，三个领域。
Now if big tech and big pharma are taking on some of that demand gen, right, driving people into PCPs, driving people into our specialist sleep physicians, then what we have to do at ResMed is take the next phase in that.
现在，如果大型科技公司和大型制药公司正在承担一些需求生成，推动人们进入初级保健医生，推动人们进入我们的专业睡眠医生，那么我们在ResMed需要做的就是进入下一个阶段。
So what we have to do is have products like Dawn, our generative AI interaction format that can talk and engage with patients to help them if they've just got sleep health questions about getting better sleep, drinking more water, exercising more, less alcohol after certain times, less caffeine after certain times, different food and timing of food intake, all these types of broader sleep health can be conducted by a bot at levels that are just human banks of callers don't have time for and don't spend as much time on and people can be embarrassed to ask some questions about sleep health and breathing health.
所以我们要做的是拥有像 Dawn 这样的产品，我们的生成式 AI 交互格式可以与患者交流和互动，以帮助他们解决关于改善睡眠、喝更多水、更多锻炼、在特定时间后减少酒精摄入、在特定时间后减少咖啡因摄入、不同食物和进食时间等所有这些更广泛的睡眠健康问题，这些都可以由机器人来进行，而人类呼叫员没有时间处理这些问题，也不会花太多时间在这些问题上，人们可能会对一些关于睡眠健康和呼吸健康的问题感到尴尬。
There's a stigma associated with all healthcare and that's why companies like Hims & Hers and all these other type of digital platforms are out there and achieving some success. And so ResMed wants to be that digital sleep health concierge. And the -- as I said, the answer is complex. It's more than just DAN, it's more than just Somnoware, it's more than just myAir, it's more than just AirView and the whole combination. But it is those components and it's how you stitch them together and how you create that seamless, frictionless end-to-end experience for a person. Let's not call them a consumer. Let's not call them a patient. Let's say it's a person who suffocates and is looking for their own care, all their spouse and bed partners care.
所有医疗保健都有污名，这就是为什么像 Hims & Hers 这样的公司和其他类型的数字平台存在并取得了一些成功。因此，ResMed希望成为数字睡眠健康礼宾服务。正如我所说，答案是复杂的。这不仅仅是 DAN，不仅仅是 Somnoware，不仅仅是 myAir，不仅仅是 AirView 和整个组合。而是这些组件，以及如何将它们结合在一起，如何为一个人创造无缝、无摩擦的端到端体验。我们不要称他们为消费者。我们不要称他们为患者。我们说这是一个窒息的人，正在寻找自己的护理，以及他们的配偶和床伴的护理。
And so we're really focused on this and we think these macro trends are going to drive patients in, consumers in, persons in. And ResMed's job is to do the best job at demand capture and demand conversion. We've got many experiments around 140 countries and we'll update you. It's not going to be a one-hit wonder, oh, here we got the panacea and it's this.
因此，我们非常专注于此，并且我们认为这些宏观趋势将吸引患者、消费者和个人。而ResMed的工作是尽最大努力进行需求捕获和需求转换。我们在大约 140 个国家进行了许多实验，我们会更新您。这不会是一个一击即中的奇迹，哦，我们找到了灵丹妙药，就是这个。
No, there's going to be multiple attempts in different areas, different MSAs, different technologies, different healthcare systems. Every person is different. All of the 1 billion people with sleep apnea, the 2.3 billion with sleep apnea or insomnia or COPD or some combination of the above with respiratory insufficiency, they all need an individualized personalized pathway to better sleep, better health, and better health technology at home.
不，会在不同的地区、不同的 MSA、不同的技术、不同的医疗系统中进行多次尝试。每个人都是不同的。所有 10 亿患有睡眠呼吸暂停的人，23 亿患有睡眠呼吸暂停或失眠或慢性阻塞性肺病或上述某些组合伴有呼吸不足的人，他们都需要个性化的、个体化的途径来获得更好的睡眠、更好的健康和更好的家庭健康技术。
So ResMed's goal is to capture across that with a combination of technologies. And as we launch them and as the experiments are successful, we'll let you know. I want to be clear, this isn't just about brand awareness and brand driving. This is about brand ROI, return on investment that we show the experiments are successful that the people see the ResMed brand, they engage with them and then they find a path to better sleep health and breathing health. And we're best positioned globally to do this with our market share and capability. If we did nothing, we'd get good share. I think our goal and our obligation is to do a lot and to drive more patients in and to help them find that best path that they can have.
因此，ResMed的目标是通过技术组合来实现这一点。当我们推出它们并且实验成功时，我们会通知您。我想明确一点，这不仅仅是关于品牌知名度和品牌驱动。这是关于品牌投资回报率，我们展示实验成功，人们看到ResMed品牌，他们与之互动，然后找到更好的睡眠健康和呼吸健康的途径。凭借我们的市场份额和能力，我们在全球范围内最有能力做到这一点。如果我们什么都不做，我们也会获得不错的份额。我认为我们的目标和责任是做更多的事情，吸引更多的患者，并帮助他们找到最佳的途径。
Thanks for the question, Brett. And sorry to trivialize the answer with only a four-minute answer, but we probably got time for a couple of more questions.
谢谢你的提问，布雷特。很抱歉用仅仅四分钟的回答来简化答案，但我们可能还有时间再回答几个问题。
Operator 操作员
Thank you. The next question is coming from Suraj Kalia from Oppenheimer. Your line is now live.
谢谢。下一个问题来自 Oppenheimer 的 Suraj Kalia。您的线路已接通。
Suraj Kalia
Hi, Mick, Brett, hope you're well. So my congrats…
嗨，Mick，Brett，希望你们一切都好。祝贺你们……
Michael Farrell
Thanks very much, Suraj. 非常感谢，Suraj。
Suraj Kalia
Congrats on a great quarter. Mick, I want to piggyback on Anthony's question, right? So your normal -- your nominal growth right now is a perfect trifecta of pushing more ReSupply masks to patient price increases. And I believe Brett mentioned something about a little bit of inventory also to cater to patients just in time. Mick, as we think forward, how do you -- how would you say ResMed is buffered from a potentially more price-sensitive environment if and when Philips returns to the market? Thank you for taking my questions and congrats again.
恭喜本季度业绩出色。Mick，我想接着Anthony的问题来问。你们当前的名义增长是通过增加ReSupply口罩的销售、患者价格上调来实现的三重奏。我记得Brett提到了一些库存的事情，用于及时满足患者需求。Mick，展望未来，如果飞利浦重返市场，ResMed如何应对可能更为价格敏感的环境？感谢回答我的问题，再次表示祝贺。
不太友好的提问，看不下去的分析师。
Michael Farrell
Yes. Thanks for the question, Suraj. Look, as you said, there is some really interesting overlays between our more masks and the technology we're bringing to market, our pricing strategies, and our inventory management strategies. With regard to the competitor you mentioned, look, as I said, we just announced pretty good growth in Europe, Asia, rest-of-world, right, 9% growth in devices, 11% growth in masks and accessories. That competitor is available in almost all of the 140 countries we're in, and they've been there for many, many, many quarters. And so love them. I love to compete with them. I love to beat them.
好的，谢谢你的提问，Suraj。正如你所说，我们在更多口罩和即将推出的技术、定价策略以及库存管理策略之间有一些非常有趣的叠加。关于你提到的竞争对手，我刚刚提到我们在欧洲、亚洲和其他地区的增长表现相当不错，设备增长9%，口罩和配件增长11%。这个竞争对手几乎在我们业务覆盖的140个国家中都存在，而且已经在那里经营了许多季度。我很喜欢他们。我喜欢与他们竞争，我喜欢打败他们。
I do the same with all the other competitors. I love the players from Europe and Asia. Competition is a fantastic thing for ResMed. We love it. It keeps us on our toes. And we were beating that particular competitor all the way from 2001 through to 2021 as they had the recall in the U.S. in devices, which is the only area, right? So we've been ongoing competition with them in masks the whole time and they've been out for a couple of years, two to three years now in devices.
我对所有其他竞争对手也是这样。我喜欢来自欧洲和亚洲的选手。竞争对ResMed来说是一件很棒的事情。我们喜欢它。它让我们保持警觉。从 2001 年到 2021 年，我们一直在击败那个特定的竞争对手，因为他们在美国的设备中进行了召回，这是唯一的领域，对吧？所以我们一直在面罩方面与他们进行竞争，而他们在设备方面已经退出了两到三年。
Look, I look forward to them coming back here. They'll have to fight for that number two, number three position against some other players with importing product from China and Europe that they've sort of taken that number two, number three position.
听着，我期待他们回来。他们将不得不为第二、第三的位置而战，因为有些其他玩家从中国和欧洲进口产品，他们已经占据了第二、第三的位置。
And I think they've got to set up new manufacturing and get new sales team and I look forward to them coming back. We will be beating them before their recall and we will beat them after. But look, I don't spend that much time or my time looking back at the competition from Europe or Asia or that particular player from Europe.
我认为他们必须建立新的制造业并组建新的销售团队，我期待他们的回归。我们将在他们召回之前击败他们，之后也会击败他们。但是看，我并没有花太多时间或我的时间回顾来自欧洲或亚洲的竞争对手或那个来自欧洲的特定玩家。
I look more forward and I think about these macro trends and what we can do to take care because this isn't just a share game. What we've got is a sustainable competitive advantage in a digital health ecosystem that patients engaging with myAir, doctors engaging with AirView and more importantly, consumers, persons who just suffocate coming in, they don't know where they want to go. We want to help them find that pathway and be objective about it and then they will choose the smallest, quietest, most comfortable, most connected, and most intelligent therapies. That's how ResMed competes and that's how ResMed wins.
我更加期待并思考这些宏观趋势以及我们可以做些什么来应对，因为这不仅仅是一个分享游戏。我们拥有的是在数字健康生态系统中的可持续竞争优势，患者通过 myAir 参与，医生通过 AirView 参与，更重要的是，消费者，那些刚刚窒息而来的人，他们不知道自己想去哪里。我们希望帮助他们找到那条道路，并对此保持客观，然后他们将选择最小、最安静、最舒适、最连接、最智能的疗法。这就是ResMed竞争的方式，也是ResMed获胜的方式。
Operator 操作员
Thank you. Next question is coming from Lyanne Harrison from Bank of America. Your line is now live.
谢谢。下一个问题来自美国银行的 Lyanne Harrison。您的线路已接通。
Lyanne Harrison
Good morning all and congratulations on a very strong quarter. Can you comment a little bit on the production of AirSense 11? You mentioned you're increasing and you're targeting it to come off allocation at the end of this calendar year. Is that still on track? And then also, can you comment on the mix of AS11 to AS10 devices that you're selling in the United States? And do you have a sense that there might be a [rePAP] backlog waiting for the AirSense 11 still?
大家早上好，祝贺大家度过了一个非常强劲的季度。您能否稍微谈谈 AirSense 11 的生产情况？您提到您正在增加产量，并计划在今年年底取消配额。这是否仍在计划中？另外，您能否评论一下您在美国销售的 AS11 和 AS10 设备的比例？您是否觉得可能还有一个等待 AirSense 11 的[rePAP]积压订单？
Michael Farrell
Thanks, Lyanne. Yes, there is a lot in that question and we're almost right on time. We may have one more question I think. So yes, as you said, production of AirSense 11 is firing on all cylinders. Our Singapore plant, which as I said earlier, is the largest manufacturing plant in the world for respiratory medical care that thing is pumping out and really at full capacity. And I'm really excited to have AirSense 11s coming off that line and AirSense 10s coming out of there in Sydney and beyond and through Atlanta and through our distribution centers throughout Asia and Europe.
谢谢，Lyanne。是的，这个问题包含了很多内容，我们几乎准时了。我想我们可能还有一个问题。所以是的，正如你所说，AirSense 11 的生产正在全速进行。我们的新加坡工厂，正如我之前所说，是全球最大的呼吸医疗护理制造工厂，正在满负荷运转。我真的很高兴看到 AirSense 11 从那条生产线下线，AirSense 10 从悉尼及其他地方、通过亚特兰大以及我们在亚洲和欧洲的配送中心出货。
And so to your specific question, AirSense 11 firing and really, really strong rate limiters to growth are just that we're the number one and number two player between AirSense 11 and AirSense 10 in many of these markets. And so there is a mix, as you said. In the U.S. specifically, you asked Lyanne, well over 50%, vast majority of products sold in the U.S. are AirSense 11s.
因此，针对您的具体问题，AirSense 11 的启动和非常非常强的增长限制因素只是因为在许多市场中，我们是 AirSense 11 和 AirSense 10 的第一和第二大玩家。因此，正如您所说，这是一种混合。在美国，您问 Lyanne，超过 50%，绝大多数在美国销售的产品是 AirSense 11。
To the final part of your question, do we think that there are people sort of at that, oh, I've been on therapy for five years and insurance will pay for a new one, I'm waiting until AirSense 11 is available? Yes, maybe some -- a little bit of a backlog with some particular consumers. But if you really want one, a consumer at that level might be going to one of the online dealers or looking at other ways to make sure they get in line for an AirSense 11.
对于你问题的最后部分，我们是否认为有些人会这样想，哦，我已经接受了五年的治疗，保险会支付新的费用，我在等 AirSense 11 上市？是的，也许有些特定消费者会有一点积压。但如果你真的想要一个，这个层次的消费者可能会去找在线经销商或寻找其他方式来确保他们能排队购买 AirSense 11。
So I think there's always a bit of a backlog. I always think that rePAP opportunity is huge for us. We don't spend enough time on it. Our customers don't spend enough time on it. We've gotten really sophisticated at ongoing ReSupply for masks, tubing, and accessories. I think we need to be better at rePAP on a regular basis.
所以我认为总会有一些积压订单。我始终认为rePAP（更换PAP设备）对我们来说是一个巨大的机会。我们在这方面投入的时间还不够，我们的客户也没有投入足够的时间。在持续提供口罩、管道和配件的ReSupply方面，我们已经变得非常成熟。我认为我们需要在定期进行rePAP方面做得更好。
And so it's a good call out and the team are on it with many things going on to make sure that as we get full AirSense 11 capabilities, everyone who's at that five-year point gets the chance to say, yes, I want the latest and greatest therapy, smallest, quietest most comfortable, most connected and most intelligent, and that's the AirSense 11. So we will continue to do that. As I said in the prep remarks, I think there's a long runway, lots of momentum left on the AirSense 11.
因此，这是一个很好的提醒，团队正在处理许多事情，以确保当我们获得完整的 AirSense 11 功能时，所有达到五年使用期限的人都有机会说，是的，我想要最新最好的治疗，最小、最安静、最舒适、最连接、最智能的，那就是 AirSense 11。所以我们会继续这样做。正如我在准备发言中所说，我认为 AirSense 11 还有很长的路要走，还有很多动力。
5年更新的周期有可能是个医疗政策，如果像手机每年更新就变成一个骗钱的生意，医疗整体是比较搞的行业。
Operator 操作员
Thank you. Our final question today is coming from Andrew Paine from CLSA. Your line is now live.
谢谢。我们今天的最后一个问题来自 CLSA 的 Andrew Paine。您的线路已接通。
Andrew Paine
Question, look just going back to the rest of world devices and just thinking about the AE sales, just be good to get some views on competition that you're seeing in the region, in particular, if you're seeing a declining presence from Philips in some of these markets, which would open you up to taking larger market share?
问题，回到世界其他地区的设备，只是考虑到 AE 的销售，想了解一下您在该地区看到的竞争情况，特别是您是否看到飞利浦在某些市场的存在感下降，这是否会让您有机会获得更大的市场份额？
Michael Farrell
Yes, Thanks for the question, Andrew. And yes, look, we're competing with another particular European player, probably a little bit more than the one you mentioned, but we're competing with both of them very well as you saw with Europe, Asia, rest of world device growth at 9%. We don't break that out and say exactly what component of that is Europe versus Asia-Pac versus rest of world and we did have very good growth in our Japan markets and China markets and other parts of Asia-Pac.
是的，感谢你的提问，Andrew。是的，看，我们正在与另一位特定的欧洲竞争者竞争，可能比你提到的那位多一点，但正如你所看到的，我们与他们两者的竞争都非常好，欧洲、亚洲、世界其他地区的设备增长为 9%。我们没有详细说明其中欧洲、亚太和世界其他地区的具体组成部分，我们在日本市场、中国市场和亚太其他地区的增长非常好。
But Europe is doing very well. As I said, I'm really proud of the team there. We've really brought together our pan-European management team over these last 12 months under our Global Chief Revenue Officer, Mike Fliss, and our regional leader there in Andrew Huxter. And I think that combination of communication and partnership across our team has allowed us to provide customers even more seamless and better service, better marketing, better sales, better delivery of products. And we've not always been the best in that final mile of delivery, that final kilometer of delivery that we need to have in Europe and we're getting better and better at it.
但欧洲的表现非常好。正如我所说，我对那里的团队感到非常自豪。在过去的 12 个月里，我们在全球首席营收官迈克·弗利斯和我们的地区领导安德鲁·赫克斯特的带领下，真正凝聚了泛欧洲管理团队。我认为，团队之间的沟通和合作使我们能够为客户提供更加无缝和更好的服务、更好的营销、更好的销售和更好的产品交付。我们在欧洲的最后一公里交付方面并不总是最好的，但我们在这方面越来越好。
So I think it's a combination of the products, AirSense 11, the communication through our commercial teams, and the supply chain and logistics that we're really partnering up with customers that have allowed us to achieve that.
所以我认为这是产品、AirSense 11、我们商业团队的沟通以及供应链和物流的结合，我们真正与客户合作，使我们能够实现这一目标。
The competitive environment is what it always was, but as you see in those numbers, ResMed is doing well, competing hard and winning accounts, winning tenders, and winning share. But more importantly than that, we're partnering up to ensure a good flow of patients into the funnel. That's ResMed's primary goal, more patients into the funnel, help them get best-in-class care.
竞争环境一如既往，但正如你在这些数字中看到的，ResMed表现良好，努力竞争并赢得客户、赢得招标、赢得市场份额。但更重要的是，我们正在合作以确保有良好的患者流入渠道。这是ResMed的主要目标，更多患者进入渠道，帮助他们获得一流的护理。
Thank you for the questions, team. I'll now hand the call over to Kevin.
感谢大家的提问，团队。现在我将把电话交给凯文。
Operator 操作员
We've reached the end of our question-and-answer session. Mick, do you have any further or closing comments?
我们的问答环节到此结束。Mick，你还有其他或结束语吗？
Michael Farrell
Yes. Look, I got the prepared remarks here, I'm not going to say all that. Thanks to 10,000 ResMedians, 140 countries, you guys are doing amazing things. Thank you to all our shareholders for the support. Incredible quarter. Let's power up and let's do it again for another 90 days.
是的。看，我这里有准备好的发言稿，我不会全部说出来。感谢 1 万名 ResMed 员工，140 个国家，你们正在做惊人的事情。感谢所有股东的支持。令人难以置信的季度。让我们充满动力，再来 90 天。
And with that, Amy, I'll hand over to you to close out the call.
艾米，就这样，我把电话交给你来结束。
End of Q&A 问答结束
Amy Wakeham
Awesome. Thank you, Mick. Thank you everyone for listening, for your questions, and we do appreciate your interest. If you have follow-up questions or need anything else, please don't hesitate to reach out to us directly. This does conclude our first quarter 2025 conference call.
太棒了。谢谢你，Mick。感谢大家的聆听和提问，我们非常感谢你们的关注。如果你有后续问题或需要其他帮助，请随时直接联系我们。这就结束了我们 2025 年第一季度的电话会议。
Kevin, you may now close the call.
凯文，你现在可以结束通话了。
Operator 操作员
Thank you. This concludes ResMed's first quarter fiscal year 2025 earnings live webcast. You may now disconnect.
谢谢。这就结束了ResMed 2025 财年第一季度收益的现场直播。您现在可以断开连接。
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