2025-01-30 ResMed Inc. (RMD) Q2 2025 Earnings Call Transcript
ResMed Inc. (NYSE:RMD) Q2 2025 Earnings Conference Call January 30, 2025 4:30 PM ET
Company Participants
Mike Ott - Senior Manager, IR
Michael Farrell - Chairman and Chief Executive Officer
Brett Sandercock - Chief Financial Officer
Conference Call Participants
Dan Hurren - MST
Davin Thillainathan - Goldman Sachs
Lyanne Harrison - Bank of America
Laura Sutcliffe - UBS
Craig Wong-Pan - RBC
Mike Matson - Needham & Company
Anthony Petrone - Mizuho Group
Mathieu Chevrier - Citi
David Low - JPMorgan
Brett Fishbin - KeyBanc Capital Markets
Operator
主持人
Welcome to the Q2 Fiscal Year 2025 ResMed Earnings Conference Call. My name is Matt, 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.
欢迎参加2025财年第二季度ResMed财报电话会议。我叫Matt，今天将担任会议主持。现阶段所有参与者均处于仅收听模式，稍后我们将进入问答环节。请注意，本次电话会议正在录音。
I would now like to turn the call over to Mike Ott, Senior Manager, Investor Relations. Thank you. You may begin.
现在，我将把话筒交给投资者关系高级经理Mike Ott。谢谢。请开始。
Mike Ott
Great. Thank you, Matt. Hello, everyone, and welcome to ResMed's second quarter fiscal year 2025 earnings call. We are live webcasting this call and the replay will be available on the Investor Relations section of our website later today. Our earnings press release and presentation are both available online now.
非常感谢，Matt。大家好，欢迎参加ResMed 2025财年第二季度财报电话会议。此次会议正在进行网络直播，重播稍后将在我们网站的投资者关系页面提供。我们的财报新闻稿和演示文稿现已在线发布。
During today's call, we'll 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 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，我们将讨论几项我们认为对投资者有帮助的非GAAP指标。这些信息不应单独考虑，也不能替代GAAP财务数据。我们建议您查阅今天财报新闻稿中附带的支持性报表，以将这些非GAAP指标与GAAP报告数字进行核对。
In addition, our discussions 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，我们今天的讨论还将包括前瞻性陈述，其中包括但不限于对未来财务和经营业绩的预期。我们基于合理假设作出这些陈述，但实际结果可能会有所不同。请查阅我们向SEC提交的文件，以全面了解可能导致实际结果与今天所作前瞻性陈述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，我将把会议交给ResMed董事长兼首席执行官Mick Farrell。
Michael Farrell
Great. Thank you, Mike, and good morning and good afternoon as we welcome our shareholders and review ResMed's second-quarter fiscal year 2025 results.
非常感谢，Mike。大家早上好、下午好，欢迎各位股东参加我们的会议，并回顾ResMed 2025财年第二季度的业绩。
I'm pleased to share that ResMed delivered another strong quarter of global top-line and bottom-line growth. We achieved excellent year-over-year performance in Q2 with solid revenue growth, improved gross margins, combined with disciplined investments in both R&D and SG&A, resulting in very strong operating profit and net profit performance.
我很高兴地宣布，ResMed本季度实现了全球营收和净利润的双强增长。我们第二季度取得了卓越的同比业绩，收入稳步增长、毛利率得到改善，并通过在研发和销售及管理费用方面的严格投资，实现了非常强劲的营业利润和净利润表现。
These results reflect the hard work of 10,000 plus ResMedians and our dedication to improving the lives of patients, improving the workflow of home care providers, physicians, payers, and the communities that we serve in over 140 countries worldwide.
这些业绩反映了一万多名ResMed员工的辛勤付出，以及我们致力于改善患者生活、优化家庭护理提供者、医生、支付机构以及我们在全球140多个国家服务的社区工作流程的决心。
The foundation of our continued positive performance lies in our clear market-leading value proposition, including the sustainable competitive advantage that we have established with our best-in-class hardware and software products as well as our digital health ecosystem. Through cloud-connectable medical devices, masks, and accessories as well as digital platforms and ongoing investments in technology, including specifically ML, AI, and generative AI. We are committed to helping hundreds of millions of people so that they can sleep better, breathe better, and live longer and higher-quality lives.
我们持续正面表现的基础在于我们明确的市场领先价值主张，包括我们凭借一流硬件和软件产品以及数字健康生态系统建立的可持续竞争优势。通过具备云连接功能的医疗设备、口罩和配件，以及数字平台和在包括机器学习、人工智能及生成式AI在内的技术方面的持续投资，我们致力于帮助数亿人改善睡眠、呼吸并拥有更长、更高质量的生活。
Let me start with a high-level review of our financials. I'm proud to report that we delivered global revenue growth of 10%, reflecting positive and consistent contributions across our combined sleep health, breathing health, and residential care software portfolio.
让我先从整体财务情况回顾开始。我很自豪地报告，我们实现了全球收入增长10%，这反映了我们在综合睡眠健康、呼吸健康和居家护理软件领域均取得了积极而持续的贡献。
Global device sales were driven by strong market performance across our U.S., as well as Europe, Asia, and rest of world markets, reflecting the continuing demand for our AirSense 10 and AirSense 11 platforms. Device sales remained strong, growing double-digits year-over-year. We increased the global availability of our AirSense 11 platform this quarter, launching in India during Q2.
全球设备销售受益于美国、欧洲、亚洲及全球其他市场的强劲表现，显示出市场对我们AirSense 10和AirSense 11平台持续的需求。设备销售依然强劲，同比增长达到两位数。本季度我们扩大了AirSense 11平台的全球覆盖范围，并在第二季度于印度推出。
We will have additional country launches of AirSense 11 planned throughout calendar year 2025. We make the market-leading sleep health platform with the AirSense 11. I want to make it clear that there is still strong global demand for the second-best device platform in the market and that is the AirSense 10 range.
我们计划在2025日历年内陆续在更多国家推出AirSense 11。我们以AirSense 11打造市场领先的睡眠健康平台。我想明确指出，市场上排名第二的设备平台——AirSense 10系列，仍然具有强劲的全球需求。
Our masks and accessories business also had another strong quarter, delivering double-digit global growth in that category as well. Ongoing rollout of Brightree ReSupply and Snap technology have helped in our U.S. market. And we expect to maintain that momentum as we launch Snap technology that can work on all HME management platforms throughout calendar year 2025.
我们的口罩及配件业务本季度同样表现强劲，实现了该类别全球两位数的增长。在美国市场上，Brightree ReSupply和Snap技术的持续推出助力了业绩。我们预计在2025年内推出适用于所有HME管理平台的Snap技术后，将继续保持这一增长势头。
We achieved 230 basis points of margin expansion in non-GAAP gross margin year-over-year to 59.2%, reflecting our ongoing focus on improving operating efficiencies.
我们的非GAAP毛利率同比提升了230个基点，达到59.2%，这反映了我们持续关注提升运营效率的成果。
With disciplined investments in R&D and SG&A, we achieved a 29% increase in non-GAAP earnings per share. Our new Head of supply chain, Shane Azzi, and his team are committed to driving increased supply and increased manufacturing efficiencies by investing in technology and infrastructure to power long-term cost improvements. By balancing this cost discipline with strategic investments in new product introductions, we will continue to drive sustainable and profitable growth for ResMed.
通过在研发和销售管理费用方面的严格投资，我们实现了非GAAP每股收益增长29%。我们的新供应链负责人Shane Azzi及其团队致力于通过在技术和基础设施方面的投资来提升供应量和制造效率，以推动长期成本改进。在保持成本管控的同时进行新产品推出的战略投资，我们将继续推动ResMed实现可持续且盈利的增长。
We have published peer-reviewed studies showing categorically that ReSupply programs drive patient adherence. They improve patient outcomes and they also lower long-term costs for the healthcare system. In the U.S., our digital health ecosystem, including both AirView for players, Brightree for home medical equipment players, as well as for patients, the myAir app, they continue together to power these ReSupply programs.
我们已经发表了经过同行评审的研究，明确表明ReSupply计划能够提高患者依从性。这些计划不仅改善了患者的治疗效果，还降低了医疗系统的长期成本。在美国，我们的数字健康生态系统——包括面向业界的AirView、面向家用医疗设备的Brightree以及针对患者的myAir应用——共同推动着这些ReSupply计划的实施。
We are actively investing in appropriate modified versions of the successful U.S. ReSupply programs into our global markets. Each of the 140 countries that we operate in have different regulatory, reimbursement, economic as well as cultural norms. It's our opportunity to leverage ResMed's knowledge of each of those markets and to optimize the best way for a person to regularly receive fresh supply for their life-changing and life-saving care.
我们正在积极将美国成功的ReSupply计划以适当改版推广到全球市场。我们运营的140个国家各自有不同的监管、报销、经济和文化规范。这正是我们利用ResMed对各市场了解、优化患者定期获得改变生命与挽救生命的护理物资最佳方式的机会。
ResMed is an innovation machine. Our ongoing investments of 6% to 7% of revenues into R&D is a key growth driver and a key part of our long-term success. With trailing 12 months revenue around $5 billion, that's $300 million to $350 million that we invest annually into R&D, creating the smallest, the quietest, the most comfortable, the most connected, and the most intelligent devices, masks, and software solutions.
ResMed是一台创新机器。我们每年将6%至7%的收入投入研发，这是推动增长和确保长期成功的关键因素。过去12个月的收入约为50亿美元，这意味着我们每年在研发上投资3亿至3.5亿美元，以打造最小、最安静、最舒适、最具互联性和智能化的设备、口罩及软件解决方案。
跟大型科技企业比较，这点研发费用太少了，甚至里面还有不少的水分。
During the quarter, we launched the AirTouch N30i to select markets. The AirTouch N30i is a world first from ResMed with its unique fabric-based patient interface. My philosophy is this. We sleep on cotton sheets. We have fabric covers for the pillows that we sleep on. Why can't we have sleep apnea therapy that is just as comfortable as that? Early feedback from respiratory therapists, from physicians, and from patients directly is that the comfort and fit of the AirTouch N30i is outstanding.
本季度，我们在部分市场推出了AirTouch N30i。这是ResMed推出的全球首款采用独特织物界面的设备。我的理念是：我们睡在棉质床单上，用布料覆盖我们睡觉的枕头，为什么不能有同样舒适的睡眠呼吸暂停治疗呢？来自呼吸治疗师、医生以及患者的早期反馈均表明，AirTouch N30i的舒适性和贴合度都非常出色。
This new technology could permanently change the basis of competition in mask innovation. It's one thing to create a prototype of the mask. It's another thing to have manufacturability at scale with top quality, top comfort, excellent sale, and great long-term patient outcomes. Watch this space for our new-to-world fabric-based AirTouch technology launched first year on the AirTouch N30i platform.
这项新技术可能会永久改变口罩创新的竞争格局。制作一个口罩原型是一回事，而能够大规模生产具备顶级品质、极致舒适、优秀销售表现和卓越长期患者效果的口罩则是另一回事。请继续关注，我们将以AirTouch N30i平台率先推出这一全球首创的织物技术。
During the quarter, we announced another collaboration with the Apple Vision Pro team, with the launch of what we call the Kontor Head Strap. This is a premium accessory for the Apple Vision Pro. ResMed, as all of you as shareholders know, is the world leader in providing facial interfaces in the field of sleep health and breathing health, and healthcare technology at home. This is great to see that now a top consumer tech company like Apple has chosen to partner with ResMed on an interface that we make that delivers a superb balance of softness and support for the extended wear-time that users of the Apple Vision Pro need.
本季度，我们还宣布了与Apple Vision Pro团队的另一项合作，推出了我们称之为Kontor Head Strap的产品。这是一款针对Apple Vision Pro的高端配件。正如各位股东所知，ResMed是全球在睡眠健康、呼吸健康以及家庭医疗技术领域提供面部接口的领导者。看到像Apple这样顶级的消费科技公司选择与ResMed合作，采用我们设计的这一接口，为Apple Vision Pro用户提供极佳的柔软度与支撑平衡，以满足其长时间佩戴的需求，令人欣喜。
The Apple Vision Pro accessory is crafted with a blend of ResMed's exclusive ultra-premium materials and designed to be gentle on the skin. This project shows that ResMed's expertise is applicable outside a pure-play in medical technology and it's part of this convergence of medtech and consumer tech. And the learning that will provide for both the medical and consumer fields is an important part of this opportunity. Watch this space.
这款Apple Vision Pro配件采用了ResMed独家超高端材料的混合制成，设计上对皮肤温和。这个项目展示了ResMed的专业能力不仅适用于纯医疗技术领域，还体现在医疗科技与消费科技的融合中。这将为医疗和消费领域带来宝贵的经验和启示，是这一机遇的重要组成部分。请继续关注。
ResMed had a very strong presence at the Consumer Electronics Show or CES in Las Vegas at the start of 2025 just a couple of weeks ago. We provided a digital sleep lounge that offered people a place to go to relax and to learn about the importance of sleep health, of breathing health, and care delivered at home. Across CES display booths, there were many consumer tech companies showing their latest and greatest sleep wellness and sleep monitoring solutions from Apple to Samsung to Google's Fitbit, Oura Ring, Garmin, Whoop, and beyond. We are very excited to have Sleep Health become mainstream.
在2025年初，ResMed在拉斯维加斯举行的消费电子展（CES）上表现非常出色，就在几周前，我们设立了一个数字睡眠休息室，供人们放松并了解睡眠健康、呼吸健康及家庭护理的重要性。在CES的展示摊位上，许多消费科技公司展示了他们最新最先进的睡眠健康和睡眠监测解决方案，从Apple到Samsung，再到Google的Fitbit、Oura Ring、Garmin、Whoop等。我们非常高兴看到睡眠健康已逐渐成为主流。
Interestingly, ResMed products were on display in the massive Samsung booth. Samsung was touting their new Galaxy Watch's sleep apnea detection capability and illustrating the link between their Galaxy Watch ecosystem and ResMed's market-leading products for the treatment of sleep apnea.
有趣的是，ResMed的产品也出现在了规模庞大的Samsung展位上。Samsung正大力宣传其新款Galaxy Watch的睡眠呼吸暂停检测功能，并展示了其Galaxy Watch生态系统与ResMed市场领先的睡眠呼吸暂停治疗产品之间的关联。
I'll talk more about sleep apnea detectors and this convergence of MedTech and consumer tech a little later. But now let me provide a brief update on GLP-1s, the new class of pharmaceuticals that are focused on weight loss, diabetes and metabolic control, cardiovascular outcomes, and now also sleep apnea. I'll then come back to consumer wearables that can detect sleep apnea.
稍后我会详细讨论睡眠呼吸暂停检测器以及医疗科技与消费科技的融合。但现在，请允许我简要更新一下关于GLP-1s的情况，这是一类新药物，主要针对减肥、糖尿病和代谢控制、心血管结局，现在还涉及睡眠呼吸暂停。之后我将回到能够检测睡眠呼吸暂停的消费可穿戴设备上来。
So late during our Q2 on December 20th, Eli Lilly gained FDA approval for the use of Zepbound a GLP-1, in patients with obesity and moderate to severe sleep apnea with a reduced calorie diet and physical exercise. It's interesting to note that the SURMOUNT-OSA trial excluded patients with diabetes.
因此，在我们第二季度期间的12月20日，Eli Lilly获得FDA批准使用Zepbound（一种GLP-1药物）用于治疗肥胖及中度至重度睡眠呼吸暂停的患者，该患者需配合低热量饮食和体育锻炼。值得注意的是，SURMOUNT-OSA试验排除了糖尿病患者。
In the lead-up to its launch to consumers, Eli Lilly's early educational documents that are available to the medical community on the Eli Lilly website includes a patient guide for the treatment of obstructive sleep apnea or OSA. It was encouraging to see that Lilly followed the American Academy of Sleep Medicine or AASM guidelines that explicitly state that positive airway pressure devices are the frontline and gold standard for treating sleep apnea. And that these PAP devices, CPAP, APAP, bilevel have the highest efficacy when used as directed.
在该药品向消费者推出前，Eli Lilly在其官网上向医学界提供的早期教育文档中包含了关于阻塞性睡眠呼吸暂停（OSA）治疗的患者指南。令人鼓舞的是，Lilly遵循了美国睡眠医学学会（AASM）的指南，该指南明确指出正压呼吸设备是治疗睡眠呼吸暂停的第一线和金标准，并且这些PAP设备（如CPAP、APAP、双水平呼吸机）在按指示使用时具有最高的疗效。
Beyond just the guidelines, their own FAQs on the Lilly website informed physicians and patients that CPAP devices are now smaller and quieter and that CPAP masks have been refined to increase comfort. We agree. We welcome the opportunity to educate potential patients on the benefit of all therapy options for the treatment of obstructive sleep apnea, starting with the gold standard frontline CPAP, APAP, bilevel, then considering the next most efficacious dental devices. And finally, looking at pharmaceutical or even surgical options.
不仅仅是指南，Lilly官网上的常见问题解答还告知医生和患者，CPAP设备现在更小、更安静，且CPAP口罩经过改进以提升舒适度。我们对此表示赞同。我们欢迎有机会向潜在患者普及阻塞性睡眠呼吸暂停治疗所有方案的好处，从金标准的第一线CPAP、APAP、双水平呼吸机开始，然后考虑下一个疗效较好的牙科设备，最后再考察药物或甚至手术选项。
On January 14, 2025, the AASM issued a quick reference guide to providers, considering the use of new drugs for the treatment of OSA. The AASM continues to emphasize the use of positive airway pressure as the frontline treatment and suggests that weight-loss drugs may be useful as an adjunctive or combination therapy.
2025年1月14日，美国睡眠医学学会向医疗服务提供者发布了一份快速参考指南，探讨新药在治疗OSA中的应用。AASM继续强调正压呼吸作为第一线治疗的重要性，并建议减肥药可能作为辅助或联合治疗发挥作用。
Our experience with bariatric surgery patients these last two-plus decades. And now with these latest generation GLP-1s, these last five-plus years is that when someone loses weight, that doesn't change their age, that doesn't change their gender, that doesn't change most importantly in this context, their craniofacial anatomy. These are key risk factors for sleep apnea.
在过去二十多年里，我们对减重手术患者的经验表明，即使在最新一代GLP-1药物（过去五年）帮助下减肥，也不会改变一个人的年龄、性别，最重要的是不会改变其颅面结构，而颅面结构是睡眠呼吸暂停的关键风险因素。
We are looking forward to addressing the educational gap on the prevalence and treatment of obstructive sleep apnea with continuing medical education or CME programs that we are aiming specifically at primary-care physicians. And we're especially targeting those who are high-volume, currently high-volume GLP-1 prescribers. They will be the frontline for the patients that pharmaceutical companies will attract as they ramp up their own consumer advertising throughout calendar year 2025 and beyond.
我们期待通过持续医学教育（CME）项目来弥补关于阻塞性睡眠呼吸暂停患病率和治疗的教育差距，这些项目专门面向初级保健医师。我们尤其针对那些目前处于高开药量的GLP-1处方者，因为随着制药公司在2025年及以后加强消费者广告，他们将成为吸引患者的第一线。
We are now tracking 1.2 million patients who have had a prescription for the latest generation GLP-1 medicines and who also have a prescription for positive airway pressure therapy. The data are clear in this real-world analysis and that is that these people are very motivated. In fact, they are more than 10% more likely to start PAP therapy. That motivation versus a garden variety PAP patient remains.
我们目前正在追踪120万名同时拥有最新一代GLP-1药物处方和正压呼吸治疗处方的患者。实际数据表明，这些患者非常有动力，事实上，他们开始PAP治疗的可能性比普通患者高出10%以上。这种积极性明显不同于普通PAP患者。
One year later, we continue to see north of 3% higher not just adherence, but actually buying masks and accessories. Then the curves separate with a greater than 5% increased propensity for ReSupply at two years. These data have now been steady with the same trend, plus or minus a couple of tens of basis points as we have grown our analysis from a year ago with 300,000 plus patients to now tracking over 1.2 million patients.
一年后，我们不仅看到患者依从性提高了3%以上，而且他们在购买口罩和配件方面也更为积极。随后，随着时间推移，两年后患者再补给的概率提高了超过5个百分点。随着我们从去年追踪30万多名患者到如今追踪超过120万名患者，这些数据一直保持稳定，波动幅度在几十个基点以内。
One thing is clear, the real-world evidence shows that the combination of a GLP-1 prescription and a PAP prescription is powerful for patients with obstructive sleep apnea. They start our therapy more and adhere more to PAP therapy over the long term.
有一点很明确，实际证据显示，GLP-1处方与PAP处方的组合对于阻塞性睡眠呼吸暂停患者非常有效。他们更愿意开始并长期坚持PAP治疗。
And we know that adhering to PAP therapy over the long term saves healthcare costs, improves patient quality-of-life outcomes, and lowers patient mortality. We believe the GLP-1s are helping activate a whole new population of patients into the healthcare system that weren't coming in before and ResMed is well-positioned to support them.
而我们也知道，长期坚持PAP治疗可以节省医疗成本、改善患者生活质量并降低患者死亡率。我们认为，GLP-1药物正帮助激活一大批此前未进入医疗系统的新患者，而ResMed已处于有利位置，可以支持他们。
Okay. Next, let's briefly return to the consumer wearables megatrend. The velocity of change in the way the world operates in consumer tech and in health tech is amazing and ResMed is right in the nexus of that. In fact, we are driving adoption of basic ML and AI broadly into our software offerings across the Board.
好的。接下来，让我们简要回到消费可穿戴设备这一大趋势。世界在消费科技和健康科技领域的变革速度令人惊叹，而ResMed正处于这一变革的核心位置。实际上，我们正在推动机器学习和人工智能在我们各项软件产品中的广泛应用。
And we are pioneering generative AI with our commercially available product Dawn, which I see is just the start of what I call the sleep health concierge platform. More to come on that later. But the bottom line is consumers are more focused than ever on tracking their personal health, their personal wellness, and their personal well-being.
我们还在我们的商业产品Dawn中率先应用生成式AI，我认为这仅仅是我所称的睡眠健康管家平台的开始。稍后会有更多相关信息。但最重要的是，消费者比以往任何时候都更加关注追踪个人健康、个人福祉和整体生活质量。
The Samsung Galaxy Watch was the first to get de novo FDA clearance for detecting OSA early in 2024 and Apple announced sleep apnea detection from the main stage as they launched the latest generation Apple Watch in September 2024. The data tracked by those two leading wearables will provide the opportunity for their millions -- no, their hundreds of millions of users to potentially detect sleep apnea. This is not a one-quarter step change, but a chance for gradual and steady long-term demand-generation for sleep apnea patients that benefits ResMed.
Samsung Galaxy Watch是首款在2024年初获得FDA全新批准用于早期检测OSA的设备，而Apple在2024年9月推出最新一代Apple Watch时也宣布了睡眠呼吸暂停检测功能。这两款领先可穿戴设备追踪的数据将为数以亿计的用户提供潜在的睡眠呼吸暂停检测机会。这不是一季度内的剧变，而是一个逐步且稳定的长期需求生成机会，对ResMed大有裨益。
这是一个外部的正面因素。
Of course, the information goes both ways. Patients can get their myAir scores from the ResMed myAir app, but they can also get them from their Apple Watch. They can get their myAir scores on their Samsung Galaxy Watch. We know that this type of gamification of healthcare can help drive adherence. We expect more and more people are going to want access real-time to sleep data as the interest in improving sleep continues to grow. As I said earlier, it's not just these two leading tech players in Apple and Samsung, but it's also Google's Fitbit, Oura Ring, Whoop device, Garmin devices, and beyond.
当然，信息是双向的。患者可以通过ResMed myAir应用获取他们的myAir评分，也可以通过Apple Watch或Samsung Galaxy Watch获得。我们知道这种将健康数据游戏化的方式有助于提高治疗依从性。随着人们对改善睡眠的兴趣不断增长，我们预计越来越多的人将希望实时获取睡眠数据。如前所述，不仅仅是Apple和Samsung这两家领先科技公司，Google的Fitbit、Oura Ring、Whoop设备、Garmin设备等也将加入这一行列。
We expect that they will all continue to expand their sleep architecture and sleep assessment capabilities. And my personal bet is that more than a few of these other wearable players will add sleep apnea detection in 2025. We see this investment by consumer wearables companies and pharmaceutical companies in sleep health as a once-in-a-generation opportunity for sleep apnea awareness. We believe that these technologies will help drive more potential patients to seek out information regarding their sleep health and their breathing health.
我们预计，他们都将继续扩展各自的睡眠监测和评估能力。我的个人预期是，2025年将有不止几家可穿戴设备公司加入睡眠呼吸暂停检测的功能。我们认为，消费可穿戴设备公司和制药公司在睡眠健康方面的这一投资，是一次千载难逢的机会，有助于提高对睡眠呼吸暂停的认知。我们相信，这些技术将推动更多潜在患者寻求有关他们睡眠和呼吸健康的信息。
ResMed's obligation is to help sleep health-concerned consumers to find their own pathway to appropriate diagnosis and treatment for sleep apnea, where ResMed leads the world with the most clinically effective, the least invasive, the most proven, and the most cost-effective solutions on the planet. We don't believe that these two megatrends will drive a simple one-and-done or one-time step-change in patient flow.
ResMed的使命是帮助关注睡眠健康的消费者找到适合自己的睡眠呼吸暂停诊断和治疗路径，ResMed以全球最有效、最微创、最可靠、性价比最高的解决方案领先全球。我们不认为这两大趋势会引发一次性或单一阶段的患者流量剧变。
大型科技企业的介入最终成为利好因素的可能性较低。
Rather, we believe that this will be an increase from baseline patient flow that starts over one, three, five quarters as these technologies roll-out, but has durability over one, three, five years, and beyond. We are creating the infrastructure for demand generation, demand capture, and demand conversion to help these people find the care that they need. Watch this space.
相反，我们相信，随着这些技术的逐步推出，患者流量将从基线逐步提升，这种增长将持续一个、三个、五个季度乃至更长时间。我们正在构建需求生成、需求捕获和需求转化的基础设施，帮助患者获得所需的治疗。请持续关注。
So turning now to our long-term vision that we outlined at our Investor Day at the New York Stock Exchange last September. Our ResMed 2030 strategy is crystal clear. It's focused on three key pillars. Number one, growing and differentiating our core sleep health and breathing health business. Two, expanding into adjacent areas, including respiratory insufficiencies such as COPD, including insomnia, including COMISA, and beyond. And three, leveraging our leadership in digital health to drive better outcomes for patients, for providers, and for payers.
现在，让我们回顾去年九月在纽约证券交易所投资者日上阐述的长期愿景。我们的ResMed 2030战略非常明确，聚焦三个关键支柱：第一，发展并差异化我们的核心睡眠健康和呼吸健康业务；第二，拓展到相邻领域，包括慢性阻塞性肺疾病（COPD）、失眠、COMISA等呼吸功能不足问题；第三，利用我们在数字健康领域的领导地位，推动患者、提供者和支付方获得更好的治疗效果。
瞎扯。
So a key component of pillar number-one is driving the value of the ResMed brand. That decision, that moment of truth when a physician writes a script for ResMed when a respiratory therapist recommends a ResMed mask solution when a healthcare provider chooses a ResMed digital health solution, or where a consumer anywhere in the 140 countries where we sell our products and services establishes a personal relationship with the ResMed brand.
支柱一的一个关键组成部分是提升ResMed品牌的价值。那一刻，当医生为患者开具ResMed产品处方、当呼吸治疗师推荐ResMed口罩解决方案、当医疗服务提供者选择ResMed数字健康解决方案，或者当我们在140个国家销售产品与服务的消费者与ResMed品牌建立个人联系时，都体现了这一点。
All of these moments added together, that is the equity that is built into the ResMed brand. We will continue to build our ResMed brand awareness and evolve our brand to be more future-focused and closer to the customer. I want to make it clear that our marketing tech team will ensure that there is ROI return on investment for every single demand generation, every single demand capture, and every single demand conversion project as we move more and more people into the diagnosis and treatment funnel.
所有这些时刻累积起来，便构成了ResMed品牌的价值。我们将继续提升ResMed品牌知名度，并使我们的品牌更加面向未来、更贴近客户。我想明确表示，我们的营销技术团队将确保每个需求生成、需求捕获和需求转化项目都能实现投资回报率，以吸引越来越多的人进入诊断和治疗流程。
With over 1 billion people suffocating with sleep apnea worldwide, we have a lot of runway ahead in our core market. It's great that we have a couple of megatrends on our side to help. The global demand for sleep health and breathing health solutions is growing in our mission to help people sleep better, breathe better, and live high-quality lives to their fullest potential continues to drive everything that we do.
全球有超过10亿人因睡眠呼吸暂停而受困，我们在核心市场前景广阔。幸运的是，我们拥有几大趋势助力。全球对睡眠和呼吸健康解决方案的需求正在增长，而我们的使命——帮助人们更好地睡眠、更好地呼吸、充分实现高质量生活——将持续驱动我们的一切工作。
But when you combine those opportunities from our core sleep apnea market with pillar number two, that is expanding into new adjacencies. The future couldn't be brighter.
但当你将核心睡眠呼吸暂停市场的机遇与支柱二——拓展到新的相邻领域——结合起来时，未来将会更加光明。
We will continue to invest in our cloud-connected non-invasive ventilators for respiratory insufficiency, including COPD and neuromuscular disease. We will continue expanding our digital health and medtech solutions for insomnia patients. I believe we're just at the start of that journey of that awful disease that we need to treat the inability to get to sleep, stay asleep, and wake up with refreshing sleep and beyond.
我们将继续投资于面向呼吸功能不足（包括COPD和神经肌肉疾病）的云连接非侵入性呼吸机。同时，我们将持续扩展面向失眠患者的数字健康和医疗技术解决方案。我相信我们正处于治疗这一可怕疾病旅程的起点，该疾病使患者无法入睡、维持睡眠并以清醒的状态醒来等问题亟待解决。
单纯的呼吸暂停就足够做专做细了，比如，睡着了嘴巴闭不上，各种情况的漏气，等等。
And for the generation of people who want to age in place to receive healthcare at the best place, lowest cost, lowest acuity, and highest quality of life, which is their home. We have our market-leading software solutions like Brightree and MEDIFOX, and we are best positioned to lower costs, improve efficiencies and improve long-term outcomes.
对于那些希望在家中获得最佳、低成本、低强度且高质量医疗服务的人群来说，我们拥有市场领先的软件解决方案，如Brightree和MEDIFOX，我们最适合降低成本、提升效率并改善长期治疗效果。
We create life-changing healthcare technologies that people love. In the last 12 months, we provided over 147 million people with a product such as a CPAP, an APAP, a bilevel, a non-invasive ventilator, a mask, a cushion, a humidifier, other accessories. Or a digital health solution such as myAir, AirView, Somnoware, Brightree, MEDIFOX, and beyond.
我们创造改变生命的医疗技术，深受人们喜爱。在过去12个月中，我们为超过1.47亿人提供了产品，如CPAP、APAP、双水平呼吸机、非侵入性呼吸机、口罩、垫子、加湿器及其他配件，或数字健康解决方案，如myAir、AirView、Somnoware、Brightree、MEDIFOX等。
Our ambitious goal is to empower that impact and to empower 500 million people to reach their full potential in 2030 with sleep health, breathing health, and healthcare technology provided to them right where they live.
我们的宏伟目标是推动这种影响力，并使5亿人到2030年能在家中通过睡眠健康、呼吸健康和医疗技术充分发挥其潜能。
With our strong financial foundation, our innovative product pipeline, and our expanded digital health ecosystem, we are well-positioned to meet and beat our goals. Thank you to all the 10,000 ResMedians for your hard work and dedication to make our mission possible, and thank you to our shareholders for your continued trust and support of our global ResMed team.
凭借我们坚实的财务基础、创新的产品线和不断扩展的数字健康生态系统，我们有足够的实力实现甚至超越我们的目标。感谢所有1万多名ResMed员工的辛勤工作和奉献，使我们的使命成为可能，也感谢股东们对我们全球ResMed团队持续的信任与支持。
With that, I'll hand the call over to Brett in Sydney for a deeper dive into our financials, and then we'll open up the floor to questions. Brett, over to you.
接下来，我将把话筒交给位于悉尼的Brett，他将对我们的财务进行更深入的剖析，随后我们将开放问答环节。Brett，交给你。
Brett Sandercock
布雷特·桑德科克
Great. Thanks, Mick.
太好了。谢谢你，米克。
In my remarks today, I'll provide an overview of our results for the second quarter of fiscal year 2025. Unless noted, all comparisons under the prior year quarter and in constant currency terms were applicable. We had strong financial performance in Q2. Group revenue for the December quarter was $1.28 billion, an increase of 10% on both a headline and constant currency basis.
在我今天的讲话中，我将概述2025财年第二季度的业绩。除非另有说明，否则所有与上一年度同季度以及按固定汇率计算的比较均适用。我们第二季度的财务表现强劲。十二月季度集团收入为12.8亿美元，无论是按公布数据还是按固定汇率计算，都增长了10%。
Revenue growth reflects positive and consistent contributions across our product and ReSupply portfolio. Year-over-year movements in foreign currencies negatively impacted revenue by approximately $2 million during the December quarter. Additionally, we expect that year-over-year movements in foreign currencies will also negatively impact our Q3 revenue somewhere in the range of $15 million to $20 million.
收入增长反映了我们产品和ReSupply产品组合中积极且持续的贡献。在十二月季度中，外币汇率的年度变动对收入造成了约200万美元的负面影响。此外，我们预计外币汇率的年度变动也将使我们第三季度的收入受到大约1500万美元至2000万美元的负面影响。
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 12%. Sales in Europe, Asia, and other regions increased by 8%. Globally, on a constant currency basis, device sales increased by 11%, while mask and other sales also increased by 11%.
从地理收入分布来看，并排除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12%。欧洲、亚洲和其他地区的销售额增长了8%。在全球范围内，按固定汇率计算，设备销售增长了11%，而口罩及其他产品的销售也增长了11%。
Breaking it down by regional areas, device sales in the U.S., Canada, and Latin America increased by 12%, supported by solid ongoing new patient diagnoses. Masks and other sales also increased by 12%, 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. Masks and other sales increased by 7% on a constant currency basis.
按地区划分，美国、加拿大和拉丁美洲的设备销售增长了12%，得益于稳定的新增病人诊断。口罩及其他产品的销售也增长了12%，反映了ReSupply业务和新增病人设置的增长。在欧洲、亚洲和其他地区，按固定汇率计算，设备销售增长了9%，而口罩及其他产品的销售增长了7%。
Residential care software revenue increased by 8% in the December quarter, underpinned by strong performance from our MEDIFOX DAN 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 second-quarter earnings press release.
十二月季度住宅护理软件收入增长了8%，这得益于我们MEDIFOX DAN软件部门的强劲表现。在我接下来的评论中，我将引用非公认会计准则（non-GAAP）数字。我们已在第二季度财报新闻稿中提供了非GAAP数字与GAAP数字的完整调节。
Gross margin increased by 230 basis points to 59.2% in the December quarter. Year-over-year, our increase was mainly driven by manufacturing and logistics efficiencies and component cost improvements. Sequential gross margin was consistent with last quarter despite the impact from an unfavorable currency headwind of approximately 30 basis points during the quarter.
十二月季度毛利率上升了230个基点，达到59.2%。同比来看，我们的增幅主要得益于制造和物流效率以及零部件成本的改善。尽管本季度受到了约30个基点的不利汇率影响，但环比毛利率与上季度持平。
We continue to make good progress on our gross margin expansion initiatives and we are focused on driving further improvement in our gross margin. Looking forward, we expect gross margin will be in the range of 59% to 60% in the second half of fiscal year 2025.
我们在毛利率扩展计划上持续取得良好进展，并专注于进一步提升毛利率。展望未来，我们预计2025财年下半年的毛利率将介于59%至60%之间。
Moving on to operating expenses. SG&A expenses for the second quarter increased by 9% on both a headline and constant currency basis. The increase was predominantly attributable to increases in employee-related costs and to a lesser extent increases in marketing and travel expenses. SG&A expenses as a percentage of revenue improved to 18.8% compared to 19.1% in the prior year period.
接下来谈运营费用。第二季度的销售、一般及行政费用在公布数据和按固定汇率计算的条件下均增长了9%。这主要归因于员工相关成本的增加，次要原因是市场和差旅费用的上升。销售、一般及行政费用占收入的比例由上一年度的19.1%改善至18.8%。
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 second half of fiscal year 2025. R&D expenses for the quarter increased by 10% on both a headline and constant currency basis. The increase was predominantly attributable to increases in employee-related expenses.
展望未来，并受汇率变动的影响，我们预计2025财年下半年的销售、一般及行政费用占收入比例将介于18%至20%之间。本季度研发费用在公布数据和按固定汇率计算下均增长了10%，主要归因于员工相关费用的上升。
R&D expenses as a percentage of revenue was 6.3% compared to the 6.4% 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 second half of fiscal year 2025. Operating profit for the quarter increased by 19%, underpinned by revenue growth and gross margin expansion.
本季度研发费用占收入的比例为6.3%，而上一年度同期为6.4%。展望未来，并受汇率变动的影响，我们预计2025财年下半年的研发费用占收入比例将介于6%至7%之间。本季度营业利润增长了19%，得益于收入的增长和毛利率的提升。
Our interest expense for the quarter was $1 million. Given our lower debt levels, we expect to generate net interest income in the second half of fiscal year 2025. Our effective tax rate for the December quarter was 18% compared to 20.7% in the prior-year quarter. The decrease in our effective tax rate was primarily due to higher tax benefits associated with employee equity compensation this quarter. We estimate our effective tax rate for fiscal year 2025 will be in the range of 19% to 21%.
本季度我们的利息费用为100万美元。鉴于我们的债务水平较低，我们预计在2025财年下半年将产生净利息收入。十二月季度我们的有效税率为18%，而上一季度为20.7%。有效税率的下降主要归因于本季度员工股权激励所带来的更高税收优惠。我们估计2025财年的有效税率将在19%至21%之间。
Our net income for the December quarter increased by 29% and non-GAAP diluted earnings per share also increased by 29%. Cash flow from operations for the quarter was $309 million, reflecting strong operating results, partially offset by higher working capital. Capital expenditure for the quarter was $21 million.
十二月季度我们的净收入增长了29%，非GAAP摊薄每股收益也增长了29%。本季度经营活动产生的现金流为3.09亿美元，反映了强劲的经营业绩，部分被较高的营运资本所抵消。本季度的资本支出为2100万美元。
Depreciation and amortization for the quarter totaled $46 million. We ended the second quarter with a cash balance of $522 million. On December 31, we had $673 million in gross debt and $151 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.
本季度的折旧和摊销总计为4600万美元。我们以5.22亿美元的现金余额结束了第二季度。12月31日，我们的总债务为6.73亿美元，净债务为1.51亿美元，并且我们在循环信贷额度下大约有15亿美元的可用额度。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 approximately 307,000 shares under our previously authorized share buyback program for consideration of $75 million. We plan to continue to purchase shares to the value of approximately $75 million per quarter in 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.
今天，我们的董事会宣布每股派发0.53美元的季度股息。本季度，我们在先前授权的股票回购计划下购买了大约307,000股股票，总金额为7500万美元。我们计划在2025财年每季度继续以约7500万美元的金额回购股票，这将远远抵消年度内因员工股权归属而导致的稀释。展望未来，我们计划通过研发持续再投资于增长，进一步部署资金用于小规模并购，并继续实施股票回购计划。
And with that, I will hand the call back to Mike.
最后，我将把电话交还给迈克。
Mike Ott
迈克·奥特
Thanks, Brett. Matt, I'll now turn the call over to you to provide instructions and run the Q&A portion of the call. Thank you.
谢谢你，Brett。Matt，现在我把电话交给你，由你提供指示并主持问答环节。谢谢。
Question-and-Answer Session
问答环节
Operator
主持人
[Operator Instructions] The first question is from Dan Hurren from MST. Please go ahead.
[主持人指示] 第一个问题来自MST的Dan Hurren。请开始。
Dan Hurren
Good morning. Can you hear me?
早上好。你能听到我吗？
Michael Farrell
Yes, loud and clear, Dan.
是的，非常清晰，Dan。
Dan Hurren
Hello?
你好？
Michael Farrell
Yes, loud and clear, Dan.
是的，非常清晰，Dan。
Operator
主持人
Sorry, Dan, we can hear your line if you can hear us.
抱歉，Dan，如果你能听到我们的话，我们也能听到你的线路。
Dan Hurren
Dan Hurren
I'm sorry, yes. Sorry. My apologies. Just a question for Brett in regards to currency. At one of the recent speaking events, there were comments made about the negative impact of FX on margins. Now, I think you've just spoken to some negative top line. Can you just talk us through any other FX impacts down the P&L as we've seen the strength of the U.S. dollar?
很抱歉，是的。抱歉。请原谅。只是想问Brett一个关于货币的问题。在最近的一次演讲活动中，有人评论了外汇对利润率的负面影响。现在，我认为你刚才提到了一些负面的收入表现。你能不能跟我们详细说明一下，鉴于美元走强，还有哪些其他的外汇影响体现在损益表上？
Brett Sandercock
Yes. Hi, Dan. Yes. I mean, you called out particularly sequentially that 30 basis points impact for us. If you look down the P&L, the net impact was negative $0.02 on our EPS for this quarter.
是的。嗨，Dan。是的。我的意思是，你特别提到我们受到了30个基点的影响。如果你看损益表，净影响是本季度每股收益下降了0.02美元。
Dan Hurren
I guess, sorry, my question was more looking forward on the spot rates that we have in the moment, in…
我猜，抱歉，我的问题更多是关于我们目前现行汇率的前瞻性展望，关于……
Brett Sandercock
Yes. Got it. Got it. Yes. We've -- if we look at it, you think about it, we sort of take our -- if you like revenue kind of straight away in the quarter, but there is typically about a quarter's lag where we see some benefit from a weaker, say, Singapore dollar and Aussie dollar, for example. So that sort of helps us going to Q3 but we still have some of that Euro weakness coming through. So my expectation on gross margin will be relatively neutral on our gross margin and we'll get in a slight benefit, if you like, on a headline basis through R&D and SG&A.
是的，明白，明白。我们的——如果你仔细考虑，我们会在本季度立即确认收入，但通常会有大约一个季度的滞后期，在此期间我们会从较弱的货币中获得一些好处，比如新加坡元和澳元。因此，这在一定程度上有助于我们进入第三季度，但我们仍然会受到部分欧元疲软的影响。所以我预计我们的毛利率总体上会保持相对中性，并且我们将在研发和销售、一般及行政费用方面获得些许好处。
Dan Hurren
That's great. Thank you very much, Brett. Thank you, all.
太好了，非常感谢你，Brett。谢谢大家。
Brett Sandercock
Great. Thanks, Dan.
非常好。谢谢你，Dan。
Operator
主持人
Our next question is from Davin Thillainathan from Goldman Sachs. Please go ahead.
接下来的问题来自高盛的 Davin Thillainathan。请开始。
Davin Thillainathan
Oh, hi, Mick and team. Thank you for the presentation. Just a question on the devices part of your business. Clearly really strong U.S. devices growth, a double-digit profile. Could you give us some sense there on your thinking about the GLP-1 impact there? I know there were some comments on your opening remarks about the patient flow potentially stepping up from GLP-1s. Do you feel that's starting to sort of flow through in the numbers now or do you feel like it's perhaps a bit back-end weighted considering the Lilly level expansion there as well? Thank you.
哦，你好，Mick 和团队。感谢你们的演示。关于你们业务中设备部分，我有个问题。显然，美国设备的增长非常强劲，呈现出两位数的增长。能否谈谈你们对 GLP-1 影响的看法？我记得你在开场发言中提到过，患者流量可能会因 GLP-1 而增加。你认为这种影响现在已经在数据中开始显现，还是说考虑到 Lilly 层面的扩张，这种影响可能更多地体现在后端？谢谢。
Michael Farrell
Yes. Thanks. It's a good question. And there is multiple impacts of those two megatrends I talked about, the GLP-1s and the consumer tech companies, and their awareness they're driving in sleep apnea. Both of them drive together to drive patients to think about sleep health and breathing health, and specifically about sleep suffocation or sleep apnea. And so, yes, look, incredibly strong performance as you noted, plus 12% devices year-on-year for the quarter in the U.S., plus 9% in Europe, Asia, rest of world, and just a great growth.
是的，谢谢。这是个好问题。我提到的两大趋势——GLP-1 和消费科技公司——各自以及共同在睡眠呼吸暂停方面提升了人们的认知，它们共同推动患者关注睡眠健康和呼吸健康，特别是关于睡眠窒息或睡眠呼吸暂停的问题。所以，正如你所指出的，我们的表现非常强劲，美国本季度设备同比增长 12%，欧洲、亚洲及其他地区增长 9%，整体增长十分出色。
I don't think there is a huge material impact from specifically the new Zepbound indication in Eli Lilly, they just got their indication in December. And typically pharmaceutical companies wait six-plus months before they really start their direct-to-consumer advertising.
我认为，Eli Lilly 新获得的 Zepbound 适应症并不会带来巨大实质性影响，他们是在十二月刚刚获得适应症。通常，制药公司会等待六个多月才会真正开始面向消费者的广告宣传。
And so what we're seeing now is a lot of clinical education, continuing medical education, CME programs from ResMed and from Lilly and others to primary care physicians and that's what I expect. But that education alone, I think will start to drive some demand gen into the funnel.
因此，我们目前看到的是 ResMed、Lilly 及其他公司向初级保健医师提供的大量临床教育、继续医学教育以及 CME 项目，这正是我所预期的。但仅凭这些教育，我认为将会开始推动一些需求生成进入销售漏斗。
It's going to be up to ResMed to really partner with those primary-care physicians to ensure demand capture, conversion, and curation into the sleep apnea diagnosis treatment and management funnel. And so that sort of pathway, if you like, is in its early phases. I think we're in the very early stages of that.
接下来将由 ResMed 与这些初级保健医师紧密合作，以确保将需求捕获、转化并引入睡眠呼吸暂停的诊断、治疗和管理流程。可以说，这条路径正处于早期阶段，我认为我们正处于这一进程的非常初期。
As I said in the prep remarks, I think the impact will start to happen over the coming one, three, five quarters where we'll start to get those models working, but it will have a durable impact over the coming sort of one, three, five years and beyond. So this isn't sort of, as I said earlier, it's not a one-and-done, it's not a single-step change, it's a gradual improvement in that patient flow.
正如我在准备发言中所提到的，我认为这一影响将在接下来的一、三个、五个季度内逐步显现，届时我们将看到这些模式开始发挥作用，但在未来的一、三、五年甚至更长时间内，它将产生持久的影响。所以，正如我之前所说，这并非一次性、单步的改变，而是患者流量逐步改善的过程。
So I think we're in the very early innings of the flow of extra patients from GLP-1s and from consumer tech. Thanks for the questions.
因此，我认为我们正处于由 GLP-1 和消费科技带来的额外患者流量的初始阶段。谢谢各位提问。
Operator
主持人
Our next question is from Lyanne Harrison from Bank of America. Please go ahead.
接下来的问题来自美国银行的 Lyanne Harrison。请开始。
Lyanne Harrison
Yes. Good morning all, and congratulations on very strong devices growth, both in the United States and the rest of the world. Can you point out if there is any, I guess, bulk purchases or one-offs that might have occurred this quarter or also if there was any DME stocking ahead of potential tariffs?
是的。大家早上好，祝贺你们在美国及全球其他地区取得非常强劲的设备增长。能否说明本季度是否有任何大宗采购或一次性订单，或者是否存在为了应对可能的关税而进行的DME库存储备？
Michael Farrell
Yes. So thanks for the question, Lyanne. The short answer is no. We haven't had any of that sort of one-time stocking. We did talk last quarter in Q1 about Japan where we launched the AirSense 11. And so Q1, there was some stocking in Japan because that is a sort of fleet management business of our main distributors there.
是的。谢谢你的提问，Lyanne。简单回答是没有。我们在上一季度第一季度曾谈及日本，在那里我们推出了AirSense 11。因此，在第一季度，日本出现了一些库存储备，因为那是一种我们主要经销商所进行的车队管理业务。
But no, in Q2, none of that. We do not believe the ResMed will have any impact to us on any tariffs when you hear -- and I sit on the Board of AdvaMed, so I'm carefully involved with Washington, D.C. and Brussels, and Beijing from that group. But we have a Trump-ready group and we were looking at the tariffs. And as we see them, even if there are blanket tariffs on China, there'll be no impact on ResMed, we manufacture in Sydney, Singapore, Atlanta, and beyond. And so none of those will be included.
但不，在第二季度，完全没有这种情况。我们认为ResMed不会受到任何关税影响——我还是AdvaMed董事会的一员，因此与华盛顿特区、布鲁塞尔和北京的工作密切相关。但我们有一个已做好应对特朗普政策准备的团队，并且我们一直在关注关税问题。依我们所见，即使对中国实施全面关税，也不会影响ResMed，因为我们在悉尼、新加坡、亚特兰大及其他地区均有生产，所以这些都不包括在内。
It may impact one of our competitors from China as they import to the U.S. through Florida. So if there was a blanket impact on China, it could have a negative impact on them. And if there was a blanket sort of USCA -- USMCA, so Mexico-Canada change from the Trump administration, which could happen and has been threatened. That could impact a competitor from New Zealand who does a lot of mass manufacturing in the Maquiladoras there on the border -- on the Mexican side of the border.
这可能会影响到我们的一家中国竞争对手，因为他们通过佛罗里达向美国进口产品。因此，如果对中国实施全面关税，可能会对他们产生负面影响。而且，如果特朗普政府推出类似USCA——USMCA的墨西哥-加拿大政策调整（这种情况有可能发生，并且已受到威胁），那么可能会影响到一家新西兰竞争对手，该对手在边境的墨西哥侧大量进行工厂化生产。
科技企业会认为拦是拦不住的。
So both of those could have a negative impact on our competitors. We're not banking on it. And in fact, at AdvaMed I will advocate for a carve-out for medtech and/or food industries. I think they should be carved out even though it would hurt our competitors. I think I'd take the high road and say what's right for the community there. But let's see, we get to see what happens over the coming weeks and months there. But at ResMed, we're really focused for any of these outcomes and we saw a pretty steady flow of patients into the funnel, and that resulted in the strong device growth.
因此，这两种情况都可能对我们的竞争对手产生负面影响。我们并不依赖于此。事实上，在AdvaMed，我会主张对医疗技术和/或食品行业进行豁免，即使这会对我们的竞争对手造成不利影响。我倾向于采取高尚立场，为那里的社区争取正当权益。但让我们拭目以待，看看接下来几周和几个月会发生什么。而在ResMed，我们非常专注于这些结果，并且我们观察到患者以相当稳定的流量进入销售渠道，从而推动了设备的强劲增长。
Our challenge, as I said earlier in the prep remarks, Lyanne, is to ensure that we sort of continue that momentum and do our best to capture these patients who are being identified from their wearables or coming into the healthcare system because of the awareness of the new pharmaceutical class that can partially treat or can treat in combination therapy with CPAP. And so we'll be watching that and putting into place a lot of programs to see what we can do to maintain the great momentum that we've had. Thanks for the question.
正如我在准备发言中所提到的，我们的挑战，Lyanne，是确保我们继续保持这种势头，并尽力捕捉那些通过穿戴设备被识别，或由于对新型药物类别的认知而进入医疗体系的患者，这些药物可以部分治疗或与CPAP联合治疗。因此，我们将密切关注这一情况，并推出许多计划，看看如何维持我们迄今为止所取得的巨大势头。谢谢你的提问。
Lyanne Harrison
Great. Thanks, Mick.
太好了。谢谢你，Mick.
Operator
主持人
Next question is from Laura Sutcliffe from UBS. Please go ahead.
接下来的问题来自瑞银（UBS）的Laura Sutcliffe。请开始。
Laura Sutcliffe
Hello. Thank you for taking my question. Could you talk to your ability to scale things like home sleep testing and remote setup and anything else you think can help with getting all these potential new patients who might be coming your way onto therapy as soon as possible? Because one thing we hear is that sleep physicians in the U.S. are struggling maybe to see all of the patients that they possibly could be. So just wondering how you can help create some space to get that done. Thanks.
你好。感谢你接受我的提问。能否谈谈你们在扩大诸如家庭睡眠测试、远程设置以及其他能帮助尽快让这些潜在新患者接受治疗方面的能力？因为我们听说美国的睡眠医生可能难以见到他们可能接诊的所有患者。所以我只是想知道你们如何帮助创造一些空间来实现这一点。谢谢。
Michael Farrell
Yes, Laura, it's actually -- it's a great question. And as you noted in your question, there is a limit to sort of the physical space that you can have in the infrastructure required for in lab -- sleep labs. And many of them are at capacity. As you've seen, just the awareness of sleep health and breathing health, people are thinking a bit about it and asking questions and going to see the primary care physicians getting referrals.
是的，Laura，这实际上是个很好的问题。正如你在提问中提到的，在睡眠实验室所需的基础设施中，可用的物理空间是有限的，而且其中许多实验室已经满负荷运作。正如你所见，随着人们对睡眠健康和呼吸健康的关注，大家开始关注这一问题、提出问题，并前往看初级保健医生获取转诊。
We want to make sure that sleep lab capacity remains at full usage but is focused on the more sick and more severe patients. So, patients who might have central sleep apnea, they need to be in a sleep lab because then they can diagnose their inability to breathe, which is with an open airway, which is central sleep apnea, and get them a prescription for something like adaptive servo-ventilation, one of our high-end therapies that can help ventilate the patient with an open airway.
我们希望确保睡眠实验室的容量始终得到充分利用，但要专注于那些更严重的患者。因此，患有中枢性睡眠呼吸暂停的患者需要在睡眠实验室中接受检测，因为这样可以诊断他们的呼吸能力不足（即开放气道中的中枢性睡眠呼吸暂停），并为他们开具诸如自适应伺服通气（Adaptive Servo-Ventilation）这样的高端通气治疗处方。
Also with Overlap Syndrome, if patients have COPD, they need to be in one of those labs because they're probably going to put them on a bilevel or non-invasive ventilation therapy to ventilate the patient and account for the obstruction if they have Overlap Syndrome.
此外，对于重叠综合症，如果患者患有慢性阻塞性肺疾病（COPD），他们也需要在这些实验室中接受检测，因为他们可能会被安排使用双水平或无创通气治疗，以便为患者提供通气并解决因重叠综合症引起的气道阻塞问题。
And if they have concomitant insomnia, as I talked about in the prep remarks that is now called COMISA, the physician may use CPAP or APAP or bilevel for their obstructive sleep apnea. And right now, most of the options are only pharmaceutical options for the insomnia part but watch this space for the future there.
而且，如果他们同时存在失眠问题，正如我在准备发言中提到的（现在称为COMISA），医生可能会采用CPAP、APAP或双水平通气来治疗他们的阻塞性睡眠呼吸暂停。目前，对于失眠部分，大多数选择仅限于药物治疗，但未来这一领域还将有更多发展。
To your point, in your question, you said scaling the home sleep testing part, that's the part that can flex and that's the part that can flex quickly with this new demand. And even large teaching hospitals like right here in California down the street, there is a large teaching hospital that has very large in-lab setup, but they also have an infrastructure of home sleep apnea testing equipment and that they've got the ability to scale the number of tests that can happen.
关于你提到的扩大家庭睡眠测试部分的规模，这部分可以灵活应对，并能迅速扩展以满足新需求。即使是像加州附近这样的大型教学医院，也不仅拥有规模庞大的实验室设置，还具备家庭睡眠呼吸暂停测试设备的基础设施，能够扩展可进行的测试数量。
For those who are at high risk for general garden variety obstructive sleep apnea, those patients should be primarily a funnel to home sleep apnea testing. And so as we get this new flow of patients, ResMed's challenge is to do this demand capture, curation, and conversion and to partner with the sleep labs and the home sleep apnea testing companies. And many of them are one and the same so that they can flex to keep this new demand and to make sure a patient doesn't wait months for a test, but waits days and no longer than weeks.
对于那些具有一般性阻塞性睡眠呼吸暂停高风险的患者，主要应通过家庭睡眠呼吸暂停测试渠道进行筛查。因此，随着这批新患者的到来，ResMed面临的挑战是如何捕捉、筛选和转化需求，并与睡眠实验室及家庭睡眠呼吸暂停测试公司合作。许多机构实际上是一体的，能够灵活应对这一新需求，确保患者等待测试的时间不再是数月，而是几天或最多几周。
And so we saw during COVID a great flex around home sleep apnea testing when labs were just closed and hospitals weren't allowing patients for outpatient. And so we know that it can work. We've created the infrastructure with ApneaLink Air. We've launched our product called the NightOwl, which is a very small sort of fingertip-sized home sleep apnea testing product and we have partners out there using that.
因此，在COVID期间，当实验室关闭且医院不允许门诊患者时，我们看到家庭睡眠呼吸暂停测试得到了极大的灵活应用。所以我们知道这一模式是可行的。我们通过ApneaLink Air构建了相应的基础设施，并推出了名为NightOwl的产品——这是一款非常小巧、指尖大小的家庭睡眠呼吸暂停测试设备，而且已有合作伙伴在使用。
We're open to all of the other diagnostics from Knox Medical. We partner with them in Europe. And so our goal will be to make sure that every time patients come into primary care physicians and get that prescription and that desire for a home sleep apnea test that a sleep physician is available to serve, whether it's in-lab for the more complicated patients and for home sleep apnea testing for the triage of the vast majority of patients that have obstructive sleep apnea alone.
我们对Knox Medical的所有其他诊断产品持开放态度，并在欧洲与他们合作。因此，我们的目标是确保每次当患者到初级保健医生处获取处方并有意进行家庭睡眠呼吸暂停测试时，都能有一位睡眠专科医生提供服务——无论是针对更复杂患者的实验室测试，还是针对大多数仅患有阻塞性睡眠呼吸暂停患者的家庭测试。
So we're ready. We're partnering with the channel. And as I said, over the coming one, three, five quarters, we'll roll out the infrastructure, the one, three, five years, we'll start to see the benefit of the scaling of the patients through there. It's a great question about the infrastructure. Thank you, Laura.
所以我们已做好准备，并与渠道合作。正如我所说，在接下来的一、三个、五个季度内，我们将逐步推出相应的基础设施；在未来的一、三、五年内，我们将开始看到通过这一扩展患者规模所带来的效益。关于基础设施的问题非常好。谢谢你，Laura。
答非所问，智能手表正在提供这方面的功能。
Operator
主持人
The next question is from Craig Wong-Pan from RBC. Please go ahead.
下一个问题来自RBC的Craig Wong-Pan。请开始。
Craig Wong-Pan
Great. Thank you. SaaS revenue growth slowed a bit from the first quarter. Could you share what the growth rates were for the different businesses within SaaS? And are you still expecting double-digit growth for that business?
很好，谢谢。SaaS收入增长较第一季度略有放缓。能否分享一下SaaS内部不同业务的增长率是多少？你们是否仍预计该业务将保持两位数增长？
Michael Farrell
Yes. Thanks for the question, Craig. And yes, our residential care software business includes, MEDIFOX, Brightree, and MatrixCare brands, and beyond, you know, Sidus Medical and others. We don't break out annually or even on a quarterly basis our -- the breakdown of what flow there. I can give you some trends though.
是的。谢谢你的提问，Craig。我们的居家护理软件业务包括MEDIFOX、Brightree和MatrixCare品牌，以及Sidus Medical等其他品牌。我们不会按年度甚至季度详细拆分这些业务的构成，但我可以分享一些趋势。
Look, as Brett said in his prepared remarks, our MEDIFOX team are doing very well. Our German home nursing and nursing home software business is growing very strongly. So it's ahead of that group growth of 8%. And Brightree is doing very well sort of in line in that high-single-digits.
听着，正如Brett在准备发言中所说，我们的MEDIFOX团队表现非常出色。我们的德国家庭护理和养老院软件业务增长非常强劲，超过了8%的集团增长率。而Brightree的表现也非常不错，基本保持在高单位数增长。
And some of the sort of skilled nursing facilities and senior living facilities post-COVID have never really picked up the rate of growth that they'd had before. And so we're looking -- as we look at those businesses, we look at that as a portfolio management approach and we're investing more and more in the growth parts of the business.
而一些COVID之后的熟练护理设施和老年生活设施从未真正恢复到之前的增长速度。因此，在审视这些业务时，我们将其视为一种资产组合管理策略，并在业务增长部分不断增加投资。
Obviously, huge synergies back to our core business in Brightree ReSupply, Snap technology. And so we're investing a lot in Brightree and Snap. And as I said in my prep remarks, scaling Snap for all, which will increase our software as a service residential care software -- core growth, but also will help us maintain momentum in our mask growth in the core market as well. And so we're seeing good growth there.
显然，在Brightree ReSupply和Snap技术方面与我们的核心业务存在巨大的协同效应。因此，我们在Brightree和Snap上投入了大量资金。正如我在准备发言中所说，扩大Snap的规模不仅会推动我们的居家护理软件核心增长，还将帮助我们在核心市场维持面罩业务的增长势头。所以，我们在这些方面看到了良好的增长。
And in some of the lower-growth areas, we'll probably invest less in those areas. And so that sort of portfolio management, I think we guided to high-single-digit growth for our residential care software business. I have guided to double-digit growth in net operating profit and we are achieving that within our residential care software business. And so that's where we're really looking at. Meeting or beating that market growth of high-single-digits and then making sure that we get leverage through SG&A and R&D to strong net operating profit growth in the double-digits there.
而在一些增长较低的领域，我们可能会减少投资。因此，通过这种资产组合管理，我认为我们对居家护理软件业务的增长指引为高单位数增长。我对净营业利润的增长指引为两位数，并且我们在居家护理软件业务中正实现这一目标。这正是我们关注的——达到或超过市场高单位数的增长，并通过销售、一般及行政费用和研发的杠杆作用，确保净营业利润实现两位数的强劲增长。
But it's a good question and it's something we look at very carefully in portfolio management across residential care software. I'm working very closely with the residential care software teams, the leaders of the Brightree, leaders of MEDIFOX, and leaders of our MatrixCare brands to make sure that we're investing in the right areas. And where there is the most potential to lower costs, improved outcomes, and the most synergies with our core ResMed business.
但这是个好问题，也是我们在居家护理软件资产组合管理中非常关注的一点。我正与居家护理软件团队、Brightree、MEDIFOX以及MatrixCare品牌的领导者密切合作，以确保我们在正确的领域进行投资，并在降低成本、改善成果以及与我们核心ResMed业务实现最大协同效应方面具有最大的潜力。
Thanks for the question, Craig.
谢谢你的提问，Craig。
Operator
主持人
Next question is from Mike Matson from Needham & Company. Please go ahead.
下一个问题来自Needham & Company的Mike Matson。请开始。
Mike Matson
Yes. Thanks for taking my questions. I guess, want to ask one on the device growth. I mean, it was double-digits. Do you think that's representative of the growth in patients? Or are you getting some kind of pricing benefit up there on top of that? And then -- or is there something maybe happening with rePAP where that's starting to pick up?
是的。感谢你回答我的问题。我想问一个关于设备增长的问题。我的意思是，设备增长是两位数。你认为这代表了患者数量的增长吗？还是说你们在这方面获得了一些定价优势？另外——或者rePAP方面是否有什么情况开始出现了？
Michael Farrell
Yes, Mike, thanks for the question and it's a good one. Look, what we say is that the market growth rate is mid-single-digit for devices globally and mid-single-digit devices growth in the U.S., just standard market growth and high single-digit growth for the masks. And our job, you follow us for a long time, Mike, is to not just accept market growth, but to meet or beat it through demand-generation through, as you said, ReSupply on the mask side, rePAP on the device side.
是的，Mike，谢谢你的提问，这是个好问题。我们认为，全球设备的市场增长率处于中单位数水平，而美国设备的增长也是中单位数，仅仅是标准的市场增长，而口罩的增长则达到了高单位数。我们的任务，Mike，你跟随我们很长时间了，不仅仅是接受市场增长，而是通过需求生成——正如你所说，在口罩方面利用ReSupply，在设备方面利用rePAP——来达到或超越这一增长。
I can tell you our customers and our partners in the channel as well as globally our distributors and some of our consumer businesses in Europe and Asia are really focused on those new patients, but also on patients who have devices that are five or more years old. The warranties are usually only around three years. And so any time after three years, some people want once it's out of warranty to buy. But most insurance companies, including Medicare here in the U.S. will provide a new device after five years, most of the private payers as well.
我可以告诉你，我们的客户、渠道合作伙伴以及全球分销商和在欧洲、亚洲的部分消费业务，都非常关注那些新患者，同时也关注那些使用设备已达五年以上的患者。设备的保修期通常只有大约三年，因此一旦超过三年，有些人就会选择购买新设备。而大多数保险公司，包括美国的Medicare，以及大多数私人支付者，通常在设备使用五年后提供更换服务。
明显不本分的说法。
And so I think that rePAP opportunity is still out there and it's something that we've got an opportunity to drive. But look, it's an ongoing battle. It's an ongoing game to make sure that we can get the demand generation, demand curation, the demand capture. And really that demand conversion to make sure a person gets from that referral to the sleep specialist if they have a positive diagnosis for a rapid path to setup. And we've been working a long time on that digital health platform.
因此，我认为rePAP的机会依然存在，这也是我们可以推动的一个领域。但看，这是一场持久战，一个持续的过程，旨在确保我们能够实现需求生成、需求筛选、需求捕获，以及最终的需求转化，以确保一旦患者被确诊为阳性，能迅速从转诊到见到睡眠专家，并尽快启动治疗流程。我们在这一数字健康平台上已经努力了很长时间。
COVID helped us, it proved that we could do some of these more digitally, more remotely and we've partnered with our physicians to do that. And we've had some success as you saw with really good growth in this quarter. But look, as we look at it, you know the default is mid-single-digit growth in devices, high-single-digit growth in masks, and high single-digit growth in software. Our goal is to meet or beat that every quarter.
COVID疫情对我们有很大帮助，它证明了我们能够以更数字化、更远程的方式完成一些工作，我们也与医生合作实现这一点。正如你所看到的，本季度我们取得了非常不错的增长。但从整体来看，设备的默认增长是中单位数，口罩是高单位数，软件也是高单位数。我们的目标是每个季度都达到或超越这一水平。
And we did meet or beat that in every part. We had a beat in the devices, but it's not a given and we don't take it for granted and we know that we have to work hard on all of the above. Demand gen capture curation, rePAP conversion, and ReSupply on the mask side to keep that momentum.
而且，我们在各个方面都达到了或超越了预期。虽然设备方面的表现超出了预期，但这并非理所当然，我们也绝不掉以轻心，深知必须在需求生成、需求捕获与筛选、rePAP转化以及口罩方面的ReSupply等所有环节上继续努力，以保持这一增长势头。
Thanks for the question, Mike.
谢谢你的提问，Mike。
Mike Matson
Thank you. Thank you.
谢谢。谢谢。
Operator
主持人
Our next question is from Anthony Petrone from Mizuho Group. Please go ahead.
接下来的问题来自瑞穗集团的 Anthony Petrone。请开始。
Anthony Petrone
Thanks, Mick. And I'll just revisit back to GLP-1, but actually pivot to a reimbursement coverage. So Lilly secured Medicare coverage for Zepbound, we haven't seen commercial payers come in. So maybe just your views, Mick, how reimbursement in the United States will settle out now that we'll have GLP-1 covered side-by-side with CPAP. Do you think eventually as commercial payers come in, that you'll have to actually step through CPAP to get to a GLP-1? Thanks again.
谢谢，Mick。我将回到 GLP-1 这个话题，但实际上转向报销覆盖问题。所以，Lilly 为 Zepbound 获得了 Medicare 报销，而我们还没有看到商业支付方介入。那么，Mick，请问你怎么看待美国的报销情况，现在 GLP-1 与 CPAP 并列获得报销。你认为最终随着商业支付方的加入，会不会必须先经过 CPAP 才能转用 GLP-1？再次感谢。
Michael Farrell
Yes. Thanks for the question, Anthony. And look, you and the other great sell-side analysts here know the pharmaceutical side better than I do. I'm a global expert on medtech and particularly respiratory medtech. You're better on your own research and your team to know what's going to happen with -- if Lilly got Zepbound with CMS, what were their chances with United, Humana, Cigna, and beyond.
是的，谢谢你的提问，Anthony。听着，你和其他出色的卖方分析师对制药方面比我了解得更多。我是全球医疗技术，尤其是呼吸医疗技术的专家。你和你的团队通过自身的研究更清楚地了解——如果 Lilly 通过 CMS 获得了 Zepbound，他们在 United、Humana、Cigna 等方面的机会将会如何。
But look, in general, in our space, the private players do follow Medicare at least to some extent, but not a given -- this is a new class of medicines that's not just focused on sleep apnea, it's really focused on that sort of broad obesity play, cardiovascular, diabetes, metabolic syndrome, and obstructive sleep apnea is probably the third-tier there.
但总的来说，在我们的领域中，私营企业在一定程度上会跟随 Medicare，但并非绝对——这是一类新药物，不仅关注睡眠呼吸暂停，而是真正聚焦于广泛的肥胖、心血管、糖尿病、代谢综合症，而阻塞性睡眠呼吸暂停可能只是其中的第三优先事项。
So we're not unrealistic to know that this indication for use is not the only thing that Lilly is focused on and it's probably not their number-one priority. But I think having spent tens of millions on the SURMOUNT-OSA trial and having positive data that sort of shows that on average half treatment, 50% treatment of AHI, they've got a good incentive to start advertising. We're going to watch very carefully as they get that reimbursement for Zepbound for different indications. Is it for obesity or is it for our apnea and is it for diabetes? But as they start to get those, I'm pretty certain that we will start to see that sort of direct-to-consumer advertising.
所以，我们并不天真地认为这一适应症是 Lilly 唯一关注的点，也可能不是他们的头等大事。但我认为，Lilly 在 SURMOUNT-OSA 试验上投入了数千万，并获得了积极数据，显示其平均治疗使 AHI 下降了 50%，这为他们开始广告宣传提供了良好的激励。我们将非常密切地关注他们如何为 Zepbound 不同的适应症获得报销——是用于肥胖、还是用于治疗呼吸暂停，亦或是糖尿病？但随着这些报销的陆续到来，我相当确定我们将开始看到这种面向消费者的直接广告。
What we have seen already is that they are investing in continuing medical education. Their CME programs are out there, they posted on their website a lot of information. And the heartening part for us, Anthony, is that they're following the American Academy of Sleep Medicine guidelines. They're following the gold standard guidelines and that really does, as you say, it says frontline, you have to use the most efficacious, least invasive, most proven therapy first. And so you have to use CPAP, APAP, bilevel.
我们已经看到，他们正在加大对继续医学教育的投入。他们的 CME 项目已经推出，并在其网站上发布了大量信息。令人鼓舞的是，Anthony，他们遵循了美国睡眠医学会的指南，遵循了金标准，这正如你所说，意味着在一线治疗中必须首先使用最有效、最微创、最经过验证的疗法。因此，必须使用 CPAP、APAP 和双水平通气。
And then as their own data showed like Lilly's data in SURMOUNT-OSA showed in there, they had two trials, one non-CPAP patients and one CPAP patients. The CPAP patient trial, those patients did better. They had better outcomes. And so it's not just in the medical science from the American Academy of the Sleep Medicine, it's from Lilly's own clinical data that shows the combination therapy is better.
随后，正如 Lilly 在 SURMOUNT-OSA 中所展示的那样，他们进行了两个试验——一个针对非 CPAP 患者，另一个针对 CPAP 患者。结果显示，接受 CPAP 治疗的患者表现更好，疗效更佳。因此，这不仅体现在美国睡眠医学会的医学理论上，更在于 Lilly 自身的临床数据证明了组合疗法更为优越。
So I think that we'll start to see them do that advertising at some point following their indication for use approval. I don't know if it's six months or 12 months, every pharmaceutical company makes a different decision on every drug. But I look forward to them getting approval, getting coverage as broadly as they can, and starting to advertise and doing the right thing, saying if we want to treat the whole person, you want to treat the core sleep apnea and you want to treat the weight.
因此，我认为在他们获得适应症批准后，我们将开始看到他们进行这种广告宣传。我不知道是六个月还是十二个月，每家制药公司对每种药物的决策都不同。但我期待他们获得批准、尽可能广泛地获得报销，并开始广告宣传，做出正确的决策——也就是说，如果我们想要治疗整个人，就必须同时治疗核心睡眠呼吸暂停和体重问题。
And that combination therapy, we think is the future of obstructive sleep apnea treatment. We saw it in their data, we see it in our data, the 1.2 million patients we're following. The combination prescription of a GLP-1 prescription and a PAT prescription leads to pretty good outcomes, high start rates, and high propensity to adhere to therapy. And for us, we see that in the purchase of masks and accessories and we know that leads to lower costs and better outcomes, and lower mortality for the patients.
而这种组合疗法，我们认为是阻塞性睡眠呼吸暂停治疗的未来。我们在他们的数据中看到了这一点，也在我们关注的 120 万患者数据中看到了这一点。GLP-1 与 PAT 的组合处方能够带来相当不错的效果、高启动率以及较高的治疗依从性。对于我们而言，这也反映在口罩和配件的采购上，我们知道这将带来更低的成本、更好的疗效和更低的患者死亡率。
So yes, Anthony, early days, as I said, but we're quite excited about that. I haven't got any questions yet about it, but I'm actually slightly more excited about the consumer tech trend because that's already out there. You've got tens of millions of people, hundreds of millions of people with these watches, these wearables, and that -- those algorithms are FDA clear and they can detect sleep apnea and we will start to see those patients come through and it's our challenge to help those people find a digital pathway into the healthcare system.
所以，Anthony，正如我所说，现在还处于早期阶段，但我们对此非常兴奋。我目前还没有收到更多关于这方面的问题，但实际上我对消费科技趋势更为激动，因为这已经在发生。数以千万计、甚至上亿的人佩戴这些手表和可穿戴设备，这些算法已经获得 FDA 批准，能够检测睡眠呼吸暂停，我们将开始看到这些患者陆续出现，而我们的挑战就是帮助这些人找到进入医疗系统的数字化路径。
Thanks for the question, Anthony.
谢谢你的提问，Anthony。
Anthony Petrone
Thank you.
谢谢。
Operator
主持人
Next question is from Mathieu Chevrier from Citi. Please go ahead.
下一个问题来自花旗集团的Mathieu Chevrier。请开始。
Mathieu Chevrier
Yes. Thanks for taking my question. Good afternoon. Good morning. Just to jump back on that previous question, do you think there is more research to do on the benefits of CPAP and perhaps more education? Because clearly, the pharma company has been quite aggressive at just broadening the potential indications for GLP-1s. Thank you.
是的。感谢您接受我的提问。大家下午好，也早上好。回到之前的问题，您认为在CPAP的益处上是否还需要做更多的研究，或许还需要更多的教育？因为显然，制药公司在大力拓宽GLP-1潜在适应症方面相当积极。谢谢。
Michael Farrell
Look, no, it's a great question. And if you look at the nearly 21 billion nights of respiratory medical data that ResMed has in the cloud, the more than 30 million patients that are part of the AirView ecosystem. The 9.3 million patients that have downloaded the myAir app, we've got a treasure trove of information and we have absolutely -- it's all de-identified, it's private, it's cyber secure and we really focus on really looking, as you said, on that research. We have peer-reviewed published data showing a 39% reduction in mortality for patients who are CPAP adherent versus not in our ALASKA study.
听着，这确实是个好问题。如果您看看ResMed云端近210亿个呼吸医疗数据之夜、AirView生态系统中超过3000万的患者，以及下载了myAir应用的930万患者，我们拥有一大笔宝贵的信息数据，而且这些数据均已去标识、保持私密且网络安全，我们确实非常重视这方面的研究。我们的ALASKA研究中已有同行评审的发表数据表明，依从CPAP治疗的患者与不依从的患者相比，其死亡率降低了39%。
We have a lot of data that we've shown in improvements in cardiovascular outcomes, reductions in blood pressure, improvements in HbA1c for metabolic control, and beyond. But to your point, I think, given the awareness that's going to be driven by the pharmaceutical companies coming in here, we have to drive more and more of that.
我们还有大量数据显示，在改善心血管结果、降低血压、提升代谢控制（如HbA1c）等方面均取得了成效。但正如您所指出的，鉴于制药公司将带来的关注度，我们必须在这方面加大力度。
So I've challenged our Chief Medical Officer, Carlos Nunez, and his team to increase the velocity and the qualities, velocity is speed plus direction. So not just the speed of clinical research to market from our real-world data, but the direction that it is more focused on outcomes, really showing and we peer-reviewed published this, that is a dose-response relationship between the use of CPAP every night and the lowering of healthcare, all-cause healthcare cost outcomes.
因此，我已向我们的首席医疗官Carlos Nunez及其团队提出挑战，要提高研究的速度和质量，这里的速度不仅指从真实世界数据到临床研究转化的快慢，还包括其方向性，即更注重成果，真正展示（并经过同行评审发表的）每晚使用CPAP与降低整体医疗成本之间存在剂量-反应关系。
So for every hour of sleep using your CPAP, you have a 7% reduction in total healthcare costs for that patient, all the way up to seven hours of sleep, so up to 50% reduction in all-cause costs. And so the more and more ResMed can not only get those data but get those data and put them into the Intermountain Healthcare system, put them into the Kaiser Healthcare system, these great payer providers, Kaiser and beyond.
也就是说，每使用CPAP一小时，患者的总医疗费用就可降低7%，一直到七小时使用时，总医疗费用可降低多达50%。因此，ResMed不仅能够获取这些数据，还能将这些数据应用于Intermountain医疗系统、Kaiser医疗系统等这些优秀的支付方体系中，甚至更多。
And actually, the mortality data was done with the French government on a social security database, the ALASKA study. The more we can do that in Western, Northern Europe where you've got government-run insurance programs that really do focus on long-term outcomes because the government is the payer for the life of these citizens.
事实上，这些死亡率数据是与法国政府合作，利用社会保障数据库在ALASKA研究中得出的。我们在西欧、北欧等拥有政府运营保险计划的地区能够做得更多，因为在这些地区，政府为公民的一生提供保险，因此更注重长期结果。
And so we're going to have more and more data, watch this space. We are the market leader in digital health and I would say, publication of real-world data and real-world evidence in the field of MedTech and you're going to see more and more from us. And it will only be increased in the momentum with big pharma starting to invest with things like SURMOUNT-OSA showing combination therapy is better than single therapy as well. So more grist for the mill.
因此，我们将获得越来越多的数据，敬请期待。我们是数字健康领域的市场领导者，我敢说，在医疗技术领域我们在真实世界数据和真实世界证据的发布上会有更多表现。随着大型制药公司开始投资，例如SURMOUNT-OSA显示组合疗法优于单一疗法，这种势头只会越来越强，为市场提供更多支持。
如果呼吸暂停对大型科技公司或者大型制药公司的产品产生边际效益，比如在苹果手表中新增的功能让更多的人去买手表，苹果可穿戴设备的年销售将近400亿，ResMed是50亿，很明显苹果在这个项目上的利益大于ResMed。
Thanks for the question.
谢谢您的提问。
Operator
主持人
Our next question is from David Low from JPMorgan. Please go ahead.
接下来的问题来自摩根大通的 David Low。请开始。
David Low
Thanks very much. Mick, I was wondering if we could come back to the question that was asked earlier about the market growth versus ResMed's growth. I mean, clearly with ResMed's dominance in devices, your ResMed largely is the market. So can you even talk a little bit as to what you think the drivers might have been this quarter that we drove the growth rate above 10% versus your estimates of market? I mean, clearly, some of the variables would like to understand the price and mix and whether that really was a contributor. And do you have a sense as to whether rePAP is starting to become a meaningful contributor at this stage, please?
非常感谢。Mick，我想问一下，我们是否可以回到之前提出的关于市场增长与 ResMed 增长之间的问题。我的意思是，显然凭借 ResMed 在设备领域的主导地位，你们的 ResMed 基本上代表了整个市场。那么，您能否稍微谈谈您认为本季度推动增长率超过 10%、超出市场预期的驱动因素可能是什么？显然，我们希望了解价格、产品组合等变量是否真正有所贡献。另外，您认为 rePAP 在这一阶段是否开始成为一个有意义的增长贡献者？
Michael Farrell
Yes. Thanks, David. And as you know, you followed us for a long time too, that there is lots of aspects that go into just the quarterly snapshot. Like clearly, we have a very strong position, we have very strong competition, we have very strong position in the U.S., in Europe, and in Asia. But we do have competition and so we are able to take share. And we are able to disproportionately partner with our physicians, home care providers, and distributors, and beyond where they are able to do better at growing share.
是的。谢谢你，David。正如你所知，你长期关注我们，我们的季度快照涉及了许多方面。显然，我们拥有非常强的市场地位，尽管竞争异常激烈，无论是在美国、欧洲还是亚洲，但正因为存在竞争，我们才能夺取市场份额。而且，我们能够与医生、家庭护理提供者、分销商等建立密切且富有成效的合作，从而更好地推动市场份额的增长。
Michael Farrell
So we partner and provide technologies like Brightree and AirView that helps identify patients for ReSupply. And that helped us get -- haven't really talked about it much, but our U.S. mask growth was 12% in the quarter, which was really strong too. And so those Brightree ReSupply and Snap technologies are really strong.
因此，我们与合作伙伴携手，并提供 Brightree 和 AirView 等技术，以帮助识别需要 ReSupply 的患者。这帮助我们取得了成果——虽然我们没有多谈，但本季度美国口罩的增长率达到 12%，也非常强劲。因此，这些 Brightree ReSupply 和 Snap 技术实力雄厚。
But on the device side, look, yes, a couple of 100 basis points ahead of market, how much of that was -- some of that demand gen work, how much of that was high deductible health plans and what we can do with patients there in the December quarter, how much was rePAP.
但在设备方面，情况是这样的：我们的增长率比市场高出几个 100 个基点，其中有多少归因于需求生成工作，有多少源于高免赔额健康计划以及我们在十二月季度中对患者所采取的措施，还有多少来自 rePAP。
We have the splits around those. We know the levers that we can turn and we're going to -- what our job is to really, I think in these megatrends is to work out how do we sustainably, incredibly. To an earlier question about infrastructure, make sure that the new patients coming in aren't held in a do-loop, in terms of the time from referral to a sleep specialist to getting that diagnostic and then getting to therapy. And that sort of process optimization, I think is a way that we can maintain that type of momentum. But there are many other aspects, and we -- yes, I mean, I said this earlier, but I think we're in the very, very early stages of seeing any flow from these other big megatrends, but we have to be ready to capture those patients as well.
我们已经对这些因素进行了分解。我们清楚可以调整哪些杠杆，并且我们的任务是在这些大趋势中找出如何实现可持续且显著的增长。关于基础设施的早期问题，我们必须确保新患者在从转诊到睡眠专家、获取诊断再到接受治疗的过程中不会陷入拖延。这样的流程优化，我认为是我们保持这一势头的关键方式。当然，还有许多其他方面——正如我之前所说，我们目前还处于从这些其他大趋势中看到患者流入的非常早期阶段，但我们必须做好捕获这些患者的准备。
So it's kind of a complex sort of portfolio management approach to demand gen capture and conversion, whether it's existing installed base with ReSupply and rePAP and new patients. And that balance for both devices and masks, I think we're getting down to a pretty good science on it.
因此，无论是现有设备的基础（通过 ReSupply 和 rePAP）还是新患者，这实际上是一种复杂的投资组合管理方式，用于需求生成、捕获和转化。我认为，在设备和口罩两方面的平衡上，我们正逐步掌握一套相当成熟的科学方法。
We did very well this quarter and we'll keep on focusing for 2025 on the long-term investments we're going to need to make in infrastructure and capabilities to capture, convert, and ensure a really good experience for the person as they go from sleep-concerned consumer to a happy patient on therapy for life.
本季度我们的表现非常出色，我们将继续在 2025 年重点投资于基础设施和能力的长期建设，以捕获、转化，并确保每位患者从对睡眠问题担忧的消费者转变为终生治疗中的满意患者，获得极佳的体验。
Operator
主持人
Next question is from Brett Fishbin from KeyBanc Capital Markets. Please go ahead.
下一个问题来自 KeyBanc Capital Markets 的 Brett Fishbin。请开始。
Brett Fishbin
Hi, guys. Thank you for squeezing me in. Just a question for Brett, on the gross margin guidance for 2H. Are you still expecting a sequential increase given relatively flat performance in 2Q versus 1Q? Or should we be thinking about 1H as more of a reasonable level for 2H? And just as a follow-up there, what would be the biggest swing factors that you think could drive progress closer to the high-end of the commentary, which would be closer to 60%? Thank you very much.
大家好，谢谢你们给我机会提问。关于下半年的毛利率指引，我有个问题想问 Brett。鉴于第二季度相较第一季度表现较为平稳，你们是否仍预期会有逐季提升？还是说我们应该认为上半年的水平更能代表下半年的情况？另外，作为后续问题，您认为哪些最大的不确定因素可能推动毛利率接近评论中高端，即接近 60%？非常感谢。
Brett Sandercock
Yes. Thanks, Brett. Yes, the -- that we sort of guide about 59% to 60%, we're at sort of the low-end there. We certainly got initiatives in place, we want to continue to improve the gross margin. So certainly that's our aim as we work through the second half of FY25. But we think it will be in that range of 59% to 60%. There is a lot of optimization initiatives we're working on. Three key areas is manufacturing, there's procurement initiatives, just scale benefits as well.
是的。谢谢你，Brett。我们目前指引的毛利率大约在 59% 到 60% 之间，处于较低水平。我们已经采取了多项措施，并希望继续改善毛利率。这当然是我们在推进 2025 财年下半年时的目标。我们认为毛利率会维持在 59% 至 60% 的区间内。我们正在推进大量的优化举措，主要集中在三个关键领域：制造、采购举措以及规模效益。
The progressive transition to the AS11 platform is well played out. Some of the swing factors on there will be things like product mix as well and kind of how favorable or unfavorable that is. Freight, which has stabilized, you know, do we see some benefits in the second half that's probably still a watch and wait.
向 AS11 平台的渐进式过渡已经运行得很好。其中一些不确定因素还包括产品组合及其有利或不利的程度。另外，货运费用已趋于稳定，我们是否能在下半年看到一些好处，目前可能还需观望。
And as we roll out new products as well, that tends to help. So there is a bunch of factors that play out on, that can impact the timing of when these benefits come through. But our priority is to have a good healthy pipeline and then we can deliver that pretty consistently and that should support our gross margin on kind of like a medium-term view, if you like, rather than quarter-by-quarter.
同时，随着我们推出新产品，这通常也会带来帮助。因此，有许多因素会影响这些好处实现的时机。但我们的首要任务是保持一个健康的产品线，从而能够相当稳定地交付，这应该从中期（而非逐季度）的角度支撑我们的毛利率。
Operator
主持人
Thank you. This concludes the question-and-answer session. I'd like to turn the floor back to management for closing comments.
谢谢。这结束了问答环节。现在，我把时间交还给管理层作闭幕发言。
Michael Farrell
Great. Well, thanks, Matt, and thank you to our shareholders for joining us on this call, and thank you especially to the 10,000 ResMedians operating in 140 countries. Many of you are also shareholders. Thanks for what you do today and every day. You're working with patients, physicians, payers, providers, and healthcare communities to change the world and you build value for stakeholders, especially the shareholders who are listening to us today. So thank you for what you did these last 90 days. We'll talk to you all again in about 90 days.
非常好。谢谢你，Matt，也感谢所有股东参加本次电话会议，特别感谢在 140 个国家中工作的 10,000 名 ResMedians。你们中的许多人同时也是股东。感谢你们今天以及每天所做的一切。你们正与患者、医生、支付方、服务提供者和医疗社区携手合作，改变世界，并为利益相关者创造价值，尤其是今天聆听我们的股东。所以，感谢你们在过去 90 天所做的努力。大约 90 天后，我们将再次与大家交流。
And that concludes the call. I'll hand over to Mike Ott to close us out.
这就结束了本次电话会议。我将把时间交给 Mike Ott 作结束发言。
End of Q&A
问答环节结束
Mike Ott
Great. Thank you, Mick, and thank you everyone for listening. We appreciate your time and interest. If you have any additional questions, please don't hesitate to reach out directly. This concludes ResMed's second quarter 2025 conference call. Matt, you may now close the call.
很好。谢谢你，Mick，也感谢大家的收听。我们非常感激你们的时间和关注。如果您有任何额外问题，请随时直接联系我们。这就结束了 ResMed 2025 财年第二季度的电话会议。Matt，现在请你作结束发言。
Operator
主持人
Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.
谢谢。这就结束了今天的电话会议。您现在可以断开线路。再次感谢您的参与。
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