2025-04-23 ResMed Inc. (RMD) Q3 2025 Earnings Call Transcript
ResMed Inc. (NYSE:RMD) Q3 2025 Earnings Conference Call April 23, 2025 4:30 PM ET
Company Participants
Mick Farrell - Chairman & Chief Executive Officer
Salli Schwartz - Chief Investor Relations Officer
Brett Sandercock - Chief Financial Officer
Conference Call Participants
Lyanne Harrison - Bank of America
Margaret Kaczor - William Blair
Davin Thillainathan - Goldman Sachs
Anthony Petrone - Mizuho Group
David Low - JPMorgan
Saul Hadassin - Barrenjoey
Dan Hurren - MST
Matt Taylor - Jefferies
Steve Wheen - Jarden
David Bailey - Morgan Stanley
Brett Fishbin - KeyBanc Capital Markets
Operator
接线员
Greetings, and welcome to the Q3 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. And also, please note this conference call is being recorded. Later we will conduct the question-and-answer session.
大家好，欢迎参加瑞思迈 2025 财年第三季度收益电话会议。我是 Kevin，将担任今天电话会议的接线员。目前，所有参会者都处于仅收听模式。另请注意，本次电话会议正在录音。稍后我们将进行问答环节。
Let me hand the call over to ResMed's Chairman and CEO, Mick Farrell; for a brief introduction of Salli Schwartz, who recently joined the company as Chief Investor Relations Officer. Mick, please go ahead.
现在我将电话转交给瑞思迈董事长兼首席执行官 Mick Farrell，他将简要介绍最近加入公司担任首席投资者关系官的 Salli Schwartz。Mick，请讲。
Mick Farrell
Thank you, Kevin. I'm very excited to have Sally join the ResMed team, our newest ResMedian. She joined us earlier this week and brings more than two decades of experience across capital markets, health care and technology. We look forward to Salli helping us to take Investor Relations to the next level here at ResMed, providing clarity, transparency and long-term alignment amongst current and future investors and all of our stakeholders.
谢谢你，Kevin。我非常高兴 Sally 加入瑞思迈团队，成为我们最新的瑞思迈人。她本周早些时候加入我们，带来了在资本市场、医疗保健和技术领域超过二十年的经验。我们期待 Salli 帮助我们将瑞思迈的投资者关系提升到新的水平，为当前和未来的投资者以及我们所有的利益相关者提供清晰度、透明度和长期一致性。
So Salli, we're thrilled to have you on board.
所以 Salli，我们非常高兴你的加入。
Salli Schwartz
Thanks, Mick. I'm happy to be here, and I look forward to meeting our investors very soon. But first, I want to welcome our listeners to ResMed's Third 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 corporate website later today.
谢谢，Mick。我很高兴来到这里，并期待很快与我们的投资者见面。但首先，我要欢迎各位听众参加瑞思迈 2025 财年第三季度收益电话会议。我们正在对本次电话会议进行网络直播，重播将于今天晚些时候在我们公司网站的投资者关系部分提供。
Our earnings press release and presentations are both available online now. During today's call, we will discuss several non-GAAP measures that we believe provide useful information for investors. This information is not intended to be considered in isolation or as a substitute for 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.
我们的收益新闻稿和演示文稿现均已在线提供。在今天的电话会议中，我们将讨论几项我们认为能为投资者提供有用信息的非 GAAP 指标。此信息不应被孤立地考虑，也不能替代 GAAP 财务信息。我们鼓励您查阅今天收益新闻稿中的支持性附表，以将这些非 GAAP 指标与 GAAP 报告的数字进行核对。
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陈述，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陈述。然而，我们的实际结果可能会有所不同。请查阅我们提交给美国证券交易委员会（SEC）的文件，以全面了解可能导致我们的实际结果与今天做出的任何前瞻性陈述产生重大差异的风险因素。
I'll now turn the call over to Mick.
现在我将电话转交给 Mick。
Mick Farrell
Thank you, Salli, and good morning, good afternoon and good evening to the folks from Asia, here in the North America and those Europe, as we welcome our shareholders around the world and review results for our third quarter of fiscal year 2025.
谢谢你，Salli。早上好、下午好、晚上好，向来自亚洲、北美以及欧洲的朋友们问好。我们欢迎世界各地的股东，并回顾我们 2025 财年第三季度的业绩。
I'm excited to report that ResMed delivered another strong quarter, achieving excellent top line and bottom line results. We delivered solid revenue growth gross margin expansion, both sequentially and year-on-year, very strong free cash flow generation and maintained our disciplined approach to investments in both research and development and SG&A.
我很高兴地报告，瑞思迈又迎来了一个强劲的季度，实现了卓越的营收和利润表现。我们实现了稳健的收入增长、毛利率环比和同比扩张、非常强劲的自由现金流生成，并保持了在研发和销售、管理及行政费用（SG&A）方面严谨的投资策略。
This performance reflects broad-based momentum and disciplined execution to capture growing demand for our products. Our continued success is driven by our market-leading value proposition with top quality hardware and top-quality software products as well as our expansive digital health software ecosystem, with cloud connected devices, digital health platforms and investments in machine learning, artificial intelligence as well as generative AI technology.
这一表现反映了我们广泛的增长势头和严谨的执行力，以抓住对我们产品日益增长的需求。我们的持续成功得益于我们市场领先的价值主张，包括顶级的硬件和软件产品，以及我们广泛的数字健康软件生态系统，涵盖云连接设备、数字健康平台以及在机器学习、人工智能和生成式人工智能技术方面的投资。
Our results are a testament to the work that we do to enhance sleep health, breathing health and health care delivery in the home. Thanks to the over 10,000 ResMedians who make that happen by delivering products and services to serve patients in over 140 countries worldwide. As the global leader in helping patients with chronic respiratory conditions, we are closely monitoring the evolving global trade environment, particularly in area of tariffs.
我们的业绩证明了我们在改善睡眠健康、呼吸健康和家庭医疗服务方面所做的工作。感谢超过 10,000 名瑞思迈员工，他们通过提供产品和服务，服务于全球 140 多个国家的患者，使这一切成为可能。作为帮助慢性呼吸系统疾病患者的全球领导者，我们正密切关注不断变化的全球贸易环境，特别是在关税领域。
In my current role as a Board member at AdvaMed and the current Chair of the International Committee on the AdvaMed Board, we will continue to urge countries around the world to exempt all medical devices from tariffs on a humanitarian basis.
在我目前担任 AdvaMed（美国先进医疗技术协会）董事会成员以及 AdvaMed 董事会国际委员会现任主席的职位上，我们将继续敦促世界各国基于人道主义原则，对所有医疗器械免征关税。
For us here at ResMed, the news is even better. I can report that because of the fact that our products are used to treat patients with chronic respiratory conditions, that have been subject to global tariff relief for decades. We have reaffirmed that, that is the case with federal authorities just this month in the current setting. In short, ResMed is very well positioned with exemptions in place for our products that are used to treat sleep apnea and respiratory and sufficiency as well as other chronic respiratory conditions.
对我们瑞思迈来说，消息甚至更好。我可以报告，由于我们的产品用于治疗慢性呼吸系统疾病患者，几十年来一直享受全球关税减免。就在本月，在当前形势下，我们已向联邦当局再次确认了这一情况。简而言之，瑞思迈处于非常有利的位置，我们用于治疗睡眠呼吸暂停、呼吸衰竭以及其他慢性呼吸系统疾病的产品已获得关税豁免。
In terms of ResMed's inherent strengths of outperforming our competitors with prior externalities, such as the COVID crisis, supply chain crisis and our ability to ramp up to meet the needs when our competitors simply could not. I will say that our exceptionally strong balance sheet, and our net cash position, our global scale, our accelerating operational efficiency as well as ongoing cost discipline gives us the confidence to not just survive but to thrive whatever the market may bring.
就瑞思迈在应对先前外部因素（如新冠危机、供应链危机）方面优于竞争对手的固有优势而言，以及当竞争对手无法满足需求时我们提升产能以满足需求的能力。我想说，我们异常强大的资产负债表、净现金头寸、全球规模、加速提升的运营效率以及持续的成本控制，使我们有信心无论市场带来什么，我们不仅能生存下来，而且能蓬勃发展。
强调的不是自己的本事。
ResMed is all about stability and balance in times like this. Ultimately, we're committed to make sure that sleep therapy, breathing therapy and healthcare technology that's delivered in the home is both accessible and affordable as well as ensuring that the delivery of our solutions is consistently available for our for our patients, providers and all of the healthcare partners in our global ecosystem.
在这样的时代，瑞思迈追求的是稳定和平衡。最终，我们致力于确保在家中提供的睡眠治疗、呼吸治疗和医疗保健技术既易于获得又负担得起，同时确保我们的解决方案能够持续稳定地提供给我们全球生态系统中的患者、供应商和所有医疗保健合作伙伴。
Our Sydney-based and Singapore-based facilities continue to be the core of our manufacturing leadership globally. In addition to that, we will soon open our newest manufacturing location in Calabasas, California. This double the size of our current manufacturing footprint in the United States of America, serving as the hub of our research and development for our motor technology, increasing the manufacturing capacity of core motor technology even closer to our largest market here in the US and expanding manufacturing of silicone mass cushions, leveraging advanced molding technology that ResMed leads the world in.
我们位于悉尼和新加坡的工厂继续是我们全球制造领导地位的核心。除此之外，我们很快将在加利福尼亚州卡拉巴萨斯开设我们最新的制造基地。这将使我们在美国的现有制造规模扩大一倍，成为我们马达技术研发的中心，将核心马达技术的制造能力进一步靠近我们在美国的最大市场，并扩大硅胶面罩垫的生产，利用瑞思迈世界领先的先进模塑技术。
This facility is designed to scale over the coming years with multiple mask molding cells and more growth as mask manufacturing increases to meet growing US and global demand. And I can tell you, these factories are very automated and very high tech. We're getting -- we're also investing in getting to our products to our home care providers even more efficiently here in the United States.
该工厂的设计旨在未来几年内通过多个面罩模塑单元进行扩展，并随着面罩制造量的增加以满足美国和全球日益增长的需求而实现更多增长。我可以告诉你们，这些工厂高度自动化且技术非常先进。我们正在——我们也在投资，以便在美国更有效地将我们的产品送达家庭护理提供者手中。
Our largest distribution facility worldwide is our 522,000 square foot campus in Atlanta, Georgia. We also have a West Coast facility just up the road from us here up in Moreno Valley, California. Over half of our global research and development investment is now US-based, with tenfold growth in American R&D over this last decade. These investments reflect our leadership, our economic development focus and the healthcare impact that we have as ResMed right here in the US where we have our global headquarters and where we support our largest global market, the US domestic market.
我们全球最大的分销设施是位于佐治亚州亚特兰大的占地 522,000 平方英尺的园区。我们在西海岸加利福尼亚州莫雷诺谷也设有一个设施，就在我们附近。我们全球一半以上的研究和开发投资现在都位于美国，过去十年间在美国的研发投入增长了十倍。这些投资反映了我们的领导地位、我们对经济发展的关注以及瑞思迈在美国本土所产生的医疗保健影响——这里是我们全球总部的所在地，也是我们支持我们最大的全球市场——美国国内市场的地方。
ResMed is an innovation machine, and our ongoing investments of over 6% to 7% of revenues into research and development is a key growth driver of our long-term success. I'm proud that we have been recognized for these market-leading efforts as we were named in the LexisNexis list of the top 100 global innovators. This award is given to market-leading companies that are driving pioneering innovation in the global economy.
瑞思迈是一台创新机器，我们将超过 6% 至 7% 的收入持续投入研发，这是我们长期成功的关键增长动力。我很自豪我们这些市场领先的努力得到了认可，我们被列入 LexisNexis 全球百强创新机构榜单。该奖项授予那些在全球经济中推动开创性创新的市场领先公司。
We continue to introduce new technology to our customers in the third quarter because it's nice to get awards. But as my father, the founder of ResMed says, innovation is when customers actually pay for it. This quarter marked the first full commercial rollout of NightOwl in the United States. NightOwl is a fingertip sized home sleep apnea test that is being used by physicians, sleep labs, as well as independent diagnostic and testing facilities known as IDTFs to diagnose patients.
我们在第三季度继续向客户推出新技术，因为获得奖项固然很好。但正如我的父亲，瑞思迈的创始人所说，创新是当客户真正愿意为之付费的时候。本季度标志着 NightOwl 在美国的首次全面商业推广。NightOwl 是一款指尖大小的家庭睡眠呼吸暂停测试设备，正被医生、睡眠实验室以及称为独立诊断和测试机构（IDTF）的机构用于诊断患者。
Widespread adoption of our NightOwl product will help more efficiently move patients through the screening and diagnostic funnel, so that physicians can then write prescriptions and home care providers can then set up those patients on therapy and take care of them for life.
我们 NightOwl 产品的广泛采用将有助于更有效地引导患者通过筛查和诊断流程，以便医生随后能够开具处方，家庭护理提供者能够为这些患者设置治疗方案并终生照护他们。
In addition to the nationwide launch of NightOwl, we're providing our sleep lab partners with even more new technology this quarter. On April 15, we launched the AirSense 11 version of VPAP Tx. VPAP Tx is our sleep lab testing and titration platform, built specifically for both hospital as well as outpatient sleep lab environments. VPAP Tx is purpose-built to support everything that a sleep physician needs in the sleep lab, including titration, evaluation and setup across every therapy mode that ResMed offers, including CPAP, APAP, bilevel S, bilevel ST, as well as adaptive servo ventilation, also known as ASV therapy.
除了在全国范围内推出 NightOwl 之外，本季度我们还为我们的睡眠实验室合作伙伴提供了更多新技术。4 月 15 日，我们推出了 AirSense 11 版本的 VPAP Tx。VPAP Tx 是我们的睡眠实验室测试和压力滴定平台，专为医院和门诊睡眠实验室环境而设计。VPAP Tx 旨在支持睡眠医生在睡眠实验室所需的一切，包括对瑞思迈提供的所有治疗模式进行压力滴定、评估和设置，涵盖 CPAP（持续气道正压通气）、APAP（自动气道正压通气）、双水平 S 模式、双水平 ST 模式，以及适应性伺服通气（也称为 ASV 疗法）。
VPAP Tx gives physicians, gives RPSG techs and respiratory therapists, a powerful new tool to personalize the gold standard positive airway pressure treatment decisions and ultimately, to accelerate adoption of long-term therapy for their patients through personalization of that therapy.
VPAP Tx 为医生、注册多导睡眠图技师（RPSG techs）和呼吸治疗师提供了一个强大的新工具，用于个性化制定金标准的气道正压通气治疗决策，并最终通过个性化治疗加速患者对长期疗法的接受度。
The VPAP Tx platform is built for flexibility, for precision and for clinical confidence. When we pay NightOwl and VPAP Tx with AirView, our cloud-based software for physicians and home care providers, they become part of a complete connected pathway, from diagnosis and titration to prescription and ultimately, therapy adherence.
VPAP Tx 平台旨在实现灵活性、精确性和临床信心。当我们将 NightOwl 和 VPAP Tx 与我们为医生和家庭护理提供者设计的基于云的软件 AirView 结合使用时，它们就构成了一个完整的互联路径，从诊断和压力滴定到处方，最终到治疗依从性。
Of course, we are working to incorporate diagnostic insights from NightOwl into our myAir patient app and to incorporate diagnostic data from both NightOwl and VPAP Tx into Somnoware. Somnoware, our software for physicians and sleep physicians practices continues to grow in its reach and has been adopted by one of the largest private health care systems in the United States, as well as being further expanded within the US Veterans Administration, or VA.
当然，我们正在努力将 NightOwl 的诊断见解整合到我们的 myAir 患者应用程序中，并将来自 NightOwl 和 VPAP Tx 的诊断数据整合到 Somnoware 中。Somnoware 是我们为医生和睡眠医生诊所提供的软件，其覆盖范围持续扩大，已被美国最大的私营医疗保健系统之一采用，并在美国退伍军人事务部（VA）内得到进一步推广。
Our investments in testing devices and diagnostic tracking software, which benefits potential patients, sleep labs and our home care providers, demonstrate ResMed's depth of commitment to the entire sleep health and breathing health ecosystems that provides access to the market leading sleep apnea therapy, and that's from ResMed.
我们在测试设备和诊断追踪软件方面的投资，惠及了潜在患者、睡眠实验室和我们的家庭护理提供者，这表明了瑞思迈对整个睡眠健康和呼吸健康生态系统的深度承诺，该生态系统提供了获得市场领先的睡眠呼吸暂停疗法的途径——而这正是来自瑞思迈。
We will continue to invest in our digital health ecosystem to help expand the diagnostic funnel to keep up with expanding new patient flow from both our own demand generation, demand capture investments as well as capturing demand from two powerful macro trends; one, the widespread adoption of GLP-1 medications, both in the US and worldwide; and two, accelerating momentum in consumer wearables.
我们将继续投资于我们的数字健康生态系统，以帮助扩大诊断漏斗，跟上不断扩大的新患者流量。这既来自于我们自身的需求生成和需求捕获投资，也来自于捕捉两大宏观趋势带来的需求：一，GLP-1 药物在美国乃至全球的广泛应用；二，消费级可穿戴设备的加速发展势头。
For consumers coming into the funnel from all of these areas, ResMed will be known as the company answering their questions about sleep health. I call this concept a digital sleep health concierge capability, including screening protocols, clinical tools, seamless workflows and cloud connected care pathways.
对于从所有这些领域进入漏斗的消费者来说，瑞思迈将成为解答他们关于睡眠健康问题的公司。我将这个概念称为“数字睡眠健康管家”能力，包括筛查方案、临床工具、无缝工作流程和云连接的护理路径。
ResMed is the leading global brand in the field of sleep health and breathing health. We want to expand the reach of that brand, to help them more than 2.3 billion people that need our health for their sleep apnea or as I call it sleep-suffocation, they're insomnia inability to get to sleep stayasly or their respiratory insufficiency due to chronic obstructive pulmonary disease or neuromuscular disease.
瑞思迈是睡眠健康和呼吸健康领域的全球领先品牌。我们希望扩大该品牌的影响力，帮助超过 23 亿因睡眠呼吸暂停（我称之为睡眠窒息）、失眠（无法入睡或保持睡眠）或因慢性阻塞性肺病（COPD）或神经肌肉疾病导致的呼吸功能不全而需要我们帮助的人们。
During the quarter, we announced a comprehensive ResMed brand evolution strategy designed to unify our global brand portfolio into one across sleep health, breathing health and healthcare technology that is delivered into the home. We will continue to build ResMed brand awareness and evolve our brand to be closer to each and every customer.
在本季度，我们宣布了一项全面的瑞思迈品牌演进战略，旨在将我们在睡眠健康、呼吸健康和家庭医疗技术领域的全球品牌组合统一为一个整体。我们将继续建立瑞思迈的品牌知名度，并发展我们的品牌，使其更贴近每一位客户。
However, I want to make it clear that our marketing team will make certain that there is a positive Return On Investment or ROI for every single demand generation, demand capture and demand conversion project that we launch, as we move and more people into the diagnostics and treatment fund.
然而，我想明确指出，随着我们将更多人引入诊断和治疗漏斗，我们的营销团队将确保我们启动的每一个需求生成、需求捕获和需求转化项目都能获得正向的投资回报率（ROI）。
When we talk about ResMed brand development, please note, that internally that means, ResMed brand ROI as well. An example of our disciplined demand generation experimentation is shown in our latest effort to educate physicians.
当我们谈论瑞思迈品牌发展时，请注意，在内部，这也意味着瑞思迈品牌投资回报率。我们最近在教育医生方面所做的努力，展示了我们严谨的需求生成实验的一个例子。
We have launched a targeted demand generation program through Continual Medical Education, also called CME programs to help teach physicians the benefits of CPAP, APAP and BiLevel Therapies for their patients. These targeted education efforts are having an impact with measurably increased prescriptions from those physicians.
我们通过持续医学教育（也称为 CME 项目）启动了一项有针对性的需求生成计划，以帮助医生了解 CPAP、APAP 和双水平疗法对其患者的益处。这些有针对性的教育工作正在产生效果，来自这些医生的处方量有了可衡量的增长。
In addition to Physician Education, we're also reaching out to consumers, looking for what we call, sleep health concerned consumers. On this front, I'm happy to say that our experiments on streaming advertising in select cities have resulted in significant increases in patient flow into the screening and diagnostic funnel.
除了医生教育，我们也在接触消费者，寻找我们所说的“关注睡眠健康的消费者”。在这方面，我很高兴地告诉大家，我们在部分城市进行的流媒体广告试验已使得进入筛查和诊断漏斗的患者流量显著增加。
It remains early days with these first cities, but we are seeing an openness in consumers to messaging that helps them find relief from their sleep apnea or sleep suffocation, and their lack of good quality of sleep that could be insomnia.
这些首批城市的试验尚处于早期阶段，但我们看到消费者对于那些能帮助他们缓解睡眠呼吸暂停（或睡眠窒息）以及可能由失眠导致的睡眠质量不佳问题的信息持开放态度。
We're also continuing to build long-term value across our existing patient base, to keep patients on therapy for their own personal health and for the good of the whole healthcare ecosystem.
我们还在继续在我们现有的患者群体中建立长期价值，以使患者为了自身的健康和整个医疗保健生态系统的利益而坚持治疗。
Research shows that patients who are enrolled in a compliant world-class resupply program are more likely to stay adherent to our therapy over the long-term, and therefore, to have better health outcomes.
研究表明，参加了合规的世界级用品更换计划的患者，更有可能长期坚持我们的治疗，从而获得更好的健康结果。
With the provision of just one additional item per patient, per year achieved by more efficient outreach, we believe we can provide exceptional value to our home care provider customers and make sure that our patients have access to new, clean masks and accessories for better care and better outcomes for them and for their physicians.
通过更有效的推广，实现每位患者每年仅增加一件用品的供应，我们相信能为我们的家庭护理提供商客户提供卓越的价值，并确保我们的患者能够获得新的、清洁的面罩和配件，从而为他们及其医生带来更好的护理和更好的结果。
Our focus is on driving increased patient adherence, improving outcomes. Programs like Brightree Connect, resupply complete and resupply essentials that are available for HME customers on any of the EHRs and ERPs they may use combined with personalized engagement through myAir are delivering strong results with home care providers right here in the United States.
我们的重点是提高患者依从性，改善治疗效果。像 Brightree Connect、Resupply Complete 和 Resupply Essentials 这样的项目，可供使用任何电子健康记录（EHR）和企业资源规划（ERP）系统的家庭医疗设备（HME）客户使用，再结合通过 myAir 实现的个性化互动，正在美国的家庭护理提供者中取得显著成效。
We have the opportunity to adapt and scale these types of resupply and adherence technologies globally to the 140 countries ultimately that ResMed is able to deliver care. Keeping patients on therapy is our moral imperative, our obligation here at ResMed, and it's firmly supported by scientific research.
我们有机会在全球范围内调整和扩展这些类型的用品更换和依从性技术，最终覆盖瑞思迈能够提供服务的 140 个国家。让患者坚持治疗是我们的道德责任，是我们在瑞思迈的义务，并且得到了科学研究的有力支持。
During the quarter, the Lancet Respiratory Medicine Medical Journal published a landmark meta-analysis. And a meta-analysis has a higher clinical value than a randomized controlled trial, or RCT, that many people have considered and looked at as the gold standard for clinical trials. So in short, the Lancet publication showed that CPAP therapy reduces all-cause mortality by 37%. And it reduces overall death rates by 37%. And further, that study went on to say that CPAP therapy reduces cardiovascular mortality by 55%. So CPAP reduces cardiovascular death rates by 55%. And this study wasn't small.
在本季度，《柳叶刀·呼吸医学》医学杂志发表了一项具有里程碑意义的荟萃分析（meta-analysis）。荟萃分析比许多人视为临床试验金标准的随机对照试验（RCT）具有更高的临床价值。简而言之，《柳叶刀》的这项研究表明，CPAP 疗法可将全因死亡率降低 37%。它将总体死亡率降低了 37%。此外，该研究还指出，CPAP 疗法可将心血管死亡率降低 55%。所以 CPAP 将心血管死亡率降低了 55%。而且这项研究的规模并不小。
This meta-analysis included over 1 million participants. So here at ResMed, we've known for decades that CPAP improves quality of life for sleep apnea patients. We've talked internally about these improvements in cardiovascular and mortality health. But now we have proof that it helps people to ultimately live longer and to live better. These data show that CPAP is not just another medical therapy. It's literally a case of life and death. So here at ResMed, we make the smallest, quietest, most comfortable, most cloud-connected and most intelligent therapies for sleep apnea, insomnia and respiratory insufficiency.
这项荟萃分析包含了超过 100 万名参与者。因此，在瑞思迈，我们几十年来一直知道 CPAP 可以改善睡眠呼吸暂停患者的生活质量。我们内部也讨论过它在改善心血管健康和降低死亡率方面的作用。但现在我们有了证据，证明它最终能帮助人们活得更长久、生活得更好。这些数据表明，CPAP 不仅仅是另一种医疗疗法。它实际上关乎生死。因此，在瑞思迈，我们为睡眠呼吸暂停、失眠和呼吸功能不全提供最小巧、最安静、最舒适、云连接性最强、最智能的疗法。
We also have the market-leading software for healthcare technology that is delivered right where people want to be, which is in their own home with home medical equipment, home health, home nursing and software that's beyond. To our shareholders around the world, we are building on our ResMed Foundation with our long-term leadership in our global markets. We now serve approximately 151 million lives through our hardware and software platforms. And we remain on track toward our ambitious goal of improving 500 million people's lives in 2030, $0.5 billion worldwide.
我们还拥有市场领先的医疗保健技术软件，这些技术和服务被直接送到人们希望的地方——也就是他们自己的家中，涵盖了家庭医疗设备、家庭健康、家庭护理以及更广泛的软件服务。致我们全球的股东们，我们正以我们在全球市场的长期领导地位为基础，不断巩固我们的瑞思迈基石。我们现在通过硬件和软件平台服务着大约 1.51 亿人的生活。我们仍在朝着我们宏伟的目标迈进，即到 2030 年改善全球 5 亿人的生活。
This quarter's results show the strength of our strategy, our investment in R&D, the clarity of our execution and the scale of our impact. We launched a renewed and refreshed brand. We scaled digital diagnostics and titration tools. We expanded intelligent therapy. We activated new patients. And really importantly, we replenish supplies for existing patients worldwide.
本季度的业绩展示了我们战略的实力、我们对研发的投入、我们执行的清晰度以及我们影响的规模。我们推出了焕然一新的品牌。我们扩展了数字诊断和压力滴定工具。我们拓展了智能疗法。我们激活了新患者。而且非常重要的是，我们为全球现有患者补充了用品。
And while doing all of this, we also delivered very strong financial results with top line growth and leverage down to the bottom line. I'd say this, we're just getting started. So thank you to every one of the 10,000 ResMedians around the world who made that possible and will make it possible our future growth.
在做所有这些的同时，我们还取得了非常强劲的财务业绩，实现了营收增长并提升了盈利能力。我想说，我们才刚刚开始。因此，感谢全球每一位瑞思迈人（ResMedians），是你们让这一切成为可能，并将使我们未来的增长成为可能。
And with that, I'll now hand the call over to Brett, who's is Sydney today for a deeper dive into our financials, and then we'll open the floor up for questions. Brett, over to you.
就此，我现在将电话交给今天在悉尼的 Brett，他将更深入地介绍我们的财务状况，然后我们将开放提问环节。Brett，交给你了。
Brett Sandercock
Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the third quarter of fiscal year 2025. Unless noted, all comparisons are to the prior year quarter and in constant currency terms were applicable. We had strong financial performance in Q3. Group revenue for the March quarter was $1.29 billion, an 8% headline increase and 9% in constant currency terms. Revenue growth reflects positive contributions across our product and resupply portfolio. Year-over-year movements in foreign currencies negatively impacted revenue by approximately $13 million during the March quarter.
好的。谢谢，Mick。在今天的发言中，我将概述我们 2025 财年第三季度的业绩。除非另有说明，所有比较均基于去年同期，并在适用情况下按固定汇率计算。我们在第三季度取得了强劲的财务业绩。集团在三月份季度的营收为 12.9 亿美元，名义增长 8%，按固定汇率计算增长 9%。营收增长反映了我们产品和用品更换组合的积极贡献。在三月份季度，外币的同比波动对营收产生了约 1300 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 US, Canada and Latin America increased by 9%. Sales in Europe, Asia and other regions, increased by 8% on a constant on a constant currency basis. Globally, currency basis, device sales increased by 7%, while masks and other sales increased by 12%.
从我们的地理营收分布来看，并排除居家护理软件业务的营收，美国、加拿大和拉丁美洲的销售额增长了 9%。欧洲、亚洲及其他地区的销售额按固定汇率计算增长了 8%。全球范围内，按固定汇率计算，设备销售额增长了 7%，而面罩及其他销售额增长了 12%。
Breaking it down by regional areas, device sales in the US, Canada and Latin America increased by 6%, masks and other sales increased by 13%, reflecting continued growth in 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 7% on a constant currency basis. Residential care software revenue increased by 10% on a constant currency basis in the March quarter, underpinned by strong performance from our MEDIFOX DAN software vertical.
按区域细分，美国、加拿大和拉丁美洲的设备销售额增长了 6%，面罩及其他销售额增长了 13%，反映了用品更换和新患者设置方面的持续增长。在欧洲、亚洲及其他地区，按固定汇率计算，设备销售额增长了 9%，而面罩及其他销售额按固定汇率计算增长了 7%。在三月份季度，居家护理软件营收按固定汇率计算增长了 10%，这得益于我们 MEDIFOX DAN 软件垂直业务的强劲表现。
During the rest of my commentary today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our third quarter earnings press release. Gross margin increased by 140 basis points to 59.9% in the March quarter. The year-over-year increase was primarily driven by manufacturing and logistics efficiencies, as well as favorable shifts in product mix, partially offset by unfavorable foreign currency movements.
在我今天接下来的评论中，我将引用非公认会计准则（non-GAAP）数据。我们在第三季度的收益新闻稿中提供了非公认会计准则数据与公认会计准则（GAAP）数据的完整调节表。在三月份季度，毛利率增加了 140 个基点，达到 59.9%。同比增长主要是由制造和物流效率的提升以及有利的产品组合变动所驱动，部分被不利的外汇波动所抵消。
Sequential gross margin increased by 70 basis points, primarily driven by manufacturing and logistics efficiency. We continue to make good progress on our gross margin expansion initiatives, and we are focused on making sustained long-term gross margin improvements. Looking forward and subject to currency movements, we expect our gross margin in Q4 FY '25 to be broadly consistent with our third quarter gross margin.
环比毛利率增加了 70 个基点，主要由制造和物流效率驱动。我们在毛利率扩张举措上继续取得良好进展，并专注于实现持续的长期毛利率改善。展望未来，在考虑汇率波动的情况下，我们预计 2025 财年第四季度的毛利率将与第三季度的毛利率大致持平。
Moving on to operating expenses. SG&A expenses for the third quarter increased by 7% on a headline basis and by 8% on a constant currency basis. The increase was predominantly due to increases in employee-related expenses and increases in marketing expenses, including costs associated with our recent global brand launch and demand generation activities.
接下来看运营费用。第三季度的销售、一般和行政（SG&A）费用名义增长了 7%，按固定汇率计算增长了 8%。增长主要是由于员工相关费用的增加以及营销费用的增加，包括与我们最近的全球品牌发布和需求生成活动相关的成本。
SG&A expenses as a percentage of revenue improved to 19% compared to 19.2% 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 the remainder of fiscal year 2025.
销售、一般和行政费用占营收的百分比从去年同期的 19.2% 改善至 19%。展望未来，在考虑汇率波动的情况下，我们预计在 2025 财年剩余时间内，销售、一般和行政费用占营收的百分比将在 18% 至 20% 的范围内。
R&D expenses for the quarter increased by 9% on a headline basis and by 11% on a constant currency basis. The increase was predominantly attributable to increases in employee-related expenses. R&D expenses as a percentage of revenue was 6.5% compared to 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 remainder of fiscal year 2025.
本季度的研发（R&D）费用名义增长了 9%，按固定汇率计算增长了 11%。增长主要归因于员工相关费用的增加。研发费用占营收的百分比为 6.5%，而去年同期为 6.4%。展望未来，在考虑汇率波动的情况下，我们预计在 2025 财年剩余时间内，研发费用占营收的百分比将在 6% 至 7% 的范围内。
Operating profit for the quarter increased by 13%, underpinned by revenue growth and gross margin expansion. Our net interest income for the quarter was $1 million. Our effective tax rate for the March quarter was 20.1% compared to 20.3% in the prior year quarter. We estimate our effective tax rate for the full fiscal year 2025 will be in the range of 19% to 21%.
本季度的运营利润增长了 13%，得益于营收增长和毛利率扩张。我们本季度的净利息收入为 100 万美元。我们在三月份季度的有效税率为 20.1%，而去年同期为 20.3%。我们估计 2025 整个财年的有效税率将在 19% 至 21% 的范围内。
PE（FWD）24.8倍，目前这个增长速度的安全边际有些不足。
Our GAAP effective tax rate for the March quarter was 12.6% as we recorded a net income tax benefit of $30 million relating to interest on our tax refunds from the IRS. We have treated this tax benefit as a non-GAAP item in our third quarter financial results.
我们在三月份季度的公认会计准则（GAAP）有效税率为 12.6%，因为我们记录了一笔与从美国国税局（IRS）获得的退税利息相关的 3000 万美元净所得税收益。在我们第三季度的财务业绩中，我们将这项税收优惠视为非公认会计准则（non-GAAP）项目。
Our net income for the March quarter increased by 11%. The non-GAAP diluted earnings per share of $2.37 also increased by 11%. Excluding the impact of investment portfolio write-downs in Q3 totaling $6 million, earnings per share for the March quarter was $2.41, an increase of 13% over the prior year period.
我们在三月份季度的净收入增长了 11%。非公认会计准则（non-GAAP）摊薄后每股收益为 2.37 美元，也增长了 11%。剔除第三季度总计 600 万美元的投资组合减记影响后，三月份季度的每股收益为 2.41 美元，较去年同期增长 13%。
I would like to comment on the expected impact of US tariffs, particularly associated with the introduction of a 10% tariff on exports to US from Australia and Singapore. These locations are where we currently manufacture most of our devices and masks for the US market.
我想评论一下美国关税的预期影响，特别是与对从澳大利亚和新加坡出口到美国的产品征收 10% 关税相关的部分。这些地区是我们目前为美国市场生产大部分设备和面罩的地方。
We have for many years been importing our products under a chapter of the harmonized tariff schedule of the United States that governs importation of certain medical devices, including equipment to treat sleep apnea and other chronic respiratory conditions. We have worked hard over the years to achieve that status and to maintain it for products we sell in the United States. As a result, we have historically paid negligible duties or tariffs on the importation of most of our products.
多年来，我们一直根据美国协调关税表的一个章节进口我们的产品，该章节规定了某些医疗设备的进口，包括治疗睡眠呼吸暂停和其他慢性呼吸系统疾病的设备。多年来，我们努力争取并维持在美国销售产品的这一地位。因此，历史上我们为大部分产品的进口支付的关税或税费可以忽略不计。
On April 5, US Customs and Border Protection issued a notice of implementation confirming that current tariff treatment of our products like ours continues. Accordingly, we do not expect the introduction of US tariffs to have a material impact on our financial results.
4 月 5 日，美国海关和边境保护局发布了一份实施通知，确认我们这类产品当前的关税待遇将继续。因此，我们预计美国关税的引入不会对我们的财务业绩产生重大影响。
We also continue to improve the resilience of our global supply chain by expanding our manufacturing footprint in the US. We expect to open our $30 million advanced manufacturing facility in Calabasas, California in June 2025. This high-tech facility will almost double our manufacturing footprint compared to the existing footprint in our Chatsworth, California facility. Over time, it will significantly expand our production capacity in mask resupply for the United States.
我们还通过扩大在美国的制造足迹，继续提高全球供应链的弹性。我们预计将于 2025 年 6 月在加利福尼亚州卡拉巴萨斯开设我们耗资 3000 万美元的先进制造工厂。与我们位于加利福尼亚州查茨沃斯的现有工厂相比，这个高科技工厂将使我们的制造面积几乎翻倍。随着时间的推移，它将显著扩大我们在美国的面罩补给生产能力。
Cash flow from operations for the quarter was $579 million. This does include a refund of tax and interest from the IRS of $107 million. Excluding the impact of the tax refund, our operating cash flow was $472 million for the quarter, reflecting strong operating results and lower working capital.
本季度的运营现金流为 5.79 亿美元。这确实包括了从美国国税局（IRS）获得的 1.07 亿美元的退税和利息。剔除退税影响后，我们本季度的运营现金流为 4.72 亿美元，反映了强劲的运营业绩和较低的营运资本。
Capital expenditures for the quarter was $21 million. Depreciation and amortization for the quarter totaled $44 million. We ended the third quarter with a cash balance of $933 million. On March 31, we had $675 million in gross debt and $258 million in net cash, and we have $1.5 billion available for drawdown under our revolver facility.
本季度的资本支出为 2100 万美元。本季度的折旧和摊销总额为 4400 万美元。截至第三季度末，我们的现金余额为 9.33 亿美元。截至 3 月 31 日，我们的总债务为 6.75 亿美元，净现金为 2.58 亿美元，并且根据我们的循环信贷额度，我们还有 15 亿美元可供提取。
We continue to maintain a solid liquidity position and with robust operating cash flows and a strong balance sheet, we are well positioned to weather the current global uncertainty and respond to geopolitical challenges. Today, our Board of Directors declared a quarterly dividend of $0.53 per share.
我们继续保持稳健的流动性状况，凭借强劲的运营现金流和强大的资产负债表，我们有能力应对当前的全球不确定性并应对地缘政治挑战。今天，我们的董事会宣布了每股 0.53 美元的季度股息。
During the March quarter, we purchased approximately 314,000 shares under our previously authorized share buyback program for consideration of $75 million. We plan to increase our ongoing share buyback program and purchase shares to the value of approximately $100 million per quarter, commencing in Q4 FY 2025.
在三月份季度，我们根据先前授权的股票回购计划，以 7500 万美元的价格回购了约 314,000 股股票。我们计划增加正在进行的股票回购计划，并从 2025 财年第四季度开始，每季度回购价值约 1 亿美元的股票。
This will comfortably more than offset any dilution from 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.
这将轻松地抵消年内因员工股权归属而产生的任何稀释。展望未来，我们计划继续通过研发进行增长再投资，为补强型收购部署更多资本，并继续我们的股票回购计划。
And with that, I will hand the call back Salli.
就这些，我把电话转回给 Salli。
Salli Schwartz
Thank you. We will now begin the question-and-answer session. I'll turn the call over to our operator, Kevin, to provide instructions.
谢谢。我们现在开始问答环节。我将把电话转给我们的接线员 Kevin，由他提供指示。
Question-and-Answer Session
问答环节
Operator
接线员
Thank you. We will now begin question and answer session. [Operator Instructions] Our first question is coming from Lyanne Harrison from Bank of America. Your line is now live.
谢谢。我们现在开始问答环节。[接线员指示] 我们的第一个问题来自美国银行的 Lyanne Harrison。您的线路现在已经接通。
Lyanne Harrison
Hey, good morning, Mick, Brett and welcome, Salli. Can I start with gross margin. Obviously, very strong gross margin expansion there. Can you talk us through in terms of each of the factors that attributed to expansion, how much of it was driven by each?
嘿，早上好，Mick，Brett，也欢迎 Salli。我能从毛利率开始提问吗？显然，毛利率扩张非常强劲。您能为我们详细说明导致扩张的每个因素吗？每个因素分别贡献了多少？
Mick Farrell
Brett, start off on that.
Brett，你先说吧。
Brett Sandercock
Yeah. Yeah. Look, it's sort of said in the prepared remarks, the big driver was manufacturing and distribution efficiencies. So if I look through that, and these are all meaningful contributions. It's not just one factor. So we had, if you like, manufacturing efficiencies or better recoveries through the factories distribution and freight. We're seeing improvements there coming through. The AS10 to AS11 transition to that platform continues, and we see some benefit with that as well.
是的。是的。你看，就像在准备好的发言稿中提到的，主要的驱动因素是制造和分销效率。所以如果我仔细看，这些都是有意义的贡献。不仅仅是一个因素。所以我们有，如果你愿意这么说，制造效率或者通过工厂分销和货运实现的更好的回收。我们看到这方面正在出现改善。从 AS10 到 AS11 平台的过渡仍在继续，我们也从中看到了一些好处。
And then component costs as well are actually starting to contribute to that gross margin expansion as well. So those factors were all meaningful in terms of manufacturing and distribution efficiencies. And the other one was product mix year-on-year as well with that mask growth relative to device growth, we saw some favorable or positive product mix as well. And they were -- those were the key drivers of the margin expansion.
然后，零部件成本实际上也开始对毛利率扩张做出贡献。所以，就制造和分销效率而言，这些因素都很有意义。另一个因素是同比的产品组合，随着面罩增长相对于设备增长，我们也看到了一些有利或积极的产品组合。它们是——这些是利润率扩张的关键驱动因素。
面罩的毛利润更高。
Operator
接线员
Thank you. Our next question today is from Margaret Kaczor from William Blair. Your line is now live.
谢谢。我们今天的下一个问题来自 William Blair 的 Margaret Kaczor。您的线路现在已经接通。
Margaret Kaczor
Hey, good afternoon, good morning, everyone. Salli, good to meet over the phone. Maybe a bigger picture question for a second. Certainly on the short term, we've heard the sleep labs are facing backlog of patients. So I would be curious if that's gotten better or worse. But as we connect that concept with a series of investments, Mick, that you talked about pre and post diagnosis of sleep apnea, I'm curious what metrics you guys are tracking for these investments and when they should start to show up in results more meaningfully. I'm just trying to compare it to other growth factors that you guys did do, for example, resupply services that you provide in the past. Is this better or worse, slower, faster? Anything that you could provide.
嘿，大家下午好，早上好。Salli，很高兴通过电话认识你。也许先问一个更宏观的问题。当然，在短期内，我们听说睡眠实验室正面临患者积压的问题。所以我很好奇这种情况是好转了还是恶化了。但是，当我们把这个概念与您（Mick）谈到的睡眠呼吸暂停诊断前后的一系列投资联系起来时，我很好奇你们正在追踪这些投资的哪些指标，以及它们何时会开始更显著地体现在业绩中。我只是想把它与你们过去所做的其他增长因素进行比较，例如你们提供的补给服务。这（些投资）是更好还是更差，更慢还是更快？任何你能提供的信息都行。
Mick Farrell
Yeah, Margaret, it's a great question and it allows us to talk pretty broadly about demand generation, demand capture, demand curation, and ultimately, getting more of the over 1 billion people worldwide who suffer from the obstructive sleep apnea onto therapy -- sleep suffocation onto therapy. Yeah. As you mentioned, as I discussed in the prepared remarks, the launch of NightOwel, a fingertip sized home sleep apnea test should inspire the market. And I encourage the other players in diagnostics to make smaller and more dynamic and capable because the sleep lab backlogs are at all-time highs. We track the metrics of how long a patient waits from a referral to a diagnostic. And we've got really detailed metrics on that for both in-lab and home sleep apnea testing.
是的，Margaret，这是一个很好的问题，它让我们能够相当广泛地讨论需求生成、需求捕获、需求管理，以及最终让全球超过 10 亿患有阻塞性睡眠呼吸暂停（睡眠窒息）的人更多地接受治疗。是的。正如你提到的，正如我在准备好的发言稿中讨论的那样，推出 NightOwl，一种指尖大小的家庭睡眠呼吸暂停测试，应该能激励市场。我鼓励诊断领域的其他参与者制造更小、更动态、功能更强的设备，因为睡眠实验室的积压达到了历史最高水平。我们追踪患者从转诊到诊断需要等待多长时间的指标。对于实验室内部和家庭睡眠呼吸暂停测试，我们都有非常详细的这方面指标。
I can say this that during that COVID emergency, everyone embraced everyone embraced digital health, digital health, and we saw almost every sleep lab around the world embraced home sleep apnea testing as well. So we think that combination of us bringing NightOwl and making it available to everyone, sleep labs, IDTFs, primary care physicians across the board, and empowering the sleep labs to take care of the toughest patients, the patients with Overlap Syndrome, where you have garden ride obstructive sleep apnea plus chronic obstructive pulmonary as you have diseased lungs and in obstructive upper airway. And the gold standard therapy for that is a bilevel S or S/T or even STA.
我可以这么说，在新冠疫情紧急状态期间，每个人都拥抱了数字健康，我们看到全球几乎每个睡眠实验室也都接受了家庭睡眠呼吸暂停测试。因此，我们认为，我们将 NightOwl 带给市场并使其可供所有人使用（睡眠实验室、独立诊断测试机构（IDTFs）、各级初级保健医生），并赋能睡眠实验室来处理最棘手的患者，即患有重叠综合征（Overlap Syndrome）的患者——他们既有常见的阻塞性睡眠呼吸暂停，又有慢性阻塞性肺病，即肺部有疾病且上气道阻塞。对此，金标准疗法是双水平 S 或 S/T，甚至 STA。
And if you don't have the right titration equipment, you may not be able to get the patients through. And if you have too many got variety, I would say, patients clogging up the beds, you don't get access to them. So that combination of NightOwl for those who screened for likelihood of garden ride obstructive sleep apnea, and then making sure the sleep lab beds have VPAP Txs in them, so they can get a CPAP and APAP, bilevel S, S/T, STA or if I have complex sleep apnea, an adaptive server ventilator, such as our market-leading ISV. And so yes, it's a combination.
如果你没有合适的压力滴定设备，你可能无法让患者顺利完成治疗。如果你有太多，我会说，各种各样的患者占用了床位，你就无法接触到（需要这些床位的患者）。因此，将 NightOwl 用于那些筛查出可能患有常见阻塞性睡眠呼吸暂停的人，然后确保睡眠实验室的床位配备了 VPAP Tx 设备，这样他们就可以进行 CPAP 和 APAP、双水平 S、S/T、STA 的治疗，或者如果患者患有复杂性睡眠呼吸暂停，则可以使用适应性伺服通气设备（adaptive server ventilator），例如我们市场领先的 ISV。所以，是的，这是一个组合拳。
一个不错的方案。
So what metrics are we tracking, Margaret, we're tracking that time to titration, time to test TTT, and we're also tracking time from that titration or test through to therapy onset. And what is if there's any churn, what is the churn in terms of patients dropping out from referral to diagnostic and from diagnostic to therapy and then from therapy set up to first 30 days, first 90 days, first one year, and then for life, because as you know, we don't have a cure here. We have a treatment for life.
那么我们在追踪哪些指标呢，Margaret？我们正在追踪压力滴定时间、测试时间（TTT），我们还在追踪从滴定或测试到治疗开始的时间。以及是否有任何流失，即患者从转诊到诊断、从诊断到治疗、以及从治疗设置到最初 30 天、最初 90 天、最初一年以及终身治疗过程中退出的流失率是多少，因为如你所知，我们没有治愈方法。我们提供的是终身治疗。
And ResMed's goal is laser-focused on that, overlapping, if you like, altruism of the patient has a better outcome, lower chance of death as we talked about through that landmark study in Lancet. And our ecosystem does well because obviously, HMEs and ResMed are able to overlap and altruism is with some profit motive and be able to have that re-supply be profitable for the channel that allows us to then have revenue to reinvest into R&D, which we do at 6%, 7% of the revenue that we have.
ResMed 的目标就聚焦于此，如果你愿意，这与利他主义相重叠，即患者获得更好的结果，死亡风险更低，正如我们在《柳叶刀》那项里程碑式研究中讨论的那样。我们的生态系统之所以运作良好，是因为显然，家庭医疗设备供应商（HMEs）和 ResMed 能够（在目标上）重叠，并且利他主义是带有一定利润动机的，能够使补给对渠道来说是盈利的，这使得我们能够获得收入再投资于研发，我们投入的研发费用占我们收入的 6%、7%。
So, great question, Margaret. It's a complex one. We're tracking many metrics there. The ones we'll go public with are probably around the lines of, are we seeing a bend in that curve. Are we having less of a backlog? Are we getting more patients into the lab? And are we seeing an expansion of home sleep apnea testing from both pharma referrals and GLP-1, consumer tech as well as ResMed's owned consumer demand generation. So we'll continue to update you as we go forward here. It's a marathon, not a spread.
所以，很好的问题，Margaret。这是一个复杂的问题。我们在追踪许多指标。我们可能会公开的指标大概是围绕着：我们是否看到那条曲线出现了拐点？我们的积压是否减少了？我们是否让更多的患者进入了实验室？我们是否看到家庭睡眠呼吸暂停测试的应用在扩大，这既包括来自制药公司转诊和 GLP-1 药物使用者，也包括来自消费科技领域以及 ResMed 自有的消费者需求生成活动。所以，随着我们向前进展，我们会继续向你更新进展。这是一场马拉松，不是短跑冲刺。
Operator
接线员
Thank you. Next question is coming from Thillainathan from Goldman Sachs. Your line is now live.
谢谢。下一个问题来自高盛的 Thillainathan。您的线路现在已经接通。
Davin Thillainathan
Hi, Mick and team. Just I guess a question on your share buybacks. You've increased the amount of debt to $100 million, and you've done about $75 million the quarter just passed. Could you talk to the confidence in doing that in light of the demand environment you're seeing, just given some uncertainty now with tariffs as an example. And then also just related to that, the thought about capital allocation between buybacks and M&A, given the valuation sort of resets we've seen in the public markets?
嗨，Mick 和团队。我想问一个关于你们股票回购的问题。你们增加了 1 亿美元的债务，并且在刚刚过去的季度里回购了大约 7500 万美元的股票。考虑到你们所看到的需求环境，以及当前存在的一些不确定性，例如关税问题，您能谈谈你们这样做的信心吗？另外，与此相关的是，考虑到我们在公开市场上看到的估值重置，你们在回购和并购之间的资本配置思路是怎样的？
Mick Farrell
So I'll go first, and then I'll hand over to Brett. Actually, Brett, why don't you go first on the increase in the share buyback, because going from $300 million a year to $400 million a year, I think it's a good step up, obviously no artificial limit. Our board -- my fellow Board of Directors and I are very supportive where it's accretive to give cash back to shareholders.
我先说几句，然后交给 Brett。实际上，Brett，你为什么不先谈谈增加股票回购的事情呢？因为从每年 3 亿美元增加到每年 4 亿美元，我认为这是一个很好的提升，显然没有硬性上限。我们的董事会——我和我的董事会同仁们——非常支持在能够增厚（股东价值）的情况下将现金返还给股东。
You've seen that in our long running dividend program. It's been up and share buybacks are an efficient way to give our cash back to shareholders. And we've shown that in the past and where it's accretive to us, I think we'll continue to do that, and you saw that in Brett's prepared remarks. So Brett, why don't you address that first? And then I'll talk a little bit about other uses for capital, particularly around M&A, tuck-ins and things like that.
你们在我们长期运行的股息计划中已经看到了这一点。股息一直在增加，而股票回购是将现金返还给股东的一种有效方式。我们过去已经证明了这一点，在对我们有利（能增厚价值）的情况下，我认为我们会继续这样做，你们在 Brett 准备好的发言稿中也看到了这一点。所以，Brett，你为什么不先谈谈这个？然后我会谈谈资本的其他用途，特别是关于并购、补强型收购（tuck-ins）之类的事情。
Brett Sandercock
Sure. Thanks, Mick. Yes. And then, I guess overall, we're looking to balance that it will be around dividends. It will be buyback. It will be the tuck-in acquisitions, and Mick will talk about that in a little while. So we want to get that balance right. But at the moment, how we see it is we've got very strong operating cash flows and a very robust business.
当然。谢谢，Mick。是的。总的来说，我想我们正在寻求平衡，这包括股息、回购和补强型收购，Mick稍后会谈到这一点。所以我们希望找到合适的平衡点。但目前，我们的看法是，我们拥有非常强劲的经营现金流和一个非常稳健的业务。
We have -- we're a net cash position on the balance sheet. So we've got an exceptionally strong balance sheet as well. So the Board and management feel very confident of upticking that buyback from $75 million to $100 million a quarter, that it is accretive buyback. And I think overall, I feel that sort of gets the balance right in terms of capital allocation, buying back the stock there. So we've upticked that and we feel confident to do that.
我们在资产负债表上处于净现金状态。所以我们也有一个异常强大的资产负债表。因此，董事会和管理层非常有信心将季度回购额从 7500 万美元提高到 1 亿美元，这是一种增值型回购。总的来说，我认为这在资本配置方面达到了适当的平衡，即回购股票。所以我们提高了回购额，并且我们有信心这样做。
Mick Farrell
Yes. And I'll just fully in line with Brett there, use of capital, dividend, share buyback, the best investment is investing back in the business, which we do at 6% to 7% back into R&D and 19% to 20% there in SG&A. But look, the money is not burning a hole in our pocket. Obviously, we generated incredible free cash flow of $558 million for the quarter, $1.6 billion of free cash flow in the trailing 12 months. But we do look at M&A as an interesting area to accelerate our growth towards our 2030 strategy.
是的。我完全同意 Brett 的观点。关于资本使用，股息、股票回购，最好的投资是再投资于业务本身，我们将 6% 到 7% 投入研发，19% 到 20% 投入销售、管理及行政费用（SG&A）。但是，听着，这些钱并没有在我们口袋里烫手（意指我们不会随意挥霍）。显然，我们本季度产生了 5.58 亿美元的惊人自由现金流，过去 12 个月的自由现金流达到了 16 亿美元。但我们确实将并购视为一个有趣的领域，以加速我们实现 2030 年战略的增长。
So, as we look at M&A, we're looking at tuck-ins sort of some 10%, sub-5% even of our market cap, some 1%, I'd call it a definite tuck-in. There are a number on our radar screen nothing to announce here on this earnings call. It may not be too far before we announce something. We are actively out there. But I'll say this, the acquisitions that we look at have to meet three criteria: number one, they're in line with our 2030 strategy, that they're going to help us be the world leader in sleep health, breathing health and healthcare technology delivered at home to the financials have to be there, that's being ROI has to get the ROIC to the whack at an appropriate period of time. We have to have free cash flow.
所以，在考虑并购时，我们关注的是补强型收购，大约占我们市值的 10%、甚至低于 5%，有些可能是 1%，我会称之为明确的补强型收购。我们正在关注一些目标，但在此次财报电话会议上没有要宣布的。可能不久之后我们就会宣布一些事情。我们正在积极寻找机会。但我要说的是，我们考虑的收购必须满足三个标准：第一，它们符合我们的 2030 年战略，能够帮助我们在睡眠健康、呼吸健康和家庭医疗技术领域成为世界领导者；第二，财务上必须可行，即投资回报率（ROI）必须在适当的时间内使投资资本回报率（ROIC）达到或超过加权平均资本成本（WACC）。我们必须有自由现金流。
And we have to be the best owner of that asset. We have to be a better owner of the asset than the current owners in terms of expanding globally, expanding it around the U.S. and expanding to all the 140 countries we're in.
我们必须是该资产的最佳所有者。在将其扩展到全球、在美国各地扩展以及扩展到我们所在的全部 140 个国家方面，我们必须比当前所有者做得更好。
And thirdly, it's going to be a cultural fit. It's going to be aligned with ResMed's ethics integrity, doing the right thing when no one's watching and beyond. So watch this space, nothing to report, but I'm really excited to be upping the share buyback and watch this space for the tuck-in M&A over the coming 6, 12 months.
第三，必须有文化契合度。它必须符合 ResMed 的道德诚信，即使在无人监督时也做正确的事情，甚至做得更好。所以，请继续关注，目前没有要报告的，但我对提高股票回购感到非常兴奋，并请在未来 6 到 12 个月内关注我们在补强型并购方面的动向。
Operator
接线员
Thanks. Next question is coming from Anthony Petrone from Mizuho Group. Your line is now live.
谢谢。下一个问题来自瑞穗集团（Mizuho Group）的 Anthony Petrone。您的线路现在已经接通。
Anthony Petrone
Thanks for carving us in here this afternoon. I hope everyone is doing well. Maybe a question, Mick, just on we're now into the fourth or fifth month here where we have GLP-1s in the marketplace. Lilly was out there sort of indicating that it was pushing at the primary care physician level. So just an update on the kind of state of the state as it relates to where GLP-1s are at the moment. And if you can opine on, will this out of the gate actually open up the new patient funnel for CPAP as we think it will based on our channel checks. Thanks again.
谢谢今天下午安排我们提问。希望大家都好。Mick，也许问一个问题，关于 GLP-1 药物进入市场已经四五个月了。礼来（Lilly）曾表示他们正在初级保健医生层面进行推广。所以，请更新一下目前 GLP-1 药物的现状。另外，您能否评论一下，这是否会像我们根据渠道调查所认为的那样，从一开始就为 CPAP 打开新的患者渠道？再次感谢。
Mick Farrell
Yes, Anthony, thanks for the question. It's a really good one. It's linked to that strategic question around demand generation, how we get to the $1 billion worldwide, how do we get to the $70-plus million in the U.S. who are suffocating where GLP-1s are rolling out the fastest.
是的，Anthony，谢谢你的问题。这是一个非常好的问题。它与围绕需求生成的战略性问题相关，即我们如何触达全球 10 亿（患者），如何触达美国超过 7000 万正在遭受（睡眠）窒息之苦的人，而美国正是 GLP-1 药物推广最快的地方。
As you said, yes, look, LillyDirect and a lot of this sort of work that they do around the GLP-1s in diabetes, obesity and now with the new IFU for sleep apnea are investing in this space. They're not driving that sort of direct D2C campaign yet around sleep apnea. We believe they will probably start that six months post few somewhere between six and 12 months. So we'll watch the space on that, but we're not waiting for them. As you heard in my prep remarks, we're doing CME education, and we're going directly to high-volume GLP-1 providers. We're going to primary care positions who they will target so that they're educated, and that they understand the gold standard treatment, CPAP, APAP bilevel that you can get 95% to 99% reduction in -- with the gold standard, right? All the clinical data, all the clinical literature. It's interesting. It's an open branded resident. CME can't. But we did those experiments because it's right for those doctors to know and it's right to educate them on gold standard and how it can be used in combination with other therapies like pharmaceuticals and dental and other alternatives as well. And so we're very open on that.
正如你所说，是的，你看，LillyDirect 以及他们在糖尿病、肥胖症领域围绕 GLP-1 所做的很多工作，以及现在针对睡眠呼吸暂停的新适应症（IFU），都在这个领域进行投资。他们尚未围绕睡眠呼吸暂停开展那种直接面向消费者（D2C）的营销活动。我们相信他们可能会在（新适应症获批）大约 6 到 12 个月后开始。所以我们会关注这方面的情况，但我们不会干等他们。正如你在我准备好的发言稿中听到的，我们正在进行 CME 教育（继续医学教育），并且直接接触那些开具大量 GLP-1 处方的医生。我们正在接触他们（指 Lilly）将要作为目标的初级保健医生，以便对他们进行教育，让他们了解金标准治疗方法——CPAP、APAP、双水平（bilevel）——通过金标准治疗，你可以实现 95% 到 99% 的（呼吸事件）减少，对吧？所有的临床数据，所有的临床文献都支持这一点。这很有趣。（虽然标准的）CME 可能不允许（直接推广品牌），但我们进行了这些（教育）尝试，因为让医生们了解这些是正确的，教育他们了解金标准以及如何将其与其他疗法（如药物、牙科治疗和其他替代方案）结合使用也是正确的。所以我们对此持非常开放的态度。
We track that education to say, well, did we see a change in referral rates and/or prescription rates through to sleep labs and IDTFs and into the funnel. And the answer is yes, we did see it. And so as I said earlier, we'll do brand development and demand generation, but it has to have an ROI. So early days that ResMed's own demand generation capturing curation elements are working, and they are working not just in our traditional channels and in consumer, but they're working at primary care physicians at a PCPs.
我们追踪这项教育的效果，看我们是否观察到转诊率和/或处方率（流向睡眠实验室和独立诊断测试机构（IDTFs）并进入患者渠道）的变化。答案是肯定的，我们确实看到了变化。所以正如我早些时候所说，我们会进行品牌建设和需求生成，但这必须有投资回报率（ROI）。所以，早期迹象表明，ResMed 自身的需求生成、捕获和管理要素正在发挥作用，而且它们不仅在我们传统的渠道和消费者层面有效，在初级保健医生（PCPs）层面也有效。
And as we've said earlier, we're not going to target the 300,000-plus PCPs around. We're going to look at the 10% that the high-volume GLP-1. We look at the portion of them that already have existing relationships with IDTFs or sleep labs. And so we are working. We are seeing some movement to your question of how materially will it open up the new patient funnel and how fast will that go? Well, ResMed has got a lot of models. We're investing a lot. And obviously, that's pretty proprietary. But I can tell you that, as I said in the prep remarks, there's an ROI here. The CAC versus the LTV works. And so our goal is to scale it appropriately city by city, region by region, doctor by doctor.
正如我们早先说过的，我们不会去针对全部 30 多万名 PCP。我们会关注那些开具大量 GLP-1 处方的 10% 的医生。我们会关注其中那些已经与 IDTFs 或睡眠实验室有现有合作关系的医生。所以我们正在努力。关于你问的这（GLP-1 的推广）将在多大程度上打开新的患者渠道以及速度有多快的问题，我们确实看到了一些进展。嗯，ResMed 有很多模型。我们正在大量投资。显然，这些信息是相当机密的。但我可以告诉你，正如我在准备好的发言稿中所说，这里存在投资回报率。客户获取成本（CAC）与客户终身价值（LTV）相比是划算的。所以我们的目标是逐个城市、逐个地区、逐个医生地适当扩展。
This is a very personal care. Patients take their sleep apnea care very personally and having a really good relationship with both their primary care physician and their sleep physician is really important to ResMed. We're supporting all of our channels and driving this demand gen. So great question, Anthony, and we'll continue to update you every quarter as to how this is going with demand gen, demand capture and demand curation.
这是一种非常个性化的护理。患者非常重视他们的睡眠呼吸暂停护理，与他们的初级保健医生和睡眠医生都建立良好的关系对 ResMed 来说非常重要。我们正在支持我们所有的渠道并推动这种需求生成。所以，很好的问题，Anthony，我们会每季度向你更新关于需求生成、需求捕获和需求管理的进展情况。
Operator
接线员
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（JPMorgan）的 David Low。您的线路现在已经接通。
Q – David Low
Thanks very much. Mick, I'm going to stand the same topic. I mean I look at the device growth in this quarter, and I know a quarter is a fairly short period, but we've seen a little bit of slowing I heard the commentary that sleep labs backlogs are bigger than ever. And then I see ResMed investing in night hour and focusing on perhaps a little bit more attention on the diagnosis channel. Can I get you to talk a little bit as to where you think market growth is how much of that headwind or how much of a challenge the backlog in sleep labs is and what ResMed is doing about it, please?
非常感谢。Mick，我还是想继续刚才的话题。我的意思是，我看了看本季度的设备增长，我知道一个季度是相当短的时间，但我们看到了一点放缓。我听到评论说睡眠实验室的积压订单比以往任何时候都多。然后我看到 ResMed 投资于（家庭）夜间（诊断）并可能更关注诊断渠道。您能否谈谈您认为市场增长情况如何，睡眠实验室的积压订单在多大程度上是逆风或挑战，以及 ResMed 正在为此做些什么？
Mick Farrell
Yes, absolutely, David. Look, you've followed us for over a decade and so you know over that time that we're sort of back to that traditional seasonality that we saw here in terms of in terms of growth sequentially versus and getting back to what we sort of have always had in the 25 years I've been at the company, which is high -- health plans, health savings accounts run through December and then a bit of a reset in March.
是的，当然可以，David。你看，你关注我们公司已经十多年了，所以你知道，我们现在有点回到了我们在这里看到的传统季节性，就环比增长而言，回到了我在公司 25 年来一直经历的那种情况，那就是——健康计划、健康储蓄账户（的额度或周期）通常持续到 12 月，然后在 3 月份有所重置。
But I can tell you, US device growth at plus 6%. US market growth at plus 14%, pretty darn solid numbers. Yes, David, look, it's very consistent with where we were last quarter. Last five quarters the last, 10 quarters where we said the actual market growth rate is mid-single digits on devices, high single digits on masks. And that's if ResMed just accepts market growth, sits back and let's just suffocating people, their bed partners hearing them snoring, push them into the channel. We're not going to sit back and do that. It's not how we operate. We're going out there doing demand gen, doing these tests and getting things going. And so that's how we're beating what market growth would be at mid-single digits and high single digits on devices and masks, respectively.
但我可以告诉你，美国设备增长 6%，美国市场增长 14%，这是相当不错的数字。是的，David，你看，这与我们上个季度的情况非常一致。过去五个季度，过去十个季度，我们都说过，实际的市场增长率是设备中个位数，面罩高个位数。而这还是在 ResMed 仅仅接受市场增长、袖手旁观、让那些饱受（睡眠）窒息之苦的人、让听到他们打鼾的枕边人把他们推向（治疗）渠道的情况下。我们不会坐视不管。这不是我们的运作方式。我们正在走出去，进行需求生成，进行这些测试，推动事情发展。这就是我们如何超越设备和面罩分别为中个位数和高个位数的市场增长率。
To your point, going back to a normal seasonality, that means we get the benefits of sprinting through to the December quarter two, right, as we go forward through this calendar year and ResMed is looking at ways to do that. To your point, yeah, we're looking at that backlog. We're looking at patients wanting to come through the channel. And we're looking at reap opportunities and re-supply programs. So it's not just about new patients, particularly on our masks and accessories side, it's really about driving Brightree ReSupply, getting what we used to call SNAP technology, but we're now calling resupply complete and resupply Essentials out to every HME that is adaptable to a cloud-based tech like that.
关于你提到的问题，回到正常的季节性，这意味着随着本日历年的推进，我们将受益于冲刺到（日历年）第二季度即 12 月结束的那个季度，对吧，ResMed 正在寻找实现这一目标的方法。关于你提到的积压订单，是的，我们正在关注这个问题。我们关注希望通过渠道获得治疗的患者。我们也在寻找（现有患者的）重新供应机会和计划。所以这不仅仅是关于新患者，特别是在我们的面罩和配件方面，关键在于推动 Brightree 重新供应（Brightree ReSupply），将我们过去称为 SNAP 技术的、现在称为“重新供应完成”（resupply complete）和“重新供应基础版”（resupply Essentials）推广给每一个能够适应这种基于云的技术的家庭医疗设备供应商（HME）。
I can tell you that their opportunities are huge and that we've got good tests that show we can get an ROI. As I've said before, I think we can accelerate above market growth by 50, 75, 100, maybe even 125 basis points over that mid-single-digit growth of devices and high single-digit growth markets as we get more, more and effective at this demand gen, demand capturing curation. We're not doing it alone. We partner with the primary care physicians. We're partnering with the sleep positions. We're partnering with doctors. And we're partner with our HME partners.
我可以告诉你，他们的机会是巨大的，而且我们有很好的测试表明我们可以获得投资回报率（ROI）。正如我之前所说，随着我们在需求生成、需求捕获和管理方面变得越来越有效，我认为我们可以在设备中个位数增长和面罩高个位数增长的市场基础上，将增长速度提高 50、75、100 甚至 125 个基点。我们不是单打独斗。我们与初级保健医生合作。我们与睡眠医生合作。我们与医生们合作。我们还与我们的 HME 合作伙伴合作。
One note, I'll say just a final answer to this question is we did this sort of direct-to-consumer empowerment in this last quarter. and noting that on those sort of not late night television, all that sort of stuff that some of our competing technologies are doing, but really focus social media and streaming where we know and have already prescreened that this is a high probability candidate for being a sleep health concerned consumer and somebody has a propensity.
最后一点，作为这个问题的最终答案，我们在上个季度开展了这种直接面向消费者的赋能活动。需要注意的是，我们没有像一些竞争技术那样在深夜电视等渠道做广告，而是真正专注于社交媒体和流媒体，在这些渠道我们知道并且已经预先筛选出那些极有可能是关注睡眠健康的消费者并且有（治疗）倾向的人。
早就可以做的事，但现在开始也不晚。
We're seeing them follow through and get refers to primary care and the sleep physicians. And so we are going to be able to move on all these channels. Traditional sleep labs, homesale testing that they use and PCPs use and moving consumers into the channel. If we get any upside from the pharma and consumer wearable side, it will be in addition to our efforts. But we're taking the bull by the horns here, and we're driving the demand gen ourselves primarily. Thanks for the question, David.
我们看到他们正在跟进，并被转诊给初级保健医生和睡眠医生。因此，我们将能够在所有这些渠道上取得进展。传统的睡眠实验室、他们（医生）和 PCP 使用的家庭睡眠测试，以及将消费者引入（治疗）渠道。如果我们从制药公司（pharma）和消费级可穿戴设备方面获得任何额外的好处，那将是在我们自身努力之外的锦上添花。但我们正在积极主动地采取行动，主要依靠自己来推动需求生成。谢谢你的问题，David。
Operator
接线员
Thank you. Next question is coming from Saul Hadassin from Barrenjoey. Your line is now live.
谢谢。下一个问题来自 Barrenjoey 的 Saul Hadassin。您的线路现在已经接通。
Saul Hadassin
Yes. Thanks for taking my question. Maybe just one for Brett. Brett, you comment on the gross margin into the fourth quarter being sort of broadly consistent with this quarter. Just based on where the euro is now and also that the Aussie dollar was a bit softer in the third quarter. Just wondering why your gross margin is not going to actually be materially higher in 4Q just based on those FX rates. Thanks.
是的。谢谢接受我的提问。也许只问 Brett 一个问题。Brett，您评论说第四季度的毛利率将与本季度大致持平。考虑到目前欧元的位置以及第三季度澳元略有走软，只是想知道，仅基于这些外汇汇率，为什么你们的毛利率在第四季度实际上不会大幅提高？谢谢。
Brett Sandercock
Yeah. Thanks, Saul. Well, yes, I mean, I've gone with broadly consistent that if you look at that margin, I guess that gives you a bit of room by the side. And you're right, I believe we'll get some FX benefit if the euro stays where it is going into Q4. So probably the bias to that is north of what we printed in Q3.
是的。谢谢，Saul。嗯，是的，我的意思是，我用了“大致持平”这个说法，如果你看那个利润率，我想这留了一些余地。你是对的，我相信如果欧元在进入第四季度时保持现有水平，我们将获得一些外汇收益。所以，可能的情况是它会高于我们在第三季度录得的数字。
Operator
接线员
Thank you. Next question is coming from Andrew Goodsall from MST Marquee. Your line is now live.
谢谢。下一个问题来自 MST Marquee 的 Andrew Goodsall。您的线路现在已经接通。
Dan Hurren
Good day. Sorry, it's Dan Hurren playing a role of Andrew Goodsall. We've had a few for problems. Look, I just wanted to go back to the tariffs. Look, I understand that you've confirmed the exemption, but I was just wondering if that exemption will apply or extend to all CPAP therapy coming into the US because we had heard that one of your competitor sales reps is saying that they're pulling a couple of their Chinese main products on the back of this.
你好。抱歉，我是 Dan Hurren，代替 Andrew Goodsall 提问。我们遇到了一些（连接）问题。我想回到关税的问题上。我理解你们已经确认了豁免，但我只是想知道这项豁免是否适用于或扩展到所有进入美国的 CPAP 疗法产品，因为我们听说你们一个竞争对手的销售代表说，他们正因此下架几款主要的中国制造产品。
Mick Farrell
Yes, Dan. Look, really good question. So look, this tariffs work that we've been doing here at ResMed has gone back a long way. And if you look at the history of this, that that was 1982 this legislation was first put in place by the Reagan administration, was reaffirmed in 1989 under H. W. Bush, and then in 2009, ResMed actively worked with CBP, which is the Customs and Border Protection to get official recommendation for us to be with some tariffs at the time then in 2008-2009 that we're looking at being put in place.
是的，Dan。这是一个非常好的问题。你看，ResMed 在关税方面所做的工作由来已久。如果你看一下这段历史，这项立法最初是在 1982 年由里根政府制定的，在 1989 年老布什政府时期得到重申，然后在 2009 年，ResMed 积极与 CBP（海关与边境保护局）合作，获得了官方建议，使我们得以免除当时（2008-2009年）正考虑实施的一些关税。
And we will give the full tariff exemption then. We went back here in 2025, just earlier, as you heard from Brett, just earlier this month and got reaffirmation that from Customs and Border Protection that our tariff exemption supply under this protocol, sometimes called the Nairobi Protocol, and we're fully there.
我们当时获得了完全的关税豁免。正如你从 Brett 那里听到的，就在本月早些时候，我们在 2025 年再次与海关与边境保护局确认，我们根据这项协议（有时称为《内罗毕议定书》）获得的关税豁免得到重申，我们完全符合要求。
As for our competitors, particularly coming from hot band countries where tariffs are in the triple-digits, I would ask you to go talk to them to speculate on that. I think it will be very different for players. We're coming in from Australia and Singapore, two very friendly U.S. nations that have long-standing relationships and very good approaches.
至于我们的竞争对手，特别是那些来自关税高达三位数的“热点”国家的竞争对手，我建议你去和他们谈谈，推测一下情况。我认为不同参与者的情况会非常不同。我们的产品来自澳大利亚和新加坡，这两个国家都是与美国关系非常友好的国家，有着长期的合作关系和良好的（贸易）方式。
For those coming from China or Mexico or beyond I think, you've got to ask them and see where they're at. But yes, we've been at this for decades, and we reaffirmed it just days ago, and we're running with it, and it's going to stay that way. I don't see anything changing on that -- and if it does, we've got an incredibly strong balance sheet and all the other elements that we talked about earlier.
对于那些来自中国、墨西哥或其他地方的公司，我想你得去问问他们，看看他们的情况如何。但是，是的，我们在这方面已经努力了几十年，并且就在几周前再次确认了豁免。我们正在按此执行，而且情况将保持不变。我不认为这方面会有任何变化——即使有变化，我们也有极其强大的资产负债表以及我们之前谈到的所有其他有利因素。
But right now, we are running through the tape and doing what we do, taking care of patients. And we're a U.S. headquartered company these reinvestments in Calabasas in our distribution center in Atlanta, Georgia. We're looking at expanding our distribution here.
但现在，我们正在全力冲刺，做我们该做的事，照顾好患者。我们是一家总部位于美国的公司，在加州的卡拉巴萨斯、在佐治亚州亚特兰大的分销中心进行了再投资。我们正在考虑扩大在这里的分销网络。
So really strong relationship with the U.S. government, really strong relationship with the Australian government and the Singapore government and those sort of public-private partnerships that were tested during COVID, ResMed stepped up, and I think we've got really good relationships I love being on the Board of AdvaMed and having the chance to go to Washington, D.C. to Brussels, to Canberra to Beijing and talk to these folks.
因此，与美国政府的关系非常牢固，与澳大利亚政府和新加坡政府的关系非常牢固，以及在新冠肺炎期间测试的公私伙伴关系，ResMed加强了，我认为我们的关系非常好，我喜欢在AdvaMed的董事会，有机会去华盛顿特区到布鲁塞尔，从堪培拉到北京，并与这些人交谈。
Operator
接线员
Thank you. Your next question is coming from Matt Taylor from Jefferies. Your line is now live.
谢谢。您的下一个问题来自 Jefferies 的 Matt Taylor。您的线路现在已经接通。
Matt Taylor
Hi. Thank you for taking my question. Mick actually wanted to follow-up on that. You have this unique position with AdvaMed and it is great to see the Nairobi protocol is still in place for your products.
嗨。谢谢接受我的提问。Mick，我实际上想就此跟进一下。您在 AdvaMed（美国先进医疗技术协会）担任着独特的职位，很高兴看到《内罗毕议定书》仍然适用于你们的产品。
不是自己的本事。
But I guess, I was wondering, have you had any discussions or back and forth with folks in the government about broader exemptions for medtech? What do you think the chances are for that to be broader than just the historical harmonized tariff schedule under the current regime?
但我想知道，您是否与政府官员就更广泛的医疗技术（medtech）关税豁免进行过任何讨论或沟通？您认为在当前体制下，这种豁免范围超出历史协调关税表的可能性有多大？
Mick Farrell
Yeah, Matt, look, it's a really good question. And I was saying refer to those specific country questions to my competitors. This one, actually, I’ll refer to refer the CEO of AdvaMed, who's Scott Whittaker, who is the one negotiating directly with the White House. And obviously, we're all involved on the Board to do that.
是的，Matt，这是一个非常好的问题。我之前说将那些具体的国家问题转给我的竞争对手去回答。而这个问题，实际上，我会请你参考 AdvaMed 的首席执行官 Scott Whittaker 的意见，他正直接与白宫进行谈判。当然，我们董事会的所有成员都参与其中。
As I said, our goal there at AdvaMed is a zero for zero and a medtech exemption. We haven't seen progress in that as yet. I've seen a number of my medtech peer CEOs reporting and some of them are talking about quantifying their specific tariff. Hit that they're going to have and those are there for them. They're not there for us. We've been able to have this and reaffirmed it.
正如我所说，我们在 AdvaMed 的目标是实现“零对零”（关税互免）和医疗技术的豁免。我们目前尚未看到这方面的进展。我看到一些医疗技术同行的首席执行官在报告中提及，其中一些人正在量化他们将要承受的具体关税冲击。这些关税是针对他们的，不是针对我们的。我们已经获得了豁免并得到了重申。
I will still -- I'll take the hybrid role for the whole industry and advocate for that. The probability of success I'll leave that up to you, Matt, and your amazing sell-side folks to run your models on that. But here at ResMed, with our business, we're looking very good right now, and we're just powering through this.
我仍然会——我会为整个行业扮演双重角色，并为此倡导。至于成功的概率，Matt，我就留给你和你那些出色的卖方分析师们去建立模型预测了。但在 ResMed，就我们的业务而言，我们目前状况非常好，我们正在全力以赴地克服这些（挑战）。
I think our experience of going through global financial crisis, COVID crisis, supply chain crisis. Our competitor out and we had to ramp up to the global manufacturing in Singapore, Sydney and Atlanta to where we are now has given us a lot of sort of stability and balance. And I would say, balance in the boat and a stoic nature for our company. We're going to get through this stronger and better than ever.
我认为我们经历全球金融危机、新冠危机、供应链危机的经验，以及我们的竞争对手退出市场，我们不得不在新加坡、悉尼和亚特兰大提升全球制造能力到现在的水平，这些都赋予了我们极大的稳定性和平衡性。我想说，这是一种沉着稳健、处变不惊的公司特质。我们将比以往任何时候都更强大、更好地度过难关。
As I said earlier, not just survive. We're going to thrive in environmental challenges, but they bring opportunities for people who are ready and opportunities is the overlap of everyone says it's luck when you get opportunities. And yes, there's a return on luck, but opportunity is the overlap of there's something there and the preparedness of the company. And ResMed is very well prepared. Thanks for the question, Matt.
正如我之前所说，我们不仅仅是要生存。我们要在充满挑战的环境中蓬勃发展，但这些挑战也为有准备的人带来了机遇。大家都说抓住机遇是运气。是的，运气确实有回报，但机遇是“存在机会”与“公司做好准备”的交集。而 ResMed 已经做好了充分的准备。谢谢你的问题，Matt。
Operator
接线员
Thank you. Next question is coming from Steve Wheen from Jarden. Your line is now live.
谢谢。下一个问题来自 Jarden 的 Steve Wheen。您的线路现在已经接通。
Steve Wheen
Yeah. Thanks very much. A question for Brett. Just picking up again on the gross margin. You've obviously got a lot of those factors that you've been talking to for some time, all pulling in the right direction at the moment. I'm just wondering what sort of runway you've got left to maybe be able to take that gross margin ignoring your comments on FX for the moment above 60%. So just trying to understand whether or not there's further shifts to see freight and if there's further manufacturing efficiencies or maybe even better procurement going -- that is an opportunity in the future?
是的。非常感谢。一个问题问 Brett。还是关于毛利率。很明显，您已经谈论了一段时间的许多因素目前都在朝着正确的方向发展。我只是想知道，暂时忽略您关于外汇的评论，你们还有多少提升空间可以将毛利率提高到 60% 以上？所以，只是想了解一下，在货运方面是否还有进一步的改善空间，是否有进一步的制造效率提升，或者未来是否有更好的采购机会？
Brett Sandercock
Yeah, sure, Steve. I mean, we're 59.9%, so we're shy. We're almost at 60% now, and we did see some pretty strong sequential increase in the GM as well Q2 to Q3. But as I mentioned in my prepared remarks, we do -- we're working on a number of initiatives. What we're really focusing on is building a good pipeline of margin improvement initiatives that we can roll out, not just for a quarter, but sustainably take a six-month, 12-month, 24-month view on what we're doing. And if we can -- if we build that pipeline of opportunities, and then we execute on those, then that should deliver those margin improvements year in, year out.
是的，当然，Steve。我的意思是，我们现在是 59.9%，所以还差一点点。我们现在几乎达到 60% 了，而且我们也确实看到从第二季度到第三季度，毛利率（GM）有相当强劲的环比增长。但正如我在准备好的发言中提到的，我们正在——我们正在进行多项举措。我们真正关注的是建立一个良好的利润率改善举措储备库，我们可以持续推出，不仅仅是为了一个季度，而是着眼于未来 6 个月、12 个月、24 个月我们要做的事情。如果我们能够——如果我们建立起这个机会储备库，然后执行这些机会，那么这应该能够年复一年地带来利润率的改善。
So that -- and the areas we're focused on and probably the areas I mentioned, right, improving our manufacturing efficiencies and recoveries distribution and freight. And we've made a lot of progress there. So we've got -- that opportunity, I guess, is less now than it was because it made a lot of progress, but there's still opportunity there to optimize on that. We're still running the AS10 and AS11 platform. We are transitioning. So every quarter, we're moving more closer and closer to AS11 predominantly, although there will be a long tail in some markets on AS10, and it's still pretty popular product in the market. But that will help us.
所以——我们关注的领域可能就是我提到的那些，对吧，提高我们的制造效率和回收、分销和货运。我们在这方面已经取得了很大进展。所以我们——我想这个机会现在比以前少了，因为已经取得了很大进展，但仍然有优化的空间。我们仍在运行 AS10 和 AS11 平台。我们正在过渡。所以每个季度，我们都越来越接近以 AS11 为主导，尽管在某些市场上 AS10 会有一个很长的尾巴，而且它仍然是市场上非常受欢迎的产品。但这会对我们有所帮助。
And then on procurement components, designed for manufacturer for new products, for example, that come through some of the work that we might do in terms of life cycle engineering and how we improve the products in market as well. So there's a number of opportunities that we're looking at. It's not just one, and it's not kind of he's one and that's easy and there you go, this margin improvement. But if you work on a number of items given our scale, we will get benefit and we'll get improvement in the gross margin. That's certainly what our supply chain team is focused on delivering.
然后是采购部件、新产品的可制造性设计，例如，通过我们在生命周期工程方面可能做的一些工作以及我们如何改进市场上的产品来实现。所以我们正在研究很多机会。不是只有一个，也不是说“就是这个，很简单，然后利润率就提高了”这种。但是，考虑到我们的规模，如果你在多个项目上下功夫，我们将获得收益，毛利率也会得到改善。这当然是我们的供应链团队致力于实现的目标。
And how do you do that? You do that by having a really solid long-term pipeline of opportunities as long as you're identifying them and executing on those then I'm confident we can continue to expand the gross margin and get that gross margin. I mean, our aim is to continue to improve it, and that would logically mean it has to end up in the 60s.
你如何做到这一点？你需要有一个非常可靠的长期机会储备库，只要你不断识别并执行这些机会，那么我就有信心我们可以继续扩大毛利率并达到那个水平。我的意思是，我们的目标是持续改善它，这逻辑上意味着它最终必须达到 60% 以上的水平。
Operator
接线员
Thank you. Next question is coming from David Bailey from Morgan Stanley. Your line is now live.
谢谢。下一个问题来自 Morgan Stanley（摩根士丹利）的 David Bailey。您的线路现在已经接通。
David Bailey
Yeah. Thanks. Hi, Mick. Just interested in your latest thoughts on resupply rates for people who've or patients have initiated of GLP-1 therapy. Just wanted to test the thinking that patients who lose weight after being on a GLP-1 might cease their CPAP therapy. It's something that's sort of carbon conversations, but interested to hear how you think that might evolve over time and then maybe sort of reflecting or referencing some of the patient engagement initiatives you've got. Thanks.
是的。谢谢。嗨，Mick。我只是想了解您对那些已经开始使用 GLP-1 疗法的患者的（CPAP）设备补充率的最新看法。只是想验证一下这种想法，即使用 GLP-1 后体重减轻的患者可能会停止他们的 CPAP 治疗。这在私下讨论中有所提及，但很想听听您认为随着时间的推移情况会如何发展，然后或许可以结合或参考一下你们现有的一些患者参与计划。谢谢。
Mick Farrell
Yes, David, it's a really good question. And as you know, we don't just hypothesize on this, we go and collect data, right? And so we're now tracking over 1 million patients, and we see that high start rate on CPAP therapy for a GLP-1 prescribed patient plus a PAP prescription. We see that high reimbursement rate at one year, and we see a higher reimbursement rate and two years plus three, plus five, so plus 10 plus three plus five, and we're tracking that and it's really consistent. Every quarter, we put stuff into it. And we're not really talking about it much because it's not changing that much in terms of these are very motivated patients.
是的，David，这是一个非常好的问题。如你所知，我们不只是对此进行假设，我们会去收集数据，对吧？所以我们现在正在追踪超过 100 万名患者，我们看到那些同时开了 GLP-1 处方和 PAP（气道正压通气）处方的患者，其 CPAP 治疗的起始率很高。我们看到一年时的（设备）报销率很高，并且在两年、三年、五年甚至更长时间后，我们看到更高的报销率，我们正在追踪这一点，而且非常稳定。每个季度，我们都会输入数据。我们并没有过多地谈论它，因为它没有太大变化，这些患者的（治疗）积极性非常高。
And as they lose the weight, I've been asked qualitatively and I've even asked sleep positions [physicians] like give me the reason why -- are they more adherent, what do you think it is? And they talk about lifestyle. These people eating better, better, feeling exercising more and therefore, sleeping better. They also talk about the low weight May for those on APAP and bilevels that are automated in terms of titration, maybe lowering their pressures, which can increase adherence as well. And so lots of hypotheses out in the literature. We're going to see a lot of clinical literature in this space.
当他们体重减轻时，有人定性地问过我，我甚至问过睡眠医生，给我个理由——他们为什么依从性更高，你觉得是什么原因？他们谈到了生活方式。这些人吃得更好，感觉更好，锻炼更多，因此睡眠也更好。他们还谈到，对于那些使用 APAP（自动气道正压通气）和双水平呼吸机（这些设备在压力滴定方面是自动化的）的人来说，体重的减轻可能会降低他们的（治疗）压力，这也可能提高依从性。所以文献中有很多假设。我们将在这个领域看到大量的临床文献。
But David, the big change, I think, quarter is I mean if you look at the clinical data, a dental device might sort of 70% treater [treat] an implant or a drug might half treat sleep apnea. There is only one gold standard that fully treats this sleeping disorder, this sleep suffocation disorder and that is positive airway pressure. And it's incredibly effective, completely noninvasive and completely reversible. And so the risk for the patient and nothing. It's not like going under the knife for an implant or putting something into your body that could have all sorts of aside. And so the propensity to start is low, and we're tracking really carefully that adherence rate. And we're getting good results there.
但是，David，我认为本季度的重大变化是... 我的意思是，如果你看临床数据，口腔矫治器可能治疗大约 70%，植入物或药物可能只能治疗一半的睡眠呼吸暂停。只有一种金标准能完全治疗这种睡眠障碍，这种睡眠窒息障碍，那就是气道正压通气（PAP）。它非常有效，完全无创，并且完全可逆。所以对患者来说风险几乎为零。这不像为了植入物而接受手术，或者将某些可能产生各种副作用的东西放入体内。因此，开始（治疗）的门槛/风险很低，我们正在非常仔细地追踪依从率。并且我们在这方面得到了很好的结果。
So the real question is, how fast will they bring people into the funnel and can we expand the funnel, the home sleep apnea testing funnel with NightOwl, the sleep lab channel with better products like VPAP Tx more integration into Somnoware, into Brightree, intp myAir, into AirView. So we're sort of preparing the infrastructure, if you like, David, for the flow of patients that will come from this.
所以真正的问题是，他们（GLP-1）能以多快的速度将人们带入（诊断和治疗的）漏斗，以及我们能否扩大这个漏斗——通过 NightOwl 扩大居家睡眠呼吸暂停测试漏斗，通过像 VPAP Tx 这样的更好产品以及与 Somnoware、Brightree、myAir、AirView 的更多集成来扩大睡眠实验室渠道。所以，David，可以说我们正在为由此带来的患者流量准备基础设施。
Yes, so the anecdotal all people will lose a bit of wait [weight] and stop. It's just not happening. Talk to any patient, do the clinical research, look at the clinical data. If you don't believe our 1 million patients in our study, go interview a doctor who says, no, absolutely not. They wouldn't think about it. They were actually doubling down on their use of it because they're feeling better across the board.
是的，所以那种“人们会减掉一点体重然后停止（治疗）”的传闻，根本没有发生。和任何患者谈谈，做临床研究，看看临床数据。如果你不相信我们研究中的 100 万名患者，那就去采访一位医生，他会说，不，绝对不会。他们根本不会考虑（停止）。实际上，他们因为整体感觉更好了，反而更加坚持使用它。
And half treating suffocation is not treating suffocation. And the patients themselves know that, and certainly, the -- the doctors know that. There's always churn, but the churn is lower in that group. And our job is to drive up adherence programs, resupply programs, which lead to better outcomes. And now from our data leads to 37% lower death rates in the patients sticking to therapy. 55% lower cardiovascular death rates. This is a big deal. Thanks for the questions, David. I think, Kevin, we're right at time.
而且，只治疗一半的窒息等于没有治疗窒息。患者自己知道这一点，当然，医生们也知道。总会有流失（停止治疗），但在那个群体（使用 GLP-1 的患者）中流失率更低。我们的工作是推动依从性计划、设备补充计划，这些都能带来更好的（治疗）结果。现在我们的数据显示，坚持治疗的患者死亡率降低了 37%，心血管死亡率降低了 55%。这是非常重要的。谢谢你的问题，David。我想，Kevin（主持人），我们的时间差不多了。
Operator
接线员
I think we have time for one more question from Brett Fishbin from KeyBanc Capital Markets. Your line is now live.
我想我们还有时间回答最后一个问题，来自 KeyBanc Capital Markets 的 Brett Fishbin。您的线路现在已经接通。
Brett Fishbin
Hi, guys. Thank you for fitting me in here at the end. Just I'll ask one follow-up on the gross margin trends. You called out manufacturing and logistics efficiencies as a primary driver of the sequential and year-over-year improvement. Just was hoping if you could maybe expand on like what some of the key initiatives in those buckets have been and where you're seeing the most impact. Thank you.
嗨，大家好。谢谢你们最后还能让我提问。我只想追问一个关于毛利率趋势的问题。您提到制造和物流效率是环比和同比改善的主要驱动力。只是希望您能详细说明一下，在这些方面有哪些关键举措，以及您在哪里看到了最大的影响。谢谢。
Brett Sandercock
Yes, sure. Sure, Brett. The -- on the distribution and freight, we're really -- we're really seeing a strong improvement in our sea freight to airfreight ratio. So that's improved a lot. So we're pretty close to where we were pre-COVID actually. So that's been a strong driver which has been there probably for the last 12, 18 months, and that continues. So that's a big one there.
是的，当然。当然，Brett。关于——关于分销和货运，我们确实——我们确实看到我们的海运与空运比例有了显著改善。所以这方面改进了很多。实际上，我们已经非常接近疫情前的水平了。所以在过去大概 12 到 18 个月里，这一直是一个强大的驱动因素，并且还在持续。所以这是一个重要的方面。
Manufacturing efficiencies, you know what it's about doing a bunch of small things really well and driving that and improving the process, improving routing times, for example, so doing a bunch of things, looking at overhead and so on. You also get benefits of scale, obviously, as we continue to grow.
制造效率，你知道，就是把许多小事情做得非常好，并推动改进流程，例如改善流程时间，所以要做很多事情，关注管理费用等等。显然，随着我们的持续增长，你也会获得规模效益。
And the other thing on that is the AS10 and even the AS11 platforms are quite mature now. So as they mature, you get just better and better at making those devices and improve along the way in a sense of continuous improvement programs, if you like. So they really drive that. And at our scale, can have quite a significant impact. So that hopefully gives you a little bit more color on kind of some of the drivers there.
另一件事是，AS10 甚至 AS11 平台现在已经相当成熟了。所以随着它们的成熟，你在制造这些设备方面会做得越来越好，并且在持续改进计划的过程中不断进步，如果你愿意这么说的话。所以这些确实起到了推动作用。以我们的规模，这可以产生相当大的影响。所以希望这能让你对其中的一些驱动因素有更深入的了解。
Operator
接线员
Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over to Mick for any further closing comments.
谢谢。我们的问答环节到此结束。我想把时间交还给 Mick 做最后的总结发言。
Mick Farrell
Yeah. Thanks, Kevin, and thanks to the over 10,000 ResMedians, providing these products and services that we talked about to patients in over 140 countries worldwide. Thanks what you do today and every day. Thank you also to what you do for our patients, our physicians, providers, payers and health care communities and how you build value for our stakeholders, especially our shareholders who are listening to us today, which I know many of you ResMedians, are shareholders as well. We'll talk to all of our stakeholders here again in around 90 days. Thank you. Over to you, Salli.
是的。谢谢 Kevin，也感谢超过 10,000 名 ResMed 员工（ResMedians），为全球 140 多个国家的患者提供我们所谈论的这些产品和服务。感谢你们今天以及每一天所做的工作。也感谢你们为我们的患者、医生、供应商、支付方和医疗保健社区所做的一切，以及你们如何为我们的利益相关者创造价值，特别是今天收听我们电话会议的股东们，我知道你们许多 ResMed 员工也是股东。我们将在大约 90 天后再次与我们所有的利益相关者交流。谢谢。交给您了，Salli。
Salli Schwartz
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. Kevin, you may now close the call.
好的。谢谢 Mick，也谢谢大家的收听。我们感谢您的时间和兴趣。如果您有任何其他问题，请随时直接与我们联系。Kevin，您现在可以结束电话会议了。
Operator
接线员
Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.
谢谢。今天的电话会议和网络直播到此结束。您现在可以挂断电话了，祝您有愉快的一天。我们感谢您今天的参与。
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