2025-07-31 ResMed Inc. (RMD) Q4 2025 Earnings Call Transcript

ResMed Inc. (NYSE:RMD) Q4 2025 Earnings Conference Call July 31, 2025 4:30 PM ET

Company Participants

Brett A. Sandercock - Chief Financial Officer

Michael J. Farrell - CEO & Chairman

Sallilyn Schwartz - Chief Investor Relations Officer

Conference Call Participants

Anthony Charles Petrone - Mizuho Securities USA LLC, Research Division

Brett Adam Fishbin - KeyBanc Capital Markets Inc., Research Division

Craig Wong-Pan - RBC Capital Markets, Research Division

Dan Hurren - MST Financial Services Pty Limited, Research Division

David L Bailey - Morgan Stanley, Research Division

Davinthra Thillainathan - Goldman Sachs Group, Inc., Research Division

Matthew Charles Taylor - Jefferies LLC, Research Division

Saul Hadassin - Barrenjoey Markets Pty Limited, Research Division

Operator

Hello, and welcome to the Q4 Fiscal Year 2025 ResMed Earnings Conference Call. My name is Kevin, and I'll be your operator for today's call. \[Operator Instructions] Also, please note this conference call is being recorded. \[Operator Instructions] Let me hand the call over to Salli Schwartz, ResMed's Chief Investor Relations Officer. Salli, please go ahead.

大家好，欢迎参加ResMed 2025财年第四季度财报电话会议。我叫Kevin，是今天的电话会议接线员。\[接线员指示] 同时，请注意本次电话会议正在录音。\[接线员指示] 现在我将会议交给ResMed首席投资者关系官Salli Schwartz。Salli，请开始。

Sallilyn Schwartz

Thanks, Kevin. I want to welcome our listeners to ResMed's Fourth Quarter Fiscal Year 2025 Earnings Call. We are live webcasting this call from Sydney, and the replay will be available on the Investor Relations section of our corporate website later today. Our earnings press release and presentation are both available online now. 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.

谢谢你，Kevin。我想欢迎各位聆听ResMed 2025财年第四季度财报电话会议。我们正在从悉尼进行现场直播，稍后会议回放将在公司官网投资者关系版块提供。我们的财报新闻稿和演示文稿现在也已在线发布。在今天的电话会议中，我们将讨论一些非GAAP指标，我们认为这些指标对投资者有参考价值。这些信息并不是孤立使用或替代GAAP财务数据的依据。我们鼓励大家查阅今天财报新闻稿中的支持性附表，以便将这些非GAAP指标与GAAP披露的数字进行对照。

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. I'll now turn the call over to Mick.

此外，我们今天的讨论还将包含前瞻性声明，包括但不限于对未来财务和运营表现的预期。我们基于合理假设做出这些声明，但实际结果可能有所不同。请查阅我们提交给SEC的文件，以全面了解可能导致实际结果与今天的前瞻性声明存在重大差异的风险因素。现在，我将会议交给Mick。

Michael J. Farrell

Thank you, Salli, and good morning from a wintery cold and rainy Sydney, Australia. Good afternoon to those in the U.S., and good evening to those in Europe and beyond and welcome to ResMed's Fourth Quarter Fiscal 2025 Earnings Call.

谢谢你，Salli，大家早上好，这里是寒冷多雨的悉尼。向美国的各位说下午好，向欧洲及其他地区的朋友们说晚上好，欢迎参加ResMed 2025财年第四季度财报电话会议。

I'm pleased to report that ResMed delivered another very strong quarter, closing out fiscal year 2025 with excellent results. In our fourth quarter, we achieved 10% year-over-year reported revenue growth and 230 basis points of year-over-year gross margin expansion. We continued our disciplined approach to investments in both research and development as well as SG\&A, and we delivered another quarter of very strong free cash flow.

我很高兴地报告，ResMed又交出一个非常强劲的季度业绩，为2025财年画上了优异的句号。在第四季度，我们实现了同比10%的报告营收增长，以及同比230个基点的毛利率扩张。我们继续保持在研发以及销售管理费用上的严格投资纪律，并再次实现了非常强劲的自由现金流。

In addition to the world -- to being the world's leading sleep health and medical devices company, ResMed continues to build a global digital health ecosystem, encompassing sleep health, breathing health and health care delivery in the home. We continue to see robust demand for our products and are now serving more than 154 million lives through our hardware and software platforms as well as our technology solutions.

除了作为全球领先的睡眠健康和医疗设备公司，ResMed还在持续构建一个全球数字健康生态系统，涵盖睡眠健康、呼吸健康以及家庭医疗服务。我们继续看到产品的强劲需求，目前通过硬件、软件平台以及技术解决方案，已经服务了超过1.54亿人的生活。

We are well on our way to achieving our ResMed 2030 goal of improving over 500 million people's lives by 2030. I want to take this opportunity to thank the more than 10,000 ResMedians serving patients and customers in more than 140 countries worldwide for all that they do to serve those customers today and every day.

我们正大步迈向ResMed 2030的目标，即到2030年改善超过5亿人的生活。在此我想借此机会感谢全球超过140个国家、超过1万名ResMed员工，为患者和客户每天所做出的服务与努力。

Last quarter, I spoke to 3 key themes: first, that ResMed generates robust free cash flow and has a very strong balance sheet. Second, we're committed to operational excellence as well as driving ongoing operating leverage. And third, that ResMed is a compelling investment opportunity.

在上个季度，我提到三个关键主题：第一，ResMed能够创造强劲的自由现金流，并拥有非常稳健的资产负债表；第二，我们致力于卓越运营，并持续提升运营杠杆；第三，ResMed是一个极具吸引力的投资机会。

We have a strong sturdy ship that can go through the waves and especially amidst the global macro uncertainty that we're seeing around tariffs and trade and so on ResMed has a very smooth path. These themes remain highly relevant here as we discuss our fourth quarter and our fourth quarter results illustrate them well.

我们拥有一艘能够乘风破浪的坚实之船，尤其是在当前关税、贸易等全球宏观不确定性下，ResMed依然能保持平稳前行。在我们讨论第四季度时，这些主题依然高度相关，而第四季度的业绩也很好地诠释了这些主题。

So let me walk through the first of those themes. First, our fiscal year 2025 free cash flow was \$1.7 billion, which provides ResMed with significant flexibility to both invest in our business and return capital to our shareholders. On the inorganic growth strategy front, we are focused on finding tuck-in size acquisitions that will help us accelerate towards our ResMed 2030 strategy.

那么让我先讲第一个主题。2025财年，我们的自由现金流为17亿美元，这为ResMed在投资业务和向股东回报资本方面提供了极大的灵活性。在非有机增长战略方面，我们专注于寻找小规模的收购，以帮助我们加速实现ResMed 2030战略。

Recent examples include Somnoware which is software for sleep physicians and pulmonary physicians. Ectosense, which has their product, the NightOwl, which is basically a wearable fingertip size sleep -- home sleep apnea test. And just last quarter, we completed the acquisition of VirtuOx. These businesses will help patients move through the sleep care funnel more efficiently.

最近的案例包括Somnoware，这是面向睡眠科医生和肺科医生的软件；Ectosense，其产品NightOwl是一种可穿戴的指尖大小的家庭睡眠呼吸暂停测试设备；就在上个季度，我们还完成了对VirtuOx的收购。这些业务将帮助患者更高效地通过睡眠护理流程。

VirtuOx reduces diagnostic delays, it accelerates the rate of people moving from symptom recognition to home sleep apnea testing, and it keeps more patients on the path to treatment.

VirtuOx减少了诊断延误，加快了人们从症状识别到家庭睡眠呼吸暂停测试的进程，并让更多患者持续走在治疗的道路上。

VirtuOx will continue to operate independently under its own brand, and there are no changes that we plan to help providers and physicians will interact with either VirtuOx or ResMed. In the U.S. health care system, physician prescriptions, payer requirements and the need for personalized setup and support make home medical equipment or HME providers, our essential partners in ensuring patients receive and stay on effective therapy.

VirtuOx将继续以其自身品牌独立运营，我们并没有计划改变服务提供商和医生与VirtuOx或ResMed之间的互动方式。在美国医疗体系中，医生处方、支付方要求以及对个性化设置和支持的需求，使得家庭医疗设备（HME）供应商成为确保患者获得并持续接受有效治疗的重要合作伙伴。

And sleep labs and home sleep apnea testing run from sleep labs is also a huge part of the infrastructure that we work with all day and every day. You will see us continue to selectively invest in our what we call digital sleep health concierge capabilities, including screening protocols, clinical tools, seamless workflows and cloud connected care pathways.

睡眠实验室以及由睡眠实验室进行的家庭睡眠呼吸暂停测试，也是我们日常合作的重要基础设施部分。大家将会看到我们继续有选择性地投资于所谓的数字化睡眠健康管家能力，包括筛查方案、临床工具、无缝工作流程以及云端互联护理路径。

We will be looking to expand the diagnostic funnel to keep up with new patient flow coming from 3 sources. One, and most importantly, our own ResMed driven demand generation efforts that I'll talk about later. Two, the greater awareness of sleep apnea that has been generated by the promotion of GLP-1 or GLP-1 medications, particularly to the specific primary care physician groups that they target and we can target as well with education. And three, the accelerating momentum in consumer wearables that are capable of sleep health monitoring as well as some with specific sleep apnea detection capabilities.

我们将寻求扩大诊断通道，以应对来自三方面的新患者流入。第一，也是最重要的，是我们自身ResMed主导的需求创造工作，我稍后会谈到。第二，是由于GLP-1药物的推广所带来的睡眠呼吸暂停认知度提升，尤其是在这些药物所针对的特定初级保健医生群体中，而我们也能够通过教育进行针对性覆盖。第三，是消费类可穿戴设备的加速发展，这些设备不仅具备睡眠健康监测能力，其中一些还具有特定的睡眠呼吸暂停检测功能。

ResMed remains laser-focused on helping the more than 2.3 billion people worldwide that suffer from sleep apnea, insomnia or respiratory insufficiency due to COPD or neuromuscular disease and all those that need care delivered in the home.

ResMed始终专注于帮助全球超过23亿因睡眠呼吸暂停、失眠或因COPD及神经肌肉疾病导致呼吸功能不足的人群，以及所有需要家庭医疗服务的人。

We've also returned significant capital to shareholders in fiscal year 2025 through a combination of dividends and share repurchases that have totaled more than \$610 million for the year. I'm pleased to announce that ResMed's Board of Directors, my fellow Board of Directors has authorized an increase in the quarterly dividend for fiscal year 2026. Additionally, we are significantly increasing our targeted share repurchase activity for fiscal year 2026. Brett will discuss both these actions in more detail in his remarks in a few minutes, and they represent the strength of our business.

在2025财年，我们还通过分红和股票回购的组合向股东返还了超过6.1亿美元的资本。我很高兴地宣布，ResMed董事会已批准在2026财年提高季度分红。此外，我们还将大幅增加2026财年的目标股票回购活动。Brett将在几分钟后的发言中更详细地讨论这两项举措，它们充分体现了我们业务的实力。

ResMed's very strong free cash flow affords us the ability to invest in the business through R\&D and SG\&A expenses but also to pursue our share buybacks and raise our dividend, as I just mentioned. But in addition to that, to also have significant funds available for strategic technology and I would call pathway -- seamless pathway type tuck-in acquisitions.

ResMed强劲的自由现金流，不仅使我们能够通过研发和销售管理费用投资业务，还能如我刚才提到的那样开展股票回购并提高股息。此外，我们还有充足的资金用于战略性技术投资，以及我所称的“无缝路径型”的小规模并购。

My second key message relates to our commitment to operational excellence. ResMed has demonstrated a very strong track record of improving and driving gross margin expansion and a pipeline of opportunities to deliver further operating leverage across our business. In the fourth quarter, we achieved 230 basis points of gross margin expansion year-over-year and well over 100 basis points sequentially quarter-over-quarter. And we have more runway left. We'll continue the execution on these opportunities over the course of our fiscal year 2026 that we're just firing up on here, and I'll update you here on this call every quarter as we continue to deliver these results.

我的第二个关键信息是关于我们对卓越运营的承诺。ResMed已经展现出在推动毛利率扩张方面的优异记录，并且在整个业务中还有一系列进一步提升运营杠杆的机会。在第四季度，我们实现了同比230个基点的毛利率扩张，环比则超过100个基点。我们仍有更多的提升空间。在刚刚开启的2026财年中，我们将继续把握这些机会，并将在每个季度的电话会议上向大家更新我们的执行进展。

We will also continue to evolve our global manufacturing footprint. We're approaching the official opening of our newest manufacturing location in Calabasas, California. This site will double the size of our current manufacturing footprint in the United States and is designed for us to scale up our U.S.-made product volume over the coming years and leverage the amazing technology capabilities of folks in East L.A. in terms of aeronautical and automotive industries that we use in the field of motor technology and motor manufacturing.

我们还将继续发展我们的全球制造布局。我们即将在加州Calabasas正式启用最新的制造基地。该基地将使我们目前在美国的制造规模翻倍，并旨在未来几年大幅提升美国制造产品的产量，同时利用洛杉矶东部人才在航空航天和汽车产业中的卓越技术能力，这些技术也被我们应用在电机技术与电机制造领域。

During the fourth quarter, we delivered very strong net operating profit growth even with the continued investment in both R\&D and SG\&A. We see these growing investments in innovative R\&D as well as SG\&A investments that are focused on demand generation, demand capture and demand curation as critical components to ResMed's long-term growth. ResMed is an innovation machine with R\&D focused on market-leading masks, cloud connected devices and digital sleep health platforms, along with growing investments in AI, GenAI technology that's across the business.

在第四季度，即使在持续增加研发和销售管理投入的情况下，我们依然实现了非常强劲的净营业利润增长。我们认为这些不断增加的创新研发投入，以及聚焦于需求创造、需求捕捉和需求管理的SG\&A投入，是ResMed长期增长的关键组成部分。ResMed是一台创新机器，研发专注于市场领先的面罩、云端互联设备和数字化睡眠健康平台，同时在整个业务中加大对AI和生成式AI技术的投入。

We make the smallest, the quietest, the most comfortable, the most connected and the most intelligent therapy solutions for sleep apnea and now insomnia and respiratory insufficiency as well as having the market-leading software for health care and broader care delivered right where people live. We continue to roll out our amazing AirSense 11 platform to more and more countries in our global markets.

我们打造了最小巧、最安静、最舒适、连接性最强、智能化最高的睡眠呼吸暂停治疗解决方案，并逐步拓展到失眠和呼吸功能不足领域，同时还拥有面向医疗和更广泛护理的市场领先软件，可以直接在患者生活的地方提供服务。我们正在持续将出色的AirSense 11平台推广至全球更多国家。

Over the course of fiscal year 2026, you'll see us do the same for our latest patient interface technologies, including the AirTouch N30i which has an amazing fabric enhanced capability that can be put on to LSR manufacturing in a very unique way by our manufacturing and technology teams. And also the AirFit F40 which is a minimally contact oronasal nasal mask among many other products in our mask portfolio.

在2026财年中，大家将看到我们在最新的患者接口技术上采取相同的推广举措，其中包括AirTouch N30i，它具备出色的织物增强功能，由我们的制造和技术团队通过一种非常独特的方式应用于LSR制造工艺；还有AirFit F40，这是一款接触面极小的口鼻面罩，属于我们面罩产品组合中的众多产品之一。

We also have a robust road map for incorporating AI and GenAI technology into our digital products. In June, we integrated our digital assistant that we call, Dawn, as in the sunrises into myAir in our Australia business to provide personalized 24/7 support to our local users. We plan to have a wider rollout of Dawn on the myAir platform, which is our app that sits on smartphones throughout fiscal year 2026 as we get regulatory approvals and move that technology to the various countries that we operate worldwide. Watch this space on that front.

我们还制定了将AI和生成式AI技术纳入数字产品的强大路线图。今年6月，我们在澳大利亚业务的myAir应用中集成了我们的数字助手Dawn（寓意日出），为当地用户提供个性化的全天候支持。我们计划在2026财年内，随着监管批准的取得，将Dawn在myAir平台（我们基于智能手机的应用程序）上推广到我们全球运营的各个国家。请大家拭目以待。

Additionally, within the myAir app, our smart coaching feature uses machine learning combined with behavioral science-based interventions to enhance personalized PAP therapy outcomes.

此外，在myAir应用中，我们的智能指导功能利用机器学习结合行为科学干预来提升个性化PAP疗法的效果。

我刚刚从机器中导出数据，再导入chatGPT，chatGPT分析数据后给出了非常专业的调整建议，ResMed还没有做到自动完成这个工作。

And finally, our ReSupply attrition predictor helps Brightree customers in the U.S. to better manage patients who are at risk of dropping off or quitting positive airway pressure therapy. This technology enables our HME partners to create personal touch points with patients and to ultimately increase long-term adherence of those patients.

最后，我们的ReSupply流失预测工具帮助美国的Brightree客户更好地管理有可能中断或放弃正压呼吸治疗的患者。这项技术使我们的HME合作伙伴能够与患者建立个性化接触点，从而最终提高患者的长期依从性。

Greater long-term adherence leads to better patient outcomes, happier physicians, lower total cost of care for payers and better resupply volumes that are beneficial for HME providers and obviously, for ResMed. As our trained AI technologies improve with more and more data, we foresee ResMed solutions will transform into proactive, personalized health care companions.

更高的长期依从性将带来更好的患者疗效、更高的医生满意度、更低的支付方整体护理成本，以及对HME供应商和显然对ResMed更有利的补给量。随着我们的AI技术通过更多数据不断进化，我们预见ResMed的解决方案将转变为主动的、个性化的健康护理伙伴。

ResMed is extremely well positioned to turn our over 23 billion nights of respiratory medical data as well as our 3-plus decades of sleep science and sleep medicine knowledge into personalized treatments and personalized insights that integrate seamlessly with wearable data, health data and virtual care. In addition to our products, we see multiple applications for AI and GenAI in our business processes.

ResMed在这一点上具备极佳的优势，可以将我们超过230亿个夜晚的呼吸医疗数据，以及30多年的睡眠科学和睡眠医学知识，转化为个性化治疗和洞察，并与可穿戴设备数据、健康数据和虚拟医疗服务无缝整合。除了产品之外，我们还看到了AI和生成式AI在业务流程中的多种应用。

In our R\&D team, the use of agents in verification and validation can reduce development time to a fraction of our prior processes. We're using AI to write test scripts, to diagnose test failures, to write reports, as well as in verification of our product library.

在我们的研发团队中，使用智能代理进行验证和确认可以将开发时间缩短到以往流程的一小部分。我们正在利用AI编写测试脚本、诊断测试失败、撰写报告，以及验证我们的产品库。

We are also rearchitecting development processes. As one example, we've been able to use AI to develop a human head-shaped variance model to represent a broad range of ethnic groups to run virtual fitting studies. This will allow us to replace what was previously our multiple in-person masked fitting studies that would likely be limited in sample size to maybe 100 people and replace it with a digitized model that can simulate many thousands of people using less time, less planning and less investment dollars. This type of doing more with less resources approach is only accelerating as we expand and broaden our use of AI across the business.

我们还在重新构建开发流程。例如，我们已经能够利用AI开发一个人头形态变异模型，以代表广泛的族群来进行虚拟佩戴研究。这使我们能够取代以往多次现场面罩佩戴研究——这些研究往往受限于大约100人的样本量——改用数字化模型，可以模拟数以千计的人群，同时用更少的时间、更少的规划和更低的投入成本来完成。这种用更少资源做更多事情的方式，随着我们在整个业务中扩大和拓展AI的使用，正在加速推进。

Our SG\&A investments have also continued to show a very strong ROI. Earlier this year, we announced a comprehensive ResMed brand evolution strategy and several targeted direct-to-consumer marketing campaigns to build brand awareness and really importantly, to drive undiagnosed patients to seek care. Results to date have been very promising as we are in the early phases of this. But if this is a marathon, our first mile, I'm here in Australia, our first kilometer was a great lap time.

我们的销售和管理（SG\&A）投资也持续展现出非常强劲的投资回报率。今年早些时候，我们宣布了一项全面的ResMed品牌升级战略，并推出了数个针对消费者的营销活动，以提升品牌认知，更重要的是推动未确诊患者主动寻求治疗。截至目前，结果非常令人鼓舞，虽然这仍处于早期阶段。但如果说这是场马拉松，那么我们的第一英里——我在澳大利亚要说第一公里——已经跑出了极佳的成绩。

We launched a multi-market campaign targeting sleep health awareness, primarily in countries where we have significant direct market channels, including Germany, Australia, New Zealand, Korea and India. To date, we have seen growing sell-through and delivered a strong return on our advertising spend, or ROAS, as the martech people call it, that is many multiples of the investment we've made.

我们发起了一项跨市场的活动，旨在提升睡眠健康认知，主要针对我们拥有重要直销渠道的国家，包括德国、澳大利亚、新西兰、韩国和印度。到目前为止，我们看到了不断增长的销售转化率，并实现了强劲的广告支出回报率（ROAS，正如营销技术人员所称），其倍数远超我们投入的资金。

We've also had an omnichannel U.S.-based campaign that's been focused on the perception of CPAP therapy. This effort ran in metropolitan areas in the U.S., very specific ones for several months earlier this year and touched both consumers as well as health care providers. So I think physicians, HMEs, primary care physicians and beyond.

我们还在美国开展了一项全渠道营销活动，重点改善公众对CPAP疗法的认知。今年早些时候，这项活动在美国一些特定的大都市地区持续了几个月，覆盖了消费者和医疗服务提供者，包括医生、HME供应商、初级保健医生等。

On the physician education front, specifically, we've expanded our offering of continuing medical education or as they called CME programs to teach physicians for the benefits of CPAP, APAP, bilevel therapy as the gold standard, the frontline treatment for any patient that has been diagnosed positively with sleep apnea in accordance with sleep medicine guidelines from the AASM and beyond.

在医生教育方面，我们扩大了继续医学教育（CME）课程的提供范围，旨在教授医生CPAP、APAP和双水平治疗的益处，这些被视为金标准的一线治疗方式，适用于根据AASM及其他睡眠医学指南被确诊为睡眠呼吸暂停的患者。

We're seeing an increased participation from primary care physicians, we had 20,000 unique primary care physician participants who have taken our courses and those CME courses and over 32,000 courses taken. So people are taking these multiple times. We love to see the repeat CME users. That means the PCPs, the primary care physicians, the GPs, they want to get even deeper into the field of sleep health.

我们看到越来越多的初级保健医生参与进来，已有20,000名独立的初级保健医生参加了我们的课程，总课程参与量超过32,000次。这说明很多医生多次学习我们的课程。我们非常高兴看到CME课程的重复参与者，这意味着初级保健医生和全科医生们希望更深入地探索睡眠健康领域。

One of the most encouraging statistics I saw from this work is that 75% of the CME course graduates indicate in a survey that we do post the training they specifically intend to change the clinical practices that they have in their practice related to sleep health based on what they've learned from our CME programs. This is an incredible result, and we will watch this space for the level of increased prescriptions and increased flow of patients into our home sleep apnea testing and sleep lab funnel and ultimately to prescriptions.

这一工作中最令人鼓舞的统计数据之一是，75%的CME课程学员在课后调查中表示，他们打算根据课程所学，专门改变自己在睡眠健康方面的临床实践。这是一个了不起的成果，我们将持续观察这一领域，包括处方数量的增长、患者进入家庭睡眠呼吸暂停测试和睡眠实验室的流入增加，以及最终处方的增加。

For those who have been watching our brand enhanced investments closely, you will know that ResMed was recently named the official partner of The Qatar Airways British & Irish Lions Tour to Australia and beyond. It started actually in Dublin, Ireland and went around the world. where we all have businesses in all these countries and many of them omnichannel businesses.

关注我们品牌投资的人会知道，ResMed最近被指定为卡塔尔航空英国及爱尔兰狮子队澳大利亚及全球巡回赛的官方合作伙伴。该赛事实际上从爱尔兰都柏林启程，随后环游世界，而我们在这些国家都有业务，其中许多是全渠道业务。

ResMed launched what we call the Tackle Your Sleep campaign. This is a comprehensive digital and content focused campaign featuring some of the world's best athletes in the field of Rugby and coaches in the field of rugby. This campaign aims to raise awareness about the importance of quality sleep as the third pillar of health, along with cardiovascular exercise and good diet and nutrition.

ResMed推出了我们称为“Tackle Your Sleep”的活动。这是一项全面的数字化与内容驱动型活动，邀请了一些世界顶级橄榄球运动员和教练参与。该活动旨在提升人们对高质量睡眠重要性的认知，把它与心血管运动和健康饮食营养一起作为健康的第三大支柱。

We will track brand awareness, Net Promoter Scores as well as consumer and patient flow statistics to measure the ROI and the return on advertising spend or ROAS. Our clear goal of these brand awareness and demand generation campaigns is to help the 2.3 billion people worldwide who need our solutions to know the ResMed brand and more specifically, to know where, how and when to find a path to screening, diagnosis and ultimately to being on therapy for life, to save their job, to save their marriage to save their life.

我们将跟踪品牌知名度、净推荐值（NPS）以及消费者和患者流量数据，以衡量投资回报率（ROI）和广告支出回报率（ROAS）。这些品牌推广和需求创造活动的明确目标，是帮助全球23亿需要我们解决方案的人们认识ResMed品牌，更具体地说，让他们知道在哪里、如何以及何时找到通往筛查、诊断并最终走向终身治疗的途径，从而拯救他们的工作、婚姻和生命。

Watch this space as we measure the ROI that we've had with these, I would say, relatively modest global marketing efforts, and we will pursue ongoing targeted additional phases of these initiatives in fiscal year 2026 with every investment based upon strong ROI and proven ROI targets coupled with disciplined spend of our valuable SG\&A resources.

请大家持续关注我们对这些相对温和的全球营销活动的ROI衡量结果。在2026财年，我们将继续推进这些举措的后续阶段，每一笔投资都将以强劲且已被验证的ROI目标为基础，并辅以我们宝贵的SG\&A资源的严格支出控制。

We are accelerating the next step of our ResMed 2030 operating model by integrating our revenue and product functions of our residential care software or RCS and sometimes called our SaaS or software as a service business into the broader ResMed organization. This builds on earlier efforts that integrated our RCS finance, human resources, cybersecurity and marketing functions and many more over the last periods. By aligning our people, our workflows, our platforms and our data across the business, we can continue to reduce friction, improve therapy adherence and deliver more personalized and more digital care.

我们正在加速推进ResMed 2030运营模式的下一步，即将我们的住宅护理软件（RCS，有时称为SaaS，即软件即服务业务）的收入和产品职能整合进更广泛的ResMed组织。这一举措是在前期工作的基础上进行的，当时我们已将RCS的财务、人力资源、网络安全和市场营销等职能整合进来。通过在整个业务中对人员、工作流程、平台和数据进行统一，我们能够持续减少摩擦、提升治疗依从性，并提供更加个性化、数字化的护理。

In line with this ResMed 2030 operating model evolution, I would like to announce that Bobby Ghoshal, who is the current Chief Commercial Officer for our RCS business that Bobby will be leaving ResMed today, actually, here, we're in the 1st of August here in Sydney, tomorrow for the U.S. and he's leaving ResMed to become President and Chief Operating Officer of a software business that is not competitive to ResMed and it's in the field of software for urgent care. I would like to take this opportunity to thank Bobby for his amazing 13-plus years of dedication and service to ResMed. I personally hired Bobby from a company called ON Semiconductor to join the ResMed Americas commercial team that I was running at the time in 2012. Bobby played a key role in our digital evolution, he was 1 of the first ResMedians to jump into our new RCS business straight after our Brightree acquisition in 2016. We put him as Chief Operating Officer there, almost out the gate.

根据这一ResMed 2030运营模式的演进，我想宣布，我们RCS业务的首席商务官Bobby Ghoshal将于今天离开ResMed。事实上，现在悉尼已是8月1日，美国则是明天。他将离开ResMed，出任一家急诊护理软件公司的总裁兼首席运营官，该公司与ResMed并不构成竞争。在此，我要借此机会感谢Bobby在ResMed超过13年的杰出奉献和服务。2012年，我亲自从一家名为ON Semiconductor的公司聘请Bobby加入我当时负责的ResMed美洲商业团队。Bobby在我们的数字化转型中发挥了关键作用，在2016年我们收购Brightree之后，他是最早加入新RCS业务的ResMed员工之一。我们几乎在一开始就任命他为RCS的首席运营官。

And in the year since then, Bobby has helped scale our residential care software business across home medical equipment as well as home health, home nursing and beyond. He's helped us integrate strategic acquisitions as well as driving innovation. So we thank Bobby for his many contributions, this decade plus. And I personally wish probably the best of luck in the next phase of his career journey and his life journey.

从那时起，Bobby帮助我们将住宅护理软件业务扩展到家庭医疗设备、家庭医疗、家庭护理等领域。他协助我们完成战略收购的整合，并推动了创新。因此，我们要感谢Bobby在这十多年中所做出的诸多贡献。我个人也祝愿Bobby在职业生涯和人生旅程的下一阶段一切顺利。

In terms of next steps of here at ResMed of our residential care software business leadership our strong and capable residential care software leaders, Joachim, Arne, on MEDIFOX, Tim on the MatrixCare brand and Gregg across Brightree, they will now all report directly to Mike Fliss, our Global Chief Revenue Officer. This is a fulfillment of our 2030 operating model that will accelerate our journey to meet and beat our ResMed 2030 strategy goals.

关于ResMed住宅护理软件业务的下一步领导架构，我们强大且经验丰富的领导团队——包括负责MEDIFOX的Joachim和Arne、负责MatrixCare品牌的Tim，以及负责Brightree的Gregg——将直接向我们的全球首席营收官Mike Fliss汇报。这一安排符合我们2030运营模式，将加速我们实现甚至超越ResMed 2030战略目标的步伐。

So one key message before I hand over to Brett's fees remarks is this quarter after quarter, ResMed has demonstrated it is able to consistently both deliver financially and operationally. We're a compelling investment opportunity amidst what I would call global macro uncertainty. We are delivering products. We're delivering solutions that customers love, and I use customers meaning patients, physicians, providers, payers, and they vote with their wallets. They buy our stuff more than our competitors. And we've been closely monitoring the global trade environment and the evolving regulatory landscape in both Washington, Brussels and Beijing.

在将话筒交给Brett发言之前，我要强调的一个关键信息是：ResMed在一个又一个季度中，始终展现出持续稳定的财务与运营表现。在我所称的全球宏观不确定性环境中，我们依然是一个极具吸引力的投资机会。我们交付产品，提供客户喜爱的解决方案——这里的客户包括患者、医生、供应商和支付方——而他们用钱包投票，购买我们产品的数量远超竞争对手。同时，我们也在密切关注全球贸易环境以及华盛顿、布鲁塞尔和北京不断变化的监管格局。

And as I noted last quarter, because our products are used to treat patients with chronic respiratory disabilities, they've been subject to global tariff relief for decades, and that has been ongoing and continuing. This affords ResMed the opportunity to remain fully focused on our business and helping the more than 2.3 billion people worldwide that need our help for their sleep apnea or insomnia and their respiratory insufficiency as well as all those needing our market-leading software for health care delivered in their phone -- in their home.

正如我在上个季度提到的，由于我们的产品用于治疗慢性呼吸系统疾病患者，它们几十年来一直享受全球关税减免政策，并持续至今。这为ResMed提供了机会，使我们能够将精力完全聚焦在业务上，帮助全球超过23亿因睡眠呼吸暂停、失眠或呼吸功能不足而需要我们帮助的人群，以及所有需要我们市场领先的医疗软件在家庭中得到服务的人群。

Let me make some brief comments about the competitive bidding program that CMS recently stated that it plans to resume. I simply cannot get too specific as CMS has not yet announced any of the details as to what product categories included nor the time frame that they plan for the next round. But during this comment period, I'll remind you of this ResMed has a long-standing track record of engaging constructively with the U.S. government policymakers and industry participants over more than a decade in this area. I'm

让我简要谈谈CMS最近表示计划恢复的竞争性招标项目。我无法过于具体，因为CMS尚未公布下一轮将涵盖的产品类别或时间安排。但在这一意见征求期间，我想提醒大家，ResMed在这一领域已有十多年的经验，一直与美国政府的政策制定者和行业参与者保持建设性互动。

the incoming Chairman of AdvaMed, which is our U.S. based, but also global advocacy group, and I plan to work with AdvaMed and work with all of our sort of industry groups to help give the right comments to the U.S. government as we go through this process.

我即将出任AdvaMed主席，这是一个总部设在美国、同时具有全球影响力的行业倡导组织。我计划与AdvaMed及其他行业组织合作，在这一过程中向美国政府提供合适的意见。

Again, as always, ResMed remains committed to advocating for policies that protect most importantly, patient access to care and policies that promote fair and sustainable reimbursement for our HME providers. We'll continue to support our HME customers and the millions of Medicare beneficiaries who rely on ResMed for access to market-leading, high-quality sleep and respiratory care at home.

一如既往，ResMed始终致力于推动保障患者获得医疗服务的政策，以及促进HME供应商获得公平、可持续补偿的政策。我们将继续支持我们的HME客户，以及数百万依赖ResMed在家中获得市场领先的高质量睡眠与呼吸护理的Medicare受益人。

So I'll close with this. ResMed is highly resilient as a company and as a culture. We've successfully navigated the COVID crisis and immediately one of our competitors abrupt and multiyear exit from the device market in the U.S. and then the global supply chain crisis including specifically the semiconductor supply issues that we got through well.

最后，我想以此作结。ResMed作为一家公司和一种文化，展现了极强的韧性。我们成功度过了新冠疫情危机，以及随后某竞争对手突然且长达数年的美国市场退出；我们也顺利应对了全球供应链危机，尤其是半导体供应问题。

We have built the world's largest respiratory medical device manufacturing facility, and we have an incredibly robust global supply chain. We have driven sustained strong top line growth, and we're highly focused on operational execution, as you saw in our gross margin expansion that we delivered this quarter and throughout fiscal year 2025, and we're not done. We have maintained our very strong balance sheet, and that gives us ballast in the boat and flexibility for the future. We've established a leading market position in over 140 countries worldwide in a very underpenetrated market that still has a long runway of growth ahead.

我们建立了全球最大的呼吸医疗设备制造工厂，拥有极其稳健的全球供应链。我们推动了持续强劲的营收增长，并高度专注于运营执行——正如本季度及整个2025财年的毛利率扩张所体现的那样——而我们还远未止步。我们保持了非常稳健的资产负债表，这为我们提供了未来的稳定性和灵活性。我们已在全球140多个国家建立了领先的市场地位，而这一市场的渗透率依然较低，未来增长空间巨大。

All these factors give us confidence in our ability to deliver for all of our customers, for consumers, for patients, for physicians, for providers, for payers and for our communities. And of course, for you, our shareholders. So as we launch here into fiscal year 2026, we're continuing to execute on our 2030 strategy, investing in innovation, scaling our impact, and we're laser focused on delivering another year of strong results.

所有这些因素都让我们有信心能够为所有客户——消费者、患者、医生、供应商、支付方以及我们的社区——持续提供价值。当然，也包括各位股东。随着我们迈入2026财年，我们将继续执行2030战略，投资于创新，扩大我们的影响，并全力以赴实现又一个强劲业绩之年。

So with that, I'll hand the call for the first time, just right next to me in the room, over to Brett, for a deeper dive into our financials, and then we'll open the floor to your questions. Brett, over to you.

因此，我现在将电话会议交给身边的Brett，他将首次为大家深入解读我们的财务表现，之后我们会进入问答环节。Brett，请你接着说。

Brett A. Sandercock

Great. Thanks, Mick. In my remarks today, I will provide an overview of our results for the fourth quarter of fiscal year 2025, unless noted, all comparisons are to the prior year quarter and in constant currency terms, where applicable.

好的，谢谢你，Mick。在今天的发言中，我将概述我们2025财年第四季度的业绩情况，除非特别说明，所有对比均基于上一财年同期，并在适用情况下以不变汇率计。

We had strong financial performance in Q4. Group revenue for the June quarter was \$1.35 billion, a 10% headline increase and 9% in constant currency terms. Revenue growth reflected positive contributions across our product and ReSupply portfolio.

我们在第四季度取得了强劲的财务表现。6月份季度集团收入为13.5亿美元，同比名义增长10%，按不变汇率计算增长9%。收入增长反映了我们产品和ReSupply组合的全面积极贡献。

Year-over-year, movements in foreign currencies positively impacted revenue by approximately \$15 million during the June quarter. Looking at our geographic revenue distribution and excluding revenue from our residential care software business, sales in U.S., Canada and Latin America increased by 9%. Sales in Europe, Asia and other regions also increased by 9% on a constant currency basis. Globally, on a constant currency basis, device sales increased by 8%, while masks and other sales increased by 11%.

与去年同期相比，汇率变动在6月份季度对收入产生了约1,500万美元的正面影响。从地域分布来看，若不计住宅护理软件业务收入，美国、加拿大和拉丁美洲的销售额增长9%；欧洲、亚洲及其他地区的销售额按不变汇率计算也增长了9%。在全球范围内，按不变汇率计算，设备销售增长8%，而面罩及其他销售增长11%。

Breaking it down by regional areas, device sales in the U.S., Canada and Latin America increased by 7%. Mask and other sales increased by 12%, reflecting continued growth in ReSupply and new patient setups as well as incremental revenue from 2 months of owning VirtuOx. In Europe, Asia and other regions, device sales increased by 10% on a constant currency basis, and masks and other sales increased by 7% on a constant currency basis.

按地区拆分，美国、加拿大和拉丁美洲的设备销售增长7%；面罩及其他销售增长12%，反映了ReSupply和新患者安装的持续增长，以及持有VirtuOx两个月带来的新增收入。在欧洲、亚洲及其他地区，设备销售按不变汇率计算增长10%，而面罩及其他销售增长7%。

Residential care software revenue increased by 9% on a constant currency basis in the June quarter, underpinned by robust performance from our MEDIFOX DAN and HME verticals. We will continue to report Residential Care Software as a separate segment in our financial results.

住宅护理软件收入在6月份季度按不变汇率计算增长9%，主要得益于MEDIFOX DAN和HME业务的强劲表现。我们将在财报中继续将住宅护理软件作为独立板块单独披露。

During the rest of my prepared remarks today, I will be referring to non-GAAP numbers. We have provided a full reconciliation of the non-GAAP to GAAP numbers in our fourth quarter earnings press release. Gross margin of 61.4% in the June quarter increased by 230 basis points year-over-year and by 150 basis points sequentially.

在我今天接下来的发言中，我将引用非GAAP数据。我们在第四季度财报新闻稿中提供了非GAAP与GAAP数据的完整对账。本季度毛利率为61.4%，同比上升230个基点，环比上升150个基点。

These increases were primarily driven by procurement, manufacturing and logistics efficiencies as well as favorable foreign currency movements. Indeed, currency movements accounted for almost half the sequential improvement in gross margin. Changes in average selling prices had a minimal impact on our gross margin, both on a year-over-year and on a sequential basis. We've made considerable progress on our gross margin expansion objectives and continue to work diligently on our gross margin initiatives pipeline. We remain focused on making sustained long-term gross margin improvements.

毛利率提升主要得益于采购、制造和物流效率的提高，以及有利的汇率变动。事实上，汇率变动占据了毛利率环比提升的近一半。平均售价的变化对毛利率影响甚微，无论是同比还是环比。我们在毛利率扩张目标上已取得显著进展，并持续推进毛利率提升项目。我们依然专注于实现长期、可持续的毛利率改善。

Looking forward and subject to currency movements, we expect gross margin will be in the range of 61% to 63% in fiscal year 2026. Moving on to operating expenses. SG\&A expenses for the fourth quarter increased by 9% on a headline basis and by 8% on a constant currency basis. The increase was primarily due to increases in employee-related expenses and increases in marketing expenses, including investments associated with our recent global brand launch, along with targeted demand generation activities.

展望未来，并考虑到汇率波动因素，我们预计2026财年的毛利率将在61%至63%之间。接下来谈运营费用。第四季度的SG\&A费用名义增长9%，按不变汇率计算增长8%。增长的主要原因是员工相关费用增加以及市场营销费用增加，其中包括与我们最近全球品牌发布相关的投资，以及针对性的需求创造活动。

SG\&A expenses as a percentage of revenue improved to 19.7% compared to 19.8% 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 19% to 20% in fiscal year 2026.

SG\&A费用占收入的比例改善至19.7%，相比上一年同期的19.8%有所下降。展望未来，并考虑到汇率波动，我们预计2026财年SG\&A费用占收入的比例将在19%至20%之间。

R\&D expenses for the quarter increased by 7%, both on a headline and constant currency basis. The increase was predominantly attributable to increases in employee-related expenses. R\&D expenses as a percentage of revenue was 6.4% compared to 6.6% in the prior year period. Looking forward and subject to currency movements, we expect R\&D expenses as a percentage of revenue will be in the range of 6% to 7% in fiscal year 2026.

本季度研发费用同比增长7%，无论名义还是按不变汇率计算均如此。增长主要归因于员工相关费用的增加。研发费用占收入的比例为6.4%，而上一年同期为6.6%。展望未来，并考虑汇率因素，我们预计2026财年研发费用占收入比例将在6%至7%之间。

Operating profit for the quarter increased by 19%, underpinned by revenue growth and gross margin expansion. Our operating margin improved to 35% of revenue compared to 33% in the prior year period. Our net interest income for the quarter was \$6 million.

本季度营业利润增长19%，主要得益于收入增长和毛利率扩张。营业利润率提升至收入的35%，而上一年同期为33%。本季度净利息收入为600万美元。

Our effective tax rate for the June quarter was 21.9% compared to 18.7% in the prior year quarter. The increase in our effective tax rate was due to a low comparable prior period tax rate and current year changes in our global mix of earnings. Our effective tax rate for the full year was 19.9% compared to 20% for the prior fiscal year. We estimate our effective tax rate for fiscal year 2026 will be in the range of 21% to 23%, with the uptick primarily due to the impact of tax legislation taking effect for certain jurisdictions beginning in fiscal year 2026. Our GAAP effective tax rate for the June quarter was 17.1% as we recorded a onetime tax benefit of \$21 million relating to the cessation of certain business activities. We have turned this tax benefit as a non-GAAP item in our fourth quarter financial results.

我们在6月份季度的有效税率为21.9%，而上一年同期为18.7%。有效税率上升的原因是上一期可比基数较低以及本年度全球盈利结构的变化。本年度有效税率为19.9%，相比上一财年的20%略有下降。我们预计2026财年的有效税率将在21%至23%之间，上升主要是由于部分司法管辖区自2026财年起生效的税收立法影响。本季度GAAP有效税率为17.1%，因为我们因某些业务终止而获得了2,100万美元的一次性税收优惠。在第四季度财报中，我们将该税收优惠列为非GAAP项目。

Our net income for the June quarter increased by 22% and non-GAAP diluted earnings per share increased by 23%. Movements in foreign exchange rates had a positive impact on earnings per share of approximately \$0.05 in Q4 FY '25.

本季度净利润增长22%，非GAAP稀释后每股收益增长23%。外汇汇率变动对2025财年第四季度的每股收益产生了约0.05美元的正面影响。

Cash flow from operations for the quarter was \$539 million, reflecting strong operating results and disciplined working capital management. Capital expenditure for the quarter was \$31 million, and depreciation and amortization for the quarter totaled \$64 million. We ended the fourth quarter with a cash balance of \$1.2 billion. At June 30, we had \$668 million in gross debt and \$541 million in net cash. We also have approximately \$1.5 billion available for drawdown under our revolver facility.

本季度经营现金流为5.39亿美元，反映了强劲的经营业绩和严格的营运资金管理。本季度资本支出为3,100万美元，折旧和摊销总计6,400万美元。第四季度末现金余额为12亿美元。截至6月30日，我们的总债务为6.68亿美元，净现金为5.41亿美元。此外，我们在循环信贷额度下还有约15亿美元可供提取。

We continue to maintain a solid liquidity position, strong balance sheet and generate robust operating cash flows. We are well positioned to weather the ongoing global uncertainty and geopolitical challenges.

我们继续保持稳健的流动性状况和强劲的资产负债表，并产生了充足的经营现金流。这使我们能够应对持续存在的全球不确定性和地缘政治挑战。

As Mick mentioned, we completed the acquisition of VirtuOx during the quarter for consideration of \$140 million. VirtuOx has an annual revenue run rate of approximately \$45 million. We have included VirtuOx in our financial results from the 1st of May. Overall, the results are not material to the group and were neutral to non-GAAP earnings per share for the June quarter.

正如Mick提到的，我们在本季度完成了对VirtuOx的收购，交易金额为1.4亿美元。VirtuOx的年化收入约为4,500万美元。从5月1日起，我们已将VirtuOx纳入财务报表。总体而言，该收购对集团的影响不大，对本季度的非GAAP每股收益保持中性。

Today, our Board of Directors declared a quarterly dividend of \$0.60 per share, representing an increase of 13% over our previous quarterly dividend and reflecting the Board's confidence in our operating performance.

今天，我们的董事会宣布季度股息为每股0.60美元，较上一季度股息增长13%，这体现了董事会对我们经营表现的信心。

During the quarter, we purchased approximately 419,000 shares under our previously authorized share buyback program for consideration of \$100 million. We plan to further increase our ongoing share buyback program and purchase share to the value of approximately \$150 million per quarter, commencing in Q1 of fiscal year 2026. At the current share price, this would result in approximately 1.5% of our outstanding shares being repurchased during fiscal year 2026.

本季度，我们根据此前批准的股票回购计划，回购了约41.9万股，金额为1亿美元。我们计划进一步扩大正在进行的股票回购计划，并自2026财年第一季度开始，每季度回购约1.5亿美元的股票。按当前股价计算，这将在2026财年回购约占总流通股的1.5%。

Going forward, we will continue to invest in growth through R\&D, deploy further capital for tuck-in acquisitions and continue our share buyback program.

展望未来，我们将继续通过研发投资推动增长，进一步投入资金进行小型并购，并持续推进股票回购计划。

And with that, I will hand the call back to Salli.

至此，我将会议交还给Salli。

Sallilyn Schwartz

Thank you, Brett. We'll now begin the question-and-answer session. I'll hand the call over to our operator, Kevin, to provide instructions for that session.

谢谢你，Brett。我们现在进入问答环节。我将把电话交给接线员Kevin，请他说明问答环节的操作指引。

Question-and-Answer Session

Operator

[Operator Instructions] Our first question today is coming from Craig Wong-Pan from RBC.

[接线员指示] 我们今天的第一个问题来自RBC的Craig Wong-Pan。

Craig Wong-Pan

Just wanted to understand the Rest of World devices growth, kind of really good growth there. I just wanted to understand the dynamics you're seeing. And if there's any kind of large tender that contributed to that Rest-of-World devices revenues?

我想了解一下“其他地区”（Rest of World）设备业务的增长情况，那里的增长非常不错。我想了解你们观察到的驱动因素，以及是否有大型招标对“其他地区”设备收入有所贡献？

Michael J. Farrell

Yes. Thanks for the question. And yes, look, very good growth in our Europe, Asia and Rest of World devices, at 10%. Yes, multiple factors can come into that. We have some markets where there are buyers that move ahead or behind, like in Japan, where it's more of a fleet approach. We have some areas in the world where we have tenders that may come in and out.

是的，谢谢你的提问。确实，我们在欧洲、亚洲和其他地区的设备业务增长了10%，表现非常好。这里面有多种因素。有些市场的采购会提前或推后，比如日本市场，更像是集中批量采购。在全球一些地区，还会有招标项目的进出。

But roughly, what we think is market growth for Europe, Asia and Rest of World for devices in the mid-single digits, so clearly, there's some fluctuations there. We're not saying that there's demand generation activities have had that 300%, 400%, 500% improvement right. We're just starting our approach there.

不过总体而言，我们认为欧洲、亚洲和其他地区的设备市场增长大约在中个位数水平，因此自然会存在一些波动。我们并不是说需求创造活动带来了300%、400%、500%的提升，不是这样的。我们在那里的尝试还只是刚刚开始。

It's more in the tens of basis points of improvement that we're seeing from these early experiments. And so no change to actual market growth, but some pretty strong growth from ResMed in the quarter there. But we think going forward, it's sort of more in the mid- single digits for devices in Europe, Asia, rest of the world, actually the same for our devices in the U.S. Any other color, Brett, you want to provide on a country-by-country basis for Europe, Asia, rest of world?

我们目前在这些早期尝试中看到的提升更多是在几十个基点的水平。因此，对实际市场增长没有改变，但ResMed本季度确实实现了非常强劲的增长。展望未来，我们认为欧洲、亚洲和其他地区的设备业务增长大概还是在中个位数的水平，美国的设备业务也是类似的。Brett，你是否想补充一下在欧洲、亚洲和其他地区的国家层面情况？

Brett A. Sandercock

I mean international markets, we had a good quarter, and there's good growth in Europe, some improved, albeit growth in China as well, actually. So some really strong results through numerous markets, and that's really contributed to that strong device performance.

我认为在国际市场上，我们这个季度表现良好，欧洲有不错的增长，中国市场也有所改善并实现了增长。总体来说，多个市场都取得了非常强劲的成果，这也推动了我们设备业务的强劲表现。

Operator

Next question is coming from Dan Hurren from MST Maraquee.

下一个问题来自MST Marquee的Dan Hurren。

Dan Hurren

Yes. Definitely. MST Marquee. Yes, look, thanks, everyone. Look, really good. Looking at gross margin and even better guidance. Brett, can you just talk through the elements of that gross margin guidance? And maybe touch on the FX, which is probably going to get against you a little bit coming into '26.

是的，没错，MST Marquee。谢谢大家。毛利率表现非常好，指引更是出色。Brett，你能否详细解释一下毛利率指引的构成要素？另外也谈谈外汇因素吧，因为进入2026年时，这可能会对你们带来一些负面影响。

Brett A. Sandercock

Yes, sure, Dan. The -- yes, I mean really pleased with the gross margin and really the team works really hard on gross margin improvement initiatives. And really seeing that manifest in the gross margin. Clearly, we had some benefit from foreign currency, particularly the euro during the quarter. So if you look at that sequentially, basically almost half that sequential improvement was FX. But that means that just over half was actually gains we made through efficiencies. Now some of the large components around that were component cost improvements that we've been making.

好的，Dan。是的，我对毛利率的表现非常满意，团队在毛利率改进举措上投入了大量努力，这些成果确实体现在毛利率表现中。本季度我们确实得益于外汇因素，尤其是欧元。如果从环比角度来看，几乎有一半的毛利率提升来自外汇影响。但这也意味着稍多于一半的提升实际上是我们通过效率提升取得的。其中一个主要因素是我们持续推进的元件成本改善，现在这些效果逐渐显现出来。

We've been making those progressively and they're starting to come through. We've got -- freight was also contributed because we've -- in terms of the sea freight to airfreight ratio now, that is actually back to pre COVID levels. So the logistics team has done a great job on that.

我们在这方面持续推进，如今开始显现成果。运费方面也有所贡献，因为我们的海运与空运比例现已恢复至疫情前的水平。物流团队在这方面做得非常出色。

And that -- you're seeing that come through in the gross margin expansion as well. And then we continue with things like the AS 10 to AS 11 platform transition and so on, which has been ongoing, but is also a little bit of a tailwind for us. there probably the major impacts on that gross margin expansion for this year, both year-on-year and sequential actually.

这些因素也推动了毛利率扩张。此外，我们持续进行AS 10向AS 11平台的转换，这也在进行中，同时为我们带来了一些顺风效应。这些大概就是今年毛利率扩张的主要推动力，无论是同比还是环比。

Michael J. Farrell

And I'll just pile on there. I think the I had a one-on-one with our Chief Supply Chain Officer, just hitting his 1-year anniversary with ResMed. I think we've gone from ResMed having a good approach, sort of almost an arts type approach to a science-based approach and a lot of learning over this last year. And I -- Brett ran our operations for over 6 months, and that strength between our financial teams and our supply chain teams is stronger than it's ever been.

我也想补充一点。我最近与我们的首席供应链官进行了一对一交流，他刚满在ResMed任职一周年。我认为我们从过去那种不错但更像艺术化的方式，转变为科学化的方法，在过去一年中收获颇丰。同时，Brett曾经管理我们的运营超过6个月，使得我们的财务团队和供应链团队之间的合作比以往任何时候都更加紧密。

And so that gives us the confidence with that guidance to say actually, not only did we do really well in gross margin expansion in 2025. But as we look forward to '26, '27, '28 probably not at those levels because they're extraordinary in recovery from a supply chain crisis but we will be able to have sort of an ongoing pipeline of innovation that we can set up and tune up and turn on as we go towards our 2030 goal.

这让我们有信心在提供指引时表示，我们不仅在2025年实现了毛利率的强劲扩张，而且展望2026、2027和2028年，尽管毛利率不会再达到此前那种水平（因为那是供应链危机恢复期的特殊表现），但我们依然会建立并持续优化一个创新管道，在向2030目标迈进的过程中不断激活和推动。

And so it's not one and done. There was some good reset and some catch-up. But actually, there's some sustainable improvements that allows us to give that guidance of $61 million to $63 million that you saw there, Dan. Thanks for the question.

所以，这并不是“一次性完成”的事情。我们确实进行了重置和追赶，但同时也有可持续的改善，使我们能够给出61%至63%的毛利率指引。谢谢你的提问，Dan。

Operator

Next question is coming from Davin Thillainathan from Goldman Sachs.

下一个问题来自高盛的Davin Thillainathan。

Davinthra Thillainathan

I guess just wanted to discuss VirtuOx. Thank you for the disclosures on the materiality of revenues. But I guess it's more interested -- I'm more interested to understand the road map for this business towards your acquisition. What are the areas of investment that ResMed will be making over the next 12 months? And also are the leading indicators that we can look at to assess those returns, please?

我想讨论一下VirtuOx。感谢你们披露其收入重要性方面的信息。但我更感兴趣的是，想了解在收购之后，这项业务的路线图。ResMed在未来12个月将在哪些领域进行投资？另外，我们可以关注哪些前瞻性指标来评估投资回报？

Michael J. Farrell

Yes, all really good questions. Look, we're really excited about VirtuOx, but VirtuOx isn't an acquisition on its own. You've got to think about it as a portfolio. So we've -- if you look over the last 12, 18 months, you look at Ectosense and what we're doing with NightOwl, that fingertip-sized wearable home sleep apnea test that's now FDA-cleared and available, albeit our U.S. sales meeting, American sales meeting, annual sales meeting ASM in a couple of weeks in San Diego and that will be fully launched to our teams and education and driving it out.

是的，这些都是很好的问题。我们对VirtuOx感到非常兴奋，但VirtuOx并不是单独的一项收购，而是我们整体组合的一部分。如果你回顾过去12至18个月，你会看到Ectosense以及我们在NightOwl上的布局。这是一款指尖大小的可穿戴家庭睡眠呼吸暂停测试设备，现已获得FDA批准并可用。我们将在几周后圣迭戈举行的美国年度销售大会（ASM）上，全面向团队推出，并进行教育和推广。

And I remember a decade a bit ago launching the ApneaLink Air which we thought was the smallest and most capable device and you had some cloud connectivity.

我记得十多年前我们推出ApneaLink Air，当时我们认为它是最小且功能最强大的设备，还具备一些云端连接功能。

This is taking it to the next level and sending out a challenge to say look, ResMed, we're the #1 in therapeutics in 140 countries. We don't need to be the #1 in diagnostics in 140 countries. But if there isn't -- if there are companies or there is an ecosystem of people driving home sleep apnea testing, smooth software and scalable home sleep apnea testing than ResMed is the global leader in this space has to step in. So we're doing that with that wearable home sleep apnea test from NightOwl. Then you add on Somnoware and Subath, the CEO of that, is now Head of our Innovation and Growth Group. So we kept some great talent and moved in the business, but we kept that greater operating opportunity. And as you look at our AirView software and our new software, watch this space as we start to bring those types of things together to create seamless and frictionless flow of patients through the funnel.

这次我们将这一切提升到了新的水平，向外界传递了一个挑战：ResMed在140个国家是治疗领域的第一，但我们不需要在140个国家都做到诊断第一。然而，如果缺少推动家庭睡眠呼吸暂停测试、流畅软件和可扩展家庭测试的公司或生态系统，那么作为全球领导者的ResMed必须介入。所以我们在推动NightOwl这款可穿戴家庭睡眠呼吸暂停测试设备。同时，我们还收购了Somnoware，其CEO Subath现在担任我们的创新与增长集团负责人。我们既保留了优秀的人才，也保持了更大的运营机会。再结合我们的AirView软件和新软件，请关注接下来的发展，我们正在把这些元素整合起来，为患者创造无缝、无摩擦的就诊流程。

Then to your question, VirtuOx, that fits in at the next phase, which is, look, home sleep apnea testing is the scalable part. Our sleep labs are amazing partners, but they're full, they're full and hospitals are -- coming back post COVID and aren't expanding their in-lab testing capabilities. So we have to expand home sleep apnea testing, and we have to bring down those waitlists that went up very high during COVID and get that backlog down. And so we're doing that in the in-lab and we bought VirtuOx as the #1 provider to drive home sleep apnea testing to show it can be scaled. And so watch this space as we invest in our marketing and capabilities.

回到你关于VirtuOx的问题，它对应的是下一个阶段：家庭睡眠呼吸暂停测试是可以规模化的部分。我们的睡眠实验室合作伙伴很出色，但他们已经满负荷了，医院在疫情后也没有扩展实验室检测能力。因此，我们必须扩展家庭测试，并清理疫情期间激增的等候名单。所以我们收购了VirtuOx，这是一家排名第一的提供商，来推动家庭睡眠呼吸暂停测试，证明这一模式可以被规模化。请关注我们在市场推广和能力建设方面的投入。

Obviously, look, our VirtuOx teams and our core sleep health teams are separate sales teams, but there can be partnerships where we see opportunities where waitlists are high and home sleep apnea testing can scale. And so we'll look for opportunities to say where is the best need. Where is the most need for home sleep apnea testing to scale. And so watch this space as we do that. And this is not a step change with some sudden huge uptake of patients through home sleep apnea testing. But I can tell you, in the arms of a strategic versus private owners, I think home sleep apnea testing companies like VirtuOx will do better, and we're the only strategic investing in this, and I think it's the right thing to do.

当然，VirtuOx团队和我们的核心睡眠健康团队是两个独立的销售团队，但在一些等候名单较长、家庭睡眠呼吸暂停测试可以规模化的地方，他们会合作。我们会寻找最迫切的需求点，并在那里推动家庭测试的发展。这并不是一个突然带来巨大患者流入的“跃迁式”变化。但我可以肯定地说，在战略投资者而非私人所有者的支持下，像VirtuOx这样的家庭测试公司会表现得更好。我们是唯一在这一领域进行战略投资的企业，我认为这是正确的选择。

As we talk to our HME partners, the message to them is this is fantastic because we're going to bring more and more patients to you. As we talk to our sleep lab partners, we say, hey, here's another tool that you can use for the patients who are big on the waiting list that you know a very high probability, obstructive sleep apnea, so that you can have the complex cases that might have central sleep apnea, complex sleep apnea, COPD, overlap syndrome, complicating cardiovascular disease or post stroke, do all of them in your lab have the complex cases in your lab and let's free up that capacity for them and they end up on STA and ASV-type therapy, which is good, good margin for ResMed and really good for the patient because they get the care they need and expand with home sleep apnea testing.

当我们与HME合作伙伴交流时，我们告诉他们这是极好的，因为我们会带来越来越多的患者。当我们与睡眠实验室合作伙伴沟通时，我们说，这里有一个新的工具可以用于等候名单上的患者，他们很可能患有阻塞性睡眠呼吸暂停。这样，你们的实验室就可以集中精力处理那些复杂病例，比如中枢性或复杂性睡眠呼吸暂停、COPD、重叠综合征、并发心血管疾病或中风后的病例，把这些复杂病例留在实验室里，释放容量，而普通病例则通过家庭测试进行。最终，这些患者会接受STA或ASV类型治疗，这不仅对ResMed有良好的利润贡献，也真正有利于患者获得所需的治疗。

So our goal is really VirtuOx is part of a long-term play here. There's no simple win in this quarter. As Brett said, it wasn't material to our global results, but we did want to give you visibility on the revenue and the size of it just because we don't want you think what's bigger than it is or smaller than this, but we are going to scale this. And actually, I want the competition to scale up too, I want a strong competitive diagnostics space there because it's really important that we help all across the 50 states that we operate with VirtuOx. And frankly, why can't we have models like that in the 140 countries that we operate into. So I spent a long time on that question because it's a complex one.

所以我们的目标是：VirtuOx是一个长期战略的一部分。这不是一个季度内就能取得的简单胜利。正如Brett所说，它对我们的全球业绩没有实质性影响，但我们仍希望让大家了解其收入规模，因为我们不希望市场高估或低估它。但我们将继续扩大其规模。实际上，我希望竞争对手也能参与进来，形成强有力的诊断市场竞争，因为在我们服务的全美50个州，这对患者来说至关重要。坦率地说，我们为何不能在我们运营的140个国家中推广类似的模式呢？我花较长时间回答这个问题，因为它确实比较复杂。

But watch this space, we'll keep giving you updates every quarter on not just VirtuOx, but that ecosystem of Ectosense, Somnoware, VirtuOx and what ResMed is doing to free up the funnel and have more and more of the 1 billion people with sleep apnea worldwide get their way through the funnel, and we'll talk about insomnia and respiratory inefficiency, as we go as we look for ways to improve those pipelines as well.

请继续关注，我们会在每个季度持续更新，不仅是VirtuOx，还包括Ectosense、Somnoware、VirtuOx构成的生态系统，以及ResMed正在采取的措施，以疏通整个诊疗渠道，让全球10亿睡眠呼吸暂停患者中有越来越多人能够进入诊疗流程。我们也会在未来探讨失眠和呼吸功能不足领域的改进措施。

Operator

Next question today is coming from Saul Hadassin from Barrenjoey.

今天的下一个问题来自Barrenjoey的Saul Hadassin。

Saul Hadassin

Mick and Brett, just a question on U.S. mask growth. Once again, low double digits seems to be ahead of what you described market growth at is high single digits on the last quarter. So just wondering if you can go into a bit of detail as to how much you think that is share gains versus just stronger growth in ReSupply overall at an industry level?

Mick和Brett，我有一个关于美国面罩增长的问题。再次实现低双位数增长，似乎超出了你们上季度描述的市场高个位数增长。我想了解一下，你们认为这里面有多少是市场份额的提升，多少是整个行业层面ReSupply增长的推动？

Michael J. Farrell

Yes. Thanks, Saul. It's a really good question, and you nailed all the elements of it, right, I do think, as we look at that AirTouch N30i. I don't know if you've seen the physical product. Brett, Salli and I are doing the roadshow through Sydney, Melbourne and Singapore. So for those investors that we see, I'm going to bring a sample of that [ for ] you because -- that type of idea of bringing fabric to the part, that is pure patient interface. We call that whole thing of patient interface, but the part that touches your nose going from silicon rubber, which is the last 35 years of everyone in the space, including ResMed, the market leader, to now having fabric there.

是的，谢谢你，Saul。这是一个很好的问题，你也抓住了其中的关键点。我认为AirTouch N30i在这里起到了很大作用。不知道你是否见过这个产品的实物。Brett、Salli和我正在悉尼、墨尔本和新加坡进行路演，我们会带上样品展示。这种将织物引入患者接口部件的设计是全新的。我们把这一类产品称为患者接口，但真正接触鼻子的部分，在过去35年里包括ResMed在内的所有厂商都使用硅胶材料，而现在我们采用了织物。

I think that innovation is not only incredibly technically difficult to do at scale and manufacturing levels that we do in multi-cavity tools and the high-pressure temperature, liquid silicon rubber but it's so impactful for the patient and it's so comfortable for the patient. And the patient then loves that and wants to have it in our cash markets.

我认为这种创新在技术上极其困难，要在多腔模具和高温高压液态硅胶制造水平下实现规模化生产。但对患者的影响非常大，佩戴舒适，患者非常喜欢，并且希望在现金支付市场中购买这种产品。

And then in our RT driven markets where home medical equipment respiratory therapists do set up. They see how comfortable it is, many of them are patients as well and recommend it. So I think there is some share gains from the AirTouch N30i and the F40, which is in our full face category or oronasal mask category those are doing really well. But look, it's a competitive space. There are competitors out there. So I think there's some element of that competitive share taking. But I think there's other elements.

在由呼吸治疗师（RT）主导安装的市场中，他们看到这种面罩的舒适性，很多人自己也是患者，因此会推荐它。所以我认为我们确实从AirTouch N30i以及F40（全脸或口鼻面罩类别）中获得了一些市场份额的提升，这些产品表现非常好。但这是一个竞争激烈的市场，竞争对手也在发力。因此，这里面确实包含部分份额抢占，但也有其他因素。

As you said, it's ReSupply and frequency around ReSupply and contact around ReSupply and getting better at Brightree, getting better at ResMed ReSupply, getting better at contacting consumers through myAir and beyond so watch this space, I think you'll start to see us enhance our ReSupply approach.

正如你所说，ReSupply以及相关的频率和接触点也是关键。我们在Brightree、ResMed ReSupply以及通过myAir与消费者的互动方面不断改进。所以请继续关注，我认为你们会看到我们在ReSupply方面的进一步提升。

And yes, I think the market growth rate is high single digits. We were ahead of it for the quarter...

是的，我认为市场增长率在高个位数，而我们本季度的表现超出了这一水平……

Saul Hadassin

Generally it's too low.

总体而言，这还是偏低。

Michael J. Farrell

Sorry? Saul, you're still on. I don't think -- our SG&A investments are great, Saul. But Anyway, I'll finish up with the masks and so on growth in U.S., Canada, Latin America, very solid in the quarter and expect us to continue to drive those ReSupply programs, in partnership with our HMEs, in partnership with our myAir platforms. And I mean, if you look at Europe, Asia, Rest of the World, I think we can do better at ReSupply in some of those markets where we're leveraging our own technologies like myAir and beyond. So mixed bag on that front, but we're very happy with the performance in the U.S., Canada and Latin America.

抱歉？Saul，你还在线。我不认为……我们的SG&A投资非常有效，Saul。不管怎样，我来总结一下。本季度美国、加拿大和拉丁美洲的面罩及相关业务增长非常稳健，我们预计会继续通过与HME合作伙伴以及myAir平台的合作来推动ReSupply项目。而在欧洲、亚洲和其他地区市场，我认为我们在利用myAir等自有技术推动ReSupply方面还有提升空间。整体情况参差不齐，但我们对美国、加拿大和拉丁美洲的表现非常满意。

Operator

Next question is coming from Anthony Petrone from Mizuho Group.

下一个问题来自Mizuho集团的Anthony Petrone。

Anthony Charles Petrone

Congrats on another strong quarter. I have 2 quick ones, I'll just throw them out. The first one, Mick, competitive bidding, the proposal is calling for maybe just a consolidation of the number of contract suppliers out there. That just seems like pretty good draconian proposal. Maybe just walk through that a little bit. If that does kind of stick in the final rule, like how rapidly do you think consolidation occurs in the DME space.

祝贺你们又一个强劲的季度。我有两个简短的问题。第一个，Mick，关于竞争性招标，目前的提案可能会导致合同供应商数量的整合。这看起来像是一个相当严厉的提议。你能否详细解释一下？如果最终规则真的保持不变，你认为DME（耐用医疗设备）领域的整合会多快发生？

And then on the second question is a broader strategy question. Mick, you've sort of commented in the past that ResMed today is a one-stop shop for sleep apnea but certainly wants to continue to expand across the spectrum.

第二个问题是关于更广泛的战略。Mick，你过去曾评论过，ResMed如今已是睡眠呼吸暂停的一站式解决方案提供商，但显然还希望继续拓展至更广的领域。

So maybe talk a little bit about oral drugs. There was a favorable outcome there from Apnimed Phase III study and just the latest thinking on hypoglossal nerve stimulation.

所以能否谈谈口服药物？Apnimed三期临床试验有了积极结果。另外，请分享一下你们对舌下神经刺激疗法的最新看法。

Michael J. Farrell

Thanks, Anthony, and thanks for the multipart question. I'm still writing it down. And your line -- it will remain live through the question so we can have a bit of a conversation just as a heads up.

谢谢你，Anthony，也感谢你提出的多部分问题。我还在做笔记。顺便说一下，你的线路会保持畅通，我们可以就此进行一些对话。

Yes. So competitive bidding, I'll start with that part. Look, this isn't our first rodeo. I think this was announced when I was running marketing in 2005 and took over CEO in 2013 in the midst of round 2 -- 1 to 2A, 2B to C3. And our last round, round of 4 where we saw an uptick from our HME customers are actually bidding up against the proposal such that CMS just said, okay, let's go back to where it was and add inflation adjustments for these last 4 years. And so we're watching it very closely. Yes, look, the guidelines aren't clear yet, and they haven't defined everything. And so we're in a comment period.

先说竞争性招标。这不是我们第一次面对这种情况。记得在2005年我还负责市场时就已宣布过，而2013年我接任CEO时正处在第2轮（从1到2A、2B到C3）。在上一次第4轮招标中，我们看到HME客户实际上出价高于提案，结果CMS决定回到原有政策，并在过去4年中加入通胀调整。因此我们正在密切关注。目前指南还不明确，细节也未完全确定，所以现在还处在意见征求期。

We're going to talk and we work with AA Homecare and AdvaMed and give our feedback to Washington. I was there in Washington just last month. In CMS, with Dr. Oz and team. And was also over at HHS with the folks in our RFK Junior's office there. And so they're listening. This administration is listening and taking feedback from industry. And so we're going to give that feedback and just make sure we protect patient care, protect HME's rights to be able to freely access and really to make sure beneficiaries of U.S. Medicare have a chance to get access to great therapies like ResMed has. So it's all about the patient. We'll be advocating for that.

我们将与AA Homecare和AdvaMed合作，并向华盛顿提供反馈。我上个月刚在华盛顿，与CMS的Dr. Oz及其团队进行了交流，还与HHS里RFK Junior办公室的相关人员见了面。他们在倾听，这届政府愿意听取行业反馈。因此，我们会提供意见，确保保护患者的治疗权益，保护HME供应商的自由准入权，确保美国Medicare受益人能够获得像ResMed这样优质的治疗。核心就是患者，我们将为此积极倡导。

Yes, with regard to consolidation, we've seen a lot of consolidation in the last 10 years of competitive bidding going through, but it's not really driven by that. It's driven by efficiencies and capabilities. ResMed's job is to support all our customers. small, mom-and-pops, medium-sized regionals and large regionals as well as the big nationals. And with technologies like Brightree, you could be running a small regional as efficiently as some of these large nationals. So we want to support a whole ecosystem sometimes the care by a local is just as good or better. So all the customers are important to us.

至于整合问题，在过去10年的竞争性招标中我们确实看到很多整合，但并不是完全由招标驱动的，而是由效率和能力推动的。ResMed的职责是支持所有客户，包括小型家庭经营者、中型区域商、大型区域商以及全国性的大型企业。通过Brightree等技术，小型区域供应商也能像大型全国性企业一样高效运营。我们希望支持整个生态系统，有时候本地供应商提供的护理同样优秀，甚至更好。所以所有客户对我们都很重要。

And I think we've seen some really good, I would say, mature infrastructure investments by our HME providers and some mature approaches to this. So I think we're going to do very well through this competitive bidding environment. And as we read through the rules there, they seem mostly in line with the last round and some improvements we have suggestions will make specifically to Washington.

我认为，我们的HME供应商已经进行了一些非常好的、可以说是成熟的基础设施投资，并采取了成熟的应对方式。所以我认为在这一竞争性招标环境下我们会应对得很好。从目前我们看到的规则来看，它们与上一轮大体一致，我们也会针对一些改进点向华盛顿提出具体建议。

Two questions about one-stop-shop for sleep apnea. Yes, look, ResMed stands for respiratory medicine and residential medicine, it doesn't stand for just CPAP company. And we've had more than a decade of being the best provider of not just CPAP, APAP and bilevel which we've done for 36 years, but over a decade of providing mandibular repositioning devices, which is if CPAP, APAP and bilevel are the gold standard, which they are, I think Olympic medals, the silver goes to dental MRDs. And so ResMed is the #1 provider of 3D printed dental devices in Western Europe, Northern Europe and beyond and everywhere where there's a good economic model for the consumer to get access to dental care. That's where we participate.

关于一站式睡眠呼吸暂停解决方案有两个问题。是的，ResMed代表的是呼吸治疗（respiratory medicine）和居家医疗（residential medicine），而不仅仅是CPAP公司。我们不仅在过去36年里一直是CPAP、APAP和双水平呼吸机的最佳提供者，还在过去十多年里提供下颌前移装置（MRD）。如果说CPAP、APAP和双水平呼吸机是金牌标准（确实如此），那么银牌则属于牙科MRD。ResMed是西欧、北欧及其他地区3D打印牙科设备的第一大供应商，只要消费者有良好的经济模式能够获得牙科护理，我们都会参与。

For the Bronze medal, right, for sort of third-tier therapy, if you can't tolerate CPAP, APAP, bilevel can't tolerate dental, which both of them are relatively noninvasive, relatively affordable and use natural things like air and water, very much in line with the sort of make America healthy again and actually European sort of naturalist approaches and cost-effective approaches of any payer, then you might end up if you can't tolerate those on the third-tier therapy.

而铜牌，也就是第三层疗法，则适用于既不能耐受CPAP、APAP和双水平呼吸机，也不能耐受牙科MRD的患者。前两者都是相对微创、价格相对可负担，并且利用空气和水等天然元素的治疗方式，非常符合“让美国恢复健康”的理念，也符合欧洲的自然主义和任何支付方的成本效益导向。如果患者无法接受这些方式，就可能会进入第三层疗法。

And I think there's a range there. there's GLP-1s for pharmaceuticals. I think they've taken the wind out of the sales of Apnimed, frankly, because the GLP-1, not only half treats, I'll say half treats because it's about an AHI reduction of 50%, some of the apnea, it leaves a lot of residual and should be used in combination with gold standard and physicians know that. But it does that and some diabetic improvements in cardiovascular and all those. And so I think it's more likely that Zepbound or that type of a drug would be used as that third-tier versus an Apnimed which only half treats the apnea. But we'll watch this space. We're invested there.

我认为这里存在一些选择范围。例如GLP-1类药物。我坦率地说，它们在某种程度上削弱了Apnimed的市场潜力，因为GLP-1只能“半治疗”，也就是大约减少50%的呼吸暂停指数（AHI），仍然会留下大量残余问题，医生们也都知道它必须与金牌标准结合使用。但它同时能改善糖尿病、心血管等方面的问题。因此，我认为Zepbound这一类药物更有可能作为第三层疗法使用，而不是Apnimed这种只能半解决呼吸暂停问题的药物。但我们会继续关注这一领域，我们也有相关投资。

Zepbound可以减肥，同时降低AHI（呼吸暂停低通气指数），Apnimed需要口服但只是降低AHI（呼吸暂停低通气指数）。

We're obviously on the advisory board. And yes, I want to keep -- the one-stop shop thing for me, Anthony, is about ResMed keeping a relationship with the person who suffocates. And if they are on CPAP, APAP, bilevel, we've got an intimate relationship. They're on dental. We've got an intimate relationship. If they're on those third tier therapies, whether it's a drug or hypoglossal nerve stim, I want to still have that relationship because, guess what, those drugs may not be inherent for life. The -- even an implant might not be something they want to keep turning on because of side effects or whatever. I want to have a relationship, so I can bring them back and get them a chance to get the gold standard because as Professor Jean-Louis Pépin from Grenoble University in France says, he says, "the best alternative to failing positive airway pressure therapy is positive airway pressure therapy again." And so I want to keep that relationship. That's that.

显然，我们也在顾问委员会中。对我而言，Anthony，一站式的关键在于ResMed要始终与那些“会窒息的患者”保持关系。如果他们在使用CPAP、APAP或双水平呼吸机，我们与他们的关系非常紧密；如果他们在使用牙科MRD，我们同样有紧密联系。如果他们在接受第三层疗法，无论是药物还是舌下神经刺激疗法，我仍希望维持这种关系。因为这些药物可能不是终身有效的，甚至植入物也可能因为副作用等原因并不适合长期使用。我希望与患者保持联系，这样就能把他们带回金牌标准疗法。正如法国格勒诺布尔大学的Jean-Louis Pépin教授所说：“当正压呼吸治疗失败时，最好的替代方案还是正压呼吸治疗。”因此，我要维持这种关系，就是这个原因。

And I think I included the answer to your third question there on Apnimed in that last one. So thanks for the triple there, Anthony, and we'll talk to you soon.

我想我刚才已经把你关于Apnimed的第三个问题一并回答了。谢谢你这三个问题，Anthony，我们很快再聊。

Operator

Next question today is coming from David Bailey from Morgan Stanley.

今天的下一个问题来自Morgan Stanley的David Bailey。

David L Bailey

You sort of touched it on the last question there, Mick, but just post the Zepbound label, interested in your observations around new patients coming into the system and then maybe any feedback you can provide around the physicians prescribing patterns post that label, if they are starting to prescribe GLP-1s in conjunction with CPAP. Any observations on those 2 would be appreciated.

Mick，你在上一个问题里已经稍微提到了一点，但在Zepbound获批标签之后，我想听听你对新患者进入体系的观察情况。以及医生在处方习惯上的反馈，他们是否开始在开GLP-1药物的同时，也开出CPAP？能否分享一下这两个方面的观察？

Michael J. Farrell

Yes. Thanks, David, and very good question. I mean it allows me to talk to a bit broader on that sort of demand generation part of it, and we're watching very closely. We updated our numbers and so you'll see that in the book later. But it's really -- it's sort of well north of 10% increased rate. I think it's now 11% increased rate of a patient with a GLP-1 prescription starting CPAP, APAP or bilevel versus those who don't have the code that they have had a prescription for GLP-1.

是的，谢谢你，David，这是个非常好的问题。这让我能够更广泛地谈谈需求生成方面的情况，我们正在非常密切地关注。我们已经更新了数据，你稍后会在资料里看到。目前确实超过了10%的增长率。我认为现在大约是11%的增长率：也就是说，有GLP-1处方的患者开始使用CPAP、APAP或双水平呼吸机的比例，比那些没有GLP-1处方代码的患者高出11%。

包括检测能力的提升都会进一步提升医药产品的需求。

So that's strong and just getting a little stronger of that, I'm a motivated patient, I've come in for this new pharmaceutical capability which has the cardiovascular promise, the diabetes promise, the half treating of sleep apnea promise in this, I don't know, I'll call it the Kim Kardashian or Botox effect, right, this aesthetic effect. And so they come into the primary care position wanting that the GP wanting that.

所以这是个强劲的趋势，而且还在持续增强。这类患者往往很有主动性，因为他们是为了这种新药物而来，这种药物带来心血管方面的希望、糖尿病改善的希望、以及部分缓解睡眠呼吸暂停的希望。同时，还有一种我称之为“金·卡戴珊效应”或“肉毒素效应”的审美驱动因素。因此他们主动走进全科医生的诊室，提出需求。

But then when the PCP when the GP sees, they have apnea, they're writing a prescription for CPAP, like it's happening because in the U.S., there's -- you'll get sued if you don't give gold standard therapy if you don't offer the standard of care but also there's the hypocratic oath and they know that this is completely reversible, very cost effective and 100% effective if used as directed. And so that's why we're seeing that. I think that 11% start rate. And you look at 1 year and 2 year end, those are unchanged. They're north of 3% higher ReSupply rate for GLP-1 prescribed patient versus control for 1 year and then north of 5% higher ReSupply rate at 2 years, and those numbers are steady.

但当全科医生（PCP/GP）发现患者有呼吸暂停时，他们会开出CPAP处方。这在美国非常普遍，因为如果医生不提供金牌标准疗法、不遵循标准护理，就会面临诉讼风险；更重要的是，他们也遵循希波克拉底誓言，知道这种病是完全可逆的，成本效益极高，并且只要按指示使用，疗效可达100%。这就是我们看到的情况。我认为那11%的启动率就是结果之一。再往后看1年和2年的数据，这些差异依旧存在：在1年时，GLP-1处方患者的再供应率比对照组高出3%以上；在2年时高出5%以上，而且这些数据是稳定的。

So you can see those in the numbers we've got in our reported this quarter. Look, I -- we're not going to rely just upon Lilly's, I've got the IFU for Zepbound. Well, that's our demand gen. We don't need to do any.

这些数据你能在我们本季度的报告中看到。看，我们不会仅仅依赖Lilly的产品，比如我手上有Zepbound的使用说明书。那不是我们需求生成的唯一来源。

Are we going to do what we said earlier? We're going to do these consumer direct approaches in particularly our omnichannel markets. But we're also going to do it in our primarily health care-driven markets, health care insurance driven markets like the U.S., France and Germany because it's a combination of all the above. But it will be a contributor to us. These patients are coming in. And you heard in my prep remarks, the focus on CME, that continuous medical education, that's huge to make sure that a primary care physician, and we're targeting ones that are high-volume GLP-1s that have prescribed them before and are likely to be where people go.

我们是否会按照之前说的去做？是的，我们会在多渠道市场开展直面消费者的推广。同时，我们也会在主要由医疗体系驱动、医保体系驱动的市场，比如美国、法国和德国推进，因为这需要多种方式结合。最终这会为我们带来贡献。这些患者正在不断涌入。你在我准备稿里也听到过，我们重点强调了CME（继续医学教育），这非常重要。我们会重点教育那些高频开出GLP-1处方的全科医生，因为患者更可能去找他们。

We're educating them about gold standard, silver and bronze for sleep apnea therapy, showing them CPAP, APAP and bilevel there, and helping them set up home sleep apnea testing pathways. So very early days in demand gen from ResMed driven and pharma- driven and I would call consumer tech wearable driven. But we are starting to see some results in specific markets with more to come. Thanks for the question, David.

我们在教育他们关于睡眠呼吸暂停的金牌、银牌和铜牌疗法，向他们展示CPAP、APAP和双水平设备，并帮助他们建立居家睡眠呼吸暂停测试的流程。所以目前还是由ResMed主导、由制药公司推动、以及我称之为可穿戴消费科技推动的需求生成的早期阶段。但我们已经在一些特定市场开始看到成效，未来会有更多结果出现。谢谢你的提问，David。

Operator

Our next question today is coming from Brett Fishbin from KeyBanc Capital Markets.

今天的下一个问题来自KeyBanc Capital Markets的Brett Fishbin。

Brett Adam Fishbin

Just wanted to circle back on the gross margin question from earlier. I thought the answer on 4 key drivers was very clear. I just wanted to follow up more on the FY '26 guidance, 61% to 63% represents 200 bps year-over-year at the midpoint and 300 bps at the high end, so a pretty significant there. And I was hoping you could talk through maybe the primary drivers supporting that level of expected improvement, how much do you think is coming from the FX movement this quarter? And then any considerations around seasonality or phasing that we should be thinking about?

我想再回到之前关于毛利率的问题。你们提到的4个主要驱动因素解释得很清楚。但我还想进一步跟进FY26的指引：61%到63%意味着在中点同比提升200个基点，在高端则是300个基点，这是相当显著的提升。我想听听支撑这一预期改善水平的主要驱动因素是什么？本季度汇率变动的影响有多大？还有是否存在季节性或阶段性因素需要我们注意？

Michael J. Farrell

Yes. Sure. Brett will take that.

好的，这个问题交给Brett来回答。

Brett A. Sandercock

So, yes, I mean, we've got that -- the guidance there is 61%, 61%, we're kind of at lower end. And then we wouldn't progressively improve that. So I think that through, it might start at that lower end, right? And we'll look to exit the fiscal year a higher rate than what we started. So that's how we're kind of thinking about it.

是的，我们给出的指引是61%起步，算是偏低的区间。然后我们预计会逐步改善。所以我们认为可能会从较低端开始，然后在财年末时达到比开局更高的水平。这就是我们对整体趋势的预期。

And then what if we -- kind of what are the drivers going to be through FY '26. There's probably a lot of talked about continuing the theme but it's really that pipeline of cost optimization initiatives.

那么FY26的主要驱动因素是什么？其实还是之前提到的主题，主要来自我们持续推进的成本优化计划。

So -- it will be around procurement initiatives. There'll be around manufacturing improvements in terms of how we balance that, cycle times, all that plays out. There will be scale benefits. We want to keep going with our logistics efficiencies as well. We've made a lot of inroads obviously, on that over the last 12 months. So we think we can -- there will be some there that we have still to get, I think, on logistics efficiencies, and we'll keep working on that.

这些优化会体现在采购环节，也会体现在制造改进，比如产能平衡、生产周期等方面。同时我们会有规模效益。物流效率方面我们在过去12个月已经取得了显著进展，我们认为还有提升空间，因此也会继续推动改进。

The transition of AS10 to AS11 platform will continue to play out. Obviously, a lot of that has played out, but that's still play out through FY '26. We're probably likely -- we probably have a natural kind of product mix tailwind, probably favorable, you think going into FY '26. And then new product introductions always give you an opportunity as well through that. So they're kind of -- there's no one silver bullet on this. It's really about really strong execution to drive that on multiple fronts. And that's how you have to tackle it.

AS10向AS11平台的切换还会继续发挥作用。虽然其中一部分已经体现出来，但预计FY26还会持续贡献。同时，产品组合也可能会形成天然的顺风因素，对FY26有利。而且，新产品推出总能带来改善的机会。所以这里并没有单一的“银弹”，关键还是要在多个方面执行到位，才能推动毛利率的持续改善。这就是我们应对的方式。

Operator

Next question today is coming from Matt Taylor from Jefferies.

今天的下一个问题来自Jefferies的Matt Taylor。

Matthew Charles Taylor

I did want to go back, Mick, because you had so much experience with competitive bidding last time. Maybe you could just summarize in your words, the impact that it did have on your business and maybe more importantly, didn't have. I know there was a lot of concerns covering it back then and then ultimately, it wasn't that bad. And could you draw any lines from that situation to what may happen now?

Mick，上次竞争性招标你有很多经验。你能不能用你自己的话总结一下它对你们业务的影响，更重要的是哪些方面没有产生影响？我记得当时有很多担忧，但最后结果并没有那么糟糕。你能不能把当时的情况和现在可能发生的情况联系起来谈一谈？

Michael J. Farrell

Yes, Matt, it's really good. And I know we've only got 3 minutes left here. So I'll do my best to summarize the last 15 years or so of this. And yes, you know when I took over CEO 13 years ago. 12, 13 years ago, we're in the heat of it. And I've been running the Americas before that, and we were in the heat of it. And so a lot of learning. I'll do my best to say.

是的，Matt，这是个非常好的问题。我知道我们只剩下大约3分钟时间，所以我会尽量简要总结过去15年的情况。大约13年前我接任CEO时，我们正处于竞争性招标的风口浪尖。在那之前我负责美洲业务，我们当时也身处其中，所以积累了不少经验。我尽量简明扼要地说。

I think when this sort of started around 1 round 2, Medicare reimbursement was very significantly above private payout reimbursement. And so you really couldn't argue the justification of not doing the program because government was paying a lot more than private payers.

在竞争性招标初期，大约第一轮到第二轮时，Medicare（联邦医保）的报销水平显著高于私人支付方的报销水平。因此，当时几乎没有理由反对推行这一项目，因为政府的支付远高于私人保险。

As I look at it now, Medicare and private payers are very much in sync, the private payers, there's lots of them, and there's 50 states and the it's like a 250 data point matrix with 5 payers in 50 states, but they mark-to-market on a very regular basis, annually or even quarterly in some and they're there, and the government is right in line with them.

而现在来看，Medicare和私人支付方的水平基本一致。私人支付方有很多，分布在50个州，相当于是一个包含250个数据点的矩阵（每个州大约5个支付方）。他们会定期进行市场定价，有的每年一次，有的甚至每季度一次，而政府的定价与他们保持一致。

And as you saw in the last round that round 4 in 2021, and we've got a very mature HME provider population who looked at their costs and looked at the capabilities and bid appropriately, and it was slightly above the rates that were previously there. And so then the private went back to what I call just CPI or inflation-based adjustment with some efficiency measures these last 4 years. I think as I look at the rules and I look at all the stuff that we've seen so far, it looks pretty similar to that last round.

正如你在上一次（2021年的第4轮）看到的那样，当时我们已经有了一批非常成熟的HME（家庭医疗设备）供应商。他们会根据自己的成本和能力合理投标，结果价格略高于之前的水平。随后，私人支付方回到了我所谓的“CPI或基于通胀的调整”，并辅以一些效率措施。在过去4年中就是这样。我现在看到的规则和目前披露的信息，看起来与上一轮非常相似。

There's some justifications of different percentiles and different averages and some questions we have that we'll get sorted out. But it's really -- it's not that different to what we've seen before, and the rates aren't that different from Medicare to private payers. So I think -- I won't say it's going to be a nonissue. I think for our HME customers, we want to work really closely with them, help them and through our industry associations and so on, we will, and we're going to support them through this.

虽然在百分位数、均值计算等方面有一些不同的解释和问题需要澄清，但整体上与之前没有太大差别，而且Medicare与私人支付方的费率差异不大。所以我不会说这完全不是个问题，但我认为对于我们的HME客户来说，我们会非常紧密地合作，通过行业协会等途径帮助他们，并会全程支持他们。

But look, ResMed doesn't bid directly, so we're not directly involved program, but all I can say is it's pretty benign. I don't think there's going to be any major perturbations. And as you said, we got through what was pretty dramatic changes, 15 years ago and 10 years ago, very well.

不过要注意，ResMed并不直接参与投标，所以我们并未直接卷入该项目。从我们的角度来看，整体影响相对温和，我不认为会出现重大冲击。正如你所说，15年前、10年前那些剧烈的变化我们都很好地应对并渡过了。

Actually, we grew very well through that. This will be a much -- relatively a much more minor change, and I think we will power through, and I think our customers will power through too. But I think most importantly, Medicare beneficiaries who pay the taxes that drive the government money that supports the Medicare and Medicaid programs, they will get access to care. And ResMed will fight for that, fight for the patients, particularly in rural areas that they get access to care. And we've been very strong in advocating for that and we'll continue to do so. Thanks for the question. It was a great one, Matt.

事实上，我们在那段时期实现了良好增长。而这一次，相对而言变化要小得多，我认为我们和我们的客户都能顺利应对。但最重要的是，Medicare受益人——那些缴纳税款来支持Medicare和Medicaid资金来源的人——他们必须能获得医疗服务。ResMed会为此而努力，为患者而战，尤其是农村地区的患者，确保他们能获得护理。我们一直在积极倡导这一点，并将继续下去。谢谢你的提问，这是一个很好的问题，Matt。

Operator

We reach end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我们的问答环节到此结束。接下来我想把时间交还给发言人，作进一步或结束性的评论。

Michael J. Farrell

Great. Well, look, thank you for joining us on our earnings call today. On behalf of the more than 10,000 ResMedians operating in 140 countries worldwide. I'm very pleased that we're able to deliver another very strong year of performance and to build value for all of you, our shareholders. We look forward to speaking to you -- many of you over the coming weeks, and we'll see all of you in 90 days. Salli?

好的，非常感谢大家参加今天的财报电话会议。我谨代表ResMed在全球140个国家超过10,000名员工，对我们能够再次交出强劲的年度业绩，并为各位股东创造价值感到非常欣慰。我们期待在接下来的几周与许多投资者继续交流，并将在90天后再见到各位。Salli？

Sallilyn Schwartz

Thank you, Mick, and I'll echo Mick, thank you to 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.

谢谢你，Mick。我也想再次感谢各位的聆听。我们非常感谢你们的时间和关注。如果大家还有其他问题，请随时直接与我们联系。Kevin，现在你可以结束会议了。

Operator

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

谢谢大家。本次电话会议和网络直播到此结束。您现在可以挂断线路，祝您度过愉快的一天。非常感谢您今天的参与。

2025-07-31 ResMed Inc. (RMD) Q4 2025 Earnings Call Transcript

2025-07-31 ResMed Inc. (RMD) Q4 2025 Earnings Call Transcript

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