RMD - Earnings call transcript Q1 2020

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Operator

Welcome to the Q1 Fiscal Year 2021 ResMed Earnings Conference Call. My name is Cheryl, and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded. the Relations to and turn President Wakeham, now Investor of Corporate will call Amy over Vice I Communications. Amy, you may begin.

Amy Wakeham

Cheryl. year Thanks Great. first you, Hello, welcome and Thank to quarter fiscal joining XXXX for call. earnings us. everyone, ResMed’s

later the this our quarterly As is live be results today. with copy presentation, being along corporate press earnings on call of Cheryl will replay, webcast the the Investor release webcast of this a said, website Relations – section and and available the

today members call quarterly during are will the our our On to CFO, results following available our discuss and prepared Farrell; Brett be remarks. the portion CEO, of Mick Q&A Sandercock. Other management

some During measures. today’s discuss call, we non-GAAP will

and earnings reconciliation of presentation. measures, a the non-GAAP release notes review For earnings please to today’s

our forward-looking not include reminder, a these statements, ResMed’s performance. may today to, limited are We discussion assumptions. but statements reasonable future believe about expectations on including, based As

may our actual results However, differ.

to risk I’ll any encouraged made are call materially review from And a forward-looking filings could for Mick. to over results the differ actual that, with that You our today. factors of to SEC the turn statements our discussion cause

Mick Farrell

hundreds providing began people joining Thanks, this thousands pandemic Since all has in XXX in need of in the ventilators produced Amy, January, for us of gift COVID-XX of ResMed to and you thank today. breath worldwide. countries

and providers, our teammates and healthy. patients, ResMedians, support healthcare are We professionals, to they all medical continue safe respiratory frontline so

In and ventilators need as magnitude associated third emergency the provide thus state hospitalizations. to and and waves are people waves as over asthma as is trends providers apnea, decreasing returning for COPD, well steadily as these continue of to therapy numbers systems, those also diagnoses. cases specialist patient second hospitalization the in our prescription care, are of time. care. core primary as and the from diagnosis flow ventilators increasing healthcare national COVID-XX including We local, and healthcare of markets, Growing facing well sleep beyond Thankfully,

as capacity seeing in-person healthcare rights as increasing. those well of online come telehealth treatment systems more both are back through utilization and are We capacity, visits. Overall systems

what We to have we our recovery primary XXX forecast is on to countries just steady then specialist call seen well U-shaped call. across a physicians of XX we as serve. days as patient that would care sequential the QX as physicians This flow earnings we ago

pivot, including progress level flow further to our same detail. over fiscal out-of-hospital to expect We make And COPD, investing ResMed business emergency growth today, towards through for annual year our to medical review our long-term ventilators nimbly results. XXXX QX apnea, quarterly, remarks patient in also I’ll my in strong software. throughout then while growth high I Today, team’s both well strategic reported against revenue in operating this growth as to high-single as results walk we our priorities. XXXX. have per to and earnings top Brett growth overview will continue trend operating core I’ll asthma, sleep double-digit provide In of us well a for as line goals, our to execution as share. the ability markets of highlights hand and our These net profit, short-term digit needs also speak

have research accelerated nine for Our investments health digital and in technology development months. these last

well technology. management digital well engagement, health as healthcare through as increasing health as population As remote patients, patient systems, they providers, demand we as as see physicians, from embrace

cash $XX million we the us of to fiscal During as XXXX, cash the first $XXX our year of over shareholders. of At have to dividends though, return million we same businesses. quarter as digital allowing time our double-digit across clinical well medtech our service as at investments our and research, including hardware increased software both and software a in rights health as research and investments development generated innovation

pipeline innovative intellectual full X,XXX long-term property very and generate of of portfolio value designs. an with that other a industry-leading patents medium solutions will for have both customers and We

billion is better lower nights We patient our cloud enrolled million data healthcare cloud-based medical advantage clinical X and that competitive superior ecosystem have software platform. air customers. now medical experiences AirView to of health to devices respiratory to drive XX.X digital We’ve over over million costs. in an total XX for provided Our important have system solutions ResMed we offers XXX% drive to our care over solution. outcomes, patients connectable integrated And drive in

of patient call, reimbursement adoption and digital remote rapid models. how discussed COVID-XX earnings around diagnosis the including the accelerated health I of evolution the recognition has last our monitoring, rapid of virtual During value digital world a technology the of

our We much announced part, two, a care. health were is U.S. solutions will technology. healthcare health leveraging well but and in and to support and is better three through feedback increased at believe lower really tailwind important XXX product will globally. provided. is being strategy. when our These days pandemic, health; governments just healthcare ResMed’s beyond. of We’ve services significant between Japan, of importantly, and in unnecessary one, example that ventilators, That three, Not U.S. governments facilitate well the during And the adopt appropriate and just to And was This an during a remote These medtech trends adoption for emergency. the medium digital current collaboration it beyond. in We the accelerated importance CMS Germany, digital that costs, centers industry not that this of the models XXXX COVID-XX long-term health XXXX. ResMed France, trends, digital across double-digits but This help XXXX. greater represents ongoing few be and only of volume to out-of-hospital that have news. ago improving Medicare goal rates was medicine; public January seen of the from or million meet particularly increased reimbursement it lives and great in the also growing make increased industry inappropriate importance seen respiratory XXXX of in due importance changes, rights XXXX Medicaid all of encouraging maintaining the over will categories this current business. our for services by be And and it beat for

now few a highlight priorities. examples execution strategic support innovation of our in and me of Let

nasal strategic to recap and and C, of world’s away and delivered cushion. AirTouch the called innovate develop differentiate latest to NXX. foam grow devices care we with sleep and memory our a businesses, design, to In our the of core September. sleep first priorities, for our world-leading is solutions, innovation our hospital. and and solutions It’s A, medical software innovation This in Just the to introduced COPD apnea, best apnea, grow market B, from mask asthma digital mask health deliver the

softest apnea the is comfort there. solutions this creating and this adherence the and technology for us it get personalized easier the As are a happy fit I’m contours person’s memory to best to of and myself, a AirTouch that ResMed’s NXX to for industry, it adapts AirTouch in and make increase therapy. foam nasal helps say The ever. to is that face the like curves technology The mask NXX designed adhere, innovation to patient new of to the that ResMed’s rights the sleep patient is

to To prescribing first customer. physicians time, each patient apnea. person offer satisfy is care night to the portfolio ultimate for for each options who the That’s crafted of every patient. market-leading mask the and time, the suffocates home with successfully providers enable Our sleep desires the fit to

customer Our on needs focus end. to meet never innovation will

intelligent are every and connected, smaller, quieter, more more innovating day. solutions We with comfortable, more

ahead. pipeline We have exciting an

care turn to now a deliver patients better Let me our worldwide. our discussion on care asthma respiratory business, COPD for focusing and strategy to of

triage been insights providers and needs from and the medical wherever the During completely solution for transforms designed chronic our acute remote ventilated care called launched needs in remote datasets. AirView monitoring prioritize allow the patients, them solutions. to has rapid June This respiratory ventilation and allowing Adoption clinicians are, they both to from platform ventilation of and to of an ResMed access we and our This upgraded easily cloud-based doctors, the clinical solution version to ventilated for allowing ascertain strong. ventilation quarter, AirView software, all monitoring capability, ventilation huge management clinicians re-imagined AirView nurses, Europe data more specifically powerful quickly for patient for of provides devices, patients. and

really was that value deliver the to for being and by But healthcare is during solution. this team with our for thrilled Our emergency ventilation customers systems. AirView the for provided physicians COVID ongoing is

of We are part making of the digital health standard care.

technology with health quarter, expanded the our partnership Novartis. pharmaceutical our reach specifically propeller of the through During market-leading we company

the is expanding fully both digital our asthma tremendous. will see and include It’s the and convenient once-daily propeller the sleep technology. the with and launch are health Nevada’s great in Japan. Atectura able apnea Novartis called way market, experience live a digital world-leading technology acquire with the better patients The Breezhaler to of to either medications products from no Breezhaler. the benefits using of to this our patient. platform. leveraging with platform In cost physicians Europe to integrated propeller offering a uncontrolled The During to announced then or two uncontrolled Enerzair incremental how are sensor to in the partnership quarter, manage simple Enerzair asthma and now These Japan new enroll a be treat propeller

briefly our now review software a out-of-hospital me as Let service business.

The continued and strong in grew dynamics market facilities our admissions uptake our particularly continue COVID-XX impact patient driven remained under quarter, resupply the business patient pressure. of the year-on-year, SaaS census new HME nursing the skilled solutions. at During volumes, have digits by to mid-single

growth digit for portfolio the the for rate single are our the We range be we market maintaining that verticals in SaaS fiscal mid XXXX. that forecast will serve

single the hospital outpatient rates high as surgery to to other portfolio returned to normal. discharge center expect return growth We and digit

in continuously well invest communities. our for improve private equipment, research on as We we hospice, our home medical plan solutions health, continue development care that home home businesses, in and skilled life to nursing facilities, so market-leading duty and as SaaS

control to rate. digit and that just systems seamless with and begin ago, make care Corporation A decisions across deliver to hospital As serve Cerner year to Brightree but clinicians growth, technology solutions, healthcare to returns announced SaaS verticals would beat not that informed market and of this costs ResMed leading the to single to better brand more allowing in resulting MatrixCare collaborating there home. continue we the to with high from growth treatment us meet, ResMed help be to R&D and will our portfolio customers, therefore to

have hygiene reseller and medical relationship here is asthma growth medicine, COPD way has remains present in of offerings the management of the disease arrangement XXXX the as into ResMed-Cerner relationship of recurring of health. breakthrough it’ll an but entered electronic is step We with ResMed COVID-XX settings you Cerner an maintained in better new transformation our development summary, we’ve through ResMed across in system portfolio markets importance tuned. delivered I’m execution through the lead important The digital This and preferred technology interoperability, and respiratory new for and is improved This respiratory EHR Cerner. every expanded MatrixCare experience. outside branded expectations have Cerner’s with COVID, health from to effective the know Brightree over to involve lead In and our anticipate our establishes a and customers. both well pharmacy platform next or year in and enhanced Cerner. a equipment, patient as of record home performing These now and however, remained programs. driver excellence digital strong deepen as lead care let investments to our during trends from adoption they’re excited to time. home and value health our unprecedented now health for sleep above and through awareness to to integrated Overall, fundamentals revenue partnership performing has industry. our it’ll We stay. opportunities Cerner. of accelerated with the health the health respiratory crisis of a home and hospice businesses added this care hospital. business, solution innovation, provider infusion importance Stay hospital. The digital apnea, to and expand importance core health are our this well this will the operating and we’ve collaboration to for companies of been capabilities SaaS that an

century more ourselves, and to Brett call the remarks, again, what and want over thanks Before around I world I perseverance work to my dedication call for ResMedians, a once the hand that’s strength, to unique express in X,XXX circumstances. hard his during for sincere than once their we

world the of gift You to hundreds of people have around the thousands get to of have emergency allowed ventilators and breath.

their have and solutions focus COPD, apnea, technology best the we and also Thank world-class you. and hand who hospital Brett Sydney, asthma for own and care to now on over to all. you those and in home. While in sleep need in go all outside future now keeping call we’ll preferably then sure Brett, I’ll With over that, the to the the Q&A. making

Brett Sandercock

of an quarter fiscal Thanks, and on Great. Mick. today, first of remarks I our remarks my overview the for year will outlook. In some FYXXXX our provide results XXXX

estimate Revenues of As impacted and we quarter. demand revenue accessories constant incremental that year September over quarter the favorably approximately quarter. compared $XXX was were of was million the increased accessories. COVID-XX Mick had an from in from first the to ventilator the by a devices the by prior first $XX strong devices X% ventilator demands We XX% quarter. derived noted, quarter. revenue increase benefit for Group revenue currency related quarter the continued year for In million, and prior terms,

strong Additionally, domestic experienced revenue growth we in international mask markets. both and our

were were the Sales U.S., an currency of in year $XXX Masks America increase. Europe, distribution prior sales increase or and the excluding the and totaled sales the Asia Europe, markets quarter year markets In and XX% quarter. currency prior year in million an or an we Taking $XXX sales and increase sales X%, of other million, over as other in were Masks constant revenue However, currency over other prior an other $XXX of increase terms, increase U.S., quarter in an Europe, over prior Software of Latin were year sales increased device $XXX quarter. of XX% from terms, X% increase observe and a prior terms while million, increase in quarter. and a the terms. product quarter. markets an sleep continuing business, did By million, in Latin market. increase XX% segment, our Canada Service closer at countries currency and device million, our $XXX prior sales over increased device Asia year $XX other sales look the X% by America totaled and of of XX% device the masks million, an over increase geographic our other and in an over XX% constant in Canada of year the Globally, by XX% XX% Asia quarter headwinds constant over X%. an year constant or prior

the an first by a basis, revenue non-GAAP the as for X% X%. million, On a quarter. of Software SaaS revenue year quarter was increase Service over $XX increased prior

adjustment purchase fair to my deferred the for value impact During investments. equity numbers. amortization today, The of accounting fair measures non-GAAP acquired will I adjustment adjust referring be of commentary the intangibles, of the and to non-GAAP revenue MatrixCare value

a release. quarter reconciliation first provided press have in We GAAP non-GAAP the numbers our full earnings of to

XX year. by foreign year, quarter increase the saw the in but we partially to costs rebalanced sequentially typical movements, average by ventilator XX.X% of September freight We favorable The to mix rapid together largely the exchange with costs The prices. declines last tracking compared freight. of ramp lower, to these to production. associated predominantly points same our costs cost prior in and particularly improved product to freight selling margin gross procurement relative impact attributable air air sea reflect non-GAAP increases quarter elevated rate as basis are the increased with logistics and in COVID-XX from is up and Our XX.X% offset

expenses. operating to on Moving

constant over a currency Our to decreased revenue compared decrease we X% from year SG&A as XX.X% quarter environment. X% improved benefiting uncertain the reported a expenses of in travel prior or SG&A XX.X% percentage through reduced and we as of $XXX terms year by prior SG&A expenses were million. the first the period. for the management to compared expenses COVID-XX work quarter, to the cost prior in year quarter

the Looking the digits FYXXXX relative single consistent the SG&A for low period of increase an prior be year were period. the basis, and in broadly second in to prior forward, of with R&D expenses over year a the currency X.X% QX prior we half to in compared to expect then X.X% as $XX a year was quarter R&D percentage of on prior million, year. an expenses increase in XX% constant the increase of the or to revenue XX%. expenses quarter

technology advantage. deliver We prioritize and product sustained our continue we to because investments will commitment long-term innovation, to competitive believe our development in

Looking increase R&D high amortization forward, intangibles the for quarter million, XX.X%, low economic $XXX margin was Non-GAAP our reflecting Total the was year basis, through quarter compensation operating million was and a for and of the for digits, XX% for for to our quarter, rate continue million. our an year-over-year quarter effective while On strong in expect to the on single expenses expense growth cycles. prior $XX reflecting profit operating quarter over tax to commitment GAAP September double expansion $XX XX.X%. of the to we gross expenses. line tax rate innovation digits basis, non-GAAP top was was the our a the quarter stock-based acquired well managed grow effective the of

income XX% the share forward, increase of range will for XXXX for per to quarter full were be an diluted fiscal of increase the effective $XXX for over Non-GAAP the prior quarter $X.XX, we year the of year quarter. rate our was in XX% XX%. quarter. year Looking million, tax the prior XX% Non-GAAP estimate the over net an earnings

partially $XX the capital. million. offset for the expenditure earnings quarter robust totaled Our quarter Depreciation Cash for by amortization and for million, was for September million. was quarter operations $XX increases from the quarter earnings, share the were Capital diluted working $X.XX. in flow per underlying GAAP reflecting $XXX

of paid quarter, million. We recorded losses September $XX with the of Verily associated venture. dividends joint we equity statement million in $X.X quarter our income During the in the

equity ended a to operation. debt losses venture with approximately quarter joint in $XXX with million in cash We approximately At XX, and and in the billion $X QX the We FYXXXX had of expect $XXX in million associated $X.X September debt. of per quarter record million net gross first second half the $X we balance of million.

our September available liquidity revolver debt levels at strong. $X.X we and existing remains modest summary, facility. remained further billion had under position a In Our for drawdown XX, our

a also approach and I Directors we managing of dividend are cash operating performance. of highlight of position in Today, share, strong our However, are quarterly maintaining our uncertainty, we and tightly Board and expenses, per these want disciplined in times to that flow declared liquidity. liquidity $X.XX reflecting Board’s the confidence a

to demand minimal At in ventilators for now generated seeing and outlook. FYXXXX high our beyond. we incremental expect do Turning COVID-XX level, a any benefit not now and QX are our

response to diagnosis Additionally, to sleep QX, in for reduction see of year-on-year we temporary expect headwind new in in continued patients. a devices the

the have the resilience the the forecast continue insulating sequential and to FYXXXX. time, large reflecting value However, growth demonstrate continued three at this of past Masks of we sleep in patient and the improvement base. over months, to course accessories devices through installed

We FYXXXX. expect our growth to in portfolio continued see of year-on-year masks

forecast we that, uncertainty outcomes many Of future companies, revenue environment, in a I’ll call result, the our the And continue current dynamic. Amy. significant course, hand with to and remain other back as like, experience possible to

Amy Wakeham

you, Great. Brett. Thank

have remind like queue. the you’re Let’s the I everyone Q&A to more welcome start and to if and would limit let’s call the rejoin one additional please turn Cheryl, to call. of ahead portion the questions, than go you question to now Q&A. yourself to (XX:XX)

Operator

Thank you.

[Operator begin comes Instructions] of Cooper now Chris question-and-answer Goldman Your Please will session. We next from the Sachs. ahead. go question

open. is line Your

Chris Cooper

we Or do at you of is [indiscernible] suggest the next move try they Could mean, please, three stage bidding your intended. us of this and the mean, CMS bidding. that? on announcement the currently wording not rerun interpretation Is week. to your morning. that it now? competitive to where with confirm Hi, of stand as with you just they’ll that betas Could are just the working mentioned ahead you the this good year from competitive cycle stand to (XX:XX) think expectation we I I you that seemed structure

Mick Farrell

the going that the It things we that they look really it market currently weren’t Chris. perspective Thanks are question, are And we’ve January was that actually of fit through just wasn’t where X, for the thing you have process, as reached fact meant from they great And we the equilibrium, feedback it, through at. the that are. XXXX, the detail, the was CMS rights around you And any of for need. found is a one if from savings which – listened know sort CMS remain read around right the put the And reimbursement to the said my they as industry. it where to terms they that in they COVID.

Pendarvis some that’s my spot do announcement thoughts and days. studied than you Dave do. these but this color Dave, more I give detail Now, few want CMS more interpretation, last to the around

Dave Pendarvis

Sure.

view of probable in here until So years. inflation January of Chris, XXXX each X those areas. on adjustments at outcome of the three-year Those run X, on rates, plus bid are as got current the our January you’ve these competitive least a

Those rule the in are to In areas. propose rate that, a to both add rural has continuation addition finalize good XX-XX of really which if they blended out, would CMS got provide for any they folks provider willing count in can industry. they to able our allow for They outcomes to that stability, on. provide these markets. be the rates provide the, And

things come in opportunities to Now the administration always bit. things for think a is legislative likely. possible. different so. up Is to it We you so, Sure. change can That’s don’t little do to it earlier find

things do plans So to basing are to caveat be control. these our their the governments we’re with forward own can a that on inside continuation unexpected that rates going of always going

Chris Cooper

move risk of the to things commercial slightly ahead any Medicare? into and payers hands own there take begin that Is their

Mick Farrell

doing sort things their private rates. CMS this and had payers ahead of of were already been on to a Chris, at market the own So basis, on mark

the in Before mid-XXXXs and during after. bidding started competitive back

private a for it’s a don’t are looking I risk, rates. so that market it’s think, payers guarantee And

of negotiations came services of what’s about sort bids public one, equilibrium public an the provision appropriate in this in private a of that price that is those we’ve the think because statement. versus is that and for statement happen the I the that seen it’s between these fair great reached

complex new world So we that’s of countries – XXX get as watch watch there and make just it, really still that we our want something where the to a channel, not sleep we one. worldwide, that’s are part in XXX rest but it’s CMS, look, importantly million the but of we to from We the apnea. that sure rates but reimbursement for people worldwide, who suffer also

Chris Cooper

Got it. Thank you.

Mick Farrell

Chris. Thanks,

Operator

question next Morgan Your Sean Laaman ahead. from of go is Please Stanley.

Your open. line is

Sean Laaman

SG&A Thank It I’d sustainability about you just a ask like outcome. very and that good in morning, the good like to suppression and seems everybody. growth.

If XXXX, that, [indiscernible] us through really you useful that, but you fiscal to know talk could (XX:XX) that I could us would be through if talk me.

Mick Farrell

travel I’ll incredibly Yes. Brett obviously, costs Look, some down. are excellent detail. over more and control, Thanks, Sean. for start to I’ll hand

XX% and from concomitant XX%, the see to. worldwide feeling comfortable And of Europe so in to be the some that to of are and long back side ResMedians had will costs as the a offices this and starting get opening or people those XXX again, those from smooth we I to up other do opening also Asia working X,XXX but that treatments with the with and so. time opening X,XXX with a of our working be vaccine have as and we’ve that’s up potentially up of a us appropriate Americas doing are allow We economies. will States associated that Look, in cities, pandemic systems healthcare of home go efficacious. when home. countries on transition all we And selling really

improvements And just That’s systems annualized September think, a into But quarter down currency, on we’re the for $XX.X intelligent million breathing we more bringing increased expenses I really keep million our R&D for you can going more machine $XXX that. XX% a look intelligence, by good we’ve million constant We done people And that’s spend. increased X% of technology, in quarter quieter, if $XXX to closely, taken really the our more quarter. care to out spend. R&D reduction that digital good also year-on-year in the job and comfortable, so artificial well smaller, learning, for plus of. connected health put and hospital that SG&A,

investments those through so take SG&A and now going And marketing ready reinvest to drive the continue going And this are and and part we growth to that savings we’re the the crisis. R&D the revenue sales apply. in Sean, on appropriate, starts be to not as all in It’s one SG&A a it’s that have just back. piece. portfolio and come I in sense, makes when to of logic all

Sean Laaman

Great That you. thank makes you. sense. No, a lot Thank of results.

Brett Sandercock

every to [indiscernible] of quarter mean, got for we from of digits leverage if see It’s Really don’t digits, And negative back to good double single revenue double that half low clearly is done. digits. (XX:XX) summary probably have and some low Sean. kind just what I we’ve Sure, our the mix. growth. want to I’ve consistently relative SG&A have, mid you That’s SG&A Brett. I a but don’t in much more add the we it, to

want to So long-term the in to but as gone continue medium that we hasn’t to away, that well. do

Sean Laaman

Great. Thanks, Mick. Brett. Thanks,

Operator

Janu Your next question Crédit ahead. is from of Suisse. Gretel Please go

Your line is open.

Gretel Janu

Thanks. Good morning.

So incremental a color think does month more single October? to growth This to the that on September. performance you you last quite imply revenue can in in us month and acceleration in low you some as growth. sharp as at give performed into digit the But August on well then mentioned basis results, saw July, just I a how you

Mick Farrell

great a question. Thanks, Gretel. It’s

I it down there’s level you the go of the not we lower look as at of of kinetics and of across sort when month our to countries. we just recovery model lot abstraction. a a to noise numbers And at but of As look we, beyond, daily sort month XXX and obviously,

about three this how pull You look at their we’re that in – countries. sort at XX but at of, look across group. And our opening And ago, Germany growth days and leading I of sort what Gretel, say up would look I back is you quarter-on-quarter talked think big country trend, of let’s some terms is economy. I the sequential seeing they’re

in We the pre-COVID of in-person It’s it’s through are It’s patient in to through flow. some also seeing XX%-plus and medicine. XX% some telehealth, And visits digital of pops, the lab tests. through flow. XX%, pre-COVID XX% patient

care, November, And their they Angela an they’re open during November, their breathing, very ongoing closing people we fully their have bars here need health respiratory a apnea. their but basis. point at just systems And for high with help treatment get to Because need so do of to recovery. need in we’re people care. and even for suffocating, COPD. restaurants not expect need They trouble really primary to on they Merkel, If sleep get remain

so seeing Germany. good in in really we’re case that And a

If pre-COVID. the across we XX% quarter and at you at China now big but last already about very of at talked States quarter, portfolio cities is another sort XX% a China, of XX% market of flow is pre-COVID this pre-COVID country, different of now take of patient levels, that large

from different States, their a And story but improvement So a really XX% it’s approaches, in United States quarter. they and last here XX%. vary from significant to the of XX

pre-COVID patient it, about think all you the flow. If of

XX% in our And around in so here market an United biggest States. the average of

patients the the yes, see, better. every COPD in expect December of and does with XXXX, hemisphere to it waves a So coming in across not flu of Even we our and back you the the does with Northern get third apnea, V-shaped asthma flow you period, January to but sleep improvement It’s sort strong second sequential into every sequential and all system. see it with the XX, better portfolio month countries. take pretty X get or that is there week of improvement. dramatic

Gretel Janu

Thank very Okay. you much.

Operator

of question Margaret go Kaczor Your is ahead. next Blair. William Please from

is open. line Your

Margaret Kaczor

patient being questions. from XX%, Hey, follow-up years everyone. we understand relative Thanks adopting a wanted to now for accelerating. can two, sleep Thanks. of steady seeing. are from But of forward testing, about like that taking of be this bit the you a mostly would that sleep much testing the is sustainable sleep just clinics improvements XX% a I to reopening little drivers, home patient of levels. trend XX%, how new ads by trend And as PCPs home said, pre-COVID you’re get is driven more and three new ads clinics, there. go that I meaning the and you that

Mick Farrell

good going Jim a on time. over some seeing from get accelerator an to this tests, technology Across we’re the has was up lockdowns. the as side, way. on do really question. to cost Yes. COVID-XX the the is detail I’m choice Jim world testing it to for equivalent Margaret, And specificity lower have. sensitivity it’s picked apnea it there. as color But hand only sleep that, out you further severe been sleep (XX:XX) has because and it’s for [indiscernible] and the on we other during

Jim Hollingshead

strongly Yes. We our data insightful Thanks, Margaret, from it’s And Mick. both the very on question. don’t And concrete thanks But question. we a have have have we great own I of at across that that the very market, most is data data perfect it’s point, looking data also our and this. do do sort in anecdotal the of And your higher of markets that devices testing. a from home think testing sustainable. become used sleep suggests percentage much to has that are

see what very seeing a prefer of testing and certainly it’s for we’re there’s them patient that and sleep practice. using home it think serve shift remain short-term that an and to it are will easier gets I certainly I in a seeing to but testing as sustainable. adopted, think remote diagnose clinicians I needs, their practice think number way Patients we is

home And like a of that has perfect sleep we don’t high do U.S. of tests. said, We we market so the we but as like have test very in And a the testing. will think I percentage XX% home insight something in think were already market France, sleep in at, future. stick

Mick Farrell

in the all doctors not high and skeptical good work. shutdowns of it home sleep had in the outcomes those as the quite tag patients very a costs. resistance the But a adopt on to the got So to on diagnose. of doctors practicality was they it move lower they actually I’ll Germany, quite the It was I other in really of could to where because to said, up apnea apnea resistant that percentage the strong – bit there think only had peak only, the crisis significantly would testing, used of of to Jim’s Germany positions clinical at bit. The March, were add point, on from one little this, up on specificity and And on what with it could then Jim Germany it sleep sleep was it found make that Margaret efficacy sensitivity and there, is move way also level, side And color was strong April. France but just a some during test. the will

Margaret Kaczor

Thanks guys.

Operator

from next go Low Your question is ahead. Morgan. of Please David J.P.

open. is line Your

Mick Farrell

David, mute. be you may on

David Low

no. off. I just mute was No, the Yes. getting

I could really there ventilators. understood pretty coming boost should go there expect So that back the that just was million thanks now. to If was from $XX said that’s I what much. I mean, that through we and much very done a

we that significantly adjust was for So lower. that, device imply sales that if the normalizes, and it would growth

we you from the ex-ventilators are through to Just now, grow mean, seems sales point the think quarter. been I should we wondering think to about recovery the the from the can at how recovery hallux start device where have given here.

Mick Farrell

in And hand as But I’ll for a And I good it’s $XX $XX we really look, further sales March may remarks. David, to Yes, this million after seen millions on emergency sort not of Brett some incredible seeing as in quarter, I magnitude, the triple in of ventilator It detail crisis. September the second quarter. that in it zero ICU of as remarks, (XX:XX) peak reaching hopefully, it of be and quarter, the precisely the I impact terms the ventilator we’re won’t of and as waves third capacity. sort in peak to quarter the prepared [indiscernible] but said hospitalizations high on and third in this dollars the in quarter. second of question. we’ve these waves, what part was call you noted would as June of as digit September saw go million the my December

And so in goes quickly we’re right prediction down. it humanitarian very that basis, a hope on I that

improvements we are are coming September on coming sequentially prescriptions selling devices June number and through, from sleep the quarter through patients the side. of the that the We seeing in the to the therefore quarter

continue expect to that improvement We the through quarter. December

through about of look the think And in sort and so the think going the steady sleep sort modeling what devices happen, as year that how and a importance you I fiscal clean that’s to March the you driven apnea increase of, you can a I call a not thing by, think, will accessory getting It secular hygiene mask. one-time sales the quarter. and June of was masks I a and respiratory or in uptick was model for

September and was You smell people how predicted has blessing how clean been COVID-XX, it to you it quarter, realize and that and almost and device asthma. a December patient think your and quarter. mask that it’s get is health it’s one as new accessing and know incredibly brand incredibly through clean incredibly like is, sustainable as important. and I’m data keeping cushion up. sustainable mask, new saw I exciting it get is well health that your it the through through COPD frankly, saying, important digitally seen I keeping important addicted get thing is we was of sustainable Respiratory we’ve is apnea, is It’s And sleep that a the establish wow, to suffering the respiratory important. a to new to it important and as car

there. steady color. think of this about that’s strong any we further XXXX. sequential all Brett, why throughout And we increase, talk So increase will fiscal that sequential be

Brett Sandercock

Mick. increase ended that I Mick – Thanks, saw forward, see improving saw won’t, that in going us, to improvement a week which right. said, time sleep good. pretty where do in to mean, nice sequential certainly, QX that’s month, I I up FYXXXX. devices mean, And low week, think, we We as we’re we’ll decrease. that of No, strong QX, declines sleep we to sequential Yes. increase Obviously, we will QX or a from devices, but but sequential you’re improvement year-on-year, QX. then think, throughout confidence tell, seeing will month gives now, we

we’re increase. thing main is not the looking at, that’s sequential think that I strong

that’ll think lot a I us confidence. give of

David Low

I but second $XX to negative take for quarter. Just off a ask X.X% on growth want topic. question, I I the don’t mean, devices. I million see

So of last to it relative looks [indiscernible] to at year. I’d flat there presume same pretty that’s (XX:XX) where close indicative time and

Mick Farrell

single adjustments, Yes, there’ll yeah. things your that, constant single-digit for some I there’s – but decreases. like mean, decrease be currency certainly

David Low

that. Okay, very great. Thanks for much helpful. Very

Operator

of America. ahead. is question next go of Please Your Bank with Lyanne Harrison

open. is line Your

Lyanne Harrison

Hi, good morning all.

indication to sleep give reimbursement in works that you home put the from testing. likely been some on have the you pocket. initiatives telehealth remain And that, are example, coronavirus, thinking following including with do a of of the place question, the telehealth of as patients will for more Can post-coronavirus. result how for of reimbursement Just be likes cadence us think for the sleep out testing, of that about

Mick Farrell

Lyanne, payer, about for adopted. Jim home the testing works it’s who the in country. around for how sleep that company a taxes or below testing to we and In sleep were that sustainable are the significantly the great payer question. apnea apnea and talking earlier, talks I is, for home costs person, employer the the And it pays is being ultimate what general,

of often order numbers significantly magnitude the the So are lower, of an costs lower.

of like have you’re part copayments, therefore we if is the so And proportional copayment copayments, I the U.S. am, the say, to cost. plan,

And so therefore, an of magnitude lower.

question lower good is ease care that lower COVID-XX, as apnea sleep happen at found, peer it article where the cost. And sensitivity we cost. the I is hadn’t always it care my So forced who that think through in or home And They were clinical what was adopted patients. physicians they the and at saw in my it could diagnose well had better reviewed as people testing way city. well, my it. practice, from in does only specificity to Because state, adopt that least

that we good that of ongoing outcomes as cost I lower sustainable drives think a so And greater adoption. growth saw on And basis.

it what that Jim drive good X can’t were the clinical think it’s Y change where just to countries predict that just up, X is Y, going talking I earlier, economics and momentum above because we of permanent and know be. is to move way. care We going that was move to exactly to As

So further on on have that I apnea Jim, last provide know, you color sleep your home don’t any if from response testing.

Jim Hollingshead

you a, that a have pocket XX% you’re out have you’re the if market, sleep is a reiterate and say reimbursed as plan, of reminder, completely copay, we would test just you if lab home $XXX. a $X,XXX test you’re $X,XXX on XX%, that to $XXX typical typical if said. I on a health if what And at let’s say or consumer is a U.S. at

You’re much lower out-of-pocket.

home test. a And a barrier consumers the so consumers home do Most lower test. much to prefer sleep is sleep for would

I see think why we’ll sticky. it that’s remain so And

The will which telehealth, of been was have of that number of they some basis. emergency second how an a on situations they to the part reimbursements sort Now emergency is will. of – are to are There persist non-emergency. those your question question, I reasons done the think after think declared

and very And very things been place course, they’ve commercial is in hard with to payers. successful. payers that with think the industry lobbying of I the put government of both some

have terms pretty payers driving in most and And I cost so to that the think of be care. successful telehealth seen of also driving coverage

it. think can whole And is about that. I the industry be working we optimistic on So

Mick Farrell

out won’t were some bringing will during of lower that testing that they COVID-XX been It’s exposed. sort won’t actually It’s get care. said patient not we’re if with times, government also can the the of times same CMS codes capability exposed, stuff digital And normal to from comfort that’s it. having it I Jim and acceleration at in as brought I utilized drove remote CMS and the actually with do having we XXXX. for authorization And digital the doing that and that. codes because home, with that that we XXXX. all them do of to strategies even – hospital, during as again get to allow and own at you partnered thing as clinic, telehealth had upset that an for apnea and home to hospital at not not the partnership And go public made COVID-XX your better being were bringing ventilators during actually XXXX, and think to health have so underutilized They give you early go trials all as COVID private There sleep digital to all won’t believe prefers in that Jim to not go that It’s emergency to ResMed’s want to cost it way the on health partnered their a Yes. could them were enough. being that. lower the as in as that if clinic, use costs consumer you do own healthcare home. you better of outcomes applied you better said, you health that

Lyanne Harrison

you. Thank

Operator

KeyBanc. Your is question next Please Matthew of from go Mishan ahead.

Your line is open.

Matthew Mishan

Thank give meaningful for become the you can when us a of health Hey taking just sense simple. you P&L? on Can the propeller questions. to more I’ll this keep Mick,

Mick Farrell

impact early Europe multi-hundred phase health asthma new companies technology. in terms their question. drugs is brand it Propeller adopt Good Matthew. certainly to in of major pharma billion space particularly dollar with in and in Thanks, huge a the having getting prescribable It’s Japan. the

quarterly on to going that. basis, a out As resonates to and of a P&L be a it for material I’m when becomes breaking it while it’s part

a going pharmaceutical a delivery. of quarterly products. part of through it on lead XXXX will of be to health in double-digit and brand we I digital look is not talking was And prescribable high-end fiscal not And as releases so these it years, type being generics, milestones to about next do company our here expect new five with strategy XXXX. over but But solution products that ResMed’s that just be basis, I

and we see keeping well could drugs. be go in of COPD. It’ll just dollars this across here I billions, literally And tens beyond better of with asthma. that it go out-of-hospital to think that are billions adherence will patients where there started saved COPD their

next it’s costs significant can we visits cost XX XX% emergency question, by become not exact adherence you improve up I that But and it shown emergency Matthew. quarter of has will problem. rates predict work by XX%. look, the a that total great the timing, to lower a tell but over going I’m and Our to can and quarters,

it when that be patients, better pharmaceutical start things outcomes And that and very how will out, We most they know and because the It’s patients going at. quickly to are are for exponentially. happy at that works the out-of-hospital, their companies importantly, calling to scale. And happier improves off see take the cost doctors outcomes. it do it to lower

Matthew Mishan

you. Excellent. Thank

Operator

go of is question Please ahead. UBS. next Your Hadassin from Saul

line is Your open.

Saul Hadassin

to preview sitting to guess ERS see portfolio a you commercialized? that remarks, in and Lumis you talk offering bit your ResMed I Can see don’t I you. Thank device might to, the think this the as you when morning. more device conference at data Good expect the in I quarter? we HFT it that of did where prepared within Can device you the was but ask

Mick Farrell

Yes, I’ll high further. invasive just then to full products flow and therapy little then provide hand to Douglas, used been and that have a is and to we’ve solutions fall variety patients Look I’ll overview provide seen to COO Rob different oxygen what our non-invasive for during COVID-XX a ventilation. incubated from of ventilation

put a its and want with it But what hospitals time. on detail of and around is that, growth therapy for as very but little our with there So high and high get good exposure HFT? together doing therapy great to frontline of move to ventilators, because some what I so days but to bit. Yes, particles some with Rob, some we’re incubated can provide over good further intellectual has therapy, some that think with can great opportunities on. the exposure do this platforms technology property COVID, early flow not a we HFT fully it existing flow provide do we Lumis you it’s some on on did gave think as was accelerated

Rob Douglas

Mick. Yes, Thanks, sure.

those So our it valid strategy We interesting got of out-of-hospital, hasn’t cases. in HFT been think studied some again a yes, very clearly is types is we environments. treatment use and strongly

respiratory So a generally home our take in – and device These take and are time strategy. the It’s see might so long-term to a to trials really long-term tough in enroll do setting time. that’ll to it’s more it’s pretty fit part HFT play patients. of a with trial how

So we super very be interesting think reporting won’t solutions. of for we And out area us. built we’ve it’s But that good some quickly. certainly a

Saul Hadassin

Thank you.

Operator

ahead. Oppenheimer. Please Your of next question is go Suraj Kalia from

Your line is open.

Suraj Kalia

for The possibly growing the one structural SaaS single-digits. Mick, to price of Thanks you the Is is dynamics taking push question unit you’re side. everyone. acquisitions at the us U.S. that second help questions. afternoon, truth? demand key. understand Good from the adoption, back now elasticity at double-digit my my looking or could Can or

XX XX, frame Just the for this months. segment help Thank particular us in next you.

Mick Farrell

Suraj. great It’s Thanks, question. a

as and revenues. as do really and will our markets hospitals growth software patients capability we’ve time. we our remarks, why long-term to of into It’s particular growth to in fiscal SaaS in part of average mid-single take as one of well market as two that’s are And noted outside a a the some slowdown leader others. verticals the like of I those as out in and nursing or if top hospitals sort the seven that of that that where throughout that of, weighted I each flow year. will of the Yes, said in portfolio we categories. a sort digits And we’re of in those prep therefore this Suraj, division seen skilled grow nursing technology important expect recovery homes is apply health service, our digital in a sort facilities you the of hospital of XX% our a So the serve

that market digit One portfolio. low-double in to never growth. our and and We growth get to as core as as to apnea, We high-single there’s the then that is well do to doing the we investing where get division, that want And I markets there beat expect those for opportunities meet sort to groups it timeframe, plays, XX-month in inorganic we’re sleep beyond it. innovation. asthma get and accept COPD are We thing that we are digit within beat meet opportunities in think we can. growth. to And across of to

beauty solution customers. innovation and is between of have great out service a to software you’re an to talking MVP the as sprints We there in provide then getting weeks

sort up we some deal through when And so seen this of we and out get as to discharged we think the setting flow to of network, innovation to ASCs the of normal sort And good have number into them hospitals by pick start of the COVID-XX the that revenues into patients up come the hospital helped therefore, that And help that will we of people really see crisis. have through with time. pickup. back in patients play picks getting post-acute census the

look, a position. so, And we leading yes, have

We’re going we as do beyond to digits. well in do can inorganically add time in mid-single high-single that. and We’ll push the digits, well over the even we

Operator

from of Your next Bailey question is Macquarie. David go Please ahead.

line Your open. is

David Bailey

continue much. Good coming the of sort touched expecting morning, Good to morning, Thanks all. through you the on resupply very quarter. second Mick. Mick, that into

be opportunities opportunity you mask wondering the And over talk about within medium ResMed. there’s just further seen that great. think are driving resupply? that increased well, whether you longer-term. product That’d as you on little accessories the bit and you’ve if to then for Just think share launches a can Do some new of how the

Mick Farrell

Thanks, that’s question. – two-part a yes, David. That’s

go. all than Jim. So Actually, hand rather the to Over I’ll of do questions a half have Jim you Hollingshead to I’m to going it.

Jim Hollingshead

Thank think of through we’ve QX. mean we dynamics question, for I resupply pleased been quite David. the with obviously the you

what’s provider view specific the And I own really the equipment. more resupply business. a, to going continue market that’s And better They’re what’s actually, reimbursed. for for it their avenue patients that globally, is think and HME an as b, clean especially, that patient on realized better new QX. expect have customers also for of a care, sensitized And We we our and better that to but want think that’s dynamics but in going pandemic. the of on, because probably where do patients

we we delayed a time think competitive being that won’t at of it should reimbursement. dynamic stay. mask bidding had a period is results one for question of the thing, good about So some earlier bidding, that One competitive change

economics biggest the lot, the U.S. through which I we for think reasons market the robust. that’s with And one of the the persist competitive renouncement, bidding I a maintains think of resupply is the market, that our think think in dynamics will that’ll of fiscal so the we least part year, market. And resupplies at that that exist remain that it

think our points. market the even position and right with we with On AirTouch our shared NXX, of our and every patient close to launch are every is of most a and then And market, have portfolio offer broadest competitors ongoing and So really latest the time. the we’ve of mask those market, innovation. I our of line we None fit masks we come across resupply reimbursement. of range what can tend certain can for feel about complete provide we a our in our mask really key of got which our a good and on behavior, patient in in products change the behavior, both we with customer share, stability and now – to change and accessories effective range the

David Bailey

That’s Mick. great. Jim. Thanks, Thanks,

Mick Farrell

David. Thanks,

Operator

of go is question next MST Your from Goodsall Marquee. Please ahead. Andrew

open. line is Your

Andrew Goodsall

for Thanks my very taking much question.

restocking thinking ask just could Just to saw some you tailwind about and was if daily quarter any with you just wondering talk to whether in getting the COVID. quarter, effect also if the I oxygen, still that

Mick Farrell

from cycle that So QX you at inventory to I question. to to you then oxygen levels first. do look go Over Brett, about at restocking queue regard want restocking to first POCs, take a have the something until about Rob, and question Brett – the you with want

Brett Sandercock

as in systems sure. come back volumes typically I I’m they’ve to bought mean But they guess pre-regularly. coming [indiscernible] I’m typically and on support I I there’s much not hold sequentially. too so come the flows don’t back patient mean Yes. flow that Sure, and obviously means the and our inventory, there. patient got, patient significant up fee I Mick. have orders sequentially we’ve we’re that’s not think by they as seen obviously But throughout like really through. that by a as orders, seeing comes flow revenues and we’re in back seeing wouldn’t characterized that restocking And the restocking that a huge sure bit fashion. happening pretty orders, they’re seeing more coming what’s restock say then flow they’ll I orderly steady coming

Andrew Goodsall

of match of reasonable with of return Okay. up the sort sort I orders. patients of to return

Brett Sandercock

Yes.

they I don’t a lot inventory. think holding because so, like of

typically will get the – manufacturers do, I the the quite that will they patents. need I can to they flow they’ll the their typically they patient can drive get tree So quickly obviously inventory that from and but and mean operate. think I knocking order

Andrew Goodsall

on great. That’s you. just Thank POC. they’re And

Rob Douglas

launch we of continues sort still their and Yes. adjustments continue got for right in process Hi POC we stat experiments right continue the how providers products the and sort right to making get patients and to product we of Andrew. still programs and learn of we’re Yes, the of sort have, learn. just our post to there. treatment We as to

So of for it’s long-term a very on much thing sort just that.

Andrew Goodsall

particular call No out on that… COVID around

Rob Douglas

Not to business. our material overall

Andrew Goodsall

Great very it. results. Thank much. Really thank Great, you you. appreciate

Operator

is go from Your Jefferies. of Anthony Please ahead. next question Petrone

open. is line Your

Anthony Petrone

just couple COVID forward. just math vents and NIVs to and questions on going Thanks. maybe in relation on a and cases NIVs comments And

again sleep. And doesn’t $XX the I’m flows we devices get up there you digits. sort quite the so wondering, math to million of low-single bake back just and in core and patient when from

firmed better. of the quarter driver. in wondering then get not up you respiratory being was forward, or pricing if NIVs And there potentially comment in the going I’m other on So that particular again kind a can

that why considering would the going. are be where case wondering counts Just

Mick Farrell

pieces Thanks, as complex Anthony. waves it’s look, regards with Yes, many third the a there are moving equation pandemic. global second to and so and

prediction is the we all every wrong. made nine know about last that months So that’s been

the at, March we were we second what So the the thought this then Wuhan, third what muted capacity we’re we about beds through there’s be as quarter, a quarter. a And to a needs Milan, we are And of state January, to going had in ran New and March these hospitalizations happen the early September trade $XX bit of would last going of COVID-XX But sort reached light had and million we in that in we’re we the think XXX% February, of – epidemiology quarter. projections the of states countries literally in XXX flow for some April where looking the those we reach together, around humanitarian put of March, worth sales and in ventilators. our of then that sort in ICU best and don’t where out in within precisely we waves. you February and know then be to and out cities specifically countries, York, that ran going like don’t big model

of them we’ve in we’ve show Our the Singapore, second are and across third waves cities already and actually parts seen the best China, some that we’re reduced of third second them. in seeing Europe in and waves that in where magnitude seen models where

be And down Nothing million health, to don’t in to might last necessarily be December use seeing ventilators realistic of that our five be. And actually that. so And of to investments and you the sort digit being the triple we’re is in incredibly those June market we’re just well job coming be the And see these made and $XX in of can expect September it quarter it that we years significantly the from quarter. in at It’ll is our the magnitude. the millions emergency went our back will for digital have here quarter. sort a we’re we’ve but look minimis, leader in how de that. us growth up what market core set there the focus on reduced

even QX, across portfolio, we notice apnea, sleep those increase at in it. QX, see devices. sequential we’re QX portfolio at QonQ, to look and COPD, devices What QX quarter-on-quarter slight to going is can QX this And think ever on QX those the answer be in off to sure equation, a is at look you’ll to until very get as so I year-on-year difficult to numbers ResMed, right start not I’m the to complex sequential to going until are you a marks which modeling and across looking from

increase and in accessories and COPD sleep masks sequential see to got going quarter. as through the we that We’re

equation remote you of and headwinds. opening out as and happening positive win. like what’s digital in AirView equation, economies And So and devices, platforms Air see of and where Solutions yes, will apnea single-digits where to platform. that’s COPD tailwinds frankly at that’s start asthma QonQ year-on-year complex as and working down and home and how onto our technology like we’re Look we’re patients getting complex health as XX, run to sort diagnosis the the And investing of but prescriptions up. AirSense sleep with trend and testing Propeller, for like for ventilation, hugely

Anthony Petrone

Thanks again.

Operator

David J.P. Please Your from of Morgan. ahead. Low come question go will last

Your line is open.

David Low

were but one Thought Thanks. I’d ResMed’s through some order back question. canceled just The masks – of the reports one, some in that quarter. that last got we’ve

caused wondering how to to whether it talk please. any was there what or it, trying guess significant understand it supplier issues could I’m if might’ve Just driven you and there, that, was demand I was whether

Mick Farrell

Thanks, David. driven. yes, Yes, I believe was it demand

had Jim, really, in sleep details the But you do quarter. good really As we any across of numbers you said, the business. know

Jim Hollingshead

demand that driven. There an were trying chain. driven. by and quarters without were math, of but almost domestic here logistical that there go things supply most face issue, that been some little math all some have we the it’s well a issues. in had demand shipping It’s as issues also to Yes, We’ve

David Low

finish Perfect. I’ll you Thanks very much. let up.

Mick Farrell

David. Thanks,

Operator

I Farrell. at XX-minute the mark, We are so to the turn call will now Mick over

Mick Farrell

hand being and procedures our services heroes well you plants, to all plants, as distribution over call. take talking home. again from through around day. who better Thanks production here doing product, end joining really and today breathe I’d this of and for to close all for of shareholders safety our hospital our every and the people all the are well have helping to outside thank of the the us I’m out. Cheryl, to our their to that you to to all days, Amy, opportunity Thanks and XX thanks especially I’ll pick almost you sleep countries. centers, ResMed for following XXX Thanks, at lives our able dedication, do for I Many look and ResMedians. our because X,XXX hard whom work, here to better to you crisis. to whom our going work better, touch to on plants live like shareholders shareholders forward Thank actually in of not in what physical this

Amy Wakeham

Mick. joining you us Thanks, Great. all Thank for again today.

don’t questions, meet relations directly. If or hesitate you do out to please additional to to reach have any investor

along all today mentioned a you previously may the ahead of of and call go call. website our Cheryl, As later. be available with documents the our transcript replay our now close on will and

Operator

of quarter first earnings live ResMed’s XXXX fiscal concludes year This webcast.

now disconnect. may You

ResMed (RMD) 29 Oct 202020 Q1 Earnings call transcript