RMD - Earnings call transcript Q4 2020

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Operator

Welcome to the Q4 Fiscal Year 2020 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

Relations Cheryl. on fourth earnings and presentation XXXX replay along Great. Web Welcome press is being joining release you, Good a the corporate and good call be section and site will Thank the live morning, us. to of The ResMed's investor call. copy quarter our today. earnings year with Investor updated webcast fiscal our available Thanks for afternoon, everyone. later of the

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

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

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

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

results differ. actual However, our may

encouraged Mick. to could cause You go now that call for from differ like results to that, today. of actual any to I'd turn factors review materially discussion and With filings are over to statements risk our made the our ahead SEC forward-looking the a

Mick Farrell

Thanks, joining our thank to stakeholders Amy, and us all of you for today.

but people that immune these global by During against your back and city, ago, Way breath family, this time, to across a across in first COVID-XX, Not ventilators prepare the and cases fought this just friends seven suit midst Wuhan. to, turned the the in help employee, has and of up a of provide a North the the actually of and to China, and combat the to America, we're Asia them to coronavirus, times. hazmat months to Middle novel on Latin put battle across thousands that January, that coronavirus. vital systems -- impact remain gift caused saw Europe, in global your COVID-XX now support during across while starting that our we globally out team you, disease in China, healthy that I ResMed of Asia, in global Since pandemic call in just and ahead and in and ResMedian provided Province, we're that terms Hubei that and a of ventilator needs. Sub-Saharan in their of still parts what many Africa, set state peak hope ResMed continuing that have of safe early East America, hospitalizations then leads

XX and do So, in QX healthcare we I systems call, the across noted our call that local days global support to countries ventilators and community ventilation would serve. mask with ago, the XXX systems our that more we

XXX,XXX bi-level produced over beginning that XXX,XXX invasive quarter, the around during pressure calendar cumulative That year QX, our brings this positive ventilators non-invasive of we XXXX. since June including ventilators, During ventilators. we and total to produced

is if X.Xx. XXXX, a period over on delivered period take X to that XX for from in our we've June January triple X.Xx you fact, for and our So, to the so XXXX, production, promise increase the

the for ensure still was our someone the the as immune is tech coronavirus distribution, complete of ventilation life and preservation have role what bedside our peak a fights full the against their of running breathing device weekly our COVID-XX. services our our to this continues needed production as we globe. period, making when crisis, that For flagship ResMed call over around five for that of is rates ventilator, Astral the we capacity life-support a and that chain, move which I'm ventilator, at manufacturing, Astral there particularly ResMed proud coronavirus played our system during system the teams sure supply help and the times to reached during we're at there

authorities forward, by by potential business for range the from built to the recede, capabilities ventilation I'm both detailed has diagnosis quarter that helped epidemiology all say quarter model our region, to city apnea the for patient sophisticated by an customers future global of as significantly for flow we and analysis, and contracts are of crisis, on our health as including scenarios businesses. we we're us this well headwinds time, and receding. happy that and current March have model the patient same of the national Through the mask ventilators, line. city, and tailwinds ventilators. that headwinds patient COPD systems by sleep June for to COVID-XX volumes execute and and these and will working especially in for across and lower devices part ventilation with country, that September ability are So, of the we while both in are of in confident scenarios quarter the analytic have The set tailwinds the ventilator in the our quarter impacts June all be a and full looking the the At and our hospitals, the these also the ResMed for experienced of starting ResMed are still of impacts we

starting now today visits, starting for country-by-country physician as are are the specialist we see visits, physician their and its see markets last for period we from care the back growing during online. they're coming and return nadir their the return to city-by-city to So, primary people system

pulmonary U-shaped and asthma physician, patient a physicians, gradual are So, over quarter-to-quarter as primary sleep XXXX. well countries COPD treating that physicians of fiscal throughout the XXX care we as that portfolio of year flow to serve, we recovery expect sequential

specialists Telehealth, did been pulmonary both the crisis, COVID. home expansion we the rapidly also the has of of a lab expect post We crisis, will and person increase apnea expanding steady under it continue in sequential think through visits testing as expect in it continue sleep sleep we and to during the sort activity and to which

today, very and may them operating our world against will as early business highlights additional in post-COVID for say, the clinical prepared require from support. In of have our patients have insights long-term select also but full provide some of XXXX research ventilator recap who of of strategy. area. that part an QX my I'll some recovered I into have some remarks our to strategy, performance. year very some and into that it's area shows that This lung and us, early focus is strategy, our our key priorities long-term COVID-XX may days Additionally, execution ResMed I some XXXX fiscal damage,

and These the well in pandemic, a are peak key during and global three in accelerated of that the healthcare. trends ResMed medicine; strategies world, momentum advancing of three of trends; and but importance we're outside of world. think how this pandemic health; three, including post-COVID respiratory this elements important continue before these how the discuss three digital learning I'll hospital are importance Finally, have were in we the our has importance a one, XXXX post-COVID pandemic, play that accelerated will the two,

in for top the earnings revenue So, for delivered for had revenue annual XXXX. billion line We XX% growth fourth revenue and fiscal ResMed. $X strong year and for annual business to we full our quarter year-on-year performance, the growth

market-leading growth and health digital Our results solutions. across our strong reflect software momentum innovative positive and MedTech our portfolio

new have a pandemic, global in We patients our patients. the midst we from and our growth revenue of with market finding of global installed have sleep footprint driven base apnea grown recurring

for underlying business our and While benefited growth. long-term June core lower from costs, remains operating March well-positioned and for of ventilation financial our COPD, results asthma apnea, devices in have and high and demand strong sleep

During innovation in a fiscal asthma, we generated including increase as and our $XXX to future with while year dividends double-digit research, digital to our across businesses. our in allowed cash apnea, million R&D, and investing million of us $XXX cash sleep well of shareholders, software-as-a-service as clinical both also return design and our you, in-person, COPD, digital XXXX, that

a of property X,XXX opportunities an both generate solutions of industry-leading have with and will full portfolio and designs. We intellectual growth pipeline patents innovative over long-term medium that

We have seen our X.X medical in we have nights Solutions in health respiratory sleep over billion of ecosystem. data now Air the growth also platform. and Importantly, digital significant

this health the have and Cloud over XX now in to market, million connectivity our solution. XX% we and grown devices year, have patients XX medical around connectable have XXX% We software digital we million, fiscal over AirView ecosystem enrolled by the in

a advantage ResMed superior outcomes, is competitive costs. innovative well that as and for ecosystem system health as to digital care offers lower experiences, healthcare solutions, better Our drive integrated patient

platform, accelerant been has development and health for digital continued a investment acquisition the of Our Propeller and ResMed.

more recently-announced I a with which partnership progress commercial will later example the this detail with Our of Propeller. describe is Novartis, call, great in during

them help a providing improved device During system the a XX to last mask by months, million XX or have we with complete person lives breathe.

ability with we there There Fundamentally, people that's asthma, they benefit perform is on and where COPD, journey our who analytics, X.X and not they a data sleep and advantage That's better apnea. the breathing importantly, by are there us all but healthcare we powered a also and in ecosystem. need Importantly, Globally, patients, hospital. million And believe significant in to payers, our full form are individual physicians, people, groups, hospital. competes drive living sleep over for their data outside the win XXX they help and the over for XXX providers, actionable workflows in systems. million all ResMed enable to these at most nights of XXX that today. healthcare competitive future today, improving insights patients people all as billion sophisticated from to to want million suffer including home, for over These the customer is for better where of definitely with delivery medical their are help help.

of digital These value significant tailwind models the of remote medium importance out-of-hospital of XXX health. provide accelerated respiratory trend importance evolution on post-COVID care lives to care of in to for nursing living, equipment, three hospice, Our technologies, reimbursement world. increased SaaS digital ResMed accelerate health, the a business. in care of of help will health, XXXX. hospital of the virtual care XXX% seamless represents think place, services. adoption digital long-term goal of senior digital medicine, will of facilities, global well to of settings, is of trends, million home recognition increased of health rapid can care, achieve the life out seniors acceleration our we increased the age home the has portfolio medical adoption our health global this the and This hospital communities, for as by our business ResMed as for and leXveraging field including monitoring, skilled COVID-XX plan in home health improve the focused the trend out diagnosis importance a

these devices that engage grow number ResMed, the our is solutions priorities medical is that uniquely to people physicians, patient X.X leading patients, apnea, ResMed priority one at these chronic can to to enhance solutions core payers providers three innovative the develop on health positioned our So, and outside outcomes across have penetrated well is care on clinical these experience; for so number better the solutions as asthma three number our and world to global a deliver over billion delivered deliver actually one operating can and focus operating as we we innovate costs, priority as to think three software priority; and improve is delivering three two seamless priorities. and is digital world's daily can and technology We sleep and best hospital. With we COPD businesses reduce we design, priorities, to that grow well states, across so we guide that know as and markets. to number is under our here markets differentiate disease

mask in make core health these our quickly digital patient Q&A. we care over MaskSelector physical I'll remote We to the help need think medical and physically patient they U.S. selection So, to sleep to we mask market during digital of COVID-XX. then due customers helping solution when innovation some is their walk equipment sizing patient will to they each each our ResMed can't find into to that Brett apnea, effective, examples more of MaskSelector them priorities, geography. right a this challenge in and the and from launched and what through technology the go hand our distancing of the receive call HME both ResMed or In is HME the The easier touch to for home. themselves

charge the this emergency. are We public health coronavirus providing solution at during no

for as mask However, [Oracle], technology's remote ReSupply. well have Digital beyond as including both we application think as doctors this seen and COVID-XX will Brightree their for support during including this resupply as patient patients solutions, good providers video combined capabilities efficiency and without last benefits the like and well [ph] and tools pandemic. mask fittings patients, well SnapWorx,

have delivered We mass solid growth.

significant new the and of sleep markets our patient experienced that regions saw have COVID apnea lockdowns terms all approaches cities, any flow, impact declines processes. We In in lockdown lockdowns, patient to unique flow double-digit had on business. new a reopening had countries and across individual

in into capacity the we running, states sleep of these XX XX% XX% of somewhere whereas between in those will lab extremes. models, most with two it's other sell in the some stand today between we the geography; States some than countries capacity is the that up boundary that states XX% like end closer a story the conditions. diagnostic but of again of unique the be of somewhere U.S., XX% pre-COVID instance, countries as Germany, will fall closer average we spectrum range. For the and XX% to In be at United world stand that probably and in capability, diagnostic at range, already The in big the China, a to other spectrum, of pre-COVID around more XXX

I recovery of throughout COVID-XX flow earlier, a sequential expect efficacious highly steady effective a XXXX. quarter-by-quarter patient U-shaped for U-shaped a could fiscal highly recovery. of we into a treatment Clearly, and that the turn V-shaped COPD, stated apnea, dramatic sleep As or course sort vaccine asthma of

call upside our likely or and However, we're scenario. like we expected from remains an not what that counting case event that on

can ventilation conditions, our in their the are patient's Lumis In now ventilator. terms and including for our providers as lung patient's rate, Europe, key in monitor the Stellar for COPD as our the We Astral accelerate critical blood their and during cloud-based disease, respiratory the respiratory other saturation. this condition. of ventilator our of state and and clear oxygen care execution for technology Through indicators a AirView, solutions clinicians monitoring remote launched well These two remotely ventilator, for second and COPD, needs solution product, called of we urgent AirView the delivery software pandemic.

capability differentiation value populations for and AirView clinical ventilation provide European through enhanced across providing this for patient in positions perpetuity. will ResMed better insights for patients However, outcome the

co-package This as the picture called patients smartphone sensor digital the action tracks launch. XXX(k) simple to innovative Novartis, and through also the identify to to co-prescribed. medication, for of will The ResMed This upside and use fully fit digital these around U.S. integrated with the medication patient. use to Propeller with no a Enerzair us novel the represents from that new for approval in to as experience May has from new United XXX(k) sensor of health condition in clearer execution this live them Propeller cloud-based can digital and Propeller medical as The opportunity breakthrough and of platform from well attaches other of partnered solution significant respiratory patient's a an the generic This of chronic the to AstraZeneca, grow innovation with time to our Novartis health state asthma technology digital brand it with paint is to to medication way the market, their of medicine a and disease tremendous this that third patients medicine their a We both new is Commission space, our a terms gained disease help Boehringer States. with The with to which has will live to with In patient. COPD inhaler also the These and data. it the partnerships Novartis the but in both their It's medication, respiratory to partnership Propeller Breezhaler. in of and inhalers allow cost equivalents. tech means patient. are as app, world Propeller's better that AstraZeneca. a the the key their control clinicians. the previously-announced the the the for gives Propeller's of better Symbicort as convenient and about an but for expansion follows a patient medication of benefits a disease information to health around Ryan, is Ingelheim help platform apps a been combination first care COPD with asthma, incremental co-packaged asthma asthma the and world Novartis move expand brand-new can with inhalers This new and platform both a measure triple benefits that better the been sensor combination cleared our provide asthma take new in physician the both collecting even European of around and of the for reach clearance have opportunities works collaborations new its the adherence where has for inhaler Symbicort usage for combine medicines by the reminders is the app and technology medicine This collect to accelerate to announcement the potential a usage in adoption inhaled as various Propeller system built with world. delivery. U.S. believe XX% the

care, you to hospital. to care outside to go the get to business, transitions care, we because business acute to transition why our care we or think hospital SAAS is hospital seamless before I recap like out-of-hospital good here as between to So, call software-as-a-service have integral the post strategy ResMed's at I'd and provide to details briefly of ResMed don't it long-term

with transition caregiver providers where they money. as health data system and settings, a person deliver time and patient's the moves to enable to they need care care is the a saving him information the vision Our both and giving personalized

on facilities, advantage We senior strategic living, player with our out-of-hospital, services. Home solutions span nursing that as life competitive only skilled medical healthcare well verticals. home home seven leveraging are long-term care important across plan hospice, as focused these as the communities, health, equipment,

the X% period. software-as-a-service grew quarter, year to our the compared During business ago

growth. integrating portfolio support the long-term are to SAAS and We optimizing out-of-hospital

impact weighted digits. these vertical high this the that businesses analogous to SAAS period as and we mid We skilled weighted believe things average growth normal will is of in to weighted the continue average their levels surgeries other the single COVID-XX which facility digit The discharges elective to high market return that market the hospital for as believe return to with the nursing to that single single moving We over that growth we're start digits and quarters, particularly verticals market's our see that for census of in to serve. affected will these return verticals long-term single rates SAAS average time digits. the range that we continue rate the high impact that has next growth we at such several market believe

here at always superior is solutions. delivery ResMed market of to Our through market goal meet, beat to growth not that just but leading

of we pleased details in early more performance our with during acquired SAAS the which business of quarter, impact we've to Turning been February. SnapWorx Technology, the

COVID-XX. The apnea As and this for acquisition customers. earnings resupply HME we workflow our our with have call, patient been on timing discussed better of sleep provides optimization couldn't contact SnapWorx last for management

across on non-contact SnapWorx available these are of the well market brand, and ReSupply, This make well business, ResMed business seamless they clinicians patients Cerner announced their period. increasingly to strongest no better to in as we entered Oracle, with customers into decisions, focused tech of agreement care and healthcare touch of in patient and technologies as driving all our SAAS technology as help more well apnea In have Brightree interact both growth. with to our under three suite costs, to patients resupply core that engagement as outcomes to solutions Corporation and is an The October control and combination our customers HME the provide important Brightree resupply informed as systems. internal Our and as deliver XXXX, world. treatment been our a revenue sleep better

now The expand as transformation summary, SaaS In hospice reminds branded the will make or Electronic is for opportunities expectations continue has for The performing this in have of headwinds the portfolio we Health performing with will to and well and in our now work together. best and Cerner Brightree future the sure invest anticipate we near-term hospital. and at solutions an COVID-XX we market and This our health long-term the collaboration and growth both outside we to integrated important here EHR. accelerated platform is digital continue and capitalize delivery and home in to our the and settings above leadership. for positioned deepen the future hospital. well Cerner in ResMed driver that, ResMed is partnership ResMed outside to research healthcare COVID has development, the We Record, on. recede, healthcare to are of and

Our related the in apnea, diversified and portfolio asthma, SaaS. of COVID-XX opportunity out-of-hospital months Through seven capabilities COPD, crisis against expanding and solution and compelling the first sleep this are market maintained operating driven recurring excellence by programs. well year, execution, as this expansion margin as our to and right innovation, we've growth our global revenue through our businesses, our strong effective calendar

medicine, moving The here importance trends, has actually the While the and three of which over delivered accelerated, are hospital. the of to look persistent are and the more stay. to accelerated mirror, digital their importance Those into they're COVID-XX we go and there of passing beneficial rearview healthcare respiratory believe trends health it now forward impactful. importance just we outside

long-term these benefits and patient represent short, ResMed's While have trends the and Telehealth macro increased business. remote monitoring increased medium,

for and disease for customer. with levels and critical person quality life. chronic improvement most the satisfaction clinical the better live on More to patient wants of just patient of ultimate who tailwinds improving better, metrics, that for represent The breath enhancing a better, outcomes importantly, they significant patient's sleep

pivot Brett personal to fiscal express the his in I unprecedented the world. around ResMedians In over to an call to remained want value X,XXX, So year, for have gratitude on and my the our focused you before I markets creating hand remarks, you through current and not Without worldwide. and core to in XXX breathe COVID-XX, success XXX,XXX would ventilators us future produce lifesaving our honoring our helped help team, commitments people be patients possible. to countries

you hand With you in of call for to that, to to all up to I'll Sydney, the you. we'll thank So open over Brett, Brett you. then Q&A. over and

Brett Sandercock

results Mick. All provide of quarter remarks some right. Thanks, the of our overview today, In for will an on my remarks our fourth 'XX, we fiscal outlook. year XXXX, and FY QX

estimated order closer June terms, the from favorably impacts As strong $XX noted, $XXX in our within pre-COVID million. were a a accessory at constant million, $XXX the estimated geographic our compared benefit Reflecting currency XX%, distribution impacted had and by business. the devices million prior we and by on of was revenue and the revenue Taking a year quarter. increase relative ventilator an excluding revenue to Software net by offset Group related impact increased quarter X% Mick accessories, sales business. sleep for estimated forecasts. partially offset ventilated our million over year Revenues quarter. by for We COVID-XX quarter. of fourth significant revenue the revenue, In incremental the our as look sleep of from quarter $XXX of revenue to partially an Service prior incremental declines our related

Byproduct $XXX and quarter. quarter. XX% quarter increase increase $XXX in quarter. were increase million, and total in and sales or of increase prior an terms, other and of year year were prior a were Asia, over other X% markets constant million, prior Globally $XX terms $XXX Europe, of countries Mask X% of X% XX% other device America year over of were an Asia increased the over decrease. Latin over of sales in Latin currency constant while markets, X% quarter other currency increase device the markets sales an million, Canada segment an Mask Europe, X% and XX% and an Sales terms, in increase. the a Canada U.S., $XXX decrease a mask America total over Asia, or terms. currency other in XX% device million, U.S., increase year the million, increased sales Europe, quarter over prior in prior an XX% by and sale the In of the sales million, sales constant year over prior Our and quarter. in and prior currency by $XXX X% other

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

During non-GAAP to litigation impacted measures of be referring numbers. and my matrixcare the value non-GAAP today, expenses I deferred accounting, commentary fair settlement adjusted will The adjustments amortization intangibles acquired purchase restructuring expenses. revenue, and

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

rapid higher largely XX.X% outbound and and air basis ventilator inbound the last impact in favorable year, rates. June reflect increased quarter same attributable of in points product costs partially quarter, costs These the mix logistics, the our quarter, in the Our cost margin parts is the to to higher compared we by XX predominantly and by increased non-GAAP increase XX.X% during increases to gross volumes higher both component reflecting In particular, production. ramp manufacturing. significantly up in and incurred freight significantly COVID-XX offset

freight We in the and freight are see elevated continue we FY costs meantime, QX expect freight into sea volumes, to rebalancing 'XX. air but

through terms expenses quarter. were SG&A on the we as consistent of benefiting revenue year currency prior for SG&A environment. reduce constant of expenses work in year. expenses to the million, improved SG&A with over percentage quarter travel as operating from $XXX we expenses, prior reported cost prior a a decrease the to X% the uncertain fourth Moving the were XX.X%, We're COVID-XX management quarter in XX.X%, to our compared and the

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

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

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

million, an rate prior quarter income effective $XXX were earnings Non-GAAP was diluted quarter and the expenditure forward, of totaled was the working to the $X.XX. be diluted Capital share from fiscal amortization robust estimate and June quarter. quarter $XX million. over tax XX% quarter management. year share per Looking for million. was over of flow Non-GAAP for the will prior our earnings we $XX the $XXX year for the increase of Non-GAAP reflecting fourth quarter operations the Cash for the an net Depreciation capital for per XX% quarter. for $X.XX, XXXX quarter million the were increase range XX%. for XX% in earnings underlying

of June of joint $X the income WE venture. $XX fairly with associated statement a During recorded equity We our also paid in quarter, the million. losses in quarter dividends million

record quarter ended joint the approximately a associated fiscal the equity We losses the with year to for expect venture We full million $XX cash $XXX balance of generated $XXX XX, net having operations. of million million in XXXX fourth At in billion with $XXX gross our operating during fourth quarter flow during and XXXX. in cash the we and $X.X debt debt. fiscal had million year June $XXX million,

position summary, liquidity billion Our for $X.X drawdown existing the XX, we strong. just available our debt June in under revolver facility. levels under remain modest In our had remained

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

were our on reflecting demand gross recap ventilators, margin revenue quarter significant to this operating lower expansion Finally, underpinning growth very earnings expenses. results, for and strong QX in our and

Turning demand a now a FY at level at lower outlook, XXXX high XXXX. but see QX significantly quarter first we FY for compared of expect to to continued ventilators to level, our

base. accessories in for expect the temporary response reduction resilience continued new Mask over with of which patient installed of group continued we revenue patients. FY to remarks diagnosis single these sales months sleep Additionally, of for growth QX the past have the to in in large see recorded in device we and XXXX, value QX the three digits. headwinds reflects Consistent first the insulating the demonstrate to the month low

uncertainty like many experiencing we're current However, environment. other companies, the in pervasive

dynamic. remain the possible call and future to hand forecast with back Amy. I And our will outcomes result, that, revenue a As

Amy Wakeham

Thanks, Brett.

We Cheryl, and Q&A question questions, free to the Q&A queue. turn please additional remind to I of start portion ready yourself the to or please like limit if everyone to will call portion. now one to the feel to to we're return you now have the would follow-ups call.

Operator

Thank you.

[Operator of the first will Saul ahead. UBS. We question Instructions] from go Please now Hadassin begin Your question-and-answer session. comes

is Your open. line

Saul Hadassin

Mick. Brett. Good you. Thank morning, morning, Good

strong that growth a anything rate, the growth Just to mask there very at just please? Mick, negative some X%, the color between how was you a for around XX% world sales and talk read device into question impacted that to me; rest of disparity whether and there else just rate, benchmark the at ventilation can

Mick Farrell

Yes.

yes, of the Latin clearly and is So, that around the America, Europe now so upside had in growth know, primarily driven by of world. incredibly so, for strong talked side Canada, ventilator you sales were the whole Europe, on rest U.K., sales, year-on-year and and the that apart Asia, governments -- with the others France, in about were, U.S., devices Germany the from world, question, and for rest and Asia the during thanks that it's national these clearly ventilator know, delivered June and quarter you contracts we've world

talked certainly at is first including Western headwinds, and really were still but are European in resiliency have in most into put which up severely Southeast technologies, there they time don't parts not U.S. remarks There's this that set in like and all if saw those the technology and from China, those opportunity SnapWorx, there of I So, those same that sort sales. fleet we the we shutdowns prepared that COVID-XX, are resupply play Europe based down of an markets. like mask XX% tailwind that Asia, but ReSupply, of the the do dramatic around haven't capacity you that's pretty and sort in been future, those to they patients, and and technology its slowed the the today, those of of [Oracle] in about geographies, Brightree [ph],

it's of on two versus like and QX the world. Asia, of if So, a that like, of that devices during almost tale markets, for rest masks sort you Europe,

Saul Hadassin

All right, thank you.

Operator

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

open. is line Your

Andrew Goodsall

very for much my question. taking Thanks

guess or understand a to that, of anything vents trying just regular I see where of anything to sort of CPAP the -- to of of in might quarters, going over quarters? returning. around how just few you know a next production us few that Just sequence sense give metrics, the as the sequencing, us, that's any talked like sort bit sort you've and know you I across your I decline the but business next

Mick Farrell

when are different opening. country, in going Yes, they're every industry, we're operating that Andrew, that world and we to city, are fast to metrics a lockdowns they're openings macroeconomics this see around turn on as every question opening has on where in and the working every these how is

closed, never like Some Sweden.

like and going opening second like some really shutdowns Some are size well Germany, China. to are

so, to QX our therefore QX, apnea, other in how flow, sequential case world around and our to and that business. the that happen. see be of where QX, geography particular of as a the portfolio likely to next resupply, growth we of a a we third our U.S. year, to be within we to of XXX particularly across recovery so, build resiliency the then as sort we start and start QX, recovery for at QX U-shaped but and the see QX fiscal sort sort from we QX, turn fiscal have some the up part business, can see our can sequential macro we've where we from in that's best of And the we but we throughout sort best QX, and a of then that we're model at how recovery, it portfolio and to lot a is a got it, countries across our and and sort scenarios our or the waves and we're of of the with all year, but QX, that of We're level second to will fiscal expect and look U-shaped at W's year, these expect and state, we patient certainly and QX city country the COPD, we country in modeling particular waves going see level, to fourth it the waves the mask through looking basis. XXX on that's SaaS buffers There asthma reopening sleep and

Andrew Goodsall

to Would by you normal? to to normal expect FY'XX close or return

Mick Farrell

I like predictions. large bank would to multinational a a often this, be make prediction make they great those and a for economist Andrew, Again, macro they're working wrong when

be they you or on times. primary to get who months elective as talked say for when to to return a people a see repair, visits, global on elective in bank well-published their GP metrics automobile, physicians resilient, those Health did starting new visits, sound months, retail can to about XX know. those a the to metrics system, surgeries going to type see and or very quicker, period; exactly will and very it's surgeries which to to think back I normal care visits, going from are I XX look so and a more economist, new major geographies, new basis. pretty difficult much presentation two the are we're pre-COVID a a their we and opposed tick-up PCP we're care, week-to-week home difficult to and hospital

XX-month case looking get COVID-XX, that analogs that of back markets are in year, parts got as types all vaccine play. XX there's then then other the U in period. come an the throughout we're effective into a watching off, but at, recovery they of normal time this the upside and the the to in prep if goes get Obviously, treatments treatment, V-shaped remarks, sort to as the bets so, expected all to or talked about an that there's And we've and likely effective vaccinal a to and the I other of fiscal

Andrew Goodsall

very Thank Fantastic. you much.

Operator

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

Your line is open.

Unidentified Analyst

is everyone. on actually back I for question. Hi, wanted the go really Thanks for taking This Margaret. quick. vents to Brandon the to just

you that that that already sold of prior of kind be any they manufactured be that but is that you're made demand being situation hospital. with -- Have vent still could had since these, used to Thanks. you recognized full just mentioned just You'd part where and another I'm quarter. contracts at that capacity, these, you for end-up most in Astral can is the similar the are or XX,XXX of understand mentioned the lined And going this within XXX,XXX a vents in up is trying drop-off is of steep quarter? the a to next maybe next expecting especially

Mick Farrell

ventilators thanks fiscal we're the Yes, certainly year. the our during made first-half of second-half for of proud Brandon, Yes, the XXX,XXX question. calendar that the the we of very year;

here sales that on percentage in million fourth of but the QX September about that the March and an had about, sales and and quarter in in the annualized in his basis in sleep an to $XX the we some will demand of to remarks, ventilator get in and in we're extra I are quarter. I at and the to we would We're ventilator regions masks, countries the ventilators. hospitals, predict the these you million because ventilator are Brett talked be going $XXX likely an here sort Pakistan, X.X ironic for had volume the that, As extra of going state see and up has CPAPs, to we volume more in small that September which exactly what billions mask the quarter, talked bidding because we IPAPs we're not ventilator, lot. the from significantly make of a sort start national apnea processes more to add quarter to of that the lower need the the Malaysia, of down you populations in that working demand gone India, but you the humanitarian can mean, Brazil, I bidding that higher, devices very on think significantly ways, and that like wise, apnea look, you processes obviously we sleep know across a as devices, compared million tell of case it's Indonesia, is now so of and impacted I of bi-levels, expected sell people, X, that's did

are on side that more up for see, the as to economies We to can where other going to that? September someone won't and color you best growth on we and have pretty the start sequential get lines. the they're means the add who production we maybe working on ready, contracts quarter on and drop-off at our we same that are time, so the back here to sell along be Brett, opening but but can't that there, significant those there's we some in buy, business fleet ventilators, want a the

Brett Sandercock

would I production at of be there Yes, add, inventory the remains thing that Mick would there is XX. portion consistent quarter, is that only with last in June a

fairly next that tight, do will certainly is still as to Well, while. Mick case. think So still we said, continue I producing that's the and little Astral

Operator

Citi. go question next of from John Please Your ahead. comes Deakin-Bell

is open. line Your

John Deakin-Bell

perhaps Have of doing that business? to the recovery to you. to U.S. anything any you in understand U.S. seen started just macro European trying little France was countries earlier look again, you countries than come Thank just have morning. some other have out of of guide been Europe a wise shape you My or have or the it question this the like at the could and looks Good the recover Germany

Mick Farrell

of the we not pre-COVID. of of it got orders question, a any as early Germany in and great of recover, John, sleep of I but sort will crisis, and in or in good the their capacity I ventilator was sort really, of reached had were think hospitals, regions, behind a to preparing a as peak that testing, in never really actually, it's did have are north only how they Yes, job looking had, move major they prepared dealt the model a with early, the country they of cities apnea now Germany it at they said sleep that and XX% that, of and as capacity, home the lab leap they remarks, from, they COVID diagnoses maybe forward X% I on XX% on or Germany

there pre-COVID number for as right Germany recovery door next it's model country to recovery, the sleep and swift so testing solid but apnea had great I that'll a is in think excellent France will quite France a move and a double-digit be think home I well. in the post-COVID,

some almost we all Massachusetts the of prevalent. move or COVID of States. think sleep was where look, flow less dip testing apnea those faster home to states, their during they're maybe only apnea mostly to lot U.S., the like Those that home where the U.S. I to tests a more patient people's recover may to had can think the apnea take and deep able crisis in about California a of versus will Florida within longer up in test, to done Germany sleep we overnight United the you're capacity certainly sleep or a from not and asking those around countries certainly psychology two and member they Operations staying like get we're in sleep apnea internally looking Katrin turning Take because cleaning some Germany, of to CEO analogs, a as patient ResMed lab in team. the lab a time in at Germany just volumes Pucknat, and Global so, our sharing the to the just she's for restrictions analogous could sleep be regions the learning at analogy You CEO my states and a those of a of here different are team, the the Midwest, areas, there's because

we're throughout confident practices on that market see the so and our great Hollingshead team commercial I'm care in with sequential there U.S. doing to So and Jim team going quarter-to-quarter the year. fiscal to respiratory the a they're U.S. beyond, of and have that side, recovery and her and what sleep our we best global the driving the brought here through and then quite team

sequential no them humanitarian a likely on those a plan, will versus again, those QX, a flow quarter And or of basis, QX treatment, they now, little first think that pretty will I'm comfortable globally recover second, within quarter-on-quarter to our year-on-year in we recovery, start numbers I those the QX as reached our of case then idea of I one QX, need fiscal a Latin and numbers. patients and throughout major up pick here a going we've every of about do we're secure hope And vaccine, through, assuming steady go geographies. so but could good happen, where later talking do to and that we're significant waves in some think the no be it for geographies, there's going because but be impacting if I you to year, able scenario Africa on. there ventilator QX, sales America into

John Deakin-Bell

Great color. Mick. Thanks,

Operator

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

open. is line Your

David Bailey

Great, thanks Brett. Good Good Mick. much. morning, very morning,

quarter, provide the over be had sort where over over to the towards in on capacity, in any lab average the any about would quarter I'll on have you an commentary moment, particular staging a June, the commentary commentary to there April might sleep just think XX% at that got around in improving June question appreciated? might of I'm basis know, and then you the perhaps Just then, to U.S. you be trough, that in provide relation and was that, over the year, talking interested would the that it can just be

Mick Farrell

platform solutions that and you and and end-to-end we good idea through which of some have to during because way obviously air it, the are quarter the so that air, cloud are on air XXX% know cloud connected, have information of late actually see increases testing, honestly, as that with sort the started of the that basis, well, good seen is connectable in link both, sort we that the question, weekly see really it's you May digital David, we a rights apnea we around the to we that idea. have play the sleep devices activation Yes, picked that from market apnea that early on weekly sense we've all we where sort April, timeframe, have

April, COVID you so, on see city early quantifying say those sleep that did even surgeries recovery, that steady weeks increases to picking late primary in as that there are in can but the during increased level for uncertainty also see, data think care into to but color in we're and us apnea forward activations of like offer confidence without you public that gives in for seen that's proprietary and sort devices I can that on steady because the sort have that of You elective little there, tests, ResMed, have sleep physician to or market see, think can our U-shaped around we aggregate, basis U-shaped a in, we visits, activation data week-to-week May, up, geography and really you that, know, importantly pretty I question seeing uncertainty and that's like recovery, we idea we of point and XX what market W qualitatively share in most of steady idea quarter leader and enhanced you the certainly granular have we're also that project that this apnea seeing we shapes as see did the weekly from the all I portfolio these times, the lot will a some down effects that's David. the of the across provide lot be seems that a can and

David Bailey

Thanks, Mick.

Operator

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

is open. line Your

David Low

I Mick, talking bottom much, very same and that so of at the I really be here. Thanks if keep to a U-shaped on just the of mean, We're you're quarters could talked that of simple recovery, clear the about what U, July. single-digit low not so Brett Is in low you're dissimilar you'd in saying? first growth, what terms expect, the you're growth about couple pretty effectively to saying topic.

Mick Farrell

the that's exactly, sort David, exactly interpret Yes, I of how classic U.

for you thank clarifying So, that.

David Low

Great, thanks.

Mick Farrell

have if well like. can you question as You a

David Low

in so but you pick Thanks, talked that devices on much Mick. get ask decline. that. never I a you want I will trouble, The CPAP or double-digit you in to up you. about I saw decline in

of I drop if or you of about what sort get you think yesterday XX% talk we I could new in draw that think. so wondering bit little on just had level patient a setup, decline you

Mick Farrell

Yes.

their more have liberally country, more that's in opening in an lockdown to June. and average testing picking have and geography the very don't and has able really of than lower XX%, market then very government got would got XX% pretty terms back and this double-digits, well it that when quickly that know was apnea pretty in down, to company think at focused that okay, lab and states been steep that you pre-COVID visibility. happened stocks grind you that went XXX that company great you because up U.S. across countries, country lockdowns XX%, across in sleep XX% decline they good up of wasn't to a that a to nadir we've and, sort the then less towards a but to and strict XX% already got all particularly U.S. differently, that have were a as say, the of you every So, Germany and had so up of that pre-COVID, the and is end mentioned there analog look dip low. that they the below very as sleep in of look double-digit now from some got treated pivot drop, China tighter states so in the focused before being I high for but for some

XXX this, an the we of quarter, then, in gives confidence countries gone U.S., has the it's and city, for of yes, by us but maybe every so, basis for and idea the look how an a that the almost where but by have, like to XXX. with this over it And look leaving region, sort average that around that the next of high at of and could last sort that model XXs at project XXX of at for computational you sort rates days we're for But XX% higher is the geography. than detail

David Low

Great, thanks very much.

Operator

CLSA. go next of ahead. De is The from Please question Hashan Silva

is open. line Your

Hashan De Silva

quarter? price ventilator Thanks morning. pricing taking just my the XQ. do How questions. I ventilator wanted pricing XQ, and to over with Good coming much the first for some of on over a to into get you color benefit what expect do

Mick Farrell

that Rob Douglas, to I'll hand Thanks, Hashan, COO. our great question.

Rob Douglas

to policy of in lift prices the and people's were of told, sure hands this, the actually right it right mainly getting we ethics we trying because ventilators the at prices. previously We making had the Hashan. not a Yes, whole around around

going pricing through we and who and did it And were people, that our needed using so, we Brett ventilators them. steady like them very talking we to immediately increased slow cost selling also make that actually and to kept some things about, logistics and was sure be were

weren't we it selling stockpiles. So to

was see it, so, there price right can higher patients team steady effect devices, priority. a our overall it's our after our sort we shift committed think had some that you to were to moderate in the looking we we So approach were but a absolutely mix as ventilators making approach. was sure fleet and and are item the pretty very we've to and results, of totally compared Obviously,

Hashan De Silva

Great, thank you.

Operator

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

is line open. Your

Gretel Janu

Good morning. Thanks.

margin, gross going on -- just if give the forward. outlook for could color you on that wondering Just I bit a more was the

the the first of 'XX, you gross can expect with margin into quarter color [technical ventilators, give just negative lower of of the shift, that? a any have increased wake and actually mix then You'll kind to proportion Thanks. on difficulty]

Mick Farrell

that? to Brett, want do you take

Brett Sandercock

probably Sure, margin at those Mick. the it's parts heightened few Hi, a in mean, Gretel. Yes, the moving on covered where will and certainly you've and impacts I gross of those moment end. COVID-XX with

some those, will then continue elevated and think, We costs rolling some little while. seeing of through, are on I a freight for

We there's the are actively trying gross we to to to get have think say you'd mean say mitigate but had, that, specific but say margin not I guidance, think -- you'd -- drawn would we have that we'd I in in likely short-term. expansion probably I

Gretel Janu

Okay, thanks very much.

Operator

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

line Your open. is

Suraj Kalia

hear right? you Can all Good me afternoon, Brett. Mick,

Mick Farrell

and you Yes, I've got Suraj. loud clear,

Suraj Kalia

Perfect.

growth heard I $XXX us rest hopping the split sales the the quarter, in ventilators? and calls. give between just ventilator you question. me, between America Mick, North So, Thank the world my forgive out you the when of from million was you I in in Can devices contribution taking for

Mick Farrell

that level share reasons, impacts that last I around through color great ventilator were you give the the in gets of COVID-XX. some into days competitive from question, that but seen and that's Suraj, during [technical look, biggest million but detail the countries to difficulty] for contexts want a media other had we sales the $XXX it, have XX can to don't a it

COVID-XX and the devices, at own we've talked nature competitive million own made that with X,XXX on had some there the people, I that and that, we we've don't of lived, thought the I and was sort when Service, the if great just further this about just tens into in think virus, people the lives, little those thousands hospital us million France, FEMA, contracts dynamics, wouldn't for National so a I the know and individual thing public have or a other their I to with families. about who we choose given then their are of of a publicize to think any save for $XX want of and they in is that public their contract to beat that and contract publicly, for and proud countries U.K. those Health like with rate. really detail were, of nations also gets Germany, system but the media appreciate to that the numbers Suraj, $XXX talked breathing able go was Japan it one countries, So some and government ventilator Australia. those sales that and U.S. immune been systems their body, areas, protein of populations, to Astral but some -- then question think but benefit various and

Operator

from Please is Partners. Wheen ahead. Steve question of Evans go next & Your

Your open. line is

Steve Wheen

my thoughts was with regards digits. whether to one you there's -- just Brett mentioned, try one of I the that I whether really indication had wonder how I just just I guess being single it the just month and to Thank Can that's clarification, in a you. sales then or reaction delay us much question. ventilators? or give add And likelihood wanted an my sleep and was question The to had morning. to clarification the low happening. pure competitive this then good just if bidding, regards includes been actually to any to Hi, regard figure that -- as with implementation, you

Mick Farrell

if we'll the clarification talk Brett, address you then to part bidding. Steve. the questions, Great have to competitive and Dave on first

Brett Sandercock

that group revenue, on that. -- to July that's that Yes, clarify Steve, group

that's company. -- the That's So -- that that's entire everything.

Steve Wheen

Okay.

Mick Farrell

other to mean, with your to delay. week. went pleased question earlier can regard bidding, that competitive feedback Senate Obviously, working said support have would them perspective. as to And of to else, I that, but going participants delay what were a to the competitive does do support House come administration Steve, and over everyone on, we very whether I that. we We've members with certainly XXX our CMS certainly likely bidding bidding. been advance letter see a over from we the that. to a We from out, we with to and industry support wait we competitive fingers on not, we'll or just urging believe whenever on don't there's to crossed so just try lot this and see get that and it's so customers, Having

Operator

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

Your line is open.

Anthony Petrone

is in that the early one Maybe on we maybe relates patient well a question saw to then and quick vents. do Thanks. sleep as And extended resupply Great. world update expect quick comping core as into the H.R.XXXX. benefit are new an I'm know between as assuming, the it starts, be first but move mostly we resupply. pandemic? to as a wave, on comments delay just you just follow-up a sort I there's just And that of push would there rule. on on

rates of exists. in where comp So, update world on Thanks for again. that the an just role

Mick Farrell

of Anthony. question, at the part. go first your at a and second then a go I'll part Thanks, have can the Dave have

of then channel. -- coming terms from I double so the and and during about those COPD year diagnosis, numbers the that during what diagnosis, up apnea through patient expect the then talking June, In flow, about was May, coming declines nadirs sleep the and patient we digit April, was

like, sleep you a a if time to mask setup first proportional directly So of first device and time of setup system.

on the through March a for in in As patients, direct very programs of care loves their programs great directly or Europe resilient we retail talked Anthony, very HME you quarter. quarter, U.K., in through sleep the resupply as number about, or rates who and of the saw are followed Australia, know, got and June good their good rates in and resupply they either home just Singapore, loves great programs U.S. years, resupply a us very breathing a saw in a group you We we've

around then wanting health, those. pocket for a before, for they and September, strong Obviously, some -- an clean sometimes little and about is change, could will secular and they're the people are our they importance out themselves This those for humidifiers a not and pay -- resupply modeling, have medicine, and in but ongoing tubing that was think but expect first only be resupply the rate for by are that really equal onwards. time We those respiratory to copay of setups better, importance of will of insurance clean pay numbers I we clean numbers there. people just to paying that the their the the respiratory impacted rates December through talking the been resupply year or continue masks,

the giving Dave, be question pretty and throughout And you fiscal of secular us there of do a a have resupply sleeping? so, we at XXXX want part go the sort think about that resilient beyond. will change they to second

David Pendarvis

for Thanks, Thanks Anthony. Mick. question, Sure. the

shell the the and that to with they're and to rule see that Congress to hasn't It this would U.S. to be telemedicine sense seen there introduced and that hope of in it with relief, Congress. able and regard the put to Obviously, certainly particularly now introduced is House. predict rural We'd and So to listening CMS to of the of pleased and beyond advance some to would be they're -- There relief ought were important has hazardous enact always the forward telehealth We pandemic, bill a they providers a legislation in road, patients be that some the reimbursement other we legislation. CMS so, listen areas. to it's down that packages of relief and Senate. working companion the the Medicare remains think things sort of are but a probably lot extend get will to preoccupied the it's on the itself XXXX, to government trying U.S. will aid. an the Congress

continue I to So, we same the offices certainly writing of about XXXX earlier were competitive mentioned support delaying that bidding. Many it. that congressional letters supported

will So, we Thanks. think relief support We ultimately that's it. form, really certainly and any, a if continue can't be to predict what strong we'd vote, granted.

Anthony Petrone

Thanks, again.

Operator

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

is open. line Your

Matthew Mishan

the that commercial you the revenue Hey, on Health. the for stages settled moving on, you here? us think you ramp sense thank questions. we next of taking should to from Propeller for Can congratulations give Mick, about how Hey, a the model and

Mick Farrell

of we Propeller they any particular that customer CEO David Van globally, revenue it's of look, follow commercial of who's giving at partner. his I'll Matt, model team the or what without a is how the the sort great and and Sickle, -- Yes, give of models details through question, revenue generic any obviously Propeller

revenue, create has app the number that's relatively Propeller a one, cycle software engineers, secondly, general a who for customer, a for the there; but and development So, that are: fee, that there's for of charge partners it's monopod charge often revenue the the for for codes we we models life fee development the works with then specifically part per that adherence and the then that revenue and the of thirdly, connectivity sense major each the Propeller cloud provided sort usage month on that that Sensor that's of is data which parameters; the the of account. activated other per associated hardware that's and time collects then is part locally user the the is

Propeller the so and of reduces importantly patient So an revenue importantly out that then, ResMed's that's really most system company, alignment actual on. of costs, the their with with and they and hospital for also usage stay of their pharmaceutical really but it, it total longer outcomes

of the and medications quarter, not component only as FY and certainly part that strategy, going business, as this FY revenue our days, play this for early long-term our adherence we are ResMed it's those next 'XX, revenue, look care to COPD but component of of sort revenue but for our all look, material XXXX across quarter the and digital think we this in all to of one in in So, remarks, and talked isn't parts look ResMed really exciting or is asthma them recurring to there's industry. that three for transforming health about 'XX, I this medical yet we prepared customers be to and material a strategy, of over

Matthew Mishan

Perfect. Great. you. Thank

Operator

is last question of of Your Lyanne from ahead. go Harrison Please America. Bank

is open. line Your

Lyanne Harrison

quarter. sort I in start the I panic Mick wanted United of for just share and there you better get residual the Hi, unemployment rates you resupply any what April, you of was and as States? Thank what guess question. at to I'm trying through to understanding increase you of taking a the my June understand team. experiencing quarter, June? if Can May saw and buying the are through

Mick Farrell

do are steady through obviously, didn't between have any to seen depending thanks. around of state, there? but we unemployment double-digit It's and where year-on-year the color Rob, you in the April, pretty Resupply masks numbers want accessories Yes, the the for XX% copay a based are all and in Lyanne customers, general, -- so rates. on cycles U.S. Lyanne, steady question. May, for or was We resupply on, the kinetics cycle pretty June the further there of actually provide XX% in on they good but

Rob Douglas

it's so, solid masks, We expect but of buy things all, best patients more panic we operating given people well, programs COVID. they're and uncertainties no solid at as resupply really much Mick. and callouts Yes, big at progress got existing we a treatment were and that up to see we and we good and the just major as masks, the sort some the programs, saw home sure, to the else continue find saw what other need but Lyanne, couldn't were with sort some we've best and there this on systems did never there's of into people triangulate of panic issue, to steady, long-term home, in on or dynamic. and going very response them we through improvement, down them, at the the likely better, the think was keep that with the happens, notwithstanding treatment, buying and because continued, to

Lyanne Harrison

Great, thank you very much.

Operator

the one-hour We mark. are at now

turn will I over back to the So, Farrell. call Mick

Mick Farrell

frontline, and shareholders global but our and hard distribution, breathe all their and those like hospital I'd our worldwide. quarter countries of work, all people crisis. the our better, the in live ResMed shareholders, ventilation many are for you Thanks to us in over to and helping all thanks and the ResMedians, and this for that set-up better X,XXX do masks the outside Cheryl, better, dedication take during the lives to XXX for tech every Thanks who once heroes of sleep ventilators production, the to this of thank help Thanks, also whom years, just year, not service, also again joining day. on call. opportunity on especially this

this this products, You everyone about thinking look helped person XXX,XXX in post-COVID, and to you is lot. to a all those potentially I talk people over call forward we'll on when Thanks XX days. and possible through in

Amy Wakeham

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

have out directly to Investor If any or hesitate to please you additional do to our Relations questions, me don't line. general reach

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

Operator

fourth fiscal XXXX live concludes This year webcast. quarter of earnings ResMed's

now may disconnect. You

ResMed (RMD) 5 Aug 202020 Q4 Earnings call transcript