Beta Bionics Inc (BBNX) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Beta Bionics First Quarter 2025 Earnings Conference Call. (Operator Instructions)

下午好，歡迎參加 Beta Bionics 2025 年第一季財報電話會議。（操作員指示）

As a reminder, please be advised that today's conference is being recorded. I would now like to hand the conference over to Blake Bieber, Head of Investors Relations. Please go ahead.

提醒一下，請注意今天的會議正在錄音。現在，我想將會議交給投資者關係主管布萊克·比伯 (Blake Bieber)。請繼續。

Thank you. Good afternoon and thank you for joining Beta Bionics First Quarter 2025 Earnings Call. Joining me on the call today are Sean Saint, Beta Bionics President and Chief Executive Officer, and Stephen Feider, Chief Financial Officer.

謝謝。下午好，感謝您參加 Beta Bionics 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有 Beta Bionics 總裁兼執行長 Sean Saint 和財務長 Stephen Feider。

Both the replay of this call and the press release discussing our first quarter 2025 results will be available on the investor relations section of our website. The replay will be available for approximately one year following the conclusion of this call.

本次電話會議的重播和討論我們 2025 年第一季業績的新聞稿都將在我們網站的投資者關係部分提供。重播將在本次通話結束後約一年內提供。

Information recorded on this call speaks only as of today, May 6, 2025. Therefore, if you are listening to this reply, any time sensitive information may no longer be accurate. Also on our website is our supplemental first order for 2025 earnings presentation and updated corporate presentation. We encourage you to reference those documents for a summary of key metrics and business updates.

本次通話中記錄的資訊僅截至今天（2025 年 5 月 6 日）。因此，如果您正在聽這個回复，任何時間敏感資訊可能不再準確。我們的網站上還有 2025 年收益報告和更新的公司介紹的補充第一份訂單。我們鼓勵您參考這些文件來了解關鍵指標和業務更新的摘要。

Before we begin, we would like to remind you that today's discussion will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management's expectations about future events, our product pipeline, development timelines, financial performance, and operating plans.

在我們開始之前，我們想提醒您，今天的討論將包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。這些聲明反映了管理層對未來事件、我們的產品線、開發時間表、財務表現和營運計劃的預期。

Please refer to the cautionary statements in the press release we issued earlier today, as well as our SEC filings, including our Form 10Q filed today for detailed explanation of the inherent limitations of such forward-looking statements.

請參閱我們今天早些時候發布的新聞稿中的警示性聲明，以及我們向美國證券交易委員會提交的文件，包括我們今天提交的 10Q 表，以詳細了解此類前瞻性聲明的固有局限性。

These documents contain and identify important factors that may cause actual results to differ materially from current expectations expressed or implied by our forward-looking statements. Please note that the forward-looking statements made during this call speak only as of today's date, and we undertake no obligation to update them to reflect subsequent events or circumstances except to the extent required by law.

這些文件包含並確定了可能導致實際結果與我們的前瞻性陳述表達或暗示的當前預期有重大差異的重要因素。請注意，本次電話會議中所做的前瞻性陳述僅代表今日的觀點，除非法律要求，否則我們不承擔更新這些陳述以反映後續事件或情況的義務。

Today's discussion will also include references to non-GAAP financial measures with respect to our performance, namely adjusted EBITDA.

今天的討論還將包括有關我們業績的非 GAAP 財務指標，即調整後的 EBITDA。

Non-GAAP financial measures are provided to give our investors information that we believe is indicative of our core operating performance and reflects our ongoing business operations. We believe the non-GAAP financial measures facilitate better comparisons of operating results across reporting periods.

我們提供非公認會計準則財務指標是為了向投資者提供我們認為能夠表明我們核心經營績效並反映我們持續業務運營的資訊。我們相信非公認會計準則財務指標有助於更好地比較不同報告期間的經營績效。

Any non-GAAP financial information presented should not be considered as a substitution independently or superior to results prepared in accordance with GAAP.

任何非 GAAP 財務資訊不應被視為獨立替代或優於根據 GAAP 編制的結果。

Please refer to our earnings press release and supplemental earnings presentation on the investor relations section of our website for reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure. With that, I'll now turn the call over to John.

請參閱我們網站投資者關係部分的收益新聞稿和補充收益報告，以了解非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的調整。說完這些，我現在將電話轉給約翰。

Good afternoon, everyone, and thank you for joining us for our First Quarter 2025 Earnings Call. We're excited to discuss with you all today our results for the first quarter of 2025 and updates regarding our annual guidance for the full year.

大家下午好，感謝您參加我們的 2025 年第一季財報電話會議。我們很高興今天與大家討論我們 2025 年第一季的業績以及全年年度指導的最新情況。

As I highlighted in detail on our Q4 and full year earnings call in March 2024 was a tremendous momentum building year for Beta Bionics, for our efforts to expand ILA’s commercial reach while advancing our innovation pipeline set the company up for success of the short, medium, and long term.

正如我在 2024 年 3 月的第四季度和全年收益電話會議上詳細強調的那樣，對於 Beta Bionics 來說，這是勢頭強勁的一年，因為我們努力擴大 ILA 的商業範圍，同時推進我們的創新管道，為公司的短期、中期和長期成功奠定了基礎。

We are building a highly differentiated company that is difficult to compare to traditional insulin pumps and the industry business models. From our first of its kind adaptive closed loop algorithm, which takes over a set of endosing. To our pay as you go pharmacy business model, which we pioneered for durable insulin pumps, to our innovation pipeline, which includes a further differentiated patch pump and the bi hormonal pump that we hope will transform the way people think about managing their diabetes.

我們正在打造一家高度差異化的公司，難以與傳統胰島素幫浦和產業商業模式進行比較。從我們首創的自適應閉環演算法開始，它接管了一組結束。我們的按次付費藥房業務模式是我們為耐用型胰島素泵開創的，我們的創新產品線包括進一步差異化的貼片泵和雙激素泵，我們希望這些產品能夠改變人們對管理糖尿病的看法。

Plus, it could give us a second new business model based on our Glucagon license. We appreciate our business is quite different from others in our industry and appreciate everyone's efforts towards learning about these differences. We firmly believe the business model and product evolutions were pioneering are the right path forward for Beta Bionics and our customers, and we are confident that you will see that play out in our performance over time.

此外，它還可以為我們提供基於胰高血糖素許可證的第二種新商業模式。我們意識到我們的業務與行業內的其他業務有很大不同，並感謝大家為了解這些差異所做的努力。我們堅信，開創性的商業模式和產品變革是 Beta Bionics 和我們客戶的正確前進道路，我們相信，隨著時間的推移，您會看到這一點在我們的業績中得到體現。

The momentum that we saw in 2024 carried into the first quarter of 2025, driven by robust demand for the iLet'S and our team's unwavering commitment to delivering life changing solutions that simplify and alleviate the burden of managing diabetes.

我們在 2024 年看到的勢頭延續到了 2025 年第一季度，這得益於對 iLet'S 的強勁需求以及我們團隊堅定不移地致力於提供改變生活的解決方案，簡化和減輕糖尿病管理的負擔。

I want to thank our team for their efforts through which we generated Q1 results that exceeded our expectations across the board, and that gives us a great deal of confidence in our ability to meet or potentially exceed our updated projections for the remainder of the year. Specifically, we've increased our 2025 annual guidance for revenue for some new patients starts reimbursed through pharmacy panel and gross margin, which Stephen will discuss in greater detail.

我要感謝我們團隊的努力，透過他們的努力，我們第一季的業績全面超出了我們的預期，這讓我們對我們在今年剩餘時間內達到或可能超過最新預測的能力充滿信心。具體來說，我們提高了 2025 年部分新患者透過藥局小組報銷的收入和毛利率的年度指導，Stephen 將對此進行更詳細的討論。

On today's call, I'll discuss our Q1 results. Following that, Stephen will give us some additional details I highlight our increased annual guidance for the full year 2025 and the conviction we have on our ability to meet or potentially exceed those targets. And lastly, I'll provide updates on our innovation pipeline.

在今天的電話會議上，我將討論我們的第一季業績。接下來，史蒂芬將向我們提供一些額外的細節，我重點介紹了我們對 2025 年全年的年度指導的提高，以及我們對實現或可能超越這些目標的能力的信心。最後，我將提供有關我們的創新管道的最新資訊。

Starting with a brief overview of our Q1 2025 financial performance, I'm announced that we delivered $17.6 million in net sales, which grew 36% year over year. This was fueled by growth in our new patient parts, which we, where we saw 3,853 new patients adopt the island in Q1, up 48% year over year.

首先簡要概述我們 2025 年第一季的財務業績，我宣布我們的淨銷售額為 1,760 萬美元，年增 36%。這是由我們新患者數量的增長推動的，我們在第一季度接待了 3,853 名新患者，年增 48%。

A low 20% of those new patient starts were reimbursed through the pharmacy channel in Q1, which is meaningfully higher than the mid-single digit percent we saw in Q1 of 2024 and the low teens percentage we saw in Q4 of 2024. Notably, we've already achieved our previous guidance of greater than 20% of new patients starts through pharmacy.

第一季度，只有不到 20% 的新患者透過藥局管道獲得報銷，這一比例明顯高於 2024 年第一季的中等個位數百分比和 2024 年第四季的低十幾個百分點。值得注意的是，我們已經實現了先前的預期，即超過 20% 的新患者透過藥局開始就診。

As a reminder, we believe that the best metric to measure pharmacy coverage is the percentage of new patients starts that are reimbursed through pharmacy as opposed to percentage lives covered, which only accounts for formulary arrangements with pharmacy benefit managers or PBMs and doesn't account for adoption by the underlying health plans or the underlying logistics required to utilize this channel.

提醒一下，我們認為衡量藥房覆蓋率的最佳指標是透過藥房報銷的新患者百分比，而不是覆蓋的生命百分比，後者僅考慮與藥房福利管理人員或 PBM 的處方安排，而不考慮底層健康計劃的採用或利用該渠道所需的底層物流。

Shifting now to gross margin, our gross margin in the quarter was 50.9%, down relative to 55.7% in Q1 of 2024, which is primarily attributable to the substantial year over year increase we delivered in the percentage of new patients starts going through the pharmacy channel. As I'll highlight in more detail shortly, this meaningful expansion of pharmacy adoption bodes well for a medium to long-term outlook for gross margin expansion.

現在轉向毛利率，本季我們的毛利率為 50.9%，較 2024 年第一季的 55.7% 有所下降，這主要歸因於我們透過藥局管道開始治療的新患者比​​例同比大幅增加。正如我將很快詳細強調的那樣，藥局採用率的這種有意義的擴張預示著中長期毛利率擴張前景良好。

I want to emphasize that our pharmacy model is a pay as you go model that essentially eliminates the revenue we generate for the iLet itself but maximizes reimbursement we get for iLet supplies on a monthly basis. This model is starkly different from the DME channel or other pharmacy channel business models that focus more on collecting a large upfront payment for the pump itself, but much less payment for monthly supplies.

我想強調的是，我們的藥房模式是一種現收現付模式，這種模式基本上消除了我們為 iLet 本身創造的收入，但最大限度地提高了我們每月獲得的 iLet 用品報銷金額。這種模式與 DME 通路或其他藥局通路商業模式截然不同，這些模式更注重收取幫浦本身的大量預付款，而很少收取每月供應的費用。

You can have your cake and eat it too, meaning maximize both upfront payments and for the pump itself, as well as the monthly payments for supplies. That's a very difficult recipe for driving meaningful pharmacy adoption.

您可以魚與熊掌兼得，這意味著既可以最大化預付款，又可以最大化泵浦本身的付款，以及每月的耗材付款。對於推動有意義的藥局採用來說，這是一個非常困難的辦法。

As such, we've chosen the pay as you go model that maximizes supply revenue because we believe it generates the most lifetime customer value while also being the most palatable pharmacy benefit model for health plans to adopt, as evidenced by our rapid growth in new patient starts being reimbursed through the pharmacy in recent quarters.

因此，我們選擇了現收現付模式，以最大化供應收入，因為我們相信它能產生最大的終身客戶價值，同時也是醫療計劃最容易接受的藥房福利模式，最近幾個季度通過藥房報銷的新患者數量的快速增長就證明了這一點。

Said differently, we're willing to weather the slight near term headwinds that come with our pharmacy model so that we can benefit much more from the medium to long term tailwinds that we expected to generate relative to other models.

換句話說，我們願意承受我們的藥局模式所帶來的輕微短期阻力，以便我們可以從我們預期相對於其他模式產生的中長期順風中獲益更多。

As I mentioned earlier, we're proud of our Q1 results. They are a reflection of the market's deepening appreciation for our highly differentiated adaptive closed loop algorithm and recent product launches from Q3 to Q4 of 2024, including Libre 3 Plus Integration, Color iLet, and our Bionic Circle remote monitoring app, all of which contributed meaningfully to our performance in Q1.

正如我之前提到的，我們對第一季的業績感到自豪。它們反映了市場對我們高度差異化的自適應閉環演算法以及 2024 年第三季至第四季期間最新推出的產品的日益加深的欣賞，包括 Libre 3 Plus Integration、Color iLet 和我們的 Bionic Circle 遠端監控應用程序，所有這些都為我們在第一季度的業績做出了有意義的貢獻。

Q1 tends to be seasonally weaker period for diabetes technology adoption as patients' deductibles reset. Yet our new patient starts only experienced a slight sequential decline in Q1. That's certainly a credit to all those factors I just mentioned, but it's also important to highlight that our increasing pharmacy mix enables people with diabetes to access our pump with minimal to no upfront out of pocket costs, which also certainly helps our ability to drive new patients starts in the quarter.

由於患者免賠額的重置，第一季往往是糖尿病技術採用的季節性較弱時期。然而，我們的新患者數量在第一季僅出現了輕微的環比下降。這當然歸功於我剛才提到的所有因素，但同樣重要的是要強調，我們不斷增加的藥房組合使糖尿病患者能夠以極少甚至零前期自付費用使用我們的泵，這也無疑有助於我們在本季度吸引新患者。

Regardless of which pharmacy business model the industry decides to pursue, I think we can all agree that decreased out of pocket costs are good for patients, and it's encouraging to see us all working toward that same goal.

無論該行業決定採用哪種藥房商業模式，我認為我們都同意降低自付費用對患者有利，看到我們都朝著同一目標努力是令人鼓舞的。

With that, I'll turn the call over to Stephen to provide some additional color regarding our first quarter results and to discuss our increased full year guidance for 2025. Stephen.

接下來，我將把電話轉給史蒂芬，讓他為我們的第一季業績提供一些額外的信息，並討論我們對 2025 年全年業績的預期上調。史蒂芬。

Thanks, Sean.

謝謝，肖恩。

Diving deeper into our Q1 performance, approximately 71% of our 3,853 new patients starts in Q1 came from people with diabetes that used multiple daily injections prior to starting the iLet.

深入了解我們第一季的表現，我們第一季新增的 3,853 名患者中約有 71% 來自在開始使用 iLet 之前每天多次注射的糖尿病患者。

This metric reinforces our belief that the iLet is addressing an unmet need in the market and meaningfully expanding the market for insulin pumps.

這項指標強化了我們的信念：iLet 正在滿足市場上未滿足的需求，並大幅擴大胰島素幫浦市場。

Q1 results felt traction from our product launches in Q3 and Q4 of 2024, including the Libre 3 Plus Integration, Color iLet, and Bionic Circle, as well as our growth and pharmacy mix, which makes it easier for patients to access our pump.

第一季的業績得益於我們在 2024 年第三季和第四季推出的產品，包括 Libre 3 Plus Integration、Color iLet 和 Bionic Circle，以及我們的生長和藥房組合，這使得患者更容易使用我們的幫浦。

With these dynamics in play, we're able to partially offset some of the seasonal headwinds to new patient starts that the industry tends to see in Q1 relative to Q4.

透過這些動態，我們能夠部分抵銷產業在第一季相對於第四季往往會看到的一些新患者開始出現的季節性阻力。

Let's shift the pharmacy dynamics. In Q1, a low 20% of our new patients starts were reimbursed through the pharmacy, which exceeded our expectations as we saw faster uptake by the underlying health plans that partner with Prime Therapeutics as their PBM. Plus, we continue to make progress in driving adoption by health plans within other existing PBM partnerships.

讓我們改變藥局的動態。在第一季度，只有不到 20% 的新患者透過藥房獲得報銷，這超出了我們的預期，因為我們看到與 Prime Therapeutics 合作作為其 PBM 的基礎健康計劃的接受速度更快。此外，我們在推動其他現有 PBM 合作夥伴關係內的健康計劃採用方面繼續取得進展。

The pharmacy channel is our preferred reimbursement channel given it is meretive to our financials over a 4 year period relative to the DME channel and that substantially lowers out of pocket costs for patients.

藥局管道是我們首選的報銷管道，因為與 DME 管道相比，它在 4 年期間對我們的財務狀況更有利，並且大大降低了患者的自付費用。

Turning now to gross margin.

現在談談毛利率。

In Q1, our gross margin was 50.9%, down compared to 55.7% in the first quarter of 2024.

第一季度，我們的毛利率為 50.9%，較 2024 年第一季的 55.7% 有所下降。

The decline relative to the same quarter of the prior year can be attributed predominantly to our rapidly increasing pharmacy mix as a percentage of new patient starts which we just discussed.

與去年同期相比的下降主要歸因於我們剛才討論過的藥房組合佔新患者比例的快速增長。

Reflecting on our Q1 gross margin performance, we're pleased with the strong result we delivered despite the substantial uptick in pharmacy adoption because it's reflective of our continued cost discipline, which bodes well for our gross margin outlook for the remainder of 2025 and beyond.

回顧我們第一季的毛利率表現，儘管藥房採用率大幅上升，但我們對取得的強勁業績感到滿意，因為這反映了我們持續的成本控制，這對我們在 2025 年剩餘時間及以後的毛利率前景來說是一個好兆頭。

Shifting now to operating expenses, total operating expenses in the first quarter were $27.6 million, an increase of 66% compared to the $16.7 million in the first quarter of 2024. This increase in operating expenses was primarily attributable to expansion of our field sales team, as well as the new costs related to operating as a public company.

現在轉向營運費用，第一季的總營運費用為 2,760 萬美元，與 2024 年第一季的 1,670 萬美元相比增長了 66%。營運費用的增加主要歸因於我們現場銷售團隊的擴大，以及作為上市公司營運相關的新成本。

Let's talk about cash.

讓我們來談談現金。

As of March 31st, 2025, we ended the quarter with $295.5 million in cash equivalents and short and long-term investments.

截至 2025 年 3 月 31 日，本季末我們的現金等價物及短期及長期投資為 2.955 億美元。

We remain confident in our ability to generate positive free cash flow at an earlier stage relative to what historical precedents and our peer group may suggest. Here are a few reasons for this confidence.

我們仍然相信，相對於歷史先例和同行可能建議的更早階段，我們有能力產生正的自由現金流。以下是這種信心的幾個原因。

Number one, our gross margin profile is attractive relative to our scale.

首先，相對於我們的規模，我們的毛利率狀況很有吸引力。

We have designed our device to be manufactured efficiently and expect to see future reductions in the cost to produce an iLet stemming predominantly from greater leverage on our fixed overhead costs as we scale.

我們設計的設備能夠高效生產，並且預計未來生產 iLet 的成本將會降低，這主要源自於我們隨著規模擴大對固定間接成本的更大槓桿作用。

Number 2 is our pay as you go pharmacy revenue model, which we've now discussed extensively and are confident it is financially accretive relative to DME in the medium and long term.

第二個是我們的按次付費藥局收入模式，我們現在已經對此進行了廣泛的討論，並相信它在中長期內相對於 DME 具有財務增值作用。

Our most powerful lever on profitability is price.

我們獲利能力最強大的槓桿就是價格。

Number 3 is simply that this management team has a track record of operating efficiently. The Beta Bionics management team and I appreciate the way to earn this efficient operator title and the public's trust is by delivering results, and that's what we intend to do in the coming quarters and years.

第三點是，這個管理團隊有著高效率運作的記錄。Beta Bionics 管理團隊和我都認為，贏得高效運營商頭銜和公眾信任的方法就是取得成果，而這正是我們打算在未來幾季和幾年內做的事情。

Now turning to our 2025 annual guidance, we are increasing guidance across the board. We now project that net sales for the full year of 2025 will be $82 million to $87 million up from our prior guidance of $80million to $85 million.

現在談到我們的 2025 年年度指導，我們正在全面提高指導。我們現在預計 2025 年全年淨銷售額將達到 8,200 萬至 8,700 萬美元，高於先前預測的 8,000 萬至 8,500 萬美元。

We now expect 22% to 25% of our new patient starts to be reimbursed through the pharmacy channel versus our prior guidance of greater than 20%.

我們現在預計，22%至25%的新患者將透過藥局管道獲得報銷，而我們先前的預測將超過20%。

Allow me to remind you what the increase in pharmacy guidance means for revenue over the next four years. The raise from 20% to 23.5% new patient starts through pharmacy, which is the midpoint of our updated guidance, will likely generate a roughly $1 million headwind 2025 revenue. This roughly $1 million dollar headwind is baked into our updated 2025 annual revenue guidance of $82million to $87 million.

請容許我提醒您，藥局指導的增加對未來四年的收入意味著什麼。透過藥局開始治療的新患者比​​率從 20% 提高到 23.5%，這是我們更新後的指導的中點，可能會在 2025 年產生約 100 萬美元的逆風收入。這大約 100 萬美元的逆風已計入我們更新後的 2025 年年度收入預測（8,200 萬美元至 8,700 萬美元）。

From 2025 through 2028, we'd expect the same increase in pharmacy guidance to result in up to a potentially $8 million net tailwind to cumulative revenue that goes directly to our bottom line, assuming no attrition and inclusive of the $1 million-dollar potential headwind in 2025.

從 2025 年到 2028 年，我們預計藥房指導價格的相同增長將為累計收入帶來高達 800 萬美元的淨順風，這筆順風將直接計入我們的底線（假設沒有人員流失，並且包括 2025 年 100 萬美元的潛在逆風）。

In terms of how to think about the revenue cadence for the remainder of the year, we still expect the relative weighting of new patient starts and revenue across each quarter to be similar to the relative weighting we saw across each quarter in 2024.

關於如何考慮今年剩餘時間的收入節奏，我們仍然預計每季新患者開始數量和收入的相對權重將與 2024 年每季的相對權重相似。

We anticipate new patient starts in the 2nd quarter will increase sequentially relative to the 1st quarter, driven by continued traction of our recent product launches, plus the 20 sales territories we added in the 1st quarter to bring our total number of territories up to 63.

我們預計，第二季度的新患者數量將比第一季環比增加，這得益於我們近期推出的產品的持續增長，加上我們在第一季度增加了 20 個銷售區域，使我們的總銷售區域數量達到 63 個。

We expect the percentage of new patients starts reimbursed to the pharmacy in Q2 will be at least as strong as Q1, which with additional growth coming in the back half of the year.

我們預計，第二季度開始向藥房報銷的新患者相比將至少與第一季一樣強勁，並且今年下半年還將進一步成長。

Our formula agreement with Prime Therapeutics went into effect on February 1st, and we saw faster than expected traction of eyelid and pharmacy within the health plans that partner with Prime.

我們與 Prime Therapeutics 的配方協議於 2 月 1 日生效，我們看到與 Prime 合作的健康計劃中眼瞼和藥房的吸引力比預期的要快。

While these efforts to expand pharmacy adoption will continue throughout the year, both with prime partnered health plans as well as health plans that partner with other PBMs we have agreements with, we don't expect the rate of pharmacy increase in any given quarter for the remainder of the year to be as pronounced as the rate of increase we saw in Q1.

雖然這些擴大藥房採用的努力將在全年持續進行，包括與主要合作健康計劃以及與我們有協議的其他 PBM 合作的健康計劃，但我們預計今年剩餘時間任何一個季度的藥房增長率都不會像我們在第一季度看到的增長率那麼明顯。

Moving on now to gross margin.

現在來談談毛利率。

We are raising our outlook to 50% to 53% gross margin for the full year 2025 versus our prior guidance of at least 50%.

我們將 2025 年全年毛利率預期上調至 50% 至 53%，而先前的預期為至少 50%。

Despite the larger than expected increase in pharmacy mix, we are raising our gross margin outlook for a number of reasons. Number one, embedded in our revenue guidance raise is a raise in our expectations for new patient starts, and that increased scale will allow us to gain more leverage on our fixed overhead costs.

儘管藥局組合增幅超出預期，但我們仍因多種原因上調了毛利率預期。首先，我們的收入預期上調意味著我們對新患者開始就診的預期上調，而規模的擴大將使我們能夠在固定間接成本方面獲得更大的槓桿作用。

Number 2, we saw an incremental decrease in our bill of materials for the iLet relative to the prior quarter and expect that Q1 run rates should sustained throughout the year.

第二，我們發現 iLet 的物料清單與上一季相比有所減少，預計第一季的運行率將持續全年。

And number 3, we'll benefit from our growing pharmacy install base where the boldest new pharmacy users we onboarded in Q1 should produce high margin pharmacy supply revenue for the balance of the year.

第三，我們將受益於不斷增長的藥房安裝基礎，我們在第一季度吸收的最大膽的新藥房用戶應該會在今年剩餘時間內產生高利潤的藥房供應收入。

So, the takeaway here is that while the outperformance in pharmacy was an unexpected headwind or a gross margin outlook for the year, we expect to be able to more than offset that headwind, and we are raising guidance as a result.

因此，這裡的要點是，雖然藥局的優異表現是意外的逆風或今年的毛利率前景，但我們預計能夠抵消這一逆風，因此我們正在提高指導。

Moving on to tariffs, custom components for the iLet and its consumables are exempt from tariffs under the Nairobi Protocol. We do have some non-custom components that we source from China, such as our device chargers, but overall, we expect the impact of tariffs on our business to be minimal, and their impact is contemplated in our updated gross margin guidance for the year.

談到關稅，根據《內羅畢議定書》，iLet 的客製化組件及其消耗品免關稅。我們確實有一些從中國採購的非定制組件，例如我們的設備充電器，但總體而言，我們預計關稅對我們業務的影響很小，並且其影響已在我們更新的年度毛利率指引中考慮到。

In terms of how to think about gross margin cadence for the remainder of the year, we expect gross margin to increase slightly throughout the year as continued increases in new and new patient starts through the pharmacy are more than offset by the combination of #1, the leverage we gain on fixed overhead manufacturing costs from increased volumes, and number 2, our growing pharmacy install base.

關於如何考慮今年剩餘時間的毛利率節奏，我們預計全年毛利率將略有增加，因為透過藥局的新病人和新病人的持續增加被以下因素所抵消：第一，我們從增加的銷量中獲得的固定間接製造成本的槓桿作用；第二，我們不斷增長的藥店安裝基礎。

With that, I'll hand the call back to Sean to discuss our innovation pipeline.

說完這些，我會把電話交還給肖恩，討論我們的創新管道。

Thanks, Stephen.

謝謝，史蒂芬。

Before I jump into our innovation pipeline, I want to dive a little deeper into our algorithm and the advantaged position it holds in the market.

在介紹我們的創新管道之前，我想更深入地了解我們的演算法及其在市場上的優勢地位。

Let's first acknowledge that an FDA approved AID system in the market today, including the outlet, must first deliver great outcomes. Given this is table stakes, a core belief of ours is that ease of use is the metric that people with diabetes care about the most when they think about their approach to treating their diabetes.

首先我們要承認，目前市場上經 FDA 批准的 AID 系統（包括出口）必須先取得良好的成果。鑑於這是基本原則，我們的核心信念是，易用性是糖尿病患者在考慮治療糖尿病的方法時最關心的指標。

We saw that we saw the importance of no finger stick calibration, continuous glucose monitors and the role that particular ease of use innovation played in accelerating CGM penetration, and we believe that the iLet is simply similarly redefining the metrics that matter most for insulin pumps.

我們看到無需指刺校準、連續血糖監測儀的重要性，以及特定的易用性創新在加速 CGM 滲透方面所發揮的作用，我們相信 iLet 只是同樣重新定義了胰島素幫浦最重要的指標。

We believe this because not only are we seeing tremendous traction from the island since launch, but now the pump industry at large is touting ease of use as the next frontier of innovation, whether that's by trying.

我們之所以相信這一點，是因為我們不僅看到了自推出以來島嶼的巨大吸引力，而且現在整個泵行業都在吹捧易用性是下一個創新前沿，無論是否嘗試。

To simplify pump setup, meal announcements, and carb counting, or trying to eliminate meal announcements altogether, which the industry would define as fully closed loop.

簡化泵浦設定、用餐公告和碳水化合物計數，或嘗試完全消除用餐公告，業界將其定義為完全閉環。

In terms of where the industry is today, the easy-to-use innovations that we've seen from traditional hybrid closed loop systems are incremental steps in the right direction, but we still believe the iLet is far ahead, and that's because the iLet does something that we believe no other pump can do.

就當今行業狀況而言，我們從傳統混合閉環系統中看到的易於使用的創新是朝著正確方向邁出的漸進步伐，但我們仍然相信 iLet 遙遙領先，這是因為 iLet 做到了我們認為其他泵無法做到的事情。

Adapts to each user and learns their insulin requirements. It's one thing to pre-populate a pump's initial settings based on a on a few inputs. It's another thing entirely to do what the iLet does, which is autonomously determine initial insulin dosing-based weight alone, and then the pump actually adapts to the user and continuously adjusts those doses over time based on what that specific user needs at that time.

適應每個使用者並了解他們的胰島素需求。根據一些輸入預先填充幫浦的初始設定是一回事。iLet 的功能則完全不同，它能夠根據體重自主確定初始胰島素劑量，然後幫浦會根據使用者當時的特定需求，不斷調整劑量。

With other pumps, the burden of adjusting pump settings and finding the right doses is on the provider and the patient. With the iLet, the burden is on the pump itself to do that. The same logic applies to fixed insulin dosing or fixed carb counts for different food items. The burden is still on the provider to educate the user and on the user to learn what fixed insulin dose to give or fixed carb count to select and what works best for them over time.

對於其他泵，調整泵設定和找到正確劑量的負擔落在提供者和患者身上。有了 iLet，幫浦本身就承擔起了這項責任。同樣的邏輯也適用於固定的胰島素劑量或不同食物的固定的碳水化合物計數。提供者仍然有責任教育用戶，而用戶則有責任了解應該給予什麼固定胰島素劑量或選擇什麼固定碳水化合物計數，以及什麼方法對他們來說從長遠來看最有效。

With the iLet, the pump will learn and adapt to what a usual meal is for you. That's the key to revolutionizing ease of use, adaptation and learning. It's important to note that Beta Bionics has worked hard to bring easier products to use to the market, but as we said earlier, outcomes can't be sacrificed in the process.

透過 iLet，幫浦將學習並適應您的日常飲食。這是徹底改變易用性、適應性和學習性的關鍵。值得注意的是，Beta Bionics 一直努力將更容易使用的產品推向市場，但正如我們之前所說，在過程中不能犧牲結果。

We're proud of our clinical and real-world data, and we have chosen to arm our sales force with real-time access to our real-world patient outcomes. Using our iPads, reps can select a particular clinic as well as criteria like previous therapy and see how those de-identified users are doing in real time. They can do this on a population level or a clinic level.

我們對我們的臨床和現實世界數據感到自豪，我們選擇讓我們的銷售人員即時獲取現實世界患者的結果。使用我們的 iPad，銷售代表可以選擇特定的診所以及以前的治療等標準，並即時查看那些匿名用戶的治療情況。他們可以在人口層面或診所層面做到這一點。

We arm our Salesforce with that data because we're proud of it and we're penetrating deeper into new and existing clinics because our data is resonating with prescribers. We look forward to presenting a comprehensive update of our real-world evidence to the ILA's 1st 2 years of launch at our ADA investor event in June.

我們用這些數據武裝我們的 Salesforce，因為我們對此感到自豪，我們正在深入滲透到新的和現有的診所，因為我們的數據與開處方者產生了共鳴。我們期待在 6 月的 ADA 投資者活動上展示 ILA 推出後前兩年的全面真實證據更新。

Now let's dig into our innovation pipeline. I'm extremely excited by our pipeline and the ability it may have to disrupt the industry and ourselves. In Q1, we continue to make progress on our patch pump towards our goal of commercialization by the end of 2027, and we remain confident in that target.

現在讓我們深入研究我們的創新管道。我對我們的產品線以及它可能顛覆整個產業和我們自己的能力感到非常興奮。在第一季度，我們繼續在貼片泵方面取得進展，朝著 2027 年底實現商業化的目標邁進，我們對這一目標充滿信心。

We believe our patch pump's two-part reusable and disposable design may make for a more seamless patch change process versus fully disposable patches. And that plus the integration of our adaptive closed loop algorithm with the patch has the potential to transform the user experience for patch pumps.

我們相信，與完全一次性的貼片相比，我們的貼片幫浦的兩部分可重複使用和一次性設計可以使貼片更換過程更加無縫。再加上我們的自適應閉環演算法與貼片的結合，有可能改變貼片幫浦的使用者體驗。

We're excited to show you all the demonstration of the patch at our ADA investor event in June where we will dive deeper into the process design and the user experience advantages I mentioned.

我們很高興在 6 月的 ADA 投資者活動上向大家展示該貼片的演示，屆時我們將更深入地探討我提到的流程設計和用戶體驗優勢。

Shifting to our Bi-hormonal pump program in Q1, we began enrolling what I would refer to as our bridging study for our glucagon candidate, which is successful, would allow us to bridge all of our previous bi-hormonal clinical data, including 3 pre-pivotal inpatient and 6 pre-pivotal outpatient trials to our new formulation of glucagon.

在第一季轉向雙激素幫浦計畫後，我們開始招募我稱之為胰高血糖素候選藥物橋接研究的患者，該研究取得了成功，這將使我們能夠將所有先前的雙激素臨床數據（包括 3 次關鍵性住院前試驗和 6 次關鍵性門診前試驗）與我們新配方的胰高血糖素聯繫起來。

This study is designed to assess the pharmacokinetics and pharmacodynamics typically referred to as PK/PD of our glucagon candidate. Beyond the PK/PD study, we're planning to conduct concurrent pivotal trials to fulfill the requirements for a 505B2 NDA with a chronic drug indication of glucagon and the ACE and IAGC 510ks for the pump and algorithm respectively.

這項研究的目的是評估我們的胰高血糖素候選藥物的藥物動力學和藥效動力學（通常稱為 PK/PD）。除了 PK/PD 研究之外，我們還計劃同時進行關鍵試驗，以滿足 505B2 NDA 的要求，該藥物適應症為胰高血糖素，以及分別針對泵浦和演算法的 ACE 和 IAGC 510ks。

I want to remind everyone that if we're successful in getting the bi-hormonal system to market, we believe it could have not only the ability to transform clinical outcomes for people with diabetes, but more importantly, the ability to transform the way people think about managing their diabetes, as well as produce a larger lifetime customer value to Beta.

我想提醒大家，如果我們成功將雙激素系統推向市場，我們相信它不僅能夠改變糖尿病患者的臨床結果，更重要的是，能夠改變人們對管理糖尿病的看法，並為 Beta 創造更大的終身客戶價值。

Beyond the patch and bi-hormonal programs, I want to provide a few other updates. Starting with our digital innovation, we recently launched a pilot of our updated healthcare provider portal which allows clinics to see a full view of all the iLet patients they treat in the clinic, to collaborate between providers in the clinic, and to simplify communication and connections between healthcare providers and iLet users during in between their visits to the clinic.

除了貼片和雙激素計劃之外，我還想提供一些其他更新。從我們的數位創新開始，我們最近啟動了更新的醫療保健提供者入口網站的試點，該入口網站允許診所全面查看他們在診所治療的所有 iLet 患者，診所內的提供者之間進行協作，並簡化醫療保健提供者和 iLet 用戶在診所就診期間之間的溝通和聯繫。

Our mission is to simplify and alleviate the burden of managing diabetes, and the vision for our new healthcare provider portal is to do just that. Over time, we'll be adding features that we expect will empower providers to understand the outcomes that the is is driving across their entire patient base and to quickly identify and triage patients that may need additional support.

我們的使命是簡化和減輕糖尿病管理的負擔，我們新的醫療保健提供者入口網站的願景就是實現這一目標。隨著時間的推移，我們將添加一些功能，希望這些功能能夠使服務提供者了解該服務在整個患者群體中所產生的結果，並快速識別和分類可能需要額外支援的患者。

To briefly touch on the type 2 label expansion opportunity, we've shared that there are some healthcare providers that decide to prescribe viola to their type 2 patients off label. We continue to see this in 1 and estimate that approximately 20% to 25% of our new patients starts in the quarter were type 2.

為了簡要介紹 2 型標籤擴展機會，我們已經分享了一些醫療保健提供者決定為 2 型患者開出非標籤藥物中提琴的情況。我們繼續在 1 中看到這種情況，並估計本季新患者中約有 20% 至 25% 屬於第 2 型。

We look forward to pursuing the type 2 label to the FDA, but we also recognize the importance that ease of use and pharmacy reimbursement can have in driving type 2 adoption by patients and the providers who manage them, most of which are primary care providers.

我們期待向 FDA 申請 2 型標籤，但我們也認識到易用性和藥房報銷對於推動患者和管理他們的提供者（其中大多數是初級保健提供者）採用 2 型的重要性。

Now to touch on CGM integrations, we will support the 15-day Dexcom G7 sensor at launch. We are currently integrated with Dexcom G6 and G7 and Abbott Freestyle Libre 3 Plus, making us the most advantaged pump for CGM integrations in the US today, and we intend to retain that advantage when the 15-day G7 launches.

現在談到 CGM 集成，我們將在發佈時支援 15 天的 Dexcom G7 感測器。我們目前已與 Dexcom G6 和 G7 以及 Abbott Freestyle Libre 3 Plus 集成，這使我們成為當今美國 CGM 集成方面最具優勢的泵，並且我們打算在 15 天的 G7 推出時保持這一優勢。

To summarize what we hope you'll take away from the call today, we are seeing positive momentum across our business, both commercially and in our pipeline. We've updated our annual guidance accordingly and are confident in our ability to meet or potentially exceed those increased targets across the board.

總結我們希望您從今天的電話會議中得到的信息，我們看到我們的業務，無論是在商業方面還是在渠道方面，都呈現出積極的勢頭。我們已相應更新了年度指導，並有信心我們有能力全面實現或超越這些增加的目標。

We have a number of compelling short, medium, and long-term initiatives that we expect will ultimately deliver life-changing solutions to a much larger group of people with diabetes. We're committed to building a business that delivers durable value to the diabetes community and in doing so to our shareholders as well.

我們有許多引人注目的短期、中期和長期計劃，希望最終能為更多的糖尿病患者帶來改變生活的解決方案。我們致力於建立一家為糖尿病社群和我們的股東帶來持久價值的企業。

And we're excited to continue sharing updates with you all each quarter as we progress in our journey.

我們很高興能夠在旅程進展過程中每季繼續與大家分享最新進展。

With that operator, please open the call for Q&A.

請與接線生一起開啟問答環節。

(Operator Instructions)

（操作員指示）

Your first question comes from the line of Matthew O'Brien with Piper Sandler. Please go ahead.

您的第一個問題來自 Piper Sandler 的 Matthew O'Brien。請繼續。

Good afternoon thanks for taking the questions. Would love to start on the pharmacy side because that number was pretty eye popping as far as what we saw here in T1, just between the new access that you received, new sales force you received, or you've gotten recently. Just maybe talk a little bit about, just think about the sales. I'm not sure that was that big of a contributor, but just, what we're seeing on the underlying side in terms of dynamics of the pharmacy channel, on your business and, the, decision to increase the outlook there specifically here in Q1.

下午好，感謝您回答問題。我很想從藥局方面開始，因為就我們在 T1 看到的情況而言，這個數字相當令人瞠目結舌，僅僅是您收到的新訪問權限、收到的新銷售團隊或您最近獲得的數據。也許只是談論一下，只是考慮一下銷售情況。我不確定這是否是一個很大的因素，但就藥房管道的動態、您的業務以及在第一季特別提高前景的決定而言，我們看到了潛在的影響。

Yeah, Matt, thanks for the question.

是的，馬特，謝謝你的提問。

I think that what we're seeing there is we're just having greater success with, in effect what we're selling to the plans themselves as we shared and prepared remarks, step one is get the contract to the PBM, but the traditionally more difficult step is to convince the underlying plans to adopt the plan that you've laid out or the contract you've laid up with the PBM.

我認為，我們所看到的是我們取得了更大的成功，實際上，正如我們分享和準備的評論那樣，我們正在向計劃本身推銷什麼，第一步是將合約交給 PBM，但傳統上更困難的一步是說服底層計劃採用您制定的計劃或您與 PBM 簽訂的合約。

And frankly we're just seeing that happen faster than we expected, and I think that's a testament to Signing those contracts in a way that makes it an advantage for the plans to want to do this. And that happened pretty aggressively in the first quarter, primarily based on the prime contract specifically but that obviously gives us excuse me, increased confidence going into the back half of the year.

坦白說，我們看到這種情況發生的速度比我們預期的要快，我認為這證明簽署這些合約的方式對想要這樣做的計劃有利。第一季度，這一情況表現得相當積極，主要基於主要合同，但這顯然讓我們對下半年的信心增強了。

And there's nothing one time about the success that we had in pharmacy in the first quarter. So again, it was a low 20% of our new patients starts to reimbursed through the pharmacy in Q1, and we increased the guidance to 22% to 25% for the year.

我們第一季在製藥領域的成功並沒有什麼特別之處。因此，第一季我們開始透過藥局報銷的新患者比​​率較低，只有 20%，而我們將全年的指導比例提高到了 22% 至 25%。

And so, I just pointing out that like what we saw in Q1, we expect to sustain through the rest of the year with some slight uptick.

因此，我只是指出，就像我們在第一季看到的情況一樣，我們預計今年剩餘時間內這一趨勢將持續略有上升。

Got it. And then, Stephen, you did a really nice job running through the financial benefit that you're going to get from that upside here in Q1. Can you talk about, again the patient ads? I mean that was way higher than what what we've been modeling here, especially in the seasonally soft quarter, just some of the successes that you're having in terms of adding new patients and then and then you know the contribution from these new reps and potentially even even layering on in terms of. Adoption because you're still fairly new in the in the rollout of the product.

知道了。然後，史蒂芬，你很好地闡述了你將在第一季從這一優勢中獲得的財務利益。能再談談病患廣告嗎？我的意思是，這比我們在這裡建模的要高得多，特別是在季節性疲軟的季度，只是您在增加新患者方面取得的一些成功，然後您知道這些新代表的貢獻，甚至可能在方面有所提升。採用，因為您在產品推出方面還比較新。

Yeah, good question man. Thanks for the compliment there. So yeah, we saw a 4% reduction in our new patients starts from to Q1. I think that's what you're alluding to. So again, Q4 to Q1, 4% reduction, but seasonally you would expect diabetes that decrease to be quite a bit more significant than that. And so, I think it's really just a product of two things that are resonating with our product.

是的，問得好。謝謝你的讚美。是的，從第一季開始，我們的新患者數量減少了 4%。我想這就是你所暗示的。因此，第四季與第一季相比減少了 4%，但從季節性來看，你預期糖尿病的下降幅度會比這更大。所以，我認為這實際上只是與我們的產品產生共鳴的兩件事的產物。

Number one, we had some new product launches that went in, into effect in Q3 and Q4, notably the Color iLet, the Libre 3 integration, and the Bionic Circle. So those certainly create some benefit for us that we're selling better things now and we had, we were able to do that for the entire quarter.

首先，我們在第三季和第四季推出了一些新產品，特別是 Color iLet、Libre 3 整合和 Bionic Circle。因此，這些肯定會為我們帶來一些好處，因為我們現在銷售更好的產品，而且我們能夠在整個季度中做到這一點。

And then the second is we have a maturing sales force. So, we have, a sales force that now we exited Q1 with 63 sales territories, but a lot of those 20 of those 63 are brand new in the first quarter. But even of the 43 that existed prior to that, they were maturing.

第二，我們擁有一支日趨成熟的銷售團隊。因此，我們擁有一支銷售隊伍，目前我們在第一季結束時擁有 63 個銷售區域，但這 63 個銷售區域中的 20 個都是第一季新成立的。但即使在此之前就存在的 43 個，它們也正在成熟。

They're more mature and and they're, we're developing traction, across the entire country.

他們更加成熟，而且我們正在全國範圍內發展他們的影響力。

So again, of those 20, that those 20 new territories that we added, in the first quarter, really there was no contribution to new patients starts from those incremental 20. So it's again, but most of the results that we saw in in Q1 were from the existing 43 we already had.

因此，我們在第一季新增的這 20 個地區中，實際上並沒有為新增患者帶來任何貢獻。再次重申一下，但我們在第一季看到的大部分結果都來自現有的 43 個。

Got it.

知道了。

Thank you.

謝謝。

Your next question comes from the line of Mike Ratke with Leerink Partners with Leering Partners. Please go ahead.

您的下一個問題來自 Leerink Partners 和 Leering Partners 的 Mike Ratke。請繼續。

Hey, everyone, thanks for taking our questions. Steven, maybe you just want to start on the guidance. Can you help bring to what extent your new guidance assumed that raised in new starts for the year relative to your prior expectations? Any color on the magnitude of that would be helpful, and then have one follow up.

大家好，感謝你們回答我們的問題。史蒂文，也許你只是想開始指導。您能否幫助說明，相對於您先前的預期，您的新指導方針假設今年新開工數將增加到何種程度？任何關於其程度的顏色都會有所幫助，然後進行跟進。

Can you say that again, Mike?

你能再說一遍嗎，麥克？

Yeah, I might have missed this, but I think you said in your comments that your new guidance in terms of revenue seems a raise in your new starts overall for the year.

是的，我可能錯過了這一點，但我認為您在評論中說過，您在收入方面的新指導似乎提高了您今年的整體新開工數量。

And yeah, just curious on the magnitude of that and, maybe just to ask the follow up upfront, how does that assume any new shifts in competition either between new players or new combos that could come to market?

是的，我只是對這問題的重要性感到好奇，也許只是想提前問一下後續問題，這如何假設新玩家或新組合之間的競爭會發生新的轉變？

Yeah, I gotcha. Okay. So yeah, we increased our revenue guidance, by $2 million at the bottom and high end of the range, but we also dramatically increased our pharmacy guidance, which means that in 2025 we increased our new patient starts expectations by above, what we, what our revenue guidance implies, because we have to sell more new patient starts in order to make up for that revenue delta that's now created in the short run from pharmacy. So I guess maybe just to confirm your point, Mike.

是的，我明白了。好的。是的，我們提高了收入預期，在最低和最高收入範圍內分別增加了 200 萬美元，但我們也大幅提高了藥房預期，這意味著到 2025 年，我們將新患者開始數量的預期提高了，高於我們的收入預期，因為我們必須銷售更多的新患者開始數量，以彌補現在藥房在短期內創造的收入增量。所以我想也許只是為了證實你的觀點，麥克。

Yeah, we called, we increased our revenue guidance, but the actual implied increase in new patient starts guidance is higher than than what again what I, what we're communicating in terms of revenue. In terms of competitive pressure, I don't know, Sean, do you want to comment on that part?

是的，我們確實提高了收入預期，但新患者開始預期的實際隱含增幅高於我們在收入方面所傳達的數字。就競爭壓力而言，我不知道，肖恩，你想對這部分發表評論嗎？

Sure, I mean, I don't think that, the way we do our guidance generally doesn't, consider relative share between the different players, but what I will say is that we're obviously quite cognizant of competitive launches within the space, and we did allude to that in the call. And at this point we don't see anything on the horizon that we're particularly concerned about.

當然，我的意思是，我不認為我們制定指導的方式通常不會考慮不同參與者之間的相對份額，但我想說的是，我們顯然非常清楚該領域內的競爭性發布，我們確實在電話會議中提到了這一點。目前，我們還沒有看到任何讓我們特別擔心的事情發生。

Everybody's doing well, there, there's good products out there now and getting better, but for the moment we believe that the iLet remains a differentiated algorithm that does what that does a fairly unique thing, and that's exactly why we've been leaning into sharing our real world with results of the iLet and how it's working in the field as broadly as we possibly can, and I would add to what Stephen said earlier.

每個人都做得很好，現在市面上有很好的產品，而且越來越好，但目前我們認為 iLet 仍然是一種差異化的演算法，它可以做相當獨特的事情，這正是我們一直傾向於與現實世界分享 iLet 的結果以及它在該領域的盡可能廣泛的運作方式的原因，我想補充一下 Stephen 之前說的話。

About tailwinds in Q1 is, as we mentioned, our sales reps are now in a position to be sharing how well the iLet is doing from baseline A1C to follow GMI, and that message is very much resonating and again, we just don't see anything on the market or excuse me, on the horizon that there really risks that in any way.

關於第一季度的順風，正如我們所提到的，我們的銷售代表現在可以分享 iLet 從基線 A1C 到跟踪 GMI 的表現如何，並且這個信息非常引起共鳴，而且我們只是沒有在市場上看到任何東西，或者對不起，在地平線上沒有看到任何真正存在任何風險的東西。

Understood, thanks very much. And maybe if I can just sneak one more in in terms of the 22 side, super helpful color, can you talk about what type of traction you're seeing among endos versus PCPs for those patients?

明白了，非常感謝。也許我可以再偷偷地問一下 22 方面，非常有幫助的顏色，您能談談對於這些患者，您在內鏡醫生和 PCP 之間看到了什麼類型的牽引力嗎？

Mike, I think we probably prefer not to comment on that at this time specifically.

麥克，我想我們現在可能不願意對此發表具體評論。

What we will say is that a significant number of the type 2 population is managed in the primary care space, and we do believe that being applicable in the primary care space is a very different.

我們要說的是，相當一部分 2 型糖尿病患者是在初級保健領域接受治療的，我們確實認為，在初級保健領域應用治療是非常不同的。

A challenge then in the endocrinology space primarily based on the fact that primary care providers are somewhat less familiar with the setup and management of a traditional insulin pump and that we believe positions us uniquely in the primary care space specifically, having nothing to do with the type 2 opportunity specifically because again, we don't have that we don't have that indication at this point.

內分泌學領域的挑戰主要基於這樣一個事實：初級保健提供者對傳統胰島素幫浦的設置和管理不太熟悉，我們認為，我們在初級保健領域具有獨特的地位，這與 2 型機會無關，因為我們目前沒有這方面的指徵。

Got it, thanks very much.

明白了，非常感謝。

Your next question comes from the line of Matthew Blackman with Stifel. Please go ahead.

您的下一個問題來自 Stifel 的 Matthew Blackman。請繼續。

A good afternoon, everybody. Thanks for taking our questions. I've got two, maybe to start Sean or Stephen, you both, I think, echoing what Matt said tackled that. Pharmacy mix impact well, so appreciate that color. I think the one question I have still is why are you confident in this now explicit 22% to 25% range? What kind of visibility do you have on that mix and how much control do you have over whether a pharmacy, a script goes through DME or through pharmacy and then I've got one follow up on the salesforce.

大家下午好。感謝您回答我們的問題。我有兩個想法，也許可以讓肖恩或史蒂芬來開始，我想你們兩個都會回應馬特所說的解決這個問題的方法。藥房混合效果很好，所以欣賞那種顏色。我想我仍然有一個問題是，為什麼您對現在明確的 22% 到 25% 的範圍有信心？您對這種組合有什麼樣的了解，您對藥房、處方是透過 DME 還是透過藥房有多大的控制權，然後我對銷售人員進行跟進。

Yeah, we have pretty good visibility, so we signed, I think I'll just remind you kind of the framework of how this works for us for you to ultimately get coverage turned on for a patient to be able to be reimbursed through the pharmacy channel.

是的，我們的知名度相當高，所以我們簽署了協議，我想我只是提醒您這個框架對我們來說是如何運作的，最終讓您為患者開啟保險，以便能夠通過藥房渠道獲得報銷。

First you have to sign PBM contracts, and then there's some selling that gets done at the plan level and all those decisions get made at a future date. So there's really like 3 stages to turning on pharmacy coverage and because we are in discussions like with with PBMs with plans, involving both of those elements of the process. We actually do have like some pretty good visibility.

首先，您必須簽署 PBM 合同，然後在計劃層面進行一些銷售，所有這些決定都在未來做出。因此，藥房覆蓋的啟動實際上分為三個階段，因為我們正在與 PBM 討論計劃，涉及流程的這兩個要素。我們確實擁有相當好的可見性。

Now that said, there can be slight deviations. From quarter to quarter because our sample size is relatively small, but the reason that we see we're forecasting some upward momentum in the pharmacy adoption through the rest of the year is because we're aware of some information for like when we expect certain plans to turn on the iLet as a pharmacy benefit. And so I would say our visibility is actually reasonably strong.

話雖如此，但可能會有輕微的偏差。由於我們的樣本量相對較小，因此每個季度的情況都有所不同，但我們預測今年剩餘時間內藥房採用率將出現上升勢頭，這是因為我們了解一些信息，例如我們預計某些計劃何時會將 iLet 作為藥房福利。所以我想說我們的知名度其實相當高。

I really appreciate that. Yeah.

我真的很感激。是的。

So prescription ends up getting sent to Betastas.

因此處方最終被發送給了 Betastas。

Then checks to see if a patient is covered in the pharmacy. And if they are, so we have a tool that allows us to do that. If if they are covered in the pharmacy benefit, we send the patient to get reimbursed through pharmacy and that prescription is filled through a mail order pharmacy. If the patient is not covered in pharmacy, we then send them to DME. So that just reiterates the points that we've now said on the call, and it's a good question, but this is why when we say that the pharmacy is our preferred channel and that we send every patient that we can through the pharmacy, we actually do control all those that patient volume and so every and every patient Bennett who is covered in pharmacy benefits from it. So again, we check all the patients for pharmacy. If they're covered, we send them there.

然後檢查病人是否在藥局接受治療。如果是的話，我們有一個工具可以讓我們做到這一點。如果患者享有藥局福利，我們會讓他們透過藥局獲得報銷，並透過郵購藥局配藥。如果患者不在藥房，我們就會將他們送往 DME。所以這只是重申了我們在電話會議上提到的觀點，這是一個很好的問題，但這就是為什麼當我們說藥房是我們首選的管道並且我們盡可能地將每位患者送至藥房時，我們實際上確實控制了所有患者的數量，因此每一位在藥房接受治療的 Bennett 患者都會從中受益。因此，我們再次檢查所有患者的藥房情況。如果他們被覆蓋，我們就會把他們送到那裡。

Got it.

知道了。

Thank you for that. And the question I have on the salesforce, you've sort of touched on it a little bit, but up to 63 from 43 at the end of 24, just to be clear, are all those 20 incremental territories now up and running in the second quarter and a couple of follow-ups? I don't think so, but okay, so thank you on the yes. I doubt there was any, but was there any one Q dislocation with the expansion of the salesforce with maybe the existing territories?

謝謝你。我有一個關於銷售團隊的問題，您剛才稍微提到了這一點，但是從 24 年底的 43 個增加到 63 個，請明確一點，這 20 個新增地區是否都已在第二季度啟動並運行，以及是否還有一些後續行動？我不這麼認為，但是好的，所以謝謝你的同意。我對此表示懷疑，但是，隨著銷售隊伍的擴張以及現有地區的擴張，是否存在任何 Q 錯位？

And the final question is, how are you thinking about layering in these new territories as those reps ramp to productivity? Are they layered in in the back half of 25, or is it really in 2026, a 9 to 12 month productivity curve that we should start to visibly see them contribute to the top line? Thanks so much.

最後一個問題是，隨著這些銷售代表的生產力不斷提高，您如何考慮在這些新領域進行分層？它們是否會在 25 年的後半段分層，還是真的在 2026 年，即 9 到 12 個月的生產力曲線上，我們才應該開始明顯看到它們對營收的貢獻？非常感謝。

Yeah, so dislocation, Matt, sorry to clarify, but what do you mean by the dislocation point? I just want to make sure I don't missanswer that. Yeah.

是的，所以是錯位，馬特，很抱歉澄清一下，但你說的錯位點是什麼意思呢？我只是想確保我沒有回答錯誤。是的。

So sometimes when you expand the salesforce, there is the eyes get taken off the balls, things, slip through the cracks. Now typically that's when you're slicing up territories, which you're not doing here, but anytime I think in medtech we hear Salesforce expansion, you automatically think the worst.

因此，有時當你擴大銷售團隊時，就會出現分心、事情被忽略的情況。通常情況下，這就是你劃分地域的時候，而你在這裡沒有這樣做，但每當我認為在醫療技術領域我們聽到 Salesforce 擴張的消息時，你就會自然而然地想到最壞的情況。

So no dislocation. I look on balance, what you said is true about, the net, the 20 new territories are on and are being added to areas where there wasn't already an existing sales rep, but sometimes there's certain places where we did cut a territory, let's say, and so that it's not always that that statement isn't always true. In terms of like the time to productivity, we'll start seeing this new 20 sales territory start generating revenue immediately in the second quarter.

因此沒有錯位。總的來說，我認為您說的是對的，20 個新地區是新增的，並且被添加到之前沒有銷售代表的地區，但有時在某些特定地方我們確實削減了一個地區，所以這種說法並不總是正確的。就生產效率而言，我們將在第二季看到這 20 個新的銷售區域立即開始產生收入。

So, now the time to productivity, I've never formally answered that question in terms of like when we expect the territory to become fully productive, and I won't answer that here, but I, but it doesn't take quarters for a territory to kind of get up and running so that they start creating any demand at all.

所以，現在是生產力的時間了，我從來沒有正式回答過這個問題，例如我們預計該地區何時會完全實現生產力，我也不會在這裡回答這個問題，但是我，但一個地區不需要幾個季度就能啟動和運行，這樣他們就會開始創造任何需求。

Now these territories are now in place, they're trained and they're actually selling for us in the second quarter.

現在這些地區已經到位，他們接受了培訓，並且實際上在第二季為我們銷售產品。

Thank you, Stephen. I'll get back to you.

謝謝你，史蒂芬。我會回覆你。

Good questions, man.

好問題，老兄。

Your next question comes from the line of Travis Steed with Bank of America. Please go ahead.

您的下一個問題來自美國銀行的 Travis Steed。請繼續。

Hey, thanks for taking the question and congrats on the recorder.

嘿，感謝您回答這個問題，並祝賀您取得錄音成果。

I guess the first question I have is, now that you're kind of 63 territories, the awareness of IOLET is getting out there. Any change in kind of what you're seeing within your doctors and prescribers in the uptake of iLet, how they're using it. And also like seeing penetration move, like within your own doctors and then, and also kind of adding new prescribers. I kind of curious how the awareness of the products kind of playing out and then how to follow up.

我想我的第一個問題是，現在你們已經涵蓋了 63 個地區，IOLET 的知名度正在不斷提高。您所看到的醫生和處方人員對 iLet 的接受程度以及使用方式有什麼變化嗎？並且還可以看到滲透率的變化，例如在您自己的醫生內部，然後還增加了新的處方者。我有點好奇產品的知名度如何發揮作用以及如何跟進。

Yeah, great question, Travis. I think what we're seeing evolved is that when you first launch a product, you're necessarily going to get niched in some level, right? Nobody ever launched a product in this industry and somebody just looked at it and said, yeah, I'm going to use that on absolutely everybody.

是的，崔維斯，這個問題問得很好。我認為我們看到的變化是，當你第一次推出一款產品時，你必然會在某種程度上獲得一定的市場地位，對嗎？在這個行業中，從來沒有人推出過這樣的產品，然後有人只是看了看它然後說，是的，我要把它用在所有人身上。

It hasn't happened one time that I'm aware of, and I've been in the industry a while. So they're going to find that area where they need to TRY it out. And I think I was no different, right? And we know that at some level we get used on some of the harder patients and patients have previously been unable to be successful in other therapies.

據我所知，這種事從未發生過，而且我已經在這個行業工作了一段時間。所以他們會找到需要嘗試的地方。我想我也不例外，對吧？我們知道，在某種程度上，我們已經習慣治療一些較難治療的患者，這些患者以前無法透過其他療法獲得成功。

But what we've been able to do, and we've alluded to this several times now, is share that success of, the average A1C drop from X to Y. I think on the last call we shared what we considered our fully closed loop experience and the shocking reductions in GMI that we saw on that.

但我們能夠做到的，我們已經多次提到這一點，就是分享平均 A1C 從 X 下降到 Y 的成功經驗。我認為在上次電話會議上我們分享了我們認為的完全閉環經驗以及我們所看到的 GMI 的驚人減少。

And when we can share that on a clinic-by-clinic basis or a doctor-by-doctor basis and say, Doctor, these are, this is your experience of the iLet. Say holy smokes, it's really working well, and there's no real reason that if it's working well on my harder patients, it really shouldn't work, at least as well on my easier ones.

當我們可以逐一診所或逐一分享這些資訊時，我們會說，醫生，這就是您對 iLet 的體驗。天哪，它的效果確實很好，如果它對我那些難纏的病人有效，那麼沒有理由說它就不應該有效，至少對那些容易纏身的病人也同樣有效。

And so I think there's an understanding of that going on, but at the same time as we increase our salesforce size, we increase the accounts that we're calling on, we're going to see that also start the other direction in those new accounts, right? So we say, okay, well now it's my first time using the iLet. I understand it's out there, but I haven't tried it before, and then they try it on some of the harder patients and then we have to get that physician or account to move down the.

所以我認為大家對這種情況有所了解，但同時，隨著我們擴大銷售隊伍規模，增加我們聯繫的帳戶，我們也會看到這些新帳戶也開始朝著另一個方向發展，對嗎？所以我們說，好吧，這是我第一次使用 iLet。我知道它存在，但我之前沒有嘗試過，然後他們在一些更難治的病人身上嘗試它，然後我們必須讓那位醫生或帳戶繼續下去。

Spectrum or what have you and get IE to be more broadly accepted. But I think we're clearly seeing that at some level. And again, the clinical data that we're able to share does indicate it.

光譜或您擁有的東西，讓 IE 得到更廣泛的接受。但我認為我們在某種程度上清楚地看到了這一點。而且，我們能夠分享的臨床數據確實顯示了這一點。

And as we mentioned, we are We're excited to share that real-world evidence data more broadly at our analyst day in June at EDA and I will remind everybody that the majority of people in the United States, roughly 80%, have an 80 A1C over 7%. Not meeting A1C goal and historically, these are the people that we've considered to be the harder patients.

正如我們所提到的，我們很高興在 6 月的 EDA 分析師日上更廣泛地分享真實世界證據數據，我要提醒大家，美國大多數人（大約 80%）的 A1C 都超過 7%。沒有達到 A1C 目標，從歷史上看，這些人是我們認為更難治療的患者。

So frankly, being, niched, an 80% group is something that we're very happy to start with and if we progress into the entire population, well, that's just even better.

所以坦白說，我們很高興能從 80% 的群體開始，如果我們能擴展到整個人群，那就更好了。

Great, thanks for that. And then Sean, I guess the follow up one would be on the patch pump. I'm not sure if there's any milestones you can share on progress you're making there. I just wanted to make sure there was nothing else on that. And then even a modeling question we're putting on the DME revenue and patient revenue in the models, and it looks like there was a takedown in revenue for patients in the DME side this quarter versus the prior few quarters. I'm not sure if there was something to call out there.

太好了，謝謝。然後是肖恩，我想接下來的討論將是關於貼片泵。我不確定您是否可以分享您在那裡取得的進展里程碑。我只是想確保沒有其他事情發生。然後，我們甚至在模型中提出了關於 DME 收入和患者收入的建模問題，看起來本季與前幾個季度相比，DME 方面的患者收入有所下降。我不確定那裡是否有東西需要呼喚。

We can follow up offline if there's something that we're missing.

如果有遺漏的地方，我們可以進行線下跟進。

Yeah, let's take those one at a time and try to that's fast work on that second one. That's good fast math. I like that. I'm going to let Stephen take that one on the patch pump. I know, I'm sorry, we won't share any additional color in that project. We did reiterate our prior guidance of commercial launch by the end of 2027.

是的，讓我們一次解決一個問題，並嘗試快速解決第二個問題。這是很好的快速數學。我喜歡這個。我要讓史蒂芬用貼片幫浦來處理這個。我知道，很抱歉，我們不會在該項目中分享任何額外的顏色。我們確實重申了先前的指導，即在 2027 年底前實現商業發布。

And then, as I mentioned, we look forward to sharing that product in more detail at the analyst day in June so we can get a little hands on with it and see how it works and what the intent is and provide some more color around my statement today, which is that we do expect it to on balance be an easier user experience as compared to a fully diss fully disposable form factor. So yeah, looking forward to that one. Steven.

然後，正如我所提到的，我們期待在 6 月的分析師日上更詳細地分享該產品，以便我們能夠親身體驗它，了解它的工作原理和意圖，並為今天的聲明提供更多色彩，也就是說，我們確實希望它總體上比完全一次性的外形更易於使用。是的，我很期待這一點。史蒂文。

Yeah, just to be clear that at that event that Sean just referenced, we'll do a full demonstration of it. So it's not just, some slides with like some updated visuals. We intend to show you exactly kind of what the merits of it are.

是的，只是為了明確起見，在肖恩剛才提到的活動中，我們將對其進行全面演示。因此，它不僅僅是一些帶有更新的視覺效果的幻燈片。我們打算向您展示它到底有什麼優點。

So in terms of why you're seeing that trend, Travis, so The distributors ended Q4 with more inventory, DME inventory on their shelf than they did in Q1. So set another way. There was a lumpy, a little bit of lumpiness, which there's nothing to read into here, but it's just so it kind of happens the nature of the industry that we're in.

那麼，特拉維斯，關於你為什麼會看到這種趨勢，分銷商在第四季度末的庫存、貨架上的 DME 庫存比第一季要多。所以換一種方式設定。有一個凹凸不平的地方，有一點點凹凸不平，這裡沒有什麼可解讀的，但這就是我們所處的行業的本質。

But there was a larger spread between new patient starts and a number of islets sold to distributors in Q4 than what there was in Q1.

但第四季新患者數量與銷售給分銷商的胰島數量之間的差距比第一季更大。

So that that's really the reason.

這就是真正的原因。

Okay, thanks for that.

好的，謝謝。

Yeah, timing aspect of orders and there's nothing I wouldn't call like a prediction of what we'll see in the next quarters either. I think we'll just sort of a little lumpiness like that that will get minimized as the revenue for our business tends grows over time, but for the time being, yeah, it did make an impact in the comparative periods.

是的，訂單的時間方面，以及我不會稱之為對下一季將會看到什麼的預測。我認為，隨著我們業務收入的逐漸增長，這種不平衡現象將會逐漸減少，但就目前而言，它確實對比較時期產生了影響。

Is there likely a catch up next quarter, so it's like if it's under this quarter, it goes higher next quarter, or is that? To simplistic.

下個季度有可能趕上嗎，所以如果這個季度低於這個水平，下個季度就會更高，是這樣嗎？太過簡單了。

Not always true. I mean, there's a world where distributors and, this Q2 at the same level of inventory that they did at the end of Q1, in which case, we wouldn't see any difference there for the for comparing the two periods. But if, the end, if the end of Q2 distributors and the quarter with a similar inventory level they did with from Q4, then yeah, there's some tailwind in Q2.

並非總是如此。我的意思是，分銷商在第二季度的庫存水準與第一季末相同，在這種情況下，我們不會看到兩個期間的比較有任何差異。但是，如果第二季末分銷商的庫存水準與第四季度相似，那麼第二季度就會出現一些順風。

Okay, thank you.

好的，謝謝。

Your next question comes from the line of Jonson Jeff with Baird. Please go ahead.

您的下一個問題來自貝爾德 (Baird) 的瓊森·傑夫 (Jonson Jeff)。請繼續。

Thank you. Good afternoon, guys. Just a couple of quick follow-up questions if I could. First one, just, on the, hold on, sorry.

謝謝。大家下午好。如果可以的話，我只想問幾個簡單的後續問題。第一個，只是，在，等一下，抱歉。

I feel like I'm losing my train of thought here just I'm sitting in the airport, what was I know, I'm trying to remember what I was even going to ask here. Hold on.

我感覺我坐在機場裡，思緒都亂了，我到底知道什麼，我試著回想我到底要問什麼。堅持，稍等。

Oh, I know what it was. I just on the gross margin line. So you came in a little bit below. Obviously, that's the move to pharmacy. So much of the value of your patients is in year Q3, and 4.

哦，我知道那是什麼。我只是關注毛利率線。所以你進來得稍微低一點。顯然，這是向藥房的轉變。您的患者的大部分價值都在第三季和第四季。

Do you have any on the 19,000 pumps that you've placed so far? Any early indication on attrition rates? So far, your pump supply revenue seems to be coming in a little bit better than we had expected. It would suggest to me maybe the attrition rates a little lower than I had been modeling, but just any early indication on the attrition rate would be helpful, thanks.

到目前為止，您已經安裝了 19,000 台泵，對此您有什麼看法？有任何關於流失率的早期跡象嗎？到目前為止，您的泵浦供應收入似乎比我們預期的要好一些。這可能表明流失率比我建模的要低一點，但任何關於流失率的早期跡像都會有所幫助，謝謝。

Yeah, sure. I look, I, you're not going to love my answer here, so just disclaimer, I, but we won't be sharing the actual attrition rate in in the pharmacy channel or in the DME channel for that matter for a few reasons, including that the competition doesn't, but I guess just embedded in the statement we have perfect access to that information, so I know what our attrition rate is every month, of course, in both channels, DME and pharmacy and embedded in my statements of the pharmacy being our preferred.

是的，當然。我看，我，你不會喜歡我的答案，所以只是免責聲明，但是我們不會分享藥房渠道或 DME 渠道的實際流失率，原因有幾個，包括競爭對手不會，但我想只要嵌入在聲明中，我們就可以完美地訪問該信息，所以我知道我們每個月的流失率是多少，當然，在 DME 和藥房這兩個節目中，並且嵌入在兩個渠道中的聲明中，我們的首選渠道是我們的首選渠道。

A revenue channel is my understanding of the attrition rate and my confidence that it's accretive to Beta Bionics financially in the medium and long term because of that. And so I guess I'll just have to leave it there that yeah, we're seeing strong attrition at the moment or strong retention.

營收管道是我對員工流動率的理解，我相信從中長期來看這將為 Beta Bionics 帶來財務上的增值。所以我想我只能說，是的，我們目前看到了嚴重的人員流失或嚴重的保留。

All right, fair enough. And there's some noise in the background, so I'll drop there. Thanks. All right, thanks, Jeff.

好吧，夠公平。而且背景中有一些噪音，所以我就到此為止。謝謝。好的，謝謝，傑夫。

Your next question comes from the line of Jeffrey Cohen with Ladenburg Thalmann. Please go ahead.

您的下一個問題來自拉登堡·塔爾曼 (Ladenburg Thalmann) 的傑弗裡·科恩 (Jeffrey Cohen)。請繼續。

Oh hi Sean, thanks for taking our questions. I guess, we wanted to focus on, clinical work for two questions. Firstly, on the bridging study, can we talk about, what we may see this year? You did mention, inpatient and outpatient numbers as far as the studies ongoing, and then secondly, could you talk about the timeline and expected size on this, label expansion trial for type.

哦，你好，肖恩，謝謝你回答我們的問題。我想，我們想重點關注兩個問題的臨床工作。首先，關於銜接研究，我們可以談談今年可能會看到什麼嗎？您確實提到了正在進行的研究的住院和門診人數，其次，您能否談談該研究的時間表和預期規模，標籤擴展試驗類型。

All right, there's a Couple of questions embedded in that, Jeff. Let me start with the bridging study. The bridging study is primarily a pharmacokinetic pharmacodynamic study, or PK/PD, so as such, we won't have device outcomes from that because what we're looking at is the way that our glucagon candidate impacts blood sugar over time as compared to historical glucagons.

好的，傑夫，這其中有幾個問題。讓我先從橋接研究開始。橋接研究主要是一項藥物動力學藥效學研究，即 PK/PD，因此，我們不會從中獲得設備結果，因為我們關注的是與歷史胰高血糖素相比，我們的胰高血糖素候選藥物對血糖隨時間的影響方式。

So the idea why it's considered bridging. Is that if this glucagon candidate reacts or causes the body to react in the same way as previous glucagons that we used in our formative trials that we expect the device to work in the same way as well. So that's, that basically says all the data to date can be bridged to the new glucagon. That being said, that the trial has begun. We didn't state anything beyond that, and I won't at this time.

這就是為什麼它被認為是橋接。如果這種胰高血糖素候選藥物對身體產生的反應或導致身體產生的反應與我們在形成性試驗中使用的先前的胰高血糖素一樣，那麼我們預計該設備也會以相同的方式發揮作用。所以，這基本上表明迄今為止的所有數據都可以橋接到新的胰高血糖素。話雖如此，審判已經開始。除此之外，我們並沒有透露任何內容，目前我也不會透露。

But I will say that, historically we've shared that the cadence here is going to be a bridging study followed by pivotal trials and there there is more than one, but but there Anyway, similar, followed by the NDA and 510K on the product. And, so this gives us an idea of where we're at on at that point. And then timeline on any type 2 label expansion. I think we're going to continue to not comment on that one, for any number of reasons, but primarily we're, well, yeah, maybe just leave it at that.

但我要說的是，從歷史上看，我們已經分享過，這裡的節奏將是一項橋接研究，隨後是關鍵試驗，而且有不止一個，但無論如何，類似，隨後是產品的 NDA 和 510K。因此，這讓我們了解了我們目前所處的位置。然後是任何類型 2 標籤擴充的時間表。我想我們將繼續不對此發表評論，原因有很多，但主要是，嗯，是的，也許就此打住。

Okay perfect and one more brief one for us as far as the size of the commercial organization. Will you update us quarterly you planning on more answers throughout the Q2 to Q4 for this year or is this a an annualized decision when you talk about adding 20 in the first quarter?

好的，完美，就商業組織的規模而言，我們再簡單問一下。您是否會每季向我們更新您計劃在今年第二季至第四季期間提供更多答案的情況，或者當您談到在第一季度增加 20 個時，這是一個年度化的決定？

Yeah, I'm going to not share an expectation or communicate an expectation on whether we'll expand the size of the field team through the through the remainder of the year, but we'll continue to share at the end of each quarter how many territories we have.

是的，我不會分享或傳達我們是否會在今年剩餘時間內擴大現場團隊規模的期望，但我們將在每個季度末繼續分享我們擁有多少個地區。

Super. Okay, I got it. Thanks for taking our questions.

極好的。好的，我明白了。感謝您回答我們的問題。

Yeah, Jeff, as always.

是的，傑夫，一如既往。

Again, if you would like to ask a question, press one in your telephone keypad.

再次強調，如果您想提問，請按電話鍵盤上的 1。

Yes, your final question comes from the line of Brooks O'Neil with Lake Street Capital Markets. Please go ahead.

是的，您的最後一個問題來自 Lake Street Capital Markets 的 Brooks O'Neil。請繼續。

Thank you very much and congratulations on a terrific first quarter. I just have a couple to finish up here. First is, you guys are the only ones that integrated with Abbott Libre 3. I'm just curious if you'd comment on whether you see any meaningful impact on new patients starts that that's tied to the Abbott Libre 3 device.

非常感謝，並祝賀您第一季取得的出色成績。我這裡還有幾件事要完成。首先，你們是唯一與 Abbott Libre 3 整合的人。我只是好奇您是否願意評論一下，您是否看到與 Abbott Libre 3 設備相關的對新患者有任何有意義的影響。

It's a great question, Brooks. I'll take a page from Steven's playbook and say I'll probably frustrate you with my answer.

布魯克斯，這個問題問得非常好。我將藉鏡史蒂文的做法，我的回答可能會讓你感到沮喪。

Given that we are partnered with multiple CGM players, I think it's our policy to not, discuss the relative weighting of our CGM adoptions between those players.

鑑於我們與多家 CGM 參與者合作，我認為我們的政策是不討論這些參與者之間 CGM 採用的相對權重。

Said another way, we're going to let the CGM guys battle it out, and we're going to be very happy to support all of them. With that being said, we're extremely thankful to Abbott for partnering with us on the Libre 3. Certainly one great sensor, as is the Dexcom, and it certainly matters to our business, as does the dexcom censor. So if that was a middle of the road answer, then I got it right.

換句話說，我們將讓 CGM 隊員一決高下，我們將非常樂意支持他們所有人。話雖如此，我們非常感謝雅培與我們合作開發 Libre 3。當然，這是一個很棒的感測器，就像 Dexcom 一樣，它對我們的業務來說當然很重要，就像 dexcom 審查器一樣。所以，如果這是一個中庸的答案，那麼我的答案就正確了。

And just to reiterate what I said earlier, I mean, Q1 was a strong quarter partially because we had some new product launches, and one of those new product launches was Libre 3 in the 4th quarter. So that did contribute to a strong quarter.

我再次重申之前所說的話，第一季表現強勁，部分原因是我們推出了一些新產品，其中之一就是第四季推出的 Libre 3。所以這確實對本季的強勁表現做出了貢獻。

Sure, that's helpful, Stephen. Thanks a lot. Last question I had was, you talked quite a bit about the pharmacy and the economics and dynamics, and I'm just curious when you say that for you guys you're highly confident that it's going to be meaningfully creative in the medium and long term and you comment that the patients out of pocket is meaningfully lower.

當然，這很有幫助，史蒂芬。多謝。我的最後一個問題是，您談了很多關於藥房、經濟和動態的問題，我很好奇，您說你們非常有信心它將在中長期內具有有意義的創造力，而且您評論說患者的自付費用顯著降低。

On one level, I assume that means that the payers are paying more, and yet you comment that they're, very enthusiastic about adoption and I'm just, I would love to get any color you can offer in terms of how that dynamic works out because in my experience the payers are pretty sensitive to their out of pocket costs.

在某種程度上，我認為這意味著付款人支付的費用更多，但您評論說他們對採用非常熱情，我只是很想得到您提供的有關這種動態如何運作的任何細節，因為根據我的經驗，付款人對他們的自付費用非常敏感。

Yeah, understood.

是的，明白了。

So yeah, it is meaningfully creative debate bionics in the medium and long term, and at month 11 we actually generate in the aggregate a larger amount of revenue in the pharmacy channel than the DME channel. Like if you just compare again cumulative revenue from a patient who would start in DME versus pharmacy.

所以，是的，從中長期來看，這是具有意義的創意辯論仿生學，並且在第 11 個月，我們實際上在藥房管道中產生的總收入比 DME 管道要大。就像如果您再次比較從 DME 開始的患者與從藥房開始的患者產生的累積收入一樣。

So what does that mean? Yes, that means that a payer over the course of a 4 year period would pay more for the iLet than they in pharmacy than they would in DME. However, here's why the payers like it. Number one, there's two primary reasons.

那麼這意味著什麼？是的，這意味著在 4 年的時間裡，付款人在 iLet 上支付的費用比在藥房支付的費用高，而不是在 DME 上支付的費用。然而，付款人喜歡它的原因如下。首先，有兩個主要原因。

Number one, in DME, Patients do find a way at times to switch from pump to pump, and it's left to the DME distributors and the or not the DME distributors, but the DME payers to police this 4 year warranty element of their business, meaning preventing patients from getting another pump if in DME if they've gotten one within the last 4 years.

第一，在糖尿病性血栓形成 (DME) 中，患者確實有時會想辦法從一個泵切換到另一個泵，而這由 DME 分銷商或不是 DME 分銷商，而是 DME 付款人來監管其業務中的這 4 年保固要素，這意味著如果患者在過去 4 年內已經使用過一個泵，則在 DME 中阻止他們使用另一個泵。

Well, that's actually kind of a challenging system for DME payers to police, and so they found ways to do it, but patients also find different ways, sort of around that mechanism. So that's the first. Reason is it's avoid sort of this system that I think is maybe frustrating for the payers to to police themselves.

嗯，這實際上對 DME 付款人來說是一種具有挑戰性的監管系統，所以他們找到了方法來做到這一點，但患者也找到了不同的方法來繞過這種機制。這是第一個。原因是，這可以避免這種系統，因為我認為這種系統可能會讓付款人難以自我監管。

The second is that, look, I think it's well known that having patients on insulin pumps in particular, AID automated insulin delivery pumps does great things for patient outcomes, for patient health outcomes. And so payers actually believe that having more patients on a, and this is true, I think in the data that having more patients on Insulin pumping reduces a patient's overall cost to the system for someone that has diabetes.

第二，我認為眾所周知，讓患者使用胰島素泵，特別是 AID 自動胰島素輸送泵，對患者的治療結果和患者的健康結果大有裨益。因此，付款人實際上認為，擁有更多的患者，這是事實，我認為，從數據來看，擁有更多的患者使用胰島素幫浦可以降低糖尿病患者對系統的整體成本。

And so payers again want more patients on insulin pumping, and they see a path to more patients using them if these products can be made at a lower cost and an easier system to access, which is the pharmacy reimbursement system. So for those two reasons, we found that payers are certainly welcoming, pay as you go business model in the pharmacy channel relative to DME.

因此，付款人再次希望更多的患者使用胰島素泵，並且他們認為，如果這些產品能夠以更低的成本生產，並且更容易獲得系統（即藥房報銷系統），那麼就會有更多患者使用它們。因此，由於這兩個原因，我們發現，與 DME 相比，付款人肯定歡迎藥房管道的按需付費業務模式。

Great, it, it's a good explanation, Steven. I appreciate it, and it's good to hear that the payers are actually doing the right thing in this case.

太好了，這是一個很好的解釋，史蒂文。我對此表示感謝，很高興聽到付款人在這種情況下確實做了正確的事情。

Yeah, they've been great partners.

是的，他們是很好的合作夥伴。

Brooks. Yeah, they have been good question Brooks.

布魯克斯。是的，布魯克斯，這些問題問得很好。

Thank you very much.

非常感謝。

Your last question comes from the line of Kelly Close with Close Concerns. Please go ahead.

您的最後一個問題來自 Close Concerns 的 Kelly Close。請繼續。

Oh, thank you. We were wondering, as you think about the type 2 market, do you think there's more opportunity in, the number of patients who are already on basal and, maybe they're on GLP-1, but they still can really use more help with their glycaemic management or the ones who maybe are actually on MDI, but that's such a challenging thing for clinicians to manage, and they would benefit so much more from pump therapy, especially pump therapy, that's easier and so much more convenient. Thanks so much.

噢，謝謝。我們想知道，當您考慮 2 型糖尿病市場時，您是否認為在已經接受基礎治療或可能正在接受 GLP-1 治療的患者中存在更多機會，但他們仍然可以在血糖管理方面獲得更多幫助，或者在接受 MDI 治療的患者中存在更多機會，但這對於臨床醫生來說是一項非常具有挑戰性的管理工作，而泵，尤其是更簡單、更方便的泵提供更多益處。非常感謝。

Great question, Kelly. Definitely a perspective and, we'll see how this plays out over the long run. I think, first of all, I'm not a physician, but if I were, I think I would be looking at potential users who most closely matched the current users of a particular technology.

很好的問題，凱利。這絕對是一個觀點，我們將看看從長遠來看這將如何發展。我認為，首先，我不是醫生，但如果我是，我想我會尋找與特定技術的當前用戶最接近的潛在用戶。

Because it's closer to what I'm familiar with, meaning, I'll translate that, obviously there's a huge percentage of type 2 users today who are on intensive insulin therapy, and those patients are really being managed just the way type ones are, as we know.

因為它更接近我所熟悉的情況，也就是說，我會翻譯成，顯然今天有很大比例的 2 型糖尿病患者正在接受強化胰島素治療，而且這些患者的治療方式實際上與 1 型糖尿病患者一樣，正如我們所知。

So that's a natural entry of pumps into the type 2 space. What they can additionally do in the basil only or in the GOP1 or or what have you, at least at some level remains to be seen, and I think we're interested to see that, but the Intensive insulin therapy market in type 2 is quite large today and I think certainly would benefit by entry of a product that is, effectively specifically designed for for users like that for the reasons you mentioned, Kelly, that it is a very difficult therapy to follow MDI, so I would probably start on that end, but we shall see what what ends up happening.

因此，這是泵浦進入 2 型空間的自然途徑。他們還能在羅勒中或在 GOP1 中做什麼，或者至少在某種程度上，還有待觀察，我想我們對此很感興趣，但目前 2 型強化胰島素治療市場相當大，我認為，由於您提到的原因，專門為這類用戶設計的產品肯定會受益，凱利，這是一種很難遵循 MDI 的治療方法，所以我可能會從這方面拭目以待發生什麼，但我們最終會從這方面發生什麼。

And thanks for the question.

感謝您的提問。

That concludes our Q&A session. I will now turn the call back over to Sean Saint for closing remarks. Please go ahead.

我們的問答環節到此結束。現在我將把電話轉回 Sean Saint 作結束語。請繼續。

Well, thanks everybody today. We really appreciate your time on our Q1 2025 Earnings Call, and we hope we put up some good numbers this quarter and we look forward to keeping that going headed forward. So thank you.

好吧，今天謝謝大家。我們非常感謝您抽出時間參加我們的 2025 年第一季財報電話會議，我們希望本季能取得一些好的成績，並期待繼續保持這種勢頭。所以謝謝你。

Thanks everybody.

謝謝大家。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連線。