德康醫療 (DXCM) 2021 Q2 法說會逐字稿

Welcome to the DexCom Second Quarter 2021 Earnings Release Conference Call.

歡迎參加 DexCom 2021 年第二季度收益發布電話會議。

My name is Dow, and I'll be your operator for today's call.

我的名字是陶氏，今天我將擔任您的接線員。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the call over to Sean Christensen.

我現在將把電話轉給 Sean Christensen。

You may begin.

你可以開始了。

Thank you, operator, and welcome to DexCom's Second Quarter 2021 Earnings Call.

謝謝運營商，歡迎參加 DexCom 的 2021 年第二季度財報電話會議。

Our agenda this afternoon includes comments on the company's recent performance and strategic initiatives from Kevin Sayer, DexCom's Chairman, President and CEO; Jereme Sylvain, our Chief Financial Officer; and finally, an update from Quentin Blackford, our Chief Operating Officer.

我們今天下午的議程包括 DexCom 董事長、總裁兼首席執行官 Kevin Sayer 對公司近期業績和戰略舉措的評論； Jereme Sylvain，我們的首席財務官；最後，我們的首席運營官 Quentin Blackford 提供了最新消息。

Following our prepared remarks, we will open the call up for questions.

在我們準備好的評論之後，我們將打開電話提問。

(Operator Instructions) Please note that there are also slides available related to our second quarter performance on the DexCom Investor Relations website on the Events and Presentations page.

（操作員說明）請注意，在 DexCom 投資者關係網站的活動和演示頁面上，也有與我們第二季度業績相關的幻燈片。

With that, let's review our safe harbor statement.

有了這個，讓我們回顧一下我們的安全港聲明。

Some of the statements we will make in today's call may constitute forward-looking statements.

我們將在今天的電話會議中做出的一些陳述可能構成前瞻性陳述。

These statements reflect management's intentions, beliefs and expectations about future events, strategies, competition, products, operating plans and performance.

這些陳述反映了管理層對未來事件、戰略、競爭、產品、運營計劃和績效的意圖、信念和期望。

All forward-looking statements included in this presentation are made as of the date hereof based on information currently available to DexCom, and are subject to various risks and uncertainties, and actual results could differ materially from those anticipated in the forward-looking statements.

本演示文稿中包含的所有前瞻性陳述均基於 DexCom 目前可獲得的信息作出，並受到各種風險和不確定性的影響，實際結果可能與前瞻性陳述中的預期存在重大差異。

The factors that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements are detailed in DexCom's annual report on Form 10-K, most recent quarterly report on Form 10-Q and other filings with the Securities and Exchange Commission.

DexCom 的 10-K 表格年度報告、10-Q 表格的最新季度報告和其他提交給證券公司的文件詳細說明了可能導致實際結果與任何這些前瞻性陳述所表達或暗示的結果存在重大差異的因素和交易委員會。

Except as required by law, we assume no obligation to update any such forward-looking statements after the date of this presentation or to conform these forward-looking statements to actual results.

除法律要求外，我們不承擔在本演示文稿發布之日後更新任何此類前瞻性陳述或使這些前瞻性陳述符合實際結果的義務。

Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP with respect to our non-GAAP and cash-based results.

此外，在電話會議期間，我們將討論某些尚未根據 GAAP 編制的關於我們的非 GAAP 和基於現金的業績的財務措施。

Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis.

除非另有說明，否則所有對財務指標的引用均以非公認會計原則為基礎。

The presentation of this additional information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP.

不應孤立地考慮提供此附加信息或作為結果的替代品或優於根據公認會計原則編制的結果。

Please refer to our tables in our earnings release and the slides accompanying our second quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure.

請參閱我們收益發布中的表格和第二季度收益報告隨附的幻燈片，以將這些指標與其最直接可比的 GAAP 財務指標進行對賬。

Now I will turn it over to Kevin.

現在我將把它交給凱文。

Thank you, Sean, and thank you, everyone, for joining us.

謝謝你，肖恩，也謝謝大家加入我們。

Today, we reported great results for our second quarter with 32% revenue growth for the quarter compared to the second quarter of 2020, as well as solid execution on our key strategic initiatives that we will discuss throughout the call today.

今天，我們報告了第二季度的出色業績，與 2020 年第二季度相比，該季度的收入增長了 32%，並且我們將在今天的電話會議中討論的關鍵戰略舉措得到了穩健的執行。

The $143 million in absolute dollar revenue growth compared to the second quarter in 2020 represents the highest quarterly increase in DexCom's history.

與 2020 年第二季度相比，1.43 億美元的絕對收入增長是 DexCom 歷史上最高的季度增長。

We continue to believe that we are early in our story with the potential to drive a far greater impact on global health.

我們仍然相信，我們處於故事的早期階段，有可能對全球健康產生更大的影響。

Our growth performance is closely related to the progress we've made to advance access on our CGM systems for people with diabetes.

我們的增長業績與我們在推進糖尿病患者使用 CGM 系統方面取得的進展密切相關。

And because there is often so much misinformation spread about access to DexCom's CGM in the field, while the cost of our products for people with diabetes.

而且因為經常有很多關於在該領域訪問 DexCom 的 CGM 的錯誤信息傳播，而我們為糖尿病患者提供的產品的成本。

Let me point out several key points that our investors, clinicians and current and potential customers should know.

讓我指出我們的投資者、臨床醫生以及當前和潛在客戶應該知道的幾個關鍵點。

We've advanced pharmacy access in the U.S., where more than 70% of our commercial customers have a monthly out-of-pocket cost of less than $60 per month, and nearly 1/3 of our customers have 0 out-of-pocket costs for their G6 sensors.

我們在美國擁有先進的藥房准入，超過 70% 的商業客戶每月自付費用低於 60 美元，近 1/3 的客戶自付費用為 0他們的 G6 傳感器的成本。

According to IQVIA, this is less than the comparable out-of-pocket cost for our nearest competitor.

根據 IQVIA 的說法，這低於我們最接近的競爭對手的可比自付費用。

The latest research from diabetes market research firm, Seagrove Partners, confirms our conclusion.

糖尿病市場研究公司 Seagrove Partners 的最新研究證實了我們的結論。

With DexCom having the lowest customer co-pays of the 3 largest CGM suppliers in the U.S. for customers on intensive insulin therapy, we've significantly expanded coverage for people with intensively managed type 2 diabetes, with the overwhelming majority of these patients now having coverage for DexCom CGM in the U.S.

由於 DexCom 在美國 3 家最大的 CGM 供應商中為接受強化胰島素治療的客戶支付了最低的客戶自付費用，因此我們顯著擴大了對強化管理的 2 型糖尿病患者的覆蓋範圍，這些患者中的絕大多數現在都有覆蓋範圍DexCom CGM 在美國

We also continue to advocate for equitable access to our CGM supplies for populations that are often underserved.

我們還繼續倡導為經常得不到充分服務的人群公平獲取我們的 CGM 供應。

As of July 2021, there are now 43 State Medicaid programs providing coverage for DexCom CGM, including a growing number of states providing access through their pharmacy channel for both type 1 and type 2 intensive users.

截至 2021 年 7 月，現在有 43 個州醫療補助計劃為 DexCom CGM 提供覆蓋，其中包括越來越多的州通過其藥房渠道為 1 型和 2 型密集型用戶提供訪問。

We are building even more on those advocacy efforts in collaboration with several key nonprofit organizations that support the diabetes community.

我們正在與支持糖尿病社區的幾個主要非營利組織合作，進一步加強這些宣傳工作。

In June, we launched the global movement for time and range to broaden awareness of time and range and its benefits for people with diabetes and their health care providers.

6 月，我們發起了全球時間和範圍運動，以擴大對時間和範圍的認識，以及它對糖尿病患者及其醫療保健提供者的好處。

And we hope that this collaboration effort will lead to future solutions for improved CGM access.

我們希望這種合作努力將帶來未來改進 CGM 訪問的解決方案。

Our teams have taken a leading role to drive the removal of administrative barriers that prevent people with diabetes from accessing the benefits of real-time CGM.

我們的團隊在推動消除阻礙糖尿病患者獲得實時 CGM 益處的行政障礙方面發揮了主導作用。

Along these lines, we are pleased to see the update from CMS in the second quarter to remove the requirement of at least 4 daily finger sticks for Medicare customers.

沿著這些思路，我們很高興看到 CMS 在第二季度的更新，取消了醫療保險客戶每天至少 4 次手指棒的要求。

This will simplify the CGM onboarding process for both customers and clinicians.

這將簡化客戶和臨床醫生的 CGM 入職流程。

We've also made solid progress internationally, building from our position of operational strength to advocate for broader reimbursement for G6.

我們在國際上也取得了紮實的進展，從我們的運營優勢地位出發，倡導為 G6 提供更廣泛的報銷。

This initiative is moving forward according to plan with several geographies publicly announcing enhancements to their coverage of DexCom CGM in the second quarter.

該計劃正在按計劃推進，多個地區公開宣佈在第二季度增強其對 DexCom CGM 的覆蓋範圍。

Despite these developments, a majority of people on mealtime insulin continue to manage their diabetes with finger sticks.

儘管取得了這些進展，但大多數使用餐時胰島素的人繼續用手指棒控制他們的糖尿病。

Even in the U.S., a leader in CGM adoption, we continue to believe that the type 1 market remains less than 50% penetrated and the type 2 intensive market is less than 25% penetrated.

即使在 CGM 採用率處於領先地位的美國，我們仍然認為 1 類市場的滲透率仍然低於 50%，而 2 類密集型市場的滲透率低於 25%。

So there remains a great opportunity ahead of us, even in the markets that we currently serve.

因此，即使在我們目前服務的市場中，我們仍然有很大的機會。

At the same time, we are generating a growing evidence base for the use of DexCom CGM.

與此同時，我們正在為使用 DexCom CGM 生成越來越多的證據基礎。

And at the ATTD and ADA industry conferences in June, we presented exciting research affirming the benefits of our product platform, including the ALERTT1 trial.

在 6 月的 ATTD 和 ADA 行業會議上，我們展示了令人興奮的研究，肯定了我們產品平台的優勢，包括 ALERTT1 試驗。

This randomized controlled trial was simultaneously published in the Lancet, showing superior health outcomes associated with the use of DexCom CGM relative to our nearest competitor, Flash Glucose Monitor.

這項隨機對照試驗同時發表在《柳葉刀》上，顯示相對於我們最接近的競爭對手 Flash Glucose Monitor，使用 DexCom CGM 帶來的健康結果更佳。

These conferences also featured several presentations on the use of CGM for people of type 2 diabetes, including those not using mealtime insulin as well as use in women who are pregnant used in the hospital setting and even conclusions applicable to health and wellness using CGM data.

這些會議還介紹了 CGM 對 2 型糖尿病患者的使用情況，包括那些不使用進餐時間胰島素的患者以及在醫院環境中使用的孕婦，甚至使用 CGM 數據得出的適用於健康和保健的結論。

Perhaps the most significant of these presentations was the long-awaited readout of our MOBILE trial, which was also published in the Journal of the American Medical Association.

也許這些演講中最重要的是期待已久的我們的 MOBILE 試驗的讀數，該試驗也發表在《美國醫學會雜誌》上。

MOBILE is another rigorous randomized controlled trial assessing the value of DexCom CGM compared to the current standard of care, finger sticks, for people of type 2 diabetes treated with basal insulin.

MOBILE 是另一項嚴格的隨機對照試驗，評估 DexCom CGM 與目前使用基礎胰島素治療的 2 型糖尿病患者的護理標準手指棒相比的價值。

Importantly, the study looked at a diverse user base representative of the U.S. population, and it assess these people in a primary care clinical environments where they are traditionally served.

重要的是，該研究著眼於代表美國人口的多元化用戶群，並在傳統上為他們提供服務的初級保健臨床環境中評估這些人。

So what did we see?

那麼我們看到了什麼？

We saw clinically significant A1c reductions for users of our DexCom CGM systems.

我們看到我們的 DexCom CGM 系統的用戶在臨床上顯著降低了 A1c。

And perhaps even more telling, we saw a 16% time and range increase for the CGM cohort, which is 4 additional hours per day spent in the target glucose range.

也許更能說明問題的是，我們看到 CGM 隊列的時間和範圍增加了 16%，即每天在目標葡萄糖範圍內多花 4 小時。

These were results produced with DexCom CGM and DexCom software.

這些是使用 DexCom CGM 和 DexCom 軟件產生的結果。

We designed the trial with the goal of changing the standard of care for these basal insulin users, a group that we believe includes between 3 million and 4 million people in the U.S. alone.

我們設計試驗的目的是改變這些基礎胰島素使用者的護理標準，我們認為這一群體僅在美國就有 300 萬至 400 萬人。

With these results, we feel that MOBILE and DexCom have the potential to do just that, and our teams look forward to driving better awareness and access based on the study outcomes and the JAMA publication.

有了這些結果，我們認為 MOBILE 和 DexCom 有潛力做到這一點，我們的團隊期待根據研究結果和 JAMA 出版物提高認識和訪問。

We also made great progress in the second quarter to advance the clinical and regulatory pathway for our next-generation G7 CGM system.

我們在第二季度也取得了很大進展，以推進我們下一代 G7 CGM 系統的臨床和監管途徑。

At ATTD in June, we provided an update on the performance of G7 drawn from our recent clinical trials.

在 6 月的 ATTD 上，我們提供了 G7 最新臨床試驗的表現。

Based on the data shown, we expect that G7 will continue the excellent clinical and real world performance and reliability that we have established with our G6 brand.

根據所顯示的數據，我們預計 G7 將繼續我們通過 G6 品牌建立的出色的臨床和現實世界性能和可靠性。

And it will do so with several factors that we believe will enhance our customer experience, including a fully disposable sensor and transmitter, a redesigned app experience and a market-leading 30-minute warmup period.

它將通過我們認為將增強我們的客戶體驗的幾個因素來做到這一點，包括完全一次性的傳感器和發射器、重新設計的應用程序體驗和市場領先的 30 分鐘預熱期。

Our G7 continues to progress according to our plans.

我們的 G7 按照我們的計劃繼續前進。

During the second quarter, we concluded our U.S. clinical trial that will support our iCGM filing and our teams have now shifted to processing the data and working toward preparing the regulatory filing.

在第二季度，我們完成了將支持我們的 iCGM 備案的美國臨床試驗，我們的團隊現在已轉向處理數據並努力準備監管備案。

In addition, we've recently submitted G7 for CE Mark approval.

此外，我們最近提交了 G7 以獲得 CE 標誌批准。

As we previously discussed, we believe that this timing places us on track to begin the G7 launch by the end of 2021.

正如我們之前所討論的，我們相信這個時機使我們有望在 2021 年底之前啟動 G7。

These are incredible achievements and advances from the quarter and a nice step forward to fulfill the promise presented by our CGM technology.

這些是本季度令人難以置信的成就和進步，是我們實現 CGM 技術承諾的重要一步。

And this is just the beginning.

而這僅僅是個開始。

There are several additional areas of progress that Jereme and Quentin will discuss based on the great work of our teams in the past several months.

Jereme 和 Quentin 將根據我們團隊在過去幾個月中的出色工作，討論幾個額外的進展領域。

So with that said, let me turn it over to Jereme for a review of our second quarter financial performance.

話雖如此，讓我把它交給傑里姆，以審查我們第二季度的財務業績。

Jereme?

傑里姆？

Thank you, Kevin.

謝謝你，凱文。

As a reminder, unless otherwise noted, the financial metrics presented today will be discussed on a non-GAAP basis.

提醒一下，除非另有說明，否則今天提出的財務指標將在非公認會計原則的基礎上進行討論。

Reconciliations to GAAP can be found in today's earnings release as well as on our IR website.

可以在今天的收益發布以及我們的 IR 網站上找到與 GAAP 的對賬。

For the second quarter of 2021, we reported worldwide revenue of $595 million compared to $452 million for the second quarter of 2020, representing growth of 32% on a reported basis and 30% on a constant currency basis.

2021 年第二季度，我們報告的全球收入為 5.95 億美元，而 2020 年第二季度為 4.52 億美元，按報告基礎計算增長 32%，按固定匯率計算增長 30%。

As Kevin noted, this represents a record for absolute dollar growth in a quarter year-over-year.

正如凱文所指出的，這代表了一個季度絕對美元同比增長的記錄。

U.S. revenue totaled $462 million in the second quarter compared to $367 million in the second quarter of 2020, representing growth of 26%.

第二季度美國收入總額為 4.62 億美元，而 2020 年第二季度為 3.67 億美元，增長 26%。

Our momentum and market leadership position in the U.S. remains strong, and we have been very encouraged with the continued interest in CGM in the marketplace.

我們在美國的勢頭和市場領導地位依然強勁，我們對市場上對 CGM 的持續興趣感到非常鼓舞。

With the combination of greater depth in our sales force, solid results from our direct-to-consumer marketing campaigns and expanded ability to allow for patients and clinicians to trial the G6 experience, we are beginning to see preliminary results in our effort to further expand our presence into primary care offices and position the company to extend our customer base.

隨著我們銷售隊伍的更深入、我們直接面向消費者的營銷活動的可靠結果以及允許患者和臨床醫生試用 G6 體驗的能力的擴大，我們開始看到我們努力進一步擴展的初步成果我們進入初級保健辦公室並定位公司以擴大我們的客戶群。

International business grew about 58% in the second quarter, totaling $134 million.

第二季度國際業務增長約 58%，總計 1.34 億美元。

While the second quarter comp benefited from the impact of COVID on our second quarter 2020 results, we saw good sequential growth momentum as the business once again achieved a new high watermark.

雖然第二季度的業績受益於 COVID 對我們 2020 年第二季度業績的影響，但隨著業務再次達到新的高水位，我們看到了良好的連續增長勢頭。

The international growth was broad-based across all markets, including core markets like Germany, the U.K., Canada, Australia and the Nordic region.

國際增長在所有市場都有廣泛的基礎，包括德國、英國、加拿大、澳大利亞和北歐地區等核心市場。

Our shift to the pharmacy channel and sales initiatives in the U.S. and our market expansion initiatives internationally are all progressing according to plan, driving high volume growth in both regions.

我們向美國藥房渠道和銷售計劃的轉變以及我們在國際上的市場擴張計劃都在按計劃進行，推動了這兩個地區的高銷量增長。

Volume growth for the second quarter came in around the mid-40% range on a global basis.

在全球範圍內，第二季度的銷量增長在 40% 左右。

Perhaps the greatest examples of the international effort during the quarter came from Canada, where we saw public announcements of provincial coverage for G6 from 2 of the largest Canadian provinces: Quebec, where coverage of G6 was established for people with type 1 diabetes; and British Columbia, which became the first Canadian province to cover G6 for people with type 1 diabetes and intentionally manage type 2 diabetes.

本季度國際努力的最大例子可能來自加拿大，我們看到加拿大兩個最大省份公佈了 G6 省級覆蓋率：魁北克省，為 1 型糖尿病患者建立了 G6 級覆蓋率；和不列顛哥倫比亞省，該省成為加拿大第一個為 1 型糖尿病患者提供 G6 並有意管理 2 型糖尿病的省份。

These public announcements are representative of our broader strategy to advance access to our technology for people with diabetes.

這些公告代表了我們更廣泛的戰略，以促進糖尿病患者獲得我們的技術。

We are leveraging the increasing strength of our operations and driving a meaningful expansion to the total number of patients that we can address via reimbursed pathways.

我們正在利用我們日益增長的運營實力，並推動有意義的擴大我們可以通過報銷途徑解決的患者總數。

Our second quarter gross profit was $417.1 million or 70.1% of revenue compared to 64.1% of revenue in the second quarter of 2020.

我們第二季度的毛利潤為 4.171 億美元，佔收入的 70.1%，而 2020 年第二季度佔收入的 64.1%。

We're very proud of the effort that's gone into these results.

我們為這些成果所付出的努力感到非常自豪。

The 600 basis points of gross margin expansion is another great validation of the growing efficiencies that we've achieved through product design and efficient manufacturing operations.

600 個基點的毛利率擴張是對我們通過產品設計和高效製造運營實現的不斷增長的效率的另一個重要驗證。

It is these types of efforts that drive the strategic flexibility to expand our addressable market that I just referenced.

正是這些類型的努力推動了擴大我剛才提到的目標市場的戰略靈活性。

Operating expenses were $315.6 million for Q2 2021 compared to $213 million for Q2 2020.

2021 年第二季度的運營費用為 3.156 億美元，而 2020 年第二季度為 2.13 億美元。

These results reflect what we previously noted in our discussion of our 2021 plans.

這些結果反映了我們之前在討論 2021 年計劃時注意到的內容。

We have several areas of investment that we are pursuing, which account for the increase in operating expenses as a percentage of sales relative to the second quarter of 2020.

我們正在追求的投資領域有幾個，相對於 2020 年第二季度，這些領域的運營費用佔銷售額的百分比有所增加。

These include the costs associated with our expanded field sales force, the pivotal trial in support of our U.S. G7 regulatory submission, the G7 manufacturing scale-up and global direct-to-consumer marketing.

其中包括與我們擴大現場銷售隊伍相關的成本、支持我們向美國 G7 監管提交的關鍵試驗、G7 製造規模擴大和全球直接面向消費者的營銷。

Our strategic investments have also included our efforts to efficiently scale and lower the cost to serve our customers as we envision a future in which we serve meaningfully more people than we do today.

我們的戰略投資還包括我們努力有效地擴展和降低服務客戶的成本，因為我們設想未來我們為比今天更多的人提供有意義的服務。

Our global business services operations in Lithuania and the Philippines are key examples of those initiatives that are driving great customer service while leveraging our G&A spend.

我們在立陶宛和菲律賓的全球商業服務運營是這些舉措的重要例子，這些舉措在利用我們的 G&A 支出的同時推動了卓越的客戶服務。

Operating income was $101.5 million or 17.1% of revenue in the second quarter of 2021 compared to $76.7 million or 17% of revenue in the same quarter of 2020.

2021 年第二季度的營業收入為 1.015 億美元，佔收入的 17.1%，而 2020 年同期為 7670 萬美元，佔收入的 17%。

The 10 basis point year-over-year improvement was driven by strong improvements to our gross margin, resulting from the design of our products and the manufacturing efficiencies that come there through.

同比增長 10 個基點是由於我們的產品設計和由此產生的製造效率大幅提高了毛利率。

These improvements more than offset the strategic investments that we've made during the year.

這些改進遠遠抵消了我們在這一年中所做的戰略投資。

Adjusted EBITDA was $156.6 million or 26.3% of revenue for the second quarter compared to $122.6 million or 27.1% of revenue for the second quarter of 2020.

第二季度調整後的 EBITDA 為 1.566 億美元，佔收入的 26.3%，而 2020 年第二季度為 1.226 億美元，佔收入的 27.1%。

Net income for the second quarter was $75.4 million or $0.76 per share.

第二季度的淨收入為 7540 萬美元或每股 0.76 美元。

We remain in a great financial position, closing the second quarter with approximately $2.6 billion in cash and cash equivalents and great financial flexibility to drive our strategic initiatives.

我們仍然處於良好的財務狀況，在第二季度結束時擁有約 26 億美元的現金和現金等價物，並具有極大的財務靈活性來推動我們的戰略計劃。

Turning to guidance.

轉向指導。

We continue to expect solid volume growth across all of our regions in the back half of the year with momentum driven by growing CGM awareness globally.

我們繼續預計今年下半年我們所有地區的銷量將實現穩健增長，動力來自全球 CGM 意識的提高。

Based on our second quarter performance, we are pleased to be in a position to once again raise our full year 2021 revenue guidance.

根據我們第二季度的表現，我們很高興能夠再次提高我們的 2021 年全年收入指導。

We now expect 2021 revenue to be between $2.35 billion to $2.4 billion, representing growth of 22% to 25% over 2020.

我們現在預計 2021 年的收入將在 23.5 億美元至 24 億美元之間，比 2020 年增長 22% 至 25%。

This increase comes on top of our expectations for approximately $10 million of unfavorable currency impact in the back half relative to prior guidance.

這一增長超出了我們對後半部分相對於先前指導的約 1000 萬美元不利貨幣影響的預期。

This revenue increase is primarily a reflection of our continued growth momentum as well as the ongoing impact of our channel mix and international access expansion strategies.

這一收入增長主要反映了我們持續的增長勢頭以及我們的渠道組合和國際訪問擴展戰略的持續影響。

We will see a greater revenue per patient impact to our existing base from our international access initiatives in the second half of the year, but we continue to expect the incremental volume driven by these efforts to offset those pressures in our base this year alone.

我們將在今年下半年看到我們的國際准入計劃對我們現有基礎的每位患者收入的影響更大，但我們繼續預計這些努力推動的增量數量僅在今年就可以抵消我們基礎的這些壓力。

More importantly, this will leave us in a much better position in the years to come.

更重要的是，這將使我們在未來幾年處於更好的位置。

Turning to margins.

轉向邊緣。

We are increasing our full year 2021 targets.

我們正在提高我們的 2021 年全年目標。

This includes non-GAAP results to be approximately at the following levels: gross profit margins of approximately 67%, operating margins of approximately 14% and adjusted EBITDA margins of approximately 24%.

這包括非公認會計原則的結果大約處於以下水平：毛利率約為 67%，營業利潤率約為 14%，調整後的 EBITDA 利潤率約為 24%。

With that, I will now turn the call over to Quentin for a scale and strategy update.

有了這個，我現在將把電話轉給昆汀，以更新規模和戰略。

Thank you, Jereme.

謝謝你，傑里姆。

As Kevin and Jereme indicated, we made great progress on our key strategic initiatives during the second quarter.

正如 Kevin 和 Jereme 所說，我們在第二季度的關鍵戰略舉措上取得了很大進展。

It is hard not to be excited about the market potential for CGM after seeing the depth of research using DexCom technology at the recent ATTD and ADA industry conferences.

在最近的 ATTD 和 ADA 行業會議上看到使用 DexCom 技術的深度研究之後，很難不對 CGM 的市場潛力感到興奮。

We saw well over a dozen presentations from DexCom's insulin delivery partners, highlighting the clinical utility of their DexCom integrated systems and DexCom's leadership in the field of interoperable solutions.

我們看到了來自 DexCom 胰島素輸送合作夥伴的十多場演講，重點介紹了他們的 DexCom 集成系統的臨床實用性以及 DexCom 在互操作解決方案領域的領導地位。

Outside of the MOBILE and ALERTT publications that Kevin mentioned, we also saw several presentations from our DexCom team members as well as independent investigators with outcomes that are very promising for the continued growth of DexCom CGM.

除了 Kevin 提到的 MOBILE 和 ALERTT 出版物之外，我們還看到了來自我們的 DexCom 團隊成員以及獨立調查員的幾份報告，其結果對 DexCom CGM 的持續增長非常有希望。

In one study presented by our health economics team, we looked at real world evidence, documenting the cost savings for a significant number of patients with type 2 diabetes using G6, including both the intensive insulin therapy and those who are not treated with mealtime insulin.

在我們的健康經濟學團隊提出的一項研究中，我們查看了現實世界的證據，記錄了使用 G6 為大量 2 型糖尿病患者節省的成本，包括強化胰島素治療和未接受餐時胰島素治療的患者。

The results were compelling with the magnitude of cost savings generated for the G6 users being nearly identical to the cost savings we've seen in several of our other pilots.

結果令人信服，G6 用戶節省的成本與我們在其他幾個試點中看到的成本節省幾乎相同。

This is yet another data point supporting economic benefits associated with the better glucose control for our customers, and we are excited to leverage this growing evidence base into broader access for people with diabetes around the world.

這是另一個支持與為我們的客戶更好地控制血糖相關的經濟效益的數據點，我們很高興能夠利用這一不斷增長的證據基礎，為全球糖尿病患者提供更廣泛的途徑。

We also continue to innovate our software solutions to enable differentiated user experiences that meet the needs of the diverse customer bases that we serve.

我們還繼續創新我們的軟件解決方案，以實現滿足我們服務的不同客戶群需求的差異化用戶體驗。

Most recently, in mid-July, we received FDA clearance on a real-time API software solution.

最近，在 7 月中旬，我們獲得了 FDA 對實時 API 軟件解決方案的批准。

This is, to our knowledge, one of the first, if not the first real-time API clearance in the medical device sector that enables integration with third-party apps.

據我們所知，這是醫療設備領域第一個（如果不是第一個）能夠與第三方應用程序集成的實時 API 許可之一。

As many of you likely know, prior to the clearance of our real-time API, our various digital health partners were limited to the display of CGM data on a 3-hour delayed basis through our retrospective API.

你們中的許多人可能都知道，在我們的實時 API 獲得批准之前，我們的各種數字健康合作夥伴僅限於通過我們的追溯 API 延遲 3 小時顯示 CGM 數據。

With this new API, partners who are now invited by DexCom have the ability to integrate real-time DexCom CGM data into the respective apps and devices.

借助這個新的 API，現在受 DexCom 邀請的合作夥伴能夠將實時 DexCom CGM 數據集成到相應的應用程序和設備中。

This is another great win for our customers, who will now benefit from the ability to see real-time glucose levels in a variety of new displays according to their needs.

這對我們的客戶來說是另一個巨大的勝利，他們現在將受益於根據他們的需要在各種新顯示器中查看實時血糖水平的能力。

At the time of the approval, we announced Garmin and Teladoc Health Livongo for diabetes program as early users of the new API solution.

在獲得批准時，我們宣布 Garmin 和 Teladoc Health Livongo 糖尿病項目作為新 API 解決方案的早期用戶。

In addition, Welldoc and UnitedHealthcare's Level2 are also utilizing our real-time connectivity solutions and their integrated offerings.

此外，Welldoc 和 UnitedHealthcare 的 Level2 也在利用我們的實時連接解決方案及其集成產品。

This is an exciting innovation for us and an example of how we are leveraging our leadership in software connectivity to advance our market position in the growing digital health landscape.

這對我們來說是一個令人興奮的創新，也是我們如何利用我們在軟件連接方面的領先地位來提升我們在不斷增長的數字健康領域的市場地位的一個例子。

On the commercial front, we remain well positioned to drive growth in broader DexCom market penetration in several locations.

在商業方面，我們仍處於有利地位，可以在多個地區推動更廣泛的 DexCom 市場滲透率的增長。

In addition to the significant access expansion efforts that we began to implement last quarter to enable multiples of growth in our core markets, we are growing our presence in locations that are relatively new to our team.

除了我們在上個季度開始實施的重大訪問擴展工作以實現我們的核心市場的倍數增長外，我們還在我們團隊相對較新的地區擴大我們的業務。

This includes Japan, where we've recently sent our first shipment of G6 systems to our local distributor.

這包括日本，我們最近向當地經銷商發送了第一批 G6 系統。

Although we have had a minor presence in Japan through the use of our G4 professional CGM, these G6 systems represent the expanded use of our product to serve people with diabetes with our core ambulatory solution.

儘管通過使用我們的 G4 專業 CGM，我們在日本的影響力很小，但這些 G6 系統代表了我們產品的擴展用途，通過我們的核心門診解決方案為糖尿病患者提供服務。

We are incredibly excited to bring our CGM technology to empower people with diabetes in Japan and look forward to developing that as a nice growth market for DexCom.

我們非常高興能夠將我們的 CGM 技術賦予日本糖尿病患者的能力，並期待將其開發為 DexCom 的良好增長市場。

In addition to the strong G7 performance data showed at ATTD in the clinical and regulatory updates that Kevin provided, our operations team is continuing according to plan in our G7 manufacturing development and scaling efforts.

除了凱文在 ATTD 提供的臨床和監管更新中顯示的強勁 G7 績效數據外，我們的運營團隊正在繼續按計劃進行 G7 製造開發和擴展工作。

We have automated lines producing G7 product as we speak, with a steady cadence of additional lines scheduled to be delivered through the back half of this year and throughout 2022.

正如我們所說，我們擁有生產 G7 產品的自動化生產線，併計劃在今年下半年和整個 2022 年以穩定的節奏交付更多生產線。

In addition, the vendors in our supply chain are scaling up G7 capabilities alongside us as we sit here today.

此外，當我們今天坐在這裡時，我們供應鏈中的供應商正在與我們一起擴大 G7 的能力。

We will take what we have learned from these automated lines in San Diego and Mesa and use them to quickly replicate and scale in our new manufacturing facility in Malaysia.

我們將從聖地亞哥和梅薩的這些自動化生產線中學到的東西，並利用它們在我們在馬來西亞的新製造工廠中快速復制和擴大規模。

As we've said before, this effort will be critical to our ability to serve significant customer populations that we think can benefit from our CGM technology, giving us a clear runway to produce more than 200 million sensors per year and a much stronger presence in a key growth region for us.

正如我們之前所說，這項工作對於我們服務大量客戶群體的能力至關重要，我們認為這些客戶群體可以從我們的 CGM 技術中受益，為我們提供一條清晰的跑道，每年生產超過 2 億個傳感器，並在市場上有更強大的影響力。對我們來說是一個關鍵的增長區域。

Our team is doing a great job to advance our efforts in what continues to be a challenging environment to navigate because of the impact of the pandemic globally.

由於全球大流行的影響，我們的團隊正在努力推進我們在仍然充滿挑戰的環境中的努力。

We are currently building out the manufacturing facility while also scaling our supply chain, putting us on track to be ready for production in 2022.

我們目前正在建設製造設施，同時也在擴大我們的供應鏈，使我們有望在 2022 年投入生產。

As you can see from our 70% gross margin this quarter, we're making this progress on G7, while also advancing our efforts towards operational excellence, resulting in even greater improvements in efficiencies to our G6 manufacturing, procurement and distribution capabilities.

從本季度 70% 的毛利率可以看出，我們在 G7 方面取得了進展，同時也在努力實現卓越運營，從而進一步提高了 G6 製造、採購和分銷能力的效率。

Overall, as I think Kevin and Jereme would agree, we are very proud of the work of our teams to execute on the ambitious plans that we set forth in 2021.

總的來說，我認為 Kevin 和 Jereme 會同意，我們為我們的團隊為執行我們在 2021 年制定的雄心勃勃的計劃所做的工作感到非常自豪。

With that, I'll pass the call back to Kevin.

有了這個，我會把電話轉給凱文。

Thanks, Quentin.

謝謝，昆汀。

I agree with that message as we are all very pleased with the progress that we made during the quarter.

我同意這一信息，因為我們都對本季度取得的進展感到非常滿意。

To be able to raise guidance across the board, including another revenue raise, with $65 million added to the midpoint of guidance is a great result for the company.

能夠全面提高指導，包括再次增加收入，在指導中點增加 6500 萬美元，這對公司來說是一個很好的結果。

We're excited to continue that momentum into the second half of the year.

我們很高興能將這種勢頭延續到下半年。

I would now like to open up the call for Q&A.

我現在想打開問答電話。

Sean?

肖恩?

Thank you, Kevin.

謝謝你，凱文。

As a reminder, we ask our audience to limit themselves to only 1 question at this time and then reenter the queue if necessary.

提醒一下，我們要求我們的觀眾此時將自己限制在 1 個問題上，然後在必要時重新進入隊列。

Operator, please provide the Q&A instructions.

接線員，請提供問答說明。

(Operator Instructions) And our first question comes from Robbie Marcus.

（操作員說明）我們的第一個問題來自 Robbie Marcus。

I want to congratulate you guys on a really nice quarter.

我想祝賀你們在一個非常好的季度。

If I can ask, I think we're all interested in updated G7 approval timing sounds like you haven't filed in the U.S. yet.

如果我可以問，我認為我們都對更新的 G7 批准時間感興趣，聽起來你還沒有在美國提交申請。

And you had a great international number.

你有一個很棒的國際號碼。

I'd love if you could provide just any examples or tangible examples of how the expansion of benefit is already helping you?

如果你能提供任何例子或具體例子來說明擴大福利已經如何幫助你，我會很高興？

And how it might continue to help you the rest of this year and next year?

以及它如何在今年和明年的剩餘時間裡繼續為您提供幫助？

Well, I'll start with G7, then I'll let Quentin and Jereme take over the benefit expansion.

好吧，我將從 G7 開始，然後讓 Quentin 和 Jereme 接管福利擴展。

With respect to G7, we're very deliberate about what we disclose.

關於 G7，我們對我們披露的內容非常謹慎。

We have filed for CE Mark and we are on schedule for that.

我們已經申請了 CE 標誌，我們正在按計劃進行。

We hit our goal there.

我們在那里達到了我們的目標。

And we are now gathering the data from the U.S. pivotal study.

我們現在正在從美國的關鍵研究中收集數據。

It was a much larger study than the data that was presented at ATTD.

這是一項比 ATTD 提供的數據更大的研究。

However, the trial was run under actually what we think are improved protocols from what we ran before.

然而，該試驗實際上是在我們認為比我們之前運行的改進的協議下運行的。

So we have no reason to not expect great data.

因此，我們沒有理由不期待大量數據。

We believe the product will be very robust.

我們相信該產品將非常強大。

We will make sure that we deliver that file in a very pristine manner.

我們將確保以非常原始的方式交付該文件。

We hear a lot of things about FDA delays and things of that nature.

我們聽到了很多關於 FDA 延誤和類似性質的事情。

We don't want to create any delays.

我們不想造成任何延誤。

It's been our experience over time when we deliver what the FDA expects, they move very quickly and are very cooperative with us.

當我們提供 FDA 的期望時，我們的經驗是隨著時間的推移，他們行動非常迅速並且與我們非常合作。

We have no reason to believe the file we're preparing isn't going to meet those expectations.

我們沒有理由相信我們正在準備的文件不會滿足這些期望。

We're moving along those lines.

我們正在沿著這些路線前進。

So again, with the CE Mark filing, we're on track for an OUS launch later this year, and we'll update you more on the U.S. as time goes on.

同樣，隨著 CE 標誌的提交，我們有望在今年晚些時候推出 OUS，隨著時間的推移，我們會為您提供更多關於美國的最新信息。

Quentin?

昆汀？

Yes, Robbie.

是的，羅比。

With respect to your question or comment on the OUS business, look, there was strength really across the board in that entire portfolio of ours.

關於您對 OUS 業務的問題或評論，看，在我們的整個投資組合中確實具有全面的實力。

So we're very encouraged by what we're seeing there, primarily on the heels of awareness just continuing to grow.

因此，我們對在那裡看到的情況感到非常鼓舞，主要是在意識繼續增長之後。

To be honest with you, I don't think we've seen the benefit yet of the increased access that we spoke to really back in the first quarter.

老實說，我認為我們還沒有看到我們在第一季度真正談到的增加訪問權限的好處。

And the team has made incredible progress and working with the payers and negotiating these contracts, I'd say we're through 90% or so of those all landing in favorable positions where we probably increased or improved access for nearly 1 million patients in the first half of the year alone in that OUS business.

團隊取得了令人難以置信的進展，與付款人合作並談判這些合同，我想說我們已經完成了 90% 左右的談判，我們可能會增加或改善近 100 萬患者的可及性。僅上半年就在該 OUS 業務中。

But the reality is that benefit is not going to show up until the back half of the year.

但現實情況是，收益要到下半年才會顯現。

So the strength in the second quarter, I wouldn't attribute that to the increased access just yet, but we're very excited about how we're positioned as we go into the back half of the year around those access efforts.

因此，第二季度的實力，我不會將其歸因於訪問量的增加，但我們對我們在今年下半年圍繞這些訪問工作的定位感到非常興奮。

And our next question comes from Bob Hopkins.

我們的下一個問題來自 Bob Hopkins。

Okay.

好的。

Just to maybe a comment on 2 quick things.

只是為了對兩件快速的事情發表評論。

First Quentin, I think this is what you're referencing in terms of the access piece, but I'm just curious if there's any more detail on just how that the process of the price cuts and negotiating better access, just how you feel that's going?

首先，昆汀，我認為這就是你在訪問方面所引用的內容，但我只是想知道是否有更多關於降價和談判更好訪問的過程的細節，只是你的感受去？

I think and I apologize if that's kind of what you were referencing with that last question.

如果這就是你在最後一個問題中所引用的內容，我想我深表歉意。

And then, Kevin, I'd love you to just give a quick update on -- just a little more time has passed since the MOBILE trial.

然後，凱文，我希望你能快速更新一下——自從 MOBILE 試用以來已經過了一點時間。

Just curious as to kind of what you're hearing from insurance partners or other important parties in terms of the potential impact on that data on facilitating greater reimbursement for a broader range of patients going forward?

只是好奇您從保險合作夥伴或其他重要方面聽到的關於這些數據的潛在影響，以促進為更廣泛的患者提供更大的報銷？

Sure.

當然。

So I'll jump on that first one, Bob.

所以我會跳上第一個，鮑勃。

We are talking the exact same thing there in terms of the fact that we've negotiated or worked through the majority of those negotiations through the course of the second quarter, more than 90% or so of them behind us, all landing in favorable positions relative to improving the access for the patients, reducing the administrative burdens that were there, so that folks get on the technology a whole lot easier.

我們在那裡談論的是完全相同的事情，因為我們在第二季度的過程中已經談判或完成了大部分談判，其中超過 90% 左右落後於我們，都處於有利位置相對於改善患者的訪問，減少那裡的行政負擔，讓人們更容易獲得這項技術。

So very bullish around where we're at and creating incremental access for our patients and how that sets up into the back half of the year.

因此，我們非常看好我們所處的位置，並為我們的患者創造更多的機會，以及如何在今年下半年建立起來。

The pricing assumptions have come right in line with what we expected as we were going into it.

定價假設與我們進行時的預期完全一致。

No surprises there.

那裡沒有驚喜。

So from our perspective, all is very positive on that front.

因此，從我們的角度來看，這方面的一切都是非常積極的。

And Bob, with respect to the MOBILE study, obviously, we're very excited about it.

Bob，關於 MOBILE 研究，顯然，我們對此感到非常興奮。

just a little time has passed here.

剛剛過去了一點時間。

We also have a bunch of other analyses on this data, that are coming that will support our position on basal insulin reimbursement for these patients.

我們還對這些數據進行了一系列其他分析，這些分析將支持我們對這些患者進行基礎胰島素報銷的立場。

It's time to get the word out now.

現在是時候說出來了。

I think one of the big areas here is going to be CMS discussions down the line because a lot of these patients fall into the Medicare bucket, haven't done any of that yet, but we are looking forward and we are preparing because this data is just really -- is very, very strong.

我認為這裡的一大領域將是 CMS 討論，因為很多這些患者屬於醫療保險桶，還沒有這樣做，但我們期待著，我們正在準備，因為這些數據真的——非常非常強大。

And our next question comes from Jeff Johnson.

我們的下一個問題來自 Jeff Johnson。

Just staying on maybe the international side for a second.

只是在國際方面停留一秒鐘。

Jereme, last quarter, you talked about a $50 million incremental headwind.

Jereme，上個季度，你談到了 5000 萬美元的增量逆風。

From Quentin's comments, it sounds like maybe those really haven't started to flow in yet.

從 Quentin 的評論來看，聽起來可能還沒有真正開始流入。

So do we think about that $50 million headwind kind of a next 12-month number?

那麼，我們是否會考慮下一個 12 個月的 5000 萬美元逆風？

Is that how to think about it?

是這樣想的嗎？

And then those initial $200 million headwinds that we kind of were expecting heading into this year, the first quarter kind of straight-lined in right at about $50 million.

然後是我們預計到今年的最初 2 億美元的逆風，第一季度直線直線上升，約為 5000 萬美元。

Did it straight line again in the second quarter at about the $50 million on the U.S. side and still thinking about the international then $50 million over the next 12 months?

它是否在第二季度再次直線上升，美國方面約為 5000 萬美元，並且仍在考慮未來 12 個月內的 5000 萬美元國際？

Sure.

當然。

So the full year guidance around pricing or channel mix headwinds is still the same.

因此，圍繞定價或渠道組合逆風的全年指導仍然是相同的。

And so the $200 million on what we call the original shift mix primarily in the U.S. is still the same.

因此，我們稱之為主要在美國的原始輪班組合的 2 億美元仍然是一樣的。

And in the second quarter, it came in a little bit lighter than the first quarter, but generally in line.

在第二季度，它比第一季度輕一點，但總體上是一致的。

And so I think we're seeing that stable.

所以我認為我們看到的是穩定的。

And we talked about it at the beginning of year being pretty stable throughout the course of the year.

我們在年初談到它在整個一年中都非常穩定。

To your point on the international incremental headwinds about the access for price conversation, that has started.

關於您關於價格對話訪問的國際增量逆風的觀點，這已經開始了。

It is back half loaded.

它是後半載。

We certainly will have some of those in the first half of next year as we anniversary some of those contracts.

我們肯定會在明年上半年獲得其中一些合同，因為我們會紀念其中一些合同。

So the $250 million we talked about was really the impact on 2021.

所以我們談到的 2.5 億美元確實是對 2021 年的影響。

And so you'll see the $50 million in the back half of the year.

所以你會在今年下半年看到 5000 萬美元。

There will be a little of that into 2022.

到 2022 年還會有一點。

We'll go into that in the future, but that will happen over a 12-month period.

我們將在未來討論這個問題，但這將在 12 個月內發生。

And our next question comes from Matthew O'Brien.

我們的下一個問題來自 Matthew O'Brien。

I know traditionally, DexCom has been pretty conservative with their outlook.

我知道傳統上，DexCom 對他們的前景相當保守。

But I think, Jereme, you just said the pricing concessions are going to be impactful in the back half.

但我認為，傑里姆，你剛才說定價讓步將在後半部分產生影響。

But as I look at the model, the back half of the year has easier comps than the first half, and you just put up a monster in Q2, especially in the U.S. So is there something specifically you're trying to call out as far as incremental pressure in the back half of the year that we should be aware of?

但是當我查看模型時，今年下半年的比賽比上半年更容易，而且您在第二季度就創造了一個怪物，尤其是在美國。那麼到目前為止，您有什麼特別想強調的嗎？作為下半年的增量壓力，我們應該注意什麼？

Yes.

是的。

No, thanks for the question.

不，謝謝你的問題。

Certainly, nothing that we're trying to call out.

當然，我們沒有試圖指出任何事情。

I think when we thought about guidance, we certainly talked about the performance in the first half of the year and certainly thinking about that patient base and how that plays out for the balance of the year.

我認為當我們考慮指導時，我們當然談到了上半年的表現，當然也考慮了患者群以及這對今年剩餘時間的影響。

So that's contemplated in the guidance.

因此，指南中考慮了這一點。

And look, we raised the guidance, $65 million at the midpoint and $75 million when you exclude the impact of currency.

看，我們提高了指導，中點為 6500 萬美元，排除貨幣影響後為 7500 萬美元。

So we've certainly raised it and passed through some of that for the balance of the year.

所以我們當然已經提出了它，並在今年餘下的時間里通過了其中的一些。

As we think about the back half of the year, we simply don't want to get ahead of ourselves.

當我們想到今年下半年時，我們根本不想超越自己。

We talked about the impact, and you pointed out the international access, but there still is COVID out there and the delta variant is out there.

我們談到了影響，你指出了國際訪問，但那裡仍然存在 COVID，並且存在 delta 變體。

And so rather than increase it and get bullish and get ahead of ourselves, we want to see how it plays through for the balance of the year.

因此，我們不想增加它並看漲並超越自己，而是想看看它在今年餘下的時間裡如何發揮作用。

We do hear instances out there outside the U.S. where primary care physicians are taking their practice and ultimately using their time to administer vaccinations.

我們確實聽到了美國以外的一些例子，初級保健醫生正在實踐並最終利用他們的時間來接種疫苗。

While we've done a great job navigating through those thus far this year, we do want to be prudent and make sure that we are contemplating.

雖然今年到目前為止我們在導航這些方面做得很好，但我們確實希望保持謹慎並確保我們正在考慮。

And look, if we can deliver more than that, we certainly will, and we'll talk to it if we are able to.

看，如果我們能提供更多，我們當然會，如果我們能夠的話，我們會和它談談。

And our next question comes from Mathew Blackman.

我們的下一個問題來自馬修·布萊克曼。

Jereme, I just was curious about the second half cadence and whether we should be thinking about sort of a typical third quarter or fourth quarter cadence?

Jereme，我只是對下半場的節奏感到好奇，我們是否應該考慮一種典型的第三節或第四節的節奏？

Or are we sort of at the point or approaching the point where things like increasing pharmacy access may make the year somewhat less 4Q weighted as we've seen historically?

或者，我們是否已經到了或接近這樣的地步，比如增加藥房准入可能會使今年第四季度的權重有所降低，正如我們在歷史上所看到的那樣？

Any help there would be appreciated.

任何幫助將不勝感激。

Yes.

是的。

Sure.

當然。

Absolutely happy to take it.

非常高興接受它。

So the way to think about Q3 and by default, you'll back into Q4.

所以考慮第三季度的方式，默認情況下，你會回到第四季度。

Q3 generally is not that impacted by changing in shifts and dynamic.

第三季度通常不受班次和動態變化的影響。

In fact, I think for the past few years, you've generally seen it right around that 26% of full year revenue.

事實上，我認為在過去的幾年裡，你通常已經看到它大約佔全年收入的 26%。

And we expect the same to happen this year.

我們預計今年也會發生同樣的情況。

So I think that will help you at least think about Q3 and the balance of the year.

所以我認為這將幫助你至少考慮第三季度和今年的餘額。

We do expect Q4 to have less of a weighting you saw in Q1 as a result of the move to the pharmacy where the year gets a little bit less seasonal.

我們確實預計第四季度的權重會減少你在第一季度看到的權重，這是因為搬到了藥房，那裡的一年的季節性有所減少。

I think you'll expect the same in Q4, where you don't have folks in the DME channel rushing to meet benefits.

我認為你會在第四季度期待同樣的情況，在那裡你沒有 DME 頻道中的人們急於獲得福利。

So I do think you'll see, as we've talked about before, as we make more and more moves to the pharmacy, less heavy weighting on Q4 and less light weighting on Q1 and start to move out of that seasonality.

所以我認為你會看到，正如我們之前談到的，隨著我們越來越多地轉向藥房，第四季度的權重減少，第一季度的權重減少，並開始擺脫這種季節性。

But hopefully I gave you some context.

但希望我給了你一些背景信息。

Q3 in the near term, we do expect Q3 to mirror that of prior periods, which is generally in that 26% seasonality.

第三季度短期內，我們確實預計第三季度將反映前期的情況，通常處於 26% 的季節性。

And our next question comes from Matt Taylor.

我們的下一個問題來自馬特泰勒。

So I wanted to ask one on the margins here.

所以我想在這裡問一個邊緣的人。

I guess the way I'll ask it is, you showed significant progress.

我想我會問的方式是，你取得了顯著的進步。

Quentin, you talked about a lot of the scaling and automation activities you're doing in these facilities.

Quentin，您談到了您在這些設施中進行的許多擴展和自動化活動。

Has the results that you've had so far in being able to raise guidance changed your view on the longer term potential for margins at all to the positive versus the LRP?

到目前為止，您在能夠提高指導方面所取得的結果是否將您對利潤率的長期潛力的看法完全改變為相對於 LRP 的正數？

Yes.

是的。

What I would say is, look, our confidence level continues to increase and our ability to keep it in that mid-60s range that we've guided to long term.

我想說的是，看，我們的信心水平繼續提高，我們有能力將其保持在我們長期指導的 60 年代中期範圍內。

Is there the opportunity to take it north of there over time?

隨著時間的推移，有沒有機會把它帶到那裡的北方？

If so, you can bet on it that we're going to flow that through and give that up, if possible.

如果是這樣，你可以打賭，如果可能的話，我們將通過並放棄它。

But look, we're in the midst of evaluating a lot of different potential business models.

但是看，我們正在評估許多不同的潛在商業模式。

As you look at the whole type 2 non-intensive space as it opens up, we're looking at the international business continue to expand in a significant way.

當您看到整個 2 型非密集型空間開放時，我們看到國際業務繼續以顯著方式擴展。

Pharmacy access continues to grow.

藥房准入持續增長。

All of these things are going to continue to put a bit of pressure on the gross margin profile.

所有這些都將繼續給毛利率狀況帶來一些壓力。

But if you saw the way that we were able to take cost out of the product from a design perspective and improve the process efficiencies around manufacturing this, your confidence level only increases and where we can keep that gross margin over time.

但是，如果您看到我們能夠從設計角度降低產品成本並提高製造過程效率的方式，您的信心水平只會增加，並且隨著時間的推移我們可以保持毛利率。

So we're incredibly excited by what we're seeing.

所以我們對我們所看到的感到非常興奮。

A lot of that doesn't contemplate the fact that over time, you probably see us move into a 15-day where cycle on the product itself, and so there's significant benefits that come there also.

其中很多都沒有考慮這樣一個事實，隨著時間的推移，您可能會看到我們進入產品本身的 15 天週期，因此也有顯著的好處。

So again, a bit back to Jereme's point earlier, this is not an area that we're going to get ahead of ourselves, but we feel like we have the flexibility we need to really get after the market opportunities that present themselves and still deliver a very attractive gross margin profile in this business.

再說一次，回到 Jereme 之前的觀點，這不是我們要超越自己的領域，但我們覺得我們擁有真正需要的靈活性，可以真正抓住出現並仍然提供的市場機會該業務的毛利率非常有吸引力。

And our next question comes from Margaret Kaczor.

我們的下一個問題來自 Margaret Kaczor。

I wanted to follow up a little bit on the real-time APIs and you guys got approval for.

我想對實時 API 進行一些跟進，你們得到了批准。

And it seems like to me like it could be one of the next evolutions for the business.

在我看來，這可能是該業務的下一個發展方向之一。

So I was curious if you could talk to us how important it is today versus 3 years from now, what it can facilitate both clinically and commercially?

所以我很好奇你能不能和我們談談今天和 3 年後它有多重要，它可以在臨床和商業上促進什麼？

I guess, just to round it out, what's been the reaction from the potential partners to the API so far?

我想，為了完善它，到目前為止，潛在合作夥伴對 API 的反應是什麼？

Well, maybe I'll start with the reaction.

好吧，也許我會從反應開始。

The reaction has been incredibly positive.

反應非常積極。

I think folks understand and desire to see the real-time information coming into their tools and being able to put that into the hands of the patients.

我認為人們理解並希望看到實時信息進入他們的工具並能夠將其交到患者手中。

The more real time that information is, the more reactive, the patient can be to that information and improve their outcomes over time.

信息越實時，患者反應越積極，患者可以對這些信息產生反應，並隨著時間的推移改善他們的結果。

And I think we're incredibly bullish in the sense that we believe we have the capability and a platform to build these tools off of, and that's exactly where we want to be.

我認為我們非常樂觀，因為我們相信我們有能力和平台來構建這些工具，而這正是我們想要的。

We want to provide as much input to these tools as we possibly can and work with as many partners as possible.

我們希望為這些工具提供盡可能多的輸入，並與盡可能多的合作夥伴合作。

I think from the very beginning, we've always had a bit of a different approach to the value of information, data and software, in particular.

我認為從一開始，我們就一直對信息、數據和軟件的價值採取不同的方法，尤其是。

And what you're seeing play out right now is part of that vision that we've had there and the approval of the real-time API.

你現在看到的結果是我們在那裡擁有的願景的一部分，以及實時 API 的批准。

We've invested heavily in the ability to produce this capability.

我們在生產這種能力方面投入了大量資金。

We understand the importance of interoperability, the importance of putting information in the hands of the patients.

我們了解互操作性的重要性，以及將信息交到患者手中的重要性。

That's who DexCom is.

DexCom 就是這樣。

And you're going to continue to see us invest in that area and really use it as a differentiator.

您將繼續看到我們在該領域進行投資並真正將其用作差異化因素。

In terms of how that evolves into the future and is there opportunity to create value in that monetization of the data stream or the real-time API.

就未來如何發展而言，是否有機會在數據流或實時 API 的貨幣化中創造價值。

Those are all things we'll evaluate over time.

這些都是我們將隨著時間的推移評估的所有事情。

That's not our strategy today.

這不是我們今天的策略。

Today, it's all about improving outcomes for patients that's going to show up in the way of incremental sensor sales over time, and we're very happy with that approach.

今天，這一切都是為了改善患者的治療效果，這將隨著時間的推移以增量傳感器銷售的方式出現，我們對這種方法非常滿意。

But it leaves us with some great flexibility.

但它給我們留下了很大的靈活性。

And our next question comes from Travis Steed.

我們的下一個問題來自 Travis Steed。

Congratulations on a good quarter.

祝賀一個好季度。

I know you talked about the OUS launch of G7 here in the back half.

我知道你在後半部分談到了 G7 的 OUS 發布。

And just curious if you could put some context on expectations for how we should think about that launch?

只是好奇您是否可以就我們應該如何看待此次發布的期望提供一些背景信息？

And which countries if you're willing to share that?

如果您願意分享，哪些國家/地區？

And you've also got probably 40 million to 50 million G6 sensors that you're making a year.

而且您每年還可能生產 4000 萬到 5000 萬個 G6 傳感器。

And just curious what you're going to do with the G6 capacity as G7 launches?

只是好奇隨著 G7 的推出，你將如何處理 G6 的容量？

That's a great question.

這是一個很好的問題。

I'll take that one.

我會拿那個。

We're not going to give you color on the specific countries because we don't want to -- for competitive reasons, we don't want to release the playbook, but we are on track for that.

我們不會為您提供特定國家/地區的顏色，因為我們不想 - 出於競爭原因，我們不想發布劇本，但我們正在努力實現這一目標。

And as we look going forward, it is a very interesting question for us and one for us to debate how do we use our G6 capacity while we're bringing up G7 lines at the same time because the 2 don't intersect.

當我們展望未來時，這對我們來說是一個非常有趣的問題，也是一個讓我們討論如何在我們同時提出 G7 線路的同時使用 G6 容量的問題，因為這 2 條線路不相交。

We believe we'll have a market for G6 for quite some time.

我們相信我們將在相當長的一段時間內擁有 G6 的市場。

While we're going to do a global launch and go very quickly, there will be places where G7 isn't going to be available immediately.

雖然我們將在全球範圍內發布並很快進行，但有些地方 G7 不會立即可用。

Our partners are going to take a while to catch up on the automated insulin delivery side.

我們的合作夥伴需要一段時間才能趕上自動化胰島素輸送方面。

We're working with them now on G7, but we've got -- we've still got some G6 room to grow there.

我們現在正在與他們在 G7 上合作，但我們已經 - 我們仍然有一些 G6 發展空間。

And there are some countries where we aren't yet or some geographies where we need to get started, where we can offer G6 in those areas while we sell G7 and others.

還有一些我們還沒有進入的國家，或者一些我們需要開始的地區，我們可以在這些地區提供 G6，同時我們銷售 G7 和其他。

So we are planning this.

所以我們正在計劃這個。

It's one of our areas of great debate, and I think we'll manage as best we can.

這是我們爭論不休的領域之一，我認為我們會盡力而為。

We won't be bashful about taking down G6 lines if G7 is ready to go and is the home run we think it's going to be.

如果 G7 準備好了並且我們認為它會是本壘打，我們不會對取消 G6 線路感到害羞。

And we've got several -- in all fairness, Quentin and his operating relations team, along with our R&D guys have developed some absolutely spectacular manufacturing methods for G7 that can give us a tremendous amount of flexibility to expand their very, very quickly and very thoughtfully.

我們有幾個——平心而論，昆汀和他的運營關係團隊，以及我們的研發人員已經為 G7 開發了一些絕對壯觀的製造方法，可以給我們極大的靈活性來非常、非常快速地擴展他們的非常周到。

So we'll monitor that very closely.

因此，我們將密切關注這一點。

That's a really good question and something we think about a lot here.

這是一個非常好的問題，我們在這裡思考了很多。

And our next question comes from Danielle Antalffy.

我們的下一個問題來自 Danielle Antalffy。

I'll echo everyone's congrats on a really strong quarter.

我會回應每個人對一個非常強勁的季度的祝賀。

I'm not sure who this question is for.

我不確定這個問題是給誰的。

But it's on the DTC initiative, you guys had a very successful Super Bowl ad campaign.

但在 DTC 倡議下，你們的超級碗廣告活動非常成功。

Just curious if there's any way to quantify what you're seeing from a return perspective yet?

只是好奇是否有任何方法可以從回報的角度量化您所看到的？

I mean this quarter, what seemed exceptionally strong to me.

我的意思是本季度，對我來說似乎異常強勁。

I'm wondering if we're seeing any benefit from that, not sure if you can even tell or if you can tell us.

我想知道我們是否從中看到了任何好處，不確定您是否甚至可以告訴我們，或者您是否可以告訴我們。

But if so, we'd love to hear even qualitative feedback there.

但如果是這樣，我們很樂意在那裡聽到定性反饋。

Sure.

當然。

Yes, we'll take that question.

是的，我們會回答這個問題。

And I think there's probably 2 data points that we can give you that will help you get your arms around the feedback we're seeing.

我認為我們可以為您提供 2 個數據點，幫助您了解我們所看到的反饋。

First off, Q2 was a record quarter for new patient adds.

首先，第二季度是新增患者創紀錄的季度。

So we're continuing to see record new patient adds.

因此，我們繼續看到創紀錄的新患者增加。

No doubt in many ways driven by the work we're doing around DTC and sales force as well as samples.

毫無疑問，我們圍繞 DTC 和銷售團隊以及樣品所做的工作在很多方面都受到了推動。

So I think you've got certainly a data point that's helpful.

所以我認為你肯定有一個有用的數據點。

The other piece is, over the past 18 months, we've doubled the active prescribers of our product.

另一件事情是，在過去的 18 個月裡，我們產品的活躍處方者翻了一番。

And no doubt, as we get out and get into the field and see endocrinologists, but also primary care physicians, the work we're doing around expanding that access has yielded really incredible benefits for the amount of prescribers that are out there that are: one, aware; and two, prescribing our product.

毫無疑問，當我們走出去並進入該領域並看到內分泌學家以及初級保健醫生時，我們圍繞擴大這種訪問所做的工作已經為那裡的大量處方醫生帶來了非常令人難以置信的好處：一、覺知；第二，給我們的產品開處方。

I think those 2 things are just clear indications of the investments we're making in the awareness, in the DTC, in the sales force is paying off.

我認為這兩件事清楚地表明了我們在意識、DTC 和銷售隊伍方面所做的投資正在得到回報。

And hopefully, that gives you some context, of course, looking at the quarter's revenue performance also helps as well.

希望這可以為您提供一些背景信息，當然，查看本季度的收入表現也有幫助。

So those all data points, I think, really give you some color as to why we think it's still an incredible investment and why we think the returns still are some of the best in the business.

因此，我認為，所有這些數據點確實讓您了解了為什麼我們認為這仍然是一項令人難以置信的投資，以及為什麼我們認為回報仍然是業內最好的。

And our next question comes from Jayson Bedford.

我們的下一個問題來自傑森貝德福德。

Just a quick one.

只是一個快速的。

I wanted to get back to the gross margin line of questioning.

我想回到毛利率的問題上。

What weighs on gross margin in the second half of the year to get to the 67% for the year?

下半年毛利率達到 67% 的原因是什麼？

Is it international pricing?

是國際定價嗎？

Is the buildup of Malaysia?

是馬來西亞的集結嗎？

And just if you can comment on -- it seems like a large portion of these costs may be transitory.

如果你能評論一下——這些成本的很大一部分似乎是暫時的。

Any color there would be helpful.

那裡的任何顏色都會有幫助。

Sure.

當然。

Yes.

是的。

So there's 2 that are the biggest.

所以有2個是最大的。

The first one is some of the international pricing.

第一個是一些國際定價。

You're correct.

你是對的。

If some of that plays through, we'll have a little bit of pressure on margin.

如果其中一些發揮作用，我們將對利潤率施加一點壓力。

The other one is the launch of G7.

另一個是G7的推出。

When we launch G7, those lines won't be at full capacity and they won't be at full yield.

當我們推出 G7 時，這些生產線不會滿負荷運轉，也不會滿負荷生產。

Just like when we launched G6 and we launched some of the automation around G6, it took a little bit of time to work through some of the kinks on these automated lines.

就像我們推出 G6 並圍繞 G6 推出一些自動化一樣，我們需要一些時間來解決這些自動化生產線上的一些問題。

And while we still expect incredible output right out the gate, that's going to cost us a little bit more.

雖然我們仍然期望一開始就有令人難以置信的輸出，但這會讓我們付出更多的代價。

And so I think what you're seeing is some of the international access, but then when we launched G7 and those lines start to appreciate, the cost of producing those in that shorter period are going to be a little bit higher.

所以我認為你看到的是一些國際接入，但是當我們推出 G7 並且這些線路開始升值時，在更短的時間內生產這些線路的成本會更高一些。

To your question is that transitory, all the work that the team is doing around the capability of manufacturing at high capacity as well as high yields, all of that will bounce back and play through.

你的問題是，團隊圍繞高產能和高產量的製造能力所做的所有工作都是暫時的，所有這些都會反彈並發揮作用。

And if this quarter is any demonstration of how good they are, you can see the margins that you see this quarter have shown that this team does an incredible job of yielding out these lines over time.

如果本季度可以證明它們有多好，那麼您可以看到本季度的利潤率表明，隨著時間的推移，這支團隊在產出這些產品線方面做得非常出色。

And we expect that to turn around with G7 into the future.

我們預計未來會隨著 G7 扭轉局面。

But there will be some time as we launch G7 as we get those lines up and running, where there will be a little bit of weight just similar to what we had with G6 that we're going to have to navigate through.

但是，隨著我們啟動 G7 並運行這些線路，將會有一段時間，其中會有一點重量，就像我們在 G6 中所擁有的一樣，我們將不得不通過這些線路。

But again, I think we're still super bullish on the capability, and we're super proud of the team and really expecting that team to do an incredible job as we launch G7.

但同樣，我認為我們仍然非常看好這種能力，我們為團隊感到非常自豪，並且真的希望團隊在我們推出 G7 時能做出令人難以置信的工作。

And our next question comes from Joanne Wuensch.

我們的下一個問題來自 Joanne Wuensch。

Nice quarter.

漂亮的季度。

Two questions.

兩個問題。

Was there any stocking in the quarter either in the U.S. or the OUS market?

本季度在美國或 OUS 市場是否有庫存？

And then you gave a sort of a blended volume price number.

然後你給出了一個混合的體積價格數字。

Could you sort of parse that out for the U.S. and for the international sales dynamic?

您能否為美國和國際銷售動態分析一下？

Yes.

是的。

So there was no stocking in the quarter, nothing out of the normal.

所以這個季度沒有庫存，沒有什麼不正常的。

Everybody was at normal levels.

每個人都處於正常水平。

In terms of your question on a blended number, I'm not sure what you're referring to.

關於您對混合數字的問題，我不確定您指的是什麼。

Certainly, we have a price dynamic of around the $250 million.

當然，我們的價格動態約為 2.5 億美元。

When we say price, it's really more channel, but we want to make sure we're very clear.

當我們說價格時，它實際上是更多的渠道，但我們想確保我們非常清楚。

It's really that shift in channel as well as the international access.

這確實是渠道和國際訪問的轉變。

We also talked about unit volumes, and I'm not sure if you're referencing that, but our unit volumes on the quarter, the growth year-over-year were in the mid-40% range.

我們還談到了單位數量，我不確定你是否指的是這個，但我們本季度的單位數量，同比增長在 40% 的中間範圍內。

And so certainly a strong unit volume growth quarter.

所以肯定是一個強勁的單位銷量增長季度。

So hopefully that answers your question.

所以希望這能回答你的問題。

And if you have any others, certainly follow-up, we can happy to be -- happy to clarify.

如果您有任何其他人，當然是後續行動，我們很高興能夠- 很高興澄清。

Actually, it's a unit volume number, that mid-40%, that's what I call a blended number.

實際上，它是一個單位體積數字，即 40% 的中間值，這就是我所說的混合數字。

What is that number in the U.S. and international?

在美國和國際上這個數字是多少？

We don't break it out.

我們不打破它。

That's our global number, but we can tell you that the growth on unit volume was strong in both the U.S. and outside the U.S.

這是我們的全球數字，但我們可以告訴您，美國和美國以外的單位銷量增長強勁。

And our next question comes from Steve Lichtman.

我們的下一個問題來自 Steve Lichtman。

Kevin, you talked about momentum in intensive type 2. Where do you think U.S. penetration into that market can go over the next 2 years?

凱文，您談到了密集型 2 的勢頭。您認為美國在未來 2 年內對該市場的滲透會走向何方？

Are there any hurdles to drive penetration?

推動滲透是否有任何障礙？

Or are you feeling good now where awareness and payer coverage are to continue to drive penetration there?

或者您現在感覺良好，因為意識和付款人覆蓋率將繼續推動那裡的滲透？

We feel very good about coverage we have there.

我們對那裡的報導感到非常滿意。

On the commercial side, it's up over 80% of the intensive type 2 patients now covered for commercial payers plus the Medicare coverage that we have that covers a number of these patients already.

在商業方面，現在由商業支付方承保的 2 型密集型患者增加了 80% 以上，加上我們已經涵蓋了其中一些患者的醫療保險承保範圍。

So access for these patients isn't going to be a problem.

因此，這些患者的訪問不會成為問題。

It's now all about awareness.

現在一切都與意識有關。

We went and doubled the size of our sales force at the beginning of this year, so we get access to more primary care physicians who do see a lot of the insulin using type 2 patients.

今年年初，我們將銷售人員的規模擴大了一倍，因此我們可以接觸到更多的初級保健醫生，他們確實看到了很多使用 2 型患者的胰島素。

And we've seen great results from that team.

我們已經看到該團隊取得了不錯的成績。

We've had a huge increase in the number of prescribers of our product over the course of this year.

在今年的過程中，我們產品的處方者數量大幅增加。

So that is a big win.

所以這是一個很大的勝利。

For us, it's about getting to him and explaining to him what technology is available.

對我們來說，這是關於找到他並向他解釋可用的技術。

We think this market will be every bit as penetrated as type 1 at some point.

我們認為這個市場在某個時候會像第一類市場一樣滲透。

We view it as a very strong opportunity.

我們認為這是一個非常強大的機會。

Our next question comes from Anthony Petrone.

我們的下一個問題來自 Anthony Petrone。

Great.

偉大的。

Congratulations.

恭喜。

Great quarter.

很棒的季度。

And hope everyone is doing well on the team.

並希望每個人都在團隊中表現良好。

Maybe a quick one on Malaysia and G7.

也許是關於馬來西亞和 G7 的快速討論。

Is it safe to assume G7 will exclusively be manufactured out of there?

假設 G7 將完全在那裡製造是否安全？

And if so, what does that mean for the margin of that product?

如果是這樣，這對該產品的利潤率意味著什麼？

And then maybe a quick update on the integrated device partnerships, Control-IQ and eventually Omnipod 5, just how you see those partnerships in those product cycles evolving over the next 24 months?

然後可能是關於集成設備合作夥伴、Control-IQ 以及最終的 Omnipod 5 的快速更新，您如何看待這些合作夥伴關係在這些產品週期中在未來 24 個月的演變？

Yes, I'll speak to the Malaysia question.

是的，我會談談馬來西亞的問題。

Kevin will jump on the last part of that.

凱文將跳到最後一部分。

With respect to Malaysia, it will not be exclusive -- G7 will not be exclusive to that location.

就馬來西亞而言，它不會是專屬的——G7 不會專屬於該位置。

We will start with G7 here in the States, both in San Diego and Mesa.

我們將從美國的 G7 開始，包括聖地亞哥和梅薩。

As a matter of fact, lines are there as we speak, and we'll continue to ramp up there into the back part of this year and into next year as well.

事實上，正如我們所說的那樣，線路就在那裡，我們將繼續在今年下半年和明年繼續增加。

As Malaysia comes online and the buildings up out of the ground, and we validated the clean room and the capability there, we'll begin to build out the G7 capability there as well.

隨著馬來西亞上線，建築物從地下拔地而起，我們驗證了潔淨室和那裡的能力，我們也將開始在那裡建立 G7 能力。

So we'll have G7 in both locations over time, that's going to give us an opportunity to produce north of 200 million sensors altogether.

因此，隨著時間的推移，我們將在這兩個地點擁有 G7，這將使我們有機會生產超過 2 億個傳感器。

And when you think about the distribution of those sensors and where they're going, both in the U.S. and internationally speaking, I think it makes a lot of sense to continue to have a capability here in the States as well in Malaysia, particularly when you start to look at the logistical distribution costs associated with moving that product around in the volumes that we're talking.

當你考慮這些傳感器的分佈以及它們在美國和國際上的去向時，我認為繼續在美國和馬來西亞擁有能力是很有意義的，特別是當您開始研究與我們所說的批量移動該產品相關的物流配送成本。

So it will exist in both locations.

所以它將存在於兩個位置。

I do think over time, the lower cost profile will come out of that Malaysia business.

我確實認為隨著時間的推移，馬來西亞的業務將會降低成本。

That's a big part of the value proposition there, but that's going to let us serve a lot of those international markets very effectively and efficiently.

這是那裡價值主張的重要組成部分，但這將使我們非常有效地服務於許多國際市場。

Yes.

是的。

And with respect to the integrated systems, we're very excited for these opportunities.

關於集成系統，我們對這些機會感到非常興奮。

I actually made it out in the field last week.

實際上，我上週在外地成功了。

There is a whole bunch of pent-up demand for Omnipod 5. People are very ready for it.

Omnipod 5 有一大堆被壓抑的需求。人們已經做好了準備。

They've been ready for it for a long time, and we're looking forward to that day as well.

他們已經為此做好了很長時間的準備，我們也期待著那一天。

On the Tandem side, we know they're working on new products and have new projects.

在 Tandem 方面，我們知道他們正在開發新產品並有新項目。

I think the best thing I can talk about with Tandem is just a recent story.

我認為我能與 Tandem 談論的最好的事情就是最近的一個故事。

I got to know it on my computer, somebody wanted to give me a Facebook message, and it was a person who told me he spent 22 years on Medtronic systems and is now on Tandem Control-IQ with DexCom and he has never been healthier, never had a lower A1c, never had better -- he said my whole life has changed.

我是在電腦上知道的，有人想給我一條 Facebook 消息，有人告訴我，他在美敦力系統上工作了 22 年，現在正在與 DexCom 一起使用 Tandem Control-IQ，他從未如此健康過，從未有過更低的 A1c，從未有過更好的——他說我的整個生活都改變了。

He goes, this system is amazing.

他去，這個系統很神奇。

So we believe the integrated systems driven by DexCom sensors are game changers.

因此，我們相信由 DexCom 傳感器驅動的集成系統會改變遊戲規則。

People get accurate sensor information that can take these sophisticated algorithms and make proper decisions.

人們獲得準確的傳感器信息，這些信息可以採用這些複雜的算法並做出正確的決定。

We're very bullish and optimistic on the -- on both of these opportunities going forward.

我們對未來的這兩個機會都非常樂觀和樂觀。

Very excited.

非常興奮。

Our next question comes from Ravi Misra.

我們的下一個問題來自 Ravi Misra。

Just on the DexCom API.

就在 DexCom API 上。

Can you talk a little bit about how you chose some of the partners that you're working with?

你能談談你是如何選擇一些合作夥伴的嗎？

I understand Livongo, of course, but with Garmin.

我當然了解 Livongo，但對於 Garmin。

And then just more on that.

然後就是更多。

Just walk us through kind of how you envision this being separate or integrated with CLARITY in the future?

讓我們了解一下您如何設想未來將其與 CLARITY 分開或集成？

Just curious why this is for industry rather than kind of providers itself?

只是好奇為什麼這適用於行業而不是供應商本身？

Yes.

是的。

This is Kevin.

這是凱文。

I'll handle the CLARITY piece.

我會處理 CLARITY 部分。

With the live API, the patient still has to run the DexCom app in the background.

使用實時 API，患者仍然需要在後台運行 DexCom 應用程序。

So the data will go straight to CLARITY, and it will be there as is.

因此，數據將直接進入 CLARITY，並且會保持原樣。

Now the better question is, will we ever have a CLARITY type system for those who don't have the same needs as intensive insulin users.

現在更好的問題是，我們是否會為那些與密集型胰島素使用者沒有相同需求的人提供 CLARITY 類型的系統。

And I think over time, you'll see us migrate our tools to that platform.

我認為隨著時間的推移，您會看到我們將我們的工具遷移到該平台。

Hence, you heard these guys talk about software investments over the last half of the year.

因此，您聽說這些人在今年下半年談論軟件投資。

And as we look at 2022, we see the same.

當我們展望 2022 年時，我們也看到了同樣的情況。

We are quickly becoming a software company in addition to a sensor company It's very exciting there.

除了傳感器公司，我們正在迅速成為一家軟件公司。這非常令人興奮。

Quentin, do you want to talk?

昆汀，你想談談嗎？

Yes, in terms of the partners, I mean you think about the Teladoc Livongo's diabetes program, the UnitedHealth, the Welldoc and Garmin, these are partners that we've established relationships with in the past.

是的，就合作夥伴而言，我的意思是您考慮 Teladoc Livongo 的糖尿病計劃、UnitedHealth、Welldoc 和 Garmin，這些都是我們過去建立關係的合作夥伴。

There is a little bit of integration work that goes into providing the real-time API and the connection into their systems.

提供實時 API 和與系統的連接需要進行一些集成工作。

These were the easy ones out of the gate that really sync up with and get the programs going with.

這些是真正與程序同步並讓程序運行的簡單程序。

But I think the important thing is we want to be a foundation that we can provide this sort of information into many programs out there and really improve the outcomes for the patients themselves.

但我認為重要的是我們希望成為一個基礎，我們可以將此類信息提供給許多項目，並真正改善患者本身的結果。

And I don't think we could be better positioned to be able to do that right now.

而且我認為我們現在無法更好地做到這一點。

So incredibly thrilled with where it's at and expect more partners to be lining up.

對它所處的位置感到非常興奮，並期待更多的合作夥伴排隊。

And our next question comes from Marie Thibault.

我們的下一個問題來自 Marie Thibault。

Congrats on the nice quarter and thanks for the time today.

恭喜這個美好的季度，感謝今天的時間。

Just a quick follow-up, I think, on the comments around the sales force.

我認為，只是對銷售人員周圍的評論進行快速跟進。

I know that you doubled the sales force this year.

我知道你今年的銷售人員增加了一倍。

So I just want to get an update on where they are in their productivity ramp?

所以我只想了解他們在生產力提升方面的最新情況？

I know we typically think of at least 6 to 9 months to get to a more normal productivity level.

我知道我們通常認為至少需要 6 到 9 個月才能達到更正常的生產力水平。

So I would love to hear kind of a status update on that.

所以我很想听聽關於這方面的狀態更新。

I think you're right on target.

我認為你的目標是正確的。

It does take about 6 to 9 months for everybody to get up to speed.

每個人都需要大約 6 到 9 個月才能跟上進度。

The one thing we are saying if I can just give you one trend, though, as we try and expand our coverage into the PCP offices where we haven't been before.

不過，如果我能給您一個趨勢，我們要說的一件事是，當我們嘗試將我們的覆蓋範圍擴大到我們以前沒有去過的 PCP 辦公室時。

It's a lot of work.

這是很多工作。

We haven't been there.

我們沒有去過那裡。

And as we knock on doors, it's taken these guys a while to get appointments.

當我們敲門時，這些人花了一段時間才得到約會。

Once they get in, we're finding the physicians do not know a whole lot about DexCom.

一旦他們進來，我們發現醫生對 DexCom 知之甚少。

And if anything, we've totally validated our assumptions in this expansion.

如果有的話，我們已經完全驗證了我們在這個擴展中的假設。

We had to get out there.

我們不得不離開那裡。

We had to get more feet on the street and more faces to be as competitive as we wanted to and to achieve our goals.

我們必須在街上站更多腳和更多面孔，才能像我們想要的那樣具有競爭力並實現我們的目標。

And our next question comes from Gibran Ahmed.

我們的下一個問題來自 Gibran Ahmed。

This is actually Kyle Rose on from Canaccord.

這實際上是來自 Canaccord 的 Kyle Rose。

So I just wanted to -- obviously, you made some big investments on the commercial side this year with DTC, doubling the sales force and the trialing.

所以我只是想 - 顯然，你今年在 DTC 的商業方面進行了一些大投資，將銷售人員和試用人數增加了一倍。

I'm just trying to understand, if you had to call out maybe one of those as a bigger driver rather than the other, which one would it be?

我只是想了解，如果您不得不將其中一個稱為更大的驅動程序而不是另一個，那會是哪一個？

Just trying to understand how far into realizing some of the productivity gains on the sales force we might really be seeing from the primary care channel?

只是想了解我們可能真正從初級保健渠道看到的銷售人員的一些生產力提升有多遠？

Yes, I can take that.

是的，我可以接受。

So at first, there's -- these all really needed to be done in conjunction.

所以起初，有 - 這些都真的需要一起完成。

But the immediate one that you get returns on is obviously awareness.

但是，您獲得回報的直接回報顯然是意識。

And awareness comes in many forms and factors, but clearly through DTC.

意識有多種形式和因素，但顯然是通過 DTC。

I think at this point, they all go hand in hand because you're making folks aware, you're getting out into the physician's office, you're making the physician aware certainly through your rep.

我認為在這一點上，它們齊頭並進，因為你讓人們意識到，你進入醫生辦公室，你通過你的代表讓醫生知道。

And through the Hello DexCom program, people are getting the opportunity to trial it.

通過 Hello DexCom 計劃，人們有機會試用它。

And so we all -- we did them all together.

所以我們都 - 我們一起做了。

So maybe early out the gate, DTC was the immediate shot in the arm.

因此，也許早早出門，DTC 就是一劑強心劑。

But at this point, they're all really contributing in conjunction.

但在這一點上，他們都在共同做出貢獻。

And so that's the way we think about it.

這就是我們思考它的方式。

Over the longer haul, you think that feet on the street are going to be incredibly important as these physicians need to have relationships with folks in conjunction with all the other offerings that we provide.

從長遠來看，您認為在街上的腳將非常重要，因為這些醫生需要與我們提供的所有其他產品一起與人們建立關係。

We have to validate that over time.

我們必須隨著時間的推移驗證這一點。

Kevin referenced it as we get in front of these doctors, we're educating them.

當我們在這些醫生面前時，凱文引用了它，我們正在教育他們。

But the way I think about it is DTC was the immediate -- is the immediate more quick return.

但我認為 DTC 的方式是立即的——即立即更快速的回報。

But I think at this point, they're all contributing equally.

但我認為在這一點上，他們都做出了同樣的貢獻。

And we have no more questions at this time.

我們目前沒有更多問題。

I'd like to turn it back to Kevin Sayer for closing comments.

我想把它轉回給 Kevin Sayer 來結束評論。

Thank you very much, and thank you, everybody, for participating in and listening to our earnings report today.

非常感謝大家，感謝大家今天參與並收聽我們的收益報告。

In summary, this was a quarter of tremendous accomplishment, just under $600 million in revenue for this quarter with our highest ever absolute revenue dollar increase when compared to the previous year's quarter.

總而言之，這是一個取得巨大成就的季度，本季度的收入略低於 6 億美元，與上一季度相比，我們的絕對收入增幅最高。

Our worldwide field and access expansion efforts are working exactly the way we planned, positioning us very well for the rest of 2021 and beyond.

我們在全球範圍內的領域和訪問擴展工作正按我們計劃的方式進行，為 2021 年剩餘時間及以後做好準備。

70% gross margins during a period of continued planned annual revenue per patient reductions to increase global access for all diabetes customers, new record operating income during a period of increased investment in what I believe is the most robust product pipeline we've ever had.

在持續計劃每年減少每位患者的年收入以增加所有糖尿病客戶的全球可及性期間，毛利率達到 70%，在我認為是我們有史以來最強大的產品管道投資增加期間，營業收入創下新紀錄。

G7 progress continues.

G7 進展仍在繼續。

Very important measurable milestones have been achieved on schedule this quarter.

本季度已如期實現了非常重要的可衡量里程碑。

And there's nothing like being around here as we approach a deadline.

當我們接近最後期限時，沒有什麼比在這裡更愉快的了。

It is just energizing.

它只是充滿活力。

Other projects here made great progress as well.

這裡的其他項目也取得了很大進展。

And finally, we are laying the groundwork for our future growth with irreputable fact-based clinical evidence.

最後，我們正在通過基於事實的不可靠臨床證據為我們未來的發展奠定基礎。

This technology will have a major impact in health care all over the world.

這項技術將對全世界的醫療保健產生重大影響。

Thanks, everybody, and have a great day.

謝謝大家，祝你有美好的一天。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's conference.

今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。