德康醫療 (DXCM) 2020 Q4 法說會逐字稿

Welcome to the DexCom Fourth Quarter and Full Year 2020 Earnings Release Call. My name is Darryl, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to Sean Christensen. Sean, you may begin.

歡迎參加 DexCom 2020 年第四季暨全年財報發布電話會議。我叫 Darryl，將擔任今天會議的接線員。(接線員指示) 請注意，本次電話會議將被錄音。我現在將把電話交給 Sean Christensen。Sean，您可以開始了。

Thank you, operator, and welcome to DexCom's Fourth Quarter and Full Year 2020 Earnings Call. Our agenda begins with Kevin Sayer, DexCom's Chairman, President and CEO, who will provide a summary of the quarter and full year 2020; followed by a financial review and outlook from Quentin Blackford, our COO and CFO; and then a strategic update from Steve Pacelli, our Executive Vice President of Strategy and Corporate Development. Following our prepared remarks, we will open the call up for your questions. (Operator Instructions)

謝謝，接線員，並歡迎各位參加 DexCom 2020 年第四季暨全年財報電話會議。我們的議程首先由 DexCom 董事長、總裁兼執行長 Kevin Sayer 開場，提供本季與 2020 全年的摘要；接著由我們的營運長兼財務長 Quentin Blackford 進行財務回顧與展望；然後由策略與企業發展執行副總裁 Steve Pacelli 提供策略更新。在我們的準備發言結束後，我們將開放各位提問。(接線員指示)

Please note that there are also slides available related to our fourth quarter performance on the DexCom Investor Relations website on the Events and Presentations page. With that, let's review our safe harbor statement.

請注意，DexCom 投資人關係網站的「活動與簡報」頁面也提供與我們第四季表現相關的投影片。接下來，讓我們回顧安全港聲明。

Some of the statements we will make in today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs and expectations about future events, strategies, competition, products, operating plans and performance. All forward-looking statements included in this presentation are made as of the date hereof based on information currently available to DexCom, are subject to various risks and uncertainties, and actual results could differ materially from those anticipated in the forward-looking statements.

我們在今天電話會議中所做的部分陳述，可能構成前瞻性陳述。這些陳述反映管理層對未來事件、策略、競爭、產品、營運計畫與績效的意圖、信念與預期。本簡報所包含的所有前瞻性陳述，均以本簡報日期為準，係基於 DexCom 目前可得資訊作出，並受各種風險與不確定性影響，實際結果可能與前瞻性陳述中所預期者有重大差異。

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 and other filings with the Securities and Exchange Commission. 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.

可能導致實際結果與任何此等前瞻性陳述所明示或暗示內容出現重大差異的因素，已詳載於 DexCom 的 Form 10-K 年度報告及向美國證券交易委員會提交的其他文件中。除法律要求外，我們不承擔在本簡報日期後更新任何此等前瞻性陳述，或使該等前瞻性陳述與實際結果一致的義務。

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

此外，在本次電話會議中，我們將就非 GAAP 與以現金為基礎的結果，討論若干未依 GAAP 編製的財務衡量指標。除非另有說明，所有對財務指標的提及均以非 GAAP 基礎呈現。此額外資訊之呈現不應被孤立看待，亦不應視為可替代依 GAAP 編製之結果，或優於依 GAAP 編製之結果。

Please refer to the tables in our earnings release and the slides accompanying our fourth quarter and full year earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure. Now I will turn it over to Kevin.

請參閱我們財報新聞稿中的表格，以及隨附於第四季與全年財報簡報的投影片，以取得這些衡量指標與其最直接可比較之 GAAP 財務衡量指標的調節表。現在我把時間交給 Kevin。

Thank you, Sean, and thank you, everyone, for joining us today. Let me start by summarizing some of the things that DexCom accomplished in 2020. Total revenue grew 31% over 2019, driven by a record number of new patient additions. This translates to more than $415 million in absolute dollar growth, another high-water mark for DexCom. We doubled G6 capacity in the first 6 months of the year. Our team has done a great job to meet the ambitious plans that we outlined nearly 2 years ago to scale G6 capacity, leaving the company in the best inventory position that we have been in since the launch of G6.

謝謝你，Sean，也謝謝各位今天加入我們。我先總結一下 DexCom 在 2020 年完成的一些事項。在新增病患數創新高的帶動下，總營收較 2019 年成長 31%。這相當於絕對金額增加超過 4.15 億美元，再次創下 DexCom 的新高水準。我們在上半年 6 個月內將 G6 產能加倍。我們的團隊在落實近兩年前所提出的擴大 G6 產能的宏大計畫方面表現出色，使公司達到自 G6 上市以來最佳的庫存水位。

The scale-up led to strong gross margin expansion in 2020, even as we increasingly shift our business to the pharmacy channel. We closed the full year 2020 with our highest gross margin since 2017. Our enhanced capacity puts us in position to aggressively pursue our growth initiatives. This includes the expansion of our sales force, which we announced in October and have nearly completed, as well as our efforts around product sampling and direct-to-consumer advertising in the U.S. and international markets.

產能擴張帶動 2020 年毛利率顯著提升，即便我們的業務正日益轉向藥局通路。我們以自 2017 年以來最高的毛利率結束 2020 全年。強化後的產能使我們得以積極推進成長計畫。這包括我們在 10 月宣布、且幾乎已完成的銷售團隊擴編，以及我們在美國與國際市場推動的產品試用與直接面向消費者（DTC）廣告等工作。

Many of you have seen our most recent effort to drive category awareness as we kicked off a new campaign around one of our DexCom warriors, Nick Jonas, including our ad during the Super Bowl. This bold effort should give you a sense for our belief about the market opportunity ahead of us. We've received great feedback from the campaign so far and look forward to joining forces with Nick and diabetes advocacy groups in the coming months to drive greater awareness of the benefits of CGM.

許多人已看到我們最新的品類認知推廣行動：我們以 DexCom 勇士之一 Nick Jonas 為主角啟動新一波活動，其中也包括我們在超級盃期間播出的廣告。這項大膽的投入應能讓各位感受到我們對未來市場機會的信心。迄今我們已收到對該活動的良好回饋，並期待在未來幾個月與 Nick 及糖尿病倡議團體攜手合作，進一步提升對 CGM 益處的認知。

At the height of the pandemic's first wave, we established a new effort in a matter of days to support hospitals needing to preserve personal protective equipment and utilize our remote monitoring technology. We've made significant progress in our work to bring DexCom CGM to people with type 2 diabetes, including both those on intensive insulin therapy and those who are not. We also announced several new initiatives in 2020 that we believe will position us to meet the kinds of patient growth that we expect over the next several years.

在疫情第一波達到高峰時，我們在短短數天內建立了一項新計畫，以支援需要節省個人防護裝備並運用我們遠端監測技術的醫院。我們在將 DexCom CGM 推廣至第二型糖尿病患者方面也取得重大進展，涵蓋接受密集胰島素治療者以及未接受者。我們也在 2020 年宣布多項新計畫，我們相信這些計畫將使我們能夠因應未來數年預期的病患成長。

Building on the success of our team in Manila, where we've strengthened our customer service metrics across the board, we announced a new global business services unit in Lithuania that will help serve our international operations. We also announced that we will be building our third manufacturing site and first international manufacturing site in Malaysia. This state-of-the-art facility will be key to scaling our G7 capacity and provide logistical advantages as we look to serve our growing international base.

在馬尼拉團隊成功的基礎上——我們已全面強化客戶服務指標——我們宣布在立陶宛成立新的全球商務服務單位，以協助支援我們的國際營運。我們也宣布將在馬來西亞興建第三座製造基地，亦為我們首座海外製造基地。這座最先進的設施將是擴大 G7 產能的關鍵，並在我們服務日益成長的國際客戶群時提供物流上的優勢。

Speaking of G7, 2020 saw us initiate and complete the first G7 pivotal trial. We're very happy with these results and the feedback we've received from participants and clinicians involved in the trial has been outstanding. Our clinical work is continuing as we progress with the regulatory path in 2021 to support our goal to launch G7 in the second half of the year.

談到 G7，2020 年我們啟動並完成了首項 G7 關鍵性試驗。我們對這些結果非常滿意，且試驗參與者與臨床醫師所提供的回饋也非常出色。隨著我們在 2021 年推進法規核准路徑以支持我們於下半年推出 G7 的目標，我們的臨床工作仍在持續進行。

In any given year, these are accomplishments that we would be proud of. But in 2020, our teams accomplished these goals during a global pandemic. I want to use this forum again to say how proud I am of the DexCom employees who have embraced our mission to empower people to take control of diabetes in a year of very unique challenges. It is a privilege to both lead and learn from such a talented team. And rest assured, our team is focused on the growth opportunity ahead of us as we're now well on our way in 2021.

在任何一年，這些都是我們會引以為傲的成就。但在 2020 年，我們的團隊是在全球疫情期間完成這些目標。我想再次利用這個場合表示，我為 DexCom 員工感到非常自豪；他們在充滿獨特挑戰的一年中，仍擁抱我們「賦能人們掌控糖尿病」的使命。能夠領導並向如此優秀的團隊學習，是一種榮幸。請放心，我們的團隊正專注於眼前的成長機會，而我們在 2021 年也已穩步前進。

This is shaping up to be another exciting year for the company, featuring our continued momentum as we look to bring G6 to many potential customers yet to use CGM, the ongoing manufacturing scale-up and launch of G7 and investing in several other key initiatives related to the growth pillars that we outlined at our recent Investor Day. We believe there is still a huge growth opportunity ahead, and we are investing to ensure that the company is positioned to deliver CGM as a mass market technology for greater health outcomes.

這一年正逐步成為公司另一個令人振奮的年度：我們將延續動能，把 G6 帶給更多尚未使用 CGM 的潛在客戶，持續擴大製造規模並推出 G7，同時投資於其他幾項關鍵計畫，這些計畫與我們在近期投資人日所闡述的成長支柱相關。我們相信前方仍有巨大的成長機會，因此我們正加大投資，以確保公司具備條件，將 CGM 打造成面向大眾市場的技術，帶來更佳的健康成果。

The pandemic has contributed to structural changes in the way health care is delivered, with DexCom CGM a valuable asset in the growing digital health and the remote monitoring health care ecosystems. Yet a majority of people with diabetes in the world continue to rely on fingerstick technology. It is because of these developing landscapes and our belief in what DexCom CGM offers that we are announcing the formation of DexCom Ventures today, which Steve Pacelli will lead.

疫情促成了醫療照護提供方式的結構性變化，使 DexCom CGM 成為日益成長的數位健康與遠距監測醫療照護生態系中的重要資產。然而，全球多數糖尿病患者仍持續仰賴指尖採血技術。正因這些發展中的環境，以及我們對 DexCom CGM 所能提供價值的信念，我們今天宣布成立 DexCom Ventures，並將由 Steve Pacelli 領導。

With this entrance into the venture capital space, we believe we will be able to accelerate development for innovative companies that share our commitment to empowering greater health outcomes for customers and their clinicians. This may include technologies with use cases that can be combined with our CGM system as well as independent technology platforms.

透過進入創投領域，我們相信將能加速發展與我們同樣致力於協助客戶及其臨床醫師提升健康成果的創新公司。這可能包括可與我們的 CGM 系統結合的技術應用情境，以及獨立的技術平台。

To summarize, we are very proud of what we accomplished in 2020 and are moving forward with the same commitment to our users and the growth of DexCom well into the future. With that, I will turn it over to Quentin for a review of the fourth quarter financials and discussion of the 2021 outlook. Quentin?

總結來說，我們對 2020 年所達成的成果深感自豪，並將以同樣對使用者的承諾與對 DexCom 成長的投入，持續邁向未來。接下來，我將交由 Quentin 回顧第四季財務表現並討論 2021 年展望。Quentin？

Thank you, Kevin. As a reminder, unless otherwise noted, the financial metrics presented today will be discussed on a non-GAAP basis. Reconciliations to GAAP can be found in today's earnings release as well as on our IR website.

謝謝你，Kevin。提醒各位，除非另有說明，今天所呈現的財務指標將以非 GAAP 基礎進行討論。與 GAAP 的調節表可在今日的財報新聞稿以及我們的投資人關係（IR）網站上查閱。

We reported worldwide revenue of $568.9 million for the fourth quarter compared to $462.8 million for the fourth quarter of 2019, representing growth of 23%. Our team did a great job maintaining momentum with new patient additions in the fourth quarter and accelerating our shift of the business into the pharmacy channel.

我們第四季全球營收為 5.689 億美元，較 2019 年第四季的 4.628 億美元成長 23%。我們團隊在第四季維持新增病患的動能，並加速將業務轉向藥局通路，表現出色。

Even with the increasing COVID lockdowns as the quarter progressed, new patients for the fourth quarter were in line with our original expectations for the year, a new record and a great achievement for our team. U.S. revenue grew 20% over the fourth quarter of 2019, totaling $451 million. We were able to drive more volume into the pharmacy channel than we originally expected, closing the year approaching 50% of our total U.S. commercial volume. This means that we are making excellent progress to position the company for long-term growth in the U.S. and an efficient operating model for the company. And while there is channel mix causing lower revenue per patient in the pharmacy channel, the underlying strength of the business saw fourth quarter unit volumes grow significantly more than our revenue growth rate in the U.S.

即使隨著季度推進 COVID 封鎖措施加劇，第四季新增病患仍符合我們對全年原先的預期，創下新紀錄，也是團隊的一項重大成就。美國營收較 2019 年第四季成長 20%，達 4.51 億美元。我們推動進入藥局通路的量能超出原先預期，年底時已接近占我們美國商業總量的 50%。這表示我們在為公司於美國的長期成長定位，以及建立高效率的營運模式方面，正取得極佳進展。此外，雖然通路組合使藥局通路的每位病患營收較低，但業務的基本面強勁，使得美國第四季的單位出貨量成長幅度顯著高於營收成長率。

Our international business reached a new high-water mark of $117 million in the fourth quarter of 2020, growing 35% over the fourth quarter of 2019. This growth includes strong performance in both our direct and distributor markets. We began an international DTC campaign in several of our markets in the fourth quarter and will continue to drive awareness of the benefits of our technology, knowing that CGM market penetration internationally remains even less than in the U.S.

我們的國際業務在 2020 年第四季達到 1.17 億美元的新高水準，較 2019 年第四季成長 35%。此成長包含我們直營市場與經銷市場的強勁表現。我們在第四季於多個市場啟動國際 DTC（直接面向消費者）活動，並將持續提升對我們技術效益的認知；我們也了解，國際 CGM 市場滲透率仍低於美國。

Our fourth quarter gross profit was $399.1 million or 70.2% of revenue compared to 66.8% of revenue in the fourth quarter of 2019. The 70.2% of revenue represents our highest gross margin quarter in the past 5 years. This is another demonstration of the ability of our team to navigate our strategic shift to the pharmacy channel while delivering strong profitability across the organization.

第四季毛利為 3.991 億美元，毛利率為營收的 70.2%，相較 2019 年第四季的 66.8% 提升。70.2% 的毛利率為我們過去 5 年來毛利率最高的一季。這再次展現我們團隊在推動策略性轉向藥局通路的同時，仍能在整個組織中維持強勁獲利能力。

As Kevin noted, our successful scale-up of G6 has been a key driver of this margin expansion while also placing us in our strongest inventory position to date, allowing us to more aggressively target new users as we continue in 2021.

如 Kevin 所提，我們成功擴大 G6 的產能規模是推動毛利率擴張的關鍵因素，同時也使我們達到迄今最強的庫存水位，讓我們在 2021 年持續推進時，能更積極鎖定新使用者。

Operating expenses were $294.7 million for Q4 2020 compared to $205.7 million in Q4 2019. The year-over-year expense growth in the fourth quarter consists of several key areas of strategic investment, which includes roughly $15 million of nonrecurring spend related to enhancing our software development efforts and automation of our production capabilities. We also increased spending related to our DTC programs, product sampling and the expansion of our U.S. sales force. Even with significant investments throughout 2020 to prepare DexCom for future growth and efficiency, total operating expense growth for the year totaled 26%, well below our 31% revenue growth for the year.

2020 年第四季營業費用為 2.947 億美元，較 2019 年第四季的 2.057 億美元增加。第四季年增的費用主要來自數個策略性投資重點，其中包括約 1,500 萬美元的一次性支出，用於強化我們的軟體開發工作與生產能力自動化。我們也增加了與 DTC 計畫、產品試用（sampling）以及擴編美國銷售團隊相關的支出。即使 2020 年全年進行了大量投資以為 DexCom 未來成長與效率做準備，全年營業費用總增幅為 26%，仍明顯低於全年 31% 的營收成長。

Operating income was $104.4 million or 18.4% of revenue in the fourth quarter of 2020 compared to $103.6 million or 22.4% of revenue in the same quarter of 2019. For the year, we delivered more than 500 basis points of operating margin expansion, with full year 2020 operating margin of 16.6%, exceeding our most recent guidance. Adjusted EBITDA was $159.2 million or 28% of revenue for the fourth quarter compared to $141.7 million or 30.6% of revenue for the fourth quarter of 2019. Our full year adjusted EBITDA margin of 26.3% also exceeded our most recent guidance and came in more than 300 basis points better than our original 2020 guidance.

2020 年第四季營業利益為 1.044 億美元，占營收 18.4%；相較之下，2019 年同季為 1.036 億美元，占營收 22.4%。就全年而言，我們實現超過 500 個基點的營業利益率擴張，2020 年全年營業利益率為 16.6%，高於我們最近一次的指引。第四季調整後 EBITDA 為 1.592 億美元，占營收 28%；相較 2019 年第四季為 1.417 億美元，占營收 30.6%。我們 2020 年全年調整後 EBITDA 利潤率為 26.3%，同樣高於最近一次指引，且較我們最初的 2020 年指引改善超過 300 個基點。

As our margin progress shows, the significant steps that we have taken over the past few years are having a great impact on our ability to translate revenue growth into profitability. We are confident that the trend will continue over the long term as we move towards the 5-year targets that we laid out for you at our recent Investor Day by simultaneously taking opportunities that arise to invest in the growth ahead of us.

從我們的利潤率進展可見，過去幾年我們採取的重大措施，已對我們將營收成長轉化為獲利的能力產生顯著影響。我們有信心，隨著我們朝向在近期投資人日所提出的 5 年目標邁進，並同時把握出現的機會投資於未來成長，這一趨勢將在長期持續。

Net income for the fourth quarter was $90.4 million or $0.91 per share. We significantly increased operating cash flow in 2020 and remain in a strong cash position with greater than $2.7 billion of cash and cash equivalents on the balance sheet as we exit the year. This gives us the flexibility to pursue the strategic investments that we believe will allow us to maintain a leadership position in our field. These include some of the investments we discussed related to our fourth quarter activities.

第四季淨利為 9,040 萬美元，或每股 0.91 美元。我們在 2020 年大幅提升營運現金流，且在年底時資產負債表上的現金及約當現金超過 27 億美元，維持強勁的現金部位。這使我們具備彈性，得以推動我們認為能維持在本領域領導地位的策略性投資。其中包括我們先前討論的、與第四季活動相關的部分投資。

Turning to 2021 guidance. As we stated early last month, we anticipate full year revenues of $2.21 billion to $2.31 billion, representing growth of 15% to 20%. We expect new patient growth to continue to exceed our revenue growth rate again in 2021, with our team extending their efforts to drive U.S. commercial business into our preferred pharmacy channel. We've also contemplated potential benefits from our efforts to drive category awareness through our expanded sales force, DTC advertising, product sampling and integrated systems as well as general considerations around the competitive environment.

接著談 2021 年指引。如同我們上月初所述，我們預期全年營收為 22.1 億至 23.1 億美元，代表 15% 至 20% 的成長。我們預期 2021 年新增病患成長仍將再次高於營收成長率，團隊也將持續加大力道，推動美國商業業務進入我們偏好的藥局通路。我們也納入了透過擴編銷售團隊、DTC 廣告、產品試用與整合式系統來提升品類認知的潛在效益，以及對競爭環境的一般性考量。

Turning to margins. We have several considerations in 2021 as we position the business for efficient growth and long-term margin expansion, in line with what we outlined at our recent Investor Day. For 2021, we anticipate gross margins of approximately 65%, in line with our long-term expectations. This anticipates a slight shift from our 67% full year 2020 results, which we expect to be driven by the success of our pharmacy channel initiative as well as our 2021 investments in infrastructure related to our G7 scale up and OUS manufacturing facility in Malaysia.

接著談利潤率。在 2021 年，我們在為業務定位以實現高效率成長與長期利潤率擴張方面，有數項考量，與我們在近期投資人日所概述的方向一致。對 2021 年，我們預期毛利率約為 65%，符合我們的長期預期。此預期反映相較 2020 年全年 67% 的結果略有下滑；我們預期主要由藥局通路計畫的成功推進，以及 2021 年在與 G7 擴產及馬來西亞海外（OUS）製造設施相關的基礎建設投資所驅動。

We expect operating margins of approximately 13%, reflecting our gross margin outlook as well as various investments we've contemplated in 2021. As you know, DexCom has advanced its profitability profile at a much faster pace than originally anticipated over the past few years while at the same time building the infrastructure to scale the business profitably.

我們預期營業利益率約為 13%，反映我們對毛利率的展望，以及我們在 2021 年所考量的各項投資。如各位所知，過去幾年 DexCom 的獲利能力提升速度遠快於原先預期，同時也建立了可支撐業務以獲利方式擴張的基礎設施。

With the diabetes market still underpenetrated, we're going on the offense with these investments. We are continuing to invest in the growth of the business via DTC, sampling, new markets and the launch of new products that we mentioned at our Investor Day, including G7. We are also making a significant investment in the global sales force, including doubling the size of our U.S.-based commercial field team. We will also continue to work on advanced research and development, which is looking into future generations of products and sensing capability. We're making these investments to accelerate our ability to bring CGM to those in need. Additionally, we believe these investments will support the long-term profitability objectives that we set at Investor Day, while at the same time yielding significant returns for our shareholders.

由於糖尿病市場的滲透率仍偏低，我們將透過這些投資採取更積極的進攻策略。我們將持續透過 DTC、試用（sampling）、新市場，以及我們在投資人日提到的新產品（包括 G7）的推出，來投資於業務成長。我們也正對全球銷售團隊進行重大投資，包括將美國商業外勤團隊規模加倍。我們也將持續推進先進研發，著眼於未來世代的產品與感測能力。我們進行這些投資，是為了加速將 CGM 帶給有需要的人。此外，我們相信這些投資將支持我們在投資人日所設定的長期獲利目標，同時也為股東帶來可觀回報。

However, in the near term, we want to be prudent about incurring these upfront costs in our guidance and let the benefits play out. We expect that adjusted EBITDA margins will be approximately 23% for 2021.

然而在短期內，我們希望在指引中對承擔這些前期成本保持審慎，並讓效益逐步展現。我們預期 2021 年調整後 EBITDA 利潤率約為 23%。

Finally, with the release of the valuation allowance on income taxes in 2020, in 2021 we will start to have a tax rate that is applicable to earnings. We expect that rate, absent any changes in tax law, to be in the low to mid-20% range. With that, I will now turn the call over to Steve for a strategic update.

最後，隨著 2020 年所得稅估值備抵（valuation allowance）的釋放，2021 年起我們將開始適用與獲利相關的稅率。在稅法未有任何變動的情況下，我們預期該稅率將落在 20% 出頭至 20% 中段區間。接下來，我將把電話會議交給 Steve 進行策略更新。

Thanks, Quentin. As Kevin mentioned, our team did a great job executing on our strategic priorities throughout 2020. We quickly adapted to changes brought about by COVID and ensured not only that our existing patients could rely on their DexCom supplies, but that thousands of new patients could benefit from the use of G6. In fact, we closed the year with greater than 900,000 customers globally, up more than 38% over the end of 2019.

謝謝你，Quentin。如 Kevin 所提到的，我們的團隊在 2020 年全年度都非常出色地執行了我們的策略優先事項。我們迅速因應 COVID 帶來的變化，不僅確保既有病患能持續依賴其 DexCom 供應品，也讓數以千計的新病患能受益於使用 G6。事實上，我們在年底全球客戶數超過 90 萬名，較 2019 年底成長逾 38%。

We are excited by this growth, knowing the life-changing impact that CGM and the software tools that we provide with it can have on our patients. Just last month, we published 3 peer review studies in diabetes technology and therapeutics that showed a greater than 1 point A1c reduction for customers new to DexCom CGM in as little as 3 months. This study includes both type 1 and type 2 intensive insulin users, and the result validated the kind of outcomes we have seen before. But we took it one step further.

我們對這樣的成長感到振奮，因為我們知道 CGM 以及我們隨之提供的軟體工具，能為病患帶來改變人生的影響。就在上個月，我們在《Diabetes Technology & Therapeutics》發表了 3 篇同儕審查研究，顯示對於首次使用 DexCom CGM 的客戶，A1c 在短短 3 個月內可降低超過 1 個百分點。該研究涵蓋第 1 型與第 2 型的密集胰島素使用者，結果驗證了我們先前所見到的成效。但我們更進一步。

We also saw a significant quality of life improvement for these patients as measured in terms of anxiety, emotional distress and burden of disease management, results that affirm our corporate mission to empower our users. We also demonstrated that the software tools we are building around our sensors are driving improved outcomes.

我們也看到這些病患的生活品質顯著改善，衡量指標包括焦慮、情緒困擾與疾病管理負擔；這些結果印證了我們賦能使用者的企業使命。我們也證明，圍繞感測器所打造的軟體工具正在帶來更佳的結果。

Across our base, we see increased time in range for our users of real-time SHARE and Follow apps. We see increased time and range for users who engage with our Clarity software, and we see increased time and range for users who take advantage of our integration with Apple's Siri virtual assistant. In 2021, we will continue to work aggressively to expand our customer base so that more and more people can experience these improved outcomes with DexCom.

在我們的用戶基礎中，我們看到使用即時 SHARE 與 Follow 應用程式的用戶，其目標範圍內時間（time in range）增加。我們看到使用 Clarity 軟體的用戶，其目標範圍內時間增加；也看到善用我們與 Apple Siri 虛擬助理整合的用戶，其目標範圍內時間增加。在 2021 年，我們將持續積極擴大客戶基礎，讓越來越多人能透過 DexCom 體驗這些改善的成果。

As we outlined in our recent Investor Day and at a conference presentation last month, we've prioritized 3 pillars of growth in the near term and look forward to progress on all 3 fronts in 2021 while we also lay the foundation for longer-term market expansion.

正如我們在近期投資人日以及上個月的會議簡報中所概述的，我們在短期內優先聚焦 3 大成長支柱，並期待在 2021 年於三個面向皆取得進展，同時也為更長期的市場擴張奠定基礎。

In our core business, which we define as people with type 1 diabetes and type 2 diabetes on intensive insulin therapy, we have several initiatives underway. In the U.S., we are nearing completion of our sales force expansion, which will enhance our footprint across the country, including our reach into primary care offices. We'll continue our push to prioritize the pharmacy channel, which is the most efficient channel for our patients, clinicians and DexCom. And we'll continue our efforts to drive greater access on the awareness of the benefits that DexCom offers, including the DTC campaigns that we've been driving in both the U.S. and international markets.

在我們的核心業務中（我們將其定義為第 1 型糖尿病患者，以及接受密集胰島素治療的第 2 型糖尿病患者），我們正推動多項計畫。在美國，我們的銷售團隊擴編已接近完成，將強化我們在全國的覆蓋範圍，包括深入基層醫療診所。我們將持續推動以藥局通路為優先，因為這是對病患、臨床醫師與 DexCom 而言最有效率的通路。我們也將持續努力提升可近性並強化對 DexCom 益處的認知，包括我們在美國與國際市場持續推動的 DTC 行銷活動。

Outside the U.S., we continue to advocate for greater access in several key markets and look forward to broadening our reach in places where we have had little presence to date. This includes our expansion in France, building from a positive recent reimbursement decision, as well as the launch of G6 in Japan with Terumo as our distribution partner.

在美國以外，我們持續在數個關鍵市場倡議提升可近性，並期待在我們迄今著墨較少的地區擴大觸及。這包括我們在法國的擴張（受惠於近期正面的給付決策），以及與 Terumo 作為我們的經銷夥伴在日本推出 G6。

For our third pillar, expanding the use of CGM in non-intensive type 2 diabetes, we are extending our efforts with Level2 and kicking off commercial pilots with multiple partners on the digital health side. Our work with other providers continues as well as we make the case for the clinical value of DexCom CGM in the broader type 2 population.

至於第三個支柱——擴大 CGM 在非密集治療的第 2 型糖尿病族群中的使用——我們正延伸與 Level2 的合作，並與多家數位健康領域的合作夥伴啟動商業試點計畫。我們與其他醫療服務提供者的合作也將持續推進，同時我們將持續論證 DexCom CGM 在更廣泛第 2 型族群中的臨床價值。

Recently, Everside Health, one of the nation's largest providers of on-site health clinics, announced that their Healthstat unit will make DexCom CGM available to their members with type 2 diabetes. This is a nice extension of our previous work with Healthstat following up on our pilot efforts that utilize CGM in an on-site health screening program. We remain increasingly confident in the market opportunity ahead for DexCom,

近期，全美最大的駐點健康診所服務提供者之一 Everside Health 宣布，其 Healthstat 單位將向其第 2 型糖尿病會員提供 DexCom CGM。這是我們先前與 Healthstat 合作的良好延伸，延續我們在駐點健康篩檢計畫中運用 CGM 的試點成果。我們對 DexCom 未來的市場機會愈發有信心，

and on this basis, today we announced the formation of DexCom Ventures. We have a chance to identify and accelerate the development of amazing technologies, technologies that can truly make an impact to global health outcomes via innovation. I could not be more excited to lead this effort. I believe we are well positioned to advance our strategies and build connections that will make DexCom stronger in the years ahead. Look for much more from us on this front over the next several years. And in the meantime, I couldn't be more pleased to pass the torch on our day-to-day strategy and corporate development efforts to Quentin and his team.

基於此，我們今天宣布成立 DexCom Ventures。我們有機會辨識並加速令人驚豔的技術發展——這些技術可透過創新，真正對全球健康結果產生影響。能夠領導這項工作，我感到無比振奮。我相信我們已具備良好條件推進策略，並建立連結，使 DexCom 在未來幾年更為強大。未來幾年，請期待我們在此方面帶來更多進展。同時，我也非常樂於將日常策略與企業發展工作的接力棒交給 Quentin 與他的團隊。

With that, I'll turn it back to Kevin.

接下來，我把時間交還給 Kevin。

Thank you, Steve. I think we've all grown tired of the 2020 superlatives, so I'll keep this one brief. We're proud of what we accomplished in 2020, and we are pressing forward with excitement for the year ahead in 2021. Much of the discussion this week is centered around our recent Super Bowl ad. We were incredibly pleased by the public response, which drove 11x greater search volume compared to the average 2021 Super Bowl commercial, the highest of any brand that advertised this year. This is why we did the ad, to drive awareness and ultimately bring CGM to more and more people who stand to benefit from this technology.

謝謝你，Steve。我想大家都已經聽膩了對 2020 年的各種最高級形容，所以我就簡短帶過。我們為 2020 年的成果感到自豪，也滿懷期待地持續向前邁進，迎接 2021 年。本週許多討論聚焦在我們近期的超級盃廣告。大眾的回應令我們非常滿意，帶動的搜尋量是 2021 年超級盃廣告平均值的 11 倍，為今年投放廣告的所有品牌中最高。這正是我們投放該廣告的原因：提升認知，並最終將 CGM 帶給越來越多可從這項技術受益的人。

There may be more people talking about diabetes this week than any other time in recent memory, a conversation that includes health care providers, insurance providers and people with diabetes themselves. We welcome these conversations and look forward to advancing these discussions for greater access for all people with diabetes. I would now like to open up the call for Q&A. Sean?

本週談論糖尿病的人數，可能比近來記憶中的任何時候都多；這場對話涵蓋醫療照護提供者、保險提供者，以及糖尿病患者本人。我們歡迎這些對話，並期待推動相關討論，以讓所有糖尿病患者都能獲得更大的可近性。我現在想開放電話進行問答。Sean？

Thank you, Kevin. (Operator Instructions) Operator, please provide the Q&A instructions.

謝謝你，Kevin。(接線員指示) 接線員，請提供問答說明。

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

(接線員指示) 我們的第一個問題來自摩根大通（JPMorgan）的Robbie Marcus。

So I'm going to use my one, Quentin. The guidance came in a little lower on the margin side for 2021. Can you walk us through what's the delta on gross margin and those expenses? I realize the long-term guide is $65 million, but I think people were thinking a little bit higher in 2021 here. And then it seems like to get to 13%, you're going to need a pretty big step-up in SG&A. So maybe just help us walk through SG&A and R&D and what you're expecting in terms of investment, how much DTC will be 2021 versus 2020, and any other notable expenses that we should be thinking about?

那我就用掉我這一個問題了，Quentin。2021年的指引在毛利率方面略低一些。你能帶我們梳理一下毛利率以及那些費用的差異（delta）是什麼嗎？我知道長期指引是6,500萬美元，但我想大家原本預期2021年會高一點。另外，看起來要達到13%，你們需要在SG&A上有相當大的提升。所以也許請協助我們梳理SG&A與R&D，以及你們預期的投資水準、2021年DTC相較於2020年會是多少，還有其他我們應該留意的顯著費用？

Sure. Thanks, Robbie. Look, I think the first thing I would mention is we've made incredible progress from a profitability perspective over the last couple of years. If you think back to our original Analyst Day, we set an expectation to be at a 25% EBITDA margin by the year 2023, and we delivered 26% EBITDA margin in the year 2020. So we've made incredible progress. And I would say progress even accelerated or went beyond what our original expectations were. But we've always known there are investments we've got to make in this business to open up some of these incredible market opportunities that sit in front of us. And I think more than anything, the fact that we're making these investments ought to be a testament to the fact that we now believe in and we're seeing that these are going to be real opportunities for us. So we're excited about making that investment.

當然。謝謝你，Robbie。我想我首先要提的是，過去幾年我們在獲利能力方面取得了驚人的進展。如果回想我們最初的分析師日（Analyst Day），我們設定的預期是在2023年達到25%的EBITDA利潤率，而我們在2020年就交出了26%的EBITDA利潤率。所以我們確實取得了驚人的進展。我會說，進展甚至加速或超出我們原先的預期。但我們一直都知道，為了把握眼前這些令人振奮的市場機會，我們必須在這個業務上進行投資。而且最重要的是，我們正在做這些投資，本身就應該證明：我們現在相信、也正在看到，這些將會是我們真正的機會。因此我們很期待進行這些投資。

On the gross margin side, there's a few things to point out this year that makes 2021 a little bit unique. One, we will continue to drive the normal efficiencies and leverage through the gross margin that we have in the last several years. And I would expect there's a couple of hundred basis points of efficiencies to continue to take out of it over the course of '21. But there's 2 headwinds that we have to navigate through. One continues to be the move to the pharmacy channel. We expect that we'll see a significant move over the course of this year. We've seen that pick up in terms of its momentum in the back part of last year. The other one is we're making significant investment in standing up our first international manufacturing capability in Malaysia. We broke ground there. We have teams there as we speak starting to build out that capability, which is going to take what is tens of millions of units of production capacity and turns it into hundreds of millions of units of production capacity for us, which we believe is going to be necessary as we open up these markets and begin to really see results from them. So that's what's going to play out on the gross margin side that results in a couple of hundred basis points of headwind from the 67% back to 65%.

在毛利率方面，今年有幾點需要指出，使得2021年有些獨特。第一，我們會持續推動過去幾年在毛利率上所展現的正常效率提升與規模槓桿。我預期在2021年期間，仍可再帶來數百個基點的效率改善。但我們也有兩個逆風需要因應。其一仍是轉向藥局通路。我們預期今年會看到顯著的轉移。我們在去年後段已看到這股動能加速。另一個是我們正大幅投資，在馬來西亞建立我們第一個國際製造能力。我們已在那裡動工。我們目前就有團隊在當地開始建置該能力；這將把我們目前以千萬計單位的產能，提升到以億計單位的產能。我們相信，隨著我們開拓這些市場並開始真正看到成果，這樣的產能將是必要的。因此，毛利率端的情況將使毛利率從67%回落到65%，形成約數百個基點的逆風。

On the OpEx side, I think it's important. G&A is going to continue to lever nicely for us. Where the investment is going is purely in the sales expense and into R&D, and there's really a few drivers that drive it. There's the doubling of the U.S. commercial field force that we've talked about. That's pretty much done as we sit here today. Those resources are going to be in place and able to start to contribute over the course of the year, but they obviously bring with it an expense load. We're also turning up the DTC efforts. We've never been better positioned from an inventory perspective to really turn the dials on DTC and sampling and giving our commercial team the tools they need to be as effective as possible. So we're excited to be able to do that.

在營業費用（OpEx）方面，我認為有一點很重要。G&A將持續為我們帶來良好的槓桿效益。投資主要完全落在銷售費用與R&D上，而背後大致有幾個驅動因素。其中之一是我們談過的美國商業外勤團隊規模加倍。就目前而言，這幾乎已完成。這些資源將到位並能在今年逐步開始貢獻，但顯然也會帶來相應的費用負擔。我們也在加大DTC的投入。從庫存角度來看，我們從未像現在這樣準備充分，能夠真正加大DTC與試用（sampling）的力度，並為我們的商業團隊提供所需工具，使其盡可能有效率。因此我們很期待能做到這一點。

And then finally, I'll just remind you, over the course of this year we've got all the G7 expenses that are going on. We got the trial expenses, we got the filing expenses, and then we got the commercial launch behind that as well. So all those things together drive the incremental investment from an OpEx perspective. But that's all going to show up in R&D and selling expense. You will see leverage in G&A. So I hope that answers the question for you.

最後我也提醒一下，今年我們還有所有與G7相關的費用在進行。包括試驗費用、申報（filing）費用，以及其後的商業上市（commercial launch）。這些因素合在一起，推動了營業費用角度的增量投資。但這些都會反映在R&D與銷售費用上。你會在G&A看到槓桿效益。希望這能回答你的問題。

And our next question comes from Jeff Johnson from Baird.

下一個問題來自Baird的Jeff Johnson。

I just wanted to follow-up. It's really going back even to the Analyst Day. Quentin, at the time, you talked about 7 to 8 points of channel headwinds kind of through 2022, 7 to 8 points annually. I don't think you really talked about whether that would be front-end loaded, back-end loaded, how even loaded that might be over the 2 years. So one, how much channel headwind are we thinking this year? I think you might have said 10% last quarter for 2021. I just want to check that. And does that then -- if that's the right number, does that imply a fall-off in those channel headwinds in going into '22? If you could just help us out there, understand gating.

我想追問一下。其實要回到分析師日（Analyst Day）。Quentin，當時你提到通路逆風大約是到2022年為止每年7到8個點，年化7到8個點。我不記得你是否談到這會是前期較多、後期較多，或在這兩年之間會多平均。所以第一，今年我們預期的通路逆風是多少？我想你上季對2021年可能說過10%。我只是想確認一下。如果那是正確的數字，那是否意味著進入2022年時，這些通路逆風會下降？如果你能協助我們理解其中的節點（gating），就太好了。

Yes. Great question. 10%, 10 points of headwind is the right way to think about it, primarily driven by that pharmacy channel mix shift that continues to move towards the direction that is important for us to be able to scale the business over the long term. I'd remind you, profit dollars are higher in that channel. But yes, there is some gross margin pressure that comes with it. But from a top line perspective, that's what's driving it is that pharmacy channel, call it, roughly 10 points. I do think you'll see that evolve a little bit over the course of the year. Keep in mind, in the first part of last year, we weren't into the pharmacy channel to the same degree that we were as we exited the year. So you've got a tougher comp in Q1 and Q2. And you see that in the growth rates as well. You're going to see tougher growth comps in the first half of '21 that will start to subside in the back half of the year. So I do think that you'll see that evolve a bit as we start to anniversary some of the pharmacy shift that we saw in the back part of '20 into the back part of '21. As we head into '22, look, we'll talk about that as we get out there around that time frame. But I do think there's a couple of years here of stepping through it. Once we're through it, I think you're going to see the unit volume growth of this business is going to be much more reflective of the overall dollar growth. Unit volume growth continues to be incredibly strong. We were up 40% in units in the fourth quarter by the time everything settled out. And our unit volume growth in '21 is right around that 25% to 30% growth. So very strong unit growth continue to drive the business.

是的。問得很好。以 10%、也就是 10 個百分點的逆風來理解是正確的，主要是由藥局通路的組合轉移所驅動，而這個轉移持續朝向一個方向發展，對我們能在長期擴大業務規模非常重要。我提醒各位，在那個通路的利潤金額更高。但沒錯，這也會帶來一些毛利率壓力。不過從營收（top line）的角度來看，推動因素就是藥局通路，大約可說是 10 個百分點。我確實認為你會在今年的進程中看到它有些變化。請記住，去年前半段，我們進入藥局通路的程度，還不像年底退出時那麼深。所以你在第一季和第二季會面臨更艱難的比較基期。你也會在成長率上看到這點。你會在 2021 年上半年看到更艱難的成長比較基期，而到下半年會開始緩和。因此我確實認為，當我們在 2021 年下半年開始與 2020 年下半年看到的藥局轉移進行同比（anniversary）比較時，你會看到它有所演變。至於邁入 2022 年，坦白說，我們會在接近那個時間點時再談。但我確實認為，這裡會有幾年的逐步過渡。一旦我們度過這段過渡期，我認為你會看到本業務的單位銷量成長，將更能反映整體的金額成長。單位銷量成長仍然非常強勁。第四季在一切塵埃落定後，我們的出貨單位數成長了 40%。而我們在 2021 年的單位銷量成長大約在 25% 到 30% 之間。因此非常強勁的單位成長持續推動業務。

And our next question comes from Margaret Kaczor from Blair, William Blair.

下一個問題來自 William Blair 的 Margaret Kaczor。

So I'd like to shift maybe a little bit into the non-intensively managed type 2 patients and the consumer health wellness patients. I guess, upfront, do you guys have any sense of utilization or annual revenue per patient amongst these groups? And I guess, as you look at the different types of products or devices that these patients might need, is it different than what you've got right now? And is that one of the goals, I guess, of the new venture fund or are there some internal efforts around that as well?

我想把話題稍微轉到非密集管理的第二型糖尿病患者，以及消費者健康與保健（health wellness）族群。我想先問，你們是否掌握這些族群的使用情況，或每位患者的年營收貢獻？另外，當你們看這些患者可能需要的不同產品或裝置時，是否會與你們目前的產品不同？而這是否也是新創投基金（new venture fund）的目標之一，或你們內部也有相關的推動工作？

Margaret, this is Kevin. I'll take that. The annual revenue profile per patient, we think, is going to vary based on condition and use case. We believe internally, or at least what we discuss internally, is for a type 2 non-intensive patient, for example, even if a full-time use, the revenue per year per patient is going to be a lower number because we're solving a different problem. We're not managing the lives and the health and safety of these patients, but we are making them healthier and we are giving a better experience than they have. And ultimately, we will take costs from the system. As far as what that number is going to be, I don't have a number completely. We have numerous models, and many of those depend upon the final use cases. I've also said numerous times, and I'll stick to this as well, I think the ultimate use case and the way we'll ultimately price it will be for full-time use for these patients. And if they choose to use it less often, that will be their choice. So on the health and wellness side, again, many, many more patients, a lower annual revenue number, but more interactions with more different people in a completely different distribution channel.

Margaret，我是 Kevin。我來回答。我們認為每位患者的年營收輪廓會因病況與使用情境而異。我們內部相信，或至少我們內部討論的是，以第二型非密集患者為例，即使是全時使用，每位患者每年的營收也會比較低，因為我們在解決的是不同的問題。我們並不是在管理這些患者的生活、健康與安全，但我們確實讓他們更健康，並提供比他們目前更好的體驗。最終，我們也會為整個醫療體系降低成本。至於那個數字會是多少，我目前沒有一個完整的數字。我們有許多模型，而其中很多取決於最終的使用情境。我也多次提過，而且我仍然堅持這點：我認為最終的使用情境，以及我們最終的定價方式，會是讓這些患者以全時使用為主。如果他們選擇較少使用，那是他們的選擇。因此在健康與保健端，患者數量會多很多、每年的營收數字較低，但會在完全不同的通路中，與更多不同的人產生更多互動。

With respect to the products, certainly, the core technology of sensing glucose, from our perspective on the glucose side, will remain the same. As those of you who listened to our Investor Day heard when I had my chat with Dr. Peter Attia, we talked about accuracy. And he said it's actually more important for his patients because if they only go between 70 and 120, 20 points off is a big deal. And they'd be making a wrong decision as far as their health and what they eat nutrition-wise, et cetera, within accuracy. So we know that fundamental core technology needs to remain accurate. Where we get into different products is the experience that we create, possibly even different wearables based on the category, different places to receive the data. Then as you look at the new ventures unit that Steve will be working in, then you look at software experiences for patients, data platforms to get data to these platforms better, possibly other things we could sense or measure and add to glucose. So we believe these markets are going to require something different. At the end of the day, one size fits all is not going to work for us as we try and expand and hit the goals we've laid out for everybody in the future. We're going to have numerous experiences for these patient groups.

就產品而言，當然，從我們的角度來看，量測葡萄糖的核心感測技術在葡萄糖這一端會維持不變。各位若有聽我們的投資人日（Investor Day），我與 Peter Attia 醫師對談時談到準確度。他說對他的患者而言其實更重要，因為如果他們的數值只在 70 到 120 之間波動，差 20 個點就很要命。在準確度不足的情況下，他們可能會在健康與飲食營養等方面做出錯誤決策，等等。所以我們知道，這項根本的核心技術必須保持準確。我們會進入不同產品的地方在於我們所打造的體驗，甚至可能依不同類別提供不同的穿戴式裝置，以及不同的資料接收方式。接著，當你看 Steve 將投入的新事業（new ventures）單位時，你會看到面向患者的軟體體驗、讓資料更好地進入這些平台的資料平台，甚至可能還有其他我們可以感測或量測、並加到葡萄糖之外的項目。因此我們相信，這些市場會需要一些不同的東西。歸根結底，當我們試圖擴張並達成我們對大家所提出的未來目標時，「一體適用」對我們行不通。我們會為這些患者族群提供多種不同的體驗。

And our next question comes from Matthew O'Brien from Piper Sandler.

下一個問題來自 Piper Sandler 的 Matthew O'Brien。

So I guess just to follow-up a little bit more, Quentin, on the operating margin side of things. I know you're running ahead of expectations on the operating margin side of things. But I think everybody is looking at the guidance here and saying, okay, you're making all these investments in a lot of different things, to the sales force and DTC. First of all, how do you measure what's most effective between the 2? And then how does it not just you're making these investments basically just to kind of run at the same pace that you've already laid out versus you're making these investments because we think it can even (inaudible) potentially a little bit better?

我想再追問一下，Quentin，關於營業利益率（operating margin）這一塊。我知道你們在營業利益率方面的表現超出預期。但我想大家看到你們的指引（guidance）會說，好，你們在很多不同領域做了這些投資，包括銷售團隊與 DTC（直面消費者）。首先，你們如何衡量這兩者之間哪一個最有效？其次，這些投資如何不只是讓你們基本上維持在你們已經提出的同樣步調，而是你們做這些投資是因為我們認為它甚至可能（聽不清）做得更好一點？

Yes. Well, I think we're incredibly excited and bullish on the future opportunities. But at the same time, our approach has always been we want to see those start to pan out and contribute, and at that point, we'll start to reflect them into guidance. So as we open up some of these new markets and validate that we're able to generate the revenue from them, then hopefully, we've got some very positive updates for you guys over time. I don't think we could be more excited around where we're making these investments. We know for a fact the type 2 intensive space, for example, is going to come on to CGM therapy. We're seeing it happen in our results right now. We're starting to see some of it with the nonintensives. As a matter of fact, if you look at our new patient figures, it's led by type 2 patients. So we're starting to see some of that be validated. But in order to reach those patients, for example, on the sales force side, we've got to be in the primary care physician offices. That's where those patients are seen and that's where our current commercial force does not really play. And so as we've added those resources, that is going to be their primary focus, their primary target.

是的。我想我們對未來的機會感到非常興奮，也非常看多。但同時，我們一貫的做法是：我們希望先看到這些機會開始落地並帶來貢獻，到了那個時點，我們才會把它們反映到指引中。因此，當我們開拓一些新市場並驗證我們能從中創造營收時，希望隨著時間推進，我們能為各位帶來一些非常正面的更新。我想我們對於投資方向再怎麼興奮都不為過。我們非常確定，例如第二型密集治療（type 2 intensive）領域將會導入 CGM 療法。我們現在就在業績結果中看到它正在發生。我們也開始在非密集族群看到一些跡象。事實上，如果你看我們的新患者數據，是由第二型患者所帶動。所以我們開始看到其中一部分正在被驗證。但為了觸及那些患者，例如在銷售團隊這一端，我們必須進入基層照護醫師（primary care physician）的診所。那些患者是在那裡就診，而我們目前的商業團隊其實不太覆蓋那個場域。因此當我們增加那些資源後，他們的主要重點、主要目標就會放在那裡。

Similarly, on the DTC side. I'll continue to reiterate, there's not a better investment that we make inside the 4 walls of DexCom today than our DTC efforts. And the returns that we see with the new patients that come out of it, we're very confident that that's the best investment we can possibly make. Now will that return on investment per individual or per patient start to step down into the future? It may, as they get harder to bring on. Basically, for the time being, we've been very encouraged by that return that we've seen, and we'll continue to pour resources in there until we see that change. So I don't think there's a better place for us to be focusing our efforts right now than to really be building out the commercial force to see the right individuals where the patients are at and to continue to create awareness for these patients as well.

同樣地，在 DTC 這一端也是如此。我會持續重申，就目前 DexCom 的「四面牆內」而言，我們所做的投資裡，沒有比 DTC 投入更好的了。而我們從這些帶來的新病患所看到的回報，我們非常有信心，這是我們所能做的最佳投資。那麼，未來每位個人或每位病患的投資報酬率會不會開始下滑？有可能，因為他們會變得更難導入。基本上，就目前而言，我們對所看到的回報感到非常振奮，我們也會持續投入資源，直到看到情況改變為止。所以我不認為現在有比真正擴建商業團隊更好的聚焦方向，去在病患所在之處接觸到合適的個體，並且持續為這些病患建立認知。

And our next question comes from Matt Taylor from UBS.

下一個問題來自 UBS 的 Matt Taylor。

So my question is about the international investments. You're really stepping up with the support center and the new investments in Malaysia. I guess, can you talk about the arc of that opportunity? If you could frame anything in France, Japan and what that means for kind of the future expansion in international, that would be really helpful.

我的問題是關於國際投資。你們正在大幅加碼支援中心，以及在馬來西亞的新投資。我想問的是，你能談談這個機會的發展軌跡嗎？如果你能以法國、日本等市場來框架說明，以及這對未來國際擴張意味著什麼，會非常有幫助。

Thanks for the question. We laid out international as 1 of our 3 primary pillars at our investor conference. And as you look at the progress we've made, I recently prepared a speech for the sales guys. We're up 10x where we were 5 years ago, from $40-plus million to over $400 million for 2020. And by every indicator, one would say, wow, that is fabulous. And in our mind, as we look at it, the opportunity is bigger than what we've addressed. And we do need to build infrastructure, and we also need to look at doing things more creatively. I think, for example, the Japan partnership with Terumo, whereby we're really letting a partner take our business in that country that is a medical technology leader in that geography, is going to be a great business model for us to watch and look at.

謝謝你的問題。我們在投資人會議上把國際市場列為三大主要支柱之一。而當你看我們所取得的進展時，我最近為銷售團隊準備了一篇演講。我們相較於 5 年前成長了 10 倍，從 4,000 多萬美元提升到 2020 年超過 4 億美元。依照各項指標來看，大家會說，哇，這太棒了。但在我們看來，這個機會比我們目前所觸及的還要更大。我們確實需要建置基礎設施，也需要以更有創意的方式來做事。例如，日本與 Terumo 的合作夥伴關係，我們讓合作夥伴在該國接手我們的業務；Terumo 是該地區的醫療科技領導者，這將會是一個很好的商業模式，值得我們觀察與借鏡。

In France, we get reimbursement for a group of patients. We will invest some there. But we have other international models we're looking at. We literally break down every country in a type of bucket: there's great reimbursement here, here's how we need to attack this one, there's no reimbursement here. And we're making plans across all the geographies. Another key investment internationally is going to be our e-commerce platform. We've had great results every place we've launched it, so in geographies where we're not, where we go, we'll probably go first with an e-commerce platform going forward. And so we're investing on all fronts there. The Malaysia factory is truly an investment in scale for us. It will -- it's going to be ultra modern, as is our Arizona manufacturing facility, don't get me wrong. But we've learned a tremendous amount in building out Arizona that we can apply to Malaysia and really put ourselves in a position to whereby we can go after these businesses. One of the things that we often discuss as we sit and discuss the would've, should've, could'ves, for a better part, 1.5 years, as far as capacity, we were selling everything we built. With the opportunity now, with the inventory we have and our ops team being able to build as much as they can, we think we can much more aggressively go after these international markets just on a commercial strategy basis as well, and we're going to going forward.

在法國，我們針對一群病患獲得給付。我們會在那裡投入一些資源。但我們也在評估其他國際模式。我們確實會把每個國家分到不同的「桶」裡：這裡有很好的給付，我們該如何切入；這裡沒有給付。我們正在所有地區制定計畫。另一項關鍵的國際投資將是我們的電商平台。我們在每個已上線的地區都取得很好的成果，因此在我們尚未進入、或即將進入的地區，未來我們很可能會先以電商平台作為第一步。所以我們在各個面向都在投入。馬來西亞工廠對我們而言確實是一項規模化投資。它——將會是超現代化的；當然，我們亞利桑那州的製造設施也同樣非常先進，別誤會我的意思。但我們在建置亞利桑那的過程中學到非常多，可以應用到馬來西亞，讓我們真正站在一個位置上，得以去爭取這些業務。我們常常在回顧那些「如果當初……、應該……、本可以……」時會討論到：在過去大約 1.5 年的大部分時間裡，就產能而言，我們做出來的產品幾乎都賣光了。而現在，隨著我們擁有的庫存機會，以及我們營運團隊能夠盡其所能地提高產出，我們認為我們也能在商業策略層面更積極地開拓這些國際市場，而且未來我們會這麼做。

And our next question comes from Jayson Bedford from Raymond James.

下一個問題來自 Raymond James 的 Jayson Bedford。

You mentioned -- I think Kevin mentioned the goal is to launch G7 in the second half of this year. Historically, you've referred to launching G7 in some markets in '21 and on other markets in '22. You didn't say that this time, maybe it was implied, but is the expectation that the G7 launch in the second half, is it a worldwide launch? I'm just wondering what's changed around your G7 launch plans.

你提到——我想 Kevin 提到目標是在今年下半年推出 G7。過去你們曾提到會在 2021 年於部分市場推出 G7，並在 2022 年於其他市場推出。這次你沒有這麼說，也許是暗示了，但我想確認：下半年推出 G7 的預期，是全球同步上市嗎？我只是想知道你們的 G7 上市計畫有哪些改變。

Really, Jayson, nothing has changed. We are operating on schedule. We -- as I said, we completed our first pivotal study. And that certainly will provide us enough data to file for a CE mark. We do not have enough data to file in the U.S. for ICGM approval, and we're working on that with the studies we have ongoing and that will continue to go on for a while. Much of this is a function of regulatory time frame studies, COVID letting us in the clinics, yes or no. There's still some uncertainty around just pulling off the execution necessary to get the submissions prepared, the abilities of the entities to review it. So we're marching to our schedule. At the end of the day, we've never been more bullish on a product. I've spoken with investigators and patients who run our first studies, and they're -- look, they're done with G6 now. They do not want to wear it anymore, and we've told them they have to go back. It is everything that we'd hoped it would be. Anything that G6 does, G7 will do better. And for now, it's just a question of timing, commercial availability, manufacturing. And we're pretty tight-lipped on these milestones as well. I'm just not going to lay out the yellow brick road for everybody to know and see and prepare for. We kind of like to surprise a few people.

Jayson，坦白說，沒有任何改變。我們正按計畫推進。我們——如我所說，我們已完成第一項關鍵性試驗。那當然會提供足夠的數據，讓我們申請 CE 認證。但我們還沒有足夠的數據在美國申請 ICGM 核准，我們正透過目前進行中的研究來補足，而這些研究還會持續一段時間。其中很大一部分取決於法規時程的研究安排，以及 COVID 是否讓我們能進入診所，是或否。此外，關於能否順利完成必要的執行工作以準備送件、以及審查單位的審查能力，仍存在一些不確定性。所以我們會依照既定時程前進。歸根結底，我們從未對一項產品如此看多。我和參與我們第一批研究的研究者與病患談過，他們——坦白說，他們現在已經不想再用 G6 了。他們不想再戴它了，而我們告訴他們必須換回去。它完全符合我們的期待。G6 能做到的，G7 都會做得更好。而目前只是時間點、商業供貨、製造等問題。我們對這些里程碑也相當守口如瓶。我不打算把那條「黃磚路」攤開給所有人看，讓大家都知道、都能提前準備。我們有點喜歡讓一些人感到驚喜。

And our next question comes from David Lewis from Morgan Stanley.

下一個問題來自 Morgan Stanley 的 David Lewis。

Just, Quentin, a quick one for me. You obviously talked about the 10 points of headwinds here in '21, which obviously implies 25% to 30% volume growth. One of your competitors, your only competitor basically, is talking about 40% growth here in '21. And I just sort of think about, given the size of their business which is a little larger from a volume perspective, and I think about the major investments you're making in DTC, the major commercial investments, how should investors react to sort of your 25% to 30% volume number relative to your larger competitor saying they can grow 40%?

Quentin，我這邊一個簡短的問題。你顯然談到 2021 年有 10 個百分點的逆風，這顯然意味著 25% 到 30% 的出貨量成長。你們的一位競爭對手——基本上也是你們唯一的競爭對手——在談 2021 年可達 40% 的成長。我只是想，考量到他們的業務規模在出貨量角度略大一些，再加上你們在 DTC 的重大投入、以及重大的商業投資，投資人應該如何看待你們 25% 到 30% 的出貨量數字，相對於更大的競爭對手宣稱可成長 40%？

Yes, David, thanks for the question. Look, I think my takeaway is, I think we all see the market opportunity exactly the same way. There's incredible runway sitting in front of us. There's a lot of adoption yet to be had in the intensive segments of the market and the nonintensive is going to open up as well. Our approach to the guidance is probably a little bit different and unique, which is we're very bullish on some of these new market opportunities and contributions that can come from them, but we're not going to get ahead of ourselves with respect to those expectations as they play out. Over time, if that happens in '21, then fantastic. It's going to be a terrific result. If it comes a bit later in '22, it's still going to be a great result. At the end of the day, we're very confident in what this ultimately has the potential to look at -- look like, and we're going to make the investments to ensure it's a reality for us. But at the same time, we're not going to get ahead of ourselves. So I think more than anything, you've got 2 players in this space who are incredibly bullish on the opportunity, which just validates there's a lot of runway here and a lot of opportunity for all of us to have success together.

是的，David，謝謝你的提問。你看，我的重點是，我想我們對市場機會的看法完全一致。我們眼前有非常長的成長跑道。在市場的重度使用（intensive）區隔仍有大量採用空間，而非重度使用（nonintensive）區隔也將逐步打開。我們對財測指引的做法可能稍微不同、也比較獨特：我們對這些新市場機會及其可能帶來的貢獻非常看多，但在這些預期逐步實現的過程中，我們不會操之過急、過度超前。隨著時間推進，如果這在'21年發生，那就太棒了。那會是非常出色的成果。如果晚一點在'22年才發生，仍然會是很好的成果。歸根結底，我們對最終可能呈現的樣貌——會是什麼樣子——非常有信心，我們也會投入必要的投資，確保這對我們而言成為現實。但同時，我們不會過度超前。所以我想最重要的是，在這個領域有兩個參與者都對機會極度看多，這反而驗證了這裡有很長的跑道，也有很多機會讓我們大家一起成功。

And our next question comes from Marie Thibault from BTIG.

下一個問題來自BTIG的Marie Thibault。

My question has to do with the doubling of the sales force. It's certainly an impressive move, so I'm curious about what it means for the legacy sales force in terms of the culture with so many new folks coming on. And are those new folks concentrated in any specific geographies? I know reimbursement is still important to targeting the type 2 patient market.

我的問題與銷售團隊倍增有關。這當然是令人印象深刻的舉措，所以我很好奇，隨著這麼多新人加入，對既有銷售團隊在文化面會有什麼影響。另外，這些新人是否集中在任何特定地理區域？我知道給付（reimbursement）對於鎖定第二型糖尿病患者市場仍然很重要。

Thank you. That's a great question. And we have worked very hard to preserve that legacy and that culture and hire the same quality of individuals. I'm actually preparing for our virtual national sales meeting coming up here in a couple of weeks. In 2010, we had 26 territories. And we're going to 260. And of those 26 territories, you'd be amazed at how many of those people are still here. So they are still a big influence on our company, on our culture and training and teaching the new people that come in what's important to DexCom and what are our values. At the same time, as the business is expanding rapidly, our culture has had to change from time to time. We've made moves over the years. For example, if I go back, we did away with having trainers in every territory in addition to a rep, which was different than everybody else in the industry. But we made that move and it proved very successful. As we go to the pharmacy channel more as we get access easier, the job of our reps continues to evolve and change. And it's our job to provide them with tools to whereby these jobs are meaningful and rewarding, and they want to stay and they want to be with us. And we're working very hard on that in this expansion. And we're being very thoughtful about it. We had many thousand candidates for these jobs and really feel we picked some fantastic people, not only for the field positions, but for some of the leadership positions that were opened up as well. We look forward to meeting with the group and being with them, and we have high expectations.

謝謝。這是個很好的問題。我們一直非常努力維持那份傳承與文化，並招募同樣高品質的人才。我其實正在為幾週後即將舉行的線上全國銷售會議做準備。2010年，我們有26個銷售區域。而我們將擴增到260個。在那26個區域裡，你會驚訝地發現有多少人至今仍在這裡。所以他們仍然對公司、文化，以及訓練與教導新進同仁「什麼對DexCom重要、我們的價值觀是什麼」有很大的影響力。同時，隨著業務快速擴張，我們的文化也必須不時調整。這些年我們做過一些變革。例如回頭看，我們取消了每個區域除了業務代表之外還配置訓練員的做法，這在當時與產業其他公司不同。但我們做了這個改變，結果證明非常成功。隨著我們更多轉向藥局通路、取得更容易，我們業務代表的工作也持續演進與改變。而我們的責任是提供他們工具，讓這些工作有意義、有回報，讓他們願意留下、願意和我們一起。在這次擴編中，我們正非常努力在這方面下功夫。而且我們做得非常審慎周全。這些職缺有數千名候選人，我們真的覺得挑選到一些非常出色的人，不僅是前線職位，也包括一些新開出的領導職位。我們期待與這個團隊見面、與他們共事，我們也有很高的期待。

And our next question comes from Danielle Antalffy from SVB.

下一個問題來自SVB的Danielle Antalffy。

Kevin, I just wanted to clear something up, that it sounds like after the Super Bowl ad, which, by the way, I thought was a great ad. I also do love Nick Jonas, but I -- yes. There was some controversy. It sounds like -- or I don't know if you'd call it controversy, but just some chatter, it sounds like, around, "Oh, we can't even afford insulin, how can we afford this technology?" And we spent a lot of time with you guys at the Analyst Day talking about how affordable actually the technology is. Is there just a misunderstanding out there in the market around accessing this technology? Or where is the disconnect there?

Kevin，我只是想釐清一件事：聽起來在超級盃廣告之後——順帶一提，我覺得那支廣告很棒。我也很喜歡Nick Jonas，但我——是的。當時有一些爭議。聽起來——或者我不知道你會不會稱之為爭議，但似乎有一些討論，像是：「我們連胰島素都快買不起了，怎麼負擔得起這項技術？」而在分析師日我們和你們花了很多時間談到，其實這項技術的可負擔性很高。市場上是否對取得這項技術存在誤解？或者說，落差到底在哪裡？

Well, I don't even know there's a disconnect, Danielle, and we talked about this a lot before we decided to run the ad. And we decided that running the ad -- and I'm going to get to this a little bit in my closing remarks -- but running the ad, creating more awareness, getting more people on the technology and more demand would actually lead to more accessibility and ultimately lower cost for patients and get more product to them. But if you look at the life of our patients, buying insulin, buying CGM, if they have a -- an insulin delivery system, these people spend a lot of money. And it's a large percent of their income, and it's hard. It's just hard. We empathize with those people. We've done our best with our pharmacy shift, for example. And when we gave some of these statistics at Investor Day, I think somewhere above 30% of our pharmacy patients have zero co-pay. And another group of them have less than $60 a month on their co-pay. So we've done what we can to bring costs down on our side. And we've not only done it bringing costs down, but we've done it while improving our margins. So we've really done the best we can here. We do think it is important to acknowledge the community and listen to them, but we also have to run a business. And ultimately, we felt by making more people aware, we'd have a much more positive effect than negative.

Danielle，我甚至不確定是否真的存在落差；在我們決定投放這支廣告之前，我們就討論過很多次。我們認為投放廣告——我會在結語時再多談一點——但投放廣告、提高認知、讓更多人使用這項技術並帶動更多需求，實際上會帶來更高的可近性，最終也會降低患者成本，讓更多產品能到達他們手上。但如果你看患者的生活：買胰島素、買CGM（連續血糖監測），如果他們還有——胰島素輸注系統，這些人花很多錢。而且這占他們收入的很大比例，真的很辛苦。就是很辛苦。我們對這些人感同身受。例如，我們在轉向藥局通路方面已盡最大努力。在投資人日我們提供過一些數據，我記得藥局通路患者中有30%以上自付額（co-pay）為零。另外一群人的自付額每月低於60美元。所以在我們能掌控的範圍內，我們已經盡力把成本降下來。而且我們不只是把成本降下來，同時也改善了我們的毛利率。所以我們在這裡真的已經做到最好。我們確實認為，承認並傾聽社群的聲音很重要，但我們也必須經營企業。最終，我們認為讓更多人了解，帶來的正面效果會遠大於負面。

And our next question comes from Larry Biegelsen from Wells Fargo.

下一個問題來自Wells Fargo的Larry Biegelsen。

Kevin, can you talk a little bit about the venture fund, specifically the amount of funding, how broad the focus will be? It sounds like it's going to be broader than diabetes. And when could we see an impact?

Kevin，你能談談創投基金嗎？特別是資金規模、投資焦點會有多廣？聽起來會比糖尿病領域更廣。以及我們何時可能看到影響？

Well, I'm going to hold Steve to the standard of when he made the investment in Tandem many years ago, and our return was several times. No, I'm just kidding. We will focus on diabetes technologies a bit because that's what we do. And there are things in this diabetes or in this health care world that can utilize our technology that we don't have time to develop, that we need to look at and be friendly with and we have capital that we can invest. We will also look at other things that could fit into our business and our technology. I don't see us going and acquiring share -- interest in 50 different companies that are all over the place. But I do see us with a very focused approach. As far as the level of funding, as I've chatted with our Board, we're going to leave that open right now for the opportunities that we see and dip our foot in the water and get going. But we think we have some really good opportunities to give us platforms to expand our business over time and help some of these companies grow. Steve, I don't know if you want to add anything else?

嗯，我要用Steve多年前投資Tandem時的標準來要求他，當時我們的回報是好幾倍。不，我開玩笑的。我們會把一部分重點放在糖尿病技術上，因為這就是我們在做的事。而在糖尿病或整個醫療照護世界裡，有些事情可以運用我們的技術，但我們沒有時間自行開發；我們需要去了解、建立友好關係，而且我們也有資本可以投資。我們也會看其他可能契合我們業務與技術的方向。我不認為我們會到處去收購——或取得——50家各式各樣公司的股權／權益。但我確實認為我們會採取非常聚焦的方法。至於資金規模，和董事會討論後，我們目前會先保持彈性，視我們看到的機會而定，先試水溫、開始推進。但我們認為有一些非常好的機會，能為我們提供平台，讓我們的業務隨時間擴張，也幫助其中一些公司成長。Steve，你還想補充什麼嗎？

Yes. No, the only thing I would comment on is that we're very much approaching this as corporate venture capital, or I would tell you, kind of strategic venture capital. So certainly, while returns are important -- although Kevin's holding me to a ridiculous standard out of the gate -- returns aside, look, you're going to see us investing in opportunities that are not only seeking out financial returns but could have some sort of a technology development piece or an in-licensing of technology piece or potentially commercial aspect to it. So they'll all make sense. Many of them you guys won't actually have visibility into unless and until we disclose them, but it's an exciting next step for me.

是的。不，我唯一想補充的是，我們非常明確地把這件事當作企業創投（corporate venture capital）來做，或者我會說，有點像策略型創投。所以當然，雖然報酬很重要——儘管 Kevin 一開始就用一個荒謬的高標準來要求我——撇開報酬不談，你會看到我們投資的機會不只是追求財務回報，也可能包含某種技術開發的部分、技術引進授權（in-licensing）的部分，或是潛在的商業化面向。所以這些投資都會合情合理。其中很多案子，除非且直到我們對外揭露，否則各位其實不會看到。

And our next question comes from Joanne Wuensch from Citibank.

下一個問題來自花旗銀行（Citibank）的 Joanne Wuensch。

I have one, which is, can you comment if there are any changes on -- or any observations on the competitive landscape? And in any particular region, that that may have shifted slightly more positively or slightly more negatively?

我有一個問題：你們能否評論一下競爭態勢是否有任何變化——或是有任何觀察？以及在任何特定區域，是否有稍微轉向更正面或稍微轉向更負面的情況？

Joanne, I would just say it is a competitive landscape and it will remain competitive. We're -- both us, Abbott and quite frankly, Medtronic, every -- all companies are aggressive here. We'll continue to push. We've done very well in all of our markets. We see opportunities to do better. We see opportunities for improvement across the board. We'll continue to do that. I think our Super Bowl ad really achieved the result that we were looking for as far as creating awareness. I mean, you heard, 11x more searches than the average ad. We have an opportunity to drive some awareness, and we will do that. But it is a very competitive landscape, and it's not going to change. And we're up for it. We have no problem with that. It makes everybody better.

Joanne，我只能說，這是一個競爭激烈的市場，而且會一直保持競爭激烈。我們——包括我們、Abbott，以及坦白說 Medtronic，每一家——所有公司在這裡都很積極。我們會持續推進。我們在所有市場的表現都非常好。我們也看到做得更好的機會。我們看到全面改善的機會。我們會持續這麼做。我認為我們的超級盃廣告在提升認知度方面，確實達到了我們想要的效果。你也聽到了，搜尋量是一般廣告的 11 倍。我們有機會去推動一些認知度，我們也會這麼做。但這是一個非常競爭的市場，而且不會改變。而我們也準備好了。我們完全不介意。這會讓每個人都變得更好。

And our next question comes from Mathew Blackman from Stifel.

下一個問題來自 Stifel 的 Mathew Blackman。

I wanted to touch on the sales force expansion. And just remind us how quickly those new reps could start to contribute to revenues. And also remind us, how is the sales force going to be structured? Are these reps going to call on all clinicians or it will somehow be bifurcated between PCPs and endos and specialists?

我想談一下銷售團隊擴編。請再提醒我們，這些新進業務代表多快可以開始對營收做出貢獻。也請再提醒我們，銷售團隊會如何架構？這些業務代表會拜訪所有臨床醫師，還是會在基層照護醫師（PCPs）與內分泌科（endos）及專科醫師之間做某種分工？

The way we structure the teams out in the field is very much based upon the number of people with diabetes and intensive insulin users that they see. And that information is readily available through the IQVIA data as far as insulin prescriptions in the various territories. And we use that -- those geographies and that data to determine how we structure the territories and where we put our people. The people in their territories will be responsible for all of the medical professionals within that group, and they will continue to do that. I'm trying to think, is there -- if there is another part to his question. Yes, and we structure it similar to how we've done it in the past. We have regions and districts within the sales organization. We've increased the number of districts, the number of regions from 2 to 4. And so similar structure that way. And then we've worked out a comp plan that we think is very fair for everybody, and our guys are willing to live with. I think the most interesting piece for me in laying out the whole sales force expansion was how it was received by our team in the beginning. You're always leery of that when you start. Instead, the team raised their hands and said, "We need more help. We need more exposure here. This is a good thing. There are people we don't call on." So we look forward to it. And as far as time, it takes everybody time to get acclimated to a new position, a new territory. For those who have diabetes relationships, for example if you hire somebody from an insulin company or an insulin pump company, they can go back to offices they've already been to, and they're up and running quite quickly. For others, it takes more time. And that's why we have our district managers and our regional managers to help with those relationships and train those people. So there is a time. It varies based on the experience level of the rep before they start with us. Some hit the ground running and go faster than the one before. Others, it takes a little time. And we monitor that and we watch and go give those more training that need it. So it will be fun to watch unfold.

我們在前線的團隊配置方式，主要是依據他們所接觸到的糖尿病患者數量，以及使用強化胰島素治療（intensive insulin）的使用者數量。而這些資訊可透過 IQVIA 的數據輕易取得，特別是各區域的胰島素處方資料。我們會用這些——這些地理區域與數據——來決定我們如何劃分轄區，以及把人員配置在哪裡。各轄區內的人員會負責該群組內所有醫療專業人員，並會持續這麼做。我在想，他的問題是否還有另一部分。有的，我們的架構與過去做法類似。我們在銷售組織內有大區（regions）與分區（districts）。我們增加了分區數量，並把大區從 2 個增加到 4 個，所以在這方面是類似的架構。然後我們也制定了一個我們認為對每個人都很公平、而且我們團隊也願意接受的獎酬方案（comp plan）。對我來說，在規劃整個銷售團隊擴編時，最有趣的一點是團隊一開始的反應。你在開始時總會對此有點擔心。但相反地，團隊舉手說：「我們需要更多支援。我們需要在這裡有更多曝光。這是件好事。有些人我們根本沒有去拜訪。」所以我們很期待。至於時間，每個人都需要時間去適應新職位、新轄區。對於本來就有糖尿病領域人脈的人來說，例如你從胰島素公司或胰島素幫浦公司聘人，他們可以回到以前就拜訪過的診所，很快就能上手運作。對其他人而言，就需要更多時間。這也是為什麼我們有分區經理與大區經理，來協助建立這些關係並訓練這些人。所以確實需要一段時間。而且會依業務代表加入我們之前的經驗程度而有所不同。有些人一上任就能迅速展開、速度比前一位更快。其他人則需要一點時間。我們會監控、觀察，並為需要的人提供更多訓練。所以看它如何展開會很有意思。

And our next question comes from Ravi Misra.

下一個問題來自 Ravi Misra。

So just wanted to go back to the gross margin and the kind of CapEx investments and scale-up that you're looking to make. I'm trying to figure out, Quentin and Kevin, you're building all this capacity presumably for the next, I'm guessing, decade or so. How do we think about that plant or the plants coming online in terms of what level of volume do you think you need to be when it comes to the kind of sales numbers that you put out there for the long term to kind of really truly get those plants to lever the fixed cost investments they've made? I guess what I'm trying to ask is, if sales ramp faster than we've kind of modeled here, is there upside to your gross margin? Conversely, if it's kind of in line with the long-term guidance -- what gets that 65% higher as I contemplate these CapEx investments?

我想回到毛利率，以及你們正在考慮的資本支出（CapEx）投資與擴產（scale-up）。我試著理解，Quentin 和 Kevin，你們正在建置這些產能，推測是為了接下來——我猜——大約十年左右。我們該如何看待這座工廠或這些工廠投產後的情況：就你們長期提出的銷售數字而言，你們認為需要達到什麼樣的出貨量水準，才能真正讓這些工廠把已投入的固定成本投資槓桿化（lever）？我想問的是，如果銷售爬坡比我們在這裡建模的更快，你們的毛利率是否有上行空間？反過來，如果它大致符合長期指引——在我考量這些 CapEx 投資時，什麼因素能讓毛利率提高到 65% 以上？

You go first. I'll go after you.

你先說。我再接著說。

Yes. Well, I would -- Ravi, it's a great question. I'd remind you, the $4 billion to $4.5 billion revenue figure we put out there out in 2025 or so was more or less our base case. That's how we qualified that to you folks. And it started to open up a bit of the type 2 nonintensive opportunity, but there's a massive market that sits in front of us. And as we open that up in bigger ways, as you start to open up things like hospital or gestational or get further upstream into the diabetes condition and get into prediabetes, those volume numbers are incredible. And so I mentioned earlier, we're talking about going from tens of millions of units to hundreds of millions of units of capability over time, and we're beginning to make those investments as we speak.

好的。Ravi，這是個很好的問題。我想提醒你，我們先前提出的 2025 年左右 40 億到 45 億美元營收數字，或多或少是我們的基本情境（base case）。我們當時就是這樣向各位說明的。而那已經開始稍微打開第二型糖尿病非強化治療（type 2 nonintensive）的機會，但我們面前其實有一個非常龐大的市場。當我們以更大的方式把它打開，當你開始開拓像是醫院、妊娠（gestational），或是更往糖尿病病程上游延伸、進入糖尿病前期（prediabetes）時，那些量的數字會非常驚人。所以我先前提到，我們談的是隨時間把產能從數千萬個單位提升到數億個單位，而我們正在開始進行這些投資。

In terms of the CapEx investment, I think you're going to see roughly double this year what we've seen in the last couple of years. We've seen about $200 million of CapEx in the last 2 years each year. I think that is going to be north of $400 million, probably as we stand up this building and build out the capability that will then serve us for years to come into the future. How quickly we're ramping that is really going to be predicated on how quickly we open up some of these markets. What we're not going to do, and we've been very clear about this after having learned from the experience ourselves when we launched G6, we're not going to put ourselves in a position again to where we don't have the inventory to deliver to the patient and create a DexCom experience that is one that we want them to have. And so we are investing ahead of that curve, but we're very confident that the curve is ultimately going to be realized. I think the question is just nailing down that timing and know exactly what that's going to look like. From our perspective, we're going to be ready when it's ready to go. We're not going to be behind it, so...

就資本支出（CapEx）投資而言，我認為你會看到今年大約是過去幾年的兩倍。過去兩年我們每年大約看到 2 億美元的 CapEx。我認為這將會超過 4 億美元，主要是因為我們要把這棟大樓建置起來並擴建相關能力，而這些能力將在未來多年持續為我們服務。我們拉升（ramp）速度有多快，確實將取決於我們開放其中一些市場的速度有多快。我們不會做的事情——而且在我們推出 G6、從自身經驗中學到教訓之後，我們對此一直非常清楚——就是不會再讓自己陷入沒有足夠庫存可交付給病患、從而無法提供我們希望他們擁有的 DexCom 體驗的處境。因此我們會在曲線之前提前投資，但我們非常有信心，這條曲線最終一定會實現。我認為問題只是把時間點釘牢，並確切知道那會是什麼樣子。從我們的角度來看，等到一切準備就緒可以上線時，我們也會準備好。我們不會落後，所以……

Yes. Thanks, Quentin. And let me add just a bit. As I look at volumes and why hundreds of millions rather than tens, as we look at the use of CGM, for example, as a diagnostic for somebody who may have prediabetes but may not be sure, as part of the annual checkup, there's hundreds of millions of people in the U.S. who would need that checkup every year. As you look at 30 million people with type 2 diabetes in the U.S. -- I don't know if my 30 million is right, but it's close -- if just 10% of those people went on sensors full time, you're looking at 60 million to 90 million sensors we'd be selling on an annual basis. These opportunities are going to require scale. And we've just made the decision going at this in a manner to whereby we do it gradually and hope we have enough when we get there is just not going to work. The opportunities are too big and the investment is required. That's why we've raised the money. That's why we've made the plans. That's why we've designed the product and set the relationships that we have. We need to go after this. And when you look at the size of the investment versus the size of the prize, size of the prize is way bigger than the size of the investment.

是的。謝謝你，Quentin。我再補充一點。當我看量體，以及為什麼是數億而不是數千萬時——以 CGM 的使用為例，例如把它作為診斷工具，用於可能有糖尿病前期但不確定的人，作為年度健檢的一部分——在美國每年需要做這種健檢的人就有數億。再看美國有 3,000 萬名第二型糖尿病患者——我不知道 3,000 萬這個數字是否完全正確，但很接近——如果其中只有 10% 的人全天候使用感測器，你每年要賣出的感測器就會是 6,000 萬到 9,000 萬個。這些機會都需要規模化。而我們已經做出決定：以循序漸進、走一步看一步、希望到時候供應量夠用的方式來做，根本行不通。機會太大，而且需要投入資本。這就是為什麼我們籌了資金。這就是為什麼我們制定了計畫。這就是為什麼我們設計了產品並建立了我們所擁有的合作關係。我們必須去把握這些機會。而當你把投資規模和獎賞規模相比，獎賞的規模遠遠大於投資的規模。

And our next question comes from Steven Lichtman from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Steven Lichtman。

So the increased focus on the primary care office here near term with your sales force expansion I assume means targeting non-intensive type 2s sooner rather than later. I guess, first, how should we think about the ramp in this patient population before reimbursement models are established broadly for these patients? And second, do you have the back office capability yet? I know you're building out some more here to handle those patients over the next few years.

所以，短期內你們透過擴編銷售團隊而更聚焦於基層醫療診所，我想這代表你們會更早而不是更晚去鎖定非密集治療的第二型糖尿病患者。我想先問第一個問題：在這些患者的報銷（reimbursement）模式尚未廣泛建立之前，我們應該如何看待這個患者族群的拉升速度？第二，你們現在是否已具備後台（back office）能力？我知道你們正在擴建更多能力，以在未來幾年處理這些患者。

Yes. This is Kevin. I'll take that one, too. Their focus will initially be on insulin-using patients who have reimbursement for the technology. The non-insulin users will, in fact, tag along as they become aware, and there are situations where some of these patients do have coverage. On the type 2 nonintensive patient, we've been very clear from the beginning that we're going to go about that -- this market 4 different ways: through programs, payers, clinicians, and then directly to patients. And over the course of 2021, you will see those 4 initiatives unfold as we gather more data and launch more initiatives. And so awareness will grow. As Quentin said earlier, and Steve, a very reasonable number of our leads from the Super Bowl ad have been type 2 non-intensive patients. Whether we can serve them or not with reimbursement today remains to be seen, but we certainly have a database of these names of people we can call on. As soon as we have the product offering, we want to get in that space ready. So I think we're preparing and getting ready for that. More importantly, though, as we make these clinicians aware, they can look for cases where they can make it available to their patients. They can look at situations where somebody can appeal for coverage if they have type 2 diabetes and out of control, and those appeals have been successful. So we're looking forward to going there and -- but these guys will focus on our core markets and where we play with reimbursement first and foremost.

是的。我是 Kevin。這題我也來回答。他們一開始的重點會放在使用胰島素、且對這項技術已有報銷的患者。非胰島素使用者確實會隨著認知提升而跟進，而且在某些情況下，這些患者中有些人確實有保險給付。針對第二型、非密集治療患者，我們從一開始就非常清楚：我們會用四種不同方式來切入這個市場——透過方案（programs）、支付方（payers）、臨床醫師（clinicians），以及直接面向患者。在 2021 年的過程中，隨著我們蒐集更多數據並推出更多計畫，你會看到這四項倡議逐步展開。因此，認知度會提升。如 Quentin 先前所說，而且 Steve，你問得很合理——我們從超級盃廣告獲得的潛在客戶（leads）中，有相當比例是第二型、非密集治療患者。我們今天是否能在報銷條件下服務他們仍有待觀察，但我們確實已建立這些人的名單資料庫，可以去聯繫。一旦我們有相應的產品方案，我們希望能準備就緒、進入那個領域。所以我認為我們正在為此做準備並整裝待發。更重要的是，當我們讓這些臨床醫師提高認知時，他們可以去找出哪些案例能讓他們把產品提供給患者。他們也可以在某些情況下協助提出給付申訴：如果患者是第二型糖尿病且控制不佳，這些申訴曾經成功。因此我們很期待能往那裡推進——但這些人首先會聚焦在我們的核心市場，以及我們已能取得報銷的市場。

And our next question comes from Kyle Rose from Canaccord.

我們的下一個問題來自 Canaccord 的 Kyle Rose。

I just wanted to ask a little bit more about just the investments in the SG&A side in 2021. I think the sales force investments are well understood. But maybe just help us understand, specifically on DTC and sampling, how does that change the cost and the time line of a customer acquisition? And then also maybe the capture rate in the retention, can you just give us the metrics to understand how to evaluate those investments in 2021?

我想再多問一點關於 2021 年在 SG&A 端的投資。我認為對銷售團隊的投資大家都很清楚。但也許請你們協助我們理解：具體來說，在 DTC（直接面向消費者）與試用（sampling）方面，這會如何改變獲客成本與獲客時間線？另外，關於留存中的轉化率（capture rate），你們能否提供一些指標，讓我們理解該如何在 2021 年評估這些投資？

Yes. Well, I think when you look at the overall investment in the areas you identified, the most significant increase is likely going to show up in doubling the size of that commercial field force. And then right behind it is DTC and sampling. Sampling is a bit new to us. We've never sampled historically. We just started to roll that out in the fourth quarter and very early in seeing what that looks like. But that's a pretty easy one for us to measure. We're not going to give you the specific results of what that looks like, although the fact that we're going to continue to double down on it should tell you that we're incredibly happy with what we're seeing. But that's as easy as knowing exactly where we're dropping the samples in the field and knowing exactly what patients are utilizing those samples and ultimately turn into a recurring purchase for us. So those are easy measures. And on the DTC side, with social media and the leads that get created from that that ultimately turn into patients, that becomes relatively easy to measure as well. One of the things that I think was just really fascinating coming out of the Super Bowl ad is that we had 5x more impressions in the last 4 days than we had it for the entire year of 2020 on the heels of that. I think it's just remarkable the type of reach that we're finding with our DTC efforts. So we're going to continue to monitor those things and measure those and hold ourselves accountable to them. And as long as the return is there, we're going to continue to invest aggressively there. If we see the returns start to drop down, then we'll start to think differently. But we're not going to give specific return measures, those sorts of things. But the fact that we're doubling down in these efforts, I think, ought to convey the confidence we have in these investments and what they're bringing to us.

是的。我認為當你看你所指出的這些領域的整體投資時，最顯著的增加很可能會體現在把商業前線團隊（commercial field force）的規模加倍。緊接在後的就是 DTC 與試用（sampling）。試用對我們來說有點新。我們過去從未做過試用。我們在第四季才剛開始推行，而且還在非常早期觀察其樣貌。但那是一個相當容易衡量的項目。我們不會提供具體結果長什麼樣，雖然我們會持續加碼本身就應該能告訴你：我們對目前看到的成效非常滿意。但衡量方式很簡單：我們清楚知道在市場端把試用品投放到哪裡，也清楚知道哪些患者在使用這些試用品，並最終轉化為我們的經常性購買。所以這些都是容易衡量的指標。而在 DTC 端，透過社群媒體以及由此產生的潛在客戶，最終轉化為患者，這同樣相對容易衡量。我認為超級盃廣告之後有一件事非常引人入勝：在那之後的 4 天裡，我們的曝光（impressions）是 2020 年整年總和的 5 倍。我覺得我們在 DTC 努力上所找到的觸及範圍（reach）之大，真的很驚人。因此我們會持續監控並衡量這些事情，並要求自己對此負責。只要回報仍在，我們就會持續在那裡積極投資。如果我們看到回報開始下滑，那我們就會開始用不同方式思考。但我們不會提供具體的回報衡量指標之類的數據。不過，我認為我們在這些努力上加倍投入，應該足以傳達我們對這些投資及其帶來成果的信心。

Our next question comes from Bob Hopkins from Bank of America.

下一個問題來自美國銀行（Bank of America）的 Bob Hopkins。

Quentin, I'll just ask a quick one of you. And you may have just answered this in response to the last question, but you said several times in this call how strong a inventory position you're in right now. And I'm just curious if you could talk a little bit specifically about what you're able to do in 2021 that you weren't able to do in 2020 as a result of that very strong inventory position.

Quentin，我先快速問你一個問題。你可能在回覆上一題時已經回答過了，但你在這通電話中多次提到你們目前的庫存部位非常強。我想請你更具體談談，因為這個非常強的庫存部位，讓你們在 2021 年能做哪些在 2020 年做不到的事？

Well, look, Bob, I think it's a good question. But historically, I think we've seen opportunities sit in front of us and we knew they were available to us, but we couldn't aggressively pursue them because we knew we couldn't get patient to the -- our product to the patient once they became aware of the opportunity. So what you didn't want to do is create all this awareness and then be in a back order situation immediately. And if you go back to 2019, we operated through most all of '19 in a back order situation. We came out of that early in '20 which has now allowed us to build inventories and put ourselves in a position where we can start to get more aggressive with these things. So I think it enables a whole lot of opportunities for us to get a whole lot more strategic than where we could historically, just because those opportunities weren't real. We couldn't serve the patient at that point in time. Now we can.

嗯，Bob，我覺得這是個好問題。但從歷史來看，我們常看到機會擺在眼前，也知道我們有能力把握，但我們無法積極追求，因為我們知道一旦病患意識到這個機會，我們就無法把產品交到病患手上。所以你不希望做了大量宣傳、提高認知後，立刻就陷入缺貨待補（back order）的狀況。如果你回頭看 2019 年，我們幾乎整個 2019 年都在缺貨待補的情況下營運。我們在 2020 年初走出那個狀況，這也讓我們得以建立庫存，並讓自己處於可以開始更積極推進這些事情的位置。所以我認為，這讓我們有很多機會，能比過去更具策略性地行動，因為過去那些機會其實不算真正可行。當時我們無法服務病患。現在我們可以了。

And our next question comes from Chris Pasquale from Guggenheim.

下一個問題來自 Guggenheim 的 Chris Pasquale。

I wanted to follow-up on the question about non-intensive type 2s. Back at the analyst meeting, you set a pretty ambitious goal for that segment to contribute 15% of sales by 2025. Can you tell us what that was in 2020, just as a baseline? And what the gating factors might be for starting to provide more visibility into how you're tracking towards that goal?

我想追問一下關於非密集治療（non-intensive）的第二型糖尿病患者的問題。在之前的分析師會議上，你們為該細分市場設定了一個相當積極的目標：到 2025 年貢獻 15% 的銷售額。能否告訴我們 2020 年這部分占比是多少，作為基準？以及，開始提供更多可見度、讓我們了解你們朝該目標推進情況的關鍵限制因素可能是什麼？

Yes. We really can't lay that out for 2020. I think the way you'll get more visibility from us is, as our programmatic approaches take off, you'll -- we'll be able to speak about revenues from the programs. Additionally, as you look out to 2023, it's my belief and intention on '23, '24 and '25, this will be a product that is distributed through our typical distribution channels, and there will be visibility that way. When we have meaningful revenues to report, we'll certainly let you know that that's going on. But we don't -- right now, these are more investments than they are our revenue opportunities. We need to gather data. We need to show that this works. We need to create relationships like we have at Intermountain Health care, for example, where they're running a study right now to look at CGM in these patients in a couple of different ways. The program we talked about that we ran down in Florida internally is now part of one of our programs where Healthstat is offering CGM to their type 2 patients. Up to this point, even though there's been volumes created here, a lot of this stuff has just been really to invest and to learn, similar to what we did in the hospital business this year as well. It's going to take a while for these markets to develop. But eventually, we'll break it down and report more. But for now, we're just not ready to.

是的。我們目前確實無法把 2020 年的數字拆出來。我認為你們會從我們這裡獲得更多可見度的方式是：隨著我們的方案式（programmatic）做法起飛，你們——我們將能談到這些方案帶來的營收。另外，展望到 2023 年，我的看法與意圖是，在 2023、2024 與 2025 年，這將會是一個透過我們典型的分銷通路來分銷的產品，屆時也會以那種方式呈現可見度。當我們有具意義的營收可以報告時，我們一定會讓你們知道這件事正在發生。但目前——這些更像是投資，而不是我們的營收機會。我們需要蒐集數據。我們需要證明這是有效的。我們需要建立像 Intermountain Health care 那樣的合作關係，例如他們現在正在進行一項研究，以幾種不同方式來觀察 CGM 在這些病患身上的效果。我們先前提到在佛州內部執行的那個計畫，現在已成為我們其中一個方案的一部分，由 Healthstat 向其第二型糖尿病患者提供 CGM。到目前為止，儘管這裡已經產生了一些量，但其中很多其實只是為了投資與學習，類似於我們今年在醫院業務上所做的事情。這些市場需要一段時間才能發展起來。但最終，我們會把它拆分並提供更多揭露。但就目前而言，我們還沒準備好。

And our next question comes from Raj Denhoy from Jefferies.

下一個問題來自 Jefferies 的 Raj Denhoy。

This is Anthony for Raj. My question would be on gross margin. I'm wondering in the 65% guide for '21, how much trapped overhead actually is in there from the Malaysian plant as that gets up and running. But as you look out and that plant gets up to scale, I'm wondering where the cost per sensor will trend for units coming out of that facility, again, once it gets up to scale?

我是代替 Raj 的 Anthony。我的問題是關於毛利率。我想了解在你們對 2021 年 65% 的指引中，馬來西亞工廠在逐步上線運轉時，實際包含了多少「閒置／未吸收的固定製造費用」（trapped overhead）。另外，當你往後看、該工廠達到規模化之後，我想請問從該設施出貨的產品，其每顆感測器成本會如何走勢——同樣是在達到規模化之後？

Yes. Good question. In 2021, there's about 200 basis points of pressure that we're going to realize from the investments in standing up that Malaysia operating capability. So I think that quantifies for you very clearly what it will be. As we look out into the future, we've said we believe we can get the cost profile to less than $10 per day in a 10-day use case. So think about that as less than $1 per day. Malaysia will certainly be below that, offset by where we're at in the States. So it certainly is a very attractive profile for us. And as we continue to think about ways to innovate there with automation, we're hopeful to take it even further. But that's a big enabler of ultimately getting our cost profile down to those ranges we've discussed both here today and in the past.

是的。好問題。在 2021 年，我們將因建立馬來西亞營運能力的投資而承受約 200 個基點的壓力。所以我想這非常清楚地量化了其影響。展望未來，我們曾表示，我們相信在 10 天使用情境下，可以把成本結構降到每天低於 10 美元。所以把它想成每天低於 1 美元。馬來西亞的成本當然會低於這個水準，而美國端的成本則會相對較高、形成抵銷。因此，對我們而言這確實是一個非常有吸引力的成本結構。而且當我們持續思考如何透過自動化在那裡創新時，我們希望能把它再往下推。但這是最終把我們的成本結構降到我們今天以及過去所討論區間的一個重要推動因素。

And we have no more questions at this time. I'd like to turn the call back to Kevin Sayer for final comments.

目前沒有更多問題。我想把電話交回給 Kevin Sayer 做最後結語。

Thank you. I did a bit of math while we were doing this call. This is my 40th call with Steve. And as he moves into a new role, I just need to acknowledge what a wonderful job he's done with our investors over the years. I think back on our calls in the early years, where we'd sit around and go, okay, what is it we're going to say today and what is it we have to report. This company has changed so much over those 40 calls, but a marvelous effort and some incredible work, and he'll still be here, but he's going to have some different investors to please, and we're excited about that.

謝謝。在這通電話進行的同時，我做了一點數學。這是我和 Steve 的第 40 次電話會議。當他即將轉任新職務時，我必須肯定他多年來在面對投資人方面所做的出色工作。我回想早期的電話會議，我們會坐在一起想，好吧，我們今天要說什麼、我們有什麼可以報告。在這 40 次電話會議期間，這家公司改變了很多；他付出了卓越的努力，也完成了許多令人驚嘆的工作。他仍然會在這裡，但他將需要取悅一些不同的投資人，而我們也對此感到興奮。

I do want to thank everybody for being on the call today. As you can tell, we remain extremely bullish about our opportunities going forward. One of our executives was having a conversation with me here one day and he said, the way he described DexCom is, just as soon as we climb one mountain, we get to the top of it, and on the other side, there's a bigger one, and we start another climb. And I think as Quentin detailed our financial plans and what we have going on, what we see is a great big mountain and a great big climb. And we're preparing to do that. We think we can do it very effectively. We are very bullish about the future. Over the past several days, a lot of the talk has been around the Super Bowl commercial here. And I have gotten numerous pictures, videos, e-mails, text messages from our patients and their parents or their caregivers saying thank you for creating awareness. Kids in school are telling everybody, "Remember that commercial? I wear that, and I have that, and this is how I manage my diabetes." We have seen such a positive reception to this, and the positive energy has just been amazing. So kudos to our marketing team, to Nick Jonas and everybody for getting this done. Our hospital initiatives and the new initiatives we've talked about, as I said, there are investments, but now we're getting numerous physicians reaching out saying, "You've got to get this everywhere. It needs to be all throughout the hospital. It needs to be worn by the patients when they go home. We can't have them coming back, and monitoring glucose can be very important." We'll continue to go after those efforts. Our new market efforts are very strong.

我確實想感謝今天參與電話會議的各位。如各位所見，我們對未來的機會仍然極度看多。有一天，我們的一位高階主管在這裡和我聊天，他說他形容 DexCom 的方式是：每當我們爬上一座山，登頂之後，在另一側還有一座更大的山，於是我們又開始下一段攀登。我想，正如 Quentin 詳細說明我們的財務規劃以及我們正在推進的事項，我們所看到的是一座非常大的山，以及一段非常大的攀登。而我們正在為此做準備。我們認為我們能非常有效地做到。我們對未來非常看多。過去幾天，許多討論都圍繞著這裡的超級盃廣告。我收到了許多來自我們病患及其父母或照護者的照片、影片、電子郵件與簡訊，向我們致謝，感謝我們提升了大眾認知。學校裡的孩子們在跟大家說：「記得那支廣告嗎？我就戴那個，我有那個，這就是我如何管理我的糖尿病。」我們看到非常正面的回響，而這股正向能量令人驚嘆。因此要向我們的行銷團隊、Nick Jonas 以及所有促成此事的人致敬。我們的醫院推動計畫以及我們談到的新計畫，如我所說，這些都是投資，但現在我們收到許多醫師主動聯繫，表示：「你們一定要把這個推到每個地方。它需要在整個醫院全面導入。病患回家時也需要配戴。我們不能讓他們再回來，而血糖監測可能非常重要。」我們會持續推進這些工作。我們在新市場的推進也非常強勁。

And last, I'll go to the intensive type 2s as well. As I said, we created some awareness here. I recently had a conversation -- I've had several conversations with people with type 2 diabetes absolutely struggling with what to do. What can I possibly do to take care of myself because they just don't know. And CGM tells them. It tells them what to do. It tells them about foods. It tells them about exercise. It tells them about stress and sleep and everything else. And we are really excited for this opportunity. You'll see us have a lot of good things come to pass in 2021 on all these fronts. But thanks, everybody, for continuing to listen. And a great day, great year for DexCom and our team. Thanks, everybody.

最後，我也要談談需要密集治療的第二型糖尿病族群。如我所說，我們在這裡建立了一些認知。我最近有過一次對話——其實我和第二型糖尿病患者有過好幾次對話——他們在該怎麼做這件事上真的非常掙扎。「我到底能做什麼來照顧自己？」因為他們就是不知道。而 CGM 會告訴他們。它會告訴他們該怎麼做。它會告訴他們食物的影響。它會告訴他們運動的影響。它會告訴他們壓力、睡眠以及其他所有因素的影響。我們對這個機會感到非常興奮。你們會看到我們在 2021 年於這些面向都有許多好事會實現。不過，感謝各位持續收聽。對 DexCom 與我們團隊而言，這是美好的一天、美好的一年。謝謝大家。

And thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位女士、先生。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。