德康醫療 (DXCM) 2020 Q3 法說會逐字稿

Welcome to the DexCom Third Quarter 2020 Earnings Release Conference Call.

歡迎來到 DexCom 2020 年第三季度收益發布電話會議。

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

我叫 Adrienne，我是今天電話的接線員。

(Operator Instructions)

（操作員說明）

Please note, this conference is being recorded.

請注意，此會議正在錄製中。

I'll now turn the call over to Sean Christensen.

我現在將電話轉給 Sean Christensen。

Sean Christensen, you may begin.

肖恩·克里斯滕森，你可以開始了。

Thank you, operator, and welcome to DexCom's Third Quarter 2020 Earnings Call.

謝謝接線員，歡迎來到 DexCom 的 2020 年第三季度收益電話會議。

Our agenda begins with Kevin Sayer, DexCom's Chairman, President and CEO, who will provide a summary of the quarter; 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.

我們的議程從 DexCom 董事長、總裁兼首席執行官 Kevin Sayer 開始，他將提供本季度的總結；隨後是我們的首席運營官兼首席財務官 Quentin Blackford 的財務回顧和展望；然後是我們的戰略與企業發展執行副總裁 Steve Pacelli 的戰略更新。

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

在我們準備好的評論之後，我們將打開您的問題的電話。

(Operator Instructions)

（操作員說明）

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

請注意，在 DexCom 投資者關係網站的活動和演示頁面上，還有與我們第三季度業績相關的幻燈片。

Before we dive in, I am also pleased to announce that DexCom will be hosting its biannual Investor Day on Wednesday, December 9, where we will discuss our business and long-term outlook in more detail.

在我們深入探討之前，我也很高興地宣布，DexCom 將於 12 月 9 日星期三舉辦一年兩次的投資者日，屆時我們將更詳細地討論我們的業務和長期前景。

This will be a fully virtual event available by webcast.

這將是一個通過網絡直播提供的完全虛擬的活動。

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上發表的一些聲明可能構成前瞻性聲明。

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、經營計劃和業績的意圖、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, 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根據 DexCom 當前可獲得的信息在本新聞稿發布之日作出，存在各種風險和不確定性，實際結果可能與前瞻性陳述中預期的結果存在重大差異。

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 and other filings with the Securities and Exchange Commission.

可能導致實際結果與任何這些前瞻性陳述中明示或暗示的結果存在重大差異的因素在 DexCom 的 10-K 表格年度報告和提交給美國證券交易委員會的其他文件中有詳細說明。

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.

除非法律要求，否則我們不承擔在本演示文稿日期後更新任何此類前瞻性陳述或使這些前瞻性陳述與實際結果相符的義務。

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，我們將針對我們的非 GAAP 和基於現金的結果討論某些未根據 GAAP 準備的財務措施。

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按非 GAAP 原則提供。

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，或將其視為結果的替代或優於根據 GAAP 編制的結果。

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

請參閱我們的收益發布中的表格和我們第三季度收益報告隨附的幻燈片，以了解這些措施與其最直接可比的 GAAP 財務措施的對賬情況。

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.

謝謝肖恩，也謝謝大家加入我們。

Well, we've gone a bit different route over the past 24 hours compared to our usual earnings reports, but I am very glad to be with you today.

好吧，與我們通常的收益報告相比，過去 24 小時我們走了一些不同的路線，但我很高興今天能和你們在一起。

Most of you probably saw that we preannounced revenue after market close yesterday, in conjunction with the announcement of the retirement of Rick Doubleday, our Chief Commercial Officer.

你們中的大多數人可能已經看到，我們在昨天收盤後預先公佈了收入，同時宣布了我們的首席商務官 Rick Doubleday 的退休。

I'll have more to say about Rick and what he has accomplished, later in this call.

在本次電話會議的稍後部分，我將詳細介紹 Rick 以及他所取得的成就。

We chose to provide the revenue pre-announcement in order to remove any market uncertainty about the strength of our business in conjunction with our notification of Rick's retirement.

我們選擇提供收入預先公告，以消除市場對我們業務實力的任何不確定性，同時我們通知 Rick 退休。

Our strong third quarter results reflect the resilience of our business and the importance of DexCom CGM to our growing customer base, even as the world continues to navigate the challenges presented by the COVID pandemic.

我們強勁的第三季度業績反映了我們業務的彈性以及 DexCom CGM 對我們不斷增長的客戶群的重要性，即使世界繼續應對 COVID 大流行帶來的挑戰。

Based on this performance, we are pleased to be in a position once again to raise our 2020 revenue guidance in the year-end.

基於這一表現，我們很高興能夠在年底再次提高 2020 年的收入指引。

Total revenue grew 26% in the third quarter, driven by our strong new patient growth over the past year.

第三季度的總收入增長了 26%，這得益於我們在過去一年中強勁的新患者增長。

This patient growth continued in the third quarter with our pharmacy and Medicare channels, exhibiting the strongest growth in the quarter.

這種患者增長在第三季度繼續，我們的藥房和醫療保險渠道在本季度表現出最強勁的增長。

We continue to see some impact to new patients relative to our expectations as a result of the pandemic.

由於大流行，相對於我們的預期，我們繼續看到對新患者的一些影響。

However, as our updated guidance indicates, the impact was not as significant as we expected and communicated on our second quarter call.

然而，正如我們更新後的指南所表明的那樣，影響並不像我們在第二季度電話會議上預期和傳達的那樣重要。

We also officially introduced our patient assistance program at the start of the third quarter, extending our support to our customers who have lost coverage during this trying time.

我們還在第三季度初正式推出了我們的患者援助計劃，將我們的支持擴展到在這段艱難時期失去保險的客戶。

We saw a small handful of people utilized the program during the quarter, but it did not have a material impact on our performance.

我們看到少數人在本季度使用了該程序，但這並未對我們的業績產生實質性影響。

We've made excellent progress on the access front with nearly all people with type 1 diabetes in the U.S., now having access to DexCom CGM as well as a quickly increasing amount of people with type 2 diabetes on intensive insulin therapy.

我們在准入方面取得了巨大進展，美國幾乎所有 1 型糖尿病患者現在都可以使用 DexCom CGM 以及快速增加的接受強化胰島素治療的 2 型糖尿病患者。

We recently entered into a government-wide contract for the sale of DexCom CGM to eligible government buyers, including the VA.

我們最近簽訂了一份政府範圍的合同，向包括 VA 在內的合格政府買家出售 DexCom CGM 。

This contract will facilitate easier and more convenient access to DexCom CGM as it may allow for pharmacy access to DexCom CGM for eligible veterans.

該合同將有助於更輕鬆、更方便地訪問 DexCom CGM，因為它可能允許符合條件的退伍軍人在藥房使用 DexCom CGM。

Another example of how we're making it easier for patients to take control of their diabetes at an affordable price.

我們如何讓患者更容易以負擔得起的價格控製糖尿病的另一個例子。

In addition, our team is doing great work to expand access outside of the U.S., including the recent publication of our U.K. cost effectiveness study that showed the clear economic benefits associated with use of DexCom CGM.

此外，我們的團隊正在努力擴大美國以外的市場准入，包括我們最近發布的英國成本效益研究，該研究表明使用 DexCom CGM 具有明顯的經濟效益。

Based on studies like these, we are hopeful that we will be able to drive near-term access wins on behalf of people with diabetes with government payers on a global basis.

基於此類研究，我們希望我們能夠在全球範圍內代表糖尿病患者與政府付款人一起推動近期獲得成功。

With customer feedback related to G6 continuing to trend at record levels, we have several initiatives underway to extend the DexCom growth opportunity and bring DexCom CGM to more people who stand to benefit from enhanced knowledge of their glucose levels.

隨著與 G6 相關的客戶反饋繼續以創紀錄的水平趨勢發展，我們正在採取多項舉措來擴大 DexCom 的增長機會，並將 DexCom CGM 帶給更多的人，他們將從對葡萄糖水平的了解中受益。

For our intensive business, many of you likely saw our press release with Eli Lilly earlier this month, announcing our co-marketing efforts of our G6 CGM with Lilly's new ultra rapid-acting insulin.

對於我們的密集業務，你們中的許多人可能在本月早些時候看到了我們與禮來公司的新聞稿，宣布了我們的 G6 CGM 與禮來公司的新型超速效胰島素的聯合營銷工作。

This collaboration is a great example of our strong partnership with the Lilly team and should provide a nice boost to our efforts to extend awareness of DexCom CGM among practicing clinicians, including primary care physicians.

這次合作是我們與禮來團隊強有力合作的一個很好的例子，應該會很好地推動我們在包括初級保健醫生在內的執業臨床醫生中擴大對 DexCom CGM 的認識的努力。

We are making great progress in our efforts to extend DexCom CGM to non-intensive type 2 customers as well.

我們在將 DexCom CGM 擴展到非密集型 2 型客戶方面也取得了很大進展。

Intermountain Healthcare recently published the results of their first pilot using DexCom CGM, which demonstrated annual cost savings of approximately $5,000 per member for DexCom users relative to standard of care fingersticks.

Intermountain Healthcare 最近發布了他們使用 DexCom CGM 進行的第一個試點的結果，該結果表明，相對於標準護理指尖，DexCom 用戶每年可為每位會員節省約 5,000 美元的成本。

We are thrilled to say the large expansion of this trial with Intermountain is now well underway.

我們很高興地說，與 Intermountain 的這項試驗的大規模擴展現在正在進行中。

We are excited about our work with UnitedHealth as they extend their rollout of the Level 2 program.

我們對與 UnitedHealth 的合作感到興奮，因為他們擴展了 2 級計劃的推出。

Although it is still early in the commercial rollout, our teams are working together very well to ensure the kind of patient experience that we expect for any users of our CGM systems.

儘管商業推廣仍處於早期階段，但我們的團隊正在密切合作，以確保我們為 CGM 系統的任何用戶提供我們期望的患者體驗。

We continue to support hospitals and help protect patients and frontline workers during the pandemic, with more than 200 hospitals reaching out to us about DexCom CGM during this crisis.

在大流行期間，我們繼續支持醫院並幫助保護患者和一線工作人員，在這場危機期間，有 200 多家醫院就 DexCom CGM 與我們聯繫。

We remain focused on generating evidence to potentially expedite approval for the use of CGM for patient monitoring.

我們仍然專注於生成證據，以可能加快批准使用 CGM 進行患者監測。

Along these lines, early feedback on the performance of our CGM has been positive, including several recently published articles documenting use of the product during the pandemic.

沿著這些方向，對我們 CGM 性能的早期反饋是積極的，包括最近發表的幾篇文章，記錄了大流行期間該產品的使用情況。

In September, we also announced the creation of a hospital registry to allow us to collect data on DexCom CGM performance efficiently during this time.

9 月，我們還宣布創建醫院登記處，以便我們能夠在此期間有效地收集有關 DexCom CGM 績效的數據。

As we press forward these initiatives with a great customer satisfaction with G6, our teams internally are intently focused on the next steps with G7.

當我們以對 G6 的高度客戶滿意度推進這些計劃時，我們的團隊在內部專注於 G7 的後續步驟。

We commenced approval support trials for G7 in mid-October.

我們在 10 月中旬開始了 G7 的審批支持試驗。

This timing remains consistent with our previous discussions around the impact of COVID to our clinical trial time line.

這個時間安排與我們之前關於 COVID 對我們臨床試驗時間表的影響的討論保持一致。

Although all of us are eager for you to experience G7, we are committed to doing this in the right way and ensuring that the trials are run efficiently and that we bring to market a product that delivers a best-in-class customer experience for DexCom users.

儘管我們所有人都渴望您體驗 G7，但我們致力於以正確的方式做到這一點，並確保試驗高效運行，並確保我們將一款產品推向市場，為 DexCom 提供一流的客戶體驗用戶。

We expect to launch G7 into several key markets during the second half of 2021.

我們預計在 2021 年下半年將 G7 推向幾個主要市場。

Given the growth of the business and our expanding patient base, the expansion of G7 into all of our core markets will likely extend it in 2022 as we continue to scale manufacturing to support these markets in the right way.

鑑於業務的增長和我們不斷擴大的患者群，隨著我們繼續擴大製造規模以正確地支持這些市場，G7 可能會在 2022 年擴展到我們所有的核心市場。

There is one change to G7 from our previous discussions.

與我們之前的討論相比，G7 有一個變化。

After extensive evaluation in several premarket studies, we have made the decision to launch G7 first as a 10-day product with a clear pathway to extend the wear duration shortly.

經過多次上市前研究的廣泛評估，我們決定首先推出 G7 作為 10 天產品，並有明確的途徑來短期延長磨損時間。

Our customers' lives are heavily dependent upon DexCom CGM, and we have high standards to ensure that we meet our commitments to our customers.

我們客戶的生活在很大程度上取決於 DexCom CGM，我們有高標準來確保我們履行對客戶的承諾。

For example, while our 15-day configuration demonstrates survival rates in the 70% plus range, we don't believe this is good enough for our patients.

例如，雖然我們的 15 天配置顯示存活率在 70% 以上，但我們認為這對我們的患者來說還不夠好。

With that, I will turn it over to Quentin for a financial review.

有了這個，我將把它交給昆汀進行財務審查。

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，否則今天提供的財務指標將在非 GAAP 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.

與 GAAP 的調節可以在今天的收益發布以及我們的 IR 網站上找到。

For the third quarter of 2020, we reported worldwide revenue of $500.9 million compared to $396.3 million for the third quarter of 2019, representing growth of 26% on both a reported and constant currency basis.

2020 年第三季度，我們報告的全球收入為 5.009 億美元，而 2019 年第三季度為 3.963 億美元，按報告和固定匯率計算均增長 26%。

Our U.S. business maintained strong performance in the third quarter despite facing the toughest quarterly comparison for all of 2020 as we lap the 53% growth in the third quarter of 2019.

儘管我們面臨著 2020 年全年最艱難的季度比較，但我們的美國業務在第三季度保持了強勁的表現，因為我們在 2019 年第三季度實現了 53% 的增長。

The U.S. revenue totaled $398.6 million for the quarter compared to $308.8 million in the third quarter of 2019, representing growth of 29%.

本季度美國收入總計 3.986 億美元，而 2019 年第三季度為 3.088 億美元，增長 29%。

All 3 of our channels contributed to the year-over-year growth in the U.S. with pharmacy and Medicare standing out as the strongest contributors, in line with our strategic emphasis and our efforts to streamline access for our customers over the last several years.

我們的所有 3 個渠道都為美國的同比增長做出了貢獻，其中藥房和 Medicare 脫穎而出，成為最強大的貢獻者，這符合我們的戰略重點和我們在過去幾年中為簡化客戶獲取途徑所做的努力。

Our Net Promoter Scores approached record levels amongst our users, and in particular, our Medicare customers including those with type 2 diabetes on intensive insulin therapy, a testament to the simplicity of our DexCom G6 system and the value of real-time CGM knowledge.

我們的淨推薦值在我們的用戶中達到了創紀錄的水平，特別是我們的 Medicare 客戶，包括那些接受強化胰島素治療的 2 型糖尿病患者，這證明了我們 DexCom G6 系統的簡單性和實時 CGM 知識的價值。

Our international business grew 17% versus the prior year in the third quarter to $102.3 million and increased 21% on a sequential basis from the second quarter.

我們的國際業務第三季度同比增長 17% 至 1.023 億美元，比第二季度環比增長 21%。

The impact of the COVID pandemic on new patient starts continue to be felt more acutely in our international markets, especially as some of our core international markets have experienced increased case rates toward the end of summer and into the fall.

COVID 大流行對新患者開始的影響在我們的國際市場上繼續受到更強烈的影響，尤其是當我們的一些核心國際市場在夏末和秋季經歷了病例上升時。

This is primarily in those markets that have higher administrative requirements to access the technology, which are much more difficult with COVID-related restrictions.

這主要是在那些對訪問該技術有更高管理要求的市場中，這些市場因 COVID 相關限製而變得更加困難。

However, in markets where administrative burdens are limited, we continue to see strong growth and momentum with the U.K. and Canada, especially standing out.

然而，在行政負擔有限的市場中，我們繼續看到強勁的增長和勢頭，尤其是英國和加拿大。

In addition, we are continuing to benefit from the increased manufacturing capacity that we've driven over the past year, enabling us to extend the G6 offering to additional international markets, including our most recent launches into Belgium and Turkey at the start of the fourth quarter.

此外，我們繼續受益於我們在過去一年中推動的製造能力的提高，使我們能夠將 G6 產品擴展到更多的國際市場，包括我們最近在第四季度開始時在比利時和土耳其推出的產品四分之一。

Our third quarter gross profit was $340.7 million or 68% of revenue compared to 62.3% of revenue in the third quarter of 2019.

我們第三季度的毛利潤為 3.407 億美元，佔收入的 68%，而 2019 年第三季度為 62.3%。

Despite the increased pricing pressure that we have been talking about, this represents our highest quarterly gross margin since we launched G6 in 2018.

儘管我們一直在談論定價壓力增加，但這代表了我們自 2018 年推出 G6 以來的最高季度毛利率。

Our teams have done a terrific job designing cost out of our products and manufacturing processes in addition to driving greater manufacturing efficiencies as volume continues to increase.

我們的團隊在設計產品和製造流程的成本方面做得非常出色，此外還隨著產量的不斷增加推動了更高的製造效率。

We are more excited than ever about where we believe we can take the cost profile of our products over time further enabling our ability to successfully navigate the lower pricing environment that companies are pushed to enable easier access to our products for our customers through the pharmacy channel.

我們比以往任何時候都更加興奮，我們相信我們可以隨著時間的推移進一步了解我們產品的成本概況，從而使我們能夠成功地駕馭公司被迫推動的較低定價環境，從而使我們的客戶更容易通過藥房渠道獲得我們的產品.

Operating expenses were $245.7 million for Q3 2020 compared to $187.8 million in Q3 2019, in line with our previous commentary.

2020 年第三季度的運營費用為 2.457 億美元，而 2019 年第三季度為 1.878 億美元，這與我們之前的評論一致。

This reflects an increase of approximately 170 basis points as a percent of sales as we invested into some of our key initiatives in the third quarter.

這反映出我們在第三季度對一些關鍵舉措進行了投資，佔銷售額的百分比增加了約 170 個基點。

The increased spend in research and development is primarily focused on the G7 clinical trials, in addition to finalizing manufacturing readiness in anticipation of our future G7 launch.

增加的研發支出主要集中在 G7 臨床試驗上，此外還完成了預期我們未來 G7 發布的製造準備工作。

Within sales and marketing, we are prioritizing our direct-to-consumer marketing efforts given the continued momentum with CGM awareness and the adoption runway ahead, with the results of our early campaigns delivering an excellent return to DexCom.

在銷售和營銷方面，鑑於 CGM 意識的持續發展勢頭和未來的採用跑道，我們正在優先考慮直接面向消費者的營銷工作，我們早期活動的結果為 DexCom 帶來了豐厚的回報。

On a go-forward basis, we continue to anticipate an elevated level of operating expenses in the fourth quarter and into 2021 as we move forward with our G7 pivotal trials, manufacturing scale-up and direct-to-consumer efforts.

在前進的基礎上，隨著我們推進 G7 關鍵試驗、製造規模擴大和直接面向消費者的努力，我們繼續預計第四季度和 2021 年的運營支出水平會上升。

Importantly, general and administrative expenses continue to lever nicely in the quarter.

重要的是，本季度的一般和行政費用繼續保持良好的槓桿作用。

Operating income was $95 million or 19% of revenue in the third quarter of 2020 compared to $59.1 million or 14.9% of revenue in the same quarter of 2019.

2020 年第三季度營業收入為 9500 萬美元，佔收入的 19%，而 2019 年同期為 5910 萬美元，佔收入的 14.9%。

This reflects a year-over-year improvement of 410 basis points in operating margin for the quarter.

這反映出本季度營業利潤率同比提高 410 個基點。

Adjusted EBITDA was $146.9 million or 29.3% of revenue for the third quarter compared to $92.5 million or 23.3% of revenue for the third quarter of 2019, an improvement of 600 basis points.

第三季度調整後的 EBITDA 為 1.469 億美元，佔收入的 29.3%，而 2019 年第三季度為 9250 萬美元，佔收入的 23.3%，提高了 600 個基點。

Net income for the third quarter was $93.6 million or $0.94 per share.

第三季度淨收入為 9360 萬美元或每股 0.94 美元。

We closed the quarter in a great financial position with more than $2.6 billion in cash and cash equivalents.

本季度結束時，我們擁有超過 26 億美元的現金和現金等價物，財務狀況良好。

This leaves us with plenty of liquidity to continue our capacity expansion initiatives for G6 and G7 in conjunction with growing CGM demand, while also being opportunistic with our investment strategy as we contemplate the long-term growth potential for our technology.

這使我們有足夠的流動性來繼續我們的 G6 和 G7 產能擴張計劃，同時滿足不斷增長的 CGM 需求，同時在我們考慮我們技術的長期增長潛力時，我們的投資策略也是機會主義的。

We continue to anticipate some volatility to new patients in the fourth quarter of the year as COVID-case rates rise and fall in certain of our areas of operations and the global economy fluctuates.

隨著我們某些業務領域的 COVID 病例率上升和下降以及全球經濟波動，我們繼續預計今年第四季度新患者會出現一些波動。

But with the strong third quarter results, we are in a good position to once again raise our outlook for the remainder of the fiscal year.

但憑藉強勁的第三季度業績，我們有能力再次提高對本財年剩餘時間的展望。

We now expect 2020 revenue to be approximately $1.9 billion, representing growth of 29% over 2019.

我們現在預計 2020 年的收入約為 19 億美元，比 2019 年增長 29%。

This represents an increase of $50 million from our previous guidance and $150 million from the midpoint of our guidance at the outset of the year, despite the impact from COVID over the past 2 quarters.

儘管過去兩個季度受到 COVID 的影響，這比我們之前的指導增加了 5000 萬美元，比我們年初指導的中點增加了 1.5 億美元。

As Kevin mentioned, new patient starts came in slightly ahead of the levels that we anticipated for the second half of the year and communicated on our second quarter call, although they were still down relative to our pre pandemic expectations.

正如 Kevin 提到的那樣，新患者的開始出現略高於我們對今年下半年的預期水平，並在我們的第二季度電話會議上進行了溝通，儘管它們仍然低於我們大流行前的預期。

For the fourth quarter, we expect new patient starts to be approximately 90% of our original expectations before the impact of COVID.

對於第四季度，我們預計在 COVID 影響之前新患者的開始數量約為我們最初預期的 90%。

Turning to margins.

轉向利潤率。

We now anticipate the following non-GAAP results to meet or exceed the following levels.

我們現在預計以下非 GAAP 結果將達到或超過以下水平。

Gross margins to meet or exceed 66%, representing an increase of approximately 300 basis points versus 2019 despite the pricing pressures that we have realized primarily as a result of our emphasis on the pharmacy channel.

毛利率達到或超過 66%，與 2019 年相比增加了約 300 個基點，儘管我們已經意識到定價壓力主要是由於我們對藥店渠道的重視。

We expect operating margins to meet or exceed 16%, an increase of approximately 500 basis points from the prior year.

我們預計營業利潤率將達到或超過 16%，比上年增加約 500 個基點。

Finally, we expect that adjusted EBITDA margins will expand to meet or exceed 26% for the year, also an increase of approximately 500 basis points from the prior year.

最後，我們預計今年調整後的 EBITDA 利潤率將擴大到或超過 26%，也比上一年增加約 500 個基點。

Our margin profile is clearly reflecting the strong revenue growth over the past several years and our ability to drive strong operating leverage from our key strategic drivers.

我們的利潤率狀況清楚地反映了過去幾年收入的強勁增長以及我們從關鍵戰略驅動因素中推動強大運營槓桿的能力。

We have also benefited to a certain degree this year from some near-term operating expense benefits associated with COVID-related impacts to clinical trials, industry conferences and other normal work practices.

今年，我們在一定程度上還受益於與 COVID 相關的臨床試驗、行業會議和其他正常工作實踐的影響相關的一些近期運營費用收益。

We anticipate that some of the investments will begin to generate returns in the fourth quarter in 2021.

我們預計部分投資將在 2021 年第四季度開始產生回報。

In addition, we will continue to invest to maximize our growth potential for the long-term and we believe that as COVID-related restrictions free up, there will be a return to spend in certain areas.

此外，我們將繼續投資以最大化我們的長期增長潛力，我們相信隨著與 COVID 相關的限制的解除，在某些領域的支出將會有回報。

So while we expect the organization to continue to progress, the cadence of margin expansion may not continue at the same magnitude or with the same predictability as we've seen this year.

因此，儘管我們預計該組織將繼續取得進步，但利潤率擴張的節奏可能不會像我們今年看到的那樣以同樣的幅度或同樣的可預測性繼續下去。

With that, I will now turn the call over to Steve for a strategic update.

有了這個，我現在將把電話轉給史蒂夫進行戰略更新。

Thank you, Quintin.

謝謝你，昆汀。

Even with the ongoing impact of the COVID pandemic in our communities, our focus at DexCom remains largely business as usual.

即使 COVID 大流行對我們社區的持續影響，我們在 DexCom 的重點仍然主要是照常營業。

This means that we are focused on our patients, striving to ensure that they are cared for and empowered by DexCom CGM in this time where glucose control is as important as ever.

這意味著我們專注於我們的患者，努力確保他們在這個葡萄糖控制與以往一樣重要的時代得到 DexCom CGM 的照顧和授權。

This also means that our teams are focused on executing on our core strategic priorities to best position DexCom to capitalize on our growth opportunity.

這也意味著我們的團隊專注於執行我們的核心戰略優先事項，以最好地定位 DexCom 以利用我們的增長機會。

The significant capacity expansion that our teams have worked tirelessly for since the start of 2019, has left us in a great position to aggressively target new patients via different strategic marketing pathways, including enhanced direct-to-consumer marketing and as of very recently, the ability to offer product samples to health care providers so that their patients can experience firsthand the benefits of DexCom CGM.

自 2019 年初以來，我們的團隊不懈努力的顯著產能擴張使我們處於有利地位，可以通過不同的戰略營銷途徑積極瞄準新患者，包括加強直接面向消費者的營銷，以及最近，能夠向醫療保健提供者提供產品樣品，以便他們的患者可以親身體驗 DexCom CGM 的好處。

While we are being strategic about these investments in light of the impact of COVID, our inventory position has us well positioned to take advantage of these new opportunities and provide full support to the efforts of our field sales force.

雖然我們根據 COVID 的影響對這些投資進行戰略性的調整，但我們的庫存狀況使我們能夠很好地利用這些新機會並為我們的現場銷售團隊的努力提供全力支持。

In September, we announced a new 5-year research collaboration with the University of Virginia, my home [mater], of course.

9 月，我們當然宣布與我的家鄉 [母校] 弗吉尼亞大學開展為期 5 年的新研究合作。

This agreement enables additional resources for our Charlottesville team as we look to innovate our artificial pancreas algorithm technology.

該協議為我們的夏洛茨維爾團隊提供了更多資源，因為我們希望創新我們的人工胰腺算法技術。

We look forward to developing additional tools to offer our pump and smart pen partners to simplify the experience of managing diabetes for our collective customers.

我們期待開發更多工具，為我們的泵和智能筆合作夥伴提供簡化我們集體客戶管理糖尿病的體驗。

We'll also use the collaboration to advance our data analytics capabilities and research programs as we demonstrate the clinical value of DexCom CGM for customers outside of our core intensive insulin-using population.

我們還將利用此次合作來推進我們的數據分析能力和研究計劃，因為我們展示了 DexCom CGM 對我們核心密集型胰島素使用人群以外的客戶的臨床價值。

This includes our efforts in non-intensive type 2 diabetes, prediabetes, pregnancy and the hospital market.

這包括我們在非強化 2 型糖尿病、前驅糖尿病、懷孕和醫院市場方面的努力。

We are making good progress in our efforts to extend the use of DexCom CGM to the broad type 2 population.

我們在將 DexCom CGM 的使用擴展到廣泛的 2 型人群方面取得了良好進展。

This includes continued traction in our type 2 intensive segment, where the recent VA contract adds to our significant reimbursement progress thus far in 2020.

這包括我們 2 型密集部分的持續牽引力，最近的 VA 合同增加了我們在 2020 年迄今取得的重大報銷進展。

With Medicare, UnitedHealthcare, Aetna, and the VA and others now covering DexCom for the type 2 intensive population, we are confident that this will be a nice growth driver for the company and a great outcome for those with type 2 diabetes on intensive insulin therapy.

隨著 Medicare、UnitedHealthcare、Aetna、VA 和其他公司現在為 2 型密集人群提供 DexCom，我們相信這將成為公司的一個很好的增長動力，對於那些接受強化胰島素治療的 2 型糖尿病患者來說也是一個很好的結果.

But we are equally excited about the work we are conducting to demonstrate the value of DexCom CGM for the non-intensive type 2 community.

但我們同樣對我們正在進行的工作感到興奮，以證明 DexCom CGM 對非密集型 2 型社區的價值。

In addition to our work with Level 2 and Intermountain Healthcare, which Kevin mentioned, we will kick off commercial pilot programs with several of our key digital health partners in the fourth quarter.

除了我們與 Kevin 提到的 Level 2 和 Intermountain Healthcare 的合作之外，我們還將在第四季度與我們的幾個主要數字健康合作夥伴啟動商業試點計劃。

Our automated insulin delivery partnership strategy continues to support our growth and position DexCom to lead the shift toward connected devices for people with diabetes on intensive insulin therapy.

我們的自動化胰島素輸送合作夥伴關係戰略繼續支持我們的發展，並使 DexCom 能夠引領糖尿病患者向接受強化胰島素治療的聯網設備轉變。

Tandem's Control-IQ became the first automated insulin delivery system driven by DexCom technology earlier this year and has quickly generated great momentum for both companies, and more importantly, great outcomes for users of the system.

今年早些時候，Tandem 的 Control-IQ 成為第一個由 DexCom 技術驅動的自動化胰島素輸送系統，並迅速為兩家公司帶來了巨大的動力，更重要的是，為該系統的用戶帶來了巨大的成果。

As we draw closer to the start of 2021, we are excited for the anticipated launch of Insulet's Omnipod 5 system in the first half of next year.

隨著 2021 年初的臨近，我們對 Insulet 的 Omnipod 5 系統預計將於明年上半年推出感到興奮。

This represents another important step for DexCom.

這代表 DexCom 又邁出了重要一步。

As we will have integrated systems commercially available that are arguably best-in-class solutions for both tube and patch pump technologies.

因為我們將擁有可商購的集成系統，這些系統可以說是管泵和貼片泵技術的一流解決方案。

And with our integration work with Eli Lilly, Novo Nordisk and Ypsomed progressing as well, we believe that DexCom is well positioned to support our core markets for users of insulin pump and smart pen systems in the years ahead.

隨著我們與禮來（Eli Lilly）、諾和諾德（Novo Nordisk）和 Ypsomed 的整合工作也在取得進展，我們相信 DexCom 有能力在未來幾年為我們的胰島素泵和智能筆系統用戶的核心市場提供支持。

With that, I will pass it back to Kevin.

有了這個，我會把它傳回給凱文。

Thanks, Steve.

謝謝，史蒂夫。

As we head towards the collation of 2020, I want to take a moment to extend my gratitude to Rick Doubleday, our Chief Commercial Officer, who plans to retire at the end of this year and continue with us in a consulting role through 2021.

在我們走向 2020 年的整理之際，我想花點時間感謝我們的首席商務官 Rick Doubleday，他計劃在今年年底退休，並在 2021 年之前繼續擔任我們的諮詢職務。

Rick joined DexCom in 2009, leading our sales organization from approximately $49 million in sales in this first full year to the $1.9 billion that we're closing in on now.

Rick 於 2009 年加入 DexCom，帶領我們的銷售組織從第一年的大約 4900 萬美元銷售額增加到我們現在接近的 19 億美元。

I can't think of many examples where a commercial leader has overseeing compounded growth of greater than 40% over a 10-year period.

我想不出有多少商業領導者在 10 年期間監督複合增長率超過 40% 的例子。

But that is what Rick has accomplished here at DexCom.

但這正是 Rick 在 DexCom 取得的成就。

He is a great leader and a great friend who has developed a solid plan to execute as we progress into 2021 and the launch of our G7 system.

他是一位偉大的領導者和好朋友，隨著我們進入 2021 年和 G7 系統的啟動，他制定了可靠的計劃來執行。

Rick has also worked extensively to develop a very talented commercial team.

Rick 還通過廣泛的工作培養了一支非常有才華的商業團隊。

So we are in a great position as we press forward to execute on our goals in 2021 and beyond.

因此，在我們努力實現 2021 年及以後的目標時，我們處於有利地位。

So I hope you will join me in expressing appreciation for Rick's outstanding leadership at DexCom, and best wishes as he embraces his well-deserved time spent with his family.

因此，我希望您能和我一起對 Rick 在 DexCom 的傑出領導表示讚賞，並在他擁抱與家人共度的當之無愧的時光時向他致以最良好的祝愿。

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

我現在想打開問答環節。

Sean?

肖恩？

Thank you, Kevin.

謝謝你，凱文。

(Operator Instructions)

（操作員說明）

Operator, please provide the Q&A instructions.

運營商，請提供問答說明。

We will now begin our question and answer session.

我們現在開始我們的問答環節。

(Operator Instructions)

（操作員說明）

And our first question comes from Robbie Marcus from JPMorgan.

我們的第一個問題來自摩根大通的羅比馬庫斯。

Congrats on a nice quarter.

祝賀一個不錯的季度。

Kevin, the topic de jure, that I think is the focus to most investors now is the competitive environment and the pricing environment, particularly between you and Abbott.

凱文，法律上的話題，我認為現在大多數投資者關注的是競爭環境和定價環境，尤其是你和雅培之間的競爭環境和定價環境。

You both have great products.

你們都有很棒的產品。

It's a large market.

這是一個很大的市場。

We've got a lot of product updates, both from your competitor and today with G7, moving into trials here and a launch in second half of next year, now with a 10-day product.

我們有很多產品更新，包括來自您的競爭對手和今天的 G7，將在這裡進行試驗並在明年下半年推出，現在有 10 天的產品。

How should people think about the increasing -- I know I don't want to put the word out there, but similarity of the options from the 2 products and how to think about the ongoing price differential in the pharmacy?

人們應該如何考慮增加——我知道我不想說出來，但是這兩種產品的選擇相似，以及如何考慮藥房中持續的價格差異？

I know you've talked about this before, but I just think it's important to reiterate the answer here given the focus for investors.

我知道你之前已經談過這個，但我認為鑑於投資者的關注點，在這裡重申答案很重要。

No.

不。

I appreciate that, Robbie.

我很感激，羅比。

With respect to pricing, I think our results very clearly demonstrate how well we've managed this process as we moved a great deal of our business.

關於定價，我認為我們的結果非常清楚地表明我們在轉移大量業務時對這一過程的管理有多好。

Through the pharmacy channel, I'm sure Quentin will get into that more later as we get into more questions.

通過藥房渠道，我相信隨著我們提出更多問題，昆汀會在稍後深入探討。

As you look at our margins as great as they are with volumes significantly higher than they were before and prices coming down.

正如您所看到的那樣，我們的利潤率與以前一樣高，銷量明顯高於以前，價格也在下降。

We've clearly proven that we can scale here.

我們已經清楚地證明我們可以在這裡擴展。

So we definitely understand how that works.

所以我們絕對了解它是如何工作的。

With respect to products and features and things of that nature.

關於產品和特性以及那種性質的東西。

Let me start with G6 before we move to G7.

在我們進入 G7 之前，讓我先從 G6 開始。

This is an incredible product and it has incredible features and has truly been a market leader.

這是一款令人難以置信的產品，它具有令人難以置信的功能，真正成為了市場領導者。

It has taken us a while to get up to scale manufacturing G6 and get the capacity that we need, and we have that now.

我們花了一段時間才開始大規模製造 G6 並獲得我們需要的產能，而我們現在擁有了。

And so we will push G6 very hard and very competitively until G7 gets here.

因此，我們將非常努力、非常有競爭力地推動 G6，直到 G7 到來。

G6 is what we have today.

G6 就是我們今天所擁有的。

With respect to our future products, I can't speak to what our competitors have.

關於我們未來的產品，我不能說我們的競爭對手有什麼。

I know what G7 is and what it does.

我知道 G7 是什麼以及它的作用。

There are many features in there.

裡面有很多功能。

We have not shared with everybody that will delight the world.

我們並沒有與每個人分享將取悅世界的東西。

We went to the 10-day life for exactly the reasons I said on the call.

正是出於我在電話中所說的原因，我們才開始了為期 10 天的生活。

And it really leads into what's going to be the differentiation.

它確實導致了差異化。

We did this because we want the patient experience to be what we committed to.

我們這樣做是因為我們希望患者體驗成為我們所承諾的。

We have learned in our extensive research, the most important thing for us is to deliver what we say.

我們在廣泛的研究中了解到，對我們來說最重要的是兌現我們所說的。

And as we were getting out to 15 days, particularly with our algorithm with that sensor, we saw too many of them not making it.

當我們離開 15 天時，特別是我們的算法和那個傳感器，我們看到太多人沒有成功。

And while it performed great at the longer time, it wasn't great enough for us.

雖然它在較長時間內表現出色，但對我們來說還不夠好。

So we shortened the life for now.

所以我們暫時縮短了壽命。

We're very confident with changes we can make to make it last longer.

我們對可以進行更改以使其持續更長時間充滿信心。

Where the difference will be over time and where we're investing significant resources is on the experience side.

隨著時間的推移，差異將在哪里以及我們投入大量資源的地方是在體驗方面。

The concept that one CGM experience fits all is just not going to work going forward as you look at the AID systems.

當您查看 AID 系統時，一種 CGM 體驗適合所有人的概念將不會繼續向前發展。

As you look at people that are type 2 intensive insulin users who have migrated to CGM later in life, they may want different information and different experience.

當您查看在晚年遷移到 CGM 的 2 型胰島素密集型使用者時，他們可能需要不同的信息和不同的體驗。

I think as we get the physical features of the product, exactly where patients want them, and we're very comfortable with G7, what's going to be most important is delivering the experience that keeps them engaged and leads to better outcomes, and we're very confident that we can win that battle.

我認為，當我們了解產品的物理特性時，正是患者想要它們的地方，並且我們對 G7 感到非常滿意，最重要的是提供讓他們保持參與並帶來更好結果的體驗，我們'我們非常有信心贏得這場戰鬥。

And Robbie, just to add on to that and hit on Kevin's point of the pharmacy, I think it's important for folks to recognize that in the pharmacy channel, our product is not priced all that differently from Libre with respect to what the patients coming out-of-pocket for.

Robbie，補充一下，並抓住了 Kevin 的藥房觀點，我認為人們必須認識到，在藥房渠道中，我們的產品在定價方面與 Libre 並沒有完全不同。口袋裡的。

Greater than 70% of our patients are able to get on to our product at less than $60 per month, many of them with no out-of-pocket on a per month basis.

我們超過 70% 的患者能夠以每月不到 60 美元的價格使用我們的產品，其中許多患者每月無需自付費用。

So from a patient perspective, it's priced very competitively.

所以從病人的角度來看，它的價格非常有競爭力。

And our next question comes from Danielle Antalffy from SVB Leerink.

我們的下一個問題來自 SVB Leerink 的 Danielle Antalffy。

Just a question on -- I'm sorry to harp on the competitive landscape, but I'll ask more specifically, you saw growth in Europe did -- was lower than, I believe, one of your competitors, and they did launch a competitive product and in Europe.

只是一個問題——我很抱歉在競爭格局上喋喋不休，但我會更具體地問，你看到歐洲的增長確實低於，我相信，你的一個競爭對手，他們確實推出了有競爭力的產品和在歐洲。

And I guess, if you could give us a little bit of color on what's happening.

我想，如果你能給我們一些關於正在發生的事情的顏色。

Is anything there is the first part of the question?

問題的第一部分有什麼嗎？

The second part of the question is, just as a whole, you grew slower than the competitor that's been on top of mind for a lot of investors today.

問題的第二部分是，作為一個整體，你的增長速度低於當今許多投資者最關心的競爭對手。

And I'm just curious if how much of that is supply being a little bit more constrained and not really pushing G6 as much as you could or will be doing in the future versus any real competitive dynamics here?

而且我很好奇，如果其中有多少供應受到更多限制，而不是真正推動 G6 盡可能多地或將在未來與這裡的任何真正的競爭動態相比？

Sure.

當然。

Daniel, I'll take that.

丹尼爾，我會接受的。

Let me hit OUS first.

讓我先打OUS。

From an OUS perspective, our performance in the quarter was right in line with our expectations.

從 OUS 的角度來看，我們本季度的表現符合我們的預期。

I think if you go back and look historically at seasonal trends in that international business, Q3 is typically up around that 20% range, and we were up 21% sequentially this year in Q3 coming off of Q2.

我認為，如果你回顧一下國際業務的歷史季節性趨勢，第三季度通常會上漲 20% 左右，而今年第三季度我們在第二季度之後連續增長了 21%。

To be a bit more clear with it, though, we certainly saw some mixed results at the country level.

不過，為了更清楚一點，我們當然在國家層面看到了一些喜憂參半的結果。

And in those countries where the patients required to be in the physician office to train on, to go through the administrative process through all the paperwork that's required, we certainly have seen that be a slower uptick in getting back to normal volumes in the midst of this COVID environment.

在那些患者需要在醫生辦公室接受培訓、通過所有必要的文書工作來完成行政程序的國家，我們當然已經看到，在這個 COVID 環境。

Clearly, COVID has impacted the ability to be in the office.

顯然，COVID 影響了在辦公室的能力。

Contrary to that, though, in markets where we have our e-commerce platform in place, for example, U.K., Canada, we're seeing record numbers of new patients coming on to our technology and just some tremendous growth there.

然而，與此相反，在我們擁有電子商務平台的市場，例如英國、加拿大，我們看到使用我們技術的新患者數量創下歷史新高，而且那裡的增長也非常驚人。

So I really believe it's more a story of what the model looks like and how COVID is impacting that or not in terms of the patient's ability to get onto the product.

因此，我真的相信這更多的是關於模型的外觀以及 COVID 如何影響患者使用產品的能力的故事。

And I think if you look across the competitive landscape, and you go back to some of the commentary that's been put out there over the course of the quarter, for those folks who are more focused in the IIT space, which happens to be where we're primarily focused today in our international business, I think you've heard them speak to some softness in the international business as well.

而且我認為，如果你縱觀整個競爭格局，然後回到本季度發布的一些評論，對於那些更關注 IIT 領域的人來說，這恰好是我們所在的地方今天主要關注我們的國際業務，我想你也聽過他們談到國際業務也有些疲軟。

So I think what you saw comes together for us was right in line with what the market is seeing.

所以我認為你所看到的對我們來說與市場所看到的是一致的。

We feel good about it.

我們對此感覺很好。

Again, it was in line with our expectations.

同樣，這符合我們的預期。

To your point, in terms of growing overall at a slower rate than one of our competitors, I think you have to keep in mind, we're navigating through a price headwind right now as we start to step price down and move more into the pharmacy channel.

就你的觀點而言，就整體增長速度低於我們的競爭對手而言，我認為你必須記住，我們現在正在經歷價格逆風，因為我們開始降低價格並更多地進入藥店渠道。

And we're making terrific progress on that front, even a bit ahead of our expectations.

我們在這方面取得了驚人的進展，甚至超出了我們的預期。

And if you were to look at the third quarter, in particular, in the 26% revenue dollar growth that we put up, if you were to look at that on a unit volume perspective, I believe we put up market-leading unit growth in the quarter itself, growing nearly 40% from a unit perspective.

如果你要看第三季度，特別是我們提出的 26% 的收入美元增長，如果你要從單位數量的角度來看，我相信我們在本季度本身，從單位角度來看增長了近 40%。

That's better than anything else out in the marketplace right now.

這比目前市場上的任何其他產品都要好。

So I think when you adjust for price, which is a bit specific to us and you really look at patients and unit volume, I think we're putting up market-leading performance.

所以我認為當你調整價格時，這對我們來說有點特殊，而且你真的在看病人和單位數量，我認為我們正在提供市場領先的表現。

Our next question comes from Mathew Blackman from Stifel.

我們的下一個問題來自 Stifel 的 Mathew Blackman。

I wanted to touch on the comment from Steve about sampling.

我想談談史蒂夫關於抽樣的評論。

And if you indulge, I'll just have 2 intertwined questions on the topic.

如果你放縱，我只會有 2 個關於這個話題的相互交織的問題。

The first one is, how should we think about the potential impact of sampling on type 2s versus type 1s?

第一個是，我們應該如何考慮抽樣對類型 2 和類型 1 的潛在影響？

Would you expect it to be more impactful for type 2s than type 1s?

你認為它對 2 型比 1 型更有影響力嗎？

And then the follow-on to that is we actually did talk to a doc last week that I'll say very gruffly told us you had begun sampling his practice for the first time.

接下來是我們上週確實和一位醫生談過，我會非常粗魯地告訴我們你已經第一次開始對他的做法進行抽樣。

And he said you expected something like 50% conversion of his first, call it, 20 patients or so into paying customers.

他說你預計他的第一個大約 50% 的轉化率，大約 20 名患者轉化為付費客戶。

That sounds like that would be a home run if that was broadly true, but help us understand how you're going to measure success or ROI on this new initiative?

如果這是大體上正確的話，這聽起來像是本壘打，但幫助我們了解您將如何衡量這項新計劃的成功或投資回報率？

Well, this is Kevin.

嗯，這是凱文。

I will take that one.

我會拿那個。

We're thrilled to be able to sample at this point in time.

我們很高興能夠在這個時間點進行採樣。

And to be doing it in a manner that we think can be very large-scale for years, patients have wanted to try DexCom and see what they could do.

為了以我們認為多年來可以非常大規模的方式進行，患者想要嘗試 DexCom 並看看他們能做什麼。

And given our status with our direct business and all the things we're doing, there were constraints around our ability to do that.

鑑於我們在直接業務中的地位以及我們正在做的所有事情，我們這樣做的能力受到限制。

We've removed those constraints as we work through the distribution channel.

當我們通過分銷渠道工作時，我們已經消除了這些限制。

We believe that it's going to affect patients across the board, not only type 1s, but I think your comment on type 2 intensive insulin users is a very good one.

我們相信它會全面影響患者，不僅是 1 型患者，而且我認為您對 2 型強化胰島素使用者的評論非常好。

They might be a bit more resistant to the technology.

他們可能對這項技術更有抵抗力。

Because they've been dealing with diabetes longer.

因為他們治療糖尿病的時間更長。

And gee, do I really want to do that.

哎呀，我真的想那樣做嗎？

If you have the experience of wearing a G6 and having -- being able to see what happens, this becomes very easy.

如果您有佩戴 G6 的經驗並且能夠看到發生了什麼，這將變得非常容易。

And so we're we're really excited about it.

所以我們對此感到非常興奮。

We expect the results to be good, if not fantastic.

我們希望結果會很好，即使不是很好。

And if you look at the payback for us, you look at the revenue we get from a patient per year.

而且，如果您查看我們的回報，您就會查看我們每年從患者那裡獲得的收入。

If we convert 50% of these people to full-time use, that is beyond spectacular program.

如果我們將這些人中的 50% 轉換為全職使用，那將是一個非常壯觀的計劃。

We know you have to come close to that number for this to be a spectacular result for us.

我們知道你必須接近這個數字，這對我們來說是一個驚人的結果。

But I think the recognition and the ability for a physician to say, "Look, I have an answer for you.

但我認為醫生的認可和能力可以說，“看，我有一個答案給你。

Let's try this" it's really important to us, and we think it's going to be a big initiative for us this year.

讓我們試試這個”，這對我們來說非常重要，我們認為這對我們今年來說將是一項重大舉措。

And your next question comes from Jeff Johnson from Baird.

你的下一個問題來自 Baird 的 Jeff Johnson。

Just wanted to weave a couple points into a single question, maybe we've been discussing recently some fairly tangible evidence that we think exist anyway that you guys might be looking to dramatically expand your sales force over the coming months.

只是想將幾點交織成一個問題，也許我們最近一直在討論一些我們認為無論如何都存在的相當切實的證據，你們可能希望在未來幾個月內大幅擴大你們的銷售隊伍。

So what I'm wondering, I guess, more than anything is, one, is that true?

所以我想，我最想知道的是，一個，這是真的嗎？

Two, does Rick's departure at all signal maybe he wasn't on board with that or anything else in the direction of the commercial organization?

第二，Rick 的離開是否表明他可能不同意商業組織的方向或其他任何事情？

And three, we don't typically think of sales reps in your business being a key driver of sales.

第三，我們通常不認為您業務中的銷售代表是銷售的主要推動力。

So what might be driving that plant expansion, if it is underway or planned to take place here over the coming months?

那麼，如果工廠擴建正在進行或計劃在未來幾個月內在這裡進行，那麼是什麼推動了工廠擴建？

I'll take that one.

我會拿那個。

Let me address the Rick issue first.

讓我先解決里克問題。

This has nothing to do with Rick deciding to retire.

這與里克決定退休無關。

If anything, this -- all our sales efforts right now are Rick's plans, and he does get to see them through to the end of the year, while he'll be working with us through year-end.

如果有的話，這 - 我們現在所有的銷售工作都是里克的計劃，他確實可以看到他們完成到年底，而他將與我們一起工作到年底。

So these events are completely unrelated.

所以這些事件是完全不相關的。

We are planning several things on the sales and marketing front over the next year.

我們計劃明年在銷售和營銷方面做幾件事。

We won't reveal all of them.

我們不會透露所有這些。

But what we do believe is we do need more coverage in the field, particularly as we look at the HCP community and those who are not endocrinologists as you get into primary care physicians who are seeing more and more of these patients.

但我們確實相信，我們確實需要在該領域進行更多報導，特別是當我們關注 HCP 社區和那些不是內分泌學家的人時，當你進入初級保健醫生時，他們會看到越來越多的此類患者。

We need some access there, and we need some more feet out speaking to them.

我們需要在那裡獲得一些訪問權限，並且我們需要更多地與他們交談。

We're very cognizant of the return on our sales force has for us.

我們非常清楚我們的銷售團隊為我們帶來的回報。

And I would disagree with you, our sales team is great, and they do provide a lot of benefit to our company.

我不同意你的看法，我們的銷售團隊很棒，他們確實為我們公司帶來了很多好處。

They are a great voice.

他們是一個偉大的聲音。

And really our face of the company in many of these geographies.

在許多這些地區，我們公司的面孔確實如此。

So that I disagree with.

所以我不同意。

We are fully on board with what we're going forward with and look forward to measuring the results of it.

我們完全支持我們的前進方向，並期待衡量其結果。

And our next question comes from Joanne Wuensch from Citibank.

我們的下一個問題來自花旗銀行的 Joanne Wuensch。

Can we pause a little bit on your comments regarding pricing versus unit volume?

我們能否暫停一下您關於定價與單位數量的評論？

At one stage, I think we were looking at a little over $100 million headwind in terms of pricing in 2020.

在一個階段，我認為我們在 2020 年的定價方面面臨 1 億美元多一點的阻力。

Is that, sort of, the same number that we're thinking about?

那是不是和我們想的一樣？

And then the second part of that is, at what stage do you close the gap in pricing so that unit volume strength really shines through?

然後第二部分是，您在什麼階段縮小定價差距，以便單位銷量實力真正體現出來？

Yes, Joanne, this is Quentin.

是的，喬安妮，這是昆汀。

As we spoke about price this year, just coming off of last quarter, for example, we were talking about $150 million headwind in the business.

例如，當我們今年談到價格時，剛剛結束上個季度，我們談到了 1.5 億美元的業務逆風。

So I think we were north of the $100 million you had referred to.

所以我認為我們超出了你提到的 1 億美元。

That was something that was probably a year old, to be honest with you, as we were starting to navigate through it last year.

老實說，這可能是一年前的事情了，因為我們去年才開始瀏覽它。

So it was a bit higher than that.

所以它比那個高一點。

As we've made terrific progress on the pharmacy side, we've actually seen price be a little bit more of a headwind than what that $150 million would have represented.

由於我們在藥房方面取得了巨大進步，我們實際上已經看到價格比 1.5 億美元所代表的要多一些逆風。

I think it's going to be closer to $175 million for the year.

我認為今年將接近 1.75 億美元。

We saw stronger price headwinds come through in Q3 that were embedded in that 26%.

我們看到第三季度出現了更強的價格逆風，這些逆風就包含在這 26% 中。

And obviously, if you do the unit volume at nearly 40%, you can, kind of, understand what the impact was in the quarter.

顯然，如果你將單位數量設為接近 40%，你就可以了解該季度的影響。

But the majority of that is being realized as a result of us opening up that pharmacy channel, which we believe in the long term, is the much better channel to be putting patients onto the product through for various reasons.

但其中大部分是由於我們開放了藥房渠道而實現的，我們相信從長遠來看，由於各種原因，這是讓患者使用產品的更好渠道。

It increases access, makes it easier for folks to get onto the product.

它增加了訪問權限，使人們更容易使用該產品。

And importantly, from a profitability perspective, over time, will be a much more profitable business model for us.

而且重要的是，從盈利能力的角度來看，隨著時間的推移，這對我們來說將是一個更有利可圖的商業模式。

And I think just looking at the quarter itself, seeing gross margin reach record levels of 68%, while the quarter represents the greatest amount of mix in that pharmacy channel just demonstrates our ability to really get after the cost profile of our product and compete in that segment quite aggressively.

而且我認為只看本季度本身，看到毛利率達到創紀錄的 68%，而本季度代表了該藥店渠道中最大的組合，這表明我們有能力真正了解我們產品的成本概況並在該細分市場非常積極。

In terms of how long it takes to ultimately get to the price point or the mix of the pharmacy channel, we're not going to speak to that today.

關於最終達到價格點或藥店渠道組合需要多長時間，我們今天不打算談這個問題。

I think you're going to hear more from us as we get to our Analyst Day around just how far we are into that pharmacy channel and where we see that going, but we're making terrific progress.

我認為當我們進入分析師日時，您會從我們這裡聽到更多關於我們進入該藥房渠道的程度以及我們看到的情況，但我們正在取得巨大進展。

They're very happy with what we're seeing.

他們對我們所看到的非常滿意。

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

你的下一個問題來自摩根士丹利的大衛劉易斯。

Quentin, just a follow-up there, just thinking about the fourth quarter guide, it basically implies around kind of 20 points of momentum deceleration.

昆汀，只是那裡的後續行動，只是想著第四季度的指南，它基本上意味著大約 20 點的勢頭減速。

That's probably 5 points heavier than you guided sort of into the fourth quarter last year.

這可能比你去年第四季度的指導要重 5 個百分點。

Anything you'd call out U.S. or ex-U.

任何你會稱之為美國或前美國的東西。

S. we should be thinking about in the fourth quarter and perhaps it just reflects, frankly, that incremental $25 million of price as you exit out the year?

S.我們應該在第四季度考慮，坦率地說，也許它只是反映了您在今年退出時增加的 2500 萬美元的價格？

Yes.

是的。

Thanks, David.

謝謝，大衛。

Let me talk through a little bit of the assumptions that we've made as we head into Q4.

讓我談談我們在進入第四季度時所做的一些假設。

I think we continue to operate in an environment where there's not a great deal of clarity with respect to how COVID is ultimately going to impact the business.

我認為我們繼續在一個環境中運營，在這個環境中，對於 COVID 最終將如何影響業務還不太清楚。

And we want to be prudent and thoughtful around how we set those expectations.

我們希望對如何設定這些期望保持謹慎和深思熟慮。

First and foremost, as we move more and more business into the pharmacy model as well as the Medicare business continues to grow at a strong rate, the seasonal impact in the business is going to shift.

首先也是最重要的是，隨著我們將越來越多的業務轉移到藥房模式以及醫療保險業務繼續以強勁的速度增長，業務的季節性影響將會發生變化。

You're not going to see nearly as much revenue show up in the fourth quarter as the patients no longer really incentivized to take advantage of a scenario where they might have already met their deductible and and they're going to load up on product as they exit the year.

您不會在第四季度看到幾乎那麼多的收入，因為患者不再真正有動力利用他們可能已經達到免賠額並且他們將加載產品的場景他們退出了這一年。

So the seasonal trends in the business are going to look a little bit different as the mix in the business shifts.

因此，隨著業務組合的變化，業務的季節性趨勢會有所不同。

With respect to COVID in particular, our best estimate at this point in time is that we're going to see about a 10% impact to new patient starts in the fourth quarter.

特別是關於 COVID，我們目前的最佳估計是，我們將在第四季度看到對新患者開始的影響約為 10%。

If we navigate that more successfully, then terrific, there's going to be some upside to the number, but that's our best estimate at this point in time.

如果我們更成功地駕馭它，那就太棒了，這個數字會有一些上升空間，但這是我們目前最好的估計。

And then I think that the other thing to consider is the fact that we put in place the patient assistance program that really hasn't had an impact on the overall results just yet.

然後我認為要考慮的另一件事是我們實施的患者援助計劃實際上還沒有對整體結果產生影響。

We saw it start to take place in Q3, but it didn't impact us in a material way but if you think about it, that was put in place to help those patients who ended up being unemployed or just couldn't afford the product in general.

我們看到它在第三季度開始發生，但它並沒有對我們產生實質性影響，但如果你仔細想想，它的實施是為了幫助那些最終失業或買不起產品的患者一般來說。

And most of that started to happen back in the second quarter as COVID really started to take place.

隨著 COVID 真正開始發生，其中大部分開始發生在第二季度。

And if you think through that scenario, we've got patients who would go on to COBRA for a period of 2 or 3 months, they typically would make their last purchase of a quarter's worth of supply, so another 3 months of product.

如果你仔細想想這種情況，我們有一些患者會繼續使用 COBRA 2 個月或 3 個月，他們通常會在最後一次購買四分之一的供應量，也就是另外 3 個月的產品。

And that puts them right into the fourth quarter when they're going to be making their next purchase, which is when they would now be coming on to the patient assistance program.

這讓他們進入了第四季度，屆時他們將進行下一次購買，也就是他們現在將加入患者援助計劃的時候。

So our belief is that's going to be a bit more impactful in the fourth quarter than what we've seen in other quarters.

因此，我們相信第四季度的影響會比我們在其他季度看到的影響更大。

I think when you take those sorts of things into consideration and you try to quantify those, if you were to exclude them, you'd see a growth rate right back in line with what you've seen year-to-date.

我認為，當你考慮這些因素並嘗試量化這些因素時，如果你將它們排除在外，你會看到增長率與年初至今的情況一致。

Our next question comes from Matthew O'Brien from Piper Sandler.

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

Kevin, the comment that you made about not seeing what you wanted to see from day 10 to day 15.

凱文，你說從第 10 天到第 15 天沒有看到你想看到的東西。

Is that because you can't hit the iCGM designation?

那是因為您無法達到 iCGM 稱號嗎？

Was it just the adhesive wasn't working?

只是粘合劑沒用嗎？

The algo wasn't quite right?

算法不太正確？

What exactly does that mean?

這到底是什麼意思呢？

Do you think you're going to have an iCGM designation for this -- for G7 when you get out to 15 days.

你認為當你離開 15 天時，你會為此指定一個 iCGM 名稱嗎？

And then on the 10-day sensor, is it going to be a cheaper sensor because I know cost is a gating factor for some people.

然後在 10 天傳感器上，它是否會成為更便宜的傳感器，因為我知道成本是某些人的一個門控因素。

So let me start with pricing.

因此，讓我從定價開始。

Again, we currently sell a 10-day sensor, and pricing is very much based upon the cost per month, whether you buy 2 sensors or 3 sensors as we've bid these contracts, CGM is a monthly cost.

同樣，我們目前銷售 10 天的傳感器，定價很大程度上取決於每月的成本，無論您是購買 2 個傳感器還是 3 個傳感器，因為我們已經為這些合同出價，CGM 是每月成本。

It really doesn't get down to the unit.

它真的沒有深入到單位。

Particularly, if you look at the way our contracts are negotiated with respect to transmitter and receiver prices and you get into rebates on various component.

特別是，如果你看一下我們在發射器和接收器價格方面的合同談判方式，你就會獲得各種組件的回扣。

So the cost per individual sensor really doesn't matter.

所以每個傳感器的成本真的無關緊要。

It's what we can make and what we get reimbursed for in a given month.

這是我們在給定月份內可以製造的以及我們得到報銷的。

With respect to getting out from 10 to 15 days for us, this is a problem that we can solve.

關於我們10到15天的出境，這是我們可以解決的問題。

In order to meet iCGM standards, the way our algorithm works as we turn the sensors off when the data, we believe, isn't necessarily good enough for iCGM standards.

為了滿足 iCGM 標準，我們的算法工作方式是當我們認為數據未必足以滿足 iCGM 標準時關閉傳感器。

Many of our patients would argue that the data is just fine when we shut them off, but that's how we look at this and how we run it.

我們的許多患者會爭辯說，當我們關閉數據時，數據就很好，但這就是我們看待這個問題以及我們如何運行它的方式。

We saw that we're basically shutting out more sensors than we wanted to right now, and we needed to perform better.

我們看到我們現在基本上關閉了比我們想要的更多的傳感器，我們需要表現得更好。

As I said earlier, we can get 70% of them to 15 days without any trouble, but 70% in our mind is not good enough for our patients.

正如我之前所說，我們可以毫無困難地將其中的 70% 延長到 15 天，但在我們看來，70% 對我們的患者來說還不夠好。

We'd rather have a better reliability number and go 10 days.

我們寧願有一個更好的可靠性數字並進行 10 天。

It is a cost issue more than anything else and over time, when we get to 15, the COGS will obviously be less.

這是一個比其他任何事情都重要的成本問題，隨著時間的推移，當我們達到 15 時，COGS 顯然會更少。

But as you look at our G6 performance with our 10-day sensor now and the cost profile that our ops team, Quentin and the team have created.

但是，當您現在使用我們的 10 天傳感器查看我們的 G6 性能以及我們的運營團隊、昆汀和團隊創建的成本概況時。

We've -- we're very happy with that, and we're very comfortable going forward with G7 with 10, we'd like to make it 15, and we'll work on that as soon as we're done with the 10 filing.

我們已經 - 我們對此感到非常高興，並且我們很樂意與 10 國集團一起推進 G7，我們希望將其變為 15，我們將在完成後立即開展工作10 備案。

We expect everything we do to have an iCGM designation, by the way.

順便說一句，我們希望我們所做的一切都有 iCGM 稱號。

So there won't be any backing off on that.

所以不會有任何退縮。

And our next question comes from Travis Steed from the Bank of America.

我們的下一個問題來自美國銀行的 Travis Steed。

Just wanted to get a little bit more color on the G7 time lines.

只是想在 G7 時間線上獲得更多色彩。

You mentioned key markets in the second half of next year.

你提到了明年下半年的主要市場。

Is the U.S. falling in the second half?

下半場美國跌了嗎？

Or is that going to be more 2022?

還是 2022 年會更久？

And then on the U.S. pivotal trial, when do you expect that to, actually, finish enrolling?

然後在美國的關鍵試驗中，你預計什麼時候才能真正完成註冊？

We're not going to give all those time line details out for competitive reasons more than anything else, our policy in the past has been more to announce approvals rather than to give a bunch of details on the studies.

出於競爭原因，我們不會提供所有這些時間表細節，我們過去的政策更多是宣布批准，而不是提供大量研究細節。

I did say that we've started our studies with respect to generating data for approvals.

我確實說過，我們已經開始研究生成審批數據。

By saying multiple geographies, that obviously means there will be international launches.

通過說多個地區，這顯然意味著將會有國際發布。

To the extent we launch in other places has yet to be determined.

我們在其他地方推出的程度還有待確定。

Right now, we're focused on a number of efforts, getting ready for that.

現在，我們專注於一些努力，為此做好準備。

And the complexity of G7 for us is, actually, it's kind of a blast.

對我們來說，G7 的複雜性實際上是一種爆炸。

It's very exciting to go through a change as big as we're doing.

經歷像我們正在做的這麼大的變化是非常令人興奮的。

But literally, every single process in building this is different than what we've done before.

但從字面上看，構建它的每一個過程都與我們之前所做的不同。

And so we are getting factories and capacity up and running, the lines will be fully automated.

因此，我們正在啟動和運行工廠和產能，生產線將完全自動化。

We want to be completely ready to manufacture tens of millions of these things at launch rather than just a few.

我們希望在發佈時完全準備好製造數千萬個這樣的東西，而不是僅僅幾個。

And in fairness to our commercial team and everybody in the field, we spent all of '19 living on about 3 days to finished goods, and we're not doing that again.

為了公平對待我們的商業團隊和該領域的每個人，我們在整個 19 年都花了大約 3 天的時間來完成產品，我們不會再這樣做了。

That won't be -- I have very -- every confidence that will not be a delayed launch, it will be getting all the approvals in.

那不會——我非常——有信心不會延遲發布，它會獲得所有批准。

But we'll launch it in the appropriate time frames and give color as the situation evolves.

但我們會在適當的時間範圍內推出它，並隨著情況的發展給出顏色。

And your next question comes from Margaret Kaczor from William Blair.

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

I wanted to follow-up on the G7 launch and just operationally, have you guys been able to start working through some of those payer contracts?

我想跟進 G7 的發布，只是在操作上，你們是否能夠開始處理其中一些付款人合同？

Are they asking you to wait and I ask it just because of that lack of the transmitter, whether that's going to then structure that G7 sales cycle on an annual revenue basis where maybe days per sensor don't matter as you extend further into the life of that.

他們是否要求您等待，我只是因為缺少發射器而問，這是否會在年收入基礎上構建 G7 銷售週期，其中每個傳感器的天數可能並不重要，因為您會進一步延長使用壽命那個。

Or is it going to be sensor only?

還是只有傳感器？

We've contemplated the G7 launch ever since we started negotiating contracts for G6.

自從我們開始談判 G6 的合同以來，我們就一直在考慮啟動 G7。

We don't view this as a big changeover for us.

我們不認為這對我們來說是一個大的轉變。

If anything, our team will be more than ready to do this in the field when time happens.

如果有的話，我們的團隊將非常準備在時機成熟時在現場執行此操作。

And as it gets closer as we go through the next bidding cycle, inevitably, our team will flow G7.

隨著下一個投標週期的臨近，我們的團隊不可避免地會參加 G7 會議。

There will be some payers who will go to dual pricing even though G7 is not approved, others will want to wait until the product is approved, the policies vary across the board.

即使 G7 未獲得批准，也會有一些付款人會採用雙重定價，其他人則希望等到產品獲得批准，政策各不相同。

But we've contemplated the G7 launch and all the G6 work that we've done.

但我們已經考慮了 G7 的啟動以及我們所做的所有 G6 工作。

So we have a model going forward that will be easy to repeat.

所以我們有一個很容易重複的模型。

And next question comes from Ray Denhoy from Jefferies.

下一個問題來自 Jefferies 的 Ray Denhoy。

Maybe Quentin, one for you about the gross margin.

也許昆汀，一個關於毛利率的問題。

It's been pretty impressive to see the gross margin expansion even as you guys are absorbing all of this price.

看到毛利率的增長令人印象深刻，即使你們正在吸收所有這些價格。

And I guess the question is whether -- or really how long you can keep doing that?

我想問題是你是否——或者說你能繼續這樣做多久？

Is there a level at which gross margin has to stop going up and actually starts to go to the direction as pricing continues to come down?

是否存在毛利率必須停止上升並實際開始轉向定價繼續下降的方向的水平？

And I appreciate G7 represents, kind of, a step change in that, but as we're still on G6, how long does this keep going?

我很欣賞 G7 代表了這方面的一步改變，但由於我們仍在 G6 上，這會持續多久？

Yes, Raj, great question.

是的，Raj，好問題。

We couldn't be more excited about where we've been able to take the cost profile of our G6 product.

我們對能夠在何處獲取 G6 產品的成本概況感到非常興奮。

And keep in mind, we're doing that at a time where we've created record inventory levels for the company, which just opened up more and more growth potential and growth avenues for the organization that we can start to pursue.

請記住，我們這樣做是在我們為公司創造了創紀錄的庫存水平的時候，這為我們可以開始追求的組織開闢了越來越多的增長潛力和增長途徑。

So we're excited about that.

所以我們對此感到興奮。

We're currently at our lowest cost point to date on G6.

我們目前處於 G6 迄今為止的最低成本點。

And I think there's quite a bit of runway still in front of us with respect to take cost out of that product, particularly as we keep pushing significant volumes through the plant.

而且我認為，在從該產品中降低成本方面，我們面前還有相當多的跑道，特別是當我們不斷推動工廠的大量生產時。

As you look at the cost profile, I believe we can get to a profile that is less than $1 a day cost for the product, regardless of whether that's G6 or G7.

當您查看成本概況時，我相信我們可以獲得產品每天成本低於 1 美元的概況，無論是 G6 還是 G7。

Keep in mind, G7 from the very beginning of time was designed with cost in mind and the ability to get to a lower cost profile than G6.

請記住，G7 從一開始的設計就考慮了成本，並且能夠獲得比 G6 更低的成本配置文件。

And so while we're making tremendous progress on G6, the ability to replicate that and do even better with G7, is something that we fully believe in our ability to do.

因此，雖然我們在 G6 上取得了巨大進步，但我們完全相信自己有能力在 G7 上複製並做得更好。

Now that being said, G7 will be more expensive in the early stages as we're ramping capacity.

話雖如此，隨著我們提高產能，G7 在早期階段的成本會更高。

But at scale, it will be a lower cost profile for us than G6.

但從規模上看，這對我們來說比 G6 成本更低。

So I think there's still quite a bit of good runway in front of us.

所以我認為我們面前還有很多好的跑道。

The teams are focused on driving cost out of the product.

這些團隊專注於降低產品成本。

We're redesigning manufacturing process where we can take manual efforts and move them to automated efforts.

我們正在重新設計製造流程，我們可以在其中進行手動操作並將其轉移到自動化操作中。

We're moving into lower-cost jurisdictions.

我們正在進入成本較低的司法管轄區。

We've renegotiated cost points with many of our vendors as they've taken advantage of larger volumes as well.

我們已經與我們的許多供應商重新協商成本點，因為他們也利用了更大的數量。

We've redesigned the logistics and distribution model that we utilize as well, taking cost out.

我們還重新設計了我們使用的物流和配送模型，從而降低了成本。

So I don't think we're anywhere close to having realized the full benefit of all of that just yet, but you're starting to see it play through.

所以我認為我們離實現所有這些的全部好處還差得很遠，但你已經開始看到它發揮作用了。

To the degree that we continue to navigate through price headwinds will somewhat impact how high that gross margin can go.

就我們繼續應對價格逆風的程度而言，將在一定程度上影響毛利率可以達到多高。

But at the very least, it lets us combat those sorts of things.

但至少，它可以讓我們與這些事情作鬥爭。

So we're excited about where we're at on the cost side.

因此，我們對我們在成本方面所處的位置感到興奮。

Our next question comes from Steven Lichtman from Oppenheimer & Company.

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

I was wondering if you could update us on progress in intensive type 2. Are you seeing momentum now on the commercial side with the win you talked about with United, and more recently with Aetna?

我想知道您是否可以向我們介紹密集型 2 的進展情況。您現在是否看到了商業方面的勢頭，您談到了與 United 以及最近與 Aetna 的勝利？

And about where do you think we are in terms of the market on intensive type 2 CGM penetration?

關於密集的 2 型 CGM 滲透市場，您認為我們在哪裡？

I'll refer to Steve or Quentin on the market penetration, I can just tell you anecdotally, what we're hearing is very much as these patients are getting covered, the technologies getting to them.

我會提到史蒂夫或昆汀的市場滲透率，我可以簡單地告訴你，我們聽到的是這些患者正在被覆蓋，技術正在接觸他們。

We've always had type 2 intensive insulin use coverage in Medicare.

我們一直在 Medicare 中提供 2 型胰島素強化使用保險。

In that respect, I think our biggest barrier there -- and again, it talks to sales force expansion and messaging, was getting physicians to recommend it to those patients and making everybody aware.

在這方面，我認為我們最大的障礙——再一次，它與銷售人員擴張和信息傳遞有關，是讓醫生向這些患者推薦它並讓每個人都知道。

So we're happy with that one.

所以我們對此很滿意。

On the penetration side, Steve?

在滲透方面，史蒂夫？

What we said on the last call is that our type 2 business was exceeding 20% of our patient base.

我們在上次電話會議上所說的是，我們的 2 類業務超過了我們患者群的 20%。

I don't think we're prepared to update that today.

我認為我們今天不准備更新它。

But the other -- the point that I would want to make on the -- even just the intensive type 2 space is the addressable market is simply larger, right?

但另一個——我想說的一點——即使只是密集的 2 型空間，可尋址市場也只是更大，對吧？

So whether you're looking at the U.S. business or you're even looking at the European or the other foreign markets.

因此，無論您是在關注美國業務，還是在關注歐洲或其他外國市場。

In the U.S., we're looking at a patient opportunity of probably pushing like 2 million patients, where we used to use a number of maybe like 1.5 million in the U.S. I think we're -- the data that we have suggest that, that market opportunity is a lot bigger.

在美國，我們正在尋找可能推動 200 萬患者的患者機會，而我們過去在美國使用的患者數量可能約為 150 萬。我認為我們是——我們的數據表明，這個市場機會要大得多。

So our penetration certainly isn't there, we're making great progress on the insurance front, and it's a huge market opportunity as we look to continue to expand the intensive business.

所以我們的滲透率肯定不存在，我們在保險方面取得了很大進展，這是一個巨大的市場機會，因為我們希望繼續擴大密集型業務。

And your next question comes from Chris Pasquale from Guggenheim.

你的下一個問題來自古根海姆的 Chris Pasquale。

Two quick ones for me.

兩個快速的給我。

One, I was just hoping you could give us a little bit more on the significance of the government contract you mentioned in the U.S., what impact that could have on the business?

第一，我只是希望你能給我們更多關於你在美國提到的政府合同的重要性，這會對業務產生什麼影響？

And then I just want to follow-up on the question about international.

然後我只想跟進有關國際的問題。

I'm curious if the situation is improving in the countries that have lagged due to COVID?

我很好奇那些因 COVID 而落後的國家的情況是否正在改善？

Or if you actually think that might be a little bit worse here in 4Q as virus case counts increase in some of those places?

或者，如果你真的認為第四季度這裡的情況可能會更糟一些，因為其中一些地方的病毒病例數增加了？

The government contracts really important to us, particularly on the VA side, there's a much higher instance of diabetes with that group of patients than the regular -- general population.

政府合同對我們來說非常重要，特別是在 VA 方面，這組患者的糖尿病病例比普通人群高得多。

Being able to get access to G6 through a pharmacy benefit at 0 co-pay, we think is a wonderful benefit for that group.

能夠通過藥房福利以 0 共付額獲得 G6，我們認為這對該群體來說是一個很好的好處。

I think it's just part of the general blocking and tackling that we do to continue to grow.

我認為這只是我們為繼續增長所做的一般阻斷和解決的一部分。

So I can't quantify it.

所以我無法量化。

These are the types of wins that you've seen DexCom generate over the past several years, and we are looking forward to serving this patient base much easier than we have before.

這些是您在過去幾年中看到 DexCom 產生的勝利類型，我們期待著比以前更輕鬆地為這個患者群提供服務。

I'll let Quentin talk about the international piece.

我會讓昆汀談談國際片。

Yes.

是的。

With respect to international, early signs are starting to point to the fact that new patient numbers are starting to step back up, clearly, not back at the levels they used to be at, but we are seeing those start to trend back up the way we would expect them to, over time.

關於國際，早期跡像開始表明新患者數量開始回升，顯然不是回到過去的水平，但我們看到這些開始呈回升趨勢隨著時間的推移，我們希望他們這樣做。

So we're seeing some good progress there.

所以我們在那裡看到了一些好的進展。

And clearly, that's in those markets that have the administrative burdens placed upon them that are heavier in those markets where you're utilizing something like the e-commerce platform, we've seen terrific results there.

很明顯，在那些你使用電子商務平台之類的市場中，那些行政負擔較重的市場，我們在那裡看到了極好的結果。

And your next question comes from Chris Cooley from Stephens.

你的下一個問題來自 Stephens 的 Chris Cooley。

Just maybe at this point from me interested, Steve, when you think about the UVA collaboration and you talked about the advanced analytics, DexCom already, essentially, owns and controls the data through the generation.

也許在這一點上我感興趣，史蒂夫，當你考慮 UVA 合作並談到高級分析時，DexCom 基本上已經擁有並控制了這一代的數據。

You have the algorithms in place.

你有適當的算法。

How's there on maybe the future revenue streams from -- whether we want to call this an IT management or some type of other just ways that you could further leverage the data that you have in-house now to further enhance the margin profile longer term?

未來的收入來源可能如何 - 我們是否想將其稱為 IT 管理或某種其他類型的方式，您可以進一步利用您現在擁有的內部數據來進一步提高長期利潤率？

Yes.

是的。

No, it's a great question and we've spent time exploring ways to monetize the data today.

不，這是一個很好的問題，我們今天已經花時間探索將數據貨幣化的方法。

And quite frankly, at this point, to the extent we can help our partners be more competitive with the algorithms that we provide to them and/or that we provide to our patients just from a patient capture and patient retention perspective, I think we're pretty happy with that.

坦率地說，在這一點上，在某種程度上，我們可以幫助我們的合作夥伴在我們提供給他們和/或我們提供給患者的算法中更具競爭力，只是從患者捕獲和患者保留的角度來看，我認為我們'我對此很滿意。

The UVA collaboration, in particular, you guys all know we bought TypeZero a few years back.

特別是 UVA 合作，你們都知道我們幾年前購買了 TypeZero。

That algorithm, in particular, is commercialized in the Tandem Control-IQ product today.

特別是，該算法今天在 Tandem Control-IQ 產品中實現了商業化。

Really, when we look at the opportunities at UVA, it's really to expand to next-generation algorithms, whether they be for automated insulin delivery, which we would probably do in conjunction with our folks at TypeZero, or even beyond to be intensive insulin patients who don't use an insulin pump and even beyond that, whether it's type 2 more broadly, health and wellness, pre-diabetes, even in the hospital.

真的，當我們看到 UVA 的機會時，它真的是擴展到下一代算法，無論它們是用於自動胰島素輸送，我們可能會與我們在 TypeZero 的人一起做，甚至超越成為強化胰島素患者誰不使用胰島素泵，甚至不使用胰島素泵，無論是更廣泛的 2 型、健康和保健、糖尿病前期，甚至在醫院。

So we're looking at, kind of, ample opportunity over the next 5 years to really work closely with UVA, who has been responsible together with our folks at TypeZero for developing these best-in-class algorithms.

因此，我們正在尋找未來 5 年內與 UVA 密切合作的大量機會，UVA 一直負責與我們在 TypeZero 的人員一起開發這些一流的算法。

And your next question comes from Kyle Rose from Canaccord.

你的下一個問題來自 Canaccord 的 Kyle Rose。

Just 2 for me, both on the commercial side.

對我來說只有 2 個，都在商業方面。

First, on the DTC program.

首先，關於故障碼程序。

Can you help us understand, I guess, the ongoing effectiveness of the program and where you're at with respect to rolling it out and realizing the value and the return on investment from those DTC investments?

我想，您能否幫助我們了解該計劃的持續有效性，以及您在推出該計劃和實現這些 DTC 投資的價值和投資回報方面所處的位置？

And then secondarily, are you seeing changes with respect to your referring physician mix.

其次，您是否看到您的轉診醫生組合發生了變化。

Obviously, you talked about maybe making some sales force investments as you move more into the non-endos.

顯然，你談到了在你更多地進入非 endos 時可能會進行一些銷售人員投資。

Just trying to understand how that was different channels -- to have different sales and marketing needs?

只是想了解不同的渠道是如何產生不同的銷售和營銷需求的？

Well, as respect to DTC, we have rolled that out, and we're going very strong here in the fourth quarter.

好吧，關於 DTC，我們已經推出了它，我們在第四季度的表現非常強勁。

Our return on our DTC investments has been very, very good to date.

迄今為止，我們的 DTC 投資回報非常非常好。

In fact, compared to other ones we've seen in other companies, our returns are extremely high still.

事實上，與我們在其他公司看到的其他公司相比，我們的回報率仍然非常高。

So that program has not capped as far as effectiveness.

因此，該計劃的有效性並未達到上限。

So we'll continue to investigate and you will see more from us going forward this quarter and the first of next year.

因此，我們將繼續調查，您將在本季度和明年第一季度看到我們的更多信息。

We have a lot of fun things planned for you on the DTC front.

我們在 DTC 方面為您計劃了很多有趣的事情。

With respect to more channels and referring physicians again, as Quentin said earlier, we had tremendous new patient numbers this quarter.

關於更多渠道和轉診醫生，正如昆汀早些時候所說，本季度我們有大量新患者。

So we're still getting referrals, obviously in the endocrinology community and the communities where we serve.

因此，我們仍在獲得轉介，顯然是在內分泌學界和我們服務的社區。

Traditionally, we just feel the need to go deeper.

傳統上，我們只是覺得需要更深入。

End-to-end visit with more health care professionals and help them better treat their patients as well.

與更多醫療保健專業人員進行端到端訪問，並幫助他們更好地治療患者。

One of the things we learned from COVID with respect to our clarity system, as physicians had to do mobile appointments or tele-appointments, if they can pull CLARITY data up on the screen, those appointments become very effective.

關於我們的清晰度系統，我們從 COVID 中學到的一件事是，由於醫生必須進行移動預約或遠程預約，如果他們可以在屏幕上拉出 CLARITY 數據，這些預約就會變得非常有效。

And there's a large group of physicians who don't have access to CLARITY or haven't been using it.

還有一大群醫生無法使用 CLARITY 或從未使用過它。

We need to get out and get our message out there.

我們需要出去，把我們的信息傳出去。

So that's our plan is go deeper and to help our people focus more on those territories where they work.

因此，我們的計劃是更深入地幫助我們的員工更多地關注他們工作的地區。

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

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

I hate to get granular here, but I thought I heard Kevin say that new patient growth continued in the third quarter.

我不想在這裡細化，但我想我聽到凱文說第三季度新患者繼續增長。

There's a couple of ways to interpret that comment.

有幾種方法可以解釋該評論。

So my question is, did you add more new patients in 3Q '20 than you did in 3Q '19?

所以我的問題是，你在 20 年第三季度增加的新患者數量是否比 19 年第三季度增加的多？

Yes, Jason, just to be clear.

是的，傑森，只是為了清楚。

Q3 2020 was a record number of new patient adds for us.

2020 年第三季度，我們新增的患者數量創下歷史新高。

So it was the highest quarterly new patient add of any quarter in our history.

因此，這是我們歷史上任何季度增加的最高季度新患者。

And the next question comes from Ravi Misra from Berenberg Capital.

下一個問題來自 Berenberg Capital 的 Ravi Misra。

This is [Iris] calling for Ravi.

我是 [Iris] 呼叫 Ravi。

So if you can talk a bit about CGM coverage under Medicaid.

所以，如果你能談談醫療補助計劃下的 CGM 覆蓋範圍。

So as we think about the macro-economy, the unemployment rate is high, and maybe there are more people moving to Medicaid from other insurances.

所以當我們考慮宏觀經濟時，失業率很高，也許有更多的人從其他保險轉向醫療補助。

So can you talk about CGM coverage under Medicaid?

那麼你能談談醫療補助計劃下的 CGM 覆蓋範圍嗎？

And do you think the shift to Medicaid would reduce patients' access to CGM or increase pricing pressure?

你認為轉向醫療補助會減少患者獲得 CGM 的機會或增加定價壓力嗎？

Yes.

是的。

This is Kevin.

這是凱文。

I will take that.

我會接受的。

We have Medicaid coverage in approximately 40 of the 50 states, as we sit here today.

我們今天坐在這裡時，在 50 個州中的大約 40 個州都有醫療補助計劃。

And I would be in full disclosure.

我會完全披露。

It's spotty in some states, it's very easy in some states, they make it very hard as they're very budget conscious, and they're worried about spending dollars.

它在某些州參差不齊，在某些州很容易，但由於他們非常注重預算，而且他們擔心花錢，所以很難做到。

We believe -- and we have various pricing arrangements throughout all the states.

我們相信 - 我們在所有州都有各種定價安排。

There's a wide range of pricing there.

那裡的定價範圍很廣。

I don't -- if we had coverage in all 50 states and everything were equal in almost every device business, Medicaid pricing ends up being lower than everything else.

我不——如果我們在所有 50 個州都有覆蓋範圍，並且幾乎所有設備業務的一切都是平等的，那麼醫療補助定價最終會低於其他一切。

And we're prepared to do that.

我們準備這樣做。

We believe these patients deserve access to our technology as well.

我們相信這些患者也應該獲得我們的技術。

But really, the challenge for us has been getting it across the finish line in a manner to whereby patients can get the technology.

但實際上，我們面臨的挑戰是以患者可以獲得技術的方式讓它越過終點線。

And it's just too hard right now.

現在太難了。

We are trying hard to be better.

我們正在努力變得更好。

And we've had some major wins on that front.

我們在這方面取得了一些重大勝利。

But there's a couple of states where we just keep knocking on the door and keep -- I mean, there are some states where we get across the finish line, and then they've attached Medicaid coverage to some other thing and in the state legislature and we get thrown out.

但是有幾個州，我們只是不斷地敲門並保持——我的意思是，有一些州我們越過終點線，然後他們將醫療補助計劃附加到其他事情上，並在州立法機構中我們被趕出去了。

It's been a very frustrating thing for me and particularly because so many of those patients are children and really deserve access to DexCom CGM, deserve access to share and follow all the things that we have to offer.

這對我來說是一件非常令人沮喪的事情，特別是因為這些患者中有很多是兒童，他們真的應該獲得 DexCom CGM 的訪問權，應該獲得分享和關注我們必須提供的所有東西的機會。

So we continue to fight that battle.

所以我們繼續打這場仗。

I hope we have it in every state, and we'll make sure that we can compete competitively on the pricing side.

我希望我們在每個州都有它，我們將確保我們能夠在定價方面具有競爭力。

We're not going to give the Medicaid business up.

我們不會放棄醫療補助業務。

We want patients to have access to us.

我們希望患者能夠接觸到我們。

And our next question comes from Ryan Blicker from Cowen.

我們的下一個問題來自 Cowen 的 Ryan Blicker。

You've always said that at some point, competitors will close the gap versus DexCom on performance and connectivity assuming this happens at some point over the next 1 to 2 years, do you believe DexCom can differentiate versus its competitors via the software around the CGM and accordingly sustain some degree of premium price long term?

你總是說，在某個時候，如果在未來 1 到 2 年的某個時候發生這種情況，競爭對手將在性能和連接性方面縮小與 DexCom 的差距，你認為 DexCom 可以通過圍繞 CGM 的軟件與競爭對手區分開來嗎並相應地長期維持一定程度的溢價？

You're clearly making significant investments here as demonstrated with TypeZero and the UVA collaboration.

正如 TypeZero 和 UVA 合作所證明的那樣，您顯然在這裡進行了大量投資。

But again, do you believe DexCom can differentiate via software over time instead of the hardware differentiation you've enjoyed since 2012?

但同樣，您是否相信 DexCom 可以隨著時間的推移通過軟件而不是您自 2012 年以來享受的硬件差異化來實現差異化？

And if so, when will we start to hear more about your software product pipeline?

如果是這樣，我們什麼時候開始聽到更多關於您的軟件產品管道的信息？

Well, you'll hear more about our software product pipeline as we launch those products over time.

好吧，隨著我們逐步推出這些產品，您會聽到更多關於我們的軟件產品管道的信息。

And let's be clear on the hardware differentiate side, while we've said that gap is going to close, it still hasn't.

讓我們在硬件差異化方面說清楚，雖然我們已經說過差距將會縮小，但它仍然沒有。

And we still lead in connectivity and connectivity with multiple devices and interoperability and data-sharing and all of those things.

我們仍然在連接和與多個設備的連接以及互操作性和數據共享以及所有這些方面處於領先地位。

That infrastructure has taken us a long time to build, and it costs a lot to support.

這個基礎設施花了我們很長時間來建設，而且支持成本很高。

I think over the next several years, software will be a key thing, delivering the experience to the patient that will keep them engaged and provide a great outcome.

我認為在接下來的幾年裡，軟件將成為關鍵，為患者提供體驗，讓他們保持參與並提供良好的結果。

I was at dinner with a long time diabetes patient the other night, and we started talking about experiences, and a guy looked at me and goes, so wait a minute, you don't think one size fits all?

那天晚上我和一個長期患有糖尿病的患者共進晚餐，我們開始談論經驗，一個人看著我就走了，等一下，你不覺得一刀切嗎？

I said, no, I don't.

我說，不，我不知道。

I think at some point in time, you'll see -- I know you'll see from DexCom, different software offerings.

我想在某個時間點，你會看到——我知道你會從 DexCom 看到不同的軟件產品。

So stay tuned on that one.

所以請繼續關注那個。

I think the other thing that everybody needs to understand also about this market, as we look out over the next several years, is just the challenge of scale.

我認為，隨著我們展望未來幾年，每個人都需要了解這個市場的另一件事就是規模挑戰。

And we've lived through this.

我們經歷過這個。

As we continue to invest in factories, we've got G6 pretty much built out now.

隨著我們繼續投資於工廠，我們現在幾乎已經建成了 G6。

That took us a couple of years, and now we're investing heavily in G7.

這花了我們幾年的時間，現在我們正在大力投資 G7。

You're looking at somewhere between $0.5 billion and $1 billion in capital investment on our part to do this to get to where it needs to be to get these products at the cost basis they need to be, but also automated and at scale, so we can deliver the volumes that we need.

你正在尋找我們方面 5 億到 10 億美元的資本投資來做到這一點，以達到以所需的成本獲得這些產品所需的位置，但同時也是自動化和大規模的，所以我們可以提供我們需要的數量。

And that will be a differentiator as well.

這也將是一個差異化因素。

If companies aren't investing in that scale, that's going to be difficult.

如果公司不以這種規模進行投資，那將會很困難。

So as I look out over time, connectivity and the hardware experience that we provide, we still believe we'll be best-in-class over everybody else.

因此，隨著時間的推移、連接性和我們提供的硬件體驗的觀察，我們仍然相信我們將超越其他所有人。

But the software experience we can create based on the mentality that we have is as close as we are to our patients, really it's going to be a differentiator.

但是我們可以根據我們擁有的心態創建的軟件體驗與我們與患者一樣接近，這真的會成為一個差異化因素。

As far as premium pricing over time, we will continue to work towards that end.

至於隨著時間的推移溢價定價，我們將繼續努力實現這一目標。

We've done very well in the pricing -- in our pricing schemes now that as Quentin alluded to earlier, with our shift to the pharmacy, many of our patients to Medicare, that's becoming -- our pricing models have moved in the way that we thought they would.

我們在定價方面做得非常好——在我們的定價方案中，正如昆汀早些時候提到的那樣，隨著我們轉向藥房，我們的許多患者轉向醫療保險，這正在成為——我們的定價模式已經朝著這樣的方向發展我們認為他們會的。

I do think there are things we have CGMs to do that are worth more than other things.

我確實認為我們有 CGM 要做的事情比其他事情更有價值。

And as I look at this in the future, I do see an experience.

當我在未來看這個時，我確實看到了一種體驗。

This is just made personally that it's worth a higher price than some other experience and conversely I see some other experiences that may not be worth as much as what we charge today.

這只是個人認為它比其他一些體驗更值得，相反我看到一些其他體驗可能不如我們今天收取的那麼多。

So stay tuned on that.

所以請繼續關注。

We -- as I mentioned somebody the other day, we've kind of created this industry from 2012 to now, and it's going to be fun to evolving over the next several years as well.

我們 - 正如我前幾天提到的那樣，我們從 2012 年到現在已經創建了這個行業，並且在接下來的幾年中發展也會很有趣。

Our your next question comes from Larry Biegelsen from Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Larry Biegelsen。

Quentin, any color or preliminary thoughts on 2020 -- how we should think about 2021 relative to 2020, the 29% top line growth you're guiding to in 2020 and the operating margin of greater than 16%.

昆汀，關於 2020 年的任何顏色或初步想法——我們應該如何看待 2021 年相對於 2020 年的情況，你指導的 2020 年 29% 的收入增長以及超過 16% 的營業利潤率。

Any high level thoughts?

有什麼高層次的想法嗎？

Yes, Larry, we're not going to talk about 2021 on the call today.

是的，拉里，我們今天不會在電話會議上談論 2021 年。

Clearly, we believe there's tremendous opportunity for growth in front of us.

顯然，我們相信我們面前有巨大的增長機會。

Given just the fact that there's so much awareness to continue to be had around our product.

鑑於我們的產品將繼續受到如此多的關注。

I think we've been clear from a profitability side.

我認為我們從盈利能力方面已經很清楚了。

We're going to be disciplined in this organization, and we're going to make the right investments where we need to open up new growth channels into the future.

我們將在這個組織中遵守紀律，我們將在需要開闢未來新增長渠道的地方進行正確的投資。

And all of that will be contemplated in the guidance that we ultimately end up providing for '21, but we're not going to do that today.

所有這些都將在我們最終為 21 年提供的指南中得到考慮，但我們今天不會這樣做。

And that concludes the question-and-answer session.

問答環節到此結束。

I'll turn the call back over to Kevin Sayer for final remarks.

我會把電話轉回給 Kevin Sayer 做最後的評論。

Thank you.

謝謝。

I again, want to thank everybody for participating on our earnings call today.

我再次感謝大家參加我們今天的財報電話會議。

I really can't emphasize enough how strongly our teams performed during these incredibly unstable times.

我真的不能足夠強調我們的團隊在這些令人難以置信的不穩定時期的表現。

$0.5 billion in quarterly worldwide sales at the time when our field teams have had very limited access to clinicians, and it had to be very creative to figure out how to get the message out to patients.

在我們的現場團隊接觸臨床醫生的機會非常有限的時候，全球季度銷售額為 5 億美元，而且必須非常有創意地弄清楚如何將信息傳達給患者。

We've raised our guidance now for 3 straight quarters.

我們現在已經連續三個季度提高了我們的指導。

We have gross margins approaching 70% during a period of managed price reduction, combined with unit volumes being more than double what they were 2 years ago and significantly higher than last year at this time.

在有管理的降價期間，我們的毛利率接近 70%，加上單位數量是 2 年前的兩倍多，並且明顯高於去年同期。

We have operating and net income levels higher than we've ever had before, during a period when our customer satisfaction scores are also at all-time highs, far in excess of those of our competitors.

我們的營業收入和淨收入水平比以往任何時候都高，在此期間我們的客戶滿意度得分也處於歷史最高水平，遠遠超過我們的競爭對手。

We are doing our best on our commitment to our patients.

我們正在盡最大努力履行對患者的承諾。

Innovation continues to thrive here.

創新繼續在這裡蓬勃發展。

I personally learned more about sensor technology in 2020 than any of the other years I've been here.

我個人在 2020 年對傳感器技術的了解比我在這裡的任何其他年份都多。

All of this is pushing towards tremendous innovation going forward.

所有這一切都在推動巨大的創新向前發展。

And as we see the use of CGM and other applications and some of the things, some of our data partners or our payer partners are going to be able to do with this data going forward, never been more bullish about innovation and what's coming in the future.

當我們看到 CGM 和其他應用程序的使用以及一些事情時，我們的一些數據合作夥伴或我們的付款合作夥伴將能夠在未來處理這些數據，從未如此看好創新和未來的發展未來。

And barriers to our new markets are coming down.

我們新市場的障礙正在減少。

As we've navigated our way through the hospital experience and learn there, our type 2 efforts with the program Steve talked about earlier, we're making progress in multiple markets for the future, so we'll be able to address those.

當我們在醫院經驗中導航並在那裡學習時，我們在史蒂夫之前談到的項目中進行了 2 型努力，我們正在為未來的多個市場取得進展，因此我們將能夠解決這些問題。

You can't do all these things without a remarkable team.

沒有出色的團隊，您無法完成所有這些事情。

I want to express my gratitude to everybody on the DexCom family at this time, but I'll remind everybody one thing, we are still at the very beginning of this journey, and it's only going to get faster from here.

此時此刻，我想對 DexCom 家族的每一個人表示感謝，但我要提醒大家一件事，我們仍處於這段旅程的開始階段，而且只會越來越快。

Thank you, everybody.

謝謝大家。

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 and you may now disconnect.

感謝您的參與，您現在可以斷開連接。