德康醫療 (DXCM) 2020 Q1 法說會逐字稿

Welcome to the DexCom First Quarter 2020 Earnings Release Conference Call. My name is Adrian, and I'll be your operator for today's call. (Operator Instructions) Please note this conference is being recorded.

歡迎參加 DexCom 2020 年第一季財報發布電話會議。我是 Adrian，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。

I'll now turn the call over to Sean Christensen. Sean, you may begin.

現在我將把電話交給 Sean Christensen。Sean，您可以開始了。

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

謝謝，接線員，也歡迎各位參加 DexCom 2020 年第一季財報電話會議。我們的議程首先由 DexCom 董事長、總裁暨執行長 Kevin Sayer 進行本季摘要，接著由我們的營運長暨財務長 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。

Following our prepared remarks, we will open the call up for your questions. At that time, we ask analysts to limit themselves to one question so we can provide an opportunity for everyone participating today. Please note that there are also slides available related to our first quarter performance on the DexCom Investor Relations website on the Events and Presentations page. With that, let's review our safe harbor statement.

在我們的準備發言結束後，我們將開放提問。屆時，我們請分析師每人限問一題，以便讓今天所有與會者都有機會提問。另請注意，DexCom 投資人關係網站的「活動與簡報」頁面上也提供與我們第一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, including statements with respect to the impacts of the COVID-19 pandemic on DexCom and the potential timing of updated 2020 annual guidance. 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. 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.

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，包括有關 COVID-19 疫情對 DexCom 的影響，以及更新 2020 年全年財測指引之可能時點的陳述。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所預期者有重大差異。可能導致實際結果與任何此等前瞻性陳述所明示或暗示者有重大差異的因素，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之義務。

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

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，所有財務指標之提及均以非 GAAP 基礎呈現。此等補充資訊之呈現不應被單獨看待，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。請參閱我們的財報新聞稿中的表格，以及第一季財報簡報隨附投影片，以取得這些衡量指標與其最直接可比之 GAAP 財務衡量指標的調節表。

Now I will turn it over to Kevin.

現在我將把電話交給 Kevin。

Thank you, Sean, and thank you, everyone, for joining us. Let me start by expressing my gratitude for the many health care workers and first responders that are supporting all of us at this time. We certainly stand with you in this effort and our thoughts are with you and those who have been impacted by COVID-19.

謝謝你，Sean，也謝謝各位今天加入我們。首先，我要對此刻支持我們所有人的眾多醫護人員與第一線應變人員表達感謝。我們確實與各位站在同一陣線，我們的心與各位同在，也與所有受到 COVID-19 影響的人同在。

As a quick summary, the first quarter was another very strong quarter for DexCom, continuing the growth momentum that we've delivered for much of the past 2 years. First quarter revenue grew to $405 million, representing 44% growth over the first quarter of 2019 or greater than $120 million of absolute dollar growth. This performance was driven by strength in new patient additions in both the U.S. and international businesses, even as we saw some impact to new patient opportunities related to COVID-19 beginning in mid-March. We will address first quarter performance in a moment. But first and foremost, we wanted to discuss the impact of COVID-19 and DexCom's response.

簡要總結，第一季對 DexCom 而言再次是非常強勁的一季，延續了我們在過去兩年大部分時間所展現的成長動能。第一季營收成長至 4.05 億美元，較 2019 年第一季成長 44%，亦即絕對金額增加超過 1.2 億美元。此一表現主要來自美國與國際業務新增病患數的強勁成長，儘管我們自 3 月中旬起已看到 COVID-19 對新增病患機會帶來一些影響。我們稍後將說明第一季表現。但首先也是最重要的，我們希望討論 COVID-19 的影響以及 DexCom 的因應措施。

The past few months have brought and likely will continue to bring unprecedented challenges to global health and economic systems as a result of the virus. While this has been an incredibly difficult humanitarian crisis, we have also seen many encouraging examples of collaboration around the world from public and private entities. We have seen people working to bring care to those in need, protect the health of the vulnerable and support the well-being of workers and families.

過去幾個月已帶來、且很可能將持續帶來前所未有的挑戰，病毒對全球健康與經濟體系造成衝擊。雖然這是一場極其艱難的人道危機，但我們也看到世界各地公私部門之間許多令人振奮的合作案例。我們看到人們努力為有需要者提供照護、保護弱勢族群的健康，並支持勞工與家庭的福祉。

From the outset, we recognize that DexCom has an important role to play. Our customers rely on our CGM technology to safely manage blood glucose and deliver insulin. In many cases, these are people with diabetes who have relied on DexCom CGM since diagnosis, meaning they haven't known a world without the peace of mind of real-time continuous glucose monitoring. People with diabetes are also at heightened risk for complications with COVID-19, highlighting the importance of good glycemic control during these challenging times.

從一開始，我們就認知到 DexCom 扮演著重要角色。我們的客戶仰賴我們的 CGM 技術，以安全地管理血糖並進行胰島素投遞。在許多情況下，這些是自確診起就依賴 DexCom CGM 的糖尿病患者，意味著他們從未經歷過沒有即時連續血糖監測所帶來安心感的世界。糖尿病患者在感染 COVID-19 後出現併發症的風險也較高，凸顯在這些艱難時期維持良好血糖控制的重要性。

We set out with 3 core priorities: keep our employees safe, continue to serve our patients and work to help our communities. To meet this challenge and support these core priorities, we set in motion several initiatives. We quickly moved the majority of our global employees to home-base work arrangements. This transition enhances safety of all of our employees, including our teams who remain on-site and benefit from a less dense work environment. Our IT and emergency response teams have done an excellent job to enable this shift and provide necessary resources for our teams to continue to function effectively and care for our patients. I could share numerous examples of DexCom teams going above and beyond to ensure that our customers receive product and the support that they need. But I'll share one that stands out to me.

我們設定了三項核心優先事項：確保員工安全、持續服務病患，以及努力協助我們的社區。為了迎接挑戰並支持這些核心優先事項，我們啟動了多項措施。我們迅速讓全球大多數員工改為居家工作安排。此一轉換提升了所有員工的安全性，也包括仍需在現場工作的團隊；由於工作環境密度降低，他們也因此受益。我們的 IT 與緊急應變團隊表現出色，促成此一轉變，並提供必要資源，讓團隊能持續有效運作並照護病患。我可以分享許多 DexCom 團隊超越職責、確保客戶收到產品與所需支援的例子。但我想分享一個令我印象深刻的案例。

In order to ensure that our products were supplied in a timely manner, we had members of our IT teams, who were willing to sleep on-site to meet the needs of our employees and our patients. As this story demonstrates, our employees care deeply for our patients, and we continue to work on new ways to enhance customer support in these unique times. This includes our announcement yesterday of a program to provide financial assistance to our existing patients who have lost or may lose access to insurance coverage for their DexCom supplies as a result of COVID-19. This program, which we plan to launch in the next several weeks, will provide up to 2 90-day supply shipments for only $45 each and provide relief to our patients in what is clearly a very challenging time.

為了確保我們的產品能及時供應，我們的 IT 團隊成員中有人願意在現場過夜，以滿足員工與病患的需求。如同這個故事所示，我們的員工非常關心病患，我們也持續尋找新的方式，在這些特殊時期強化客戶支援。這也包括我們昨天宣布的一項計畫：為既有病患提供財務協助；這些病患因 COVID-19 而已失去或可能失去 DexCom 耗材的保險給付。此計畫預計在未來幾週內推出，將以每次僅 45 美元的價格，提供最多 2 次、每次 90 天用量的供貨，為病患在這個顯然極具挑戰的時期提供紓困。

As it pertains to our customers, both the patient and the clinician, we are working on ways to ensure we have the appropriate infrastructure to support their evolving needs. Our extensive virtual resources for patient and clinician training and customer support are proving to be especially important as the world embraces the increasing use of telemedicine platforms.

就我們的客戶而言，無論是病患或臨床醫師，我們都在研擬確保具備適當基礎設施的方法，以支援其不斷演變的需求。隨著全球日益採用遠距醫療平台，我們為病患與臨床醫師提供的廣泛虛擬訓練資源與客戶支援，正證明其尤其重要。

As a reminder, more than 70% of our historical new patient additions have self-trained using the resources that we provide, demonstrating the value of these resources and ease of use of our CGM systems. Even prior to the global spread of the virus, our procurement and operations teams worked to access and mitigate any potential risk to the supply chain for existing products. Because of their effort, we have seen very little disruption with our manufacturing sites as both San Diego and Mesa remain fully operational.

提醒各位，我們過去新增病患中有超過 70% 透過我們提供的資源自行完成訓練，這證明了這些資源的價值以及我們 CGM 系統的易用性。即使在病毒於全球擴散之前，我們的採購與營運團隊就已著手取得並降低既有產品供應鏈的任何潛在風險。由於他們的努力，我們的製造據點幾乎未受干擾，因為聖地牙哥與梅薩兩地仍維持全面運作。

Our manufacturing teams have worked seamlessly to make sure that our customers get the CGM systems they rely on. We've implemented additional safety measures to reduce the number of people on-site at any given time. We have implemented shift separations and added additional sanitation and safety measures on top of our existing procedures, including thermal scanning. With the supply chain and manufacturing operations currently in good shape, we continue to be in a strong inventory position to meet the current demand for both existing patients and new patients. We have seen some customer interest in stocking up on the product, but have worked to keep customers supplied in line with the provisions of their insurance providers. This also applies to our DME suppliers and wholesalers. We did not see a material positive impact from customer stocking on our first quarter sales performance.

我們的製造團隊一直無縫協作，確保客戶能取得他們所倚賴的 CGM 系統。我們已實施額外的安全措施，以降低任何特定時間在現場的人數。我們已實施輪班區隔，並在既有流程之上增加額外的清潔與安全措施，包括體溫掃描。在供應鏈與製造營運目前維持良好狀態下，我們持續保持強勁的庫存水位，以滿足現有病患與新病患對產品的當前需求。我們看到部分客戶有囤貨產品的興趣，但我們一直努力依照其保險提供者的規定，維持對客戶的供應。這同樣適用於我們的 DME 供應商與批發商。我們未看到客戶囤貨對第一季銷售表現帶來重大正面影響。

We have also looked at ways that DexCom could play its part in providing solutions that benefit our communities during the COVID outbreak. When avenues already played out as hospital systems came under increasing pressure and had limited personal protective equipment, we began to field the number of requests for our G6 sensors. In the ICU, hospital personnel often need to monitor patients with finger-sticks as much as every half hour.

我們也在思考 DexCom 能如何在 COVID 疫情期間，為社區提供有助益的解決方案、盡一份心力。當既有管道已用盡、醫院系統承受愈來愈大的壓力且個人防護裝備不足時，我們開始接到大量對 G6 感測器的需求請求。在加護病房（ICU），醫院人員往往需要以指尖採血的方式監測病患，頻率高到每半小時一次。

In response to the request, we worked with the FDA to temporarily allow for the use of G6 in the hospital setting, and we quickly set out to supply product to key regions battling the COVID crisis. Because of our real-time connectivity, our CGM systems allow health care providers to remotely monitor a patient's glucose levels in real time, reducing the need for finger-sticks. As a result, there are fewer physical interactions between health care providers and patients, which limits viral exposure for hospital staff and preserves personal protective equipment. We are already seeing promising evidence of these benefits from the initial sites.

為回應這些需求，我們與 FDA 合作，暫時允許在醫院環境中使用 G6，並迅速著手向對抗 COVID 危機的關鍵地區供應產品。憑藉我們的即時連線能力，我們的 CGM 系統可讓醫療照護提供者遠端即時監測病患的葡萄糖數值，降低指尖採血的需求。因此，醫護人員與病患之間的實體接觸更少，進而降低醫院人員的病毒暴露風險，並節省個人防護裝備。我們已從初期導入的據點看到這些效益的正向證據。

Recently, the FDA removed the 3-hour delay requirement for CGM data into our CLARITY software, allowing for faster data integration. As we roll this out in the coming weeks, our remote monitoring solutions will be further enhanced in both the hospital setting and for telehealth consultations for people with diabetes. We expect to continue supporting hospitals in areas of the country most impacted by the COVID-19 emergency, although our top priority remains serving our existing patients without interruption.

近期，FDA 取消了 CGM 資料匯入我們 CLARITY 軟體需延遲 3 小時的要求，使資料整合更快速。隨著我們在未來幾週推行此變更，我們的遠端監測解決方案將在醫院環境以及糖尿病患者的遠距醫療諮詢中進一步強化。我們預期將持續支援受 COVID-19 緊急狀況影響最嚴重地區的醫院，儘管我們的首要任務仍是不中斷地服務既有病患。

The drastic-but-necessary steps to mitigate the spread of the virus have also created some areas of unpredictability for us as we continue in our second quarter and the remainder of 2020. As I briefly noted above, we have seen some impact to new patient opportunities since the broader social distancing measures were put in place in mid-March. We are hopeful that this impact may be mitigated as clinicians enhance their telemedicine capabilities, and our team is certainly working hard to ensure patient access for those who needed DexCom CGM. Quentin will provide more detail around how we have contemplated this uncertainty relative to our 2020 guidance.

為抑制病毒擴散而採取的劇烈但必要措施，也在我們進入第二季及 2020 年剩餘期間時，帶來一些不確定性。如我先前簡要提到的，自 3 月中旬更廣泛的社交距離措施實施以來，我們在新病患機會方面已看到一些影響。我們希望隨著臨床醫師提升其遠距醫療能力，這些影響可望被緩解；而我們的團隊也確實正努力確保需要 DexCom CGM 的病患能夠取得產品。Quentin 將就我們如何在 2020 年財測指引中考量這些不確定性提供更多細節。

Another area of unpredictability right now is around the timing of large clinical trials like we need to run for G7. We remain confident in our ability to deliver G7, but acknowledge that the timing of the pivotal trial will be delayed due to the pausing of new trials at most clinical sites. We currently expect a minimum delay of approximately 6 months for the pivotal trial. This is obviously a challenging time across the globe, but I'm very proud of the way the DexCom teams have responded.

目前另一個不確定性領域，是我們為 G7 所需進行的大型臨床試驗之時程。我們仍對交付 G7 的能力充滿信心，但也承認，由於多數臨床據點暫停啟動新試驗，關鍵性試驗（pivotal trial）的時程將延後。我們目前預期關鍵性試驗至少將延後約 6 個月。這顯然是全球都面臨的艱難時刻，但我對 DexCom 團隊的應對方式感到非常自豪。

I will now turn the call over to Quentin for a review of our financials.

接下來我把電話會議交給 Quentin，請他回顧我們的財務表現。

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. For the first quarter of 2020, we reported worldwide revenue of $405.1 million compared to $280.5 million for the first quarter of 2019, representing growth of 44% on a reported basis and 45% on a constant currency basis.

謝謝你，Kevin。提醒各位，除非另有說明，今天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。2020 年第一季，我們的全球營收為 4.051 億美元，相較於 2019 年第一季的 2.805 億美元，按報告基礎成長 44%，按固定匯率基礎成長 45%。

The growth performance reflects the strength of our new patient additions throughout 2019 and the first quarter of 2020 as we continue to see growing awareness of the value of DexCom CGM for both type 1 and type 2 patients.

這樣的成長表現反映了我們在 2019 年及 2020 年第一季新增病患的強勁動能；同時，我們也持續看到市場對 DexCom CGM 對第一型與第二型病患價值的認知不斷提升。

The U.S. business grew 39% in the first quarter of 2020 over the first quarter of 2019 with strong growth from each channel, durable medical equipment, pharmacy and Medicare. Pharmacy continues to be the fastest-growing channel for us, and realized the strongest sequential uptick in utilization to-date as a result of the significant access improvements that our team has driven over the past year.

2020 年第一季美國業務相較 2019 年第一季成長 39%，各通路皆有強勁成長，包括耐用醫療設備（DME）、藥局與 Medicare。藥局通路仍是我們成長最快的通路，並因我們團隊在過去一年推動的重大可近性改善，迄今實現了最強的連續季使用量提升。

Our international business also put up a great first quarter, growing 63% on a constant currency basis relative to the same quarter in 2019. The $112.8 million in revenues for our international business represents an increase of more than $25 million from our previous quarterly high watermark. Strength was across the board, including both direct and distributor markets.

我們的國際業務第一季表現同樣出色，按固定匯率基礎計算，較 2019 年同季成長 63%。國際業務營收 1.128 億美元，較我們先前的單季歷史高點增加超過 2,500 萬美元。各面向皆展現強勁表現，包括直營市場與經銷市場。

Our first quarter gross profit was $258.7 million or 63.9% of revenue compared to 60.2% in the first quarter of 2019. The 370 basis point improvement to year-over-year gross margin reflects the focused work of our teams to take cost out of our product design and manufacturing processes.

第一季毛利為 2.587 億美元，占營收比重 63.9%，相較於 2019 年第一季的 60.2%。毛利率年增 370 個基點，反映我們團隊專注於在產品設計與製造流程中降低成本的努力成果。

As Kevin mentioned, our procurement team has done a great job of keeping our supply chain functioning, while with little impact to our ability to produce product as well as our product cost thus far. We will continue to monitor this closely as the situation evolves globally.

如 Kevin 所提到，我們的採購團隊在維持供應鏈運作方面做得非常出色，迄今對我們的產品生產能力以及產品成本的影響都很小。隨著全球情勢演變，我們將持續密切監控。

Operating expenses were $215.4 million for Q1 2020 compared to $176.4 million in Q1 2019. This reflects an increase of 22% year-over-year and a nearly 1,000 basis point reduction as a percentage of revenue from the first quarter of 2019. We continue to prioritize key areas of investment, including our efforts to scale G6 manufacturing, progressing toward our goal of doubling capacity again in the first half of this year. We are also continuing our preparation for the scale-up of our G7 manufacturing lines and looking to support our sales growth with increasing direct-to-consumer advertising as greater clarity evolves from the current global situation.

2020 年第一季營業費用為 2.154 億美元，較 2019 年第一季的 1.764 億美元增加。這反映年增 22%，且相較 2019 年第一季，營業費用占營收比重下降近 1,000 個基點。我們持續優先投入關鍵投資領域，包括擴大 G6 製造規模的努力，朝著在今年上半年再次將產能加倍的目標邁進。我們也持續為擴大 G7 製造產線規模做準備，並在全球情勢逐步更明朗之際，透過增加直接面向消費者的廣告投放來支持銷售成長。

Our non-GAAP results exclude some incremental costs that we experienced towards the end of the quarter in both cost of goods sold and operating expenses as a result of COVID-19. As Kevin noted, the safety of our employees remains our #1 priority. However, as an essential provider of medical devices, there are certain functions that must be performed on-site despite shelter-in-place orders to ensure continuity of supply. As a result, we are incurring incremental costs to assist our employees and ensure their safety to the greatest extent possible and expect to continue to do so in the near-term as we support our people through this crisis. We expect to continue to incur costs related to our COVID-19 response until macro business conditions return to normal.

我們的非 GAAP 結果排除了我們在本季末因 COVID-19 而在銷貨成本與營業費用中產生的一些增量成本。如 Kevin 所說，員工安全仍是我們的第一優先事項。然而，作為醫療器材的必要供應者，即使在居家避難命令下，仍有某些職能必須在現場執行，以確保供應不中斷。因此，我們正產生額外成本以協助員工並在最大程度上確保其安全，且預期在短期內將持續如此，以在這場危機中支持我們的同仁。我們預期在總體商業環境恢復正常之前，將持續發生與 COVID-19 應對相關的成本。

Operating income was $43.3 million or 10.7% of revenue in the first quarter of 2020 compared to a loss of $7.6 million or negative 2.7% of revenue in the same quarter of 2019. This reflects a year-over-year improvement of nearly 1,300 basis points in operating margin for the quarter. Similarly, adjusted EBITDA margin improved by nearly 1,000 basis points to 19.2% of revenue or $77.8 million for the first quarter of 2020 compared to 9.3% of revenue or $26.1 million for the first quarter of 2019. As our operating margin and adjusted EBITDA margin performance indicate, we are doing a good job managing our expenses and gaining leverage from our strong top line results.

2020 年第一季營業利益為 4,330 萬美元，約占營收的 10.7%，相較於 2019 年同季為 760 萬美元的虧損（約占營收的負 2.7%）。這反映出本季營業利益率較去年同期改善近 1,300 個基點。同樣地，調整後 EBITDA 利益率亦改善近 1,000 個基點，2020 年第一季達營收的 19.2%（或 7,780 萬美元），相較於 2019 年第一季為營收的 9.3%（或 2,610 萬美元）。如同我們的營業利益率與調整後 EBITDA 利益率表現所顯示，我們在費用管理方面做得很好，並且從強勁的營收表現中取得營運槓桿。

Net income for the first quarter was $41.4 million or $0.44 per share. Our balance sheet remains very strong with more than $1.5 billion in cash and equivalents at the end of the first quarter, leaving us in a strong net cash position. The capital structure that we have put in place, along with our improved profitability profile that demonstrates the cash earnings potential of this business, provides us the flexibility to not only navigate the current environment, but also be opportunistic when needed. Our convertible notes are not due until 2022 and 2023, respectively, and are convertible in either cash or stock at our discretion.

第一季淨利為 4,140 萬美元，或每股 0.44 美元。我們的資產負債表仍然非常強健，第一季末持有超過 15 億美元的現金及約當現金，使我們維持強勁的淨現金部位。我們所建立的資本結構，加上獲利能力輪廓的改善（展現此業務的現金獲利潛力），使我們不僅能因應當前環境，也能在需要時把握機會。我們的可轉換公司債分別於 2022 年與 2023 年才到期，且可由我們自行決定以現金或股票進行轉換。

We have worked hard and are fortunate to be in this position, recognizing that there are many companies that are less fortunate and struggling to support their employees. Therefore, although we are potentially entitled to stimulus funds as a health care provider, we have chosen not to accept these funds and hope that they could be allocated to other American businesses and employees who are in greater need.

我們一直努力耕耘，也很幸運能處於這樣的位置；同時也認知到有許多公司沒有這麼幸運，正為了支持員工而苦苦掙扎。因此，儘管我們作為醫療保健提供者可能有資格獲得紓困資金，我們選擇不接受這些資金，並希望這些資金能分配給更需要的其他美國企業與員工。

Turning to 2020 guidance, given the unpredictable current economic and global health environment, we have chosen to temporarily suspend 2020 guidance until we have greater visibility on the outlook. To be clear, this decision does not necessarily imply upside or downside to our prior guidance. Our first quarter performance was above our expectations. And apart from the uncertainty created by COVID-19, we would be in a position to raise our guidance today. Ultimately, we believe the underlying demand for CGM has not changed despite the situation with COVID-19.

接著談 2020 年財測指引，鑑於目前經濟與全球公共衛生環境難以預測，我們選擇在對前景有更高能見度之前，暫時停止提供 2020 年指引。需要說明的是，這項決定並不一定意味著我們先前指引存在上行或下行。我們第一季的表現高於預期。若非 COVID-19 所帶來的不確定性，我們今天本可上調指引。最終，我們相信儘管 COVID-19 的情勢存在，CGM 的基本需求並未改變。

In these early days, we have seen the benefits in the shift to telemedicine. Because DexCom's real-time CGM is connected, it has become one of the primary methods for physicians to monitor their patients and get newly diagnosed patients up and running. Further to this, as Kevin noted, the FDA has recently removed the 3-hour delay requirement for our CLARITY system, which will further differentiate DexCom CGM in its remote monitoring capability.

在這些初期階段，我們已看到遠距醫療轉型所帶來的效益。由於 DexCom 的即時 CGM 具備連線能力，它已成為醫師監測病患、並讓新診斷病患快速上手的主要方式之一。此外，如 Kevin 所提到，FDA 近期已移除我們 CLARITY 系統的 3 小時延遲要求，這將進一步強化 DexCom CGM 在遠端監測能力上的差異化。

In addition, as noted earlier, we've seen the FDA move quickly to enable the use of DexCom CGM in the hospital setting, further increasing demand for our product. On the other hand, as we've seen office visits decline across health care, new patient starts could be impacted in Q2 and into the back half of the year depending on how COVID-19 situation plays out. We will also monitor the macroeconomic environment to gauge employment levels and the ultimate impact of our financial assistance program. Further, while our global supply chain has remained stable, it is less predictable in the current environment and could experience interruption. Predicting all of these future variables has been difficult, and we found it prudent to temporarily suspend our guidance until visibility improves. We will continue to monitor the situation closely and keep you updated as things evolve, and we can provide greater clarity.

另外，如先前所述，我們也看到 FDA 迅速採取行動，使 DexCom CGM 得以在醫院場域使用，進一步提升對我們產品的需求。另一方面，隨著整體醫療保健領域的門診就診量下降，新病患啟用量可能在第二季及下半年受到影響，取決於 COVID-19 情勢的發展。我們也將監測總體經濟環境，以評估就業水準以及我們財務協助計畫的最終影響。此外，雖然我們的全球供應鏈一直保持穩定，但在目前環境下可預測性較低，可能出現中斷。要預測所有這些未來變數相當困難，因此我們認為在能見度改善前暫停指引是審慎之舉。我們將持續密切關注情勢並在狀況演變時向各位更新，並在我們能提供更高明確性時再行說明。

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

接下來，我將把電話會議交給 Steve，請他提供策略更新。

Thanks, Quentin. Given our strong financial position and the growing opportunity ahead of us, we continue to press forward with the strategic initiatives that we outlined at the start of the year. As the COVID-19 pandemic has played out, we looked how DexCom could play a role in delivering an impactful solution. Kevin already walked you through the incredible work being done in the hospital setting. Recent data published in the Journal of Diabetes Science and Technology shows the clear need for glucose control in the hospital and cements the reason we are so committed to assisting in this crisis. The study found that the COVID-19 mortality rate for people with diabetes, or hyperglycemia even in nondiabetics, during their stay was more than 4x greater than patients without diabetes or hyperglycemia. Even more alarming, for those who had no evidence of diabetes prior to hospitalization who developed hyperglycemia during their stay, 42% died in the hospital. These are sobering statistics and have served as a constant reminder to our team as we work around the clock to assist frontline workers.

謝謝你，Quentin。鑑於我們強勁的財務狀況以及前方日益擴大的機會，我們持續推進年初所提出的策略性計畫。隨著 COVID-19 疫情的發展，我們思考 DexCom 能如何在提供具影響力的解決方案上扮演角色。Kevin 已向各位說明在醫院場域所進行的卓越工作。近期發表於《Journal of Diabetes Science and Technology》的資料顯示，醫院內血糖控制有明確需求，也更加鞏固我們在此危機中投入協助的決心。研究發現，住院期間罹患糖尿病者，或即使非糖尿病但出現高血糖者，其 COVID-19 死亡率較未罹患糖尿病或未出現高血糖的病患高出 4 倍以上。更令人警惕的是，對於住院前沒有糖尿病證據、但住院期間出現高血糖者，有 42% 在院內死亡。這些數據令人沉重，也不斷提醒我們的團隊：我們正日以繼夜地協助第一線工作者。

As we look forward, our commercial team has begun leveraging our extensive data platforms, which should prove especially valuable for patients and clinicians in an environment where telemedicine business are quickly becoming the norm. As an example, an article published last week in Diabetes Technology & Therapeutics showed great results for 2 newly diagnosed type 1 patients, one a 20-year-old male and another a 12-month-old female, who were given a G6 and treated with telemedicine during the COVID-19 stay-at-home orders. Using the G6 and our software tools, clinicians at the Barbara Davis Center in Colorado were able to significantly improve the glucose levels of these patients through virtual care.

展望未來，我們的商業團隊已開始運用我們龐大的資料平台；在遠距醫療快速成為常態的環境中，這對病患與臨床人員應特別有價值。例如，上週發表於《Diabetes Technology & Therapeutics》的一篇文章，展示了兩位新診斷第一型糖尿病患者的良好成果：一位為 20 歲男性，另一位為 12 個月大的女嬰；兩人於 COVID-19 居家令期間使用 G6 並透過遠距醫療接受治療。透過 G6 與我們的軟體工具，科羅拉多州 Barbara Davis Center 的臨床人員得以透過虛擬照護顯著改善這些患者的血糖水準。

Stepping back, the fundamentals of our business remain sound, and there were several encouraging developments during the first quarter. As our sales growth indicates, the momentum behind our no finger-stick G6 technology continued in the first quarter. And as we have said multiple times before, we continue to believe that there are significantly more people on intensive insulin therapy who stand to benefit from a transition to our real-time CGM.

回過頭來看，我們業務的基本面仍然穩健，且第一季出現了幾項令人鼓舞的進展。如同我們的銷售成長所顯示，無需指尖採血的 G6 技術在第一季持續展現強勁動能。並且如我們多次提到的，我們仍相信有顯著更多接受密集胰島素治療的人，將可因轉用我們的即時 CGM 而受益。

At the end of the first quarter, we have now transitioned a majority of our Medicare base over to G6. As the only Class II iCGM on the market and the lowest cost CGM for the Medicare channel, we look forward to bringing G6 to people both with type 1 and intensively-managed type 2 diabetes, who are eligible for Medicare.

截至第一季末，我們已將 Medicare 客戶群中的多數轉換至 G6。作為市場上唯一的第二類（Class II）iCGM，且在 Medicare 通路中為成本最低的 CGM，我們期待將 G6 帶給符合 Medicare 資格、第一型以及接受密集管理之第二型糖尿病患者。

We are also pleased that UnitedHealthcare recently began coverage for their intensive insulin type 2 patient population. Combined with Medicare, this demonstrates the increasing traction that we are gaining in the type 2 intensive market.

我們也很高興 UnitedHealthcare 近期開始為其接受密集胰島素治療的第二型糖尿病患者族群提供給付。結合 Medicare，這顯示我們在第二型密集治療市場正獲得日益提升的進展與動能。

In January, we introduced additional data demonstrating the value of DexCom CGM in the type 2 nonintensive market. This includes our direct work with UnitedHealthcare, digital health programs like Welldoc, Onduo and Livongo; and integrated health systems like Intermountain, where a preliminary pilot showed significant savings with the full-time use of DexCom G6 relative to standard of care, self-monitored blood glucose. We are excited to be expanding access to DexCom CGM throughout all of these channels and look forward to sharing additional results as we progress in our type 2 efforts.

在 1 月，我們發布了更多資料，證明 DexCom CGM 在第二型非密集治療市場的價值。這包括我們與 UnitedHealthcare 的直接合作、如 Welldoc、Onduo 與 Livongo 等數位健康計畫，以及如 Intermountain 等整合式醫療體系；其中一項初步試點顯示，相較於標準照護（自我監測血糖），全時使用 DexCom G6 可帶來顯著節省。我們很期待在所有這些通路中擴大 DexCom CGM 的可近性，並期待在我們推進第二型相關工作時分享更多成果。

The opportunity for growth is also extensive when we look outside the U.S., where use of CGM remains far less than that of finger-sticks. In February, we obtained regulatory approvals for G6 in Australia, South Korea and Japan and are progressing toward extending the G6 launch to each of these markets later this year. In support of our continued growth, and in particular, the service of our international markets, we recently finalized a decision to develop a third manufacturing site in Malaysia. This will be another significant investment for DexCom and demonstrates our belief in the long-term opportunity ahead of us.

當我們把視野放到美國以外時，成長機會同樣十分廣泛，因為在美國以外市場，CGM 的使用率仍遠低於傳統指尖採血。2 月，我們已取得 G6 在澳洲、南韓與日本的法規核准，並正推進於今年稍晚將 G6 的上市擴展至上述各市場。為支持我們的持續成長，特別是服務國際市場，我們近期已最終決定在馬來西亞開發第三座製造據點。這將是 DexCom 的另一項重大投資，並展現我們對未來長期機會的信心。

We continue to advance the regulatory pathway for use of CGM in pregnancy, attaining CE Mark for wear on the back of the arm, and we removed the pregnancy warning for G6 for use in type 1, type 2 and gestational diabetes. Following this approval, we launched G6 in the U.K. for pregnant women with diabetes and are currently working to broaden the clinical evidence to support the use of DexCom CGM for the management of gestational diabetes.

我們持續推進 CGM 用於妊娠期的法規路徑，取得可佩戴於上臂後側的 CE 認證，並移除 G6 針對第 1 型、第 2 型及妊娠糖尿病使用的妊娠警語。在此核准後，我們已於英國為糖尿病孕婦推出 G6，目前也正致力於擴充臨床證據，以支持 DexCom CGM 用於妊娠糖尿病管理。

Finally, our efforts as a forerunner in interoperability and our support of patient choice in their method of insulin delivery has us well positioned to benefit from multiple commercial systems over the next couple of years, whether through automated insulin delivery or connected smart pens. As you can see, there are many exciting things that the DexCom teams are driving forward, even as we navigate the unprecedented time that we are now experiencing.

最後，作為互通性（interoperability）的先行者，以及我們支持病患在胰島素給藥方式上的選擇，使我們在未來幾年能從多種商業化系統中受益，無論是自動化胰島素輸注，或是連網智慧胰島素筆。如各位所見，即使我們正處於前所未有的時期，DexCom 團隊仍在推動許多令人振奮的進展。

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

接下來，我把時間交還給 Kevin。

Thanks, Steve. This has certainly been a challenging season for all of us. I know that there are many that I have met and people on this call that have been personally impacted by COVID-19. And as I mentioned earlier, our thoughts are certainly with you.

謝謝你，Steve。這對我們所有人而言，確實是一段充滿挑戰的時期。我知道我所接觸到的許多人，以及本次電話會議上的一些與會者，都在個人層面受到 COVID-19 的影響。如我先前提到的，我們的心與各位同在。

I've been grateful to see the unified response of so many companies to work towards innovative solutions, including some of the companies that we traditionally compete with. I am also proud of the response of the DexCom team, who have worked selflessly to bring continuity to our business and assurance to our customer base in a time of heightened anxiety. We are pressing forward in 2020 with resilience in the current environment and continue to hope for the opportunity that lies ahead for DexCom.

我很感激看到許多公司採取一致行動，致力於創新解決方案，其中也包括一些我們傳統上會競爭的公司。我也為 DexCom 團隊的回應感到自豪；他們無私投入，在焦慮升高的時刻，為我們的業務帶來連續性，並為客戶群提供信心。在當前環境下，我們於 2020 年仍以韌性持續向前，也持續期待 DexCom 未來的機會。

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

現在我想開放電話會議進行問答。Sean？

Thank you, Kevin. As a reminder, we ask our audience to limit themselves to only one question at this time and then reenter the queue if necessary. Operator, please provide the Q&A instructions.

謝謝你，Kevin。提醒各位與會者，目前請每位僅限提問一個問題，如有需要請重新排隊。接線員，請提供問答指引。

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

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

Congrats on a great quarter. I have a lot of questions I could ask you about the first quarter performance, but unfortunately, I'm going to address the elephant in the room with COVID-19. You pulled guidance, but you do have a month of performance here, what's happened in April. I was wondering if you could just walk us through -- I don't know if it's Quentin, if you want to take it or how you split it up. But maybe walk us through how we should think about the expectations for 2Q? And how to think about the impact to prescribing in a recovery? How remote telehealth can help or hurt prescriptions of new patients? And how to think about the impact down the P&L as new sales might be disrupted, offset by some of the new venues that you've been able to secure here with testing?

恭喜本季表現出色。我有很多關於第一季表現的問題可以問，但很可惜，我要先談談房間裡的大象：COVID-19。你們撤回了財測指引，但你們手上也有一個月的表現，也就是 4 月發生了什麼。我想請你們帶我們走一遍——我不確定是 Quentin 來回答，或你們如何分工。但也許請談談我們應該如何看待第二季的預期？以及在復甦過程中，對開立處方的影響該如何思考？遠距醫療（telehealth）對新病患處方會有幫助或傷害？以及在損益表（P&L）層面該如何看待影響：新銷售可能受干擾，但你們也透過檢測等新通路取得一些機會，是否能抵銷？

Robbie, this is Kevin. I'll start. If I gave you a whole bunch of April color, then I'd be giving you guidance, and that's what we just said that we weren't going to do. That being said, we remain very bullish on our business, as you can see by the first quarter results. And we have learned very much that the impact of the connectivity of our device with telemedicine is becoming very, very well-known by -- within the physician community. We hosted a webinar last week and had 900 participants sign up. We don't get 900 people to anything here. That was a huge win for us as we talk and learn more about that. So we think particularly with our system where it goes directly to a phone and a directly to CLARITY and physicians can pull CLARITY up wherever they are working, that is a big win for patients.

Robbie，我是 Kevin。我先開始。如果我提供一大堆 4 月的細節，那等於是在給你財測指引，而我們剛才已說過我們不會這麼做。話雖如此，從第一季結果你也看得出來，我們對業務仍非常樂觀。我們也深刻體會到，我們裝置與遠距醫療的連結性，其影響正被醫師社群越來越廣泛地認知。我們上週舉辦了一場線上研討會，有 900 位參與者報名。我們這裡很少有活動能吸引到 900 人。當我們討論並更深入了解這件事時，這對我們而言是一個巨大的勝利。因此我們認為，特別是對我們的系統而言——資料可直接傳到手機、也可直接進入 CLARITY，而醫師無論在哪裡工作都能調出 CLARITY——這對病患是一大優勢。

We know that diabetes, and I'll talk about this a little more later, but it's not going to go away. And these patients need to be cared for. We think we solve a very serious problem by getting data to patients and their caregivers in a very timely basis. You heard us also talk about getting CLARITY more towards a real-time platform that could literally give a patient the opportunity to call their doctor and say, "Hey, what's going on with me?" And caregivers aren't on share follow all the time. A more real-time CLARITY is going to give that caregiver a good answer. So we see a situation where we have a very good answer. We're bullish on the business going forward. Things are just a little different now. I don't know, Quentin, if you want to add a little more to that?

我們知道糖尿病——我稍後會再多談一些——不會消失。這些病患需要被照護。我們認為，能以非常即時的方式把資料提供給病患及其照護者，等於是在解決一個非常嚴重的問題。你們也聽到我們談到，要讓 CLARITY 更朝向即時平台發展，讓病患真的有機會打給醫師說：「嘿，我怎麼了？」而照護者也不可能隨時都在 Share Follow。更即時的 CLARITY 將能讓照護者得到更好的答案。因此我們看到的是，我們有一個非常好的解方。我們對未來業務仍然樂觀。只是現在情況有些不同。Quentin，你要不要再補充一些？

Yes. No, I think you described it well. I think, Robbie, the thing is coming out of the quarter or over the course of the first quarter, the strength in the core business, the underlying business was incredibly strong. And I think from our perspective, we're as bullish as we've ever been on where we're at in this opportunity, the runway that exists in front of us. And probably even more so now when you think about the long term, just with the hospital opportunity opening up probably sooner than what we anticipated. The whole play in telehealth, telemedicine, we know we have a device that works better there than anything else in the marketplace. And folks seem to be understanding that. To Kevin's point, the 900 folks that joined the webinar, it was a webinar specifically directed towards telehealth, telemedicine. So there's a real interest out there. So I think long term, we feel incredibly bullish about where we're at.

好的。不，我覺得你描述得很到位。Robbie，我想重點是：從本季結束或第一季整體來看，核心業務的強度、也就是基本面非常強勁。從我們的角度來看，對於這個機會、以及我們眼前的成長跑道，我們比以往任何時候都更樂觀。而且從長期來看，當你想到醫院端的機會可能比我們原先預期更早開啟，我們甚至更為樂觀。遠距醫療、遠距診療這整個布局，我們知道我們的裝置在這方面比市場上任何其他產品都更適用。而大家似乎也正在理解這一點。如 Kevin 所說，加入那場研討會的 900 人，該研討會就是專門針對遠距醫療、遠距診療。所以市場上確實有很高的興趣。因此從長期來看，我們對目前的位置感到非常樂觀。

In April, yes, the new patient starts were down a bit. We noted that coming out of Q1. We have seen it start to rebound a bit in April. I think it continues to build over time. But we need to see that play out and have some certainty there before we can get back to where we feel comfortable providing guidance. There's just too many things that are uncertain at this point in time that we need that greater clarity on. But I would just reiterate the underlying strength, the fact that folks are recognizing the value of this product and what it means in the marketplace. From a long-term perspective, we're as bullish as we've ever been.

至於 4 月，是的，新病患啟用（new patient starts）確實下降了一些。我們在第一季結束時也提到過。我們也看到 4 月開始有些回升。我認為它會隨時間持續改善。但在我們能回到覺得提供指引是合適的狀態之前，我們需要看到這個趨勢實際發展並具備一定的確定性。目前仍有太多不確定因素，我們需要更高的能見度。但我想再次強調基本面的強勁，以及大家正在認知這項產品的價值與其在市場上的意義。從長期角度來看，我們的樂觀程度與以往任何時候一樣高。

And the next question comes from Danielle Antalffy from Leerink.

下一個問題來自 Leerink 的 Danielle Antalffy。

Congrats on a really strong quarter. And I guess just to follow-up, I was wondering if you could talk a little bit about -- so I appreciate the commentary point and thank you on new patient adds in April and that coming down, seeing it uptick a little bit. What -- can you talk a little bit about how new patient adds, patient training, things like that could look post-COVID, if we are in a world where telehealth is a more prominent part of patient management, specifically for diabetes? I would think that that ultimately would favor CGM, but just curious about how you think, if that could change your long-term expectations around penetration in these markets? And maybe a little bit of color post-COVID, what things might look like based on what you're seeing today? And that's my question.

恭喜你們交出非常強勁的一季。我想追問一下，我想請你們談談——我很感謝你們的評論，也謝謝你們提到 4 月新增病患數下降、但又看到略有回升。想請問——在後 COVID 的情境下，如果遠距醫療成為病患管理（特別是糖尿病管理）中更重要的一部分，你們能否談談新增病患、病患訓練等可能會呈現什麼樣貌？我認為這最終會有利於 CGM，但我想了解你們是否認為這會改變你們對這些市場長期滲透率的預期？以及後 COVID 時期，根據你們今天所看到的情況，未來可能會是什麼樣子，能否再補充一些看法？以上是我的問題。

Danielle, I think we'll tag team this one, too, and I'll start. First of all, as we talked about in our call, 70% of our patients train themselves with the material that we provide. And we've also had remote coaching services through DexCom care to help these patients as well. We've anticipated a day like this with respect to training for a long, long time, which is why we moved away from the model we previously had to whereby we could make this easier and get patients on the system. So we don't see that changing much at all.

Danielle，我想我們也會用接力的方式回答這題，我先開始。首先，如同我們在電話會議中提到的，我們有 70% 的病患會使用我們提供的教材自行完成訓練。我們也透過 DexCom care 提供遠端教練服務來協助這些病患。就訓練而言，我們很久以前就預期會有像今天這樣的一天，這也是為什麼我們從先前的模式轉型，讓流程更容易、讓病患更快上手使用系統。因此我們不認為這方面會有太大改變。

As far as new patient opportunities and new patients coming in, whereas in the past many times that was a result of an office visit. Now it's coming in possibly through a telemedicine conference with a health care provider. They could also be coming in through our direct-to-consumer marketing. Our online efforts are -- all the things that we have and then we have to turn around and figure out a way to get the proper paperwork from the health care provider.

至於新增病患的機會與新病患的導入，過去很多時候是因為門診就醫而帶來。現在則可能是透過與醫療照護提供者的遠距醫療會診而進來。他們也可能透過我們的直接面向消費者（DTC）行銷而進來。我們的線上推廣——我們所做的所有事情——接著我們還必須回頭想辦法從醫療照護提供者那裡取得正確的文件。

One of the other things that's key to remember in Quentin's remarks, he talked about how our move to the pharmacy is accelerating. As we go to the pharmacy, the paperwork requirements for health care providers come down significantly, so again making the whole process easier. And that's been our goal from the beginning, to get this process easy enough to whereby we can get the penetration that we thought we could get. And I've said for years that 80% penetration in intensive insulin users for CGM should be our long-term goal, and it still is. And the easier we make it, the faster penetration will go. And those efforts have not changed and won't change as a result of COVID.

另外一個關鍵點是要記得 Quentin 的發言，他提到我們轉向藥局通路的進程正在加速。當我們走向藥局通路時，醫療照護提供者所需的文件要求會大幅降低，因此整個流程會更容易。這一直是我們從一開始的目標：把流程簡化到足以達到我們認為可以達成的滲透率。我多年來一直說，對於使用密集胰島素的族群而言，CGM 的長期目標應該是 80% 的滲透率，而現在仍然如此。我們把流程做得越簡單，滲透率提升就會越快。而這些努力不會因為 COVID 而改變，也不會因此停止。

As far as post-COVID world and what I see as demand, I think, if anything, people are going to be more concerned about controlling their diabetes to make sure they're healthy. So if something like this happens again, that will not become a complicating factor because their diabetes is in control, not running rampant. So again, we see this as an opportunity to almost increase retention and increase usage within our current patient base as much as it is to grab new ones. And so I don't want to sound opportunistic -- too opportunistic about this. But we have an answer to a serious problem here, and we think people will come to it. Steve, Quentin, if you have anything more to add.

至於後 COVID 世界以及我所看到的需求，我認為如果有什麼不同的話，人們會更在意把糖尿病控制好，以確保自己健康。因此如果類似的事情再次發生，糖尿病已受控、而不是失控惡化，就不會成為額外的複雜因素。所以我們把這視為一個機會：不僅是爭取新病患，也同樣能在現有病患基礎中提高留存率並提升使用量。我不想聽起來——太過於把這件事當作機會來談。但我們確實對一個嚴重問題提供了解方，我們認為人們會採用它。Steve、Quentin，如果你們還有要補充的。

You covered it well.

你已經講得很完整了。

Okay.

好的。

And our next question comes from Jeff Johnson from Baird.

下一個問題來自 Baird 的 Jeff Johnson。

Maybe moving over to the hospital setting, Kevin, a nice win by getting the CGM G6 into the hospital setting. Wondering what this means maybe longer term? Any discussions with the FDA on whether data you'll collect in these COVID patients could be used to maybe accelerate a broader approval down the road for hospital use? Do you think you'd still have to go through the lengthy pivotals that seem like it might have pushed hospital approval out 2 to 3 years from now or 1 to 2 years out anyway? Is there a way to accelerate that with some of this data that you'll be collecting here over the next x months with the COVID pandemic?

也許把焦點轉到醫院場域，Kevin，你們成功讓 CGM G6 進入醫院場域，是個很好的進展。想請問這對長期而言可能代表什麼？你們是否與 FDA 討論過，是否能利用你們在這些 COVID 病患身上收集到的資料，來加速未來更廣泛的醫院使用核准？你認為你們仍然必須走完看起來很冗長的關鍵性試驗（pivotal trials）流程嗎？那似乎會把醫院核准推遲到 2 到 3 年後，或至少 1 到 2 年後？你們是否能透過接下來幾個月在 COVID 疫情期間收集的部分資料來加速？

No, thank you. We actually have had discussions with the FDA about this very subject. And it is our hope to gather as much data as we can from these patients as they're in this hospital with various compounds being injected and to take care of their [health] to see how our sensor performs in this environment, how well connectivity is and what we can learn. Our commitment to the agency is with this opportunity, we'll gather as much data as we can, and we're going to share what we learn and see if we can, in fact, accelerate that path and get this device approved for use as a glucose monitoring technology in the hospital environment rather than what they're doing with finger-sticks. And as we gather data, we'll take advantage of this opportunity.

不，謝謝你。我們其實已經就這個主題與 FDA 進行過討論。我們希望能從這些住院病患身上盡可能收集更多資料——他們會注射各種藥物、並接受照護——以觀察我們的感測器在這種環境下的表現、連線的穩定性，以及我們能學到什麼。我們對主管機關的承諾是：把握這個機會，我們會盡可能收集資料，並分享我們的學習成果，看看是否確實能加速這條路徑，讓這個裝置能在醫院環境中被核准作為血糖監測技術使用，而不是像現在一樣用指尖採血。隨著我們收集資料，我們會善用這個機會。

I think, Jeff, the learnings we've had so far are astounding to us as we're into a different channel, with a different physician group, with different caregivers who haven't seen CGM before, with rules and regulations around hospital IT departments and connecting a phone within their security system. We've had learnings that we would have never anticipated. We will be so much more ready to go to this market when it's time. The commitment we've made here from a dollar perspective is large. We put a lot of time and effort, and the hospital team has literally worked around the clock to get this going. And so we'll gather the data. We'll file what we see or at least share what we see and then determine a course of action after that. If we see highly positive results, it's not unthinkable that they would give us an accelerated time frame or cut back on the work that we have to do or possibly change a label to allow us to get there sooner. We're open to all that, and we will look at every one of those opportunities once we're done. But we're really taking this opportunity very seriously.

Jeff，我認為到目前為止我們的學習對我們而言非常驚人，因為我們進入了一個不同的通路、面對不同的醫師族群、不同的照護人員——他們以前沒看過 CGM——同時還有醫院 IT 部門的規範與法規，以及在其資安系統內連接手機的問題。我們得到了一些原本完全想不到的學習。等到真正要進入這個市場時，我們會準備得更充分。從投入金額的角度來看，我們在這裡做出的承諾很大。我們投入了大量時間與精力，醫院團隊更是幾乎日以繼夜地把這件事推動起來。因此我們會收集資料。我們會提交我們所看到的結果，或至少分享我們所看到的，然後再據此決定後續行動方針。如果我們看到非常正面的結果，也不是不可能他們會給我們更快的時程、或減少我們必須完成的工作、或可能調整標示（label），讓我們更早達成。我們對所有這些可能性都持開放態度，等我們完成後會逐一評估每個機會。但我們確實非常嚴肅地看待這個機會。

And our next question comes from Matthew O'Brien from Piper Jaffray (sic) [Piper Sandler].

下一個問題來自 Piper Jaffray（原稱）[Piper Sandler] 的 Matthew O'Brien。

Can we just talk about G7 for a second? I think most people have expected a bit of a delay here, but it's a 14-day trial. So the 6-month delay, I think, is a little bit longer than some had expected. So I guess the question would be, what would have to happen for it to be pushed out that entire 6 months? Or what could happen to where that delay is not necessarily that long?

我們可以談一下 G7 嗎？我想大多數人都預期會有一些延遲，但這是一個 14 天的試驗。所以我認為 6 個月的延遲，比一些人原先預期的還要長一些。因此我的問題是，什麼情況會導致它被整整推遲 6 個月？或者什麼情況可能發生，使得延遲不一定會那麼久？

I'll start. I'll -- again, I'll let the other guys chime in. It's not just a 14-day study. If we could run a 14-day study and put several hundred people on it for 14 days, that would be relatively simple. These trials are not that simplistic. There's going to be at least 4 in-clinic days where blood is drawn for 12 hours, and we can only handle 2 to 3 patients at a time at a clinic per day. So these trials are very well-orchestrated and scheduled from a logistics perspective. We do not know when clinics who run these trials are going to open back up and allow patients in, to run these kind of studies, nor do we know when patients are going to run and allow themselves to be subjected to this kind of study. So we're putting that time in there knowing there's going to be a while before things get back to normal in these large clinics. And many large clinics where we do these studies aren't even letting patients come in the door now, let alone patients come in for clinical trials. So we've put this time frame on it.

我先開始。我會——再說一次，我也讓其他人補充。這不只是個14天的研究。如果我們能做一個14天的研究，讓數百人使用14天，那相對會比較簡單。但這些試驗並沒有那麼單純。至少會有4天需要到院內進行，抽血連續12小時，而且每家診所每天一次只能處理2到3位病患。因此，從後勤角度來看，這些試驗需要非常周密的協調與排程。我們不知道執行這些試驗的診所何時會重新開放並允許病患進入來做這類研究，也不知道病患何時會願意出來並讓自己接受這類研究。所以我們把這段時間納入考量，因為我們知道在這些大型診所恢復正常之前，還需要一段時間。而且我們做這些研究的許多大型診所現在甚至不讓病患進門，更不用說讓病患進來參加臨床試驗。所以我們才設定了這個時間範圍。

How could it, in fact, accelerate? It could accelerate if we found data on the system that would enable us to statistically reduce the size of the trial. But let us, again, remind you, we're not shooting for just anything. We're shooting for iCGM standards, and that is a high bar. That is not an arbitrary bar set by the FDA. That's a high bar. We've met it with G6, and we executed a perfect study to get that done. We've got to execute perfection again. So we've given ourselves this time frame to make sure all our plans are locked down, that we can get the centers open, that can go and do this, and we'll be methodical and thoughtful about it. If there's some way we can accelerate that, we would. But we gave you this because we typically are prudent in our guidance and what we speak and what we think, and that's what we see right now. That's it.

那麼，實際上要如何加速呢？如果我們在系統上找到能讓我們在統計上縮小試驗規模的數據，就有可能加速。但我們再次提醒各位，我們不是只求隨便達到什麼標準。我們追求的是iCGM標準，那門檻很高。那不是FDA隨意設定的門檻。那是一個很高的門檻。我們在G6上已經達成，而且我們執行了一個完美的研究才做到。我們必須再次做到完美執行。因此我們給自己這個時間範圍，以確保所有計畫都已敲定、能讓中心重新開放並能去執行，我們也會以有條不紊、審慎周全的方式來做。如果有任何方式可以加速，我們會加速。但我們之所以給出這個，是因為我們在指引以及我們所說、所想的事情上通常都很審慎，而這就是我們目前所看到的情況。就這樣。

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

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

Congratulations on a strong Q1. Just want to get a little more color on the impact of the patient support program and also the mix headwind and I assume what would happen as patients move from commercial to Medicaid coverage. So any color there of how to think about the headwind for those 2 programs?

恭喜第一季表現強勁。我想更了解病患支持計畫的影響，以及產品組合的不利因素；我猜這會發生在病患從商業保險轉到Medicaid保障時。所以能否談談這兩個計畫的不利因素該如何看待？

Yes, Travis, this is Quentin. I think what you're asking is exactly what we struggle with in terms of defining any certainty around what it's going to be. As we continue to see the fallout from an unemployment perspective in the States and even globally, how that ultimately shows up or translates into our numbers, is hard for us to predict.

是的，Travis，我是Quentin。我想你問的正是我們在界定其確定性時所面臨的難題，也就是它最終會是什麼樣子。隨著我們持續看到美國、甚至全球失業情況的後續影響，這些因素最終會如何呈現或轉化到我們的數字上，我們很難預測。

You take an existing patient who has been paying in line with their program or their plan they've been on for some period of time, and all of a sudden they fall into the patient assistance program, you're right, there is going to be a mix impact on the business. And I think that's part of the challenge with we're trying to draw the line on exactly where that's going to be. And until we have greater color on where those rates -- unemployment rates ultimately fall out and the impacts ultimately fall out to our patient base, it's hard to predict. So that's what leads to putting us in a position where we ultimately feel best at this point, just to pull guidance. Again, we couldn't be more bullish around what's going on inside the business, but we know there's going to be mix impacts and shifts over the next several months. So right now, the visibility is limited.

如果是一位既有病患，過去一段時間一直依照其方案或保單支付費用，結果突然轉入病患協助計畫，你說得沒錯，這會對業務的組合造成影響。我認為這也是我們的挑戰之一：我們試著劃定界線，精準判斷影響會落在什麼程度。在我們對失業率最終落點，以及對我們病患基礎的最終影響有更清楚的資訊之前，很難預測。因此，我們才會走到目前這一步：我們覺得此刻最好的做法是撤回指引。再次強調，我們對公司內部業務的進展仍然非常樂觀，但我們也知道未來幾個月會出現組合影響與結構性移轉。所以目前能見度有限。

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

下一個問題來自William Blair的Margaret Kaczor。

Just wanted to follow up with some more specific question about the hospital. So when we look at the sensors that are going out there, can you give us some sort of information in terms of the data-sharing agreements that you guys have with the hospitals trialing this? So what data are you targeting to gain? What endpoints are the hospitals and yourselves interested in? And are patients consenting to you or the hospital using the data at least on a de-identified basis, so you can get kind of a larger national registry at least?

我想就醫院方面再追問一個更具體的問題。當我們看那些送到外面的感測器時，你們能否提供一些資訊，說明你們與正在試用的醫院之間有哪些資料共享協議？你們希望取得哪些資料？醫院和你們各自關注哪些終點（endpoints）？另外，病患是否同意你們或醫院至少以去識別化的方式使用資料，讓你們至少能建立一個較大的全國性登錄資料庫？

Yes. I would say, Margaret, this is Steve. Don't read too much into it at this early stage. This is something that literally the hospital team worked 24/7 to get product into the hospital to reduce the risks to caregivers, right? They weren't able to take finger-sticks because they'd have to -- really, they have to actually change out their PPE every time they would have to go pick a finger and they were just -- they couldn't do it. So right now, we're capturing data. This is all about being able to remotely monitor these patients to help the caregivers in the hospital provide better care. To the extent we have data down the road that we're obviously retaining, we'll look to see what we do with it. But right now, we've not made any plans to do anything specifically with the data, either with a hospital or on an anonymized basis or otherwise.

是的。Margaret，我是Steve。在這麼早的階段不要過度解讀。這件事其實是醫院團隊24小時不間斷地努力，才把產品送進醫院，以降低照護人員的風險，對吧？他們無法做指尖採血，因為每次要去採血時——實際上，他們每次都得更換個人防護裝備（PPE），他們就是——他們做不到。所以目前我們正在收集資料。這一切的重點是能夠遠端監測這些病患，協助醫院的照護人員提供更好的照護。至於未來若我們有資料——我們當然會保留——我們會再看看要如何運用。但就目前而言，我們尚未規劃要針對這些資料做任何特定用途，不論是與醫院合作、以匿名方式或其他方式。

We have a couple that are under IRB, but it's not...

我們有幾個是在IRB之下，但並不是……

Most of them aren't...

大多數都不是……

Most of them are getting this thing up and running to take care of people right now. But Steve is right, we're continuing to work on that.

大多數目前只是把這套東西建置起來並開始運作，好在當下照顧病人。但Steve說得對，我們會持續在這方面努力。

Our next question comes from David Lewis from Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的David Lewis。

Just want to come back to the first quarter a little bit here. And Kevin, you touched on this briefly in your preamble. We think about the effect of stocking and the effect of inpatient use. I'm assuming inpatient use was pretty minimal in the first quarter, but both these positive offsets potentially. Was stocking several million or tens of millions, and was the inpatient opportunity here recently several million or bigger than that? Just trying to get some sense of the framework of some of those positive drivers here.

我想稍微回到第一季的情況。Kevin，你在開場白中有簡單提到。我們在思考備貨效應以及住院端使用的效應。我假設第一季住院端使用應該相當有限，但這兩者可能都是正向抵銷因素。備貨是數百萬美元還是數千萬美元的量級？而近期住院端的機會是數百萬美元，還是更大？只是想更了解這些正向驅動因素的大致框架。

I'll let Quentin take that.

我讓Quentin來回答。

David, this is Quentin. Yes. With respect to the inpatient, that was minimal. I mean it didn't move the needle at all. On the stocking side, you're talking several millions, not tens of millions by any stretch at all. It was on the lower end. I think the point that we were making in our prepared remarks was, there are several questions out there around whether or not stocking is driving results in the first quarter. And the point is there are several distributors who would have liked to have had the opportunity to stock up ahead of some of the uncertainty that they saw. But frankly, we weren't in the position or we weren't enabling that to take place. We monitor this very closely. We have provisions in our agreements with those distributors that limit amount of days of inventory on hand that they can carry, and so we monitor that. And so while there was an expressed interest to stock to a greater degree, we did not enable that and therefore it was not a driver of the results. And that was the point we were trying to get across.

David，我是Quentin。是的。就住院端而言，那影響很小。我的意思是，幾乎完全沒有帶來任何改變。在備貨方面，你談的是數百萬美元，不是幾千萬美元，完全談不上。它是在較低的水準。我想我們在事先準備的發言中要表達的重點是，外界有幾個問題在於，備貨是否在推動第一季的業績。而重點是，有幾家經銷商原本希望能在他們看到的一些不確定性之前，有機會先行備貨。但坦白說，我們當時並不具備條件，或我們並沒有促成這件事發生。我們非常密切地監控這件事。我們在與這些經銷商的協議中有相關條款，限制他們可持有的庫存天數，因此我們會加以監控。所以，儘管他們表達了希望更大幅度備貨的意願，我們並未促成，因此它並不是業績的驅動因素。這就是我們想傳達的重點。

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'm curious what you have seen either in the month of April or in previous recessions when it comes to attrition. And do patients start going back to a traditional finger-sticks? And anything you could say -- because many of us on this call did not cover the stock back in '08/'09 or '01/'02 -- would be helpful if it's relevant?

我很好奇，無論是在4月份這個月，或是在過去的景氣衰退期間，你們在流失率（attrition）方面看到了什麼？病患會不會開始回到傳統的指尖採血？另外，因為我們當中很多人並沒有在'08/'09或'01/'02那段時間追蹤這檔股票——如果相關的話，你能分享的任何資訊都會很有幫助。

Steve, you were the only one here...

Steve，你是這裡唯一一位……

What I would tell you is, no, I mean, we've obviously had a very strong quarter driven by both existing patient base and new patients. Back, if you remember back in the '08/'09 time frame, we were still on the 7 and the 7-plus, which those technologies just weren't really ready for prime time. It really wasn't. If you remember, it wasn't until we launched the Gen-4 platinum in the -- I think it was Q4 of 2012 that you really saw the inflection in this business. We really moved to a must-have versus a nice-to-have in terms of our technology. So I don't know that you could possibly make a comparison to back then. I mean back in those days, it was Terry and I just trying to raise money every opportunity we could to keep the lights on. So it's just a different. It's not even a comparable business at this point.

我會告訴你的是，不會。我的意思是，我們顯然有一個非常強勁的季度，這是由既有病患基礎與新病患共同帶動的。回到'08/'09那段時間，如果你還記得，我們當時還在用7和7-plus，而那些技術其實還沒有真正準備好進入主流。確實還沒有。如果你記得，直到我們在——我想是2012年第四季——推出Gen-4 platinum，你才真正看到這個業務的轉折點。就我們的技術而言，我們真的從「可有可無」變成了「非有不可」。所以我不確定你是否能把現在和當時做比較。我的意思是，在那些日子裡，就是Terry和我逮到任何機會就想辦法募資，好讓公司能撐下去。所以這完全不同。到目前為止，這甚至已經不是一個可比較的業務了。

About the only thing I could add to that is we have done everything we can to make it easier for our patients to get CGM even during these tough times. In '08/'09, we had 0 Medicaid coverage. We had no Medicare coverage. We had no pharmacy benefit where the co-pay is typically significantly lower than it is through DME, and pricing has been somewhat lower. So I think we've done everything we can to position our business to be more successful during a time like this and to help our patients continue on the therapy. But again, now you have what may be a recession tied to a health care event; we may see exactly the opposite: The patients absolutely have to have this to remain healthier, believe that they do. Again, part of the unknowns that we're trying to work through and trying to manage.

我唯一能補充的是，我們已經盡一切所能，讓病患即使在這些艱難時期也更容易取得CGM。在'08/'09，我們的Medicaid給付是0。我們沒有Medicare給付。我們也沒有藥局給付（pharmacy benefit）；而在藥局給付下，自付額（co-pay）通常會比透過DME顯著更低，而且定價也相對較低。所以我認為，我們已經盡一切所能，讓我們的業務在像現在這樣的時期更有成功的條件，並幫助病患持續接受治療。但再說一次，現在你面對的可能是一場與醫療事件相連的衰退；我們甚至可能看到完全相反的情況：病患為了維持更健康，絕對需要這個，他們也相信自己需要。同樣地，這也是我們正在努力釐清並試圖管理的一部分未知因素。

And our next question comes from Kyle Rose of Canaccord.

下一個問題來自Canaccord的Kyle Rose。

So I appreciate the additional commentary with respect to the G7 clinical trial. But maybe help us understand what you can do over the course of the next 6 months from a manufacturing perspective to help accelerate maybe the launch timing? Because if I remember correctly, you were going to get approval before year-end, but the launch wasn't really going to take place until you had capacity, and that was a 2021 event. Maybe help us understand what happens behind the scenes while the trial might not be going and how that might help the eventual commercial pace when it does launch?

我很感謝你們就G7臨床試驗提供的額外說明。但也許請幫我們理解，從製造的角度，在接下來6個月你們能做些什麼，來協助加速可能的上市時程？因為如果我沒記錯，你們原本是打算在年底前取得核准，但真正上市要等到你們有產能之後，而那會是2021年的事情。也請幫我們理解，當試驗可能沒有在進行時，幕後會發生什麼，以及這如何在最終上市時幫助商業化的推進速度？

Let's be clear, we never said we'd have approval by year-end; we said we expected a 2021 launch with a limited launch by the end of 2020 was our goal, without meaningful financial impact in 2020, if we had a limited launch. There are things we can do to accelerate those studies possibly. On the manufacturing side, we have similar circumstances to what Quentin described earlier about the core business. We have suppliers that we're not in control of who are rapidly putting equipment together and building things for us. We have orders for this equipment all over the world, waiting for it to come in, to get those lines up and running. We will remain committed to the fact we will not do a full-scale launch of this product until we're ready to go completely. And on top of that, while we wait and sometimes we forget, we have a fantastic product with what we have in G6, and so we will continue to refine and make that better. I don't know, Quentin, if you have any other things we can do on manufacturing?

先講清楚，我們從未說過會在年底前取得核准；我們說的是預期在2021年上市，而我們的目標是在2020年底前進行有限上市（limited launch），且若是有限上市，2020年不會有顯著的財務影響。我們確實可能有一些方式可以加速那些研究。在製造端，我們面臨的情況與Quentin先前對核心業務所描述的類似。我們有一些不受我們控制的供應商，正在快速組裝設備並為我們建置相關項目。我們在全球各地都有這些設備的訂單，正在等待到貨，以便讓那些產線建置並開始運轉。我們仍然會堅持：在我們完全準備就緒之前，不會對這個產品進行全面上市。此外，在等待的同時——有時我們會忘記——我們現有的G6就是一個很棒的產品，因此我們會持續精進並讓它更好。我不確定，Quentin，在製造方面你是否還有其他我們能做的事？

No, I think the teams are doing a great job of pushing forward as well as we can, as fast as we can on G7 and just the automation capability from a production perspective. Clearly, having folks out of the office creates some challenging disruptions in the pace at which you move. But I think overall, we're navigating it quite well.

沒有，我認為團隊在推進G7方面做得非常好，也在生產端的自動化能力上盡可能、以最快速度往前推。很明顯地，讓人員不在辦公室會對推進速度造成一些具挑戰性的干擾。但我認為整體而言，我們應對得相當不錯。

At the same time, our supply chain is one where it's global in nature. We rely on folks from all over the world to help us produce our product. And we've done a great job of managing G6 to date. G7, we've managed through it as well, but there have been situations where you have a temporary impact here or there, and you got to quickly navigate through it to make sure everything stays on track and on time. And to-date, we've done that well. But that's some of the uncertainty that starts to get introduced in the environment that we find ourselves navigating through. So to date, we're handling it well, but there's a lot of balls in the air, and we're doing the best that we possibly can. And if we can pull it forward to Kevin's point, we certainly will look at those sorts of things.

同時，我們的供應鏈本質上是全球性的。我們仰賴來自世界各地的人員協助我們生產產品。而截至目前，我們在管理G6方面做得很好。G7我們也一路管理過來，但確實有些情況會在這裡或那裡造成短暫影響，你必須迅速因應，確保一切都能按計畫、按時程進行。而截至目前，我們做得不錯。但這也就是我們所處環境中開始被引入的一些不確定性。所以到目前為止，我們處理得很好，但同時有很多事情在進行中，我們也在盡最大努力做到最好。而如果我們能如Kevin所說把時程往前拉，我們當然會評估並研究這類事情。

And our next question comes from Matthew Blackman from Stifel.

下一個問題來自Stifel的Matthew Blackman。

You did mention accelerating pharmacy channel mix. So I'm curious if you had any feedback from payers, I'm talking particularly about holdout payers that may now be more willing to accommodate pharmacy access for DexCom. Similarly, has there been any impact in the last 6 weeks or so on the insurance verification process? Is that moving along smoothly? Is it similar to the pace you've seen in the past, faster or slower? Any help there would be appreciated.

你們確實提到正在加速藥局通路組合（pharmacy channel mix）。所以我想了解，你們是否收到付款方（payers）的任何回饋？我特別指的是那些仍在觀望的付款方（holdout payers），他們現在是否更願意讓DexCom取得藥局通路的可近性？同樣地，過去大約6週左右，保險資格驗證流程是否受到任何影響？進展是否順暢？速度是否與你們過去看到的相近、更快或更慢？若能提供一些說明將不勝感激。

Quentin, do you want to go ahead?

Quentin，你想先開始嗎？

Yes. So I think from a pharmacy perspective, the comments that we made were clear that we've seen the uptick in that pharmacy channel progress at a very rapid pace. And it's one channel that we always thought just has tremendous potential for us, and we've proved that out over the course of the first quarter. As a matter of fact, we talk about new patients being a driver of growth. For the first time, we saw record new patients in the first quarter despite the fact that we saw it slow down in the very back end of the quarter. So -- and I attribute a good part of that to the pharmacy channel.

是的。所以我認為從藥局端的角度來看，我們先前的評論已經很清楚地指出，我們看到藥局通路的進展以非常快的速度上升。而這一直是我們認為對我們具有巨大潛力的一個通路，我們也在第一季的過程中證明了這一點。事實上，我們談到新病患是成長的驅動因素。第一季我們首次看到新病患數創下紀錄，儘管在該季最後階段我們確實看到增速放緩。所以——我把其中很大一部分歸因於藥局通路。

We haven't seen payers or at least I couldn't speak to any particular payers here in the last several weeks who have opened up more incremental pharmacy access, but we have seen payers who are willing to think differently around the requirements that they might have on patients ordering product, such as clinical site visits or coming in to see the clinician. They're allowing that through telehealth now, telemedicine. We see more and more payers who are moving in that direction each and every week. So we are seeing a changing dynamic from a payer perspective. Haven't seen it so much in terms of opening incremental pharmacy access in the last several weeks, but there is an appetite for change here.

我們沒有看到付款方（payers），或者至少在過去幾週我無法針對任何特定付款方在此發言，去開放更多額外的藥局通路可及性；但我們確實看到付款方願意以不同方式思考他們可能對病患下達的產品訂購要求，例如臨床據點回診或到院看診。他們現在允許透過遠距醫療（telehealth）、遠距醫學（telemedicine）來完成。我們每週都看到越來越多付款方朝這個方向移動。因此，從付款方角度來看，我們確實看到動態正在改變。過去幾週在開放額外藥局通路可及性方面倒是沒有看到太多，但確實存在變革的意願。

And our next question comes from Raj Denhoy from Jefferies.

下一個問題來自 Jefferies 的 Raj Denhoy。

I wonder if I could maybe ask about international a little bit, so the $41 million increase, 60-plus percent was notably strong. And so I'm curious if there was particular markets in which you saw that growth? And as a related question, as we think about Germany, the U.K. being some of the more impacted markets with COVID, what are your thoughts around how those will trend over the next several quarters?

我想或許可以問一下國際市場的情況，增加了 4,100 萬美元、成長 60% 以上，表現明顯很強。因此我很好奇，你們在哪些特定市場看到這樣的成長？另外一個相關問題是，當我們考量德國、英國等受 COVID 影響較大的市場時，你們對未來幾季的走勢有何看法？

Yes, Raj, great question. International was clearly a bright spot in the quarter. And really, it was across the entire international region whether it was Europe, Asia, both regions performed incredibly well. Canada was a driver of the overall growth. With the e-commerce platform we put in place there, we couldn't be more happy with the results that we see. I think one of the interesting data points coming out of the quarter, while Germany is a large market for us, continues to have great success, the U.K. also growing quite aggressively, very significantly outpaced most other major markets, which was nice to see. So a lot of runway continued to exist in all of these markets, but really strength across the board, even through Asia and Australia. So there's not one country to really pull out and attribute all the success to. It was performance across the entire slate that led to the overall outcome that we communicated.

是的，Raj，這是個好問題。國際市場顯然是本季的一個亮點。而且基本上是整個國際區域全面發力，不論是歐洲或亞洲，兩個區域表現都非常出色。加拿大是整體成長的驅動因素之一。我們在那裡建立的電商平台，看到的成果讓我們非常滿意。我認為本季一個有趣的數據點是：雖然德國是我們的重要市場且持續非常成功，英國也在相當積極地成長，成長幅度顯著超越多數其他主要市場，這點很令人欣慰。因此，這些市場都仍有很大的成長空間，而且整體而言各地都很強勁，甚至包括亞洲與澳洲。所以其實沒有哪一個國家可以單獨挑出來，把所有成功都歸功於它。是整個版圖的全面表現，帶來了我們所溝通的整體結果。

Our next question comes from Jayson Bedford from Raymond James.

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

I hope everyone is healthy. I hate to blow my one question on a yes or no question. But Quentin, I think I just heard you say that you generated record new patients in 1Q. Is that correct?

希望大家都健康。我不想把我唯一的一個問題浪費在是或否的問題上。但 Quentin，我想我剛剛聽到你說第一季的新病患數創下紀錄。是這樣嗎？

Yes.

是的。

So meaning you generated more new patients in 1Q '20 than you -- in any other quarter?

所以意思是，你們在 2020 年第一季新增的新病患數——比任何其他季度都多？

Yes. Correct. The first quarter of 2020 was a record number of new patients to the company versus any other quarter in history. That's right.

是的。正確。2020 年第一季，公司新增的新病患數量創下歷史上任何季度的紀錄。沒錯。

And the next question comes from Ryan Blicker from Cowen.

下一個問題來自 Cowen 的 Ryan Blicker。

2 reimbursement ones. So subsequent to your NH coverage, is there any quantification you could provide on where commercial payer coverage for intensively-managed type 2 patients is in the U.S. today? And then, could you also give us an update on the reimbursement environment in Japan and South Korea as you plan to launch later this year?

兩個關於給付（reimbursement）的问题。所以在你們新罕布夏州（NH）取得給付覆蓋之後，你們能否量化一下目前在美國，商業保險對於「密集管理」第 2 型病患的覆蓋程度大概到哪裡？另外，隨著你們計畫今年稍晚在日本與南韓上市，也能否更新一下當地的給付環境？

The reimbursement with intensive type 2 is, obviously, most of them are Medicare patients, and we have that covered. After that, it has really been payer by payer. We announced UnitedHealthcare type 2 coverage today. We also have had another large payer expand their type 2 intensive use policy that just hit us today, that will be another win for us. I think a lot of the payers as we go to the pharmacy, have actually included type 2s as we've gone there as well. But it's a gradual thing. It's not going to happen overnight. We keep having wins in our payer team is doing a good job staying on top of that, and we're kind of getting the message out that an insulin user is an insulin user, and they all need access to this. So our type 2 intensive use patient base is growing significantly and becoming a much larger part of our business.

針對密集型第 2 型的給付，顯然其中大多數是 Medicare 病患，而我們在那部分已有覆蓋。在那之後，就真的得看各家付款方而定。我們今天宣布 UnitedHealthcare 對第 2 型的覆蓋。我們也有另一家大型付款方擴大了其第 2 型密集使用政策，今天剛好也通知到我們，這會是我們的另一個勝利。我認為許多付款方在我們轉向藥局通路時，也把第 2 型納入其中。但這是一個逐步的過程。不會一夕之間發生。我們持續取得進展，我們的付款方團隊也做得很好、緊盯這件事；我們也在傳達一個訊息：使用胰島素的人就是使用胰島素的人，他們都需要取得這項產品的可及性。因此，我們的第 2 型密集使用病患基礎正在顯著成長，並成為我們業務中更大的一部分。

Yes. I don't have a great update for you on -- a new update for you anyway on Korea. But with respect to Japan, we did get our G6 approval. So that's an approval for consumer use as to a professional use clinician product. We don't currently have reimbursement. So when we launch that product in the consumer channel before the end of this year, it will be a cash pay product. What we've elected not to do is follow a competitor and accept really some part reimbursement based on kind of finger-stick level pricing. We're just not going to go there with that. We're going to do our work, provide the Japanese government with the appropriate data, outcomes data and establish real reimbursement for real-time CGM. So that won't be this year, but we'll give you an update when we have more.

是的。關於韓國，我沒有什麼很好的更新——至少沒有新的更新可以提供。但就日本而言，我們確實取得了 G6 的核准。這是針對消費者使用的核准，而不是專業用途的臨床醫師產品。我們目前還沒有給付。因此，當我們在今年年底前於消費者通路推出該產品時，它將會是自費（cash pay）產品。我們選擇不去做的是：跟隨競爭對手，接受某種部分給付，而那種給付其實是以指尖採血（finger-stick）等級的定價為基礎。我們不會走那條路。我們會完成我們的工作，向日本政府提供適當的資料、結果（outcomes）數據，並為即時 CGM 建立真正的給付。所以那不會在今年發生，但當我們有更多進展時會再向各位更新。

And our next question comes from Chris Pasquale from Guggenheim.

下一個問題來自 Guggenheim 的 Chris Pasquale。

Can you quantify at all the impact on new patient starts in April? Just looking for a rough sense for how significant the disruption has been. And then Quentin, I just want to make sure I heard you right that you're already seeing those numbers begin to rebound. That seems a little fast. I'm wondering whether you have any sense for why that is or if physicians [are] getting better at telemedicine? It seems like most areas are still pretty locked down.

你們能否量化一下 4 月新病患啟用（starts）所受到的影響？我只是想大致了解干擾有多嚴重。另外 Quentin，我想確認我是否聽對了：你們已經看到這些數字開始回升。這似乎有點快。我想知道你們是否了解原因，或是醫師在遠距醫療（telemedicine）方面變得更上手？看起來大多數地區仍然相當封鎖。

Yes. We're not going to comment specifically on where it's at. I think there's been a lot of research, a lot of surveys that have been done that we've seen that would indicate new patient starts might be 40% or 50% of what they previously were. We haven't seen it to that extent, but they certainly have been impacted. And to the point I made earlier, we have seen it start to come back a bit. I think folks are just getting comfortable understanding that there's other means of being able to interact with their physician, learn about the product and ultimately get the product on to them. And that's the telehealth, telemedicine capability that continues to develop.

是的。我們不會針對目前的具體數字做評論。我認為我們看到很多研究與調查指出，新病患啟用可能只有先前的 40% 或 50%。我們沒有看到影響到那種程度，但確實受到衝擊。而且如我先前提到的，我們確實看到它開始有些回升。我想大家只是逐漸適應並理解，還有其他方式可以與醫師互動、了解產品，並最終取得產品。而這就是遠距健康（telehealth）、遠距醫療（telemedicine）能力持續發展所帶來的。

I'll point you back to the webinar that we had just 2 weeks ago. Over 900 physicians dialed into that webinar to learn of the value and ways to introduce CGM through telehealth. I think that speaks to the interest level that's out there. So I think it will continue to build over time. How quickly it goes, it's hard to say, and that's part of why the uncertainty exists and gives us pause on the guidance that's out there and leaving it there. But overall, I think down the road, telehealth, telemedicine is going to play a much bigger part than what we've seen historically.

我會請你回去參考我們就在兩週前舉辦的那場網路研討會。有超過900位醫師撥入參加那場研討會，了解透過遠距醫療導入CGM的價值與方式。我認為這反映了市場上確實存在的興趣程度。因此我認為這個趨勢會隨時間持續累積。至於進展會有多快，很難說，這也是不確定性存在的原因之一，讓我們對外界的指引保持審慎並維持原先的說法。但整體而言，我認為從長遠來看，遠距健康、遠距醫療將扮演比過去歷史上更重要得多的角色。

And our next question comes from Steven Lichtman from Oppenheimer & Company.

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

You talked about the strong cash position you're in, which is particularly important during this time. You also mentioned being opportunistic with the cash. Can you provide any color on where that cash can be put to use for growth initiatives beyond the manufacturing expansion? Any other broader thoughts on potential use of cash that you can provide?

你談到公司目前擁有強勁的現金部位，這在此時尤其重要。你也提到會以更具機會性的方式運用現金。能否提供一些說明，除了製造產能擴張之外，這些現金還能用於哪些成長計畫？關於現金可能用途，還有沒有其他更廣泛的想法可以分享？

You know what? Quentin, you take first stab, then I'll go. We're kind of looking at each other. Go ahead.

你知道嗎？Quentin，你先回答，然後我再補充。我們彼此看了一下。你先請。

Well, I think certainly, the new market opportunities that we've been after for a while now with Dolan and team leading that effort, we've been very clear around hospital. Is there a way to accelerate that? There certainly seems to be an interest level beyond ours now sitting on the other side, whether it's the hospital or the FDA, we want to make sure we're opportunistic and think about that in a way that can accelerate it.

我想當然，新市場機會是我們追求了一段時間的方向，由Dolan和團隊主導推進，我們在醫院端的布局也講得很清楚。是否有方法可以加速？現在看起來，除了我們自身之外，對端（不論是醫院端或FDA）也出現了更高的興趣程度；我們希望確保能把握機會，並以能夠加速推進的方式來思考。

I think that there's potentially in that space, even more than just the device itself, but how do you improve efficiency in the hospital setting? So even from an IT capability perspective, thinking about those sorts of things, you think about gestational diabetes, pregnancy, the whole type 2 non-intensive space, I think that that market remains significant. And I think we're seeing each and every day that there's a validated opportunity in that space, and we want to go fast. So we're keeping our eyes open out there in those spaces around the opportunities that exist. And if there's opportunities to kind of really put the foot on the gas pedal, we're going to look at those sorts of things. So that's what we mean by being opportunistic.

我認為在那個領域，潛在機會甚至不只是裝置本身，而是如何在醫院環境中提升效率？因此即使從IT能力的角度來看，這類事情也值得思考；再看妊娠糖尿病、懷孕族群、整個第二型糖尿病非密集治療的市場，我認為那個市場仍然相當可觀。而且我認為我們每天都看到那個領域存在已被驗證的機會，我們希望加快腳步。所以我們會在這些領域持續留意外部存在的機會。如果有機會能真正把油門踩下去，我們就會評估這類事情。這就是我們所說的「機會性」運用。

Yes. I'd just add one more thing as far as cash because I'm the one driving Quentin and his team on this. We talk about doubling manufacturing capacity before the first half of the year is over. We're pushing to that, but that's a lot of capital equipment as we go to a lot of G6 automated lines and getting those up and running and get more lines up at our contract manufacturers. We then have a significant capital investment in the G7 equipment that will be coming, and we talked about investing in a third manufacturing site in Malaysia. So there's going to be a lot of capital equipment that we purchased. The other place that we will definitely be using cash as we invest in our business is just on our infrastructure and our systems. We will -- if we've learned anything through this, we need to make some more investments on that side, too. Our team has been fantastic with the tools they have and we need to get them some more tools. So we have a lot of capital use for that money for organic growth as well.

是的。就現金運用我再補充一點，因為是我在推動Quentin和他的團隊做這些事。我們談到要在上半年結束前把製造產能加倍。我們正朝這個目標推進，但這需要大量資本設備投入，因為我們要導入許多G6自動化產線，讓它們上線運轉，並在我們的委外製造商那邊再增加更多產線。接著我們還會在即將到來的G7設備上進行重大資本投資，我們也談到要在馬來西亞投資第三個製造據點。因此我們會採購大量資本設備。另外一個我們一定會用現金投資、以支持業務成長的地方，是基礎設施與系統。如果這次事件讓我們學到任何事，那就是我們也需要在那一端做更多投資。我們的團隊在現有工具下表現非常出色，但我們需要提供他們更多工具。所以就有機成長而言，這筆資金也有很多資本用途。

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

下一個問題來自Berenberg Capital的Ravi Misra。

I hope everyone over there and their families are okay. Just a question about the financial assistance program. You're providing about 6 months' worth of supply to patients. Can you just help us understand kind of -- would that be something that would be shipped out immediately if someone signs up? And also, how do we think about it if the economy continues to kind of show these unemployment numbers? How willing is the company to kind of extend these programs for beyond that 6-month period? Is there anything that would be gating you to do that?

希望你們那邊以及家人都一切安好。我想問一下財務援助計畫。你們大約提供病患6個月的用品供應。能否協助我們理解一下——如果有人報名，這會是立即出貨嗎？另外，如果經濟持續呈現這些失業數據，我們應該如何看待這件事？公司在多大程度上願意把這些計畫延長到超過6個月？是否有任何因素會限制你們這麼做？

Well, we'll start with our 6-month period. And as we got to that conclusion, as we've modeled that out, we're certainly comfortable with that. We're very comfortable with, again, helping our patient base out. These are the people who have built our company and made it what it is. And as I said in my prepared remarks, the more I traveled before this pandemic, the more I learned, there are a lot of people who have no idea how to manage their diabetes without a CGM. So we will continue to try and get product to patients.

好，我們先從6個月期間談起。當我們得出這個結論、並完成模型推估後，我們對此當然是有把握的。我們也非常願意再次強調，去協助我們的病患族群。這些人是建立我們公司、讓公司成為今天樣貌的關鍵。正如我在事先準備的發言中提到的，在這次疫情之前我旅行越多、了解越多，就越發現有很多人根本不知道沒有CGM要如何管理糖尿病。因此我們會持續努力把產品送到病患手上。

We'll evaluate the economic consequences of what we do as we roll this out over time. 3 years ago, if we had to do this, it would have been even much more difficult because we had very little Medicaid. And we didn't even have Medicare up and running. Now with Medicare approval and Medicaid, there are some states where these patients that are unemployed can go to Medicaid programs. But it's very inconsistent and sporadic, even though we have, I want to say, 60% of Medicaid programs cover us, some only covers for kids and some make it very difficult. So we will continue to push for more Medicaid coverage during this time to try and mitigate that, and we'll see how it goes, and we'll keep track. But I -- it's important that we make sure these people can stay on the system, and we think this is a really good opportunity for us. So we will continue to do that.

我們會在推行過程中，隨時間評估我們所做之事的經濟後果。如果是3年前要做這件事，會困難得多，因為我們的Medicaid覆蓋很少。而且當時甚至還沒有把Medicare正式運作起來。現在有了Medicare核准以及Medicaid，在某些州，失業的病患可以轉入Medicaid計畫。但即便我們大概有60%的Medicaid計畫涵蓋我們，整體仍非常不一致且零散：有些只涵蓋兒童，有些則讓取得變得非常困難。因此在這段期間我們會持續推動更多Medicaid覆蓋，以嘗試降低影響；我們會觀察進展並持續追蹤。但我認為，確保這些人能持續使用系統非常重要，而我們也認為這對我們而言是個很好的機會。所以我們會持續這麼做。

And our last question comes from Chris Cooley from Stephens.

最後一個問題來自Stephens的Chris Cooley。

Congrats on the record new patient starts. Just at this point, from my perspective, maybe Quentin, could you help us out a little bit with as we look at the operating expenses trending forward, you alluded to better managing the supply chain, we'd assume you'd keep higher levels of safety stock, have higher costs during the shorter run and appropriately so on the labor side. Just maybe help us when we look at the first quarter, was that reflected in the 1Q results? Or just any way you can maybe help us better understand how we should think about maybe the margin structure as we start to go through the year ex the capacity build-out? And maybe similarly from the DTC effort, what you're looking for there that to kick that up just from a change in the COVID-19 situation?

恭喜新病患啟用數創下紀錄。就目前來看，從我的角度，或許Quentin你能否協助我們理解一下：當我們往前看營運費用的走勢時，你們提到會更好地管理供應鏈；我們會假設你們會維持較高水位的安全庫存，短期內成本會更高，且在人力端也會相應調整。想請教一下，第一季的結果是否已反映這些因素？或者你能否用任何方式協助我們更好理解：當我們在年度中推進、撇除產能擴建（ex the capacity build-out）後，應該如何看待毛利結構？另外在DTC（直接面向消費者）推廣方面，隨著COVID-19情勢變化，你們會觀察哪些指標來決定把力道加大？

Yes. I think if you go back to the guidance that we set coming into the year, we spoke about some of the different levers that were in there. And certainly, some of the things that we're going to weigh on the organization being specific to G7 trials, development of the automation lines, ramping G6 as quickly as we can and doubling it, and DTC being a significant investment, I think while we've walked away from guidance on the full year, those sorts of drivers are still going to be in the spend profile and they're going to be more heavily weighted in the back half of the year. So while you're seeing a 1,300 basis point improvement in operating margin in Q1, it's not likely that you're going to see that same sort of improvement in the back half of the year because there's going to be all these incremental investments that we know that we need to make, and that will set the company up for growth far into the future, and we're going to commit ourselves to invest in those ways.

是的。我認為如果你回頭看我們在年初所設定的指引，我們談到其中一些不同的槓桿。當然，我們將在組織層面權衡的一些事項，包括針對 G7 試驗、開發自動化產線、盡可能快速地拉升 G6 並將其產能加倍，以及 DTC 作為一項重大投資。我認為，雖然我們已撤回全年指引，但這些驅動因素仍會反映在支出結構中，而且在下半年會有更高的權重。因此，儘管你在第一季看到營業利益率改善了 1,300 個基點，但下半年不太可能看到同樣幅度的改善，因為我們知道還需要進行所有這些額外投資；這些投資將讓公司在未來很長一段時間具備成長動能，而我們也將承諾以這些方式進行投資。

So I think you're going to continue to see some good leverage in the first half of the year. I think in the back half of the year, you're going to see the P&L start to look a little bit differently as we make some of these key investments into what I think all of us understand to be critical growth drivers of the future. So I'll leave it at that. The P&L profile will shift a little bit. But overall, we still remain committed to the longer-term goals that we put out there at Analyst Day, just 1.5 years ago or so.

所以我認為你會在上半年持續看到一些不錯的槓桿效益。我認為在下半年，隨著我們對一些關鍵投資到位——我想我們都明白這些是未來至關重要的成長驅動因素——你會看到損益表開始呈現一些不同的樣貌。所以我就先說到這裡。損益表的結構會稍微轉變一些。但整體而言，我們仍然致力於我們在分析師日（大約 1.5 年前左右）所提出的長期目標。

And that concludes the question-and-answer session. I'll turn the call back over to the speakers for final remarks.

問答環節到此結束。我將把電話會議交回給講者作最後致詞。

This is Kevin. I'll finish up today. We want to thank all of you for participating on our call, assuredly under circumstances far different from what you'd envision during our 2019 Q4 and year-end call last February. As I watch the news, night in and out, I've seen the toll that this virus is taken on communities all over the world and recognize that when this pandemic ends, our world, human interaction and the administration of health care will be forever changed. DexCom is very fortunate to be in a strong position during this pandemic, and I personally feel a sense of obligation to operate from that strength to serve the needs of others in this time of heightened anxiety. With stay-at-home orders and school closures, we realize our employees' day-to-day lives have been upended causing significant stress. We've attempted to reduce that stress by offering increased pay to essential on-site workers and promoting increased safety measures to best protect all DexCom employees.

我是 Kevin。我來做今天的結語。我們要感謝各位參與本次電話會議；可以肯定的是，這樣的情況與你在去年二月我們 2019 年第四季與全年結算電話會議時所想像的截然不同。我日復一日地看新聞，看到這個病毒對全球各地社區造成的衝擊，也意識到當這場疫情結束時，我們的世界、人與人的互動，以及醫療照護的提供方式都將永遠改變。DexCom 很幸運在這場疫情期間仍處於強勢地位，而我個人也感到有責任要運用這份優勢，在這個焦慮升高的時刻去滿足他人的需求。在居家令與停課之下，我們明白員工的日常生活被徹底打亂，造成顯著壓力。我們嘗試透過提高必要現場工作人員的薪酬並推動更嚴格的安全措施，來降低這些壓力，以盡可能保護所有 DexCom 員工。

We recognize that diabetes doesn't take a break even for pandemics, economic slowdowns or high unemployment. Now more than ever, we have a responsibility to patients that have supported DexCom over the years and made us into the company that we are today. We're therefore working quickly on the rollout of our patient assistance program to provide access to DexCom CGM for the many individuals who have lost their jobs as a result of COVID-19. In addition, we realize that helping a patient stay in control of their blood glucose, also assists family members and clinicians providing immediate relief to our health care system. Our core belief remains unchanged: If we do our best to take care of our patients, the business will always move in the right direction. Every intensive insulin-using patient should have access to real-time CGM. We'll work tirelessly to make that happen.

我們也明白，糖尿病不會因為疫情、經濟放緩或高失業率而暫停。現在比以往任何時候，我們都有責任回饋多年來支持 DexCom、並讓我們成為今日這家公司的病患。因此，我們正加速推動病患協助計畫的上線，讓許多因 COVID-19 而失業的個人也能取得 DexCom CGM。此外，我們也意識到，協助病患維持血糖控制，同時也能幫助家屬與臨床醫師，為我們的醫療體系帶來即時的紓解。我們的核心信念始終不變：只要我們盡最大努力照顧病患，業務就會朝正確方向前進。每一位需要密集胰島素治療的病患，都應該能使用即時 CGM。我們會不懈努力，讓這件事成真。

COVID-19 has had a disproportionate impact on the diabetes community. This awful virus is also attacking the pancreas of people without diabetes. As a result, brave frontline responders are having to repeatedly gown up in full PPE to administer finger-sticks to test patients' blood glucose levels. We worked hard with the FDA to provide these heroes with better tools to treat patients and reduce health care workers' overall risk infection. How our employees have rallied to this cause has been nothing short of amazing. In short order, we've created new training materials, stood up a specialized technical support group, procured and configured thousands of cell phones for use in this environment at a cost in excess of $1 million, and developed a separate commercial structure to launch G6 in this market at significantly reduced prices. We are making a significant investment here.

COVID-19 對糖尿病社群造成了不成比例的影響。這個可怕的病毒也正在攻擊沒有糖尿病的人之胰臟。因此，勇敢的第一線應變人員不得不反覆穿戴全套個人防護裝備（PPE），以進行指尖採血來檢測病患的血糖值。我們與 FDA 密切合作，為這些英雄提供更好的工具來治療病患，並降低醫護人員整體的感染風險。我們的員工為此目標所展現的凝聚力，令人驚嘆。在很短的時間內，我們製作了新的訓練教材、成立了專門的技術支援團隊、採購並設定了數千支可在此環境使用的手機（成本超過 100 萬美元），並建立了獨立的商業架構，以大幅降低的價格在此市場推出 G6。我們在此投入了相當可觀的投資。

Our commitment to connectivity, enablement of multiple platforms to consume our data and cloud-based tools for health care providers has become even more important than we envisioned when we blazed this trail many, many years ago. As the work from the team at the Barbara Davis Center in Colorado indicates, the unique features of our CGM and connected software solutions are playing an important role in driving care for newly diagnosed people with diabetes during this crisis. We are hopeful that the expanded use of telemedicine during the crisis can ultimately provide avenues for greater access to health care over the long-term with DexCom CGM providing an essential tool in the process.

我們對連結性的承諾、讓多個平台能夠使用我們的資料，以及為醫療照護提供者提供雲端工具的重要性，甚至比我們在多年前開創這條道路時所想像的更為關鍵。正如科羅拉多州 Barbara Davis Center 團隊的工作所顯示，我們 CGM 與連結式軟體解決方案的獨特功能，在這場危機期間，對於推動新診斷糖尿病患者的照護扮演了重要角色。我們希望，危機期間遠距醫療的擴大使用，最終能在長期為更廣泛的醫療可近性提供途徑，而 DexCom CGM 將在此過程中提供不可或缺的工具。

In addition, our efforts to assist hospitals worldwide is a big investment, as I said earlier. We intend to take all of the data that we can gather, generated during this time, to accelerate the development and launch of a hospital-based system that better meets the needs of health care providers and our current ambulatory product. It's often during difficult times that the true character of an individual or company is revealed. Our hope is that our efforts during this time will provide comfort to the many stakeholders that we serve and that our character of DexCom will stand out brightly. On behalf of our employees, I'm proud to lead these efforts. Thanks. Goodbye.

此外，正如我先前所說，我們協助全球各地醫院的努力也是一項重大投資。我們打算運用在這段期間所能蒐集到的所有資料，加速開發並推出一套以醫院為基礎的系統，使其更能滿足醫療照護提供者的需求，並與我們目前的院外（ambulatory）產品相輔相成。往往是在艱難時刻，個人或公司的真實品格才會顯現。我們希望在此期間所做的努力，能為我們所服務的眾多利害關係人帶來安心，也讓 DexCom 的品格更加耀眼。我代表我們的員工，為能領導這些努力感到自豪。謝謝。再見。

Thank you, ladies and gentlemen. This concludes today's conference call. Thank you for participating, and 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。