德康醫療 (DXCM) 2015 Q2 法說會逐字稿

Welcome to the DexCom second 2015 earnings release conference call. My name is Bakeeba, I will be your operator for today's call. At this time all participants are in a listen-only mode.

歡迎參加 DexCom 2015 年第二季財報發布電話會議。我叫 Bakeeba，將擔任今天會議的接線員。目前所有與會者皆處於僅收聽模式。

(Operator Instructions )

（接線員指示）

Please note this conference is being recorded. I will now turn the call over to Kevin Sayer. Kevin, you may begin

請注意，本次電話會議將被錄音。我現在把電話交給 Kevin Sayer。Kevin，您可以開始。

Thank you. Good afternoon everyone, and welcome to the DexCom second-quarter 2015 earnings call. We will start with our Safe Harbor statement by Steve Pacelli

謝謝。各位下午好，歡迎參加 DexCom 2015 年第二季財報電話會議。我們將先由 Steve Pacelli 宣讀安全港聲明。

Thanks, Kevin. Some of the statements that we will make in today's call may constitute forward-looking statements. These statements reflect Management's expectations about future events, operating plans and performances that speak only as the date hereof. These forward-looking statements involve a number of risks and uncertainties. A list of the factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under risk factors and elsewhere in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our other reports filed with the SEC. We undertake no obligation to update publicly or revise these forward-looking statements for any reason.

謝謝你，Kevin。我們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、營運計畫與績效的預期，且僅以本聲明當日為準。這些前瞻性陳述涉及多項風險與不確定性。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存在重大差異的因素清單，已在我們的 Form 10-K 年度報告、Form 10-Q 季度報告，以及其他向美國證券交易委員會（SEC）提交的報告中的風險因素及其他章節詳述。我們不承擔因任何原因公開更新或修訂這些前瞻性陳述的義務。

Additionally, we will discuss certain financial information that has not been prepared in accordance with GAAP with respect to our cash-based operating results. This non-GAAP information is provided to enhance our overall understanding of our current financial performance. 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. Kevin?

此外，我們將討論若干未依 GAAP 編製、與我們以現金為基礎之營運結果相關的財務資訊。提供此等非 GAAP 資訊旨在增進對我們目前財務表現的整體理解。此額外資訊之呈現不應被孤立看待，亦不應作為依 GAAP 編製之結果的替代，或被視為優於依 GAAP 編製之結果。Kevin？

Thanks, Steve. Joining me today are Jess Roper, our Chief Financial Officer; and Steve Pacelli, our Executive Vice President of Strategy and Corporate Development. I will ask Steve to kick off this call with a review of our detailed second-quarter 2015 financial results and I will follow with our customary operations update and offer some concluding thoughts before opening the line for questions. But before I turn the call over to Steve, I want to take a moment to talk about several key operational milestones we achieved during the second quarter.

謝謝你，Steve。今天與我一同出席的有我們的財務長 Jess Roper，以及策略與企業發展執行副總裁 Steve Pacelli。我會請 Steve 先就我們 2015 年第二季的詳細財務結果進行回顧，接著我將提供我們一貫的營運更新，並在開放提問前做一些結語。不過在把電話交給 Steve 之前，我想先花點時間談談我們在第二季達成的幾項關鍵營運里程碑。

We continue to experience phenomenal growth. Our revenues in Q2 alone were approximately the same as we achieved for all of FY12. Our blended gross margins exceeded 70% and our cash based net income increased at a rate of more than four times our topline revenue growth. Our first major awareness campaign kicked off during the quarter with the launch of our Nick Jonas promotional video. Nick made several major television appearances to discuss the role of DexCom CGM in his diabetes care and we had two major pharmacy wins during the quarter, with both United Healthcare and Anthem agreeing to process CGM as a pharmacy benefit. We expect to continue to expand our efforts on this front with the goal of processing the vast majority of our business through the pharmacy channel over the next several years. More from me later. I will now turn the call over to Steve.

我們持續經歷驚人的成長。僅第二季的營收就大約等同於我們 2012 會計年度全年的水準。我們的綜合毛利率超過 70%，而以現金為基礎的淨利成長速度超過營收成長的四倍。我們第一個大型品牌認知活動於本季啟動，並推出 Nick Jonas 的宣傳影片。Nick 在多個主要電視節目中露面，討論 DexCom CGM 在其糖尿病照護中的角色；此外，本季我們也在藥局通路取得兩項重大進展，United Healthcare 與 Anthem 均同意將 CGM 以藥局給付（pharmacy benefit）方式處理。我們預期未來幾年將持續擴大這方面的努力，目標是讓我們絕大多數業務透過藥局通路處理。稍後我會再補充。現在我把電話交給 Steve。

Thanks, Kevin. DexCom reported revenue of $93.2 million for the second quarter of 2015 compared to $58.8 million for the same quarter in 2014, a $34.4 million or 59% increase. Sequentially, revenue for Q2 of 2015 increased $20.4 million, up 28% from the prior quarter. Our gross profit totaled $66 million, generating a gross margin of 71% for the second quarter of 2015, compared to a gross profit of $39.9 million and a gross margin of 68% for the same quarter in the prior-year. As we have stated previously, we are now at the upper end of our gross margin targets on our Sensor disposables and our hardware. We will continue to seek improved gross margins to increase volumes, continued manufacturing improvements, continued shift in a sales mix to more disposables revenue and some cost savings in future product designs. In the near term, we expect our blended margin to remain at approximately 70%, but we remind investors that our gross margin on hardware could be slightly lower for a period of time due to the introduction of the G5 mobile transmitter.

謝謝你，Kevin。DexCom 2015 年第二季營收為 9,320 萬美元，較 2014 年同期的 5,880 萬美元增加 3,440 萬美元，增幅 59%。以季比季來看，2015 年第二季營收較前一季增加 2,040 萬美元，成長 28%。我們的毛利合計 6,600 萬美元，2015 年第二季毛利率為 71%，相較於前一年同期毛利 3,990 萬美元、毛利率 68%。如同我們先前所述，我們目前在感測器耗材與硬體的毛利率目標上已達到區間上緣。我們將持續透過提高出貨量、持續製造改善、銷售組合持續轉向更多耗材收入，以及未來產品設計中的部分成本節省，來尋求進一步提升毛利率。短期內，我們預期綜合毛利率將維持在約 70%；但也提醒投資人，由於導入 G5 mobile 發射器，硬體毛利率在一段期間內可能會略為降低。

Some final thoughts on our revenues and our gross profits. Our mix between durable and consumable products remains steady at approximately 30% durable and 70% consumable, a mix we expect to remain fairly constant going forward. AFP for Sensors was at the high-end of our stated range of $70 to $75 per Sensor, and the ASP for our hardware was approximately $800 to $850 per starter kit.

關於營收與毛利的最後幾點說明。我們在耐用品與消耗品之間的組合仍維持穩定，約為 30% 耐用品、70% 消耗品；我們預期未來也將大致維持不變。感測器的 AFP 位於我們先前所述每個感測器 70 至 75 美元區間的高端，而硬體的 ASP 約為每套入門套組 800 至 850 美元。

Finally, our international business continued to grow, representing $12.2 million or 13% of our revenues. Research and development expense totaled $24.4 million for Q2 of 2015, compared to $14.8 million in Q2 of 2014, with the increase due primarily to additional payroll-related costs and expenses related to work on our near-term product pipeline and work on our advanced product pipeline. Selling, general and administrative expense totaled $45.2 million in Q2 of 2015, compared to $30.9 million during the same quarter in 2014. The increase was primarily related to increased headcount in our sales organization, including both deal sales and internal sales support staff. The increase was also attributable both to additional marketing expenses in connection with our awareness campaigns. The increase included additional IT infrastructure costs and finally, of the $14.3 million increase, approximately $4 million was non-cash share-based compensation.

最後，我們的國際業務持續成長，營收為 1,220 萬美元，占總營收 13%。2015 年第二季研發費用合計 2,440 萬美元，較 2014 年第二季的 1,480 萬美元增加；增加主要來自額外的人事相關成本，以及我們近期產品管線與先進產品管線研發工作的相關費用。2015 年第二季銷售、一般及行政費用合計 4,520 萬美元，較 2014 年同期的 3,090 萬美元增加。增加主要與我們銷售組織人員擴編有關，包括外勤銷售與內部銷售支援人員。增加亦歸因於配合品牌認知活動所產生的額外行銷費用。增加項目亦包含額外的 IT 基礎設施成本；最後，在 1,430 萬美元的增幅中，約 400 萬美元為非現金的股份基礎給付（share-based compensation）。

Our net loss for the second quarter of 2015 totaled $3.7 million and included $23.4 million in non-cash expenses that are primarily in share-based compensation, depreciation and amortization. Absent these non-cash charges, cash-based net income was $19.7 million for Q2, representing 21% of our revenues. This compares quite favorably to cash-based net income of $8.2 million in Q2 of last year. We also remind investors that we expect share-based compensation expense to be approximately $21 million to $22 million per quarter through the balance of 2015. Our loss per share for the quarter was $0.05, based on 80 million shares outstanding at the end of Q2. With respect to our balance sheet, we ended the second quarter with $98 million in cash and marketable securities, an increase of $14 million from Q1 of this year.

我們 2015 年第二季淨損合計 370 萬美元，其中包含 2,340 萬美元的非現金費用，主要為股份基礎給付、折舊與攤銷。若排除這些非現金費用，第二季以現金為基礎的淨利為 1,970 萬美元，占營收 21%。相較之下，去年第二季以現金為基礎的淨利為 820 萬美元。另提醒投資人，我們預期 2015 年剩餘期間每季的股份基礎給付費用約為 2,100 萬至 2,200 萬美元。本季每股虧損為 0.05 美元，係以第二季末流通在外股數 8,000 萬股計算。就資產負債表而言，我們在第二季末持有現金及有價證券 9,800 萬美元，較今年第一季增加 1,400 萬美元。

With that I'll turn the call back over to Kevin for a business update.

接下來我把電話交回 Kevin，請他進行業務更新。

Thank you, Steve. Before I get into details about the business, I want to update investors regarding our revenue guidance for the balance of the year. We've obviously had two very successful quarters to start 2015 and feel quite confident in our prospects for the second half of the year. So consistent with prior years, we take this opportunity to up our revenue guidance to a range of $350 million to $375 million. And just so it's not lost on investors, this means DexCom will need to generate at least $200 million in the second half of 2015 to achieve the mid to upper half of our range. Pretty ambitious, considering we generated $257 million in revenue for all of last year.

謝謝你，Steve。在我進入業務細節之前，我想向投資人更新我們對今年剩餘期間的營收指引。顯然我們在 2015 年開局的兩個季度都非常成功，對下半年前景也相當有信心。因此，延續以往年度的做法，我們把營收指引上調至 3.50 億至 3.75 億美元的區間。也為了讓投資人不會忽略，這代表 DexCom 在 2015 年下半年至少需要創造 2.00 億美元的營收，才能達到我們區間的中段到上半段。這相當具挑戰性，因為我們去年全年營收也才 2.57 億美元。

With our revenue aspirations related to our expected launch of G5 mobile later this year, and especially as we look at 2016, we need to make some additional commercial investments now. First and foremost, we need to continue to increase awareness. As part of our evaluation of potential awareness campaigns, we have conducted a series of focus groups of non-CGM users around the country. From these focus groups, our field team relayed the story of a woman who was overcome with emotion and burst into tears when she learned about DexCom CGM and the benefits it offered. She'd been on injections for over 20 years and never realized that the technology existed that could afford her this level of control, convenience, and, most of all, freedom. Freedom from worry and anxiety. Not just for herself, but for her 11-year-old son whose constant worry about his mother was creating his own health issues. Clearly we need to do more.

基於我們對今年稍晚預期推出 G5 mobile 的營收目標，尤其是展望 2016 年，我們現在需要進一步增加商業投資。首要之務是持續提升市場認知。作為評估潛在認知活動的一部分，我們在全國各地針對非 CGM 使用者進行了一系列焦點團體訪談。從這些焦點團體中，我們的外勤團隊轉述了一位女性的故事：當她得知 DexCom CGM 及其所帶來的益處時，情緒激動到潸然淚下。她已使用注射治療超過 20 年，卻從未意識到竟然存在能讓她獲得如此程度控制、便利性，最重要的是自由的技術——擺脫憂慮與焦慮的自由。不僅是為了她自己，也為了她 11 歲的兒子；兒子對母親長期的擔憂正造成他自身的健康問題。顯然，我們需要做得更多。

While we can't necessarily quantify what Nick Jonas did for us in terms of sales volume, we can give you some high-level statistics. Our website had more visitors the day we posted the Jonas video than any other day in our history. The team was able to secure 17 interviews with national media outlets where Nick Jonas was able to mention his DexCom CGM. Combine these wins with the huge number of DexCom Tweets, likes, follows, et cetera, and the diabetes and Nick Jonas social media communities, and we consider this a big success.

雖然我們不一定能以銷售量來量化 Nick Jonas 為我們帶來的貢獻，但我們可以提供一些高層次的統計數據。我們在發布 Jonas 影片的那一天，網站訪客數創下公司史上單日最高。團隊也成功安排了 17 場全國性媒體的採訪，讓 Nick Jonas 能夠提到他使用的 DexCom CGM。再加上大量的 DexCom 推文、按讚、追蹤等等，以及糖尿病與 Nick Jonas 的社群媒體社群互動，我們認為這是一項重大成功。

Over the next few quarters, we will explore other opportunities to reach our customers directly and will invest accordingly. We also need to expand access through our field presence. Not simply adding sales reps, but orienting our activities with a goal to simplify access for clinicians and patients. To do this, we will continue to build out our managed care team to support our efforts to move reimbursement through a pharmacy benefit and to enable access of DexCom product at retail outlets such as CVS and Walgreens. We will also be looking to pilot expansion of our call points outside of endocrinology to broaden reach into the entire insulin-using diabetes market. We need to generate more clinical data. As one tool to do so, we plan to support more investigator-initiated studies. For example, we are supporting several studies related to the use of CGM for some period of time immediately after diabetes diagnosis. Finally, we are investing more in our internal infrastructure to support growth, both back-office headcount and information technology. During our Q4 2014 earnings call, we guided that the SG&A spend in 2015 would increase approximately 20% on a cash basis over 2014. But as a result of the increased investment we intend to make in our commercial platform, we now expect the SG&A spend to increase approximately 25% on a cash basis year over year.

在接下來幾個季度，我們將探索其他直接觸及客戶的機會，並相應投入資源。我們也需要透過我們的外勤佈局擴大可近性；不只是增加業務代表人數，而是以「簡化臨床醫師與病患取得產品的途徑」為目標來調整我們的活動。為此，我們將持續擴編我們的醫療保險（managed care）團隊，以支持我們推動給付從藥局福利（pharmacy benefit）通路進行，並使 DexCom 產品能在 CVS、Walgreens 等零售通路取得。我們也將試行把我們的拜訪對象（call points）擴展到內分泌科之外，以擴大觸及整個使用胰島素的糖尿病市場。我們需要產出更多臨床數據；作為其中一項工具，我們計畫支持更多由研究者發起的研究（investigator-initiated studies）。例如，我們正在支持數項研究，探討在糖尿病確診後立即於一段期間內使用 CGM 的相關應用。最後，我們也將加大對內部基礎建設的投資以支持成長，包括後勤人力與資訊科技。在我們 2014 年第四季財報電話會議中，我們曾指引 2015 年 SG&A 支出以現金基礎計算將較 2014 年增加約 20%。但由於我們打算在商業平台上加大投資，我們現在預期 SG&A 支出將以現金基礎計算年增約 25%。

Turning to our product pipeline, we continue to have excellent dialogue with the FDA regarding our G5 mobile system and we expect to receive FDA approval and launch G5 mobile for both pediatrics and adults later this year. We are on track to conduct a pre-pivotal with our Gen 6 Sensor later this year and plan to commence a pivotal study shortly thereafter. As a reminder, Gen 6 will be an extended-wear Sensor, most likely 10 days, and will have a reduced calibration scheme. We expect to launch Gen 6 in early 2017. Activities related to an insulin-dosing claim for our G4 PLATINUM system continue and we now believe we are in sync with the FDA regarding the data that will be required, both pre-and post market, to support a dosing claim and we are optimistic we will have such a claim in the US sometime next year.

談到我們的產品研發管線，我們持續就 G5 mobile 系統與 FDA 進行非常良好的溝通，並預期在今年稍晚取得 FDA 核准，並推出適用於兒科與成人的 G5 mobile。我們也按計畫在今年稍晚針對第 6 代感測器（Gen 6 Sensor）進行前關鍵性（pre-pivotal）研究，並計畫在不久之後啟動關鍵性（pivotal）試驗。提醒一下，Gen 6 將是延長配戴型感測器，最可能為 10 天，且將採用較少的校正（calibration）方案。我們預期在 2017 年初推出 Gen 6。與 G4 PLATINUM 系統「胰島素劑量決策（insulin-dosing）」適應症主張相關的工作仍在進行中；我們現在相信，對於支持劑量主張所需的資料（上市前與上市後），我們已與 FDA 取得一致，我們也樂觀預期明年某個時間能在美國取得此一主張。

Turning to some of our advanced R&D efforts. We continue to make good progress on the next insertion system, a new lower cost to higher-quality receiver, and several generations of transmitters, all designed to be more convenient for our patients and to reduce costs for DexCom. We continue to study Sensors with no calibration requirements and based upon the performance of these Sensors that we have seen with our advanced Sensor research group and the capabilities of our next algorithm platform, we believe that calibrations will be completely eliminated in the future.

接著談一些我們較先進的研發（R&D）工作。我們在下一代插入系統、新的更低成本且更高品質的接收器，以及數代發射器方面持續取得良好進展；這些設計皆旨在讓病患使用更便利，並降低 DexCom 的成本。我們也持續研究不需要校正的感測器；根據我們先進感測器研究團隊所看到的這些感測器表現，以及我們下一代演算法平台的能力，我們相信未來校正將可被完全消除。

On the data front, we are beginning to make investments in our realtime analytics platform now that we have the G4 PLATINUM with share in the market and we are capturing millions of data points each day. To support our efforts on this front, we've recently hired a senior data executive. She joins us from outside the medical technology field and has years of experience in big data at several large companies in Silicon Valley. Finally, as it relates to data, I am pleased to report that in the second half of this year we will be launching a robust new data platform developed by our Sweet Spot Team. We believe this next generation, cloud-based platform will set a new standard for visualization of CGM data.

在數據方面，隨著具備分享功能的 G4 PLATINUM 已在市場上推出，且我們每天正擷取數百萬個資料點，我們現在開始投資即時分析（realtime analytics）平台。為支持這方面的努力，我們近期聘請了一位資深數據主管。她來自醫療科技領域之外，並在矽谷多家大型公司累積了多年大數據經驗。最後，就數據而言，我很高興報告：今年下半年我們將推出由 Sweet Spot 團隊開發、強健的新數據平台。我們相信這個下一代、雲端式平台將為 CGM 數據的視覺化樹立新的標準。

Shifting to our integration partnerships, Johnson & Johnson again reported nice growth in pump sales related to the launch of the Animus Vibe in the United States. And we have expanded our partnership with Tandem by entering into a development agreement that will allow for integration with our Gen 5 and Gen 6 systems, enabling Tandem to develop products that go beyond mere display of CGM on a pump and offer some measure of insulin control based upon CGM data. We also seeing some excellent work conducted by the team at Bigfoot Biomedical in taking a truly novel approach to the development of an automated insulin-delivery system and we were very pleased to see Ed Domiano unveil his dual-chambered bionic pancreas pump at a recent meeting. Last quarter we said we would support our partners with future technologies only if they developed products that go beyond mere display of CGM and offer some measure of insulin control based on CGM data. We believe some exciting progress has been made on that front.

轉到我們的整合合作夥伴關係，Johnson & Johnson 再次回報與在美國推出 Animus Vibe 相關的幫浦銷售呈現良好成長。我們也透過簽訂一項開發協議擴大與 Tandem 的合作，該協議將允許與我們的 Gen 5 與 Gen 6 系統整合，使 Tandem 能開發不僅僅是在幫浦上顯示 CGM，而是能基於 CGM 數據提供某種程度胰島素控制的產品。我們也看到 Bigfoot Biomedical 團隊在以真正新穎的方法開發自動化胰島素輸送系統方面做出非常出色的工作；我們也很高興在近期會議上看到 Ed Domiano 發表他的雙腔室仿生胰臟幫浦。上一季我們表示，只有在合作夥伴開發的產品不僅僅是顯示 CGM、且能基於 CGM 數據提供某種程度的胰島素控制時，我們才會以未來技術支持他們。我們相信在這方面已取得一些令人振奮的進展。

Before I open up the line to Q&A, I would like to close with a brief update from the American Diabetes Association's annual scientific sessions held in June. It was quite evident at the show that we remain the leader in continuous glucose monitoring. While the vast majority of new data presented this year was on diabetes drugs, in our view the most exciting data on devices was presented by the T1D exchange. This data showed that across all diabetes technologies, use of CGM generates the greatest impact on A1C reduction, with only a minimal difference in outcomes for those who use CGM and multiple daily injections, compared with those who use CGM with an insulin pump. From our perspective, while patients get some benefit from using an insulin pump, it's continuous glucose monitoring technology that makes the real difference by educating patients and enabling them to alter their behavior to achieve better A1C results. This theme was echoed during multiple presentations and presenter commentary through the conference.

在我開放 Q&A 之前，我想以 6 月舉行的美國糖尿病協會（American Diabetes Association）年度科學會議的簡短更新作結。在會場上非常明顯，我們仍是連續血糖監測領域的領導者。雖然今年發表的新數據絕大多數與糖尿病藥物相關，但在我們看來，裝置方面最令人興奮的數據來自 T1D exchange。該數據顯示，在所有糖尿病科技中，使用 CGM 對 A1C 降低的影響最大；而在結果上，使用 CGM 搭配每日多次注射（MDI）與使用 CGM 搭配胰島素幫浦之間的差異僅為極小。從我們的角度來看，雖然病患使用胰島素幫浦能獲得一些益處，但真正帶來差異的是連續血糖監測技術：它能教育病患並使其改變行為，以達到更好的 A1C 結果。這個主題在會議期間的多場簡報與講者評論中反覆被提及。

So as we develop our awareness campaigns, we will be ever mindful of the 70% of patients in the US and 90%-plus of patients outside the US on multiple daily injection therapy. I would now like to call open up the call for Q&A.

因此，在我們推動認知宣導活動時，我們將時刻留意：美國有 70% 的病患、而美國以外有 90% 以上的病患採用每日多次注射治療。我現在想開放電話會議進入 Q&A。

Thank you.

謝謝。

(Operator Instructions )

（接線員指示）

Mike Weinstein.

Mike Weinstein。

This is actually Robbie Marcus in for Mike. Congrats on a great quarter, guys.

其實我是代替 Mike 的 Robbie Marcus。恭喜各位交出一個很棒的季度表現。

This is now something like three years in a row where every quarter is 50%, 60% or more growth, and it just looks like every quarter you keep finding new sources of patients and new areas of growth. Maybe you can help us walk us through where are the new patients coming from? Is it pumps? Is it MDI patients?

這看起來已經連續三年了，每一季都是 50%、60% 或更高的成長，而且每一季你們似乎都能找到新的病患來源與新的成長領域。也許你們可以帶我們梳理一下，新病患主要是從哪裡來的？是幫浦用戶嗎？還是 MDI 病患？

And how sustainable is this? And how important is G5 going to be to growing this patient base?

而這樣的成長有多可持續？另外，G5 對於擴大這個病患基礎會有多重要？

Thanks. That's a very good question. This is Kevin. I will take that.

謝謝。這是一個非常好的問題。我是 Kevin。我來回答。

Let's start with the pumps versus MDI mix. Still a majority of our patients come from the insulin pump world, but we are seeing an increase in MDI patients. But we haven't totally moved the needle away from our 60/40 split that we talked about earlier.

先從幫浦與 MDI 的組合占比談起。我們的病患多數仍來自胰島素幫浦族群，但我們確實看到 MDI 病患增加。不過，我們尚未完全改變先前提到的 60/40 分布。

I think attraction vibe has helped us. Also the number of new pump starts on Tandem and Insulet, as they both gain a little more traction, it appears, in the marketplace, help us because those patients migrate to our Sensors. So we've had good success there. So they are coming from across the board.

我認為 Animas Vibe 對我們有幫助。另外，Tandem 與 Insulet 的新幫浦啟用人數增加；隨著它們在市場上似乎獲得更多動能，這也幫助了我們，因為這些病患會轉而使用我們的感測器。我們在那方面取得了不錯的成果。所以病患來源是全面性的。

With respect to patient groups, we certainly cannot walk away from the good that the pediatric launch has done for us. I was at a show -- meeting in Florida, Children With Diabetes, and a guy was giving a speech about all the therapies available for diabetes. And he asked all the peds and their parents in the room who used CGM and a bunch of hands went up. And he asked how many used DexCom, and no hands went down. We've done very well in the peds market.

就病患族群而言，我們當然不能忽視兒科上市為我們帶來的正面效益。我在佛羅里達參加了一場會議——Children With Diabetes，有位講者在演講中談到糖尿病可用的各種療法。他問現場所有兒科病患及其家長，誰在使用 CGM，很多人舉手。接著他問有多少人使用 DexCom，沒有任何一隻手放下。我們在兒科市場表現非常好。

But it's very much been across the board. Everything we do helps sustain this growth, Robbie, and I don't think anybody can underestimate how difficult it is to grow a business this quickly. To grow a business this fast, you have to have new thing after new thing after new thing that enhances the patient experience to get deeper into the patient community.

但這確實是全面性的。我們所做的一切都在幫助維持這樣的成長，Robbie，而且我認為任何人都不應低估要讓一家公司以這麼快的速度成長有多困難。要讓業務成長得這麼快，你必須一項接一項、再接一項地推出能提升病患體驗的新事物，才能更深入病患社群。

Gen 5 is that next step. We believe the data going straight through a phone will enable patients not to carry an extra thing around in their pocket and will be very helpful.

Gen 5 就是下一步。我們相信，資料直接透過手機傳輸，將使病患不必在口袋裡另外攜帶一個裝置，並且會非常有幫助。

But we also know the next step after that. We have to make it more convenient. We have to eliminate calibrations and the hassle factor and we have to continue to maintain our excellent level of accuracy. All of those things matters and we address every one of those things every time we iterate.

但我們也知道再下一步是什麼。我們必須讓它更便利。我們必須消除校正以及麻煩因素，同時還要持續維持我們優異的準確度。這些事情都很重要，而我們每次迭代時都會逐一處理每一項。

Maybe just one follow-up. You know, a question we get a lot from investors is how is the shift to the pharmacy going to impact your financials? I was surprised to see ASPs for Sensors were actually at the high end of the range this quarter.

也許再追問一個問題。你知道，投資人常問我們的一個問題是，轉向藥局通路會如何影響你們的財務？我很驚訝看到本季感測器的 ASP（平均銷售價格）其實落在區間的高端。

So can you talk about what impact that is having on sales? And then down throughout the P&L, is it going to be a benefit or neutral? And how should this impact getting new patients in the door? Thanks, guys.

所以你能談談這對銷售造成了什麼影響嗎？然後在整個損益表（P&L）往下看，這會是利多還是中性？以及這應該如何影響把新病患帶進門？謝謝各位。

It should impact new patients getting in the door very favorably because in many cases all they would need is a script from a physician and maybe some limited form of preauthorization on a phone call. So it will take the cycle of a new patient going in the system down significantly, so that should be very good. It should also reduce their co-pays.

這應該會非常有利於新病患進入體系，因為在許多情況下，他們所需要的只是醫師開立的處方，可能再加上一通電話的有限形式事前授權。因此，新病患進入系統的週期會大幅縮短，這會非常好。同時也應該能降低他們的自付額（co-pay）。

With respect to the pricing of our system in the pharmacy channel, there will be some situations where we lower price to get pharmacy in the door and some situations where we get price increases. We hope over time -- our goal has been trying to remain price neutral.

就我們系統在藥局通路的定價而言，有些情況下我們會降價以促使藥局導入；也有些情況下我們會取得價格上調。我們希望隨著時間推進——我們的目標一直是盡量維持價格中性。

You know, we have another pricing lever coming with the Gen 6 Sensor that has an extended wear. I think as you see us move to pharmacy, if we see movement down a little bit or up a little bit in pricing in the pharmacy channel, we've got something coming with the Gen 6 system where we can pick certainly all, if not more than that, up with an extended-wear sensor.

你知道，我們還有另一個定價槓桿，會隨著具備延長配戴時間的 Gen 6 感測器而到來。我想當你看到我們轉向藥局通路時，即使藥局通路的定價出現些微下滑或上升，我們在 Gen 6 系統上會有一個延長配戴感測器，足以把那部分全部、甚至更多地補回來。

So we monitor it closely. We have long discussions before we embark in a pricing -- we embark in pricing discussions every time we have a pharmacy contract. We are looking at it very closely.

所以我們會密切監控。在我們啟動定價——每次有藥局合約時，我們都會進行定價討論之前，我們都會做長時間的討論。我們非常仔細地看待這件事。

So far so good. Even as more of our business has shifted there, we're doing quite well.

到目前為止一切都很好。即使我們有更多業務轉移到那邊，我們的表現仍然相當不錯。

Ben Andrew, William Blair.

Ben Andrew，William Blair。

I wanted to talk about a couple of things, I guess. And, Steve, I may have missed your first comments, or Kevin. Did you give a percent of revenues from hardware this quarter?

我想談幾件事。我想，Steve，我可能錯過了你或 Kevin 一開始的評論。你們有提供本季硬體營收占比嗎？

Yes; 30%.

有；30%。

It was still 30%? Is that roughly split between new patients and replacement hardware? Because that would put you at an awfully big new patient number. Something close to 18,000 or even 20,000 patients in the quarter.

仍然是 30%？那大致上是新病患與更換硬體之間的拆分嗎？因為那樣會意味著你們的新病患數非常大。本季大概接近 18,000 甚至 20,000 位病患。

We are not going to break it out as we haven't in the past. You should assume that the revenue levels that we are at and the growth rates we are experiencing, we are adding quite a few new patients, but we are not going to be specific on the new patient numbers.

我們不會拆分，過去也沒有。你應該假設，以我們目前的營收水準與所經歷的成長率，我們確實新增了相當多的新病患，但我們不會具體說明新病患人數。

Okay. So the share monitor launch, obviously, plus pediatrics has got to be the two major things that really changed it. But was the momentum actually building through the quarter, since you've only had that product for a short time? And, obviously, there was a little bit of backlog built through Q1 with seasonality, but was it actually getting even stronger as the quarter went on?

了解。所以 SHARE 監測器的上市，顯然再加上兒科，應該是兩個真正改變局面的主要因素。但由於你們推出該產品的時間還不長，本季的動能是否其實是隨著季度進行而逐步增強？而且顯然第一季因季節性累積了一些待交訂單，但隨著季度推進，是否變得更強？

You know, the month to month slings in our business -- and Jess is sitting here across the table looking at me -- are difficult to predict. And some years, all the months are equal in the second quarter; other years it starts fast and slows down. This quarter went as we planned it, Ben.

你知道，我們業務每個月的起伏——Jess 就坐在桌子對面看著我——很難預測。有些年份第二季每個月都差不多；其他年份則是一開始很快、後面放緩。本季的進展符合我們的規劃，Ben。

Based on our answers, we looked at our monthly targets every quarter. We did very well month-to-month.

根據我們的回覆，我們每一季都會檢視每月目標。我們在月對月的表現非常好。

I don't think there was demand built up for the SHARE receiver. We were able to fill all those orders in the first quarter when we launched it. That was a very effective and efficient launch by our team, but there wasn't anybody sitting on the sidelines waiting for a product that they couldn't get it. But I do think SHARE receiver certainly helped and continued peds growth helps and all those things continue to add to the business

我不認為 SHARE 接收器有累積需求。我們在第一季推出時就能滿足所有訂單。那是我們團隊一次非常有效率、非常成功的上市，但並沒有任何人因為買不到而在旁觀望。不過我確實認為 SHARE 接收器有幫助，而兒科持續成長也有幫助，所有這些因素都持續為業務帶來增量。

Okay. And, Kevin, I know 60% growth for now, but what's six -- no, I'm sorry, 10 quarters in a row-ish you've talked about the challenges of sustaining that. And I know there is many bottlenecks that you guys are working hard on, but what is the primary bottleneck right now? Is it awareness?

了解。Kevin，我知道目前是 60% 的成長，但你已經——不，我抱歉，大概連續 10 個季度左右——一直在談維持這種成長的挑戰。我知道你們正在努力解決很多瓶頸，但目前最主要的瓶頸是什麼？是知名度（awareness）嗎？

And obviously you talked about the technology iterations addressing that and continuing to expand it. But at these kind of growth rates to sustain it, it really does take a lot to feed the beast and sustain it.

而且你也談到技術迭代會處理這點並持續擴大。但在這種成長率下要維持下去，確實需要很多投入來「餵養這頭野獸」並維持它。

I think awareness is the biggest challenge to keep growing at this rapid rate. Our operations team, you know, we have not had a backorder since we started here. And we have gone through all the hassles that any manufacturing plant would go through and these guys are very, very good at fixing them.

我認為知名度是要以這麼快的速度持續成長的最大挑戰。我們的營運團隊，你知道，自從我們開始以來就沒有出現缺貨待交（backorder）。我們也經歷了任何製造工廠都會遇到的各種麻煩，而這些人非常、非常擅長把問題修好。

I think another challenge, as we look to the future, is getting the new products out quickly enough. We have been iterating very quickly with all of the approvals we had last year, the approvals we've already received this year, and things have moved pretty fast here. So we need to keep innovating at that robust pace, but we keep going, Ben.

我認為另一個未來的挑戰，是新產品推出的速度是否夠快。去年我們取得了所有核准，今年也已經拿到一些核准，我們迭代得非常快，事情在這裡推進得相當迅速。所以我們需要以那樣強勁的步伐持續創新，但我們會繼續前進，Ben。

Yes. Last thing for me. You mentioned you had been evaluating a series of different transmitters.

是的。我最後一個問題。你提到你們一直在評估一系列不同的發射器。

Can you characterize some of the technologies or the concepts you are thinking about? Thanks.

你能描述一下你們正在考慮的一些技術或概念嗎？謝謝。

Sure. Battery life is one thing we look at and think about. The Gen 5 transmitters we've talked about has a three-month life versus a six-month life. And as those of you who have been on this call for a long time will remember, the seven plus transmitter had a year plus life.

當然。電池壽命是我們會看、也會思考的一件事。我們談過的 Gen 5 發射器壽命是三個月，相較於六個月。而長期參與這通電話的各位會記得，Seven Plus 的發射器壽命是一年以上。

So we've looked at battery life, anything from extending it three months to six months or going down; the disposable, depending upon costs. We looked at those transmitter options. Certainly different electronics configurations.

所以我們看過電池壽命，從延長三個月到六個月，或縮短；也看過一次性（disposable）的方案，取決於成本。我們評估了這些發射器選項，當然也包括不同的電子配置。

The biggest issue with the transmitter is simply size. The smaller we can make it, to a certain extent -- you can't get too small or it becomes unmanageable from a dexterity perspective, as we learned in our human factors studies. We're looking at the optimal size and shape to make it smaller and give our patients maximum economic benefit.

發射器最大的問題其實就是尺寸。我們能把它做得越小越好，在某種程度上——但也不能太小，否則從手部靈巧度（dexterity）的角度會變得難以操作，這是我們在人因研究中學到的。我們正在尋找最佳的尺寸與形狀，在縮小的同時，讓病患獲得最大的經濟效益。

Great, thank you.

很好，謝謝。

Brooks West of Piper Jaffray.

Piper Jaffray 的 Brooks West。

Kevin, can you talk about -- and I stood with you in your booth for a while at ADA and listened to some of the patient stories around SHARE. Is it safe to say that the patient profile for that product is skewing more towards peds and young adults? And you are maybe actually seeing a turbo boost from that launch?

Kevin，你能談談——我在 ADA 期間在你們攤位和你站了一會兒，聽了一些關於 SHARE 的病患故事。可以說這個產品的病患輪廓更偏向兒科與年輕成人嗎？而且你們可能確實從這次上市看到了「渦輪增壓」般的推動？

I think it does skew that way. But I would tell you that is not the only place that it goes.

我認為確實有那樣的傾向。但我會告訴你，那並不是它唯一的使用族群。

I've been around a number of adults who were using it. I was in a physician's office just a week or so ago where a physician showed me data from a 72-year-old patient who had severe hypoglycemia unawareness and could not manage himself. He'd moved to a small town to take care of his 90-plus-year-old parents and instead they were taking care of him until he got on CGM. SHARE data is very important for that guy.

我也接觸過不少使用它的成人。我大約一週前在一間醫師診所，醫師給我看了一位 72 歲病患的資料；他有嚴重的低血糖無感（hypoglycemia unawareness），無法自我管理。他搬到一個小鎮去照顧 90 多歲的父母，結果反而是父母在照顧他，直到他開始使用 CGM。對那位病患而言，SHARE 的資料非常重要。

And I think anyplace where people are subject to severe high and low swings, and particularly with hypoglycemia, SHARE has made a huge difference. It's obviously is going to help more in pediatric patients, if not for the simple reasons that 7 -year-olds can now tell their parents they need an iPhone. And I have to have this if you're going to watch my data.

而且我認為，任何一個人們會遭遇嚴重高低波動的情境，特別是有低血糖的情況下，SHARE 都帶來了巨大的改變。很明顯地，這對兒科病患會更有幫助；就算只因為一個簡單的理由：7 歲的小孩現在可以跟父母說他們需要一支 iPhone。而且如果你要看我的數據，我就一定要有這個。

The interesting side note of all the SHARE data, I was going to talk about this in my concluding remarks, is there is a whole new culture that is coming about how are we going to interact, based on CGM, because parents are freaking out and calling their kids all the time and kids turn off their parents from sharing and adults, you know, spouses following each other. We've seen some very interesting text messages between followers and patients. It's across the board, but clearly the concept is being proven out dramatically.

關於所有 SHARE 數據有個有趣的旁註——我原本打算在結語時談——就是基於 CGM，我們正在形成一種全新的互動文化：父母會緊張到一直打電話給孩子，孩子就把父母的分享功能關掉；成人這邊，你知道的，配偶彼此追蹤。我們看過一些追蹤者和病患之間非常有意思的簡訊內容。這是全面性的現象，但很明顯這個概念正在被非常戲劇性地驗證。

Thanks. And then I wanted to ask a question on the various open-source programs. You mentioned SweetSpot, but I know you also are very familiar with Tidepool and Glucose.

謝謝。接著我想問一個關於各種開源程式的問題。你提到了 SweetSpot，但我知道你也非常熟悉 Tidepool 和 Glucose。

Can you talk in general about how those might impact your business over the next couple of years? Because it seems like there is a broader concept of sharing information. But there also seems to be a specific effort to allow Medtronic pumpers to interact with a DexCom device.

你能否概括談談，這些在未來幾年可能會如何影響你們的業務？因為看起來有一個更廣泛的「資訊分享」概念；但同時也似乎有一個特定的努力，是讓使用 Medtronic 幫浦的人能與 DexCom 裝置互動。

That is certainly being taken care of by those entities that are independent of DexCom. That's great for our patients and for healthcare professionals who want to see the data put together. Our SweetSpot platform is our technology platform and ultimately we will upload pumps into there as well, particularly from our own pump partners. And we will reciprocate our pump partners back as first Sensor data being in their combined devices.

這部分確實正由那些獨立於 DexCom 的機構在處理。這對我們的病患以及希望看到整合數據的醫療專業人員來說都很好。我們的 SweetSpot 平台是我們的技術平台，最終我們也會把幫浦資料上傳到那裡，特別是來自我們自己的幫浦合作夥伴。同時我們也會回饋我們的幫浦合作夥伴，讓感測器（Sensor）數據成為其整合裝置中的第一手資料。

As far as those other platforms being a huge driver of our business, it will be helpful and it will be a nice feature for our patients. We are not banking on that to drive our revenues. We just think it's nice to have and that's why we work with these guys.

至於那些其他平台是否會成為我們業務的重大驅動力，它們會有幫助，也會是對病患很好的功能。但我們不指望它們來帶動營收。我們只是覺得有這些功能很好，所以才會和這些人合作。

And, look, if they have better answers than we do, that makes everybody happy. So we are fine.

而且，坦白說，如果他們有比我們更好的答案，那會讓所有人都更開心。所以我們沒問題。

Thanks, guys. Congratulations.

謝謝各位。恭喜。

Bill Plovanic from Canaccord.

Canaccord 的 Bill Plovanic。

A couple questions here. First on G6, I think, based on your comments, your pilot and pivotal will go this year for that? And when do you expect to complete the pivotal and submit?

我有幾個問題。首先關於 G6，我想根據你們的評論，你們今年會進行試點（pilot）和關鍵性（pivotal）試驗，對嗎？那你們預計何時完成關鍵性試驗並提交申請？

Well, the pivotal timing will depend upon a lot that we learn in the pre-pivotal. We expect to submit early next year and I hope we launch in early 2017.

嗯，關鍵性試驗的時程會取決於我們在關鍵性前（pre-pivotal）試驗中學到的很多事情。我們預期明年初提交，我希望在 2017 年初上市。

Okay. And then, like you said, on that you believe with that you will have the 10-day extended wear, correct?

好的。然後就像你說的，你相信那時你們會有 10 天延長佩戴期，對嗎？

That's correct.

沒錯。

And then when do you think on the dosing -- just again clarification, you are working on that on the G4 to get the dosing claim?

那關於劑量（dosing）——再確認一下，你們是在 G4 上努力取得劑量宣稱（dosing claim），對嗎？

That's correct. We don't have to wait for Gen 6.

沒錯。我們不必等到第六代（Gen 6）。

The FDA in our discussions has very strongly indicated to us that even without the interference blocking of the Gen 6 membrane, our G4 data is strong enough to support an insulin-dosing claim. So we're working with the agency about what work we have to do and labeling we have to put together to add that feature to our product.

FDA 在與我們的討論中非常明確地向我們表示，即使沒有第六代薄膜（Gen 6 membrane）的干擾阻隔功能，我們的 G4 數據也足夠強，能支持胰島素劑量宣稱。因此我們正在與主管機關合作，釐清我們需要做哪些工作，以及需要整理哪些標示（labeling），才能把這項功能加入我們的產品。

And would you -- I mean, if G5 gets approved, do you still turn around and get the dosing on G4 and then turn around and kind of baby-step the G5 to add that dosing claim or would it automatically come with it?

那你們會不會——我是說，如果 G5 獲得核准，你們還會回頭先在 G4 上取得劑量宣稱，然後再回頭以「小步快跑」的方式讓 G5 加上那個劑量宣稱？還是它會自動就包含在內？

They are the same Sensor and algorithm, Bill, so more than likely what we would do is launch the G5 with the claim and not go backwards.

Bill，它們使用的是相同的感測器和演算法，所以我們更可能的做法是讓 G5 直接以該宣稱上市，而不是再往回做。

Got you. Okay.

了解。好的。

So if you get -- when you get the G4 dosing, it basically applies to G5 and then you have that, that's locked up, so it's really working on -- and I think you said on G6 it was -- you discussed reduced calibration. What exactly does that mean?

所以如果你們取得——當你們取得 G4 的劑量宣稱時，它基本上也適用於 G5，然後你們就把那部分鎖定了；所以真正要做的是——我想你提到 G6 你們討論的是降低校正（reduced calibration）。那到底是什麼意思？

Well, when we run studies we recalibrate it. We have calibration schemes and our patients take calibrations, then we go simulate the data in a number of ways. We simulate the data as if they only took calibrations on the first day or in the middle or just a number of different ways.

嗯，當我們做研究時，我們會重新校正。我們有校正方案，病患會進行校正，然後我們會用多種方式去模擬數據。我們會模擬成好像他們只在第一天校正、或在中間校正，或用各種不同方式校正的情境。

More than likely our first pass with this, particularly in looking at timing with the agency, would be one calibration a day. But we've developed an entirely new algorithm platform for this product, one that can adapt to very few calibrations, so more than likely I would say our first pass with G6 will be a calibration every single day. Not really as much for accuracy as it is for the reliability and the safety of this system and looking to get through the agency efficiently. So that would be our first pass and then we will look at a number of options after that with filings after the fact. One a day for the first when we start.

很可能我們第一版會這樣做，特別是考量與主管機關的時程：一天校正一次。但我們為這個產品開發了一個全新的演算法平台，它能適應非常少的校正次數，所以我更可能會說，我們在 G6 的第一版會是每天都校正一次。這不完全是為了準確度，而是為了這個系統的可靠性與安全性，並且希望能更有效率地通過主管機關。因此這會是我們的第一版，之後我們會在上市後再透過後續申報來評估多種選項。一開始先一天一次。

Wow. I think I will stop there. Thank you.

哇。我想我就問到這裡。謝謝。

Greg Chodadczek, CRT Capital (sic).

CRT Capital（原文如此）的 Greg Chodadczek。

Most of my questions have been asked, but real quick on UNH and Anthem, have those programs started and if so when did they start?

我的大部分問題都已經被問過了，但很快問一下 UNH 和 Anthem，那些計畫已經開始了嗎？如果是，什麼時候開始的？

They were both effective July 1

兩個都是 7 月 1 日生效。

July 1. And what percent of the MCOs or managed-care guys do you think sign up or are they waiting for UNH and Anthem to have 12 months of data and say, yes, this is the way to go? Or is this fluid and we could see more by the end of the year?

7 月 1 日。那你認為有多少比例的 MCO 或管理式醫療機構會加入？還是他們在等 UNH 和 Anthem 有 12 個月的數據後才說，是的，這就是方向？或者這是流動的，我們可能在年底前看到更多？

I think you can see more by the end of the year. We're in active -- I would tell you, without being specific, we are in active discussions with virtually everyone, every major payer.

我認為你在年底前會看到更多。我們正在積極——我可以在不具體點名的情況下告訴你，我們幾乎與所有人、每一家主要付款方都在積極討論。

Steve, you talked about Sensor pricing being in the upper end of the range. Can you explain why that has moved up a little bit or why you've talked about it this time?

Steve，你提到感測器（Sensor）定價位於區間的上緣。你能解釋為什麼它上移了一點，或為什麼你這次特別談到它嗎？

Yes. It's a combination of factors.

可以。這是多種因素的組合。

In any given quarter, depending on how much of our business is processed on a direct basis versus through third-party distribution and the mix of which direct contacts versus which third-party distributors, the pricing varies. That is what results in the variability in Sensor pricing. And as Kevin mentioned, I think there's been this weird concern on the street that somehow our revenues were going to be severely impacted as we move to the pharmacy.

在任何一個季度，取決於我們有多少業務是以直銷方式處理、多少是透過第三方經銷，以及直銷合約與第三方經銷商的組合，價格都會有所不同。這就是造成感測器定價波動的原因。而且如 Kevin 提到的，我想市場上一直有個奇怪的擔憂，認為當我們轉向藥局通路時，我們的營收會受到嚴重衝擊。

What you have to keep in mind, is that where -- and Kevin said, we would give -- in some instances, we will have to give, and where we have to give may be in a case where we have a direct contact with a payer today. In order to get them to move to pharmacy, we may have to do a slight discount. Remember, about 50% of our business was historically through a durable medical distributor.

你必須記住的是——Kevin 也說了——在某些情況下我們確實需要讓利；而需要讓利的地方，可能是我們今天已經與付款方有直銷合約的情況。為了讓他們轉到藥局通路，我們可能需要給一點折扣。請記得，我們過去大約有 50% 的業務是透過耐用醫療器材經銷商（DME distributor）。

And so what we are looking to get established and obtain first-time contracts with some of these payers, these guys were getting gouged by the third-party distributors. So the pricing we can come in at can actually be quite favorable to DexCom on an overall ASP basis, and the payer gets a significant break from what they were paying their DME supplier.

因此，我們希望建立並取得與其中一些付款方的首次合約；這些付款方過去被第三方經銷商收取過高費用。所以我們能提供的價格，從整體平均售價（ASP）的角度來看，實際上可能對 DexCom 相當有利，而付款方也能相較於他們原本支付給 DME 供應商的費用獲得顯著的降幅。

So, again, don't -- what I want to caution though, and we've never said we expect the pharmacy channel will drive ASPs. But goal again, as Kevin just mentioned, is to stay net neutral on the pricing basis as we shift to the pharmacy.

所以，再次提醒，不要——不過我想提醒的是，我們從未說過我們預期藥局通路會推升 ASP。但目標如 Kevin 剛提到的，是在我們轉向藥局通路時，價格基礎上維持淨中性（net neutral）。

On a distributor front, I would clarify that, some distributors have gouged our players, certainly not all of them. And we've actually spent a lot of time this year also working on those relationships to make it more consistent and more seamless and I think that is going a lot better. We have a channel team working directly with those guys as well and those efforts have been very good.

在經銷商方面，我要澄清的是，有些經銷商確實對我們的客戶收取過高費用，但當然不是全部。而且今年我們也花了很多時間改善那些合作關係，讓它更一致、更順暢，我認為進展好很多。我們也有一個通路團隊直接與他們合作，而這些努力的成效非常好。

So I won't quote Steve and say all? I'll change that.

所以我不會引用 Steve 然後說「全部」？我會改一下。

Just stick with mine on that one, but --

那一點就先用我的說法就好，不過——

And last but not least, this is the five-year lookout or outlook. When I look at CGM, what do you think the percentage of penetration in the Type 1s is right now, Kevin, and where is it going? Where do you foresee it a year from now? Five years from now?

最後但同樣重要的是，這是五年的觀察或展望。當我看 CGM 時，Kevin，你覺得目前在第一型糖尿病患者中的滲透率大概是多少？接下來會往哪裡走？你預期一年後會到哪裡？五年後呢？

You know, that is a great question and I really think -- and I will speak -- I'll let Steve even give his thoughts after I'm done. We just as well have two opinions here.

你知道，這是個很好的問題，我真的認為——我先說——我講完後也讓 Steve 分享他的看法。我們不妨在這裡有兩種意見。

You know pumps have reached 30%, but haven't had a tremendous amount of growth as far as over the past 10 years from where they were before. I believe, at a minimum standard, 30% for CGM penetration to start in the US and I think it should be higher. And our biggest barriers are awareness and access and cost. And we are doing things on all those fronts to try and make a difference.

你知道，胰島素幫浦已經達到 30%，但就過去 10 年相較於之前的水準而言，成長並不算特別大。我認為，至少以最低標準來看，CGM 在美國的滲透率起步應該要有 30%，而且我覺得應該更高。我們最大的障礙是認知度、可近性與成本。我們正在這些面向都採取行動，試圖帶來改變。

Above 30%. I don't think we're ever getting to 70%, but I think CGM should certainly be above 30%. If we make this thing small enough and easy enough to use, we can take away most every excuse that people have.

高於 30%。我不認為我們會到 70%，但我認為 CGM 的滲透率肯定應該高於 30%。如果我們能把它做得夠小、夠容易使用，就能消除人們幾乎所有的藉口。

That's what I was going to say. Five-plus years from now, our goal would be to have a Sensor that would be something that is miniaturized, that looks more like a bandage than a medical device. It's fully disposable. You get it to the point where you overcome basically all of the objections that a patient would have to wearing the device. It talks to your phone; it doesn't have to be calibrated' you don't take fingersticks anymore.

這正是我想說的。五年以上之後，我們的目標是要有一個感測器，能夠小型化，看起來更像一片 OK 繃，而不是醫療器材。它是完全一次性拋棄式的。做到那個程度，你基本上就能克服病患對於配戴裝置的所有反對理由。它能和你的手機連線；不需要校正；你不再需要扎手指測血糖。

There really is not a reason that you couldn't get very significant penetration into the Type 1 market in the US. Again, provided we can achieve the appropriate access for patients via the payer community and continue to drive awareness.

在美國第一型市場中，確實沒有理由不能達到非常顯著的滲透率。再次強調，前提是我們能透過支付方社群為病患取得適當的可近性，並持續提升認知度。

So all in all, if you rehash our conference call script today, that is kind of the message that we need to keep our foot on the pedal on growing our commercial enterprise and our foot on the pedal on the R&D front. Because we need to continue to iterate new and better technologies to capture larger and larger share of Type 1s.

總而言之，如果你回顧我們今天的電話會議講稿，訊息大概就是：我們必須在擴大商業營運上持續踩油門，也必須在研發端持續踩油門。因為我們需要不斷迭代更新、更好的技術，來掌握越來越大的第一型患者市占。

But I would also add that I think in five years you're going to see us have very meaningful penetration, for sure into the intensive insulin-using patients who are Type 2s. But I would suggest even potentially broader into Type 2s. But I think that's going to become an ever-increasing important market segment for us.

但我也要補充，我認為五年內你會看到我們在使用密集胰島素治療的第二型患者中，確實會有非常有意義的滲透率。我甚至認為可能會更廣泛地擴及第二型患者。不過我認為那將成為對我們而言日益重要的市場區隔。

Thanks, guys.

謝謝，各位。

Kyle Levy from Wedbush.

Wedbush 的 Kyle Levy。

I was wondering maybe if I could ask on the utilization trends in the quarter and sort of did that change at all?

我想問一下本季的使用量趨勢，這方面有沒有任何變化？

No.

沒有。

Again, we don't have perfect data. We are starting to capture a lot more data about our patients who, I think moved to SHARE, but we still think patients are using somewhere between two and a half to three Sensors per month on average. They are still expending the ware.

同樣地，我們沒有完美的數據。我們開始掌握更多關於我認為已轉用 SHARE 的病患資料，但我們仍認為病患平均每月使用大約 2.5 到 3 個感測器。他們仍在消耗耗材。

So with UNH and Anthem -- you've got a month of experience with that, how -- any anecdotal information or data that you have been able to obtain there? And I guess, when you think about current patients, not necessarily new patients coming on, will they -- if you're an Anthem patient, you have Anthem insurance, will they now be able to go to a CVS or a Walgreens or get their script refilled at the pharmacy versus going in and calling their distributor?

那麼關於 UNH 和 Anthem——你們已經有一個月的經驗了，有沒有任何軼事資訊或你們能取得的數據？另外我想問的是，對於現有病患（不一定是新加入的病患），如果你是 Anthem 的病患、你有 Anthem 保險，他們現在是否可以去 CVS 或 Walgreens，或是在藥局把處方續配，而不是打電話給經銷商？

Theoretically that will happen. I will tell you there will be a few bugs to work out as we get this started and going. Anecdotally, we got an e-mail at the Company e-mail repository from a mother who had a two-and-a-half-year-old with Type 1 diabetes recently diagnosed and 24 hours later she had a CGM from the local drugstore and her e-mail was very, very -- she was very grateful.

理論上會是那樣。我可以告訴你，當我們開始推動並上線時，會有一些小問題需要解決。就軼事而言，我們在公司電子郵件收件匣收到一位母親的來信，她兩歲半的孩子最近被診斷為第一型糖尿病，24 小時內她就從當地藥局拿到了 CGM；她的信非常、非常——她非常感激。

The ability to turn this stuff around quickly is very important to our business. I think over time we will be able to move it over there. There's bugs in this, like everything else. It's going to take a little bit of work, but we will get there.

能夠快速把這些事情處理完成，對我們的業務非常重要。我認為隨著時間推進，我們將能把它轉移到那邊。這裡面會有一些小問題，就像其他事情一樣。需要花一點功夫，但我們會做到。

And just two quick ones. The dosing claim, is that only going to be applicable to the G4 with the AP algorithm?

再兩個簡短問題。劑量（dosing）宣稱，是否只適用於搭載 AP 演算法的 G4？

That's correct.

沒錯。

So any of the integrated pumps will not have that dosing claim?

所以任何整合式幫浦都不會有那個劑量宣稱？

Not until they integrate with Gen 5.

要等到它們與第 5 代整合之後才會有。

Got you. And then lastly, SHARE currently is only on the iPhone platform. When do you start thinking about the other platforms, Android and whatnot?

了解。最後，SHARE 目前只在 iPhone 平台上。你們什麼時候會開始考慮其他平台，例如 Android 之類？

The follow app is available on Android, so parents can -- or followers can follow whoever they are following on either platform. We probably will not move the SHARE app to the Android platform because we think Gen 5 will be here relatively quickly and we would rather put our resources towards that. But we will evaluate it as we go.

Follow 應用程式在 Android 上已經可用，所以家長——或追蹤者——可以在任一平台上追蹤他們所追蹤的對象。我們可能不會把 SHARE 應用程式移植到 Android 平台，因為我們認為第 5 代會相對很快就到，我們寧可把資源投入在那上面。不過我們會在推進過程中持續評估。

Will Gen 5 just be an iPhone?

第 5 代會只支援 iPhone 嗎？

It will be IOS to start and then it will move to Android as well.

一開始會先支援 iOS，之後也會轉到 Android。

Okay. Thanks a lot.

好的。非常感謝。

Raj Denhoy from Jefferies.

Jefferies 的 Raj Denhoy。

Just a couple clarifications. On the dosing claim you hope to get next year. I'm wondering if you could just elucidate what you hope that does for you?

我有幾點想釐清。關於你們希望明年取得的劑量宣稱，我想請你們再說明一下，你們希望它能為你們帶來什麼？

Does that -- I guess there's been some talk that CMS has wanted that before they would open up coverage. Is that one aspect?

這是否——我想外界有些說法是 CMS 在開放給付之前希望先看到這個。這是其中一個面向嗎？

And then when you start thinking about closing the loop, does this start to move you quicker down that path and when do you think we might see that?

另外，當你們開始思考閉環（closing the loop）時，這是否會讓你們在那條路徑上走得更快？你們認為我們可能何時會看到？

I think you are right. Initially, I think our belief was that the dosing claim was most important from a Medicare perspective, because Medicare has indicated that until we get the injunctive labeling removed, that they would not entertain a coverage category for CGM. And that opens up quite a few, both Type 1 and Type 2 intensive insulin-using patients.

我認為你說得對。一開始，我們的看法是劑量宣稱從 Medicare 的角度最為重要，因為 Medicare 表示，在我們移除禁止性（injunctive）標示之前，他們不會考慮為 CGM 設立給付類別。而那會開啟相當多的病患，包括第一型與使用密集胰島素治療的第二型患者。

I will tell you -- and it was really eye opening this year when I was at our national sales meeting, starting to talk to the field force who are much more excited than, frankly, I think we were internally about the dosing claim, because they tell stories of doctors who truly are unwilling today to prescribe -- or prescribe as much as we would like because they have to -- they are unwilling to -- they are not prescribing it off label, so they have to tell their patient when they prescribe it, hey, I want you to go out and purchase this thing, and, oh, by the way, you have to take two fingersticks a day to calibrate it. And, oh, by the way, every time you eat or take an insulin injection, you also need to take a fingerstick.

我可以告訴你——今年我在全國銷售會議上，開始和第一線團隊交流時，真的很開眼界；他們對劑量宣稱的興奮程度，坦白說比我們內部原本的預期還高。因為他們分享了許多醫師的案例：這些醫師今天確實不願意開立——或至少不願意像我們希望的那樣多開立——因為他們必須——他們不願意以適應症外（off label）方式開立，所以當他們開立時就得告訴病患：嘿，我希望你去買這個東西；而且，順帶一提，你每天必須扎手指兩次來校正；再順帶一提，每次你吃東西或打胰島素時，你也需要扎手指一次。

These doctors are --this is, again, all anecdotal from our sales force, but these doctors would be much more willing when they don't have to tell their patient that they have to take a confirmatory fingerstick, to prescribe much more. I think the dosing claim could actually be a bigger catalyst than we had anticipated in the past.

這些醫師——再次強調，這些都是我們銷售團隊的軼事回饋——當他們不必告訴病患一定要做確認性的指尖採血時，就會更願意大量開立。我認為劑量宣稱實際上可能會成為比我們過去預期更大的催化劑。

Okay, and then just that idea of does that precipitate the artificial pancreas, right? The Holy Grail here in terms of actually closing the loop? Is that something that --

好的，那麼回到那個想法：這是否會促成人工胰臟？也就是在真正閉環方面的「聖杯」？這是否是——

I think the FDA is cognizant of the fact that a fully-automated system or even a semi-automated system, you're going to have to use CGM information to dose insulin. So it's hard to have a system that's dosing insulin that isn't labeled for dosing insulin. So I think there's probably something there as well. I'm not sure it necessarily accelerates the timing to approval for an artificial pancreas, but I think it's important.

我認為 FDA 了解一個全自動系統，甚至半自動系統，你都必須使用 CGM 資訊來決定胰島素劑量。所以很難有一個在給胰島素劑量的系統，卻沒有被標示可用於胰島素劑量決策。因此我認為這方面可能也有關聯。我不確定它是否一定會加速人工胰臟的核准時程，但我認為它很重要。

I think that's one reason the FDA is --

我想這是 FDA 之所以——

Yes, that's why the FDA is pushing that, that's for sure.

是的，這就是 FDA 推動那件事的原因，這點毫無疑問。

One other question around that. There have been also questions about as you start to eliminate calibrations that it's counter to the idea of a dosing claim, right, that those two things are almost opposed to each other. How do you marry those as you think about moving forward with the different devices in the future?

另外還有一個相關問題。也有人提出疑問：當你開始取消校正時，這其實與「可用於給藥」的標示主張（dosing claim）的概念相牴觸，對吧？這兩件事幾乎是互相對立的。你們在思考未來不同裝置的推進時，要如何把兩者結合起來？

Welcome to what I wake up thinking about at 3 o'clock in the morning. It's a very interesting quandary, because if you're not going to take any fingersticks, there is no safety check to make sure that everything is well. And if you're going to have a dosing claim and take no fingersticks, that thing has to work every single time. I think what you are going to see us move into and that's why I said our first past with the Gen 6 system will be one fingerstick a day for calibration.

歡迎來到我凌晨 3 點醒來就在想的事情。這確實是一個非常有意思的兩難，因為如果你不做任何指尖採血（fingersticks），就沒有安全檢查來確保一切正常。而如果你要有「可用於給藥」的標示主張，且完全不做指尖採血，那個系統就必須每一次都能正常運作。我想你們會看到我們逐步往這個方向走，這也是我說我們 Gen 6 系統的第一個版本會是每天一次指尖採血作為校正。

You're going to see us move into this area gradually. And we have a number of system options that we're considering to whereby we can stay in the dosing claim world, but eliminate calibrations and maybe you will see different label products from us over time to offer patients more convenience and certainly glucose information, but maybe not give them the labeling to say you can go ahead and dose insulin off this thing. So we are considering a number of things and we will be breaking some new ground here.

你們會看到我們逐步進入這個領域。我們正在考慮多種系統選項，使我們能維持在「可用於給藥」的標示主張範疇內，但同時取消校正；而且隨著時間推進，你們也許會看到我們推出不同標示的產品，為病患提供更高的便利性，當然也提供葡萄糖資訊，但可能不會給他們那種標示、也就是說你可以直接依據這個裝置來施打胰島素。所以我們正在考慮很多事情，也會在這裡開創一些新局。

Okay. Helpful.

好的，很有幫助。

And one last one on the direct consumer programs you are talking about. As you start to get more pharmacy benefit coverage, while Nick Jonas probably resonates with certain audiences, I have to admit I'm not that familiar with him. My age might show there. (Laughter ) How do you think about expanding those programs, right, in terms of appealing to a different audience?

最後一個關於你提到的直面消費者（direct-to-consumer）方案的問題。當你們開始獲得更多藥局給付（pharmacy benefit）涵蓋時，雖然 Nick Jonas 可能對某些受眾很有共鳴，但我得承認我對他不太熟悉。可能暴露我的年紀了。（笑聲）你們如何思考擴大這些方案，也就是在吸引不同受眾方面？

Well, that's why we're running the focus groups and really seeing what message resonates with this community and we will start launching those messages. The direct-to-consumer efforts, in all reality, as we think about creating more awareness, they're probably going to coincide more with our Gen 5 launch and the connectivity of the transmitter going straight to the phone.

嗯，這就是為什麼我們在做焦點團體，真正去看這個社群對什麼訊息有共鳴，然後我們會開始推出那些訊息。就直面消費者的推廣而言，坦白說，當我們思考如何提高認知度時，它們很可能會更與我們 Gen 5 的上市同步，並且搭配發射器（transmitter）可直接連到手機的連線能力。

We are working on this and planning this out and certainly will be implemented later this year and into the course of next year and we will have more on those messages later. We are just not quite ready to share.

我們正在進行相關工作並規劃中，當然會在今年稍晚以及明年期間落地執行；之後我們也會針對那些訊息提供更多內容。我們只是還沒準備好分享。

Great. Thanks a lot.

很好。非常感謝。

Danielle Antalffy from Leerink Partners.

接下來是 Leerink Partners 的 Danielle Antalffy。

Thanks so much for taking the question. I just have one high-level question following up on the Type 2 market opportunity. Steve, I know you said in five years you thought you could really start to penetrate that market.

非常感謝讓我提問。我只有一個高層次問題，延續關於第二型糖尿病市場機會的討論。Steve，我知道你說過你認為在五年內你們可以真正開始滲透那個市場。

What will it take to get you there? Is it going to be product driven? Is it going to be data-driven? Sort of showing clinical trial data that the Type 2 patients benefit? If you could elaborate a little bit, that would be helpful.

要達到那一步需要什麼？會是產品驅動嗎？會是數據驅動嗎？例如透過臨床試驗數據證明第二型病患能受益？如果你能多說一點，會很有幫助。

Yes, it's going to take all of the above. I tell you, those two factors plus a third being establishing a reimbursement category. And we are starting to see some reimbursement for intensive insulin-using Type 2s, so these are folks who are on basal bolus, mealtime injections of insulin.

是的，以上全部都需要。我告訴你，這兩個因素再加上第三個因素：建立一個給付（reimbursement）類別。我們已開始看到對「密集胰島素使用」的第二型病患有一些給付，這些人是使用基礎加餐時（basal bolus）、也就是餐時胰島素注射的族群。

They mostly look and feel like a Type 1, and we're starting to see some meaningful coverage on that front. Really when you think about the Type 2 opportunity, you really need to segment it by the intensive insulin users versus just a daily Lantus user versus those who are oral diet and exercise. And I think it will take probably a different product than what we have today.

他們在多數方面看起來、感覺起來都很像第一型，而我們也開始在這方面看到一些有意義的涵蓋。真正談到第二型的機會時，你必須把族群切分：密集胰島素使用者、每天只用一次 Lantus 的使用者、以及口服藥加飲食與運動控制的族群。我認為這可能需要一個不同於我們現有產品的產品。

It will take something that's simpler to use, that's smaller on the body. And these are all the things that we are exploring internally. But I think to appeal to a much broader patient population -- a few minutes ago I mentioned disposable.

它必須更容易使用、在身上更小巧。這些都是我們內部正在探索的方向。但我認為要吸引更廣泛的病患族群——幾分鐘前我提到一次性（disposable）。

I think the idea of having something that you can put on as more of a diagnostic tool as a Type 2 patient to really use it as more of a behavior modification tool on a periodic basis and be able to throw it away when you're done is quite appealing. So these are the kinds of things that are in our more -- I would call it our advanced technology pipeline, but certainly five years out is a long time for us from a development perspective. You will see some iterative steps along the way.

我認為，對第二型病患而言，有一種東西可以像診斷工具一樣貼上去，定期使用，更多作為行為改變工具，使用完就能丟棄，這個概念相當有吸引力。所以這些就是我們更——我會稱之為先進技術產品線（advanced technology pipeline）中的一些方向；但從研發角度來看，五年對我們而言仍是很長的時間。你們會在過程中看到一些迭代式的步驟。

All right. Thanks so much, guys.

好的。非常感謝，各位。

Sure.

當然。

Jeff Johnson, Robert W. Baird.

接下來是 Robert W. Baird 的 Jeff Johnson。

Just a couple follow-up questions here. Kevin, in your prepared remarks you made some comments about some of the increased spend also going maybe towards feet on the street and other indications. Maybe you could flesh that out a little bit for us?

我這裡有幾個追問。Kevin，在你準備好的發言中，你提到部分增加的支出也可能用在擴充外勤人員（feet on the street）以及其他適應症上。你能否再多補充說明一下？

Are you talking about OB and ICU and those kinds of offices, going in there? I always thought that was more of a G6 timing when you would start going into those offices. Just wondering if I'm misunderstanding that or what the other indications might be that you'd be going after near-term?

你是指產科（OB）和加護病房（ICU）以及那類診所/科別，去那裡推進嗎？我一直以為那會更偏向 G6 的時點，也就是你們開始進入那些科別的時候。我只是想確認是不是我誤解了，或是你們短期內還會追求哪些其他適應症？

I can give you a couple of examples. If we have pharmacy benefit, pharmacists are going to need to know about our products, so we will look at that area. We will also look at some more internal medicine doctors and primary care doctors who see a lot of people with diabetes and pilot some programs in some geographies and see what that generates from us. Some other things -- we are looking at really a lot of things across the board and just to make it easier for people.

我可以舉幾個例子。如果我們有藥局給付（pharmacy benefit），藥師就需要了解我們的產品，所以我們會看那個領域。我們也會接觸更多內科醫師與基層照護醫師（primary care doctors），他們會看很多糖尿病患者；我們會在某些地區試行一些方案，看看能為我們帶來什麼成果。還有其他事情——我們確實在各方面看很多事情，目的就是讓大家更容易使用。

One of the steps that Terry often quoted was how many prescribers we have in a year and how many of them prescribe one unit? And last year we had something like 13,000 different healthcare professionals who prescribed CGM and over 8,000 of them did one. What do we have to do to get those people who do one to do more, because they are not all endocrinologists. They are across the board.

Terry 常引用的一個指標是：一年之中我們有多少開立處方者（prescribers），其中有多少人只開了一個單位？去年我們大概有 13,000 位不同的醫療專業人員開立 CGM，而其中超過 8,000 位只開了一個。我們要怎麼做，才能讓那些只開一個的人開更多？因為他們不全是內分泌科醫師，而是各科別都有。

We have also got programs targeted more at diabetes educators and the nurse practitioners and physician's assistant markets, because those people see a lot of patients and are very involved in patient care recommendations. So we're going to look at a number of different things outside just traditional endocrinology as to where we are going to focus those dollars, but we will focus them across the board.

我們也有一些方案更聚焦在糖尿病衛教師（diabetes educators）、專科護理師（nurse practitioners）以及醫師助理（physician's assistant）市場，因為這些人會看很多病患，且在病患照護建議上參與度很高。所以，除了傳統內分泌科之外，我們會在多個不同方向上思考要把這些資金聚焦在哪裡，但我們會全面性地投入。

As you talk about the ICU and OB/GYN markets and such, those are places where we will probably start running clinical studies, particularly with our Gen 6 system with one calibration a day. When that comes out, that becomes much more convenient, for example, in the hospital environment and more convenient for a patient who does not traditionally have diabetes.

至於你提到的 ICU 與 OB/GYN 市場等，那些地方我們可能會開始進行臨床研究，特別是針對我們 Gen 6 系統（每天一次校正）。當它推出後，例如在醫院環境中就會方便得多，對於傳統上沒有糖尿病的病患也更便利。

It is time to start running those studies. It's time to start seeing what we can do in those markets.

現在是開始做那些研究的時候了。也是開始看看我們在那些市場能做些什麼的時候了。

All the technologies we are developing for our core business will be applicable to those patients groups and enhancing their lives and the experience and improving healthcare outcomes. It is time for us to go there. I put that on Steve's plate. (Laughter)

我們為核心業務所開發的所有技術，都能適用於那些病患族群，提升他們的生活與使用體驗，並改善醫療照護結果。是時候往那裡走了。我把這件事放到 Steve 的盤子上。（笑聲）

All right. That's very helpful; thank you. Steve, question for you.

好的。這非常有幫助；謝謝。Steve，我有個問題想問你。

Just as UNH and Anthem theoretically ramp here during the third quarter, just to set expectations, I know you don't guide to Sensor pricing, but would it be expected that that Sensor pricing comes down off the $75 or the high end of that $70, $75? I hear everything that you are saying about ups and downs and should normalize, but just to set expectations, should we be expecting something more in that $70 or lower end of that range?

隨著 UNH 和 Anthem 理論上在第三季逐步放量，為了設定預期，我知道你們不對感測器（Sensor）定價提供指引，但是否可以預期感測器定價會從 75 美元或 70 到 75 美元區間的高端往下走？我理解你說的上下波動、之後會正常化，但為了設定預期，我們是否應該預期更接近 70 美元或該區間的低端？

No, no, no. I think it will be somewhere in the range of $70 to $75. I don't see any change.

不，不，不。我認為會落在 70 到 75 美元的區間。我看不到任何變化。

Great. Just my last question. Just as we think, theoretically, about some of the integrated pump stuff that you are doing on maybe G 5 and G6, with the Tandem announcement and that. Tandem talks about they have their own nomograms. Obviously you guys know a lot about nomograms.

很好。最後一個問題。當我們思考你們在整合式幫浦（integrated pump）方面所做的一些事情，可能是在 G5 和 G6 上，包含 Tandem 的公告等等。Tandem 提到他們有自己的列線圖/劑量算法圖表（nomograms）。很顯然你們也非常了解 nomograms。

Where does the nomogram reside? Is it better to scattershot and kind of go with a few different nomograms, maybe one with Tandem and one with somebody else and see which one ends up working the best? Or do you control that from the beginning because you want to have that spread across all the different pumps being in a very similar manner?

列線圖（nomogram）放在哪裡？是不是比較好採取「廣撒網」的方式，使用幾個不同的列線圖，例如一個搭配 Tandem、另一個搭配其他廠商，看看最後哪一個效果最好？還是你們從一開始就會加以控管，因為你們希望在所有不同的幫浦上呈現方式都非常相近？

Well, we certainly control the way our data is displayed with respect to how the FDA has approved it and those pump companies refer to our data set with respect to our PMA filings, so it has to look very similar to ours. If they have different visuals, as long as it doesn't alter their data, that's fine. And I think there will be different views of our data as everybody adds their own touch to it.

我們當然會控管資料的呈現方式，並且會依照 FDA 核准的方式來呈現；那些幫浦公司在其 PMA 申請中引用我們的資料集，因此呈現上必須與我們非常相似。若他們有不同的視覺呈現，只要不改變其資料本身，那也沒問題。我認為隨著各家加入自己的設計風格，大家會以不同方式來呈現我們的資料。

Look, as we've learned with our Gen 5 application, if you think you know how CGM data is displayed, it's all about to change. And as you look at things like that, the G5 system displays things much differently than what we've done on the receiver before. I think everybody will have their own interpretation.

你看，從我們第 5 代（Gen 5）應用程式的經驗來看，如果你以為自己知道 CGM 資料會怎麼呈現，那一切都即將改變。當你看像 G5 系統這類產品時，它呈現資料的方式就和我們過去在接收器上做的很不一樣。我想每個人都會有自己的詮釋。

And a lot of it will depend on FDA process. It doesn't make a lot of sense for a pump company to take everything and change everything we do completely and drive themselves through an extended FDA review because of this. On the other hand, if they can offer something more beneficial to their patients, that's great. But also remember with Gen 5 and Gen 6 and the other ones, that transmitter is capable of talking to two things at the same time.

而且其中很大一部分會取決於 FDA 的流程。對一家幫浦公司而言，把所有東西都拿去、把我們做的全部徹底改掉，然後因為這樣而讓自己進入一個更長的 FDA 審查流程，其實不太合理。另一方面，如果他們能提供對病患更有利的功能，那當然很好。但也請記得，無論是 Gen 5、Gen 6 或其他版本，那個發射器是能同時與兩個裝置通訊的。

What our patients are offered as the integrated pump moves to a Gen 5 and Gen 6 platform, is they can look at their data on their pump or on their phone. And if it is on their phone, then it goes to their watch as well. I find the watch view very nice. In fact, I'm wearing my Apple watch and a Sensor today, looking at it.

當整合式幫浦轉到 Gen 5 與 Gen 6 平台時，我們提供給病患的是：他們可以在幫浦上或在手機上查看資料。而如果是在手機上，那也會同步到手錶上。我覺得手錶的顯示非常好。事實上，我今天就戴著 Apple Watch，也戴著一個感測器，正在看它。

There are going to be a lot of different ways this is done. I think our motto here is glucose for anybody, anywhere they want it.

未來會有很多不同的做法。我想我們在這裡的座右銘是：讓任何人、在任何地方、以他們想要的方式取得葡萄糖資訊。

Understood. I appreciate the comments.

了解。感謝你的說明。

Jason Bedford, Raymond James.

Jason Bedford，Raymond James。

Good afternoon, and thanks for taking the questions. I apologize if this has been covered, but just a couple follow-ups. On the insulin-dosing claim, do you believe you need to run a trial or do you think you can satisfy the FDA with existing data you have?

下午好，謝謝讓我提問。若前面已經談過我先致歉，不過我有幾個追問。關於胰島素劑量（insulin-dosing）主張，你們認為需要進行一項試驗，還是你們覺得可以用既有的資料來滿足 FDA？

You know what, I am not going to get into all the specifics of what we are doing. We said that we are getting pretty comfortable with the pre- and post-market work we have to do and I'm going to leave it at that.

你知道，我不打算深入談我們正在做的所有細節。我們已經說過，對於必須完成的上市前與上市後工作，我們越來越有把握；我就先說到這裡。

Okay. Just switching to the pharmacy channel and United and Anthem, can you give us a little more detail on the rollout? Meaning are these national/regional programs? And then are the payers actively steering folks to the pharmacy or is that your responsibility?

好的。再切換到藥局通路以及 United 和 Anthem 的部分，你能否提供更多上線推行（rollout）的細節？也就是說，這些是全國性／區域性的計畫嗎？另外，付款方（payers）是否在積極引導民眾走藥局通路，還是那是你們的責任？

I can give you a comment with respect to United. I actually could not answer it with respect to Anthem just yet, but I do know that United actually sent correspondence to all of their patients, as did the DME distributor -- to all of the patients informing them, just prior to July 1, informing them that as of July 1, they would be able to purchase through the pharmacy.

我可以就 United 這邊做個說明。至於 Anthem，我目前還不能回答，不過我知道 United 的確在 7 月 1 日之前寄發通知給他們所有的病患；DME 經銷商也同樣寄發通知給所有病患，告知他們自 7 月 1 日起可以透過藥局購買。

Frankly, I don't know if Anthem is doing the same sort of outreach. I would have to check.

坦白說，我不確定 Anthem 是否也做了類似的宣導。我得再確認。

And is there any reason why someone would not go through the pharmacy?

那有沒有什麼原因會讓某些人不透過藥局？

You know, if they are used to going through DME -- and there are DME arrangements still certainly with United -- they might stay where they are. They might have an employer plan that gives them no deductible from DME, so they would make a decision to do it that way.

你知道，如果他們習慣走 DME——而且 United 這邊當然仍然有 DME 的安排——他們可能就會維持原本的方式。也可能他們的雇主方案在 DME 端沒有自付額（deductible），因此他們會選擇用那種方式。

And understand when a patient calls us, we do run numbers for our patients. We go through both the DME and the pharmacy scenario to determine what is best for them and give them both options. So that would be the reason somebody would do that.

另外要理解的是，當病患打電話給我們時，我們會替病患試算費用。我們會把 DME 與藥局兩種情境都跑一遍，判斷哪個對他們最好，並提供兩種選項。所以這就是有人會那樣做的原因。

And it's fair to assume that going through the pharmacy is the most cost-effective solution for the user; is that fair?

那可以合理假設，對使用者而言走藥局通路是最具成本效益的解決方案；這樣說公平嗎？

In almost every case it will be. It is certainly the most cost-effective for us. Because once that drugstore is on line to refill orders, they are not calling us every time they need Sensors. So that was one of our motivations in doing this.

幾乎在每一種情況下都是。對我們而言當然也是最具成本效益的。因為一旦藥局上線可以補貨續配，他們就不需要每次要感測器（Sensors）都打電話給我們。所以這也是我們推動這件事的動機之一。

Okay. Thank you.

好的。謝謝。

At this time, we have no further questions. I would like to turn the call back over to Kevin Sayer.

目前沒有其他問題。我想把電話交回給 Kevin Sayer。

Thank you very much and we appreciate all the interest and all the questions today after our call. And you guys are right, the era of connectivity is here, and we are learning all sorts of things about our patients, about our products, and the difference we can make in people's lives through this connectivity. So that has been a great, great thing that happened this quarter and we are very pleased with it.

非常感謝。我們也很感謝大家在電話會議後今天展現的高度興趣以及所有提問。各位說得沒錯，連結互通（connectivity）的時代已經到來，我們正透過這種連結互通，學到許多關於病患、關於產品，以及我們能如何改變人們生活的事情。所以這是本季發生的一件非常、非常好的事，我們對此非常滿意。

I do want to conclude with a couple of thoughts. As you know, over the summer there is a lot of diabetes meetings that we attend: ADA, AAD is going on right now and several others.

我想用幾點想法作結。如各位所知，夏天我們會參加很多糖尿病相關會議：ADA、AAD 目前正在進行，還有其他幾個。

I was attending a meeting in Colorado, and a diabetes symposium, an exceptional diabetes based -- I mean, Denver-based diabetes professional gave a talk for us at our DexCom symposium, and she asked a simple question at the start of her talk. Who needs CGM? And her answer was just as simple as her question. Everybody with diabetes.

我在科羅拉多參加了一場會議與糖尿病研討會；一位非常傑出的、以糖尿病為專長的——我是說，以丹佛為基地的糖尿病專業人士——在我們的 DexCom 研討會上為我們演講，她在開場時問了一個很簡單的問題：誰需要 CGM？她的答案跟問題一樣簡單：所有糖尿病患者。

She proceeded to present case study after case study of Type 2, Type 1 patients, all in completely different circumstances and completely different ages, all of whom experienced a significant reduction in A1C and/or a hypoglycemia improvement through the use of personal or professional CGM. CGM tells a story that nobody can get from fingersticks or any other medical device.

接著她一個接一個地呈現病例研究，涵蓋第 2 型、第 1 型病患，情境完全不同、年齡也完全不同；而他們都因使用個人或專業 CGM，而在 A1C 顯著下降和／或低血糖改善方面有所收穫。CGM 能講出一個故事，這是任何指尖採血（fingersticks）或其他醫療裝置都無法提供的。

And the second thought comes from a discussion I had with another physician at this conference, a very well-known endocrinologist. And we were talking about the business and he simply said this. Nobody comes to my office anymore and asks for CGM. They come to my office and ask for DexCom.

第二個想法來自我在這場會議上與另一位醫師的討論，他是一位非常知名的內分泌科醫師。我們在談這個產業時，他只是簡單說了這句話：現在沒有人再到我診間來要求 CGM 了。他們到我診間，是來要求 DexCom。

And that's the position we want to maintain. We are not going to move away from our long-term goal of replacing fingersticks and we are going to become the first tool in treating diabetes. Thank you

而這正是我們想維持的定位。我們不會偏離以指尖採血替代為長期目標的方向，我們也將成為治療糖尿病的第一項工具。謝謝

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

謝謝各位女士先生。今天的會議到此結束。感謝各位參與。您現在可以掛線。