德康醫療 (DXCM) 2019 Q2 法說會逐字稿

Welcome to the DexCom Second Quarter 2019 Earnings Release Conference Call.

歡迎來到 DexCom 2019年第二季度收益發布電話會議。

My name is Adrian, and I'll be the operator for today's call.

我叫阿德里安，我是今天電話的接線員。

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

（操作員說明）請注意正在錄製此會議。

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

我現在將電話轉給 Sean Christensen。

Sean Christensen, you may begin.

肖恩·克里斯滕森，你可以開始了。

Thank you, operator, and welcome to DexCom Second Quarter 2019 Earnings Call.

謝謝接線員，歡迎來到 DexCom 2019 年第二季度財報電話會議。

Our agenda begins with Kevin Sayer, DexCom's Chairman, President and CEO, who will provide a summary of the quarter followed by a financial review and outlook from Quentin Blackford, our Executive Vice President and CFO; and then a strategic update from Steve Pacelli, our Executive Vice President of Strategy and Corporate Development.

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

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

在我們準備好的評論之後，我們將打開您的問題電話。

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

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

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

有了這個，讓我們回顧一下我們的安全港聲明。

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

我們將在今天的電話會議上發表的一些聲明可能構成前瞻性聲明。

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

這些陳述反映了管理層對未來事件、戰略、競爭、產品、經營計劃和業績的意圖、信念和期望。

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

本演示文稿中包含的所有前瞻性陳述均根據 DexCom 目前可獲得的信息在本新聞稿發布之日作出，並受到各種風險和不確定性的影響，實際結果可能與前瞻性陳述中預期的結果存在重大差異。

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

DexCom 的 10-K 表格年度報告、10-Q 表格季度報告以及向證券交易委員會提交的其他文件中詳述了可能導致實際結果與這些前瞻性陳述中明示或暗示的結果存在重大差異的因素委員會。

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

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

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

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

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

除非另有說明，否則所有對財務指標的引用均按非 GAAP 原則提供。

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

不應孤立地考慮提供此附加信息，或將其視為結果的替代或優於根據 GAAP 編制的結果。

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

請參閱我們的收益發布中的表格和我們第二季度收益報告隨附的幻燈片，以了解這些措施與其最直接可比的 GAAP 財務措施的對賬情況。

Now I will turn it over to Kevin.

現在我將把它交給凱文。

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

謝謝肖恩，也謝謝大家今天加入我們。

We are pleased to report another outstanding quarter for DexCom with awareness of DexCom CGM continuing to rise within the diabetes community and beyond.

我們很高興地報告 DexCom 又一個出色的季度，人們對 DexCom CGM 的認識在糖尿病社區內外持續上升。

Second quarter revenue grew to $336 million, a 40% increase over the second quarter of 2018 on a constant currency basis, continuing the momentum that we've seen for the past 5 quarters.

第二季度收入增長至 3.36 億美元，按固定匯率計算比 2018 年第二季度增長 40%，延續了過去 5 個季度的勢頭。

As we have observed in previous quarters, the primary driver of our growth in all channels including our U.S. commercial business, Medicare and other OUS businesses remains volume growth attributable to new patients.

正如我們在前幾個季度所觀察到的那樣，我們在所有渠道（包括我們的美國商業業務、醫療保險和其他 OUS 業務）增長的主要驅動力仍然是新患者帶來的銷量增長。

In fact, new patient additions once again reached a record level in the second quarter.

事實上，第二季度新增患者人數再次創下歷史新高。

And as our results indicate, the volume growth that we are experiencing is more than offsetting the pricing pressure that we anticipated with lower revenue for patient associated with our move to the pharmacy channel as well as the continued expansion of our Medicare and OUS businesses.

正如我們的結果所表明的那樣，我們正在經歷的銷量增長遠遠抵消了我們預期的定價壓力，因為我們轉向藥房渠道以及我們的 Medicare 和 OUS 業務的持續擴張導致患者收入減少。

While attending the American Diabetes Association Conference in San Francisco in early June, 2 conclusions became increasingly clear to me.

6 月初參加在舊金山舉行的美國糖尿病協會會議時，我越來越清楚地得出 2 個結論。

First, awareness of real-time CGM is quickly progressing and driving CGM towards standard of care status.

首先，對實時 CGM 的認識正在迅速進步，並推動 CGM 走向標準護理狀態。

We've been on record for years stating that the future is CGM First, and we believe that future is here.

多年來，我們一直在記錄，未來是 CGM First，我們相信未來就在這裡。

At ADA, CGM was no longer a minor presence relative to the various drug therapies.

在 ADA，相對於各種藥物療法，CGM 不再是次要的存在。

Instead, DexCom CGM featured prominently in standing room only product presentations, academic papers and as the driver of automated insulin delivery devices, all of which reflect the growing market awareness that we are seeing.

相反， DexCom CGM 在僅站立的產品演示、學術論文和作為自動胰島素輸送設備的驅動程序中佔據突出地位，所有這些都反映了我們所看到的日益增長的市場意識。

Time and range is quickly becoming the most important metric to assess glucose control with new time and range guidelines being established this year.

時間和範圍正迅速成為評估血糖控制的最重要指標，今年制定了新的時間和範圍指南。

Only CGM can provide these types of metrics, it is very clear to us that CGM as a diagnostic tool will become another large market for us in the future.

只有 CGM 可以提供這些類型的指標，我們非常清楚 CGM 作為診斷工具將成為我們未來的另一個大市場。

This is well-timed with the recent submission of our G6 Pro product, which we expect to launch in 2020.

這恰逢我們最近提交的 G6 Pro 產品，我們預計該產品將於 2020 年推出。

With significant room for further adoption in both the type 1 and intensive type 2 populations, we are ever more confident in the growth opportunity that lies ahead for these core business segments.

由於在 1 型和密集型 2 人群中進一步採用的空間很大，我們對這些核心業務部門未來的增長機會更有信心。

Second, we are just scratching the surface of the potential for DexCom CGM.

其次，我們只是觸及了 DexCom CGM 潛力的表面。

Discussions around CGM at ADA were not limited to traditional intensive insulin-using populations, was extended to preliminary studies on use in pregnancy and inpatient settings.

ADA 圍繞 CGM 的討論不僅限於傳統的胰島素密集型使用人群，還擴展到關於在懷孕和住院環境中使用的初步研究。

And as we stated on our last call, we are exploring applications of our technology into these settings as we position DexCom to maximize its long-term growth opportunity.

正如我們在上次電話會議上所說，我們正在探索將我們的技術應用到這些環境中，因為我們將 DexCom 定位為最大化其長期增長機會。

To support these significant opportunities, our team's operational performance remains critically important.

為了支持這些重大機遇，我們團隊的運營績效仍然至關重要。

At the start of the year, we established the ambitious goal of doubling our G6 production capacity, and I'm pleased to report that we are on track to achieve that goal.

今年年初，我們制定了將 G6 產能翻一番的雄心勃勃的目標，我很高興地向大家報告，我們正朝著實現這一目標邁進。

We are excited about the fact that we have initiated production of our low-cost transmitter in our San Diego and Mesa locations.

我們很高興我們已經開始在我們的聖地亞哥和梅薩工廠生產我們的低成本發射器。

We are now building inventory as we prepare for launch.

我們現在正在建立庫存，為發布做準備。

Based on the hard work of our operations teams in both San Diego and Mesa, we continue to strengthen our G6 capacity.

基於我們在聖地亞哥和梅薩的運營團隊的辛勤工作，我們繼續加強我們的 G6 能力。

This positions us well to expand the launch of G6 in the second half of this year.

這使我們有能力在今年下半年擴大 G6 的推出。

We look forward to bringing G6 to Canada later this year and driving the ongoing transition to G6 in additional OUS markets.

我們期待在今年晚些時候將 G6 引入加拿大，並推動其他 OUS 市場向 G6 的持續過渡。

We remain committed to G6 launch for our Medicare patients later this year and believe that this should drive incremental demand and patient satisfaction in an already strong category.

我們仍然致力於在今年晚些時候為我們的 Medicare 患者推出 G6，並相信這應該會推動本已強大的類別的需求增加和患者滿意度。

Also on the Medicare front as a number of you have seen, CMS recently differentiated reimbursement between Class II and Class III CGMs.

同樣在醫療保險方面，正如你們所見，CMS 最近區分了 II 類和 III 類 CGM 的報銷。

And while the rate for the G6 system will be less than Class III CGM, please keep in mind that we will ship fewer sensors and no BGM supplies with the future G6 bundle.

雖然 G6 系統的費率將低於 III 類 CGM，但請記住，我們將在未來的 G6 捆綁包中運送更少的傳感器並且沒有 BGM 供應。

Based on our better-than-expected second quarter performance, we are pleased again to be able to increase our revenue outlook for 2019 as well as our full year operating margin and adjusted EBITDA targets.

基於我們好於預期的第二季度業績，我們再次很高興能夠提高 2019 年的收入預期以及全年營業利潤率和調整後的 EBITDA 目標。

I will now turn the call over to Quentin, who will provide detail on this outlook as well as review of our financials.

我現在將把電話轉給昆汀，他將提供有關這一前景的詳細信息以及對我們財務狀況的審查。

Thank you, Kevin.

謝謝你，凱文。

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

提醒一下，除非另有說明，否則今天提供的財務指標將在非 GAAP 基礎上進行討論。

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

與 GAAP 的調節可以在今天的收益發布以及我們的 IR 網站上找到。

Today, we reported worldwide revenue of $336.4 million for the second quarter of 2019, compared to $242.5 million for the same quarter in 2018, representing growth of 39% on a reported basis.

今天，我們報告 2019 年第二季度全球收入為 3.364 億美元，而 2018 年同期為 2.425 億美元，同比增長 39%。

Our momentum continued to be strong with this being the third consecutive quarter that we have added more than $90 million in absolute dollar growth on a year-over-year basis.

我們的勢頭繼續強勁，這是我們連續第三個季度實現了超過 9000 萬美元的同比絕對增長。

And as Kevin stated, another quarterly record of new patient additions for the company.

正如凱文所說，這是公司新增患者的另一個季度記錄。

On a geographic basis, our revenue growth continued to be strong in both our U.S. and OUS businesses, which grew at 40% and 37%, respectively on a constant currency basis in the second quarter.

從地域上看，我們的美國和海外業務的收入增長繼續強勁，第二季度按固定匯率計算分別增長了 40% 和 37%。

I'd like to remind you that our growth comps in both our U.S. and OUS businesses were meaningfully more difficult in the second quarter than the first quarter and will continue through the remainder of the year.

我想提醒您，我們在美國和 OUS 業務的增長在第二季度比第一季度更加困難，並將持續到今年剩餘時間。

Our second quarter gross profit was $206.5 million or 61.4% of revenue, representing 120 basis point sequential improvement over the first quarter of 2019, while increasing our G6 capacity and was in line with our expectations.

我們第二季度的毛利潤為 2.065 億美元，佔收入的 61.4%，比 2019 年第一季度環比提高 120 個基點，同時增加了我們的 G6 產能，符合我們的預期。

On a year-over-year basis, gross margin was negatively impacted by our ongoing investments to drive capacity expansion as well as the increasing mix in both our OUS and pharmacy channels.

與去年同期相比，毛利率受到我們為推動產能擴張而進行的持續投資以及我們的 OUS 和藥房渠道的組合增加的負面影響。

Our full year gross margin expectations remain unchanged.

我們的全年毛利率預期保持不變。

As we invest in the long term, our team has done an excellent job of introducing automation and innovation into the sensor manufacturing process, and therefore, decreasing the cost profile of our systems.

隨著我們的長期投資，我們的團隊在將自動化和創新引入傳感器製造過程方面做得非常出色，因此降低了我們系統的成本概況。

We are confident that we can continue to do this both within the G6 platform and as we progress toward the launch of G7, providing the company with flexibility, as we evaluate future growth opportunities.

我們有信心，我們可以在 G6 平台內以及隨著 G7 的推出而繼續這樣做，從而在我們評估未來增長機會時為公司提供靈活性。

Operating expenses were $200.3 million for Q2 2019, compared to $155.8 million in Q2 2018.

2019 年第二季度的運營費用為 2.003 億美元，而 2018 年第二季度為 1.558 億美元。

This reflects an increase of 29% year-over-year.

這反映出同比增長 29%。

As a result of our continued outperformance on the top line, we realized an uptick in our variable operating expenses for the quarter.

由於我們在收入方面的持續出色表現，我們實現了本季度可變運營費用的上升。

In addition, the second quarter included 2 sources of higher-than-expected expense that we expect to normalize in the near term.

此外，第二季度包括 2 個高於預期的支出來源，我們預計這些支出將在短期內正常化。

First, we made a number of investments in the quarter towards the development of G7 as we continue to prepare for launch.

首先，隨著我們繼續為發布做準備，我們在本季度對 G7 的開發進行了大量投資。

We made good progress in the quarter, which triggered a small incentive charge of $3.2 million to Verily for accelerating development work.

我們在本季度取得了良好進展，這觸發了 Verily 320 萬美元的小額激勵費用，用於加速開發工作。

Even as we continued the worldwide rollout of our G6 system, we are beginning to invest aggressively in the product, in manufacturing innovation, which will ensure rapid introduction of our G7 product when launched.

即使我們繼續在全球範圍內推出我們的 G6 系統，我們也開始積極投資於產品和製造創新，這將確保我們的 G7 產品在推出時迅速推出。

Second, we incurred duplicative costs within our customer service organization as we ramped our operations in Manila.

其次，隨著我們在馬尼拉的業務擴張，我們的客戶服務部門產生了重複成本。

We've been willing to incur these costs through this transition and believe we've built a world-class team in our DexCom Manila location.

我們一直願意通過這次過渡承擔這些成本，並相信我們已經在我們的 DexCom 馬尼拉辦事處建立了一支世界級的團隊。

However, we recognize that our third-party service capabilities have not met our expectations and are working to bring them up to the same level.

然而，我們認識到我們的第三方服務能力沒有達到我們的預期，並正在努力將其提升到同等水平。

Normalizing for these unusual items, operating expense growth would've been approximately half the rate of revenue.

將這些不尋常的項目正常化，運營費用增長將大約是收入增長率的一半。

Overall, we are on track to demonstrate good operating leverage this year and anticipate continued improvement in operating margins in the second half of the year.

總體而言，我們有望在今年展示良好的經營槓桿，並預計今年下半年的經營利潤率將繼續改善。

Operating income was $6.2 million in the second quarter of 2019, compared to an operating loss of $2.2 million in the same quarter of 2018.

2019 年第二季度營業收入為 620 萬美元，而 2018 年同期營業虧損為 220 萬美元。

Even with the second quarter expenses that I just highlighted, we achieved nearly 300 basis points of year-over-year operating margin expansion in the quarter.

即使考慮到我剛剛強調的第二季度支出，我們在本季度實現了近 300 個基點的同比營業利潤率增長。

Adjusted EBITDA was $45.9 million or 13.6% of revenue for the second quarter compared to $24.5 million or 10.1% of revenue for the second quarter of 2018.

第二季度調整後的 EBITDA 為 4590 萬美元，佔收入的 13.6%，而 2018 年第二季度為 2450 萬美元，佔收入的 10.1%。

We remain well positioned to achieve our long-term margin targets that we established at our Investor Day in late 2018, while generating cash to invest in the next wave of innovation that will extend our growth trajectory.

我們仍處於有利地位，可以實現我們在 2018 年底的投資者日制定的長期利潤率目標，同時產生現金來投資下一波創新浪潮，這將延長我們的增長軌跡。

This includes our investment in the G7 platform as well as our exploration of the value of the CGM in new markets.

這包括我們對 G7 平台的投資以及我們對 CGM 在新市場中價值的探索。

Our net income was $7.8 million or $0.08 per share.

我們的淨收入為 780 萬美元或每股 0.08 美元。

We ended the second quarter in strong cash position with nearly $1.4 billion on our balance sheet providing the company with significant financial and strategic flexibility.

我們在第二季度結束時現金狀況良好，資產負債表上有近 14 億美元，為公司提供了顯著的財務和戰略靈活性。

For now, as evidenced by the $47 million of capital expenditures in the second quarter, our priority remains expansion of our production capacity.

目前，正如第二季度 4700 萬美元的資本支出所證明的那樣，我們的首要任務仍然是擴大產能。

And as Kevin stated in his remarks, we are tracking towards our target of doubling G6 capacity this year while beginning to invest for G7 production.

正如凱文在他的發言中所說，我們正在努力實現今年將 G6 產能翻一番的目標，同時開始投資 G7 生產。

Given the strength of our first half performance and the continued demand that we're seeing for DexCom real-time CGM, we now anticipate 2019 total revenue of approximately $1.325 billion to $1.375 billion, reflecting reported growth of 28% to 33% for the year, up from our prior outlook of 21% to 26%.

鑑於我們上半年的強勁表現以及我們對 DexCom 實時 CGM 的持續需求，我們現在預計 2019 年的總收入約為 13.25 億美元至 13.75 億美元，反映出該年度報告的增長 28% 至 33% ，高於我們之前預期的 21% 至 26%。

As I mentioned previously, our full year gross margin expectations stand at 64% to 65% and approaching 70% as we exit the year, driven primarily by the broad introduction of our lower-cost G6 transmitter in the back half of the year.

正如我之前提到的，我們的全年毛利率預期為 64% 至 65%，年底時接近 70%，這主要是由於我們在今年下半年廣泛推出了低成本的 G6 發射器。

In light of our better-than-expected revenue growth, we now expect operating margins of approximately 7% and adjusted EBITDA margins of approximately 18.5%, reflecting an increase of 100 basis points and 50 basis points, respectively, from prior guidance.

鑑於我們的收入增長好於預期，我們現在預計營業利潤率約為 7%，調整後的 EBITDA 利潤率約為 18.5%，分別較之前的指引增加 100 個基點和 50 個基點。

With that, I'll now turn the call over to Steve for strategic update.

有了這個，我現在將電話轉給史蒂夫進行戰略更新。

Thank you, Quentin.

謝謝你，昆汀。

We had another great quarter in the books.

我們在書中有另一個偉大的季度。

We are excited about the growing acceptance of CGM around the world as a first-line technology for people with diabetes on intensive insulin therapy.

我們很高興全球越來越多地接受 CGM 作為糖尿病患者強化胰島素治療的一線技術。

Despite a number of rapidly changing market dynamics, DexCom is capitalizing on massive growth opportunity, and we are confident that the business is well positioned to succeed over the long term.

儘管市場動態變化迅速，但 DexCom 正在利用巨大的增長機會，我們相信該業務已做好長期成功的準備。

One of the core strategic objectives entering 2019 was to expand access to DexCom CGM.

進入2019年的核心戰略目標之一是擴大對 DexCom CGM 的訪問。

Within the U.S. market, our teams have been focused on 2 primary areas.

在美國市場，我們的團隊一直專注於 2 個主要領域。

First, as we have discussed in detail, we are making a strong push to ensure that patients have access to DexCom CGM through the pharmacy channel.

首先，正如我們詳細討論的那樣，我們正在大力推動確保患者能夠通過藥房渠道獲得 DexCom CGM 。

Although this has not been a primary driver for our volume growth in the first half of the year, we are confident that it is the most efficient channel for patients, clinicians and for DexCom over the long term.

儘管這並不是我們上半年銷量增長的主要驅動力，但我們相信，從長遠來看，它是患者、臨床醫生和 DexCom 最有效的渠道。

The second area where we have thought to expand access is in the intensive insulin type 2 population with an estimated more than 1.5 million people with type 2 diabetes using real-time insulin.

我們考慮擴大使用範圍的第二個領域是強化 2 型胰島素人群，估計有超過 150 萬 2 型糖尿病患者使用實時胰島素。

This population effectively doubled the addressable market of our core business in the U.S. Most importantly, CMS recognized when they first approved our CGM for the Medicare population.

這一人口有效地使我們在美國的核心業務的潛在市場翻了一番。最重要的是，CMS 在他們首次批准我們的 CGM 用於 Medicare 人口時就認識到了這一點。

This is a group of patients that clearly stands to benefit from our technology for better glucose management and safer insulin dosing.

這一組患者顯然會受益於我們的技術，以實現更好的血糖管理和更安全的胰島素劑量。

Our proactive effort to drive these 2 initiatives will be crucial in driving CGM to the standard of care over the long term and has also been the primary factor behind the pricing headwinds that we've detailed throughout the year.

我們積極推動這兩項舉措對於推動 CGM 長期達到護理標準至關重要，這也是我們全年詳述的定價逆風背後的主要因素。

While it will take time to realize the full benefit of these strategic priorities, we are pleased to report that we are gaining steady traction in both of these efforts.

雖然實現這些戰略優先事項的全部好處需要時間，但我們很高興地報告說，我們在這兩項努力中都獲得了穩定的牽引力。

Our insulin delivery partners are progressing well toward the commercialization of integrated products.

我們的胰島素輸送合作夥伴在集成產品的商業化方面進展順利。

On the pump side, both Tandem Diabetes and Insulet presented encouraging results at ADA related to their respective automated insulin delivery systems.

在泵方面，Tandem Diabetes 和 Insulet 在 ADA 上都展示了與各自的自動胰島素輸送系統相關的令人鼓舞的結果。

We believe that these solutions will not only gain share among pump users, but will attract those interested in pump therapy.

我們相信這些解決方案不僅會在泵用戶中獲得份額，而且會吸引那些對泵療法感興趣的人。

At ADA, we also announced our intent to integrate the DexCom G6 into Tidepool Loop.

在 ADA，我們還宣布了將 DexCom G6 集成到 Tidepool Loop 中的意圖。

This represents yet another example of DexCom support of patient choice and interoperability in the diabetes ecosystem as we leverage our iCGM designation.

這代表了 DexCom 在我們利用 iCGM 名稱時支持糖尿病生態系統中患者選擇和互操作性的又一個例子。

We remain excited about our partnerships with Novo Nordisk on the smart pen side and with Eli Lilly on the development of both the smart pen and connected pump.

我們對與諾和諾德在智能筆方面的合作夥伴關係以及與禮來在智能筆和連接泵開發方面的合作夥伴關係感到興奮。

As a reminder, the majority of people with diabetes on intensive insulin therapy around the world continue to choose insulin pens as their preferred means of insulin delivery, which highlights the importance of our smart pen relationships.

提醒一下，全世界大多數接受強化胰島素治療的糖尿病患者繼續選擇胰島素筆作為他們首選的胰島素輸送方式，這凸顯了我們智能筆關係的重要性。

In early June, we also announced a collaboration with smart pen maker, Companion Medical, which allows us to integrate insulin data from Companion's pen users into DexCom's CLARITY software.

6 月初，我們還宣布與智能筆製造商 Companion Medical 合作，這使我們能夠將 Companion 筆用戶的胰島素數據集成到 DexCom 的 CLARITY 軟件中。

We are committed to helping people manage their diabetes by bringing together the 2 critical components of treatment decisions, glucose levels and insulin dosing to give patients and clinicians a comprehensive picture for their diabetes management.

我們致力於通過將治療決策的兩個關鍵組成部分、血糖水平和胰島素劑量結合起來，幫助人們管理他們的糖尿病，讓患者和臨床醫生全面了解他們的糖尿病管理情況。

We intend to continue delivering additional sources of insulin data into the DexCom ecosystem over time.

隨著時間的推移，我們打算繼續向 DexCom 生態系統提供更多的胰島素數據來源。

As Quentin mentioned, even as we roll out G6 to additional markets, the development of our G7 platform remains the key strategic objective for the company with a significantly reduced form factor, our market-defining accuracy and a 1-piece disposable wearable, we are confident that G7 will be highly desirable to our existing and prospective patients as well as a product that accelerates our entrance into new markets outside of our core intensive insulin business.

正如 Quentin 所提到的，即使我們將 G6 推廣到其他市場，我們的 G7 平台的開發仍然是公司的關鍵戰略目標，它具有顯著縮小的外形尺寸、我們市場定義的準確性和一件式一次性可穿戴設備，我們是相信 G7 將成為我們現有和潛在患者的理想選擇，同時也是一種加速我們進入核心強化胰島素業務之外的新市場的產品。

On this front, we are pleased to reaffirm our time lines for a limited launch in late 2020 ahead of a broader launch in 2021.

在這方面，我們很高興重申我們的時間表，即在 2021 年更廣泛的發布之前，於 2020 年底進行有限發布。

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

有了這個，我會把它傳回給凱文。

Thank you, Steve.

謝謝你，史蒂夫。

Any time you exit the first half of the year having raised full year revenue guidance by $150 million or more than 10%, you know that the year must be going well and it has truly been a great first half of 2019 for DexCom.

每當你在上半年將全年收入指引提高 1.5 億美元或超過 10% 時，你就會知道這一年一定進展順利，對於 DexCom 來說，2019 年上半年確實很棒。

To grow at our current scale, there are a lot of things that have to come together, and this is a great testament to the team that we have here at DexCom to those in the field, in the clean rooms, and those thinking years down the road asking what's next.

要以我們目前的規模發展，有很多事情必須結合在一起，這很好地證明了我們在 DexCom 的團隊對現場、潔淨室和那些思考多年的人路問下一步。

Thank you for your commitment to DexCom and to the people we serve.

感謝您對 DexCom 和我們服務的人們的承諾。

There is still a huge growth opportunity for DexCom's core business in diabetes and beyond.

DexCom 在糖尿病及其他領域的核心業務仍有巨大的增長機會。

The technology that we worked so hard to develop positions us well to go after any significant market opportunity that we choose.

我們努力開發的技術使我們能夠很好地抓住我們選擇的任何重要市場機會。

In summary, it's been a great first half of 2019, but we're just getting started and we will not rest.

總而言之，2019 年上半年表現出色，但我們才剛剛開始，我們不會休息。

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

我現在想打開問答環節。

Sean?

肖恩？

(Operator Instructions)

（操作員說明）

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

（操作員說明）第一個問題來自摩根大通的 Robbie Marcus。

Congratulations on an another really nice quarter here.

祝賀這裡又一個非常好的季度。

Maybe I could start, and I don't want to get greedy here and this is for Quentin.

也許我可以開始，我不想在這裡變得貪婪，這是給昆汀的。

But after the big beats and raises you put up in the first half of the year with north of 45% growth in the first half of the year, guidance implies 17% to 25% growth in the back part of the year.

但是，在你在今年上半年取得了超過 45% 的增長之後，你在上半年取得了巨大的成功和加薪之後，指導意味著今年下半年將增長 17% 到 25%。

I know there's a lot of moving parts here in terms of pricing as you switch from DME to pharmacy, Medicare international, but maybe as a catchall question here, Quentin, help us understand some of the moving pieces here and the impact that each of them have on guidance for the back part of the year?

我知道當你從 DME 轉向藥房、Medicare International 時，這裡在定價方面有很多變動因素，但也許作為一個包羅萬象的問題，Quentin，幫助我們了解這裡的一些變動因素以及它們各自的影響對今年下半年有指導嗎？

Sure, Robbie.

當然，羅比。

You point out the decelerating growth in the back half of the year, which is accurate.

您指出下半年增長放緩，這是準確的。

I think probably the most important thing just to draw everybody's attention to is the fact that comps get meaningfully more difficult in the back half of the year to the tune of roughly 15% to 20% percentage points of headwinds in the third and fourth quarter, respectively.

我認為可能最重要的是要引起大家的注意，在今年下半年，comps 變得更加困難，第三和第四季度的逆風幅度大約為 15% 到 20%，分別。

So if you think back to the launch of G6 last year, you saw a growth in the back half of the year starting to get up into the mid-40s, even north of 50% in the fourth quarter.

因此，如果你回想一下去年 G6 的推出，你會看到今年下半年的增長開始達到 40 多歲，第四季度甚至超過 50%。

We are now anniversarying that and it creates a meaningful comp headwind.

我們現在正在慶祝這一點，它創造了一個有意義的逆風。

So I think you start to normalize for that and you get growth rates back into the ranges that you've seen in the first half of the year.

所以我認為你開始為此正常化，你的增長率回到你在今年上半年看到的範圍。

So you have to be mindful of that aspect.

所以你必須注意這方面。

And then certainly from a price perspective, we continue to anticipate that we will see those headwinds throughout the course of the back half of the year even probably accelerating just a bit in the fourth quarter when you start to contemplate some of the incremental moves that CMS has made with the Medicare business that will create a little bit of an incremental headwind from a pricing perspective.

然後當然從價格的角度來看，我們繼續預計我們將在今年下半年看到這些逆風甚至可能在第四季度加速一點，當你開始考慮 CMS 的一些漸進舉措時從定價的角度來看，與 Medicare 業務的合作將帶來一些不利因素。

Although from a margin perspective, we feel pretty good that over time it's actually going to be beneficial to us as we no longer have to provide all the BGM supply.

雖然從利潤的角度來看，我們感覺很好，隨著時間的推移，它實際上對我們有利，因為我們不再需要提供所有 BGM 供應。

So we feel good about where that goes longer term, but it's going to create a bit of headwind.

因此，我們對長期發展的方向感覺良好，但這會造成一些不利因素。

So I think those are the big moving pieces, but the biggest one being that the tougher comps.

所以我認為這些是重要的移動部分，但最大的部分是更強硬的組合。

Okay.

好的。

Great.

偉大的。

And then follow-up question.

然後跟進問題。

Everybody's focus is ahead all the way to G7 as we sit here today.

當我們今天坐在這裡時，每個人的注意力都集中在 G7 會議上。

Can you lay out just the time lines of what we should expect?

你能列出我們應該期待的時間表嗎？

I know it's an iCGM filing that's going to be different than what we have historically seen for your different iterations.

我知道這是一份 iCGM 文件，它將不同於我們以往在不同迭代中看到的文件。

But give us sort of the time lines of what we'll see, when we'll see it, whether it's data presentations or manufacturing, ramping up and product out there?

但是給我們一些我們將看到的時間線，我們什麼時候會看到它，無論是數據演示還是製造，增加和產品在那裡？

Now help us understand the time lines from here on out.

現在幫助我們了解從現在開始的時間線。

Yes, Robbie, this is Kevin.

是的，羅比，這是凱文。

I'll take that one.

我會拿那個。

We continue a lot on the development side on G7.

我們在 G7 的開發方面繼續做很多工作。

We're making some very big decisions over the next couple of months before we lock in design and go.

在我們鎖定設計並開始之前，我們將在接下來的幾個月內做出一些非常重大的決定。

As far as clinical trial presentations in all Canada, we probably will not have much till the product is approved and the pivotal has been submitted to the FDA because we really don't want to play our hand.

就整個加拿大的臨床試驗介紹而言，在產品獲得批准並且關鍵已經提交給 FDA 之前，我們可能不會有太多，因為我們真的不想玩我們的手。

We are running small trials all over the place right now, looking at configurations and things we can consider putting in that product.

我們現在正在各地進行小型試驗，研究配置和我們可以考慮放入該產品的東西。

But none of those are really contemplated for publication.

但這些都沒有真正考慮出版。

The push on this one since our iCGM standards is we know what the outcome has to look like.

自從我們的 iCGM 標準以來推動這個是我們知道結果必須是什麼樣子。

Therefore, we're going to run a trial that will meet those outcome points and no one should be overly surprised.

因此，我們將進行一項試驗，以滿足這些結果點，沒有人應該過分驚訝。

We're confident that the G7 platform will perform very well.

我們相信 G7 平台將表現出色。

We have some really wonderful things going into it and technology that we've been developing for years.

我們有一些非常棒的東西和我們多年來一直在開發的技術。

As far as the launch, as Steve said in his remarks, it'll be a limited launch in late 2020.

就發布而言，正如史蒂夫在他的發言中所說，它將在 2020 年底限量發布。

We will not have the capacity to roll it out to everyone in the fourth quarter and we are not going to try, and we do not want to -- we've learned enough about capacity this year.

我們將沒有能力在第四季度向所有人推出它，我們不會嘗試，我們也不想 - 我們今年已經了解了足夠多的容量。

We are not going to relearn those lessons in even bigger way.

我們不會以更大的方式重新學習這些課程。

We will then -- once we get approved, roll this thing out as we get our manufacturing plant up and fully ready to go to whereby we can support significant volumes.

然後我們將——一旦我們獲得批准，在我們的製造工廠啟動並完全準備好去支持大量產品時推出這個東西。

And other lesson we've learned on G6 from G5 is the conversions with new technology can actually be very fast.

我們從 G5 學到的關於 G6 的其他教訓是，新技術的轉換實際上可以非常快。

We probably underestimated the rate at which our patients will convert from G5 to G6 just given what we know about our patient behavior.

鑑於我們對患者行為的了解，我們可能低估了患者從 G5 轉變為 G6 的速度。

We are not going to underestimate this conversion.

我們不會低估這種轉變。

It's going to go fast and it is going to be a wonderful product.

它會發展得很快，而且會成為一個很棒的產品。

So 2021, we really want the capacity to be able to swap everybody out.

所以到 2021 年，我們真的希望有能力將所有人都換掉。

We will continue to support G6 in specific markets and with integrated products and such, the G7 becomes our flagship product by the end of 2021 with G6 supporting totally different roles.

我們將繼續在特定市場和集成產品等方面支持 G6，到 2021 年底，G7 將成為我們的旗艦產品，而 G6 將支持完全不同的角色。

And the next question comes from JP McKim from Piper Jaffray.

下一個問題來自 Piper Jaffray 的 JP McKim。

I'd like to just touch on the pharmacy, if you could just give us an update on where you are in terms of coverage and maybe volume going that way, and if you could touch a little bit on the Walgreens announcement?

我只想談一談藥房，能否向我們介紹一下您在覆蓋範圍方面的最新情況以及可能的數量，以及您是否可以談一下 Walgreens 的公告？

It was in the PowerPoint, but you didn't talk about it in your prepared remarks.

它在 PowerPoint 中，但您沒有在準備好的發言稿中談論它。

So maybe talk about that partnership and what that could do for you guys going forward?

那麼也許可以談談這種夥伴關係以及它可以為你們做些什麼？

I'll speak to the pharmacy question, and Kevin will give you an update on the Walgreens.

我會談談藥房問題，凱文會向您介紹 Walgreens 的最新情況。

We continue to make good progress on the pharmacy front in terms of adding lives that are able to access the products through pharmacy coverage.

我們繼續在藥房方面取得良好進展，增加能夠通過藥房保險獲得產品的生命。

So we continue to move down that path.

所以我們繼續沿著這條路前進。

I think, importantly, the new patients that continue to come into the company continue to come in through the pharmacy channel.

我認為，重要的是，繼續進入公司的新患者繼續通過藥房渠道進入。

We see good progress being made there.

我們看到那裡正在取得良好進展。

Obviously, we've got an existing business that we've put in place over the years.

顯然，我們已經有了多年來建立的現有業務。

I've trained folks how to navigate through the DME channel and they're still accustomed to that.

我已經培訓過人們如何在 DME 頻道中導航，他們仍然對此習以為常。

So that shift out of DME in the pharmacy on the existing base has gone a bit more slowly than what we see coming in with the new patients.

因此，在現有基地的藥房中，從 DME 轉移出去的速度比我們看到的新患者進來的速度要慢一些。

So we fully anticipate that the business model over time will be through the pharmacy channel.

因此，我們完全預計隨著時間的推移，商業模式將通過藥店渠道。

We continue to push the organization down that pathway.

我們繼續推動組織沿著這條道路前進。

We're making good progress, but there's still a lot of runway ahead of us, there's still a lot of room to go.

我們正在取得很好的進展，但我們前面還有很多跑道，還有很大的空間要走。

So we'll continue to focus on it.

所以我們會繼續關注它。

You'll hear we talk about it for quite some time, I'm sure.

你會聽到我們談論它很長一段時間，我敢肯定。

And with respect to Walgreens and that announcement, Walgreens has been a good partner of ours for quite a while.

關於 Walgreens 和該公告，Walgreens 長期以來一直是我們的好合作夥伴。

In fact as we started pharmacy coverage for patients, one of our best distribution outlets in the early days was the Walgreens specialty pharmacies where our patients were -- could very easily get access to the technology if they had pharmacy benefit.

事實上，當我們開始為患者提供藥房保險時，我們早期最好的分銷渠道之一是我們患者所在的 Walgreens 專業藥房——如果他們有藥房福利，他們可以很容易地獲得該技術。

Going forward, with all the data we gather from our patients and all the data we gather from our patients and other devices and other sensors and such going forward.

展望未來，隨著我們從患者那裡收集的所有數據，以及我們從患者和其他設備以及其他傳感器等那裡收集的所有數據的不斷發展。

With Walgreens and the data they have we view this as opportunity to be a very strong data partner for general health care.

有了 Walgreens 和他們擁有的數據，我們將此視為成為一般醫療保健領域非常強大的數據合作夥伴的機會。

What we have certainly meets their ambitions and we need to partner in relationship.

我們所擁有的當然可以滿足他們的抱負，我們需要建立合作夥伴關係。

We think it'll be a great place for patients to get their product over time.

我們認為隨著時間的推移，這將是患者獲得產品的好地方。

And we're looking forward to working much closer together.

我們期待著更緊密地合作。

So this is the beginning.

所以這是開始。

And if you take a look at their website and how they've talked about this, it's pretty front and center, so we're very happy.

如果你看看他們的網站，看看他們是如何談論這個的，就會發現它非常重要，所以我們很高興。

That's helpful.

這很有幫助。

And Quentin, if he could just address like the delta and the growth rate between the segments, on transmitter, receivers, -- especially on the receiver side was down 4%.

昆汀，如果他能像三角洲一樣解決問題，那麼在發射器、接收器方面，細分市場之間的增長率——尤其是在接收器方面下降了 4%。

So I assume it has to do with international and the move into the pharmacy, but if you could just maybe give people some expectations around why the growth rate should be so different across the various products?

所以我認為這與國際和進入藥房有關，但如果你能給人們一些期望，為什麼不同產品的增長率應該如此不同？

It's a great question, and to your point, the receiver is actually down from a dollar perspective in the reported figures.

這是一個很好的問題，就你的觀點而言，在報告的數字中，接收者實際上從美元的角度來看是下降的。

I can tell you from a unit basis, they were up significantly.

我可以從一個單位告訴你，它們漲幅很大。

And as Kevin pointed out in his prepared remarks, our new patient numbers were at record levels, an all-time record for us, again, in the second quarter.

正如凱文在他準備好的發言中指出的那樣，我們的新患者數量達到了創紀錄的水平，這在第二季度再次創下了我們的歷史記錄。

So volumes continue to trend very well.

因此，銷量繼續保持良好趨勢。

What you're seeing play out there is really a dynamic in how we think about strategically pricing the product for the future, both as we move into the pharmacy, but as well as we start to think about new product iterations like G7 over time, that start to remove the transmitter or the receiver component altogether.

你所看到的結果確實是我們如何思考未來產品戰略定價的動態，無論是當我們進入藥房時，還是隨著時間的推移，我們開始考慮像 G7 這樣的新產品迭代，開始完全移除發射器或接收器組件。

And so where the value ends up getting placed is a bit different from a category perspective, but it's not reflective of the underlying volume growth in the business.

因此，從類別的角度來看，價值最終被放置在哪裡有點不同，但這並不能反映業務的潛在銷量增長。

So I think that is what are you seeing play out there.

所以我認為這就是你在那裡看到的。

It's certainly something that we have made very distinct decisions around in terms of how we set up these pricing strategies.

就我們如何制定這些定價策略而言，這肯定是我們做出了非常不同的決定。

And you're now seeing it start to play through in the categories from a dollar perspective, but nothing that would indicate any underlying concerns that anybody needs to pay attention to.

從美元的角度來看，你現在看到它開始在類別中發揮作用，但沒有任何跡象表明任何人都需要注意任何潛在的擔憂。

Volume growth is incredibly strong, new patient growth is strong as it has ever been.

銷量增長非常強勁，新患者的增長一如既往地強勁。

And the next question comes from Jeff Johnson from Baird.

下一個問題來自 Baird 的 Jeff Johnson。

Maybe I'll follow up on that question there and trying to move away from looking at sensors versus transmitters versus receiver revenue.

也許我會在那裡跟進那個問題，並試圖擺脫對傳感器、發射器和接收器收入的關注。

Conceptually, we thought of you guys kind of generate maybe $3,000 per year per patient in kind of ex-receiver revenue anyway.

從概念上講，我們認為你們每年每位患者可能會產生 3,000 美元的前接收者收入。

With G7 launching late next year into 2021 and going for maybe 10 to 14 or more likely, I think, 15 days, what do you think that $3,000 per year per patient revenue?

隨著 G7 於明年晚些時候啟動到 2021 年，我認為可能會持續 10 到 14 天或更長時間，15 天，您認為每位患者每年 3,000 美元的收入是多少？

How does that -- what are the puts and takes on where that could go?

那是怎麼回事 - 看跌期權和承擔可能去向的地方是什麼？

Yes, Jeff, we're not going to get into the specifics of that price point.

是的，Jeff，我們不打算深入探討該價格點的細節。

I think importantly, as we sit down with payers and negotiate positions, we tend to look at this from an average value per patient on an annual basis and so to the degree that we are going to give that information, we've put the playbook out there in front of everybody to see, particularly the payers, and you can imagine that as soon as it is out there, you're going straight there.

我認為重要的是，當我們與付款人坐下來協商立場時，我們傾向於從每位患者每年的平均價值來看待這個問題，因此我們將提供這些信息的程度，我們已經把劇本在每個人面前，尤其是付款人面前，你可以想像，一旦它在那裡，你就會直接去那裡。

I think the important thing to note is that we understand the configuration of G7 when it comes into the marketplace.

我認為需要注意的重要一點是我們了解 G7 上市時的配置。

It's very different than the G6 product.

它與 G6 產品非常不同。

We are having discussions with payers today around how we structure these contracts, so the G7 can come in very seamlessly and we move right into it.

我們今天正在與付款人討論我們如何構建這些合同，以便 G7 可以非常無縫地進入，我們直接進入。

And so the revenue does start to change across each of the buckets.

因此，收入確實開始在每個桶中發生變化。

And it does start to come down on an annual basis on a per user perspective.

從每個用戶的角度來看，它確實開始每年下降。

So as we move further into the pharmacy, we know it has to come down over time.

因此，當我們進一步進入藥房時，我們知道它必須隨著時間的推移而下降。

And I would just point you back to our long-term goals.

我只想讓你回到我們的長期目標。

When we put out the $2 million to $2.5 million of revenue, we absolutely anticipated that the revenue per patient has to come down over time, and we are playing right along the path where what we anticipated that might look like.

當我們推出 200 萬至 250 萬美元的收入時，我們絕對預計每位患者的收入必須隨著時間的推移而下降，並且我們正在沿著我們預期的方式前進。

We're executing nicely on that front and feel very good about the progress being made.

我們在這方面執行得很好，對正在取得的進展感到非常滿意。

All right.

好的。

Fair enough.

很公平。

And then on your fourth quarter comments around Medicare and with that Class II bundle down, I think, 13% or 14% or something like that, you size that as one of the impacts why 4Q maybe modestly impacted or the guidance implies maybe a little bit slower growth then.

然後在你關於 Medicare 的第四季度評論和 II 類捆綁下降，我認為，13% 或 14% 或類似的東西，你將其作為影響之一，為什麼第四季度可能受到適度影響或指導暗示可能有一點那時增長有點慢。

How do we think about that into 2020, understanding you're not giving 2020 guidance, but is that a rounding error as we start thinking about 2020?

我們如何考慮到 2020 年，了解您沒有給出 2020 年的指導，但當我們開始考慮 2020 年時，這是一個舍入誤差嗎？

Is that something we need to put a finer point on in our models thinking about next year's revenue growth, just that change in the Medicare dollars?

在考慮明年的收入增長時，我們是否需要在我們的模型中提出更好的觀點，只是 Medicare 美元的變化？

I think we need to be mindful of it.

我認為我們需要注意這一點。

It is going to be a headwind for us as we now will have a full year of the impact relative to just 1 quarter of 2019.

這對我們來說將是一個逆風，因為相對於 2019 年的第一個季度，我們現在將產生一整年的影響。

So it's certainly something that we'll speak more about as we get closer to the end of the year and start talking about 2020.

因此，隨著我們接近年底並開始談論 2020 年，我們肯定會更多地談論它。

But you're going to want to be mindful of it.

但是你會想要注意它。

I think importantly the ability to eliminate the BGM supply from the bundle or no longer having to provide that actually puts us in a position where it becomes margin accretive relative to the current position that we're in with Medicare channel.

我認為重要的是，從捆綁中消除 BGM 供應或不再需要提供的能力實際上使我們處於相對於我們在 Medicare 渠道中所處的當前位置而言利潤增加的位置。

So overall, we view it as an opportunity from a margin perspective to show some improvement.

因此，總的來說，我們認為這是一個從利潤率角度顯示一些改善的機會。

It's not going to move the needle in a significant way, but it doesn't become the headwind that it has been.

它不會以顯著的方式移動指針，但它不會像過去那樣成為逆風。

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

我們的下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾。

Maybe one for me switching over to the OUS dynamic a little bit.

也許對我來說有一點切換到 OUS 動態。

If you could walk us through the near- and long-term outlook and really what are the 2 or 3 scenarios for you guys in a bear and bull case?

如果你能帶我們了解一下近期和長期前景，那麼在熊市和牛市的情況下，你們真的有 2 種或 3 種情況嗎？

Where and when will market penetration be outside the U.S. above 20%, above 50% penetration?

美國以外的市場滲透率何時何地會超過 20%，超過 50%？

Yes.

是的。

I mean, look, I think for us Europe is lagging a little behind our penetrations in the U.S., but there is no reason that -- particularly in the reimbursed markets in Western Europe that over time, Western Europe should look a whole lot like our U.S business, as frankly should Japan and Canada and Australia and the other developed markets.

我的意思是，看，我認為對我們來說，歐洲在美國的滲透率有點落後，但沒有理由——特別是在西歐的報銷市場，隨著時間的推移，西歐應該看起來很像我們的美國業務，坦率地說應該是日本和加拿大以及澳大利亞和其他發達市場。

We're not going to give obviously specifics on when and how quickly we think we can get to those levels of penetration.

我們不會明確說明我們認為何時以及多快可以達到這些滲透水平。

But it's coming.

但它來了。

The European business, 1 comment I would make on the European business in revenues, particularly in the second quarter, is that our -- we've said this time and again on our calls that the European business because it's still predominantly through third-party distribution, tends to be a little more choppy.

歐洲業務，我要對歐洲業務的收入發表評論，特別是在第二季度，我們 - 我們在電話中一次又一次地表示歐洲業務，因為它仍然主要通過第三方分佈，往往更波濤洶湧。

We don't have the same seasonality from DME deductibles that reset in the first quarter, and in the European distribution network, the order patterns just tend to be a little choppier.

我們沒有與第一季度重置的 DME 免賠額相同的季節性，在歐洲分銷網絡中，訂單模式往往有點不穩定。

So the European business is still humming along.

因此，歐洲業務仍在蓬勃發展。

It's a big bright spot for us, and we expect it to continue to be great from a growth perspective.

這對我們來說是一個很大的亮點，我們預計從增長的角度來看它會繼續保持出色。

Yes.

是的。

And then Quentin, just wanted to follow up a little bit on some of the outsourced support organization and some of the commentary you guys had on that.

然後 Quentin，只是想跟進一些外包支持組織以及你們對此的一些評論。

Walk us through what you guys maybe have missed?

告訴我們你們可能錯過了什麼？

What you guys are doing to fix it?

你們正在做什麼來解決它？

And over kind of what time horizon should we still assume that we can contract towards the operating margin goal long term?

在什麼樣的時間範圍內，我們仍然應該假設我們可以長期收縮營業利潤率目標？

Yes.

是的。

I don't think you should have or walk away from the call with any incremental concern being added to an operating margin goal.

我認為您不應該因為將任何增量關注添加到營業利潤率目標而接聽電話或離開電話。

We are tracking incredibly well from that perspective, and we feel great about the decision that we made there and it's going to be a really nice leverage point for us over time.

從這個角度來看，我們跟踪得非常好，我們對我們在那裡做出的決定感覺很好，隨著時間的推移，這對我們來說將是一個非常好的槓桿點。

I think the difference is when we stood up that Philippines operation, we started with really 2 paths.

我認為不同之處在於，當我們開展菲律賓業務時，我們確實從兩條路徑開始。

There was a direct DexCom employee base that has performed incredibly well and then there's a third-party outsourced component that we've utilized as well.

有一個直接的 DexCom 員工基礎，表現非常出色，然後還有一個我們也使用的第三方外包組件。

And I think what we've learned is the standard that we hold ourselves to honestly is just not the same standard that other parties probably hold themselves to.

而且我認為我們了解到的是，我們誠實地堅持的標準與其他各方可能堅持的標準不同。

And so the question or the issue that we're starting to remedy is to get into those situations, elevate the standard that we expect and hold them accountable to deliver that for us and to us.

因此，我們開始解決的問題或問題是進入這些情況，提高我們期望的標準，並讓他們負責為我們和我們提供標準。

I think it's going to be a few months here as we work through it.

我認為我們將在這里工作幾個月。

It's front and center, it is a priority for the team.

它是前沿和中心，是團隊的優先事項。

We've got our resources all over it.

我們已經掌握了所有資源。

The reality is we can do better.

現實是我們可以做得更好。

And I think that's what we're trying say here, is we understand the challenge.

我認為這就是我們在這裡想說的，我們了解挑戰。

The experience can get better for our patients, we know that, and we're after it.

對於我們的患者來說，這種體驗會變得更好，我們知道這一點，並且我們正在努力。

And so we're committed to investing and improving in that.

因此，我們致力於在這方面進行投資和改進。

I don't -- you shouldn't look at that as a significant investment beyond the current spend rate that you see us executing to now.

我不——你不應該把它看作是一項超出你看到我們現在執行的當前支出率的重大投資。

And the next question comes from Joanne Wuensch from BMO.

下一個問題來自 BMO 的 Joanne Wuensch。

I just want to get my head around the move to the pharmacy channel a little bit more.

我只是想稍微了解一下轉向藥房渠道的情況。

It sounds like last quarter, you were able to announce or share that the Cigna had granted pharmacy benefit.

聽起來像上個季度，您能夠宣布或分享 Cigna 已授予藥房福利。

Are there any other larger insurers that we -- you can give us an update on?

我們還有其他更大的保險公司嗎？您可以向我們提供最新信息嗎？

Or another way to look at it, a percent coverage moment?

或者換一種方式來看待它，百分比覆蓋時刻？

Yes, I'll take that.

是的，我會接受的。

We haven't had any large contracts that we disclosed that have come to fruition this quarter, but we continue to roll along really well.

我們在本季度沒有披露任何已實現的大合同，但我們繼續進展順利。

One of the things we're struggling with, in all honesty, is how to define how many covered lines we have because we -- as we look at all the payers we have or our competitor may have, we're way about the same, but we don't really want to disclose that same percentage.

老實說，我們正在努力解決的一件事是如何定義我們擁有多少條覆蓋線，因為我們 - 當我們查看我們擁有的所有付款人或我們的競爭對手可能擁有的付款人時，我們的方式大致相同，但我們真的不想透露相同的百分比。

We know we are well over 50%.

我們知道我們已經超過 50%。

We're on our way to getting where we want to be.

我們正在前往我們想去的地方。

The more important factor, Margaret -- I mean, not Margaret, Joanne, I'm sorry, in this situation is we got to give patients moved to the coverage that we have.

更重要的因素，瑪格麗特——我的意思是，不是瑪格麗特，喬安妮，對不起，在這種情況下，我們必須讓患者轉移到我們擁有的保險範圍內。

And as we continue to flow the new patients through there, that would be helpful.

隨著我們繼續讓新患者流經那裡，這會很有幫助。

And as we continue to -- we'll just continue to have programs and relationships, you'll see a lot of effort there in the future.

隨著我們繼續 - 我們將繼續擁有計劃和關係，你會在未來看到很多努力。

Our strategy has been working very well as we go before payers, and I've gone before a couple of them.

我們的策略在付款人之前一直運作良好，我已經在他們中的幾個之前走了。

Our presentation has been very strong, and we've been able to get the reimbursement that we're wanting and very frequently get to the pharmacy channel.

我們的介紹非常有力，我們已經能夠獲得我們想要的報銷，並且經常進入藥房渠道。

So we -- but we've just have to keep knocking them out.

所以我們 - 但我們只需要不斷淘汰他們。

Just as a follow-up.

就像後續行動一樣。

If I calculate this correctly on a dollar basis, your international revenue was flat sequentially.

如果我按美元計算正確的話，你的國際收入環比持平。

Am I looking at that right?

我看對了嗎？

And is there something going on there I should know about?

我應該知道那裡發生了什麼事嗎？

Yes.

是的。

You're looking at it correctly.

你看對了。

I don't think there's anything there that you need to particularly be concerned about.

我認為您沒有什麼需要特別關注的。

I think from a sequential perspective, your point is accurate.

我認為從順序的角度來看，你的觀點是準確的。

To Steve's point earlier, this is a lumpy business.

就史蒂夫之前的觀點而言，這是一項坎坷的業務。

Nearly half of it is still flows through the distributor channel, and I can tell you in a market or 2, the matter of an order coming through in the first quarter or second quarter or falling into the third quarter, it can cross over from time to time.

將近一半還是在經銷商渠道流，我可以告訴你在一個市場或者2，一個訂單在一季度或者二季度或者落到三季度的事情，它可以不時交叉時間。

So we did have a little bit of that played out in the second quarter that would change the sequential trend.

因此，我們確實在第二季度發揮了一些作用，這將改變連續趨勢。

I think the important thing is when you look at new patient adoption, you look at existing patients' performance in these markets, it's consistent with what we've seen.

我認為重要的是，當您查看新患者的採用情況時，您會查看這些市場中現有患者的表現，這與我們所看到的一致。

There is no change in that trend.

這種趨勢沒有改變。

So I think you're seeing more of a timing issue when you look at it from a sequential perspective.

所以我認為當你從順序的角度來看它時，你會看到更多的時間問題。

In terms of the year-over-year, I think the other thing just to point out is you've got a meaningfully more difficult comp in the second quarter than what you had in the first quarter in this international business, nearly 30 points of incremental growth that showed up in Q2 of last year versus Q1, which again, I think, just kind of comes back and demonstrates the lumpiness in the international business.

就同比而言，我認為另一件要指出的事情是，你在第二季度的難度比第一季度在這個國際業務中的難度要大得多，將近 30 分去年第二季度與第一季度相比出現的增量增長，我認為，這又一次回歸併證明了國際業務的不平衡。

So nothing that we are concerned about playing out there.

所以我們不關心在那裡玩什麼。

We still are incredibly bullish on the international business.

我們仍然非常看好國際業務。

The new patient opportunities continue to be strong and probably, most importantly, the overall adoption of our technology in the market is still quite light, which leaves a lot of room to run.

新的患者機會繼續強勁，可能最重要的是，我們的技術在市場上的整體採用率仍然很低，這留下了很大的運行空間。

And our next question comes from Danielle Antalffy from SVB.

我們的下一個問題來自 SVB 的 Danielle Antalffy。

Congrats on another really, really strong quarter.

祝賀又一個非常非常強勁的季度。

Quentin, I was hoping if you can give a little bit more color on the pricing headwind that you've seen so far year-to-date?

昆汀，我希望你能對今年迄今為止看到的定價逆風給出更多的顏色嗎？

I know you guys talked about $100 million for the year.

我知道你們談到了今年的 1 億美元。

How much that's been absorbed thus far?

到目前為止吸收了多少？

And how much incremental should we expect in the second half?

下半年我們應該期待多少增量？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

So I think you go back to the first quarter, we commented then it was a bit less than the $20 million.

所以我想你回到第一季度，我們評論說它比 2000 萬美元少一點。

Here in the second quarter, it's closer to the $25 million that we've had commented on, on a per quarter basis.

在第二季度，它更接近我們評論過的每季度 2500 萬美元。

I would tell you it was right in line with expectations.

我會告訴你這符合預期。

I think in the back half of the year, we expect that to accelerate a bit.

我認為在今年下半年，我們預計會加速一點。

I think importantly, there's a couple of dynamics playing out.

我認為重要的是，有一些動態正在發揮作用。

Certainly, the move into the pharmacy is a big priority for us, and we've talked very clearly around our intent to allow price to come down a bit to open up that channel.

當然，進入藥房是我們的首要任務，我們已經非常清楚地討論了我們允許價格下降一點以打開該渠道的意圖。

You've got the Medicare revision in their rates.

您已經對他們的費率進行了 Medicare 修訂。

That will play a bit into -- a bit of a headwind there as well.

這會起到一定的作用——也有一點不利因素。

And then I think importantly, we're also seeing willingness and opportunity with the payers to continue to even move into DME channel to create easier access to product and technology.

然後我認為重要的是，我們也看到付款人願意和機會繼續進入 DME 渠道，以創造更容易獲得產品和技術的機會。

And so we're willing to give a bit of price in that scenario as well, knowing that over time, it's going to have to walk itself down.

因此，我們也願意在這種情況下付出一些代價，因為我們知道隨著時間的推移，它將不得不自行解決。

So in those negotiations generally what happens is you're negotiating for easier access to the technology, less paperwork, less requirements in terms of logging glucose levels.

所以在這些談判中，通常發生的事情是你在談判更容易獲得技術，減少文書工作，減少記錄葡萄糖水平的要求。

Those are the kind of things that if we can make that easier for the patient, we are willing to concede pricing a bit because we understand that volumes are likely to pick up, and we certainly have seen that play out.

如果我們能讓病人更容易接受這些事情，我們願意在定價上做出一些讓步，因為我們知道銷量可能會增加，而且我們當然已經看到了這種情況。

So we've got that baked into the back half as well.

所以我們也把它烤到後半部分。

That should give you some color on the incremental price in the back half versus first.

這應該讓您了解後半部分與前半部分的增量價格。

Okay, that's helpful.

好的，這很有幫助。

And then my follow-up is at a very high level, Kevin.

然後我的跟進是在一個非常高的水平，凱文。

I don't know if you want to take this one, but you talked about, it's not necessarily been the pharmacy efforts in driving the outperformance.

我不知道你是否想接受這個，但你談到了，這不一定是藥房推動業績的努力。

And I'm just curious if you can talk about, like, what has been driving the outperformance, what level of visibility do you have?

我很好奇你是否可以談談，比如，是什麼推動了出色的表現，你有什麼水平的知名度？

You've raised guidance $150 million, but you've only beat consensus year-to-date by $65 million.

你已經籌集了 1.5 億美元的指引，但你只比今年迄今為止的共識高出 6500 萬美元。

So you clearly have some level of visibility into that, I would expect.

所以你顯然對此有一定程度的可見性，我希望如此。

And it sounds like it's expanded access, could you quantify at all, like how much over the last 12 months access has actually expanded as the percentage of your addressable patient population has increased by a certain percent or something?

這聽起來像是擴大了訪問範圍，你能量化一下嗎，比如在過去的 12 個月裡，隨著你的可尋址患者人數的百分比增加了一定百分比或什麼，訪問實際上擴大了多少？

You know what, I'll walk through that.

你知道嗎，我將介紹一下。

And if Steve and Quentin have anything they want to add, they're welcome to.

如果史蒂夫和昆汀有什麼想補充的，歡迎他們加入。

I think there's a couple of factors.

我認為有幾個因素。

I think awareness has become a huge factor in our marketplace.

我認為意識已成為我們市場中的一個重要因素。

Many more people are aware of CGM and what it can do now than ever been before.

現在比以往任何時候都更多的人了解 CGM 及其功能。

As we do our own marketing research and ask about our brand awareness and CGM awareness, the responses are much, much better than we've ever seen.

當我們進行自己的營銷研究並詢問我們的品牌知名度和 CGM 知名度時，反應比我們以往看到的要好得多。

I would tell you also, the G6 is a big deal.

我還要告訴你，G6 很重要。

Those patients have learned about G6 and learned the experience they can have and all that it does.

這些患者了解了 G6，了解了他們可以擁有的經驗以及它所做的一切。

This has been extremely helpful in our growth.

這對我們的成長非常有幫助。

There's other little things, Tandem having an approved pump that's integrated with our system.

還有其他一些小事，Tandem 有一個經過批准的泵，它與我們的系統集成在一起。

It's certainly been helpful in driving new patients at DexCom, the growth in the international markets.

它肯定有助於推動 DexCom 的新患者，以及國際市場的增長。

And it's interesting.

這很有趣。

Oftentimes, we would look at growth, and I look back in the old days.

通常，我們會關注增長，而我會回顧過去。

I look at Steve.

我看著史蒂夫。

You all had asked us, what about peds?

你們都問過我們，peds 怎麼樣？

Is peds driving growth?

PEDS 正在推動增長嗎？

Or -- and then recently, is Medicare driving growth?

或者——最近，醫療保險是否在推動增長？

Every segment is growing.

每個細分市場都在增長。

Every single business line is growing and growing nicely.

每一個業務線都在增長，並且增長得很好。

Commercial business, the Medicare business, you look at peds and adults, they're both growing.

商業業務，醫療保險業務，你看看 peds 和成人，他們都在增長。

You look at Europe, it's very much across the board.

你看看歐洲，它非常全面。

It is really driven by CGM awareness and the fact that people really are figuring out that this is something they really need to control and manage their diabetes.

它實際上是由 CGM 意識和人們真正意識到這是他們真正需要控制和管理糖尿病的事實所驅動的。

I don't you if you guys have anything you want to add on that.

如果你們有什麼想補充的，我不會。

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

我們的下一個問題來自摩根士丹利的大衛劉易斯。

Just a couple for me.

對我來說只是一對。

Maybe first for Quentin.

也許首先是昆汀。

So Quentin, I think ADA was the first time you offered some qualitative specifics around what G7 COGS could be.

所以昆汀，我認為 ADA 是你第一次提供一些關於 G7 COGS 可能是什麼的定性細節。

I think, specifically, you said you think G7 COGS can get down to competitor levels at scale.

我認為，具體來說，你說你認為 G7 COGS 可以在規模上達到競爭對手的水平。

I just want to be sure, there's a couple of things.

我只是想確定，有幾件事。

What you think those levels are?

你認為這些水平是多少？

How do you define scale from a revenue perspective?

您如何從收入角度定義規模？

And what's driving your confidence now in kind of providing that kind of qualitative commentary?

現在是什麼讓您有信心提供這種定性評論？

This is Kevin.

這是凱文。

I'll take that, David.

我會接受的，大衛。

When we started the G7 project back in 2015, one of the things we put on the table was a cost target.

當我們在 2015 年啟動 G7 項目時，我們擺在桌面上的其中一件事就是成本目標。

That was very aggressive, and we didn't think we'd ever be able to meet.

那是非常激進的，我們認為我們永遠無法見面。

But we marched through that cost target going forward.

但我們向前推進了該成本目標。

We know when we roll the thing out the door.

我們知道什麼時候把東西推出門外。

In the beginning, we're not going to hit that target.

一開始，我們不會達到那個目標。

But over time, as we look at the cost of the electronics, the battery, the manufacturing processes, we're implementing that are different than anything we've done before.

但隨著時間的推移，當我們審視電子產品、電池和製造工藝的成本時，我們正在實施與以往不同的做法。

Even the number of parts in the insertion system, everything has been designed not only to perform at our standard, but it's been designed to manufacture.

甚至插入系統中的零件數量，一切都經過設計，不僅可以按照我們的標準執行，而且還可以製造。

It's been designed to manufacture at a lower cost in a more reliable way.

它旨在以更可靠的方式以更低的成本製造。

So we're very confident we can get to lower COGS.

所以我們非常有信心我們可以降低銷貨成本。

Quite honestly, I sat in the meeting yesterday, our G6 COGS, as we get to volumes next year and as we increase our manufacturing capacity and fill out our initial plan, are going to come down significantly as well.

老實說，我昨天參加了會議，我們的 G6 COGS，隨著我們明年的產量以及我們增加製造能力和完成我們的初步計劃，也將大幅下降。

Our COGS are moving in the right direction.

我們的 COGS 正朝著正確的方向發展。

It's just taking more time.

只是需要更多時間。

And as we've invested dollars to expand -- before the expansion, things get a little bit tough on the absorption side.

隨著我們投入資金進行擴張——在擴張之前，吸收方面的事情變得有點困難。

But as we fill that plant and keep working hard in San Diego, we're very confident we'll get there.

但是當我們在聖地亞哥填滿那個工廠並繼續努力工作時，我們非常有信心我們會到達那裡。

But G7 is just designed completely different than anything we've ever done.

但 G7 的設計與我們以往做過的任何東西都完全不同。

Okay.

好的。

Very helpful, Kevin.

很有幫助，凱文。

The second thing is just pharmacy coverage percentage.

第二件事只是藥房覆蓋率。

I think you said 50% last quarter.

我想你上個季度說的是 50%。

Can you just sort of update us what that number is today?

你能告訴我們今天的數字是多少嗎？

I think one of your competitors shared that they were at 75% this quarter.

我認為您的一位競爭對手分享了他們本季度的 75%。

So where are you guys today?

那麼你們今天在哪裡？

And could you just -- can you give us any sense by year-end what percent of revenue you think will come through the pharmacy?

你能不能——你能告訴我們到年底你認為藥房收入的百分比是多少嗎？

And just a sense of scale on that number, what that number could be perhaps in a year from now?

只是對這個數字的規模感，一年後這個數字可能是多少？

Yes, this is Kevin.

是的，這是凱文。

I'll go into a year from now because I think that's easier than today.

我將從現在開始進入一年，因為我認為這比今天更容易。

We would be -- I can set a goal.

我們會——我可以設定一個目標。

We certainly would want to be in the 80% range as far as coverage a year from now.

就一年後的覆蓋率而言，我們當然希望達到 80% 的範圍。

And that certainly is what we're shooting for.

這當然是我們的目標。

As far as where we are today, we know we're above 50%.

就我們今天所處的位置而言，我們知道我們已經超過 50%。

We've gotten some more contracts.

我們又拿到了一些合同。

Having -- it's better than it was last quarter, but there's some -- we haven't done a lot of these calculations.

有 - 它比上個季度好，但有一些 - 我們沒有做很多這些計算。

We've -- I've heard one number, 57%.

我們——我聽說過一個數字，57%。

I've heard others, above 60%.

我聽說過其他人，超過 60%。

I don't have the perfect number for you, David, but we're comfortable where we.

戴維，我沒有適合你的完美數字，但我們在我們這裡很舒服。

And like I said earlier in our comments, we've gone through each payer.

就像我之前在評論中所說的那樣，我們已經檢查了每個付款人。

We do this on a regular basis.

我們定期這樣做。

What do we have, what do the rest of the market have?

我們有什麼，其他市場有什麼？

We don't see a lot of difference there.

我們在那裡沒有看到太多差異。

So maybe we compute our lives different over there.

所以也許我們在那裡計算我們的生活不同。

It doesn't matter.

沒關係。

We're making the progress that we want to make.

我們正在取得我們想要取得的進展。

As far as the percentage of our business going through, I'll reiterate Quentin's comments.

至於我們業務的百分比，我會重申 Quentin 的評論。

We've never disclosed that percentage, and we won't until it becomes very obvious.

我們從未披露過該百分比，而且在它變得非常明顯之前我們不會披露。

At the end of the day, our new patients are very much going over there.

歸根結底，我們的新病人非常多。

We have not launched a major effort to move the existing patients over there.

我們還沒有做出重大努力將現有患者轉移到那裡。

And again, this relates to people being comfortable with how they process things in the past, having good insurance that covers a DME.

再一次，這與人們對過去處理事情的方式感到滿意，擁有涵蓋 DME 的良好保險有關。

This is going to be a process that's going to take time, but we'll get there.

這將是一個需要時間的過程，但我們會到達那裡。

Yes.

是的。

I mean, David.

我是說，大衛。

As we were talking in our preparations earlier today, Kevin pointed out, we spent 13 or 14 years, the last 13 or 14 years building a big DME business, and it's just not going to shift overnight.

正如我們今天早些時候在準備工作中所說的那樣，凱文指出，我們花了 13 或 14 年，過去 13 或 14 年建立了一個大型 DME 業務，它不會在一夜之間發生變化。

Our doctors, our field sales force, our patients are used to processing the existing business.

我們的醫生、現場銷售人員和患者習慣於處理現有業務。

So you'll see new patients shift to the pharmacy much quicker because we're obviously pinging every new patient who comes in the door to see if we have pharmacy coverage, but transitioning the DME base over to pharmacy is going to take some time.

因此，您會看到新患者更快地轉移到藥房，因為我們顯然正在對每一個進門的新患者進行檢查，看看我們是否有藥房保險，但是將 DME 基地轉移到藥房需要一些時間。

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

你的下一個問題來自美國銀行的 Travis Steed。

Congrats on a great quarter again.

再次祝賀一個偉大的季度。

So we've heard a lot about the capacity constraints, both from you and from patients.

因此，我們從您和患者那裡聽到了很多關於容量限制的信息。

So wanted to get a sense for how much the limiting factor capacity has actually been on adding new patients in the first half of the year and what you could see from a tailwind as you double capacity in the second half.

因此，我想了解一下上半年增加新患者的限制因素容量有多大，以及下半年容量翻倍時您可以從順風中看到什麼。

I'll start.

我會開始。

We don't think we've lost many new patients for capacity.

我們認為我們並沒有因為容量而失去很多新患者。

The issue that we've had, literally, is timing of shipments and we've delayed things a bit.

從字面上看，我們遇到的問題是發貨時間，我們已經推遲了一點。

And at the end of the quarter, we really had filled pretty much everything.

在本季度末，我們真的幾乎填滿了所有東西。

Patient-wise and direct patient-wise, that was on the books.

耐心和直接耐心，這在書本上。

The double capacity, the goals they have in place by the end of the year, we will not have double capacity running as we go through the rest of the year.

雙倍產能，他們在年底前製定的目標，我們將不會在今年剩餘時間裡實現雙倍產能運行。

That's a process that is ongoing, and we got some new processes.

這是一個正在進行的過程，我們有一些新的過程。

For example, we have our first fully automated G6 lines up and running here in San Diego, and we'll then replicate those lines over in Arizona over the next several months to get those things up and running.

例如，我們在聖地亞哥建立並運行了第一條全自動 G6 生產線，然後我們將在接下來的幾個月內在亞利桑那州複製這些生產線，以啟動並運行這些東西。

And the fully automated G6 processes really exciting leases for me to see.

完全自動化的 G6 流程讓我看到了真正令人興奮的租約。

Over the course of the end of the year, again, you can see capacity is constrained just a bit.

在今年年底的過程中，您可以再次看到產能受到了一點限制。

Still, we are delaying the Medicare launch till the fourth quarter.

儘管如此，我們仍將 Medicare 的推出推遲到第四季度。

We have Canada coming on later in the second half of the year, but it's not coming on immediately.

加拿大將在今年下半年晚些時候推出，但不會立即推出。

And there are some other international geographies we want to be in with G6 as well and we want to swap out the G5 patients, particularly those in our European markets and in our existing Medicare base.

我們也希望與 G6 一起進入其他一些國際地區，我們希望換掉 G5 患者，特別是我們歐洲市場和我們現有 Medicare 基地的患者。

So we're still a bit constrained on all the things we would like to do.

所以我們在我們想做的所有事情上仍然有點受限。

But we'll work through it, and we think by then end of the year, we'll be in a very good place.

但我們會努力解決它，我們認為到今年年底，我們將處於一個非常好的位置。

Great.

偉大的。

And Quentin, gross margin in the first half of the year, low 60% range, and still committing to that, approaching 70% by Q4.

而昆汀，今年上半年的毛利率在 60% 的低範圍內，並且仍在致力於這一目標，到第四季度接近 70%。

Anything you can give us confidence on to -- really in the ramp in the back half in gross margin.

任何你能給我們信心的事情——真的是在毛利率的後半部分的斜坡上。

How much of that is coming from the lower-cost transmitter versus other things?

其中有多少來自成本較低的發射器，而不是其他東西？

Yes, sure.

是的，當然。

It's a great question.

這是一個很好的問題。

And the vast majority of our ability to get that 70% range in the fourth quarter is really tied to that lower-cost transmitter.

我們在第四季度獲得 70% 範圍的能力的絕大部分實際上與低成本發射器有關。

So I think what you want to plan to see is Q3 will step probably somewhat in line with what you saw Q2 over Q1 be.

所以我認為你想要計劃看到的是 Q3 的步驟可能與你看到的 Q2 超過 Q1 的情況有點一致。

I think you'll see that same kind of sequential improvement.

我想你會看到同樣的順序改進。

I think you'll see the nice improvement in the fourth quarter to 70%.

我想你會在第四季度看到很好的改善，達到 70%。

In terms of trying to deliver a little bit of confidence or help you become more confident in that number, we've got our first low-cost units off the production lines as we speak.

在嘗試提供一點信心或幫助您對這個數字更有信心方面，我們已經將我們的第一批低成本產品下線。

So we're producing them now in San Diego.

所以我們現在在聖地亞哥生產它們。

They've come off the lines in Mesa.

他們已經脫離了梅薩的線路。

We have a high degree of confidence in being able to scale that up and ramp it.

我們非常有信心能夠擴大規模並擴大規模。

And so our confidence level is quite high that we can get to these numbers.

因此，我們對獲得這些數字的信心水平非常高。

And our next question comes from Doug Schenkel from Cowen.

我們的下一個問題來自 Cowen 的 Doug Schenkel。

This is Ryan, on for Doug.

這是瑞安，道格。

You talked of making steady progress, expanding coverage for intensively managed type 2 patients in the U.S. Is there anything more quantitative you can say?

你談到在美國取得穩步進展，擴大對強化管理的 2 型患者的覆蓋範圍。你有什麼可以說的更量化的嗎？

I believe Medicare represents about 1/3 of this patient population.

我相信 Medicare 代表了這個患者群體的大約 1/3。

How much progress have you made within commercial payers, specifically?

具體來說，您在商業付款人方面取得了多大進展？

Do 50% of commercial labs have coverage, or anything close to 50%?

50% 的商業實驗室是否有覆蓋率，或者接近 50%？

It's a great question.

這是一個很好的問題。

I'm not -- I don't know that we have a specific answer for you.

我不是——我不知道我們有具體的答案給你。

We continue to make progress, certainly as we push to move into pharmacy, pushing for greater access for intensively managed type 2 is right at the top of the list.

我們繼續取得進展，當然，在我們推動進入藥房的同時，推動集中管理的 2 型藥物獲得更大的准入是當務之急。

Yes.

是的。

And an example I can give you is in the past, as you go back a couple of years, one of the things we would give up to get better access for our type 1 patients was type 2 access sometimes in our contractual pricing discussions.

我可以給你舉一個例子，在過去，當你回顧幾年時，我們會放棄的一件事是為了讓我們的 1 類患者更好地獲得治療，有時在我們的合同定價討論中是 2 類治療。

That's not going on now.

現在不會這樣了。

We are pushing aggressively to get the type 2 insulin users covered.

我們正在積極推動覆蓋 2 型胰島素使用者。

And quite honestly, having CMS issue that type of guidance has been very helpful for us.

老實說，讓 CMS 發布此類指南對我們非常有幫助。

It's been a catalyst for us to go to payers and say, "Look, if Medicare patients get this, so should the others." So we're making progress, but we're not there yet.

這一直是我們去付款人那裡說的催化劑，“看，如果 Medicare 患者得到這個，其他人也應該得到這個。”所以我們正在取得進展，但我們還沒有。

Okay, that's helpful.

好的，這很有幫助。

And then I apologize if I missed this.

如果我錯過了這個，我深表歉意。

I think, previously, you had talked about launching a Decision Support system for MDI patients, along with the smart pen partner around late this year or early next year.

我想，之前，您曾談到在今年年底或明年年初與智能筆合作夥伴一起為 MDI 患者推出決策支持系統。

Is that still on track?

這還在軌道上嗎？

Or has that been pushed out a little bit?

還是已經被推出了一點？

Yes.

是的。

So our first commercial smart pen launch will be together with Companion, right, where we're doing a -- it's really a retrospective review of insulin data together with CGM data in our CLARITY system.

因此，我們的第一個商業智能筆發布將與 Companion 一起發布，對，我們正在做的事情——這實際上是對我們 CLARITY 系統中的胰島素數據和 CGM 數據的回顧性審查。

With respect to a real-time display of insulin in the DexCom app, that still could happen later this year or first part of next year.

關於在 DexCom 應用程序中實時顯示胰島素，這仍可能在今年晚些時候或明年上半年發生。

We haven't been specific with who and what that product might look like, but we're still making good progress.

我們還沒有具體說明該產品的外觀和外觀，但我們仍在取得良好進展。

I'll just add to that.

我會補充一點。

We don't view that as a revenue driver as we sit here today.

我們今天坐在這裡並不認為這是收入驅動因素。

That would be nice to have.

那會很高興。

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

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

Just a couple of quick ones here.

這裡只是幾個快速的。

In terms of the new transmitter, I realize the COGS benefit to DexCom, but are there features and benefits to users?

就新變送器而言，我意識到 COGS 對 DexCom 的好處，但對用戶來說有什麼特點和好處嗎？

It's identical to the existing G6 transmitter.

它與現有的 G6 發射器相同。

But I will add, we couldn't go to direct-to-Apple Watch till we get to this new configuration.

但我要補充一點，在我們獲得這個新配置之前，我們無法直接使用 Apple Watch。

So there is some better electronics we'll be able to use the features on and get some new firmware in, and such.

所以有一些更好的電子產品，我們將能夠使用這些功能並獲得一些新固件，等等。

But as far as performance, that's -- I guess, I -- it's my understanding, the range is a little bit longer, but it's not a huge change.

但就性能而言，那是——我想，我——這是我的理解，範圍更長了一點，但這並不是一個巨大的變化。

Okay.

好的。

And then I just want to get back to the international commentary about kind of flat sequential.

然後我只想回到關於扁平順序的國際評論。

You mentioned that half the business goes through distributors.

你提到一半的業務是通過分銷商進行的。

Did you see more consistency from the direct business?

您是否從直接業務中看到了更多的一致性？

And I guess, the other question is have you seen any change in market dynamics in Europe?

我想，另一個問題是您是否看到歐洲市場動態發生任何變化？

Yes.

是的。

We do see more consistency in that direct business.

我們確實在該直接業務中看到了更多的一致性。

That revenue cycle is a little bit different.

這個收入周期有點不同。

We're recognizing revenue upon the sales to the end-user, whereas the distributor, generally, they'll take inventory positions, work though inventory, replenish and so forth.

我們在向最終用戶銷售產品時確認收入，而分銷商通常會佔據庫存位置、處理庫存、補貨等。

So you get a bit more lumpiness in that distributor business than you do in the direct.

因此，與直銷業務相比，您在分銷商業務中會遇到更多的問題。

In terms of end market trends or anything changing, no, and I think we were pretty clear with the comments earlier.

就終端市場趨勢或任何變化而言，不，我認為我們之前的評論非常清楚。

The new patient numbers continue to be very nice for us, continue to track in terms of what we've seen historically from the overall international business.

新的患者數量對我們來說仍然非常好，繼續跟踪我們從整體國際業務中看到的歷史。

Existing patient trends, from an overall international perspective, looking very good as well.

從整體國際角度來看，現有的患者趨勢也非常好。

And so, again, I come back to, it's a bit of lumpiness.

所以，我又回來了，它有點腫塊。

You got a tough comp.

你有一個艱難的比賽。

Honestly, you're going to have a tough comp in the third quarter as well in the international business.

老實說，你將在第三季度以及國際業務中遇到困難。

Last year, the third quarter growth rate was even beyond what it was in Q2.

去年第三季度的增速甚至超過了第二季度。

So I think you'll see this again for another quarter.

所以我想你會在另一個季度再次看到這一點。

And then I think you'll start to see it pick up again in the fourth quarter.

然後我想你會開始看到它在第四季度再次回升。

But nothing unusual here, nothing that is drawing our concern.

但這裡沒有什麼不尋常的，沒有什麼引起我們的關注。

We stay very close to it.

我們離它很近。

We understand the patient dynamics quite well and we're very encouraged with what we see.

我們非常了解患者的動態，我們對所看到的情況感到非常鼓舞。

And your next question comes from Raj Denhoy from Jefferies.

你的下一個問題來自 Jefferies 的 Raj Denhoy。

I guess I -- it's late in the call, but I figure I'll ask the question anyway, just on competition, right?

我想我——電話來晚了，但我想我還是會問這個問題，只是關於競爭，對吧？

So that's been asked on most conference calls.

所以在大多數電話會議上都被問到了這個問題。

We're still waiting for Libre 2.0 to get approved here.

我們仍在等待 Libre 2.0 在這裡獲得批准。

I guess do you any updated thoughts on that product or the competitive landscape and really anything about the delay on the product getting approved?

我想你對那個產品或競爭格局有什麼最新的想法嗎？真的有什麼關於產品獲得批准的延遲嗎？

No, we don't.

不，我們沒有。

And we're not going to give them our air time.

我們不會給他們我們的通話時間。

We've dealt with competition ever since we've been here, and we'll deal with that one when it comes.

自從我們來到這里以來，我們就一直在應對競爭，當它來臨時我們會應對。

So no, we don't have anything to add.

所以不，我們沒有什麼要補充的。

Fair enough.

很公平。

For my second question, I just wanted to ask about your expectations around -- and you mentioned some of the pump partnerships, and I guess, over the next several months, we're going to see the first automated insulin delivery systems with your CGM.

關於我的第二個問題，我只想問問你對周圍的期望——你提到了一些泵合作夥伴關係，我想，在接下來的幾個月裡，我們將看到第一個帶有 CGM 的自動胰島素輸送系統.

Do you have any thoughts on what that could do to CGM adoption or your growth really into next year?

您對 CGM 的採用或明年的增長有何想法？

You mean, I'll somewhat defer to Tandem.

你的意思是，我會稍微服從 Tandem。

But their latest public guidance is that their inControl system would launch in Q4 of this year.

但他們最新的公開指引是他們的 inControl 智能馭領系統將於今年第四季度推出。

So that will be a DexCom G6 sensor with a DexCom/TypeZero algorithm running on the Tandem X2 pump.

因此，這將是一個 DexCom G6 傳感器，在 Tandem X2 泵上運行 DexCom/TypeZero 算法。

The beauty -- as I said before, the beauty of the architecture of that -- the current system with Basal-IQ is that patients who are already taking advantage of the G6 system with Basal-IQ will be able to field-upgrade their system.

美妙之處——正如我之前所說，其架構的美妙之處——當前帶有 Basal-IQ 的系統是已經在使用帶有 Basal-IQ 的 G6 系統的患者將能夠現場升級他們的系統.

So many of their existing patients are already joint patients that are already using the G6 system.

他們現有的許多患者已經是已經在使用 G6 系統的聯合患者。

It remains to be seen as -- I've said this a number -- on a number of occasions, do these automated insulin delivery systems -- as we get more automation, does that kind of reinvigorate, reaccelerate growth in the pump market?

它仍然被視為——我已經說過很多次了——在很多場合，這些自動化的胰島素輸送系統——隨著我們獲得更多的自動化，這種方式是否會重振、加速泵市場的增長？

And I think we're optimistic that it does, and so to the extent we attract new patients and do pump therapy, be it Tandem, Insulet, that's obviously a benefit for all of us.

而且我認為我們對此感到樂觀，因此在某種程度上我們吸引了新患者並進行泵治療，無論是 Tandem 還是 Insulet，這顯然對我們所有人都有好處。

And the next question comes from Chris Pasquale from Guggenheim.

下一個問題來自古根海姆的 Chris Pasquale。

Quentin, I want to follow up on the question about gross margins.

昆汀，我想跟進有關毛利率的問題。

You had talked about not assuming that the level (inaudible) this year is a sustainable one for you in 2020 given ongoing pricing pressure.

鑑於持續的定價壓力，您曾談到不假設今年的水平（聽不清）對您來說在 2020 年是可持續的。

Could you just update thoughts on where gross margin shakes out over the course of the next 12 to 18 months?

您能否更新一下關於未來 12 到 18 個月內毛利率變化的想法？

Yes.

是的。

Again, we're not going to get on into setting the expectation for 2020 just yet.

同樣，我們現在還不會開始設定 2020 年的預期。

Obviously, you'll see where the fourth quarter is expected to exit.

顯然，您會看到預計第四季度將退出的位置。

And again, we feel very good about that number approaching the 70% range.

同樣，我們對接近 70% 範圍的數字感到非常滿意。

So I think it talks to the potential that we have in front of us, but we are trying to be very transparent about the fact that the pricing headwinds are going to continue to exist.

所以我認為這與我們面前的潛力有關，但我們正試圖對定價逆風將繼續存在這一事實保持非常透明。

We're going to continue to navigate towards the pharmacy channel.

我們將繼續導航到藥房渠道。

We know Medicare is a bit of a headwind from a top line, but from a margin perspective without giving the CGM supplies, we actually feel like that could be a bit accretive.

我們知道 Medicare 從頂線來看有點不利，但從利潤率的角度來看，如果不提供 CGM 供應，我們實際上覺得這可能有點增加。

So we'll give more color as we start to get closer to the end of the year or exit the year, but I don't think you should anticipate it being up at that 70% range that we see in Q4.

因此，當我們開始接近年底或年底時，我們會提供更多顏色，但我認為你不應該預期它會達到我們在第四季度看到的 70% 的範圍。

I think that's a fine starting point, but then you start model in the pricing headwinds that we talked about and the pressure that comes from the shifting mix of the business even as OUS becomes a bigger component, you can start to work yourself into a number, but we're not going to give any more specifics than that at this point.

我認為這是一個很好的起點，但是即使 OUS 成為一個更大的組成部分，你也可以在我們談到的定價逆風和業務組合變化帶來的壓力下開始建模，你可以開始將自己變成一個數字，但我們現在不打算提供比這更多的細節。

It's too early.

太早了。

That's fine.

沒關係。

That's helpful.

這很有幫助。

And then if I do a little bit of math here on the duplicative cost piece that you talked about.

然後，如果我在這裡對您談到的重複成本部分進行一些數學運算。

It looks like it was about $7 million or $8 million in the quarter by my math.

根據我的計算，該季度看起來大約是 700 萬或 800 萬美元。

Is that in the right ballpark?

那是在正確的球場嗎？

And how does that trend over the back half of the year?

今年下半年的趨勢如何？

Does it stay in there?

它留在裡面嗎？

Or does it gradually come out?

還是逐漸出來？

Yes.

是的。

I think you're a little bit high, to be honest with you.

我覺得你有點高，說實話。

You're not meaningfully off, but you're bit on the higher end of where that is.

你並沒有明顯偏離，但你處於那個位置的高端。

So I wouldn't look at that and annualize that per se, but you're getting down the right path.

所以我不會看那個本身並對其進行年度化，但你走在正確的道路上。

We do think that, that starts to alleviate a bit in the back half of the year.

我們確實認為，這種情況在今年下半年開始有所緩解。

So one of the things that we said that we would do and be very careful about was we would ensure that we have the capabilities stood up in our new facility before we let resources go here.

因此，我們說過我們會做並且非常小心的一件事是，在我們將資源轉移到這里之前，我們將確保我們的新設施具備足夠的能力。

And we are now demonstrating that.

我們現在正在證明這一點。

We have had a wave of resources go or 2. We'll see that continue to play out in Q3.

我們已經有一波或 2 次資源流失。我們將看到這種情況在第三季度繼續發揮作用。

And so the duplicative costs will start to step down in the back half of the year.

因此，重複成本將在今年下半年開始下降。

And the next question comes from Steven Lichtman from Oppenheimer.

下一個問題來自 Oppenheimer 的 Steven Lichtman。

As you continue to move toward G7, I was wondering if you can give update us on your latest thoughts on how you see the usage model within the nonintensive patient population.

隨著您繼續向 G7 邁進，我想知道您是否可以向我們更新您對非重症患者群體中使用模型的最新想法。

Do you still expect it to be intermittent use?

您還期望它是間歇性使用嗎？

Just related thoughts overall and moving into that large channel long term.

只是整體相關的想法，並長期進入那個大渠道。

Long term, if we had a device that would be reimbursed that patients could wear all the time, I think they would wear it.

從長遠來看，如果我們有一種可以報銷且患者可以一直佩戴的設備，我認為他們會佩戴它。

The issue becomes what is going to be reimbursed and what type of model is going to serve those patients best from a cost perspective.

從成本的角度來看，問題變成了報銷什麼以及哪種類型的模型最適合為這些患者服務。

I can tell you and give you feedback on at least 3 programs we're aware of where intermittent use of G6 is going on right now.

我可以告訴您並就至少 3 個我們知道的目前間歇性使用 G6 的程序向您提供反饋。

And different levels of intermittent use.

以及不同程度的間歇使用。

Some wear for 3 months straight; some wear 1. Some wear it for 1 month, depending upon where they are.

有的連續佩戴3個月；有些人穿 1。有些人穿 1 個月，具體取決於他們在哪裡。

And the outcomes in these patients exceed anything ever in a type 2 patient in any drug.

這些患者的結果超過了任何藥物對 2 型患者的任何結果。

They learn more from wearing the sensor than any pharmaceutical product that's ever been introduced in that market.

與該市場推出的任何藥品相比，他們從佩戴傳感器中學到的東西更多。

We're very optimistic we can make a big difference there.

我們非常樂觀，我們可以在那裡做出很大的改變。

And we will continue to work on that business model with our G6 platforms and with those parties we're working with, the programmatic people, the payers and such to develop the right model.

我們將繼續與我們的 G6 平台以及與我們合作的各方、程序化人員、付款人等一起開發這種商業模式，以開發正確的模式。

So when we're ready, we're ready to go.

因此，當我們準備就緒時，我們就可以出發了。

And we would -- and quite honestly, we wouldn't walk away from an opportunity if somebody wants to use G6.

我們會 - 老實說，如果有人想使用 G6，我們不會放棄機會。

It's just not the perfect product with the reusable 3-month live transmitter to attack that, but we're learning a lot.

它不是具有可重複使用的 3 個月實時發射器的完美產品來解決這個問題，但我們正在學習很多東西。

We've committed a lot of resources to this.

我們為此投入了大量資源。

We're very confident we can make a huge difference, but the business model has yet to be developed.

我們非常有信心我們可以做出巨大的改變，但商業模式還有待開發。

Great.

偉大的。

That's helpful, Kevin.

這很有幫助，凱文。

And then just secondly, on international, Steve, you mentioned Japan briefly.

其次，關於國際，史蒂夫，你簡要地提到了日本。

I was just wondering if you could provide an update on that opportunity and when you think you can start becoming a personal and not just professional use there?

我只是想知道您是否可以提供有關該機會的最新信息，以及您認為什麼時候可以開始成為個人用途而不僅僅是專業用途？

Yes, we're still working through the regulatory aspects of G6 in Japan.

是的，我們仍在努力解決日本 G6 的監管問題。

So if you remember, we actually launched in Japan with a professional version, utilizing the G4/G5 sensor platform.

如果您還記得的話，我們實際上在日本推出了專業版，使用 G4/G5 傳感器平台。

So I would tell you, it's probably not before the end of this year, but probably sometime, I'm hoping, in the first part of next year we're launching G6 as a direct-to-patient consumer use product.

所以我會告訴你，可能不會在今年年底之前，但我希望在明年上半年的某個時候，我們將推出 G6 作為直接面向患者的消費者使用產品。

And our next question comes from Suraj Kalia from Northland Securities.

我們的下一個問題來自 Northland Securities 的 Suraj Kalia。

Kevin, can you hear me all right?

凱文，你能聽到我說話嗎？

Yes, I can hear you fine.

是的，我能聽到你的聲音。

Perfect.

完美的。

So just one question.

所以只有一個問題。

Most of the questions have been asked, but maybe this is better positioned for Quentin.

大多數問題都已提出，但也許這對 Quentin 來說更合適。

Quentin, I know this whole thing about you all have been consistent about Q4 margins stepping up to 70%, at least the math you have suggested is Q3 is going to be give or take 63% and then it steps up to 70%.

昆汀，我知道你們都一致認為第四季度利潤率上升到 70%，至少你建議的數學是第三季度利潤率將達到或下降 63%，然後上升到 70%。

Can you help us fill in the blanks here?

你能幫我們填空嗎？

So I just did some rough math.

所以我只是做了一些粗略的計算。

If the transmitters, those are the ones that are going to cause a step change, am I right that they have to be 80%-plus gross margins on that?

如果發射器，那些將導致階躍變化的發射器，我認為它們必須有 80% 以上的毛利率是對的嗎？

How should we think about that because I'm not getting to that 70%?

我們應該如何考慮，因為我沒有達到那 70%？

Any additional fill in the blanks would be greatly appreciated.

任何額外的空白填寫將不勝感激。

Yes.

是的。

I don't think, Suraj.

我不認為，Suraj。

We've never given specific gross margin profiles of any particular product of ours.

我們從未給出我們任何特定產品的具體毛利率概況。

But I would tell you, the cost reduction that we have in that transmitter from where it was is significant.

但我會告訴你，我們在那個發射器中的成本降低是顯著的。

It is orders of magnitude less cost than what it used to be.

它的成本比以前低了幾個數量級。

So we're not going to give you the specifics, but it was a very meaningful reduction.

所以我們不會給你具體細節，但這是一個非常有意義的減少。

The team did an incredible job, really both the R&D teams and operations teams combined in designing cost out from a design perspective, but also just the process of manufacturing the product with the whole team effort that generated incredible benefit.

該團隊完成了一項令人難以置信的工作，實際上，研發團隊和運營團隊都從設計的角度結合設計成本，而且整個團隊的努力在製造產品的過程中產生了難以置信的收益。

And that concludes the question-and-answer session.

問答環節到此結束。

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

我現在將電話轉回給 Kevin Sayer 以作最後評論。

Thank you, operator.

謝謝你，運營商。

I guess I want to talk about one other recurring theme at ADA that kept coming to me over and over again.

我想我想談談 ADA 的另一個反復出現的主題，這個主題一遍又一遍地出現在我的腦海中。

I met numerous people there that I've known for a number of years who have type 1 diabetes, and I literally heard the same thing over and over again.

我在那裡遇到了很多我認識多年的 1 型糖尿病患者，而且我一遍又一遍地聽到同樣的話。

I haven't stuck my finger for 6 months, I haven't stuck my finger for 8 months.

我已經6個月沒有紮手指了，我已經8個月沒有紮手指了。

I heard a story from one patient who said he rubbed his wife on the -- on her shoulder, and she said for the first time in many, many years, his fingers didn't have scales on them or weren't rough.

我聽過一個病人的故事，他說他在妻子的肩上揉了揉，她說很多很多年以來第一次，他的手指上沒有鱗屑或者不粗糙。

Other patient said I've never been healthier in my life because this is so easy to use.

其他患者說我一生中從未如此健康，因為它非常易於使用。

One well-known physician, actually, we took the opportunity to make me aware of the responsibility we have as a company because his patients rely now only on G6 to manage all their diabetes, and no one sticks their finger anymore.

一位知名醫生，實際上，我們藉此機會讓我意識到我們作為一家公司的責任，因為他的患者現在只依靠 G6 來控制他們所有的糖尿病，沒有人再堅持了。

These are great stories.

這些都是很棒的故事。

But to assume that type of responsibility, we have to be really good.

但是要承擔那種責任，我們必須非常優秀。

And we have to continue to perform on the financial side, so we can meet our goals on the technology, manufacturing and operations side.

我們必須繼續在財務方面表現出色，這樣我們才能在技術、製造和運營方面實現我們的目標。

There are things we have to do better.

有些事情我們必須做得更好。

As Quentin said earlier, we will address our customer service area, particularly outside service, and we will get that in line with all of the wonderful experiences our patients have with our product.

正如昆汀早些時候所說，我們將解決我們的客戶服務領域，特別是外部服務，我們將根據患者對我們產品的所有美妙體驗來實現這一點。

We appreciate everybody's continued support, our patients, the physician community, our investors and especially our employees.

我們感謝大家的持續支持，包括我們的患者、醫生社區、我們的投資者，尤其是我們的員工。

Our sustained performance -- and this actual performance we have over the first half of the year only shines a brighter light on what we think is going to happen in the future.

我們持續的表現——以及我們在今年上半年的實際表現只會讓我們更清楚地看到我們認為未來會發生什麼。

Thank you.

謝謝。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's conference.

今天的會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。