德康醫療 (DXCM) 2019 Q3 法說會逐字稿

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

歡迎來到 DexCom 2019年第三季度收益發布電話會議。

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

我叫艾琳，今天的電話我是你的接線員。

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

（操作員說明）請注意，正在錄製此會議。

I will now turn the call over to Sean Christensen.

我現在將把電話轉給肖恩·克里斯滕森。

Sean, you may begin.

肖恩，你可以開始了。

Thank you, operator, and welcome to DexCom's Third Quarter 2019 Earnings Call.

謝謝運營商，歡迎來到 DexCom 2019年第三季度財報電話會議。

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 COO and CFO; and then a strategic update from Steve Pacelli, our Executive Vice President of Strategy and Corporate Development.

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

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

在我們準備好的評論之後，我們將打開您的問題的電話。

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

（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，還有與我們第三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 we will make in today's call may constitute forward-looking statements.

我們將在今天的電話會議上發表的一些聲明可能構成前瞻性聲明。

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

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

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

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

The factors that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements are detailed in DexCom's annual report on Form 10-K, 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 third quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure.

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

Now I will turn it over to Kevin.

現在我將把它交給凱文。

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

謝謝肖恩，也謝謝大家今天加入我們。

The third quarter was another great period of growth for DexCom.

第三季度是 DexCom 的另一個重要增長時期。

There are many things that we can highlight today, but let me give you 3 key statistics that point to the strength of our business.

今天我們可以強調很多事情，但讓我給你 3 個關鍵統計數據來說明我們的業務實力。

The third quarter represents our highest U.S. growth rate since the first quarter of 2016, when the business was much smaller.

第三季度是我們自 2016 年第一季度以來在美國的最高增長率，當時業務規模要小得多。

The third quarter included the highest absolute dollar growth in the history of our company, increasing nearly $130 million over the third quarter of 2018.

第三季度包括我們公司歷史上最高的絕對美元增長，比 2018 年第三季度增加近 1.3 億美元。

We not only achieved profitability in the third quarter, but for the first time ever, through 9 months, we are profitable on both a GAAP and non-GAAP basis.

我們不僅在第三季度實現了盈利，而且有史以來第一次，在 9 個月內，我們在 GAAP 和非 GAAP 基礎上都實現了盈利。

The explanation for this performance remains relatively simple.

對這種表現的解釋仍然相對簡單。

More and more people are becoming aware of the value of DexCom's real-time CGM.

越來越多的人開始意識到 DexCom 實時 CGM 的價值。

And with G6, we have the right product to meet their needs.

通過 G6，我們擁有滿足他們需求的正確產品。

We often highlight access and awareness as the primary answers for the growth that we are experiencing, but this is the result of years of work from the DexCom team.

我們經常強調訪問和意識是我們正在經歷的增長的主要答案，但這是 DexCom 團隊多年工作的結果。

It is the result of many people embracing our core value to think big.

這是許多人擁護我們的核心價值觀、大膽思考的結果。

We think big in the way we design our products, the way we serve our patients, our approach to device integration and empowering user choice, and the way we structure our business to meet the expectations of our patients, our employees and our shareholders.

我們在設計產品的方式、為患者服務的方式、設備集成和賦予用戶選擇權的方法以及我們構建業務的方式以滿足患者、員工和股東的期望方面有遠見。

Thinking big includes thinking about long-term profitability.

大局觀包括考慮長期盈利能力。

As I stated earlier, through the first 9 months of the year, we find ourselves profitable on both a GAAP and non-GAAP basis and on our way to our first GAAP profitable year.

正如我之前所說，在今年的前 9 個月，我們發現自己在 GAAP 和非 GAAP 的基礎上都實現了盈利，並且正在邁向我們的第一個 GAAP 盈利年度。

But even as we embrace this visionary mindset, it has not come without challenges.

但即使我們擁抱這種有遠見的心態，它也並非沒有挑戰。

This explosive growth continues to leave supply levels much tighter than we expected as we've ramped capacity.

隨著我們提高產能，這種爆炸性增長繼續使供應水平比我們預期的要緊張得多。

And because of these supply constraints, our customer-facing infrastructure has been stretched to its limits.

由於這些供應限制，我們面向客戶的基礎設施已達到極限。

As Quentin will explain later, our guidance considers these challenges.

正如昆汀稍後將解釋的那樣，我們的指南考慮了這些挑戰。

I can assure you that as we think about DexCom's opportunities in diabetes and beyond, we are continuing to think big.

我可以向你保證，當我們考慮 DexCom 在糖尿病及其他領域的機會時，我們將繼續從大處著眼。

In addition, as many of you have recently seen, we've had some key developments over the past few months.

此外，正如你們中的許多人最近看到的那樣，我們在過去幾個月中取得了一些重要進展。

In September, we began selling G6 in Canada and have seen a great response to this launch.

9 月，我們開始在加拿大銷售 G6，此次發布反響熱烈。

In early October, we officially began shipping G6 to our Medicare patients.

10 月初，我們正式開始向 Medicare 患者運送 G6。

Toward this end, we are partnering with Walgreens to ensure that all Medicare patients can fill their prescriptions for DexCom CGM through any of Walgreens' nationwide retail locations.

為此，我們正在與 Walgreens 合作，以確保所有 Medicare 患者都可以通過 Walgreens 在全國范圍內的任何零售點為 DexCom CGM 配藥。

This provides a wonderful opportunity to improve upon the DexCom experience for our Medicare patients and is an important step in our long-term move to the pharmacy as our primary distribution channel.

這為我們的 Medicare 患者提供了改善 DexCom 體驗的絕好機會，也是我們長期將藥房作為主要分銷渠道的重要一步。

As you can see, we are innovating beyond great product design and focusing on the customer experience that we create around the product.

正如您所看到的，我們正在超越出色的產品設計進行創新，並專注於我們圍繞產品創造的客戶體驗。

Whether this involves DexCom directly or work with our valued partners, we are thinking with the interest of our patients in mind.

無論是直接涉及 DexCom 還是與我們重要的合作夥伴合作，我們都在考慮患者的利益。

We continue to make excellent progress with our insulin delivery partners.

我們繼續與我們的胰島素交付合作夥伴取得卓越進展。

As Tandem Diabetes said on their call, they are on the verge of launching their advanced hybrid closed loop with Control-IQ system.

正如 Tandem Diabetes 在電話中所說，他們即將推出帶有 Control-IQ 系統的先進混合閉環。

On top of that, Insulet is making great progress with their Horizon closed-loop pump with DexCom G6 integration.

最重要的是，Insulet 在他們的 Horizon 閉環泵與 DexCom G6 集成方面取得了很大進展。

The combination of Insulet and DexCom will provide a unique and compelling user experience and form factor.

Insulet 和 DexCom 的結合將提供獨特且引人注目的用戶體驗和外形。

Our strategy for the intensive insulin delivery business is playing out according to our plan, and in fact, vastly exceeding our initial expectations.

我們針對強化胰島素輸送業務的戰略正在按照我們的計劃進行，事實上，這大大超出了我們最初的預期。

As we look to the future, we continue to gather data on markets to pursue outside of our core intensive insulin business.

展望未來，我們將繼續收集市場數據，以在核心強化胰島素業務之外開展業務。

We are investing in our new markets team to execute on this strategy and expect to increase investment there in the future.

我們正在投資我們的新市場團隊來執行這一戰略，並期望在未來增加投資。

Time and time again, we are learning that our product has an incredible impact in these markets.

一次又一次，我們了解到我們的產品在這些市場中產生了不可思議的影響。

Doctors all over the world are clamoring for real-time CGM use in the hospital to improve patient outcomes and streamline workflows for health care professionals in this environment.

世界各地的醫生都在呼籲在醫院中使用實時 CGM，以改善患者的治療效果並簡化醫療保健專業人員在這種環境下的工作流程。

We continue to believe that the opportunity for expanded use of DexCom in pregnancy is significant and are aware of several independent studies in progress around the world that will demonstrate the importance of CGM in this patient population.

我們仍然相信，在懷孕期間擴大使用 DexCom 的機會是巨大的，並且意識到世界各地正在進行的幾項獨立研究將證明 CGM 在這一患者群體中的重要性。

And finally, with respect to type 2 non-intensive diabetes and pre-diabetes, data from CGM usage continues to point to promising outcomes, including potential long-term cost reductions for this costly patient group.

最後，關於 2 型非重症糖尿病和糖尿病前期，來自 CGM 使用的數據繼續指向有希望的結果，包括可能為這個昂貴的患者群體降低長期成本。

The experience here reminds us of where we were many years ago when we started our CGM First campaign for the intensive insulin market.

這裡的經歷讓我們想起多年前我們為密集型胰島素市場開始 CGM First 活動時的處境。

While there may be many use cases for these patients, we believe that CGM will be the primary tool to drive improved outcomes in the type 2 non-intensive and pre diabetes populations.

雖然這些患者可能有很多用例，但我們相信 CGM 將成為推動 2 型非強化和糖尿病前期人群改善結果的主要工具。

And we all know the size of these markets.

我們都知道這些市場的規模。

Overall, 2019 continues to exceed our expectations.

總體而言，2019 年繼續超出我們的預期。

Based on the strong third quarter results, we are pleased again to be able to increase our revenue outlook as well as our full year operating margin and adjusted EBITDA targets.

基於強勁的第三季度業績，我們再次很高興能夠提高我們的收入前景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 a 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。

Quentin?

昆汀？

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 $396.3 million for the third quarter of 2019 compared to $266.7 million for the same quarter in 2018, representing growth of 49% on both a reported and constant currency basis.

今天，我們報告 2019 年第三季度全球收入為 3.963 億美元，而 2018 年同期為 2.667 億美元，按報告和固定匯率計算均增長 49%。

Our momentum has continued, driven by strong new patient additions and customer satisfaction with G6.

在強大的新患者增加和客戶對 G6 的滿意度的推動下，我們的勢頭仍在繼續。

As Kevin mentioned, these factors drove absolute dollar growth of nearly $130 million versus the prior year, a new DexCom record and significantly above anything we've seen in the past.

正如凱文所提到的，這些因素推動了與上一年相比近 1.3 億美元的絕對美元增長，這是 DexCom 的新記錄，並且大大高於我們過去看到的任何水平。

The U.S. business grew 53% in the third quarter, the fastest pace since early 2016, as the rapid adoption of CGM in the U.S. across all of our major channels continues to exceed our expectations and has been the primary driver of our outperformance this year.

美國業務在第三季度增長了 53%，這是自 2016 年初以來的最快速度，因為 CGM 在美國在我們所有主要渠道中的快速採用繼續超出我們的預期，並且一直是我們今年表現出色的主要驅動力。

We continue to gain traction in our effort to prioritize customer access in our commercial business and believe that our efforts to remove upfront barriers across all channels, including the pharmacy, are contributing to new patient growth.

我們繼續努力在我們的商業業務中優先考慮客戶訪問，並相信我們為消除包括藥房在內的所有渠道的前期障礙所做的努力正在促進新患者的增長。

Our OUS business continues to grow very well, ahead of our internal expectations.

我們的 OUS 業務繼續增長得非常好，超出了我們的內部預期。

In the third quarter, we came up against our highest OUS growth comp in the past 6 years, with 93% year-over-year growth in the third quarter of 2018.

在第三季度，我們遇到了過去 6 年來最高的 OUS 增長，2018 年第三季度同比增長 93%。

Despite that, we were still able to grow at 39% on a constant currency basis or 36% on a reported basis, both of which represented a nice sequential uptick with solid increases across the board for both our direct and distributor markets.

儘管如此，我們仍然能夠按固定匯率計算增長 39%，或按報告計算增長 36%，這兩者都代表了一個不錯的連續增長，我們的直接市場和分銷商市場全面增長。

Our third quarter gross profit was $246.9 million or 62.3% of sales compared to 63.2% of sales in the third quarter of 2018.

我們第三季度的毛利潤為 2.469 億美元，佔銷售額的 62.3%，而 2018 年第三季度為 63.2%。

The Q3 sequential improvement of 90 basis points was in line with our expectations that we noted on the second quarter call.

第三季度 90 個基點的連續改善符合我們在第二季度電話會議上提到的預期。

While pricing remains consistent with our expectations and we are gaining the cost benefit of our new transmitter design, we did experience challenges with one of our automated G6 sensor production lines late in the third quarter, which temporarily lowered production levels.

雖然定價與我們的預期保持一致，並且我們正在獲得新變送器設計的成本效益，但我們在第三季度末的一條自動化 G6 傳感器生產線確實遇到了挑戰，這暫時降低了生產水平。

This lower production output, combined with the strong product demand, have left inventory levels tight as we head into the fourth quarter.

隨著我們進入第四季度，較低的產量加上強勁的產品需求導致庫存水平緊張。

As a result, the remaining transition from G5 to G6 for certain channels of our business will be slower than originally anticipated.

因此，我們業務的某些渠道從 G5 到 G6 的剩餘過渡將比原先預期的要慢。

We still expect a strong sequential improvement in gross margin in the fourth quarter, but the magnitude will be less than original expectations.

我們仍然預計第四季度毛利率將出現強勁的環比改善，但幅度將低於最初的預期。

We now expect full year gross margin of approximately 63%, slightly lower than prior guidance.

我們現在預計全年毛利率約為 63%，略低於之前的指引。

Operating expenses were $187.8 million for Q3 2019 compared to $153.9 million in Q3 2018.

2019 年第三季度的運營費用為 1.878 億美元，而 2018 年第三季度為 1.539 億美元。

This reflects an increase of 22% year-over-year.

這反映出同比增長 22%。

The business continues to demonstrate excellent operating leverage, with third quarter revenue growth once again exceeding the growth in operating expenses by more than 2x.

該業務繼續展示出色的運營槓桿，第三季度收入增長再次超過運營支出增長 2 倍以上。

As a result of our continued focus on operational discipline and commitment to process improvement, robotics, automation in our Manila location, we are achieving leverage while maintaining investments into research and development of our core business while also increasing investments in new market opportunities.

由於我們繼續專注於運營紀律並致力於我們馬尼拉工廠的流程改進、機器人技術和自動化，因此我們在保持對核心業務研發投資的同時增加了對新市場機會的投資，從而取得了影響力。

Operating income was $59.1 million or 14.9% of revenue in the third quarter of 2019 compared to $14.7 million or 5.5% of revenue in the same quarter of 2018.

2019 年第三季度營業收入為 5910 萬美元，佔收入的 14.9%，而 2018 年同期為 1470 萬美元，佔收入的 5.5%。

This reflects a year-over-year improvement of 940 basis points in operating margins for the quarter.

這反映出本季度營業利潤率同比提高 940 個基點。

Adjusted EBITDA was $92.5 million or 23.3% of revenue for the third quarter of 2019 compared to $48 million or 18% of revenue for the third quarter of 2018.

調整後的 EBITDA 為 9250 萬美元，佔 2019 年第三季度收入的 23.3%，而 2018 年第三季度為 4800 萬美元，佔收入的 18%。

As our operating margin and adjusted EBITDA margin indicate, we are making great progress toward our profitability targets, and we see these as strong indicators for the long-term cash flow potential of the business.

正如我們的營業利潤率和調整後的 EBITDA 利潤率所表明的那樣，我們在實現盈利目標方面取得了長足進步，我們將這些視為業務長期現金流潛力的有力指標。

Net income for the third quarter was $60.4 million or $0.65 per share.

第三季度淨收入為 6040 萬美元或每股 0.65 美元。

Through the first 9 months of the year, we are now GAAP profitable for the first time in our company's history, and we are on track to deliver our first ever full year of GAAP profitability.

今年前 9 個月，我們現在在公司歷史上首次實現 GAAP 盈利，而且我們有望實現有史以來第一個 GAAP 全年盈利。

We remain in a strong cash position with greater than $1.4 billion of cash and cash equivalents on the balance sheet at the end of the third quarter.

我們的現金狀況依然強勁，截至第三季度末資產負債表上的現金和現金等價物超過 14 億美元。

Our immediate priority remains the expansion of our G6 production capacity as well as capital investment in preparation for the eventual launch of G7.

我們的當務之急仍然是擴大我們的 G6 產能以及為最終推出 G7 做準備的資本投資。

We also continue to have flexibility as we invest to lengthen our growth runway, including our investments in support of our new markets team.

我們還繼續保持靈活性，因為我們投資以延長我們的增長跑道，包括我們為支持我們的新市場團隊而進行的投資。

Turning to guidance.

轉向指導。

Given the incredible growth that we have experienced through the first 9 months of the year, we now anticipate 2019 total revenue of $1.425 billion to $1.450 billion, an increase of greater than $85 million at the midpoints of our prior incurring guidance, respectively.

鑑於我們在今年前 9 個月經歷了令人難以置信的增長，我們現在預計 2019 年的總收入為 14.25 億美元至 14.5 億美元，分別比我們之前的收入指引的中點增加超過 8500 萬美元。

Importantly, and unlike prior guidance, this contemplates the production capability that we currently anticipate for the fourth quarter.

重要的是，與之前的指導不同，這考慮了我們目前預計的第四季度的生產能力。

The revised revenue guidance implies annual growth of 38% to 41%, which is an impressive organic growth number for a company of our size.

修訂後的收入指引意味著年增長率為 38% 至 41%，對於我們這種規模的公司來說，這是一個令人印象深刻的有機增長數字。

As I mentioned previously, we now expect full year gross margin of approximately 63%, improving sequentially in the fourth quarter as we start to realize the benefit of a full quarter of our new low-cost transmitter.

正如我之前提到的，我們現在預計全年毛利率約為 63%，隨著我們開始意識到我們新的低成本變送器的整個季度帶來的好處，第四季度的毛利率將繼續提高。

In light of our better-than-expected revenue growth, we now expect operating margins of approximately 9% and adjusted EBITDA margins of approximately 19.5%, reflecting increases of 200 basis points and 100 basis points, respectively, from our 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 9%，調整後的 EBITDA 利潤率約為 19.5%，分別比我們先前的指導高出 200 個基點和 100 個基點。

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

有了這個，我現在將把電話轉給史蒂夫進行戰略更新。

Thanks, Quentin.

謝謝，昆汀。

Our great results in the third quarter are a validation of our strategic efforts, and we remain well positioned to take advantage of our long-term growth opportunity.

我們在第三季度的出色業績證明了我們的戰略努力，我們仍然處於有利地位，可以利用我們的長期增長機會。

As some of you may have seen at September's EASD Conference in Barcelona, the full 3-year results of our COMISAIR study showed that Dexcom CGM, when paired with either insulin pumps or pens, drove an average increase of more than 20% to time and range.

正如你們中的一些人可能已經在 9 月於巴塞羅那舉行的 EASD 會議上看到的那樣，我們 COMISAIR 研究的完整 3 年結果表明，Dexcom CGM 與胰島素泵或胰島素筆配合使用時，平均增加了 20% 以上的時間和範圍。

That is nearly 5 hours per day of improved glycemic control.

這相當於每天將近 5 小時的血糖控制得到改善。

Another clear validation of Dexcom CGM as the first-line defense for people with diabetes, and that CGM connected devices are here to stay.

Dexcom CGM 作為糖尿病患者一線防禦的另一個明確驗證，以及 CGM 連接設備將繼續存在。

Our insulin delivery partners continue to make progress on CGM-enabled integrated systems.

我們的胰島素輸送合作夥伴繼續在支持 CGM 的集成系統方面取得進展。

As Kevin mentioned, with the pending approval and launch of Control-IQ, we are thrilled to be bringing our first advanced hybrid closed-loop technology to market and commend Tandem on their progress to date and their dedication to bring this best-in-class platform to reality.

正如 Kevin 提到的，隨著 Control-IQ 的批准和推出，我們很高興能夠將我們的第一個先進的混合閉環技術推向市場，並讚揚 Tandem 迄今為止取得的進展以及他們為帶來這一一流產品的奉獻精神平台到現實。

DexCom is proud to provide the enabling CGM and AP algorithm technology for this platform.

DexCom 很自豪能夠為該平台提供支持性的 CGM 和 AP 算法技術。

Together, these tools helped keep the system in a closed-loop mode 92% of the time during the pivotal study.

在關鍵研究期間，這些工具共同幫助系統在 92% 的時間內保持閉環模式。

Similarly, Eli Lilly, Novo Nordisk and Companion Medical are all making progress in their efforts to commercialize connected smart pens.

同樣，Eli Lilly、Novo Nordisk 和 Companion Medical 都在將聯網智能筆商業化方面取得了進展。

We are seeing more and more interest from additional insulin delivery companies that recognize the value of connectivity to CGM, and we will continue to be the demonstrated leader in these efforts.

我們看到更多的胰島素輸送公司越來越感興趣，他們認識到連接 CGM 的價值，我們將繼續成為這些努力中的領導者。

As we expand the rollout of G6, we are simultaneously taking steps to prepare the way for G7 which we still plan to launch on a limited basis in late 2020 and more broadly in 2021.

隨著我們擴大 G6 的推出，我們同時採取措施為 G7 做準備，我們仍計劃在 2020 年底有限推出，並在 2021 年更廣泛地推出。

We intend to be very thoughtful on the rollout of G7 as we scale the infrastructure necessary to support the anticipated demand for this exciting new platform.

我們打算在 G7 的推出時非常周到，因為我們擴展了必要的基礎設施來支持對這個令人興奮的新平台的預期需求。

On our previous call, we announced the FDA submission of our G6 Pro product, and we were pleased to announce its approval in early October.

在我們之前的電話會議上，我們宣布我們的 G6 Pro 產品已提交 FDA，我們很高興地宣布它在 10 月初獲得批准。

This is another strong example of the streamlined review process enabled by our iCGM designation, giving us the opportunity to quickly iterate products to serve the needs of different customer segments.

這是我們的 iCGM 稱號所支持的簡化審查流程的另一個有力示例，使我們有機會快速迭代產品以滿足不同客戶群的需求。

The G6 Pro represents the first disposable professional CGM product that is indicated for either blinded or unblinded real-time use.

G6 Pro 代表了第一款一次性專業 CGM 產品，適用於盲法或非盲法實時使用。

In blinded mode, the product is available for all people, ages 2 and up.

在盲模式下，該產品適用於 2 歲及以上的所有人。

In unblinded mode, G6 Pro is indicated for all people with diabetes, ages 2 and up.

在非盲模式下，G6 Pro 適用於所有 2 歲及以上的糖尿病患者。

Both options provide valuable insights into the impact of activity, food choices, medications and other factors on people's glucose levels.

這兩種選擇都對活動、食物選擇、藥物和其他因素對人們血糖水平的影響提供了寶貴的見解。

It also provides clinicians a wonderful tool to introduce their patients to real-time CGM and to adjust or optimize treatment based on observable patterns and time and range.

它還為臨床醫生提供了一個很好的工具，可以向他們的患者介紹實時 CGM，並根據可觀察的模式、時間和範圍調整或優化治療。

We've spoken at length this year about our efforts to improve access for our patients, whether advocating for coverage for type 2 intensive patients, pushing for ways to reduce the upfront cost to our patients or negotiating for the removal of administrative hurdles for patients to start on CGM.

今年我們已經詳細討論了我們為改善患者的可及性所做的努力，無論是倡導 2 型重症患者的覆蓋範圍，推動降低患者前期成本的方法，還是談判為患者消除行政障礙從 CGM 開始。

As you can see from various public and private data sources, we are making good progress with the long-term transition of the U.S. business to the pharmacy channel.

正如您從各種公共和私人數據源中看到的那樣，我們在美國業務向藥店渠道的長期過渡方面取得了良好進展。

As we've noted previously, this is a complex task.

正如我們之前提到的，這是一項複雜的任務。

We have long-standing relationships with our DME distributors and many of our patients have grown accustomed to their process through the DME channel.

我們與我們的 DME 經銷商有著長期的合作關係，我們的許多患者已經習慣了通過 DME 渠道進行的治療。

With these challenges noted, our field team is doing solid work, and we look forward to continued expansion through the pharmacy channel.

鑑於這些挑戰，我們的現場團隊正在紮實工作，我們期待通過藥房渠道繼續擴張。

Specific to formulary placement, we don't plan to comment on every contract win, as this is a normal part of our business operations.

具體到處方配售，我們不打算對每一份合同的勝利發表評論，因為這是我們業務運營的正常部分。

What we will say, as many of you have likely seen, is that we have good momentum here in our efforts.

正如你們中的許多人可能已經看到的那樣，我們要說的是，我們在這方面的努力勢頭良好。

The value of Dexcom CGM speaks for itself, and payers and PBMs continue to demonstrate their understanding of what our product brings to the customer.

Dexcom CGM 的價值不言而喻，付款人和 PBM 繼續展示他們對我們的產品為客戶帶來什麼的理解。

With that, I will 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。

It is hard to continue to put words around the growth that we have seen since the launch of G6, and the third quarter is certainly no exception.

自 G6 推出以來我們所看到的增長很難繼續說下去，第三季度當然也不例外。

At DexCom, we have the stated mission to empower people to take control of diabetes.

在 DexCom，我們的使命是讓人們能夠控製糖尿病。

As this quarter, and clinical studies like COMISAIR continues to demonstrate, we have a product that is enabling people to do just that.

正如本季度以及 COMISAIR 等臨床研究繼續證明的那樣，我們擁有一款能夠讓人們做到這一點的產品。

It seems like every day we hear stories of people gaining confidence with their help.

似乎每天我們都會聽到人們在他們的幫助下獲得自信的故事。

Children and patients living with less fear and overall quality of lives improving.

兒童和患者生活在恐懼中，整體生活質量得到改善。

These are the stories of people being empowered.

這些是人們被賦予權力的故事。

To wrap up, 2019 has proven to be a wonderful year thus far, and we remain excited for the long road ahead.

總而言之，2019 年迄今已被證明是美好的一年，我們對未來的漫長道路仍然感到興奮。

To the DexCom team, let's finish the year strong.

對於 DexCom 團隊，讓我們以強勁的勢頭結束這一年。

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

我現在想打開問答環節。

Sean?

肖恩？

Thank you, Kevin.

謝謝你，凱文。

(Operator Instructions)

（操作員說明）

(Operator Instructions) And your first question comes from Danielle Antalffy from SVB.

（操作員說明）您的第一個問題來自 SVB 的 Danielle Antalffy。

Congrats on what can only be described as a phenomenal quarter.

祝賀這個只能被描述為非凡的季度。

I'll keep it to -- I'll follow instructions and keep it to one question.

我會堅持——我會按照指示去做，只問一個問題。

Kevin, you mentioned capacity -- some capacity challenges and the line that went down during the quarter.

凱文，你提到了容量——一些容量挑戰和本季度下降的線路。

Can you give some additional color on how that factors into your guidance for the remainder of the year?

您能否就今年餘下時間的指導意見提供一些額外的顏色？

And why you weren't concerned about meeting increasing demand going forward?

為什麼您不擔心滿足未來不斷增長的需求？

Thanks for the question, Danielle.

謝謝你的問題，丹妮爾。

Give a little history here.

在這裡介紹一下歷史。

We launched G6 a year ago, and we launched it earlier than we planned.

我們在一年前推出了 G6，並且比我們計劃的更早推出。

And we've been chasing this ever since we started.

我們從一開始就一直在追求這個。

As you look at 2019, we've grown over $300 million in the first 3 quarters and $130 million in the last quarter.

回顧 2019 年，我們在前三個季度增長了超過 3 億美元，在最後一個季度增長了 1.3 億美元。

And while we've experienced large growth percentages in the past, we've never experienced anything like this.

雖然我們過去經歷過大幅增長，但我們從未經歷過這樣的事情。

We committed to doubling our capacity this year.

我們承諾今年將產能翻一番。

And by the time we exit the year, in all fairness, we will have double the capacity to build G6 product that we had before.

到今年結束時，平心而論，我們構建 G6 產品的能力將是以前的兩倍。

We're doing everything we can to put additional capacity in place to meet the demand for the fourth quarter.

我們正在盡一切努力增加產能以滿足第四季度的需求。

As we talked about, our manufacturing line went down in September, late in the third quarter and for some time early in the fourth quarter.

正如我們所說，我們的生產線在 9 月、第三季度末和第四季度初的一段時間內停工。

That's production we can't make up today.

那是我們今天無法彌補的生產。

We do have some levers to pull and some things that might come on board in December.

我們確實有一些槓桿可以拉動，一些東西可能會在 12 月出現。

We can see some upside to making that up.

我們可以看到彌補這一點的一些好處。

And in our worst case, we assume in our guidance this year that we're not going to make that up.

在我們最壞的情況下，我們在今年的指導中假設我們不會彌補這一點。

We're not going to plan on that.

我們不打算這樣做。

And if we do, there's some upside there.

如果我們這樣做，就會有一些好處。

So by the time we exit the year, we will have doubled our G6 capacity.

因此，到今年結束時，我們的 G6 容量將增加一倍。

And I can tell you we have more automated lines coming on, some in the first quarter, more in the second quarter to the point by the time you get to the middle of 2020, we will have doubled our capacity again and be able to serve everybody.

我可以告訴你，我們有更多的自動化生產線，一些在第一季度，更多在第二季度，到 2020 年年中時，我們的產能將再次翻倍，並能夠提供服務大家。

We're confident we have enough capacity to meet the numbers that we've given you.

我們相信我們有足夠的能力來滿足我們給你的數字。

We believe we have an opportunity to do more if certain things go well, and then we'll go from there.

我們相信，如果某些事情進展順利，我們有機會做更多事情，然後我們將從那裡開始。

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

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

First one for me.

第一個給我。

It's a little bit tagging onto Danielle's in terms of the marketplace demand that you're seeing.

就您所看到的市場需求而言，它有點貼上了 Danielle's 的標籤。

Given the capacity constraints you have, I assume a lot of the growth that you're seeing is actually push-driven, meaning that patients are educated and they're reaching out to you versus you trying to convince them.

鑑於您的能力限制，我假設您看到的很多增長實際上是推動驅動的，這意味著患者接受了教育並且他們正在向您伸出援手，而不是您試圖說服他們。

So is that true?

那是真的嗎？

And then should we assume that patient add growth is still growing at the same pace or better than U.S. revenue growth and why or who not that shouldn't change going forward?

然後我們是否應該假設患者增加的增長速度仍在以與美國收入增長相同或更好的速度增長，為什麼或誰不應該改變未來？

You know what, let me start with that.

你知道嗎，讓我從那開始。

And if Quentin, Steve want to jump in, they can.

如果昆汀和史蒂夫想加入，他們可以。

With respect to new patients, Q3 was very comparable to Q2.

關於新患者，Q3 與 Q2 非常相似。

We had a very good new patient, third quarter.

我們有一個非常好的新病人，第三季度。

And so that has not been an issue with respect to patients reordering.

因此，對於患者重新排序而言，這不是問題。

We have not seen a change in reordering patterns from our patients.

我們沒有看到患者的重新排序模式發生變化。

They're ordering what and when they can and when their insurance will reimburse for them.

他們正在訂購什麼，什麼時候可以訂購，以及他們的保險何時會報銷。

So there's no real difference here as to what we've experienced in the past.

因此，對於我們過去的經歷，這裡沒有真正的區別。

In reality, what we're experiencing, what we're working through is getting product out to them as quickly as we can.

實際上，我們正在經歷的，正在努力的是盡快將產品交付給他們。

Sometimes they wait just an extra day for the product, sometimes it's as long as a week.

有時他們只為產品多等一天，有時則長達一周。

But we are getting product to everybody.

但是我們正在為每個人提供產品。

We'd like to get it to them sooner, and we'd like to have more at our discretion here.

我們希望盡快將它提供給他們，並且我們希望在這裡有更多的自由裁量權。

But we're keeping up with everything.

但我們正在跟上一切。

And we're doing well.

我們做得很好。

I think Margaret, the only thing I would add is it's a combination of both, right?

我想瑪格麗特，我唯一要補充的是它是兩者的結合，對吧？

I mean patients continue to become more and more aware of the technology and find their way to the device.

我的意思是患者繼續越來越了解該技術並找到使用該設備的方法。

And clearly, our commercial team continues to do just an outstanding job of creating opportunities as well.

顯然，我們的商業團隊也在繼續出色地創造機會。

So it's a bit of both.

所以兩者兼而有之。

And the new patient additions continue to outpace overall revenue growth.

新增患者繼續超過整體收入增長。

So it's a strong indicator of where the business is heading.

因此，它是業務發展方向的有力指標。

And your next question comes from Jeff Johnson from Baird.

你的下一個問題來自 Baird 的 Jeff Johnson。

I was -- I wanted to ask -- I know, Steve, you said you're not going to say a lot on formulary status, but we've seen a few positive moves with the sizable payers for 2020 with regards to DexCom's placement.

我是 - 我想問 - 我知道，史蒂夫，你說過你不會在處方狀態上說太多，但我們已經看到 2020 年在 DexCom 的安置方面與相當大的付款人有一些積極的舉動.

So I'm wondering, what's driving that favorable treatment into next year?

所以我想知道，是什麼推動了明年的優惠待遇？

Maybe how does some of your tiering placements for next year compare to your lower price competitor?

也許你明年的一些分層展示位置與你的低價競爭對手相比如何？

And Quentin, are you still comfortable with the $100 million to $125 million pricing headwind next year as you give up some price to move into pharmacy?

昆汀，你是否仍然對明年 1 億至 1.25 億美元的定價逆風感到滿意，因為你放棄了一些價格進入藥房？

Or are these big wins, maybe push that expectation a little bit higher in trade-off or volume?

還是這些重大勝利，可能會在權衡或數量上將這種期望推高一點？

So I'll start off, and then I'll turn it over to Quentin on the numbers.

所以我會開始，然後我會把它交給昆汀關於數字。

Yes.

是的。

Look, I mean, this is what we told you guys.

看，我的意思是，這就是我們告訴你們的。

We're executing on exactly what we told you we would do, which is why it was somewhat tongue in cheek, the prepared remarks, that we're not going to put a press release out every time we get a new pharmacy win.

我們正在按照我們告訴過你我們會做的事情執行，這就是為什麼它有點開玩笑，準備好的評論，我們不會在每次獲得新的藥房勝利時都發布新聞稿。

But this is what we told you we would do.

但這就是我們告訴過你我們會做的。

We've been telling you we would do this, and we're executing on our plans.

我們一直告訴你我們會這樣做，我們正在執行我們的計劃。

And with respect to pricing, Quentin you can comment?

關於定價，Quentin 你能發表評論嗎？

Yes.

是的。

No, it's right in line with what we have always anticipated, Jeff.

不，這與我們一直預期的一致，傑夫。

I don't, at this point, see any need to kind of revise the expectation we've put out there.

在這一點上，我認為沒有必要修改我們在那裡提出的期望。

I think that $100 million to $125 million of headwinds is something that we'll continue to see throughout the course of next year.

我認為 1 億至 1.25 億美元的逆風是我們將在明年全年繼續看到的。

But we aren't changing our strategy here.

但我們並沒有改變我們的策略。

I think what's being demonstrated is that our plan is being effective.

我認為正在證明的是我們的計劃是有效的。

It's working, and the payers are seeing the value of our products.

它正在發揮作用，付款人看到了我們產品的價值。

And they understand it for the premium product that it is, and we're opening doors.

他們了解它是因為它是優質產品，我們正在敞開大門。

So no change there.

所以那裡沒有變化。

And your next question is from Ryan Blicker with Cowen.

你的下一個問題來自 Ryan Blicker 和 Cowen。

For G7, how much progress have you made working on automating your manufacturing processes over the past few months?

對於 G7，過去幾個月您在製造流程自動化方面取得了多大進展？

And is there still a significant amount of work to be done, nailing down your exact manufacturing process?

是否還有大量工作要做，確定您的確切製造過程？

And then for G7 overall, what are the biggest steps in the development process you hope to accomplish over the next few months?

然後對於 G7 總體而言，您希望在接下來的幾個月內完成的開發過程中最大的步驟是什麼？

This is Kevin.

這是凱文。

I'll take that.

我會接受的。

G7 is on schedule as we sit right now with the schedule that we put together on all fronts.

G7 會議如期舉行，因為我們現在正坐在我們在所有方面製定的時間表上。

We are now in the process of evaluating the final tweaks to the configuration to lock down the entire design.

我們現在正在評估對配置的最終調整以鎖定整個設計。

The majority of the design is locked down, but we've got a -- as always, when we get to this point in the sensor, what's that exact sensor configuration going to be, and then we've got some algorithm and some math work to do, but none of that will slow down the clinical study.

大部分設計都已鎖定，但我們有一個——一如既往，當我們到達傳感器的這一點時，確切的傳感器配置是什麼，然後我們有一些算法和一些數學工作要做，但這些都不會減慢臨床研究。

With respect to the total automation of the G7 plant, Steve, very, very truthfully said we're going to do a limited launch in 2020 and be careful how we launch in 2021.

關於 G7 工廠的完全自動化，史蒂夫非常非常誠實地說，我們將在 2020 年進行有限的發射，並註意我們在 2021 年的發射方式。

We don't want to put ourselves in a position we're talking about today, because we see that as a product that we can market to the world at great, great -- with great, great success.

我們不想讓自己處於我們今天談論的位置，因為我們認為這是一種我們可以向世界推銷的產品，非常非常大——非常非常成功。

So our automated lines are in design.

所以我們的自動化生產線正在設計中。

They're being built.

他們正在建造中。

The equipment's not all in yet because the process isn't completely done.

設備還沒有全部到位，因為這個過程還沒有完全完成。

But things like ordering molds which have a long lead time and things of that nature are happening.

但是，諸如訂購提前期較長的模具之類的事情正在發生。

And you will see significant capital expenditures by us over the next several months as we get these lines up and running.

在接下來的幾個月裡，當我們啟動並運行這些生產線時，你會看到我們的大量資本支出。

We have a great automation team.

我們有一個很棒的自動化團隊。

We have good processes that we're counting on.

我們擁有我們所依賴的良好流程。

They'll certainly be adjusted as the product becomes more mature.

隨著產品變得更加成熟，它們肯定會進行調整。

The product was designed to be more manufacturable than G6.

該產品的設計比 G6 更易於製造。

So we think these processes could be simpler over time.

所以我們認為這些過程會隨著時間的推移變得更簡單。

And I'll just add one other thing.

我還要補充一件事。

We're not just asking the guys to automate G7, at the same time, they're automating the G6 factory as well as we have automated lines for the assembly of our G6 product going up both in San Diego and in our Mesa facility.

我們不僅要求這些人將 G7 自動化，與此同時，他們還在使 G6 工廠自動化，而且我們在聖地亞哥和我們的梅薩工廠都有用於組裝 G6 產品的自動化生產線。

So we've got a lot on our plate manufacturing-wise.

所以我們在印版製造方面有很多。

We're confident with the progress we're making, what the guys are doing, and expect a very successful launch in product.

我們對我們正在取得的進展、這些人正在做的事情充滿信心，並期待產品的成功發布。

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

你的下一個問題來自摩根士丹利的大衛劉易斯。

Congrats on a great quarter.

祝賀一個偉大的季度。

Yes, Quentin, just in terms of just the fourth quarter guidance, you typically guide to a fair amount of sequential deceleration, kind of in line with historical precedent.

是的，昆汀，就第四季度的指導而言，你通常會指導相當數量的連續減速，有點符合歷史先例。

And in the fourth quarter, it's a little heavier than normal coming off a very, very strong third quarter.

在第四節，由於第三節非常非常強勁，它比正常情況要重一些。

Is there anything from a timing perspective or pull-forward perspective for the fourth quarter that's worth calling out?

從時間角度或前瞻性角度來看，第四季度有什麼值得一提的嗎？

Let me just talk through the fourth quarter for a second and give you a little bit of color on it.

讓我先談談第四季度，然後給你一點顏色。

There's nothing significant in terms of timing that, I think, changes the impact of either Q3 or Q4.

我認為，就時間而言，沒有什麼重要的事情會改變第三季度或第四季度的影響。

But one thing to keep in mind is the OUS business is a bit more choppy than the rest of our business.

但要記住的一件事是，OUS 業務比我們的其他業務更不穩定。

The sequential trends there can move around a little bit.

那裡的順序趨勢可能會稍微移動。

If you look historically, international has typically been flat to slightly down in the fourth quarter, and we continue to expect that's how it will play out this year.

如果你從歷史上看，國際業務在第四季度通常持平或略有下降，我們繼續預計今年將如此。

I think the other thing to keep in mind is that as we continue to move more and more of the business toward a subscription-based model, the historic seasonality is going to play a little bit differently in the current year than what we've seen throughout history.

我認為要記住的另一件事是，隨著我們繼續將越來越多的業務轉向基於訂閱的模式，今年的歷史季節性將與我們所看到的有所不同縱觀歷史。

So we're trying to model that as well.

所以我們也在嘗試對其進行建模。

I think the other thing just to keep in mind is, Q3 was truly a remarkable quarter for us.

我認為要記住的另一件事是，第三季度對我們來說確實是一個了不起的季度。

We were up 18% sequentially from Q2, whereas, historically, we've been up 8% to 10%.

我們比第二季度連續增長了 18%，而從歷史上看，我們增長了 8% 到 10%。

So for us to look at that and call it a trend and anticipate that we're going to see the same sequential increase into the fourth quarter, that's a bit premature.

因此，對於我們來說，將其視為一種趨勢並預計我們將在第四季度看到同樣的連續增長，這還為時過早。

We want to see this play out a little bit longer than just 90 days' worth of experience in the third quarter.

我們希望看到這比第三季度僅 90 天的經驗值更長一點。

So we're trying to be mindful of that.

所以我們正在努力注意這一點。

And I think the other thing just that is worth noting, and Kevin has hit on it, we are capacity -- we're at the top end of the capacity in our guidance range.

我認為另一件事值得注意，凱文已經成功了，我們的能力——我們處於我們指導範圍內能力的頂端。

And if we can pull some of these incremental opportunities forward in terms of production lines, then terrific.

如果我們能夠在生產線方面推動這些增量機會中的一些，那就太好了。

There's going to be opportunity to exceed what we set the expectation for.

將有機會超越我們設定的期望。

Worst-case scenario, is those lines come up in the very early part of January, and we're off and running at that point.

最壞的情況是，這些線路會在 1 月初出現，我們會在那個時候停止運行。

But if we can get those brought forward, then there's potential upside.

但是，如果我們能夠提出這些建議，那麼就有潛在的好處。

And your next question comes from Robbie Marcus with JPMorgan.

你的下一個問題來自摩根大通的羅比馬庫斯。

Congrats on a great quarter.

祝賀一個偉大的季度。

I was wondering if you could just help parse out what the drivers of growth were, clearly breaking down the barriers of costs that the pharmacy is having a big impact.

我想知道你是否可以幫助分析增長的驅動因素是什麼，清楚地打破藥房產生重大影響的成本障礙。

But anything you could add on Medicare versus pharmacy versus DME would be really helpful.

但是，您可以在 Medicare、藥房和 DME 上添加的任何內容都會非常有幫助。

Our big driver this quarter was the U.S. commercial business.

本季度我們的主要推動力是美國商業業務。

Our U.S. commercial business, not Medicare, but our U.S. commercial patients and our U.S. commercial revenues grew at a rate faster than any quarter we've ever seen.

我們的美國商業業務，不是醫療保險，而是我們的美國商業患者和我們的美國商業收入的增長速度超過了我們見過的任何一個季度。

And that was the primary driver.

這是主要的驅動力。

Medicare growth continues to be good.

醫療保險增長繼續良好。

But in all fairness, in the third quarter, we know there's some pent-up demand for patients to shift over to G6.

但平心而論，在第三季度，我們知道患者有一些被壓抑的需求轉向 G6。

We expect Medicare to really take off next year as we roll out our Walgreens and pharmacy delivery mechanism for the Medicare patients and make it much easier for them and get them all over to G6.

我們預計 Medicare 明年會真正騰飛，因為我們為 Medicare 患者推出了 Walgreens 和藥房交付機制，讓他們更容易接受 G6。

International was also a great quarter.

國際也是一個很好的季度。

The growth sequentially there was very strong.

那裡的連續增長非常強勁。

Quentin talked about the fact that we're comparing to a 93% growth quarter internationally last year, and we still grew 39% over that number.

昆汀談到我們正在與去年國際上 93% 的增長季度進行比較，我們仍然比這個數字增長了 39%。

So the international markets were good as well.

所以國際市場也很好。

I really can't tell you whether it's DME or pharmacy that's driving it.

我真的不能告訴你是 DME 還是藥房在推動它。

I think just the drive is awareness.

我認為驅動力就是意識。

And people are becoming much more aware of CGM, and what it can do for them and having great experiences with the product that we have.

人們越來越了解 CGM，以及它可以為他們做些什麼，並且對我們擁有的產品有了很好的體驗。

And your next question comes from Kyle Rose with Canaccord.

你的下一個問題來自 Canaccord 的 Kyle Rose。

Congrats on a terrific quarter.

祝賀一個了不起的季度。

You talked a little bit -- or talked at length about some of the capacity from a manufacturing perspective.

你談了一點——或者從製造的角度詳細談了一些產能。

But if we look back at some of the last 2 years, when you think about some of the growth you've had, you've also been somewhat constrained just from a customer support perspective.

但是，如果我們回顧過去 2 年中的一些時間，當您考慮您所取得的一些增長時，僅從客戶支持的角度來看，您也受到了一定程度的限制。

Given the surge in growth from a new patient perspective, maybe help us understand just what other investments and infrastructure changes you're making from a customer support perspective, both currently now with the G6.

考慮到從新患者的角度來看增長激增，也許可以幫助我們從客戶支持的角度了解您正在進行哪些其他投資和基礎設施變化，目前都在 G6 上。

I know you went to OUS or offshore in some of that support earlier this year, but also in prep for G7 in 2020 and then 2020 and beyond.

我知道你在今年早些時候去了 OUS 或離岸獲得了一些支持，但也為 2020 年、2020 年及以後的 G7 會議做準備。

Yes.

是的。

Well, certainly, the operation that we've set up in Manila has turned into a real corporate asset of ours.

嗯，當然，我們在馬尼拉建立的業務已經變成了我們真正的企業資產。

I think you look at the performance that we're seeing there, both from a quantitative, qualitative perspective, quite honestly, we're operating at some of the highest levels that we've ever seen in the company's history.

我想你看看我們在那裡看到的表現，無論是從定量還是定性的角度來看，老實說，我們的運營水平是我們在公司歷史上見過的最高水平。

And that's allowing us to scale more aggressively than what we have historically and address some of the increasing demand that we see.

這使我們能夠比以往更積極地擴展規模，並解決我們看到的一些不斷增長的需求。

I think another thing that we spend a tremendous amount of time looking for opportunities in the organization is just around what we call RPA or robotic automation and taking processes that are incredibly labor-intensive and finding those aspects of those processes and automating those, so that the folks who are doing those things can focus really more on value-added capabilities to the organization and serving the patients or even our commercial team in a much better way.

我認為我們花費大量時間在組織中尋找機會的另一件事就是圍繞我們所說的 RPA 或機器人自動化，並採用勞動密集型的流程，找到這些流程的那些方面並將其自動化，以便做這些事情的人可以真正更多地關注組織的增值能力，並以更好的方式為患者甚至我們的商業團隊服務。

And I think, encouragingly, we're seeing NPS scores start to reach some of their highest levels here in recent weeks than what we've seen over the last 18 to 24 months, even before we started down the path of taking some of the things outside the States and into the Philippines.

而且我認為，令人鼓舞的是，我們看到最近幾週的 NPS 分數開始達到我們在過去 18 到 24 個月中所看到的最高水平，甚至在我們開始採取一些措施之前美國以外的東西進入菲律賓。

So we're encouraged by what we're seeing.

因此，我們對所看到的感到鼓舞。

We continue to make investments in those ways.

我們繼續以這些方式進行投資。

I think as we continue to head into the future, the more we can automate the patient experience with us and eliminate the need for a live person to be on the other end of every phone call, the greater we're going to have an ability to scale and improve the patient experience along the way.

我認為，隨著我們繼續邁向未來，我們越能實現患者體驗的自動化，並消除每個電話的另一端都有現場人員的需要，我們的能力就越大在此過程中擴大和改善患者體驗。

So those are the things we're focused on.

所以這些就是我們關注的事情。

We're encouraged by what we're seeing.

我們對所看到的感到鼓舞。

But to be fair and truthful, it has been a challenge over the time that the growth has really put pressure on it.

但公平地說，隨著時間的推移，增長確實給它帶來了壓力，這一直是一個挑戰。

And we're doing everything we can to stay out ahead of it.

我們正在竭盡所能，以防萬一。

I'd just add one other thing.

我只想補充一件事。

We have an opportunity with G7 to reset the bar as to how we're going to interact with patients and what distribution and reimbursement channels we'll pursue.

我們有機會與 G7 一起重新設置關於我們將如何與患者互動以及我們將尋求什麼樣的分銷和報銷渠道的標準。

Everything we're doing with G6 is positioning us to put G7 in its most accessible light to make sure patients can get right to it.

我們對 G6 所做的一切都是為了讓我們將 G7 放在最容易接近的光線下，以確保患者能夠正確使用它。

Again, our Walgreens announcement with the Medicare patients to whereby Medicare patients will be able to go to Walgreens and get their monthly supplies, rather than calling us and being on the phone with us or our distributors, is a major win.

再次，我們的 Walgreens 宣布與 Medicare 患者一起宣布 Medicare 患者將能夠去 Walgreens 並獲得他們的每月供應，而不是打電話給我們並與我們或我們的分銷商通電話，這是一個重大勝利。

I was on the phone with a physician just a couple of weeks ago, and he explained to me his frustration with -- we have 3 or 4 Medicare distributors on ourselves, and all 3 of those ask -- all of those ask for different paperwork.

幾週前我和一位醫生通了電話，他向我解釋了他對我們自己有 3 或 4 個 Medicare 分銷商的不滿，而這 3 個分銷商都提出了要求——所有這些都要求不同的文書工作.

We think we can make this much more efficient for our patients with that move.

我們認為我們可以通過這一舉措為我們的患者提高效率。

And that's part of the innovation and thinking big I was referring to.

這就是我所指的創新和宏大思維的一部分。

We're going to make this easier.

我們將使這更容易。

And so everything we're doing with G6 is going to fly right into G7, and we are preparing to become a company that serves several million patients, not just several hundred thousand.

因此，我們在 G6 上所做的一切都會直接進入 G7，我們正準備成為一家服務數百萬患者的公司，而不僅僅是數十萬。

And your next question comes from Jayson Bedford with Raymond James.

你的下一個問題來自 Jayson Bedford 和 Raymond James。

So I guess, just given the U.S. growth, I think it begs the question around traction in people with insulin-dependent type 2 diabetes.

所以我想，鑑於美國的增長，我認為這迴避了胰島素依賴型 2 型糖尿病患者的牽引力問題。

So can you just comment on what you're seeing in this patient population and the impact the pharmacy has had on penetrating this opportunity?

那麼，您能否評論一下您在這個患者群體中看到的情況以及藥房對滲透這一機會的影響？

I'll take that, Jason.

我會接受的，傑森。

We are growing in that space, but in all fairness, we do not have the broad reimbursement for insulin-using type 2 patients that we so desire.

我們正在那個領域成長，但平心而論，我們沒有為使用胰島素的 2 型患者提供我們如此渴望的廣泛報銷。

Medicare covers those patients.

醫療保險涵蓋這些患者。

And some of the payers have come along, and some of them have not.

有些付款人已經出現，有些還沒有。

We think it will continue to grow over time.

我們認為它會隨著時間的推移繼續增長。

But even with our pharmacy contracts, there are sometimes limitations as to what insulin-using patients can have access to our technology.

但即使有我們的藥房合同，有時也有限制使用胰島素的患者可以使用我們的技術。

We are negotiating through that.

我們正在就此進行談判。

We are willing to give, for example, willing to give price to have those patients covered if they will cover them.

我們願意付出，例如，願意付出代價讓那些病人得到保障，如果他們願意的話。

The Medicare patients do have coverage.

醫療保險患者確實有保險。

And that's where a large portion of this population exists.

這就是這個人口的很大一部分存在的地方。

And we will be able to get those and go after them.

我們將能夠得到這些並追隨他們。

But it's still a chore and it's still not -- certainly not the majority of our business, even the majority of our Medicare patients at this point in time.

但這仍然是一件苦差事，而且仍然不是——當然不是我們的大部分業務，甚至是我們目前大部分的醫療保險患者。

It's a great growth opportunity for us.

這對我們來說是一個很好的增長機會。

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

你的下一個問題來自美國銀行的 Travis Steed。

Congratulations on an outstanding quarter.

祝賀一個出色的季度。

So it's been almost a year since you laid out the various non-core market opportunities at your Analyst Day.

所以自從你在分析師日列出各種非核心市場機會以來已經快一年了。

You've got a dedicated team looking at that and doing research there.

您有一個專門的團隊負責研究並在那裡進行研究。

Just love to hear kind of what you've learned over the last year, if there's anything you can elaborate on in terms of different business models or any different views on the market sizes there?

只是想听聽您在過去一年中學到的東西，如果您可以就不同的商業模式或對那裡的市場規模的任何不同觀點進行詳細說明？

Yes.

是的。

This is Kevin.

這是凱文。

I'll let Steve and Quentin take a little more of that, too, because we've all had interesting experiences.

我也會讓 Steve 和 Quentin 多做一點，因為我們都有過有趣的經歷。

As this has evolved, we've gone from -- we're going to have a complicated type 2 program to using other programs, to having payers run the thing, to how is this model going to go.

隨著這種情況的發展，我們已經從——我們將擁有一個複雜的 2 型程序到使用其他程序，讓付款人運行這個程序，再到這個模型將如何發展。

And the one learning that I've seen that I'll share with you is, it doesn't matter what the model is.

我將與大家分享的一個知識是，模型是什麼並不重要。

CGM is what drives it.

CGM 是它的驅動力。

And I think there's going to be opportunities across the board, directly with payers, directly with the programmatic entities, directly with employers, directly with clinics to better manage these patients.

而且我認為將會有全面的機會，直接與付款人，直接與程序化實體，直接與雇主，直接與診所一起更好地管理這些患者。

And you'll see CGM usage vary from model to model.

您會發現 CGM 的使用因型號而異。

There are some who think you need a specific number per year, but the most recent group I talked to said, "Just put them on them all the time because we get such good results." We don't know how it's going to play out.

有些人認為你每年需要一個特定的數字，但我最近採訪的一個小組說，“一直把它們放在上面，因為我們得到了很好的結果。”我們不知道結果如何。

But again, look at the size of that market and look at the amount of dollars spent taking care of those patients.

但同樣，看看那個市場的規模，看看花在照顧這些病人上的美元數額。

Look at the cost of drugs for those patients and their effectiveness.

查看這些患者的藥物成本及其有效性。

We think there's a cost savings play here that might be even greater than what we're saving in the type 1 space and intensive insulin using space, when all is said and done, if we can develop the right algorithms to get into the right groups.

我們認為，如果我們能夠開發正確的算法以進入正確的群體，那麼這裡的成本節約可能比我們在 1 型空間和密集胰島素使用空間中節省的成本還要大.

I don't know, Steve, Quentin, you got to anything?

我不知道，史蒂夫，昆汀，你們有什麼事嗎？

No.

不。

I think you hit it just right.

我覺得你打得恰到好處。

Yes.

是的。

I don't have anything to add to that.

我沒有什麼要補充的。

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

你的下一個問題來自 Piper Jaffray 的 JP McKim。

It's actually Matt on for JP.

它實際上是 JP 的馬特。

So as I look back at the business on the top line over the last 5 years, you guys haven't grown less than 25% per year in any of those last 5. In last 2, it's been much, much faster than that.

因此，當我回顧過去 5 年的最高業務時，你們在過去 5 年中的任何一年都沒有低於 25% 的年增長率。在過去的 2 年中，它比這快得多。

So as we think forward a little bit, I know you've got a little bit of capacity constraint at the moment, but it seems like you've got a lot of tailwinds here on the Medicare side and the pharmacy side.

因此，當我們稍微向前考慮時，我知道你目前有一點能力限制，但似乎你在醫療保險方面和藥房方面有很多順風。

So is there anything specifically that could keep you from that level of growth as we look forward?

那麼，有什麼特別的東西可以阻止你達到我們期待的那種增長水平嗎？

Yes.

是的。

I think, Matt, more than anything else, as that business gets larger and you get into kind of the law of large numbers, the growth rate continues to come under pressure.

我認為，馬特，最重要的是，隨著業務規模的擴大，你會進入某種大數法則，增長率繼續面臨壓力。

I think that you look at -- last year, we grew $300 million year-over-year in terms of absolute dollar growth this year.

我認為你看 - 去年，我們今年的絕對美元增長同比增長 3 億美元。

At the midpoint, we're talking about $400 million of absolute dollar growth, yet the growth rate is arguably a little bit slower, still at elevated levels, but arguably slower.

在中點，我們談論的是 4 億美元的絕對美元增長，但可以說增長率稍微慢了一點，仍處於較高水平，但可以說更慢了。

So I think that as we continue to move into the future, the rate is going to just be pressured from the tougher and tougher comps that we have and a larger base of business.

所以我認為，隨著我們繼續邁向未來，我們擁有的越來越強硬的公司和更大的業務基礎只會給利率帶來壓力。

But you hit the nail on the head.

但是你一針見血。

There's a lot to be bullish about.

有很多值得看好的地方。

And we couldn't be more bullish around the opportunities that sit in front of us within the core business itself, the alternative market opportunities.

我們對核心業務本身中擺在我們面前的機會，即替代市場機會，再樂觀不過了。

I mean these markets are enormous.

我的意思是這些市場是巨大的。

And I think what we learn more and more every day is that at the end of the day, it's CGM device that really opens up the opportunity to either impact cost, improve a patient's life, whatever it might be.

而且我認為我們每天越來越多地了解到，在一天結束時，CGM 設備真正打開了影響成本、改善患者生活的機會，無論它是什麼。

It comes right back to our device.

它會立即返回到我們的設備。

So we couldn't be more bullish about the future.

所以我們對未來再樂觀不過了。

But at the same time, we're not going to get ahead of ourselves.

但與此同時，我們不會超越自己。

We're going to be thoughtful, but we're going to pursue every one of those growth opportunities as far as we can.

我們會深思熟慮，但我們會盡可能地追求每一個增長機會。

And your next question comes from Mathew Blackman with Stifel.

你的下一個問題來自 Stifel 的 Mathew Blackman。

You guys spent a lot of time answering questions about the pricing implications of pharmacy access.

你們花了很多時間回答有關藥房准入的定價影響的問題。

I was hoping could you talk a bit about the potential profitability implications of increasing mix running through the pharmacy.

我希望你能談談通過藥房增加組合的潛在盈利影響。

Yes.

是的。

I think the pharmacy is a very, very attractive business model for us.

我認為藥房對我們來說是一種非常非常有吸引力的商業模式。

Obviously, it reduces the burden that a patient and a physician and even our back office staff here has to work through to get a patient onto the technology.

顯然，它減輕了患者和醫生甚至我們這裡的後台工作人員為讓患者使用該技術而必須完成的負擔。

So it's attractive from that perspective.

所以從這個角度來看它很有吸引力。

But it's also very attractive from a profitability perspective.

但從盈利的角度來看，它也非常有吸引力。

We firmly believe that we can make more profit dollars per patient through the pharmacy channel than we can to the DME channel.

我們堅信，與 DME 渠道相比，我們可以通過藥房渠道為每位患者賺取更多利潤。

So -- and much of that comes by way of reducing the back office effort and just reducing the amount of time that it takes to get that patient on to the product.

所以——其中大部分是通過減少後台工作和減少讓病人使用產品所需的時間來實現的。

And then it clearly opens up by having easier access, the opportunity to address more of the market.

然後它通過更容易的訪問和解決更多市場的機會顯然打開了大門。

So for all those reasons, pharmacy is very attractive to us, but from a profitability perspective, it's going to deliver profit dollars on a per patient basis that are higher than the DME channel.

因此，出於所有這些原因，藥房對我們非常有吸引力，但從盈利能力的角度來看，它將為每位患者帶來高於 DME 渠道的利潤。

And your next question comes from Steven Lichtman with Oppenheimer.

你的下一個問題來自 Steven Lichtman 和 Oppenheimer。

Just following up on the very strong international performance.

只是跟進非常強勁的國際表現。

Were there any standouts in particular that stood out?

有沒有特別突出的傑出人物？

Or was it across the board?

或者是全面的？

And what was the -- what are some of the big new opportunities you're focused on ahead outside of the U.S.?

什麼是 - 你在美國以外關注的一些重大新機會是什麼？

I'll speak to the quarter itself.

我將與本季度本身交談。

I mean it's pretty simple, and maybe Steve or Kevin can speak to the opportunities.

我的意思是這很簡單，也許史蒂夫或凱文可以談談這些機會。

But within the quarter, it was very widespread.

但在本季度內，它非常普遍。

It was across our direct markets, it was across our distributor markets and it was across all of the regions.

它遍及我們的直接市場，遍及我們的分銷商市場，遍及所有地區。

There wasn't any one country, in particular, that far and away led the pack.

沒有任何一個國家，特別是，遙遙領先。

There wasn't any one country that was far and away behind the pack either.

也沒有任何一個國家遠遠落在後面。

So it continues to be very broad-based strength across each and every one of our markets, and the teams are doing a remarkable job with it.

因此，它在我們的每一個市場中仍然具有非常廣泛的優勢，並且團隊在這方面做得非常出色。

I'd just add, I spoke a bit about the Canadian launch in September.

我只想補充一點，我談到了 9 月份在加拿大的發布。

And that launch was a great success and win for our Canadian team.

那次發布取得了巨大的成功，並為我們的加拿大團隊贏得了勝利。

If I depict one other geography, the one I'll call out is the U.K. They had a month in December that far exceed -- I mean, September, that far exceeded anything they'd ever done.

如果我描述另一個地理區域，我會指出的是英國。他們在 12 月有一個月的時間遠遠超過——我的意思是，9 月，這遠遠超過了他們做過的任何事情。

And we're pretty proud of their results.

我們為他們的結果感到非常自豪。

And we got an e-mail, "Hey, we just hit this mark." And it's pretty exciting because we don't have widespread reimbursement in the U.K., it's regional, and there's a lot of cash pay.

我們收到了一封電子郵件，“嘿，我們剛剛達到這個目標。”這非常令人興奮，因為我們在英國沒有廣泛的報銷，它是地區性的，而且有很多現金支付。

We think as we grow in the U.K., we can get widespread reimbursement, and then this becomes a much greater market for us.

我們認為隨著我們在英國的發展，我們可以獲得廣泛的報銷，然後這對我們來說將成為一個更大的市場。

So kudos to the U.K. team as well.

所以英國隊也很榮幸。

Yes, I think the only final add for me would be, as you guys are building models, don't build anything significant this year from Japan.

是的，我認為對我來說唯一的最後補充是，因為你們正在構建模型，所以今年不要從日本構建任何重要的東西。

But Kevin and I just spent some time over in Japan.

但凱文和我剛剛在日本呆了一段時間。

And kind of detailed G6 for the first time, G6 is filed in Japan.

第一次詳細介紹 G6，G6 在日本備案。

And we expect to launch it there, probably the first half of next year.

我們希望在那裡推出它，可能是明年上半年。

And there's some real excitement around that product.

該產品確實令人興奮。

So we'll get you guys updated when the time comes.

所以我們會在適當的時候給你們更新。

But that's still really a nonexistent market for us at this point.

但在這一點上，這對我們來說仍然是一個不存在的市場。

(Operator Instructions) Your next question comes from Chris Pasquale from Guggenheim.

（操作員說明）您的下一個問題來自古根海姆的 Chris Pasquale。

Congrats on the quarter, guys.

恭喜這個季度，伙計們。

Quentin, the SG&A leverage this quarter was very impressive.

昆汀，本季度的 SG&A 槓桿非常可觀。

Can you talk about the sustainability of that?

你能談談它的可持續性嗎？

You didn't raise EBITDA guidance by quite as much as I thought you may have given the progress this quarter.

你沒有像我認為的那樣提高 EBITDA 指導，你本季度可能已經取得了進展。

So I'm just wondering if there was anything in terms of timing of spend that may have shifted some dollars from Q3 into Q4.

所以我只是想知道在支出時間方面是否有任何可能將一些美元從第三季度轉移到第四季度。

No.

不。

Nothing specific around timing of spend, although I will tell you, in the fourth quarter, we're going to start to see some incremental spend, particularly around the development efforts of automating these G7 lines.

沒有具體的支出時間，但我會告訴你，在第四季度，我們將開始看到一些增量支出，特別是圍繞這些 G7 生產線自動化的開發工作。

We have the product pretty well dialed in, in terms of its design.

就其設計而言，我們已經很好地撥入了產品。

Now it's all about designing these lines.

現在就是設計這些線條。

And conceptually, we know what the lines need to look like, what they need to produce.

從概念上講，我們知道生產線需要是什麼樣子，它們需要生產什麼。

Now it's fine-tuning that work and making sure that we have them up ready to start to roll.

現在它正在微調這項工作並確保我們已經準備好開始滾動。

So you've got that cost coming through in the fourth quarter that you didn't necessarily have in the third quarter.

所以你在第四季度得到了你在第三季度不一定有的成本。

To your point, on a year-to-date basis, we made incredible traction from a profitability perspective.

就您的觀點而言，從年初至今，我們從盈利能力的角度來看取得了令人難以置信的吸引力。

OpEx has levered over 1,000 basis points.

OpEx 槓桿超過 1,000 個基點。

And on a full year basis, we're going to see tremendous leverage from both an operating margin and EBITDA margin, even though it might not have been raised in line with what you were expecting.

在全年的基礎上，我們將從營業利潤率和 EBITDA 利潤率中看到巨大的槓桿作用，即使它可能沒有按照您的預期提高。

It's still tremendous improvements.

它仍然是巨大的改進。

I think what it tells you is that this business has the capability to perform very appealing profitability measures, if you will.

我認為它告訴你的是，如果你願意的話，這家企業有能力執行非常有吸引力的盈利措施。

There's nothing structurally in the business model that keeps us from being able to do that.

商業模式中沒有任何結構性因素阻止我們做到這一點。

I think what we want to be able to do is balance the investments that are going to open up all these new growth opportunities, that we continue to become more convicted are real.

我認為我們希望能夠做的是平衡將開闢所有這些新增長機會的投資，我們繼續變得更加堅定是真實的。

And so we're going to balance that over time.

因此，我們將隨著時間的推移平衡這一點。

But we remain committed to those long-term profitability goals we've laid out.

但我們仍然致力於我們制定的那些長期盈利目標。

We're making tremendous progress towards them and feel good about where we're at today.

我們在實現這些目標方面取得了巨大進展，並對我們今天所處的位置感到滿意。

So we're pleased with the progress that's being made.

因此，我們對正在取得的進展感到滿意。

And there are no questions at this time.

目前沒有問題。

All right.

好的。

This is Kevin.

這是凱文。

I'm going to close up as I usually do.

我要像往常一樣關門了。

We want to thank everybody for participating on the call this quarter.

我們要感謝大家參與本季度的電話會議。

In closing, I want to acknowledge the contribution of all of our team members to get to this point.

最後，我要感謝我們所有團隊成員為達到這一點所做的貢獻。

$130 million in growth in this quarter combined with our best financial results ever.

本季度 1.3 億美元的增長加上我們有史以來最好的財務業績。

We've never delivered a quarter like this.

我們從未交付過這樣的季度。

And we've asked our people to go above and beyond in 2019 to achieve these things.

我們要求我們的員工在 2019 年超越自我，實現這些目標。

While our year-to-date revenue growth is near 50%, I can assure you all that our volume growth, of all product components, far exceeds that number.

雖然我們今年迄今的收入增長接近 50%，但我可以向大家保證，我們所有產品組件的銷量增長遠遠超過這個數字。

And we've been running all year to keep up.

我們整年都在跑步以跟上。

And while we see a light at the end of the tunnel, it's just not as quickly as we'd hoped for.

雖然我們看到了隧道盡頭的曙光，但它並沒有我們希望的那麼快。

Our commercial teams have hit on all cylinders this year.

我們的商業團隊今年全力以赴。

International growth remains strong and a great opportunity going forward for us is global access and awareness continues to improve.

國際增長依然強勁，我們前進的一個巨大機會是全球訪問和意識不斷提高。

We also talked about the effectiveness of our U.S. reimbursement team and positioning us for the future, enabling our shift to more efficient distribution channels with numerous contract wins and our relationships throughout our distribution channels have been nothing but strengthen over the course of the year.

我們還談到了我們美國報銷團隊的效率以及為我們的未來定位，使我們能夠轉向更高效的分銷渠道，贏得大量合同，並且我們在整個分銷渠道中的關係在這一年中得到了加強。

And finally, our U.S. sales team, both internal and external.

最後，我們的美國內部和外部銷售團隊。

They've navigated through some very difficult situations with respect to our supply constraints, yet remain engaged and effective.

他們在我們的供應限制方面度過了一些非常困難的情況，但仍然保持參與和有效。

There isn't a better group anywhere.

沒有比這更好的團體了。

Many of our accomplishments this year can't be measured by numbers, all of the letters and e-mails of lives that we've changed.

我們今年取得的許多成就無法用數字、我們改變生活的所有信件和電子郵件來衡量。

Standing up a facility and a business in the Philippines over the past 9 months that's grown to a nearly 700-person workforce of people who have committed to this company, as everybody here in the States, and who demonstrate the commitment to patients that we've always had that have made DexCom the company than it is today.

在過去的 9 個月裡，在菲律賓建立了一家設施和一家企業，該企業已發展成為擁有近 700 名員工的員工隊伍，他們對這家公司做出了承諾，就像在美國的每個人一樣，他們向患者展示了我們對患者的承諾一直以來，讓 DexCom 成為今天的公司。

We look forward to continuing this success in the future.

我們期待著在未來繼續取得成功。

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.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。