德康醫療 (DXCM) 2019 Q4 法說會逐字稿

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

歡迎來到 DexCom 2019年第四季度收益發布電話會議。

My name is Cheryl, and I will be your operator for today's call.

我叫謝麗爾，我將擔任今天電話會議的接線員。

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

（操作員說明）請注意，此電話會議正在錄製中。

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。

Sir, you may begin.

先生，您可以開始了。

Thank you, operator, and welcome to DexCom's Fourth Quarter and Full Year 2019 Earnings Call.

謝謝運營商，歡迎來到 DexCom 的 2019 年第四季度和全年收益電話會議。

Our agenda begins with Kevin Sayer, DexCom's Chairman, President and CEO, who will provide a summary of the quarter and full year 2019, 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 2019 年季度和全年的摘要，然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，然後是史蒂夫的戰略更新Pacelli，我們的戰略和企業發展執行副總裁。

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。

At that time, we ask analysts to limit themselves to 1 question so we can provide an opportunity for everyone participating today.

那時，我們要求分析師將自己限制在 1 個問題上，這樣我們就可以為今天參與的每個人提供機會。

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

請注意，在 DexCom 投資者關係網站的“活動和演示”頁面上，還有與我們第四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，受各種風險和不確定因素的影響，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 and other filings with the Securities and Exchange Commission.

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

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

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

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

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

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

除非另有說明，否則所有對財務指標的引用均按非 GAAP 原則提供。

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

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

Please refer to the tables in our earnings release and the slides accompanying our fourth quarter and full year 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以及我們第四季度和全年收益報告的幻燈片，以了解這些措施與其最直接可比的 GAAP 財務措施的對賬情況。

Now I will turn it over to Kevin.

現在我將把它交給凱文。

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

謝謝肖恩，也謝謝大家加入我們。

2019 was another fantastic year for DexCom.

2019 年對 DexCom 來說又是美妙的一年。

I want to take a few minutes to highlight some of our accomplishments before we turn our attention to 2020.

在我們將注意力轉向 2020 年之前，我想花幾分鐘時間強調一下我們取得的一些成就。

This was the second consecutive year that our organic growth exceeded 40%.

這是我們的有機增長率連續第二年超過 40%。

To put this into perspective, given that we started the year on a revenue base greater than $1 million, this means that we added more than $440 million of absolute growth in the year.

從這個角度來看，鑑於我們年初的收入基礎超過 100 萬美元，這意味著我們在這一年增加了超過 4.4 億美元的絕對增長。

New patients continue to be the primary driver behind the growth and includes growing traction in the insulin-dependent type 2 market, where we continue to expand access in addition to our existing coverage in Medicare.

新患者仍然是增長背後的主要驅動力，包括在依賴胰島素的 2 型市場中不斷增長的牽引力，除了我們現有的 Medicare 覆蓋範圍之外，我們還在繼續擴大准入。

We ended the year approaching 650,000 net active patients globally who are benefiting from DexCom CGM technology.

年底，我們在全球範圍內接觸了 650,000 名受益於 DexCom CGM 技術的淨活躍患者。

And as a reminder, we only count someone as a patient when they are consistently reordering product.

提醒一下，只有當某人持續重新訂購產品時，我們才會將其視為患者。

We are also achieving this growth with operational and spending discipline as an organization.

作為一個組織，我們還通過運營和支出紀律實現了這一增長。

2019 was the most profitable year in DexCom's history and represented our first full year of GAAP profitability.

2019 年是 DexCom 歷史上盈利最多的一年，也是我們實現 GAAP 盈利的第一個全年。

We are demonstrating great operating leverage, even as we doubled G6 capacity in 2019 and continued to invest in R&D to drive our future growth.

即使我們在 2019 年將 G6 產能翻了一番，並繼續投資於研發以推動我們未來的增長，我們也展示了巨大的運營槓桿。

As we grow, we are building and adapting our infrastructure to serve meaningfully more patients.

隨著我們的成長，我們正在建設和調整我們的基礎設施，以便為更多患者提供有意義的服務。

In the U.S., we are making great progress in our effort to transition to the pharmacy channel as we expanded covered lives by more than 50% in 2019.

在美國，隨著我們在 2019 年將承保人壽擴大 50% 以上，我們在向藥店渠道過渡的努力中取得了巨大進展。

We are now fully underway in the launch of G6 into Medicare and look forward to those patients having access to the no fingerstick G6 technology.

我們現在正在全力將 G6 引入 Medicare，並期待那些能夠使用無指尖 G6 技術的患者。

We have built an extensive global business services team in Manila in 2019, exiting the year with progress on all of our key customer service metrics.

2019 年，我們在馬尼拉建立了一支龐大的全球業務服務團隊，在這一年結束時，我們在所有關鍵客戶服務指標上都取得了進展。

Our business services team will be a great asset for us as we continue to scale the company and strive to offer our customers the best possible experience.

隨著我們繼續擴大公司規模並努力為客戶提供最佳體驗，我們的業務服務團隊將成為我們的重要資產。

We are also transparent with you and our customers about the things we must improve.

對於我們必須改進的事情，我們也對您和我們的客戶保持透明。

As many of you heard in late November, we experienced a temporary server outage that impacted the ability of family and friends to monitor glucose levels of loved ones via our SHARE and Follow apps.

正如你們中的許多人在 11 月下旬聽到的那樣，我們經歷了一次暫時的服務器中斷，這影響了家人和朋友通過我們的分享和關注應用程序監測親人血糖水平的能力。

I told our customers, health care providers and shareholders that we needed to do better.

我告訴我們的客戶、醫療保健提供者和股東，我們需要做得更好。

We needed a system in place to greatly improve communication with our customers.

我們需要一個適當的系統來大大改善與客戶的溝通。

In the weeks since, we have taken significant steps to do just that.

從那以後的幾周里，我們已經採取了重大步驟來做到這一點。

We have launched a system status page on our website ahead of schedule.

我們提前在我們的網站上推出了系統狀態頁面。

This provides real-time updates on system functionality, 24 hours a day, 7 days a week.

這提供了系統功能的實時更新，每天 24 小時，每週 7 天。

We are also in the final stages of rolling out an in-app messaging system that will provide quick communication with our customers.

我們還處於推出應用內消息系統的最後階段，該系統將提供與客戶的快速溝通。

As you can see, we are not sitting still, even with the rapid growth that we've experienced since the launch of G6.

正如您所看到的，我們並沒有坐以待斃，即使自 G6 推出以來我們經歷了快速增長。

The reason for this is simple, we believe that there is a huge opportunity still ahead of us for our sensor platform.

原因很簡單，我們相信我們的傳感器平台仍有巨大的機會。

For our core markets, we remain confident in the underlying shift from fingersticks to CGM as the standard of care.

對於我們的核心市場，我們仍然對從指尖到 CGM 作為護理標準的潛在轉變充滿信心。

Outside of our core markets, our excitement for the potential of DexCom CGM to address broader global health issues continues to grow.

在我們的核心市場之外，我們對 DexCom CGM 解決更廣泛的全球健康問題的潛力的興奮繼續增長。

We are beginning to see great early-stage data demonstrating the value of CGM for all people with type 2 diabetes, including those not on insulin therapy.

我們開始看到大量早期數據證明 CGM 對所有 2 型糖尿病患者的價值，包括那些未接受胰島素治療的人。

Our work with UnitedHealth Group has progressed very well, and we look forward to the expanded use of DexCom CGM in their type 2 populations in 2020.

我們與 UnitedHealth Group 的合作進展順利，我們期待在 2020 年擴大 DexCom CGM 在其 2 型人群中的使用。

We will look to extend the presence of DexCom CGM for type 2 customers through additional partnerships with programs offered by digital health players like Onduo, Livongo and WellDoc, all integrating CGM data into their respective coaching platforms.

我們將尋求通過與 Onduo 、 Livongo 和 WellDoc 等數字健康參與者提供的計劃建立額外的合作夥伴關係，將 DexCom CGM 的存在擴展到第2類客戶，所有這些都將 CGM 數據集成到各自的教練平台中。

And we continue to work directly with providers.

我們繼續直接與供應商合作。

As we recently discussed at an investor conference, our initial pilot work for noninsulin-using type 2 customers with Intermountain Healthcare revealed gross cost savings of nearly $5,000 per member per year for those using DexCom CGM relative to those using fingersticks.

正如我們最近在一次投資者會議上討論的那樣，我們與 Intermountain Healthcare 一起針對不使用胰島素的 2 型客戶進行的初步試點工作顯示，與使用指尖的客戶相比，使用 DexCom CGM 的客戶每年每位成員可節省近 5,000 美元的總成本。

We look forward to providing additional details like these related to type 2 and other new markets as we progress in 2020.

隨著我們在 2020 年取得進展，我們期待提供與 2 型市場和其他新市場相關的更多詳細信息。

With all of this G6-driven growth in our core markets and ongoing learnings in our new markets, we enter 2020 with an eye toward the biggest product launch in DexCom's history, G7.

憑藉我們核心市場的所有這些 G6 驅動的增長以及我們在新市場的持續學習，我們進入 2020 年，著眼於 DexCom 歷史上最大的產品發布，G7。

We have a busy year ahead, but the team has done a great job thus far for us to progress toward our goal of a full-scale launch in 2021.

我們將迎來忙碌的一年，但到目前為止，團隊為我們朝著 2021 年全面推出的目標邁進了一大步。

To summarize, 2019 was another great year for DexCom, but we're pressing forward to capitalize and execute in 2020 on these many long-term opportunities.

總而言之，2019 年對 DexCom 來說又是偉大的一年，但我們正在努力在 2020 年利用這些許多長期機會並加以執行。

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

我現在將把電話轉給昆汀，讓他審查我們的財務狀況。

Thank you, Kevin.

謝謝你，凱文。

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

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

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

與 GAAP 的調節可以在今天的收益發布以及我們的 IR 網站上找到。

For the fourth quarter of 2019, we reported worldwide revenue of $462.8 million compared to $338 million for the fourth quarter of 2018, representing growth of 37% on both the reported and constant currency basis.

2019 年第四季度，我們報告的全球收入為 4.628 億美元，而 2018 年第四季度為 3.38 億美元，按報告和固定匯率計算均增長 37%。

As a reminder, the fourth quarter of 2018 represented the most difficult comp for the entire year of 2019 for both our worldwide and U.S. business.

提醒一下，對於我們的全球和美國業務而言，2018 年第四季度是 2019 年全年最艱難的時期。

New patients adopting our technology remained the primary driver of our growth as people continue to gain awareness of the value of DexCom CGM.

隨著人們不斷意識到 DexCom CGM 的價值，採用我們技術的新患者仍然是我們增長的主要驅動力。

As Kevin noted, we've been pleased to see that this new patient growth includes steady traction among the type 2 population, where we continue to push for increased market access.

正如凱文指出的那樣，我們很高興看到這種新患者的增長包括對 2 型人群的穩定牽引，我們將繼續推動增加市場准入。

Throughout 2019, these increasing patient volumes and strong customer satisfaction with G6 are fueling our momentum.

在整個 2019 年，這些不斷增加的患者數量和對 G6 的強烈客戶滿意度正在推動我們的發展勢頭。

Despite the most difficult quarterly growth comp in 2018, our U.S. business continued to grow very well, with growth of 34% in the fourth quarter of 2019.

儘管 2018 年季度增長最為艱難，但我們的美國業務繼續保持良好增長，2019 年第四季度增長了 34%。

As our revenue indicates, our volume growth initiatives are more than offsetting the lower revenue per patient that accompanies our transition to the pharmacy channel.

正如我們的收入所表明的那樣，我們的銷量增長計劃足以抵消伴隨我們向藥房渠道過渡而導致的每位患者收入的下降。

Similar to what we saw in the first 9 months of the year, this growth came from all of our U.S. channels as expanding CGM awareness is driving strong growth in Medicare, DME and our growing pharmacy business.

與我們在今年前 9 個月看到的情況類似，這種增長來自我們所有的美國渠道，因為 CGM 意識的擴大正在推動 Medicare、DME 和我們不斷增長的藥房業務的強勁增長。

We saw great performance from our international business in the fourth quarter as well, with 54% constant currency growth compared to the fourth quarter of 2018.

第四季度，我們的國際業務也表現出色，與 2018 年第四季度相比，匯率持續增長 54%。

The response to the launch of G6 has exceeded our expectations.

G6 推出後的反響超出了我們的預期。

We continue to see excellent growth in direct markets like Germany and the U.K., and our distributor markets are also growing very well with strength across the board.

我們繼續看到德國和英國等直銷市場的出色增長，我們的分銷商市場也在全面發展壯大。

Of note, for the first time in our company's history, we launched our e-commerce platform in Canada and were more than pleased with the results as we saw the number of new patients nearly double in the fourth quarter.

值得注意的是，這是我們公司歷史上的第一次，我們在加拿大推出了我們的電子商務平台，我們對結果非常滿意，因為我們看到第四季度的新患者數量幾乎翻了一番。

Our fourth quarter gross profit was $309.3 million or 66.8% of revenue compared to 65.9% of revenue in the fourth quarter of 2018.

我們第四季度的毛利潤為 3.093 億美元，佔收入的 66.8%，而 2018 年第四季度為 65.9%。

As anticipated, we saw a significant sequential step-up in our gross margin in the 66.8% for the quarter, representing the highest point since 2017.

正如預期的那樣，我們看到本季度的毛利率顯著連續上升，達到 66.8%，這是自 2017 年以來的最高點。

The year-over-year margin improvement was in line with our expectations noted on the third quarter call.

利潤率同比增長符合我們在第三季度電話會議上提到的預期。

Our teams continue to focus on designing incremental improvements that reduced product cost and increase automated manufacturing, giving us flexibility in our efforts to improve patient access and prioritize efficient channels without meaningfully compromising gross margin.

我們的團隊繼續專注於設計漸進式改進，以降低產品成本並提高自動化製造，使我們能夠靈活地努力改善患者訪問並優先考慮有效渠道，而不會有意義地影響毛利率。

As we head into 2020 and transition the Medicare customer base to G6 from G5, we will receive the full cost benefit of our new G6 transmitter design, which helps offset certain items such as the cost to scale up G6 and G7 manufacturing lines.

隨著我們進入 2020 年並將醫療保險客戶群從 G5 過渡到 G6，我們將獲得新 G6 發射器設計的全部成本效益，這有助於抵消某些項目，例如擴大 G6 和 G7 生產線的成本。

Operating expenses were $205.7 million for Q4 2019 compared to $168.4 million in Q4 2018.

2019 年第四季度的運營費用為 2.057 億美元，而 2018 年第四季度為 1.684 億美元。

This reflects an increase of 22% year-over-year and a 540 basis point reduction as a percentage of revenue from the fourth quarter in 2018.

這反映出與 2018 年第四季度相比同比增長 22%，佔收入的百分比減少 540 個基點。

The expense growth in the fourth quarter was primarily driven by incremental R&D spend related to our G7 efforts as we advance toward our launch plans.

第四季度的費用增長主要是由與我們的 G7 努力相關的增量研發支出推動的，因為我們正在推進我們的啟動計劃。

For the full year, the 23% growth in operating expenses remained well below our 43% total revenue growth, even as we invested significantly to capitalize on DexCom's long-term growth opportunity.

全年來看，23% 的運營支出增長仍遠低於我們 43% 的總收入增長，儘管我們進行了大量投資以利用 DexCom 的長期增長機會。

Operating income was $103.6 million or 22.4% of revenue in the fourth quarter of 2019 compared to $54.4 million or 16.1% of revenue in the same quarter of 2018.

2019 年第四季度營業收入為 1.036 億美元，佔收入的 22.4%，而 2018 年同期為 5440 萬美元，佔收入的 16.1%。

This reflects a year-over-year improvement of 630 basis points in operating margin for the quarter.

這反映出本季度營業利潤率同比提高 630 個基點。

Adjusted EBITDA was $141.7 million or 30.6% of revenue for the fourth quarter compared to $83.6 million or 24.7% of revenue for the fourth quarter of 2018.

調整後的 EBITDA 為 1.417 億美元，佔第四季度收入的 30.6%，而 2018 年第四季度為 8360 萬美元，佔收入的 24.7%。

Given the strength of the fourth quarter, our full year operating margin of 10.9% and adjusted EBITDA margin of 20.7% came in well ahead of our revised full year guidance of 9% and 19.5%, respectively, as provided on the third quarter call.

鑑於第四季度的強勁表現，我們的全年營業利潤率為 10.9%，調整後的 EBITDA 利潤率為 20.7%，遠高於我們在第三季度電話會議上分別提供的修訂後的全年指導值 9% 和 19.5%。

As these numbers support, we remain confident in our leverage potential and the discipline that we're exhibiting as an organization.

由於這些數字的支持，我們對我們的槓桿潛力和我們作為一個組織展示的紀律仍然充滿信心。

But we will also continue to invest opportunistically as we scale manufacturing for both G6 and G7 in 2020 and explore the use of our real-time CGM in new markets.

但隨著我們在 2020 年擴大 G6 和 G7 的製造規模，並探索在新市場中使用我們的實時 CGM，我們也將繼續進行機會主義投資。

Net income for the fourth quarter was $106.5 million or $1.15 per share.

第四季度淨收入為 1.065 億美元或每股 1.15 美元。

In 2019, we also established for the first time in our company's history, our first full year of GAAP profitability with full year GAAP net income of $101.1 million.

2019 年，我們還在公司歷史上首次實現了 GAAP 全年盈利，全年 GAAP 淨收入為 1.011 億美元。

We remain in a strong cash position with greater than $1.5 billion of cash and cash equivalents on the balance sheet as we exit the year.

今年結束時，我們的資產負債表上仍有超過 15 億美元的現金和現金等價物，現金狀況良好。

Given the growth opportunities that are ahead of us, our priority continues to be capital allocation that supports our organic growth opportunity.

鑑於擺在我們面前的增長機會，我們的首要任務仍然是支持我們有機增長機會的資本配置。

Turning to 2020 guidance.

轉向 2020 年指南。

As we stated last month, we anticipate full year revenues of between $1,725,000,000 and $1,775,000,000, representing growth of 17% to 20%.

正如我們上個月所說，我們預計全年收入在 1,725,000,000 美元至 1,775,000,000 美元之間，增長率為 17% 至 20%。

This growth contemplates many of the same factors that we navigated in 2019, including a higher rate of volume growth as access and awareness of DexCom CGM continue to grow, our expanded launch of G6 to populations like Medicare and new DexCom integrated systems that come to market.

這一增長考慮了我們在 2019 年經歷的許多相同因素，包括隨著 DexCom CGM 的訪問和意識持續增長而實現更高的銷量增長率，我們將 G6 擴大到 Medicare 等人群，以及上市的新 DexCom 集成系統.

These tailwinds are offset by the continued realization of a reduction in average annual revenue per patient as we navigate towards channels with lower prices as well as considerations surrounding the competitive environment.

隨著我們轉向價格較低的渠道以及圍繞競爭環境的考慮，每位患者平均年收入的持續減少抵消了這些順風。

Turning to margins.

轉向利潤率。

We continue to track well toward our long-term targets established at our 2018 Investor Day.

我們繼續朝著我們在 2018 年投資者日制定的長期目標邁進。

For 2020, we anticipate the following non-GAAP results: Gross margins improving to approximately 64%.

對於 2020 年，我們預計將獲得以下非 GAAP 業績： 毛利率提高至約 64%。

Given that we remain in the early stages of patient adoption of our technology in our core market as well as validation in our patient base that type 2 patients are realizing the value of our technology, we must begin to plan and invest for growth beyond our San Diego and Mesa manufacturing centers.

鑑於我們仍處於核心市場患者採用我們技術的早期階段，以及在我們的患者群中驗證 2 型患者正在實現我們技術的價值，我們必須開始計劃和投資超越 San 的增長迭戈和梅薩製造中心。

Included in our gross margin guidance are costs associated with identifying and beginning to set up a third manufacturing site that will reside outside of the United States.

我們的毛利率指引中包括與確定和開始建立位於美國境外的第三個製造基地相關的成本。

This third site will further our efforts to reduce the overall production cost of our products, better support our international expansion strategy and support our long-term gross margin expectations of the mid-60s.

第三個站點將進一步努力降低我們產品的整體生產成本，更好地支持我們的國際擴張戰略，並支持我們 60 年代中期的長期毛利率預期。

We expect operating margins to increase to approximately 13%, which contemplates the continued benefits of our global shared services center in the Philippines, offset by increasing investments in our DTC and G7 efforts.

我們預計營業利潤率將增加至約 13%，這考慮到我們在菲律賓的全球共享服務中心的持續收益，但會被增加對 DTC 和 G7 工作的投資所抵消。

Finally, we expect that adjusted EBITDA margins will expand to approximately 23%.

最後，我們預計調整後的 EBITDA 利潤率將擴大至約 23%。

As you can imagine, with our ambition to double G6 capacity in the first half of the year, invest in the scale-up of G7 and expand our manufacturing footprint outside of the United States, 2020 will require capital expenditures in excess of what we saw in 2019.

正如您所想像的，我們計劃在今年上半年將 G6 產能翻一番，投資擴大 G7 並擴大我們在美國以外的製造足跡，2020 年需要的資本支出將超過我們所看到的2019年。

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。

As our 2018 and 2019 results indicated, G6 has been a game changer for people with diabetes, with 2019 revenue more than doubling from the year before G6 was launched.

正如我們 2018 年和 2019 年的結果所示，G6 已經改變了糖尿病患者的遊戲規則，2019 年的收入比 G6 推出前一年翻了一番多。

Customer satisfaction with G6 remains very high, and we look forward to the benefits of the capacity expansion that we achieved throughout the course of 2019 and continuing into 2020.

客戶對 G6 的滿意度仍然很高，我們期待著我們在整個 2019 年實現並持續到 2020 年的產能擴張帶來的好處。

We plan to double capacity again in the first half of 2020, enabling us to expand our G6 launch in our existing markets as well as new geographies and to ramp our efforts in these new markets with direct-to-consumer marketing.

我們計劃在 2020 年上半年再次將產能翻一番，使我們能夠擴大我們在現有市場和新地區的 G6 發布，並通過直接面向消費者的營銷來加大我們在這些新市場的努力。

We are now more than 1.5 years into the launch of G6, and we still have a long way to go to realize its full potential.

G6 推出至今已超過 1.5 年，要充分發揮其潛力，我們還有很長的路要走。

As Quentin mentioned, the launch of our e-commerce platform in Canada has been a great success and we look forward to expanding the rollout of this platform to additional markets throughout 2020.

正如 Quentin 提到的，我們在加拿大推出的電子商務平台取得了巨大成功，我們期待在 2020 年將該平台的推廣擴展到更多市場。

We expect to complete the transition of our Medicare base to G6 by mid-2020.

我們預計到 2020 年中期完成我們的 Medicare 基地向 G6 的過渡。

Many of these customers have waited a long time for G6, and we are thrilled to be providing it to them.

這些客戶中的許多人已經為 G6 等待了很長時間，我們很高興能為他們提供它。

As well as the many more Medicare patients who stand to benefit from access to G6 as soon as possible.

以及更多受益於盡快獲得 G6 的醫療保險患者。

We will continue to push for expanded market access and look forward to the introduction of G6 in markets like Japan and South Korea later this year.

我們將繼續推動擴大市場准入，並期待今年晚些時候在日本和韓國等市場推出 G6。

Our payer and market access teams have done a great job to position us for continued momentum in 2020, including their efforts to open up pharmacy access, both for people with type 1 and type 2 diabetes on insulin.

我們的付款人和市場准入團隊做了出色的工作，使我們在 2020 年保持持續勢頭，包括他們為 1 型和 2 型糖尿病患者開放藥房准入的努力。

As a reminder, the process of transitioning our DME customer base to pharmacy will not happen overnight, even with the progress we have made for customer lives covered through the pharmacy.

提醒一下，將我們的 DME 客戶群轉變為藥房的過程不會在一夜之間發生，即使我們在藥房覆蓋的客戶生活方面取得了進展。

But we believe we are well positioned to make meaningful progress in this transition in 2020, which we have contemplated in our guidance.

但我們相信，我們已準備好在 2020 年的這一過渡中取得有意義的進展，我們已在我們的指南中考慮過這一點。

We're excited to be in the position to drive multiple DexCom integrated insulin delivery systems in 2020.

我們很高興能夠在 2020 年推動多個 DexCom 集成胰島素輸送系統。

We're very excited about the work that we are doing with Insulet in the HORIZON integrated system.

我們對在 HORIZON 集成系統中使用 Insulet 所做的工作感到非常興奮。

In December, Insulet began the pivotal trial, and they remain on track for a launch later in the year.

去年 12 月，Insulet 開始了關鍵試驗，他們仍有望在今年晚些時候推出。

Our commercial agreement with Eli Lilly was officially signed in December and represents another step forward in bringing their system to market with G6, which will initially focus on a smart pen offering.

我們與 Eli Lilly 的商業協議於 12 月正式簽署，這標誌著他們的系統與 G6 一起推向市場又向前邁進了一步，G6 最初將專注於智能筆產品。

In January, Tandem launched their latest integrated pump offering, the Control-IQ system, incorporating the DexCom G6 sensor and our TypeZero algorithm to automate insulin delivery.

1 月，Tandem 推出了他們最新的集成泵產品 Control-IQ 系統，該系統結合了 DexCom G6 傳感器和我們的 TypeZero 算法來自動輸送胰島素。

This is the first integrated system to offer automated correction boluses based off the customer's CGM reading and our AP algorithm.

這是第一個根據客戶的 CGM 讀數和我們的 AP 算法提供自動校正推注的集成系統。

These are the kind of achievements that do not happen overnight simply because we obtain the regulatory designation of an iCGM or an ACE pump or an iController.

這些成就並非一蹴而就，僅僅因為我們獲得了 iCGM 或 ACE 泵或 iController 的監管指定。

In fact, our relationship with each of the companies that I just mentioned goes back multiple years.

事實上，我們與我剛才提到的每家公司的關係都可以追溯到多年以前。

It takes hard work and significant time to integrate CGM with insulin delivery systems, and DexCom remains the leader in the effort to bring innovative technologies to the diabetes community.

將 CGM 與胰島素輸送系統整合需要艱苦的工作和大量的時間，而 DexCom 仍然是為糖尿病社區帶來創新技術的領導者。

Even with the ongoing success of G6, much of our attention is turning towards G7.

儘管 G6 取得了持續的成功，但我們的大部分注意力都轉向了 G7。

With G7, we are moving the performance of DexCom real-time CGM into a fully disposable product that is only slightly larger than a nickel.

通過 G7，我們將 DexCom 實時 CGM 的性能轉移到一個完全一次性的產品中，該產品僅比鎳稍大。

And we believe that customers are going to love the result.

我們相信客戶會喜歡這個結果。

As Kevin mentioned, we affirmed our G7 time line today for a full rollout in 2021.

正如 Kevin 提到的，我們今天確認了我們的 G7 時間表，將在 2021 年全面推出。

We are currently focused on the G7 clinical trial, which we expect to be much larger than the size of the trial that we ran for G6, and we are initiating the scale-up of manufacturing for G7 to support the launch time lines that we have mentioned.

我們目前專注於 G7 臨床試驗，我們預計該試驗的規模將比我們為 G6 運行的試驗規模大得多，並且我們正在啟動 G7 的製造規模擴大以支持我們的發佈時間表提及。

From the outset, G7 has been designed for scale to support our belief in the market potential for real-time CGM, which we continue to think has opportunity to address far greater numbers of customers and disease states than we currently serve.

從一開始，G7 的設計就是為了支持我們對實時 CGM 市場潛力的信念，我們仍然認為它有機會解決比我們目前服務的更多的客戶和疾病狀態。

From product development and the expansion of DexCom CGM into our existing markets, to new geographies, to the ongoing development of new market opportunities, our strategy is focused as we head into 2020.

從產品開發和將 DexCom CGM 擴展到我們現有的市場，到新的地區，再到不斷開發新的市場機會，我們的戰略重點是進入 2020 年。

And 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。

Last year, I spoke on this call and talked about 2018 as a year of milestones.

去年，我在這次電話會議上發言，將 2018 年稱為具有里程碑意義的一年。

2019 was a year of continued momentum, but there was a lot of work behind the scenes to ensure that momentum.

2019 年是持續增長勢頭的一年，但為確保這種勢頭，幕後開展了大量工作。

We're entering 2020 as excited as ever for the opportunity that lies ahead, and with DexCom very well positioned.

進入 2020 年，我們對即將到來的機會一如既往地興奮，並且 DexCom 處於非常有利的位置。

We are in our best inventory position since the launch of G6 and are focused on the right channels for efficient growth and learning each day about how to expand the use of DexCom CGM to additional customers.

自 G6 推出以來，我們處於最佳庫存狀態，專注於有效增長的正確渠道，每天都在學習如何將 DexCom CGM 的使用擴展到更多客戶。

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。

As a reminder, we ask our audience to limit themselves to only 1 question at this time and then reenter the queue if necessary.

提醒一下，我們要求聽眾此時將自己限制在 1 個問題上，然後在必要時重新進入隊列。

Operator, please provide the Q&A instructions.

運營商，請提供問答說明。

(Operator Instructions) Our first question comes from Jeff Johnson from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Jeff Johnson。

Congratulations on the year.

恭喜過年。

Can you hear me okay?

你能聽到我說話嗎？

We can hear you.

我們能聽到你的聲音。

Absolutely.

絕對地。

All right.

好的。

Great.

偉大的。

Kevin, I guess, with my 1 question, a lot of places I could go, but let me focus maybe on the U.S. commercial business.

凱文，我想，關於我的第一個問題，我可以去很多地方，但讓我關註一下美國的商業業務。

Would love to hear how you feel about the mix of new patient adds this year with MDI versus maybe competitive share gains.

很想听聽您對今年新增患者與 MDI 的組合與競爭性份額收益的看法。

And specifically, would love to hear maybe your thoughts with some of the formulary changes we've seen at the start of this year, how you think that might help sensor volumes this year?

具體來說，很想听聽您對今年年初我們看到的一些處方變化的想法，您認為這對今年的傳感器銷量有何幫助？

That's a pretty complicated 1 question so I'll deal with those as best I can.

這是一個非常複雜的 1 問題，所以我會盡我所能處理這些問題。

With respect to the new patient adds this year, there was a majority of our new patient adds, a pretty significant majority of our new patient adds, who are multiple daily injection patients, who are using pens and insulin to control their insulin delivery.

關於今年增加的新患者，我們的大多數新患者增加了，我們新增加的患者中有相當一部分是每天多次注射的患者，他們使用筆和胰島素來控制胰島素的輸送。

We still have a number of pump patients as well, but to expand the way we've expanded and to grow as quickly as we've grown, do the math, we have to be getting patients on multiple daily injections.

我們仍然有一些泵患者，但為了擴大我們擴張的方式並像我們成長一樣快速成長，算一下，我們必須讓患者每天進行多次注射。

On the competitive front, we're very pleased with our growth in the number of insulin-using patients that we're picking up here.

在競爭方面，我們對我們在這裡接受的使用胰島素的患者數量的增長感到非常高興。

It was just a great year all around on the new patient front.

在新患者方面，這是一個偉大的一年。

With respect to the formulary and the increased access that we see coming, there's a couple of things we think that will be very good for next year that we see right now.

關於我們看到的處方集和增加的訪問權限，我們認為有幾件事對我們現在看到的明年非常有利。

The first is more increased type 2 intensive insulin access for many of our patients.

首先是為我們的許多患者增加更多的 2 型強化胰島素使用。

And under many of the plans, plans are starting to open up and follow the Medicare guidelines there.

根據許多計劃，計劃開始開放並遵循那裡的 Medicare 指南。

That really opens a lot of doors for us, and that will be good.

這真的為我們打開了很多大門，那會很好。

And then increased pharmacy coverage.

然後增加藥房覆蓋率。

While our pharmacy rollout has been a bit choppy as we're trying to learn here how to do that best, that has not been our core business going to the drug store since we started.

雖然我們的藥房推出有點不穩定，因為我們正試圖在這裡學習如何做到最好，但自我們開始以來，這並不是我們進入藥店的核心業務。

We'll learn to be better and get better there.

我們將在那裡學習變得更好並變得更好。

But as we can make the product more accessible and easy to get, over and over again, we see the utilization is higher and retention is better.

但是，由於我們可以一次又一次地讓產品更容易獲得和獲得，我們看到利用率更高，保留率更好。

So all those things point to a very strong 2020 for us.

因此，所有這些都表明 2020 年對我們來說非常強勁。

Our next question comes from Jayson Bedford from Raymond James.

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

I'll ask an uncomplicated question.

我會問一個簡單的問題。

In terms of -- and I'm not sure -- I missed part of the call, but G7 timing, is your expectation that you get it approved here in 2020?

就——我不確定——我錯過了部分電話會議，但 G7 的時間安排，你期望它在 2020 年在這裡獲得批准嗎？

Our expectation is that we launch it full-scale in 2021.

我們期望在 2021 年全面推出它。

And we've spoken several times about a limited launch in 2020, and that's still one of our primary goals and objectives, but we don't want anybody believing that this rollout is going to happen in 2020.

我們已經多次談到 2020 年的限量發布，這仍然是我們的主要目標之一，但我們不希望任何人相信這次推出會在 2020 年發生。

We need to get the trial done, the filing in and reviewed, and our manufacturing scaled up and apply those lessons we learned with G6 to G7.

我們需要完成試驗、歸檔和審查，並擴大我們的生產規模，並將我們在 G6 中學到的經驗教訓應用到 G7 中。

So our big focus and the focus we want everybody to focus on is that launch in 2021.

因此，我們的重點和我們希望每個人都關注的重點是 2021 年的發布。

As we get more information, we can share, we'll share it.

當我們獲得更多信息時，我們可以分享，我們將分享它。

But that's our time line and that's our commercialization time line for now.

但這是我們的時間表，也是我們目前的商業化時間表。

We're really not giving any filing or trial time lines today.

我們今天真的不提供任何備案或審判時間表。

We can talk more about that as we go on.

我們可以繼續討論更多。

Our next question comes from Travis Steed from Bank of America.

我們的下一個問題來自美國銀行的 Travis Steed。

Great.

偉大的。

Congratulations on a great year.

祝賀你度過了美好的一年。

So I had a question for Quentin.

所以我有一個問題要問昆汀。

You've got goals for operating margins of 15% by 2023, which looks a lot more conservative now than it did before.

您的目標是到 2023 年營業利潤率達到 15%，現在看起來比以前保守得多。

And if revenues end up coming on better this year, you could potentially achieve that this year.

如果今年的收入最終會好轉，您今年就有可能實現這一目標。

So just trying to think about the long-term profitability of this business, is there anything long term, as you have more business to the pharmacy channel, G7 is at scale, is there anything that would be structurally inhibiting this business from being at a 25% to 30% operating margin?

因此，只要考慮一下這項業務的長期盈利能力，有沒有什麼長期的，因為你有更多的藥店渠道業務，G7 規模很大，有什麼會在結構上阻礙這項業務處於25% 到 30% 的營業利潤率？

And additionally, is there anything about G7 launching that where gross margins would step back?

此外，G7 推出後毛利率會下降嗎？

Or can you manage through that?

或者你能解決這個問題嗎？

Yes.

是的。

It's a good question.

這是個好問題。

When we put out the 15% operating margin guidance.

當我們推出 15% 的營業利潤率指導時。

At that point in time, we were just trying to draw a reference out in the future that we were confident we could navigate towards, but it was never an end goal that we had in mind.

在那個時候，我們只是想在未來繪製一個參考，我們有信心可以朝著這個方向前進，但這從來都不是我們心中的最終目標。

It was more along the lines of the progress we thought we could make.

它更符合我們認為我們可以取得的進展。

And if you recall, when we did that that was 1,500 basis points away from where we were at that point in time.

如果你還記得的話，當我們這樣做的時候，我們當時的水平已經下降了 1,500 個基點。

So to your point, we've closed the gap quite considerably even faster than what we anticipated.

所以就你的觀點而言，我們已經比我們預期的更快地縮小了差距。

But there's nothing structurally in this business that won't allow us to go beyond the 15%.

但在這項業務中，沒有任何結構性因素不允許我們超過 15%。

We're not ready to revise kind of those long-term expectations of where we can go.

我們還沒有準備好修改那些對我們可以去哪裡的長期期望。

We couldn't be more bullish and excited about the investment opportunities in these new markets that are in front of us.

我們對擺在我們面前的這些新市場的投資機會無比樂觀和興奮。

You think about the hospital, gestational, the nonintensive type 2s, the international expansion, all of these things are incredible opportunities that we're going to make sure we're investing into to make sure that we open them up, but none of that is going to keep us from being able to get to the 15% and then on beyond that in time.

你想想醫院、妊娠醫院、非重症 2 型醫院、國際擴張，所有這些都是令人難以置信的機會，我們將確保我們正在投資以確保我們開放它們，但都不是將使我們無法及時達到 15%，然後再超過 15%。

So no, there's nothing structurally that concerns us whatsoever.

所以不，在結構上沒有任何問題與我們有關。

G7, I would just remind you.

G7，我只是提醒你一下。

That product was designed from the very beginning with cost in mind.

該產品的設計從一開始就考慮到了成本。

And the idea was to be able to produce that at a very low-cost profile that will go far below even where G6 we've been able to get it to.

我們的想法是能夠以非常低的成本生產這種產品，甚至遠低於我們能夠達到的 G6。

So from my perspective, all that does is open up even greater opportunity to compete in lower-priced channels if we need to, to be aggressive in the marketplace to push volumes in a way that we need to.

因此，從我的角度來看，所有這些所做的只是開闢了更大的機會，如果我們需要的話，可以在低價渠道中競爭，在市場上積極進取，以我們需要的方式推動銷量。

But all of it complements the long-term profitability profile that we're trying to achieve here.

但所有這些都補充了我們試圖在這裡實現的長期盈利能力。

So I think, very complementary to what we're trying to do.

所以我認為，這與我們正在嘗試做的事情非常互補。

Our next question comes from Robbie Marcus from JPMorgan.

我們的下一個問題來自摩根大通的 Robbie Marcus。

And I'll echo congrats on a really nice quarter and year.

我將對一個非常好的季度和年度表示祝賀。

Quentin, we've looked over the past 2 years and you've meaningfully exceeded your initial guidance range.

Quentin，過去 2 年我們進行了調查，您明顯超出了最初的指導範圍。

We see something similar in 2020.

我們在 2020 年會看到類似的情況。

Maybe if you could just help us understand why this is the right place to start off the year?

也許你能幫助我們理解為什麼這是開始新一年的正確地點？

And then I remember last year, you kind of walked us through what volume versus mix versus price would be.

然後我記得去年，你向我們介紹了數量、組合和價格的關係。

If you could do the same and maybe break down U.S. versus international and what's assumed in the guidance range, that would be really helpful.

如果你能做同樣的事情並且可能打破美國與國際以及指導範圍內的假設，那將非常有幫助。

Sure.

當然。

So we continue to be very bullish on the opportunity that sits in front of us from a revenue perspective, just in the core markets that we participate in today.

因此，從收入的角度來看，我們繼續非常看好擺在我們面前的機會，就在我們今天參與的核心市場中。

I think we're very early in the adoption of the technology, which leaves a lot of runway.

我認為我們在採用這項技術方面還處於早期階段，這留下了很多跑道。

But we also know there are very different patient profiles in that adoption cycle and how quickly they come on to the technology or how long it takes to convince them.

但我們也知道，在採用周期中有非常不同的患者資料，以及他們接受這項技術的速度有多快，或者說服他們需要多長時間。

It's hard to predict, and we're not going to get ahead of ourselves in that respect.

這很難預測，我們不會在這方面超越自己。

I think if you look at our guidance, the way we thought about it is from an absolute dollar perspective, our guidance assumes a $250 million to $300 million increase year-over-year.

我想如果你看看我們的指導，我們的思考方式是從絕對美元的角度來看，我們的指導假設同比增長 2.5 億至 3 億美元。

And we've been very clear that there are price headwinds that continue to be contemplated in that guidance.

而且我們已經非常清楚，在該指南中繼續考慮價格逆風。

As we walk, average revenue per patient down over time is contemplated in the numbers we put out there.

當我們走的時候，隨著時間的推移，每位患者的平均收入在我們公佈的數字中得到了考慮。

That's about $150 million in 2020.

到 2020 年，這一數字約為 1.5 億美元。

So if you add that back to the net increase that we've guided to, that takes the gross revenue increase on an apples-to-apples basis versus prior year, it's about a $400 million to $450 million increase.

因此，如果您將其加回到我們指導的淨增長中，那麼與上一年相比，蘋果對蘋果的總收入增長約為 4 億至 4.5 億美元。

You compare that to what we just did in 2019 of a $444 million increase and I think you start to get your mind wrapped around the guidance that we've provided.

你將其與我們在 2019 年剛剛增加的 4.44 億美元進行比較，我認為你開始關注我們提供的指導。

So we feel good about it.

所以我們對此感覺很好。

We think there's incredible opportunity.

我們認為存在難以置信的機會。

It doesn't make sense to get ahead of ourselves at this point in time, and feel like we've got guidance dialed-in appropriately.

在這個時候超前是沒有意義的，感覺我們已經適當地撥入了指導。

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 first, I wanted to elaborate a little bit on some of the partnerships and updates that you guys have had over the last several months because there have been a lot, including some of the data at JPMorgan and so on.

也許首先，我想詳細說明你們在過去幾個月中的一些合作夥伴關係和更新，因為有很多，包括摩根大通的一些數據等等。

So how should we think about some of those?

那麼我們應該如何考慮其中的一些呢？

Are there more in the pipeline beyond that this year, especially since, Kevin, you talked about thinking really, really big.

今年還有更多的計劃嗎，特別是因為凱文，你談到了非常非常大的想法。

And how should we think about the timing to those partnerships becoming more material commercial activity.

我們應該如何考慮這些合作夥伴關係成為更多實質性商業活動的時機。

Yes.

是的。

I mean I think you have to look -- this is Steve.

我的意思是我認為你必須看——這是史蒂夫。

I think you need to kind of bifurcate the partnerships into kind of our core intensive insulin business, both U.S. and OUS.

我認為你需要將合作夥伴關係分為我們核心的強化胰島素業務，包括美國和美國。

We've got Tandem currently launching Control-IQ, Insulet launching HORIZON later this year.

Tandem 目前正在推出 Control-IQ，Insulet 在今年晚些時候推出 HORIZON。

Tandem with Basal-IQ in Europe and hopefully, I don't want to speak for Tandem on their time lines, but hopefully, Control-IQ at some point later this year.

Tandem 在歐洲與 Basal-IQ 並希望，我不想在他們的時間表上代表 Tandem，但希望在今年晚些時候的某個時候代表 Control-IQ。

So those are all meaningful near-term revenue contributors, right?

所以這些都是有意義的近期收入貢獻者，對吧？

Because these are folks who are going on their -- many of them are probably already our patients or some portion are already DexCom patients as they go on these systems.

因為這些人正在使用他們的系統——他們中的許多人可能已經是我們的患者，或者有些人在使用這些系統時已經是 DexCom 患者。

But there will certainly be incremental new patient additions as a result of those product launches.

但由於這些產品的推出，肯定會增加新的患者。

So those are really exciting.

所以這些真的很令人興奮。

The update with Lilly, we're still some period of time out before we launch the first really product, but we're definitely making some progress there.

Lilly 的更新，我們在推出第一個真正的產品之前還有一段時間，但我們肯定在那裡取得了一些進展。

The partnerships and the data that we talked about really on the nonintensive side of the business at JPMorgan, that's still really early stage.

我們談論的合作夥伴關係和數據實際上是在摩根大通業務的非密集方面，這還處於早期階段。

I mean the way we're trying to frame that, Margaret, is that a year ago around JPMorgan, we kind of talked about this new market opportunity strategy, particularly in the noninsulin-using type 2 space.

瑪格麗特，我的意思是我們試圖構建的方式是一年前圍繞摩根大通，我們談到了這種新的市場機會戰略，特別是在非胰島素使用的 2 型領域。

We kind of followed that up, the goal is that this year JPMorgan was to follow that up with really some early stage, but concrete evidence that there's a real opportunity here, right?

我們有點跟進，目標是今年摩根大通確實在早期階段跟進，但有具體證據表明這裡有真正的機會，對吧？

Between the work we're doing with United, the cost savings we showed with Intermountain with one of the payer systems we're working with.

在我們與 United 進行的工作之間，我們通過 Intermountain 展示了我們正在使用的一種支付系統所節省的成本。

So I wouldn't look to -- certainly, not 2020 as a meaningful revenue contribution from really that noninsulin-using type 2 business, but we're super excited about it.

所以我不希望 - 當然，不是 2020 年作為真正不使用胰島素的 2 型業務的有意義的收入貢獻，但我們對此感到非常興奮。

The data supporting that there's a huge opportunity there.

支持那裡存在巨大機會的數據。

And I think in the out-years, and you start thinking about '21, '22, '23, I think there's going to be a much more significant revenue contribution from businesses outside of kind of our core intensive insulin business.

而且我認為在過去的幾年裡，你開始考慮'21，'22，'23，我認為我們的核心強化胰島素業務之外的業務將會有更重要的收入貢獻。

Our next question comes from Ryan Blicker from Cowen.

我們的下一個問題來自 Cowen 的 Ryan Blicker。

You talked about strong and growing contributions from the intensely managed type 2 patient population.

您談到了來自嚴格管理的 2 型患者群體的強大且不斷增長的貢獻。

Is there anything you can quantify for us on that front, either how big that population is now as a proportion of the installed base or new patient additions?

在這方面您有什麼可以為我們量化的嗎，無論是現在的人口占已安裝基數的比例有多大，還是新增加的患者數量？

And then just overall, do you expect new patient adds to grow in 2020 versus 2019?

然後就總體而言，您預計 2020 年新增患者人數會比 2019 年增長嗎？

Yes, this is Kevin.

是的，這是凱文。

I'll take that.

我會接受的。

We won't really break out the type 2 patients in the patient base.

我們不會真的把患者群中的 2 型患者爆發出來。

We don't stratify it between Medicare, peds, those types of things right now.

我們現在不會在 Medicare、peds 和這些類型的東西之間進行分層。

We did give everybody a patient number this year and I think it's a good place for everybody to start.

今年我們確實給了每個人一個病人編號，我認為這是每個人開始的好地方。

Second part of the -- yes, why don't you take that one?

第二部分——是的，你為什麼不拿那個？

Second question.

第二個問題。

I think the growth rate probably slows a bit, but the absolute number continues to be comparable, if not up slightly, is the way to think about it.

我認為增長速度可能會放緩一些，但絕對數字仍然是可比的，如果不是略有上升，就是這樣想的。

Our next question comes from Danielle Antalffy from SVB Leerink.

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

Congrats on a really fantastic year.

祝賀你度過了非常棒的一年。

Quentin, I just wanted to ask about seasonality as we look at Q1 specifically and how to think about moving through the year.

昆汀，我只是想問一下季節性問題，因為我們專門研究了第一季度，以及如何考慮全年的變化。

Is there anything we need to be cognizant of as we go into Q1, which I think is usually a seasonally weak quarter.

當我們進入第一季度時，有什麼我們需要意識到的嗎？我認為這通常是一個季節性疲軟的季度。

Any color you can give on the quarterly cadence would be helpful on modeling.

您可以根據季度節奏給出的任何顏色都有助於建模。

Sure, yes.

當然，是的。

I think at this point in time, historic seasonality that we've seen in the business that generally would have Q1 represent close to 20% of the full year is probably the right way to think about it.

我認為在這個時間點，我們在業務中看到的歷史性季節性通常會使第一季度佔全年的近 20%，這可能是正確的思考方式。

We've seen where the street has modeled currently 2020, I think we feel good about that.

我們已經看到街道目前在 2020 年建模的地方，我認為我們對此感覺良好。

So I think you guys have got to dialed in pretty well in terms of how you're thinking about seasonality.

所以我認為你們必須很好地了解你們對季節性的看法。

I do think, over time, as the business continues to mature, as you get more revenue flowing through the pharmacy channel, as Medicare continues to represent a bigger part of the overall business, that seasonality may begin to change a bit, but probably not in 2020.

我確實認為，隨著時間的推移，隨著業務的不斷成熟，隨著通過藥店渠道獲得更多收入，隨著醫療保險繼續代表整個業務的更大部分，季節性可能會開始發生一些變化，但可能不會2020年。

I think historic trends are a good way to think about it, and roughly 20% is probably the right way to model.

我認為歷史趨勢是一個很好的思考方式，大約 20% 可能是正確的建模方式。

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。

Quentin, just a follow-up on the 2020 guidance.

昆汀，只是對 2020 年指南的跟進。

I mean if I look at your -- the implied leverage for 2020 relative to '18 and '19, the implied leverage for '20 is a little lower just looking at revenue dollars versus the Op expense.

我的意思是，如果我看一下你的——2020 年相對於 18 年和 19 年的隱含槓桿率，20 年的隱含槓桿率比收入美元和運營費用要低一些。

Is the right way to think about this year kind of the guidance reflects the expenses that are sort of dialed in for the year and that incremental upside, if there is going to be incremental upside to revenue, that is likely to fall down at a higher rate?

考慮今年的正確方式是這樣嗎？這種指導反映了今年撥出的費用和增量上行，如果收入有增量上行，那很可能會下降到更高的水平速度？

Yes.

是的。

So I think what you'll see is we'll continue to be very disciplined in how we manage the business.

所以我認為你會看到我們將繼續在我們管理業務的方式上非常自律。

David, to your point, in the last 24 months, we've driven about 2,200 basis points of OpEx leverage in this business.

大衛，就你的觀點而言，在過去的 24 個月裡，我們在這項業務中推動了約 2,200 個基點的 OpEx 槓桿。

So the team has been very thoughtful, accountable, disciplined in how we steward our resources, but we also see some significant opportunities sitting in front of us to really pour some investment into.

因此，該團隊在我們如何管理我們的資源方面一直非常周到、負責、紀律嚴明，但我們也看到了擺在我們面前的一些重要機會，可以真正投入一些投資。

For example, in '19, we never really poured the fuel on the fire from a DTC spend perspective in the commercial business.

例如，在 19 年，我們從未真正從商業業務的 DTC 支出角度火上澆油。

We didn't have the capacity from a manufacturing perspective to really open that channel up and support the demand that we thought it might create.

從製造的角度來看，我們沒有能力真正打開該渠道並支持我們認為它可能創造的需求。

We will open DTC up in a meaningful way in 2020, and that is contemplated in our spend.

我們將在 2020 年以有意義的方式開放 DTC，這在我們的支出中有所考慮。

As that drives revenue, if it drives it beyond kind of how we guided, then I think to your point, we'd be very thoughtful and disciplined around how we let that flow through.

由於這會增加收入，如果它超出了我們的指導方式，那麼我想就你的觀點而言，我們會非常周到並嚴格遵守我們如何讓它流動的方式。

And yes, I would think that it would drive incremental margin.

是的，我認為這會增加利潤率。

But we want to make sure we're not passing on the investment opportunities around things like DTC, what we're learning in the new market efforts, particularly around that nonintensive population and knowing that we can take cost out of caring for these patients.

但我們要確保我們不會傳遞圍繞 DTC 等事物的投資機會，這是我們在新市場努力中學到的東西，特別是圍繞非密集人群，並且知道我們可以減少照顧這些患者的成本。

We're going to make sure we set that up for success into the future.

我們將確保我們為未來的成功做好準備。

So that's where we're investing at.

這就是我們投資的地方。

If revenue outperforms, then I think you'll see us perform well on the margin front.

如果收入表現出色，那麼我認為你會看到我們在利潤率方面表現良好。

Our next question comes from Kyle Rose from Canaccord.

我們的下一個問題來自 Canaccord 的 Kyle Rose。

Congrats on a strong year and quarter.

祝賀一個強勁的年度和季度。

Steve, you talked a little bit about some of the nonintensive type 2 opportunities.

史蒂夫，你談到了一些非強化類型 2 的機會。

But at the Analyst Day, you also you broke out opportunities like hospital use and gestational use.

但在分析師日，你也打破了醫院使用和妊娠使用等機會。

It looks like there will be some gestational data at next week's ATTD, but just wanted to kind of understand how we should think about when those potential opportunities start flowing through the model in 2021 and beyond?

看起來下週的 ATTD 上會有一些妊娠數據，但只是想了解我們應該如何考慮這些潛在機會何時開始在 2021 年及以後流經該模型？

Yes.

是的。

So if you're asking specifically about opportunities outside of nonintensive noninsulin-using type 2s, there's -- certainly, there's work being done.

因此，如果您要具體詢問非強化非胰島素使用 2 型以外的機會，那麼 - 當然，已經完成了工作。

There's research being done.

正在進行研究。

You're going to see basically a cascade.

你基本上會看到一個級聯。

What -- as we've kind of done some preliminary work in the clinical side, we've recognized that type 2 nonintensive would be the next logical kind of lowest-hanging fruit for us.

什麼——因為我們已經在臨床方面做了一些初步工作，我們已經認識到 2 型非強化對我們來說將是下一個合乎邏輯的最容易實現的目標。

So that's where you're going to see us -- what you're going to see us go after first with probably hospital being a close second.

所以這就是你要看到我們的地方 - 你首先要看到我們追求的目標可能是醫院緊隨其後。

In terms of gestational, like you said, it's an exciting market, but a little bit more limited in terms of touch points in the OB/GYN's offices and things like that.

就妊娠而言，就像你說的那樣，這是一個令人興奮的市場，但在 OB/GYN 辦公室等接觸點方面有點有限。

So we're working on a strategy there as well.

因此，我們也在製定一項戰略。

We need to update our labeling, certainly, for hospital and for pregnancy, and that's -- there's some initiatives underway there.

我們需要更新我們的標籤，當然，對於醫院和懷孕，那是 - 那裡正在進行一些舉措。

But you're going to see a cascade of what I would say, incremental increasing contribution over the next several years in all of those categories.

但是你會看到我所說的一連串，在接下來的幾年裡，所有這些類別的貢獻都會增加。

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

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

It's actually Piper Sandler.

它實際上是派珀桑德勒。

But would love to ask a multipart question that I'm sure Kevin will hate.

但是很想問一個多部分的問題，我相信凱文會討厭。

But I just want to follow-up a little bit more on the nonintensive type 2 commentary.

但我只想對非密集型 2 評論進行更多跟進。

First of all, you're not signaling any kind of concern about a slowdown in your traditional intensive managed group?

首先，您沒有表示對傳統密集型管理團隊放緩的任何擔憂？

And then secondly, I don't know if it's for Steve or not.

其次，我不知道它是否適合史蒂夫。

But if you kind of frame up the opportunity that you're thinking about there.

但是，如果您構建了您正在考慮的機會。

There's 1.5 million type 1s, 1.7 million MDI patients.

有 150 萬 1 型患者，170 萬 MDI 患者。

Is this nonintensive group around that level?

這個非強化小組是否在那個水平附近？

And can you access that group without some level of reimbursement?

您可以在沒有一定程度報銷的情況下訪問該組嗎？

This is Kevin.

這是凱文。

And I can take both of those.

我可以接受這兩個。

We do not believe at all that our intensive business is going to slow down.

我們完全不相信我們密集的業務會放緩。

And in fact, as we look at our strategy, our first pillar is to continue to serve that patient base and continue to grow there.

事實上，當我們審視我們的戰略時，我們的第一個支柱是繼續為患者群服務並繼續在那裡發展。

With CGM penetration still, on a combined basis, in the 35% to 40% range in the U.S. and much less than that in other geographies, there is plenty of room to grow.

鑑於 CGM 在美國的綜合滲透率仍處於 35% 至 40% 的範圍內，遠低於其他地區，因此仍有很大的增長空間。

And as CGM becomes a standard of care here, again, I've said for a number of years, I think 80% market penetration is possible and I will hold to that certainly here in the U.S. So there's plenty of room to grow in the intensive business, particularly as we get more automated integrated systems out on the market.

隨著 CGM 成為這裡的護理標準，我已經說過很多年了，我認為 80% 的市場滲透率是可能的，我肯定會在美國堅持這一點。所以在美國有很大的增長空間密集型業務，特別是當我們在市場上推出更多自動化集成系統時。

With respect to the type 2 nonintensive business, no, we're not talking 1.5 million to 1.7 million people, we're talking 30 million people in the U.S. and hundreds of million of people around the world.

關於 2 類非密集型企業，不，我們說的不是 150 萬到 170 萬人，我們說的是美國的 3000 萬人和世界各地的數億人。

I'll address that a little bit more of my closing comments and things that we've learned, but we believe CGM has a tremendous, tremendous benefit there.

我將在我的結束語和我們學到的東西中多說一點，但我們相信 CGM 在那裡有巨大的好處。

And we're going to make sure that we can maximize that in the space.

我們將確保我們可以在空間中最大化它。

But thanks, it's a good question.

但謝謝，這是個好問題。

Our next question comes from Matthew Blackman from Stifel.

我們的下一個問題來自 Stifel 的 Matthew Blackman。

Quentin, you called out DTC as an investment priority in 2020.

昆汀，您將 DTC 列為 2020 年的投資重點。

So can you talk about the magnitude of returns you get on DTC investment dollars?

那麼您能談談您從 DTC 投資美元中獲得的回報嗎？

And then how quickly do you typically see those returns manifesting in revenues?

然後，您通常會多快看到這些回報體現在收入中？

Yes.

是的。

So you'll see us start to turn DTC spend on really in the back half of the year.

所以你會看到我們在今年下半年開始真正轉向 DTC 支出。

Our goal from a capacity perspective is to double where we exited 2019 by the time we get to the mid part of 2020.

從容量的角度來看，我們的目標是到 2020 年年中時將 2019 年的產量翻一番。

So we will double capacity once again by the mid part.

因此，我們將在中期再次將產能翻一番。

Once we are there, we feel like we've built enough supply that we can handle any demand that might come from the DTC efforts.

一旦我們到達那裡，我們覺得我們已經建立了足夠的供應，我們可以處理 DTC 工作可能產生的任何需求。

It's one of the highest returns on any investment we can make in the company.

這是我們可以對公司進行的任何投資的最高回報之一。

We monitor it very closely.

我們非常密切地監視它。

It's not something that I'm going to disclose in terms of exactly what that rate is, but I will tell you, it's one of the best investments we make.

這不是我要透露的確切利率，但我會告訴你，這是我們所做的最好的投資之一。

And typically, it's going to take a couple of months to start to see that turn back up into real tangible results in the business, but you could see some benefit in the back part of the year.

通常，需要幾個月的時間才能開始看到它在業務中恢復為真正有形的結果，但您可能會在今年下半年看到一些好處。

Our next question comes from Raj Denhoy from Jefferies.

我們的下一個問題來自 Jefferies 的 Raj Denhoy。

Quentin, I have a question, actually you -- coming into 2019, you had talked about kind of absorbing 10 points of mix, price mix offset due to the channel mix that you're experiencing.

昆汀，我有一個問題，實際上你 - 進入 2019 年，你談到了吸收 10 點混合，由於你正在經歷的渠道組合而導致的價格組合抵消。

I guess this year, it sounds like $150 million, it's roughly another 10 points.

我猜今年聽起來像是 1.5 億美元，大約又增加了 10 個百分點。

When do you imagine that settles out?

你認為什麼時候會解決？

Is there a point at which the price of the sensor is at a point where you're more normalized and perhaps are not absorbing that level of impact every year?

傳感器的價格是否達到了您更加規範化並且可能每年都沒有吸收這種影響的程度？

Yes.

是的。

Well, I think what we've demonstrated, Raj, is that our strategy to walk price down over time and have volume more than offset that has played out incredibly well.

好吧，我認為 Raj，我們已經證明的是，我們的策略是隨著時間的推移降低價格，並讓交易量超過抵消，這已經取得了令人難以置信的好成績。

We started to walk price down, really 2 years ago.

我們真正開始降價是在 2 年前。

And we walked it down again last year.

去年我們又走了下來。

You're going to feel that impact this year.

今年你會感受到這種影響。

But we've got a price point or a revenue per patient point in mind that we're trying to get to.

但是我們已經考慮到我們正在努力達到的價格點或每個患者的收入點。

And there's probably a couple more years, 2020 being one of those that we'll continue to feel this from.

可能還有幾年，2020 年是我們將繼續感受到這一點的一年。

And I think volume will more than offset it, but then we're at a very, very good price point that we feel great when you consider the fact that we'll be bringing G7 into the market at that price point.

而且我認為數量會抵消它，但我們處於一個非常非常好的價格點，當您考慮到我們將以該價格點將 G7 推向市場這一事實時，我們感覺很棒。

We feel like we're set up to compete incredibly well.

我們覺得我們已經做好了競爭的準備。

So there's probably a couple of years here that we'll continue to navigate through it and have volume more than offset it, but then we're at a point where we think is quite sustainable into the future with an incredible product being G7.

所以這裡可能有幾年我們將繼續瀏覽它並且數量超過抵消它，但我們正處於我們認為在未來相當可持續的地步，一個令人難以置信的產品是 G7。

Our next question comes from Ravi Misra with Berenberg Capital.

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

So just a question on -- just a little bit on the transmitter revenues, pretty strong quarter there on that line item more so than we had expected.

所以只是一個問題 - 關於發射器收入的一點點，該訂單項的季度表現非常強勁，超出了我們的預期。

Can you just walk us a little bit through what was the reason behind that strength in terms of reorders or new patient starts?

您能否向我們介紹一下重新訂購或新患者開始使用這種力量背後的原因是什麼？

Yes, I think you continue to see the strength of the new patient numbers show up there.

是的，我想你會繼續看到那裡出現的新患者數量的優勢。

I will point out the fact that if you just look at it from a comp perspective, there was a bit of an easier comp on the transmitter line than there was on the sensor line in the fourth quarter.

我要指出的事實是，如果你只是從比較的角度來看，在第四季度，發射機線路上的比賽比傳感器線路上的比賽要容易一些。

So if you go back a year ago and look at sensor versus transmitter revenue, there was an easier comp sitting on that transmitter line that drove a little bit of that growth.

因此，如果你回到一年前，看看傳感器與變送器的收入，就會發現變送器線上有一個更容易的比較，推動了一點點增長。

I would just make sure you contemplate that.

我只是確保你考慮一下。

And then keep in mind, as we continue to evolve as a company, as we continue to think through our pricing strategy and position ourselves in a way that we can very easily step into the G7 product, which is a very different form factor, where the sensor and the transmitter are 1 unit versus 2 distinct units in G6, it ends up in account -- having a bit of an impact on how we account for the revenue in each one of those buckets.

然後請記住，隨著我們作為一家公司的不斷發展，我們將繼續思考我們的定價策略並以一種我們可以非常輕鬆地進入 G7 產品的方式定位自己，這是一個非常不同的外形，其中傳感器和發射器是 1 個單元，而 G6 中是 2 個不同的單元，它最終會被計算在內——對我們如何計算每個桶中的收入產生了一些影響。

So we're going to have to contemplate the revenue buckets that we continue to report into the future.

因此，我們將不得不考慮我們繼續報告未來的收入桶。

We want to make sure we're giving you something that is the right way to think about the business and model it.

我們希望確保我們為您提供的是思考業務和建模業務的正確方法。

But what you're seeing play through that right now is just a little bit of an accounting nuance in how we allocate revenue based upon these new pricing strategies.

但是你現在看到的只是我們如何根據這些新的定價策略分配收入的會計細微差別。

Our next question comes from Steven Lichtman from Oppenheimer.

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

On international, obviously it's been very strong, and there's been a lot of breadth there.

在國際上，顯然它非常強大，而且有很大的廣度。

As you look ahead, just one of the countries, I think, later this year, Steve, you mentioned is Japan.

展望未來，我認為今年晚些時候，史蒂夫，你提到的國家之一就是日本。

Can you talk a little bit more about when you think you'll have that launched and what the opportunity is on the personnel side in Japan looking ahead?

你能多談談你認為什麼時候會推出它嗎？展望未來，日本人事方面的機會是什麼？

Yes, so the hope is to have a personal-use CGM in G6 approved in the first half of this year.

是的，所以希望在今年上半年批准 G6 中的個人使用 CGM。

The big -- kind of the big still unknown, if you will, is whether -- and to what extent we get reimbursement for that product.

如果你願意的話，最大的 - 仍然未知的大 - 是否 - 以及我們在多大程度上獲得該產品的報銷。

So if it comes in this cycle.

所以如果它進入這個循環。

That's great.

那太棒了。

If not, it could come next year or the year after.

如果沒有，它可能會在明年或後年出現。

So I would tell you that growth, like in all of our outside of the U.S. markets, growth is really instigated by reimbursement.

所以我會告訴你，就像我們在美國以外的所有市場一樣，增長實際上是由報銷推動的。

So we're taking a little bit of a wait and see approach there.

所以我們在那裡採取了一些觀望的態度。

And we're certainly going to launch the product in Japan once we get approval.

一旦獲得批准，我們肯定會在日本推出該產品。

But as you know, in the cash pay world, it's not always as easy.

但正如您所知，在現金支付領域，這並不總是那麼容易。

So I'd say wait for updates on the reimbursement front on Japan is really what you're looking for.

所以我想說等待日本報銷方面的更新才是你真正想要的。

And our final question comes from Marie Thibault from BTIG.

我們的最後一個問題來自 BTIG 的 Marie Thibault。

Nice to see such a great year.

很高興看到如此偉大的一年。

I'll wrap it up.

我會把它包起來。

I wanted to hear a little bit more about details on your plans for the third manufacturing site OUS.

我想听聽更多有關您對第三個製造基地 OUS 的計劃的詳細信息。

And what cadence or milestones we should be looking for throughout 2020 as it impacts the gross margin line?

在整個 2020 年，我們應該尋找什麼樣的節奏或里程碑來影響毛利率？

Sure.

當然。

So we couldn't be more excited about the opportunity that sits in front of us in our core business, but as well, the international business.

因此，我們對核心業務以及國際業務中擺在我們面前的機會感到無比興奮。

We're very early in the stages of really taking advantage of that market.

我們還處於真正利用該市場的早期階段。

We probably have sub 15% of that opportunity.

我們可能只有不到 15% 的機會。

And I think over time, you're going to see us put a lot of focus and effort there and standing up a manufacturing capability that gets much closer to the end user is a very strategic move on our part while also identifying locations where we can ultimately reduce the overall cost of production that will let us compete in the lower price environment.

而且我認為隨著時間的推移，你會看到我們在那裡投入了大量的精力和精力，建立更接近最終用戶的製造能力對我們來說是一個非常具有戰略意義的舉措，同時也確定了我們可以的位置最終降低總生產成本，讓我們在更低的價格環境中競爭。

So strategically, it makes a tremendous amount of sense.

因此，從戰略上講，它具有巨大的意義。

You'll hear us talk more about it over the course of the year as we settle in on exactly where we select to start to build out that capability.

隨著我們確定我們選擇開始構建該功能的確切位置，您會在這一年中聽到我們更多地談論它。

But what we know is that these things take multiple years to stand up.

但我們所知道的是，這些東西需要很多年才能站起來。

We won't be producing out of that facility for a couple of years here.

幾年內我們不會使用該設施進行生產。

But we've got to start the work now to ensure that once we get the full capacity in our San Diego and Mesa facilities, we're ready to step right into that international opportunity and ensure that we have no impact on supply.

但我們現在必須開始工作，以確保一旦我們在聖地亞哥和梅薩設施獲得全部產能，我們就準備好抓住這個國際機會，並確保我們不會對供應產生影響。

So we're getting ahead of it, ensuring that we don't hold up the business, and we're excited about what it can do for us.

所以我們走在了前面，確保我們不會阻礙業務，我們對它能為我們做些什麼感到興奮。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

At this time, I would like to turn the call back over to Kevin Sayer for closing comments.

此時，我想將電話轉回給 Kevin Sayer 以徵求意見。

Thank you very much, and thanks, everybody, for participating today.

非常感謝，也感謝大家今天的參與。

Last week, we had all of the leaders of our company around the world here in San Diego for a leadership summit.

上週，我們公司在世界各地的所有領導人都在聖地亞哥參加了一次領導力峰會。

We wanted to accomplish a couple of things.

我們想完成幾件事。

The first thing we wanted to do is celebrate 2019 like we did today on this call for the amazing year that we had.

我們想做的第一件事就是慶祝 2019 年，就像我們今天在這次電話會議上所做的那樣，慶祝我們度過的令人驚嘆的一年。

And the theme is universal around that group.

這個主題在那個群體中是普遍的。

We did have an amazing year, but growth like this is hard.

我們確實度過了美好的一年，但像這樣的增長很難。

And I want to thank our people for all their hard work.

我要感謝我們的員工的辛勤工作。

The second thing we wanted to do is lay out our plans to our group, and what we intend to do and what we expect for the future, similar to how we have in our investor conferences, that we will never leave our core markets and we'll continue to care for our intensively managed patients and offer the best alternative there and then move this great technology to other applications with a focus on type 2 diabetes.

我們想做的第二件事是向我們的團隊展示我們的計劃，我們打算做什麼以及我們對未來的期望，類似於我們在投資者會議上所做的，我們永遠不會離開我們的核心市場，我們我們將繼續照顧我們集中管理的患者並提供最好的替代方案，然後將這項偉大的技術轉移到其他應用，重點是 2 型糖尿病。

As I left that summit, oftentimes, we get them -- things reaffirm what you said and what you tell people.

當我離開那次峰會時，我們常常得到它們——事情再次證實了你所說的話和你告訴人們的話。

Not long after leaving the summit on the intensive management side, we got to note from a provider about 1 of their patients, a young woman who had an A1c above 13.

離開強化管理方面的峰會後不久，我們從一家供應商處注意到他們的一位患者，一位 A1c 高於 13 的年輕女性。

And she was wondering if she could ever -- would ever have children because she was afraid what would happen to the child because of her poor diabetes control.

她想知道她是否可以——是否可以生孩子，因為她擔心由於她的糖尿病控制不佳，孩子會發生什麼事。

After 6 months on DexCom, her A1c is down to 5, and she is expecting her first child.

使用 DexCom 6 個月後，她的 A1c 降至 5，並且她正期待著她的第一個孩子。

Great outcome, and that's why we're committed to this business.

偉大的成果，這就是我們致力於這項業務的原因。

On the type 2 side, in the past 2 weeks, I've had conversations with a couple of physicians and asked the following question, "How often should people with type 2 diabetes be wearing a CGM?" Because we hear numerous answers as we go about on the community, and to my surprise, both of them looked at me and said, "All the time.

在 2 型方面，在過去的 2 週內，我與幾位醫生進行了交談並提出了以下問題，“2 型糖尿病患者應該多久佩戴一次 CGM？”因為我們在社區中走來走去時會聽到無數答案，令我驚訝的是，他們都看著我說：“一直都是。

They should be wearing this thing all the time.

他們應該一直戴著這東西。

You need to figure out a way to do it." Hence, another facility, hence, we continue to grow and expand, and hence, we continue to invest in our business on the R&D side and on the commercial side.

你需要想辦法做到這一點。”因此，另一個設施，因此，我們繼續發展壯大，因此，我們繼續在研發方面和商業方面投資於我們的業務。

We couldn't be more bullish about our company than we are today, and thanks, everybody, for listening.

我們對我們的公司沒有比今天更樂觀的了，感謝大家的聆聽。

And thank you, ladies and gentlemen.

女士們先生們，謝謝你們。

This does conclude today's conference call.

這確實結束了今天的電話會議。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。