德康醫療 (DXCM) 2022 Q2 法說會逐字稿

Welcome to the Dexcom Second Quarter 2022 Earnings Release Conference Call. My name is Darryl, and I'll be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn the call over to Sean Christensen. Sean, you may begin.

歡迎參加 Dexcom 2022 年第二季度收益發布電話會議。我的名字是達里爾，今天的電話我將擔任您的接線員。 （操作員說明）作為提醒，本次會議正在錄製中。我現在將把電話轉給 Sean Christensen。肖恩，你可以開始了。

Thank you, operator, and welcome to Dexcom's second quarter 2022 earnings call. Our agenda begins with Kevin Sayer, Dexcom's Chairman, President and CEO, who will summarize our recent highlights and ongoing strategic initiatives; followed by a financial review and outlook from Jereme Sylvain, our Chief Financial Officer. (Operator Instructions) Please note that there are also slides available related to our second quarter performance on the Dexcom Investor Relations website on the Events and Presentations page.

謝謝運營商，歡迎參加 Dexcom 的 2022 年第二季度財報電話會議。我們的議程從 Dexcom 的董事長、總裁兼首席執行官 Kevin Sayer 開始，他將總結我們最近的亮點和正在進行的戰略舉措；隨後是我們的首席財務官 Jereme Sylvain 的財務審查和展望。 （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，也有與我們第二季度業績相關的幻燈片。

With that, let's review our safe harbor statement. Statements we will make in today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs and expectations about future events, strategies, competition, products, operating plans and performance. 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.

有了這個，讓我們回顧一下我們的安全港聲明。我們將在今天的電話會議中發表的聲明可能構成前瞻性聲明。這些陳述反映了管理層對未來事件、戰略、競爭、產品、運營計劃和績效的意圖、信念和期望。本演示文稿中包含的所有前瞻性陳述均基於 Dexcom 目前可獲得的信息作出，並受到各種風險和不確定性的影響，實際結果可能與前瞻性陳述中的預期存在重大差異。

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, most recent quarterly report on Form 10-Q and other filings with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements after the date of this presentation or to conform these forward-looking statements to actual results.

Dexcom 的 10-K 表格年度報告、10-Q 表格的最新季度報告和其他提交給證券公司的文件詳細說明了可能導致實際結果與這些前瞻性陳述中任何明示或暗示的結果存在重大差異的因素和交易委員會。除法律要求外，我們不承擔在本演示文稿發布之日後更新任何此類前瞻性陳述或使這些前瞻性陳述符合實際結果的義務。

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

此外，在電話會議期間，我們將討論某些尚未根據 GAAP 編制的關於我們的非 GAAP 和基於現金的業績的財務措施。除非另有說明，否則所有對財務指標的引用均以非公認會計原則為基礎。

The presentation of this additional information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP. Please refer to the tables in our earnings release and the slides accompanying our second quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measures.

不應孤立地考慮提供此附加信息或作為結果的替代品或優於根據公認會計原則編制的結果。請參閱我們的收益發布中的表格和我們第二季度收益報告隨附的幻燈片，以將這些措施與其最直接可比的 GAAP 財務措施進行核對。

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, we reported another strong quarter for Dexcom with second quarter organic revenue growth of 16% compared to the second quarter of 2021. Momentum for global CGM adoption remains high, and we once again achieved worldwide record new customer starts in the second quarter. Following some disruption early in the year related to the Omicron wave, office access has continued to improve. And we experienced a return to a more normalized customer journey, which helped us deliver this record.

謝謝你，肖恩，也謝謝大家加入我們。今天，我們報告了 Dexcom 又一個強勁的季度，與 2021 年第二季度相比，第二季度有機收入增長了 16%。全球 CGM 採用的勢頭仍然很高，我們在第二季度再次實現了全球新客戶開戶記錄。在今年年初與 Omicron 浪潮相關的一些干擾之後，辦公室訪問持續改善。我們經歷了回歸到更加正常化的客戶旅程，這幫助我們創造了這一記錄。

Customer satisfaction also continues to reach new levels as our U.S. Net Promoter Score hit another all-time record in the second quarter. Our customers value the differentiated experience that Dexcom provides with consistent praise for our real-world accuracy, connectivity, actionable features and customer support. Product performance has been a hallmark for Dexcom throughout our history. Customers and caretakers alike rely upon the accuracy of Dexcom CGMs and can be confident in performance across all aspects of glucose management, backed by numerous clinical trials and borne out by real-world experience.

隨著我們的美國淨推薦值在第二季度再創歷史新高，客戶滿意度也繼續達到新的水平。我們的客戶重視 Dexcom 提供的差異化體驗，並一致稱讚我們在現實世界中的準確性、連接性、可操作的功能和客戶支持。在我們的整個歷史中，產品性能一直是 Dexcom 的標誌。客戶和護理人員都依賴 Dexcom CGM 的準確性，並且可以對葡萄糖管理各個方面的性能充滿信心，並得到大量臨床試驗的支持並得到實際經驗的證實。

We have long viewed software as an avenue to differentiate, enabling unique user experiences, supporting greater connectivity and enhancing our ability to move more seamlessly into new markets. In support of this vision, we have invested significantly in building our software infrastructure in recent years and now spend more of our R&D budget on software than hardware. A tangible example of this can be found in our rollout of Dexcom ONE. This product leverages our G6 hardware and will use our G7 platform in the future, but uses software to provide a different experience than our G Series systems. This has allowed us to meaningfully expand our market presence in recent months, entering new markets and winning tenders internationally that were previously not available to our G Series product. This is just the beginning of our journey on leveraging software to great products that meet the needs of our end users.

長期以來，我們一直將軟件視為差異化的途徑，可實現獨特的用戶體驗，支持更大的連接性並增強我們更無縫地進入新市場的能力。為了支持這一願景，我們近年來在軟件基礎設施建設方面投入了大量資金，現在我們將更多的研發預算用於軟件而非硬件。在我們推出的 Dexcom ONE 中可以找到一個具體的例子。該產品利用了我們的 G6 硬件並將在未來使用我們的 G7 平台，但使用軟件來提供與我們的 G 系列系統不同的體驗。這使我們能夠在最近幾個月有意義地擴大我們的市場佔有率，進入新市場並贏得國際招標，這是我們 G 系列產品以前無法獲得的。這只是我們利用軟件開發滿足最終用戶需求的優質產品之旅的開始。

Our software infrastructure has also positioned us to be the partner of choice for technology companies looking to build new and innovative experiences around CGM data. Our list of real-time API partners continues to grow as we're the only company that can provide partners real-time CGM data in an FDA-regulated solution.

我們的軟件基礎架構也使我們成為希望圍繞 CGM 數據構建新的創新體驗的技術公司的首選合作夥伴。我們的實時 API 合作夥伴名單不斷增加，因為我們是唯一一家可以在 FDA 監管的解決方案中為合作夥伴提供實時 CGM 數據的公司。

Our software capabilities are also laying the foundation for our success beyond the intensively managed population. For example, 2 partners focused on the use of CGM for weight management and metabolic health, Signos and Levels Health, have clinical trials underway that are leveraging our real-time API capabilities. We are excited to see the outcome from these trials as they provide a glimpse into the future for CGM technology that could serve as a much broader end market than today.

我們的軟件能力也為我們在集中管理人口之外的成功奠定了基礎。例如，兩個專注於使用 CGM 進行體重管理和代謝健康的合作夥伴 Signos 和 Levels Health 正在利用我們的實時 API 功能進行臨床試驗。我們很高興看到這些試驗的結果，因為它們為 CGM 技術的未來提供了一瞥，該技術可以作為比今天更廣泛的終端市場。

The second quarter saw a number of strategic accomplishments in international markets that continue to strengthen our competitive position. The excitement continues to grow for our portfolio of CGM systems, G6, G7 and Dexcom ONE, and we've made significant strides in both direct and distributor markets to broaden access to our technology. We launched Dexcom ONE in both Spain and the U.K. and have secured reimbursement for key segments of the population. Opening large parts of these markets have previously lacked reimbursement for Dexcom CGM.

第二季度在國際市場上取得了多項戰略成就，繼續加強我們的競爭地位。我們的 CGM 系統組合、G6、G7 和 Dexcom ONE 令人興奮不已，我們在直接和分銷商市場都取得了重大進展，以擴大對我們技術的訪問。我們在西班牙和英國推出了 Dexcom ONE，並為關鍵人群提供了報銷。開放這些市場的大部分以前缺乏對 Dexcom CGM 的報銷。

We also announced a partnership with Roche to distribute Dexcom ONE in Italy. This relationship will allow us to leverage Roche's well-established commercial infrastructure to bring Dexcom ONE to a much larger Italian market. In Australia, the government recently committed to providing subsidized access to our G6 system for all people living with type 1 diabetes, which is a significant improvement in coverage and a great win for Australians deserving access to CGM technology.

我們還宣布與羅氏合作，在意大利分銷 Dexcom ONE。這種關係將使我們能夠利用羅氏完善的商業基礎設施，將 Dexcom ONE 帶入更大的意大利市場。在澳大利亞，政府最近承諾為所有患有 1 型糖尿病的人提供使用我們 G6 系統的補貼，這是覆蓋面的顯著提高，對於應該獲得 CGM 技術的澳大利亞人來說是一個巨大的勝利。

Our limited launch of G7 in the U.K. continues to be met with significant enthusiasm from our customers who have provided consistently positive feedback on product size, ease of use, the shorter warm-up time, the app experience and more. Many customers shared that they would often forget they were even wearing their G7 during their session and indicated they can't wait to continue wearing the product full time in the future. The period has proven to be incredibly valuable, allowing us to assess the functionality of the sensor and app in a real-world setting and providing feedback on ways to refine our support system to make the broader rollout as streamlined as possible. We are excited to get G7 in the hands of more customers and plan to expand our launch in the third quarter, starting in the U.K.

我們在英國有限推出的 G7 繼續受到客戶的極大熱情，他們一直對產品尺寸、易用性、更短的預熱時間、應用程序體驗等提供積極的反饋。許多客戶分享說，他們經常會忘記他們在使用 G7 時甚至會佩戴 G7，並表示他們迫不及待地想在未來繼續全職佩戴該產品。事實證明，這段時間非常有價值，使我們能夠在現實環境中評估傳感器和應用程序的功能，並就改進我們的支持系統以盡可能簡化更廣泛的部署提供反饋。我們很高興能將 G7 交到更多客戶手中，併計劃在第三季度擴大我們的發布範圍，從英國開始。

In the U.S., our 510(k) submission for G7 remains under review with the FDA. As part of this process, we are making a subtle change to the G7 software based on feedback from the FDA, slightly delaying our expected time lines for clearance and U.S. launch. We expect FDA clearance and limited launch later this year and a large commercial launch in the U.S. in the first quarter of 2023.

在美國，我們為 G7 提交的 510(k) 申請仍在接受 FDA 的審查。作為此過程的一部分，我們正在根據 FDA 的反饋對 G7 軟件進行細微更改，稍微延遲我們預期的批准和美國上市時間。我們預計 FDA 將在今年晚些時候獲得批准並有限推出，並於 2023 年第一季度在美國進行大規模商業推出。

Encouragingly, our preliminary discussions with payers have progressed very well. They understand what this product will mean for our customers and people with diabetes broadly, giving us increasing confidence in the ability to ramp up commercial coverage quickly.

令人鼓舞的是，我們與付款人的初步討論進展順利。他們了解該產品對我們的客戶和糖尿病患者的廣泛意義，使我們對迅速擴大商業覆蓋範圍的能力越來越有信心。

Finally, we were very proud to showcase our expanded CGM portfolio at 2 of the largest diabetes conferences of the year, ATTD in Barcelona and ADA in New Orleans. These events provide us an opportunity to connect with thought leaders across the diabetes space, and we continue to see a clear consensus on real-time CGM being the standard of care in diabetes management and a growing appreciation of the health and economic benefits of extending the use of this technology beyond the intensively managed population, including the broader type 2 population and use in the hospital. Between these 2 events, there were dozens of presentations, abstracts and posters highlighting success stories of CGM to date and what the future could hold for this technology.

最後，我們非常自豪地在今年兩個最大的糖尿病會議上展示了我們擴展的 CGM 產品組合，即巴塞羅那的 ATTD 和新奧爾良的 ADA。這些活動為我們提供了與糖尿病領域的思想領袖建立聯繫的機會，我們繼續看到關於實時 CGM 成為糖尿病管理護理標準的明確共識，以及越來越多的人認識到延長糖尿病領域的健康和經濟效益。這項技術的使用超出了集中管理的人群，包括更廣泛的 2 型人群和在醫院中的使用。在這兩個活動之間，有數十個演示文稿、摘要和海報突出了 CGM 迄今為止的成功故事以及這項技術的未來。

I started attending diabetes conferences almost 30 years ago. As I look back even 2 or 3 years ago, these types of conversations around the broad potential of CGM were nonexistent. Now it's become very apparent that CGM data will become the basis of where diabetes management and glucose control in the future is headed. We're very excited about the opportunities ahead for Dexcom.

大約 30 年前，我開始參加糖尿病會議。當我回顧 2 或 3 年前時，這些圍繞 CGM 廣泛潛力的對話是不存在的。現在很明顯，CGM 數據將成為未來糖尿病管理和血糖控制發展方向的基礎。我們對 Dexcom 未來的機會感到非常興奮。

And with that, I'll turn it over to Jereme for a review of the second quarter financials. Jereme?

有了這個，我將把它交給傑里姆來審查第二季度的財務狀況。傑里姆？

Thank you, Kevin. As a reminder, unless otherwise noted, the financial metrics presented today will be discussed on a non-GAAP basis. Reconciliations to GAAP can be found in today's earnings release as well as on our IR website. For the second quarter of 2022, we reported worldwide revenue of $696 million, which included $12 million of unfavorable foreign currency impact. This is compared to $595 million for the second quarter of 2021, which represents growth of 16% on an organic basis. We have slightly changed our definition of organic revenue based on feedback from our stakeholders to exclude currency and acquisition-related revenue in the trailing 12-month period. Volume growth for the second quarter came in around the mid-30% range on a global basis.

謝謝你，凱文。提醒一下，除非另有說明，否則今天提出的財務指標將在非公認會計原則的基礎上進行討論。可以在今天的收益發布以及我們的 IR 網站上找到與 GAAP 的對賬。 2022 年第二季度，我們報告的全球收入為 6.96 億美元，其中包括 1200 萬美元的不利外匯影響。相比之下，2021 年第二季度為 5.95 億美元，有機增長 16%。根據利益相關者的反饋，我們略微改變了對有機收入的定義，以排除過去 12 個月期間與貨幣和收購相關的收入。在全球範圍內，第二季度的銷量增長在 30% 左右。

U.S. revenue totaled $511 million for the second quarter compared to $462 million in the second quarter of 2021, representing growth of 11%. Customer demand remained strong in the U.S., and our unit volume growth continued to grow at a very healthy clip this quarter, relatively in line with recent quarters. We have been launching a number of new tools for our sales force in the U.S. that leverage technology to make each physician visit more efficient and effective. These tools inform our team what each doctor is prescribing, the makeup of their payer mix and even compare the out-of-pocket cost for each customer. This data can make each visit more impactful and help us continue to address the competitive mix that still exist in the market.

第二季度美國收入總額為 5.11 億美元，而 2021 年第二季度為 4.62 億美元，增長 11%。美國的客戶需求依然強勁，本季度我們的單位銷量增長繼續以非常健康的速度增長，與最近幾個季度基本一致。我們已經為我們在美國的銷售團隊推出了許多新工具，這些工具利用技術使每次醫生就診更加高效和有效。這些工具會告知我們的團隊每位醫生的處方、付款人組合的構成，甚至可以比較每位客戶的自付費用。這些數據可以使每次訪問更具影響力，並幫助我們繼續解決市場上仍然存在的競爭組合。

We continue to see an ongoing impact on revenue growth from our strategic shift to the pharmacy channel. But as discussed previously, we believe this will ultimately set us up to serve meaningful, more customers over time. International revenue grew 39%, totaling $185 million in the second quarter. Organic revenue growth was 34% for the second quarter. Our positive momentum continued this quarter as the number of global initiatives we implemented in the past year has significantly improved our competitive position in international markets.

我們繼續看到從我們向藥房渠道的戰略轉移對收入增長的持續影響。但如前所述，我們相信這最終將使我們能夠隨著時間的推移為更多有意義的客戶提供服務。第二季度國際收入增長 39%，總計 1.85 億美元。第二季度的有機收入增長為 34%。本季度我們繼續保持積極勢頭，因為我們在過去一年實施的全球舉措數量顯著提高了我們在國際市場上的競爭地位。

In addition to the Dexcom ONE new market wins Kevin highlighted before, we also continue to drive greater reimbursement in our initial launch countries in Eastern Europe this quarter. While we previously announced that patient reimbursement in Bulgaria and Estonia, Latvia and Lithuania have now established full or partial reimbursement for individuals with type 1 diabetes. This is a great example of how our CGM portfolio strategy can help us enter completely new markets and be a catalyst for access.

除了 Kevin 之前強調的 Dexcom ONE 新市場胜利之外，我們還繼續在本季度在東歐的初始推出國家推動更大的報銷。雖然我們之前宣布保加利亞和愛沙尼亞的患者報銷，但拉脫維亞和立陶宛現在已經為 1 型糖尿病患者建立了全部或部分報銷。這是我們的 CGM 投資組合戰略如何幫助我們進入全新市場並成為進入的催化劑的一個很好的例子。

Through new product launches and reimbursement efforts over the past 18 months, we are happy to share that we have increased the reimbursed access to our product by more than 3 million customers and look forward to getting this much-needed technology in the hands of as many people as possible.

通過過去 18 個月的新產品發布和報銷工作，我們很高興地與大家分享，我們已將超過 300 萬客戶對我們產品的報銷訪問增加，並期待將這項急需的技術掌握在盡可能多的人手中人盡可能。

Our second quarter gross profit was $449.5 million or 64.6% of revenue compared to 70.1% of revenue in the second quarter of 2021. Given the initial launch of G7 in the U.K., this is the first quarter where G7 development costs started to flow through COGS, accounting for some of the expected year-over-year step down in gross margin. Additionally, there were greater than 50 basis points of impact from currency in the quarter.

我們第二季度的毛利潤為 4.495 億美元，佔收入的 64.6%，而 2021 年第二季度佔收入的 70.1%。鑑於 G7 在英國的首次推出，這是 G7 開發成本開始通過 COGS 流動的第一季度，佔毛利率同比下降的部分原因。此外，本季度貨幣影響超過 50 個基點。

Our second quarter gross margin was a nice step-up from the first quarter and leaves us on track to hit our margin targets for the full year. Operating expenses were $347.6 million for Q2 of 2022 compared to $315 million in Q2 of 2021. Similar to last quarter, we generated meaningful operating expense leverage despite incremental investment to support the G7 launch. We saw OpEx as a percentage of sales this quarter drop by 310 basis points year-over-year as we continue to leverage our R&D and G&A expense lines.

我們第二季度的毛利率比第一季度有了很大的提高，使我們有望實現全年的利潤率目標。 2022 年第二季度的運營費用為 3.476 億美元，而 2021 年第二季度為 3.15 億美元。與上一季度類似，儘管增加了投資以支持 G7 的啟動，但我們仍產生了有意義的運營費用槓桿。隨著我們繼續利用我們的研發和 G&A 費用線，我們看到本季度運營支出佔銷售額的百分比同比下降 310 個基點。

Operating income was $101.9 million or 14.6% of revenue in the second quarter of 2022 compared to $101.5 million or 17.1% of revenue in the same quarter of 2021 as a tough year-over-year gross margin comp was partially offset by operating leverage in the quarter.

2022 年第二季度的營業收入為 1.019 億美元，佔收入的 14.6%，而 2021 年第二季度的營業收入為 1.015 億美元，佔收入的 17.1%，因為艱難的同比毛利率被部分抵消了四分之一。

Adjusted EBITDA was $175.5 million or 25.2% of revenue for the second quarter compared to $156.6 million or 26.3% of revenue for the second quarter of 2021. Net income for the second quarter was $69.5 million or $0.17 per share. We remain in a great financial position, closing the quarter with approximately $2.8 billion worth of cash and cash equivalents. This provides us the flexibility to continue to invest in our organic growth opportunity, including the ongoing build-out this year of our Malaysia manufacturing facility and to assess any compelling strategic investments that present themselves. Along those lines, we announced today a $700 million share repurchase program, which will allow us to offset the dilutive impact from our 2023 convertible notes. We are always assessing the best uses of our capital. And given the recent market pressure, we view this as a great time to invest in our own business as we remain incredibly bullish on the sizable opportunity ahead for Dexcom.

第二季度調整後的 EBITDA 為 1.755 億美元，佔收入的 25.2%，而 2021 年第二季度為 1.566 億美元，佔收入的 26.3%。第二季度的淨收入為 6950 萬美元，即每股 0.17 美元。我們仍然處於良好的財務狀況，本季度末現金和現金等價物價值約為 28 億美元。這使我們能夠靈活地繼續投資於我們的有機增長機會，包括今年我們馬來西亞製造工廠的持續擴建，並評估任何引人注目的戰略投資。沿著這些思路，我們今天宣布了一項 7 億美元的股票回購計劃，這將使我們能夠抵消 2023 年可轉換票據的稀釋影響。我們一直在評估我們資金的最佳用途。鑑於最近的市場壓力，我們認為這是投資自己業務的好時機，因為我們仍然非常看好 Dexcom 未來的巨大機會。

Turning to guidance. We are updating our full year 2022 revenue guidance to a range of $2.86 billion to $2.91 billion. For margins, we are reaffirming our prior full year guidance of gross profit margins of approximately 65%, operating margins of approximately 16% and adjusted EBITDA margins of approximately 25%. This guidance factors in a significant uptick in currency headwinds relative to the expectations we shared a quarter ago. We now expect around $40 million of foreign currency headwinds for the full year relative to our prior estimate of around $15 million to $20 million.

轉向指導。我們正在將 2022 年全年收入指引更新至 28.6 億美元至 29.1 億美元之間。對於利潤率，我們重申我們之前的全年毛利率指引約為 65%，營業利潤率約為 16%，調整後 EBITDA 利潤率約為 25%。相對於我們一個季度前的預期，這一指導因素導致貨幣逆風顯著上升。我們現在預計全年的外匯逆風約為 4000 萬美元，而我們之前的估計約為 1500 萬至 2000 萬美元。

With that, I will pass it back to Kevin.

有了這個，我會把它傳回給凱文。

Thanks, Jereme. As I look at this quarter, our underlying fundamentals remain incredibly strong. We experienced another quarter of solid volume growth, achieved worldwide record new customer starts, recorded our highest-ever customer satisfaction rating. These results were before any material contribution from G7, which we expect to improve the customer experience in every way. We advanced our CGM portfolio outside the United States with a wider rollout of Dexcom ONE, helping us reach more reimbursed lives and serving more new customers.

謝謝，傑里姆。回顧本季度，我們的基本面仍然非常強勁。我們經歷了又一個季度的穩健增長，在全球範圍內實現了創紀錄的新客戶啟動，創下了我們有史以來最高的客戶滿意度評級。這些結果是在 G7 做出任何實質性貢獻之前，我們希望在各個方面改善客戶體驗。我們通過更廣泛地推出 Dexcom ONE 將我們的 CGM 產品組合推向了美國以外的地區，幫助我們獲得更多的報銷生活並為更多的新客戶提供服務。

For G7, the feedback from our limited launch in the U.K. has been fantastic, leaving us incredibly excited for a broader global launch in the coming weeks. And in the U.S., we now have clear visibility to the finish line on G7 clearance. And our preliminary payer discussions are setting the stage for a big launch early next year.

對於 G7，我們在英國有限發布的反饋非常棒，讓我們對未來幾週更廣泛的全球發布感到非常興奮。在美國，我們現在可以清楚地看到 G7 許可的終點線。我們的初步付款人討論正在為明年初的大規模發布奠定基礎。

Despite all the macroeconomic challenges that exist today, runaway inflation, supply chain challenges, FX headwinds, we reiterated our margin guidance, continue to have no delivery delays across our business and remain committed to driving additional operating leverage in the coming years. And finally, we announced a $700 million share repurchase plan today. This will allow us to offset the dilutive impact of our 2023 convertible notes and also provides us an opportunity to send a clear message. We're betting on ourselves and the massive opportunity ahead of us. We're optimistic as we've ever been about our future.

儘管當今存在所有宏觀經濟挑戰，通貨膨脹失控，供應鏈挑戰，外匯逆風，我們重申了我們的利潤率指導，我們的業務繼續沒有交付延遲，並繼續致力於在未來幾年推動額外的運營槓桿。最後，我們今天宣布了一項 7 億美元的股票回購計劃。這將使我們能夠抵消 2023 年可轉換票據的稀釋影響，並為我們提供一個傳達明確信息的機會。我們把賭注押在自己和我們面前的巨大機會上。我們很樂觀，因為我們一直對我們的未來持樂觀態度。

With that, I'd now like to open up the call for Q&A. Sean?

有了這個，我現在想打開問答電話。肖恩?

Thank you, Kevin. (Operator Instructions) Operator, please provide the Q&A instructions.

謝謝你，凱文。 （操作員說明）操作員，請提供問答說明。

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

（操作員說明）我們的第一個問題來自摩根大通的 Robbie Marcus。

Great. It was -- when you filed G7 last year, you had a pretty high degree of confidence in the completeness of the filing. So one, wondering if we could get a little more on what it is with the software, what you have to change, and how different it's going to be from the European version? What gives you that level of confidence in how to think about U.S. sales growth until we get a G7 launch?

偉大的。是 -- 當您去年提交 G7 時，您對提交的完整性非常有信心。因此，想知道我們是否可以進一步了解該軟件的功能，您必須更改的內容以及它與歐洲版本的不同之處？在我們推出 G7 之前，是什麼讓您對如何考慮美國的銷售增長有如此程度的信心？

Robbie, this is Kevin. I'll take the G7 questions. The software revisions relate to the management of the alerts and alarms in the U.S. app. FDA had some questions about some of the things that we've done and put in it. We discussed several options that we had. We decided the best option at this time was to revise the software and file it differently, and we've added a few other features to it as well based on our discussions with them.

羅比，這是凱文。我會回答 G7 的問題。軟件修訂涉及美國應用程序中警報和警報的管理。 FDA 對我們已經完成並投入其中的一些事情有一些疑問。我們討論了我們擁有的幾個選項。我們決定此時最好的選擇是修改軟件並以不同的方式歸檔，並且根據我們與他們的討論，我們還為其添加了一些其他功能。

We're in the middle of revising the software for that and have to run it through the complete validation and verification process and resubmit. We're not done with it yet, but we're working very quickly to get done with that. And that's really our big major issue. We've talked through everything else.

我們正在為此修改軟件，並且必須通過完整的驗證和驗證過程運行它並重新提交。我們還沒有完成它，但我們正在非常迅速地完成它。這確實是我們的主要問題。我們已經討論了其他一切。

We did have a strong level of confidence and we still do in our relationships and our discussions with the FDA on G7. The one thing we figured out as we've been through this process is we changed absolutely everything. We changed the algorithm. We changed the insertion techniques. We changed every manufacturing procedure that we have and completely rewrote the entire app and the software experience, which is a lot for them to digest and a lot for us to submit. If I look at learnings for us over time, I think we'll probably do things a little more incrementally going forward rather than as big as this one was, and we can get things through faster.

我們確實有很強的信心，我們仍然在我們的關係以及我們與 FDA 關於 G7 的討論中這樣做。當我們經歷這個過程時，我們發現的一件事是我們完全改變了一切。我們改變了算法。我們改變了插入技術。我們改變了我們擁有的每一個製造程序，並完全重寫了整個應用程序和軟件體驗，這對他們來說有很多要消化的東西，而我們要提交的東西也很多。如果我看看隨著時間的推移為我們學習的東西，我認為我們可能會在未來做一些更漸進的事情，而不是像現在這樣大，我們可以更快地完成任務。

But we're in a good spot. We have a lot of clarity as to where we need to go going forward. And I'll let Robbie handle the growth issues regarding G6 because we're still doing extremely well with that product. Not Robbie -- Jereme, go ahead.

但我們處於一個好位置。我們非常清楚我們需要前進的方向。我會讓 Robbie 處理有關 G6 的增長問題，因為我們仍然在該產品方面做得非常好。不是羅比——傑里姆，繼續。

So in the U.S., look, the quarter here, we had about 11% growth. That's generally due to some of what we talked about in prior quarters, us getting into physicians' offices. And as those new patients didn't hit those record levels, you ultimately see that recur -- on a recurring business model such as ours, it plays through.

所以在美國，看，這裡的這個季度，我們有大約 11% 的增長。這通常是由於我們在前幾個季度談到的一些內容，我們進入了醫生辦公室。由於這些新患者沒有達到那些創紀錄的水平，你最終會看到這種情況再次出現——在像我們這樣的經常性商業模式中，它會發揮作用。

What gives us a lot of confidence for the back half of the year is Q2 was a record, and we're back on that record track and we do expect strength for the rest of the year to the point where we expect U.S. growth rates to accelerate in Q3 and Q4 as we come off of this quarter where we see these record new patient starts. And quite frankly, we expect to have record new patient starts going forward for the balance of the year, even without G7. So I hope that gives you that question. We're very confident in G6, and obviously, we're even more confident in G7 once that launches.

讓我們對下半年充滿信心的是第二季度創紀錄，我們又回到了創紀錄的軌道上，我們確實預計今年剩餘時間的實力將達到我們預計美國增長率的水平隨著本季度結束，我們看到這些創紀錄的新患者開始在第三季度和第四季度加速。坦率地說，即使沒有 G7，我們預計今年餘下時間將有創紀錄的新患者開始。所以我希望這會給你這個問題。我們對 G6 非常有信心，顯然，一旦 G7 推出，我們對 G7 更有信心。

And our next question comes from Jeff Johnson from Baird.

我們的下一個問題來自 Baird 的 Jeff Johnson。

Kevin, I just want to go back on your comments about revising some of the software on the alerts and alarms on the G7 product. So it sounds like to me, you're still in the process of that. But I think you also said in your prepared remarks that you were comfortable that you would still have a limited launch in the fourth quarter and a fuller launch in the first quarter of 2023 in the U.S. So one, can I just confirm that's what you said? Two, do you have some better certainty on all the other aspects of the filing from the FDA that gives you that ability to draw that line in the sand? Or at least where is your confidence on that time line?

凱文，我只是想回到你關於修改 G7 產品警報和警報的一些軟件的評論。所以這聽起來像我，你還在那個過程中。但我認為您在準備好的講話中也說過，您對在美國仍然會在第四季度進行有限發布並在 2023 年第一季度進行更全面的發布感到滿意。所以，我可以確認一下您所說的嗎?第二，你對 FDA 提交的文件的所有其他方面有更好的確定性，讓你有能力在沙子上劃清界限嗎？或者至少你對那個時間線的信心在哪裡？

We do have great certainty on the other components of the filing with the FDA. We've talked through all the other questions and things that we've discussed, and we're very, very comfortable with that. So really, the outstanding major item is revision and filing of the revised software after we validate and verify it, all of that. So we are very, very comfortable with that. And yes, what I did say is we are anticipating a limited launch in the fourth quarter in the U.S. and then the full-on rollout in -- early in the year in 2023.

我們對向 FDA 提交的文件的其他組成部分確實有很大的把握。我們已經討論了所有其他問題和事情，我們對此非常非常滿意。所以說真的，突出的主要項目是在我們驗證和驗證之後對修改後的軟件進行修改和歸檔，所有這些。所以我們對此非常非常滿意。是的，我確實說過，我們預計將在第四季度在美國進行有限的發布，然後在 2023 年初全面推出。

One of the things I said in my prepared remarks is we're very bullish about the progress we've made with the payers as far as getting the G7 reimbursed because they can see how important it's going to be for our patient base. So on the one hand, while we have the delay in the approval and the launch that -- look, none of us -- we'd all like to be faster, the other thing we're seeing on the other side is a lot of cooperation in the payer community and just in the channel in getting this thing positioned for reimbursement very quickly after approval. So we can get the launch out in not too different of a time frame on a reimbursed basis from what we expected in the beginning. So those 2 factors together, again, add to where we think we are.

我在準備好的講話中說的一件事是，我們非常看好我們與付款人在 G7 報銷方面取得的進展，因為他們可以看到這對我們的患者群有多麼重要。因此，一方面，雖然我們在批准和發布方面存在延遲——看，我們都不想——我們都希望更快，另一方面我們看到的另一件事是很多在付款人社區和渠道中進行合作，以便在批准後很快將這件事定位為報銷。因此，我們可以在與我們最初預期的報銷基礎上，在不太不同的時間範圍內推出產品。所以這兩個因素加在一起，再次增加了我們認為我們所處的位置。

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

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

I wanted to maybe dive a little bit further into kind of this new patient add growth just because it's important as we get into '23 as well. But any details that you can give in terms of how it looks like within T1, T2 intensive and others? And if there have been any changes, I guess, in the last 6 to 12 months? Are things getting harder or easier? And what kind of efforts you guys put in place to reaccelerate more meaningfully those new patient adds?

我想可能會更深入地研究這種新患者的增長，因為這對於我們進入 23 年也很重要。但是，您可以就 T1、T2 密集型和其他方面的外觀提供任何詳細信息嗎？如果有任何變化，我猜，在過去的 6 到 12 個月？事情變得更難還是更容易？你們做了哪些努力來更有意義地重新加速這些新患者的添加？

Sure. Yes, I can answer that. And thank you for the question. What we saw, and I think this is -- we've really talked about it is we found our folks are most effective when they're able to get into physicians' offices. That's always been the case, and it's continued to show itself time and time again. And so what we found is it rises all tides once we're able to do so.

當然。是的，我可以回答這個問題。謝謝你的問題。我們所看到的，我認為這是 - 我們真正談論過的是，我們發現當我們的人能夠進入醫生辦公室時，他們是最有效的。情況一直如此，並且一次又一次地繼續展示自己。所以我們發現一旦我們能夠做到這一點，它就會漲潮。

But the predominance of where our new patient adds are coming, if you want to kind of see what the more accelerate is, it's really in the type 2 intensive space. As we get into more primary care physicians' offices, these are folks we've called on really for the first time as we've expanded our sales force in 2021, getting there in-person has really unlocked that market, and that's what you continue to see.

但是我們的新病人增加的優勢正在到來，如果你想看看加速是什麼，它真的是在 2 型密集空間。隨著我們進入更多初級保健醫生的辦公室，這些人是我們在 2021 年擴大銷售隊伍時第一次真正呼籲這些人，親自到那裡確實打開了這個市場，這就是你繼續看。

And so now our focus is -- and we talked about it a little bit in the prepared remarks. Now that we're in these offices, a record new patient quarter this quarter, certainly, that's encouraging. But we're also seeing that all of these tools that have been put in place means every call, every visit, every time we're in the office, we're able to be more effective about what might be the prescribers' decision-making around that particular patient.

所以現在我們的重點是 - 我們在準備好的評論中談到了一點。現在我們在這些辦公室，本季度創紀錄的新患者季度，當然，這令人鼓舞。但我們也看到，所有這些工具已經到位，這意味著每次通話、每次訪問、每次我們在辦公室時，我們都能夠更有效地處理處方醫生的決定——圍繞那個特定的病人。

And through doing that, whether it's debunking myths around co-pays and what the out-of-pocket is and making sure folks understand the cost, whether it's the ease of use and showing folks that a majority of our patients are able to put it on and use either training online or simple training in the box to ultimately put it on their body. What we're really finding is we're breaking down all of those myths out there, and our sales force continues to get more and more effective. So we're going to continue to do that over time. And we're seeing that continue to play out as better prescriber patterns, more prescriptions per provider and more providers coming over to prescribing Dexcom. So all of those are playing out, which is what gives us confidence for acceleration in the U.S. in the back half of the year.

通過這樣做，無論是揭穿關於共同支付的神話和自付費用是什麼，並確保人們了解成本，是否是易用性並向人們展示我們的大多數患者能夠投入使用並使用在線培訓或盒子中的簡單培訓最終將其放在他們的身上。我們真正發現的是，我們正在打破所有這些神話，我們的銷售隊伍繼續變得越來越有效。因此，隨著時間的推移，我們將繼續這樣做。我們看到，隨著更好的處方模式、每個提供者的更多處方以及更多的提供者來開處方 Dexcom，這種情況繼續發揮作用。所以所有這些都在發揮作用，這讓我們對今年下半年在美國的加速充滿信心。

And our next question comes from Joanne Wuensch from Citigroup.

我們的下一個問題來自花旗集團的 Joanne Wuensch。

I'm a little bit curious about some of the reimbursement landscape and things which may or may not have changed. Where do you think reimbursement is for bolus? And are you seeing any other changes as it relates to prior authorization or one product versus or another or anything else that we really should be aware of?

我對一些報銷情況以及可能會或可能不會改變的事情有點好奇。您認為推注的報銷在哪裡？您是否看到與事先授權或一種產品與另一種產品或其他任何我們真正應該注意的事情有關的任何其他變化？

Thanks, Joanne. Yes, I can take the question. So in terms of basal, we continue to make progress there. So as you think about where we're having the conversations, the conversations are both on the government in the U.S., CMS as well as the U.S. commercial providers. We're having conversations with both. And our access team has submitted the data. They've submitted both clinical data, economic data as well as clinician recommendations. And so we are going through those conversations. So it's been submitted. Discussions are ongoing. Timing is hard to peg in all of these, but we are continuing to advance it forward in terms of conversations. So that's basal. We'll certainly be -- as that progresses forward, we'll continue to give you line of sight as to how that goes. In terms of other areas, so existing coverage in areas around prior authorizations or otherwise, we haven't seen a lot of that. Now there are occasionally plans that have a prior authorization pop up or pull out, our goal is through all of the renegotiations that take place to limit those prior authorizations.

謝謝，喬安妮。是的，我可以回答這個問題。所以在基礎方面，我們繼續在那裡取得進展。因此，當您考慮我們在哪裡進行對話時，對話都針對美國政府、CMS 以及美國商業提供商。我們正在與雙方進行對話。我們的訪問團隊已經提交了數據。他們已經提交了臨床數據、經濟數據以及臨床醫生的建議。所以我們正在經歷這些對話。所以已經提交了。討論正在進行中。所有這些都很難把握時間，但我們正在繼續推進對話。所以這是基礎。我們肯定會——隨著事情的發展，我們將繼續為您提供有關進展情況的視線。就其他領域而言，因此在事先授權或其他方面的現有覆蓋範圍，我們還沒有看到很多。現在偶爾會有一些預先授權彈出或退出的計劃，我們的目標是通過所有重新談判來限制這些預先授權。

And as we continue to show how CGM can improve patient outcomes, it's becoming very clear that prior authorizations -- we see payers starting to pull those down over time, a better way to put it. And so we continue to expect to see and keep pushing that. We have not seen a material change in any form or factor. In fact, for the most part, we see them coming down, and we'll expect to see that over time in the intensive space.

隨著我們繼續展示 CGM 如何改善患者的治療效果，很明顯，事先授權——我們看到付款人隨著時間的推移開始降低這些授權，這是一種更好的表達方式。因此，我們繼續期待看到並繼續推動這一點。我們沒有看到任何形式或因素的重大變化。事實上，在大多數情況下，我們看到它們正在下降，我們預計隨著時間的推移在密集的空間中會看到這種情況。

And our next question comes from Matthew O'Brien.

我們的下一個問題來自 Matthew O'Brien。

Can we just -- as I look at the stock, down 18% in the aftermarket, that's $6 billion-ish in lost market cap, even a little bit more than that. So I think it'd be helpful -- I don't know if the reduction of the top line guidance from 20% down to 19% or maybe it's a little bit more is largely because of G7. But I'm thinking it's like a $60 million headwind, maybe something like that this year versus not getting the approval. So is it about $100 million of incremental pressure you're going to see next year and not having the approval earlier this year that you can't get all the marketing activities up and going next year? Just how do we frame up some of this modest delay? It seems like on the payer side, things are better. But just frame up what this modest delay may do to the top line as we look forward.

我們能不能——當我看股票時，在售後市場下跌了 18%，市值損失了 60 億美元，甚至比這多一點。所以我認為這會有所幫助——我不知道將頂線指導從 20% 降低到 19% 或者可能更多一點，主要是因為 G7。但我認為這就像一個 6000 萬美元的逆風，今年可能是這樣，而不是沒有獲得批准。那麼，明年你會看到大約 1 億美元的增量壓力，而今年早些時候沒有獲得批准，你無法在明年啟動所有營銷活動嗎？我們如何構建一些這種適度的延遲？在付款人方面，情況似乎更好。但是，只要我們展望一下，這種適度的延遲可能會對收入產生什麼影響。

Sure. I can talk about at least for 2022 and how it operates, and we can maybe not get too, too much into 2023, but it can help that conversation. So a lot of the guidance and the pull down of guidance is related to currency. So it's not necessarily related to the G7 and the timing associated with that. So as you look at where we're going and where we pulled that down, currency has, especially outside the U.S., has played a large impact on reported growth rates. And that's one of the reasons why we've shifted in how we talk about organic growth.

當然。我至少可以談論 2022 年以及它是如何運作的，我們可能不會對 2023 年了解太多，但它可以幫助對話。所以很多指導和指導的下拉都與貨幣有關。因此，它不一定與 G7 以及與之相關的時間安排有關。因此，當您查看我們的發展方向以及我們將其拉低的地方時，貨幣，特別是在美國以外的地區，對報告的增長率產生了巨大影響。這就是我們改變談論有機增長的方式的原因之一。

As you zoom back into the U.S., the G7 delay does have a little bit of an impact on guidance. And so certainly, we would recognize that we had some impact in there and assumed it would launch. The longer-term impact is really determined on how fast we get commercial coverage and how fast we can roll it out.

當您放大到美國時，G7 延遲確實對指導產生了一點影響。所以當然，我們會認識到我們在那裡產生了一些影響，並假設它會啟動。長期影響實際上取決於我們獲得商業覆蓋的速度以及我們能夠以多快的速度推出它。

And so what we believe is by working alongside our coverage teams and trying to get access as fast as possible and while we're working through getting formal approvals, partnering with folks to get quicker access and quicker coverage, we believe we can work on getting those patients back in quicker and faster to where we don't believe it's going to be a material impact on 2023 and beyond. And so a little bit in 2022. Certainly, it could have a little bit of tick in 2023. But for the most part, we're doing all the work now to make sure that we have a major launch where it doesn't impact longer-term growth rates.

因此，我們相信通過與我們的覆蓋團隊合作並嘗試盡快獲得訪問權限，同時我們正在努力獲得正式批准，與人們合作以獲得更快的訪問和更快的覆蓋範圍，我們相信我們可以努力獲得這些患者越來越快地回到我們認為不會對 2023 年及以後產生重大影響的地方。所以在 2022 年會有一點點。當然，它可能會在 2023 年有一點點滴答作響。但在大多數情況下，我們現在正在做所有的工作，以確保我們有一個不會影響的重大發布較長期的增長率。

And 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。

Just 2 questions that require quick answers. Just a clarification. I get the sense that it was a record for new patient starts in both the U.S. and worldwide, if you could just confirm that? And then the second question is, you mentioned expanding the G7 launch in Europe over the coming weeks. And I wasn't clear whether you're going into new countries? Or is this just more expansive in the U.K.?

只有 2 個需要快速回答的問題。只是一個澄清。我覺得這是美國和全球新患者開始的記錄，如果你能證實的話？然後第二個問題是，您提到在未來幾週內擴大 G7 在歐洲的發布。我不清楚你是否要去新的國家？或者這只是在英國更廣泛？

Yes, this is Kevin, I'll start. Yes, it was record new patients OUS and in our U.S. markets as well. Both teams had new patient add records during this quarter. With respect to the rollout of G7 in Europe, what we had indicated was our first rollout will be in the U.K., and we expect we will add other geographies before the end of the year.

是的，我是凱文，我會開始的。是的，在 OUS 和我們的美國市場上，這是創紀錄的新患者。兩個團隊在本季度都有新的患者添加記錄。關於 G7 在歐洲的推出，我們曾表示我們的首次推出將在英國，我們預計我們將在今年年底之前增加其他地區。

And 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。

One quick clarification. The pricing mix versus volume growth this quarter. And then as you look ahead to next year, will we start to see volume and revenue growth to start to match up a bit more? And I'm thinking about the basal opportunity, is that an opportunity where you're going to have to lower price to get the volume? Or is the basal pricing probably pretty similar to the intensive market?

一個快速的澄清。本季度的定價組合與銷量增長。然後當你展望明年時，我們會開始看到銷量和收入增長開始更加匹配嗎？我正在考慮基本機會，這是一個你必須降低價格才能獲得數量的機會嗎？或者基礎定價可能與密集市場非常相似？

Sure. So I can take those questions. In terms of pricing and what I'd say is more channel mix, but the delta between the 2, it was about the same this quarter as it was in prior quarter, which is what we had signaled at the start of the year. We still expect to migrate in the U.S. channel as we move more DME to pharmacy. That continues as expected. And then we had the OUS pricing where we took down pricing in exchange for access. We expected that to run through the end of Q2 before we lapped our strategy. So it's all gone and aligned with expectations. It was right around $70 million on the quarter.

當然。所以我可以回答這些問題。在定價方面，我想說的是更多的渠道組合，但兩者之間的差異，本季度與上一季度大致相同，這是我們在年初發出的信號。隨著我們將更多的二甲醚轉移到藥房，我們仍然希望在美國渠道遷移。正如預期的那樣繼續。然後我們採用了 OUS 定價，我們降低了定價以換取訪問權限。在我們制定戰略之前，我們預計這將持續到第二季度末。所以這一切都過去了，與預期一致。本季度約為 7000 萬美元。

In terms of basal and beyond, look, basal coverage, we believe, is out there. In terms of what the pricing is, at this point, a lot of the conversations are about category coverage. And currently, category coverage is already relatively defined, defined in pricing today. And so what that means is it could be the same, but would we be willing to talk to folks about increasing access in exchange for price? We'd absolutely entertain the conversation. It'd have to make sense for us for both the returns that we would expect on our performance as well as for our shareholders, but nothing to this point has indicated it would be lower. However, we understand that as more and more folks get access, we will be having those conversations.

就基礎和超越而言，我們相信基礎覆蓋率已經存在。就定價而言，在這一點上，很多對話都是關於品類覆蓋的。目前，類別覆蓋範圍已經相對明確，在今天的定價中定義。那麼這意味著它可能是相同的，但我們願意與人們談論增加訪問以換取價格嗎？我們絕對會愉快地交談。對於我們預期的業績回報以及我們的股東而言，這對我們來說必須是有意義的，但到目前為止還沒有任何跡象表明它會更低。但是，我們知道隨著越來越多的人獲得訪問權限，我們將進行這些對話。

And our next question comes from Marie Thibault from BTIG.

我們的下一個問題來自 BTIG 的 Marie Thibault。

I wanted to go back to something Kevin said earlier about the new software and app experience for the patient with G7 in the U.S. Can you give us a hint of how meaningful that new app experience might be for patient willingness to try the G7, to switch to the G7, and what it might do for patient demand?

我想回到 Kevin 之前所說的關於美國 G7 患者的新軟件和應用程序體驗的內容。你能否給我們暗示新的應用程序體驗對於患者願意嘗試 G7、切換的意義有多大？到 G7，它可能對患者需求有什麼作用？

One of the best features of the limited launch in the U.K. has been getting feedback on the software and people absolutely love the app. From the very beginning, when you start, it is much easier to fire it up and get on the system and understand what CGM is going to do for you and how it's going to work. So for a new user, this is a much, much easier experience and much, much easier start.

在英國有限發布的最佳功能之一是獲得對該軟件的反饋，人們絕對喜歡該應用程序。從一開始，當您開始時，啟動它並進入系統並了解 CGM 將為您做什麼以及它將如何工作要容易得多。所以對於一個新用戶來說，這是一個更容易的體驗和更容易的開始。

The other thing that's very obvious in the software is another feature that our patients love. It's a 30-minute warmup that actually ends up being about 25 minutes once you put the sensor on. I was speaking with a patient just last week, and I asked her what is your favorite and what is your worst thing about G6? And the 2-hour warmup, this very frequently comes up -- was what came up. And so this half hour warmup is going to be a feature. But the software itself, in addition to the typical graph and the sensor reading and the arrows, we also have CLARITY data built into the app that gives you feedback about how you're doing over 1 day, 3 days, 7 days or even a month. So someone can go down and look and see exactly how they're doing and what their trends are, how much time they are spending in range. So it's much more of a full experience for somebody under diabetes care, and our patients all like it tremendously.

該軟件中非常明顯的另一件事是我們的患者喜歡的另一個功能。這是一個 30 分鐘的預熱，一旦你打開傳感器，實際上最終大約需要 25 分鐘。上週我和一位病人交談，我問她你最喜歡什麼，你對 G6 最不滿意的是什麼？而 2 小時的熱身，這個非常頻繁地出現 - 就是出現了。所以這個半小時的熱身將成為一個特色。但是軟件本身，除了典型的圖表和傳感器讀數和箭頭外，我們還在應用程序中內置了 CLARITY 數據，可以為您提供有關您在 1 天、3 天、7 天甚至 1 天的表現的反饋月。所以有人可以下去看看，看看他們到底在做什麼，他們的趨勢是什麼，他們在範圍內花費了多少時間。因此，對於接受糖尿病治療的人來說，這更像是一次完整的體驗，我們的患者都非常喜歡它。

We'll be ready to go on Android and iOS in launch. We're not going to hold either of them back. The other thing with the app, and it's not really on the app, but it's a feature of this product that's been very well accepted as well, I didn't talk much about. We have a new receiver coming. The patients absolutely have loved and are using it very well. And while -- I figured when we went to the phone in the beginning, everybody would immediately migrate to the phone. There's a very large percentage of our customers who use that receiver. They will be greatly enhanced in their experience by going to the next receiver with us. And on the good news front as well, that new receiver, while a better experience, is a much lower cost offering. So I'll get stuff there on the app.

我們將準備好在 Android 和 iOS 上發布。我們不會阻止他們中的任何一個。應用程序的另一件事，它並沒有真正在應用程序上，但它是這個產品的一個功能，也被很好地接受了，我沒有多談。我們有一個新的接收器來了。患者絕對喜歡並且使用得很好。雖然 - 我認為當我們開始使用電話時，每個人都會立即遷移到電話。我們有很大比例的客戶使用該接收器。通過與我們一起前往下一位接收者，他們的體驗將大大增強。好消息是，這款新接收器雖然體驗更好，但成本卻低得多。所以我會在應用程序上找到東西。

And our next question comes from Matthew Blackman.

我們的下一個問題來自馬修布萊克曼。

International growth did step up even though you had a tougher comp. Is that the broader G7 rollout? Dexcom ONE? Some combination of those 2? And I'm also really curious about Germany, in particular, where I think you are going head-to-head versus the newest sensor from your competitor. Just any commentary about sort of geographic performance within that international number.

即使你有一個更艱難的競爭，國際增長確實加快了。這是更廣泛的 G7 部署嗎？德康一號？這兩個的一些組合？我也對德國非常好奇，特別是我認為你將與競爭對手的最新傳感器正面交鋒。只是關於該國際號碼中的某種地理表現的任何評論。

Sure. Yes. We can absolutely answer that. And it's interesting, Dexcom ONE and G7 really haven't contributed all that much to this point. So certainly, it's an exciting future contributor, and we're very, very bullish on both G7 and the opportunity in Dexcom ONE. Dexcom ONE really is in the BELL countries and hasn't contributed all that much and G7 was limited launch. And so what you're seeing is G7 with a more meaningful launch and Dexcom ONE with a more meaningful launch in bigger countries in Q3 and beyond. So what you saw in Q2 was really a continuation of our access and going deeper into countries where we had our G Series. And really, it was broad-based. And it's a continuation of broad-based performance outside the U.S., really across all of our countries, including Germany, where we do go head-to-head with Libre 3.

當然。是的。我們絕對可以回答。有趣的是，Dexcom ONE 和 G7 在這一點上確實沒有做出太多貢獻。所以當然，這是一個令人興奮的未來貢獻者，我們非常非常看好 G7 和 Dexcom ONE 的機會。 Dexcom ONE 確實在 BELL 國家，並沒有做出太多貢獻，G7 是有限推出的。因此，您所看到的是 G7 的發布更有意義，而 Dexcom ONE 則在第三季度及以後在更大的國家/地區進行了更有意義的發布。因此，您在第二季度看到的實際上是我們訪問的延續，並深入我們擁有 G 系列的國家。實際上，它的基礎廣泛。這是美國以外廣泛表現的延續，實際上在我們所有的國家，包括德國，我們確實與 Libre 3 正面交鋒。

And so I think what you can say is that business is doing incredibly well, and there's new catalysts to ultimately support it for upcoming periods. So we are very excited about that international business. And like I said, in countries where we're going up head-to-head with our competitors' most recent product, we continue to do very well and take share. So very, very bullish on our opportunity going forward.

所以我認為你可以說的是業務做得非常好，並且有新的催化劑最終支持它在未來的時期內。因此，我們對這項國際業務感到非常興奮。就像我說的那樣，在我們與競爭對手的最新產品正面交鋒的國家，我們繼續做得很好並佔據份額。非常非常看好我們未來的機會。

And our next question comes from Josh Jennings from Cowen.

我們的下一個問題來自 Cowen 的 Josh Jennings。

This is [Brian] here for Josh. Are you currently seeking or planning to seek CE Mark approval for the software changes you're making in the U.S.? And if so, could you share the projected time line there?

這是喬希的[布賴恩]。您目前是否正在尋求或計劃為您在美國進行的軟件更改尋求 CE 標誌批准？如果是這樣，你能在那里分享預計的時間線嗎？

We already have the software approved for CE Mark in Europe, and we do not plan immediately on implementing the changes that we're putting into the U.S. app. We'll consider that over time. We'll -- we have the app and the software configured to whereby we can launch the product with what we're doing in Europe to sell it and support it there. And if we feel the need to in some period of time, we can implement those changes into the other software and upgrade patient's apps on the phone, but not immediately, no.

我們的軟件已經在歐洲獲得了 CE 標誌的批准，我們不打算立即實施我們對美國應用程序進行的更改。我們會隨著時間的推移考慮這一點。我們將 - 我們配置了應用程序和軟件，以便我們可以推出我們在歐洲所做的產品，以便在那裡銷售和支持它。如果我們覺得需要在某個時間段內進行，我們可以將這些更改實施到其他軟件中並在手機上升級患者的應用程序，但不是立即，不。

Our next question comes from Steven Lichtman from Oppenheimer.

我們的下一個問題來自奧本海默的 Steven Lichtman。

As you're moving G7 to full launch in the U.K., where you now also have Dexcom ONE, just wondering how will those 2 offerings be marketed relative to each other. Should we assume that over time, they sort of merge? And with G7 becoming the primary hardware there, obviously, that's going to happen in more and more countries over time. So wondering if you could talk to your thoughts on that.

當您將 G7 轉移到在英國全面推出時，您現在也擁有 Dexcom ONE，只是想知道這兩種產品將如何相對於彼此進行營銷。我們是否應該假設隨著時間的推移，它們會合併？隨著 G7 成為那裡的主要硬件，顯然，隨著時間的推移，這將在越來越多的國家發生。所以想知道你是否可以談談你的想法。

No, I appreciate that question. We launched Dexcom ONE in Europe, and we're launching in the U.K. because there are many reimbursement opportunities we've not been able to participate in. Our G Series, our G6 and G7 products, are regarded as very high-end sensors for intensive insulin management, integration with insulin pumps. A lot of pediatrics, they share, they follow the other features that have made our products so endeared to our users.

不，我很欣賞這個問題。我們在歐洲推出了 Dexcom ONE，我們正在英國推出，因為有很多我們無法參與的報銷機會。我們的 G 系列、我們的 G6 和 G7 產品被認為是非常高端的傳感器強化胰島素管理，與胰島素泵集成。他們分享了很多兒科，他們遵循使我們的產品深受用戶喜愛的其他功能。

The Dexcom ONE app has -- doesn't have many of those features. It's much more simple, and it falls into a different reimbursement category in many of these geographies. In the U.K., for example, our Dexcom ONE system will literally be -- will go through the pharmacy channel for broad-based distribution and broad-based accessibility for everybody. Whereas our G Series, it requires more documentation, more approval and very specific conditions.

Dexcom ONE 應用程序具有 - 沒有很多這些功能。它要簡單得多，並且在許多這些地區屬於不同的報銷類別。例如，在英國，我們的 Dexcom ONE 系統將通過藥房渠道進行廣泛的分銷和廣泛的可訪問性。而我們的 G 系列則需要更多的文件、更多的批准和非常具體的條件。

As we look at these geographies, we think we have an opportunity with Dexcom ONE to sell a different product and a different system with different features that really won't step over onto our G Series that is fully integrated with other systems and offers all these other features.

當我們審視這些地區時，我們認為我們有機會與 Dexcom ONE 一起銷售不同的產品和具有不同功能的不同系統，這些系統確實不會超越與其他系統完全集成並提供所有這些功能的 G 系列。其它功能。

Ultimately, as I said on the call, we want our Dexcom ONE product to be on the G7 platform as well as we simplify our operating structure over time, but that will take a little while. And so G6 for Dexcom ONE platform, we think, will do very well. And our initial user feedback has been very good.

最終，正如我在電話會議上所說，我們希望我們的 Dexcom ONE 產品能夠在 G7 平台上運行，並且隨著時間的推移我們會簡化我們的運營結構，但這需要一點時間。因此，我們認為 Dexcom ONE 平台的 G6 會做得很好。我們最初的用戶反饋非常好。

The software for Dexcom ONE, I would also add, has been designed on the same platform as the G7 software. So it looks and feels a little more -- much more like G7 than it does G6. So our users will have a great experience there. As long as there are 2 reimbursement categories, we do not see these 2 products coming together from a reimbursement perspective. They might look more alike physically and be on the same platform once we get G7 enough capacity to transfer to the other Dexcom ONE platform. But they won't be the same experience. It won't be reimbursed at the same rates.

我還要補充一點，Dexcom ONE 的軟件是在與 G7 軟件相同的平台上設計的。所以它的外觀和感覺更像 G7，而不是 G6。所以我們的用戶在那裡會有很好的體驗。只要有 2 個報銷類別，我們就不會從報銷的角度看到這 2 個產品。一旦我們獲得 G7 足夠的容量轉移到另一個 Dexcom ONE 平台，它們可能在物理上看起來更相似並且在同一個平台上。但他們不會有同樣的經歷。它不會以相同的費率報銷。

And our next question comes from Larry Biegelsen from Wells Fargo.

我們的下一個問題來自富國銀行的拉里·比格爾森。

This is Nathan on for Larry. Can you comment on what drives the margin improvement in the second half, given the launch of G7? And how should we think about margins into 2023?

這是拉里的內森。鑑於 G7 的推出，您能否評論一下是什麼推動了下半年利潤率的提高？我們應該如何考慮到 2023 年的利潤率？

Sure. Let me talk about the second half, and we won't get too, too much into 2023 specifically other than we all have -- our long-range plan is 65%. And so that's the way we generally think about things.

當然。讓我談談下半年，我們不會在 2023 年得到太多，特別是除了我們所有人之外——我們的長期計劃是 65%。這就是我們通常思考事物的方式。

In terms of the back half of the year, typically, what happens is as we go typical seasonality, as we go through the course of the year, and part of this has to do with who's ultimately purchasing the product, margins typically get better.

就下半年而言，通常情況下，隨著我們經歷典型的季節性變化，當我們經歷一年的過程時，其中一部分與最終購買產品的人有關，利潤率通常會變得更好。

Now that was thrown on its head a little bit as we were launching G7. I mean we had some timing things about when that would launch and what countries that would go into. So what you're finding is, is for the first half of the year, we obviously had a few different unique items that impacted margins. What you're really finding is the run rate for our margin for the first half of the year, absent these, was just below 65%.

現在，當我們推出 G7 時，這有點被拋到腦後。我的意思是我們有一些關於何時啟動以及將進入哪些國家的時間安排。所以你發現，在今年上半年，我們顯然有一些不同的獨特項目影響了利潤率。您真正發現的是，如果沒有這些，我們上半年的利潤率運行率略低於 65%。

Back half of the year, we expect it to be just the opposite, just north of 65% as we hit that typical seasonality. We will have a little bit of pressure from the launch of G7 outside the U.S. However, that will clearly be offset through the G6 throughput that you ultimately see. And the reason to tick up in the back half of the year in some ways is due to -- with the G7 launch in a meaningful way outside -- inside the U.S. sliding into Q1 of next year, you do see that performance on that G6 platform, which continues to have nice margins play through over the course of the rest of the year. So we have a lot of confidence, 65% for the year, even despite all of the macroeconomic conditions.

今年下半年，我們預計情況正好相反，在我們達到典型的季節性時，將略高於 65%。 G7 在美國以外的推出會給我們帶來一點壓力。但是，這顯然會被您最終看到的 G6 吞吐量所抵消。在某些方面，今年下半年上漲的原因是——隨著 G7 在外部以一種有意義的方式推出——美國國內滑入明年第一季度，你確實看到了 G6 的表現該平台在今年餘下的時間裡繼續保持可觀的利潤。所以我們有很大的信心，今年有 65% 的信心，即使在所有宏觀經濟條件下也是如此。

We have no more questions at this time. I'll turn it back to the speakers for closing comments.

目前我們沒有更多問題。我將把它轉回給發言者以結束評論。

Well, again, thanks, everybody, for participating on the call. One of the great things that's happened in the second quarter has been my own ability to get out and talk and meet with people going to ADA and also some other conferences where I've spoken. And I've never seen Dexcom more respected and more visible than we are now.

好吧，再次感謝大家參與電話會議。第二季度發生的一件很棒的事情是我自己能夠走出去與參加 ADA 的人以及我曾在其他一些會議上發言的人交談和會面。而且我從未見過 Dexcom 比我們現在更受尊重和更引人注目。

Our customer satisfaction scores, as I talked earlier, have never been higher, and that's what you hear in real life. People are absolutely thrilled with the performance of our product and the problem that we solve for them. It's never been a better time here. We have a number of Dexcom ONE launches coming out over the next few quarters on top of that with G7 as well, both presenting great revenue and growth opportunities for us. And our operations are running very efficiently and smoothly. Everybody, have a great day, and thanks for participating on the call.

正如我之前所說，我們的客戶滿意度得分從未如此之高，這就是您在現實生活中聽到的。人們對我們產品的性能以及我們為他們解決的問題感到非常興奮。從來沒有比這裡更好的時光了。除了 G7 之外，我們還將在接下來的幾個季度推出許多 Dexcom ONE，它們都為我們帶來了巨大的收入和增長機會。我們的運營運行非常高效和順利。大家，祝您有美好的一天，感謝您參加電話會議。

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

謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。