德康醫療 (DXCM) 2022 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Dexcom Fourth Quarter 2022 Earnings Release Conference Call. My name is Abby, and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded.

女士們，先生們，歡迎來到 Dexcom 2022 年第四季度收益發布電話會議。我叫艾比，我將是您今天電話的接線員。 （操作員說明）提醒一下，會議正在錄製中。

And I will now turn the call over to Sean Christensen, Vice President of Finance and Investor Relations. Sean, you may begin.

我現在將把電話轉給財務和投資者關係副總裁肖恩克里斯滕森。肖恩，你可以開始了。

Thank you, Abby, and welcome to Dexcom's Fourth 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. Following our prepared remarks, we will open the call up for your questions. (Operator Instructions)

謝謝你，艾比，歡迎來到 Dexcom 的 2022 年第四季度財報電話會議。我們的議程從 Dexcom 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 的財務回顧和展望。在我們準備好的評論之後，我們將打開您的問題的電話。 （操作員說明）

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. Some of the 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上發表的一些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、經營計劃和業績的意圖、信念和期望。本演示文稿中包含的所有前瞻性陳述均根據 Dexcom 目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, 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.

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、最近的 10-Q 表格季度報告和提交給證券公司的其他文件中有詳細說明和交易佣金。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. Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis. 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 fourth quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure.

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。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。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。請參閱我們的收益發布中的表格和我們第四季度收益報告隨附的幻燈片，以了解這些措施與其最直接可比的 GAAP 財務措施的對賬情況。

Now I will turn it over to Kevin.

現在我將把它交給凱文。

Thank you, Sean, and thank you, everyone, for joining us. I'd like to start by reviewing some of Dexcom's key accomplishments in 2022. Total revenue grew 20% on an organic basis driven by another year of record new customer starts. This translates into more than $475 million of organic revenue growth compared to last year as we saw another step forward for CGM awareness and Dexcom brand loyalty. We added nearly 450,000 Dexcom users to our base in 2022 and ended the year with close to 1.7 million customers globally. Our team did a great job generating this customer engagement and growth while simultaneously enhancing the scale and efficiency of our organization.

謝謝肖恩，也謝謝大家加入我們。首先，我想回顧一下 Dexcom 在 2022 年取得的一些主要成就。在又一年創紀錄的新客戶開工的推動下，總收入有機增長了 20%。與去年相比，這轉化為超過 4.75 億美元的有機收入增長，因為我們看到 CGM 知名度和 Dexcom 品牌忠誠度又向前邁進了一步。我們在 2022 年為我們的基地增加了近 450,000 名 Dexcom 用戶，到年底在全球擁有近 170 萬客戶。我們的團隊在促進客戶參與和增長方面做得很好，同時提高了我們組織的規模和效率。

Our operations team demonstrated world-class performance this year, ensuring adequate supply in a difficult macro environment and providing on-time delivery rates of greater than 99%. We drove over 500 basis points of operating expense leverage in 2022 despite broad inflationary pressure. This was not the result of reactionary cost cutting. Instead, it reflects decisions made years ago at our company to foster a culture of cost discipline as we grow.

我們的運營團隊在今年展現了世界一流的表現，在困難的宏觀環境中確保了充足的供應，並提供了超過 99% 的準時交付率。儘管普遍存在通脹壓力，但我們在 2022 年將運營費用槓桿率提高了 500 多個基點。這不是反動成本削減的結果。相反，它反映了我們公司多年前做出的決定，即隨著我們的成長培養一種成本紀律的文化。

From a strategic perspective, we will look back at 2022 as a pivotal year for our company. We advanced several of our most important initiatives, including multiple new product launches, significant access wins, new market development and a further extension of our market-leading performance in connectivity. Everything we achieved this past year helps build a foundation for years of sustainable growth ahead.

從戰略的角度來看，我們將回顧2022年作為我們公司的關鍵一年。我們推進了幾項最重要的舉措，包括多個新產品發布、重要的訪問勝利、新市場開發以及進一步擴展我們在連接方面的市場領先性能。我們在過去一年取得的一切成就都有助於為未來多年的可持續增長奠定基礎。

For example, in October, CMS published a proposed local coverage determination that would meaningfully expand access to CGM technology for the Medicare population. This proposal would broaden coverage to include people with type 2 diabetes using basal insulin only as well as certain non-insulin-using individuals that experience hypoglycemia. This result was led by the publication of Dexcom's MOBILE study and furthered by a strong partnership with the diabetes community. We heard broad support and enthusiasm from key stakeholders during the comment period and expect the ruling to be finalized in the coming months.

例如，10 月，CMS 發布了一項擬議的本地覆蓋範圍確定，該確定將有意義地擴大 Medicare 人群對 CGM 技術的訪問。該提案將擴大覆蓋範圍，以包括僅使用基礎胰島素的 2 型糖尿病患者以及某些經歷過低血糖的非胰島素使用個體。該結果由 Dexcom 的 MOBILE 研究的發布引領，並通過與糖尿病社區的強大合作進一步推進。在評論期間，我們聽到了主要利益相關者的廣泛支持和熱情，並預計該裁決將在未來幾個月內最終確定。

As a reminder, we size the basal-only type 2 population at 3 million people in the United States. Between this Medicare ruling and broader commercial coverage, which we expect to follow shortly, this population has the potential to nearly double our addressable reimbursed market in the United States.

提醒一下，我們將美國僅有的基礎 2 型人口規模定為 300 萬人。在這項 Medicare 裁決和我們預計不久將遵循的更廣泛的商業覆蓋範圍之間，這一人口有可能使我們在美國的可尋址報銷市場增加近一倍。

Outside the United States, our team has been equally focused on building greater access. We drove many positive coverage decisions from Mobile payers over the course of 2022. These access wins were in response to the strong clinical evidence we continue to generate as well as the introduction of our portfolio strategy in many of these markets.

在美國以外，我們的團隊同樣專注於建立更大的訪問權限。在 2022 年期間，我們推動了移動支付者做出許多積極的覆蓋決定。這些訪問勝利是對我們繼續產生的強有力的臨床證據以及我們在許多這些市場中引入我們的投資組合戰略的回應。

2022 was the first time that we brought multiple Dexcom products to a single market, and this strategy has enabled us to significantly extend our reach. By offering multiple products, we can provide a unique value proposition that meets the specific needs of our diverse base of customers, clinicians and payers.

2022 年是我們首次將多種 Dexcom 產品引入單一市場，這一戰略使我們能夠顯著擴大我們的影響力。通過提供多種產品，我們可以提供獨特的價值主張，以滿足我們不同客戶群、臨床醫生和付款人的特定需求。

A great example is in the U.K., where Dexcom ONE was added to the national formulary for all people with intensively managed diabetes. Collectively, our international access initiatives have helped us expand our reimbursed coverage by 3.5 million lives over the past 18 months.

一個很好的例子是在英國，Dexcom ONE 被添加到所有糖尿病患者的全國處方集中。總的來說，我們的國際准入計劃在過去 18 個月幫助我們將報銷覆蓋範圍擴大了 350 萬人。

2022 will also be remembered as the year of G7. We received both CE Mark and FDA regulatory clearance for G7 and initiated a full launch outside the United States. The feedback from our customers has been everything we'd hope for. We are hearing consistent praise for the new features, such as the 60% smaller form factor, shorter warm-up period and more engaging and consumer-friendly app.

2022年也將作為G7年被銘記。我們獲得了 G7 的 CE 標誌和 FDA 監管許可，並開始在美國境外全面推出。客戶的反饋正是我們所希望的。我們聽到了對新功能的一致好評，例如縮小 60% 的外形尺寸、更短的預熱時間以及更具吸引力和對消費者友好的應用程序。

Perhaps the most encouraging is that 97% of initial users surveyed have found G7 easy to use. We designed this product to simplify the lives of our customers, and we are thrilled to see that emphasis resonating. All of this leaves us incredibly excited to bring G7 to the U.S. In fact, we began shipping this week into our U.S. distribution channels to support our rollout.

也許最令人鼓舞的是，97% 的受訪初始用戶認為 G7 易於使用。我們設計這款產品是為了簡化客戶的生活，我們很高興看到這種強調引起共鳴。所有這一切讓我們對將 G7 帶到美國感到無比興奮。事實上，我們本週開始向我們的美國分銷渠道發貨以支持我們的推出。

We have quickly ramped up production capacity to support the launch with our automated G7 lines already capable of producing more than 100,000 sensors a day. We want to get G7 into the hands of as many people as possible. So in conjunction with our launch, we've established a bridge program to simplify access for our early adopters. This program will provide new and existing customers access to G7 immediately and allow us to go to market in a broad and expedited manner.

我們迅速提高了生產能力，以支持我們的自動化 G7 生產線的發布，該生產線已經能夠每天生產超過 100,000 個傳感器。我們想讓盡可能多的人掌握 G7。因此，結合我們的發布，我們建立了一個橋樑計劃來簡化早期採用者的訪問。該計劃將使新客戶和現有客戶能夠立即訪問 G7，並使我們能夠以更廣泛、更快捷的方式進入市場。

Behind the scenes, we continue to advance our discussions with payers to build reimbursement. Our conversations have progressed very well, and we are well on track with our G7 coverage plans.

在幕後，我們繼續推進與付款人的討論以建立報銷。我們的對話進展順利，我們的 G7 覆蓋計劃進展順利。

More importantly, we are not going to be bashful about what we think of this product. G7 is the new gold standard in diabetes technology. This is the most accurate, easy-to-use and accessible CGM ever produced, and we want to share this message with the world. As a result, we will be releasing our second-ever Super Bowl commercial this Sunday. We're again teaming up with one of our most recognizable Dexcom warriors, Nick Jonas, to announce the G7 is here.

更重要的是，我們不會對我們對這款產品的看法感到害羞。 G7 是糖尿病技術的新黃金標準。這是有史以來最準確、易於使用和可訪問的 CGM，我們希望與全世界分享這一信息。因此，我們將在本週日發布我們的第二個超級碗廣告。我們再次與我們最知名的 Dexcom 戰士之一 Nick Jonas 合作，宣布 G7 就在這裡。

This is a great opportunity to connect not only with our loyal G6 users but with the millions of people with diabetes that still do not use CGM. We want these individuals, their caregivers and their loved ones to know that Dexcom can help them live healthier lives.

這是一個很好的機會，不僅可以聯繫我們忠實的 G6 用戶，還可以聯繫數百萬仍未使用 CGM 的糖尿病患者。我們希望這些人、他們的護理人員和他們的親人知道 Dexcom 可以幫助他們過上更健康的生活。

With that, I'll turn it over to Jereme for a review of the fourth quarter financials. Jereme?

有了這個，我將把它交給 Jereme 來審查第四季度的財務狀況。傑瑞姆？

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.

謝謝你，凱文。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。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 2022, we reported worldwide revenue of $815 million compared to $698 million for the fourth quarter of 2021, representing growth of 20% on an organic basis. As a reminder, our definition of organic revenue excludes currency in addition to non-CGM revenue acquired in the trailing 12 months.

2022 年第四季度，我們報告全球收入為 8.15 億美元，而 2021 年第四季度為 6.98 億美元，有機增長 20%。提醒一下，除了過去 12 個月內獲得的非 CGM 收入外，我們對有機收入的定義不包括貨幣。

U.S. revenue totaled $606 million for the fourth quarter compared to $517 million in the fourth quarter of 2021, representing growth of 17%. Our recent momentum in the U.S. continued into Q4 as we delivered another strong quarter of volume growth and solid new customer starts.

第四季度美國收入總計 6.06 億美元，而 2021 年第四季度為 5.17 億美元，增長 17%。我們最近在美國的勢頭一直持續到第四季度，因為我們實現了又一個強勁的季度銷量增長和穩定的新客戶開工。

We were very encouraged by the prescribing trends we saw in the fourth quarter, and we closed the year with around 75% of our commercial scripts going through the pharmacy channel. This represents the endpoint of a multiyear channel journey. And we believe our current structure maximizes access for our users as the most covered CGM and supports greater customer choice in how they access the most accurate CGM.

我們對第四季度的處方趨勢感到非常鼓舞，我們在這一年結束時約有 75% 的商業處方通過藥房渠道。這代表了多年渠道之旅的終點。我們相信，我們當前的結構最大限度地為我們的用戶提供了覆蓋範圍最廣的 CGM，並支持客戶在如何訪問最準確的 CGM 方面有更多選擇。

International revenue grew 15%, totaling $209 million in the fourth quarter. International organic revenue growth was 27% for the fourth quarter. We continue to take share in international markets as the introduction of new products and access wins over the past year leave us in a wonderful position to compete for new users.

第四季度國際收入增長 15%，總計 2.09 億美元。第四季度國際有機收入增長 27%。隨著新產品的推出和過去一年贏得的訪問權，我們繼續在國際市場上佔有份額，這使我們在爭奪新用戶方面處於有利地位。

For example, in response to the sizable U.K. coverage decision we received last August, our revenue growth has accelerated over the past 2 quarters in that region. Even though this was already one of our largest OUS markets, there has been a clear uptick in demand following this broad expansion of access.

例如，為了響應我們去年 8 月收到的相當大的英國覆蓋決定，我們在過去兩個季度在該地區的收入增長加速。儘管這已經是我們最大的 OUS 市場之一，但隨著准入的廣泛擴展，需求明顯上升。

Our fourth quarter gross profit was $544 million or 66.7% of revenue compared to 67.7% of revenue in the fourth quarter of 2021. Foreign currency was an 80 basis point negative impact on gross margin in the quarter. Operating expenses were $372 million for the fourth quarter of 2022 compared to $461 million in the fourth quarter of 2021.

我們第四季度的毛利潤為 5.44 億美元，佔收入的 66.7%，而 2021 年第四季度為 67.7%。外匯對本季度的毛利率產生了 80 個基點的負面影響。 2022 年第四季度的運營費用為 3.72 億美元，而 2021 年第四季度為 4.61 億美元。

You may recall that in the fourth quarter of 2021, we recognized an $87 million expense associated with the contingent milestone under the 2018 collaboration and license agreement with Verily Life Sciences. Absent this, our operating expenses for the fourth quarter of 2022 would have been relatively flat year-over-year. This represents another quarter of very disciplined cost management as we generated 800 basis points of OpEx leverage.

您可能還記得，在 2021 年第四季度，根據與 Verily Life Sciences 簽訂的 2018 年合作和許可協議，我們確認了與或有里程碑相關的 8700 萬美元費用。如果沒有這一點，我們 2022 年第四季度的運營費用同比將相對持平。這代表了另外四分之一的非常嚴格的成本管理，因為我們產生了 800 個基點的運營支出槓桿。

Operating income was $172.1 million or 21.1% of revenue in the fourth quarter of 2022 compared to $12 million or 1.7% of revenue in the same quarter of 2021. Even excluding the Verily charge from 2021, this highlights incredibly strong operating expense leverage in our current year, which more than offsets our step backwards in gross margin.

2022 年第四季度營業收入為 1.721 億美元，佔收入的 21.1%，而 2021 年同期為 1200 萬美元，佔收入的 1.7%。即使不包括 2021 年的 Verily 費用，這也凸顯了我們當前的營業費用槓桿非常強勁年，這足以抵消我們在毛利率方面的倒退。

Adjusted EBITDA was $237.1 million or 29.1% of revenue for the fourth quarter compared to $67.3 million or 9.6% of revenue for the fourth quarter of 2021. Net income for the fourth quarter was $136.3 million or $0.34 per share.

第四季度調整後的 EBITDA 為 2.371 億美元，佔收入的 29.1%，而 2021 年第四季度為 6730 萬美元，佔收入的 9.6%。第四季度淨收入為 1.363 億美元，佔每股 0.34 美元。

We remain in a great financial position, closing the quarter with approximately $2.5 billion worth of cash and cash equivalents. This cash level provides organizational flexibility to support our organic growth opportunity and assess strategic uses of capital on an ongoing basis, such as the accelerated share repurchase program we executed in 2022 and ongoing development of our Malaysia manufacturing facility.

我們仍然保持良好的財務狀況，本季度結束時擁有價值約 25 億美元的現金和現金等價物。這一現金水平提供了組織靈活性，以支持我們的有機增長機會並持續評估資本的戰略用途，例如我們在 2022 年執行的加速股票回購計劃以及我們馬來西亞製造工廠的持續發展。

Turning to 2023 guidance. As we stated last month. We anticipate total revenue to be in the range of $3.35 billion to $3.49 billion, representing growth of 15% to 20%. This reflects another year of strong underlying volume growth, which will again exceed our revenue growth rate for the year.

轉向 2023 年指導。正如我們上個月所說。我們預計總收入將在 33.5 億美元至 34.9 億美元之間，增長 15% 至 20%。這反映了又一年的強勁基礎銷量增長，這將再次超過我們當年的收入增長率。

To help provide some insight into the makeup of our guidance this year, we recently provided some additional color around our expectations. First, earlier on this call, Kevin discussed our plans to support our initial G7 customers with a bridge program. We expect this program to impact our revenue per customer early in the year as we provide G7 access at an affordable cash rate as we build reimbursement. We expect this impact to narrow over the course of the year as broader coverage is secured.

為了幫助深入了解我們今年指南的構成，我們最近圍繞我們的期望提供了一些額外的顏色。首先，在本次電話會議的早些時候，凱文討論了我們通過橋接計劃支持我們最初的 G7 客戶的計劃。我們預計該計劃將在今年年初影響我們每位客戶的收入，因為我們在建立報銷時以可承受的現金利率提供 G7 訪問權限。隨著更廣泛的覆蓋範圍得到保障，我們預計這一影響將在今年縮小。

Internationally, we estimate that around 1/3 of our new customer starts will come in through the Dexcom ONE platform. Therefore, this business will start to have a more material impact on numbers this year as that customer base builds.

在國際上，我們估計大約 1/3 的新客戶將通過 Dexcom ONE 平台進入。因此，隨著客戶群的建立，這項業務今年將開始對數字產生更大的影響。

For the type 2 basal opportunity, we anticipate CMS reimbursement to be finalized for this population by midyear and begin contributing to our results in the second half of 2023. We expect this population to contribute approximately 1% of our total revenue in 2023.

對於第 2 類基礎機會，我們預計 CMS 報銷將在年中完成，並在 2023 年下半年開始為我們的業績做出貢獻。我們預計該人群將在 2023 年貢獻我們總收入的約 1%。

Turning to margins. We expect gross profit margin to be in the range of 62% to 63%. This assumed year-over-year decline is primarily related to the impact of the broader G7 launch. As with any launch, we will initially be running at lower production volumes, and it will take some time for our new manufacturing lines to scale. Importantly, this is a temporary dynamic, and we still expect G7 product costs to be less than G6 at scale.

轉向利潤率。我們預計毛利率將在 62%至 63%之間。這一假設的同比下降主要與更廣泛的 G7 啟動的影響有關。與任何發布一樣，我們最初將以較低的產量運行，我們的新生產線需要一些時間才能擴大規模。重要的是，這是暫時的動態，我們仍然預計 G7 的產品成本在規模上會低於 G6。

Despite the step backwards in gross margin, we are guiding for operating margins to be relatively flat year-over-year at 16.5%, which reflects another 150 to 250 basis points of operating expense leverage in 2023. This is the result of ongoing cost initiatives at our organization, which continue to drive leverage even as we allocate greater investment to support our global commercial infrastructure and G7 launch. Finally, we expect adjusted EBITDA margins of approximately 26% in 2023.

儘管毛利率倒退，但我們指導營業利潤率同比相對持平，為 16.5%，這反映出 2023 年營業費用槓桿將再增加 150 至 250 個基點。這是持續成本舉措的結果在我們的組織中，即使我們分配更多投資來支持我們的全球商業基礎設施和 G7 啟動，它們也會繼續推動槓桿作用。最後，我們預計 2023 年調整後的 EBITDA 利潤率約為 26%。

With that, I will pass it back to Kevin.

有了這個，我會把它傳回給凱文。

Thanks, Jereme. To summarize, we are incredibly excited about the opportunity ahead with G7, and we're rolling out product to our distributors as we speak, and we're ready for a big launch in the U.S.

謝謝，傑里姆。總而言之，我們對 G7 未來的機會感到無比興奮，我們正在向我們的分銷商推出產品，我們已準備好在美國進行大規模發布。

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

我現在想打開問答環節。肖恩？

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

謝謝你，凱文。 （操作員說明）艾比，請提供問答說明。

(Operator Instructions) We will take our first question from Jeff Johnson with Baird.

（操作員說明）我們將與貝爾德一起回答傑夫約翰遜的第一個問題。

Let me ask you just a 2-part question on G7, if I could. Kevin, on your website, you talk about adding more commercial coverage for G7 every day. I guess, could you give us a number of what percentage of covered lives or lives are covered currently in the commercial channel for G7 and where you expect that to go maybe over the next quarter or 2?

如果可以的話，讓我問你一個關於 G7 的兩部分問題。凱文，在你的網站上，你每天都在談論為 G7 增加更多的商業報導。我想，您能否告訴我們 G7 的商業渠道目前覆蓋的生命或生命所佔的百分比，以及您預計下個季度或第二個季度的情況？

And I think Libre 3 has now been in the pharmacy channel for about 4 months or so in the U.S. Obviously, your business looks like it's probably safe with the AID users in the Medicare channel. But for your stand-alone T1 users, have you seen any change in your attrition rate? Anything as we kind of look at that Libre 3 versus G6 dynamic that has changed in the last few months that Libre 3 has been out there?

而且我認為 Libre 3 現在已經在美國的藥店渠道中使用了大約 4 個月左右。顯然，您的業務看起來對於 Medicare 渠道中的 AID 用戶來說可能是安全的。但是對於您的獨立 T1 用戶，您是否發現流失率有任何變化？在我們觀察過去幾個月 Libre 3 與 G6 之間發生變化的 Libre 3 動態時，有什麼變化嗎？

Thanks, Jeff. Yes, I appreciate that. This is Jereme. So to your question on coverage, we're still in the throes of the commercial DME and the Medicare coverage. We talked about on G7 taking about 90 days.

謝謝，傑夫。是的，我很感激。這是傑瑞姆。因此，對於您關於覆蓋範圍的問題，我們仍處於商業 DME 和 Medicare 覆蓋範圍的陣痛中。我們談到 G7 大約需要 90 天。

But on the pharmacy side, we're actually a little bit ahead of schedule. Kevin referenced, we're well on track to the point where I talked about, about a $30 million-ish hit in Q1 as a result of our bridge program. That number is more like $15 million now, and that's because some of those pharmacy contracts are coming in earlier. So we are making great progress, and we continue to get that every day. And the signs lead to more and more contracts coming over, maybe even ahead of schedule.

但在藥房方面，我們實際上比計劃提前了一點。凱文提到，由於我們的橋樑計劃，我們正朝著我所說的方向前進，第一季度的收入約為 3000 萬美元。這個數字現在更像是 1500 萬美元，這是因為其中一些藥房合同來得更早。所以我們正在取得很大的進步，而且我們每天都在繼續取得進展。這些跡象導致越來越多的合同到來，甚至可能提前完成。

In terms of the question then on competitive dynamics, maybe I can start and then Kevin will obviously have a few thoughts there. We had a record new patient start in Q4. If that gives you any context to we had another solid new patient quarter. So while we have seen competitive product out there, we continue to do very, very well with G6 to the point where we have seen incredible strength there. And that's, of course, on the heels of a G7 launch, which as we referenced, is coming out here in the next coming days.

關於競爭動態的問題，也許我可以開始，然后凱文顯然會有一些想法。我們在第四季度有一個創紀錄的新患者開始。如果這給你任何背景，我們有另一個可靠的新病人區。因此，雖然我們看到了有競爭力的產品，但我們繼續在 G6 上做得非常非常好，以至於我們在那裡看到了令人難以置信的實力。當然，這是在 G7 發布之後，正如我們所提到的，它將在接下來的幾天內發布。

Kevin, I don't know if you have anything else to add there.

凱文，我不知道你還有什麼要補充的。

No. I would tell you what we're also hearing is a great deal of excitement from our user base for G7. So with respect to your question regarding how our G6 users doing, they're very anxious to get G7 and very excited to go. So we're feeling good about where we are right now.

不。我想告訴你的是，我們還聽到我們的用戶群對 G7 感到非常興奮。因此，關於您關於我們的 G6 用戶表現如何的問題，他們非常渴望獲得 G7，並且非常興奮。所以我們對我們現在所處的位置感覺很好。

We will take our next question from Larry Beigelsen with Wells Fargo.

我們將從富國銀行的 Larry Beigelsen 那裡回答下一個問題。

Kevin, I wanted to ask about the ramp in the type 2 basal population. I think people were a little surprised you only expected 1% growth contribution in '23. I guess, that would be about $60 million on an annual run rate. At the last investor meeting, you said you expect $700 million in revenues in 2025 from sources other than insulin-intensive patients, and I think this was mostly type 2 basal. So the question is, do you still expect $700 million by 2025 from these non-intensive sources? And how do you see the ramp in the type 2 basal population?

凱文，我想問一下 2 型基礎人口的增長情況。我認為人們對您在 23 年僅預期 1% 的增長貢獻感到有點驚訝。我想，按年運行率計算，這大約是 6000 萬美元。在上次投資者會議上，您表示預計 2025 年將從胰島素密集型患者以外的來源獲得 7 億美元的收入，我認為這主要是 2 型基礎。所以問題是，到 2025 年，您是否仍期望從這些非密集來源獲得 7 億美元？您如何看待 2 型基礎人口的增長？

Well, Larry, our -- I'm going to talk for a bit. I'll turn it over to Jereme. Our initial estimates, it's 1% of our total revenues would come from that. And that's a reasonably sized number. We plan for July, second half of the year, approval and rolling it out from there. It may go faster than that, but we've been conservative in our estimates, and we will make every attempt to beat those.

好吧，拉里，我們的——我要談一談。我會把它交給 Jereme。我們初步估計，我們總收入的 1% 將來自於此。這是一個相當大的數字。我們計劃在今年下半年的 7 月批准並從那裡推出。它可能會比這更快，但我們的估計一直很保守，我們將盡一切努力超越這些。

As we look out to 2025, that non-intensive insulin space is not just basal users. We believe our CGM product will be very valuable amongst a number of markets in the type 2 space and also in metabolic health. So it's not just basal users there. It's a lot more than that. And many of the basal users, as you well know, move up to be intensive insulin users as well. So we view that population as moving and shifting with us as they go.

當我們展望 2025 年時，非強化胰島素空間不僅僅是基礎用戶。我們相信我們的 CGM 產品將在 2 型空間和代謝健康的許多市場中非常有價值。所以那裡不僅僅是基礎用戶。遠不止於此。正如您所知，許多基礎用戶也升級為胰島素密集型用戶。因此，我們認為人口隨著我們的移動而移動。

Jereme, you have anything else to add?

Jereme，你還有什麼要補充的嗎？

Sure. Yes. Larry, so the $60 million number you're referencing would assume, say, everybody started on July 1 and they went through the end of the year. The reality is that some folks will start in July, some folks will start in December. And so really, the exit velocity is much higher than that on a run rate perspective.

當然。是的。拉里，所以你提到的 6000 萬美元的數字假設，比方說，每個人都從 7 月 1 日開始，他們經歷了年底。事實上，有些人會在七月開始，有些人會在十二月開始。因此，實際上，退出速度比運行率的角度要高得多。

If you were to blend it, average it over the course of the year, you're really only getting 3 months of revenue contribution. And so you kind of do the math there, and the exit rate is a little bit higher than I think what you're implying. So we are really, really bullish on it.

如果你要混合它，在一年中平均它，你實際上只得到 3 個月的收入貢獻。所以你在那裡做數學，退出率比我認為你暗示的要高一點。所以我們真的非常看好它。

But it is a recurring revenue business. So what we need to do is get those -- get that coverage out there, get the scripts in. And so, look, I understand the question. It's a big, big market with a big, big opportunity. We plan on playing in it, and we plan on playing it in a big way. But obviously, we want to be prudent around guidance. And certainly, if things go better than that, then we'll always try to do so. We'll report back to everybody.

但這是一項經常性收入業務。所以我們需要做的就是得到那些 - 得到那些報導，得到腳本。所以，看，我理解這個問題。這是一個巨大的市場，蘊藏著巨大的機遇。我們計劃參與其中，我們計劃以一種大的方式參與其中。但顯然，我們希望在指導方面保持謹慎。當然，如果事情比這更好，那麼我們將一直努力這樣做。我們會向大家匯報。

We will take our next question from Margaret Kaczor with William Blair.

我們將與威廉·布萊爾一起接受瑪格麗特·卡佐爾的下一個問題。

I wanted to maybe take Larry's question a step further and just kind of talk about the potential pace of adoption within type 2 basal, maybe not just this year, but really more over an 18-month, 24-month period? And is it fair at all to compare it to, I guess, what attritional type of insulin diabetic population is? Is it going to be easier, harder, I guess, to drive adoption or are there guardrails on penetration?

我想也許將 Larry 的問題更進一步，只是談談在 2 型基礎中採用的潛在速度，也許不僅僅是今年，但實際上在 18 個月、24 個月的時間段內更多？將它與胰島素糖尿病人群的消耗類型進行比較是否公平？我想，推動採用會更容易，還是更難，或者是否存在滲透護欄？

And then just because you brought up metabolic health to non-insulin diabetics, 2025 is just around the corner. So should we expect, I guess, a more meaningful impact from here as early as next year?

然後，僅僅因為您向非胰島素糖尿病患者提出了新陳代謝健康問題，2025 年就在眼前。那麼，我想，我們是否應該期待最早在明年從這裡產生更有意義的影響？

Yes. So let me start on the base, and then I can turn it over to Kevin from that perspective. And so the ramp in basal is going to be a bit interesting. We'll give you kind of the way we think about it. Think about it as -- I generally start with type 2 intensive, and you think about that ramp and you think about coverage and how that takes place. And if the coverage takes place over a similar time, you'd expect a relatively similar ramp.

是的。所以讓我從基礎開始，然後我可以從那個角度把它交給凱文。所以基礎的斜坡會有點有趣。我們會給你一種我們思考它的方式。把它想像成——我通常從 2 型強化開始，然後你考慮那個斜坡，你考慮覆蓋範圍以及它是如何發生的。如果報導發生在相似的時間，你會期望一個相對相似的斜坡。

Now I'd caveat that by saying there's more awareness today. And hence, the Super Bowl commercial is a good opportunity for us to continue to raise that awareness. However, the place in which the basal patients cede is a wider swath of physicians.

現在我要警告說今天有更多的意識。因此，超級碗廣告是我們繼續提高這種意識的好機會。然而，基礎患者放棄的地方是更廣泛的醫生。

And so we don't have an exact crystal ball here. If you're using prior analogs, the best analog is type 2 intensive would be about the adoption rate. But I think as time moves on, we'll be able to give you a little bit more color. But that's kind of our best crystal ball.

所以我們這裡沒有確切的水晶球。如果您使用的是先前的類似物，那麼最好的類似物是類型 2 密集型將與採用率有關。但我認為隨著時間的推移，我們將能夠為您提供更多顏色。但這是我們最好的水晶球。

And then maybe, Kevin, if you want to give just some general thoughts about metabolic health and the opportunities there.

然後也許，凱文，如果你想就代謝健康和那裡的機會給出一些一般性的想法。

No. As we look out to the future, Margaret, particularly with our easy-to-use G7 platform that we're launching today, we believe our future is very bright as we deal with metabolic health. We've changed our mission statement to help people control their health, not just diabetes anymore.

不。當我們展望未來時，瑪格麗特，特別是我們今天推出的易於使用的 G7 平台，我們相信我們的未來是非常光明的，因為我們處理代謝健康。我們改變了我們的使命宣言，以幫助人們控制他們的健康，而不僅僅是控製糖尿病。

We continue to see very positive results from several programs who are using sensors to assist people in these endeavors. And over time, and particularly with type 2 management and all the type 2 drug alternatives on the horizon, we believe CGM becomes a very important part of that health equation. And we're continuing to work on product offerings and business models. So it will be differentiated from what we do today and geared towards that population.

我們繼續從幾個使用傳感器幫助人們進行這些努力的項目中看到非常積極的結果。隨著時間的推移，特別是隨著 2 型管理和所有即將出現的 2 型藥物替代品的出現，我們相信 CGM 將成為該健康方程式中非常重要的一部分。我們將繼續致力於產品供應和商業模式。因此，它將與我們今天所做的有所不同，並面向該人群。

We're really excited about the opportunity. And it will continue to mature over 2023, and then we'll see what happens in 2024. We've got a lot of basal patients to reach first. So let's go after them, and then we'll continue to move to the other areas as well.

我們對這個機會感到非常興奮。它將在 2023 年繼續成熟，然後我們將看到 2024 年會發生什麼。我們有很多基礎患者需要首先接觸。所以讓我們去追他們，然後我們也會繼續轉移到其他地區。

And we will take our next question from Robbie Marcus with JPMorgan.

我們將接受摩根大通羅比馬庫斯的下一個問題。

Congrats on a nice quarter. Wanted to ask about the European or OUS experience. And it looks like you're gaining share, you're doing well. How much of that is being driven by G7? And what's the feedback there? And any head-to-head color you could give us versus Libre 3 in the markets where it participates? And then also sort of same question on Dexcom ONE and the impact you're seeing there.

祝賀一個不錯的季度。想問一下歐洲或者OUS的經歷。看起來你正在獲得份額，你做得很好。其中有多少是由 G7 推動的？那裡的反饋是什麼？在 Libre 3 參與的市場中，你可以給我們任何正面交鋒的顏色嗎？然後還有關於 Dexcom ONE 的相同問題以及您在那裡看到的影響。

I will start off. With respect to the sales and the revenue numbers, G7 and Dexcom ONE are still early enough in their launch life cycle that while they're additive, they're not what's driving a lot of the adoption, a lot of the growth that we've seen in European markets. A lot of that's been what we've established with G6, the additional coverage that we've obtained, as I talked about in the prepared remarks, in 18 months, we've added 3.5 million more reimbursed lives.

我要開始了。關於銷售和收入數字，G7 和 Dexcom ONE 在其發布生命週期中還處於足夠早的階段，雖然它們是附加的，但它們並不是推動大量採用的因素，也不是我們推動的大量增長。在歐洲市場見過。其中很多是我們與 G6 建立的，我們獲得的額外保險，正如我在準備好的發言中所說，在 18 個月內，我們增加了 350 萬報銷生命。

That being said, initial response to G7 has been everything we'd hoped for. People love the app. They love the receiver. Again, in many of these markets, the receiver is a very, very strong tool. My most recent conversation with the G7 user focused completely around the 0.5-hour warm-up. A 0.5-hour warmup has eliminated 90 minutes of the longest 2 hours of somebody's life who ever used the G6.

話雖這麼說，對 G7 的初步反應是我們所希望的一切。人們喜歡這個應用程序。他們喜歡接受者。同樣，在許多此類市場中，接收器是非常非常強大的工具。我最近與 G7 用戶的談話完全圍繞 0.5 小時的熱身進行。 0.5 小時的熱身已經減少了 90 分鐘，這是使用 G6 的人一生中最長的 2 小時。

And certainly, in the comparative front compared to the hour warm-up, again, it is a much better experience. The majority of our G6 users are new to Dexcom. They're not Dexcom upgrade -- I mean G7 users, I apologize. The majority of our G7 users are new to Dexcom. Some of them come from the competition. Some of them have not used CGM before, but they're all finding it very easy to use and having great experiences. So we're very happy with the product to this point in time. We've done very well.

當然，與一小時熱身相比，這是一個更好的體驗。我們的大多數 G6 用戶都是 Dexcom 的新用戶。他們不是 Dexcom 升級——我的意思是 G7 用戶，我道歉。我們的大多數 G7 用戶都是 Dexcom 的新用戶。其中一些來自比賽。他們中的一些人以前沒有使用過 CGM，但他們都發現它非常容易使用並且擁有很好的體驗。所以我們對這個時間點的產品非常滿意。我們做得很好。

We will take our next question from Joanne Wuensch with Citibank.

我們將接受花旗銀行的 Joanne Wuensch 的下一個問題。

So I'd like to spend just a minute on the gross margin and how you anticipate those ramping throughout the year. And then while I know we're sort of early to think -- be thinking about 2024, I do think people are looking at that as sort of a more normalized margin rate, and if you could sort of shed any light on how to think about that.

所以我想花一點時間談談毛利率，以及你對全年毛利率的預期。然後，雖然我知道我們現在考慮還為時過早——考慮 2024 年，但我確實認為人們正在將其視為一種更正常化的保證金率，如果你能闡明如何思考關於那個。

Sure. Thanks, Joanne. Appreciate that. And you start off with, obviously, the fourth quarter. We had a really strong gross margin. I think it's a demonstration of what's to come with what our teams can do when you give them time with a new product launch.

當然。謝謝，喬安妮。感謝。顯然，你從第四節開始。我們的毛利率非常高。我認為這是一個展示，當你給他們時間推出新產品時，我們的團隊可以做什麼。

So I think as you think about the year, the cadence for 2023, we do expect in the first half of the year margins to be a little bit lower. And that's because of, as Kevin referenced earlier, the bridge program. Certainly, that has an impact. But most importantly, it's the launch of G7. Volumes won't be at where they would have been, say, in a more mature launch, and we'll still be going through some of those early manufacturing scrap and yield challenges we always see.

所以我認為當你考慮今年，2023 年的節奏時，我們確實預計今年上半年的利潤率會略低一些。正如凱文之前提到的那樣，這是因為橋樑計劃。當然，這有影響。但最重要的是，它是 G7 的推出。比方說，在更成熟的發布中，銷量不會達到它們本來應該達到的水平，而且我們仍將經歷一些我們經常看到的早期製造報廢和產量挑戰。

But what we've proven time and time again is if you give our engineering and R&D team time with these lines, they continue to get yields better over time. And so our expectation is as we start to exit the year in 2023, we start to come closer back to that long-term guide of 65% gross margins.

但我們一次又一次地證明，如果你給我們的工程和研發團隊時間，他們會隨著時間的推移繼續獲得更好的產量。因此，我們的預期是，當我們開始在 2023 年結束這一年時，我們將開始接近 65% 毛利率的長期指導。

And there's nothing longer term structurally that we don't believe, especially as G7 gets to scale, that gets us back to those long-term guides that we've originally provided. So we'll continue to work towards that. Think about 2023 as the first half of the year as a little bit lower. As we ramp up those lines in the back half, you start to tackle some of that absorption of those fixed overheads.

在結構上沒有什麼是我們不相信的，特別是隨著 G7 擴大規模，這讓我們回到了我們最初提供的那些長期指南。因此，我們將繼續為此努力。將 2023 年視為今年上半年稍微低一點。當我們在後半部分增加這些生產線時，你開始解決一些吸收這些固定間接費用的問題。

We will take our next question from Matthew O'Brien with Piper Sandler.

我們將與 Piper Sandler 一起接受 Matthew O'Brien 的下一個問題。

Just on the bridging program, can you tease out a little bit more, maybe, Jereme, on expectations there? I think you had said $20 million to $30 million. You said you're trending better than that for Q1, which is great to hear. But I don't think you ever said how much the bridging program is going to cost you for the full year. It seems like it's going to be even better than expected overall versus maybe what you were thinking starting off '23.

關於銜接課程，Jereme，你能不能稍微梳理一下那裡的期望？我想你說的是 2000 萬到 3000 萬美元。你說你的趨勢比第一季度好，很高興聽到這個消息。但我認為你從來沒有說過橋接計劃將花費你全年的費用。與你從 23 年開始的想法相比，它似乎比預期的要好。

But then also bridging is supposed to be more of a headwind on the gross margin side, too. And if it's less of a headwind, maybe that helps out the gross margin profile a little bit more, maybe sooner than expected. So I'm just wondering like based on all these things on the bridging program specifically being better than expected, should we start to creep up a little bit more as far as our expectations for top line growth and then even gross margins for the full year?

但在毛利率方面，橋接也應該是一個更大的逆風。如果逆風不那麼大，也許這有助於提高毛利率，甚至比預期的更快。所以我只是想知道，基於所有這些關於橋接計劃的事情特別好於預期，我們是否應該開始爬升一點點，達到我們對收入增長甚至全年毛利率的預期？

Sure. Yes. I don't think we're at a point where we'd necessarily change our guidance. But let me take your question head on, which is in isolation, what does this do? So certainly, what the bridging program, what this effectively means is we have contracts in place a little bit more ahead of when we ultimately expected. And so ASPs will be a little bit higher, and that's as a result of most folks going through coverage as opposed to the bridging program.

當然。是的。我認為我們沒有必要改變我們的指導方針。但是讓我直面你的問題，這是孤立的，這是做什麼的？因此，可以肯定的是，橋接計劃，這實際上意味著我們比我們最終預期的時間提前簽訂了合同。因此 ASP 會稍微高一點，這是因為大多數人都經歷了覆蓋而不是橋接程序。

So that does a couple of things. Certainly, it does help revenue and it does help margin. That all being said, we're not changing guidance for the year. But I think what this does mean is, one, it's a great thing for patients who want to access the product. We talked about coverage being a key strategy. That's wonderful. It does help longer term for those margin profiles. And while I wouldn't necessarily guide you outside of our ranges, you are correct. It does help on revenue and gross margin on the full year.

所以這做了幾件事。當然，它確實有助於收入和利潤率。話雖如此，我們不會改變今年的指導方針。但我認為這意味著，第一，對於想要使用該產品的患者來說，這是一件好事。我們談到覆蓋是一個關鍵策略。那好極了。從長遠來看，它確實有助於這些保證金概況。雖然我不一定會指導您超出我們的範圍，但您是對的。它確實有助於全年的收入和毛利率。

And the other question was how much for the full year. We expected a majority of it, almost all of the $20 million, $30 million, in the first quarter. We do expect a nominal amount in Q2. We haven't expected any of it beyond Q2. Really, a majority of your concern would be in Q1.

另一個問題是全年多少錢。我們預計其中的大部分，幾乎是第一季度的 2000 萬、3000 萬美元。我們確實預計第二季度會有名義金額。我們沒有預料到第二季度之後會發生任何事情。真的，你的大部分關注點都在第一季度。

And we will take our next question from Marie Thibault with BTIG.

我們將與 BTIG 一起接受 Marie Thibault 的下一個問題。

Congrats on a strong quarter. Wanted to ask a little bit more on kind of the backlog around the Medicare decision making. I'm very curious how physicians and patients, how aware they are of that decision, whether we might see a bolus of patients sort of come on once that Medicare coverage took place.

祝賀一個強勁的季度。想多問一點關於醫療保險決策的積壓情況。我很好奇醫生和患者如何，他們對這個決定的了解程度如何，一旦醫療保險覆蓋範圍發生，我們是否會看到大量患者出現。

Thanks for the question. It will be up to us to drive awareness in that community to make sure people are aware of that decision. There will certainly be those very familiar with Dexcom and with continuous glucose monitoring will be aware of it and will pick it up quickly. But it will be up to us to drive awareness in both communities. the physicians and users of the product to go and ask for it and to create that environment. So we're not going to sit back and wait. We're going to have to push.

謝謝你的問題。我們有責任提高該社區的意識，以確保人們了解該決定。肯定會有那些非常熟悉 Dexcom 和連續血糖監測的人會意識到這一點，並會迅速接受它。但是，我們有責任提高這兩個社區的意識。產品的醫生和用戶去尋求它並創造這種環境。所以我們不會坐以待斃。我們將不得不推動。

We'll take our next question from Travis Steed with Bank of America.

我們將接受來自美國銀行的 Travis Steed 的下一個問題。

So U.S. growth the last couple of quarters has been around 17%. So second half of the year, I think, was record patient growth for both quarters. So trying to think about ex the contra (inaudible) for the bridge program if we should be seeing an acceleration here in the first quarter and the U.S. growth specifically and how that builds over the course of the year. And then on the Super Bowl ad, what kind of impact did you see on U.S. new patient starts last time you did that?

因此，美國過去幾個季度的增長率約為 17%。因此，我認為，今年下半年兩個季度的患者增長都創歷史新高。因此，如果我們應該在第一季度看到這裡的加速，特別是美國的增長，以及在這一年中如何建立，那麼請嘗試考慮橋樑計劃的反面（聽不清）。然後在超級碗廣告上，您上次這樣做對美國新患者開始有什麼樣的影響？

Sure. Yes. So I'll start with how we're thinking about Q1. And the way we've generally thought about Q1 is in terms of full year contribution, absent any sort of bridging program, to be a very similar contributor as a percentage of total year revenue in the first quarter. So that's total company, not just U.S. total company.

當然。是的。所以我將從我們如何考慮第一季度開始。我們通常認為第一季度的方式是全年貢獻，沒有任何類型的橋接計劃，在第一季度佔全年總收入的百分比非常相似。所以這是完整的公司，而不僅僅是美國的完整公司。

And then you add the bridging program and then you pull it down from there. And that's generally how we think about the quarter, which is just an indication of continued strong new patient growth. Clearly, we'll be working through driving new patients and driving growth over the course of the year.

然後添加橋接程序，然後從那裡將其拉下。這就是我們對本季度的總體看法，這只是新患者持續強勁增長的跡象。顯然，我們將在這一年中通過吸引新患者和推動增長來努力。

In terms of the Super Bowl and then how to think about the Super Bowl and how that contributes, last time we did it, there were hundreds and hundreds of thousands of inbound leads. Not all of those obviously translated into patients, but there was a lot of interest.

就超級碗以及如何看待超級碗及其貢獻而言，上次我們這樣做時，有成百上千的入站線索。並非所有這些都明顯轉化為患者，但有很多興趣。

One of the challenges, though, if you rewind the clock a couple of years, is there wasn't as much coverage there. And so I think what we're hoping this time around is, one, the awareness is the most important thing. And the awareness, as that gets out there, will be very, very helpful.

但是，如果您將時鐘倒回幾年，挑戰之一就是那裡沒有那麼多的報導。所以我認為我們這次希望的是，第一，意識是最重要的。隨著意識的傳播，這種意識將非常非常有幫助。

But as coverage starts to come through and we have this bridging program in place, it's a real opportunity to take advantage of it. We're not ready to give exact patient numbers out there other than to say that the return on capital is a very strong investment. And so you should expect we do that math before we sign up for this. And we wouldn't be doing if we didn't expect a return on investment that was commensurate with what you and we would expect.

但隨著覆蓋面開始出現，我們已經實施了這個橋接計劃，這是一個利用它的真正機會。除了說資本回報率是一項非常高的投資外，我們還沒有準備好提供確切的患者人數。因此，您應該期望我們在註冊之前進行計算。如果我們不期望與您和我們所期望的相稱的投資回報，我們就不會這樣做。

We will take our next question from Jayson Bedford with Raymond James.

我們將與雷蒙德詹姆斯一起接受傑森貝德福德的下一個問題。

Just maybe an OpEx question. It looks like it's a bit bigger of a step up implied in '23. I know the Super Bowl ad is a contributor. But just wondering if you can comment on what are the sources of the OpEx growth and maybe hit on any planned changes to the sales force in support of G7.

也許只是一個 OpEx 問題。看起來它比 23 年暗示的進步要大一些。我知道超級碗廣告是投稿人。但只是想知道您是否可以評論 OpEx 增長的來源是什麼，並且可能會針對支持 G7 的銷售人員進行任何計劃的更改。

Thanks, Jayson. This is Kevin. I'll take it, rather big picture. We'll continue to invest in R&D. Our spend will grow some but not as rapidly as it has in other years. And quite honestly, as a percentage of revenue, it's probably come down a little bit.

謝謝，傑森。這是凱文。我會接受它，相當大的畫面。我們將繼續投資於研發。我們的支出會有所增長，但不會像往年那樣迅速增長。老實說，作為收入的百分比，它可能會下降一點。

Same with -- on the G&A side, we'll continue to invest in infrastructure and build things out for our continued growth. But a lot of that investing has been done. Our biggest dollar investment, our biggest increases are going to be on the commercial side and in all areas, create awareness in the sales force, marketing across the board, we'll be spending on the commercial side. Those expenditures will -- could adjust and move over the course of the year as we learn more. We've always been very adept at channeling those dollars where they can be the most effective.

同樣——在 G&A 方面，我們將繼續投資基礎設施並為我們的持續增長而建設。但是很多投資已經完成。我們最大的美元投資，我們最大的增長將在商業方面和所有領域，在銷售隊伍中建立意識，全面營銷，我們將在商業方面支出。隨著我們了解更多，這些支出將 - 可以在一年中進行調整和移動。我們一直非常善於將這些資金用於最有效的地方。

We're analyzing some of that now. We certainly have a plan, but we've never been afraid to deviate from it if it makes more sense. And so we're looking at all those things. A lot of international investment this year, quite honestly, as a percentage of our investment. International is getting a bigger piece of it than they have in the past because we really look at these opportunities. We've got G7 and several of these companies combined with the Dexcom launch and all those covered lives we've added. We think there's great growth opportunities over there, but we've got to invest in that infrastructure.

我們現在正在分析其中的一些。我們當然有一個計劃，但如果它更有意義，我們從不害怕偏離它。所以我們正在研究所有這些事情。今年有很多國際投資，老實說，占我們投資的百分比。國際正在獲得比過去更大的份額，因為我們真正關注這些機會。我們有 G7，其中幾家公司與 Dexcom 的發布以及我們添加的所有覆蓋生命相結合。我們認為那裡有巨大的增長機會，但我們必須投資於該基礎設施。

Yes. And just to kind of add to that one, Jayson, just to give you some context. We launched outside the U.S. with Dexcom ONE and G7, call it, in the first couple of phases. But we have more phases to go. And so we're going to make the marketing push obviously with G7 in the U.S, but there's also a second phase of G7 launchings outside the U.S. and a second and third phase of Dexcom ONE outside the U.S. So sales and marketing is really where we want to put our investment, and we'll get leverage elsewhere. But hopefully, that gives you kind of some context for how we're thinking about that spend in 2023.

是的。傑森，只是為了給你一些背景知識，再補充一點。我們在美國以外推出了 Dexcom ONE 和 G7，在前幾個階段稱之為。但是我們還有更多的階段要走。因此，我們將在美國通過 G7 明顯推動營銷，但在美國以外還有第二階段的 G7 發布以及在美國以外的第二和第三階段的 Dexcom ONE。因此，銷售和營銷才是我們真正關注的地方想要投入我們的投資，我們將在其他地方獲得影響力。但希望這能為您提供一些背景信息，讓您了解我們如何考慮 2023 年的支出。

And we will take our next question from Matt Taylor with Jefferies.

我們將與 Jefferies 一起接受 Matt Taylor 的下一個問題。

So I just want to get some thoughts on gross margin longer term. I know you touched on this year. And obviously, with the new product launch, there's some initial depression, and then you get spring loaded with leverage over time. So help us think about G7 over the next couple of years. Does that expand? How can that impact gross margins with and without the potential for a longer wear label?

所以我只想對長期毛利率有一些想法。我知道你談到了今年。顯然，隨著新產品的推出，最初會出現一些蕭條，然後隨著時間的推移，你會獲得槓桿作用。因此，請幫助我們考慮未來幾年的 G7。那擴展嗎？無論是否有可能使用更長的磨損標籤，這對毛利率有何影響？

Yes. I can start there. You're 100% right. I mean, obviously, there's the levers to get the actual cost of the product, and we've been very transparent about it. We want to get to basically $1 per day and a 10-day sensor or a $10 sensor. And then we want to go even beyond that. But that has always been kind of our public goal.

是的。我可以從那裡開始。你是 100% 正確的。我的意思是，很明顯，有一些方法可以獲得產品的實際成本，而且我們對此非常透明。我們希望基本上達到每天 1 美元和一個 10 天的傳感器或一個 10 美元的傳感器。然後我們想要超越這一點。但這一直是我們的公共目標。

Then, of course, as you move to a 15-day sensor, that cost is spread out over a longer period. So we have intentions over the long haul of doing all of that. Now the math, if you do that, would indicate there's some real opportunities in gross margin even beyond potential long-term guide.

然後，當然，當您轉向 15 天的傳感器時，該成本會分攤到更長的時期內。因此，我們打算從長遠來看做所有這一切。現在數學，如果你這樣做，將表明毛利率有一些真正的機會，甚至超出潛在的長期指導。

The one thing we want to be mindful of is we don't want to shortchange ourselves and other opportunities to either partner or otherwise over the long haul. So while the long-term guide remains intact, there are certainly levers and opportunities for us to do well there. And so I think you're hitting on all the right points.

我們要注意的一件事是，從長遠來看，我們不想為了合作夥伴或其他方面而犧牲自己和其他機會。因此，儘管長期指南保持不變，但我們肯定有辦法和機會在那裡做得很好。所以我認為你說的都對。

That all being said, we really hold to that long-term 65% gross margin. That's what we'll work to. And if there's other opportunities to get fill you in on some other things we're doing in the future, we'll certainly do so.

話雖如此，我們確實保持了 65% 的長期毛利率。這就是我們要努力的。如果還有其他機會讓您了解我們未來正在做的其他事情，我們一定會這樣做。

We will take our next question from Mathew Blackman with Stifel.

我們將接受來自 Stifel 的 Mathew Blackman 的下一個問題。

Jereme, just curious, I appreciate all the inputs that you gave us that roll up to the 15% to 20% guide. I'm just curious, have you contemplated in that 15% to 20% range any competitive pressures in the event that your competitor gets approved to integrate with a pump sometime in 2023?

Jereme，我只是好奇，我感謝您為我們提供的所有投入，這些投入達到了 15% 到 20% 的指南。我很好奇，如果您的競爭對手在 2023 年的某個時候獲准與泵集成，您是否考慮過在 15% 到 20% 的範圍內會產生任何競爭壓力？

Yes. Thanks for the question, Matt. Yes, we do. We've considered all of that when providing that guidance. I mean, when we think about all the competitive pressures and then we think about all the opportunities ahead of us, we consider all that in the guidance.

是的。謝謝你的問題，馬特。是的，我們有。我們在提供該指南時已經考慮了所有這些。我的意思是，當我們考慮所有的競爭壓力，然後我們考慮我們面前的所有機會時，我們會在指南中考慮所有這些。

And you are right, there is the potential out there, at least according to some of the commentary, that there could be some potential pressure out there. I would say that we've contemplated it. At the same time, we feel very confident in our product offering and what it ultimately does, how it integrates and the safety features that people rely on our product for the accuracy, the ease of use. So I think we feel very confident about it. But yes, we did contemplate that in our guide.

你是對的，至少根據一些評論，那裡有可能存在一些潛在的壓力。我會說我們已經考慮過了。與此同時，我們對我們的產品供應及其最終功能、它如何集成以及人們依賴我們產品的安全功能非常有信心，以確保准確性和易用性。所以我認為我們對此非常有信心。但是，是的，我們確實在我們的指南中考慮到了這一點。

We will take our next question from Chris Pasquale with Nephron.

我們將接受來自 Nephron 的 Chris Pasquale 的下一個問題。

Love the update on how you guys are thinking about price. You said in the past, your U.S. channel mix could start to stabilize once you hit 75% of the pharmacy. You're there now. But you also have D1 making a bigger portion of the OUS starts, which I would imagine might pull down your international ASP a bit. So can you tell us what impact price had on revenue in '22 and then how you're thinking about the potential impact this year?

喜歡你們如何看待價格的最新消息。你過去說過，一旦你達到 75% 的藥店，你的美國渠道組合就會開始穩定下來。你現在在那裡。但是你也有 D1 在 OUS 開始中佔據更大的份額，我想這可能會稍微降低你的國際 ASP。那麼您能告訴我們價格對 22 年的收入有什麼影響，然後您如何看待今年的潛在影響？

Yes. So we'll talk about 2022 since we gave kind of a guide there, which was around $200 million in the U.S. and around $50 million outside the U.S. And the full year of 2022 was generally in line with that. It was, I think, just south of $200 million in the U.S. and just south of $50 million outside the U.S. So basically right in line with that.

是的。所以我們將談論 2022 年，因為我們在那裡提供了某種指南，美國約為 2 億美元，美國以外約為 5000 萬美元，而 2022 年全年基本與此一致。我認為，它在美國略低於 2 億美元，在美國以外略低於 5000 萬美元，所以基本上與此一致。

So I think you can feel good about what guidance we gave there.

所以我認為您會對我們在那裡提供的指導感到滿意。

Going forward, the expectation is in the G Series, that delta -- that price-volume delta starts to come down over time. What we would expect to see is -- and we're not going to give a specific number for 2023 since most of that migration is done, but we will have to lap the 2022 migration. And then if there's drift, say, 75 say drifts to 80, you wouldn't expect material moves there. But those are all things we've contemplated in those figures.

展望未來，期望在 G 系列中，即三角洲——隨著時間的推移，價格-數量三角洲開始下降。我們希望看到的是——我們不會給出 2023 年的具體數字，因為大部分遷移已經完成，但我們將不得不完成 2022 年的遷移。然後如果有漂移，比如說，75 說漂移到 80，你不會期望材料移動到那裡。但這些都是我們在這些數字中考慮的所有事情。

To your point, and I think you're hitting out the way we model the business, we model the business as a G Series and a Dexcom ONE. And I would suggest you do that going forward. And then to your point, Dexcom ONE modeled as a percentage of total business will allow you to then understand the contributions to ASP there, which is why it was important for us to give you our expectation of new patient starts in 2023 that 1/3 of them outside the U.S. will be on Dexcom ONE. So I think the way you're thinking about the model is exactly the way we model it internally, and that's the way I'd go about doing that for 2023 and beyond.

就你的觀點而言，我認為你正在打擊我們為業務建模的方式，我們將業務建模為 G 系列和 Dexcom ONE。我建議你繼續這樣做。然後就您的觀點而言，Dexcom ONE 建模為佔總業務的百分比將使您能夠了解那裡對 ASP 的貢獻，這就是為什麼我們很重要地告訴您我們對 2023 年新患者開始的期望是 1/3他們中的美國以外的人將在 Dexcom ONE 上。所以我認為你對模型的思考方式正是我們在內部建模的方式，這就是我在 2023 年及以後的做法。

And we will take our next question from Kyle Rose with Canaccord.

我們將與 Canaccord 一起接受 Kyle Rose 的下一個問題。

I wanted to ask an additional question just on the commercial strategy moving forward. I understand the DTC advertising, and you doubled the sales force a few years ago. But just as you prepare for basal approval in the U.S., how does the focus or the call point of the actual sales force need to change? Do you need to make additional investments in people? Just help us understand how the targeting goes moving forward.

我想問一個關於未來商業戰略的額外問題。我了解 DTC 廣告，幾年前你的銷售人員翻了一番。但是，就在您準備在美國獲得基本批准時，實際銷售人員的重點或呼叫點需要如何改變？您需要對人進行額外投資嗎？只是幫助我們了解目標是如何向前發展的。

Yes. This is Kevin. I'll take that. Jereme gave us a bit of color earlier. 75% of our calls already by our U.S. sales force are in the PCP arena. And I think you'll continue to see that expand as our team spends more of their time addressing that marketplace, at the same time, not ignoring the places where we've been so successful in the past with the intensive management diabetes. So we will look at that structure in great detail.

是的。這是凱文。我會接受的。 Jereme 早些時候給了我們一些顏色。我們美國銷售人員打來的電話中有 75% 是在 PCP 領域。而且我認為，隨著我們的團隊將更多的時間花在解決該市場上，同時，不要忽視我們過去在強化管理糖尿病方面取得如此成功的地方，你會繼續看到這種擴張。因此，我們將非常詳細地研究該結構。

On a geographical basis, even within the U.S., there may be some places where we need to expand geographically versus large expansion across the entire country. We'll analyze that in great detail as we go. We're in the process of doing that now. We just brought on a new Chief Commercial Officer, as many of you will remember, in early January. And she's deep in the middle of that today as we manage those thoughts and the launch and everything else going on. But we'll look at it very strongly.

在地理基礎上，即使在美國境內，我們也可能需要在某些地方進行地理擴張，而不是在整個國家進行大規模擴張。我們將在進行過程中對其進行詳細分析。我們現在正在這樣做。我們剛剛在 1 月初任命了一位新的首席商務官，你們中的許多人都記得。今天，當我們管理這些想法、發布和其他所有事情時，她深陷其中。但我們會非常認真地看待它。

We will take our next question from Steve Lichtman with Oppenheimer.

我們將與奧本海默一起接受 Steve Lichtman 的下一個問題。

Question on Dexcom ONE outlook. Can you talk about any major new geographic regions you expect to roll out the platform this year? And should we expect to see any movement in bringing Dexcom ONE onto the G7 platform this year? Or is that a longer-term play?

關於 Dexcom ONE 前景的問題。您能否談談您希望今年推出該平台的任何主要新地理區域？我們是否應該期待今年將 Dexcom ONE 帶入 G7 平台？或者這是一個長期的遊戲？

Yes. It's a fair question. Let me just say, we're not necessarily going to give the playbook as to what countries we are going into. Now we have launched recently in Croatia, Romania and Greece for Dexcom ONE. That is out there now. So hopefully, that gives you some context, but we will be launching in more countries.

是的。這是一個公平的問題。我只想說，我們不一定要給出關於我們將進入哪些國家的劇本。現在我們最近在克羅地亞、羅馬尼亞和希臘推出了 Dexcom ONE。那現在就在那裡。希望這能為您提供一些背景信息，但我們將在更多國家推出。

But rather than give the playbook publicly, we'll let our commercial team execute that and give you that feedback. But just know, we will go into more countries. So hopefully, that gives you at least some context. We will go.

但我們不會公開提供劇本，而是讓我們的商業團隊執行並給您反饋。但要知道，我們將進入更多國家。希望這至少能為您提供一些背景信息。我們會去。

In terms of the movement from Dexcom ONE to the G7 form factor, we are absolutely going to be moving to that factor. It's going to take a little bit of time, and the reason it's going to take a little bit of time is, as we get economies of scale on G6, which we have today across the existing user base as well as Dexcom ONE as well as a lot of opportunity for new users on G7, we want to make sure we prioritize G7 and that form factor for those patients coming on to therapy on the G Series.

就從 Dexcom ONE 到 G7 外形規格的轉變而言，我們絕對會轉向那個因素。這將需要一點時間，而需要一點時間的原因是，隨著我們在 G6 上獲得規模經濟，我們今天在現有用戶群以及 Dexcom ONE 以及G7 的新用戶有很多機會，我們希望確保我們優先考慮 G7 以及那些即將接受 G 系列治療的患者的外形尺寸。

Make no mistake, though, as soon as possible, right after that, we will be moving Dexcom ONE to that G7 form factor. Stay tuned. We'll have some updates as the years progress on. But you're thinking about it the right way. We will move there in relatively short order.

不過，請不要誤會，我們將盡快將 Dexcom ONE 移至 G7 規格。敬請關注。隨著歲月的流逝，我們會有一些更新。但是您正在以正確的方式考慮它。我們將在相對較短的時間內搬到那裡。

We will take our next question from Josh Jennings with Cowen.

我們將與 Cowen 一起接受 Josh Jennings 的下一個問題。

I was hoping to follow up on the pricing question. And I'm not sure if you've given a recent update just on how investors should think about the average reimbursement Dexcom receives in the U.S. for a G6 or a G Series patient.

我希望跟進定價問題。而且我不確定你是否剛剛更新了投資者應該如何看待 Dexcom 在美國收到的 G6 或 G 系列患者的平均報銷。

And then just a follow-up on that is, will that change with the G7 introduction for one? And then two, is it important the share shifts in the pump market just considering the reimbursement Dexcom gets to the DME channel with the Tandem pump versus the pharmacy channel with the Insulet pump?

然後只是跟進，這會隨著 G7 的引入而改變嗎？然後兩個，僅考慮 Dexcom 通過 Tandem 泵進入 DME 渠道與使用 Insulet 泵進入藥房渠道的報銷，泵市場份額的變化是否重要？

Yes. It's a good question. Look, I think the way to think about the ASP is it's really more about channel than it is about version. And so as you think about where folks and who folks -- who gets access, the general way to think about it is Medicare, which is publicly out there, I think after the increase, it's around $250 a month. There's a delta there which goes to the distributor who ultimately fulfills that. So the net price to us is south of that. But ultimately, that would be our price in that range.

是的。這是個好問題。看，我認為考慮 ASP 的方式是它實際上更多地是關於渠道而不是關於版本。因此，當你考慮人們和誰——誰可以獲得訪問權時，一般的思考方式是 Medicare，它是公開的，我認為在增加之後，每月大約 250 美元。那裡有一個三角洲，最終實現這一目標的分銷商。所以我們的淨價是南邊的。但最終，這將是我們在該範圍內的價格。

That's publicly available. Generally, commercial DME is higher than that and pharmacy is lower than that number. And so that's the way to think about it. In terms of then how ASP moves over time, think about it less of generation of product and think about it more as where folks want to get their product. And so I think you're thinking about it the right way.

這是公開的。一般來說，商業二甲醚高於這個數字，而藥房則低於這個數字。這就是思考它的方式。就 ASP 如何隨時間變化而言，少考慮產品的生成，多考慮人們希望從哪裡獲得他們的產品。所以我認為你正在以正確的方式思考它。

As we talked about, 75% of our lives covered in commercial. 75% of those patients, those patients obviously then come through at a lower price point. If that drifts to, say, 80%, you could see that having a potential tick on there. Again, most of that is behind us, but that's the way to think about the split there.

正如我們所說，我們生活中 75% 的時間都在商業廣告中。 75% 的患者，這些患者顯然會以較低的價格接受治療。如果它漂移到，比如說，80%，你可以看到那裡有一個潛在的滴答聲。同樣，其中大部分已經過去，但這就是思考那里分裂的方式。

And then in terms of pump partners and how folks ultimately access it, it really depends again consumer preference. You're right, Tandem is generally accessed through the DME and Insulet's generally access to the pharmacy. So it makes sense that folks get their CGMs through that channel.

然後就泵合作夥伴以及人們最終如何訪問它而言，這實際上又取決於消費者的偏好。你是對的，Tandem 通常通過 DME 訪問，而 Insulet 通常訪問藥房。因此，人們通過該渠道獲得 CGM 是有道理的。

That all being said, it's ultimately consumer preference. And we believe the consumer experience through the pharmacy is great. We have some really great DME partners. They do a wonderful job fulfilling product through that DME channel. And so we believe that, that folks can be fulfilled either way.

綜上所述，這最終是消費者的偏好。我們相信通過藥房獲得的消費者體驗非常棒。我們有一些非常棒的 DME 合作夥伴。他們通過 DME 渠道完成產品的工作非常出色。所以我們相信，人們可以通過任何一種方式得到滿足。

Great. If I could sneak in just a quick follow-up. Just thinking about your CGM platform attached to pumps, is there a premium reimbursement that Dexcom receives in that scenario versus standalone? Or is it all consistent across the board? It just depends on the channel, as you said?

偉大的。如果我能偷偷跟進一下就好了。想想你的 CGM 平台連接到泵，Dexcom 在這種情況下與獨立相比是否有溢價報銷？還是全面一致？正如您所說，這僅取決於頻道？

No. Right now, there's one class of CGM products, and reimbursement is consistent across the board.

不。現在，只有一類 CGM 產品，報銷是全面一致的。

We will take our next question from Cecilia Furlong with Morgan Stanley.

我們將與摩根士丹利一起接受 Cecilia Furlong 的下一個問題。

I was hoping to follow up. You talked, though, the last quarter just about rolling out cash pay models in the U.S. Just curious if you could provide more color as you're thinking about that opportunity today. And then for 2023, specifically, how we should think about potential incremental contributions from that?

我希望跟進。不過，您在上個季度談到了在美國推出現金支付模式。只是好奇您是否可以提供更多顏色，因為您今天正在考慮這個機會。然後對於 2023 年，具體而言，我們應該如何考慮由此產生的潛在增量貢獻？

You bet. This is Kevin. I'll take it. Big picture, our cash pay program for G7 to start with is going to be our bridging program. And people will be able to pay cash for G7 that way. Ultimately, as we get access and coverage of G7, when people's co-pays will be significantly lower than the bridging program cost, we'll phase that out and have a cash pay program on G7 that individuals will be able to access.

你打賭。這是凱文。我要買它。大局觀，我們開始的 G7 現金支付計劃將成為我們的過渡計劃。人們將能夠以這種方式為 G7 支付現金。最終，當我們獲得 G7 的訪問權和覆蓋範圍時，當人們的共付額將大大低於橋接計劃成本時，我們將逐步取消它，並在 G7 上推出個人可以使用的現金支付計劃。

We continue our cash pay program on G6, but that is not a major portion of our revenues. It's just a piece of them. We do this to create access primarily where people's insurance doesn't cover it, and they can't get access through the federal or the other governmental channels as well. It's not a huge percentage of our revenues. We need to continue to be cognizant of it and address those patients' needs. And that's why we have it there.

我們在 G6 上繼續我們的現金支付計劃，但這不是我們收入的主要部分。這只是其中的一部分。我們這樣做主要是為了在人們的保險不涵蓋的地方創建訪問權限，他們也無法通過聯邦或其他政府渠道獲得訪問權限。這不是我們收入的很大一部分。我們需要繼續意識到這一點並滿足這些患者的需求。這就是為什麼我們把它放在那裡。

Next question from Matt Miksic with Barclays.

巴克萊銀行的 Matt Miksic 的下一個問題。

If I could, just 2 quick follow-ups on some of the topics that were covered earlier. So on ramping production for G7 to the gross margins and the impact and improving on scrap rates and all that. And just wondering, by the end of the year, we're sort of hitting what you say about your manufacturing and sort of representative margins maybe in the facilities that you have.

如果可以的話，只需對前面提到的一些主題進行 2 次快速跟進。因此，關於將 G7 的產量提高到毛利率，以及對報廢率的影響和改善等等。只是想知道，到今年年底，我們會達到你所說的關於你的製造以及你擁有的設施中可能具有代表性的利潤率。

And the other was just on the comment you had on contemplation or competition on the pump integration front this year. And if that were not to come, I'm just wondering, not to put you in a tough spot or anything like that or credit margin the guidance range. But if that were not to come, does that -- is that sort of a slight tailwind to the -- to the top end of your guided range or how to think about that?

另一個只是關於你對今年泵集成方面的思考或競爭的評論。如果那沒有發生，我只是想知道，不要讓你陷入困境或類似的事情或信貸保證金指導範圍。但是，如果那沒有發生，那會不會 - 對你的指導範圍的頂端有輕微的順風，或者如何考慮？

This is Kevin. I'll take that bigger picture. Jereme has been very familiar with the numbers, but I'll give you a bit of my perspective. With respect to no competition in the pump integration point, we may pick up more, we may not. What I do know is everybody using those pumps integrated systems right now uses a Dexcom. And they're achieving remarkable results with the technology we've developed over the years, and we'll continue to receive such.

這是凱文。我會拍一張更大的照片。 Jereme 對這些數字非常熟悉，但我會告訴你一些我的觀點。關於泵集成點沒有競爭，我們可能會接更多，也可能不會。我所知道的是，現在使用這些泵集成系統的每個人都使用 Dexcom。他們利用我們多年來開發的技術取得了顯著的成果，我們將繼續收到這樣的成果。

It is our position that the experience that they're going to have with algorithms based upon Dexcom's CGM that have been developed through the data and the performance of our sensor will continue to make us the leader in that space regardless of who the competing sensor is. And so we're very confident there that we will continue to have a very strong product offering going forward.

我們的立場是，他們將使用基於 Dexcom 的 CGM 的算法獲得的經驗，這些算法是通過數據開發的，我們傳感器的性能將繼續使我們成為該領域的領導者，無論競爭傳感器是誰.因此，我們非常有信心，我們將繼續提供非常強大的產品。

With respect to the margin change over the course of the year, there's a couple of factors in there. Obviously, Jereme has talked about the bridging program in the first half of the year bringing margins down a bit because the revenue per patient will be a bit lower there when we start. But as we see that pick up, we'll pick that up on the revenue side. Then you have basal come in, and Medicare reimbursement is strong. So that will help on pricing.

關於一年中的利潤率變化，有幾個因素。顯然，Jereme 在今年上半年談到了橋接計劃，這會降低利潤率，因為當我們開始時，每位患者的收入會有所降低。但當我們看到這種回升時，我們會在收入方面進行回升。然後你有基礎進來，醫療保險報銷很強大。所以這將有助於定價。

The flip side of that is it's sometimes lost on folks, everything we do with G7 is different. All these lines are completely different. All the capacity is different. But the only thing that's the same is we're building in Arizona, and we're building it in San Diego. And that's not going to be the same for a good portion of the year because we expect the factory in Malaysia to be up and running in the second half and producing product there.

不利的一面是人們有時會忽略它，我們對 G7 所做的一切都是不同的。所有這些線路都是完全不同的。所有的容量是不同的。但唯一相同的是我們在亞利桑那州建設，我們在聖地亞哥建設。在今年的大部分時間裡情況都不一樣，因為我們預計馬來西亞的工廠將在下半年啟動並運行並在那裡生產產品。

So you have a number of variables with respect to scrap, with respect to purchasing components, with respect to how these lines run as we get them up and running and functioning at full speed versus where they are today and then bringing on a new factory. We have tried to contemplate every one of those variables as we've started, and we'll update you as to how things are going as time goes on.

因此，關於廢料、採購組件、這些生產線在我們讓它們啟動、運行和全速運行時如何運行，以及它們現在的位置，然後建立新工廠，你有很多變量。我們已經開始考慮這些變量中的每一個，並且我們會隨著時間的推移向您更新事情的進展情況。

But whenever you do a product launch, particularly when this significant because when we did our last big G6 product launch, we had similar margin activity, but it was on a much smaller scale because we're so much bigger than we were before, there's just more variables that we have to plan for.

但是每當你進行產品發佈時，特別是當這很重要時，因為當我們進行上一次大型 G6 產品發佈時，我們有類似的利潤活動，但它的規模要小得多，因為我們比以前大得多，有我們必須計劃更多的變量。

We've tried to be conservative and thoughtful in our guidance based on the performance we expect of our teams. We also expect our teams to be better than this too. We don't ever lower the bar for them, as they will tell you. But we've looked at all -- every one of those things and contemplating that, and we meet on this literally every day to make sure we're covering all of our bases. This launch is really important to us as are our margins. But it's really important to get product out to all the users that want it.

我們試圖根據我們對團隊表現的期望在我們的指導中保持保守和深思熟慮。我們也希望我們的團隊也能做得更好。正如他們會告訴您的那樣，我們永遠不會降低他們的門檻。但我們已經看過了所有這些事情中的每一個並考慮了這一點，我們每天都會就此開會，以確保我們涵蓋了我們所有的基礎。這次發布對我們來說真的很重要，我們的利潤也是如此。但將產品提供給所有需要它的用戶真的很重要。

And we will take our last question from Michael Polark with Wolfe Research.

我們將接受 Michael Polark 與 Wolfe Research 的最後一個問題。

I just wanted to follow up on first quarter to make sure I have my modeling square. Jereme, I heard in response to prior question using the full year guide, you're thinking about 1Q consistent with seasonal patterns. The last 3 years, I have 21% of full year revenue in the first quarter. If I use the midpoint of your range this year, that's $720 million. But then you made the comment about the bridge program down from there. So that would be another, say, $15 million or $20 million for the quarter. So I'd be at $700 million or $705 million. Have I put this together correctly? If not, can you help?

我只是想在第一季度跟進，以確保我有自己的建模方塊。 Jereme，我聽說在使用全年指南迴答先前的問題時，您正在考慮與季節性模式一致的第一季度。過去 3 年，第一季度我有 21% 的全年收入。如果我今年使用你範圍的中點，那就是 7.2 億美元。但是後來你從那裡發表了關於橋樑計劃的評論。所以這將是另一個，比如說，本季度的 1500 萬美元或 2000 萬美元。所以我的收入是 7 億美元或 7.05 億美元。我把它放在一起了嗎？如果沒有，你能幫忙嗎？

Sure. Yes. I mean you're not far directionally off. I mean you are right, we do expect the Q1 contribution and really the sequential decline from Q4 into Q1 to be very similar to what you've seen in the past. And so that will help you get a little bit closer as you think about sequential decline as well from Q4 into Q1. That will put you into a ballpark.

當然。是的。我的意思是你離方向不遠。我的意思是你是對的，我們確實預計第一季度的貢獻以及從第四季度到第一季度的連續下降與你過去看到的非常相似。因此，當您考慮從第四季度到第一季度的連續下降時，這將幫助您更接近一點。那會讓你進入一個球場。

And then from there, you're right. We updated our number. It's about $15 million now as a result of the bridging program as opposed to the $20 million to $30 million. But that will get you in the ballpark. You're not far off, but there's probably a little bit of tweaking to do around the edges there. But use that 21% contribution, but think also 10% sequential. Those little rounding differences ultimately matter in there. Hopefully, that gives you the context you need though.

然後從那裡，你是對的。我們更新了我們的號碼。由於橋接計劃，現在大約是 1500 萬美元，而不是 2000 萬到 3000 萬美元。但這會讓你進入球場。你離得不遠，但可能需要在邊緣做一些調整。但是使用那 21% 的貢獻，但也考慮 10% 的順序。這些小的捨入差異最終在那裡很重要。希望這能為您提供所需的上下文。

And ladies and gentlemen, with no further questions at this time, I will turn the call back to Kevin Sayer for any additional or closing remarks.

女士們，先生們，此時沒有進一步的問題，我將把電話轉回給凱文塞耶爾，以獲得任何補充或結束語。

Thank you very much, and thanks, everybody, for joining us today. We spent a lot of time in our fourth quarter call talking about 2023. I want to just step back again and thank all of our great people here at this company for their hard work in a year where we delivered on our revenue targets, we controlled our costs. At the same time, we've advanced our technologies, our infrastructure, and we've advanced coverage and accessibility for our product all over the world to enhance people's lives.

非常感謝，也感謝大家今天加入我們。我們在第四季度的電話會議上花了很多時間談論 2023 年。我想再次退後一步，感謝我們公司所有優秀的員工在一年中的辛勤工作，我們實現了收入目標，我們控制了我們的成本。與此同時，我們改進了我們的技術和基礎設施，並提高了我們產品在全球的覆蓋範圍和可及性，以改善人們的生活。

But we are very excited for this launch. This is my fourth major launch here at Dexcom. And every single time, it's taken our company to another level. The first time was G4, and that was when accuracy really came to bear. And we truly established what accuracy standard should be for CGM, and we will remain the most accurate system in the world. G7 is going to be a better experience than G6.

但我們對這次發布感到非常興奮。這是我在 Dexcom 的第四次重大發布。每一次，它都將我們的公司提升到另一個層次。第一次是 G4，那是準確性真正發揮作用的時候。我們真正確立了 CGM 的準確度標準，我們將保持世界上最準確的系統。 G7 將是比 G6 更好的體驗。

Every time we try to make the product easier to use, and this is the biggest ease-of-use advancement we've ever had as we look at the responses from our users so far. And as always, we will make this product as accessible as we can. Dexcom has always been the most accessible brand CGM as far as coverage, and we will continue to do so. That's our commitment to drive that very hard for our end users.

每次我們嘗試使產品更易於使用時，這是我們迄今為止在查看用戶響應時獲得的最大的易用性進步。與往常一樣，我們將盡可能地讓這款產品易於使用。就覆蓋範圍而言，Dexcom 一直是最容易獲得的品牌 CGM，我們將繼續這樣做。這是我們為最終用戶努力推動這一目標的承諾。

It is going to be a busy and great 2023. I am very confident we'll be sitting here a year from now and I'll be able to say the same things. Thanks, everybody, and have a great day.

這將是忙碌而偉大的 2023 年。我非常有信心一年後我們將坐在這裡，我將能夠說同樣的話。謝謝大家，祝你有美好的一天。

Thank you, ladies and gentlemen. This concludes today's conference call. We thank you for your participation.

謝謝你們，女士們，先生們。今天的電話會議到此結束。我們感謝您的參與。