德康醫療 (DXCM) 2023 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the DexCom First Quarter 2023 Earnings Release Conference Call. My name is Abby, and I will be your operator for today's call. (Operator Instructions) As a reminder, today's conference is being recorded. And I will now turn the call over to Sean Christensen, Vice President of Finance and Investor Relations. Mr. Christensen, you may begin.

女士們，先生們，歡迎來到 DexCom 2023 年第一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，今天的會議正在錄製中。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。克里斯滕森先生，您可以開始了。

Thank you, Abby, and welcome to DexCom's First Quarter 2023 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.

謝謝你，艾比，歡迎來到 DexCom 的 2023 年第一季度收益電話會議。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，然後是我們的首席財務官 Jereme Sylvain 的財務審查和展望。

Following our prepared remarks, we will open the call up for your questions. At that time, we ask analysts to limit themselves to one question so we can provide an opportunity for everyone participating today. Please note that there are also slides available related to our first quarter performance on the DexCom Investor Relations website on the Events and Presentations page.

在我們準備好的評論之後，我們將打開您的問題的電話。那時，我們要求分析師將自己限制在一個問題上，這樣我們就可以為今天參與的每個人提供機會。請注意，在 DexCom 投資者關係網站的活動和演示頁面上，還有與我們第一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.

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。

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

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

The factors that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements are detailed in DexCom's annual report on Form 10-K, 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、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詳述了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 our tables in our earnings release and the slides accompanying our first 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一季度收益報告隨附的幻燈片，以了解這些措施與其最直接可比的 GAAP 財務措施的對賬情況。

Now I will turn it over to Kevin.

現在我將把它交給凱文。

Thank you, Sean, and thank you, everyone, for joining us. Today, we reported another excellent quarter for DexCom with first quarter organic revenue growth of 19% compared to the first quarter of 2022. Momentum for global CGM adoption remains very high. and we continue to see a growing appreciation for the differentiated experience that DexCom provides. It has been an exciting start to 2023.

謝謝肖恩，也謝謝大家加入我們。今天，我們報告了 DexCom 的另一個出色季度，與 2022 年第一季度相比，第一季度有機收入增長了 19%。全球採用 CGM 的勢頭仍然非常強勁。我們繼續看到越來越多的人對 DexCom 提供的差異化體驗表示讚賞。 2023 年是一個令人興奮的開端。

Our teams advanced some of our most important strategic initiatives in the first quarter that will continue to build on our foundation for growth in the years ahead. There is growing momentum behind the rollout of our G7 system as we initiated our full launch of G7 in the U.S. This launch represents years of hard work to bring to market a product based on feedback from our customers that meets their specific needs. G7 is the most accurate CGM on the market. It is simple to use and is supported by the most covered CGM brand. We expect this differentiated feature set will add to our leading customer satisfaction metrics.

我們的團隊在第一季度推進了一些最重要的戰略舉措，這些舉措將繼續為我們未來幾年的增長奠定基礎。隨著我們在美國全面推出 G7，我們推出 G7 系統的勢頭越來越大。此次發布代表了多年來根據客戶的反饋將滿足其特定需求的產品推向市場的努力。 G7 是市場上最準確的 CGM。它使用簡單，並得到覆蓋範圍最廣的 CGM 品牌的支持。我們預計這種差異化的功能集將增加我們領先的客戶滿意度指標。

We were thrilled with the opportunity to announce this launch on the biggest stage with our second ever Super Bowl commercial. Over 100 million people were watching the game on our commercial air and the customer [clinician] outreach that followed was incredibly encouraging as we expected it would be. The ad generated 3x as many impressions for DexCom as our 2021 Super Bowl commercial, exceeding our initial expectations on engagement and awareness.

我們很高興有機會通過我們有史以來第二個超級碗廣告在最大的舞台上宣布此次發布。超過 1 億人通過我們的商業廣播觀看了比賽，隨後的客戶 [臨床醫生] 外展活動如我們所料令人難以置信地令人鼓舞。該廣告為 DexCom 帶來的印像是我們 2021 年超級碗廣告的 3 倍，超出了我們最初對參與度和知名度的預期。

We also heard from members of the diabetes community who shared their DexCom magic moments and pride in feeling represent on a platform of this size. Awareness remains a critical element to driving broader access and adoption for CGM, and we designed this campaign to demonstrate the life-changing potential of our system, and a G7 product is incredibly simple to use.

我們還聽取了糖尿病社區成員的意見，他們分享了他們的 DexCom 神奇時刻和對在這種規模的平台上代表的感覺感到自豪。意識仍然是推動 CGM 更廣泛訪問和採用的關鍵因素，我們設計此活動是為了展示我們系統改變生活的潛力，並且 G7 產品使用起來非常簡單。

Millions of people with diabetes to not use CGM, and this provided us an opportunity to both connect with them and advocate on their behalf. While we are still early in our U.S. launch of G7, we have been very encouraged by the initial response. We have seen a steady ramp of new users and the initial feedback from both customers and clinicians has been consistently great.

數百萬糖尿病患者不要使用 CGM，這讓我們有機會與他們聯繫並代表他們進行宣傳。雖然我們在美國推出 G7 仍處於早期階段，但我們對最初的反應感到非常鼓舞。我們看到新用戶穩步增加，客戶和臨床醫生的初步反饋一直很好。

We have also seen this product attracting new prescribers altogether. Already in the early weeks of this rollout, nearly 1,000 health care providers have prescribed G7 who previously were not prescribing DexCom CGM. Perhaps most encouraging is the progress we have made in building reimbursement for G7 in only a short period of time. Medicare coverage was established for G7 only days after our Super Bowl commercial, which coincided well with the timing of our launch and came in about a month earlier than anticipated.

我們還看到該產品完全吸引了新的處方者。在此次推出的最初幾週，近 1,000 名醫療保健提供者已經開出了 G7 處方，他們以前沒有開過 DexCom CGM 處方。也許最令人鼓舞的是我們在短時間內在建立 G7 報銷方面取得的進展。在我們的超級碗廣告發布後僅幾天，G7 就建立了醫療保險覆蓋範圍，這與我們發布的時間恰好吻合，比預期提前了大約一個月。

We also finalized our commercial DME contracts relatively quickly and G7 commercial DME coverage is now already on par with G6 levels. Commercial pharmacy coverage has also progressed rapidly. In our reimbursement discussions, payers are clearly recognizing the value proposition that exists with DexCom G7. As a result, we already have more commercial pharmacy coverage established for G7 today than our competitor does for their sensor platform.

我們還相對較快地完成了我們的商業 DME 合同，G7 商業 DME 的覆蓋範圍現在已經與 G6 水平相當。商業藥房的覆蓋率也取得了快速發展。在我們的報銷討論中，付款人清楚地認識到 DexCom G7 存在的價值主張。因此，我們今天為 G7 建立的商業藥房覆蓋範圍已經超過我們的競爭對手為其傳感器平台所做的覆蓋範圍。

Payers continue to value our premium feature set, leading customer engagement metrics, best-in-class performance and proven outcomes backed by robust clinical evidence. Overall, we have advanced coverage more quickly than anticipated, and we expect G7 to be covered by all major PBMs by the end of the second quarter. These coverage decisions for G7 also position us well as our industry takes a significant step forward in terms of access for CGM.

付款人繼續重視我們的高級功能集、領先的客戶參與度指標、一流的性能和可靠的臨床證據支持的可靠結果。總體而言，我們比預期更快地推進了覆蓋範圍，我們預計到第二季度末所有主要 PBM 都將覆蓋 G7。 G7 的這些覆蓋範圍決定也使我們處於有利地位，因為我們的行業在 CGM 的訪問方面向前邁出了重要一步。

In early March, CMS finalized their proposal to expand access to include people with type 2 diabetes using basal insulin only as well as certain noninsulin-using individuals that experience hypoglycemia. With coverage officially kicking in last week, this decision represented the largest single expansion of access to CGM in our industry's history.

3 月初，CMS 最終確定了他們的提議，即擴大使用範圍，以包括僅使用基礎胰島素的 2 型糖尿病患者以及某些出現低血糖的非胰島素使用個體。隨著上周正式開始報導，這一決定代表了我們行業歷史上對 CGM 訪問的最大單次擴展。

As a reminder, we size the basal-only type 2 population alone at around 3 million people in the U.S. with around half being of Medicare age. We are incredibly excited to start serving this population more broadly going forward as we see a significant opportunity to help these individuals live healthier lives.

提醒一下，我們僅將美國僅基礎 2 型人口的規模估計為約 300 萬人，其中約一半處於 Medicare 年齡。我們非常高興能夠開始更廣泛地為這一人群提供服務，因為我們看到了幫助這些人過上更健康生活的重要機會。

Our mobile trial demonstrated meaningful improvements in timing range, A1c levels and hypoglycemic events among this population wearing DexCom sensors, as sensor engagement proved to produce behavior changes within this cohort that supported greater glycemic control. We are in a great position to compete as this market develops as accuracy, performance and customer engagement will continue to be the defining features of delivering outcomes.

我們的移動試驗表明，佩戴 DexCom 傳感器的人群在時間範圍、A1c 水平和低血糖事件方面有了顯著改善，因為傳感器參與被證明會在該隊列中產生行為變化，從而支持更好的血糖控制。隨著這個市場的發展，我們處於有利的競爭地位，因為準確性、性能和客戶參與度將繼續成為交付成果的決定性特徵。

Customers and clinicians have historically indicated a preference for a differentiated product where reimbursement exists, and we expect this dynamic to endures access continues to expand. Along those lines, we will continue to leverage our mobile data as well as the updated ADA standards of care to build broader coverage. We are in active discussions with private payers in the U.S. to establish basal reimbursement and will similarly advocate for broader coverage in international markets.

客戶和臨床醫生歷來表示偏好存在報銷的差異化產品，我們希望這種動態能夠持續下去，並繼續擴大。沿著這些思路，我們將繼續利用我們的移動數據以及更新的 ADA 護理標準來建立更廣泛的覆蓋範圍。我們正在與美國的私人付款人積極討論建立基礎報銷，並將同樣倡導在國際市場上擴大覆蓋範圍。

Our international G7 rollout also continues to go well with good initial uptake and high customer satisfaction rates. The majority of our international G7 customers continue to be new to DexCom altogether, suggesting the new form factor and feature set is attracting both people new to CGM as well as those using competitive systems. We view this as a very positive sign as we broaden our rollout in the coming months.

我們的國際 G7 推出也繼續順利進行，初期採用率高，客戶滿意度高。我們的大多數國際 G7 客戶仍然是 DexCom 的新用戶，這表明新的外形和功能集正在吸引 CGM 的新用戶以及使用競爭系統的用戶。我們認為這是一個非常積極的信號，因為我們將在未來幾個月擴大我們的推出範圍。

In the second quarter, we will be launching G7 in 8 new international markets as part of our strategic effort to get this product to as many people as possible. From a capacity perspective, we remain in great shape to support this broader rollout. We are ramping up production quickly and have plenty of G7 inventory on hand to support our growth ambitions.

在第二季度，我們將在 8 個新的國際市場推出 G7，作為我們將此產品帶給盡可能多的人的戰略努力的一部分。從容量的角度來看，我們仍然處於良好狀態以支持更廣泛的部署。我們正在迅速提高產量，手頭有大量 G7 庫存來支持我們的增長目標。

Additionally, we expect our Malaysia plant to start producing commercial product around midyear, which will further support our G7 scale up. Finally, we look forward to seeing many of you in June at the American Diabetes Association's 83rd Annual Scientific Sessions in our hometown of San Diego, California. We are always excited to connect with thought leaders across the industry at this event, as we collectively work to map out the future of DexCom CGM technology in Diabetes Care & Beyond.

此外，我們預計我們的馬來西亞工廠將在年中左右開始生產商業產品，這將進一步支持我們的 G7 規模擴大。最後，我們期待在 6 月在我們的家鄉加利福尼亞州聖地亞哥舉行的美國糖尿病協會第 83 屆年度科學會議上見到你們中的許多人。我們總是很高興能在這次活動中與整個行業的思想領袖建立聯繫，因為我們共同努力規劃 DexCom CGM 技術在糖尿病護理及其他方面的未來。

In conjunction with the conference, we are planning an investor event where we will provide our latest vision around the future of DexCom and share incremental detail on many of our key strategic initiatives. We hope to see you there.

結合會議，我們正在計劃一場投資者活動，屆時我們將提供我們對 DexCom 未來的最新願景，並分享我們許多關鍵戰略計劃的增量細節。我們希望看到你在那裡。

With that, I will turn it over to Jereme for a review of the first quarter financials. Jereme?

有了這個，我將把它交給 Jereme 來審查第一季度的財務狀況。傑瑞姆？

Thank you, Kevin. As a reminder, unless otherwise noted, the financial metrics presented today we discussed on a non-GAAP basis, reconciliations to GAAP can be found in today's earnings release as well as our IR website.

謝謝你，凱文。提醒一下，除非另有說明，否則我們今天討論的財務指標是在非 GAAP 基礎上討論的，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 first quarter of 2023, we reported worldwide revenue of $741 million compared to $629 million for the first quarter of 2022, representing growth of 19% 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. U.S. revenue totaled $526 million for the first quarter compared to $451 million for the first quarter of 2022, representing growth of 17%. We experienced another quarter of strong new customer starts in Q1, as we saw a continuation of steady demand for our G6 as well as an encouraging initial uptake of G7 with our launch in the final weeks of the quarter.

2023 年第一季度，我們報告全球收入為 7.41 億美元，而 2022 年第一季度為 6.29 億美元，有機增長 19%。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。第一季度美國收入總計 5.26 億美元，而 2022 年第一季度為 4.51 億美元，增長 17%。我們在第一季度經歷了另一個強勁的新客戶啟動，因為我們看到對我們的 G6 的持續穩定需求以及令人鼓舞的 G7 在本季度的最後幾週推出時的初步採用。

As Kevin mentioned, we'll be able to progress our commercial pharmacy coverage for G7 faster than anticipated in the quarter. This caused the impact of our bridge program to be around half of the $15 million level we expected as more customers were able to access G7 through reimbursed channels.

正如凱文所提到的，我們將能夠在本季度比預期更快地推進 G7 的商業藥房覆蓋。這導致我們的橋樑計劃的影響大約是我們預期的 1500 萬美元水平的一半，因為更多的客戶能夠通過報銷渠道訪問 G7。

Accordingly, the impact on revenue from this program should continue to shrink going forward given our established commercial coverage for G7. International revenue grew 21%, totaling $216 million in the first quarter. International organic revenue growth was 27% for the first quarter. For another quarter, we continued to gain share in international markets in Q1 as customers have been responding well to our broad access initiatives and new product launches.

因此，鑑於我們已建立的 G7 商業覆蓋範圍，該計劃對收入的影響應該會繼續縮小。第一季度國際收入增長 21%，總計 2.16 億美元。第一季度國際有機收入增長 27%。對於另一個季度，由於客戶對我們廣泛的訪問計劃和新產品發布反應良好，我們在第一季度繼續在國際市場上獲得份額。

As anticipated, DexCom ONE is having a growing impact on our results as this product has enabled us to enter new markets and compete much more broadly within existing markets. In the U.K. access to DexCom ONE was recently simplified with the addition of the products transmitter to the national formulary. With the entire system now covered by the drug tariff, this reduces the administrative steps for clinicians in a market where we already have considerable underlying momentum. We will continue to work on delivering these types of wins, making it easier and simpler for customers to get reimbursed access to DexCom products.

正如預期的那樣，DexCom ONE 對我們的業績產生了越來越大的影響，因為該產品使我們能夠進入新市場並在現有市場中進行更廣泛的競爭。在英國，最近通過將產品變送器添加到國家處方集中簡化了對 DexCom ONE 的訪問。由於整個系統現在都被藥品關稅覆蓋，這減少了臨床醫生在我們已經擁有相當大的潛在動力的市場中的行政步驟。我們將繼續致力於提供這些類型的勝利，使客戶更容易、更簡單地獲得對 DexCom 產品的報銷訪問權。

Our first quarter gross profit was $469.8 million or 63.4% of revenue compared to 63.3% of revenue in the first quarter of 2022. Our first quarter gross margin reflects the traditional step down relative to what we see in the fourth quarter as we serve a greater mix of pharmacy customers and less contribution from our DME users with high deductible health plans. This was a better-than-expected Q1 result for gross margin as we delivered incremental efficiencies in our G6 lines while managing production for our G7 launch. However, we continue to anticipate gross margins for the full year in line with our original guidance as we scale our global G7 production.

我們第一季度的毛利潤為 4.698 億美元，佔收入的 63.4%，而 2022 年第一季度為 63.3%。我們的第一季度毛利率反映了相對於第四季度的傳統下降，因為我們服務於更大的客戶藥房客戶的混合以及我們的 DME 用戶對高免賠額健康計劃的貢獻較少。這是好於預期的第一季度毛利率結果，因為我們在為 G7 發布管理生產的同時提高了 G6 生產線的效率。然而，隨著我們擴大全球 G7 生產規模，我們繼續預計全年的毛利率將與我們最初的指導一致。

Operating expenses were $391.2 million for Q1 of 2023 compared to $347.8 million in Q1 of 2022. Operating expense management continues to be an ongoing point of emphasis for our team as part of our broader cost efforts, and it continues to be on display this quarter. In line with our expectations, we generated over 250 basis points of OpEx leverage in the first quarter even as we allocated greater commercial investment to support our G7 launch.

2023 年第一季度的運營費用為 3.912 億美元，而 2022 年第一季度為 3.478 億美元。作為我們更廣泛的成本工作的一部分，運營費用管理仍然是我們團隊持續關注的重點，並將在本季度繼續展示。與我們的預期一致，我們在第一季度產生了超過 250 個基點的 OpEx 槓桿，儘管我們分配了更多的商業投資來支持我們的 G7 啟動。

We are very proud of the efforts our team has made and continue to make on these efficiency initiatives. Operating income was $78.6 million or 10.6% of revenue in the first quarter of 2023, compared to $50.3 million or 8% of revenue in the same quarter of 2022. Adjusted EBITDA was $145.9 million or 19.7% of revenue for the first quarter compared to $112.4 million or 17.9% of revenue for the first quarter of 2022. Net income for the first quarter was $68.5 million or $0.17 per share. We closed the quarter with approximately $2.6 billion worth of cash and cash equivalents remaining in a great financial position.

我們為我們的團隊已經並將繼續為這些提高效率的舉措所做的努力感到自豪。 2023 年第一季度營業收入為 7860 萬美元，佔收入的 10.6%，而 2022 年同期為 5030 萬美元，佔收入的 8%。調整後的 EBITDA 為 1.459 億美元，佔收入的 19.7%，而 2022 年同期為 112.4 美元萬美元或 2022 年第一季度收入的 17.9%。第一季度淨收入為 6850 萬美元或每股 0.17 美元。本季度結束時，我們的現金和現金等價物價值約 26 億美元，財務狀況良好。

Our balance sheet provides us with significant flexibility to organically support our ongoing growth investments, including the build-out of our Malaysia manufacturing facility and continually assess our strategic uses of capital. As Kevin mentioned, we are expecting our Malaysia facility to start producing commercial product around midyear, which we view as a pivotal moment in our global manufacturing journey. This plant will provide a significant new capacity and be a key element of our long-term growth in cost reduction plans.

我們的資產負債表為我們提供了極大的靈活性，以有機地支持我們正在進行的增長投資，包括我們馬來西亞製造工廠的擴建，並不斷評估我們的資本戰略用途。正如凱文所說，我們預計我們的馬來西亞工廠將在年中左右開始生產商業產品，我們認為這是我們全球製造之旅的關鍵時刻。該工廠將提供重要的新產能，並成為我們長期增長的成本削減計劃的關鍵要素。

Turning to guidance. We are raising our full year 2023 revenue guidance to a range of $3.4 billion to $3.515 billion. For margins, we are reaffirming our prior full year guidance of gross profit margins in the range of 62% to 63%, operating margins of approximately 16.5% and adjusted EBITDA margins of approximately 26%. The increase of approximately $38 million at the midpoint of revenue guidance reflects our increased confidence in the business and the underlying market. This factors in our strong first quarter results as well as a benefit from CMS finalizing type 2 basal coverage earlier than originally anticipated.

轉向指導。我們將 2023 年全年收入指引上調至 34 億美元至 35.15 億美元。對於利潤率，我們重申我們之前的全年毛利率指導範圍為 62% 至 63%，營業利潤率約為 16.5%，調整後的 EBITDA 利潤率約為 26%。在收入指引的中點增加約 3800 萬美元反映了我們對業務和基礎市場的信心增強。這影響了我們強勁的第一季度業績，以及 CMS 比原先預期更早完成 2 型基礎覆蓋的好處。

With that, I will turn it back to Kevin.

有了這個，我會把它轉回給凱文。

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

謝謝，傑里姆。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) And we will take our first question from Robbie Marcus with JPMorgan.

（操作員說明）我們將從摩根大通的 Robbie Marcus 那裡回答我們的第一個問題。

Congrats on a great quarter. Maybe to start, the focus is all on the type 2 basal expansion that just started at the beginning of last week. Maybe speak to the expectations and cadence of what's in guidance here what the initial -- what do you think the initial reception and awareness is and how much you and your other CGM competitor have to do to educate the market. And then maybe on the back of the Super Bowl ad, what you think is the patient awareness and also acceptance to wearing a CGM full time is for type 2 basal.

祝賀一個偉大的季度。也許首先，重點是上周初才開始的 2 型基礎擴張。也許在這裡談談對指導內容的期望和節奏是什麼——你認為最初的接受和意識是什麼，以及你和你的其他 CGM 競爭對手必須做多少來教育市場。然後也許在超級碗廣告的背面，您認為患者的意識和對全天佩戴 CGM 的接受度是針對 2 型基礎的。

Thanks, Robbie. This is Jereme. Appreciate that. In terms of guidance, maybe I'll start there and then I can turn it over to Kevin in terms of thought process around wear times. In terms of guidance, we had talked about basal prior to approval if it started in the middle of the year being about 1%. And our updated guidance has us higher than 1%, certainly more in that 1.5-ish percent range, but not necessarily changing integer. So hopefully, that gives you some context to where that's going.

謝謝，羅比。這是傑瑞姆。感謝。在指導方面，也許我會從那裡開始，然後我可以就磨損時間的思考過程將其交給凱文。在指導方面，如果它在年中開始，我們在批准之前談到了基礎，約為 1%。我們更新後的指引讓我們高於 1%，當然在 1.5% 左右的範圍內更多，但不一定改變整數。所以希望這能為您提供一些背景信息。

Certainly, we expect it to be a market change in terms of what I would say is reimbursement for the longer term. In terms of adoption, we're obviously just getting in those approvals and just getting in the reimbursement. So it's going to take a little bit of time for us to ultimately see how that cadence of adoption is. But you've got our expectations. And over the long term, we expect adoption to be, quite frankly, very, very positive. Maybe I can turn it to Kevin in terms of awareness in the channel and in kind of wear times longer term.

當然，就我所說的長期報銷而言，我們預計這將是一個市場變化。在採用方面，我們顯然只是獲得了這些批准並獲得了報銷。因此，我們需要一些時間才能最終了解採用的節奏。但你已經達到了我們的期望。從長遠來看，坦率地說，我們預計採用率會非常非常積極。也許我可以就渠道意識和長期磨損時間向凱文求助。

Yes. Thanks, Jereme. With respect to wear times, our best plan of reference is our mobile study that provided the really most important data in securing this approval. Over 90% of the individuals who were [sensors] during the study they want to give them up. They felt the information was very valuable, very useful and provided them very much a scoreboard and how they can manage their diabetes going forward. So it doesn't progress and they could have much better outcomes. And so we're very confident with the full-time wear.

是的。謝謝，傑里姆。關於磨損時間，我們最好的參考計劃是我們的移動研究，它提供了確保獲得批准的真正最重要的數據。在研究期間，超過 90% 的 [傳感器] 個體想要放棄它們。他們認為這些信息非常有價值、非常有用，並為他們提供了一個非常重要的記分牌，以及他們今後如何控製糖尿病。所以它沒有進展，他們可能會有更好的結果。所以我們對全職穿著非常有信心。

From an educational perspective, we do have some work to do in the PCP community. We did a big sales force expansion last year in anticipation of going more broadly, we continue to evaluate our marketing and our full on direct distribution efforts to see what adjustments need to be made to create more awareness. We work very hard with our channel partners and believe we are in a very good position with them to go take on this front. So it's about creating awareness. It's about making it easier for patients to get their product and use it. I've been out in the field a few times.

從教育的角度來看，我們在 PCP 社區中確實有一些工作要做。去年我們進行了大規模的銷售隊伍擴張，以期擴大銷售範圍，我們繼續評估我們的營銷和我們在直接分銷方面的全部努力，以了解需要進行哪些調整以提高知名度。我們與我們的渠道合作夥伴一起努力工作，並相信我們與他們一起處於非常有利的位置，可以在這方面取得進展。所以這是關於創造意識。這是為了讓患者更容易獲得和使用他們的產品。我去過幾次野外。

And the one thing I'm definitely hearing as I speak with a lot of the primary care physicians who are going to serve this market is G7 is so much easier to use and so easy to use versus G6, they view this as a very real and a very strong opportunity for their patients to achieve better outcomes. So we know we have the right product. We'll just work on creating awareness at the proper places to get it out there. But we're comfortable that people will wear it all the time once they get started.

當我與許多將為這個市場服務的初級保健醫生交談時，我肯定聽到的一件事是 G7 比 G6 更容易使用，他們認為這是一個非常真實的並為他們的患者獲得更好的結果提供了非常好的機會。所以我們知道我們有合適的產品。我們將努力在適當的地方提高知名度，以將其傳播出去。但我們很高興人們一旦開始使用就會一直佩戴它。

And we will take our next question from Jeff Johnson with Baird.

我們將與 Baird 一起接受 Jeff Johnson 的下一個問題。

So Kevin, I heard you talk about -- or Jereme, I guess, probably it was you who talked about the Bridge program and kind of half the impact of that you thought originally in 1Q. You didn't hear anything on the cash pay program, we're starting to see on GoodRx and Amazon Pharmacy and that some of these price points roll out in the $170, $180 range per month for your product. Just any updated thinking what are the initial responses you're seeing to that cash pay program, how additive do you think that could be to revenue this year? And how to think about the margin implications at those discounted prices?

所以 Kevin，我聽到你談論過——或者 Jereme，我想，可能是你談論了 Bridge 計劃，以及你最初在 1Q 中認為的影響的一半。你沒有聽到任何關於現金支付計劃的消息，我們開始在 GoodRx 和 Amazon Pharmacy 上看到，其中一些價格點在你的產品每月 170 美元、180 美元的範圍內推出。只是任何更新的想法，您對現金支付計劃的初步反應是什麼，您認為這對今年的收入有多大影響？以及如何考慮這些折扣價對利潤率的影響？

Sure. Yes. Thanks for asking the question. So we obviously updated the Bridge program. The Bridge program is where a significant amount of folks are taking advantage of it. That price point is a little bit lower at this point. And great news, of course, is the coverage has come in a little bit earlier. And so certainly, we haven't had to have folks take as much advantage of it.

當然。是的。感謝您提出問題。所以我們顯然更新了 Bridge 程序。 Bridge 計劃是很多人正在利用它的地方。這個價格點在這一點上有點低。當然，好消息是報導提前了一點。所以當然，我們不必讓人們充分利用它。

In terms of those cash pay programs, we have seen some encouraging initial adoption, but it is relatively initial. So as you see those start to come through, longer term, we think it can be additive, and we believe it will be. In the shorter term, it's really not a material contributor, but longer term, again, Jeff, we're very excited about what this opportunity offers to folks. Longer-term margins perspective, we feel good about the pricing in those cash pay programs. We don't expect it to have a long-term drag on margins.

就這些現金支付計劃而言，我們已經看到了一些令人鼓舞的初步採用，但它是相對初始的。所以當你看到那些開始出現時，從長遠來看，我們認為它可以是累加的，我們相信它會是。從短期來看，它確實不是一個物質貢獻者，但從長遠來看，Jeff，我們對這個機會為人們提供的東西感到非常興奮。從長期利潤率的角度來看，我們對這些現金支付計劃的定價感到滿意。我們預計它不會對利潤率產生長期拖累。

As you've seen in the quarter, we continue to do really, really well on designing cost out of our product, and we'll continue to work on doing that both with G6 and G7 to where these programs won't necessarily be dilutive to our long-term gross margin.

正如您在本季度看到的那樣，我們在設計產品成本方面繼續做得非常非常好，我們將繼續努力在 G6 和 G7 中做到這一點，這些計劃不一定會稀釋到我們的長期毛利率。

And we'll take our next question from Larry Biegelsen with Wells Fargo.

我們將從富國銀行的 Larry Biegelsen 那裡回答下一個問題。

Congrats on a nice start to the year here. Jereme, 2 parts for me. I mean, the first quarter, it was about 20% if you back out the bridging program the guidance, 17% to 21%. Can you talk about the cadence through the year? And is there any reason why growth wouldn't accelerate from Q1 with G7 and the basal launches. And just separately, what was volume in the U.S., volume growth? People are going to compare and contrast your, call it, 18% growth in the U.S. adjusted for the bridging versus Abbott's 50%? Just any color on what you think is going on there.

祝賀您在這裡度過了美好的一年。 Jereme，給我兩份。我的意思是，第一季度，如果你取消橋接計劃的指導，它大約是 20%，17% 到 21%。你能談談一年中的節奏嗎？是否有任何理由說明 G7 和基礎發射不會從第一季度開始加速增長。另外，美國的銷量是多少，銷量增長是多少？人們會比較和對比你的，所謂的，美國 18% 的增長，調整為橋接與雅培的 50%？只是你認為那裡發生的任何顏色。

Sure. Yes, I'll start with the volume question first. Well, we're not necessarily disclosing volume specifically in quarters going forward. What we can say is our patient base -- if you look at where we were exiting 2022. Our patient base grew in the mid-30%. And so as we've talked about what that patient base looks like when we disclose patients, and we'll do that every year, so folks have an understanding. That continues to play through.

當然。是的，我先從音量問題開始。好吧，我們不一定會具體披露未來幾個季度的交易量。我們可以說的是我們的患者基礎——如果你看看我們 2022 年退出的地方。我們的患者基礎增長了 30% 左右。因此，正如我們已經討論過當我們披露患者時患者群是什麼樣子的，我們每年都會這樣做，所以人們有一個理解。這將繼續發揮作用。

To give you some context to the first quarter, the first quarter was a record for new patients. And so our unit volume growth continues to be very strong. So as you compare the 2, we feel very good about our unit volume growth relative to competitors, and we'll continue to feel good about that for the balance of the year.

為了給你一些關於第一季度的背景信息，第一季度是新患者的記錄。因此，我們的單位銷量增長繼續非常強勁。因此，當您比較兩者時，我們對我們相對於競爭對手的單位銷量增長感到非常滿意，並且在今年餘下的時間裡我們將繼續對此感到滿意。

In terms of how to think about the cadence of the year, I do think the cadence of the year will be a little bit heavier weighted into the back half relative to prior years. That's just given the timing of the basal approval and as that starts to get going. But as you think about Q2, we are -- we do recognize where The Street is today, and we realize that number will have to go up a little bit. And so as the overperformance you see in Q1, certainly record new patients, that will play through into Q2. And so you'll see some of the increase in guidance that is specifically related to some increase in expectations in Q2 performance. So hopefully, that covers your questions.

就如何考慮今年的節奏而言，我確實認為與前幾年相比，今年的節奏在後半部分的權重會稍微大一些。這只是給出了基礎批准的時間以及開始進行的時間。但是當你想到第二季度時，我們確實認識到了今天的街道，我們意識到這個數字必須上升一點。因此，正如您在第一季度看到的超額表現，肯定會記錄新患者，這將持續到第二季度。因此，您會看到一些指導的增加，具體與第二季度業績預期的增加有關。希望這涵蓋了您的問題。

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 wanted to ask you one about just how quickly the coverage has been established in the DME and the pharmacy channel. I thought it was an interesting comment that you made that you think you have more coverage in pharmacy than your competitor. Maybe you could compare that and talk about what that means for ultimately how much of the basal opportunity you think you can garner?

所以我想問你一個關於 DME 和藥房渠道建立覆蓋範圍的速度。我認為這是一個有趣的評論，你認為你在藥房的報導比你的競爭對手更多。也許你可以比較一下，然後談談這對你認為你最終可以獲得多少基本機會意味著什麼？

Yes. This is Kevin. I'll take that, and Jereme can add a bit afterwards. On the basal opportunity, remember, Medicare sales process is durable medical equipment, and we have very good relationships with our distributors and in that channel, and we worked very hard to position them to be successful with the basal patients. And so we're very comfortable there.

是的。這是凱文。我接受了，之後 Jereme 可以補充一點。在基礎機會上，請記住，Medicare 銷售流程是耐用的醫療設備，我們與我們的分銷商和該渠道有著非常良好的關係，我們非常努力地讓他們在基礎患者中取得成功。所以我們在那裡很舒服。

With respect to our coverage, I think it's important to note our approach here. Our goal is to minimize the out-of-pocket cost of our customers. And by getting all this coverage, we've repeated the statistics several times, 30% of DexCom users -- commercial users to go the pharmacy have 0 co-pay, and 70% have lower or at least equal to co-pay as our major competitor. Our goal is to get them through and to get them covered rather than rely on the bridging program forever. And our team is very successful and getting us through that.

關於我們的報導，我認為在這裡註意我們的方法很重要。我們的目標是盡量減少客戶的自付費用。通過獲得所有這些覆蓋範圍，我們多次重複統計數據，30% 的 DexCom 用戶——去藥房的商業用戶的共付額為 0，而 70% 的共付額低於或至少等於我們的共同支付額主要競爭對手。我們的目標是讓他們通過並覆蓋他們，而不是永遠依賴橋接計劃。我們的團隊非常成功，幫助我們度過難關。

The bridging program is still out there, and it's still open, but many of the customers go to the drug store and don't need it. We've got that pharmacy coverage in place, which creates an opportunity then for them to spend less on a monthly basis, and it's very important to our users. That's why we've approached this coverage very aggressively. In all fairness, we've talked about G7 long enough, the payers were ready to have discussions. We were met with open arms. They're very excited at the opportunity to have this new product and in front of them again.

橋接程序仍然存在，並且仍然開放，但許多顧客去藥店並不需要它。我們已經有了藥房保險，這為他們創造了一個機會，讓他們每月花費更少，這對我們的用戶來說非常重要。這就是為什麼我們非常積極地處理這個報導。平心而論，我們討論 G7 的時間已經夠長了，付款人已經準備好進行討論了。我們受到了張開雙臂的歡迎。他們對有機會再次擁有這款新產品並再次出現在他們面前感到非常興奮。

We'll 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。

Kevin, I don't want to get too far away from basal, that was clearly a huge driver in the short term and where a lot of focus is. But I guess, can you give us some of the context on the steps that you're taking today to drive adoption and to even earlier stage type 2 patients, whether GLP-1s or orals and -- is this going to require a clinical data? Are you guys working on that? Or are the partnership programs, I guess, at this point, sufficient upscale where coverage can broaden, I guess, without something like a noble study?

凱文，我不想離 basal 太遠，這在短期內顯然是一個巨大的驅動力，並且是很多關注的地方。但我想，您能否向我們介紹一下您今天為推動採用以及更早階段的 2 型患者而採取的步驟，無論是 GLP-1 還是口服藥物，以及——這是否需要臨床數據？你們在努力嗎？或者我想，在這一點上，合作夥伴計劃是否足夠高檔，覆蓋範圍可以擴大，我想，沒有像貴族研究這樣的東西？

We are working on all fronts there, Margaret. Thank you for the question. We see tremendous benefit to CGM as type 2 diabetes treating gets more sophisticated. It's -- I was with a physician recently, and he talked about CGM being the scorecard. How do you do this? And how do you aggressively treat type 2 diabetes without knowing the scorecard and what's going on, and CGM offers a tremendous opportunity. It offers an opportunity to reduce or increase medications for individuals who aren't succeeding and bring A1Cs down significantly in combination with therapies.

瑪格麗特，我們正在那裡的各個方面努力。感謝你的提問。隨著 2 型糖尿病治療變得更加複雜，我們看到 CGM 的巨大好處。這是——我最近和一位醫生在一起，他談到 CGM 是記分卡。你怎麼做到這一點？你如何在不知道記分卡和正在發生的事情的情況下積極治療 2 型糖尿病，而 CGM 提供了一個巨大的機會。它提供了一個機會，可以減少或增加不成功的個人的藥物治療，並結合治療顯著降低 A1C。

We think it will become a vital part. We'll continue to gather data from programs like we have done in the past. We're contemplating studies but nothing we're ready to publish or announce. We don't announce our studies early on. We like to wait till we get done. But we are contemplating and seeing study proposals that could provide great data. The question is, do we want to go do 100,000 type 2 patient study and it takes 3 years? Not right now.

我們認為它將成為一個重要的部分。我們將繼續像過去一樣從程序中收集數據。我們正在考慮研究，但我們還沒有準備好發表或宣布任何事情。我們不會提前公佈我們的研究。我們喜歡等到完成。但我們正在考慮並看到可以提供大量數據的研究建議。問題是，我們是否要進行 100,000 名 2 型患者的研究並且需要 3 年？不是現在。

We don't think we need that type of evidence, but there is a very strong body of evidence in all of the type 2 individuals that we've seen that aren't on insulin, that chose CGM, again, it provides a great benefit when you're using a DexCom sensor where you can rely on the accurate information, and you can use it. So stay tuned on that market. We'll talk more about it in the future. But it is coming. We believe we play a vital role there in spite of all these advances that we're reading about.

我們認為我們不需要那種類型的證據，但是在我們看到的所有 2 型個體中都有非常有力的證據，這些人沒有使用胰島素，選擇了 CGM，這再次提供了很好的證據當您使用 DexCom 傳感器時，您可以從中受益，因為您可以依賴準確的信息，並且可以使用它。所以請繼續關注那個市場。我們以後會詳細討論它。但它來了。儘管我們正在閱讀所有這些進步，但我們相信我們在那裡發揮著至關重要的作用。

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。

Jereme, can you talk a little bit more about the pricing commentary that you just made? I think you said volumes up in the first quarter in the 30s, but yet overall -- and this is a domestic question, overall, up 17%, 18% in total. So that would mean pricing came down quite a bit. Is that a trend we should anticipate? And then with your competitor taking pricing up, are you really just trying to close the gap entirely here and just be done with this pricing delta between the 2 of you?

Jereme，你能多談談你剛剛發表的定價評論嗎？我想你說的是 30 年代第一季度的銷量增長，但總體而言——這是一個國內問題，總體而言，增長了 17%，總共增長了 18%。所以這意味著價格會下降很多。這是我們應該預見的趨勢嗎？然後隨著你的競爭對手提高價格，你真的只是想完全縮小差距，並在你們兩個之間完成這個定價增量嗎？

Yes. I appreciate the question. And that's not what I was necessarily trying to -- and what I was talking about is our underlying patient base is up in the mid-30s. And that was based on the patient base we gave you as part of our kind of pegs we give you once a year. I wasn't necessarily coming on specific volume within the quarter. But what I would say is the volume in the quarter was relatively -- it was robust. It was another good quarter for us, and it was on the backs of a record new patient add.

是的。我很欣賞這個問題。這不是我必須要嘗試的——我所說的是我們的潛在患者群在 30 多歲左右。這是基於我們給你的病人基礎，作為我們每年給你一次的釘子的一部分。我不一定會在本季度內達到特定數量。但我要說的是，本季度的銷量相對強勁。這對我們來說又是一個好季度，而且它是在創紀錄的新患者增加的支持下。

So I didn't want to get into specifics on volumes. What I can tell you, just in generalities around price. Price and volumes do tend -- are continuing to converge over time. That is us moving less from pharmacy -- I'm sorry, from DME to pharmacy, that channel has started to stabilize quite a bit. There is still some annualization going on. So make no mistake, we are still going through that annualization plus we have the -- what we talked about earlier, which is the bridge program playing through, albeit to a lesser extent.

所以我不想深入了解卷的細節。我能告訴你的，只是關於價格的概括。價格和數量確實趨於一致——隨著時間的推移繼續趨同。那就是我們從藥房轉移的更少——對不起，從 DME 到藥房，那個渠道已經開始穩定下來了。仍有一些年度化正在進行。所以別搞錯了，我們仍在經歷年度化，而且我們還有——我們之前談到的，這是橋樑計劃正在發揮作用，儘管程度較小。

So the price is up, is moving how we would have expected. So I won't really trying to insinuate that there was an increasing delta between the 2. I was just trying to give some context around a strong, robust underlying patient base for the quarter. So I didn't want to read too much into that, and I apologize if it gave you the wrong impression.

所以價格上漲了，正在按照我們的預期移動。因此，我不會真的試圖暗示兩者之間的增量越來越大。我只是想圍繞本季度強大、穩健的潛在患者基礎提供一些背景信息。所以我不想讀太多，如果它給你留下了錯誤的印象，我深表歉意。

We'll take our next question from Danielle Antalffy with UBS.

我們將接受來自瑞銀的 Danielle Antalffy 的下一個問題。

Congratulations on a good start to the year. Just that -- I'm going to try to ask this question qualitatively, Kevin, because I appreciate you guys are going to give us an update in 2 months here at ADA. But as we look at the basal opportunity, we were kind of thinking of looking at insulin-intensive type 2 as a proxy there.

祝賀你今年有個好的開始。就是這樣 - 我將嘗試定性地問這個問題，凱文，因為我很感激你們將在 ADA 的 2 個月內向我們提供更新。但當我們審視基礎機會時，我們有點想把胰島素密集型 2 型作為那裡的代理。

And I guess my question for you is, it looks like insulin-intensive type 2 is ramping to 50%-plus penetration around 5 years after securing Medicare coverage I mean, is there any reason to think that couldn't be true as well for basal and arguably could basal ramp even faster given that we are significantly ahead of where we were in 2018 from a technology, from an awareness perspective. Anything you could say around that without front-running the Analyst Day?

我想我要問你的問題是，在獲得 Medicare 保險後的 5 年左右，胰島素密集型 2 型的滲透率似乎上升到 50% 以上，我的意思是，是否有任何理由認為這對於考慮到我們在技術和意識方面遠遠領先於 2018 年的水平，因此可以說基礎增長速度甚至更快。如果不預先運行分析師日，您可以說些什麼？

No, it's a good question, and it's one we discuss a lot internally. Remember, to start reimbursement is with Medicare patients only, and that's about half the population. It has always been our experience that we've got to drive reimbursement from the private payers as well and then through the Medicaid programs also to get extensive penetration, and with type 2 intensive insulin therapy, we're now pretty much there across most of the payer landscape.

不，這是一個很好的問題，我們內部也經常討論這個問題。請記住，開始報銷的只有 Medicare 患者，這大約佔人口的一半。根據我們的經驗，我們還必須推動私人支付者的報銷，然後通過醫療補助計劃也獲得廣泛的滲透，並且通過 2 型強化胰島素治療，我們現在幾乎已經覆蓋了大部分地區付款人的情況。

A bit of work to do on the Medicaid side still, but we're there with Medicare and the private payers. So you'll see reimbursement evolve early on, and we get more coverage. And then I think we've got to generate these experiences with these users over time. Danielle, but in a 5-year period, I can definitely see that. And maybe it does go faster because we have such a large group of end users who are going to have reimbursement on the Medicare side.

在醫療補助方面仍有一些工作要做，但我們與醫療保險和私人付款人在一起。所以你會看到報銷在早期發展，我們得到更多的覆蓋面。然後我認為我們必須隨著時間的推移與這些用戶一起產生這些體驗。丹妮爾，但在 5 年的時間裡，我絕對可以看到這一點。也許它確實進行得更快，因為我們有如此龐大的最終用戶群體，他們將在醫療保險方面獲得報銷。

At the same time, they're not all seeing endocrinologists. So we've got a broader base of education with respect to their health care providers that we have to cover as well. So we'll factor all that in as we go, and we'll talk more about it later. But those are all the factors we consider as we look at it.

同時，他們並不都去看內分泌學家。因此，我們還必須涵蓋有關他們的醫療保健提供者的更廣泛的教育基礎。所以我們會在進行時考慮所有這些因素，我們稍後會詳細討論它。但這些都是我們在考慮時考慮的所有因素。

We'll 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 2 quick questions that require short answers. Jereme, you mentioned I think 1Q was a record for new users. Just a little clarification there. That was for -- it was a 1Q record? Or are you saying that you added more new users in 1Q than you did in 4Q?

只有 2 個需要簡短回答的快速問題。 Jereme，你提到我認為 1Q 是新用戶的記錄。只是稍微澄清一下。那是為了 - 這是 1Q 記錄？或者你是說第一季度比第四季度增加了更多的新用戶？

We've added more users in 1Q than we ever have in any quarter in DexCom's history.

我們在第一季度增加的用戶比 DexCom 歷史上任何一個季度都多。

Very clear. And then, Kevin, I was intrigued by your comment around actively talking to payers in Europe around basal reimbursement. I'm just kind of curious, is this something that you would expect in '23? And if not, is this something that could happen in '24?

非常清楚。然後，凱文，我對你圍繞基礎報銷積極與歐洲付款人交談的評論很感興趣。我只是有點好奇，這是你在 23 年所期望的嗎？如果不是，這是 24 年可能發生的事情嗎？

It will take time. It's not going to happen overnight. Our outcomes data that we provided with the mobile study gives us a good first pass. I think as we see success with users in the United States and we see outcomes and possibly gather more economic data as we work some of these patients. It's going to require that type of evidence. So we don't have -- I don't think we have enough yet personally, the team may disagree with me, but I think we need to develop more. But certainly, it's on the table. And it's certainly something we can now discuss because when CMS approves the policy of this nature, the world takes note. And so we are now getting audiences to discuss that internationally, and we'll continue to push.

需要花時間。這不會在一夜之間發生。我們通過移動研究提供的結果數據為我們提供了良好的第一關。我認為，當我們看到美國用戶的成功時，我們會看到結果，並可能在我們為其中一些患者工作時收集更多的經濟數據。這將需要那種類型的證據。所以我們沒有——我個人認為我們還不夠，團隊可能不同意我的看法，但我認為我們需要發展更多。但可以肯定的是，它已經擺在桌面上了。這當然是我們現在可以討論的事情，因為當 CMS 批准這種性質的政策時，全世界都會注意到這一點。所以我們現在讓觀眾在國際上討論這個問題，我們將繼續推動。

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。

Nice start to the year. I want to make sure I understood this new user comment. I'm going to assume that, that also includes DexCom ONE patients that are in there that might be adding to the difference between the dollar growth and the user group. And then I'm curious in how many countries DexCom ONE is in currently?

開年不錯。我想確保我理解這個新的用戶評論。我將假設，其中還包括 DexCom ONE 患者，這些患者可能會增加美元增長與用戶群之間的差異。然後我很好奇 DexCom ONE 目前在多少個國家/地區？

Yes, sure. It does include DexCom ONE user. So this is the entire group. DexCom ONE is now, and I want to say it's about 12 countries, 10 to 12 countries. I'm trying to do the math in my head across all. It's about 10 to 12. We're starting to really see some uptick in some of those smaller countries that we initially launched. And then, of course, some of the bigger countries where we have coverage like the U.K., we're also seeing some nice uptick as well.

是的，當然。它確實包括 DexCom ONE 用戶。這就是整個小組。 DexCom ONE 現在是，我想說它是關於 12 個國家，10 到 12 個國家。我正在嘗試在腦海中計算所有內容。大約是 10 到 12。我們開始真正看到我們最初推出的一些較小的國家/地區有所上升。然後，當然，我們覆蓋的一些較大的國家，如英國，我們也看到了一些不錯的增長。

We'll 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。

Just a quick follow-up on DexCom ONE as well. I know you talked about entering the year, thinking about 1/3 of new patient starts, OUS, stemming from DexCom ONE. Just curious if you could talk about where you are right now in 1Q? And then as you think about geographic expansion contributions to that going forward through the year, just your expectations there as well?

也只是對 DexCom ONE 的快速跟進。我知道你談到進入這一年，考慮 1/3 的新患者開始，OUS，源於 DexCom ONE。只是好奇您是否可以談談您現在在 1Q 的位置？然後當你考慮地理擴張對這一年的貢獻時，你的期望也是如此嗎？

Yes, sure. So I can answer that. The expectation still is 1/3 of new patients. And as you can see, some of the encouraging things, for example, with the U.K. formulary decision to include transmitters, on there just makes it easier. And so the way easier we can make it, the easier it's going to be. So that's still our expectations.

是的，當然。所以我可以回答。期望仍然是新患者的 1/3。正如您所看到的，一些令人鼓舞的事情，例如，英國的處方決定包括發射器，只會讓事情變得更容易。因此，我們做得越容易，它就會變得越容易。所以這仍然是我們的期望。

And right now, a majority of the DexCom ONE product is sitting in the EU region. So when you think of geographies, think of the European region, including the U.K. in that as well, where I think you'll expect to see most of the growth associated with DexCom ONE and really most of the growth for the foreseeable future until we can launch in other jurisdictions meaningfully across the world.

而現在，大部分 DexCom ONE 產品都位於歐盟地區。因此，當你想到地理位置時，想想歐洲地區，包括英國在內，我認為你會在那裡看到與 DexCom ONE 相關的大部分增長，以及在可預見的未來真正的大部分增長，直到我們可以在全球其他司法管轄區有意義地推出。

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

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

Another international one for me, just curious for an update on Japan now that you've got a broader reimbursement with G6. Can you really just give us a sense of how much that business is annualizing at and how important a component it is in your 2023 outlook?

另一個對我來說是國際的，現在你已經得到了 G6 的更廣泛的報銷，只是想知道日本的最新情況。您真的能告訴我們該業務的年化程度以及它在您 2023 年展望中的重要性嗎？

Yes. This is Kevin. I'll take it. It's still a relatively small component in our 2023 outlook. We are working with our partner, Terumo, there and with the broadened coverage we'll obviously see an increase, but it is not a material part of our plan this year. We're looking forward over time to getting G7 launched over there. We think G7 provides us a quite candidly much stronger opportunity in the Japanese market with all of its great features. We've grown a bit in Japan, not as much as we'd like. And so as we look at the year, we're looking at ways to go faster. G7 will be one of those. And be a bigger part of our '24 plan than it is '23 substantially.

是的。這是凱文。我要買它。在我們的 2023 年展望中，它仍然是一個相對較小的組成部分。我們正在與我們的合作夥伴 Terumo 合作，隨著覆蓋範圍的擴大，我們顯然會看到增長，但這不是我們今年計劃的重要組成部分。隨著時間的推移，我們期待在那裡推出 G7。我們認為 G7 憑藉其所有強大功能為我們在日本市場提供了一個非常坦率的更強大的機會。我們在日本成長了一點，沒有我們想要的那麼多。因此，當我們回顧這一年時，我們正在尋找更快的方法。 G7 將是其中之一。並且在我們的 24 年計劃中比 23 年計劃更大。

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。

You started the call by describing how much prescribers seem to like the G7 format and that you had new prescribers coming on to DexCom. I just want to clarify, are these competitive wins? Are these prescribers coming completely new to CGM. And then how much of the launch or the intro is complete as in how many of the potential prescribers have you been able to get G7 in front of?

您通過描述開處方者似乎多麼喜歡 G7 格式以及您有新的開處方者加入 DexCom 來開始通話。我只想澄清一下，這些是競爭性勝利嗎？這些開處方的人對 CGM 是全新的嗎？然後有多少發布或介紹是完整的，因為您能夠在多少潛在的處方者面前獲得 G7？

Yes. This is Kevin. I'll take that. We have a lot of prescribers to go for G7 because it's going to be a very broadly used product, particularly as you look at the basal opportunity we have ahead of us. We know we have new prescribers we have to gain and we structured our sales force and designed their workflow and goals for the year to, in fact, go after and to go educate those that we need to go to.

是的。這是凱文。我會接受的。我們有很多開處方者選擇 G7，因為它將成為一種使用非常廣泛的產品，特別是當你看到我們面前的基本機會時。我們知道我們必須獲得新的處方者，我們構建了我們的銷售團隊並設計了他們今年的工作流程和目標，事實上，去追求並去教育那些我們需要去的人。

A lot of the prescribers who are prescribing G7 could, in fact, be new to CGM. What we do know is they're new to DexCom and that's what's most important to us. So if they're new to DexCom, it's 1 of 2 things. Either they're new to CGM in general or they've come after using competitors' products, both of which we view are good. And with G7, again, the excitement in the doctor's office is the ease of use. It is just so easy to use and so easy for somebody to get started on G7 with a 0.5 hour warm up with the easy insertion with a small form factor that we have.

事實上，許多正在開 G7 處方的處方者可能是 CGM 的新手。我們所知道的是，它們對 DexCom 來說是新的，這對我們來說是最重要的。因此，如果他們是 DexCom 的新手，那就是兩件事中的一件。他們要么是 CGM 的新手，要么是在使用過競爭對手的產品後才來的，我們認為這兩種產品都很好。對於 G7，再次讓醫生辦公室興奮的是其易用性。它使用起來非常簡單，對於一些人來說，只需 0.5 小時的預熱，就可以很容易地開始使用 G7，而且我們擁有小巧的外形，易於插入。

If a patient chooses to use a receiver, that receiver experience is much better than what they've had before. We really are getting great feedback on the new receiver and the accuracy of the system. The system, what we're hearing back, performs extremely well, and people are very happy with what they're seeing. So word of mouth has been very strong on this product. Our campaigns have obviously been aggressive, but the strength of the product has supported what we've said.

如果患者選擇使用接收器，那麼接收器體驗會比他們以前的體驗好得多。我們確實收到了關於新接收器和系統準確性的良好反饋。該系統，我們所聽到的，表現得非常好，人們對他們所看到的非常滿意。因此，該產品的口碑非常好。我們的活動顯然是積極的，但產品的實力支持了我們所說的。

We will 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。

I guess, I wanted to touch on margins. Gross margin in Q1 was actually above the full year guidance. So I want to understand the bridge on gross margin. And then maybe talk a little bit about OpEx leverage while we're on the margin topic and maybe the potential to see upside longer term above that long-term margin guide.

我想，我想談談利潤率。第一季度的毛利率實際上高於全年指引。所以我想了解毛利率的橋樑。然後，當我們討論保證金話題時，可能會談談 OpEx 的槓桿作用，並且可能會看到長期高於長期保證金指南的上行空間。

Sure. Yes, thanks for the question. You're right, Q1 came ahead of expectations. And what we saw was, we really saw continued efficiencies on our G6 lines that really played through in the quarter, which certainly is favorable. And given there's a large portion of our base, of course, that sits on those G6 lines that played through. So it was ahead of the full year. We do expect, as more and more folks move to G7 over the course of the year as we're turning on Malaysia, ultimately ramping up our G7 launch and therefore, the throughputs on those lines.

當然。是的，謝謝你的提問。你是對的，第一季度超出預期。我們看到的是，我們確實看到我們的 G6 生產線在本季度真正發揮了持續的效率，這當然是有利的。考慮到我們基地的很大一部分，當然，它位於那些通過的 G6 線路上。所以它提前了全年。我們確實預計，隨著我們在馬來西亞開啟這一年，越來越多的人轉向 G7，最終會增加我們的 G7 發布，從而提高這些線路的吞吐量。

We will go through a bit of a margin dip as we make that transition. And so I still expect that over the course of the year, we still do expect the year to fall in line with the 62% to 63% gross margin. But you are right, Q1 came in strong. And I think it just shows the capabilities of our teams. When you give them time what they can do in terms of designing cost out of product on manufacturing lines. We expect something similar to like that to happen on G7 into those future years.

在我們進行過渡時，我們將經歷一些利潤下降。因此，我仍然預計在這一年中，我們仍然預計今年的毛利率將下降到 62% 至 63%。但你是對的，Q1 表現強勁。我認為這只是展示了我們團隊的能力。當你給他們時間時，他們可以在生產線上的產品設計成本方面做些什麼。我們預計未來幾年 G7 會發生類似的事情。

In terms of margin profile, operating margin profile we gave the long-term guide certainly of getting to 20% margins by 2025. If you assume the year was at 65% gross margin, we're starting to get pretty close to there even in 2023. And that just goes to show you the leverage we're building into the business. While we're not in a position to change our long-term guide.

在利潤率、營業利潤率方面，我們給出了到 2025 年達到 20% 利潤率的長期指導。如果你假設這一年的毛利率為 65%，即使在2023 年。這只是向您展示了我們在業務中建立的影響力。雖然我們無法更改我們的長期指南。

To your question, do we think that there's opportunities to lever this business over the long haul, we do. And we're putting the levers in place in right now that's part of what we're doing as an organization. So we're very excited about that opportunity. I'm glad you pointed it out. We do believe there's opportunity in this business longer term to continue to generate more profits and we'll continue to work on doing so.

對於你的問題，我們是否認為有機會長期利用這項業務，我們有。我們現在正在採取措施，這是我們作為一個組織正在做的事情的一部分。所以我們對這個機會感到非常興奮。很高興你指出來。我們確實相信，從長遠來看，這項業務有機會繼續產生更多利潤，我們將繼續努力這樣做。

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

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

I want to ask a couple of questions about the middle of the income statement. SG&A grew quite a bit faster than sales this quarter. Just -- was there anything specific that drove that. And then R&D spending has been down year-over-year now 4 quarters in a row. Should we expect that trend to continue? Or does it start to ramp back up as we go through this year?

我想問幾個關於損益表中間的問題。本季度 SG&A 的增長速度遠高於銷售額。只是 - 有什麼具體的推動因素嗎？然後研發支出已經連續四個季度同比下降。我們應該期望這種趨勢繼續下去嗎？或者它會在我們今年經歷時開始回升嗎？

Yes, it's a good question. It's really a function of timing. So I'll start with R&D. R&D, if you think about this time last year, we were wrapping up a lot of the work around G7 as well as wrapping up a lot of the work on prototype lines for development. And so what you saw running through the P&L was an elevated period of spend. And as you saw it go through the rest of the year, you saw R&D kind of come back down as those G7 costs started to either dissipate or move up into different areas of lines (inaudible) validate those lines as much anymore.

是的，這是個好問題。這實際上是時間的函數。所以我將從研發開始。研發，如果你回想一下去年的這個時候，我們完成了很多圍繞 G7 的工作，也完成了很多關於開發原型線的工作。因此，您在損益表中看到的是支出增加的時期。正如你看到的那樣，在今年餘下的時間裡，你看到研發有點回落，因為 G7 的成本開始消散或上升到不同的線路區域（聽不清）再次驗證這些線路。

And so you saw that change happening. Over the course of the year, I would not expect that type of leverage on R&D. We'll still continue to leverage it as a percentage of sales, but it won't be what you saw in this quarter. It's just the inverse for SG&A. So we -- obviously, last year, we did not have a Super Bowl commercial or a G7 launch in the first quarter. This year, we did in the U.S. And so you saw an elevated level of spend associated with that, which we expected in coming out with our long-term guide. So it was all expected, but that's why you saw the change.

所以你看到了變化的發生。在這一年中，我預計不會對研發產生這種影響。我們仍將繼續利用它佔銷售額的百分比，但不會像您在本季度看到的那樣。這與 SG&A 正好相反。所以我們 - 顯然，去年，我們在第一季度沒有超級碗商業廣告或 G7 發布會。今年，我們在美國做了，所以你看到了與此相關的支出水平的提高，這是我們在發布長期指南時所期望的。所以這一切都在意料之中，但這就是你看到變化的原因。

The other part is that you do see the Malaysia costs as we're building up that factory, we're getting closer to go-live and so we're ramping up costs. But until we go live, those costs sit in G&A. So what you'll see is the -- we'll start to actually leverage SG&A a little bit more as the year goes on. And conversely, we'll leverage R&D a little bit less, but it still ultimately leads to leverage by the end of the year across both of those lines.

另一部分是，你確實看到了馬來西亞的成本，因為我們正在建設那家工廠，我們越來越接近上線，所以我們正在增加成本。但在我們上線之前，這些成本屬於 G&A。所以你會看到——隨著時間的推移，我們將開始更多地利用 SG&A。相反，我們將稍微減少對研發的槓桿作用，但它最終仍會在年底前在這兩條線上產生槓桿作用。

We will take our next question from Matt Miksic with Barclays.

我們將接受來自巴克萊銀行的 Matt Miksic 的下一個問題。

Some follow-up here on the basal opportunity. So clinicians we speak to describe something like a fair amount of pent-up demand in this community of Medicare patients on -- basal patients. If you -- just wondering if you have any sense of how long -- that's the way you are also seeing the set up? Like how long do you think it will take to work through that pent-up interest in the community?

這裡有一些關於基礎機會的後續行動。因此，我們採訪的臨床醫生描述了這個 Medicare 患者社區對基礎患者的大量被壓抑的需求。如果你 - 只是想知道你是否知道多長時間 - 這就是你看到設置的方式？比如你認為需要多長時間才能消除社區中被壓抑的興趣？

And then just if I could also on pricing and margin for this category, given that we're talking about sort of mix factor for all these different types of channels that you manage. What is this -- how does this compare to your sort of core business or maybe some of your other channels in terms of margins and pricing and mix?

然後，考慮到我們正在談論您管理的所有這些不同類型的渠道的某種混合因素，如果我也可以討論這一類別的定價和利潤。這是什麼——在利潤率、定價和組合方面，這與您的核心業務或您的一些其他渠道相比如何？

Yes, I'll start, and then I'll let Jereme go from there. We do see pent-up demand, and we do see people very excited for this opportunity. We've got to get -- as I said earlier, we worked very hard with our channel partners to prepare and so we're ready for that with our DME distributors to handle the influx of users that will come through that.

是的，我會開始，然後我會讓 Jereme 從那裡離開。我們確實看到了被壓抑的需求，我們確實看到人們對這個機會非常興奮。我們必須得到 - 正如我之前所說，我們與渠道合作夥伴非常努力地做好準備，因此我們已經準備好與我們的 DME 分銷商一起應對由此帶來的用戶湧入。

With respect to pricing [in models], Jereme can go a little more specific, again, this is the same Medicare pricing that we have in our Medicare business for those who are on intensive insulin therapy. So the only thing that would change is a larger portion of our patients could become Medicare patients and subject to Medicare reimbursement. And on an overall basis, Medicare is very favorable for us. So we're in a very good position there with these patients. We're very excited to serve them. Jereme, do you want to add to that?

關於定價 [in models]，Jereme 可以更具體一點，同樣，這與我們在 Medicare 業務中為那些接受強化胰島素治療的人提供的 Medicare 定價相同。因此，唯一會改變的是我們的大部分患者可能成為醫療保險患者並接受醫療保險報銷。總體而言，醫療保險對我們非常有利。所以我們在這些病人那里處於非常有利的位置。我們很高興為他們服務。 Jereme，你想補充嗎？

Yes, I think that's exactly. I mean, at the end of the day, it depends on what the reimbursement would come through at that will ultimately determine margins. Thus far, the reimbursement has come in generally in line in a favorable manner. Over the long term, we'll keep an eye on what that reimbursement looks like. And then we'll have that conversation to make sure you guys understand where this is going. But all throughout this process, we'll be looking at reimbursement, and we'll also be looking at how we deliver our products at, what will be a lower cost. And so that will be our way of helping manage through that as well.

是的，我認為正是這樣。我的意思是，歸根結底，這取決於最終決定利潤率的報銷方式。到目前為止，報銷總體上以有利的方式進行。從長遠來看，我們將密切關注報銷情況。然後我們將進行對話，以確保你們了解這是怎麼回事。但在整個過程中，我們將考慮報銷，我們還將考慮如何以更低的成本交付產品。因此，這也將是我們幫助管理的方式。

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。

Great. Good evening, everyone. I guess I'll be the guy that asks what's next when you're in the early stages of a new product launch. But just wondered if you could set some expectations with respect to extending the days of use as well as adding back some of those software features that you pulled at the request of the FDA in the second half of last year, just help level set expectations for R&D on a go-forward basis here.

偉大的。各位晚上好。我想當你處於新產品發布的早期階段時，我會是那個問下一步是什麼的人。但只是想知道您是否可以在延長使用天數以及添加去年下半年應 FDA 要求撤回的一些軟件功能方面設定一些期望，只是幫助設定期望值在此基礎上進行研發。

Why don't I start on the software side. We've made significant investments in software. We'll be adding back, for example, the shut the alarms off feature for up to 6 hours in the U.S., certainly before the end of the year. That feature will be added back to the app. And we're looking for a steady stream of upgrades to the app over the course of time.

為什麼我不從軟件方面入手。我們在軟件方面進行了大量投資。例如，我們將在美國重新添加最多 6 小時的關閉警報功能，當然會在今年年底之前完成。該功能將被添加回應用程序。隨著時間的推移，我們正在尋找應用程序的穩定升級流。

What you're going to see from our software team is continual upgrades and launches on a much more regular basis than we have in the past. Part of G7's engineering was to create a software platform that we could do more with and that we can upgrade much easier than we have done in the past. So that feature will be back before the end of the year, and we're excited for that as our users.

您將從我們的軟件團隊看到的是持續升級和比過去更定期地發布。 G7 工程的一部分是創建一個軟件平台，我們可以用它做更多的事情，並且我們可以比過去更容易地升級。因此，該功能將在今年年底前回歸，作為我們的用戶，我們對此感到非常興奮。

As far as what comes next, the #1 initiative in our R&D group is to get those extra days of sensor wear out there. As we've talked about this publicly, we've got some work to do on the patch. We have a new patch that we're going to put into manufacturing and it's a new manufacturing processes there, and we have a couple of other programs that we know can extend the life and make it better.

就接下來要發生的事情而言，我們研發團隊的第一項舉措是讓傳感器磨損的額外天數減少。正如我們公開討論的那樣，我們在補丁上還有一些工作要做。我們有一個新的補丁，我們將投入製造，這是一個新的製造過程，我們還有一些我們知道可以延長壽命並使其更好的其他程序。

What we struggle with and the reason we started 10 days is we want the appropriate reliability experience for our users and what they expect. By upgrading the patch and a couple of other changes, we're quite confident we can be there. And you'll see that life extended here in the not-too-distant future. It is our #1 priority, and our team is making very good progress.

我們努力解決的問題以及我們開始 10 天的原因是我們希望為我們的用戶提供適當的可靠性體驗以及他們的期望。通過升級補丁和其他一些更改，我們非常有信心我們可以做到這一點。在不久的將來，您會看到這裡的生命得以延續。這是我們的第一要務，我們的團隊正在取得很好的進展。

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

我們將接受 Steve Lichtman 和 Oppenheimer 的最後一個問題。

Guys, I was wondering on -- as we think about the LCD, obviously, a lot of focus understandably on basal-only. I was wondering how you're thinking about the opportunity within the non-insulin using patients. I understand it's going to be a subset based on the LCD and hypoglycemia risk. But the overall numbers are very high. So just curious how you're thinking about that? And are you approaching commercial pay there as well?

伙計們，我想知道——當我們考慮 LCD 時，很明顯，可以理解的是，很多重點只放在基礎上。我想知道您如何看待非胰島素使用患者的機會。我知道這將是一個基於 LCD 和低血糖風險的子集。但總體數字非常高。所以很好奇你是怎麼想的？你也在那裡接近商業報酬嗎？

Yes, it's a good question. Maybe I can start, and then certainly, Kevin can fill in. Obviously, massive market. And within that market, there's different use cases as you kind of go through the acuity, even the sub-acuity within that market. So we are thinking about it from multiple different levels. from a combination of a few different areas. One, is it an area where we want to reimburse were we worried about hypo? Is there a software change we need to make to target maybe a hyperglycemic approach. So we're thinking about how to either fit form software and product feature and/or does the existing product makes sense, which, again, in many cases, we think it does. So we are working with payers and thinking about how we go after that market.

是的，這是個好問題。也許我可以開始，然後當然，凱文可以填補。顯然，巨大的市場。在那個市場中，當你經歷敏銳度時，會有不同的用例，甚至是那個市場中的亞敏銳度。所以我們正在從多個不同的層面考慮它。來自幾個不同領域的組合。第一，這是我們想要報銷的領域嗎？我們擔心低血壓嗎？我們是否需要對軟件進行更改以針對高血糖方法。因此，我們正在考慮如何適應形式軟件和產品功能和/或現有產品是否有意義，在許多情況下，我們認為它確實有意義。因此，我們正在與付款人合作，並考慮我們如何進入該市場。

In terms of price point and use cases, I think that's the 1 we're still working on because the acuity level may be different. There may be someone who's kind of moving more on the acute side that's going to want to use it very similar to a basal or an intensive user, where it's going to help maybe reverse the progression of the disease as opposed to someone that's maybe more diagnostic on the front end to help maybe curb changes earlier on. That's something we are working through. I think there's going to be a bunch of different use cases. So it's hard to model that price out because I think it's going to be different based on who exactly is using it and what stage of the disease state they're in. Kevin, any other thoughts?

就價格點和用例而言，我認為這是我們仍在努力的第一個，因為敏銳度水平可能會有所不同。可能有些人在急性方面移動得更多，他們想像基礎用戶或密集用戶一樣使用它，這可能有助於逆轉疾病的進展，而不是那些可能更具診斷性的人在前端幫助可能更早地遏制變化。這是我們正在努力解決的問題。我認為將會有很多不同的用例。所以很難對價格進行建模，因為我認為它會根據具體使用它的人以及他們所處疾病狀態的階段而有所不同。凱文，還有其他想法嗎？

No, Jereme, I think you've hit it very well. It is a different market, and it will be a different use case. And it's up to us to determine the proper value equation for that somebody is getting what they expect to be paying for. And the problem isn't as severe as somebody is integrated with an AID system.

不，Jereme，我認為你做得很好。這是一個不同的市場，它將是一個不同的用例。並且由我們來確定適當的價值方程式，因為有人得到了他們期望付出的東西。而且問題並不像有人與 AID 系統集成一樣嚴重。

On the other hand, the results can save the system as much, if not more, money over time. So we're looking at that balance and looking at how best to position our technology in that market. But we're very excited to address it in the future.

另一方面，隨著時間的推移，結果可以為系統節省同樣多的錢，如果不是更多的話。因此，我們正在尋找這種平衡，並研究如何最好地在該市場中定位我們的技術。但我們很高興在未來解決這個問題。

And ladies and gentlemen, that concludes our question-and-answer session for today. I will now turn the call back to Mr. Kevin Sayer for closing remarks.

女士們，先生們，今天的問答環節到此結束。我現在將電話轉回給 Kevin Sayer 先生作結束語。

Listen, I want to thank everybody for listening today. This was a great quarter for us, record new patients, a great beat on the top line, continued leverage on the operating expense line. In general, based on what we know, given the fact that it's the first quarter of the year, we couldn't be happier here, and it's going to be a great year for DexCom. Thanks for listening. Have a great day.

聽著，我要感謝大家今天的收聽。這對我們來說是一個偉大的季度，創紀錄的新患者，在收入上的巨大突破，對運營費用線的持續影響。總的來說，根據我們所知，鑑於現在是今年第一季度，我們在這裡非常開心，這對 DexCom 來說將是偉大的一年。感謝收聽。祝你有美好的一天。

And ladies and gentlemen, this concludes today's conference, and we thank you for your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束，我們感謝您的參與。您現在可以斷開連接。