德康醫療 (DXCM) 2023 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the DexCom Second 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, the 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，歡迎參加 DexCom 2023 年第二季度收益發布電話會議。我叫艾比，我是今天電話的接線員。 （操作員說明）。提醒一下，會議正在錄製中。我現在將把電話轉給肖恩·克里斯滕森。財務和投資者關係副總裁。克里斯滕森先生，您可以開始了。

Thank you, Abby, and welcome to DexCom's Second 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. 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 second quarter performance on the DexCom Investor Relations website on the Events and Presentations page.

謝謝艾比，歡迎參加 DexCom 的 2023 年第二季度財報電話會議。我們的議程由 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，然後由我們的首席財務官 Jereme Sylvain 進行財務回顧和展望。在我們準備好的發言之後，我們將開始徵集您的問題。屆時，我們要求分析師只回答一個問題，這樣我們就可以為今天參與的每個人提供一個機會。請注意，DexCom 投資者關係網站的活動和演示頁面上還提供了與我們第二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, comments, 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.

接下來，讓我們回顧一下我們的安全港聲明。我們將在今天的電話會議中發表的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、策略、評論和預期的意圖、信念和期望，本演示文稿中包含的陳述是根據 DexCom 目前掌握的信息在本新聞稿發布之日做出的，受到各種風險和不確定性的影響，實際結果可能會有所不同與前瞻性陳述中的預期有重大差異。

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明示或暗示的結果存在重大差異的因素詳見 DexCom 表格 10-K 年度報告、最新表格 10-Q 季度報告以及其他向證券公司提交的文件和交易委員會。除法律要求外，我們不承擔在本演示文稿發布之日後更新任何此類前瞻性陳述或使這些前瞻性陳述與實際結果保持一致的義務。

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 periods of results prepared in accordance with GAAP. Please refer to the tables in our earnings release and the slides accompanying our second quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure.

此外，在電話會議期間，我們將討論某些未按照公認會計原則準備的財務措施。關於我們的非公認會計原則和基於現金的業績。除非另有說明，所有對財務指標的引用均以非公認會計原則為基礎。不應孤立地考慮此附加信息的呈現，也不應將其視為根據 GAAP 準備的結果或結果期間的替代品。請參閱我們的收益報告中的表格以及第二季度收益報告隨附的幻燈片，以了解這些指標與其最直接可比的公認會計準則財務指標的對賬情況。

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 great quarter for DexCom with second quarter organic revenue growth of 26% compared to the second quarter of 2022. Demand for DexCom CGM continues to grow as access to our products is expanding faster than at any time in our company's history. In the first half of 2023 alone, we broadened our product portfolio strategy, extended our geographic reach and meaningfully expanded reimbursed coverage for DexCom CGM. As we sit at the midpoint of this pivotal year for our company, we have a lot to be excited about.

謝謝肖恩，也謝謝大家加入我們。今天，我們報告了 DexCom 又一個出色的季度，與 2022 年第二季度相比，第二季度有機收入增長了 26%。隨著我們產品的使用範圍擴大得比我們公司歷史上任何時候都快，對 DexCom CGM 的需求持續增長。僅在 2023 年上半年，我們就拓寬了產品組合戰略，擴大了地理覆蓋範圍，並有意義地擴大了 DexCom CGM 的報銷範圍。當我們正處於公司關鍵一年的中期時，我們有很多值得興奮的事情。

In the U.S., our launch of G7 continues to gain momentum. Customers and clinicians alike are sharing consistently or faster warm-up time and redesigned software platform, with this product, we have extended our leadership position in accuracy and product performance while taking a significant step forward in terms of simplicity. It has never been easier to use or prescribe a DexCom CGM, and we are attracting new customers and prescribers to our ecosystem as a result. Similar to last quarter, we have seen a continuation of the trend that the majority of our G7 users have been new to DexCom.

在美國，我們發起的 G7 活動繼續勢頭強勁。客戶和臨床醫生都在共享一致或更快的預熱時間和重新設計的軟件平台，通過該產品，我們擴大了我們在準確性和產品性能方面的領先地位，同時在簡單性方面邁出了重大一步。使用或處方 DexCom CGM 從未如此簡單，因此我們正在吸引新客戶和處方者加入我們的生態系統。與上季度類似，我們看到大多數 G7 用戶都是 DexCom 新用戶的趨勢仍在延續。

Additionally, there are now 8,000 physicians writing scripts for G7 in the U.S. that were previously not prescribing DexCom. We designed G7 to hold broad market appeal, and these early prescribing trends are validating those efforts. Behind the scenes, we continue to drive reimbursement for G7. As a reminder, we established Medicare and broad commercial DME coverage during the first quarter, while rapidly progressing our commercial pharmacy contracts. We further advanced this process in the second quarter as expected, and we are excited to share that all major PBMs now cover DexCom G7. This occurred much faster than we originally anticipated and brings our total number of G7 covered lives nearly in line with our industry-leading G6 levels. This further strengthens our position as the most covered CGM brand as we prioritize keeping out-of-pocket costs low for our customers.

此外，現在美國有 8,000 名醫生正在為 G7 編寫處方，而他們之前並未開過 DexCom 處方。我們設計 G7 是為了保持廣泛的市場吸引力，這些早期處方趨勢正在驗證這些努力。在幕後，我們繼續推動 G7 的報銷。提醒一下，我們在第一季度建立了醫療保險和廣泛的商業 DME 覆蓋範圍，同時迅速推進我們的商業藥房合同。我們按預期在第二季度進一步推進了這一流程，我們很高興地告訴大家，所有主要的 PBM 現在都涵蓋了 DexCom G7。這發生的速度比我們最初預期的要快得多，並使我們覆蓋的 G7 生命總數幾乎與行業領先的 G6 水平保持一致。這進一步鞏固了我們作為覆蓋範圍最廣的 CGM 品牌的地位，因為我們優先考慮為客戶保持較低的自付費用。

As a reminder, the majority of our customers are paying less than $20 a month out of pocket in the pharmacy channel, which is significantly less than our nearest competitor, where the majority of customers are paying greater than $70 per month. We're also seeing G7 play a very important role for us as we move more broadly beyond intensive insulin management. We've taken a big step in that direction this year following the recent CMS decision to significantly expand coverage beyond intensive insulin use. As of mid-April, Medicare coverage officially kicked in for people with type 2 diabetes using basal insulin only as well as certain non-insulin using individuals that experience hypoglycemia.

提醒一下，我們的大多數客戶每月在藥房渠道支付的費用不到 20 美元，這明顯低於我們最接近的競爭對手，後者的大多數客戶每月支付的費用超過 70 美元。隨著我們更廣泛地超越強化胰島素管理，我們還看到 G7 對我們發揮著非常重要的作用。繼 CMS 最近決定大幅擴大胰島素密集使用範圍之外的覆蓋範圍後，我們今年朝著這個方向邁出了一大步。自 4 月中旬起，醫療保險正式開始覆蓋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患者。

This resulted in a true step change in coverage for the industry. As we estimate these 2 populations represent around 6 million to 7 million people in the U.S. with roughly half being of Medicare age. It's also been encouraging to see commercial payers quickly follow suit. We have already established greater than 60% commercial coverage for the basal population, which we view as a validation of DexCom's value proposition by payers. We're thrilled to have this level of coverage established this quickly as it provides us much greater commercial flexibility to promote this opportunity.

這導致該行業的覆蓋範圍發生了真正的階躍變化。據我們估計，這兩個人口代表了美國約 600 萬至 700 萬人，其中大約一半處於醫療保險年齡。看到商業付款人迅速效仿也令人鼓舞。我們已經為基礎人口建立了超過 60% 的商業覆蓋率，我們認為這是付款人對 DexCom 價值主張的驗證。我們很高興能夠如此迅速地建立這種水平的覆蓋範圍，因為它為我們提供了更大的商業靈活性來推廣這一機會。

While still early, the initial response from the clinical community has been very encouraging. Physicians have wasted no time in prescribing DexCom to their basal patients as they recognize a clear potential for better outcomes among this population. We have also seen excitement coming directly from members of the basal community who are interested in engaging with our glucose data to make more informed lifestyle decisions. As a result, we have seen a notable uptick in demand in our Medicare business. In fact, Q2 was our highest new patient quarter within the Medicare channel in the history of our company. Considering this was only a partial quarter of expanded coverage, we view this as a very positive sign of things to come.

雖然還為時尚早，但臨床界的初步反應非常令人鼓舞。醫生們立即為基礎患者開出 DexCom 處方，因為他們認識到該人群明顯有可能獲得更好的結果。我們還看到直接來自基礎社區成員的興奮，他們有興趣利用我們的血糖數據來做出更明智的生活方式決策。因此，我們的醫療保險業務需求顯著上升。事實上，第二季度是我們公司歷史上醫療保險渠道中新患者數量最高的季度。考慮到這只是擴大覆蓋範圍的一部分，我們認為這是未來事情的一個非常積極的跡象。

In our International business, our share gains accelerated in the second quarter as our ongoing access initiatives and product portfolio strategy have helped us reach many more people with diabetes across the globe. We expanded our international G7 launch in the second quarter into 6 new markets. G7 is being met with a lot of enthusiasm in our initial launch countries, and we are excited to bring it to additional geographies in the coming months. This will include our launch of G7 in Canada, where we recently received regulatory clearance. We have plenty of inventory on hand to support this broader rollout, particularly with our Malaysia facility now producing commercial product.

在我們的國際業務中，我們的份額增長在第二季度加速，因為我們持續的准入計劃和產品組合戰略幫助我們接觸到了全球更多的糖尿病患者。我們在第二季度將 G7 的國際發布擴展到了 6 個新市場。 G7 在我們最初推出的國家/地區受到了極大的熱情，我們很高興在未來幾個月內將其帶到更多地區。這將包括我們在加拿大推出 G7，我們最近在加拿大獲得了監管許可。我們手頭有充足的庫存來支持更廣泛的推廣，特別是我們的馬來西亞工廠現在正在生產商業產品。

Another key international lever for us has been our broader rollout of DexCom ONE. DexCom ONE has proven to accelerate our entrance into new markets, broaden access within existing geographies and even serve as a catalyst for reimbursement in certain regions. Perhaps most noteworthy this past quarter is that we officially launched DexCom ONE in Argentina, which marks our initial entrance into Latin America. We expect this to only be a starting point for us in that region as we continue to extend our global reach in coming years.

對我們來說另一個重要的國際槓桿是我們更廣泛地推出 DexCom ONE。事實證明，DexCom ONE 可以加速我們進入新市場、擴大現有地區的准入範圍，甚至可以作為某些地區報銷的催化劑。也許上個季度最值得注意的是我們在阿根廷正式推出 DexCom ONE，這標誌著我們首次進入拉丁美洲。我們預計這只是我們在該地區的一個起點，因為我們將在未來幾年繼續擴大我們的全球影響力。

Finally, we came away from the American Diabetes Association's 83rd scientific sessions as excited as ever about our future. This year's event added to the growing body of evidence demonstrating DexCom CGM's ability to drive greater health and economic outcomes across the diabetes care continuum. Particularly, we are seeing more data suggesting a clear use beyond the intensive insulin population and even outside of insulin you saw all together. For example, our team presented a real-world study of more than 7,000 adults with type 2 diabetes who were not using insulin. After only 3 months, this cohort saw a 40% increase in time range and a clinically meaningful improvement in A1c levels. Perhaps just as important was the high level of engagement demonstrated as study participants wore DexCom CGM more than 80% of the time. This was consistent with what we have seen in other broader type 2 studies, including the mobile trial where we saw high levels of utilization and a clear desire to continue to our DexCom CGM full-time.

最後，我們在結束美國糖尿病協會第 83 屆科學會議後，對我們的未來一如既往地興奮不已。今年的活動進一步證明 DexCom CGM 有能力在整個糖尿病護理過程中推動更大的健康和經濟成果。特別是，我們看到更多數據表明其明確用途超出了密集胰島素人群，甚至超出了您所看到的胰島素範圍。例如，我們的團隊提出了一項針對 7,000 多名未使用胰島素的 2 型糖尿病成人的真實世界研究。僅 3 個月後，該隊列的時間範圍增加了 40%，A1c 水平也出現了具有臨床意義的改善。也許同樣重要的是，研究參與者在超過 80% 的時間裡佩戴 DexCom CGM，表現出高水平的參與度。這與我們在其他更廣泛的 2 型研究中看到的情況一致，包括移動試驗，我們看到利用率很高，並且明確希望繼續全職使用 DexCom CGM。

During ADA weekend, we hosted an Investor Day, where we shared our latest vision around the future of DexCom. As part of the day, we increased our LRP, provided new detail on the size of our recent access wins and shared our plan to launch our product specifically for people not on insulin. With this product, we will leverage our G7 hardware but provide a custom software experience tailored to this broader population. We expect to launch early next year with a 15-day wear time and cash pay option. This will simplify access out of the gate per users as we build the case with payers for broader coverage. Importantly, this new product also provides a glimpse into our future where we expect to utilize software to build tailored experiences and serve much larger populations. As we said at Investor Day, we're just getting started.

在 ADA 週末期間，我們舉辦了投資者日活動，分享了我們對 DexCom 未來的最新願景。作為當天的一部分，我們提高了 LRP，提供了有關我們最近獲得的成功規模的新細節，並分享了我們專門針對不使用胰島素的人推出我們的產品的計劃。借助該產品，我們將利用 G7 硬件，同時提供針對更廣泛人群的定制軟件體驗。我們預計將於明年初推出，提供 15 天佩戴時間和現金支付選項。當我們與付款人建立更廣泛的覆蓋範圍的案例時，這將簡化每個用戶的訪問。重要的是，這款新產品還讓我們得以一睹未來的風采，我們希望利用軟件來構建定制體驗並為更多的人群提供服務。正如我們在投資者日所說，我們才剛剛開始。

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

這樣，我將把它交給傑里姆，以審查第二季度的財務狀況。傑雷姆？

Thank you, Kevin. As a reminder, unless otherwise noted, the financial metrics presented today will be discussed on a non-GAAP basis. Reconciliations to GAAP can be found in today's earnings release as well as on our IR website. For the second quarter of 2023, we reported worldwide revenue of $871 million compared to $696 million for the second quarter of 2022, representing growth of 26% 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.

謝謝你，凱文。提醒一下，除非另有說明，今天提出的財務指標將在非公認會計原則的基礎上進行討論。您可以在今天的收益報告以及我們的投資者關係網站上找到 GAAP 的調節表。 2023 年第二季度，我們報告的全球收入為 8.71 億美元，而 2022 年第二季度為 6.96 億美元，有機增長 26%。提醒一下，我們對有機收入的定義不包括貨幣以及過去 12 個月內獲得的非 CGM 收入。

U.S. revenue totaled $617 million for the second quarter compared to $511 million in the second quarter of 2022, representing growth of 21%. We delivered another record new customer start quarter in Q2 with continued momentum in the U.S. as our G7 launch gained additional traction and the recently finalized CMS coverage provided a new tailwind to our Medicare business. As Kevin mentioned, we continue to progress our commercial pharmacy coverage in G7 for the second quarter, which further reduced our need to utilize the Bridge program. The impact from this program was negligible in Q2, and we expect this number to remain small going forward. With broad coverage for G7 now available across all channels, there will be fewer customers that need to leverage this program to access their product.

第二季度美國收入總計 6.17 億美元，而 2022 年第二季度為 5.11 億美元，增長 21%。我們在第二季度的新客戶開工率再創歷史新高，在美國的勢頭持續強勁，因為我們的 G7 推出獲得了額外的關注，而最近最終確定的 CMS 保險為我們的醫療保險業務提供了新的推動力。正如 Kevin 提到的，我們第二季度繼續擴大 G7 的商業藥房覆蓋範圍，這進一步減少了我們利用 Bridge 計劃的需求。該計劃對第二季度的影響可以忽略不計，我們預計這一數字未來仍將很小。隨著 G7 的廣泛覆蓋範圍現已覆蓋所有渠道，需要利用該計劃來訪問其產品的客戶將會減少。

International revenue grew 38%, totaling $255 million in the second quarter. International organic revenue growth was 40% for the second quarter. We have been executing very well in international markets as our ongoing access work and product portfolio strategy continues to broaden our reach. we have seen a robust customer response to this expanded access and have consistently taken share across our footprint in recent quarters. In fact, this marks the 9th straight quarter that we have gained international market share. The U.K. continues to be a great case study for us.

第二季度國際收入增長 38%，總計 2.55 億美元。第二季度國際有機收入增長 40%。隨著我們正在進行的准入工作和產品組合戰略不斷擴大我們的影響力，我們在國際市場上的表現一直非常好。我們看到客戶對這種擴大訪問的反應強烈，並且在最近幾個季度一直在我們的足跡中佔據份額。事實上，這標誌著我們連續第九個季度獲得國際市場份額。英國仍然是我們的一個很好的研究案例。

In the past year, we have significantly broadened our reimbursement in that market, see new clinical recommendations around real-time CGM use and launched our newest generation product. Following these events, we have experienced an acceleration in this market. And in Q2, we posted one of our highest U.K. growth rates in recent years. We also recently expanded our connectivity leadership in this market. As Insulet extended their launch of Omnipod 5, which is powered by our G6 system to the United Kingdom, given our long track record in the pump market with over 1 million patient years of cumulative experience and the forthcoming connectivity with G7. We expect to remain the clear CGM leader for the connected insulin delivery market.

在過去的一年中，我們顯著擴大了在該市場的報銷範圍，看到了有關實時 CGM 使用的新臨床建議，並推出了我們最新一代的產品。在這些事件之後，我們經歷了這個市場的加速發展。在第二季度，我們公佈了英國近年來最高的增長率之一。我們最近還擴大了我們在該市場的連接領先地位。鑑於我們在泵市場的長期記錄、超過 100 萬患者年的累積經驗以及即將與 G7 的連接，Insulet 將由我們的 G6 系統提供動力的 Omnipod 5 的推出範圍擴大到了英國。我們預計將繼續成為互聯胰島素輸送市場明確的 CGM 領導者。

Our second quarter gross profit was $553.5 million or 63.5% of revenue compared to 64.6% of revenue in the second quarter of 2022. The year-over-year decline in gross margin was expected as we take a temporary step back to scale G7 production. It is worth noting that some of our expected ramp-up costs extended into the third quarter, which increased Q2 gross margin relative to our expectations. It takes some time for our new manufacturing lines to fully scale but the cost profile of G7 will gradually improve as we increase production volumes. Keep in mind, our Malaysia facility recently initiated commercial production. So you should expect to see a similar dynamic occurring in the near term as we scale those lines.

我們第二季度的毛利潤為 5.535 億美元，佔收入的 63.5%，而 2022 年第二季度佔收入的 64.6%。由於我們暫時縮減 G7 生產規模，預計毛利率同比下降。值得注意的是，我們預期的一些上升成本延續到了第三季度，這使得第二季度的毛利率相對於我們的預期有所增加。我們的新生產線需要一段時間才能完全規模化，但隨著產量的增加，G7 的成本狀況將逐漸改善。請記住，我們的馬來西亞工廠最近開始商業生產。因此，當我們擴展這些線時，您應該期望在短期內看到類似的動態發生。

Operating expenses were $395.1 million for Q2 of 2023 compared to $347.6 million in Q2 of 2022. At our recent Investor Day, we highlighted some of our key cost initiatives, which we refer to as a costs to execute. This represents our ongoing framework of how we think about operational efficiency and how we ultimately seek cost as a growth driver for our business. Our second quarter operating expense management was yet another demonstration of our commitment to this program as we generated over 450 basis points of OpEx leverage. We are very proud of this result as we have continued to support our ongoing investments in our global commercial efforts. We know this will ebb and flow over time based on the needs of the business, but it should serve as a reminder of this organization's ability to scale.

2023 年第二季度的運營費用為 3.951 億美元，而 2022 年第二季度的運營費用為 3.476 億美元。在最近的投資者日上，我們強調了一些關鍵的成本計劃，我們將其稱為執行成本。這代表了我們如何思考運營效率以及我們最終如何尋求成本作為業務增長動力的持續框架。我們第二季度的運營支出管理再次證明了我們對該計劃的承諾，我們的運營支出槓桿率超過了 450 個基點。我們對這一結果感到非常自豪，因為我們將繼續支持我們對全球商業努力的持續投資。我們知道，隨著時間的推移，這種情況會根據業務需求而起伏不定，但它應該提醒我們該組織的擴展能力。

Operating income was $158.4 million or 18.2% of revenue in the second quarter of 2023 compared to $101.9 million or 14.6% of revenue in the same quarter of 2022. Adjusted EBITDA was $232.6 million or 26.7% of revenue for the second quarter compared to $175.5 million or 25.2% of revenue for the second quarter of 2022. Net income for the second quarter was $139.4 million or $0.34 per share. We closed the quarter with greater than $3.6 billion of cash and cash equivalents, leaving us in a very strong financial position.

2023 年第二季度營業收入為 1.584 億美元，佔收入的 18.2%，而 2022 年同期為 1.019 億美元，佔收入的 14.6%。調整後 EBITDA 為 2.326 億美元，佔收入的 26.7%，而 2022 年同期為 1.755 億美元。佔 2022 年第二季度收入的 25.2%。第二季度淨利潤為 1.394 億美元，即每股 0.34 美元。本季度末，我們擁有超過 36 億美元的現金和現金等價物，使我們的財務狀況非常強勁。

This significant step up relative to our Q1 cash levels primarily reflects the convertible bond offering we completed early in the second quarter. With our 2023 converts coming due later this year, we saw an opportunity to refinance at very compelling terms which provides us significant financial flexibility. This supports our ongoing capital deployment goals with a primary focus on extending our organic growth opportunity.

相對於我們第一季度現金水平的顯著提升主要反映了我們在第二季度初完成的可轉換債券發行。隨著我們的 2023 年轉換將於今年晚些時候到期，我們看到了以非常有吸引力的條款進行再融資的機會，這為我們提供了巨大的財務靈活性。這支持我們持續的資本部署目標，主要重點是擴大我們的有機增長機會。

As we mentioned, we reached a key milestone during this quarter as our Malaysia facility began producing commercial product. This plant will quickly scale to become our largest operation and help support our long-term cost target of $10 per sensor.

正如我們所提到的，隨著我們的馬來西亞工廠開始生產商業產品，我們在本季度達到了一個重要的里程碑。該工廠將迅速擴大規模，成為我們最大的工廠，並有助於支持我們每個傳感器 10 美元的長期成本目標。

Turning to guidance. We are raising our full year 2022 revenue guidance to a range of $3.50 billion to $3.55 billion, representing growth of 20% to 22% for the year. Our updated revenue guidance reflects an increase of over $65 million at the midpoint compared to our previous guidance. This reflects our strong start to the year as well as our expectation to carry this momentum into the second half of 2023. From a margin perspective, we are updating our full year non-GAAP gross margin guidance to 63%, which represents the high end of our previous guidance range. Our operating expense management has also left us well positioned to raise operating and EBITDA margin guidance for the year. We now expect non-GAAP operating margin of approximately 17% and adjusted EBITDA margin of 26.5% for fiscal year 2023.

轉向指導。我們將 2022 年全年收入指導上調至 35 億至 35.5 億美元，相當於全年增長 20% 至 22%。我們更新後的收入指引顯示，與之前的指引相比，中值增加了超過 6500 萬美元。這反映了我們今年的強勁開局，以及我們希望將這一勢頭延續到 2023 年下半年。從利潤率角度來看，我們將全年非 GAAP 毛利率指引更新至 63%，這代表了高端水平我們之前的指導範圍。我們的運營費用管理也使我們能夠很好地提高今年的運營和 EBITDA 利潤率指引。我們目前預計 2023 財年非 GAAP 營業利潤率約為 17%，調整後 EBITDA 利潤率為 26.5%。

With that, I will pass it back to Kevin.

這樣，我會將其傳回給凱文。

Thanks, Jereme. Our results this quarter are really like a highlight reel. Q2 was our highest revenue quarter ever and represented the largest year-over-year dollar growth in our company's history. We again delivered record new customer starts worldwide and gained market share in nearly every major reimbursed geography. Our G7 launch continued to be marked by excellent execution across the board. We have now introduced this product into 13 international markets and quickly built broad reimbursement in the U.S. Through our commercial efforts, we are bringing new physicians into our ecosystem and our manufacturing initiatives are driving process improvements ahead of expectations.

謝謝，傑雷姆。我們本季度的業績確實就像一個精彩片段。第二季度是我們有史以來收入最高的季度，也是我們公司歷史上最大的同比增長。我們再次在全球範圍內創造了創紀錄的新客戶數量，並在幾乎每個主要報銷地區獲得了市場份額。我們的 G7 發布繼續以全面出色的執行為標誌。我們現已將該產品引入 13 個國際市場，並迅速在美國建立了廣泛的報銷範圍。通過我們的商業努力，我們正在將新的醫生引入我們的生態系統，我們的製造計劃正在推動流程改進，超出預期。

Additionally, our R&D team has already enabled 5 flawless upgrades to our completely redesigned G7 app. In addition, we are growing in a disciplined and sustainable manner. We have delivered over 450 basis points of operating expense leverage, doubled our earnings per share year-over-year and posted one of the largest free cash flow quarters in our company's history. I'm incredibly proud of our team for delivering this level of progress. When you experience results like these, it makes our stated vision much more tangible. We are truly on a mission to help people control their health through continued innovation and execution.

此外，我們的研發團隊已經對我們完全重新設計的 G7 應用程序進行了 5 次完美升級。此外，我們正在以有紀律和可持續的方式發展。我們的運營費用槓桿超過 450 個基點，每股收益同比翻番，並實現了公司歷史上最大的自由現金流季度之一。我為我們的團隊取得如此水平的進步感到無比自豪。當您體驗到這樣的結果時，我們的願景就會變得更加具體。我們真正的使命是通過持續的創新和執行來幫助人們控制自己的健康。

With that, I would now like to open the call up for Q&A. We will also have Jake Leach, our Chief Operating Officer, to join us for our question-and-answer session. Sean?

至此，我現在想開始問答環節。我們的首席運營官傑克·利奇 (Jake Leach) 也將參加我們的問答環節。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. I apologize, Danielle Antalffy with UBS.

（操作員說明）我們將回答 Robbie Marcus 提出的第一個問題。我很抱歉，瑞銀集團的丹妮爾·安塔菲。

Sorry about that. I didn't realize I was lowering my hand, so apologies for that. Guys, you saw a really nice revenue acceleration across the business this quarter. The (inaudible) OUS number really does stand out. It looks like one of your stronger growth quarters internationally in a while. Can you provide a little bit more color on the sources of that international strength as you think about the key regions that you've entered and extending both the G7 and the DexCom ONE launches across these different geographies?

對於那個很抱歉。我沒有意識到我把手放低了，所以對此表示歉意。伙計們，你們看到本季度整個業務的收入增長非常好。 （聽不清）OUS 的數字確實很引人注目。這看起來是一段時間內你們在國際上增長強勁的季度之一。當您考慮您已進入的關鍵地區並將 G7 和 DexCom ONE 的發布擴展到這些不同地區時，您能否提供更多有關國際實力來源的信息？

You bet, Danielle, this is Kevin. I'll take that. And it was a great international quarter. There are 3 things that have driven that international business for us. The first, the plan we launched several quarters ago to increase access across the board and make our product more accessible in all these markets. And we've seen results of that in all the geographies, particularly in Germany.

你敢打賭，丹妮爾，這是凱文。我會接受的。這是一個很棒的國際季度。有三件事推動了我們的國際業務。第一個是我們幾個季度前推出的計劃，旨在全面增加准入，並使我們的產品在所有這些市場上更容易獲得。我們已經在所有地區看到了這種結果，特別是在德國。

Second of all, you can't underestimate the effect of G7 in many of these markets. We've launched in 13 countries, as I said, in our prepared remarks, G7 is going very well. The third piece is the portfolio strategy, where we have DexCom ONE supporting expansion into geographies where we haven't been before and broadening access into countries where we already exist. Those 3 strategic efforts have helped us tremendously. I don't know, Jereme, if you've got anything you want to add to that.

其次，你不能低估 G7 在許多此類市場中的影響。正如我在準備好的發言中所說，我們已經在 13 個國家/地區推出了這項服務，G7 進展順利。第三部分是投資組合戰略，我們有 DexCom ONE 支持擴展到我們以前從未涉足過的地區，並擴大我們已經存在的國家/地區的准入範圍。這三項戰略努力給我們帶來了巨大幫助。 Jereme，我不知道你是否還有什麼要補充的。

No, I think the only thing I'd say is really across the board, all the major countries we're in, where there's reimbursement, we're taking share. And it's a common theme you're really seeing and our portfolio approach really allows us to do that. So a wonderful quarter, and thank you for the question.

不，我認為我唯一要說的是真正全面的，我們所在的所有主要國家，只要有報銷，我們就可以分享。這是您真正看到的一個共同主題，我們的投資組合方法確實使我們能夠做到這一點。這是一個精彩的季度，謝謝您的提問。

Will take our next question from Robbie Marcus with JPMorgan.

我們將回答摩根大通的羅比·馬庫斯提出的下一個問題。

Great. Congrats on a really nice quarter. Looks like you guys raised guidance for basically 2x the size of the beat in the quarter. So I'd love to just hear where the confidence is coming from? How to think about U.S. and OUS growth in third and fourth quarter as we progress and where that upside in guidance is coming from? And any color as it relates to Type 2 basal within that guidance range?

偉大的。恭喜您度過了一個非常美好的季度。看來你們提出的指導意見基本上是本季度節拍規模的兩倍。所以我很想听聽信心來自哪裡？隨著我們的進步，如何看待美國和海外地區第三季度和第四季度的增長以及指引的上行來自何處？與該指導範圍內的 2 型基礎相關的任何顏色？

Sure, Robbie. Thanks. This is Jereme. I can take that. You're right. We did raise guidance, and that really comes off of the strength you're seeing outside the U.S. as well as some of the coverage and access wins we've had in the U.S. Of course, all of it (inaudible) in the background by the launch of G7, which as you know, most accurate sensor and one that we're really happy about.

當然，羅比。謝謝。這是傑雷姆。我可以接受。你說得對。我們確實提出了指導意見，這確實來自於您在美國以外看到的實力以及我們在美國獲得的一些覆蓋範圍和訪問勝利。當然，所有這些（聽不清）都是在背景中G7 的推出，如您所知，這是最準確的傳感器，我們對此感到非常高興。

If you think about kind of geography-wise, think about it the first half of the year to a little bit reflect the second half of the year, and that's how the split would work, which I think you'll see that. And as you kind of think about what that means, we have a bit of a more challenging comp in the U.S. in the back half of the year, at least related to the second quarter. So we've contemplated that. And we've also contemplated outside the U.S. continuing to do well, but just being mindful of the fact that growing at a faster clip than we have in recent quarters, but being mindful about growing the markets as we're expanding.

如果您從地理角度考慮，請考慮一下上半年的情況，以稍微反映下半年的情況，這就是拆分的運作方式，我想您會看到這一點。當你思考這意味著什麼時，我們在今年下半年在美國面臨著更具挑戰性的競爭，至少與第二季度有關。所以我們已經考慮過這一點。我們還考慮在美國以外的地區繼續表現良好，但要注意這樣一個事實，即增長速度比最近幾個季度更快，但要注意在我們擴張的同時不斷擴大市場。

If you think about where it's coming from, what the driver is in the U.S. around basal, certainly, some of it is there. While we're not giving a number around basal, basal has really now started to with the coverage we've been able to obtain it's really starting to fold into the core business. But you can assume Basal is there. And then you may ask the question, well, gee, is there opportunity? Look, we provided the guidance as what is a base case. We've increased our confidence in that base case. I think you can see that. And then, of course, we'll look to outperform as time moves on.

如果你想一想它來自哪裡，驅動因素在美國的 basal 附近，當然，其中一些就在那裡。雖然我們沒有給出有關 basal 的數字，但 basal 現在確實已經開始，我們已經能夠獲得它的覆蓋範圍，它確實開始融入核心業務。但你可以假設Basal 就在那裡。然後你可能會問這個問題，天哪，有機會嗎？看，我們提供了基本案例指導。我們增強了對這一基本情況的信心。我想你可以看到這一點。當然，隨著時間的推移，我們會尋求超越大盤。

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

我們將回答傑夫·約翰遜和貝爾德提出的下一個問題。

Jereme, maybe I'll follow up on your U.S. comments there on basal only. If I look back the last 4 or 5 years, you guys typically increased your U.S. revenue sequentially from 1Q to 2Q, maybe $70 to -- or $60 million to $70 million, I'm sorry, this quarter, it was a $90 million sequential improvement. So any way to say half of that was basal or 1/3 of that was basal. I know it was only not quite a full quarter contribution, but just help us maybe qualitatively how much of that sequential bigger-than-usual improvement, might have been basal. And then just on top of that, just in France, any movement yet on basal only. I know, obviously, your competitor has gotten that. I think you guys were working towards that. Just any updates on basal-only coverage for you in Europe.

傑里姆，也許我只會跟進您對美國的基本評論。如果我回顧過去 4 或 5 年，你們通常會從第一季度到第二季度連續增加美國收入，可能是 70 美元到——或者 6000 萬美元到 7000 萬美元，對不起，這個季度，連續增加了 9000 萬美元改進。所以無論如何都可以說其中一半是基礎或 1/3 是基礎。我知道這只是不完全是一個完整的季度貢獻，但只是幫助我們定性地了解比平常更大的連續改善有多少可能是基礎的。除此之外，就在法國，任何運動都還只是基礎。我知道，顯然，你的競爭對手已經明白了這一點。我認為你們正在為此努力。只是為您在歐洲提供的純基礎保險的任何更新。

Sure, Jeff. I think what I would say is in the U.S. in the quarter, a relatively nominal contribution from basal in Q2. While we did have quite a few -- quite a robust patient ad quarter, and you know this all too well, with coverage really kicking in, in April, starting with the DME channel, it takes 3 to 4 weeks to get access to product. And so ultimately, the contribution start to build over the course of the year. So yes, there was contribution in the quarter. Yes, it did help, but a lot of it was driven just by taking share in existing markets. And so we're really proud of that.

當然，傑夫。我想我想說的是在美國，第二季度的基礎貢獻相對名義上。雖然我們確實有相當多的廣告季度——相當強大的耐心廣告季度，而且你太清楚這一點了，隨著四月份的覆蓋範圍真正開始發揮作用，從 DME 渠道開始，需要 3 到 4 週才能獲得產品。最終，貢獻將在這一年中開始增加。所以是的，本季度有貢獻。是的，它確實有幫助，但其中很大一部分只是通過搶占現有市場份額來推動的。所以我們對此感到非常自豪。

In terms of France, our expectation is we have G7 out in France. We're launching DexCom ONE in France here in the near future. We expect to have a very robust coverage model. I won't speak specifically there because we are going through that process. But we do expect broad coverage to compete with that of our competitor. And I think what we're proving is in markets where we have coverage and you've seen it in our international growth over the past 9 quarters, taking share, we expect to do quite well and take our fair share in that country once we go live.

就法國而言，我們的預期是七國集團將在法國舉行。我們將於不久的將來在法國推出 DexCom ONE。我們期望有一個非常強大的覆蓋模型。我不會在那裡具體發言，因為我們正在經歷這個過程。但我們確實期望廣泛的覆蓋範圍能夠與我們的競爭對手競爭。我認為我們正在證明的是，在我們覆蓋的市場中，你已經在過去 9 個季度的國際增長中看到了這一點，我們希望在該國家做得很好，並在該國家獲得公平的份額。去直播吧。

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

我們將回答富國銀行拉里·比格爾森 (Larry Biegelsen) 提出的下一個問題。

I guess, Jereme, let me ask on the guidance. I mean it looks like you're guiding to about similar growth in the second half as the first half. One would think -- and the comps aren't too different when you look at it first half versus second half last year. One would think that you have tailwinds, pricing coming down, the ramp of Basal and G7, is there anything you're seeing that's concerning? Or is this conservatism? And just if you could comment on just cadence, should we expect typical seasonality.

我想，傑里姆，讓我詢問一下指導。我的意思是，看起來您預計下半年的增長與上半年大致相似。人們可能會想，當你看去年上半年和下半年的情況時，對比並沒有太大不同。人們可能會認為你有順風車，價格下降，Basal 和 G7 的增長，你看到了什麼令人擔憂的事情嗎？或者這就是保守主義？如果你能評論一下節奏，我們是否應該期待典型的季節性。

Yes. Sure, Larry. There's nothing that gives us pause about the back half of the year. I'll start with that. I think if we come into this quarter, record quarter in new patients. We have no lack of confidence in saying that. And so we do expect a good back half of the year. We raised the guidance at the midpoint by a little over $65 million. So I know you're kind of inferring at the top end and doing the work there.

是的。當然，拉里。今年下半年，沒有什麼能讓我們停下來。我將從那開始。我認為，如果我們進入本季度，新患者數量將創紀錄。我們對此並不缺乏信心。因此，我們確實預計下半年會有良好的表現。我們將中點指引上調略高於 6500 萬美元。所以我知道你是在頂端進行推斷並在那裡做工作。

Look, there's nothing that gets in the way. What we've done is we derisked the base case. You see we've done that where now the base case is 20% to 22% growth, a record patient growth quarter in Q2 obviously bullish in the back half of the year. But again, basal is new. So we're just being prudent in how we go about that and making sure we provide that base case. Of course, if we can do better, we will do so, and we will certainly pass it along to you.

瞧，沒有什麼能妨礙你。我們所做的就是消除基本情況的風險。你看，我們已經做到了這一點，現在的基本情況是增長 20% 到 22%，第二季度創紀錄的患者增長季度，這在今年下半年顯然是看漲的。但同樣，基礎是新的。因此，我們只是謹慎行事，並確保我們提供基本案例。當然，如果我們能做得更好，我們也會這樣做，並且一定會轉告給大家。

In terms of cadence and seasonality, I think our expectation is at least Q3 looks to operate in a similar seasonality as to last year. At least that's how we're looking at it now globally. So think about it that way on a global basis and I would expect that to play out -- really expect that to play out for the balance of the year, relatively similar seasonality to the past 2 years.

就節奏和季節性而言，我認為我們的預期至少是第三季度的季節性與去年相似。至少我們現在在全球範圍內是這麼看待它的。因此，在全球範圍內考慮這一點，我預計這種情況會在今年剩餘時間內發生，與過去兩年的季節性相對相似。

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

我們將回答花旗銀行 Joanne Wuensch 的下一個問題。

Is there a way to quantify the contribution of DexCom ONE in the quarter outside the United States. I'm trying to get my head around the international growth, how much of that is coming from DexCom ONE? How much from G7, if you can share. And then maybe some of it is from the opportunity to partner with insulin pumps. Like walk me through that, please?

有沒有辦法量化 DexCom ONE 在美國以外的季度的貢獻。我正在嘗試了解國際增長情況，其中有多少來自 DexCom ONE？ G7多少錢，可以分享一下嗎？也許其中一部分來自於與胰島素泵合作的機會。請跟我一起經歷一下，好嗎？

Joanne, this is Kevin. We don't break those numbers out, but our growth comes from all of the above. certainly Dexcom's ONE has been a factor in those countries where we've launched it, but we haven't launched it in all of our international geographies yet. Our launch, as Jereme said earlier, we're about to launch in France. We just announced we're kicking off in Latin America here in Q3, and we've launched in a few other geographies. Those geographies, it's doing well.

喬安妮，這是凱文。我們不會詳細列出這些數字，但我們的增長來自以上所有方面。當然，Dexcom 的 ONE 已成為我們推出該產品的國家/地區的一個因素，但我們尚未在所有國際地區推出它。正如傑里姆早些時候所說，我們即將在法國推出。我們剛剛宣布我們將於第三季度在拉丁美洲啟動，並且我們已經在其他一些地區啟動。這些地區表現良好。

G7 has been a strong contributor, particularly in the U.K. and Germany, where those launches are more mature. And our pump partners, particularly is automated instant delivery reimbursement has broadened in some of the geographies. That's helped us tremendously. Our direct efforts in Australia, where we acquired our distributor. That distributor performed extremely well, and they've taken good share in the Australia and New Zealand markets in addition to that. So I mean, it's a blend of all the factors we talked about on the call.

G7 一直是一個強大的貢獻者，特別是在英國和德國，這些國家的發布更加成熟。我們的泵合作夥伴，特別是自動即時交付報銷已經在一些地區擴大。這對我們幫助很大。我們在澳大利亞的直接努力，在那裡我們收購了我們的經銷商。該經銷商的表現非常出色，此外他們還在澳大利亞和新西蘭市場佔據了很大的份額。所以我的意思是，這是我們在電話中討論的所有因素的混合體。

Yes. And just to help you with the -- just to kind of triangulate some of our prior comments, we talked about 1/3 of our new patient starts coming from DexCom ONE and that's a building business over the course of the year. So if that's 1/3 of the new starts and it's a building business over the course of the year, Joanne, you can probably then presume where most of the new patient starts come from, they come from the G-Series and we don't necessarily distinguish between the 2. We obviously know what the numbers are. The point is, it's a series in a platform. And so a majority of the growth does come from that G-Series just based on what we've historically said, and nothing has changed since that.

是的。只是為了幫助您——只是為了對我們之前的一些評論進行三角測量，我們談到我們的新患者中有 1/3 開始來自 DexCom ONE，這是一年中的一項業務。因此，如果這是新開始的 1/3，並且是全年的建築業務，Joanne，您可能可以推測大多數新開始的患者來自哪裡，他們來自 G 系列，而我們不這樣做不一定區分這 2 個。我們顯然知道這些數字是什麼。重點是，這是一個平台上的系列。因此，根據我們過去所說的，大部分增長確實來自 G 系列，自那以後沒有任何變化。

And we will take our next question from Matt Miksic with Barclays.

我們將回答巴克萊銀行馬特·米克西奇的下一個問題。

So just one follow-up on OUS growth and just a quick question on -- I just happened to see some of your more of your promotional efforts, sort of the market development to brand awareness and ads that you're putting out in television and elsewhere. I'm just wondering how you're thinking about the success of those, what the duration of those campaigns run whether U.S. or internationally, I'll just include a quick follow-up on some of the international growth questions that you're getting to try to parse out the stricter is, if you could remind us also if there's any stocking of new geographies that happened or as you're really stepping into a new area, there's some element of that, that we should also think about that may not repeat next quarter, the quarter after.

因此，我想對 OUS 的增長進行一個後續跟踪，並問一個簡單的問題——我只是碰巧看到了你們的一些促銷工作，比如你們在電視和電視上投放的品牌知名度和廣告的市場開發。別處。我只是想知道您如何看待這些活動的成功，這些活動的持續時間是在美國還是國際上，我將快速跟進您收到的一些國際增長問題試圖解析出更嚴格的是，如果你能提醒我們是否有任何新的地理髮生，或者當你真的進入一個新的領域時，有一些因素，我們也應該考慮這一點下個季度、下個季度不再重複。

Thanks, Matt. Thanks for the question. And I'll start with the second one first, and then we can circle back. No significant stocking anything along those lines. This is really driven by robust patient growth. And so I think it's just taking share, driving access and ultimately entering into these markets.

謝謝，馬特。謝謝你的提問。我先從第二個開始，然後我們就可以繞回來。沒有大量庫存。這實際上是由患者的強勁增長推動的。所以我認為這只是獲取份額、推動進入並最終進入這些市場。

In terms of your first question on our promotional activities, we always look at what works. We use various versions of mixed marketing, mixed sales models to ultimately determine the effectiveness and the return on investment of those. And then how the response curves work and Terry and the commercial leadership team, they do a wonderful job assessing that spend, looking at what mix in and then pivoting as needed. And so what you can expect to see is there'll always be mixes over time, but they will change. And so we'll have campaigns. They'll change, it will change based on what works best, and we'll continue to learn from those.

關於您關於我們促銷活動的第一個問題，我們始終關注哪些措施有效。我們使用各種版本的混合營銷、混合銷售模式來最終確定這些模式的有效性和投資回報。然後，響應曲線如何運作，特里和商業領導團隊在評估支出、研究組合內容，然後根據需要進行調整方面做得非常出色。因此，您可以預期看到的是，隨著時間的推移，總會有混合的情況出現，但它們會發生變化。因此我們將開展活動。他們會改變，會根據最有效的方式進行改變，我們將繼續從中學習。

And so I would expect to see continued promotional materials. I'll continue to see demonstrating why we think DexCom is the right product for folks and making sure that they know that we are the right product for them. And so I think you are seeing good feedback. We are seeing great returns. I mean at the end of the day, what you see is record new patient quarters, and you see that in our acceleration of growth in the quarter. So that's what we'll continue to do. That's where we'll invest. I don't know, Kevin, any other thoughts on promotional materials?

因此，我希望看到持續的宣傳材料。我將繼續展示為什麼我們認為 DexCom 是適合人們的產品，並確保他們知道我們是適合他們的產品。所以我認為你們看到了很好的反饋。我們看到了巨大的回報。我的意思是，歸根結底，您看到的是創紀錄的新患者季度，並且您可以從我們本季度的加速增長中看到這一點。這就是我們將繼續做的事情。這就是我們要投資的地方。不知道Kevin對於宣傳材料還有什麼其他的想法嗎？

No, I just think our promotional materials continue to evolve, and you'll see those evolve over the course of the year as we have more to offer, and we direct that message more towards different markets. I think our commercial efforts have been very successful but in all fairness, we're looking at everything really with a very close eye right now as we plan for next year and the year after that. It's not just a 1 quarter shot for us.

不，我只是認為我們的宣傳材料在不斷發展，您會看到這些材料在這一年中不斷發展，因為我們提供了更多產品，並且我們將這些信息更多地針對不同的市場。我認為我們的商業努力非常成功，但平心而論，我們現在正在密切關註一切，為明年和後年制定計劃。對我們來說這不僅僅是四分之一投籃。

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

我們將回答美國銀行 Travis Steed 的下一個問題。

Jereme. I guess just wanted to clarify on the basal guidance. So before it was like 1.5% of total revenue for the year. Is that changing at all or moving? And what's a fair way to think about a full year of basal, should we think about that exit rate and multiplying it by 4 is thinking about kind of a full run rate for basal?

傑雷姆.我想只是想澄清基本指導。之前它大約佔當年總收入的 1.5%。這種情況有改變嗎？或者正在發生變化？考慮一整年的 basal 的公平方式是什麼？我們是否應該考慮退出率並將其乘以 4 來考慮 basal 的完整運行率？

Yes. So Travis, it's interesting. So while we're not going to give a specific number on basal anymore just because it's now really folded into our business. There was a time when we said, "Hey, look, we have CMS coverage, and we don't expect Medicare Advantage to come that faster." We think commercial is going to take a little bit longer, and it's happened much, much faster. So now it's just really part of our core business.

是的。特拉維斯，這很有趣。因此，雖然我們不會再給出基礎的具體數字，因為它現在確實融入了我們的業務。曾經有一段時間，我們說：“嘿，看，我們有 CMS 保險，我們不希望 Medicare Advantage 來得那麼快。”我們認為商業化需要更長的時間，但它發生的速度要快得多。所以現在它確實是我們核心業務的一部分。

To your question though, is it greater than 1.5%? Absolutely. It's part of the reason we raised the guidance. It's part of the performance in the quarter, and so you'd expect it to be higher than that. The way I would think about it is just now about any other patient really population, where you ultimately want to annualize it, you'll think about attrition. So far, there's been no differences in terms of attrition from the basal population that started today to our core population. And I think you start to annualize that exit rate. And that's the way I'd apply it and going forward and then, of course, new adds.

但對於你的問題，它是否大於1.5%？絕對地。這是我們提出該指導意見的部分原因。這是本季度業績的一部分，因此您預計它會高於該業績。我現在思考這個問題的方式是關於任何其他真正的患者群體，當你最終想要將其年度化時，你會考慮自然減員。到目前為止，從今天開始的基礎人口到我們的核心人口，在流失方面沒有任何差異。我認為你開始將退出率年化。這就是我應用它並繼續前進的方式，當然，還有新的添加。

So I think you're thinking about it the right way, Travis. And then in terms of is it greater than 1.5%? Yes, it is.

所以我認為你的思考方式是正確的，特拉維斯。那麼是不是大於1.5%呢？是的。

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

我們將回答馬特·泰勒和杰弗里斯提出的下一個問題。

I just wanted to ask you one about the competitive environment, basically ask if you're seeing anything change in terms of share or pricing or anything else notable there that we should be aware of?

我只是想問您有關競爭環境的問題，主要是問您在份額或定價方面是否看到任何變化，或者我們應該注意的其他值得注意的事情？

We've been pretty clear about our share position. If we haven't been, let me reiterate it again, in major geographies that are reimbursed, we've been gaining share and we gained share across most all of them this quarter. So we're doing very well. G7 has been accepted the way we wanted it to. The majority of our G7 users are new users to DexCom. We've seen greater increased awareness in the physician community now that they have this product with its simplicity combined with it being the best performing product on the market. So we're very clear there. Our pricing trends. You can see our margins have remained strong, and our pricing is where we want it to be across channels. We're -- we've been pretty clear on all those things, and there's really no other changes to report.

我們對我們的股票地位非常清楚。如果我們還沒有，讓我再次重申，在報銷的主要地區，我們的份額一直在增加，並且本季度我們在大多數地區都增加了份額。所以我們做得很好。 G7 已按照我們希望的方式被接受。我們的大多數 G7 用戶都是 DexCom 的新用戶。我們看到醫生界的認識有所提高，因為他們擁有這種產品，其簡單性與市場上性能最佳的產品相結合。所以我們對此非常清楚。我們的定價趨勢。您可以看到我們的利潤率仍然很高，而且我們的定價正是我們希望跨渠道的定價。我們對所有這些事情都非常清楚，並且確實沒有其他變化需要報告。

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

我們將回答瑪格麗特·卡佐爾和威廉·布萊爾提出的下一個問題。

I wanted to maybe talk a little bit longer term and talk about basal adoption trends. Historically, and I think even your kind of maps are just the same. This coverage has expanded for intensive insulin users. We've seen like this 1,000 basis points plus of kind of incremental market adoption, at least by our math. I know it's early at this point, so you guys are being a little bit hesitant to get ahead of yourselves, but how do you compare, I guess, the early weeks or months in basal right now versus what you saw on commercial coverage had opened up for intents of insulin users? And then longer term, why shouldn't we see that same level or pace of acceleration in basal. I know a different market, but especially as commercial coverage has maybe come up faster than it did in those markets at that time?

我想談談更長遠的話題，談談基本的採用趨勢。從歷史上看，我認為即使是你們那種地圖也是一樣的。這一覆蓋範圍已擴大到密集型胰島素使用者。我們已經看到了 1,000 個基點以及市場採用的增量，至少從我們的數學角度來看是這樣。我知道現在還為時過早，所以你們有點猶豫是否要超越自己，但我猜你們如何比較現在的基礎數據的最初幾週或幾個月與你們在商業報導中看到的已經開放的情況了解胰島素使用者的意圖？然後從長遠來看，為什麼我們不應該看到基礎加速的相同水平或速度。我知道一個不同的市場，但尤其是商業報導可能比當時那些市場的增長速度更快？

Margaret, this is Kevin. I'll take it to start, and if the other guys have more to add, they can. I think as I've traveled about and spoke to alot of physicians and stuff, we've learned a lot about basal just launching, just the journey of a basal patient. They've been on other meds for quite some time and that's septic on insulin is a big step, and it's a step that they've, in many cases, been afraid up for a long time. So providing this group with information necessary to truly manage their condition and to see that they're getting the right dose to see what behaviors they need to use to try and not advance their type 2 diabetes fast. We think there is a tremendous market here. And I think the reception in all fairness has probably been even warmer than I thought it was going to be just as I've gone and spoken with people.

瑪格麗特，這是凱文。我將從它開始，如果其他人有更多要補充的，他們可以。我認為，當我四處旅行並與很多醫生和其他人交談時，我們了解了很多關於 basal 剛剛推出的信息，只是 basal 患者的旅程。他們已經使用其他藥物相當長一段時間了，而胰島素的敗血症是一大進步，在很多情況下，這是他們長期以來一直害怕的一步。因此，為這一群體提供必要的信息，以真正管理他們的病情，並確保他們服用正確的劑量，看看他們需要採取哪些行為來嘗試而不是快速發​​展他們的 2 型糖尿病。我們認為這裡有一個巨大的市場。平心而論，我認為，當我去與人們交談時，人們的接待可能比我想像的還要熱烈。

We are also at a different point in time as far as CGM adoption and CGM awareness in general as CGM is much more accepted than it was when we launched in other markets. Even from a distribution perspective, when we got Medicare approval the first time, I don't want to take you all back, but a Medicare patient couldn't use the phone app. When we got Medicare approval back in 2017, if they did, we had to give all the money back to CMS, we couldn't even get distributors to take our business. So that environment is all much, much more positive than it's been before. The flip side of this is it's new. There are a lot of them and there's still education to do and quite candidly, or with a different physician group because these people are usually primary care. While we've done everything we can or we think we've done a good job expanding to get into that market, we know there's more work to do there as well.

就 CGM 的採用和 CGM 的整體認知度而言，我們也處於不同的時間點，因為 CGM 比我們在其他市場推出時更容易被接受。即使從分配的角度來看，當我們第一次獲得醫療保險批准時，我不想讓你們都回去，但是醫療保險患者無法使用手機應用程序。當我們在 2017 年獲得醫療保險批准時，如果他們批准了，我們必須將所有資金退還給 CMS，我們甚至無法讓經銷商搶走我們的業務。所以現在的環境比以前要積極得多。另一方面是它是新的。他們有很多，而且坦白地說，仍然需要接受教育，或者與不同的醫生小組一起接受教育，因為這些人通常是初級保健人員。雖然我們已經竭盡全力，或者我們認為我們在進入該市場方面做得很好，但我們知道還有更多工作要做。

So we're cautiously optimistic. We've seen great results so far. We've heard great things from the patients who use it, but it's just going to have to build over time. We considered all these things as we've looked at that market.

所以我們持謹慎樂觀的態度。到目前為止，我們已經看到了很好的結果。我們從使用它的患者那裡聽到了很好的反饋，但它還需要隨著時間的推移而不斷發展。我們在考察該市場時考慮了所有這些因素。

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

我們將回答馬修·奧布萊恩和派珀·桑德勒提出的下一個問題。

Would just love to hear a little bit more about G7 specifically, those 8,000 new prescribing clinicians here in the state. Can you talk about the composition of those between PCPs and then existing endos that are higher volume folks. And then internationally, I know, Jereme, you said historically that G7 is a product where you're actually getting patients away from your competitor. Is the trajectory changing as far as the -- that dynamic as far as getting patients away from your competitor? Just looking at that international number in the quarter.

我很想听聽更多關於 G7 的信息，特別是該州 8,000 名新的處方臨床醫生。您能談談 PCP 和現有的高容量 Endos 之間的構成嗎？然後在國際上，我知道，Jereme，您過去曾說過，G7 是一款實際上可以讓患者遠離競爭對手的產品。就讓患者遠離競爭對手而言，軌跡是否正在發生變化？只要看看本季度的國際數字即可。

Yes. So -- and thank you for the question. In terms of those 8,000 prescribing physicians, those are really predominantly primary care physicians. And many of them were already writing CGM in the past. And so you can probably surmise that change is obviously what we think is taking share. And that's quite frankly, what we're seeing. And so those are folks that are seeing G7, they're seeing the ease of use. They're seeing expanded coverage that we've worked on for years and years and years, and that really we've led. And so that's really driven a lot of that change outside the U.S., and Jake alluded or Kevin alluded to it and Jake tracks this all the time, over half of new patients starts still remain new to CGM and a good chunk of those are switchers. They're not new to CGM, I'll say new to DexCom, not necessarily new to CGM.

是的。所以——謝謝你的提問。就這 8,000 名處方醫生而言，他們實際上主要是初級保健醫生。他們中的許多人過去已經在編寫 CGM。所以你可能會猜測，變化顯然是我們認為正在奪取份額的東西。坦率地說，這就是我們所看到的。所以那些看到 G7 的人，他們看到的是易用性。他們看到我們多年來一直在努力擴大覆蓋範圍，而且確實是我們領導的。因此，這確實推動了美國以外的許多變化，傑克提到過或凱文提到過，傑克一直在跟踪這一點，超過一半的新患者開始對 CGM 仍然是新手，其中很大一部分是轉換者。他們對 CGM 並不陌生，我想說的是 DexCom 的新手，也不一定是 CGM 的新手。

And so as you see that, and you see a good chunk of folks saying, "Well, wow, this is a product we've been waiting for." We do believe we're doing incredibly well in those international markets, both in patients that are new to CGM in all candor, but also those that have decided to make the switch. And so we're really excited about the growth. I mean, I think you can see we've been really excited about G7 for years. And I think the market feedback is following that same excitement.

所以當你看到這一點時，你會看到很多人說，“哇，這是我們一直在等待的產品。”我們確實相信，我們在這些國際市場上的表現非常好，無論是對於剛開始使用 CGM 的患者，還是那些決定轉變的患者。因此，我們對這種增長感到非常興奮。我的意思是，我想你可以看到我們多年來一直對七國集團感到非常興奮。我認為市場反饋也同樣令人興奮。

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

我們將回答 Matthew Blackman 和 Stifel 提出的下一個問題。

I wanted to ask on the PCP channel. Were you encountering any friction points in those offices above and beyond what you may have expected with basal? And I guess, conversely, is there anything you anticipated would be challenging that may be playing out less challenging. And also, I'm curious, is your PCP sales force finding a meaningful number of type 1s in that channel?

我想在PCP頻道上詢問。您在這些辦公室中是否遇到了超出您對 basal 的預期的任何摩擦點？相反，我想，有沒有什麼事情是你預期會具有挑戰性的，但結果可能不那麼具有挑戰性。而且，我很好奇，您的 PCP 銷售人員是否在該渠道中找到了有意義數量的 1 類產品？

Yes. This is Kevin. The challenges we're encountering or challenges we anticipated. The biggest challenge always is, particularly in the Medicare environment is document, getting the documents and getting to the proper distribution channel to serve these patients because they are pretty much I'll go through those who are not in Medicare Advantage I'll go through the DME channel.

是的。這是凱文.我們正在遇到的挑戰或我們預期的挑戰。最大的挑戰始終是，特別是在醫療保險環境中，文件、獲取文件並進入適當的分銷渠道來為這些患者提供服務，因為他們幾乎是我將審查那些不在醫療保險優勢中的人我將審查DME 通道。

And so Document gathering, particularly in a PCP office where they don't see all people with diabetes all the time and the use of these documents is the biggest challenge, but we anticipated that. And we worked very closely with our distributors to streamline that process as best we can. They've done a very good job helping us get our product out and help us continue to grow. As we talked earlier, our biggest Medicare new patient ad quarter ever, those folks all went through distributors. So that's a good metric for us and shows that they're doing very well.

因此，文件收集，特別是在 PCP 辦公室，他們不會一直看到所有糖尿病患者，而這些文件的使用是最大的挑戰，但我們預料到了這一點。我們與經銷商密切合作，盡最大努力簡化該流程。他們做得很好，幫助我們推出產品並幫助我們繼續發展。正如我們之前所說，我們有史以來最大的醫療保險新患者廣告季度，這些人都通過分銷商進行。所以這對我們來說是一個很好的指標，表明他們做得很好。

I think it's been pretty much as planned, and we don't have a specific PCP sales force. Our reps have geographic territories, and they call on both specialty diabetes clinics and primary care physicians. So they truly have a business to run it in their individual territories. And certainly, we know who they call on and where they spend the majority of their time, but it's their job to drive that business and bring those offices along. They do a really good job of that.

我認為一切都按計劃進行，而且我們沒有專門的 PCP 銷售隊伍。我們的代表有不同的地理區域，他們會拜訪糖尿病專科診所和初級保健醫生。因此，他們確實擁有在各自領土上經營的業務。當然，我們知道他們打電話給誰以及他們大部分時間都花在哪裡，但推動業務並帶動這些辦公室是他們的工作。他們在這方面做得非常好。

I think there was one -- you asked a question on type 1s, and we find them in the PCP offices. And the answer is yes, we do. We do, and we find them as we go deeper and deeper into the primary care offices, we do find type 1s. Some of them are not on CGM and PCP offices, where maybe CGM is a little bit less prescribed. And so there are opportunities there in those spaces to continue to drive awareness beyond, of course, the typical endocrinologist space.

我認為有一個 - 您提出了有關 1 類問題的問題，我們在 PCP 辦公室找到了它們。答案是肯定的，我們願意。我們確實這樣做了，當我們越來越深入初級保健辦公室時，我們發現了它們，我們確實找到了 1 類。其中一些不在 CGM 和 PCP 辦公室，這些地方的 CGM 規定可能有點少。因此，這些領域有機會繼續提高人們的認識，當然，這超出了典型的內分泌學家領域。

We will take our next question from Marie Thibault with BTIG.

我們將接受 BTIG 的 Marie Thibault 提出的下一個問題。

Congrats on a great quarter. Wanted to ask my question here. We learned recently about a competitor's DTC launch. I think in the U.K. of a wearable to monitor glucose for people without diabetes, more of a lifestyle sort of tool, with DexCom's device for non-insulin users coming next year, any early thoughts on how your device would be differentiated, whether that's features, pricing, how you're targeting that market?

恭喜您度過了一個出色的季度。想在這裡問我的問題。我們最近獲悉競爭對手推出了 DTC。我認為在英國，一款為非糖尿病患者監測血糖的可穿戴設備，更多的是一種生活方式工具，DexCom 的設備將於明年推出，供非胰島素用戶使用，任何關於您的設備如何與眾不同的早期想法，無論是功能、定價，您如何瞄準該市場？

Yes, this is Jake. I'll take that one. Yes, we're really excited about this new product that we're going to introduce, specifically for non-insulin users. And what I'd say about it is it's specifically designed for the needs of someone who isn't on insulin, but is trying to manage their glucose and trying to improve their health condition. And so the feature set is very unique to the needs of those users. It's not -- you're not managing insulin, you're not trying to avoid hypoglycemia. It's all about connecting the dots between diet, exercise and how those things impact glucose. CGM is the only tool that can provide you that real-time feedback. And so we're really excited about how it's going to play into that space. And over time, we likely will expand the patient segment for that product, but we are initially focused on the type 2 insulin -- non-insulin users.

是的，這是傑克。我會接受那個。是的，我們對即將推出的這款新產品感到非常興奮，特別是針對非胰島素使用者。我想說的是，它是專門為滿足那些不使用胰島素但試圖控制血糖並改善健康狀況的人的需求而設計的。因此，該功能集對於這些用戶的需求來說是非常獨特的。這不是——你沒有管理胰島素，你沒有試圖避免低血糖。這一切都是為了將飲食、鍛煉以及這些因素如何影響血糖之間的點聯繫起來。 CGM 是唯一可以為您提供實時反饋的工具。因此，我們對它將如何在該領域發揮作用感到非常興奮。隨著時間的推移，我們可能會擴大該產品的患者群體，但我們最初關注的是 2 型胰島素——非胰島素使用者。

And price-wise, in price-wise and those things, there's the time in place we'll ultimately talk about that. Today, probably not the best time. Obviously, it's information we want to keep a little bit close to our vest until it gets a little closer to launch date. But very -- when I say we're very excited about it, it is an incredibly exciting time around here at DexCom.

在價格方面，在價格方面以及那些事情上，我們最終會有時間討論這個問題。今天，可能不是最好的時機。顯然，我們希望在距離發布日期更近之前保守這一信息。但非常 - 當我說我們對此感到非常興奮時，這是 DexCom 的一個令人難以置信的激動人心的時刻。

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

我們將與雷蒙德·詹姆斯一起回答傑森·貝德福德的下一個問題。

Maybe just to follow up on the last line of questioning. I think you mentioned that you're going to launch the noninsulin device early next year, which I think is kind of news at least on timing in '24. Have you run a trial for the device? And I assume you'll file late this year or have you filed?

也許只是為了跟進最後一行提問。我想你提到過你將在明年初推出非胰島素設備，我認為這至少在 24 年的時間上是一個新聞。您是否對該設​​備進行過試用？我猜你會在今年晚些時候提交申請，或者你已經提交了嗎？

Yes. Thanks for the question. Yes. So it's important to note, right, that product is a 15-day product or a noninsulin product. And we have completed a clinical study on the G7 platform showing survivability out to 15 days with great performance. We met the iCGM criteria in that study. And so that study is going to be used for the submission of that product. So that's why we're confident in our ability to say we're going to launch that product next year.

是的。謝謝你的提問。是的。所以需要注意的是，該產品是15天產品還是非胰島素產品。我們已經在 G7 平台上完成了一項臨床研究，顯示其生存能力長達 15 天，且性能出色。我們符合該研究中的 iCGM 標準。因此該研究將用於提交該產品。因此，我們對明年推出該產品的能力充滿信心。

And we will take our next question from Steve Lichtman with Oppenheimer.

我們將回答史蒂夫·利奇曼和奧本海默提出的下一個問題。

I wanted to ask about basal and broader type 2 opportunity outside of the U.S., particularly in the EU, certainly another big opportunity. Are the new pieces that you were putting in place with G7 and DexCom ONE enough to really go after penetration of that patient population? Or are there additional reimbursement efforts needed there as well?

我想詢問美國以外的基本和更廣泛的 2 類機會，特別是在歐盟，這無疑是另一個巨大的機會。您與 G7 和 DexCom ONE 一起實施的新舉措是否足以真正滲透到該患者群體？或者是否還需要進行額外的報銷工作？

The access strategy is an ever-evolving one, and that's why we have our product portfolio. Our portfolio approach that we've adopted, there are some geographies where DexCom ONE will absolutely be the product. We go after that basal population with other geographies where quite candidly. If they're reimbursed adequately, we can use the G-Series, and we break it down market by market in some countries, it's literally state by state and region by region, where we select the right product within our portfolio to offer and gain the access and coverage that we need.

訪問策略是一個不斷發展的策略，這就是我們擁有產品組合的原因。我們採用的投資組合方法，在某些地區，DexCom ONE 絕對是我們的產品。我們非常坦率地追踪其他地區的基礎人口。如果他們得到充分的補償，我們可以使用 G 系列，我們在一些國家按市場細分，實際上是按州和地區劃分，我們在我們的產品組合中選擇合適的產品來提供和獲得收益我們需要的訪問和覆蓋範圍。

We believe we have the products that we need to go do that. We've talked a bit about this, but the DexCom ONE platform is soon going to be -- DexCom ONE is soon going to be on the G7 platform next year. And when that happens, that is going to be just another step forward for us. And as we look to the future, as we extend life of our sensors and things like that, as we talked about at our Investor Days, we'll just have more and more opportunities internationally. So we have the portfolio to go attack those things. We still have to go through the process of filling out paperwork, making bids, meeting with the proper people and building that access team out over time and that's infrastructure we built from the ground up, and we've been building over the past several years.

我們相信我們擁有實現這一目標所需的產品。我們已經對此進行了一些討論，但 DexCom ONE 平台很快就會出現——明年 DexCom ONE 很快就會出現在 G7 平台上。當這種情況發生時，這將是我們向前邁出的又一步。當我們展望未來時，當我們延長傳感器和類似產品的使用壽命時，正如我們在投資者日談到的那樣，我們將在國際上擁有越來越多的機會。所以我們有投資組合來攻擊這些事情。我們仍然必須經歷填寫文件、投標、與合適的人會面以及隨著時間的推移建立接入團隊的過程，這是我們從頭開始構建的基礎設施，我們在過去幾年中一直在建設。

And the one other thing I'd say to that is, remember, outside the U.S., a lot of the products are available OTC. You don't really necessarily need to go get a script. Now you might go to a pharmacy to pick it up. The script is required for reimbursement. And so as you think about some of these products that are coming out that are really targeted at that, you can already use them. And so there are ways we can work around that. With the right form factor, with the right product, and as Kevin has alluded to, we think we've got the portfolio, the products, the software, the way to iterate on that to be very effective in those markets.

我要說的另一件事是，請記住，在美國以外，很多產品都可以通過非處方藥購買。您實際上不一定需要去獲取腳本。現在您可以去藥房取藥。報銷時需要劇本。因此，當您考慮即將推出的一些真正針對此目標的產品時，您已經可以使用它們了。所以我們可以採取一些方法來解決這個問題。憑藉正確的外形尺寸和正確的產品，正如凱文所提到的，我們認為我們已經擁有了產品組合、產品、軟件以及迭代的方式，從而在這些市場中非常有效。

And we will take our next question from Josh Jennings with TD Cowen.

我們將回答 Josh Jennings 和 TD Cowen 提出的下一個問題。

I was hoping to just better understand how you've had success kind of driving the average out-of-pocket cost for patients prescribed with G6, G7 down to $20. And is that something that you can market or have been marketing to patients or physicians. And has that been a driver of share gains in the U.S.?

我希望更好地了解你們如何成功地將服用 G6、G7 的患者的平均自付費用降至 20 美元。這是您可以或已經向患者或醫生推銷的東西嗎？這是否是美國股市上漲的推動因素？

It certainly has been a driver of share gains in the U.S. because we're -- again, our focus is on that customer. And as we go for the lowest cost per customer, that's what we do. We do everything we can to keep that co-pay down. In some cases, it depends on the payer, the insurance company, what the arrangement is, but we also are able to maintain a premium price due to the strength of our product, due to the fact that it provides such great outcomes and such good retention. Our retention rates are better than they've ever been as far as people staying on our product and using it. And we know when people stay on the product, they are healthier. There's clinical data coming over the next several months from studies. That's going to show that the extended use of CGM over time leads to just much better extended health.

這無疑是美國市場份額增長的推動力，因為我們再次強調，我們的重點是該客戶。當我們追求每位客戶的最低成本時，這就是我們所做的。我們盡一切努力降低共付額。在某些情況下，這取決於付款人、保險公司、安排是什麼，但由於我們產品的實力，我們也能夠維持溢價，因為它提供瞭如此好的結果和如此好的效果保留。就人們留在我們的產品和使用它而言，我們的保留率比以往任何時候都要好。我們知道，當人們堅持使用該產品時，他們會更健康。未來幾個月的研究將提供臨床數據。這將表明，隨著時間的推移，長期使用 CGM 會帶來更好的長期健康狀況。

So you combine all those factors, the fact that patients stay in our product, the fact that it produces great outcomes, the fact that those outcomes are documented, we can go and demand a lower co-pay. And we can go really position ourselves to do well. Now because of that, you have to go through, again, the access games or the access infrastructure that various payers play. One of our key initiatives right now is working on pre-authorizations and to -- if we have to keep those to make sure those are electronic to take that burden off the head of the physician's offices who prescribe our product. That's probably our biggest hurdle as far as ease of reimbursement right now, but we're working to do that as well. And we have very aggressive goals on that front over the next year. But the product and reputation and outcomes of DexCom are what ables us to do -- enable us to do that.

因此，將所有這些因素結合起來，事實上，患者留在我們的產品中，它產生了很好的結果，這些結果被記錄下來，我們可以要求較低的共付額。我們可以真正定位自己以取得好成績。現在正因為如此，你必須再次經歷各種付款人玩的訪問遊戲或訪問基礎設施。我們現在的關鍵舉措之一是進行預授權，如果我們必須保留這些授權，以確保這些授權是電子的，從而減輕為我們的產品開處方的醫生辦公室負責人的負擔。這可能是我們目前在輕鬆報銷方面面臨的最大障礙，但我們也在努力做到這一點。明年我們在這方面有非常雄心勃勃的目標。但 DexCom 的產品、聲譽和成果使我們能夠做到——使我們能夠做到這一點。

One of the things we've talked about over the years is our strategy was to look at ways to get covered products, make the easier burden longer term. I mean think about people impacted by diabetes, there's already a significant burden on those individuals. And now you add in a large co-pay that's a challenging thing. So we've really worked on coverage. It's something we've known is out there, and it's something we've worked on, and you're seeing it play through. We're us working very hard on coverage relative to that perhaps our competitor has really driven us to be in a position where we can help patients better longer term because this is a long-term challenge. We want to be there throughout that.

多年來我們談論的一件事是我們的策略是尋找獲得承保產品的方法，從長遠來看減輕負擔。我的意思是，想想受糖尿病影響的人，這些人已經承受了巨大的負擔。現在你再加上一大筆自付費用，這是一件具有挑戰性的事情。所以我們確實在覆蓋範圍上下了功夫。這是我們已經知道的事情，也是我們一直在努力的事情，而且你正在看到它的發揮。我們正在非常努力地致力於覆蓋範圍，也許我們的競爭對手確實促使我們能夠長期更好地幫助患者，因為這是一項長期挑戰。我們希望全程參與其中。

We will take our next question from Michael Polark with Wolfe Research.

我們將回答沃爾夫研究公司的邁克爾·波拉克提出的下一個問題。

My question is the non -- the product for type 2 is not on insulin that's going to launch next year, the 15-day sensor. In 2024, is this largely -- is the base case expectation that this is a cash pay model in '24 and then over a multiyear period, there might be some uptake into traditional insurance channels. Or would you expect that next year, you'll have kind of early at-risk insurance coverage for this concept?

我的問題是，2 型產品不是針對將於明年推出的胰島素，即 15 天傳感器。到 2024 年，這在很大程度上是基本情況預期，即這是 24 年的現金支付模式，然後在多年的時間內，傳統保險渠道可能會有所採用。或者您是否期望明年，您將為這個概念提供某種早期風險保險？

Yes, sure. I'll take that one. So yes, it's primarily an initial launch, it's going to be cash pay. We do feel though we're targeting this segment of customers. There's 25 million people in the U.S. who fit into this category of -- with type 2 diabetes that are on insulin. So we should give a real opportunity to provide them with better outcomes. And we do feel that this product that's specifically designed for this group can produce an outcome that payer will pay for over time. But we've got to generate that evidence in that population. We're starting to see evidence of CGM in that population and the benefits it can provide. We feel like this custom tailored product is going to do a great job at delivering the outcomes that we're going to need. So it's going to take a little time, but we do feel that this is a place that ultimately will be reimbursed.

是的，當然。我會接受那個。所以，是的，這主要是初次推出，將採用現金支付。我們確實覺得我們的目標客戶群是這部分客戶。在美國，有 2500 萬人屬於這一類，患有 2 型糖尿病，正在服用胰島素。因此，我們應該給他們一個真正的機會，為他們提供更好的結果。我們確實認為，專門為這一群體設計的產品可以產生付款者隨著時間的推移而付費的結果。但我們必須在該人群中找到證據。我們開始在該人群中看到持續血糖監測的證據以及它可以提供的好處。我們覺得這款定制產品將在提供我們所需的結果方面發揮出色。所以這需要一點時間，但我們確實認為這是一個最終會得到補償的地方。

And this concludes our question-and-answer session for today. I will now turn the call over to Mr. Kevin Sayer for closing remarks.

我們今天的問答環節到此結束。現在我將把電話轉給凱文·塞耶先生做總結髮言。

Again, thanks, everybody, for participating on our call today. Just in wrapping up, I want to acknowledge all the great efforts here at our company, our commercial team around the world has had an incredibly successful G7 launch. Not only in getting product out the door but driving access, make it available. Everything that we've asked them to do, we've done faster than we planned, and we're just very appreciative of that. Our operations team has not missed a beat from supply chain and Microchips and G6 manufacturing in addition to G7 along the way, our engineering team. Those products performed the way we wanted it to. It's done very, very well. They continue to work on making it better.

再次感謝大家參加我們今天的電話會議。最後，我要感謝我們公司所做的所有巨大努力，我們在世界各地的商業團隊使 G7 的發布取得了令人難以置信的成功。不僅要讓產品走出國門，還要推動訪問，使其可用。我們要求他們做的所有事情，我們都比計劃完成得更快，我們對此非常感激。我們的運營團隊沒有錯過供應鍊和 Microchips 以及 G6 製造以及 G7 的工程團隊。這些產品的性能符合我們的預期。做得非常非常好。他們繼續努力使其變得更好。

You talked earlier about our outperformance. Software is not just an add-on. It is difficult. And then those 5 upgrades of the app in this quarter. Seamless and delivering people better features every time, you can go through the entire organization, even the bond offering this quarter, kudos to that team. It is a great time to be here. As I said earlier in my prepared remarks, we're just getting started and that's how we feel about things. So thanks, everybody, for participating on our call today, and we look forward to talking to you again soon.

您之前談到了我們的出色表現。軟件不僅僅是一個附加組件。這很難。然後是本季度該應用程序的 5 次升級。每次都無縫地為人們提供更好的功能，您可以瀏覽整個組織，甚至是本季度的債券發行，向該團隊致敬。這是來到這裡的美好時光。正如我之前在準備好的發言中所說，我們才剛剛開始，這就是我們對事情的感受。感謝大家今天參加我們的電話會議，我們期待很快再次與您交談。

Thank you, ladies and gentlemen. This concludes today's conference, and you may now disconnect.

謝謝你們，女士們、先生們。今天的會議到此結束，您現在可以斷開連接了。