德康醫療 (DXCM) 2023 Q3 法說會逐字稿

Welcome to the DexCom Third Quarter 2023 Earnings Release Conference Call. My name is Mandeep and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded.

歡迎參加 DexCom 2023 年第三季財報發布電話會議。我是 Mandeep，將擔任今天會議的接線員。（接線員指示）提醒各位，本次會議正在錄音。

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

現在我將把電話交給財務與投資人關係副總裁 Sean Christensen。Sean Christensen 先生，您可以開始。

Thank you, operator, and welcome to DexCom's Third 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 third quarter performance on the DexCom Investor Relations website on the Events and Presentations page.

謝謝，接線員，也歡迎各位參加 DexCom 2023 年第三季財報電話會議。我們的議程首先由 DexCom 董事長、總裁暨執行長 Kevin Sayer 開場，總結近期亮點與持續推動的策略性計畫，接著由財務長 Jereme Sylvain 進行財務回顧與展望。在我們的預先準備發言結束後，將開放提問。屆時我們請分析師每人僅提一個問題，以便讓今天所有與會者都有機會提問。另請注意，DexCom 投資人關係網站的「活動與簡報」頁面上，也提供與第三季表現相關的投影片。

With that, let's review our safe harbor statement. Some of the statements we will make in today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs and expectations about future events, strategies, competition, products, operating plans and performance. All forward-looking statements included in this presentation are made as of the date hereof based on information currently available to DexCom, are subject to various risks and uncertainties and actual results could differ materially from those anticipated in the forward-looking statements.

接下來我們回顧安全港聲明。我們在今天電話會議中所做的部分陳述，可能構成前瞻性陳述。這些陳述反映管理層對未來事件、策略、競爭、產品、營運計畫與績效的意圖、信念與預期。本簡報所包含的所有前瞻性陳述，均以本簡報日期為準，係基於 DexCom 目前可取得之資訊，並受多項風險與不確定性影響，實際結果可能與前瞻性陳述所預期者有重大差異。

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前瞻性陳述所明示或暗示者產生重大差異的因素，已詳載於 DexCom 的 Form 10-K 年度報告、最新 Form 10-Q 季度報告，以及向美國證券交易委員會提交的其他文件中。除法律另有規定外，我們不承擔在本簡報日期後更新任何前瞻性陳述，或使該等前瞻性陳述與實際結果一致之義務。

Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP with respect to our non-GAAP and cash-based results. Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis. The presentation of this additional information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP. Please refer to the tables in our earnings release and the slides accompanying our third quarter earnings presentation reconciliation of these measures to their most directly comparable GAAP financial measure.

此外，在本次電話會議中，我們將討論若干未依 GAAP 編製的財務衡量指標，涉及我們的非 GAAP 與現金基礎結果。除非另有說明，所有對財務指標的提及均以非 GAAP 基礎呈現。提供此額外資訊不應被視為可單獨使用，亦不應作為依 GAAP 編製結果的替代，或被認為優於依 GAAP 編製之結果。請參閱我們的財報新聞稿中的表格，以及隨第三季財報簡報投影片所附之對照表，以了解這些衡量指標與其最直接可比的 GAAP 財務衡量指標之調節。

Now I will turn it over to Kevin.

現在我把時間交給 Kevin。

Thank you, Sean, and thank you, everyone, for joining us. Today, we reported another great quarter for DexCom with third quarter organic revenue growth of 26% compared to the third quarter of 2022. This year is proving to be one of the most exciting periods in our company's history. Access is expanding faster than ever before, and we are seeing new levels of enthusiasm for our differentiated products. This can be seen firsthand in our broader rollout of G7 in the U.S. Building upon our legacy of being the most accurate sensor, G7's focus on simplicity and affordability continues to attract new customers and prescribers to our platform. Similar to last quarter, the majority of G7 customers continue to be new to DexCom, and we took yet another step forward in expanding our prescribing base. There are now nearly 18,000 physicians writing scripts for DexCom that were not prescribing our products before the G7 launch.

謝謝你，Sean，也謝謝各位今天加入我們。今天我們公布 DexCom 再度交出亮眼的一季，2023 年第三季有機營收較 2022 年第三季成長 26%。今年正證明是本公司歷史上最令人振奮的時期之一。可及性以前所未有的速度擴大，我們也看到市場對我們具差異化產品的熱情達到新高度。這在我們於美國更廣泛推動 G7 的上市進程中可見一斑。在我們作為最精準感測器的既有基礎上，G7 對簡易性與可負擔性的聚焦，持續吸引新客戶與開立處方的醫師加入我們的平台。與上一季類似，多數 G7 客戶仍是 DexCom 的新用戶，而我們也在擴大處方開立基礎方面再向前邁進一步。如今已有近 18,000 名醫師為 DexCom 開立處方，而在 G7 上市前他們並未開立我們的產品。

This represents a notable increase in our prescribing community in only a short period of time as more clinicians recognize G7's unique feature set, ease of use and market-leading levels of coverage. This combination has made it incredibly easy for physicians to prescribe DexCom CGM and drive greater levels of engagement within their patient populations. Additionally, our G7 software platform is enhancing our value proposition across all patient types. We've implemented new software updates almost monthly since launch with improvements to features like connectivity and alarm personalization. As one example, we have established new lines of communication in our app to simplify the process of engaging with our customers. We are constantly working behind the scenes to improve the customer experience, and we will continue to operate with this type of focus to ensure that we have the most user-friendly and engaging products on the market.

這代表在短時間內，我們的處方醫師社群出現顯著成長，因為越來越多臨床醫師認識到 G7 獨特的功能組合、易用性以及市場領先的給付涵蓋水準。這樣的組合讓醫師能極為容易地開立 DexCom CGM，並在其病患族群中帶動更高程度的參與度。此外，我們的 G7 軟體平台正在強化我們對各類病患的價值主張。自上市以來，我們幾乎每月都推出新的軟體更新，改善如連線能力與警報個人化等功能。舉例來說，我們在 App 中建立了新的溝通管道，以簡化與客戶互動的流程。我們持續在幕後努力提升客戶體驗，並將持續以此為重點運作，確保我們在市場上提供最友善且最具互動性的產品。

Our customers know that when you join the DexCom ecosystem, you get all of the benefits today and tomorrow associated with our leading innovation. Our latest product cycle has also coincided with the largest expansion of coverage in our company's history, with significant reimbursement now established beyond intensive insulin use. There are more people with covered access to DexCom CGM than ever before. As a reminder, Medicare coverage went live in mid-April for people with type 2 diabetes using basal insulin only as well as certain non-insulin individuals that experience hypobychemia. Collectively, these 2 populations represent nearly 7 million people in the U.S. with approximately half being of Medicare age.

我們的客戶知道，一旦加入 DexCom 生態系，就能在今天與未來享有我們領先創新所帶來的所有效益。我們最新一輪的產品週期，也恰逢公司史上最大幅度的給付涵蓋擴張，且在密集胰島素使用之外，已建立起顯著的報銷給付。目前，能透過給付取得 DexCom CGM 的人數比以往任何時候都多。提醒各位，Medicare 的給付已於 4 月中旬上線，涵蓋僅使用基礎胰島素的第二型糖尿病患者，以及部分會出現低血糖的非胰島素使用者。合計而言，這兩個族群在美國約有近 700 萬人，其中約一半達到 Medicare 年齡。

Encouragingly, commercial coverage continues to build for this group. We have established market-leading levels of basal-only reimbursement as payers clearly recognize the potential for better outcomes driven by DexCom. This further supports our industry low out-of-pocket cost for our customers. With a full quarter of broad coverage now under our belt, we continue to be very encouraged by early prescribing transfer this cohort. We noted last quarter that we experienced an immediate uptick in new patient starts once coverage went live, and we have seen a clear continuation of this trend since that time. In fact, we delivered another record Medicare new patient start quarter in Q3 as physicians have quickly adjusted their prescribing patterns to match the new reimbursement landscape.

令人鼓舞的是，商業保險對此族群的涵蓋也持續擴大。由於付款方清楚認知 DexCom 可帶來更佳結果的潛力，我們已建立市場領先水準的「僅基礎胰島素」報銷給付。這也進一步支持我們客戶業界偏低的自付費用。在我們已擁有一整季的廣泛涵蓋經驗後，我們對此一族群早期的處方轉移情況仍感到非常振奮。我們在上一季提到，一旦給付上線，新病患啟用數便立即上升，而自那時起我們也清楚看到此趨勢持續延續。事實上，第三季我們再度創下 Medicare 新病患啟用的單季紀錄，因為醫師已迅速調整其處方模式，以符合新的報銷給付環境。

While early, basal adoption trends look very similar to those we previously experienced once broad coverage became available for intensively managed type 2 diabetes. We view this as a very positive sign of things to come. Importantly, when you combine this broader coverage with our leading sensor technology, we feel incredibly confident in our market position. Since the launch of G7, we have gained share across all reimbursed channels and patient segments in the U.S. and that trend continued this quarter.

雖然仍屬早期，但基礎胰島素族群的採用趨勢，看起來與我們過去在密集管理的第二型糖尿病獲得廣泛涵蓋後所經歷的情況非常相似。我們將此視為未來發展的非常正面訊號。重要的是，當你把更廣泛的給付涵蓋與我們領先的感測器技術結合，我們對自身的市場地位感到非常有信心。自 G7 上市以來，我們在美國所有可報銷的通路與病患分群中都提升了市占，而這一趨勢在本季仍持續。

Even among non-reimbursed channels, we are seeing more and more interest in DexCom CGM. We are also seeing similar dynamics across our international footprint. We have never been better positioned to compete globally from a product to access or capacity perspective. And we once again took international share this quarter as a result.

即使在非報銷通路中，我們也看到市場對 DexCom CGM 的興趣日益增加。我們在國際市場版圖中也觀察到類似的動態。無論從產品、可及性或產能角度來看，我們在全球競爭的準備程度都前所未有地完善。因此，我們本季也再次在國際市場取得市占。

Our product portfolio continues to be a key contributor to this success. By having multiple products available, we can tailor our offerings to meet the unique needs of individual geographies and reimbursement structures. A great example of this was Senior France this past quarter, where Dexcom ONE secured reimbursement for all people on intensive insulin therapy, which represents around 0.5 million people, and we have submitted our evidence to extend that coverage to the basal population.

我們的產品組合持續是這項成功的關鍵貢獻者。透過提供多款產品，我們能依各地市場與報銷給付結構的獨特需求，量身調整我們的方案。上一季在法國就是一個很好的例子，Dexcom ONE 已為所有接受密集胰島素治療的人取得報銷給付，該族群約 50 萬人；同時，我們也已提交證據，以將該涵蓋延伸至基礎胰島素族群。

In addition to advancing our product offerings, we've been continuously working to build greater commercial scale and flexibility to serve each market more effectively. As we discussed at our Investor Day, one way to drive scale is through the conversion of key international markets from distributor to direct operations. Historically, these consents have been followed by a notable uptick in performance as we provide greater levels of support and focus to these markets once we oversee all facets of sales and distribution. Along those lines, we recently made the strategic decision to go direct in Japan. As a reminder, Japan became one of the first countries to establish broad reimbursement for anyone taking insulin late last year, representing more than 1 million lives.

除了推進產品供應之外，我們也持續致力於建立更大的商業規模與彈性，以更有效地服務各個市場。正如我們在投資人日所討論的，推動規模化的一種方式，是將關鍵國際市場由經銷模式轉為直營營運。歷史上，這些轉換往往會帶來顯著的績效提升，因為當我們能掌握銷售與配送的各個面向時，便能對這些市場提供更高程度的支援與聚焦。基於此，我們近期做出策略性決定，在日本採取直營模式。提醒各位，日本在去年稍晚成為最早建立「凡使用胰島素者皆可獲得廣泛報銷給付」的國家之一，涵蓋超過 100 萬人。

Despite this, the market remains in its very early stages, and we will continue to work to drive much greater CGM adoption over time as we initiate direct sales in the second quarter of next year.

儘管如此，該市場仍處於非常早期的階段。隨著我們將於明年第二季啟動直營銷售，我們將持續努力，隨時間推進大幅提升 CGM 的採用率。

Finally, at the ASD this month, we added to our substantial base of distinctive clinical evidence with new data around long-term DexCom CGM outcomes and adherence, the impact of Dexcom ONE for type 2 diabetes and performance within the pregnancy setting. Study after study, we continue to demonstrate DexCom's position as a cornerstone within the evolving diabetes care and metabolic health landscape. Across a wide range of customers in care settings, our product plays a unique role in providing real-time information that can drive behavior change, greater patient accountability and Warren farm therapy decisions.

最後，在本月的 ASD 上，我們以關於 DexCom CGM 長期結果與依從性、Dexcom ONE 對第 2 型糖尿病的影響，以及在妊娠情境中的表現等新數據，進一步充實了我們龐大且具差異化的臨床證據基礎。一項又一項研究，我們持續證明 DexCom 在不斷演進的糖尿病照護與代謝健康版圖中，作為關鍵基石的地位。面對各式各樣照護場域的客戶，我們的產品在提供即時資訊方面扮演獨特角色，能推動行為改變、提升病患自我負責程度，並支持治療決策。

Like everyone else, we have also been interested to see the latest data behind new drug therapies. We believe these drugs play an important role in the care continuum, and it is encouraging to see new solutions emerging and a growing appreciation around the need for better and earlier care. Data continues to demonstrate that clinicians prefer to use CGM together with these drugs to drive the best possible outcomes. In fact, we shared claims data this quarter that showed prescribing trends for CGM increase once someone has initiated GLP-1 therapy, as clinicians favor DexCom for its protective features and ability to support lifestyle management. As an update, we looked at trailing 12-month data through August 2023 would suggest this dynamic is even more pronounced among the newest generation of these drugs. The data clearly shows that CGM usage grows faster in GLP-1 users than those who are not on therapy. This further demonstrates the complementary nature of DexCom CGM across all therapy regimes in diabetes.

和其他人一樣，我們也一直關注新藥物治療背後的最新數據。我們相信這些藥物在照護連續體中扮演重要角色；看到新解決方案不斷出現，以及對更好且更早期照護需求的認知日益提升，令人振奮。數據持續顯示，臨床醫師偏好將 CGM 與這些藥物搭配使用，以達成最佳可能的結果。事實上，我們在本季分享的理賠數據顯示，一旦有人開始 GLP-1 治療，CGM 的處方趨勢就會上升，因為臨床醫師偏好 DexCom 的保護性功能以及其支持生活型態管理的能力。作為更新，我們檢視截至 2023 年 8 月的過去 12 個月數據，顯示在這一代最新藥物使用者中，這種動態更為明顯。數據清楚顯示，GLP-1 使用者的 CGM 使用成長速度快於未接受該治療者。這也進一步證明 DexCom CGM 在糖尿病各種治療方案中具備互補性。

As we look forward, we continue to ensure that we advance our unique role within the ecosystem of care as we progress our mission of empowering people to take control of help. This will include launching new products such as our non-insulin product coming next summer as well as advancing our ongoing clinical work across much broader populations. We are still very early in our story in terms of potential impact and the number of lives we can ultimately touch. Our future is incredibly bright.

展望未來，我們將持續確保在照護生態系中推進我們獨特的角色，並推動我們賦能人們掌控健康的使命。這將包括於明年夏天推出我們的非胰島素產品，以及在更廣泛的人群中推進我們持續進行的臨床工作。就潛在影響與最終能觸及的生命數量而言，我們的故事仍處於非常早期的階段。我們的未來無比光明。

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

接下來，我把時間交給 Jereme，請他回顧第三季財務表現。Jereme？

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 third quarter of 2023, we reported worldwide revenue of $975 million compared to $770 million for the third quarter of 2022, representing growth of 27% on a reported basis and 26% on an organic basis. As a reminder, our definition of organic revenue excludes currency in addition to non-CGM revenue acquired or divested in the trailing 12 months.

謝謝你，Kevin。提醒一下，除非另有說明，今天呈現的財務指標將以非 GAAP 基礎討論。與 GAAP 的調節表可在今日的財報新聞稿以及我們的 IR 網站上找到。2023 年第三季，我們的全球營收為 9.75 億美元，較 2022 年第三季的 7.70 億美元增加，按報告基礎成長 27%，按有機基礎成長 26%。提醒一下，我們對有機營收的定義為：排除匯率影響，並排除過去 12 個月內收購或剝離的非 CGM 營收。

U.S. revenue totaled $714 million for the third quarter compared to $573 million in the third quarter of 2022, representing growth of 24%. Between the ongoing success of our G7 launch and significant expansion of coverage for DexCom this year, our U.S. business is really hitting its stride. This is particularly noticeable when looking at our new customer start trends, which again outpaced our expectations for this quarter. This dynamic has now played out for several quarters in a row, and we are seeing the direct result of that continued momentum.

第三季美國營收合計 7.14 億美元，較 2022 年第三季的 5.73 億美元成長 24%。在 G7 上市持續成功，以及今年 DexCom 保險覆蓋範圍大幅擴張的帶動下，我們的美國業務正真正進入加速期。這在觀察我們的新客戶啟用趨勢時尤其明顯，該趨勢再次超出我們對本季的預期。這種動態已連續數季出現，我們也正看到這股持續動能所帶來的直接成果。

In the third quarter, we saw revenue growth accelerate compared to last quarter, and we delivered our fastest quarterly growth rate in over 2 years. International revenue grew 33%, totaling $261 million in the third quarter. International organic revenue growth was 30% for the third quarter. We continue to execute incredibly well in our international markets. Our product portfolio strategy, ongoing access work and growing commercial traction helped us again gain share this quarter. We had a particularly strong quarter across our European footprint as we saw our growth remain similar to the accelerated level we saw in the second quarter.

第三季，我們看到營收成長相較上季加速，並交出超過 2 年來最快的單季成長率。國際營收第三季成長 33%，達 2.61 億美元。第三季國際有機營收成長為 30%。我們在國際市場的執行表現依然非常出色。我們的產品組合策略、持續的准入工作以及日益增強的商業動能，協助我們本季再次提升市占率。我們在歐洲版圖的表現尤其強勁，成長維持在第二季所見的加速水準附近。

An item of note is we did have slower growth coming from our non-CGM business as well as relatively flat performance in Japan as we work with our distributor partner to start the process of transitioning to direct sales. As a reminder, when we made our distributor acquisition in 2021, we also inherited a business that distributed products outside the diabetes space. We recently made the decision to spin off this unit to focus entirely on our CGM and diabetes technologies in this region, which we think will enhance our execution in the market. We expect the deal to close in early 2024, and we want to thank our employees for their continued strong work through the transition in the space.

值得注意的是，來自我們非 CGM 業務的成長較慢；同時，日本市場表現相對持平，因我們正與經銷合作夥伴合作，啟動轉向直營銷售的流程。提醒一下，當我們在 2021 年進行經銷商收購時，也一併承接了一項在糖尿病領域之外分銷產品的業務。我們近期決定分拆該單位，以便在此區域完全聚焦於我們的 CGM 與糖尿病技術，我們認為這將提升我們在市場上的執行力。我們預期交易將於 2024 年初完成，並感謝員工在此轉型期間持續展現的優異工作表現。

Our third quarter gross profit was $630 million or 64.7% of revenue compared to 64.2% of revenue in the third quarter of 2022. We are very proud of our gross margin performance in the quarter. This is another testament to the top tier work our operations team continue to deliver this year. Despite managing through a new product launch, we have improved yields on both the G6 and G7 platforms. In addition, Q3 gross margins benefited from a stronger-than-expected mix of G6 customers as our pump users eagerly await G7 AID integration. When this transition starts in the coming weeks, we expect an acceleration in our base shift to G7. While G7 currently has a higher unit cost profile than G6 and will over the near term, we expect this to become our highest margin product as we drive greater volumes and economies of scale over the course of 2024 and beyond.

第三季毛利為 6.30 億美元，佔營收 64.7%，高於 2022 年第三季的 64.2%。我們對本季毛利率表現深感自豪，這再次證明我們營運團隊今年持續交付的頂尖成果。儘管需要管理新產品上市，我們在 G6 與 G7 平台的良率皆有所提升。此外，第三季毛利率也受惠於 G6 客戶組合強於預期，因為我們的幫浦使用者正熱切等待 G7 與 AID 的整合。當這項轉換在未來幾週開始時，我們預期客戶基礎轉向 G7 的速度將加快。雖然目前 G7 的單位成本結構高於 G6，且短期內仍將如此，但隨著 2024 年及其後我們推動更大出貨量與規模經濟，我們預期 G7 將成為毛利率最高的產品。

Operating expenses were $392 million for Q3 of 2023, compared to $333 million in Q3 of 2022. Our focus on cost management again stood out this quarter as we delivered over 300 basis points of operating expense leverage. This now marks the seventh straight quarter that we have generated at least 250 basis points of year-over-year operating expense leverage. We will continue to invest in the growth of the business while finding ways to be even more efficient.

2023 年第三季營業費用為 3.92 億美元，較 2022 年第三季的 3.33 億美元增加。我們對成本管理的專注在本季再次凸顯，營業費用槓桿改善超過 300 個基點。這也標誌著我們連續第七個季度達成年增至少 250 個基點的營業費用槓桿。我們將持續投資業務成長，同時尋找進一步提升效率的方法。

Operating income was $238.9 million or 24.5% of revenue in the third quarter of 2023 compared to $160.8 million or 20.9% of revenue in the same quarter of 2022. This margin represents a new quarterly record for DexCom.

2023 年第三季營業利益為 2.389 億美元，佔營收 24.5%；相較之下，2022 年同季為 1.608 億美元，佔營收 20.9%。此一利潤率創下 DexCom 單季新紀錄。

Adjusted EBITDA was $345 million or 32.3% of revenue for the third quarter compared to $226.6 million or 29.4% of revenue for the third quarter of 2022. This margin also represents a new quarterly record for DexCom. Net income in the third quarter was $203 million or $0.50 per share. We remain in a very strong financial position as we closed out the quarter with better than $3.2 billion of cash and cash equivalents. Our ability to generate consistent and growing free cash flow has become more apparent every quarter, and we delivered the highest free cash flow quarter in our company's history in Q3. This provides a lot of flexibility to be thoughtful and opportunistic in our capital allocation decisions. Along those lines, we are excited to announce a $500 million share repurchase program today. Given our very strong underlying fundamentals and outlook, we see this as a great time to step into the market and buy back our stock. This program also provides the added benefit of more than offsetting any remaining dilution related to our 2023 convertible notes as the remainder of these are reaching maturity in the coming weeks.

第三季調整後 EBITDA 為 3.45 億美元，佔營收 32.3%；相較之下，2022 年第三季為 2.266 億美元，佔營收 29.4%。此一利潤率同樣創下 DexCom 單季新紀錄。第三季淨利為 2.03 億美元，或每股 0.50 美元。我們的財務狀況仍非常強勁，季末現金及約當現金超過 32 億美元。我們持續且成長的自由現金流創造能力在每一季都更加明顯，而我們在第三季交出了公司史上最高的單季自由現金流。這讓我們在資本配置決策上具備高度彈性，能更審慎且把握機會。基於此，我們很高興在今天宣布一項 5 億美元的庫藏股回購計畫。鑑於我們非常強勁的基本面與展望，我們認為現在是進場回購股票的良好時機。此計畫也帶來額外好處：可大幅抵銷與我們 2023 年可轉換公司債相關的任何剩餘稀釋影響，因為其餘部分將在未來幾週到期。

Turning to guidance. We are raising our full year 2023 revenue guidance to a range of $3.575 billion to $3.6 billion, representing growth of 23% to 24% for the year. Our updated revenue guidance reflects an increase of over $60 million at the midpoint compared to our previous guidance. It is more than $165 million higher than where we guided to start the year. From a margin perspective, we are raising our full year non-GAAP gross margin guidance to approximately 64%. We are also increasing our non-GAAP operating and adjusted EBITDA margin guidance for the year to approximately 19% and 28%, respectively.

接著談展望。我們將 2023 年全年營收指引上調至 35.75 億至 36.00 億美元區間，代表全年成長 23% 至 24%。更新後的營收指引在中位數較先前指引提高超過 6,000 萬美元，且較年初給出的指引水準高出超過 1.65 億美元。就利潤率而言，我們將全年非 GAAP 毛利率指引上調至約 64%。我們也將全年非 GAAP 營業利益率與調整後 EBITDA 利潤率指引分別上調至約 19% 與 28%。

With that, I will pass it back to Kevin.

那麼，我把話交回給 Kevin。

Thanks, Jereme. I would now like to open up the call for Q&A. We also have Jacob Leach, our Chief Operating Officer; and Teri Lawver, our Chief Commercial Officer, joining us for our question-and-answer session. Sean?

謝謝你，Jereme。現在我想開放電話會議進入問答環節。我們也有 Jacob Leach（營運長）以及 Teri Lawver（商務長）加入我們的問答時段。Sean？

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

謝謝你，Kevin。（接線員指示）接線員，請提供問答指示。

(Operator Instructions) We will take our first question from Robbie Marcus with JPMorgan.

（接線員指示）我們的第一個問題來自 JPMorgan 的 Robbie Marcus。

Congrats on an absolutely fantastic quarter. There is a lot to talk about here, but just keeping it to one question. What really showed just so much upside was the U.S. number this quarter, along with the profitability. So question really is, one, how much of that do we ascribe to the new basal indication with growth from both Medicare and commercial patients? And we started to see this in France and Japan, and I hear that a lot of European countries might over the course of '24 start covering for Basal. So the question is really how much is Basal contributing today? And how big can it be over the coming years if all of Europe starts to bring on enhanced reimbursement something that would have been unimaginable just 12 months ago?

恭喜你們交出一個非常出色的季度。這裡有很多可以談的，但我只問一個問題。本季真正展現出巨大上行空間的是美國的數字，以及獲利能力。所以問題是：第一，我們應該把其中多少歸因於新的 Basal 適應症，且同時來自 Medicare 與商業保險病患的成長？我們已經在法國和日本開始看到這種情況，而且我聽說很多歐洲國家可能在 2024 年期間開始對 Basal 提供給付。所以問題其實是：Basal 目前貢獻了多少？如果整個歐洲在未來幾年開始導入更好的報銷／給付（這在 12 個月前幾乎難以想像），它的規模能有多大？

Thanks, Robbie. This is Jereme. Appreciate the comments. I can take that one and address it from there. In terms of what the contribution was this quarter from Basal. Obviously, we had a really strong quarter this quarter, record new patients once again and obviously raised the guide on the year. Now some of that does come from Basal. There's no question there as we continue to open up reimbursement, the new patients are coming along. Kevin mentioned it. We're starting to see basal follow similar patterns to type 2 intensive, which when you think about coming into this year, it's about 40% to 45% adoption, but really the curve is starting to follow that. So we're very excited about the opportunity there. And so that's in the U.S. And certainly, clearly, that's playing out here.

謝謝你，Robbie。我是 Jereme。感謝你的評論。我可以回答這題並從這裡說明。就 Basal 在本季的貢獻而言，顯然我們本季表現非常強勁，再次創下新病患數的紀錄，並且也上調了全年指引。其中一部分確實來自 Basal，這點毫無疑問；隨著我們持續打開給付，新病患也隨之進來。Kevin 提到過，我們開始看到 basal 的走勢跟第二型糖尿病胰島素密集治療（type 2 intensive）類似；如果你回想今年初，那大約是 40% 到 45% 的採用率，但曲線確實開始朝那個方向走。所以我們對這個機會非常興奮。這是在美國的情況，而且很明顯正在這裡發生。

In terms of OUS it's a great opportunity. One of the things we've seen outside the U.S. is as access is created, creates significant opportunities for growth. And -- you've seen our actions over the course of the past few years. We've created a lot of access for our products. And in turn, our international markets have grown incredibly well. And there's a large population outside the U.S. that this would ultimately apply it to once you have Basal coverage. So -- it could be an absolute tailwind for us for years and years to come. It's something obviously we're very excited about. We don't want to get ahead of ourselves, right? We have to get that coverage in place. But the bullish issue here about the U.S. experience is what we would expect to see as more and more coverage comes. And so we leave very excited about what the future holds.

至於美國以外（OUS），這是一個很好的機會。我們在美國以外看到的一件事是：一旦建立可近性（access），就會帶來顯著的成長機會。而且——你也看到我們過去幾年的行動，我們為產品創造了大量可近性；反過來，我們的國際市場也成長得非常好。美國以外有很大一群人，一旦有 Basal 給付，最終都會適用。所以——這可能會在未來很多很多年成為我們的強勁順風。我們當然非常興奮。不過我們也不想操之過急，對吧？我們必須先把給付落地。但美國經驗的樂觀之處在於：隨著越來越多的給付到位，我們預期會看到同樣的情況。因此我們對未來非常期待。

Our next question comes from Malgorzata Kaczor Andrew with William Blair.

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

Obviously, a lot of talk in the quarter, and I'm sure a lot of people will get to that, but one of the things that I wanted to ask here was any dialogue you may be having with clinical society and where CGM fits within the treatment paradigm? Specifically focused on non-insulin users. And I ask because, obviously, there could be a change in guidelines with TLPs right now. And so can you use some of those discussions to pull forward CGM use as well? And again, it's not now, when or does it even matter?

本季顯然有很多話題，我相信很多人都會問到，但我想問的是：你們是否正在與臨床學會（clinical society）進行任何對話，以及 CGM 在治療架構（treatment paradigm）中扮演什麼角色？特別聚焦在非胰島素使用者。我之所以這樣問，是因為顯然目前在 TLPs 上，指引可能會有變動。所以你們能否利用這些討論，也把 CGM 的使用一併往前推？再說一次，不是現在的話，那是什麼時候？或者這件事其實重不重要？

Malgorzata, this is Kevin. I'll take that. We have had discussions with the societies on expanding coverage for people with type 2 diabetes not on insulin. And those -- this gets continue. We've seen a gradual uptick for lack of a better word, in the guidelines as CGM use from all professional societies over the last several years. And as we gather more data, as we see more data come in from studies we're aware of over the next 12 months, we believe we can continue to build a better case. Every time we are in a study or look at a study from this population in this group, people on CGM do better. It's just simple. They have better outcomes. They are more adherent to their meds. They have a feedback loop that they don't have any other way. We're very excited about this opportunity. That's why we're going with the product where we've talked about filing before the end of this year and launching next year, our product is designed for people not on insulin. And we think it's going to be a great product offering on this front going forward. So we're looking forward to it, and I think we'll be able to write the script the same way we've written the script in our industry so far.

Malgorzata，我是 Kevin。我來回答。我們確實與相關學會討論過，擴大對第二型糖尿病、但未使用胰島素人群的給付。而且——這些討論會持續進行。過去幾年，我們看到所有專業學會在指引上對 CGM 使用的態度逐步上調（找不到更好的詞）。隨著我們蒐集更多數據、並在未來 12 個月看到我們所知的研究帶來更多結果，我們相信可以持續建立更有力的論述。每一次我們參與研究、或看到這個族群的研究，使用 CGM 的人表現都更好。就是這麼簡單：他們的結果更好、用藥依從性更高，而且他們有一個其他方式無法提供的回饋迴路。我們對這個機會非常興奮。這也是為什麼我們推進這個產品——我們談到過，計畫在今年底前提交申請、明年推出；我們的產品就是為未使用胰島素的人設計的。我們認為這將會是未來在這個面向上一個很棒的產品方案。所以我們很期待，我也認為我們能用同樣的方式來「寫劇本」，就像我們迄今在這個產業所做的一樣。

Our next question comes from Larry Biegelsen with Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Larry Biegelsen。

I reiterate my congratulations on a really strong quarter here. Jereme, I wanted to ask about the guidance and comments on next year. The math -- if I'm doing it correctly, it implies Q4 growth slows by about 400 basis points, and you don't get the same quarter-over-quarter lift you typically see. And so why is that? And any reason why the momentum for sales growth would slow next year? And anything we should think about on the margin such as the implications from Japan?

我也再次恭喜你們交出非常強勁的一季。Jereme，我想問一下指引以及你們對明年的評論。若我算得沒錯，這意味著第四季成長會放緩約 400 個基點，而且你們不會得到通常會看到的那種季對季拉升。為什麼會這樣？另外，明年銷售成長動能放緩有任何原因嗎？以及在毛利方面我們需要注意什麼，例如日本的影響？

Yes. So question, Larry. So in terms of where the guide goes, I think you're right, it does imply a tad of a decel. Most of that, I would say, is related to really comps historically over time. And Larry, you've tracked us for a while. So as we move more out of commercial DME and into pharmacy, typically, we have an uptick into Q4 in those DME environments. As more and more of our folks go through the retail channel, you kind of lose some of that. So really, you're playing about -- it's really about seasonality within the course of the year. So we're not trying to imply anything. Really, what we're trying to say is -- this is the trajectory we see it going with seasonality. This is our -- again, our base case as we start to look at guidance over the course of the year. And so the trends -- underlying trends, there's nothing to say there. I mean, the underlying trends in this business remains strong. I don't think we're trying to imply anything other than that. We do expect you kind of reference Japan, there could be around the fringes until we go direct a little bit of a stable as opposed to necessarily growing story around Japan. And so that is around the fringe, but that represents a really small piece of the business on the international side. Really, what you're seeing is just us being mindful about seasonality in our base case. And then certainly, if we can outperform, we'll do what we traditionally do, we just try to do so.

好的，Larry。關於指引的走向，我想你說得對，確實暗示會有一點點減速。我會說其中大部分與歷史上的比較基期（comps）有關。Larry，你追蹤我們很久了。當我們從商業 DME（耐用醫療設備）逐步轉向藥局通路時，通常在那些 DME 環境裡，我們在第四季會有一個上揚；但當越來越多的人走零售通路時，那種上揚就會少一些。所以主要是——其實就是年度內的季節性因素。因此我們並不是想暗示什麼。我們真正想表達的是：在考量季節性的情況下，我們看到的軌跡會是這樣。這是我們——再次強調——在一年中開始看指引時的基本情境（base case）。至於趨勢——底層趨勢沒有什麼特別要說的；這個業務的底層趨勢仍然強勁。我不認為我們想暗示任何其他事情。你提到日本，我們確實預期在我們轉為直營（go direct）之前，日本在邊際上可能會比較偏向穩定，而不一定是成長的故事。這是在邊緣影響，但在國際業務中占比很小。你看到的主要是我們在基本情境中對季節性保持審慎；當然，如果我們能超越預期，我們會像以往一樣努力做到。

Our next question comes from Danielle Antalffy with UBS.

我們的下一個問題來自 UBS 的 Danielle Antalffy。

I will also say congrats on a really great quarter. I was just curious. So Jereme, you alluded to the fact that BaChampionl seems to be starting to ramp similar to how the insulin-intensive type 2 did when you got coverage there. What about from a utilization perspective? Any color you can give on how these basal patients are adopting technology? Is it similar to what you saw in the mobile study? I know it's early, but we should have had some reorders by now. So just curious what you're seeing.

我也要說恭喜你們有一個非常棒的季度。我只是好奇：Jereme，你提到 Basal 似乎開始像你們當初取得胰島素密集治療第二型（insulin-intensive type 2）給付時那樣加速爬升。那在使用量（utilization）的角度呢？你能否分享一些你們看到的情況，這些 basal 病患採用科技的方式如何？是否類似你們在 mobile 研究中看到的？我知道現在還早，但我們現在應該已經看到一些回購（reorders）了，所以只是想了解你們觀察到什麼。

Yes. Really -- and I appreciate the congrats. Thanks. What we see is -- and Teri is here. So what I can do is I can give you kind of what we're seeing maybe numbers-wise, but maybe Teri can kind of take you into the data to interaction with patients. Number wise, we haven't seen much of a change at this point. The population does -- has reorders relatively in the same capacity as in the past. And so that's a good early indicator. But maybe Teri can take you through what he's hearing and seeing in the field around the excitement around Basal and who wants to use it.

是的。真的——而且我很感謝你們的祝賀。謝謝。我們看到的是——而且 Teri 也在這裡。所以我可以做的是，先從數字面跟你分享我們目前看到的情況，但也許 Teri 可以帶你更深入看資料，以及與病患互動的情況。就數字而言，到目前為止我們還沒有看到太大的變化。這個族群——其再訂購（reorder）的量能相對而言與過去差不多。所以這是一個不錯的早期指標。但也許 Teri 可以帶你了解他在第一線聽到、看到的情況：大家對 Basal 的興奮程度，以及誰想要使用它。

Sure. Thanks, Jereme, and thanks, Danielle. The trends, as Kevin referenced, that we see in Basel in terms of uptake and intention to prescribe from physicians mirror what we've seen in other segments of the marketplace. And the coverage is certainly a big driver of that. We track coverage very closely for DexCom for the industry. And in Basel, as with the rest of the market, DexCom continues to be the most covered CGM with the lowest out-of-pocket co-pay. We also have the benefit of being out in front of the payers and the healthcare providers with the mobile state, demonstrating the benefit and the outcomes that DexCom drives for this population. So we see a nice trajectory, I think, in line with what we would expect, and we expect that to continue.

當然。謝謝你，Jereme，也謝謝你，Danielle。正如 Kevin 提到的，我們在 Basal 看到的趨勢——就採用速度（uptake）以及醫師的開立意願（intention to prescribe）而言——與我們在市場其他區隔看到的情況一致。而給付覆蓋（coverage）無疑是其中的重要驅動因素。我們非常密切地追蹤 DexCom 在整個產業的給付覆蓋情況。在 Basal 也是如此，和市場其他部分一樣，DexCom 仍然是覆蓋最廣、且自付額（out-of-pocket）共付額（co-pay）最低的 CGM。我們也有一個優勢：我們在行動端（mobile）方面走在付款方與醫療照護提供者之前，能夠展示 DexCom 為這個族群帶來的效益與結果。因此我認為我們看到的成長軌跡相當不錯，符合我們的預期，而且我們也預期這個趨勢會持續。

Our next question comes from Matt Taylor with Jefferies.

下一個問題來自 Jefferies 的 Matt Taylor。

Congrats on the results. I guess I wanted to ask you, Kevin, you talked a bit more here about the basic combination therapy or benefit that CGMs see with GLP-1s. And I was wondering if you had thought about partnering with the pharma company, maybe running studies to show that over time. There is a benefit to using CGM with the drugs, things like that, that might give investors even more confidence longer term in the future of CGM in the GIP world?

恭喜這次的成果。我想問你，Kevin，你剛才多談了一些 CGM 與 GLP-1 之間的基本合併治療（combination therapy）或效益。我想知道你是否有考慮與藥廠合作，例如進行研究來長期證明這件事：使用 CGM 搭配這些藥物確實有好處之類的。這樣是否能讓投資人對 CGM 在 GIP 領域的長期前景更有信心？

Well, certainly, we think about partnering with the drug companies, but they're doing so well right now. There -- they're very busy. We do have relationships with them and have had discussions. With respect to studies, we certainly talk about some of those internally. We saw clinical evidence over at the EASD meeting recently where that was a large topic of discussion the team brought back, and we're very aware of studies coming out over the first half of 2024 that are going to show some of these data for the use of these combo of these new drugs in CGM in combination and how that works for people. So we know there's evidence coming in investigator-initiated studies, and we're looking at some of our own right now. I think the data will continue to support it.

嗯，當然，我們確實有在思考與藥廠合作，但他們現在表現得非常好——他們非常忙。我們與他們有合作關係，也進行過一些討論。就研究而言，我們內部也確實會討論一些可能性。我們最近在 EASD 會議上看到臨床證據，那也是一個討論度很高的主題，團隊也把相關內容帶回來。我們也非常清楚，在 2024 年上半年會有一些研究結果發表，將展示一些數據：這些新藥與 CGM 搭配使用的資料，以及這樣的組合對人們的作用方式。因此我們知道，會有研究者主導（investigator-initiated）的研究證據出來，我們也正在評估一些我們自己的研究。我認為數據會持續支持這個方向。

Our next question comes from Matthew O'Brien with Piper Sandler.

下一個問題來自 Piper Sandler 的 Matthew O'Brien。

Can you -- maybe, Jereme, you mentioned this, but you talked about the G7 integration that's upcoming here in the next few weeks. Is that literally sometime in November, we'll start to see that? And then just talk about what that's going to do in terms of trying to access new patients, but also convert existing G6 users over to G7. Any kind of disruption that, that could cause in Q4 than early next year?

你能不能——也許 Jereme 你有提到——你談到接下來幾週即將推出的 G7 整合。那是否真的就是在 11 月的某個時間點，我們就會開始看到？另外請談談，這對於接觸新病患、以及把既有的 G6 使用者轉換到 G7 方面會帶來什麼影響。這是否可能在第四季或明年初造成任何干擾？

Yes. Matt, we have Jake here right now who is intimately familiar with me, Jake, what do you think?

是的。Matt，我們現在有 Jake 在現場，他對這部分非常熟悉。Jake，你怎麼看？

Yes, sure. So we are very excited about transitioning our G6 -- users over to G7 once those pump partners have compatibility. That's coming very rapidly. And we really think it's going to be important for those users to be able to access the benefits of G7. It's the most accurate sensor. So having that driving those AID systems, we're really looking forward to seeing that out in the marketplace. No real disruption. Those users will basically just switch over for Tandem. It's a firmware update to the pump, and they'll just sort of G6 -- or G7 once they get their G6 supplies are utilized and they get the new prescription for G7. So very much looking forward to that product being in the field.

好的，當然。我們對於在那些幫浦合作夥伴完成相容性之後，將我們的 G6 使用者轉換到 G7 感到非常興奮。這會非常快就到來。我們也認為，讓這些使用者能夠享受到 G7 的好處非常重要。它是最準確的感測器。因此讓它來驅動那些 AID 系統，我們非常期待看到它在市場上推廣。沒有什麼真正的干擾。以 Tandem 的使用者來說，他們基本上就是直接切換；對幫浦而言是一次韌體更新（firmware update），然後他們會在把現有的 G6 耗材用完之後，拿到新的 G7 處方，就從 G6 轉到 G7。所以我們非常期待這個產品在第一線落地。

Our next question comes from Mathew Blackman with Stifel.

下一個問題來自 Stifel 的 Mathew Blackman。

So we did a big CGM survey last month. And one of the most interesting takeaways were very positive early expectations for the non-insulin opportunity. The docs expect to peak penetration over time to approach the 50-plus percent range and with a pretty steep curve. So really does seem somewhat similar to the type 2 intensive rollout. Just hoping for any color on how that tracks versus your expectations for non-insulin assuming some reimbursement over time? Just any color there would be helpful.

我們上個月做了一份大型 CGM 調查。其中一個最有趣的重點是：對於非胰島素（non-insulin）機會的早期預期非常正面。醫師預期，隨著時間推進，滲透率高峰可接近 50% 以上，而且曲線相當陡峭。所以看起來確實有點像第二型糖尿病密集治療（type 2 intensive）那種推廣節奏。想請你們分享一些看法：在假設未來逐步取得一些給付（reimbursement）的情況下，這與你們對非胰島素族群的預期相比如何？任何補充說明都會很有幫助。

You know what, I'll take that one, and I appreciate the question. It's long been our view. And in fact, one of the things I tell the guys here frequently as well, it took us many years to build the intensive insulin market and get this technology adopted rapidly. I don't believe the curve is going to be near that long in this type 2 world once people start using this product, and we gear an experience towards what will be meaningful to them because what is meaningful to them is different than what's meaningful to our current patients, again, driven by the performance of our product, and they have accurate data. But once we hear an experience that enhances their lives with respect to the performance of the medications, performance -- what exercise does, what their various nutrition does in their lives and can add other insights from other sensors, we think we can create a tremendous healthcare experience in this market. And we do think we can ultimately push towards reimbursement and possibly even creation of a new product category altogether for those individuals. We're pretty thrilled about it. I think it's going to be a great, great opportunity.

你知道嗎，我來回答這題，也謝謝你的問題。這一直是我們的看法。事實上，我也常跟在座各位說，我們花了很多年才建立起密集胰島素市場，並讓這項技術快速被採用。我不認為在第二型糖尿病這個世界裡，一旦人們開始使用這個產品，而且我們把體驗設計成對他們有意義的樣子，曲線會需要那麼久。因為對他們有意義的事情，和對我們目前病患有意義的事情不同——同樣是由我們產品的表現所驅動，因為他們能拿到準確的數據。但一旦我們打造出能提升他們生活的體驗——例如藥物效果的表現、運動帶來的影響、各種營養攝取在生活中的影響，並且還能整合其他感測器帶來的洞察——我們認為我們可以在這個市場創造非常卓越的醫療照護體驗。我們也確實認為，最終我們能推動取得給付，甚至可能為這些人創造一個全新的產品類別。我們對此非常振奮。我認為這會是一個非常、非常大的機會。

Yes. And Matt, it's -- and thank you for that study. Obviously, we saw it as well. In terms of timing, I think one of the things that is our obligation as a management team is just to make sure, as we start to see it and as we launch products that are geared to this population, we keep you in line with what we see, so we can have a collective understanding about where that market is going over time. So we should be assured, as we start to get more line of sight into it. Obviously, you can tell we're very bullish on the opportunity. We'll make sure we communicate that as quarters proceed.

是的。Matt——也謝謝你那份研究。我們當然也看到了。就時程而言，我認為管理團隊的責任之一，是在我們開始看到趨勢、並推出針對這個族群設計的產品時，讓你們掌握我們所看到的情況，這樣我們可以對市場隨時間的走向有共同的理解。所以請放心，當我們對此有更清晰的能見度時，我們會讓你們知道。很明顯你也看得出來，我們對這個機會非常看多。我們會確保在接下來每一季持續溝通。

Our next question comes from Joanne Wuensch with Citi Bank.

下一個問題來自 Citi Bank 的 Joanne Wuensch。

Let me also say, quite the quarter. One of the things that really stuck out to me this quarter was margins and operating margins, of course, the two are tied. But even your SG&A was well contained. Does this create a new, I don't know, go-forward rate? Or how do I think about this? Because that's where that's quite nice.

我也想說，這一季真的很亮眼。這一季最讓我印象深刻的其中一點是毛利率與營業利益率，當然兩者是連動的。但甚至你們的 SG&A 也控制得很好。這是否代表一個新的、我不知道、未來的常態水準？或者我該怎麼看待這件事？因為這真的相當不錯。

Yes. Thanks for the question. I'll take the portion on the gross margin and then Jereme can talk about operating margins. So with gross margin, we're really thrilled with the results this quarter. It's really a testament to how well our operations teams are executing across both G6 and G7. Our yields on the G7 scale up or a little ahead of where we planned, which is a fantastic thing to -- place to be. As we look at the transition from the AID patients from G6 to G7, one of the things that is implied in our guide there for gross margin for the year and into next year, we look in the long range. We are going to be switching those patients over to G7, which G7 today is at a slightly lower gross margin, just based on where it is in its product life cycle. G6 is a higher-margin product today. Over time, as we do switch our base all over to G7 and continue to scale that product, we have a very good path to getting to lower costs than G6 on that over time. But we're trying to be on that guy as transparent around the margin -- gross margin for the product just as we do that transition.

是的，謝謝你的問題。我先回答毛利率的部分，然後 Jereme 可以談營業利益率。就毛利率而言，我們對本季的結果非常振奮。這充分證明我們營運團隊在 G6 與 G7 兩條產品線上的執行力非常到位。我們在 G7 擴產（scale up）過程中的良率（yields）略優於原先規劃，這是一個非常棒的狀態。當我們看 AID 病患從 G6 轉換到 G7 時，我們在今年以及明年的毛利率指引中所隱含的一點是：從長期來看，我們會把這些病患轉到 G7；而 G7 目前的毛利率略低，主要是因為它仍處於產品生命週期的較早階段。G6 目前是一個毛利率較高的產品。隨著時間推進，當我們把整個用戶基礎逐步轉到 G7，並持續擴大該產品規模，我們有一條非常清晰的路徑，讓其成本在長期低於 G6。不過在進行這個轉換時，我們也希望就產品毛利率——以及毛利率指引——盡可能保持透明。

Yes. And then to your question on operating margin and how our spend profile lays out, certainly a great quarter. And I think we're really happy with it. At the end of the day, we raised our full year guidance to 19% on the op margin perspective, and that's on the back of some of the work we're doing around it. Investor Day, we talked about a cost to execute initiative and a lot of that was around driving profitability. So I think you can expect us to continue to look at driving operating margin over time. There will be ebbs and flows as we invest in the business for growth. And so I think it's reasonable to expect ebbs and flows. But I'll kind of rewind back to where we started the year, right? Around JPMorgan, we issued guidance of around 16.5% operating margin. And now we're talking about exiting the year at 19%. And that's just all around the work of just being highly efficient around how we deliver service, how we deliver support how we look to acquire customers. All of the things that we try to do. You can tell we are absolutely focused on making sure we do so in an efficient manner while continuing to reinvest in the business.

是的。接著回到你關於營業利益率以及我們支出配置的問題，這一季確實表現非常好，我想我們也對此非常滿意。歸根結底，從營業利益率的角度來看，我們把全年指引上調到 19%，這是基於我們在這方面所做的一些工作。在投資人日（Investor Day）上，我們談到一項「執行成本（cost to execute）」的倡議，其中很大一部分就是為了提升獲利能力。所以我認為你可以預期我們會持續隨時間推進營業利益率。當我們為了成長而投資業務時，會有起伏，因此我認為合理的預期就是會有一些波動。不過我想先回到年初我們的起點，對吧？在摩根大通（JPMorgan）那段時間，我們給出的指引大約是 16.5% 的營業利益率。而現在我們談的是年底達到 19%。這完全來自於我們在提供服務、提供支援以及獲取客戶等各方面所做的高效率工作——也就是我們努力做的所有事情。你可以看得出來，我們絕對專注於確保以高效率的方式做到這些，同時也持續再投資於業務。

Our next question comes from Jeff Johnson with Baird.

下一個問題來自 Baird 的 Jeff Johnson。

I will admit, I missed most of the prepared comments. I jumped on right as Matt O'Brien was asking his question. But it was a G7 integration question from Matt. And Jake, from your answer, I just wanted to ask one follow-up question. I guess, we started here just in the last week or 2 that maybe there's a maybe newer version of G7 that have to come along to fully integrate with Control-IQ. Just if you clarify what I'm hearing in the field or help me understand what I'm hearing in the field and that, that newer version of G7 is only going to be available for the first couple of months here in the DME channel and eventually in pharmacy as of January 1. So what's going on there? And is that anything at all from an investor perspective, we need to think about, worry about impact numbers at all? It doesn't sound like to me, but just would love the insight there.

我得承認，我錯過了大部分的事先準備發言。我是在 Matt O'Brien 開始提問時才加入的。不過那是 Matt 提的一個關於 G7 整合的問題。Jake，從你的回答來看，我想再追問一個問題。我想，我們在過去一兩週開始聽到一些說法：可能需要一個較新的 G7 版本，才能與 Control-IQ 完整整合。你能否澄清一下我在第一線聽到的內容，或幫我理解我在第一線聽到的內容：也就是那個較新的 G7 版本，在接下來這裡的前幾個月只會在 DME 通路提供，然後自 1 月 1 日起才會在藥局通路提供。所以那邊到底發生了什麼？從投資人的角度來看，這是否有任何我們需要思考、擔心會影響數字的地方？我聽起來不像是會，但還是希望能聽聽你們的看法。

Yes. Thanks for the question, Jeff. So yes, as we continually scale in the G7, we've actually made several enhancements to the product, both on the software side, but also on the hardware side. So we actually recently made an update to the Bluetooth capability on the product, both increasing the frequency that it can reconnect to a device as well as the performance of the Bluetooth radio itself. So that product is compatible with the Tandem pump and is already shipping globally, both here in the U.S. and internationally, and we don't expect there to be any issue with people being able to upgrade their tandem pumps to the G7 compatibility.

是的。謝謝你的問題，Jeff。是的，隨著我們持續擴大 G7 的規模，我們其實已對產品做了幾項強化，包含軟體端，也包含硬體端。因此我們最近確實更新了產品的藍牙能力：一方面提高它重新連線到裝置的頻率，另一方面也提升藍牙無線電本身的效能。該產品與 Tandem 幫浦相容，且已在全球出貨，包含美國本土與國際市場；我們不預期使用者在將其 Tandem 幫浦升級至支援 G7 相容性時會遇到任何問題。

Yes. And Jeff, no margin concerns, no question. This is really par for the course in what we do in terms of iterations over time. A lot of times, you don't necessarily hear about it. We went through this with G6, you'll remember it. We had a transmitter swap out, which ultimately came through at a lower cost, higher performance. I would expect more of these types of changes over time, whether it's software and hardware as we continue to make improvements to the platform over time as part of just continuous improvement.

是的。而且 Jeff，沒有毛利疑慮，毫無疑問。這其實就是我們在做的事情中，隨時間迭代的常態。很多時候，你不一定會聽到。我們在 G6 時也經歷過，你會記得。我們做過一次發射器更換，最終帶來更低成本、更高效能。我預期未來還會有更多這類變更，無論是軟體或硬體，因為我們會持續對平台進行改良，這就是持續改善的一部分。

The DME only availability through the end of this year, is that just a control kind of access initially or just anything I'm missing there?

今年年底前只在 DME 通路供應，這只是為了初期的控管、先行導入的存取安排，還是我漏掉了什麼？

No, there's nothing you're missing there. There's product that will be out in all channels. And so really, I think what you're hearing is timing questions about when you burn through things. That's, I think, more anecdotal than anything else. Everybody is going to be able to have access to this thing in short order. It might start through the DME just because that's the channel that you can generally start through. But -- this product will be available everywhere.

不，你沒有漏掉任何東西。所有通路都會有產品推出。所以我認為你聽到的其實是關於時程的問題——也就是你把既有庫存消化到什麼時候。我想那更多是個案性的說法，而不是其他因素。大家很快都能取得這個產品。它可能會先從 DME 開始，因為一般來說你通常可以先從那個通路開始。但——這個產品會在各處都買得到。

Well, that also accommodates a lot of our tandem pumpers because they get a lot of their supplies through the DME channel, too, Jeff. So this has been well thought out.

而且 Jeff，這也能配合我們很多 Tandem 幫浦使用者，因為他們也有很多耗材是透過 DME 通路取得的。所以這個安排是經過周全考量的。

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

下一個問題來自美國銀行（Bank of America）的 Travis Steed。

Congrats everybody on the quarter. Maybe just talk about the buyback, the thought process for the buyback, how much of that's related to the convert versus just seeing your stock at an attractive valuation and is buyback something we should think about you doing more going forward now that you've got your free cash flow at a good level?

恭喜各位這一季的表現。也許請談談回購：回購的思考邏輯是什麼？其中有多少是與可轉債（convert）相關、用來對沖稀釋？又有多少只是因為你們覺得股價估值具吸引力？另外，現在你們自由現金流處在不錯的水準，回購是否是我們應該預期你們未來會做得更多的一件事？

Yes. So we think about the buybacks in multiple different ways. Certainly, we want to limit dilution, and that's something we always think about as we launch converts. One of the other things we do when we launch converts, obviously, they come at a lower cash cost. And so when we have the opportunity to take the incremental cash that we're making through those and give that back to shareholders, we certainly do so. And then look, at the end of the day, while it's not for us to comment on share price, that's certainly for others. We are highly, highly, highly bullish on our business over the long term. And so when we see an opportunity to invest in our business, either in the form of investment in capabilities or by purchasing stock back, we certainly want to take those opportunities. Whether or not we do these all the time, look, it's been 2 consecutive years we've done that. So it's something we'll certainly always look at. You can tell we're not shy about it. but we'll always take a look at it and make sure that we're opportunistic around it as well as representing the bullishness we have in our business.

是的。我們從多個不同角度來看待回購。當然，我們希望限制稀釋，這是我們在發行可轉債時一直會考量的事情。我們在發行可轉債時做的另一件事是——很明顯，可轉債的現金成本較低。因此當我們有機會把因此產生的額外現金回饋給股東時，我們確實會這麼做。然後你看，歸根結底，雖然我們不便評論股價，那是其他人要評論的事，但我們對公司長期業務非常、非常、非常看多。因此當我們看到投資我們業務的機會——不論是投資能力建設，或是回購股票——我們都希望把握這些機會。至於我們是否會一直這麼做，你看，我們已經連續兩年這麼做了，所以這是我們一定會持續關注的事情。你可以看得出來，我們並不避諱這件事。但我們也會一直檢視，確保在這方面既把握機會，也能反映我們對自身業務的看多。

Our next question comes from Marie Thibault with BTIG.

下一個問題來自 BTIG 的 Marie Thibault。

I hope you could just expand on the comment in the prepared remarks about even more pronounced dynamic of complementary between CGM use in the GLP-1s. Just curious to get more details on the magnitude of that? And any thoughts on why that would be even more pronounced with the latest generation?

我希望你們能再延伸說明一下事先準備發言中提到的評論：CGM 的使用與 GLP-1 之間的互補動態變得更加明顯。想請教這個效應的幅度大概如何？以及你們認為為什麼在最新一代產品上會更為明顯？

Well, this is Kevin. I'll have Jereme jump in too because he's more familiar with the underlying data than I am, but the underlying data as we research this as much as we can, indicates with the new compounds. The physicians are also pursuing CGM for the GLP-1 users as they add GLP-1 to diabetes therapies. They're already existing. They want to give these patients a scoreboard to let them know how they're doing and they're seeing very good results from the GLP-1s in combination with other therapies they're on. And then you add a sensor to it, you can see, "Okay, I've taken this drug and look how my habits have changed. Look how my average glucose has changed over the course of a week or a month versus where it was before." And so we think we're a vital tool and a very good tool. And the underlying data that we're seeing in prescriptions supports that. I don't know, Jereme, if you have anything else to add?

嗯，我是 Kevin。我也會請 Jereme 一起補充，因為他比我更熟悉底層數據。不過就我們盡可能研究的底層數據顯示，隨著新一代化合物的出現，醫師在把 GLP-1 加入既有糖尿病治療方案時，也同時更積極為 GLP-1 使用者採用 CGM。他們希望給這些病人一個「記分板」，讓他們知道自己的表現如何；而且他們看到 GLP-1 與病人正在使用的其他療法搭配時，效果非常好。接著你再加上一個感測器，你就能看到：「好，我用了這個藥，看看我的習慣如何改變；看看我一週或一個月的平均血糖相較於之前如何變化。」因此我們認為我們是一個關鍵工具，也是非常好的工具。而我們在處方上的底層數據也支持這一點。我不知道，Jereme，你還有什麼要補充的嗎？

No, that's exactly it. And you're asking kind of why the reason, Marie, I mean, we have clinicians tell us all the time. To administer drugs as potent as these are and ultimately to ensure that they are effective, both while they're on the drug and while they're coming off the drug and how they ultimately engage going forward, there is a high correlation of interest in CGM. And the more and more folks we speak to they're saying, why wouldn't you want to understand what's going on in the body as to how to better understand, one, to titrate the drugs, but then how to change behaviors and get folks off the drugs over the long haul. So you're just seeing more and more of that, and the script data proves it.

沒有，完全就是這樣。Marie，你問到原因，我的意思是，我們一直聽臨床醫師這麼說：要使用這麼強效的藥物，並最終確保它們有效——不論是在用藥期間、停藥過程中，以及之後病人如何持續參與管理——對 CGM 的興趣高度相關。我們跟越來越多人交流，他們都在說：你為什麼不想了解身體裡發生了什麼？這能幫助你更好地理解，第一，如何調整（titrate）藥物劑量；第二，如何改變行為，並在長期讓人逐步停用藥物。所以你會看到這種情況越來越多，而處方數據也證明了這一點。

Our next question comes from William Plovanic from with Canaccord.

我們的下一個問題來自 Canaccord 的 William Plovanic。

This is Kyle on for Bill Plovanic. Congrats on a great quarter. Just maybe touch on the non-insulin product. I think you mentioned it was going to come out next summer. Any more color you can provide on the specific product features that you haven't talked about before? And any updates kind of on the price point or where you are with payer conversations.

我是 Kyle，代替 Bill Plovanic 發問。恭喜你們交出很棒的一季。想請你們談談非胰島素產品。我記得你們提到會在明年夏天推出。對於你們之前尚未談到的具體產品功能，能否提供更多細節？另外，價格帶或與支付方（payer）溝通的進展，有沒有更新？

Yes, this is Jake. I'll take the first part about the process. Yes, we're extremely excited about it. We've already finished the clinical trial required for that submission before the end of this year for the product. It's a 15-day meet iCGM criteria. So really good about that. And the product is all about helping people really engage with their health. So it is a different -- completely different software experience than what our G-Series and Dexcom ONE products are. I'm not going to get into all the specific features yet, but rest assured, our focus is to ensure that people get the benefit of CGM and basically helping them connect the dots to their lifestyle. And it's really an important tool to help them learn about no matter what therapy they're on and how their metabolic health can be improved. And so really excited team is just finishing up validations in the product. We're looking forward to launching it next year.

是的，我是 Jake。我先回答流程的部分。是的，我們對此非常興奮。我們已經在今年年底前完成了該產品申報所需的臨床試驗。它是一款 15 天、符合 iCGM 標準的產品，所以這點非常好。這個產品的核心是幫助人們真正投入並參與自己的健康管理。因此，它的軟體體驗與我們的 G 系列和 Dexcom ONE 產品完全不同。我暫時不會深入所有具體功能，但請放心，我們的重點是確保人們能獲得 CGM 的效益，並基本上幫助他們把生活型態與數據連結起來。這是一個非常重要的工具，能幫助他們學習：不論正在使用何種治療方式，他們的代謝健康如何能被改善。因此我們非常興奮，團隊正在完成產品驗證工作。我們期待在明年推出。

Kyle, it's Teri. Thanks for the question. This product, like all of our products starts with unique insights into the needs of our customers. So we're really excited to bring a product to the market that is designed specifically for those who are not on insulin. This is a highly motivated group, but who has different needs -- different health needs, different lifestyle needs and different product and feature needs versus those who are on insulin. So we've designed the product specifically for that group, understanding what additional medications they might be on, and we are excited to bring this to the market probably in summer of next year is what we're trying to.

Kyle，我是 Teri。謝謝你的問題。這個產品和我們所有產品一樣，都是從對客戶需求的獨特洞察出發。因此，我們非常期待把一款專為非胰島素使用者設計的產品帶到市場。這是一群高度有動機的人，但他們的需求不同——健康需求、生活型態需求，以及產品與功能需求，都與使用胰島素的人不同。因此，我們在設計時就針對這個族群，並理解他們可能正在使用的其他藥物；我們也很期待把它推向市場，目標大概是明年夏天推出，這是我們正在努力的方向。

And over time, we'll look for reimbursement. We've talked about this as a cash pay option to start, and that's how we'll do it as far as the exact pricing that remains to be determined when we launch. We're not going to give that out yet. So -- we're excited, as you can tell.

而隨著時間推進，我們會尋求給付（reimbursement）。我們談過一開始會以自費（cash pay）選項推出，我們也會這麼做。至於確切定價，會在上市時再決定；我們現在還不會公布。所以——如你所見，我們很興奮。

Our next question comes from Jayson Bedford with Raymond James.

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

So two questions that require one word answer. What's the timeline on Basal coverage in France? And then maybe for Jereme, what's the annual revenue contribution from that business that you expect to sell off in the first half of '24?

兩個問題都需要用一個字回答。法國 Basal 給付的時間表是什麼？另外可能問 Jereme，你們預期在 24 年上半年出售的那項業務，年度營收貢獻是多少？

Yes. So easy answer is Basal expected 2024 in France. Timing exactly will depend on the government bodies, but we expect it in the first half of 2024. And the approximate contribution from the business being spun off is $30 million annual run rate.

是的。簡單答案是：法國 Basal 預計在 2024 年。確切時間將取決於政府機構，但我們預期在 2024 年上半年。至於分拆出售的那項業務，約為每年 3,000 萬美元的年化營收（annual run rate）貢獻。

Our next question comes from Michael Polark with Wolf Research.

我們的下一個問題來自 Wolf Research 的 Michael Polark。

In the prepared remarks, you mentioned you believe you gained share across all reimbursement channels and segments and then added even in non-reimbursed channels. I'm curious, I mean, clearly, we know about the innovation work here and the product launch and that might be the answer. But is there anything commercially you're doing different in the cash pay market today that's influencing that comment?

在事先準備的發言中，你們提到你們相信在所有給付通路與各個區隔都提升了市占，甚至在非給付通路也有所增加。我很好奇，我的意思是，很明顯我們知道你們在創新與產品上市方面的工作，這可能就是答案。但在目前的自費市場，你們在商業面是否做了任何不同的事情，影響了你們這段評論？

No. We do have a cash pay program right now with G7, but we've not done anything significant. I'll go back mainly to our coverage. I mean G7 coverage has come at a rate faster than anything we've done before, not just on the Basal side but also on the intensive insulin side in every place else. So we're widely covered and people find it very easy to get, and very easy to pick it up in the channel that they choose to pursue. And we offer the cash pay program and that there are people taking advantage of it. They like G7. They like the different form factor. The ease of use and the things that we offer. So we have seen an increase there. But it's not something we're pushing really hard.

沒有。我們目前確實有針對 G7 的自費方案，但我們沒有做任何重大的改變。我主要還是回到給付覆蓋面來看。我的意思是，G7 的給付覆蓋速度比我們過去任何一次都更快，不僅是在 Basal 端，也包括強化胰島素（intensive insulin）端，以及其他所有地方。因此我們的覆蓋非常廣，人們覺得很容易取得，也很容易在他們選擇的通路中購買。我們也提供自費方案，確實有人在使用；他們喜歡 G7，喜歡不同的外型規格、易用性，以及我們提供的各項功能。因此我們看到那邊有所增加。但這不是我們正在大力推動的事情。

Our next question comes from Steve Lichtman with Oppenheimer & Company.

我們的下一個問題來自 Oppenheimer & Company 的 Steve Lichtman。

Congrats, guys. Obviously, a lot of focus on basal was expected but you do, of course, have coverage now for non-insulin hypo at risk, which is a sizable population in its own right. Can you talk about what you're hearing from physicians on the use of CGM there? And are you hearing anything in the field that changed your initial view on how big that opportunity can be in particular?

恭喜各位。顯然大家原本預期會把焦點放在 basal，但你們當然也已經對非胰島素、低血糖風險（hypo at risk）族群取得給付覆蓋，而那本身就是一個相當大的族群。你們能談談你們從醫師那邊聽到他們對於在該族群使用 CGM 的看法嗎？另外，你們在第一線有沒有聽到任何訊息，改變了你們對這個機會規模的初始看法，特別是在這一塊？

Thanks, Steve. It's Teri. We're only about 6 months in since the implementation of that CMS decision. So still an evolving landscape for the problematic hypoglycemia group. But we see a real opportunity to continue to build coverage with the payers to continue to educate them and to build education with the HCP community, keeping in mind that this is a population where historically, we haven't thought a lot about CGM use in utilization, but the data that we now have that supported the CMS decision and that we'll continue to build to bring the payers is really compelling. So we see a tremendous opportunity here and one that's still quite nation with a lot of upside in the future.

謝謝你，Steve。我是 Teri。自 CMS 這項決策落地實施以來，我們大約才 6 個月，所以對於「問題性低血糖」族群而言，仍是一個持續演變的環境。但我們看到一個真正的機會：持續與支付方建立更廣的覆蓋、持續教育他們，同時也在醫療照護專業人員（HCP）社群中建立教育。請記得，這是一個過去在使用率上我們並不常把 CGM 納入考量的族群；但我們現在擁有、並支持 CMS 決策的數據，以及我們將持續累積並提供給支付方的數據，都非常有說服力。因此我們在這裡看到巨大的機會，而且這仍然相當早期，未來上行空間很大。

Our next question comes from Josh Jennings with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Josh Jennings。

I know you have a lot in front of you with type 2 Basal and the cash pay product being launched next year, but you did mention that you're pursuing reimbursement, Kevin, for type 2 and non-insulin using patients. I was just hoping to better understand the road map of the clinical development program and should we -- investors be thinking 2 to 3 years for that potential reimbursement to come in or 3 to 5 years? And then just on top of that, just what's giving you optimism that you can show a clinically meaningful statistic segment reduction? (inaudible) that type 2 non-insulin using population. I think you had some registry data. I know you had some red at ADA this year, but any other signals and drivers of your confidence.

我知道你們眼前有很多事情要做，包括第二型糖尿病 Basal，以及明年要推出的自費產品；但你確實提到你們正在為第二型、非胰島素使用者尋求給付，Kevin。我希望更了解臨床開發計畫的路線圖；投資人應該把潛在給付落地的時間想成 2 到 3 年，還是 3 到 5 年？另外再追問一下，是什麼讓你們樂觀，認為你們能顯示出臨床上有意義的某個統計指標下降？（聽不清）在第二型、非胰島素使用族群。我想你們有一些登錄資料（registry data），也知道你們今年在 ADA 有一些資料，但還有沒有其他訊號與驅動因素，支撐你們的信心？

Look, we've done numerous studies and every time we introduce CGM to this population, we see lower A1c, higher time in range and all the other vital signs of these patients get better. And so we're confident that we have positive impact. I'll add a couple of other things that we've heard in my own travels and travels of the group. One of the things everybody is concerned about is adherence to meds. With CGM, we can -- patients can see what happens when they're inherent to their meds and when they take them, be it whichever type 2 therapy they're on. They can see what happens, they take their metformin every morning or their -- Two pill or even the effect of their GLP-1 injection every week. They can see what happens and that adherence to drugs leads to better health on an overall basis. So let's be clear, it's not like diabetes growth has slowed down anywhere. Diabetes still continues to grow rapidly and the cost of diabetes care as great as all of our technologies have been continues to increase. So if we can be a cog in that wheel to whereby we add an element of cost, it's not, not that significant when you look at the grand scheme of things, but can reduce many other costs and reduce complications that they spend on other things and possibly slow down the train on some of the meds people have to move to. We think we have a great role to play here. And that's how we look at it. I don't think it's going to take 5 years. I think this is more a 2- to 3-year journey. But you know what, that's the gospel according to me. I don't have anything else but you'll see data continue to pile up in this segment, particularly as we launch a CAPE product to start and then get some basic reimbursement from that from others. We're making our case obviously, building a case with CMS, like we did for mobile on Basal, that was data produced by DexCom. We're pretty good at that. So we'll keep pushing.

你看，我們做了很多研究，而每一次我們把 CGM 引入這個族群，我們都看到 A1c 下降、目標範圍內時間（time in range）提高，以及這些病人的其他重要指標也都變得更好。因此我們有信心能帶來正向影響。我再補充幾點，是我自己以及團隊在出差走訪時聽到的。其中一個大家都很在意的是用藥依從性（adherence）。有了 CGM，我們可以——病人可以看到當他們遵從用藥、按時服用時會發生什麼，不論他們使用的是哪一種第二型治療。他們可以看到：每天早上吃二甲雙胍（metformin），或是——兩顆藥，甚至每週一次的 GLP-1 注射會帶來什麼效果。他們能看見結果，而對藥物的依從性會在整體上帶來更好的健康。再說清楚一點，糖尿病的成長並沒有在任何地方放緩。糖尿病仍在快速增加，而糖尿病照護的成本，即使我們所有技術都很進步，仍在上升。所以如果我們能在這個系統中扮演一個齒輪的角色，雖然我們增加了一個成本要素，但放在整體大局來看並不算那麼顯著；同時卻能降低許多其他成本、減少他們在其他項目上的支出與併發症，並可能放慢人們必須升級到某些藥物的進程。我們認為我們在這裡可以扮演很好的角色，而這就是我們看待它的方式。我不認為會需要 5 年；我認為這更像是一段 2 到 3 年的旅程。但你知道，這只是我個人的看法。我沒有其他更確定的依據；不過你會看到這個區隔的數據會持續累積，特別是當我們先推出 CAPE 產品，然後從其他方面取得一些基本給付。我們顯然正在建立我們的論述，並與 CMS 建立案例，就像我們之前為 Basal 的行動端所做的一樣——那是由 DexCom 產出的數據。我們在這方面相當擅長，所以我們會持續推進。

Our next question comes from Matt Miksic with Barclays.

我們的下一個問題來自 Barclays 的 Matt Miksic。

Congrats on the quarter and appreciate all the color today on the call. Just if I could follow up on a comment you made, Kevin, earlier about the number of new prescribers post driven by the G7 launch and get some color if you could share it around is that sort of getting further into the sort of simple -- simplicity, simple user segment of the market? Is it linked in any way in the Basal coverage. What's your assessment of what's been driving that? And other than G7 just being great. But -- and then also maybe the implications for share trends in the U.S., if that continues?

恭喜本季表現，也感謝今天在電話會議上提供的所有細節。我想追問一下你先前的評論，Kevin，你提到 G7 上市後帶動新增開立處方醫師的人數；如果可以的話，想請你多分享一些背景：這是否代表你們正進一步切入市場中偏向「簡單—重視簡便性、簡單使用者」的客群？這是否與基礎胰島素（Basal）給付覆蓋有任何關聯？你認為主要驅動因素是什麼？除了 G7 本身很出色之外——另外，如果這樣的趨勢延續下去，對美國市占率走勢可能有哪些意涵？

Matt, this is Jereme. I can take this. And by the way, it's all intentional, right? We have a commercial team that's done an incredible job of identifying areas to go and doctors to really certainly focus on where we can come in with the product, demonstrate obviously, it's the most accurate. Certainly, it's easy to use. And with the coverage we have, I think it really demonstrates to the physicians and their prescribing patterns. Look, we can -- we have the lowest out-of-pockets for these patients, and we can ultimately keep them on therapy and adherence for a much longer period. So I think that in addition to obviously G7 and all the features it has inherent in it has allowed these physicians to make the change. But -- it's so wonderful product, wonderful coverage and absolutely intentionality by the sales team. I mean, just a great job by those -- that team identifying who those targets are going out there and addressing it. So it's no coincidence. And 18,000 incremental prescribers, a significant amount in the PCP space and a lot of folks are switching. These PCPs are switching from who they prescribed today and moving over to DexCom. So we're really proud of it. And obviously, it was 1,000 in the first quarter, 8,000 in the second quarter and another 9,000 this quarter. So it is -- the message is getting out, and it's meaningful.

Matt，我是 Jereme。我來回答。順帶一提，這一切都是刻意為之，對吧？我們的商業團隊在辨識要切入的區域與醫師方面做得非常出色，確實聚焦在我們能以產品切入的地方，並向醫師展示：很明顯地，它是最精準的；當然也很容易使用。再加上我們目前的給付覆蓋，我認為這也向醫師及其處方模式清楚證明：你看，我們能讓這些病患的自付額最低，並且最終能讓他們在治療上維持更長時間、依從性更好。所以我認為，除了 G7 以及其內建的所有功能之外，這些因素也讓醫師願意做出改變。不過——這是一個很棒的產品、很棒的給付覆蓋，再加上銷售團隊絕對是有策略、有目的地推動。我是說，那個團隊在辨識目標、走出去並加以溝通方面做得非常好。所以這絕非巧合。新增 18,000 位開立處方醫師，數量相當可觀，其中很大一部分在基層照護醫師（PCP）領域，而且很多人正在轉換。這些 PCP 正從他們目前開立的品牌轉向 DexCom。我們對此非常自豪。顯然，第一季是 1,000 位、第二季 8,000 位、而本季再增加 9,000 位。所以——訊息正在擴散，而且影響很有意義。

Our next question comes from Mike Kratky with Leerink Partners.

我們的下一個問題來自 Leerink Partners 的 Mike Kratky。

Just going back to Basal only, what's the latest basal-only commercial coverage you have in place? And how are you thinking about both the cadence and what's needed to bridge that gap to get more full coverage?

回到僅使用基礎胰島素（Basal-only）這一塊，你們目前最新的 Basal-only 商業保險給付覆蓋情況如何？另外，你們如何看待推進的節奏，以及要彌補差距、取得更完整覆蓋還需要哪些條件？

Yes. This is Teri. Happy to take that one. We track coverage very closely for DexCom and for the industry, and DexCom is the most covered CGM with the lowest out-of-pocket co-pay. That is true for the overall population in U.S. commercial lives, and it's also true for the Basal population. And I would say, keep in mind that we were out with the mobile study in front of the payers even before the CMS decision came through. So we continue to -- we'll continue to lead in the coverage for this population.

好的。我是 Teri。我很樂意回答。我們非常密切追蹤 DexCom 以及整個產業的給付覆蓋情況；DexCom 是給付覆蓋最廣、且病患自付共付額（co-pay）最低的 CGM。這對美國商業保險涵蓋人群的整體人口而言是如此，對基礎胰島素（Basal）族群也同樣如此。另外請記得，在 CMS 的決策出爐之前，我們就已經把 MOBILE 研究拿到付款方（payers）面前了。因此我們會持續——也將持續在這個族群的給付覆蓋上保持領先。

Yes. And then your question was how much -- what more do we need to go? The answer is it's not warm. A lot of commercial payers are already really covering this. You now -- Teri referenced, we have the most wide coverage on Basal. It's really now just -- it's time. It takes time to get in front of payers, Medicaid payers, government payers. And so it's just canvassing. And by the way, this is not something that we didn't face with type 1. It's not something we didn't face with type 2 intensive. And so just give us time, but a majority of people walking around with using Basal insulin now have access to CGM technology. It's a wonderful thing for the population.

是的。然後你問的是還需要——我們還需要做多少才能往前推？答案是：並不是不熱絡。很多商業付款方其實已經在真正給付這一塊了。你現在——如 Teri 所提到的，我們在 Basal 方面已經有最廣的覆蓋。接下來其實就是——時間問題。要與付款方、Medicaid 付款方、政府付款方接洽需要時間。所以就是持續鋪陳、逐一拜訪。順帶一提，這並不是我們在第一型糖尿病時沒遇過的事，也不是我們在第二型糖尿病強化治療（intensive）時沒遇過的事。所以請給我們一些時間；但目前多數使用基礎胰島素的人，已經能取得 CGM 技術。這對這個族群而言是很棒的事。

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

以上為我們今天的問答環節。我現在把電話交給 Kevin Sayer 先生作結語。

Thank you. This was truly a banner quarter for us. This was our first quarter with over $200 million in year-over-year quarterly growth and the second consecutive quarter of record financial performance and market share gains on all fronts. Our G7 launch remains in its early stages. There's tremendous amount of momentum left in this launch with our plan upgrades to the system and also our upcoming AID integrations. In addition to continuing to perform in these traditional metrics, our company's growth as a world-class organization on a number of fronts continues to be recognized.

謝謝。這對我們而言確實是一個旗艦季度。這是我們首次單季年對年成長超過 2 億美元的一季，也是連續第二季創下財務表現與市占率全面提升的紀錄。我們的 G7 上市仍處於早期階段。隨著我們規劃對系統進行升級，以及即將推出的 AID 整合，這次上市仍有非常大的動能可供釋放。除了在這些傳統指標上持續表現出色之外，我們公司作為世界級組織在多個面向的成長，也持續獲得肯定。

DexCom was recognized by Forbes as one of the top 5 organizations to work for in the state of California. By the way, 3 of the top 5 were universities. So we're 1 of 2 companies in that group. We are recognized by Newsweek as one of the 300 top green organizations and acknowledging our great work of our teams to advance our sustainability initiatives, and we are considering this very thoroughly in all of our product development efforts going forward. Finally, we've been recognized by Fast Technologies as one of the brands that matters. Great honors for our company. I want to thank everybody here at DexCom who makes these great things happen, and thank everybody for your continued support. Thank you.

DexCom 獲 Forbes 評選為加州最適合工作的前 5 大組織之一。順帶一提，前 5 名中有 3 名是大學，所以我們是該名單中 2 家公司之一。我們也獲 Newsweek 評選為 300 家頂尖綠色組織之一，肯定我們團隊在推動永續發展倡議上的出色工作；而且我們在未來所有產品開發工作中，也會非常審慎地將此納入考量。最後，我們也獲 Fast Technologies 評選為「重要的品牌」之一。這些都是對我們公司的重大榮譽。我想感謝 DexCom 的每一位同仁，讓這些美好的成果得以實現，也感謝各位持續的支持。謝謝。

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

謝謝各位女士、先生。今天的電話會議到此結束。您現在可以掛線。