德康醫療 (DXCM) 2024 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Dexcom First Quarter 2024 Earnings Release Conference Call. My name is Abby, and I will be your operator for today's call. (Operator Instructions)

女士們先生們，歡迎參加 Dexcom 2024 年第一季財報發布電話會議。我叫艾比，我是今天電話的接線生。 （操作員說明）

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.

提醒一下，會議正在錄製中。我現在將把電話轉給財務和投資者關係副總裁 Sean Christensen。克里斯滕森先生，您可以開始了。

Thank you, Abby, and welcome to Dexcom's First Quarter 2024 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.

謝謝艾比，歡迎參加 Dexcom 的 2024 年第一季財報電話會議。我們的議程由 Dexcom 董事長、總裁兼執行長 Kevin Sayer 開始，他將總結我們最近的亮點和正在進行的策略舉措，然後由我們的財務長 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。

At that time, we ask analysts to limit themselves to 1 question so we can provide an opportunity for everyone participating today. Please note that there are also slides available related to our first quarter 2024 performance on the Dexcom Investor Relations website on the Events and Presentations page. With that, let's review our safe harbor statement.

屆時，我們要求分析師將自己限制在 1 個問題內，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簡報頁面上也提供了與我們 2024 年第一季業績相關的幻燈片。接下來，讓我們回顧一下我們的安全港聲明。

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.

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、競爭、產品、營運計劃和績效的意圖、信念和期望。本簡報中包含的所有前瞻性陳述均根據Dexcom 目前掌握的資訊在本新聞稿發布之日作出，受到各種風險和不確定性的影響，實際結果可能與前瞻性陳述中的預期存在重大差異。

The factors that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements are detailed in Dexcom's annual report on Form 10-K, most recent quarterly report on Form 10-Q and other filings with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements after the date of this presentation or to conform these forward-looking statements to actual results.

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 的 10-K 表格年度報告、10-Q 表格最新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，我們不承擔在本簡報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 superior to results prepared in accordance with GAAP.

此外，在電話會議期間，我們將討論某些未根據 GAAP 就我們的非 GAAP 和現金業績制定的財務指標。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資訊的呈現，也不應將其視為結果的替代品或優於根據 GAAP 準備的結果。

Please refer to the tables in our earnings release and the slides accompanying our first quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure. Now I will turn it over to Kevin.

請參閱我們的收益發布中的表格以及我們第一季收益簡報所附的投影片，以了解這些指標與其最直接可比較的公認會計準則財務指標的對帳情況。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 first quarter organic revenue growth of 25% compared to the first quarter of 2023. Demand for Dexcom CGM remains very high as customers continue to recognize and value our leading product performance and differentiated user experience.

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2023 年第一季度相比，第一季度有機收入增長了25%。對Dexcom CGM 的需求仍然非常高。

While it has only been a year since the launch of G7 in the U.S., we have seen a significant shift in the landscape over that time. We have attracted tens of thousands of new prescribers to our ecosystem, meaningfully improved our presence within primary care and experienced growing demand from people with diabetes who are benefiting from significant expansions and coverage over the last year. Much of this momentum can be directly attributed to our product performance and innovative features.

雖然 G7 在美國啟動才一年，但我們已經看到了這段時期情勢的重大變化。我們吸引了數以萬計的新處方者加入我們的生態系統，有意義地改善了我們在初級保健領域的存在，並經歷了糖尿病患者不斷增長的需求，他們從去年的大幅擴張和覆蓋範圍中受益。這種勢頭很大程度上可以直接歸因於我們的產品性能和創新功能。

With the launch of G7, we extended our leadership in sensor accuracy and took a significant step forward in ease of use. We also introduced a new software ecosystem, which was designed to improve our user experience and drive high levels of customer engagement and retention. Importantly, we have continued to enhance the G7 experience with ongoing improvements to both the hardware and software platforms. In fact, we have completed software updates almost monthly since the launch of G7, introducing new features, upgrading performance and connectivity and most recently establishing the ability to integrate insulin data into our app.

隨著 G7 的推出，我們擴大了在感測器精度方面的領先地位，並在易用性方面向前邁出了重要一步。我們還推出了一個新的軟體生態系統，旨在改善我們的用戶體驗並提高客戶參與度和保留率。重要的是，我們透過不斷改進硬體和軟體平台，不斷增強 G7 的體驗。事實上，自 G7 推出以來，我們幾乎每月完成軟體更新，引入新功能、升級性能和連接性，以及最近建立將胰島素數據整合到我們的應用程式中的能力。

These are great examples of how our new software architecture enables much faster innovation. We are constantly working to advance the customer experience and reinforce Dexcom as the technology leader in this space. Along those lines, we were very excited to receive clearance by the FDA for our direct-to-watch feature for G7 in the first quarter. This approval will allow our customers to use their Apple Watch as a primary display rather than connecting through their mobile phone, providing even greater flexibility in how and where they interact with their glucose data.

這些都是我們的新軟體架構如何實現更快創新的絕佳範例。我們不斷努力提升客戶體驗，並鞏固 Dexcom 作為該領域技術領導者的地位。沿著這些思路，我們非常高興在第一季獲得 FDA 批准我們的 G7 直接觀看功能。此次批准將允許我們的客戶使用 Apple Watch 作為主顯示屏，而不是透過手機進行連接，從而為他們與血糖數據互動的方式和地點提供更大的靈活性。

This added to our long list of industry first as G7 is the first FDA-cleared CGM that can communicate directly from sensor to watch. To enable this, we built a robust connectivity infrastructure into the design of G7 with the ability to connect to 3 different Bluetooth devices at the same time, our customers can simultaneously connect to a phone, a pump or receiver and a watch. Dexcom is the only CGM system that gives customers these options.

這被添加到我們的長長的行業第一名單中，因為 G7 是第一個獲得 FDA 批准的、可以直接從感測器到手錶通訊的 CGM。為了實現這一點，我們在 G7 的設計中建立了強大的連接基礎設施，能夠同時連接到 3 個不同的藍牙設備，我們的客戶可以同時連接到手機、幫浦或接收器和手錶。 Dexcom 是唯一為客戶提供這些選擇的 CGM 系統。

We have received great feedback since we launched our direct-to-watch software in the U.K. and Ireland and look forward to extending it to additional markets shortly. Features like these add to our standing as the innovator in the CGM industry, strengthening our sensor platform as global access and awareness continue to expand.

自從我們在英國和愛爾蘭推出直接觀看軟體以來，我們收到了很好的回饋，並期待很快將其擴展到其他市場。這些功能增強了我們作為 CGM 行業創新者的地位，隨著全球訪問和意識的不斷擴大，我們的感測器平台也得到了加強。

As a reminder, we recently crossed the 1-year mark since the Landmark CMS decision to expand coverage for all people using insulin and certain non-insulin using individuals that struggle with hypoglycemia. This decision paved the way for greater commercial coverage for these populations, further strengthening our position as the most covered CGM in the U.S. It also served to broaden our conversations with payers. While payers have long recognized Dexcom's ability to help titrate insulin, there is now a growing appreciation for our ability to drive better outcomes through behavior change and customer engagement.

提醒一下，自從 Landmark CMS 決定擴大對所有使用胰島素的人和某些患有低血糖的非胰島素使用者的覆蓋範圍以來，我們最近已經過了 1 年了。這項決定為擴大這些人群的商業覆蓋範圍鋪平了道路，進一步鞏固了我們作為美國覆蓋範圍最廣的 CGM 的地位。雖然付款人早已認識到 Dexcom 幫助滴定胰島素的能力，但現在人們越來越欣賞我們透過行為改變和客戶參與推動更好結果的能力。

There is also a growing awareness of these benefits in the clinical community with much broader coverage now available, many physicians have started incorporating Dexcom CGM earlier into their customer care plans. They recognize lifestyle management as a cornerstone of the diabetes care and metabolic health landscapes and see CGM as a core tool to drive behavior alongside new drug therapies like GLP-1s. To that point, in the second quarter, we will be launching a medication logging module and activity integration tool within the G7 app to help those using Dexcom CGM with these therapies.

臨床界對這些好處的認識也日益增強，現在覆蓋範圍更廣，許多醫生已經開始將 Dexcom CGM 更早地納入他們的客戶護理計劃中。他們認識到生活方式管理是糖尿病護理和代謝健康領域的基石，並將 CGM 視為與 GLP-1 等新藥物療法一起驅動行為的核心工具。為此，我們將在第二季在 G7 應用程式中推出藥物記錄模組和活動整合工具，以幫助使用 Dexcom CGM 進行這些治療的人。

While this has helped us significantly expand our prescriber base over the past year, we are still only scratching the surface of this sizable opportunity. There are over 200,000 primary care physicians in the U.S. who treat tens of millions of people with diabetes. There remains a clear opportunity for us to deepen our presence within this channel as we work to drive even greater care for their patients. As a result, we announced an expansion of our sales force this past quarter. We were blown away by the level of interest and the quality of talent that we were able to attract for these roles.

雖然這幫助我們在過去一年中大幅擴大了我們的處方者基礎，但我們仍然只觸及了這個巨大機會的表面。美國有超過 20 萬名初級保健醫生為數千萬糖尿病患者提供治療。當我們努力為患者提供更好的照護時，我們仍然有一個明顯的機會來深化我們在這個管道中的存在。因此，我們在上個季度宣布擴大銷售團隊。我們能夠為這些職位吸引到的人才的興趣程度和品質讓我們感到震驚。

By the end of the first quarter, we had already completed our hiring and trained these new reps. This team is excited to hit the ground running, and we look forward to seeing them build momentum over the course of the year. As part of this initiative, beginning in the second quarter, we are also taking steps to optimize the structure of our sales team to be most effective with our call points across endocrinologists and primary care physicians as well as leading practitioners in maternal-fetal medicine.

到第一季末，我們已經完成了招募並培訓了這些新代表。團隊很高興能夠開始運作，我們期待看到他們在這一年中積聚動力。作為該計劃的一部分，從第二季度開始，我們還將採取措施優化我們的銷售團隊結構，以便最有效地利用內分泌科醫生、初級保健醫生以及母胎醫學領先從業人員的呼叫點。

We expect our new team in this upgraded structure to help us better capitalize on the significant opportunities ahead. Along those lines, we hit another significant milestone in our company's history with the FDA's clearance of our newest product, Stelo, the first glucose biosensor approved for use without a prescription in the U.S., recognizing a significant unmet need for the 25 million people with type 2 diabetes who are not on insulin or at risk of severe hypoglycemia, we developed Stelo as a more tailored solution for this population and work closely with the FDA to simplify access to this product.

我們期望經過升級的結構中的新團隊能夠幫助我們更好地利用未來的重大機會。沿著這些思路，FDA 批准了我們的最新產品Stelo，這是我們公司歷史上的另一個重要里程碑，這是第一個在美國獲準無需處方即可使用的葡萄糖生物感測器，認識到2500 萬糖尿病患者的重大需求未得到滿足對於未使用胰島素或有嚴重低血糖風險的2 型糖尿病患者，我們開發了Stelo 作為針對該人群的更量身定制的解決方案，並與FDA 密切合作以簡化該產品的獲取。

By removing the burden of a prescription, we expect Stelo to drive broad interest from both the clinical community and directly from members of the diabetes community who want to better understand their blood sugar. In our dialogue with the FDA, it became clear that iCGM accuracy remain critically important in establishing this new sensor category, both as a safety measure and to ensure that our customers are receiving reliable, actionable information. Stelo will leverage the industry-leading accuracy of our G7 sensor hardware while providing a custom software experience to more directly meet the needs of those not taking insulin.

透過消除處方負擔，我們期望 Stelo 能夠引起臨床界以及想要更好地了解自己血糖的糖尿病界成員的廣泛興趣。在我們與FDA 的對話中，很明顯，iCGM 準確性對於建立這種新的感測器類別仍然至關重要，這既可以作為一種安全措施，也可以確保我們的客戶收到可靠、可操作的訊息。 Stelo 將利用我們 G7 感測器硬體行業領先的準確性，同時提供客製化軟體體驗，以更直接地滿足那些不服用胰島素的人的需求。

We're on track to launch Stelo this summer as a 15-day cash pay product. We'll continue to build our case with payers for broader coverage. Stelo will be fulfilled initially via a brand-new e-commerce website and available in onetime purchases or subscription models. We look forward to providing greater detail on Stelo features, including pricing, immediately before launch, and we'll share further updates on our go-to-market strategy and ordering process at ADA and on our second quarter earnings call.

我們計劃於今年夏天推出 Stelo，作為 15 天現金支付產品。我們將繼續與付款人一起建立我們的案例，以獲得更廣泛的覆蓋範圍。 Stelo 最初將透過一個全新的電子商務網站實現，並以一次性購買或訂閱模式提供。我們期待在發布前提供有關 Stelo 功能的更多詳細信息，包括定價，並且我們將在 ADA 和第二季度財報電話會議上分享有關我們的上市策略和訂購流程的進一步更新。

In our international business, we also advanced some key strategic initiatives this past quarter. In February, we officially launched Dexcom ONE+ into 8 European markets. which is our first step in moving our entire Dexcom ONE product line into the G7 form factor. This transition brings several of the G7 technological benefits to this customer base, such as the smaller form factor, shorter warm-up time and improved accuracy and further simplifies the prescribing process for physicians.

在我們的國際業務中，我們在上個季度也推動了一些關鍵策略舉措。 2 月，我們正式向 8 個歐洲市場推出 Dexcom ONE+。這是我們將整個 Dexcom ONE 產品線遷移到 G7 外形尺寸的第一步。這項轉變為該客戶群帶來了多項 G7 技術優勢，例如更小的外形尺寸、更短的預熱時間和更高的準確性，並進一步簡化了醫生的處方流程。

Moving to a shared hardware platform also benefits our cost structure over time as it allows us to drive greater volume to our G7 lines and more quickly reach scale. We also completed our transition to a direct sales model in Japan, enabling us to begin commercial operations at the start of the second quarter. As a reminder, this is one of the only markets in the world with coverage for all people using insulin, which represents over 1 million people.

隨著時間的推移，轉向共享硬體平台也有利於我們的成本結構，因為它使我們能夠提高 G7 生產線的產量並更快地達到規模。我們也在日本完成了直銷模式的轉型，使我們能夠在第二季初開始商業營運。需要提醒的是，這是世界上唯一涵蓋所有胰島素使用者的市場之一，代表超過 100 萬人。

Despite this, market penetration remains in its early stages and we see a significant opportunity to drive greater uptake in Dexcom's CGM share. As a result, we believe Japan could become a key growth driver for us over time as we strengthen our presence in this market in the coming quarters. This is an incredibly exciting time for us. There will be a lot to learn with the launch of Stelo and we are thrilled to once again pioneer the CGM industry with a new subset of users. We look forward to sharing more updates with you as we begin this journey.

儘管如此，市場滲透率仍處於早期階段，我們看到了推動 Dexcom 的 CGM 份額獲得更大份額的重大機會。因此，我們相信隨著時間的推移，隨著我們在未來幾季加強在該市場的影響力，日本可能成為我們的主要成長動力。這對我們來說是一個令人難以置信的激動人心的時刻。隨著 Stelo 的推出，我們將有很多東西需要學習，我們很高興能再次與新的用戶群一起開拓 CGM 行業。當我們開始這趟旅程時，我們期待與您分享更多更新。

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

這樣，我將把它交給傑里姆，以審查第一季的財務狀況。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 first quarter of 2024, we reported worldwide revenue of $921 million compared to $741 million for the first quarter of 2023, representing growth of 24% on a reported basis and 25% on an organic basis.

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 的調整表。 2024 年第一季度，我們報告的全球收入為 9.21 億美元，而 2023 年第一季為 7.41 億美元，報告成長 24%，有機成長 25%。

As a reminder, our definition of organic revenue excludes the impact of foreign exchange in addition to our non-CGM revenue acquired or divested in the trailing 12 months. U.S. revenue totaled $653 million for the first quarter compared to $526 million in the first quarter of 2023, representing growth of 24%. Our recent momentum in the U.S. continued this quarter as we again benefited from the largest expansion of reimbursed coverage in our company's history.

提醒一下，我們對有機收入的定義不包括外匯的影響以及過去 12 個月內獲得或剝離的非 CGM 收入。美國第一季營收總額為 6.53 億美元，而 2023 年第一季為 5.26 億美元，成長 24%。本季我們在美國繼續保持近期的勢頭，因為我們再次受益於公司歷史上最大規模的報銷範圍擴大。

This led to another quarter of significant new customer demand in the U.S. and contributed to our record new start quarter globally. As Kevin mentioned, we are excited to build on this momentum with our expanded sales force and look forward to seeing the new team ramp up in the months ahead. International revenue grew 24%, totaling $268 million in the first quarter. International organic revenue growth was 26% for the first quarter. We executed very well across our international footprint and again took market share this quarter, benefiting from our targeted access expansion and product portfolio strategy.

這導緻美國又一個季度出現了巨大的新客戶需求，並為我們在全球範圍內創紀錄的新開局做出了貢獻。正如凱文所提到的，我們很高興能夠透過擴大銷售隊伍來鞏固這一勢頭，並期待看到新團隊在未來幾個月內不斷壯大。第一季國際營收成長 24%，總計 2.68 億美元。第一季國際有機收入成長 26%。由於我們有針對性的准入擴張和產品組合策略，我們在國際業務中表現出色，並在本季度再次佔據了市場份額。

We delivered a particularly strong quarter in our core European markets, which more than offset the pause in growth from Japan as we finalized its transition to direct sales. Our first quarter gross profit was $569 million or 61.8% of revenue compared to 63.4% of revenue in the first quarter of 2023.

我們在核心歐洲市場實現了特別強勁的季度業績，足以抵銷日本在完成向直銷轉型後出現的成長停滯。我們第一季的毛利為 5.69 億美元，佔營收的 61.8%，而 2023 年第一季則佔營收的 63.4%。

This gross margin result was in line with our expectations as G7 continues to become a larger part of our product mix. As a reminder, G7 carries a lower margin than G6 today. So we expect this to change in the coming quarters as we drive more volume through our G7 lines in the U.S. and Malaysia.

隨著 G7 繼續成為我們產品組合的重要組成部分，這一毛利率結果符合我們的預期。提醒一下，今天 G7 的利潤率低於 G6。因此，隨著我們在美國和馬來西亞的 G7 線路的銷售增加，我們預計這種情況將在未來幾季發生變化。

Between continued G7 demand, our pump integrations and moving Dexcom ONE to the G7 platform, we continue to see more of our base moving to the G7 form factor. Operating expenses were $428.9 million for Q1 of 2024 compared to $391.2 million in Q1 of 2023. This quarter was another demonstration of our ability to generate significant operating leverage as we grow. In fact, we grew our revenue at more than double the rate of operating expenses in the first quarter, resulting in more than 600 basis points of OpEx leverage compared to the first quarter of 2023.

在持續的 G7 需求、我們的泵浦整合以及將 Dexcom ONE 遷移到 G7 平台之間，我們繼續看到更多的基礎遷移到 G7 外形尺寸。 2024 年第一季的營運費用為 4.289 億美元，而 2023 年第一季的營運費用為 3.912 億美元。事實上，我們第一季的營收成長速度是營運支出的兩倍多，導致營運支出槓桿比 2023 年第一季增加了 600 個基點以上。

Operating income was $140.2 million or 15.2% of revenue in the first quarter of 2024 and compared to $78.6 million or 10.6% of revenue in the same quarter of 2023. Adjusted EBITDA was $220.9 million or 24% of revenue for the first quarter compared to $145.9 million or 19.7% of revenue for the first quarter of 2023. Net income for the first quarter was $128.2 million or $0.32 per share. We remain in a great financial position, closing the quarter with approximately $2.9 billion of cash and cash equivalents on the back of nearly doubling our free cash flow year-over-year.

2024 年第一季營業收入為1.402 億美元，佔營收的15.2%，而2023 年同一季度為7,860 萬美元，佔營收的10.6%。 ，而2023 年同期為145.9 美元百萬美元，佔 2023 年第一季營收的 19.7%。我們的財務狀況仍然良好，本季末現金和現金等價物約為 29 億美元，自由現金流比去年同期幾乎翻倍。

This provides us significant flexibility to both support our organic growth opportunities and assess any strategic uses of capital. From a capacity perspective, we remain in a great position with Malaysia quickly scaling and we are further diversifying our footprint with the build-out of our Ireland facility. This leaves us well positioned to support our near-term growth opportunities, including the highly anticipated launch of Stelo this summer.

這為我們提供了極大的靈活性，既可以支持我們的有機成長機會，也可以評估資本的任何策略用途。從產能角度來看，我們仍然處於有利地位，馬來西亞的規模正在迅速擴大，我們正在透過擴大愛爾蘭工廠來進一步實現我們的業務多元化。這使我們能夠很好地支持我們的近期成長機會，包括今年夏天備受期待的 Stelo 推出。

Turning to guidance. We are raising the midpoint of our revenue guidance with an updated range of $4.20 billion to $4.35 billion, representing organic growth of 17% to 21% for the year. For margins, we are reaffirming our prior full year guidance of non-GAAP gross profit margin in a range of 63% to 64%, non-GAAP operating margin of approximately 20% and adjusted EBITDA margin of approximately 29%.

轉向指導。我們將營收指引的中點上調至 42 億美元至 43.5 億美元，相當於今年有機成長 17% 至 21%。對於利潤率，我們重申先前的全年指引，即非 GAAP 毛利率在 63% 至 64% 範圍內，非 GAAP 營業利潤率約為 20%，調整後 EBITDA 利潤率約為 29%。

With that, we can open up the call for Q&A. Sean?

這樣，我們就可以發起問答環節了。肖恩？

Thank you, Jereme. As a reminder, we ask our audience to limit themselves to only 1 question at this time and then reenter the queue if necessary. Abby, please provide the Q&A instructions.

謝謝你，傑雷姆。提醒一下，我們要求觀眾目前只提出 1 個問題，然後在必要時重新進入隊列。艾比，請提供問答說明。

(Operator Instructions) And we will take our first question from Danielle Antalffy with UBS.

（操作員說明）我們將回答瑞銀集團的丹妮爾·安塔菲 (Danielle Antalffy) 提出的第一個問題。

Congrats on a strong start to the year. Kevin, so the Stelo over-the-counter clearance was obviously one of the most exciting things that we saw happen in the first quarter. Can you help us understand how you think the OTC label expands your addressable market? And how you're aligning the new sales team to capitalize on it?

祝賀今年取得了良好的開局。凱文，所以斯特洛的場外清倉顯然是我們在第一節看到的最令人興奮的事情之一。您能否幫助我們了解您認為 OTC 標籤如何擴大您的目標市場？您如何調整新的銷售團隊以利用它？

Well, thank you for the question. And it's been every bit as exciting for us as has been -- as you can imagine, Danielle, we have had more media impressions and inquiries and buzz about Stelo from the outside than really anything we've ever done. It's been spectacular. We're very excited for it.

嗯，謝謝你的提問。這對我們來說和以前一樣令人興奮 - 正如你可以想像的，丹妮爾，我們從外部獲得的關於 Stelo 的媒體印象、詢問和議論比我們所做的任何事情都多。真是太壯觀了。我們對此感到非常興奮。

The way it expands our access as we thought through this, there's 25 million people with type 2 diabetes who are not on insulin or who don't suffer from severe hypoglycemia. We wanted to get that product out quickly and make it very accessible to them. We studied this. We spent a lot of time thinking about it. The best way to do that is to eliminate the prescription process and not to have them in the middle of that for physicians. And that's also helpful for the health care providers because they don't have to call the pharmacy and do prescriptions as well.

當我們思考這個問題時，它擴大了我們的獲取途徑，有 2500 萬 2 型糖尿病患者沒有使用胰島素，也沒有嚴重的低血糖。我們希望快速推出該產品，並讓他們更容易使用。我們對此進行了研究。我們花了很多時間思考這個問題。做到這一點的最佳方法是消除處方流程，而不是讓它們介入醫生的流程。這對醫療保健提供者也有幫助，因為他們不必打電話給藥房並開處方。

So the key to this and particularly in getting to a lot of people is to make this very easy to obtain. And that's why we went over-the-counter with it. At the same time, as I said in my remarks, we're thrilled with the labeling and the fact that we still have iCGM controls around this sensor by going over-the-counter, we didn't just open the floodgates for everybody to come in. You still have to have an incredibly good product to go do something like this. So we think we have a very, very good advantage there.

因此，做到這一點的關鍵，特別是讓很多人接觸到這一點，關鍵在於讓其變得非常容易獲得。這就是為什麼我們選擇非處方藥。同時，正如我在發言中所說，我們對標籤感到興奮，而且我們仍然透過非處方藥對該感測器進行 iCGM 控制，我們不只是為每個人打開閘門進來吧。才能去做這樣的事情。所以我們認為我們在這方面有非常非常好的優勢。

With respect to our sales expansion, I made a couple of comments about the expansion and positioning of the sales force. We know for a fact that when we have coverage in the physician arena when we call on doctors, we do extremely well. And so as we repositioned our sales force, I talked about repositioning between endocrinology, primary care and also the maternal and fetal medicine markets as well.

關於我們的銷售擴張，我對銷售隊伍的擴張和定位發表了一些評論。我們知道一個事實，當我們拜訪醫生時，當我們在醫生領域進行報導時，我們會做得非常好。因此，當我們重新定位銷售團隊時，我談到了內分泌學、初級保健以及孕產婦和胎兒醫學市場之間的重新定位。

We've repositioned our group to whereby our -- we have specialists who spend more time in the endocrinology offices and with high prescribers, not so much with those who don't prescribe a lot. And a lot of the new adds, a lot of the expansion relates to primary care, where they will talk about Stelo with primary care doctors who see almost all of the type 2 patients who aren't on insulin.

我們對我們的團隊進行了重新定位，我們的專家在內分泌科辦公室和高處方醫生身上花費了更多的時間，而不是那些不經常處方的人。許多新增加的內容，許多擴展都與初級保健有關，他們將與初級保健醫生討論 Stelo，這些醫生幾乎會診所有不使用胰島素的 2 型患者。

So by expanding this way, we believe we'll be able to have more coverage with physicians as well. And so they will take that message out and talk with the doctors as well. But this will also be a message driven direct-to-consumer in the same way that you see all the other type 2 products. Go on, Jereme, you might have a bit to add to that, too.

因此，透過這種方式擴展，我們相信我們也將能夠獲得更多的醫生覆蓋。因此，他們會將這一訊息傳達出去並與醫生交談。但這也將是一種訊息驅動的直接面向消費者的方式，就像您看到的所有其他 2 類產品一樣。繼續吧，傑里姆，你可能也有一些補充。

Yes. You asked the question about the sales force. And Kevin certainly pointed to Stelo as a big part of the sales force and expanding the TAM. And so one of the reasons to expand is exactly, as Kevin said, there's a massive opportunity there. However, there's also a massive opportunity in our existing markets. G7 is a wonderful product. G6 is a wonderful product. There's coverage continuing to expand as well in those categories. And so expanding the sales force also allows us to cover more in that category.

是的。您問了有關銷售人員的問題。 Kevin 確實指出 Stelo 是銷售隊伍的重要組成部分，並且擴大了 TAM。因此，正如凱文所說，擴張的原因之一就是那裡有巨大的機會。然而，我們現有的市場也存在著巨大的機會。 G7是一款很棒的產品。 G6是一款很棒的產品。這些類別的覆蓋範圍也在不斷擴大。因此，擴大銷售團隊也使我們能夠涵蓋該類別的更多內容。

And that code of category continues to do incredibly well. We had a record new patient quarter this quarter. And so you can expect to see really growth on both ends of that as a result of the expansion of that sales force.

該類別代碼繼續表現得非常好。本季我們的新患者季度創下歷史新高。因此，由於銷售團隊的擴大，您可以期望看到兩端的真正成長。

And we 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。

Congrats on a nice quarter. I wanted to talk about the leverage we saw down the P&L. It was pretty impressive. It will be by like 150 bps on operating margin. So just wanted to see how we should think about gross margin progression, operating margin progression throughout the year, I saw the reiterated guidance but just trying to think about cadence, especially in light of the Stelo launch and the key drivers of that upside in the quarter and how we should think about that moving through the year?

恭喜您度過了一個美好的季度。我想談談我們在損益表中看到的槓桿作用。這真是令人印象深刻。營業利益率將提高約 150 個基點。因此，我只是想看看我們應該如何考慮全年的毛利率進展、營業利潤率進展，我看到了重申的指導意見，但只是想考慮一下節奏，特別是考慮到Stelo 的推出以及推動這一增長的關鍵驅動因素我們應該如何看待全年的情況？

Yes. Sure, Robbie. Thanks for the question. The way to think about gross margin and is that of course over the course of the year, we talked -- when we set guidance that this was going to look a little bit like a more typical year. And in a more typical year, you generally see 300 to 400 basis points of expansion over the course of the year. And that's what I'd expect to see over the course of this year.

是的。當然，羅比。謝謝你的提問。考慮毛利率的方法當然是在這一年中，當我們設定指導時，我們討論了這一年看起來有點像更典型的一年。在更典型的一年中，您通常會看到全年擴張 300 到 400 個基點。這就是我期望在今年看到的情況。

A lot happened last year with the transition from G6 to G7. It's not a typical year. We had a new manufacturing facility coming online. But as you kind of go back into years prior to that, you see that sort of cadence. That's how we're thinking about it, at least over the course of the year right now. And so that gives you some context for that cadence from an op margin perspective or at least an OpEx spend perspective, we've already made the investment in the sales force. And so that you see playing through in the first quarter. And to your point, you saw some nice leverage in the first quarter.

去年從 G6 到 G7 的過渡發生了很多事情。這不是一個典型的年份。我們有一個新的製造工廠即將上線。但當你回到那之前的幾年，你會看到這種節奏。這就是我們的思考方式，至少在這一年是如此。因此，從營運利潤的角度或至少從營運支出的角度來看，這為您提供了這種節奏的一些背景信息，我們已經對銷售隊伍進行了投資。這樣你就可以看到第一節的比賽狀況。就您而言，您在第一季看到了一些不錯的槓桿作用。

We will be making investments, further investments in Japan here as we go live in the second quarter, and that will play out over the course of the year. And then obviously, associated with the launch of Stelo over the course of the summer, we'll be making investments there. So while we won't get the same leverage that you ultimately saw in the first quarter over the balance of the year. You should expect some leverage over the course of the year, and that ultimately contributes down to what you'd see as an expansion of op margin despite a gross margin guide, that's about a bit of a click back from the prior year. So that's the way to think about it.

當我們在第二季上線時，我們將在日本進行投資，進一步投資，這將在一年內發揮作用。顯然，隨著今年夏天 Stelo 的推出，我們將在那裡進行投資。因此，儘管我們不會獲得您最終在第一季看到的與今年剩餘時間相同的槓桿。您應該預期在這一年中會出現一些槓桿作用，儘管有毛利率指南，但這最終會導致您所看到的營運利潤率的擴大，這與去年相比略有回升。這就是思考這個問題的方式。

In terms of the over performance in the Q1, I think you're alluding to the beat in terms of op margin. I think the takeaway here is it's an encouraging sign for us. We've demonstrated over the past few years, we can drive leverage into this business. This year is no exception. All of the efforts that we've been talking about in prior years continue. However, it's a little early to change how we're thinking about the full year first quarter. And as you mentioned, a nice start to the first quarter, and we'll keep you updated on progress as the year progresses.

就第一季的超額表現而言，我認為您指的是營運利潤率方面的表現。我認為這對我們來說是一個令人鼓舞的跡象。過去幾年我們已經證明，我們可以提高這項業務的影響力。今年也不例外。我們前幾年一直在談論的所有努力仍在繼續。然而，現在改變我們對全年第一季的看法還為時過早。正如您所提到的，第一季有一個良好的開端，隨著今年的進展，我們將隨時向您通報最新進展。

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。

Kevin, I'd love to ask about Stelo. So I heard your comments about the e-commerce website. Why an e-commerce website as opposed to pharmacies and retail. Maybe talk about how you see utilization playing out. And I know the indication is only for type 2 oral patients, but do you see an opportunity beyond type 2 oral patients such as prediabetes and health-conscious people maybe down the road?

凱文，我想問一下有關斯泰洛的事情。所以我聽到了您對電子商務網站的評論。為什麼選擇電子商務網站而不是藥局和零售店。也許可以談談您如何看待利用率的發揮。我知道該適應症僅適用於 2 型口腔患者，但您是否認為 2 型口腔患者之外還有機會，例如糖尿病前期和有健康意識的人？

I'll start with the end and go back to the website. That product is labeled for people not on insulin. It's not necessarily labeled just for people with diabetes. We designed the experience to focus more on those with type 2 diabetes because we believe there's a very, very strong unmet need and a product tailored to that solution, we think can do very well.

我將從結尾開始，然後返回網站。本產品標示適合不服用胰島素的人。它不一定只適合糖尿病患者。我們設計此體驗的目的是更多地關注 2 型糖尿病患者，因為我們相信存在非常非常強烈的未滿足需求，而針對該解決方案量身定制的產品我們認為可以做得很好。

We believe people will be interested who don't have diabetes and will, in fact, use it and will purchase it. But the focus out of the gate is in this marketplace where people have a direct need. Over time, we definitely see this platform and features in our software, migrating towards those other markets. We just wanted to get started here first. With respect to the website and the reason we've gone with this direct distribution model, we've had great success with it launching products in some of the international markets as we've rolled Dexcom ONE out. So we do know how to do this.

我們相信那些沒有糖尿病的人也會感興趣，並且實際上會使用它併購買它。但重點是人們有直接需求的市場。隨著時間的推移，我們肯定會看到我們軟體中的這個平台和功能正在向其他市場遷移。我們只是想先從這裡開始。就網站以及我們採用這種直接分銷模式的原因而言，隨著我們推出 Dexcom ONE，我們在一些國際市場推出產品方面取得了巨大成功。所以我們確實知道如何做到這一點。

Second of all, we want a little bit of control when the launch when we start. We want to understand what's going on. We want to track utilization patterns. We want to see how this goes, and we felt this was the most efficient way to do it. And as you go back to my comments, I said initially, we will launch in this program. I think as this gets bigger, we'll seek other distribution channels, if it's more efficient to get more product to people.

其次，我們希望在啟動時有一點控制權。我們想了解發生了什麼事。我們想要追蹤使用模式。我們想看看事情進展如何，我們認為這是最有效的方法。當你回到我的評論時，我最初說過，我們將啟動這個計劃。我認為，隨著規模的擴大，如果能夠更有效地向人們提供更多產品，我們將尋求其他分銷管道。

We are very well positioned, and we've done a lot of work setting this website up and then the distribution process will be extremely efficient. So we're not concerned about being overrun right now, we're in a really good position to get this product to the people that want it through the website that we've set up.

我們處於非常有利的位置，我們已經做了很多工作來設置這個網站，然後分發過程將非常有效率。因此，我們現在並不擔心會超支，我們處於一個非常有利的位置，可以透過我們建立的網站將這個產品提供給需要它的人。

Yes. And then to your question on utilization, Larry. It's going to be a little bit of everything. I think there's going to be some users that do use it full time. I think some folks will use it intermittently. That's based on our market research. Our market research is basically has -- for the most part, indicated, once folks are on this product, they want to use it. And I think we've run studies where there was a high either utilization while in study and a high request to continue utilization post study. That all being said, as we think about modeling, we want to make sure we're prudent in doing so. And so we have a variety of utilization patterns that we'll ultimately put out there.

是的。然後是關於利用率的問題，拉里。一切都會有一點。我認為會有一些用戶全職使用它。我想有些人會間歇性地使用它。這是基於我們的市場研究。我們的市場研究基本上表明，在大多數情況下，一旦人們使用該產品，他們就會想要使用它。我認為我們進行的研究表明，在研究期間利用率很高，並且在研究後繼續利用率很高。話雖如此，當我們考慮建模時，我們希望確保謹慎行事。因此，我們最終會推出多種利用模式。

So I think expect a little bit of everything. That population is so big, you'll get, I think, a grab bag of everything. Fortunately, we always are surprised to the positive on how often folks want to wear these things.

所以我認為對一切都抱有一點期待。我想，人口如此之多，你會得到所有東西的。幸運的是，我們總是對人們想要穿這些東西的頻率感到驚訝。

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

我們將回答花旗銀行 Joanne Wuensch 的下一個問題。

Congrats on the quarter. With a 15-day Stelo out in the market, what are the steps to bringing a 15-day sensor onto the G6 or G7 platform? And what are the economics of moving to that time frame?

恭喜本季。隨著 15 天 Stelo 上市，將 15 天感測器引入 G6 或 G7 平台需要採取哪些步驟？轉向這個時間框架的經濟效益是什麼？

Yes. First of all, there won't be any G6 15-day. We're not going to spend any more money on G6. I can assure you of that. One of the reasons we're launching Stelo with 15 days and our current G7 platform is to learn its performance in this type of environment. As we've talked earlier, we have a level of performance reliability and expectations of our customers. We wanted to make sure we delivered those, and we felt more comfortable at 10 days to start.

是的。首先，不會有任何G6 15天。我們不會再在 G6 上花更多的錢了。我可以向你保證這一點。我們在 15 天內推出 Stelo 和我們目前的 G7 平台的原因之一是了解其在此類環境中的表現。正如我們之前所說，我們有一定程度的性能可靠性和客戶的期望。我們希望確保交付這些內容，並且在開始的 10 天後我們感到更加放心。

We have numerous clinical efforts in R&D efforts to move the platform to 15 days for all the G7 product and including Dexcom ONE+ in our international markets at some point in time. As we've said in our guidance and what we've done that's not anticipated for 2024, but it's certainly anticipated not long after that. So you'll hear and see more about that over time.

我們在研發方面進行了大量的臨床工作，以便將所有 G7 產品的平台時間縮短至 15 天，並在某個時間點將 Dexcom ONE+ 納入我們的國際市場。正如我們在指導中所說的以及我們所做的那樣，預計 2024 年不會發生這種情況，但肯定會在不久之後發生。因此，隨著時間的推移，您會聽到並看到更多相關內容。

The economics are quite simple. You're selling 2 sensors over a 30-day period rather than 3. So we can see a significant margin pickup as long as we have the proper reliability on the other side because if you're shipping a sensor in a FedEx box, replace one that doesn't work, you've lost all your economies of scale anyway. So we're not only looking at 15 days, making it reliable.

經濟學原理非常簡單。您在 30 天內銷售 2 個感測器，而不是 3 個。不起作用，你就失去了所有的規模經濟。因此，我們不僅著眼於 15 天，還要使其可靠。

We're looking very hard at offering the maximum most efficient customer experience for individuals when we go to 15-day. So they're ready. And so this delivers what we've always delivered because one of our -- and our CSAT scores and as we survey our customers, one of the things that we always hear about is how much people value that experience and the support that we give them. So it's a combination of all those things. But scientifically, we're well down the road to having a 15-day product.

我們非常努力地尋求在 15 天期限內為個人提供最高效的客戶體驗。所以他們準備好了。因此，這提供了我們一直提供的東西，因為我們的 CSAT 分數之一，當我們調查客戶時，我們總是聽到的一件事是人們有多少重視這種體驗以及我們為他們提供的支援。所以它是所有這些事情的組合。但從科學角度來看，我們距離推出 15 天產品已經很遠了。

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。

So wanted to ask on basal. Just any visibility you can give on how that's been scaling. Obviously, a record new start quarter this quarter. I would assume basal's contributing nicely to that. But what are the sequential patterns the last few quarters? Is it still sequentially growing at a pretty healthy rate, I'd assume, but any color you can provide there? And also, there's been some debate, obviously, on market share within the basal population here in the U.S. Just would love kind of any insight you can provide on that front as well.

所以想問一下basal。您可以提供有關其擴展的任何可見性。顯然，本季創紀錄的新開局。我認為 basal 對此做出了很好的貢獻。但過去幾季的連續模式是什麼？我認為它仍然以相當健康的速度連續增長，但是你可以在那裡提供任何顏色嗎？而且，顯然，關於美國基礎人口中的市場份額存在一些爭論。

Yes. So, I take that one. Thanks, Jeff. I think when we talked about what we expected this year, we really talked about it in the context of basal adoption across the entire population. And we talked about exiting the year right around that 15% adoption across the basal population in the U.S. and the year moving over the course of the year to 23%. So about 8 points of penetration.

是的。所以，我接受那個。謝謝，傑夫。我認為，當我們談論今年的預期時，我們實際上是在整個人口的基礎採用的背景下談論的。我們討論了今年美國基礎人口的採用率約為 15%，並在這一年中將這一比例提高到 23%。所以大約有8點的穿透力。

So far through the first quarter, things are growing as we expected. Record new patients, I think, helps enforce that. And you are correct, a good chunk of our new patients are coming through that basal channel, and we continue to see really well performance in that category.

到目前為止，第一季的情況正如我們預期的那樣增長。我認為記錄新患者有助於加強這一點。你是對的，我們有很大一部分的新患者都是透過這個基礎管道來的，我們繼續看到該類別的良好表現。

So qualitatively, the things we talked about, the excitement in that channel, those still remain. In terms of share taking and how we look at that category, we get script data, we look at script data based on pathology. The debate -- there's no debate internally to us. We know we're taking share and we see that data. And I think a lot of you guys see that data. So for what it's worth, that data is out there, you can see the scripts continuing to come our way.

因此，從品質上來說，我們談論的事情、該頻道中的興奮點仍然存在。就份額獲取以及我們如何看待該類別而言，我們獲取腳本數據，我們根據病理學查看腳本數據。辯論——我們內部沒有辯論。我們知道我們正在獲取份額並且我們看到了這些數據。我想你們很多人都看到了這些數據。因此，就其價值而言，這些數據就在那裡，您可以看到腳本繼續出現在我們的面前。

For the for the purpose we talked about, when we have coverage and when we compete head-to-head, we've typically won. So I think we maybe disagree with some comments out there. But I think the data is clear. When you look at the script data, I think it will continue to demonstrate where this is going over time. I hope that helps.

出於我們談到的目的，當我們有報導並且當我們正面競爭時，我們通常會獲勝。所以我認為我們可能不同意一些評論。但我認為數據已經很清楚了。當您查看腳本資料時，我認為它將繼續證明隨著時間的推移，情況會發生什麼變化。我希望這有幫助。

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

我們將回答傑森貝德福德和雷蒙德詹姆斯提出的下一個問題。

Just on Stelo. Kevin, you mentioned getting it out quickly, but you're not launching it until the summer and certainly don't mean to be impatient, but just outside of the sales force training, maybe the e-commerce setup. What else are you doing to prep for the launch? And then just does the FDA need to approve anything else? I'm thinking of an app or the like before you launch?

就在 Stelo 上。凱文，你提到要快速推出它，但你要到夏天才會推出它，當然並不是意味著不耐煩，但只是在銷售人員培訓之外，也許是電子商務設定。您還為發布做哪些準備？那麼 FDA 還需要批准其他什麼嗎？在你發布之前我正在考慮一個應用程式或類似的東西？

No, we have full FDA approval for launch. It has been our experience over time at Dexcom. When we get a very rapid approval, we tend to become very impatient and we launch very quickly. And we've -- from time to time, actually put ourselves in a bind by going out as quickly as we have. We had a launch plan for this product anticipating an FDA approval when it was going to come, and we're going to stick to the launch plan that we have.

不，我們已獲得 FDA 的全面批准。這是我們在 Dexcom 的長期經驗。當我們很快就獲得批准時，我們往往會變得非常不耐煩，並且啟動速度非常快。我們有時會因為盡快走出去而陷入困境。我們對該產品製定了上市計劃，預計在上市時將獲得 FDA 批准，我們將堅持現有的上市計劃。

We have manufacturing schedule. We have lines set up. We have both. We have everything, packaging, everything that we need ready to go, but we're going to stick to the plan that we have. We believe our timing is good, and there's no need to rush anything. And so we're sticking to what we have, and we're comfortable with it.

我們有生產計劃。我們已經安排好了線路。我們兩者都有。我們已經準備好了一切，包裝，我們需要的一切，但我們將堅持我們已經擁有的計劃。我們相信我們的時機很好，沒有必要著急。因此，我們堅持現有的，並且對此感到滿意。

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

我們將回答瑪格麗特·安德魯和威廉·布萊爾提出的下一個問題。

I wanted to hit something, Kevin, I think you had said earlier in your commentary that you're seeing growing coverage in plans for patients earlier in their care. So I just wanted to know if you're referencing basal, which obviously, we've heard about, is it not insulin prediabetics, nondiabetics, maybe things that are less traditional, these 3 things about that. And then why -- and then as it relates to Stelo, obviously (inaudible). But just any sense of the number of people that have proactively reached out on your website right now to buy the product from the launch.

我想要擊中一些東西，凱文，我想您之前在評論中說過，您看到患者早期護理計劃的覆蓋範圍不斷擴大。所以我只是想知道你是否指的是基礎，顯然，我們聽說過，它不是胰島素前驅糖尿病患者、非糖尿病患者，也許是不太傳統的東西，這三件事。然後是為什麼——然後因為它與 Stelo 相關，顯然（聽不清楚）。但現在有多少人主動聯絡您的網站購買發布後的產品。

Well, we haven't anybody reached out to buy it because we haven't offered it for sale, but we certainly have a lot of inquiries. And again, as you go to media impressions, articles, interviews and solicit things like that Stelo has been the biggest offering that we've had as far as news. And as our reps walk into primary care doctor offices, I just spent a bunch of time with several of our field team members. That's the question in the minute they walk in the door, when am I going to see Stelo.

好吧，沒有人主動聯繫我們購買它，因為我們還沒有出售它，但我們確實有很多詢問。再說一遍，當你看到媒體印象、文章、採訪和徵求類似內容時，Stelo 一直是我們提供的最大的新聞產品。當我們的代表走進初級保健醫生辦公室時，我花了很多時間與我們的幾位現場團隊成員在一起。他們一進門就問我，我什麼時候才能見到斯特洛。

And when I was in -- at ATTD, it was interesting, many of the physicians came up to me and said, how does Stelo affect me in my practice. So there is a lot of interest and there is a lot of buzz on that. As far as using CGM earlier in treatment, we're certainly seeing that with basal. We're seeing that as somebody goes on basal insulin, like you go on basal insulin, you just as well use a sensor to know how this is affecting your body so you can learn and so we can titrate your basal insulin the way it needs to be, and we're looking at product offerings and software enhancements to make that experience better.

當我在 ATTD 時，很有趣的是，許多醫生來找我說，Stelo 對我的實踐有何影響。因此，人們對此很感興趣，也有很多討論。就治療早期使用 CGM 而言，我們肯定在基礎治療中看到了這一點。我們看到，當有人使用基礎胰島素時，就像您使用基礎胰島素一樣，您也可以使用感測器來了解這如何影響您的身體，以便您可以了解，以便我們可以按照需要的方式滴定您的基礎胰島素我們正在研究產品和軟體增強功能，以改善這種體驗。

But even in the type 1 population, Margaret, you now see kids leave the hospital with their Dexcom. They get diagnosed. They go to the hospital. And again, I talked with someone this morning even, the 6-year-old was diagnosed and left the hospital wearing at Dexcom because there's no way they were told they can manage this disease without it. So we have definitely become a product and an offering that comes into play very, very quickly.

但即使在 1 型人群中，瑪格麗特，你現在也會看到孩子們帶著 Dexcom 離開醫院。他們被診斷出來。他們去醫院。再說一次，今天早上我和某人交談過，這名 6 歲的孩子被確診並穿著 Dexcom 出院，因為他們被告知如果沒有它，他們無法控制這種疾病。因此，我們肯定已經成為一個非常非常快速發揮作用的產品和產品。

I also think we see, particularly if there's coverage with somebody with type 2 diabetes, who is not using insulin. Physicians knows that patient can get it, they'll et it to them and use this as a teaching aid, as tool to help these people manage their conditions. Across the board, CGM is becoming used earlier in treatment over and over again.

我也認為我們會看到，特別是如果有不使用胰島素的 2 型糖尿病患者的保險。醫生知道病人可以獲得它，他們會把它交給病人，並將其用作教學輔助工具，作為幫助這些人管理病情的工具。總體而言，持續血糖監測（CGM）在早期治療中被重複使用。

Yes. And Margaret, this is one of the reasons why when we -- last year, we think we talked a little bit about this, is we introduced a cash pay option on our G-Series. One of the reasons in doing so is, as Kevin alluded to, really across the spectrum of managing your diabetes. There's been more interest. And so those plans that do have pockets that do cover everybody with diabetes and the cash pay option have -- there has been some uptake there, certainly not a majority of our uptake and certainly not the materiality of our customer base, but the interest is there.

是的。瑪格麗特，這就是為什麼去年我們談論過這個問題的原因之一，就是我們在 G 系列上引入了現金支付選項。正如凱文所提到的，這樣做的原因之一是真正跨越了糖尿病管理的各個領域。人們有了更多的興趣。因此，那些確實有口袋覆蓋每個糖尿病患者和現金支付選項的計劃——已經有一些採用，當然不是我們的大部分採用，當然也不是我們客戶群的重要性，但興趣是那裡。

And so you continue to see that taking place. It's why we're so bullish on Stelo. Back to Kevin's point, why there's so much inbound interest in that product. So hopefully, that gives you some context. There's a groundswell of attention to this and rightfully so it can help a lot of people.

所以你會繼續看到這種情況發生。這就是我們如此看好 Stelo 的原因。回到凱文的觀點，為什麼對該產品有如此多的興趣。希望這能為您提供一些背景資訊。人們對此的關注度很高，因此它可以幫助很多人。

We will take our next question from Matt Taylor with Jefferies.

我們將回答馬特泰勒和傑弗里斯提出的下一個問題。

I wanted to ask you kind of a combined question when you were talking about moving earlier in the treatment paradigms and also with Stelo coming on. And obviously, you've got plans to try to broaden coverage and having these conversations with payers about how that may benefit patients. So the question is really, are you seeing signs from the payers that you could actually get coverage for the G-Series and/or for Stelo in some other format this year, basically earlier in the treatment paradigm than basal. And how long do you think it will take to get any kind of coverage [officially for Stelo]?

當您談論早期治療模式以及 Stelo 的出現時，我想問您一個綜合問題。顯然，您已經計劃嘗試擴大覆蓋範圍，並與付款人就這如何使患者受益進行對話。所以問題是，您是否看到付款人的跡象表明您實際上可以在今年以某種其他形式獲得 G 系列和/或 Stelo 的承保，基本上是比基礎治療模式更早的治療模式。您認為[Stelo 官方]需要多長時間才能獲得任何形式的報道？

Yes. So it's a fair question. There are some plans out there that actually do cover really all folks with diabetes -- it's not a majority of plans, but these plans have seen early on the value of CGM as a lifestyle change, a preventative tool and something that ultimately yields results back to the system. And it's the same economics we've talked to you about before. And so some plans have done that. Again, it's not the majority.

是的。所以這是一個公平的問題。有一些計劃實際上確實涵蓋了所有糖尿病患者——這不是大多數計劃，但這些計劃很早就看到了 CGM 作為生活方式改變、預防工具和最終產生結果的價值。這與我們之前與您討論過的經濟學相同。所以一些計劃已經做到了這一點。再說一次，這不是大多數。

In terms of your question, though, more broad coverage or how do we introduce that earlier. I don't think we expect that to expand significantly this year. Certainly plan by plan, you get wins here and there. But those aren't the majority of the national formularies at this point. And so I think the work has to continue to take place.

不過，就你的問題而言，更廣泛的覆蓋範圍或我們如何更早地介紹這一點。我認為我們預計今年這種情況不會大幅擴大。當然，按計劃進行計劃，您會到處獲得勝利。但目前這些還不是大多數國家處方集。所以我認為這項工作必須繼續進行。

I think one of the reasons why we did want to get Stelo out there is because the data that's going to come off in addition to all the clinical trials that are underway, the clinical work that's underway that we consistently do along with our partner organizations having that real-world data, I think, will be really helpful and then demonstrating to payers and employers, why this is a good tool to ultimately improve health and reduce costs at the end of the day.

我認為我們確實想讓 Stelo 上市的原因之一是因為除了所有正在進行的臨床試驗之外，我們還將與我們的合作夥伴組織一起持續進行的臨床工作，從而獲得數據。數據將非常有幫助，然後向付款人和雇主展示為什麼這是一個最終改善健康和降低成本的好工具。

So I don't expect it in 2024. If you asked us for the time line, Kevin has been very clear the 2- to 3-year window, we think it takes to do so. We're highly incentivized to go quickly. Nevertheless, it's something we'll continue to work on and keep you posted on our progress as we make progress.

所以我預計不會在 2024 年。我們非常有動力快速行動。儘管如此，我們仍會繼續努力，並在取得進展時隨時向您通報我們的進展。

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

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

Can you here me okay?

你可以在我這裡嗎？

Yes.

是的。

Okay, great. Maybe, Jereme, this question's for you. I know you're not going to give me a precision here, but I'll ask anyway. Just on G7, where are we even in the roughest sense in terms of the mix of the installed base? And I guess the more important question is what's the tipping point for gross margin accretion in terms of G7 mix. Is that something we hit this year? Is that part of the quarter-over-quarter potential improvement to get you to the full year guide? Or is that something that happens further out and is AID integration a key component of that ramp?

好的，太好了。傑瑞姆，也許這個問題適合你。我知道你不會在這裡給我一個精確的訊息，但我還是會問。就 G7 而言，就安裝基礎的組合而言，即使從最粗略的意義上來說，我們處於什麼位置？我想更重要的問題是 G7 組合毛利率增加的臨界點是什麼。這是我們今年的目標嗎？這是使您達到全年指南的季度環比潛在改進的一部分嗎？或者這會在更遠的將來發生，而援助整合是否是這一增長的關鍵組成部分？

Yes. So it's -- here's my expectations. The way we're tracking, and again, it's going to depend on how things play out over the course of the year. But we are tracking to a point where G7 as a percentage of our overall sales will eventually move ahead of G6. And I expect that here over the coming quarters in 2024. So that is moving.

是的。這是我的期望。我們的追蹤方式將取決於一年中的情況。但我們正在追蹤 G7 在我們整體銷售額中所佔百分比最終將超過 G6 的情況。我預計 2024 年接下來的幾個季度會出現這種情況。

And it's really started to -- it started moving obviously at the back half of last year and having someone to your point, the AID integration was very helpful for the base. So that is happening, and it is the reason for some of the leverage in the back half of the year. As G7 starts to be the primary product, the economies of scale start to kick in, and that's where you start to see the cost come below G6.

它真的開始了——它在去年下半年開始明顯地發展，有人同意你的觀點，援助整合對基地非常有幫助。這種情況正在發生，這也是下半年出現一些槓桿的原因。隨著 G7 開始成為主要產品，規模經濟開始發揮作用，這就是您開始看到成本低於 G6 的地方。

And so that could happen this year and it very well could happen as we move over. It's going to depend on what at the velocity at which we move. I will tell you, Q1 was a very strong velocity in movement. In terms of new patients coming in, and I think you guys can see it in the scripts, a majority of new patients are already moving to G7. So the great news, it's not a matter of if, it's when. And so it's really on converting that base. So I think the long way to answer, yes, some of the leverage this year in gross margin is because we do expect G7 to be the majority of product. When it gets lower, it's going to be kind of a timing thing. We don't have an exact date. But at the velocity we're going, it's happening very quickly, and it should be a good guide. And AID will play a large part of it.

因此，這種情況可能會在今年發生，而且隨著我們的搬遷，它很可能會發生。這將取決於我們移動的速度。我會告訴你，Q1 的運動速度非常快。就新患者的加入而言，我想你們可以在劇本中看到，大多數新患者已經轉移到 G7。所以好消息，問題不在於是否，而在於何時。所以這其實是在轉換這個基礎。所以我認為要回答這個問題還需要很長的時間，是的，今年毛利率的一些槓桿作用是因為我們確實預計 G7 將成為大部分產品。當它下降時，這將是一個時機問題。我們沒有確切的日期。但以我們前進的速度，它發生得非常快，這應該是一個很好的指導。援助將發揮很大一部分作用。

It's already started with our Tandem base. I know we're talking about Insulet coming up here pretty soon. Excited about both of those opportunities and converting that base.

我們的 Tandem 基地已經開始了。我知道我們正在談論 Insulet 很快就會來到這裡。對這兩個機會並改變這個基礎感到興奮。

And we will take our next question from Shagun Singh with RBC.

我們將接受加拿大皇家銀行沙貢辛格 (Shagun Singh) 提出的下一個問題。

So U.S. growth was pretty strong at 24% year-over-year, but it was roughly in line with expectations. And so I'm wondering if you can elaborate on pricing. And I know that's been a big for you guys. What were trends year-over-year and sequentially? And then on Stelo pricing, is it fair to assume more in line with cash pay similar to what your competitor has indicated.

因此，美國的成長相當強勁，年增 24%，但大致符合預期。所以我想知道你是否可以詳細說明定價。我知道這對你們來說很重要。同比和環比的趨勢是什麼？然後在 Stelo 定價上，假設與競爭對手所表示的現金支付更加一致是否公平。

Stelo pricing, I'll start with, and then Jereme can jump into the other. Stelo pricing is going to be competitive. We've got a number of models we're considering. We said we'd bring you more information on that on the next call at ADA and that's when you'll hear more of it. But we'll be very competitive with other cash offerings when we launch Stelo.

我將從 Stelo 定價開始，然後 Jereme 可以跳到另一個。 Stelo 的定價將具有競爭力。我們正在考慮多種模型。我們說過，我們會在下次 ADA 電話會議上向您提供更多相關信息，屆時您會聽到更多信息。但當我們推出 Stelo 時，我們將比其他現金產品更具競爭力。

Yes. And then to your question on Q1 in terms of pricing dynamics, the pricing dynamics are stable. We don't have a lot of contracts year-over-year that are changing and when we do have those contracts, in general, the pricing headwinds, we do have that typical medical device headwind that's continued to play out. So that is stable.

是的。然後，關於您關於第一季定價動態的問題，定價動態是穩定的。我們沒有很多每年都在變化的合同，當我們確實有這些合同時，一般來說，定價逆風，我們確實面臨著持續存在的典型醫療設備逆風。所以說是穩定的。

The one thing you do see as you get into the start of the year and benefits reset is we do see a lot of our new patients coming through the pharmacy channel.

當你進入年初和福利重置時，你確實看到的一件事是，我們確實看到很多新患者通過藥房管道進入。

We still have a very strong DME business, and certainly, the DME business continues to be supported by our partners very, very well. But what we find is as we call on more and more primary care physicians who are seeing where basal patients are seen, there is a bit of a heavier tilt towards the pharmacy channel for new patients. Again, the base is pretty stable.

我們仍然擁有非常強大的 DME 業務，當然，DME 業務繼續得到我們合作夥伴的非常非常好的支持。但我們發現，當我們呼籲越來越多的初級保健醫生了解基礎患者的情況時，新患者更傾向於藥房管道。再說一次，基礎相當穩定。

So what you do find is as you think about the mix, you do get a little bit more running through that channel given where the predominance of our new patients are coming from. I don't -- we don't call that price. It's pretty consistent year-over-year. but it is helpful to understand those dynamics. It's not anything new, but it's something just to continue to be mindful of as we move into a new year.

因此，您確實發現，當您考慮組合時，考慮到我們新患者的主要來源，您確實會透過該管道獲得更多的運行。我不——我們不這麼稱呼。與去年同期相比，情況非常穩定。但了解這些動態是有幫助的。這不是什麼新鮮事，但在我們進入新的一年時需要繼續注意。

We will 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。

Jereme, it sounds like you have a little bit of a cold, so hope you feel better. When I look at the stock in the aftermarket, it's down about 8%. You just had your easiest top of the quarter -- or of the year, sorry. And then the rest of the year just assumes a pretty nice acceleration throughout the course of the year off of tougher comps. Even when you do it on a 2 year stack basis, it's still more than you just put up in Q1. I know Japan is going to be a little bit of a tailwind. You've got a broader sales force now, but those guys take time to kick in.

傑瑞姆，聽起來你有點感冒了，希望你感覺好一點。當我查看售後市場的股票時，它下跌了大約 8%。抱歉，您剛剛經歷了本季或全年最輕鬆的頂峰。然後，在今年剩下的時間裡，假設在更艱難的比賽中，全年都會有相當好的加速。即使您以 2 年堆疊為基礎進行計算，它仍然比您在第一季中投入的要多。我知道日本將會有點順風。現在你已經有了更廣泛的銷售隊伍，但這些人需要時間來發揮作用。

Stelo is not going to really kick in until Q3, probably more like Q4. So just why the confidence in being able to hit kind of the midpoint of the guidance range for the remainder of the year, just given some of these dynamics?

Stelo 直到第三季才會真正發揮作用，可能更像是第四季。那麼，考慮到其中的一些動態，為什麼我們有信心在今年剩餘時間內達到指導範圍的中點？

Yes, sure. I'm happy to provide that, Matt, and thanks for the wishes on the cold. I was trying to impress you with my deep voice, I guess that didn't work. In terms of how the confidence on the year. One of the things that, as we go into a quarter, we try to set a base case. And the base case has risking around things like competitors, things like adoption in the basal base, things like what we would do in terms of channel mix and pricing internationally expansion. And while we said Japan was going to launch, you have to be mindful of that, talking about basal coverage and adoption outside the U.S.

是的，當然。我很高興提供這一點，馬特，並感謝您對寒冷的祝福。我試著用我低沉的聲音給你留下深刻的印象，我想那沒用。論對當年的信心如何。其中之一是，當我們進入季度時，我們嘗試設定一個基本情況。基本情況存在風險，例如競爭對手、基礎基礎的採用、我們在通路組合和國際擴張定價方面的做法。雖然我們說日本將要推出，但你必須注意這一點，談論美國以外的基礎覆蓋範圍和採用情況。

All of those go into as you set ranges for base cases. And as some of those get knocked down, we feel much more confident about raising the base case. And so that's the reason why we ultimately did it. We feel more confident in the base case as a floor. And so we certainly felt good there.

當您為基本情況設定範圍時，所有這些都會進入。隨著其中一些被推翻，我們對提出基本情況更有信心了。這就是我們最終這麼做的原因。我們對基本情況作為底線更有信心。所以我們在那裡感覺很好。

We haven't talked about it yet, but I think one of the things we are really excited about is in France, we've submitted our final paperwork for Dexcom ONE+ to launch with what we expect is basal coverage in the coming months. And so we talked about it. It was something we thought was coming.

我們還沒有討論過這個問題，但我認為我們真正興奮的事情之一是在法國，我們已經提交了 Dexcom ONE+ 的最終文件，我們預計將在未來幾個月內推出基礎覆蓋範圍。我們就這樣討論了。這是我們認為即將發生的事情。

We knew it was coming, but it was one of those things that we needed to make sure we did the appropriate steps. And so as we start to derisk it, that's one thing. In Germany, we have wonderful basal coverage there, or shouldn't say wonderful, for the small population that's agreed to it. But that's a wonderful start for us. In terms of now saying, well, there is a pocket of payers in Germany, albeit small that do have basal coverage. It's a wonderful progression for us. And we are the leader in terms of basal coverage in Germany right now.

我們知道它即將到來，但這是我們需要確保採取適當步驟的事情之一。因此，當我們開始消除它的風險時，這是一回事。在德國，我們有很好的基礎覆蓋率，或者不應該說很好，因為同意它的人口很少。但這對我們來說是一個美好的開始。就目前而言，德國有一小部分付款人（儘管規模很小）確實有基本保險。這對我們來說是一個美好的進步。目前，我們在德國的基礎覆蓋率方面處於領先地位。

And so these are the things that help derisk the year that hopefully give you guys a little bit more confidence in that base case, certainly, it gives us confidence in that base case. And that's why when we come out and feel comfortable moving that up. it's that confidence that we have in that base case.

因此，這些事情有助於消除今年的風險，希望能讓你們對基本情況更有信心，當然，它也讓我們對基本情況更有信心。這就是為什麼當我們出來並願意將其提升時。這就是我們對基本情況的信心。

And 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。

I wanted to ask a question here on Japan. It certainly sounds like you have really broad favorable coverage for all people with using insulin. So I want to understand where was penetration into that market with your distributor partner and what have been the barriers? What have really been the hurdles? And what are you going to do to -- try to attack those?

我想在這裡問一個關於日本的問題。聽起來您確實為所有使用胰島素的人提供了非常廣泛的優惠覆蓋範圍。因此，我想了解您的經銷商合作夥伴在該市場的滲透情況以及有哪些障礙？真正的障礙是什麼？你打算做什麼－嘗試攻擊那些？

Our penetration with our partner was next to very small. Japan has not been a big market for us in spite of the great coverage that has just come out, which is why we've gone direct and our distributor partner and us have gone our separate ways.

我們與合作夥伴的滲透率幾乎非常小。儘管剛剛發布了很好的報道，但日本對我們來說並不是一個大市場，這就是為什麼我們選擇直接銷售，而我們的經銷商合作夥伴和我們卻分道揚鑣。

We've had this experience in several geographies over the years. In those geographies where we acquire a distributor and existing infrastructure like we did in Australia, like we did many years ago in Germany, we get out of the gate very quickly, and we can grow a market very fast because we have an infrastructure already in place.

多年來，我們在多個地區都有過這種經驗。在那些我們像在澳洲那樣收購經銷商和現有基礎設施的地區，就像我們多年前在德國所做的那樣，我們很快就走出了大門，並且我們可以非常快速地發展市場，因為我們已經在當地擁有基礎設施地點。

With respect to Japan, it's like some of the other geographies, we're starting from scratch, similar to how we -- like we're doing in France, for example, we're starting from scratch in France on our own. It will take us a while to build that growth engine and build that dynamic in Japan. I think what held us back more than anything else is we just didn't have enough infrastructure and in all fairness, our distributor did well is most important for their business in their own minds. And there wasn't that commitment and that drive there.

就日本而言，就像其他一些地區一樣，我們從頭開始，就像我們在法國所做的那樣，例如，我們在法國從頭開始。我們需要一段時間才能在日本建立成長引擎並建立動力。我認為最阻礙我們的是我們沒有足夠的基礎設施，平心而論，我們的經銷商做得好對他們自己的業務來說是最重要的。那裡沒有那種承諾和動力。

There will be that commitment and drive going forward, but it's going to take a while to build it. It's not going to happen overnight. We're very confident. We've hired a team that can develop the relationships necessary. Japan is very much a market driven by physician and hospital decisions. We think what we've got, certainly, from a leadership perspective, a team that can build those relationships and do the things that they need to do, but it can take a little while.

將會有這種承諾和前進的動力，但需要一段時間才能建立起來。這不會在一夜之間發生。我們非常有信心。我們聘請了一支能夠發展必要關係的團隊。日本在很大程度上是一個由醫生和醫院決策驅動的市場。當然，從領導的角度來看，我們認為我們擁有一個可以建立這些關係並做他們需要做的事情的團隊，但這可能需要一段時間。

As I'm talking to you -- as we're talking to you years from now, I have every expectation that's going to be a very large market for us, but we'll be very successful there.

當我與你們交談時——正如我們幾年後與你們交談時，我完全期望這對我們來說將是一個非常大的市場，但我們將在那裡取得非常成功。

And we will take our next question from Bill Plovanic with Canaccord Genuity.

我們將接受 Canaccord Genuity 的 Bill Plovanic 提出的下一個問題。

Just I was wondering if you could just comment on attrition rates, reorder rates. What have you seen with the transition to G7 from G6. And then how do we think about this in the different patient populations as we get out of the IIT patients and into the basal hypo than eventually in non using.

我只是想知道您是否可以評論一下流失率、再訂購率。從 G6 過渡到 G7 您看到了什麼？然後，當我們擺脫 IIT 患者並進入基礎低血壓狀態而不是最終不使用時，我們如何在不同的患者群體中考慮這一點。

Yes, it's a question we've asked ourselves quite a bit. So I'm happy to give you our thoughts on it. From G6 to G7, we've seen a relatively consistent rate. There hasn't been much of a change in terms of retention utilization across those 2 products. And that's as expected as we upgrade folks from one to the other. Obviously, we think the G7 experience is wonderful, but so is the G6 experience, and we pride ourselves on the experiences that we offer. So that's been relatively consistent.

是的，這是我們經常問自己的問題。所以我很高興向您提供我們的想法。從G6到G7，我們看到了相對一致的比率。這兩種產品的保留利用率並沒有太大變化。當我們將人們從一種升級到另一種時，這正如預期的那樣。顯然，我們認為 G7 的體驗很棒，但 G6 的體驗也很棒，我們為我們提供的體驗感到自豪。所以這是相對一致的。

What we've also found to date, and I think it's important to start to date, is that there isn't really as much of a difference in the populations we've served across our -- across those folks on our products today. We find that there's only really one category where retention and utilization is markedly different, and it's those on AID systems. Everybody else seems to follow a pretty similar pattern of retention and utilization. And I say that to date because we are moving into new populations, we are moving more into basal. We are moving it more into non-insulin-using population, albeit still a smaller part of our user base.

到目前為止，我們還發現，我認為迄今為止很重要的一點是，我們所服務的人群與今天使用我們產品的人群之間並沒有太大的差異。我們發現，實際上只有一類的保留率和利用率有顯著差異，那就是 AID 系統上的類別。其他人似乎都遵循非常相似的保留和利用模式。我之所以這麼說，是因為我們正在進入新的種群，我們正在更多地進入基礎種群。我們正在將其更多地轉移到非胰島素使用人群中，儘管該人群仍然只占我們用戶群的一小部分。

And the hypothesis has always been we expect a high utilization in those spaces. We've always been positively surprised, but we are aware that as you move down the acuity curve, there is the potential opportunity for folks to use it, maybe a little bit less. That being said, we haven't seen it to date, but we'll keep you posted as we're moving through what we're seeing. To help you guys kind of get your arms around it, Kevin?

我們一直假設這些空間的使用率很高。我們總是感到驚訝，但我們知道，當你沿著敏銳度曲線向下移動時，人們有潛在的機會使用它，也許會少一點。話雖如此，到目前為止我們還沒有看到它，但我們會在我們處理所看到的情況時隨時通知您。為了幫助你們解決這個問題，凱文？

Yes. And I would add, as we head into nonintensive insulin therapy, we think there could be a number of outcomes here. And there could be a number of use cases for people. One of the reasons to maintain our distribution on our own website to start with is to begin to understand those patterns and to understand what the purchasing patterns, how many people prefer the subscription model versus individual onetime purchases. And how often do they come back and then use our tools to find out what the experience is like, what they like and what they didn't.

是的。我想補充一點，當我們進入非強化胰島素治療時，我們認為這裡可能會產生多種結果。人們可能有很多用例。首先在我們自己的網站上維護我們的分銷的原因之一是開始了解這些模式並了解購買模式是什麼，有多少人更喜歡訂閱模式而不是個人一次性購買。他們多久回來一次，然後使用我們的工具來了解體驗是什麼樣的，他們喜歡什麼，不喜歡什麼。

The other thing I would add with respect to retention and attrition, one of our biggest barriers, particularly back in the day, was the copays of the first quarter when everybody was in the DME world now that we have pharmacy coverage, that barrier has been eliminated a bit. And that's not as big a reason as to why we lose a customer at this point in time. It used to be in the past. We've been very successful in working that dynamic. The flip side is our DME patients have very strong retention rates and very strong utilization patterns because of the attention our fine distributors pay to them. So it's a mix of everything, Bill, but I think we're in a good spot.

關於保留和流失，我要補充的另一件事是，我們最大的障礙之一，特別是在當時，是第一季的自付額，當時每個人都在DME 世界，現在我們有藥房保險，這個障礙已經消除了一點。這並不是我們此時失去客戶的重要原因。這曾經是過去的事了。我們在這種動態方面非常成功。另一方面是，由於我們優秀的經銷商對他們的關注，我們的 DME 患者擁有非常高的保留率和非常強的利用模式。所以這是一切的混合體，比爾，但我認為我們處於一個很好的位置。

We will learn in the nonintensive insulin therapy world and figure out how to build product offerings to maximize our experience with those users.

我們將學習非強化胰島素治療領域的知識，並找出如何建立產品以最大限度地提高我們與這些用戶的體驗。

And 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。

I wanted to ask on one of your sales force comments, Kevin. I heard about the expansion faster and higher quality talent than expected. Those folks are hitting street in 2Q. I got that. I also heard about a new team upgraded structure, and it didn't quite follow what you're doing there and why it's impactful. So if you could unpack that update for me, I'd appreciate it.

我想問你對銷售人員的一項評論，凱文。我聽說擴張速度比預期更快，人才素質更高。這些人將在第二季走上街頭。我明白了。我還聽說了一個新的團隊升級結構，它並沒有完全遵循你在那裡所做的事情以及為什麼它有影響力。因此，如果您能為我解壓該更新，我將不勝感激。

Yes. As we look out over what we need to accomplish and where we needed more emphasis in the field, there are a couple of things happen. Number one, we realized as we had our reps who are calling on high prescribers also calling on a number of people who weren't prescribers are doing a bunch of -- going and finding new prescribers that we may not be paying enough attention to our high prescribers. And so as we've set things up, we do have a set of folks who spend more time in the endocrinology and high-prescribing diabetologists world than with primary care.

是的。當我們審視我們需要完成的任務以及我們需要在該領域給予更多重視的地方時，會發生一些事情。第一，我們意識到，我們的代表在呼籲高處方者的同時也呼籲一些不是處方者的人正在做很多事情——去尋找新的處方者，我們可能沒有對我們的處方給予足夠的關注。高處方者。因此，當我們做好準備時，我們確實有一群人在內分泌學和高處方糖尿病專家領域花費的時間比在初級保健領域花費的時間更多。

At the same time, we needed people to call on more primary care physicians. Consistently, we have learned over and over again that what we call on people, we win. And so we need to call on more folks get more people out there. We've been much more aggressive with our sampling program over the past several months. We need to get samples to more individuals. We need to knock on more doors and have more relationships.

同時，我們需要人們請更多的初級保健醫生。始終如一，我們一次又一次地了解到，只要我們號召人們，我們就能獲勝。因此，我們需要呼籲更多的人，讓更多的人參與其中。在過去的幾個月裡，我們的抽樣計畫更加積極。我們需要向更多人提供樣本。我們需要敲更多的門，建立更多的關係。

A third element of that is education. As we get to some of these offices where we have somebody who's only written 2 or 3 CGM scripts, we've always had certainly some account managers who are regional people use to help train patients if they don't have [doctor] training in the office. We made a little more investment there.

其中第三個要素是教育。當我們到達其中一些辦公室時，我們有一些人只編寫了2 或3 個CGM 腳本，我們總是有一些客戶經理，他們是區域人員，如果他們沒有接受過[醫生] 培訓，他們會用來幫助培訓患者。我們在那裡做了更多的投資。

And then last, there are many doctors, particularly as we get to sell and as we get more into the primary care world who may not even see a rep. And so we do have more of an internal sales force, and again, on a regional basis to do more of that work. So we're trying to go broader and deeper at the same time, deeper with our high prescribers in the endocrinology world and then broader across all aspects of primary care, including training and supporting patients.

最後，有很多醫生，特別是當我們開始銷售時，當我們更多地進入初級保健領域時，他們甚至可能看不到代表。因此，我們確實擁有更多的內部銷售隊伍，並且在區域基礎上做更多的工作。因此，我們正在努力同時更廣泛、更深入地與內分泌領域的高級處方醫生進行更深入的合作，然後在初級保健的各個方面進行更廣泛的合作，包括培訓和支持患者。

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

我們將回答史蒂夫·利希特曼和奧本海默提出的下一個問題。

I wanted to ask about the non-insulin [hypoglyic] risk group, which obviously does have coverage now and I think you've estimated before is about the same size as basal. Are the sales force expansion and moves you're making that you just alluded to, Kevin, in the commercial organization, helping with those education efforts? Any updates overall you could provide on sort of where you're at sort of tapping this opportunity would be great.

我想詢問非胰島素[低血糖]風險組，顯然現在確實有覆蓋範圍，我認為您之前估計與基礎風險組的大小大致相同。凱文，您剛剛提到的商業組織中的銷售隊伍擴張和舉措是否有助於這些教育工作？如果您能提供有關您在哪裡利用這個機會的任何更新，那就太好了。

Yes. And thanks for the question. You're right. It's a big opportunity for us, but it is one that has taken a little bit more time. Obviously, the focus is on basal with a known quantity, but the hypoglycemia unawareness or the severe hypoglycemia event, I should say, those are harder to educate folks. And so to your point, One of the things that we've done and Teri and her team have really focused on is really creating the educational materials and then arming the sales force accordingly to get out there.

是的。謝謝你的提問。你說得對。這對我們來說是一個巨大的機會，但需要更多的時間。顯然，重點是已知數量的基礎，但我應該說，低血糖意識或嚴重低血糖事件更難教育人們。因此，就您的觀點而言，我們所做的以及泰瑞和她的團隊真正關注的事情之一就是真正創建教育材料，然後相應地武裝銷售人員以開展工作。

And so if you have a situation where we are expanding our sales force and reaching broader and touch points, where a lot of these folks are seeing, right?

因此，如果我們正在擴大銷售團隊並擴大接觸點，很多人都看到了，對嗎？

They're seen really across the gamut of the health care spectrum. That expansion does allow us to get out there and educate more. But the biggest challenge is the education. It doesn't come to top of mind for individuals and prescribers that when this event takes place, I qualify. And that's just some more work we're going to have to continue to do on education. Again, more touch points, a good thing and the team is working hard at that.

它們確實存在於醫療保健領域的各個領域。這種擴張確實讓我們能夠走出去並接受更多教育。但最大的挑戰是教育。對於個人和處方者來說，當這件事發生時，我並沒有資格成為首要考慮因素。這只是我們在教育方面需要繼續做的一些工作。同樣，更多的接觸點是一件好事，團隊正在為此努力。

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

我們將接受 TD Cowen 的 Josh Jennings 提出的下一個問題。

Kevin, you mentioned that you'll have numerous iterations of Stelo over the course of the first 24 months of launch. And I wanted to just see if there's any other color you can provide on those iterations and the mostly are going to be on the software side? Or is one of the iterations going to be an increase in the rate of sensors lasting the full 15 days? And how important is that expansion to the success of Stelo.

Kevin，您提到在 Stelo 發布的前 24 個月內您將進行多次迭代。我想看看您是否可以在這些迭代中提供任何其他顏色，並且大部分將在軟體方面？或者迭代之一是增加持續 15 天的感測器速率？這種擴張對於 Stelo 的成功有多重要。

Well, we always work on sensor performance optimization, and we have a very, very strong program on that across the board. And Stelo on the G7 platform. So anything we do with G7 certainly can apply to Stelo. With respect to changes that we make, I think I can go back to what I said about G7. We literally had a software iteration every month since we launched G7 and we brought several new features into G7.

嗯，我們一直致力於感測器性能優化，我們在這方面有一個非常非常強大的計劃。還有G7平台上的Stelo。因此，我們對 G7 所做的任何事情當然都適用於 Stelo。關於我們所做的改變，我想我可以回到我所說的關於G7的話題。自從推出 G7 以來，我們實際上每個月都會進行一次軟體迭代，並為 G7 帶來了一些新功能。

We expect a similar ramp with Stelo once we launch it, and we have a number of features on a road map over the next 12 months that we would add to it from a software perspective, particularly as we learn what engages people as we start.

我們預計，一旦推出Stelo，它也會出現類似的成長，並且我們在未來12 個月的路線圖上有許多功能，我們將從軟體的角度添加這些功能，特別是當我們在開始時了解什麼吸引人們時。

But we've been very vague and we'll remain vague about the features we're going to have at launch and those that we're going to add for competitive reasons. We're just not going to give everybody else a road map.

但我們一直非常模糊，對於我們將在發佈時擁有的功能以及我們出於競爭原因而添加的功能，我們將保持模糊。我們只是不會向其他人提供路線圖。

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。

Kevin, I just wanted to maybe go back also to some of the comments you made earlier in the call on the Stelo approval and kind of maintaining the time line for the launch. If you could just talk -- you said things like I want to make sure our manufacturing capacity is there and don't want to sort of rush the launch post approval.

Kevin，我只是想回顧一下您之前在電話會議中就 Stelo 批准以及維持發佈時間表發表的一些評論。如果你能談談——你說過類似的話，我想確保我們的製造能力存在，並且不想在批准後匆忙啟動。

It would be also great to understand just given the excitement about what this product could mean outside of the diabetes community, how you're thinking about prioritizing like supply and resources and business development, market development between those 2 opportunities going forward?

考慮到該產品在糖尿病社群之外可能意味著什麼，您如何考慮未來這兩個機會之間的供應、資源、業務開發、市場開發等優先順序，了解這一點也將是一件很高興的事情？

Well, again, I appreciate that. And again, we're going to stick to our launch timing here. We have made great investments. We are ready to go. We're on our schedule. We're on our plan. And we're ready to launch to ready when we launch it. Our approval timing was very rapid. We gave the FDA tremendous credit for working through us with that. And our team, great credit for doing a wonderful submission. They did a great job to be able to get where we got so quickly.

嗯，我再次感謝這一點。再次強調，我們將嚴格遵守我們的發佈時間。我們進行了大量投資。我們準備出發了。我們按計劃進行。我們正在按計劃進行。當我們啟動它時，我們就準備好了。我們的批准時間非常快。我們對 FDA 與我們的合作給予了極大的讚揚。我們的團隊完成了精彩的提交，值得稱讚。他們做得很好，能夠這麼快達到我們的目標。

But we're going to stick to that time frame. And we think one of the reasons this will be successful is we will have everything lined up and ready to go the way it's supposed to be when we launch it. In all fairness, I've lived through many product launches here. And every time we go too early, I end up dealing with 3 day -- I'm saying I because everybody is in my office with 3 days inventory and what are you going to do?

但我們將遵守這個時間框架。我們認為這會成功的原因之一是我們將把一切都安排好並準備好按照我們啟動時應有的方式進行。平心而論，我在這裡經歷過許多產品的發布。每次我們走得太早，我最終都會處理 3 天的庫存——我說我是因為每個人都在我的辦公室裡，有 3 天的庫存，你打算做什麼？

We are devoting the proper resources. We have several G7 manufacturing lines in Malaysia. That factory just came up this summer. We manufacture G7 here in Arizona as well. So we've got plenty of G7 capacity, and we will be running those lines and we have lines dedicated to Stelo and we'll go there. But we're going to stick to our plan. We're very comfortable with it. We'll be ready to go when it's time.

我們正在投入適當的資源。我們在馬來西亞有幾條G7生產線。那家工廠今年夏天才剛建成。我們也在亞利桑那州生產 G7。所以我們有足夠的 G7 容量，我們將運行這些線路，我們有專門用於 Stelo 的線路，我們會去那裡。但我們會堅持我們的計劃。我們對此感到非常滿意。到時候我們就準備出發。

Yes. We think about resource allocation. There's obviously a combination of resources, which is what Kevin referred to as supply. And that's absolutely something we have the capacity to go after it. But in terms of resource allocation, then on the support, right?

是的。我們考慮資源分配。顯然存在著資源的組合，這就是凱文所說的供給。這絕對是我們有能力追求的目標。但從資源配置上來說，那就是支援吧？

And what do we do from a sales and marketing and where do the resources go, we're making the decision that really, quite frankly, are in the best interest of returns to the company and then serving the unmet need. So expect us to continue to look at that accordingly. One of the things we are doing this year, and I think you can see we've made it a priority is as we go through the organization and drive efficiencies, it allows us to reinvest in the business.

坦白說，我們在銷售和行銷方面做了什麼，資源去了哪裡，我們正在做出的決定確實符合公司回報的最佳利益，然後滿足未滿足的需求。因此，希望我們繼續對此進行相應的研究。我們今年正在做的事情之一，我想你可以看到我們已經把它作為優先事項，那就是當我們通過組織並提高效率時，它使我們能夠對業務進行再投資。

And all those efficiencies we've been able to get and working through leverage in the business, has allowed us to do all the work we're doing around Stelo, which includes all of our launch plans. So we'll continue to do the robust work that we do around resource allocation, really important. It's really important for us to do so in order to continue to scale, but also to scale efficiently and appropriately.

我們透過業務槓桿所獲得的所有效率，使我們能夠完成圍繞 Stelo 所做的所有工作，其中包括我們所有的發布計劃。因此，我們將繼續圍繞資源分配進行強有力的工作，這非常重要。對我們來說，這樣做非常重要，不僅可以繼續擴大規模，而且可以有效、適當地擴大規模。

And we will take our final question from Mike Kratky with Leerink Partners.

我們將接受 Leerink Partners 的 Mike Kratky 提出的最後一個問題。

How are you thinking about the possibility of seeing additional pricing pressure for G7 as one of your competitors start to [seeing] AID integration, which has historically been part of your value proposition for payers.

當您的競爭對手之一開始[看到] AID 整合時，您如何看待 G7 面臨額外定價壓力的可能性，這歷來是您對付款人的價值主張的一部分。

Well, again, that's also on a geographical basis in the U.S., we're very comfortable with our pricing, our pricing contracts. That's been very consistent over the course of several years. When you look at the product offerings in AID world and if you compare what we have to offer, we offer a number of features that make our offering much superior to anything else that's going to be out there.

嗯，再說一次，這也是在美國的地理基礎上，我們對我們的定價、我們的定價合約非常滿意。多年來，這一情況非常一致。當您查看 AID 領域的產品並比較我們所提供的產品時，您會發現我們提供的許多功能使我們的產品遠遠優於現有的任何其他產品。

With Dexcom patients can connect to 3 devices at the same time. They have the share follow system. They connect to the phone, they can connect to a pump. They can now connect directly to Apple Watch. We're very comfortable with our pricing position here over time. And our pricing is set up in our U.S. contracts regardless of whether it's AID or people who use sensors without it.

透過 Dexcom，患者可以同時連接 3 個裝置。他們有分享追蹤系統。他們連接到電話，他們可以連接到泵浦。現在他們可以直接連接到 Apple Watch。隨著時間的推移，我們對我們在這裡的定價地位感到非常滿意。我們的定價是在我們的美國合約中設定的，無論是援助還是使用沒有援助的傳感器的人。

Certainly, if we go to the tender system in Europe, there's a 2-tiered system in many countries. We offer the Dexcom ONE product at a lower price point to be able to address those who aren't on AID systems. And our AID pricing in those countries, we have prices set for G7 that are set in the tender process. So we're very comfortable with where we are in those as well.

當然，如果我們看看歐洲的招標制度，很多國家都有兩級制度。我們以較低的價格提供 Dexcom ONE 產品，以便能夠滿足那些沒有使用 AID 系統的人的需求。我們在這些國家的援助定價中，我們為七國集團設定了招標過程中設定的價格。因此，我們對自己目前的處境也感到非常滿意。

And there are no further questions at this time. I will now turn the call back to Mr. Kevin Sayer for closing remarks.

目前沒有其他問題。現在我將把電話轉回給凱文·塞耶先生做總結發言。

Thanks, everybody, for participating on our call today. This really was a great quarter for Dexcom, and we continue to drive the most important innovations in our industry. We're continuing to widen the gap between Dexcom and our competitors by driving more firsts in our CGM user experience, particularly in the G7 platform. Direct-to-watch has been the most requested addition to our experience ever since we launched G5 many years ago and now it's here.

感謝大家參加我們今天的電話會議。對於 Dexcom 來說，這確實是一個很棒的季度，我們將繼續推動業界中最重要的創新。我們正在透過在 CGM 使用者體驗方面推動更多第一，特別是在 G7 平台上，繼續擴大 Dexcom 與競爭對手之間的差距。自從我們多年前推出 G5 以來，直接觀看一直是我們體驗中最需要的補充，現在它就在這裡。

Our users are going to be able to, as I just articulated, have an incredibly discrete experience with CGM on an Apple Watch only, and that will include all of our shared follow system as well. So imagine, again, a parent who wants to send their kid to school without a phone, they will be able to do everything on a watch, what they used to be able to do on their phone. Access to CGM on a global basis continues to expand. We're very well positioned with our product portfolio to win these opportunities.

正如我剛才所闡述的，我們的用戶將能夠僅在 Apple Watch 上使用 CGM 獲得令人難以置信的離散體驗，並且這也將包括我們所有共享的關注系統。因此，再次想像一下，如果一位家長想要在沒有手機的情況下送孩子上學，他們將能夠在手錶上完成所有事情，就像他們過去可以在手機上做的那樣。全球 CGM 的使用範圍不斷擴大。我們的產品組合處於非常有利的位置，可以贏得這些機會。

And last, I'll just talk a bit about Stelo. We went from a December filing with the FDA on Stelo to a March approval for the first over-the-counter CGM product platform in the United States. This is going to greatly enhance the lives of many, many people, and we'll learn so much about it during this launch in 2024, we will be very well positioned in '25 in years going forward.

最後，我想談談 Stelo。我們從 12 月向 FDA 提交 Stelo 申請，到 3 月獲得美國第一個非處方 CGM 產品平台的批准。這將極大地改善許多人的生活，我們將在 2024 年的這次發布中學到很多東西，我們將在未來的 25 年中處於非常有利的位置。

And let's not forget the theme of this call, we continue to deliver outstanding worldwide top line growth, continued strong operating margin expansion. At the same time, we have not at all skimped on investing in our future products in R&D, and we have a very strong commitment to creating the scale necessary to drive this business where it needs to get and pursue all of our opportunities. Thanks, everybody, and we appreciate your support on the call today.

我們不要忘記本次電話會議的主題，我們繼續實現出色的全球營收成長，持續強勁的營業利潤率擴張。同時，我們在研發方面毫不吝惜對未來產品的投資，並且我們堅定地致力於創造必要的規模，以推動這項業務獲得併追求我們所有的機會。謝謝大家，我們感謝你們今天在電話會議上的支持。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。