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)

各位女士、先生，歡迎參加 Dexcom 2024 年第一季財報發布電話會議。我是 Abby，將擔任今天會議的接線員。（接線員指示）

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.

提醒各位，本次會議將被錄音。現在我將把電話交給財務與投資人關係副總裁 Sean Christensen。Christensen 先生，您可以開始。

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.

謝謝你，Abby，也歡迎各位參加 Dexcom 2024 年第一季財報電話會議。我們的議程首先由 Dexcom 董事長、總裁兼執行長 Kevin Sayer 概述近期亮點與持續推動的策略性計畫，接著由我們的財務長 Jereme Sylvain 進行財務回顧與展望。在我們的預備發言之後，將開放各位提問。

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，我們請分析師每人僅限 1 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」頁面上也提供與我們 2024 年第一季表現相關的投影片。接下來，讓我們先回顧安全港聲明。

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。本簡報中所有前瞻性陳述均以本簡報日期為準，係基於 Dexcom 目前可得資訊作出，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中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此等前瞻性陳述所明示或暗示內容產生重大差異的因素，已詳載於 Dexcom 的 Form 10-K 年度報告、最近一期 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。除法律要求外，我們不承擔在本簡報日期後更新任何此等前瞻性陳述，或使該等前瞻性陳述與實際結果一致的義務。

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 與以現金為基礎的結果。除非另有說明，所有對財務指標的引用均以非 GAAP 基礎呈現。此額外資訊之呈現不應被孤立看待，亦不應視為可替代 GAAP 編製之結果，或優於 GAAP 編製之結果。

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.

請參閱我們的財報新聞稿中的表格，以及隨第一季財報簡報所附的投影片，以取得這些衡量指標與其最直接可比之 GAAP 財務衡量指標的調節表。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 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.

謝謝你，Sean，也謝謝各位加入我們。今天我們公布 Dexcom 再度交出亮眼的一季成績，2024 年第一季有機營收較 2023 年第一季成長 25%。Dexcom CGM 的需求仍然非常強勁，因為客戶持續認可並重視我們領先的產品效能與差異化的使用者體驗。

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 在美國上市至今才一年，但我們已在這段期間看到市場格局出現顯著變化。我們吸引了數以萬計的新開立處方醫師加入我們的生態系，顯著提升在基層醫療中的能見度，並且在過去一年受惠於適用範圍擴大與給付覆蓋提升，來自糖尿病患者的需求持續成長。這股動能很大一部分可直接歸因於我們的產品效能與創新功能。

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，我們延續在感測器準確度方面的領導地位，並在易用性上邁出重要一步。我們也導入全新的軟體生態系，旨在改善使用者體驗並帶動高水準的客戶參與與留存。重要的是，我們持續透過硬體與軟體平台的持續改良來強化 G7 體驗。事實上，自 G7 上市以來，我們幾乎每月完成一次軟體更新，導入新功能、提升效能與連線能力，並在最近建立了將胰島素資料整合至我們 App 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.

這些都是我們新軟體架構能夠更快速創新的絕佳例證。我們持續致力於提升客戶體驗，並鞏固 Dexcom 在此領域的技術領導地位。基於此，我們在第一季非常振奮地獲得 FDA 核准 G7 的「直接連接手錶」功能。此核准將使客戶可將 Apple Watch 作為主要顯示裝置，而非透過手機連接，讓他們在與葡萄糖資料互動的方式與場景上擁有更高的彈性。

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.

這也為我們長長的「業界首創」清單再添一筆，因為 G7 是第一款獲 FDA 核准、可由感測器直接與手錶通訊的 CGM。為了實現此功能，我們在 G7 的設計中建置了強健的連線基礎架構，可同時連接 3 個不同的藍牙裝置；客戶可同時連接手機、幫浦或接收器，以及手錶。Dexcom 是唯一能為客戶提供這些選項的 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.

自我們在英國與愛爾蘭推出直接連接手錶的軟體以來，已收到非常好的回饋，並期待不久後擴展至更多市場。此類功能進一步鞏固我們作為 CGM 產業創新者的地位，並在全球可近性與認知度持續提升之際，強化我們的感測器平台。

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.

提醒各位，我們最近已跨越一個重要里程碑：自 CMS 作出具里程碑意義的決策、擴大對所有使用胰島素者以及部分未使用胰島素但有低血糖困擾者的給付覆蓋，至今已滿一年。此決策為這些族群帶來更廣泛的商業保險覆蓋，進一步強化我們作為美國給付覆蓋最廣 CGM 的地位，也擴大了我們與付款方的對話範圍。過去付款方長期認可 Dexcom 在胰島素劑量調整上的助益，如今也日益重視我們透過行為改變與客戶參與來推動更佳健康結果的能力。

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.

臨床社群對這些效益的認知也在提升；在目前可取得更廣泛給付覆蓋的情況下，許多醫師已開始在其照護計畫中更早導入 Dexcom CGM。他們認為生活型態管理是糖尿病照護與代謝健康領域的基石，並將 CGM 視為可與 GLP-1 等新型藥物治療並行、用以推動行為改變的核心工具。基於此，我們將在第二季於 G7 App 中推出用藥紀錄模組與活動整合工具，以協助使用 Dexcom CGM 並採用這些療法的族群。

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.

雖然這在過去一年大幅協助我們擴展開立處方醫師基礎，但我們仍僅觸及這個龐大機會的一小部分。美國有超過 20 萬名基層醫師，為數以千萬計的糖尿病患者提供治療。我們仍有明確機會在此通路中深化布局，以為其病患帶來更高水準的照護。因此，我們在上一季宣布擴編銷售團隊。我們對於這些職位所吸引到的高度興趣與人才品質感到非常驚艷。

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.

截至第一季末，我們已完成招募並對這些新業務代表完成訓練。這支團隊已準備好立即投入，我們也期待他們在今年逐步建立更強的成長動能。作為此項計畫的一部分，自第二季起，我們也將採取措施優化銷售團隊架構，以便在內分泌科醫師與基層醫師的拜訪重點，以及母胎醫學領域的領先臨床醫師之間，達到最高效的覆蓋與執行。

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.

我們預期在此升級後架構下的新團隊，將協助我們更好地把握未來龐大的機會。基於此，我們也在公司歷史上達成另一項重要里程碑：FDA 核准我們最新產品 Stelo——這是美國第一款獲核准可在無處方情況下使用的葡萄糖生物感測器。鑑於有 2,500 萬名第二型糖尿病患者未使用胰島素或有嚴重低血糖風險，存在顯著未被滿足的需求，我們開發 Stelo 作為更貼合此族群的解決方案，並與 FDA 密切合作以簡化取得此產品的途徑。

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.

透過移除處方的負擔，我們預期 Stelo 將同時引發臨床社群的廣泛興趣，並直接吸引希望更了解自身血糖狀況的糖尿病社群成員。在我們與 FDA 的對話中，很明顯 iCGM 的準確性在建立這一全新感測器類別時仍至關重要，既是安全措施，也能確保客戶獲得可靠且可採取行動的資訊。Stelo 將運用我們 G7 感測器硬體業界領先的準確性，同時提供客製化的軟體體驗，以更直接滿足未使用胰島素者的需求。

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.

我們正按計畫於今年夏天推出 Stelo，作為一款 15 天期的自費產品。我們也將持續向保險支付方建立更廣泛給付覆蓋的論證。Stelo 初期將透過全新電商網站進行履約配送，並提供一次性購買或訂閱模式。我們期待在上市前立即提供更多 Stelo 功能細節（包含定價），並將在 ADA 以及我們第二季財報電話會議上，分享更多上市策略與訂購流程的更新。

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.

在我們的國際業務方面，本季我們也推進了幾項關鍵策略性計畫。2 月，我們正式在 8 個歐洲市場推出 Dexcom ONE+，這是我們將整個 Dexcom ONE 產品線轉移至 G7 外形規格的第一步。此一轉換為該客群帶來多項 G7 的技術優勢，例如更小的外形規格、更短的暖機時間與更高的準確性，並進一步簡化醫師的開立處方流程。

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.

轉向共用的硬體平台也會隨時間推進而有利於我們的成本結構，因為這使我們能將更大的產量導入 G7 產線，並更快達到規模化。我們也完成了日本市場轉為直銷模式的轉換，使我們得以在第二季初開始商業營運。提醒一下，日本是全球少數對所有使用胰島素者提供給付覆蓋的市場之一，涵蓋人數超過 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，市場滲透仍處於早期階段，我們看到在 Dexcom 的 CGM 市占方面推動更高採用率的重大機會。因此，我們相信隨著未來幾季在該市場強化布局，日本有望隨時間成為我們的重要成長動能。對我們而言，這是一個令人振奮的時刻。Stelo 的推出將帶來許多學習，我們也很高興能再次以一個新的使用者子族群，開創 CGM 產業。我們期待在展開這段旅程時，與各位分享更多更新。

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

接下來，我把時間交給 Jereme，請他回顧第一季財務表現。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 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，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投資人關係網站上查閱。2024 年第一季，我們全球營收為 9.21 億美元，較 2023 年第一季的 7.41 億美元成長，按報告基礎成長 24%，按有機基礎成長 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，我們對有機營收的定義，排除匯率影響，並排除過去 12 個月內收購或處分的非 CGM 營收。美國第一季營收合計 6.53 億美元，較 2023 年第一季的 5.26 億美元成長 24%。我們近期在美國的動能本季持續，因為我們再次受惠於公司史上最大規模的給付覆蓋擴張。

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.

這帶動了美國市場本季再度出現顯著的新客戶需求，並促成我們全球創紀錄的新啟用（new start）季度。如 Kevin 所提到，我們很期待透過擴編的銷售團隊延續這股動能，也期待在未來幾個月看到新團隊逐步上手。國際營收第一季成長 24%，達 2.68 億美元。第一季國際有機營收成長為 26%。我們在國際版圖的執行表現非常出色，本季再次取得市占，受惠於我們聚焦的准入擴張與產品組合策略。

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交出特別強勁的一季，足以抵銷日本在完成轉為直銷前成長暫停的影響。我們第一季毛利為 5.69 億美元，毛利率為營收的 61.8%，相較 2023 年第一季為營收的 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.

此一毛利率結果符合我們的預期，因為 G7 持續在我們的產品組合中占比提高。提醒一下，目前 G7 的毛利率低於 G6。因此，隨著我們在美國與馬來西亞的 G7 產線推動更高產量，我們預期未來幾季情況將有所改變。

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 G7 需求持續、與胰島素幫浦的整合，以及將 Dexcom ONE 轉移至 G7 平台的推動下，我們持續看到更多既有用戶轉向 G7 外形規格。2024 年第一季營業費用為 4.289 億美元，較 2023 年第一季的 3.912 億美元增加。本季再次展現我們在成長過程中創造顯著營運槓桿的能力。事實上，第一季我們的營收成長速度超過營業費用成長速度的兩倍，使得相較 2023 年第一季，OpEx 槓桿改善超過 600 個基點。

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 年第一季營業利益為 1.402 億美元，占營收 15.2%；相較之下，2023 年同季為 7,860 萬美元，占營收 10.6%。第一季調整後 EBITDA 為 2.209 億美元，占營收 24%；相較 2023 年第一季為 1.459 億美元，占營收 19.7%。第一季淨利為 1.282 億美元，或每股 0.32 美元。我們的財務狀況依然非常穩健，季末持有約 29 億美元的現金及約當現金，且在自由現金流幾乎年增一倍的帶動下達成。

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.

這讓我們在支持有機成長機會以及評估任何策略性資本運用方面，具備相當大的彈性。就產能而言，我們仍處於非常有利的位置：馬來西亞正快速擴產，同時我們也透過愛爾蘭廠的建置進一步分散製造版圖。這使我們能良好支援近期成長機會，包括今年夏天備受期待的 Stelo 上市。

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%.

接著談展望。我們上調營收指引的中位數，更新後區間為 42.0 億至 43.5 億美元，代表全年有機成長 17% 至 21%。就利潤率而言，我們重申先前的全年指引：非 GAAP 毛利率區間 63% 至 64%，非 GAAP 營業利益率約 20%，以及調整後 EBITDA 利益率約 29%。

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

接下來，我們可以開放問答。Sean？

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，Jereme。提醒一下，我們請各位聽眾此刻先限制為只提 1 個問題，如有需要可再重新排隊。Abby，請提供問答說明。

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

（接線員指示）我們將接聽第一個問題，來自 UBS 的 Danielle Antalffy。

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?

恭喜今年開局強勁。Kevin，Stelo 取得非處方（OTC）核准顯然是我們在第一季看到最令人振奮的事情之一。你能否協助我們理解，你認為 OTC 標示如何擴大你們的可服務市場？以及你們如何讓新的銷售團隊對齊以把握這個機會？

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。這對我們而言確實同樣令人振奮——正如你可以想像的，Danielle，外界對 Stelo 的媒體曝光、詢問與討論熱度，幾乎超過我們過去做過的任何事情。非常精彩。我們對此非常興奮。

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.

就我們在思考這件事時，它擴大了我們的可及性：有 2,500 萬名第二型糖尿病患者未使用胰島素，或不會遭受嚴重低血糖。我們希望能快速推出該產品，並讓他們非常容易取得。我們做了研究，也花了很多時間思考。最好的方式就是取消處方流程，不要讓他們夾在醫師開立處方的流程中間。這對醫療照護提供者也有幫助，因為他們也不必打電話給藥局並處理處方。

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，這件事的關鍵，特別是要觸及大量人群，就是讓它非常容易取得。這也是我們選擇以非處方（OTC）方式推出的原因。同時，正如我在發言中提到的，我們對標示內容感到非常振奮，而且即使改為非處方，我們仍然保有圍繞這個感測器的 iCGM 控制；我們並不是改成非處方就把大門完全打開讓所有人都能隨意進來。你仍然必須有一個極其優秀的產品，才能做到這樣的事。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，我對擴張以及銷售團隊的配置與定位做了幾點評論。我們確知，當我們在醫師端有覆蓋、當我們拜訪醫師時，我們的表現非常好。因此在我們重新配置銷售團隊時，我談到在內分泌科、基層醫療，以及母胎醫學市場之間進行重新配置。

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.

我們已重新配置團隊，使得我們——我們有專員在內分泌科診所、以及高處方量的醫師那裡投入更多時間，而不是把太多時間放在處方量不高的醫師身上。而許多新增人力、許多擴張則與基層醫療相關，他們將與基層醫師討論 Stelo；基層醫師幾乎會看診所有未使用胰島素的第二型患者。

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.

因此透過這樣的擴張，我們相信也能在醫師端取得更高的覆蓋率。於是他們也會把訊息帶出去，並與醫師溝通。不過這同時也會是一個以訊息驅動的直接面向消費者（DTC）的模式，就像你看到其他所有第二型產品一樣。Jereme，你接著說，你可能也可以補充一些。

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。你問到銷售團隊的問題。Kevin 當然指出 Stelo 是銷售團隊的一大重點，並且能擴大 TAM（總可服務市場）。因此，擴張的原因之一正如 Kevin 所說，那裡有巨大的機會。不過，我們在既有市場也同樣有巨大的機會。G7 是很棒的產品，G6 也是很棒的產品；而且在那些類別中的給付覆蓋也持續擴大。因此，擴編銷售團隊也讓我們能在那個類別中覆蓋更多。

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.

而那個類別的表現也持續非常出色。本季我們創下新病患數的單季紀錄。因此你可以預期，隨著銷售團隊的擴張，兩端都會出現實質成長。

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

接下來我們將接聽來自摩根大通（JPMorgan）的 Robbie Marcus 的提問。

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?

恭喜繳出不錯的一季。我想談談我們在損益表（P&L）上看到的槓桿效應，這相當令人印象深刻。營業利益率大概提升了 150 個基點。所以想請教我們應該如何看待今年的毛利率走勢、營業利益率走勢；我看到你們重申了指引，但我想理解一下節奏，特別是考量 Stelo 上市，以及本季帶來上行的關鍵驅動因素，還有我們應該如何看待它在今年接下來的表現？

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.

好的。當然可以，Robbie。謝謝你的問題。談到毛利率，思考方式是：當然在一年當中，我們在設定指引時就談到，今年看起來會比較像一個更典型的年度。而在更典型的年度裡，你通常會在一年期間看到 300 到 400 個基點的擴張。我預期今年整體也會是這樣。

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.

去年因為從 G6 轉換到 G7 發生了很多事，那不是典型的一年。我們也有新的製造設施上線。但如果你回頭看更早之前的年度，你會看到那樣的節奏。我們目前至少是以這種方式來思考今年全年的走勢。因此，從營業利益率角度、或至少從營運費用（OpEx）支出角度來看，這能提供你一些節奏上的背景：我們已經對銷售團隊做了投資，所以你會在第一季看到這些反映出來。正如你所說，你在第一季看到不錯的槓桿效應。

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.

隨著我們在第二季於日本正式上線，我們也會在日本進一步投資，而這會在全年逐步反映出來。然後很明顯地，隨著夏季期間 Stelo 的上市，我們也會在那方面進行投資。因此，雖然在今年剩餘期間，我們不會再取得你在第一季所看到的那種同等槓桿效應，但你仍應預期全年會有一定程度的槓桿效應，而這最終會反映為營業利益率的擴張——儘管毛利率指引相較前一年大約會有些微回落。大致上就是這樣理解。

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.

至於第一季的超預期表現，我想你指的是營業利益率的優於預期。我認為這裡的重點是：這對我們而言是個令人鼓舞的訊號。過去幾年我們已經證明，我們能在這個業務中推動槓桿效應；今年也不例外。我們在前幾年談到的所有努力都在持續進行。不過，僅憑第一季就改變我們對全年看法仍稍嫌過早。正如你提到的，第一季有個很好的開局，我們會隨著年度進展持續向各位更新進度。

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

接下來我們將接聽來自富國銀行（Wells Fargo）的 Larry Biegelsen 的提問。

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?

Kevin，我想問問 Stelo。我聽到你對電商網站的評論。為什麼選擇電商網站，而不是藥局與零售通路？也請談談你如何看待使用情況的發展。我知道適應症僅限於第二型口服用藥患者，但你是否看到未來有機會拓展到第二型口服用藥患者之外，例如糖尿病前期以及注重健康的人群？

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.

我先從最後一個問題開始，再回到網站。該產品的標示適用於未使用胰島素的人群；它不一定只標示給糖尿病患者使用。我們設計的使用體驗更聚焦在第二型糖尿病患者，因為我們相信那裡存在非常、非常強烈的未被滿足需求；而一個針對該需求量身打造的產品，我們認為會有很好的表現。

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.

我們相信沒有糖尿病的人也會感興趣，並且確實會使用、也會購買。但一開始的重點會放在這個有直接需求的市場。隨著時間推進，我們確實看到這個平台以及我們軟體中的功能，會逐步延伸到其他市場；我們只是希望先從這裡開始。至於網站，以及我們採用這種直接分銷模式的原因，我們在一些國際市場推出產品、並在推廣 Dexcom ONE 的過程中，已經取得很大的成功，所以我們知道怎麼做。

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.

第二，我們希望在剛開始上市時保有一些掌控力。我們想了解正在發生什麼事。我們想追蹤使用模式。我們想看看進展如何，而我們認為這是最有效率的方式。回到我先前的評論，我說過一開始我們會在這個計畫中推出。我認為當規模變大之後，如果透過其他分銷通路能更有效率地把更多產品送到人們手上，我們會尋求其他通路。

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.

我們的準備非常充分，也已經投入大量工作建置這個網站，而後續的配送流程將會非常高效率。因此我們目前不擔心會被需求淹沒；我們處於非常有利的位置，能透過我們已建置的網站，把這項產品送到想要它的人手中。

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。至於你關於使用率的問題，Larry，情況會是各種型態都有。我認為會有一些使用者會全職使用；也有一些人會間歇性使用。這是根據我們的市場研究。我們的市場研究基本上——在多數情況下——顯示，一旦人們開始使用這個產品，他們就想持續使用。我們也做過一些研究，結果顯示在研究期間的使用率很高，而且在研究結束後也有很高的意願要求繼續使用。話雖如此，當我們思考建模時，我們希望確保做法審慎。因此我們最終會提出多種使用型態的假設。

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.

所以我認為你會看到各種情況都有。那個族群非常龐大，我想你會看到各式各樣的組合。幸運的是，我們總是驚喜地發現，人們想要配戴這些產品的頻率往往比預期更高。

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

接下來我們將接聽來自花旗銀行 Joanne Wuensch 的提問。

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?

恭喜本季表現。Stelo 已以 15 天規格在市場上推出，將 15 天感測器導入 G6 或 G7 平台需要哪些步驟？轉向這個使用天數的經濟效益如何？

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 的 15 天版本。我們不會再在 G6 上花更多錢了。我可以向你保證這一點。我們之所以以 15 天、並以目前的 G7 平台推出 Stelo，其中一個原因是要在這類環境中學習其表現。如同我們先前提到的，我們的客戶對產品效能的可靠性與表現有一定期待。我們希望確保能交付這些期待，因此一開始採用 10 天時程時我們覺得更有把握。

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.

我們在研發上有多項臨床與研發工作，目標是在某個時間點把平台推進到 15 天，涵蓋所有 G7 產品，也包括我們在國際市場的 Dexcom ONE+。如同我們在指引中所說、以及我們目前的規劃，這不預期會在 2024 年發生，但確實預期不會太久之後就會發生。因此你會隨時間聽到並看到更多相關資訊。

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.

經濟效益其實很簡單：在 30 天期間你賣的是 2 個感測器，而不是 3 個。因此只要另一端具備適當的可靠性，我們就能看到顯著的毛利提升；因為如果你用 FedEx 箱寄出一個感測器去替換一個無法運作的感測器，你的規模經濟就全都被抵消了。所以我們不只是看 15 天，而是要讓它可靠。

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.

我們也非常認真地評估，在轉向 15 天時，如何為個人提供最極致、最有效率的客戶體驗，讓他們準備就緒。這樣才能交付我們一貫交付的內容；因為我們的 CSAT 分數以及對客戶的調查中，我們一直聽到的一件事，就是人們非常重視那樣的體驗與我們提供的支援。因此這是多種因素的結合。但就科學與研發而言，我們在 15 天產品上已經走得很前面了。

We will take our next question from Jeff Johnson with Baird.

接下來我們將接聽來自 Baird 的 Jeff Johnson 的提問。

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.

我想問一下 basal（基礎胰島素）方面。你們能否提供一些可見度，說明它的擴張情況？本季顯然是新啟用人數創新高的一季，我猜 basal 對此貢獻不小。但過去幾季的逐季走勢如何？我想應該仍以相當健康的速度逐季成長，但能否提供一些補充說明？另外，關於美國 basal 族群內的市占也有一些討論。也希望你能在這方面提供一些洞見。

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.

好的，我來回答。謝謝你，Jeff。我想當我們談到今年的預期時，我們是以整個族群的 basal 採用率為脈絡來談的。我們提到，預期在年底時，美國 basal 族群的採用率大約在 15%，並在一年之中提升到 23%。也就是滲透率提升約 8 個百分點。

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.

截至第一季為止，成長如我們預期。新病患數創新高，我想也印證了這點。你說得沒錯，我們的新病患中有相當一部分是透過 basal 通路而來，而我們也持續看到該類別表現非常好。

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.

所以就質性面而言，我們先前談到的那些因素、該通路的熱度，仍然存在。至於市占提升以及我們如何看待該類別，我們會取得處方（script）資料，並依病理狀況來分析處方資料。所謂的「爭論」——對我們內部而言沒有爭論。我們知道自己正在拿下市占，也看得到那些數據。我想你們很多人也看得到那些數據。就這點而言，數據就在那裡，你可以看到處方持續往我們這邊來。

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.

就我們先前談到的重點而言，當我們有給付覆蓋、並且與競品正面競爭時，我們通常都能勝出。所以我想我們可能不同意外界的一些說法。但我認為數據很清楚。當你看處方資料時，我想它會持續顯示這件事隨時間的走向。希望這有幫助。

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

接下來我們將接聽來自 Raymond James 的 Jayson Bedford 的提問。

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?

關於 Stelo。Kevin，你提到要快速推出，但你們要到夏天才上市；我當然不是要不耐煩，但除了銷售團隊訓練、也許還有電商建置之外，你們還在做哪些上市前準備？另外，FDA 是否還需要核准其他任何事項？我在想例如 App 或類似項目是否需要在上市前核准？

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.

不需要，我們已取得完整的 FDA 上市核准。以 Dexcom 過去的經驗來看，當我們獲得非常快速的核准時，我們往往會變得非常心急，然後很快就上市。而我們也——有時候——因為推出得太快而讓自己陷入困境。我們對這個產品有一套上市計畫，是依據我們預期 FDA 核准會在何時到來而制定的，我們會照既定的上市計畫執行。

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.

我們有製造排程。我們已設置產線。我們兩者都有。我們所有東西——包裝、所有需要的項目——都已準備就緒，但我們會照既定計畫走。我們相信這個時點很好，沒有必要急著做任何事。因此我們會按原計畫進行，我們也對此感到放心。

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

接下來我們將接聽來自 William Blair 的 Margaret Andrew 的提問。

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.

我想追問一點，Kevin，我記得你先前在評論中提到，你們看到保險計畫對於在照護更早期的病患有越來越多的給付覆蓋。我想確認你指的是 basal（我們當然已經聽過），還是指未使用胰島素的糖尿病前期、非糖尿病者，或一些較不傳統的族群——大概這三類。然後為什麼——另外，回到 Stelo，顯然（聽不清楚）。但你能否分享一下，目前有多少人已主動透過你們網站聯繫，表示想在上市時購買產品？

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.

嗯，目前沒有人聯繫要購買，因為我們還沒有開放販售，但我們確實收到很多詢問。而且同樣地，從媒體曝光、文章、訪談以及各種徵詢來看，Stelo 一直是我們在新聞面向上最大的亮點。當我們的業務代表走進基層醫療診所時——我剛花了不少時間和幾位外勤團隊成員在一起——他們一進門被問的就是：我什麼時候能看到 Stelo？

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.

而且當我在——在 ATTD 的時候，很有意思，很多醫師走過來問我，Stelo 在我的臨床實務中會如何影響我。所以大家對此非常感興趣，也有很多討論熱度。至於在治療更早期就使用 CGM，我們確實在基礎胰島素（basal）上看到這個趨勢。我們看到當有人開始使用基礎胰島素時，就像你開始用基礎胰島素一樣，你也不妨同時使用感測器來了解這對你身體的影響，這樣你可以學習，而我們也能依需要調整你的基礎胰島素劑量（titrate）。我們也在評估產品方案與軟體強化，以讓這個體驗更好。

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.

但即使在第一型族群，Margaret，你現在也看到孩子出院時就帶著他們的 Dexcom。孩子被診斷後住院，然後出院時就已經戴著 Dexcom；而且我今天早上甚至還跟某人聊到，一位 6 歲孩子被診斷後，出院時就戴著 Dexcom，因為他們被告知沒有它就不可能管理這個疾病。所以我們確實已經成為一個非常、非常快就會介入的產品與解決方案。

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.

我也認為我們看到，特別是如果有保險給付的情況下，對於第二型糖尿病、且未使用胰島素的人，醫師知道病人可以取得（有給付），就會把它提供給他們，並把這當作教學輔助、作為工具來幫助這些人管理病況。整體而言，CGM 一再地在治療更早期就被使用。

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。而且 Margaret，這也是我們——去年我們應該稍微談過——我們在 G 系列推出自費（cash pay）選項的原因之一。這麼做的原因之一是，如 Kevin 所提到的，確實在糖尿病管理的各個面向，大家的興趣都提高了。因此，那些確實有預算、能夠涵蓋所有糖尿病患者的方案，以及自費選項——在那裡確實有一些採用量；當然這不是我們採用量的多數，也不是我們客戶基礎的主要部分，但市場興趣是存在的。

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.

因此你會持續看到這種情況發生。這也是為什麼我們對 Stelo 非常看好。回到 Kevin 的觀點，為什麼這個產品有這麼多主動的詢問與興趣。所以希望這能提供你一些背景：對此的關注正在形成一股浪潮，而且這是合理的，因為它能幫助很多人。

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

我們接下來的提問來自 Jefferies 的 Matt Taylor。

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]?

我想問一個綜合性的問題，關於你們談到在治療路徑中更早介入，以及 Stelo 即將推出。顯然你們也有計畫嘗試擴大給付，並與保險支付方討論這如何讓病人受益。所以問題是：你們是否看到支付方的跡象，表示今年有可能讓 G 系列和／或 Stelo 以某種形式獲得給付，也就是在治療路徑上比基礎胰島素（basal）更早？以及你們認為要多久才能讓 Stelo 取得任何形式的給付（正式地）？

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，這是個合理的問題。市場上確實有一些方案其實涵蓋所有糖尿病患者——這不是大多數方案，但這些方案很早就看到了 CGM 的價值：作為生活型態改變的工具、預防工具，以及最終能把成果回饋到整個體系的工具。其經濟性也就是我們之前跟你們談過的那套。因此有些方案已經這麼做了，但同樣地，並非多數。

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，更廣泛的給付、或我們如何更早導入，我不認為我們預期今年會有顯著擴張。當然以單一方案來看，會零星取得一些進展。但在目前這個時間點，這些還不是全國性處方集（national formularies）的主流。因此我認為相關工作仍需要持續推進。

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.

我認為我們之所以想把 Stelo 推向市場，其中一個原因是：除了正在進行的所有臨床試驗、以及我們一貫在做的臨床研究工作之外，還有我們與合作夥伴組織所取得的真實世界數據（real-world data）。我認為這將非常有幫助，能向支付方與雇主證明：為什麼這是一個能在最終改善健康、並在最後降低成本的好工具。

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.

所以我不預期會在 2024 年發生。如果你問我們時間表，Kevin 一直很清楚地說，我們認為需要 2 到 3 年的時間窗口才能做到。我們非常有動力加快速度；但無論如何，這是我們會持續努力的方向，並在我們取得進展時向你們更新。

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

我們接下來的提問來自 Stifel 的 Mathew Blackman。

Can you here me okay?

你聽得到我嗎？

Yes.

聽得到。

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，太好了。也許 Jereme，這題是問你的。我知道你不會給我精確數字，但我還是要問。關於 G7，就算是非常粗略地看，在已安裝用戶基礎（installed base）的組合占比上，我們目前大概在哪裡？我想更重要的問題是：就 G7 的占比而言，毛利率開始增厚（gross margin accretion）的臨界點在哪？這是我們今年會達到的嗎？這是否是你們季度對季度改善、以達到全年指引的一部分？還是這會在更後面才發生？另外，AID 整合是否是這個爬坡的關鍵組成？

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。所以——這是我的預期。我們目前的追蹤情況是——當然，這也取決於今年過程中事情如何發展——但我們正朝向一個點：G7 作為我們整體銷售的占比，最終會超過 G6。我預期在 2024 年接下來幾個季度就會發生。所以這個趨勢正在推進。

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.

而且它確實開始——很明顯是在去年下半年開始加速；並且如你所說，AID 整合對用戶基礎非常有幫助。所以這正在發生，也正是今年下半年部分槓桿效應的原因。當 G7 開始成為主要產品時，規模經濟就會開始發揮作用，這時你就會看到成本低於 G6。

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.

因此這可能今年就會發生，也很可能在我們完成轉換的過程中發生。這將取決於我們推進的速度。我可以告訴你，第一季的轉換速度非常強勁。就新病人導入而言，我想你們也能從處方量（scripts）看出來，多數新病人已經在轉向 G7。所以好消息是，這不是會不會的問題，而是何時的問題。關鍵在於把既有用戶基礎轉換過來。所以用比較長的方式回答：是的，今年毛利率的一部分槓桿來自於我們確實預期 G7 會成為主要產品。至於何時成本會更低，會比較像是時間點問題；我們沒有確切日期。但以我們目前的速度，進展非常快，這應該會是個不錯的指引。而 AID 會扮演很大的角色。

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.

這在我們的 Tandem 用戶基礎上已經開始了。我知道我們很快也會談到 Insulet。對這兩個機會都很期待，也期待把那個用戶基礎轉換過來。

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

接下來我們的提問來自 RBC 的 Shagun Singh。

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.

美國業務年增 24% 的成長相當強勁，但大致符合預期。因此我想請你們進一步說明定價。我知道這一直是你們的一個重點。年對年以及季對季的趨勢如何？另外，關於 Stelo 的定價，是否可以合理假設會更接近自費價格，類似你們競爭對手所暗示的水準？

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.

關於 Stelo 的定價，我先開始說，接著 Jereme 可以補充其他部分。Stelo 的定價將會具競爭力。我們正在考量多種模式。我們先前說過會在下一次 ADA 的電話會議上提供更多相關資訊，屆時你們會聽到更多細節。不過在我們推出 Stelo 時，我們會在其他現金支付方案中保持非常有競爭力。

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。再來回到你關於第一季（Q1）定價動態的問題，定價動態是穩定的。我們沒有太多合約在年度之間會變動；即便有變動的合約，整體而言，我們確實仍面臨那種典型的醫療器材定價逆風，而且這個趨勢仍在延續。所以整體是穩定的。

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.

你確實會看到的一點是，進入年初、福利重置之後，我們會看到許多新病患透過藥局通路進來。

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.

我們的 DME（耐用醫療設備）業務仍然非常強勁，而且 DME 業務也持續獲得合作夥伴非常、非常好的支持。但我們發現，隨著我們拜訪越來越多基層照護醫師（也就是胰島素基礎型病患主要就診的地方），新病患在藥局通路的比重會稍微更高一些。再說一次，既有基礎（base）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.

所以你會發現，當你思考組合（mix）時，鑑於我們新病患主要來源的分布，會有更多量走那個通路。我不會——我們不會把這稱為價格變化。年對年來看相當一致。但理解這些動態是有幫助的。這不是什麼新情況，但在進入新的一年時，仍值得持續留意。

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

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

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.

Jereme，聽起來你有點感冒，希望你早日康復。當我看盤後股價時，下跌大約 8%。你剛剛交出本季——或今年，抱歉——最容易的一個高基期。接下來一年其餘時間的假設，是在更艱難的比較基期下，全年呈現相當不錯的加速。即便用兩年疊加（2 year stack）的角度來看，仍然高於你們在 Q1 剛交出的表現。我知道日本會帶來一些順風，你們現在也有更廣的銷售團隊，但這些人需要時間才能發揮效果。

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 要到 Q3 才會真正開始貢獻，甚至可能更像是 Q4。那麼，在這些動態之下，為什麼你們仍有信心在今年剩餘時間達到指引區間的中點？

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.

好的，當然。我很樂意說明，Matt，也謝謝你對感冒的祝福。我想我是在試著用低沉的嗓音讓你印象深刻，顯然沒有成功。至於對全年信心的部分，我們在進入一個季度時，會嘗試設定一個基準情境（base case）。這個基準情境會納入各種風險因素，例如競爭對手、基礎型（basal）族群的採用情況、我們在通路組合與定價上的作法、以及國際擴張等。即便我們說日本會上市，你也必須留意這點，因為這牽涉到美國以外的基礎型給付覆蓋與採用。

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.

這些都會納入我們在設定基準情境區間時的考量。當其中一些風險逐步被排除（derisk）後，我們就會更有信心把基準情境往上調。因此我們最終才會這麼做。我們對基準情境作為底部（floor）更有信心，所以我們在那方面確實感覺良好。

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.

我們還沒談到，但我認為有一件事讓我們非常興奮：在法國，我們已提交 Dexcom ONE+ 上市的最終文件，我們預期在接下來幾個月內會以基礎型給付覆蓋（basal coverage）推出。所以我們之前有提過，這是我們認為會發生的事情。

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.

我們知道它會發生，但這類事情我們需要確保完成適當的步驟。當我們開始把風險降下來時，這就是其中一點。在德國，我們有很好的基礎型給付覆蓋——或者不該說「很棒」，因為目前同意的只是小族群——但對我們而言是很好的起步。就目前而言，德國確實有一小部分付款方（payers）提供基礎型給付覆蓋，雖然規模不大，但對我們來說是很好的進展。而且就基礎型給付覆蓋而言，我們目前在德國是領先者。

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.

這些事情都有助於降低全年風險，希望能讓各位對那個基準情境更有信心；當然，也讓我們對基準情境更有信心。這也是為什麼我們出來並覺得可以安心把它往上調——就是因為我們對基準情境的信心。

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

我們的下一個問題來自 BTIG 的 Marie Thibault。

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?

我想在日本這部分問一個問題。聽起來你們對所有使用胰島素的人都有非常廣泛且有利的給付覆蓋。所以我想了解，透過你們的經銷夥伴，你們在那個市場的滲透率原本到什麼程度？障礙是什麼？真正的難關是哪些？你們打算怎麼——嘗試去突破？

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.

我們透過合作夥伴的滲透率幾乎非常低。儘管剛公布了很好的給付覆蓋，日本一直都不是我們的大市場，這也是為什麼我們改採直營，並且我們與經銷夥伴已分道揚鑣。

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.

多年來我們在幾個地區都有類似經驗。在那些我們收購經銷商並取得既有基礎設施的地區——例如澳洲、以及多年前的德國——我們能很快起步，市場也能快速成長，因為我們已經有現成的基礎設施。

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.

至於日本，就像其他一些地區一樣，我們是從零開始，類似於我們在法國的作法——例如在法國我們也是自己從零開始。要在日本建立成長引擎、建立那種成長動能，需要一些時間。我認為最主要拖累我們的，是我們的基礎設施不足；公平地說，我們的經銷商做得最好的，是他們自己認為對其業務最重要的事情，而缺乏那種承諾與衝勁。

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.

未來會有那樣的承諾與衝勁，但建立起來需要時間，不會一夕之間發生。我們非常有信心。我們已聘請一支團隊，能建立必要的人脈關係。日本非常是由醫師與醫院決策所驅動的市場。我們認為，至少從領導層面來看，我們有一支能建立這些關係、並完成他們需要做的事情的團隊，但這可能需要一點時間。

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——當我們在多年後再跟你們談到這件事時，我完全預期那會成為我們非常大的市場，而且我們會在那裡非常成功。

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

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

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.

我想請你們評論一下流失率（attrition rates）、再訂購率（reorder rates）。從 G6 轉換到 G7 的過程中，你們看到了什麼？另外，當我們從 IIT 病患走出來、進入基礎型低血糖（basal hypo），最終再到未使用胰島素的人群時，我們該如何看待不同病患族群的這些指標？

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，這是我們自己也問過很多次的問題，所以我很樂意分享我們的看法。從 G6 到 G7，我們看到的比率相對一致。在這兩個產品之間，就留存（retention）與使用（utilization）而言，沒有太大變化。這也符合預期，因為我們是在把使用者從一個產品升級到另一個產品。當然，我們認為 G7 的體驗很棒，但 G6 的體驗也同樣很好，我們也以所提供的使用體驗為傲。所以整體相對一致。

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.

截至目前我們另外也發現，而且我認為從目前開始就很重要的一點是：在我們所服務的人群之間——也就是在我們目前產品上的這些使用者之間——其實並沒有那麼大的差異。我們發現只有一個類別在留存與使用率上有明顯不同，那就是使用 AID 系統的人。其他所有人看起來在留存與使用上都遵循相當類似的模式。我之所以說「截至目前」，是因為我們正在進入新的人群，我們正更多進入基礎胰島素（basal）族群，也正更多進入非使用胰島素的人群，儘管那仍然只占我們使用者基礎中較小的一部分。

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?

而我們一直以來的假設是：我們預期在那些領域會有高使用率。我們一直都感到正向驚喜，但我們也知道，當你沿著病情嚴重度曲線往下走時，確實存在一個潛在可能：人們也許會用得少一點。話雖如此，截至目前我們還沒有看到這種情況，但我們會在推進並觀察到更多結果時持續向各位更新。為了幫大家更好掌握這件事，Kevin？

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。我也想補充，當我們進入非密集型胰島素治療（nonintensive insulin therapy）時，我們認為可能會出現多種結果，也可能會有多種使用情境。其中一個原因是，我們一開始仍維持在自家網站上自行進行銷售與配送，是為了開始理解這些模式：了解購買行為模式、多少人偏好訂閱模式相較於一次性單筆購買，以及他們多久會回來使用我們的工具，從而了解使用體驗如何、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.

另外就留存與流失而言，我們最大的障礙之一，特別是在以前，是第一季的自付額（copays），因為當時大家都在 DME（耐用醫療設備）通路；現在我們有藥局給付（pharmacy coverage）後，那個障礙在某種程度上已被消除。因此，這已不再是我們此刻失去客戶的主要原因；過去確實是。我們在處理那種動態方面非常成功。另一方面，我們的 DME 病患有非常強的留存率與非常強的使用模式，因為我們優秀的經銷商對他們投入了高度關注。所以這是各種因素的混合，Bill，但我認為我們目前處於不錯的位置。

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

我們會在非密集型胰島素治療的世界裡持續學習，並找出如何打造產品組合，以最大化我們與那些使用者的體驗。

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

接下來我們將接聽 Wolfe Research 的 Michael Polark 的提問。

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.

Kevin，我想就你對銷售團隊的一段評論提問。我聽到你提到擴編速度更快、人才品質也高於預期。這些人會在第二季（2Q）開始上線拜訪，我理解。我也聽到你提到一個新的團隊升級後的架構，但我不太明白你們在那裡做了什麼、以及為什麼會有影響力。所以如果你能把那個更新拆解說明一下，我會很感激。

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.

好的。當我們檢視未來需要完成的事情，以及我們在前線需要加強著力的地方時，有幾件事發生了。第一，我們意識到：我們那些拜訪高開立量醫師（high prescribers）的業務代表，同時也在拜訪許多並非開立者的人，做了很多——去尋找新的開立者——結果可能讓我們對高開立量醫師的關注不夠。因此在我們重新配置後，我們確實有一群人把更多時間放在內分泌科（endocrinology）與高開立量的糖尿病專科醫師（diabetologists）領域，而不是放在基層醫療（primary care）。

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，我們也需要有人去拜訪更多基層醫療醫師。我們一再、再三學到的一件事是：我們去拜訪的人，我們就能贏。因此我們需要拜訪更多人、讓更多人走出去。我們在過去幾個月對試用（sampling）計畫採取更積極的作法。我們需要把樣品提供給更多個人。我們需要敲更多門、建立更多關係。

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.

第三個要素是教育。當我們到一些診所時，那裡可能有人只開過 2 或 3 張 CGM 處方，我們一直以來當然有一些客戶經理（account managers）——以區域為單位的人員——在診所內沒有[醫師]訓練資源時，協助訓練病患。我們在這方面多投入了一些資源。

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，很多醫師——特別是當我們開始銷售、並更深入基層醫療領域時——可能甚至不會見到業務代表。因此我們也建立了更多內勤銷售團隊（internal sales force），同樣以區域為單位來做更多這類工作。所以我們試圖同時做得更廣也更深：在內分泌科領域對高開立量醫師做得更深，同時在基層醫療的各個面向做得更廣，包括訓練與支援病患。

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

接下來我們將接聽 Oppenheimer 的 Steve Lichtman 的提問。

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.

我想詢問非胰島素使用者的[低血糖]風險族群，顯然現在已經有給付，而且我記得你們之前估計其規模大約與 basal 相當。你們剛才提到的銷售團隊擴編，以及你們在商業組織中所做的調整，Kevin，是否有助於這些教育工作？整體而言，你能否更新一下你們在把握這個機會方面目前進展到哪裡？

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.

好的，謝謝你的問題。你說得對，這對我們而言是個很大的機會，但也確實需要多一點時間。顯然目前的重點在 basal，因為那是一個已知的量；但所謂低血糖無感（hypoglycemia unawareness）或嚴重低血糖事件（severe hypoglycemia event）——我應該這麼說——這些更難去教育大家。因此如你所說，我們做的一件事是，Teri 和她的團隊非常專注於製作教育素材，並相應地武裝銷售團隊，讓他們能走出去推廣。

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，如果出現我們正在擴編銷售團隊、觸及更廣、接觸點更多的情況，而這些人正好會被看見，對吧？

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.

他們其實遍布整個醫療照護光譜。這樣的擴編確實讓我們能走出去做更多教育。但最大的挑戰仍然是教育本身。對個人與開立者而言，當這類事件發生時，「我符合資格」並不會自然浮現在腦海裡。這就是我們必須持續在教育上投入更多工作的原因。再次強調，更多接觸點是好事，而團隊也正在為此努力。

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

接下來我們將接聽 TD Cowen 的 Josh Jennings 的提問。

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，你提到在 Stelo 上市後的前 24 個月內會有多次迭代。我想看看你是否能就這些迭代提供更多細節：它們主要會在軟體端嗎？還是其中一次迭代會是提高感測器完整撐滿 15 天的比例？而這項提升對 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，我們一直都在做感測器效能最佳化，而且我們在各方面都有一個非常、非常強的計畫。Stelo 是建立在 G7 平台上，所以我們對 G7 所做的任何事情，當然也可以應用到 Stelo。至於我們會做的變更，我想我可以回到我對 G7 的說法：自從我們推出 G7 以來，幾乎每個月都有一次軟體迭代，而且我們也為 G7 帶來了幾個新功能。

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.

我們預期 Stelo 在上市後也會有類似的提升節奏；在接下來 12 個月的產品路線圖上，我們有多項功能會從軟體角度加入，特別是當我們開始後、逐步了解什麼能吸引使用者參與時。

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.

但我們一直都很含糊，而且出於競爭原因，我們也會繼續對上市時的功能以及後續要新增的功能保持含糊。我們不會把路線圖提供給其他所有人。

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

接下來我們將請巴克萊（Barclays）的 Matt Miksic 提問。

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，我想也許回到你先前在電話會議中對 Stelo 核准以及維持上市時程的一些評論。如果你能談談——你提到像是「我想確保我們的製造產能到位」，以及「不希望在核准後就匆忙推出上市」。

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?

另外也很想了解，考量到大家對這項產品在糖尿病社群之外可能帶來的意義感到興奮，你們接下來如何在供應與資源、商務開發、以及市場開發上，在這兩個機會之間進行優先順序的取捨？

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.

好的，再次感謝你的提問。我們會堅持既定的上市時點。我們已經做了很好的投資，準備就緒；我們按著時程、按著計畫進行，並且會在我們準備好、也在該推出的時候推出。我們這次核准的時程非常快；我們也非常肯定 FDA 與我們合作推進的努力。同時也要高度肯定我們的團隊，因為他們提交了一份非常出色的申請文件，做得非常好，才能讓我們這麼快達到目前的進展。

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?

但我們會堅持這個時間框架。我們認為這項產品之所以能成功，其中一個原因是：在上市時，我們會把所有事情都按應有的方式排好、準備好，然後再推出。坦白說，我在這裡經歷過很多次產品上市；每次我們太早推出，最後我都得處理——我說「我」是因為大家都會帶著只剩 3 天庫存跑到我辦公室問：你要怎麼辦？

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。我們在馬來西亞有數條 G7 製造產線；那座工廠今年夏天才剛啟用。我們在亞利桑那州也生產 G7。因此我們有充足的 G7 產能，我們會持續運轉這些產線；同時我們也有專門給 Stelo 的產線，並會依計畫推進。但我們會堅持既定計畫；我們對此非常有信心。到時候我們會準備就緒。

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。我們確實會思考資源配置。顯然資源的一部分——Kevin 所提到的——是供應端。這點我們絕對有能力去承接並推進。但在資源配置方面，接著就是支援端，對吧？

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.

也就是我們在銷售與行銷上要做什麼、資源要投向哪裡；我們做決策時，坦白說，是以對公司報酬最佳、同時滿足未被滿足的需求為出發點。因此請預期我們會持續以此來評估與調整。今年我們正在做的一件事——我想你們也看得出來我們把它列為優先事項——是當我們在組織內推動效率提升時，就能讓我們把資源再投資回到業務中。

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.

而我們所取得的各項效率提升，以及在業務中運用槓桿所帶來的成果，使我們得以推進所有與 Stelo 相關的工作，其中包含所有上市計畫。因此我們會持續進行嚴謹而扎實的資源配置工作，這非常重要。對我們而言，這之所以重要，是因為我們要持續擴大規模，同時也要以有效率且適當的方式擴大規模。

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

接下來我們將請 Leerink Partners 的 Mike Kratky 進行最後一個提問。

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.

你們如何看待：當競爭對手開始實現（或正在實現）AID 整合時，G7 可能面臨額外的價格壓力？而 AID 整合過去一直是你們對付款方（payers）的價值主張之一。

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.

好的，這也要看地區而定。在美國，我們對自身的定價與定價合約非常有信心；過去幾年一直都相當一致。當你看 AID 領域的產品供給，並比較我們所提供的內容時，我們有許多功能，使我們的方案明顯優於市場上其他任何可能出現的方案。

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.

使用 Dexcom，患者可以同時連接 3 個裝置；他們有 share follow 系統；可以連接手機，也可以連接幫浦；現在還可以直接連接 Apple Watch。長期來看，我們對自身的定價定位非常有信心。而且我們在美國合約中的定價設定，不論是否為 AID 使用者，或是未使用 AID、僅使用感測器的人，都是一致適用的。

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，如果在歐洲採用招標（tender）制度，許多國家是兩層級制度。我們提供 Dexcom ONE 產品，以較低的價格帶來滿足那些未使用 AID 系統的人。而在這些國家的 AID 定價方面，我們在招標流程中已為 G7 設定好價格，因此我們對目前的狀況也非常有信心。

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。我現在把電話交回給 Kevin Sayer 先生做結語。

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.

謝謝各位今天參與我們的電話會議。這對 Dexcom 來說確實是一個非常出色的季度，我們也持續推動本產業最重要的創新。我們透過在 CGM 使用者體驗上推出更多「第一」，特別是在 G7 平台上，持續拉大 Dexcom 與競爭對手之間的差距。自從多年前我們推出 G5 以來，「直接連到手錶（direct-to-watch）」一直是使用者最常要求加入的功能，而現在它已經實現。

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.

我們的使用者將能夠——如我剛才所說——僅透過 Apple Watch 就獲得極其低調、隱密的 CGM 使用體驗，而且也會包含我們完整的 shared follow 系統。想像一下，一位家長希望孩子上學時不帶手機，他們將能在手錶上完成過去在手機上能做的一切。全球範圍內對 CGM 的可及性持續擴大；憑藉我們的產品組合，我們在把握這些機會方面具備非常好的定位。

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，我再談一下 Stelo。我們在 12 月向 FDA 提交 Stelo 申請，並在 3 月獲得核准，成為美國第一個非處方（over-the-counter）的 CGM 產品平台。這將大幅改善非常非常多人的生活；而在 2024 年的這次上市過程中，我們也會學到很多。展望 2025 年以及往後的年度，我們將具備非常好的定位。

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.

也別忘了本次電話會議的主題：我們持續交出全球營收（top line）強勁成長、營業利益率持續強勁擴張。同時，我們完全沒有在研發（R&D）對未來產品的投資上縮手；我們也非常堅定地致力於建立推動這項業務達到所需水準的規模，並追求我們所有的機會。謝謝各位，也感謝大家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.

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。