德康醫療 (DXCM) 2024 Q3 法說會逐字稿

Thanks or Ladies and gentlemen, welcome to the DexCom Third Quarter 2024 earnings release conference call.

謝謝女士們先生們，歡迎參加 DexCom 2024 年第三季財報發布電話會議。

My name is Abby, and that will be your operator for today's call.

我叫艾比，她是今天通話的接線生。

At this time, all participants are in a listen-only mode and later we will conduct a question and answer session.

此時，所有參與者都處於只聽模式，稍後我們將進行問答環節。

During the question and answer session.

在問答環節中。

If you have a question, please press star one on your touch-tone phone.

如果您有疑問，請按按鍵式電話上的星號一。

As a reminder, the conference is being recorded.

提醒一下，會議正在錄製中。

And I will now turn the call over to Sean Christensen, Vice President, Finance and Investor Relations.

我現在將把電話轉給財務和投資者關係副總裁 Sean Christensen。

Mr. Christian, you may begin for you and welcome to DexCom's Third Quarter 2024 earnings call.

Christian 先生，您可以開始發言了，歡迎參加 DexCom 的 2024 年第三季財報電話會議。

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 Jeremy Sylvain, our Chief Financial Officer.

我們的議程從 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，然後是我們財務長 Jeremy Sylvain 的財務回顧和展望。

Following our prepared remarks, we will open the call up for your questions.

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 one question each so we can provide an opportunity for everyone participating today.

屆時，我們要求分析師每個人只回答一個問題，這樣我們就可以為今天參與的每個人提供一個機會。

Please note that there are also slides available related to our third quarter 2020 for performance on the Dexcom and investor relations website on the Events and Presentations page.

請注意，Dexcom 和投資者關係網站的「活動和簡報」頁面上也提供了與我們 2020 年第三季業績相關的幻燈片。

With that, let's review our Safe Harbor statement.

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 on today's call may constitute forward looking statements.

我們將在今天的電話會議上發表的一些聲明可能構成前瞻性聲明。

These statements reflect management's intentions, beliefs and expectations about future events, strategies, competition, products, operating plans and performance are forward-looking statements included on this call are made as of the date hereof based on information currently available to DexCom subject to various risks and uncertainties, and actual results could differ materially from those anticipated in the forward-looking statements.

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，本次電話會議中包含的前瞻性陳述是根據DexCom 目前掌握的資訊在本次電話會議上所做的，並受到各種風險的影響和不確定性，實際結果可能與前瞻性陳述中的預期有重大差異。

The factors that could cause actual results to differ materially from those expressed or implied by any of these forward looking statements are detailed in DexCom's annual report on Form 10 K, most recent quarterly report on Form 10 Q and other fees filings with the Securities and Exchange Commission.

可能導致實際結果與任何這些前瞻性陳述明示或暗示的結果存在重大差異的因素詳見 DexCom 表格 10 K 年度報告、表格 10 Q 最新季度報告以及向證券交易委員會提交的其他費用文件委員會。

Except as required by law.

法律要求的除外。

We assume no obligation to update any such forward-looking statements after the date of this call or to conform these forward-looking statements to actual results.

我們不承擔在本次電話會議之後更新任何此類前瞻性陳述或使這些前瞻性陳述符合實際結果的義務。

Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP.

此外，在電話會議期間，我們將討論某些未依照公認會計原則所準備的財務措施。

Unless otherwise noted.

除非另有說明。

All references to financial measures on this call are presented on a non-GAAP basis.

本次電話會議中所有提及的財務指標均基於非公認會計原則（Non-GAAP）。

This non-GAAP information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP.

此非 GAAP 資訊不應被孤立地考慮，也不應被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 slides accompanying our third quarter earnings call.

請參閱我們的收益發布中的表格以及第三季財報電話會議附帶的投影片。

For reconciliation of these measures to their most directly comparable GAAP financial measure.

將這些指標與其最直接可比較的公認會計準則財務指標進行調整。

Now I will turn it over to Kevin.

現在我將把它交給凱文。

Thank you, Sean, and thank you, everyone, for joining us.

謝謝肖恩，也謝謝大家加入我們。

Before we dive in, I want to take this opportunity to share an important update.

在我們深入討論之前，我想藉此機會分享一個重要的更新。

As many of you saw in today's press release, our Chief Commercial Officer, Terry lover, has expressed here plan to retire from DexCom.

正如你們許多人在今天的新聞稿中看到的那樣，我們的首席商務官 Terry lover 在此表達了從 DexCom 退休的計劃。

Terry has a great leader whose advanced our commercial organization and so several areas in the past two years, including the launches of RG. seven system and sell, which I will touch on shortly.

特里有一位偉大的領導者，他在過去兩年推動了我們的商業組織和多個領域的發展，包括 RG 的推出。七個系統和銷售，我很快就會談到。

I am thankful for his strong leadership and dedication to DexCom, and she will continue to work with me as a special adviser and consultant through early next year as we navigate the transition and our search for a new Chief Commercial Officer, I will assume leadership of the team and having managed Justine before I can speak to their quality and look forward to leading them.

我感謝他的強有力的領導和對 DexCom 的奉獻，她將在明年初繼續作為特別顧問和顧問與我合作，幫助我們完成過渡並尋找新的首席商務官，我將領導在我能夠評價他們的在品質並期待領導他們之前，我已經管理了賈斯汀的團隊。

Again.

再次。

There are three primary takeaways I want to convey today reinforced by what I've observed since our last quarter call.

今天我想傳達三個主要要點，這些要點是我自上個季度電話會議以來所觀察到的結果所強化的。

First, CGM remains a premier global growth category and the excitement and uptake we've seen with is still a launch has further reinforced my conviction about the long-term potential of this market.

首先，CGM 仍然是全球首要的成長類別，我們在推出時所看到的興奮和接受度進一步增強了我對該市場長期潛力的信念。

Second, I feel good about the execution progress at our team is making, both in terms of our commercial effectiveness Dempsey.

其次，我對我們團隊的執行進度感到滿意，無論是在我們的商業效率 Dempsey 方面。

And finally, I feel confident in our pathway back to higher growth and continued margin expansion, which Jeremy will discuss in more detail later with those points as a framework for discussion, let's turn to the highlights from the quarter.

最後，我對我們恢復更高成長和持續利潤率擴張的道路充滿信心，傑里米稍後將更詳細地討論這些問題，並將這些要點作為討論框架，讓我們轉向本季度的亮點。

Today, we reported third quarter organic revenue growth of 3% compared to the third quarter of 2023, which came in at the high end of our third quarter guidance.

今天，我們報告第三季有機收入與 2023 年第三季相比成長了 3%，達到了我們第三季指引的上限。

Our team continues to build upon our foundation for long-term growth by delivering new products and customer experiences while swiftly working through the temporary challenges.

我們的團隊透過提供新產品和客戶體驗，同時迅速應對暫時的挑戰，繼續為長期成長奠定基礎。

To get us back on track, I want to touch on the action items we implemented in the third quarter and the strong progress we've made on the core issues identified together.

為了讓我們重回正軌，我想談談我們在第三季度實施的行動項目以及我們在共同確定的核心問題上取得的強勁進展。

These updates demonstrate that we are rebuilding momentum to solidify our growth as we head into 2025.

這些更新表明，在邁入 2025 年之際，我們正在重建動力以鞏固我們的成長。

Beginning with our US sales force expansion, we are pleased to report progress and positive momentum as we move to us.

從我們美國銷售團隊的擴張開始，我們很高興地報告我們的進展和積極的勢頭。

My learnings from the initial rollout and improve our commercial execution as we anticipated, our productivity metrics improved over the course of the third quarter as we implemented several changes to strengthen our sales effectiveness.

我從最初的推出中吸取了教訓，並按照我們的預期改進了我們的商業執行力，我們的生產力指標在第三季度得到了改善，因為我們實施了多項變革來增強我們的銷售效率。

Importantly, new customer starts to return to record levels in the third quarter as we gain greater traction in new and existing physician offices.

重要的是，隨著我們在新的和現有的醫生辦公室獲得更大的吸引力，新客戶在第三季開始恢復到創紀錄的水平。

We are now encouraged to report that since the expansion of this sales force in April, we have seen our prescriber base expand by nearly 35,000 clinicians.

現在我們很高興地報告，自 4 月擴大銷售團隊以來，我們的處方醫生基礎增加了近 35,000 名臨床醫生。

While the impact of these new relationships is not fully reflected in our third quarter results, they represent a meaningful expansion in a few short months and set us up very well as we work to build on this momentum in Q4 and into 2025 rigs.

雖然這些新關係的影響並未完全反映在我們第三季的業績中，但它們代表了短短幾個月內的有意義的擴張，並為我們在第四季和2025 年的鑽機中努力鞏固這一勢頭奠定了良好的基礎。

Regarding our DME partnerships, we have worked quickly to refocus on those partnerships and ensure that our teams are aligned to the strategic importance of all channels in the US, our leadership connected with our counterparts at the DME distributors in the last quarter to listen and collaborate on strategies that are mutually beneficial through this process, we found opportunities to better partner with these teams in the field as we collectively simplify workflows and provided greater customer experience for all.

關於我們的DME 合作夥伴關係，我們迅速重新關注這些合作夥伴關係，並確保我們的團隊與美國所有管道的戰略重要性保持一致，我們的領導層在上個季度與DME 分銷商的同行建立了聯繫，以傾聽和協作根據透過此流程實現互利的策略，我們發現了與這些團隊在該領域更好地合作的機會，因為我們共同簡化了工作流程並為所有人提供了更好的客戶體驗。

While we still have work to do, we're in a far better positioned today than we were at three months ago.

雖然我們還有工作要做，但我們今天的處境比三個月前好得多。

These partnerships are a core part of our strategy, and we are confident in our ability to drive meaningful growth that accrues to both us and our channel partners.

這些合作夥伴關係是我們策略的核心部分，我們對推動我們和我們的通路合作夥伴都受益的有意義的成長的能力充滿信心。

We've also executed at a high level within our international markets.

我們在國際市場上的執行也處於高水準。

We saw third quarter revenue growth accelerate from the second quarter levels, nearly all of our direct markets driven by stronger new patient performance and the expanded availability of RG. seven and Dexcom one plus product platforms.

我們看到第三季的營收成長較第二季的水準加快，幾乎我們所有的直接市場都受到新病患表現強勁和 RG 可用性擴大的推動。七、Dexcom一加產品平台。

This included the launch of G. even in Australia at the end of September, bringing our latest G Series technology to our customers who have been eagerly awaiting its arrival.

其中包括九月底在澳洲推出 G.，為一直熱切等待到來的客戶帶來我們最新的 G 系列技術。

And we continued the expansion of our DexCom one plus system, which leverages our G7 hardware platform with a differentiated app experience.

我們繼續擴展 DexCom 一加系統，該系統利用我們的 G7 硬體平台提供差異化的應用程式體驗。

We've now introduced this technology in 19 countries with France being the latest addition in the third quarter in advance of the start of national reimbursement, including basal coverage in early October.

目前，我們已在 19 個國家推出了這項技術，其中法國是在國家報銷（包括 10 月初的基礎保險）開始之前於第三季最新推出的國家。

This provides reimbursed access to more than 600,000 people in this important market.

這為這個重要市場的超過 60 萬人提供了報銷服務。

We also saw Japan returned to growth in the third quarter with our new sales organization gaining momentum in this critical market.

我們也看到日本在第三季恢復了成長，我們的新銷售組織在這個關鍵市場中獲得了動力。

While it is not yet a large component of our international revenue, our team is making strong inroads with the clinical community and building awareness among the more than 1 million potential customers who have access to DexCom CGM.

雖然它還不是我們國際收入的重要組成部分，但我們的團隊正在臨床界取得重大進展，並在超過 100 萬名可以使用 DexCom CGM 的潛在客戶中建立意識。

In fact, we recently delivered our highest new customer starts month since entering Japan in 2019, and we build on this progress in the coming quarters.

事實上，我們最近實現了自 2019 年進入日本以來最高的新客戶開工月，並將在未來幾季繼續取得這一進展。

Years ahead.

未來幾年。

During the quarter, we were also thrilled to launch our newest product sell in the U.S. market.

在本季度，我們也很高興推出在美國市場銷售的最新產品。

Still, those launch represented a pivotal moment in the diabetes care and metabolic health landscape.

儘管如此，這些產品的推出仍然代表著糖尿病照護和代謝健康領域的關鍵時刻。

As now, any adult in the US can access a DexCom biosensor.

現在，美國的任何成年人都可以使用 DexCom 生物感測器。

It also provides a glimpse into the future of the broader care paradigm as more personalized solutions can encourage better lifestyle management and enable clinicians to make more informed therapy decisions.

它也讓我們得以一睹更廣泛護理範式的未來，因為更個人化的解決方案可以鼓勵更好的生活方式管理，並使臨床醫生能夠做出更明智的治療決策。

We are already hearing this exact feedback from our earliest adopters.

我們已經從最早的採用者那裡聽到了確切的回饋。

Many of these individuals are engaging with their glucose data for the first time and sharing stories of how still has to change their behavior and provided greater accountability in there lives.

其中許多人是第一次接觸他們的血糖數據，並分享如何仍然需要改變他們的行為並在生活中提供更大責任的故事。

They are also sharing positive feedback on all stages of the product experience, everything from ordering through our e-commerce platform, the speed of delivery by Amazon fulfillment, engagement with the software interface and a seamless reordering and process through our subscription model and a DexCom tradition, we are listening to customers and our are already working to innovate the seller experience and meet the distinct needs of people have prediabetes or type two diabetes who are not on insulin.

他們還在產品體驗的各個階段分享積極的回饋，從透過我們的電子商務平台訂購、亞馬遜履行的交付速度、與軟體介面的互動以及透過我們的訂閱模式和 DexCom 進行的無縫重新訂購和流程。秉承傳統，我們傾聽客戶的意見，並且已經在努力創新賣家體驗，滿足未服用胰島素的糖尿病前期或二型糖尿病患者的獨特需求。

Even with the product being targeted to those populations, we've seen plenty of inbound interest for people looking to take advantage of the OTC opportunity early in their metabolic health journey across these cohorts.

即使該產品是針對這些人群的，我們也看到人們對這些人群在代謝健康之旅的早期階段利用非處方藥機會產生了濃厚的興趣。

Currently, around half of our customers have signed up for ourselves subscription, which is encouraging to see this early in a product launch.

目前，我們大約一半的客戶已經註冊了自己的訂閱，在產品發布初期看到這一點令人鼓舞。

We have historically found that greater CGM usage can lead to improved health outcomes, and we'll be tracking this closely as the market further develops.

我們從歷史上發現，更多地使用連續血糖監測可以改善健康結果，隨著市場的進一步發展，我們將密切追蹤這一點。

In October, we also began our initial expansion of distribution options for CLO.

10 月份，我們也開始初步擴展 CLO 的分銷選項。

To start, we've broadened our sales presence and increased our partnerships by providing several of our core Jamie partners access to sell on their platforms.

首先，我們透過為我們的幾個核心 Jamie 合作夥伴提供在其平台上銷售的權限，擴大了我們的銷售範圍並增強了我們的合作夥伴關係。

This gives them yet another great product to engage and more fully broadly serve the diabetes community.

這為他們提供了又一款出色的產品，可以參與並更全面地服務糖尿病社區。

We've also initiated our first B to B sales of fellow.

我們也啟動了首次 B2B 同事銷售。

This includes direct sales to certain conditions as one of the first requests that we heard at the outset of sell.

這包括在某些條件下進行直接銷售，這是我們在銷售開始時聽到的第一個要求。

Those launch was a desire from conditions to have still available for sale within their practices.

這些產品的推出是出於條件的願望，希望在他們的實踐中仍然可以銷售。

We've been very encouraged by Astellas launch thus far, and this is only the beginning stellar.

到目前為止，安斯泰來的推出讓我們深受鼓舞，而這只是一個開始。

We'll continue to adapt and evolve as we incorporate functionality that personalize the experience for our customers.

隨著我們整合為客戶提供個人化體驗的功能，我們將繼續適應和發展。

Finally, our team is always working to enhance customer experience across our platforms, and we recently took another exciting step forward on this journey.

最後，我們的團隊始終致力於增強跨平台的客戶體驗，最近我們在這趟旅程上又邁出了令人興奮的一步。

Following the completion of the necessary clinical work, we submitted our DexCom G7 15 day, a CGM system to the FDA for review.

完成必要的臨床工作後，我們向 FDA 提交了 DexCom G7 15 天 CGM 系統進行審查。

This has been a top priority across the organization, and we're looking forward to bringing this product to market as soon as possible.

這是整個組織的首要任務，我們期待盡快將產品推向市場。

We will have more to discuss around this product and its commercial rollout in the months ahead.

我們將在未來幾個月內圍繞該產品及其商業推廣進行更多討論。

In summary, the team has worked tirelessly to respond to the dynamics that emerge earlier this year for moving quickly and putting in place the pieces to help us return to the growth levels we expect from ourselves.

總之，該團隊不知疲倦地努力應對今年早些時候出現的動態，迅速採取行動並落實各項措施，幫助我們恢復到我們期望的增長水平。

And just as important, even as we work through these near-term dynamics, we continue to manage this business for the long term.

同樣重要的是，即使我們在應對這些近期動態的同時，我們也會繼續長期管理這項業務。

With that, I'll turn it over to Jay Army.

有了這個，我就把它交給傑阿軍。

Thank you, Kevin.

謝謝你，凱文。

As a reminder, unless otherwise noted, the financial measures presented today will be discussed on a non-GAAP basis.

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準則的基礎上進行討論。

Reconciliations to GAAP can be found in today's earnings release as well as the slide deck on our IR website.

您可以在今天的收益報告以及我們的投資者關係網站上的幻燈片中找到 GAAP 的調整表。

For the third quarter of 2024, we reported worldwide revenue of 994 million compared to 975 million for the third quarter of 2023, representing growth of 2% on a reported basis and 3% on an organic basis.

2024 年第三季度，我們報告的全球營收為 9.94 億美元，而 2023 年第三季為 9.75 億美元，報告成長 2%，有機成長 3%。

As a reminder, our definition of organic revenue excludes the impact of foreign exchange.

提醒一下，我們對有機收入的定義排除了外匯的影響。

In addition to not CGM revenue acquired or divested in the trailing 12 months, US revenue totaled $702 million for the third quarter compared to $114 million in the third quarter of 2023, representing a decline of 2% disrupted the compounding effect of slower new customer starts from Q2 to along with the decline in our revenue per customer due to shifting channel dynamics and higher rebate eligibility compared to a year ago, this eligibility component alone created a year-over-year negative impact of approximately six points of growth in the U.S. with rebate eligibility now near 100%.

除了過去12 個月內沒有收購或剝離CGM 收入外，第三季美國收入總額為7.02 億美元，而2023 年第三季為1.14 億美元，下降了2%，擾亂了新客戶啟動速度放緩的複合效應從第二季度到，由於通路動態的變化以及與一年前相比更高的回扣資格，我們的每位客戶收入下降，僅這一資格部分就對美國產生了約6 個百分點的同比負面影響，其中返利資格現已接近 100%。

We expect this impact peaked in Q2 three and will moderate over the next couple of quarters.

我們預計這種影響在第二季第三季達到頂峰，並將在接下來的幾季內減弱。

In the DME channel weeks as we completed in our previous guidance.

正如我們在先前的指導中完成的那樣，在 DME 通道周中。

However, we were encouraged to see these trends stabilized late in the quarter as our team worked quickly to better align with these partners in the field.

然而，我們很高興看到這些趨勢在本季末趨於穩定，因為我們的團隊迅速努力，以便更好地與該領域的這些合作夥伴保持一致。

As Kevin mentioned, the DME channel is a core part of our strategy, and we are working collaboratively with our distributors to unlock meaningful growth.

正如 Kevin 所提到的，DME 通路是我們策略的核心部分，我們正在與經銷商合作，以實現有意義的成長。

International reach revenue grew 12% totaling 292 million in the third quarter.

第三季國際業務收入成長 12%，總計 2.92 億美元。

International organic revenue growth was 16% for the third quarter.

第三季國際有機收入成長 16%。

We saw an acceleration in many of our core international markets in Q3 as we expanded availability of G7 and Dexcom one plus across our footprint.

隨著我們擴大 G7 和 Dexcom 一加的可用性，我們在第三季看到許多核心國際市場的加速發展。

With our leading product portfolio and the growing evidence of health outcomes driven by DexCom CGM.

憑藉我們領先的產品組合和 DexCom CGM 推動的健康結果的不斷增長的證據。

We continue to see significant opportunity to expand reimbursed access to our CGM systems in international markets, particularly in the type two intensive in type two basic categories.

我們繼續看到在國際市場上擴大我們的 CGM 系統報銷範圍的重大機會，特別是在第二類基本類別中的第二類強化方面。

Our third quarter gross profit was 625.9 million or 63% of revenue compared to 64.7 of revenue in the third quarter of 2023.

我們第三季的毛利為 6.259 億美元，佔營收的 63%，而 2023 年第三季為 64.7%。

During the quarter, we incurred a 24.6 million non-cash charge on inventory related to some build configurations that we determined were not appropriate for commercial launch.

在本季度，我們產生了 2,460 萬美元的非現金庫存費用，這些費用與我們認為不適合商業發布的某些建置配置相關。

We excluded this from our non-U.

我們將其排除在我們的非美國之外。

Gaap results for the quarter, we've made significant progress in transitioning our installed base to the G7 form factor with new pump integrations and the continued rollout of DexCom one plus.

根據本季度的 Gaap 結果，透過新的泵浦整合和 DexCom 一加的持續推出，我們在將我們的安裝基礎過渡到 G7 外形尺寸方面取得了重大進展。

This has enabled us to further scale or high volume manufacturing facilities, which positions us well as we work towards our long-term cost targets.

這使我們能夠進一步擴大或大量生產設施，這使我們在實現長期成本目標方面處於有利地位。

Additionally, Kevin noted that we recently filed our 15 to $0.87 with the FDA for review this potential clearance.

此外，Kevin 指出，我們最近向 FDA 提交了 15 至 0.87 美元的申請，以審查這項潛在許可。

We provide us yet another compelling cost lever into 2025 and beyond.

我們為 2025 年及以後提供了另一個引人注目的成本槓桿。

Operating expenses were 413.9 million for Q3 2024 compared to 391.5 million in Q3 2023.

2024 年第三季的營運費用為 4.139 億美元，而 2023 年第三季的營運費用為 3.915 億美元。

Operating income was $212 million or 21.3% of revenue in the third quarter of 2024 compared to 238.9 or 24.5% of revenue in the same quarter of 2023.

2024 年第三季營業收入為 2.12 億美元，佔營收的 21.3%，而 2023 年第三季營業收入為 238.9 美元，佔營收的 24.5%。

Adjusted EBITDA was 300.1 million or 30.2% of revenue for the third quarter compared to 314.5 million or 32.3% of revenue for the third quarter of 2023.

第三季調整後 EBITDA 為 3.001 億美元，佔營收的 30.2%，而 2023 年第三季調整後 EBITDA 為 3.145 億美元，佔營收的 32.3%。

Net income for the third quarter was 179,900,000.0, or $0.45 per share.

第三季淨利為 179,900,000.0 美元，即每股 0.45 美元。

We remain in a great financial position close during the quarter with approximately $2.5 billion of cash and cash equivalents.

本季我們的財務狀況仍然良好，擁有約 25 億美元的現金和現金等價物。

This cash position, along with our growing free cash flow profile, provides us a lot of financial flexibility we took advantage of this during the third quarter as we quickly executed our previously announced 750 million share repurchase program during the quarter.

這種現金狀況，加上我們不斷增長的自由現金流狀況，為我們提供了很大的財務靈活性，我們在第三季度利用了這一點，因為我們在本季度快速執行了之前宣布的7.5 億股股票回購計劃。

Turning to guidance, we are maintaining our 2020 for guidance in the range of 4.00 to 4.05 billion, representing organic growth of 11% to 13% for the year with the third quarter playing out as expected, our guidance reflects the continued ramp in our US sales force productivity.

至於指導，我們維持 2020 年指導在 4.00 至 40.5 億美元之間，意味著全年有機增長 11% 至 13%，第三季度的表現符合預期，我們的指導反映了我們美國市場的持續增長銷售人員的生產力。

While we continue to work through some of the channel and rebate dynamics discussed above through this ongoing execution, inclusive of record new patient starts in the third quarter and our continued rollout of Stella, we are building momentum as we enter 2025 for margins, we are reaffirming our 2020 for guidance of non-GAAP gross profit margin to approximately 63%, non-GAAP operating margin of approximately 22%, adjusted EBITDA margin of approximately 29% with a full quarter now under our belt since resetting our 2020 for guidance, we remain on track to achieve the 4.6 billion revenue and corresponding margin targets embedded in our 2025 long range plan.

雖然我們繼續透過持續的執行來解決上面討論的一些管道和回扣動態，包括第三季度創紀錄的新患者啟動和我們繼續推出Stella，但隨著我們進入2025 年的利潤率，我們正在積蓄動力，我們正在重申我們2020 年的指導，非GAAP 毛利率約為63%，非GAAP 營業利潤率約為22%，調整後EBITDA 利潤率約為29%，自重置2020 年指導以來，我們已經完成了整個季度的目標，我們繼續實現 2025 年長期計畫中包含的 46 億美元收入和相應的利潤目標。

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

這樣，我們就可以發起問答環節了。

Sean?

肖恩？

Thank you, Jeremy.

謝謝你，傑瑞米。

As a reminder, we ask our audience to limit themselves to only one question at this time and then reenter the queue if necessary.

提醒一下，我們要求觀眾此時只提出一個問題，然後在必要時重新進入隊列。

Abi, please provide the Q&A instructions.

阿比，請提供問答說明。

Thank you.

謝謝。

We will now begin the question and answer session.

我們現在開始問答環節。

If you have a question, please press star one on your touch tone phone.

如果您有疑問，請按按鍵式電話上的星號一。

If you wish to be removed from the queue, press Star one a second time.

如果您希望從佇列中刪除，請再次按星號鍵一。

Pardon me.

對不起。

If you are using a speakerphone, you may need to take up the handset first before pressing the numbers.

如果您使用免持電話，則可能需要先拿起聽筒，然後再按號碼。

Once again, to ask a question, please press star one on your touch tone phone.

再次，要提問，請按按鍵式電話上的星號一。

And your first question comes from the line of Danielle Antalffy with UBS.

你的第一個問題來自瑞銀集團的 Danielle Antalffy。

Your line is open.

您的線路已開通。

Hi, good afternoon, guys.

嗨，大家下午好。

Thanks so much for taking the question and congrats on the filing of the 15-day and the progress in the quarter.

非常感謝您提出問題，並祝賀 15 天的提交和本季度的進展。

And it does sound like a continent and the progress you have made.

它聽起來確實像一個大陸和你所取得的進步。

And USDA, they'll come in a little bit below consensus.

美國農業部的結果將略低於共識。

I'm sure there's some modeling dynamic there that you just got wrong.

我確信您剛才弄錯了一些建模動態。

But I was just curious if you get any more color on the progress made everything that is through the quarter in August and September and and and maybe anything you can say about that a run rate exiting the quarter, what you can say about it as where rewire with with DME and from a share per se care perspective.

但我只是很好奇，如果你對八月和九月整個季度的進展有更多的了解，也許你能對本季度退出的運行率說些什麼，你能說些什麼從共享本身的角度來看，與DME 重新連線。

Any any other color you can add would be great.

您可以添加任何其他顏色都會很棒。

Thanks so much.

非常感謝。

Thanks, Danielle.

謝謝，丹妮爾。

This is Kevin.

這是凱文.

I'll take that one.

我會接受那個。

We knew that this quarter was going to be a tad Rocky.

我們知道這個季度會有點艱難。

That's why we guided where we did and we achieve overachieved on came in at the top end of that range.

這就是為什麼我們指導我們所做的事情，並且我們在該範圍的頂端取得了超額的成績。

We feel good about that as we exited the quarter.

當我們退出本季時，我們對此感覺良好。

There's a lot of good things that we saw.

我們看到了很多好東西。

First of all, we can development of the sales organization really took a turn up over the course of this quarter's people got more familiar with their territories, their relationships with their physicians and all those other factors required when you make the changes like we may use that and the new patient adds being at record level.

首先，我們可以看到，在本季度的過程中，銷售組織的發展確實有所改善，人們更加熟悉他們的領域、他們與醫生的關係以及當你做出我們可能使用的改變時所需的所有其他因素而且新患者的病情也達到了創紀錄的水平。

And that really was happening over the course of the last part of this quarter.

這確實是在本季最後一部分發生的。

So it was very strong in latter half of August and September.

所以8月下半月和9月的時候非常強勁。

On top of that, we talk about the 35,000 new prescribers that have been added through the course of this quarter.

除此之外，我們也討論了本季新增的 35,000 名處方醫生。

And while you when you add a new line, is that 10 new users at the same time, it's certainly one.

當你添加一條新線路時，同時有 10 個新用戶，那肯定是一個。

And we now have the prescriber base size down to where we hoped it would be when we did this field expansion to whereby we can begin to go deeper, and we believe that's going to be very helpful.

現在，我們的處方醫生基礎規模已經縮小到我們進行領域擴展時所希望的水平，這樣我們就可以開始深入研究，我們相信這將非常有幫助。

On the DME side, we talked about things stabilizing.

在 DME 方面，我們談論了局勢趨於穩定的問題。

Things did stabilize.

事情確實穩定下來了。

We have that we had estimated and Jeremy said earlier in his remarks that we continue to lose a bit of share.

我們已經估計了，傑里米早些時候在講話中表示，我們繼續失去一些份額。

The first two months of the core much of the quarter.

前兩個月是本季的核心時間。

We saw things start to say about stabilize in September.

我們看到九月開始出現穩定的跡象。

That was a positive note.

這是一個正面的訊息。

The other thing that's very positive for us going forward for the sales team is to sell our message because they're calling on more primary care physicians and those who see people with type two diabetes or prediabetes for our audience on that Stella message brings loud and clear.

對於我們銷售團隊來說，另一件非常積極的事情是推銷我們的訊息，因為他們正在呼籲更多的初級保健醫生和那些為我們的受眾看診二型糖尿病或糖尿病前期患者的人，Stella 的訊息帶來了響亮而有力的訊息 清除。

It offers these physicians a great opportunity to enhance that care model for their patients and also enables those physicians to see if, in fact, it's a more severe patient that they have access to the J series at the end of that, with this momentum, we feel real good about the implied sequential growth in the fourth quarter and the U.S. because it's higher than what we've had in the past, and that's even without a seller attribution.

它為這些醫生提供了一個很好的機會來增強患者的護理模式，並且還使這些醫生能夠了解，事實上，他們最終是否可以使用 J 系列，以這種勢頭，這是一個更嚴重的患者，我們對第四季度和美國的隱含環比增長感到非常滿意，因為它高於我們過去的水平，即使沒有賣家歸因。

So we feel very good going forward, Danielle, into the rest of this year rolling into 25 based on what we saw as the quarter finished.

因此，丹妮爾，根據我們在本季結束時看到的情況，我們感覺非常好，今年剩餘時間將達到 25 個。

And your next question comes from the line of Larry Biegelsen with Wells Fargo.

你的下一個問題來自富國銀行的 Larry Biegelsen。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

Thanks for taking the question of Kevin.

感謝您提出凱文的問題。

When we aggregate your Q3 results with Abbott, it looks like the U.S. CGM market slowed to about 10% from over 20% in the first half of this year and high 20s before that.

當我們將你們與雅培的第三季業績匯總時，美國 CGM 市場似乎從今年上半年的 20% 以上放緩至 10% 左右，而此前則高達 20%。

So there's still concerns that the CGM market is slowing.

因此，人們仍然擔心 CGM 市場正在放緩。

Is the 10% or so much market growth in Q three, but good number going forward.

第三季的市場成長率為 10% 左右，但未來的數字還是不錯的。

Are there one-time items in the third quarter that you think depressed the market banks?

您認為第三季有哪些一次性項目對市場銀行造成了抑制？

I believe in general again, our next call it a channel mix shifting and things of that nature.

我再次相信，我們的下一個將其稱為渠道組合轉變以及類似性質的事物。

So we believe that our numbers are lower, like we said, based on our execution that we need to make better and the things we just closed last time, we're still very bullish on the category where we believe the market can grow faster than that going forward.

因此，我們相信我們的數字較低，正如我們所說，基於我們需要做得更好的執行以及我們上次剛剛關閉的事情，我們仍然非常看好我們認為市場成長速度比繼續前進。

And we want to get back in basal coverage is still early on and we have many other people on intangibles, someone who should I use CGM.

我們希望回到基礎覆蓋範圍還很早，我們還有很多其他人在無形資產上，我應該使用 CGM。

So there's plenty of market to go after.

因此，有足夠的市場值得追求。

We don't believe it's just a 10% grower.

我們不相信這只是 10% 的成長。

Again, when you add the two of us together, that's where we are.

再說一次，當你把我們兩個加在一起時，那就是我們所在的地方。

But we believe our performance for pickup going forward.

但我們相信我們未來的皮卡表現。

And your next question comes from the line of Matt Taylor with Jefferies.

你的下一個問題來自馬特泰勒和傑弗里斯的對話。

Your line is open.

您的線路已開通。

Thank you for taking the question.

感謝您提出問題。

I was hoping you could help us understand or benchmark your progress a little better versus some of the things that you said in Q2, like you still expect to get the same new starts in Q4 that you did before.

我希望你能幫助我們更好地理解或衡量你的進展，而不是你在第二季度所說的一些事情，就像你仍然希望在第四季度得到與之前一樣的新開始。

And can you talk about weather?

能談談天氣嗎？

Do you think the low end of the long-range plan is still in play 2025?

您認為 2025 年長期計劃的低端部分仍在發揮作用嗎？

Yes, sure.

是的，當然。

Thanks, Mike.

謝謝，麥克。

And I can answer those.

我可以回答這些問題。

When we talked last time, we talked about a few things that we expected to play out.

當我們上次談話時，我們談到了一些我們預計會發生的事情。

one was we saw that we were a little bit behind in terms of the productivity on the sales force.

一是我們發現我們在銷售人員的生產力方面有點落後。

And we were a bit behind where our new patients for and we said we were going to be about three months behind.

我們的新患者數量有點落後，我們說我們將落後大約三個月。

And I think you're seeing that play out.

我想你已經看到了這一點。

And so when you look at the performance this quarter, record new patients in the third quarter, I think you're seeing us perform that way.

因此，當您查看本季度的表現時，在第三季度記錄新患者時，我認為您會看到我們的表現是這樣的。

And we expect obviously, to do better in the fourth quarter as we get more and more effective over time.

顯然，隨著我們隨著時間的推移變得越來越有效，我們預計第四季度會做得更好。

Now we said we were about three months behind.

現在我們說我們落後了大約三個月。

And so we won't necessarily be where we initially thought starting the year, but we are in line with the guidance we gave last time we spoke and we're making progress, as we said in terms of the long-term guide, I think you heard in my comments, we're on track to hit our long-term guide.

因此，我們不一定會達到我們最初設想的今年開始的水平，但我們符合我們上次講話時給出的指導，並且我們正在取得進展，正如我們在長期指導方面所說的那樣，我想你在我的評論中聽到了，我們正在朝著我們的長期指南前進。

We said basically we are on track to hit our 4.6 billion in the same margin targets we gave based on what we're seeing in the business today, which is obviously recommendations this quarter, stability in that DME channel, some of the productivity, of course, in the sales force, certainly outside the U.S. use our international results accelerate a little bit and we have more more more opportunities opening up over the course of this year and into next year.

我們說基本上我們預計將實現 46 億美元的利潤目標，我們根據今天的業務情況給出了相同的利潤率目標，這顯然是本季度的建議，DME 管道的穩定性，部分生產力，當然，在銷售隊伍中，當然在美國以外的地區，我們的國際業績會加速一點，我們在今年和明年會有更多更多的機會。

We feel good about where we're going and we haven't really talked about stellar USD is going to be a real interesting opportunity for us going forward.

我們對我們的發展方向感覺很好，而且我們還沒有真正談論過美元對我們未來來說將是一個真正有趣的機會。

We got a couple of months under our belt, great progress to date and looking forward to sharing more more as time moves on with Stella.

我們已經花了幾個月的時間，迄今為止取得了巨大的進步，並期待隨著時間的推移與斯特拉分享更多。

And your next question comes from the line of Jeff Johnson with Baird.

你的下一個問題來自傑夫·約翰遜和貝爾德的對話。

Your line is open.

您的線路已開通。

Thank you that SG&A as a mini to follow or a two-parter, if I could just first question, just as you talk about the record new starts in the US, is that with or without Kellogg's, appreciate understanding that I and then is kind of tie into that.

謝謝你，SG&A 作為一個迷你跟踪或兩個部分，如果我可以問第一個問題，就像你談論美國創紀錄的新起點一樣，是否有或沒有家樂氏，感謝理解我，然後是善意的與此相關。

You don't with volatility last quarter to ensure my patient model is off a little bit.

你不會因為上個季度的波動而確保我的病人模型有一點偏差。

When I look at at least what my model spits out, it's healthier patient volumes in the US, your installed base I'm sorry, in the US is probably up somewhere around 27, 28% year over year.

當我至少看看我的模型得出的結果時，美國的患者數量更加健康，抱歉，美國的患者數量可能比去年同期增加 27%、28% 左右。

This quarter you did the negative 2% U.S. revenue growth.

本季美國營收出現 2% 的負成長。

So I guess I'm is there any way to help us bucket tend to that 25 to 30 point spread between what I think you evolve your installed base grew in the US and what your revenue grew?

所以我想有什麼方法可以幫助我們在美國安裝基礎成長和收入成長之間實現 25 到 30 個百分點的差距？

I know you I know you talked about the six points of headwind from rebate.

我知道你我知道你談到了回扣的六點逆風。

Is there anything else to help us kind of bridge that 25 to 30 point gap?

還有什麼可以幫助我們縮小 25 到 30 分的差距嗎？

Thanks.

謝謝。

Yes, I can take that.

是的，我可以接受。

So first off, record new patients is does not include Stella.

所以首先，記錄的新患者不包括斯特拉。

So we're excluding Stella.

所以我們排除了斯特拉。

This is really our G series, large D series are called our insulin product base like for like apples for apples record quarter.

這確實是我們的G系列，大D系列被稱為我們的胰島素產品基地，就像蘋果創紀錄的季度一樣。

So hopefully that gives you some context there in terms of where we're going.

希望這能為您提供一些關於我們的發展方向的背景資訊。

While we're not necessarily giving our patient base, I think we gave a patient base last quarter and that really implies mid 20% growth in terms of that patient base.

雖然我們不一定要提供我們的患者基礎，但我認為我們上個季度提供了一個患者基礎，這確實意味著該患者基礎將增加 20% 左右。

Now in the current quarter, Jeff, we are we are seeing a little bit of the kind of the Q to come performance rolling through in the third quarter.

傑夫，現在在本季度，我們看到了第三季度的一些 Q 表現。

And so as you as you know, as you think about patient starts, you know, the big the big kind of tie in between both patients and unit volume, you really feel it in the subsequent quarter.

因此，如您所知，當您考慮患者開始時，您知道，患者和單位數量之間的巨大聯繫，您將在下一個季度真正感受到它。

So if you think you know, 25% at last point, we gave it a little bit tighter than I think your models implying.

因此，如果您認為您知道，最後一點為 25%，我們給出的值比我認為您的模型所暗示的要嚴格一些。

So it's not too far off, but it's tighter than that.

所以距離不算太遠，但比那更緊。

I'm in terms of the year over year over year delta, certainly you've pointed out rebates.

就逐年增加而言，您當然已經指出了回扣。

The biggest piece that remains between the two is where folks are getting their product.

兩者之間剩下的最大問題是人們從哪裡獲得他們的產品。

And we talked about losing share in the DME in the second quarter and to a lesser extent, some here in the third quarter.

我們談到了第二季度 DME 份額的下降，以及第三季度的一些較小程度的下降。

While the majority of the new patient starts were going through the pharmacy is that delta takes place over time.

雖然大多數新患者開始通過藥房，但增量是隨著時間的推移而發生的。

It creates a widening of based on the channel that we've historically seen.

它根據我們歷史上看到的管道進行了拓寬。

Now as that stabilizes, we expect that to start coming closer over time.

現在，隨著情況趨於穩定，我們預計隨著時間的推移，這種情況會越來越接近。

But that's the reason why you see that our unit volumes are still strong as an organization.

但這就是為什麼您會看到我們作為一個組織的單位銷售仍然強勁的原因。

We're still excited about this over the longer term, but we needed to navigate through the stabilization of those I think you saw in the third quarter.

從長遠來看，我們仍然對此感到興奮，但我們需要穩定我認為您在第三季度看到的情況。

So hopefully, that gives you some context on the model big piece if it's going to be that channel shift in addition to rebates, but predominantly channels shipped.

因此，希望這能為您提供有關模型大件的一些背景信息，如果除了回扣之外還包括渠道轉變，但主要是渠道運輸。

And your next question comes from the line of Robbie Marcus with JPMorgan.

你的下一個問題來自摩根大通的羅比馬庫斯。

Your line is open.

您的線路已開通。

Okay, great.

好的，太好了。

Thanks for taking the questions.

感謝您提出問題。

I guess question I wanted to ask in the DME channel, it sounded like you've stabilized your position there.

我想我想在 DME 頻道問這個問題，聽起來你已經穩定了你的位置。

I was just hoping you could give us some more detailed look as to what exactly you're doing there is price effect or how are you changing the relationships?

我只是希望你能給我們一些更詳細的了解，看看你到底在做什麼，有價格效應，或是你如何改變關係？

And is it unreasonable to think that you could get back to where you were in out two, three, four years ago with your standing with DMAs or should we think about just gradual improvement?

認為您可以回到兩年、三年、四年前的 DMA 地位是否不合理，還是我們應該考慮逐步改進？

Thanks to that.

多虧了這一點。

Yes, this Kevin, I'll take that some of the actions we put in place.

是的，這位凱文，我將採取我們採取的一些行動。

First of all, we obviously have met with the leadership of all those companies and listened to them and and heard what they had to say by and large, these partners has served us well.

首先，我們顯然已經會見了所有這些公司的領導層並聽取了他們的意見，並聽取了他們的意見，總的來說，這些合作夥伴為我們提供了很好的服務。

And as far as getting elongated, we do very well where we disrupted the applicant.

就延長時間而言，我們在幹擾申請人的方面做得很好。

Robbie, again, as relationships in the field where we changed literally every single sales territory, the DME rep relationships were lost frequently between our rep in their territory and the DME rep and the corresponding territory.

羅比，再次，作為我們實際上改變了每個銷售區域的領域中的關係，我們在其區域的代表與 DME 代表和相應區域之間的 DME 代表關係經常丟失。

In addition to that, with respect to channel balance, what are the things we learned to?

除此之外，在通路平衡方面，我們學到了什麼？

one of the perceptions of our DME partners is that we were not balanced that if we had an opportunity center, many of the drug store, we send to the pharmacy immediately without checking the DME channel.

我們的 DME 合作夥伴的看法之一是，我們不平衡，如果我們有機會中心，很多藥局，我們會立即發送到藥局而不檢查 DME 通路。

So we've had now encourage our team to be a lot more channel agnostic.

因此，我們現在鼓勵我們的團隊更加不依賴管道。

And if there's an opportunity go to DME and it looks like that's going to be very good alternative for our patients will pursue that opportunity for those patients and put more business in that channel.

如果有機會去 DME，看起來這對我們的患者來說將是一個非常好的選擇，我們將為這些患者尋求這個機會，並在該管道中投入更多業務。

Vixs ag partners in these companies, as I've spoken with them, my conversations about centered around prices, turnaround volume.

Vixs ag 是這些公司的合作夥伴，正如我與他們交談的那樣，我的談話主要圍繞著價格和周轉量。

Let these guys why as more patients with to get more prescriptions when you get a more prescriptions center that channel and we need to get more prescriptions referred to us through that channel, as we said more there, why we're confident we'll get more back the other way, as we said last call, and I'll say again, while we think we stabilize this again, technical Alphaville backup is going to happen overnight.

讓這些人解釋一下，為什麼隨著更多的患者獲得更多的處方，當您獲得更多的處方中心該管道時，我們需要通過該管道獲得更多的處方，正如我們在那裡所說的那樣，為什麼我們有信心我們會得到更多的處方更多反過來，正如我們上次通話所說的那樣，我會再說一遍，雖然我們認為我們再次穩定了局勢，但Alphaville 的技術備份將在一夜之間發生。

And so we but we needed presence in the time to market as well because many of these patients are Medicare Type two patients.

因此，我們也需要在上市時出現，因為其中許多患者是醫療保險第二類患者。

And we have been calling out a lot of the physicians in that primary primary care communities, served them at all those pieces backup.

我們一直在初級保健社區召集許多醫生，為他們提供所有這些方面的支持。

We think we've taken very good steps to shift and the other direction.

我們認為我們已經採取了非常好的步驟來轉變和另一個方向。

We've taken very good steps to get more referrals to put it into the pipeline and serve our customers, and we believe we're on the right track.

我們已經採取了非常好的措施來獲得更多推薦，將其納入管道並為我們的客戶提供服務，我們相信我們正走在正確的軌道上。

one of the other things we've done by the way with our JV partners, as we talked about in the call, we've offered them stellar patient.

順便說一句，正如我們在電話中談到的，我們與合資夥伴所做的其他事情之一是，我們為他們提供了一流的病人。

They may not be on ancillary.

他們可能不是輔助人員。

You have other medical conditions by offering Stelara, these guys they have an opportunity to market and sell to their very large patient basis even outside of typical diabetes therapies with respect to their health.

透過提供 Stelara，您還有其他醫療狀況，這些人有機會向其龐大的患者群進行行銷和銷售，甚至在典型的糖尿病治療之外就他們的健康而言。

So we're looking forward to them being a great additional stellar distribution channel for us as well.

因此，我們期待他們也成為我們的一個額外的優秀分銷管道。

And your next question comes from the line of Joanne Wuensch with Citibank.

您的下一個問題來自花旗銀行的 Joanne Wuensch。

Your line is open.

您的線路已開通。

Good afternoon and thank you for taking the question.

下午好，感謝您提出問題。

And congratulations on submitting the 15-day G7 to the FDA.

並祝賀您向 FDA 提交了為期 15 天的 G7。

Could you please give us a little bit of an update on your thinking as number one, the timing of when that might be approved?

您能否向我們介紹一下您作為第一的想法的最新情況，即批准的時間？

And number two, what you think financial impact will be as we think about our 2025 members?

第二，當我們考慮 2025 年會員時，您認為財務影響會是什麼？

Thank you.

謝謝。

You know what?

你知道嗎？

I'll start with approval timeframe.

我將從批准時間表開始。

We have been at it and we think it's a very good filing that we won't go too far as far as speculating on when they're going to approve our filing.

我們一直在努力，我們認為這是一個非常好的申請，我們不會太多猜測他們何時會批准我們的申請。

Conversely, we did submit his fellow filing with the 15-day product that was very clean with very good data and got it approved very quickly.

相反，我們確實向他的同事提交了 15 天產品的備案，該產品非常乾淨，數據非常好，並且很快就獲得了批准。

We would love a fast approval here.

我們希望能在這裡得到快速批准。

And as far as 2025 impact, a lot of that will depend on launch timing and how long it how long it takes us to roll through the customer base.

就 2025 年的影響而言，很大程度上取決於發佈時間以及我們需要多長時間才能覆蓋客戶群。

And we'll give you more color on that as we go.

隨著我們的進展，我們將為您提供更多資訊。

I'll let Jeremy talked about the financial impact.

我會讓傑里米談談財務影響。

Yes, obviously, Joe, and you know, this was really really well as we as we speak.

是的，顯然，喬，你知道，正如我們所說，這真的非常好。

To go into some of these contracts where it's a monthly fee, that's going to be a big opportunity for us.

簽訂一些按月付費的合同，這對我們來說將是一個巨大的機會。

As of right now, we talked about our long range plan guide in 2025 and 65%.

截至目前，我們討論了 2025 年的長期計畫指南和 65%。

And that's where we are that all being said, we know this is an interesting lever.

這就是我們所處的位置，我們知道這是一個有趣的槓桿。

And so we'll give you more clarity as we start to roll out commercial plans on when we expect those levers to be in the business.

因此，當我們開始推出商業計劃時，我們將向您提供更多關於我們預計這些槓桿何時投入使用的資訊。

But nothing more exciting, as you can imagine, at least in my world of having this opportunity to lever through the business and we're really excited about as well.

但正如你可以想像的那樣，沒有什麼比這更令人興奮的了，至少在我的世界裡，有這個機會來槓桿化業務，我們也對此感到非常興奮。

So I think the thing we talk about those investors is gross margin, but there's also customers who are really looking forward to the longer extended wear period.

所以我認為我們談論這些投資者的是毛利率，但也有一些客戶真正期待更長的佩戴時間。

And that's another great thing that we're going to offer through this product line, things coming fairly soon.

這是我們將透過該產品線提供的另一件偉大的事情，這些事情很快就會到來。

And your next question comes from the line of Michael Pollard with Wolfe Research.

您的下一個問題來自沃爾夫研究中心的 Michael Pollard。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

My question is on opening stellar DMEs and doctors directly had been working under the assumptions fellow in the U.S. would kind of go for your lowest price point?

我的問題是關於開設一流的 DME 和醫生直接工作的假設是美國的同事會選擇你們的最低價格點嗎？

Yes, $100 per patient per month.

是的，每位患者每月 100 美元。

1,200 a year.

一年1,200。

And now if you're introducing a channel and dairy, these folks have to earn margins.

現在，如果你要引進通路和乳製品，這些人就必須賺取利潤。

So can you help me just understand how you're going to price it with DMEs and and doctors and, you know, two, three years from now, how much is still low?

那麼你能幫我了解一下你將如何與 DME 和醫生一起定價嗎？

Are you doing direct versus through these partners in your mind?

您認為是直接進行還是透過這些合作夥伴進行？

Thank you.

謝謝。

Yes, it's a fair question.

是的，這是一個公平的問題。

We've always And first off, you know, really appreciate your note on Stella pump earlier.

我們一直以來，首先，您知道，非常感謝您之前對 Stella 泵的評論。

I thought it was it was I'm glad you're wearing it and really appreciate you going through and doing the comparison there.

我以為是這樣，我很高興你戴著它，並且非常感謝你在那裡進行比較。

In terms of in terms of how we're thinking about partners, you know, we always have thought about partners and whether those printers are DME providers, orders or bulk purchases or other forms and other different distribution channel.

就我們如何考慮合作夥伴而言，我們一直在考慮合作夥伴以及這些印表機是否為 DME 提供者、訂單或大量採購或其他形式以及其他不同的分銷管道。

And you can imagine we're looking at they've all been part of the long term contemplation of in terms of how we then think about that and how that runs through the financials.

你可以想像我們正在考慮的都是長期思考的一部分，我們將如何思考這一點以及如何貫穿財務。

Remember on stellar.com, we obviously bear a lot of the commercial work shipping work.

請記住，在 stellar.com 上，我們顯然承擔了大量的商業工作運輸工作。

All the work takes place associated with that.

所有工作都與此相關。

When you go through partners on some of that OpEx goes at some of the shipping costs ultimately accrue to the partner as part of the fulfillment and part of their work going on.

當您透過合作夥伴進行某些營運支出時，部分運輸成本最終會歸於合作夥伴，作為履行和正在進行的工作的一部分。

So when you think about it, we will be pricing.

所以當你考慮的時候，我們就會定價。

Obviously, they have to get a margin on it.

顯然，他們必須獲得利潤。

And so we will be pricing.

所以我們將定價。

And accordingly, at the same time, the cost to us is incredibly low.

因此，同時，我們的成本非常低。

And we ship in bulk and we go from there is not too dissimilar from the economies of scale that we saw going into the pharmacy channel where we knew that he can be it's a very efficient model.

我們批量發貨，我們從那裡開始與我們看到進入藥房管道的規模經濟沒有太大不同，我們知道他可以是一個非常有效的模式。

So I think you can expect to see that over time, you'd expect to see it as we look at other channels, even beyond those which we're working on as we speak.

因此，我認為隨著時間的推移，您會期望看到這一點，當我們查看其他管道時，甚至超越我們正在開發的管道之外。

So it's always part of the plan, but still.com will always also be part of the plan.

所以它始終是計劃的一部分，但 still.com 也將始終是計劃的一部分。

And so I think you can imagine we have a few different opportunities, all of which are crew, I think, down to the bottom line.

所以我想你可以想像我們有一些不同的機會，我認為所有這些都是船員，直到底線。

But bottom bottom line operating margin in a very similar manner.

但底線營業利潤率的方式非常相似。

And your next question comes from the line of Mathew Blackman with Stifel.

你的下一個問題來自馬修布萊克曼（Mathew Blackman）和史蒂菲爾（Stifel）的台詞。

Your line is open.

您的線路已開通。

Good afternoon, everybody can hear me.

下午好，大家都能聽到我的聲音。

Okay.

好的。

Yes.

是的。

Okay.

好的。

I'm curious just how you're thinking about competition Type one sort of pump integrated segment and particularly next year when there's can be more competition.

我很好奇您如何看待競爭類型一種泵浦整合細分市場，特別是明年，屆時可能會有更多競爭。

And what I appreciate you probably don't want to be too explicit, but how are you going to defend your position there?

我很欣賞你可能不想太明確，但你要如何捍衛你的立場？

You considering doing head to head studies?

您考慮進行頭對頭研究嗎？

Really just trying to understand what the messaging is going to be to physicians and patients when there's another sensor option out there?

真的只是想了解當有另一種感測器選擇時，向醫生和患者傳達的訊息是什麼？

Probably sometime next here.

可能下次會在這裡。

Thanks.

謝謝。

Well, I'll start every study and they say ID system has been done with the Dexcom sensor.

好吧，我將開始每項研究，他們說 ID 系統已使用 Dexcom 感測器完成。

So there are in a head-to-head studies.

因此存在著頭對頭的研究。

They've all been run with Dexcom at least with our pump partners, and that's the data they published for their time in range.

它們都與 Dexcom 一起運行，至少與我們的泵浦合作夥伴一起運行，這是他們在範圍內發布的數據。

Look, we serve, you know, several hundred thousand AID. system users right now, and the results of those IAD. systems with our partners have been incredibly good.

你看，我們提供了數十萬援助。現在的系統用戶，以及那些 IAD 的結果。我們與合作夥伴的系統非常好。

We were very closely with them on a regular basis to talk about the new features were about to bring on board.

我們定期與他們保持密切聯繫，討論即將推出的新功能。

We update our hardware and our app experience, our interfaces with them on a regular basis to enrich the experiences of their customers.

我們定期更新我們的硬體和應用程式體驗以及與他們的介面，以豐富客戶的體驗。

And we believe we do that better than anybody else builds over time.

我們相信，隨著時間的推移，我們在這方面比其他任何人都做得更好。

Our reputation in this market and one of the places we've been always strong as in this Type one market because that has been where we have had the largest market share advantage for very long time, and we intend to maintain that through the higher quality of our product.

我們在這個市場上的聲譽，也是我們在第一類市場中一直保持強勢的地方之一，因為長期以來我們一直在這個市場上擁有最大的市場份額優勢，我們打算透過更高的品質來維持這一優勢我們的產品。

And at the end of the day, it matters.

歸根結底，這很重要。

The accuracy of DexCom is tried and trusted and proven to these patients.

DexCom 的準確性經過這些患者的嘗試、信任和證明。

I've been to several that's kind of diabetes fundraiser season.

我參加過幾次糖尿病募款活動。

I've into a few fundraiser things that I've seen numerous Omni-Path and Tandem users who are now using G7.

我參與了一些籌款活動，我看到許多現在使用 G7 的 Omni-Path 和 Tandem 用戶。

Certainly the tenant ones for me on the bonds are starting to switch their their belief index comment.

當然，我的債券租戶開始改變他們的信念指數評論。

Our centers is incredibly, are warming.

我們的中心正在變暖，令人難以置信。

And it's very important to say that as a great customer base for us and we'll continue to serve.

非常重要的是，作為我們的一個偉大的客戶群，我們將繼續提供服務。

At the same way we always have.

我們一直都是這樣。

And your next question comes from the line of Travis Steed with Bank of America.

你的下一個問題來自美國銀行的 Travis Steed。

Your line is open.

您的線路已開通。

Thanks for taking the question.

感謝您提出問題。

I wanted to ask on the 2025, how you're thinking about the US recovery in that 25 at the US is back to double digits.

我想問一下，關於 2025 年，您如何看待美國 25 年美國經濟恢復兩位數的復甦。

I don't know if there's any first half, second half comments you'd like to throw in and any rebate eligibility in 2025.

不知道大家有沒有什麼上半場、下半年的意見以及2025年的回饋資格。

And I don't know if that includes fellow or not.

我不知道這是否包括同胞。

Just curious if I want to reiterate that stellar guide for 24 plus some color on that yet either.

只是好奇我是否想重申 24 小時的一流指南以及一些顏色。

Sure.

當然。

I'll give you some of the commentary.

我會給你一些評論。

So certainly assumes a stable market moving into 2025.

因此，當然可以假設進入 2025 年市場將保持穩定。

So stable adoption, stable penetration trends moving from 24 to 25.

如此穩定的採用率、穩定的滲透率趨勢從 24 升至 25。

It also assumes stable, not necessarily winning share back, but stable trends through the DME share and then certainly us continuing to do well.

它還假設穩定，不一定贏回份額，但透過 DME 份額保持穩定趨勢，然後我們肯定會繼續表現良好。

Retail channel, which we have seen seen over the past quarter.

零售通路，我們在過去的季度中看到了這一點。

We expect to see for the rest of the year.

我們預計今年剩餘時間將會看到這種情況。

It does include Stella and we've can we've considered a bunch of different ranges opportunities.

它確實包括斯特拉，我們可以考慮一堆不同範圍的機會。

You can probably imagine, given we're only a couple of months into launch, there's multiple different opportunities and ranges.

您可能可以想像，鑑於我們推出僅幾個月，就有多種不同的機會和範圍。

Kevin alluded to two different channels we're launching right now across both DME and bulk.

Kevin 提到了我們現在在 DME 和批量上推出的兩個不同管道。

And you can imagine there's a few more channels will be launching here over the coming months.

您可以想像在接下來的幾個月裡還會有更多的頻道在這裡推出。

Which were all really excited about and going into a holiday season.

所有人都對即將進入假期感到非常興奮。

And those will be a first ever USOTC. holiday season with was a stellar job out there.

這將是有史以來第一個 USOTC。假期期間，那裡的工作非常出色。

So there's a lot of things we're going to learn over the course of the range stability in terms of what those numbers aren't felt good about the $4.6 billion number.

因此，在範圍穩定性的過程中，我們將學到很多東西，即這些數字相對於 46 億美元的數字來說感覺不太好。

And so that includes all of that.

這包括所有這些。

And so hopefully that answers the question, of course, we'll give you some more clarity by quarter as we get into the end of the year.

當然，希望這能回答這個問題，當我們進入年底時，我們會按季度為您提供更清晰的資訊。

But you can probably imagine just given comps what you can do the math on what the comps would look like.

但您可能可以想像，只要給定比較，您就可以對比較的外觀進行數學計算。

And we obviously have a little bit more challenging comps in the first half capital, the easier comps in the back half.

顯然，我們上半場的比賽更具挑戰性，後半場的比賽更容易。

Certainly as we're talking about Q. three, but nothing funky there.

當然，正如我們正在談論第三個問題一樣，但那裡沒有什麼奇怪的。

Just just naturally lapping comps.

只是自然地研磨比較。

The rebate question, you've got your our percent, correct hundred percent rebate is assumed.

回扣問題，您已經得到了我們的百分比，假設正確的百分百回扣。

And so you won't necessarily have that had been.

所以你不一定會那樣。

And your next question comes from the line of Marie Cable with BTIG.

您的下一個問題來自 Marie Cable 和 BTIG 的線路。

Your line is open.

您的線路已開通。

Good evening.

晚安.

Thanks for taking the questions.

感謝您提出問題。

I guess I wanted to follow up on the rebate sharing.

我想我想跟進回扣分享。

I think I heard maybe I missed it, but I think I had a six points of impact the growth in Q3.

我想我聽說也許我錯過了，但我認為我對第三季的成長有六點影響。

What's being assumed in the Q4 guide for four points of impact from the remaining share?

第四季指南中對剩餘份額的四個影響點的假設是什麼？

Yes, it's less than that.

是的，比這個少。

And so I think that number was going up as we moved into Q4 of last year.

因此，我認為隨著進入去年第四季度，這個數字正在上升。

We don't have an exact number to give in that guide.

我們在該指南中沒有提供確切的數字。

Obviously, we generally don't guide to specific items like that, but it won't be six points.

顯然，我們一般不會對這樣的具體項目進行指導，但不會是六點。

You'd obviously peaked in Q three.

顯然你在第三個問題中達到了頂峰。

It's going to be less than Q4.

它將低於第四季。

And so I think you can you can safely assume that again, haven't given a specific number yet, but again, at the models are you'd expect that the ASP.s would be pretty consistent moving in from Q3 to Q4 because we do have them at 100% rebate rate.

因此，我認為您可以再次放心地假設，尚未給出具體數字，但同樣，在模型中，您預計 ASP.s 從第三季度到第四季度將非常一致，因為我們確實有 100% 的回扣。

Your next question comes from the line of Matthew O'Brien with Piper Sandler.

你的下一個問題來自馬修·奧布萊恩和派珀·桑德勒的對話。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

And maybe just to follow up on the 25 outlook, Jeremy, you know, 4.6 billion that's about, I don't know, something like $500 million of growth absolute year-over-year.

也許只是為了跟進 25 年的前景，傑里米，你知道，46 億美元，我不知道，大約是 5 億美元的同比絕對增長。

You've done that before.

你以前就這麼做過。

You would have done that this year without the mix headwinds.

如果沒有混合逆風，你今年就會做到這一點。

But this time around, you're going to be trying to do that kind of growth with no patients that maybe are going to use products, much, Basil fellow, et cetera.

但這一次，你將嘗試在沒有患者可能會使用很多產品的情況下實現這種增長，巴茲爾研究員，等等。

So how do you kind of deconstruct getting that kind of absolute growth next year on top of the fact that you're going to have some competition on the pump side of things?

那麼，除了泵方面將有一些競爭之外，您如何解構明年獲得這種絕對增長？

And then maybe a little bit of price on the DME side of things.

然後可能是 DME 方面的一些價格。

Thank you.

謝謝。

Yes, sure.

是的，當然。

And I think and appreciate the comments.

我認為並感謝這些評論。

Certainly, you know, StellarOne when we've always assumed that and in our modeling is you're not necessarily going to have the same retention utilizations Dello, but still it was a brand new category for us.

當然，您知道，StellarOne 在我們的建模中一直假設您不一定會擁有與 Dello 相同的保留利用率，但它對我們來說仍然是一個全新的類別。

You got to remember the comps relative to next year to this year are certainly different.

你必須記住，明年和今年的比較肯定是不同的。

As you step back and you think about a record new patient quarter this quarter, and obviously, I'm as our sales force continues to get more and more productive, you're going to expect to add more patients next year.

當您退後一步，考慮本季創紀錄的新患者數量時，顯然，隨著我們的銷售隊伍繼續變得越來越高效，您預計明年會增加更多患者。

So when you think about it in terms of just net absolute dollars, when you say well, gee, there's there's new patients added record new patient in our core insulin business.

因此，當您僅從淨絕對美元角度考慮時，當您說好吧，天哪，我們的核心胰島素業務中新增了創紀錄的新患者。

I mean, as that rolls forward and more access opens up your going to have more opportunities there.

我的意思是，隨著這一切的發展，更多的機會會讓你在那裡擁有更多的機會。

And so I would expect that as we moved into 2025, on top of that, you're going to have a new product launch and stellar in the US that can also contribute as well.

因此，我預計，當我們進入 2025 年時，最重要的是，您將在美國推出新產品並取得出色的表現，這也可以做出貢獻。

So when you think about both of those, you're not wrong in the sense that Stella utilization and retention should be lower, but it's going to be against the backdrop of really no revenue in the first half of the year.

因此，當您考慮這兩個問題時，您並沒有錯，因為 Stella 的利用率和保留率應該較低，但這將是在今年上半年實際上沒有收入的背景下進行的。

Is it only partial revenue here in the third quarter of the year.

難道只是今年第三季的部分收入？

So hopefully that gives you some context towards it oftentimes the growth of the overall business.

因此，希望這能為您提供一些有關整體業務成長的背景資訊。

And that's why we as we've gone through it, we felt good about reiterating that LRP by.

這就是為什麼我們在經歷這件事後，對重申 LRP 感到高興。

I guess the other thing I'd add, Jeremy, we have a 15-day product to launch in 2025 as well, which we believe will have great, albeit great revenue enhancer for us.

Jeremy，我想我要補充的另一件事是，我們還將在 2025 年推出一款為期 15 天的產品，我們相信這將為我們帶來巨大的收入成長。

Your next question comes from the line of Bill Plovanic with Canaccord Genuity.

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

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks.

謝謝。

Good evening.

晚安.

Thanks for taking my question.

感謝您提出我的問題。

Just on a fellow, I think the original guide was 40 million this year to see whether it be diagnosed prediabetes, your take two in transferring to the G7 product and if so, kind of what are your kind of expectations for that as well?

就一個傢伙來說，我認為今年最初的指南是 4000 萬，看看是否被診斷為糖尿病前期，您在轉向 G7 產品方面採取了兩個措施，如果是這樣，您對此有何期望？

Yes, this is Kevin.

是的，這是凱文。

I'll take all of those.

我會接受所有這些。

I don't know that we've necessarily seen a lot and I mean, we've heard some anecdotal stories, but we haven't seen a massive trend of people diagnosed.

我不知道我們是否一定見過很多，我的意思是，我們聽說過一些軼事，但我們還沒有看到確診人數的巨大趨勢。

But what we have seen is as our reps have gone into primary care offices with the seller message, we then find out they have people with diabetes who actually have coverage G7 and they can get one that's reimbursement insured.

但我們看到的是，當我們的代表帶著賣家的資訊進入初級保健辦公室時，我們發現他們有糖尿病患者，他們實際上有 G7 保險，他們可以獲得報銷保險。

So that has led to much better and much more positive conversations with our sales force as we go into new offices, we believe that's a trend that actually could play out very well over the course of the year.

因此，當我們進入新辦公室時，這導致我們與銷售人員進行了更好、更積極的對話，我們相信這種趨勢實際上可以在一年中發揮得很好。

That's why we designed this and as experience for those with pre-diabetes and type two diabetes, now that answer, but rather than Australia, health and wellness play, we felt that was the most lucrative market for us to go after first basic because we could migrate those patients to reimburse solution over time.

這就是為什麼我們設計了這個，並作為那些患有糖尿病前期和二型糖尿病的人的經驗，現在這個答案，但不是澳大利亞，健康和保健遊戲，我們認為這是我們追求第一基本的最有利可圖圖的市場，因為我們隨著時間的推移，可以將這些患者遷移到報銷解決方案。

I do have diabetes with respect to our revenues for the year, we'd projected 1% of revenues and that we can extrapolate that $40 million.

就我們今年的收入而言，我確實患有糖尿病，我們預計收入的 1%，並且我們可以推斷出 4000 萬美元。

Our goal and launching Stella this this year is to learn whether that's 30 million or 40 million.

我們今年推出 Stella 的目標是了解這個數字是 3,000 萬還是 4,000 萬。

And most important thing is that we learned what to do.

最重要的是我們學會了該怎麼做。

Our learnings have been spectacular.

我們的學習成果非常驚人。

Amazon Fulfillment was the first big learning of several people.

亞馬遜配送是許多人學到的第一個重要知識。

I talk to order the first day.

我第一天就下訂單。

We put it on the market got with the next morning.

我們第二天早上把它放在市場上。

We've never experienced anything like that a DexCom at the same time, as I said in my prepared remarks, we've had positive feedback on the app.

我們從未在 DexCom 上同時經歷過這樣的事情，正如我在準備好的發言中所說，我們對該應用程式得到了積極的回饋。

We've had positive feedback on the website.

我們在網站上得到了正面的回饋。

We have also had some things that we've been told we can do better with respect to our customer service model is a lot of these people have never interfaced with a product like this.

我們也被告知我們可以在客戶服務模式方面做得更好，因為許多人從未接觸過這樣的產品。

We will learn as we go to more distribution channels and we get again to a more diverse group of people over and over again, we've got a base right now over 70,000 users on our product.

當我們進入更多的分銷管道並一次又一次地接觸到更加多樣化的人群時，我們會了解到，我們的產品目前擁有超過 70,000 名用戶。

We launched a couple of months ago.

我們幾個月前推出了。

That's a huge success for us.

這對我們來說是一個巨大的成功。

As far as we're concerned, we've given our guidance for the quarter.

就我們而言，我們已經給出了本季度的指導。

We reaffirmed at seller right now for us as a huge success.

我們現在向賣家重申我們取得了巨大的成功。

And we are really looking at things we can do to enhance the experience of those users going forward are to make it more sticky and to add more.

我們正在真正考慮可以採取哪些措施來增強這些用戶的體驗，包括提高用戶黏著度並添加更多內容。

So, so far, so good with Stella, we're very pleased.

到目前為止，斯特拉的表現非常好，我們非常高興。

Yes.

是的。

And your next question comes from Jayson Bedford with Raymond James.

你的下一個問題來自傑森貝德福德和雷蒙德詹姆斯。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

I have a few questions that require short answers.

我有幾個問題需要簡短的回答。

I just wanted to come back to the new user add commentary just for clarification.

我只是想回到新用戶添加評論只是為了澄清。

And this was a record for 3Q or any quarter.

這是第三季或任何季度的記錄。

The comment apply to both US and international and have you seen any notable change in attrition?

該評論適用於美國和國際，您是否看到了人員流失的顯著變化？

Thanks.

謝謝。

Yes, it's a record for any quarter, Jason.

是的，這是任何季度的記錄，傑森。

We generally don't break out US/OUS, but it's a record for any quarter, not three Q, but any quarter in terms of in terms of attrition, we haven't seen many changes in attrition by category.

我們通常不會細分美國/海外地區，但這是任何季度的記錄，不是三個季度，而是任何季度的流失率，我們沒有看到按類別劃分的流失率有太大變化。

So we've generally talked about the bands where you have insulin intensive users had traditionally stayed in a band.

因此，我們通常討論了胰島素密集型用戶傳統上留在一個帶中的帶。

You have the Basil user that traditionally stays relatively close and they're kind of clustered in their into that same band.

Basil 用戶傳統上保持相對接近，他們有點聚集在同一個樂團中。

And then we we all know that the non-insulin user tends to be in a band of its own.

然後我們都知道，非胰島素使用者往往有自己的一套。

Those continue to remain very similar.

這些仍然非常相似。

Categorically.

絕對地。

And your next question comes from Joshua Jennings with TV Cowen.

您的下一個問題來自 Cowen 電視台的 Joshua Jennings。

Your line is open.

您的線路已開通。

Hi, thanks for taking the question.

您好，感謝您提出問題。

I just was hoping you could help us think through the risk of persistent channel mix shift from DME to pharma with to pump players looking to access the pharmacy channel for their own products.

我只是希望您能幫助我們思考從 DME 到製藥的持續管道組合轉變的風險，以及希望為自己的產品進入製藥管道的泵玩家。

I guess a two-part question is what I mean it is the Omnipod five share gains and and that access through the pharmacy channel and driving from the mix shift you're seeing, do you think it's a risk that these other two players are going to be accessing the pharmacy channel over the next 12, 18, 24 months?

我想一個由兩部分組成的問題是我的意思是 Omnipod 的五股收益，以及透過藥房管道進行訪問並從您所看到的混合轉變中驅動，您是否認為其他兩個參與者存在風險在接下來的12、18、24 個月內訪問藥局管道？

Thanks, Juan.

謝謝，胡安。

This Kevin, I'll take that, Jeremy.

這個凱文，我接受，傑瑞米。

You can add to my comments when I'm done, we've seen such a major shift of our volumes to that pharmacy channel, particularly on the commercial side, where many of these pumpers reside that the DME commercial channel is not near as large segment for us as it used to be the majority of our DME business, certainly as and Medicare and then the government channel greater spend another see distribution in the pharmacy channel.

當我完成後，您可以添加我的評論，我們已經看到我們的銷售向藥房管道發生瞭如此重大的轉變，特別是在商業方面，其中許多泵站駐留，DME 商業管道沒有那麼大對我們來說，它曾經是我們DME 業務的大部分，當然還有醫療保險，然後政府管道的支出更大，另一個看到藥房管道的分銷。

We're well positioned to serve that.

我們已做好充分準備來滿足這項需求。

If we can get again, as long as we're channel-agnostic and our users can get their product where they want to and get it in a manner that is efficacious for them and have a great experience.

如果我們能再次獲得成功，只要我們與管道無關，並且我們的用戶可以在他們想要的地方獲得他們的產品，並以對他們有效的方式獲得它並獲得良好的體驗。

We will remain channel neutral on that front.

我們將在這方面保持通路中立。

Yes.

是的。

And just as a reminder, the Medicare fee for service channel, i.e., the non Medicare Advantage channel is reimbursed to be a part BIE. DME.

提醒一下，服務管道（即非 Medicare Advantage 管道）的 Medicare 費用將作為 BIE 的一部分進行報銷。二甲醚。

And so it won't necessarily shift to the pharmacy anytime soon.

因此，它不一定會很快轉移到藥房。

So there's a certain limitation on what you could expect even within the DME channels because of the reimbursement schemes as they exist today.

因此，由於目前存在的報銷計劃，即使在 DME 管道內，您的期望也存在一定的限制。

So hopefully that's helpful.

希望這對您有所幫助。

At least in thinking about the persistence of any sort of change there.

至少在考慮任何形式的變化的持久性時是如此。

And your next question comes from the line of Shagun Singh with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的 Shagun Singh。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thank you so much.

太感謝了。

So I just given the leadership transition in the US, can you talk about your confidence in the commercial strategy getting into 2025?

我剛剛介紹了美國的領導層換屆，您能談談您對進入 2025 年的商業策略的信心嗎？

And then more specifically on Stella, what's your plan for accelerating this plant in 2025?

然後更具體地說，關於 Stella，您在 2025 年加速建造工廠的計劃是什麼？

And then on the GE 15, G7 15, the center, you know how you're preparing ahead of the launch, including with respect to supply.

然後在 GE 15、G7 15 上，您知道在發布前如何準備，包括供應方面。

Thank you for taking the question.

感謝您提出問題。

Okay.

好的。

Let me start with the 15-day product.

讓我從15天的產品開始。

Again, this will be manufactured on our current manufacturing lines and put together with the same way, the current 10 day product is manufactured.

同樣，這將在我們目前的生產線上製造，並以與目前 10 天產品相同的方式製造。

We already manufacture a 15-day product and our sale of product.

我們已經生產了 15 天的產品並銷售產品。

So we're not concerned about having the capacity to build the 15-day center.

因此，我們並不擔心是否有能力建造 15 天的中心。

It's a question and when we turn on and how much inventory we billed in advance of what markets we serve with that product with respect to sell an expansion, a couple of things going on there.

這是一個問題，當我們啟動時，我們在我們為該產品服務的市場上提前收取了多少庫存，以銷售擴展，那裡發生了一些事情。

Number one, we have a number of scheduled enhancements to this fellow app over the course of 2025 and even through the course of 2024 to make this a much rich your experience for those who use it.

第一，我們計劃在 2025 年甚至 2024 年期間對這款同類應用進行多項增強功能，以便為使用者提供更豐富的體驗。

So you'll see a steady stream of things come with fellow.

所以你會看到源源不絕的事情伴隨著同伴而來。

And also again, Jeremy and I both talked about the additional distribution channels where that product can be very well positioned and sold to potential.

傑里米和我再次談到了額外的分銷渠道，在這些渠道中，該產品可以得到很好的定位並銷售給潛在客戶。

So end user sales, distribution channel expansion.

從而擴大終端用戶銷售、通路。

Remember, our US sales force is only have one sales cycle to talk about several and offices yet.

請記住，我們的美國銷售團隊只有一個銷售週期，無法談論多個辦公室。

They will continue to talk about that in office system will get more and more coverage there.

他們將繼續談論辦公系統將在那裡得到越來越多的報告。

With respect to knowledge on the physicians part, over the course of 2025, familiarity will breed growth.

就醫師的知識而言，2025年期間，熟悉度將會促進成長。

And we've got to get that message in front of people more than once we get them to go there.

我們必須不只一次地向人們傳達這一訊息，讓他們去那裡。

With respect to the commercial change, we'll miss Terry.

關於商業變化，我們會想念特里。

She's done a great job here for the same time.

她同時在這裡做得很好。

We have a lot of good leaders in this organization.

我們這個組織裡有很多優秀的領導者。

As I said earlier, I've spent quite a bit of time with the heads of sales and marketing report to me directly for a while before Terry came.

正如我之前所說，在特里來之前，我花了相當多的時間與銷售和行銷主管直接向我報告。

So I'm familiar with this, and we have a great team of leadership that the company, and we will quickly find a new chief commercial officer to add this group.

所以我對此很熟悉，我們公司有一個很棒的領導團隊，我們很快就會找到一位新的商務長來加入這個團隊。

At the same time, I'm not concerned about the leadership of our U.S. team.

同時，我並不擔心我們美國團隊的領導力。

They're very, very good and very strong and very experienced in the industry.

他們非常非常優秀，非常強大，並且在行業中經驗豐富。

We will we will work very hard at this point.

我們將在這一點上非常努力。

We're fine.

我們很好。

And your next question comes from Chris Pasquale with Nephron Research.

您的下一個問題來自 Nephron Research 的 Chris Pasquale。

Your line is open.

您的線路已開通。

Space.

空間。

I want to ask a couple of questions about the 15-day sensor.

我想問幾個關於 15 天感測器的問題。

Jeremy, are there any incremental costs associated with that product or a scale?

傑里米，該產品或秤是否有任何增量成本？

Should it has the same cost profile as the current version?

它應該與當前版本具有相同的成本配置嗎？

And then I know you guys ticket time moving that forward because you really wanted to optimize durability.

然後我知道你們花時間推進這一點，因為你們真的想優化耐用性。

Do you expect the survival to footwear time to be similar to what patients are experiencing today?

您預期患者的穿鞋時間存活率是否與現今的患者相似？

Yes.

是的。

So I'll start with the second one.

那我將從第二個開始。

We expect the durability to 15-day to be to be solid and we wouldn't was a solid, obviously any and additional data where a sense are you always run into more risk in channels, but we got it to a point where we believe the survivability is going to be very well received by the community.

我們預計 15 天的持久性將是可靠的，但我們不會提供可靠的、顯然任何額外的數據，感覺您總是在渠道中遇到更多風險，但我們已經達到了我們相信的地步生存能力將受到社區的好評。

And so that's the work that's the expectation as it launches.

這就是我們在發佈時所期待的作品。

In terms of the product itself, the standard cost really doesn't change at all, certainly will be mindful of some of the changes we're making across the board in terms of just adhesives and things that you're already seeing starting to play through our product.

就產品本身而言，標準成本實際上根本沒有改變，當然會注意到我們在黏合劑和您已經看到開始發揮作用的東西方面所做的一些全面改變通過我們的產品。

But the standard cost doesn't change to the extent that we add a little bit there for warranty here and there just because what can go wrong over five more days, however, knocks off an arm or are you just split it out?

但是標準成本並沒有改變到我們在這裡和那裡增加一點保固的程度，只是因為再過五天可能會出現問題，但是，打掉一隻手臂還是你只是把它拆開？

We'll always be mindful of those types of things.

我們將隨時留意這些類型的事情。

But the standard caution change too much of there's real opportunity here for us for us.

但標準的謹慎態度改變了太多，這對我們來說是真正的機會。

And your next question comes from Mike King with Leerink Partners.

您的下一個問題來自 Leerink Partners 的 Mike King。

Your line is open.

您的線路已開通。

Hi, everyone.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

To what extent did you benefit from competitor CGM shortages towards the end of the quarter in the US?

到本季末，您在多大程度上從美國競爭對手 CGM 的短缺中受益？

Can you help quantify how much of an impact this may it had on your US growth into the queue, if any?

您能幫忙量化一下這對您在美國的成長有多大影響（如果有）嗎？

And is your current revenue guidance assume any potential contribution from that dynamic in 4Q?

您目前的營收指引是否假設第四季這動態有任何潛在貢獻？

Yes, we had heard about some of the disruptions here and there and at the end of the day, you know, everybody goes through these types of things.

是的，我們聽說過一些幹擾，但歸根結底，每個人都會經歷這些類型的事情。

What we ultimately expect at the end of the data you have to write a script when you write a script has to be branded.

我們最終期望的是，當你編寫腳本時，數據必須被烙印。

And when you write that script, you ultimately go fill it.

當你寫下這個腳本時，你最終會去填充它。

And so we didn't necessarily expect that we didn't see anything necessarily changed or what we really saw was our sales force getting out there and getting more interest in DexCom.

因此，我們不一定期望我們不會看到任何必然的變化，或者我們真正看到的是我們的銷售人員走出去並對 DexCom 產生了更多的興趣。

Obviously, you know, um, folks go through these these challenges and they come and they go.

顯然，你知道，嗯，人們會經歷這些挑戰，他們來了又走。

I don't know that have changed all that much out of that change our trajectory.

我不知道我們的軌跡發生了多大變化。

I think what you really saw was we're seeing it in our metrics is our sales force has done a really nice job bringing in new physicians and really getting the message in front of them in conjunction with both RG. seven as well as fellow.

我認為您真正看到的是，我們在指標中看到的是，我們的銷售人員在引進新醫生方面做得非常出色，並與兩個 RG 一起真正將信息傳達到他們面前。七以及同胞。

That's what you saw.

這就是你所看到的。

Can you.

你可以嗎。

Our next question comes from Matt Miksic with Barclays.

我們的下一個問題來自巴克萊銀行的馬特·米克西奇。

Your line is open.

您的線路已開通。

Matt, please check your mute button.

馬特，請檢查你的靜音按鈕。

Hearing no response.

聽不見回應。

We will move to our next question from Steve Lichtman with Oppenheimer.

我們將轉向史蒂夫·利奇曼和奧本海默提出的下一個問題。

Your line is our plan.

您的路線就是我們的計劃。

Thank you.

謝謝。

Hi, guys.

嗨，大家好。

You talked about part of the improved international performance in the quarter, coming from the turn in Japan.

您談到了本季國際業績改善的部分原因是日本市場的轉變。

As you guys took over looking into 2025, you talk about what you see is the biggest drivers internationally?

當你們接手展望 2025 年時，你們會談談你們認為國際上最大的驅動因素是什麼？

Yes, this is Kevin.

是的，這是凱文。

All stores.

所有商店。

We've opened up a tremendous amount of access across the world over the past several months.

在過去的幾個月裡，我們在世界各地開放了大量的存取權限。

I said in my prepared remarks, for example, we just launched DexCom one in France in October where reimbursement is now have enough and we have access to 600,000 more individuals in Japan.

我在準備好的演講中說過，例如，我們剛剛在 10 月在法國推出了 DexCom，現在報銷已經足夠，我們可以接觸到日本的 60 萬人。

There's access to a main individuals.

可以訪問主要人物。

Both of these markets include basal insulin as well.

這兩個市場也包括基礎胰島素。

We're seeing access wins in several of the EU markets that are more mature on the Intensive Insulin side, particularly with respect to type one opening up access slowly to Basil patients and having disposal opportunity come forward.

我們看到在強化胰島素方面更加成熟的幾個歐盟市場取得了准入勝利，特別是在第一類藥物緩慢向巴茲爾患者開放並提供處置機會方面。

Additionally, a lot of these markets don't even access intensive insulin use for type two patients and access is coming there as well.

此外，許多此類市場甚至無法為二型患者提供密集的胰島素使用，而這些市場也正在進入那裡。

So access will be a big driver in the markets that we serve more than anything else over 2025.

因此，到 2025 年，准入將成為我們服務的市場的一大推動力。

And your next question comes from Patrick Wood with Morgan Stanley.

您的下一個問題來自摩根士丹利的帕特里克·伍德。

Your line is open.

您的線路已開通。

Brilliant.

傑出的。

Thank you for taking the question.

感謝您提出問題。

Just curious for the for the record new stops and just what you think the business overall, if you could give any qualitative commentary between what you've seen with in type one versus type two?

只是對記錄中的新網站以及您對整個業務的看法感到好奇，您是否可以對您在第一類和第二類中看到的內容給出任何定性評論？

I know stellar mixes that up a little bit, but just the kind of the source of growth than others.

我知道恆星幣有點混合了這一點，但這只是比其他幣種更重要的增長來源。

But those markets split out of that and you know what the record new patient starts excludes develop.

但這些市場從中分裂出來，你知道創紀錄的新病人開始排除的發展。

So I think it's helpful to know that when Kevin alluded to 70,000 folks using Stelo, that's not in the numbers.

因此，我認為了解一下當 Kevin 提到有 70,000 人使用 Stelo 時，這並不在數字中，這是有幫助的。

We're quoting around record new patients.

我們正在引用創紀錄的新患者。

And I think what you saw, I think what you're seeing now is continuing to see a pretty robust adoption really in all categories you're intensive.

我認為您所看到的，我認為您現在所看到的，在您所關注的所有類別中都繼續看到相當強勁的採用。

Insulin continues to lead the way across T1 and T2 and intensive insulin, and we expect that that coming into the year.

胰島素繼續在 T1 和 T2 以及強化胰島素方面處於領先地位，我們預計這一情況將在今年出現。

But Basil continues to also be relatively strong.

但巴茲爾仍然相對較強。

And what you're seeing more and more of as we deep dive deeper dive into these physicians where a lot of Basil patients are seen, that's where a lot of work was taking place over the course of the third quarter in terms of getting on getting back to productivity and you're starting to see more and more of that.

當我們深入了解這些醫生時，你會看到越來越多的情況，他們看到了很多巴茲爾患者，這就是第三季度在獲得治療方面所做的大量工作的地方。會開始看到越來越多的這種情況。

So it's really broad-based across the insulin using population.

因此，它在胰島素使用人群中具有廣泛的基礎。

You are seeing a lot of nice uptake in the non-insulin and health and wellness population and stellar, but that's not an inclusion.

您會看到非胰島素、健康和保健人群的大量吸收和優秀人群，但這並不包括在內。

Our record new patient number.

我們創紀錄的新患者數。

And your next question comes from PC Kirby with Redfern Atlantic.

您的下一個問題來自 Redfern Atlantic 的 PC Kirby。

Your line is open.

您的線路已開通。

And good evening.

晚安.

Thanks for taking my question.

感謝您提出我的問題。

Appreciate any near complements influences panels that with Last of all, I mean, any insights you have around we ran returned to normal?

感謝任何近乎互補的影響小組，最後，我的意思是，您對我們運行的任何見解都恢復正常了嗎？

And also any further color you can get on with hands and reliability of the products?

還有您可以用手塗上的任何其他顏色和產品的可靠性嗎？

Yes, this is Kevin.

是的，這是凱文。

I'll start with that.

我將從那開始。

With respect I said earlier, 50% at least 50% of our individual signed up on the subscription model and reordering has just begun.

恕我直言，我之前說過，我們有 50% 至少 50% 的人註冊了訂閱模式，並且重新訂購才剛開始。

We're happy with the reordering rates right now.

我們對目前的重新訂購率感到滿意。

So that's going very well.

所以一切進展順利。

But it's our release.

但這是我們的釋放。

We have more to learn there with respect to retention and with respect to reliability and customer interface, this has been great for us.

在保留率、可靠性和客戶介面方面，我們還有更多需要學習的地方，這對我們來說非常好。

We have a completely different service model with fellow with what we can sell about online.

我們與我們可以在線銷售的產品有完全不同的服務模式。

And we've learned a lot through that.

我們從中學到了很多。

We've learned just some things we can do better than we've learned.

我們已經學到了一些我們可以做得比我們學到的更好的事情。

There are some things that worked very well.

有些事情效果很好。

We're trying to develop a much more efficient, easy service model for these customers.

我們正在努力為這些客戶開發更有效率、更簡單的服務模式。

Just given the nature of this business and things we can learn and apply to our core business later on as we hear from these users, we are learning also that a consumer market has different expectations for glucose sensor than somebody who has intensive insulin therapy.

考慮到這項業務的性質，以及我們可以從這些用戶那裡了解並應用於我們的核心業務的東西，我們還了解到，消費者市場對葡萄糖感測器的期望與接受強化胰島素治療的人不同。

Somebody on intensive insulin therapy knows that physiology comes into effect from time to time.

接受強化胰島素治療的人都知道，生理有時會發揮作用。

And this sensor may turn off at seven days, just say that this doesn't work anymore, but they depend on that sensor for their life.

這個感測器可能會在 7 天後關閉，只是說這不再起作用了，但他們的生活依賴於該感測器。

So they okay turned off at seven days.

所以他們可以在 7 天後關閉。

I can deal with that.

我可以處理這個問題。

We'll in your consumer and you buy as fellow and in terms of seven days had just paid for this license turning off at seven days.

我們將在您的消費者和您作為夥伴購買，並且在 7 天的時間內剛剛支付了該許可證的費用，該許可證將在 7 天後關閉。

So we are learning how to deal with that patient and that individual that customer to create the proper experience.

因此，我們正在學習如何與患者和客戶打交道，以創造適當的體驗。

That's why I said earlier, the most important thing of the stellar launches that we learn that we learned a model that will delight our customers when they use this product that they choose to use this product three or four times a year, then let's make sure we create an experience that is delightful three or four times a year.

這就是為什麼我之前說過，明星發布中最重要的一點是，我們了解到，我們學到了一種模型，當我們的客戶使用該產品時，他們會選擇每年使用該產品三到四次，然後讓我們確保我們每年都會創造三到四次令人愉快的體驗。

If we do a good job, hopefully we can keep on the product all the time and have continue issue.

如果我們做得好，希望我們能夠一直保留該產品並繼續解決問題。

Is it still early to tell how usage and retention and all that's going to be because we're just a couple of months into the launch now, but we're seeing reorders.

現在判斷使用率和保留率以及所有這些情況還為時過早，因為我們現在才推出幾個月，但我們已經看到了重新訂購。

We're seeing people sign backup on subscription to get more at a rate that it's very, very good with respect to our expectations.

我們看到人們簽署了訂閱備份，以非常非常好的速度獲得更多內容，這與我們的期望非常非常好。

And your next question comes from Margaret Kaczor Andrew with William Blair.

你的下一個問題來自瑪格麗特·卡佐爾·安德魯和威廉·布萊爾。

Your line is open.

您的線路已開通。

Hi, everyone.

大家好。

This is McCauley on for Margaret.

這是麥考利為瑪格麗特發言。

Thanks for taking our question.

感謝您提出我們的問題。

Just a follow up on some of the earlier questions on the LRP.

只是對 LRP 之前的一些問題的跟進。

You previously mentioned I call it 70 30 U.S. OUS sales split out.

您之前提到過，我將其稱為 70 30 美國 OUS 銷售額拆分。

Does that imply a larger U.S. contribution now in order to hit the low end at the 4.6 billion?

這是否意味著美國現在需要做出更大的貢獻才能達到 46 億的低端？

And maybe just to follow up on the 15-day durability.

也許只是為了跟進 15 天的耐久性。

So I think achieved the roughly 80% in the studies.

所以我認為在研究中達到了大約80%。

But how does that compare to what you've seen in the first couple of months with the launch?

但這與您在發布前幾個月看到的情況相比如何？

And any commentary on at the 15-day G7 was able to exceed that?

為期15天的G7的評論能超越這個嗎？

Yes.

是的。

So I think, um, in terms of the LRPE., as you're thinking about the splits, the splits are roughly that.

所以我認為，嗯，就 LRPE 而言，當你考慮分裂時，分裂大致就是這樣。

I mean there there's a lot that goes on in terms of what those numbers are, including now the new Stella product.

我的意思是，就這些數字而言，有很多事情正在發生，包括現在的新 Stella 產品。

And so we'll see.

我們拭目以待。

What I would say is, as you're thinking about from a growth rate that expect the international business to continue to grow based on the trajectory you're seeing today, any additional wins to continue to do well and obviously, the U.S. to do well as well as we stabilize our core markets and obviously stellar jumps.

我想說的是，正如您所考慮的增長率，預計國際業務將根據您今天看到的軌跡繼續增長，任何額外的勝利都會繼續表現出色，顯然，美國會繼續表現出色我們還穩定了我們的核心市場，並實現了明顯的飛躍。

And so it's in the general seven to 30 ballpark.

所以一般是 7 到 30 左右。

I wouldn't draw that necessarily 0.0 lines and get overly overly stuck up on that.

我不會畫那條必然為 0.0 的線，並且對此過於執著。

But in general, that's the splits we expect in terms of how you're thinking about Stelo, it's lasting how long it lasts.

但總的來說，這就是我們對 Stelo 的看法所期望的分裂，它會持續多久。

What we are seeing is quite quite a few centers.

我們看到的是相當多的中心。

Most centers lasting the 15 days.

大多數中心持續 15 天。

We're seeing the performance in the field mirror that of which we've seen.

我們所看到的現場表現與我們所看到的表現一致。

And obviously in our submissions, it's interesting, it is more and more people learn how to use the product and it becomes more and more familiar.

顯然，在我們提交的內容中，很有趣的是，越來越多的人學習如何使用產品，而且它變得越來越熟悉。

You see those numbers go up.

你會看到這些數字在上升。

So you might have seen in the first couple of days folks on unsure of how to use the product may be applied in appropriately applied to the wrong place.

因此，您可能在最初幾天看到人們不確定如何使用該產品，可能會正確地應用到錯誤的地方。

And we ultimately they we ultimately had to make sure we navigated through some of that education.

我們最終必須確保我們完成了一些教育。

But we're looking at centralized and we're seeing sensor light lasting out to those 15 days and seems to have got a pretty common clip.

但我們正在關注集中式，我們看到感測器光可持續持續 15 天，似乎有一個非常常見的片段。

So we're very excited about that.

所以我們對此感到非常興奮。

Obviously, with the G7 15 day, we got to a survival rate we felt good with.

顯然，透過 G7 15 天，我們達到了我們感覺良好的存活率。

And so you could imagine some as we're submitting that a number that we feel good with just like we feel good with the stellar number.

所以你可以想像，當我們提交一個我們感覺良好的數字時，就像我們對恆星數字感覺良好一樣。

We'll wait to give more data on that as that data becomes available through our submission and hopefully approval here in the near future, you guys will see it on, but we are comfortable with what we had in terms of survivability and that submission.

我們將等待提供更多相關數據，因為這些數據可以透過我們的提交獲得，並希望在不久的將來獲得批准，你們會看到它，但我們對我們在生存能力和提交方面所擁有的感到滿意。

And we have no further questions at this time.

目前我們沒有進一步的問題。

I would like to turn the call back to Mr. Kevin Sayer for closing remarks.

我想將電話轉回給 Kevin Sayer 先生，讓其致閉幕詞。

I would just like to thank everybody for participating today and we'll talk to you again at 1st of the year.

我只想感謝大家今天的參與，我們將在今年第一天再次與您交談。

When we start providing guidance for 2025.

當我們開始提供 2025 年指導。

Officially have a great winter, everybody, and we'll talk again soon.

正式祝大家有個愉快的冬天，我們很快就會再聊。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

We thank you for participating.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

To me.

大部頭書。

I mean, thanks.

我的意思是，謝謝。

Thanks.

謝謝。

Thanks.

謝謝。