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 I will be your operator for today's call.

我叫艾比，我是今天電話的接線生。

(Operator Instructions) As a reminder, the conference is being recorded.

（操作員說明）謹此提醒，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. Christensen, you may begin.

克里斯滕森先生，您可以開始了。

Thank you, Abby and welcome to Dexcom's third quarter 2024 earnings call.

謝謝艾比，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 Jereme 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，隨後我們的財務長 Jereme Sylvain 進行財務回顧和展望。

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 2024 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 2024 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 here of 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，是本次電話會議中包含的前瞻性陳述，基於Dexcom 目前掌握的信息，截至此日期作出，但須遵守各種條件。

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所明示或暗示的結果存在重大差異的因素詳見 Dexcom 的 10-K 表格年度報告、10-Q 表格最新季度報告以及向證券公司提交的其他費用文件和交易委員會。

Except as required by law, 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.

除法律要求外，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與實際結果保持一致的義務。

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

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

除非另有說明，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, for reconciliation of these measures to their most directly comparable GAAP financial measure.

請參閱我們的收益發布中的表格以及第三季度收益電話會議隨附的幻燈片，以了解這些指標與其最直接可比較的公認會計準則財務指標的對帳情況。

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, Teri Lawver, 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 Teri Lawver 在此表達了從 Dexcom 退休的計劃。

Teri has a great leader who has advanced our commercial organization and so several areas in the past two years, including the launches of our G7 system and sell, which I will touch on shortly.

Teri 擁有一位出色的領導者，他在過去兩年中推動了我們的商業組織和多個領域的發展，包括我們的 G7 系統的推出和銷售，我很快就會談到這一點。

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.

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。

I will assume leadership of the team and having managed this team before I can speak to their quality and look forward to leading them again.

在我能夠評價他們的品質並期待再次領導他們之前，我將承擔團隊的領導責任並管理好這支團隊。

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 and our product pipeline, and we'll walk through some of those steps today.

其次，我對我們團隊正在取得的執行進展感到滿意，無論是在我們的商業效率還是我們的產品管道方面，我們今天將逐步完成其中的一些步驟。

And finally, I feel confident in our pathway back to higher growth and continued margin expansion, which Jereme 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，傑里姆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 apply learnings from the initial rollout and improve our commercial execution.

從我們美國銷售團隊的擴張開始，我們很高興地報告我們在應用最初推出的經驗教訓並改善我們的商業執行過程中所取得的進展和積極的勢頭。

As we anticipated, our productivity metrics improved over the course of the third quarter as we implemented several changes to strengthen our sales effectiveness.

正如我們預期的那樣，我們的生產力指標在第三季度有所改善，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.

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.

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，以傾聽和協作制定互惠互利的策略。

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.

透過這個過程，我們找到了與這些團隊在現場更好地合作的機會，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 our G7 and Dexcom ONE+ product platforms.

我們看到第三季的營收成長較第二季的水平有所加快，幾乎所有直接市場都受到更強勁的新患者表現以及 G7 和 Dexcom ONE+ 產品平台可用性的擴大的推動。

This included the launch of G7 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 9 月底在澳洲推出 G7，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+ system, which leverages our G7 hardware platform with a differentiated app experience.

我們繼續擴展 Dexcom ONE+ 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 and years ahead.

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，我們將在未來幾季和幾年內繼續取得這一進展。

During the quarter, we were also thrilled to launch our newest product, Stelo, in the US market.

在本季度，我們也很高興在美國市場推出了我們的最新產品 Stelo。

Stelo's launch represented a pivotal moment in the diabetes care and metabolic health landscape, as now, any adult in the US can access a Dexcom biosensor.

Stelo 的推出代表了糖尿病護理和代謝健康領域的關鍵時刻，因為現在，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 Stelo 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 Stelo 如何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.

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進行的無縫重新訂購和流程。

And a Dexcom tradition, we are listening to customers and our are already working to innovate the Stelo experience and meet the distinct needs of people have prediabetes or type two diabetes who are not on insulin.

作為 Dexcom 的傳統，我們傾聽客戶的意見，並且已經在努力創新 Stelo 體驗，滿足未使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.

即使該產品針對的是這些人群，我們也看到人們對希望在代謝健康之旅早期利用非處方藥機會的人們產生了濃厚的興趣。

Across these cohorts, currently, around half of our customers have signed up for a Stelo subscription, which is encouraging to see this early in a product launch.

目前，在這些群體中，大約一半的客戶已經註冊了 Stelo 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 Stelo.

十月，我們也開始初步擴展 Stelo 的發行選項。

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

首先，我們透過為我們的幾個核心 DME 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 B2B sales of Stelo.

我們也啟動了 Stelo 的首次 B2B 銷售。

This includes direct sales to certain conditions as one of the first requests that we heard at the outset of Stelo's launch was a desire from conditions to have Stelo available for sale within their practices.

這包括對某些條件的直接銷售，因為我們在 Stelo 推出之初聽到的第一個請求是條件希望在其實踐中出售 Stelo。

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

到目前為止，Stelo 的推出讓我們深受鼓舞，而這只是一個開始。

Stelo will 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，Stelo 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 Jereme.

這樣，我就把它交給 Jereme。

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 in addition to not CGM revenue acquired or divested in the trailing 12 months.

提醒一下，我們對有機收入的定義不包括外匯的影響，也不包括過去 12 個月內獲得或剝離的 CGM 收入。

US revenue totaled $702 million for the third quarter compared to $714 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.

第三季美國營收總計 7.02 億美元，而 2023 年第三季為 7.14 億美元，下降了 2%，擾亂了第二季新客戶啟動速度放緩以及由於業務轉移導致每客戶收入下降的複合效應。與一年前相比，通路動態和更高的返利資格。

This eligibility component alone created a year-over-year negative impact of approximately six points of growth in the US.

光是這項資格部分就對美國造成了約六個百分點的年比負面影響。

With rebate eligibility now near 100%, we expect this impact peaked in Q3 and will moderate over the next couple of quarters.

由於返利資格現已接近 100%，我們預計這種影響將在第三季達到頂峰，並將在接下來的幾個季度中緩解。

In the DME channel, we experienced some incremental share loss during the quarter as we had contemplated in our previous guidance.

在 DME 管道中，我們在本季度經歷了一些增量份額損失，正如我們在先前的指導中所考慮的那樣。

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，我們很高興地看到這些趨勢在本季度末趨於穩定，因為我們的團隊迅速開展工作，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 revenue grew 12% totaling $292 million in the third quarter.

第三季國際營收成長 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+ across our footprint.

隨著我們擴大 G7 和 Dexcom ONE+ 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, 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.

憑藉我們領先的產品組合以及Dexcom CGM 推動的健康結果的不斷增長的證據，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-GAAP results for the quarter.

我們將其排除在本季度非公認會計準則業績之外。

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+.

透過新的泵浦整合和 DexCom ONE+ 的持續推出，我們在將安裝基礎轉變為 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-day G7 with the FDA for review.

此外，Kevin 指出，我們最近向 FDA 提交了為期 15 天的 G7 審查。

This potential clearance will provide us yet another compelling cost lever into 2025 and beyond.

這項潛在的許可將為我們在 2025 年及以後提供另一個令人信服的成本槓桿。

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 million 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 2.389 億美元，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.

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

Net income for the third quarter was $179.9 million or $0.45 per share.

第三季淨利為 1.799 億美元，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 億美元股票回購計畫。

Turning to guidance, we are maintaining our 2024 guidance in the range of $4.00 billion 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.

談到指導意見，我們將2024 年指導意見維持在40 億至40.5 億美元的範圍內，意味著全年有機增長11% 至13%，第三季度的情況符合預期，我們的指導意見反映了我們美國業務的持續成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 Stelo, we are building momentum as we enter 2025.

雖然我們繼續透過持續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入院率以及我們繼續推出 Stelo，但隨著我們進入 2025 年，我們正在積蓄動力。

For margins, we are reaffirming our 2024 guidance of non-GAAP gross profit margin to approximately 63%, non-GAAP operating margin of approximately 20%, adjusted EBITDA margin of approximately 29% with a full quarter now under our belt since resetting our 2024 guidance, we remain on track to achieve the $4.6 billion revenue and corresponding margin targets embedded in our 2025 long range plan.

對於利潤率，我們重申2024 年的指導，即非GAAP 毛利率約為63%，非GAAP 營業利潤率約為20%，調整後EBITDA 利潤率約為29%，自重置2024 年以來，我們現在已經掌握了整個季度的利潤率在指導下，我們仍有望實現 2025 年長期計劃中包含的 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。

Abby, please provide the Q&A instructions.

艾比，請提供問答說明。

(Operator Instructions)

（操作員說明）

Danielle Antalffy, UBS.

丹妮爾·安塔菲，瑞銀集團。

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 US did though, they'll come in a little bit below consensus.

不過，美國確實做到了，但他們的表現將略低於共識。

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 maybe anything you can say about that a run rate exiting the quarter, what you can say about where you are with DMEs from a share 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，你能對你的情況說些什麼從股票角度來看DME？

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不穩定。

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，並且我們實現了——超額完成進入了該範圍的頂端。

We feel good about that.

我們對此感覺很好。

As we exited the quarter, there's a lot of good things that we saw.

當我們結束本季時，我們看到了很多好的事情。

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

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新患者補充說，這一數字達到了創紀錄的水平，這確實是在本季度最後一部分發生的。

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

最重要的是，我們談論了在本季度中添加的 35,000 名新處方者，而當您添加新行時，同時有 10 個新用戶，這肯定是一個。

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更深入地研究，我們相信這將非常有幫助。

On the DME side, we talked about things stabilizing, things did stabilize.

在 DME 方面，我們談到事情正在穩定，事情確實穩定了。

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 quarter, we saw things start to stabilize in September.

本季的前兩個月，我們看到情況在 9 月開始趨於穩定。

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 the Stelo 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 Stelo message rings loud and clear.

對我們銷售團隊來說非常積極的另一件事是 Stelo 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，Stelo 訊息響亮而清晰。

And 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 G-series.

並為這些醫生提供了一個絕佳的機會來增強患者的護理模式，並使這些醫生能夠了解他們是否可以使用 G 系列，事實上，這是一個更嚴重的患者。

At the end of that, with this momentum, we feel real good about the implied sequential growth in the fourth quarter and the US.

最後，憑藉著這種勢頭，我們對第四季和美國的隱含環比成長感到非常滿意。

Because it's higher than what we've had in the past, and that's even without a Stelo contribution

因為它比我們過去的水平要高，而且即使沒有 Stelo 的貢獻

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，進入今年餘下的時間進入 25 年，我們感覺非常好。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good afternoon.

午安.

Thanks for taking the question.

感謝您提出問題。

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

Kevin，當我們將你們與 Abbott 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 Q3, but good number going forward.

第三季的市場成長率為 10% 左右，但未來的數字會很好。

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

您認為第三季是否有一次性項目導致市場低迷？

Thanks.

謝謝。

I believe in general again, our numbers, we had to deal with the factors we pointed out on the last call with channel mix shifting and things of that nature.

我再次相信，總的來說，我們的數字，我們必須處理我們在上次電話會議中指出的管道組合轉變和類似性質的因素。

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.

我們想回去。

Basal coverage is still early on and we have many other people on intangibles, someone who should I use CGM.

基礎覆蓋仍處於早期階段，我們還有許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。

Matt Taylor, Jefferies.

馬特泰勒，杰弗里斯。

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

您能否談談您認為 2025 年長期計劃的低端是否仍在發揮作用？

Yeah, sure.

是的，當然。

Thanks, Matt.

謝謝，馬特。

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.

因此，今年開始我們不一定會達到我們最初設想的水平，但我們符合上次演講時給予的指導，正如我們所說，我們正在取得進展。

In terms of the long-term guide, I think you heard in my comments, we're on track to hit our long-term guide.

就長期指南而言，我想您在我的評論中聽到了，我們有望達到長期指南。

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 US saw our international results accelerate a little bit and we have 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，我們的國際業績有所加速，我們在今年和明年有更多的機會。

We feel good about where we're going and we haven't really talked about Stelo yet.

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 Stelo。

Stelo is going to be a real interesting opportunity for us going forward.

Stelo 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 and more as time moves on with Stelo.

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 Stelo 分享越來越多的內容。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you and good afternoon guys.

謝謝你們，大家下午好。

Maybe 2 follows -- or 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 Stelo's, appreciate understanding that.

也許接下來是 2 個，或者是兩個部分，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，是有還是沒有 Stelo，請理解這一點。

And then tie into that with volatility last quarter to ensure my patient model is off a little bit.

然後將其與上個季度的波動性聯繫起來，以確保我的患者模型稍微偏離一點。

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，美國的患者數量更健康，抱歉，美國的安裝基礎可能比去年同期增加 27% 28% 左右。

This quarter you did the negative 2% US revenue growth.

本季美國營收負成長 2%。

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

所以我想，有沒有什麼方法可以幫助我們將美國安裝基數成長與收入成長之間的差距趨向於 25 到 30 個基點？

I know you talked about the six points of headwind from rebate is there anything else to help us kind of bridge that 25 to 30 basis points gap?

我知道您談到了回扣帶來的 6 個點的逆風，還有其他什麼可以幫助我們彌合 25 到 30 個基點的差距嗎？

Thanks.

謝謝。

Yeah, I can take that.

是的，我可以接受。

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

所以首先，記錄的新患者不包括 Stelo。

So we're excluding Stelo.

所以我們排除了 Stelo。

This is really our G-series, large D series are called our insulin product base.

這確實是我們的G系列，大的D系列稱為我們的胰島素產品基礎。

So like for like apples for apples record quarter.

就像蘋果對蘋果創紀錄的季度業績。

So hopefully that gives you some context there.

希望這能為您提供一些背景資訊。

In terms of where we're going, 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.

就我們的發展方向而言，雖然我們不一定要提供患者基礎，但我認為我們上個季度提供了患者基礎，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 seeing a little bit of the Q2 come performance rolling through in the third quarter.

傑夫，現在在本季度，我們看到第二季度的一些業績在第三季度有所體現。

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

如你所知，當你考慮患者開始時，你知道，患者和單位數量之間的巨大聯繫，你會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 then the 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 shift.

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

Robbie Marcus, JP Morgan.

羅比馬庫斯，摩根大通。

Okay, great.

好的，太好了。

Thanks for taking the questions.

感謝您提出問題。

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

我想在DME頻道問一下，看來你們已經穩住了那裡的位置。

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, two, three, four years ago with your standing with DMEs?

認為你可以回到兩年、三年、四年前的 DME 地位，這是不合理的嗎？

Or should we think about just gradual improvement?

還是應該考慮逐步改進？

Thanks to that.

多虧了這一點。

Yeah, 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 heard what they had to say.

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。

By and large, these partners has served us well.

總的來說，這些合作夥伴為我們提供了良好的服務。

And as far as getting elongated, we do very well.

就拉長而言，我們做得很好。

Where we disrupted the applicant, Robbie, again, as relationships in the field.

我們再次擾亂了申請人羅比在該領域的關係。

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.

當我們實際上改變了每個銷售區域時，我們在其區域內的代表與 DME 代表和相應區域之間的 DME 代表關係經常會遺失。

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

除此之外，關於通路平衡，我們學到了什麼以及我們的 DME 合作夥伴的看法是，我們不平衡，如果我們有一個機會中心，許多藥房，我們發送到藥房立即執行，無需檢查 DME 通道。

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。

These partners in these companies, as I've spoken with them, my conversations have not centered around prices, they centred around volume.

正如我與這些公司的合作夥伴交談的那樣，我的談話不是圍繞價格，而是圍繞數量。

What these guys want as more patients.

這些人想要更多的病人。

We need to get more prescriptions.

我們需要獲得更多處方。

We need to get more prescriptions sent through that channel and we need to get more prescriptions referred to us through that channel.

我們需要透過該管道發送更多處方，並且需要透過該管道向我們推薦更多處方。

As we send more of their way, we're confident we'll get more back the other way.

當我們向他們發送更多的訊息時，我們有信心透過其他方式收到更多的訊息。

As we said last call, and I'll say again, while we think we stabilize this is going to take a while to build backup is going to happen overnight.

正如我們上次電話會議所說，我會再說一遍，雖然我們認為我們穩定下來需要一段時間，但建立備份將在一夜之間發生。

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

所以我們 - 但我們也需要進入第二類市場，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 care communities, served them.

我們一直在初級保健社區召集許多醫生，為他們提供服務。

Out of all those pieces backup we think we've taken very good steps to shift in the other direction.

在所有這些備份中，我們認為我們已經採取了非常好的步驟來轉向另一個方向。

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 DME partners, as we talked about in the call, we've offered them Stelo.

順便說一句，正如我們在電話中談到的，我們與 DME 合作夥伴所做的其他事情之一是，我們為他們提供了 Stelo。

They serve a lot of type two patients who may or may not be on insulin who have other medical conditions.

他們為許多患有其他疾病的二型患者提供服務，這些患者可能會或可能不會使用胰島素。

By offering Stelo, 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 help.

透過提供 Stelo，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也能獲得他們的幫助。

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

因此，我們期待他們也成為我們的一個很棒的額外 Stelo 分銷管道。

Joanne Wuensch, Citibank.

喬安妮‧溫施，花旗銀行。

Good afternoon and thank you for taking the question.

下午好，感謝您提出問題。

Congratulations on submitting the 15-day G7 to the FDA.

恭喜您向 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, I'll start with approval timeframe.

你知道嗎，我將從批准時間表開始。

We have submitted 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.

我們已經提交了它，我們認為這是一份非常好的文件，我們不會過多猜測他們何時會批准我們的文件。

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

相反，我們確實提交了一份包含 15 天產品的 Stelo 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 Jereme talked about the financial impact.

我會讓 Jereme 談談財務影響。

Yeah, obviously, Joe, and this one really, really well as we start to go into some of these contracts where it's a monthly fee, that's going to be a big opportunity for us.

是的，顯然，喬，這個真的非常好，當我們開始簽訂一些按月付費的合約時，這對我們來說將是一個很大的機會。

As of right now, we talked about our long range plan guide in 2025 and 65% and that's where we are.

截至目前，我們討論了 2025 年的長期計畫指南和 65%，這就是我們目前的情況。

That all being said, we know this is an interesting lever.

話雖如此，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 as investors is gross margin, but there's also customers who are really looking forward to the longer extended wear period.

所以我認為我們作為投資者談論的是毛利率，但也有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.

這是我們將透過該產品提供的另一件偉大的事情。

A lot of good things coming here really soon.

很多好東西很快就會來到這裡。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Good afternoon.

午安.

My question is on opening Stello to DMEs and doctors directly had been working under the assumptions Stelo in the US would go for your lowest price point?

我的問題是，關於向 DME 開放 Stello，醫生們一直在假設美國的 Stelo 會達到你們的最低價格點？

Yeah, $100 per patient among -- $1,200 a year.

是的，每位病人 100 美元，每年 1,200 美元。

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 doctors and two, three years from now, how much is Stelo are you doing direct versus through these partners in your mind?

那麼你能幫我了解一下你將如何與 DME 和醫生一起定價嗎？

Thank you.

謝謝。

Yeah, it's a fair question.

是的，這是一個公平的問題。

We've always -- and first off, really appreciate your note on Stelo pump earlier.

首先，我們非常感謝您先前對 Stelo Pump 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.

我以為是這樣的——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, 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 stelo.com, we obviously bear a lot of the commercial work shipping work, all the work takes place associated with that.

請記住，在 stelo.com 上，我們顯然承擔了大量的商業工作運輸工作，所有工作都與之相關。

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，某些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 it accordingly.

因此我們將相應地定價。

At the same time, the cost to us is incredibly low.

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 accrue, I think, down to the bottom line operating margin in a very similar manner.

因此，我認為你可以想像我們有一些不同的機會，我認為所有這些機會都以非常相似的方式累積到底線營業利潤率。

Mathew Blackman, Stifel.

馬修布萊克曼，史蒂菲爾。

Good afternoon, everybody can hear me.

下午好，大家都能聽到我的聲音。

I'm curious, just how you're thinking about competition type one pump integrated segment, particularly next year when there's going to be more competition.

我很好奇，您如何看待競爭一泵整合細分市場，特別是明年競爭將會更加激烈。

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.

您正在考慮進行頭對頭研究。

I'm really just trying to understand what the messaging is going to be to physicians and patients when there's another sensor option out there another sensor option out there probably sometime next year.

我真的只是想了解當有另一種感測器選擇時，可能會在明年某個時候向醫生和患者傳達什麼訊息。

Thanks.

謝謝。

Well, I'll start.

好吧，我要開始了。

Every study in these AID system has been done with the Dexcom sensor.

這些 AID 系統中的每項研究都是使用 Dexcom 感測器完成的。

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.

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。

And that's the data they published for their time and range.

這就是他們發布的時間和範圍的數據。

Look, we serve, several hundred thousand AID system users right now.

看，我們現在為數十萬 AID 系統用戶提供服務。

And the results of those AID systems with our partners have been incredibly good.

這些援助系統與我們的合作夥伴的成果非常好。

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

我們定期與他們密切合作，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.

我們相信我們在這方面比其他任何人都做得更好。

Over time, 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.

隨著時間的推移，我們在這個市場以及我們在這一類市場中一直表現強勁的地方之一的聲譽，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，並且我們打算通過以下方式保持這一優勢：我們的產品品質更高。

And at the end of the day, it matters.

歸根結底，這很重要。

The accuracy of Dexcom is tried and true and proven to these patients.

Dexcom 的準確性經過了這些患者的嘗試和驗證。

I've been to several -- this diabetes fundraiser season.

我參加過幾次糖尿病募款活動。

I've been to a few fundraiser things that I've seen numerous Omnipod and Tandem users who are now using G7.

我參加過一些籌款活動，看到許多 Omnipod 和 Tandem 用戶現在正在使用 G7。

Certainly the Tandem and the Omnipod are starting to switch.

當然，Tandem 和 Omnipod 正在開始轉換。

Their belief in Dexcom and our sensors is incredibly, heartwarming and it's very important to see that is a great customer base for us, and we'll continue to serve it the same way we always have.

他們對 Dexcom 和我們的感測器的信任令人難以置信、溫暖人心，非常重要的是看到這對我們來說是一個巨大的客戶群，我們將繼續以一貫的方式為他們提供服務。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

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.

我想問關於 2025 年，您如何看待 25 年美國的復甦。

I don't know the US is back to double digits.

我不知道美國是否回到了兩位數。

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 it includes Stelo or not.

我不知道它是否包括 Stelo。

Just curious if I want to reiterate that Stelo guide for '24.

只是好奇我是否想重申 '24 的 Stelo 指南。

I just love some color on that.

我只是喜歡上面的一些顏色。

Sure.

當然。

I'll give you some of the commentary.

我會給你一些評論。

So certainly, it assumes a stable market moving into 2025.

因此，可以肯定的是，它假設市場將在 2025 年保持穩定。

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

從 24 世紀到 25 世紀，採用率和滲透率都呈現穩定的趨勢。

It also assumes stable, not necessarily winning share back, but stable trends through the DME share.

它還假設穩定，不一定是贏回份額，而是透過 DME 份額實現穩定的趨勢。

And then, certainly us continuing to do well.

然後，我們當然會繼續表現出色。

In the retail channel, which we have seen over the past quarter and we expect to see for the rest of the year.

在零售通路中，我們在過去一個季度已經看到了這種情況，預計今年剩餘時間也會出現這種情況。

It does include Stelo, and we've can we've considered a bunch of different ranges opportunities, you can probably imagine, given we're only a couple of months into launch, there's multiple different opportunities and ranges.

它確實包括 Stelo，我們已經考慮了一堆不同範圍的機會，你可能可以想像，鑑於我們才推出幾個月，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 we'll be launching here over the coming months.

您可以想像，未來幾個月我們將在這裡推出更多頻道。

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。

This will be a first ever US OTC holiday season with was a Stelo out there.

這將是美國有史以來第一個場外交易假期，其中有 Stelo。

So there's a lot of things we're going to learn over the course of the coming weeks before we give it.

因此，在我們給出之前的幾週內，我們將學習很多東西。

We've taken in contemplation all of those range, stability in terms of what those numbers aren't felt good about the $4.6 billion number.

我們考慮了所有這些範圍和穩定性，但這些數字與 46 億美元的數字相比感覺不太好。

And so that includes all of that.

這包括所有這些。

And so hopefully, that answers the question, of course.

當然，希望這能回答這個問題。

We'll give you some more clarity by quarter, as we get into the end of the year.

當我們進入年底時，我們將按季度為您提供更多資訊。

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

但你可能可以想像，只要給定比較，你就可以計算出比較的樣子。

And we, obviously, have a little bit more challenging comps in the first half, a little bit 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一些。

Certainly as we're talking about Q3, but nothing funky there.

當然，正如我們正在談論的第三季度，但沒有什麼奇怪的。

Just naturally lapping comps.

只是自然地研磨比較。

The rebate question, you've got your 100%, correct. 100% rebates is assumed, and so you won't necessarily have that headwind.

回扣問題，你已經100%了，正確。假設 100% 回扣，因此您不一定會遇到這種阻力。

Marie Thibault, BTIG.

瑪麗蒂博，BTIG。

Good evening.

晚安.

Thanks for taking the questions.

感謝您提出問題。

I want to follow up on the rebate issue.

我想跟進回扣問題。

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 rebate issue?

第四季指引中對於回扣問題的四個影響點有何假設？

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 Q3.

顯然你在第三季達到了頂峰。

It's going to be less than Q4.

它將低於第四季。

And so I think you can safely assume that again, haven't given a specific number yet, but again, if 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，我認為您可以再次安全地假設，尚未給出具體數字，但同樣，如果模型是 - 您會期望 ASP 從第三季度到第四季度會非常一致，因為我們確實有他們以100%的回扣率。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

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, Jereme, $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，Jereme，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, you would have done that this year without the mix headwinds.

你以前就這樣做過，今年如果沒有混合逆風，你也會這樣做。

But this time around, you're going to be trying to do that growth with no patients that maybe aren't going to use products as much basal, Stelo, et cetera.

但這一次，你將嘗試在沒有患者可能不會使用基礎產品、Stelo 等產品的情況下實現這種成長。

So how do you deconstruct getting that absolute growth next year on top of the fact that you're going to have some competition on the pump side of things and then maybe a little bit of price on the DME side of things.

那麼，除了在泵方面會有一些競爭，然後在 DME 方面可能會有一點價格這一事實之外，您如何解構明年的絕對增長。

Thank you.

謝謝。

Yes, sure.

是的，當然。

And I think -- and I appreciate the comments.

我認為——並且我很欣賞這些評論。

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

當然，Stelo 和我們一直假設，在我們的模型中，您不一定會擁有相同的保留利用率 Stelo，但 Stelo 對我們來說是一個全新的類別。

So you got to remember, the comps relative to next year to this year are certainly different.

所以你必須記住，明年和今年的比較肯定是不同的。

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

正如您所說，當您想到本季創紀錄的新患者季度時，顯然，隨著我們的銷售團隊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 new patients added record new patient in our core insulin business.

因此，當您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患者數量創下了新紀錄。

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 Stelo 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，Stelo 也可以做出貢獻。

So when you think about both of those, you're not wrong in the sense that Stelo 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 and only partial revenue here in the third quarter of the year.

因此，當你考慮這兩個問題時，你並沒有錯，因為 Stelo 的利用率和保留率應該較低，但這是在上半年沒有收入且只有部分收入的背景下進行的。 。

So hopefully, that gives you some context towards it in terms of the growth of the overall business.

希望這能為您提供有關整體業務成長的一些背景資訊。

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

這就是為什麼我們——正如我們經歷過的那樣，我們對重申 LRP 感覺很好。

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

好吧，我想，我要補充的另一件事是，Jereme，我們還將在 2025 年推出一款為期 15 天的產品，我們相信這對我們來說將是一個巨大的收入成長點。

Bill Plovanic, Canaccord Genuity.

比爾‧普洛瓦尼克 (Bill Plovanic)，Canaccord Genuity。

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 Stelo, I think the original guide was $40 million this year.

僅就 Stelo 而言，我認為今年最初的指南價值為 4000 萬美元。

Just commentary on that.

只是對此的評論。

And then are you seeing with initial usage -- can -- I think this as a potential as a gateway product for you.

然後，您是否看到了最初的使用情況——可以——我認為這有可能成為您的網關產品。

Have you seen any Stelo be diagnosed prediabetes, or type two in transfer into the G7 product.

您是否看過任何 Stelo 被診斷為糖尿病前期，或在轉移到 G7 產品中輸入「2」。

And if so what are your expectations for that as well?

如果是這樣，您對此有何期望？

Thanks.

謝謝。

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 Stelo 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 Stelo 資訊進入初級保健辦公室時，我們發現他們的糖尿病患者實際上擁有 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 app and this experience for those with pre-diabetes and type two diabetes, not on insulin rather than a straight health wellness play.

這就是為什麼我們為糖尿病前期和二型糖尿病患者設計了這個應用程式和這種體驗，而不是依靠胰島素而不是直接的健康保健遊戲。

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.

我們認為這是我們追求的最有利可圖的市場，因為我們可以隨著時間的推移將這些患者遷移到報銷解決方案。

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

事實上，就我們今年的收入而言，他們確實患有糖尿病，我們預計將佔收入的 1%，我們可以推斷 4000 萬美元。

Our goal and launching Stelo this this year is to learn whether that's $30 million or$ 40 million the most important thing is that we learned what to do.

我們今年推出 Stelo 的目標是了解這是 3000 萬美元還是 4000 萬美元，最重要的是我們知道該怎麼做。

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 I talked to order the first day we put it on the market, got it the next morning.

亞馬遜配送是我在將產品投放市場的第一天與我交談的幾個人中學到的第一個重要知識，第二天早上就收到了。

We've never experienced anything like that a Dexcom.

我們在 Dexcom 從未經歷過這樣的事。

At the same time, as I said in my prepared remarks, we've had positive feedback on the app.

同時，正如我在準備好的發言中所說，我們對該應用程式收到了積極的回饋。

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 as 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 we launched a couple of months ago.

當我們進入更多的分銷管道並一遍又一遍地接觸更多樣化的人群時，我們會了解到，我們幾個月前推出的產品目前已經擁有超過 70,000 名用戶。

That's a huge success for us as far as we're concerned.

就我們而言，這對我們來說是一個巨大的成功。

We've given our guidance for the quarter, we reaffirmed it.

我們已經給出了本季度的指導，並重申了這一點。

Stelo right now, for us, is a huge success.

Stelo 現在對我們來說是一個巨大的成功。

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 Stelo , we're very pleased.

到目前為止，Stelo 進展順利，我們非常滿意。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

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。

Yeah.

是的。

So it's a record for any quarter, Jayson.

所以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 3Q, but any quarter.

我們通常不會突破美國，[OUS]，但它是任何季度的記錄，不是第三季度，而是任何季度。

In terms of attrition, we haven't seen many changes in attrition by category.

就流失率而言，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 stays relatively close, and they're clustered in there into that same band.

因此，我們通常討論的是胰島素密集型用戶傳統上保持相對接近的帶，並且他們聚集在同一帶中。

And then, we all know that the noninsulin 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 categorically

那些在類別上仍然非常相似

Joshua Jennings, TD Cowen.

約書亞·詹寧斯，TD·考恩。

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 one, I mean, is the Omnipod five share gains and and that access to the pharmacy channel driving some of the the mix shift you're seeing.

我想一個由兩部分組成的問題是，其中之一是 Omnipod 的五股份額收益，以及進入藥房管道推動了您所看到的一些混合轉變。

And 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?

您認為另外兩家公司在未來 12、18、24 個月內進入藥局通路是否有風險？

Thanks a lot.

多謝。

This is Kevin.

這是凱文.

I'll take that.

我會接受的。

Jereme, you can add to my comments, when I'm done.

Jereme，當我完成後，你可以添加我的評論。

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.

我們已經看到我們的銷售發生了向藥房管道的重大轉變，特別是在商業方面，其中有許多泵站。

The DME commercial channel is not near as large segment for us as it used to be.

DME 商業通路對我們來說已經不像以前那麼大了。

The majority of our DME business certainly is in Medicare and in the government channel.

我們的 DME 業務當然是在醫療保險和政府管道。

And so as other seek reimbursement and other seed distribution in the pharmacy channel.

以及其他在藥局管道尋求報銷和其他種子分銷的情況。

We're well-positioned to serve that.

我們有能力為此服務。

If we can get, again, as long as we are channel agnostic and our users can get their product where they want to and get in a manner that's efficacious for them and have a great experience.We will remain channel neutral on that front.

如果我們能夠再次做到這一點，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併獲得良好的體驗。保持通路中立。

Yeah, and just as a reminder, the Medicare fee-for-service channel, i.e the non-Medicare Advantage channel, is reimbursed via part B, i.e DME.

是的，提醒一下，Medicare 按服務收費管道（即非 Medicare Advantage 管道）是透過 B 部分（即 DME）報銷的。

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 at least in thinking about the persistence of any change there.

因此，希望這至少有助於思考任何變化的持久性。

Shagun Singh, RBC Capital Markets.

Shagun Singh，加拿大皇家銀行資本市場。

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?

我剛剛談到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 Stelo what's your plan for accelerating this plant in 2025?

然後，更具體地說，關於 Stelo，您在 2025 年加速建造該工廠的計劃是什麼？

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

然後在 G7 15 天中心，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 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，並按照目前 10 天產品的製造方式進行組裝。

We already manufacture a 15-day product in our Stelo product.

我們已經在 Stelo 產品中生產了 15 天的產品。

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

因此，我們並不擔心是否有能力建造 15 天的傳感器。

It's a question of when we turn it on and how much inventory we build in advance and what markets we serve with that product.

問題在於我們什麼時候啟動它、我們提前建立了多少庫存以及我們用該產品服務哪些市場。

With respect to Stelo expansion, a couple of things going on there.

關於 Stelo 的擴展，有一些事情正在發生。

Number one, we have a number of scheduled enhancements to the Stelo app over the course of 2025 and even through the course of 2024 to make this a much richer experience for those who use it.So you'll see a steady stream of things come with Stelo.

第一，我們計劃在 2025 年甚至 2024 年對 Stelo 應用程式進行一系列增強，以便為用戶提供更豐富的體驗。 因此，您會看到源源不斷的事情發生與斯泰洛。

And also, again, Jereme and I both have talked about additional distribution channels where that product can be very well-positioned and sold to potential Stelo end users, so you see distribution channel expansion.

而且，Jereme 和我都談到了額外的分銷管道，在這些管道中，該產品可以很好地定位並銷售給潛在的 Stelo 最終用戶，所以你會看到分銷管道的擴展。

Remember, our US sales force has only had one sales cycle to talk about Stelo in offices yet.

請記住，我們的美國銷售團隊只有一個銷售週期在辦公室談論 Stelo。

They will continue to talk about that in offices, and we'll get more and more coverage there with respect to knowledge on the physician's part over the course of 2025.

他們將繼續在辦公室談論這一點，到 2025 年，我們將在那裡獲得越來越多有關醫生知識的報導。

Familiarity will breed growth, and we've got to get that message in front of people more than once to get them to go there.

熟悉會促進成長，我們必須不只一次地將這訊息傳達給人們，讓他們去那裡。

With respect to the commercial change, look, we'll miss Teri, she's done a great job here.

關於商業變化，我們會想念泰瑞的，她在這裡做得很好。

At the same time, we have a lot of good leaders in this organization.

同時，我們這個組織中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, reported to me directly for a while before Teri came, so I'm familiar with this.

正如我之前所說，在泰瑞來之前，我曾與銷售和行銷主管相處過一段時間，並直接向我報告過一段時間，所以我對此很熟悉。

And we have a great team of leadership at the company.

我們公司擁有優秀的領導團隊。

We will quickly find a new chief commercial officer to head this group.

我們很快就會找到一位新的首席商務官來領導這個團隊。

At the same time, I'm not concerned about the leadership of my US team.

同時，我並不擔心我的美國團隊的領導力。

They are 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 work very hard not to disappoint, we're fine.

我們會非常努力，不讓大家失望，我們很好。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

Thanks.

謝謝。

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。

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

Jereme，該產品或體重計是否有任何增加成本？

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 took your time moving that forward because you really wanted to optimize durability.

然後我知道你們花了很多時間來推動這一點，因為你們真的想優化耐用性。

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

您預期完全配戴時間後的存活率是否與患者目前所經歷的情況相似？

.

。

Yeah.

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 solid.

我們預計 15 天的耐久性會很穩定。

And when I say solid, obviously, any additional days you wear a sensor, you always run into more risk and chance.

當我說「可靠」時，顯然，你佩戴感測器的任何額外天數，你總是會遇到更多的風險和機會。

But we got it to a point where we believe the survivability is going to be very well received by the community.

但我們已經做到了這一點，我們相信生存能力將受到社區的好評。

And so that's the work.

這就是工作。

That's the expectation as it launches.

這是它推出時的期望。

In terms of the product itself, the standard cost really doesn't change at all.

就產品本身而言，標準成本確實沒有任何變化。

Certainly, we'll be mindful of some of the change we're making across the board in terms of just adhesives and things that you're already seeing starting to play through our product.

當然，我們會注意到我們在黏合劑和您已經開始在我們的產品中看到的東西方面所做的全面改變。

But the standard cost doesn't change.

但標準成本不會改變。

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, whether it knocks off on arm or you just sweat it out.

在某種程度上，我們在這裡和那裡添加了一點保修，只是因為再過五天可能會出現問題，無論是它在手臂上脫落還是你只是出汗。

We'll always be mindful of those types of things, but the standard cost shouldn't change too much.So there's real opportunity here for us.

我們將始終留意這些類型的事情，但標準成本不應變化太多。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

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 in 3Q, if any?

您能否幫忙量化一下這對您美國第三季的成長有多大影響（如果有的話）？

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？

Yeah.

是的。

We had heard about some of the disruptions here and there.

我們聽過一些地方發生的干擾事件。

And at the end of the day, everybody goes through these types of things.

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 day is you have to write a script, when you write a script, it has to be branded.

我們最終期望的是你必須寫一個腳本，當你寫一個腳本時，它必須被品牌化。

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

當你寫下這個腳本時，你最終會去實現它。

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

因此，我們必然期望 - 我們沒有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 產生了更多興趣。

Obviously, folks go through these challenges and they come and they go, I don't know that it changed all that much.

顯然，人們經歷了這些挑戰，他們來了又走，我不知道這改變了這麼多。

And I don't know that it changed our trajectory.

我不知道它改變了我們的軌跡。

I think, what you really saw was -- and we are seeing 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 our G7, as well as Stelo.

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，並與我們的 G7 一起真正向他們傳達了信息作為斯特洛。

That's what you saw.

這就是你所看到的。

Steve Lichtman, Oppenheimer.

史蒂夫·利奇曼，奧本海默。

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.

當你們接手時。

Looking into 2025, you talk about what you see is the biggest drivers internationally?

展望 2025 年，您認為國際上最大的驅動因素是什麼？

Yeah.

是的。

This is Kevin.

這是凱文.

I'll start.

我開始吧。

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 has now opened up, and we have access to 600,000 more individuals.

我在準備好的演講中提到，例如，我們10月份剛剛在法國推出了Dexcom ONE，現在報銷已經開放，我們可以接觸到另外60萬個人。

In Japan, there's access to 1 million individuals.

在日本，有 100 萬人可以使用。

Both of these markets include basal insulin as well.

這兩個市場也包括基礎胰島素。

We are 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 basal patients and having this basal 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，特別是在一型胰島素方面，緩慢地向基礎患者開放准入，並讓這一基礎機會出現。

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，而這些市場也正在出現這種情況。

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

因此，到 2025 年，准入將成為我們所服務的市場的一大推動力。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Brilliant.

傑出的。

Thank you for taking the question.

感謝您提出問題。

Just curious for the record new starts and just what you've seen in the business overall.

只是對創紀錄的新開始以及您在整個業務中看到的情況感到好奇。

If you give any qualitative commentary between what you've seen within type one versus type two?

您是否對您在第一類和第二類中看到的內容給予任何定性評論？

I know Stelo mixes that up a little bit, but just the sources of growth and how those markets split and the health of them.

我知道 Stelo 稍微混淆了這一點，但只是成長的來源、這些市場如何分裂以及它們的健康狀況。

Thanks.

謝謝。

Sure.

當然。

Yes, we can answer that.

是的，我們可以回答這個問題。

And what the record new patient starts exclude Stelo.

而創紀錄的新病人開始的不包括 Stelo。

So I think it's helpful to know that when Kevin alluded to 70,000 folks using Stelo, that's not in the numbers we're quoting around record new patients.

因此，我認為了解一下當 Kevin 提到有 70,000 人使用 Stelo 時，這並不在我們引用的創紀錄新患者的數字中，這是有幫助的。

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

我認為您現在看到的是，您在所有類別中都繼續看到相當強勁的採用。

Your intensive insulin continues to lead the way across T1 and T2 intensive insulin.

您的強化胰島素持續領先 T1 和 T2 強化胰島素。

And we expected that coming into the year, but basal continues to also be relatively strong.

我們預計進入今年，但基礎仍然相對強勁。

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

你越來越多地看到的是，隨著我們深入研究這些醫生，他們看到很多基礎患者，我們在第三季度進行了大量工作，以恢復生產力和你開始看到越來越多這樣的事情。

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 in Stelo, but that's not an inclusion in our record new patient number.

您會看到 Stelo 的非胰島素人群以及健康和保健人群的吸收率很高，但這並不包含在我們創紀錄的新患者數量中。

Issie Kirby, Redfern Atlantic.

伊西柯比，雷德芬大西洋公司。

Hi, good evening.

嗨，晚上好。

Thanks for taking my question.

感謝您提出我的問題。

I appreciate it is only a couple of months since the launch with Stelo, but would love to hear any early insights you have around reordering retention rate.

我很高興 Stelo 推出僅幾個月，但很想聽聽您對重新排序保留率的任何早期見解。

And also any color you can give on returns and reliability of the product.

還有您可以在產品的退貨和可靠性方面提供的任何顏色。

Thank you.

謝謝。

Yeah.

是的。

This is Kevin.

這是凱文.

I'll start with that.

我將從那開始。

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

恕我直言，我之前說過，我們至少有 50% 的人簽署了訂閱模式，並且重新訂購才剛開始。

We're happy with 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, but it's early.

所以一切進展順利，但還為時過早。

We have more to learn there.

我們在那裡還有更多東西要學習。

With respect to reliability and customer interface, this has been great for us.

就可靠性和客戶介面而言，這對我們來說非常好。

We have a completely different service model with Stelo with what we call Stelo bought online.

我們與 Stelo 的服務模式完全不同，我們稱之為 Stelo 在線購買。

And we've learned a lot through that.

我們從中學到了很多。

We've learned that there are some things we can do better than we've learned that there are some things that we weren't very well.

我們了解到，有些事情我們可以做得更好，有些事情我們做得不好。

We're trying to develop a much more efficient, easy service model for these customers just given the nature of this business and things we can learn and apply to our core business later on.

考慮到這項業務的性質以及我們以後可以學習並應用於我們的核心業務的東西，我們正在嘗試為這些客戶開發更有效率、更簡單的服務模式。

As we hear from these users, we are learning also that a consumer market has different expectations for a glucose sensor than somebody who has intensive insulin therapy.

正如我們從這些用戶那裡聽到的那樣，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, and the sensor may turn off at seven days.

接受強化胰島素治療的人都知道，生理學會不時發揮作用，感測器可能會在 7 天後關閉。

Just say this doesn't work anymore, but they depend on that sensor for their life.

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 [ok] this turned off at seven days.

所以他們[確定]在 7 天後關閉了。

I can deal with that.

我可以處理這個問題。

Well, when you're a consumer and you buy a Stelo and it turns off at seven days.

好吧，當您作為消費者購買 Stelo 時，它會在 7 天後關閉。

Hey, I just paid for this.

嘿，我剛剛付了錢。

Why is this turning off at seven days?

為什麼7天就關掉了？

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、個人、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 Stelo launch is that we learned, that we learned a model that will delight our customers when they use this product.

這就是為什麼我之前說過，Stelo 推出最重要的事情是我們學到了，我們學到了一種模型，可以讓我們的客戶在使用這個產品時感到高興。

And if 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.

如果他們選擇每年使用該產品三到四次，那麼我們要確保每年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 continuous use.

如果我們做得好，希望我們能夠一直保留該產品並持續使用。

It's 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.

現在判斷使用率和保留率以及所有這些將如何還為時過早，因為我們現在才推出幾個月。

But we are seeing reorders.

但我們看到了重新訂購。

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

我們看到人們重新訂閱訂閱，以獲得更多內容，其速度非常非常好，符合我們的期望。

Margaret Kaczor Andrew, William Blair.

瑪格麗特·卡佐爾·安德魯，威廉·布萊爾。

Hi, everyone.

大家好。

This is Macauley on for Margaret.

這是瑪格麗特的麥考利。

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, call it, 70, 30 US, OUS sales split.

您之前提到過，稱為 70、30 美國、OUS 銷售分割。

Does that imply a larger OUS contribution now in order to hit the low end at the $4.6 billion?

這是否意味著現在 OUS 的貢獻更大，才能達到 46 億美元的低端？

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

也許只是 15 天耐久性的後續。

Stelo, I think, achieved the roughly 80% in the studies, but how does that compare to what you've seen in the first couple of months of the launch?

我認為 Stelo 在研究中達到了大約 80%，但這與您在發布的前幾個月看到的情況相比如何？

And commentary on if the 15-day G7 was able to exceed that.

以及關於為期 15 天的 G7 是否能夠超越這一目標的評論。

Yeah.

是的。

I think, in terms of the LRP, as you're thinking about the splits.

我認為，就 LRP 而言，當你考慮分裂時。

The splits are roughly that.

分裂大致就是這樣。

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

我的意思是，就這些數字而言，發生了很多事情，包括現在的新 Stelo 產品。

And so we'll -- what I would say is as you're thinking about growth rates, I'd expect the international business to continue to grow based on the trajectory you're seeing today and the additional wins to continue to do well and obviously, the US to do well.

因此，我想說的是，當您考慮成長率時，我預計國際業務將根據您今天看到的軌跡繼續增長，並且額外的勝利將繼續表現良好顯然，美國表現良好。

As well as we stabilize our core markets and obviously, Stelo jumps.

在我們穩定核心市場的同時，Stelo 也明顯躍升。

So it's in the general 70, 30 ballpark, I wouldn't draw necessarily 0.0 lines and get overly stuck up on that.

所以一般是 70、30 左右，我不會畫 0.0 的線，也不會過度堅持這一點。

But in general, that's the splits we expect.

但總的來說，這就是我們所期望的分裂。

In terms of how you're thinking about Stelo, its lasting, how long it lasts.

就您對 Stelo 的看法而言，它的持久性、持續時間有多長。

What we are seeing is quite a few sensors, most sensors lasting the 15 days.

我們看到的是相當多的感測器，大多數感測器可持續 15 天。

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

我們正在現場鏡子中看到表現，顯然，我們在提交的材料中看到了這一點。

It's interesting, as more and more people learn how to use the product and it becomes more and more familiar, you see those numbers go up.

有趣的是，隨著越來越多的人學習如何使用該產品並且它變得越來越熟悉，您會看到這些數字正在上升。

So you might have seen in the first couple of days, folks unsure of how to use the product.

因此，您可能在最初幾天看到人們不確定如何使用該產品。

Maybe apply it inappropriately, apply it to the wrong place.

也許應用不當，應用到了錯誤的地方。

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 are looking at sensor life.

但我們正在關注感測器的壽命。

And we're seeing sensor life lasting out to those 15 days and seeing so at a pretty common clip.

我們發現感測器的使用壽命可以長達 15 天，並且在相當常見的情況下也是如此。

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，我們達到了滿意的存活率。

And so you could imagine as we're submitting that, it's a number that we feel good with just like we feel good with the Stelo number.

所以你可以想像，當我們提交這個數字時，我們對這個數字感覺很好，就像我們對 Stelo 數字感覺良好一樣。

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

我們將等待提供更多相關數據，因為這些數據可供我們提交，並希望在不久的將來獲得批准，你們會看到它，但我們對該提交中的生存能力感到滿意。

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 first of the year.

我只想感謝大家今天的參與，我們將在今年年初再次與你們交談。

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。