德康醫療 (DXCM) 2024 Q4 法說會逐字稿

Thank you for standing by.

感謝您的支持。

My name is Abby, and I will be your conference operator today.

我叫艾比 (Abby)，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Dexcom Inc. fourth-quarter 2024 earnings release conference call.

現在，我歡迎大家參加 Dexcom Inc. 2024 年第四季財報發布電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the call over to Sean Christensen, VP of Finance and Investor Relations.

現在，我想將電話轉給財務和投資者關係副總裁 Sean Christensen。

Please go ahead.

請繼續。

Thank you, Abby, and welcome to Dexcom's fourth quarter and fiscal year 2024 earnings call.

謝謝你，艾比，歡迎參加 Dexcom 2024 財年第四季和財報電話會議。

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.

我們的議程首先由 Dexcom 董事長、總裁兼執行長 Kevin Sayer 總結我們近期的亮點和正在進行的策略舉措，隨後由我們的財務長 Jereme Sylvain 進行財務回顧和展望。

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

在我們發表完準備好的發言後，我們將開始回答大家的提問。

At that time, we ask analysts to limit themselves to one question each so we can provide an opportunity for everyone participating today.

那時，我們要求每位分析師只提出一個問題，以便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 fourth quarter and fiscal year 2024 performance on the Dexcom Investor Relations website on the Events and Presentations page.

請注意，Dexcom 投資者關係網站的活動和簡報頁面上也提供與我們第四季和 2024 財年業績相關的幻燈片。

With that, let's review our safe harbor statement.

因此，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.

我們在今天的電話會議上所做的一些陳述可能構成前瞻性陳述。

These statements reflect management's intentions, beliefs, and expectations about future events, strategies, competition, products, operating plans and performance.

這些聲明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。

All forward-looking statements included on this call are made as of the date hereof based on information currently available to Dexcom, are subject to various risks and uncertainties, and actual results could differ materially from those anticipated in the forward-looking statements.

本次電話會議中包含的所有前瞻性陳述均根據 Dexcom 目前掌握的資訊於本公告發布之日做出，受各種風險和不確定性影響，實際結果可能與前瞻性陳述中預期的結果存在重大差異。

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

可能導致實際結果與這些前瞻性陳述所表達或暗示的結果有重大差異的因素在 Dexcom 的 10-K 表年度報告、最新的 10-Q 表季度報告以及向美國證券交易委員會提交的其他文件中有詳細說明。

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發布之日後更新任何此類前瞻性陳述或使這些前瞻性陳述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，在電話會議中，我們將討論某些未依照 GAAP 編製的財務指標。

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

除非另有說明，本次電話會議中引用的所有財務指標均以非公認會計準則為基礎。

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.

這些非 GAAP 資訊不應單獨考慮，也不應將其視為結果的替代或優於根據 GAAP 編制的結果。

Please refer to the tables in our earnings release in the slides accompanying our fourth quarter and fiscal year 2024 earnings call for a reconciliation of these measures to their most directly comparable GAAP financial measure.

請參閱我們第四季和 2024 財年財報投影片中的財報表格，以將這些指標與最直接可比較的 GAAP 財務指標進行調整。

Now, I will turn it over to Kevin.

現在，我將把話題交給凱文。

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

謝謝你，肖恩，也謝謝大家加入我們。

Today, we reported fourth quarter organic revenue growth of 8% compared to the fourth quarter of 2023.

今天，我們報告稱，與 2023 年第四季相比，第四季度有機收入成長了 8%。

This brought our full year organic revenue growth to 12%, which was in line with our latest 2024 guidance.

這使我們的全年有機收入成長率達到 12%，符合我們最新的 2024 年指引。

2024 was a year of strategic investment for Dexcom.

2024年是Dexcom戰略投資的一年。

And through these investments, we believe we enter 2025 in a stronger position to capitalize on our next wave of growth.

我們相信，透過這些投資，我們將在 2025 年擁有更有利的地位，抓住下一波成長機會。

To recap, over the past year, we broadened our commercial reach, launched new products that define the category, build greater scale, and advanced CGM reimbursement globally.

回顧一下，在過去的一年裡，我們擴大了商業範圍，推出了定義類別的新產品，擴大了規模，並在全球範圍內推進了 CGM 報銷。

Through this work, we continue to lead the biosensing market and have positioned ourselves to impact millions of more lives around the world.

透過這項工作，我們繼續引領生物感測市場，並致力於影響全球數百萬人的生活。

We ended 2024 with more than 2.8 million customers globally on our G-Series and D-Series products as demand for Dexcom CGM remains high.

由於對 Dexcom CGM 的需求仍然很高，截至 2024 年，我們的 G 系列和 D 系列產品全球客戶已超過 280 萬人。

This represents an increase of approximately 25% to our global active customer base compared to 2023.

這意味著我們的全球活躍客戶群與 2023 年相比增加了約 25%。

This increase in customers was driven by momentum both in the category and through our improving execution in the field, which we're very excited about.

客戶數量的成長得益於產品類別的強勁發展勢頭以及我們在該領域不斷提升的執行力，我們對此感到非常興奮。

This was evident in the US, where our sales force productivity metrics showed improvement in the fourth quarter.

這在美國表現得很明顯，我們的銷售隊伍生產力指標在第四季有所改善。

We have now grown our US prescriber base by more than 50,000 over the past year.

在過去的一年裡，我們的美國處方藥數量增加了 50,000 多人。

Through these new relationships, we've successfully broadened our presence within primary care and made early inroads with emerging CGM care points like maternal-fetal medicine.

透過這些新的關係，我們成功地擴大了我們在初級保健領域的影響力，並在母胎醫學等新興的 CGM 護理點上取得了早期進展。

Importantly, across this growing position base, we are also seeing prescribing depth improve.

重要的是，在這個不斷增長的職位基礎上，我們也看到處方深度不斷提高。

It often takes only a single Dexcom experience for a physician to recognize the potential to deliver better care with Dexcom CGM.

醫生通常只需要一次 Dexcom 體驗就能認識到使用 Dexcom CGM 提供更好護理的潛力。

As these new physicians now expand their use of Dexcom CGM across our practices, we've seen the impact to our new patient performance build from the strong third quarter finish that we described on our last call.

隨著這些新醫生現在在我們的實踐中擴大對 Dexcom CGM 的使用，我們看到了上次電話會議中描述的強勁第三季度業績對我們的新患者表現的影響。

This helped us achieve another quarter of record new customer starts.

這幫助我們又創下了新客戶啟動季度的新紀錄。

As discussed earlier in the year, we knew that the opportunity ahead was tremendous when expanding the US sales force.

正如今年早些時候所討論的那樣，我們知道擴大美國銷售團隊的未來機會是巨大的。

With this focus on execution, we look to build upon our momentum in 2025 as we further cultivate these relationships and connect with the next leg of CGM prescribers.

透過專注於執行，我們希望在 2025 年進一步鞏固我們的發展勢頭，進一步培養這些關係並與下一批 CGM 處方者建立聯繫。

Our team is also helping many of these physicians navigate the evolving coverage landscape within diabetes care.

我們的團隊也幫助許多醫生了解糖尿病照護中不斷變化的覆蓋範圍。

In the past two years alone, reimbursement for CGM has significantly expanded as we've helped establish our clinical value well beyond insulin management.

僅在過去兩年中，CGM 的報銷範圍就顯著擴大，因為我們幫助確立了其臨床價值，遠遠超出了胰島素管理的範疇。

As many of you remember, a key milestone on this journey was the publication of our mobile randomized controlled trial, which demonstrated significantly improved outcomes beyond intensive insulin use.

你們許多人都記得，這一歷程中的一個重要里程碑是我們的移動隨機對照試驗的發表，該試驗證明了除了強化胰島素使用之外的結果有顯著改善。

This data prompted clinical societies to update their standards of care and quickly led to widespread reimbursement for anyone on basal insulin.

這些數據促使臨床協會更新其護理標準，並迅速導致所有使用基礎胰島素的患者都能獲得廣泛報銷。

We are now seeing similar evidence build around the benefits of CGM regardless of where someone is in their diabetes journey.

現在，我們看到了類似的證據表明 CGM 有益，無論人們處於糖尿病治療的哪個階段。

In fact, some data has shown even greater health outcomes for those non audience when the CGM is providing them real-time feedback on lifestyle decisions for the first time.

事實上，一些數據顯示，當 CGM 首次為非聽眾提供有關生活方式決策的即時回饋時，他們的健康狀況甚至會更好。

There is also a growing economic argument for incorporating CGM earlier into care plans, as this has been shown to reduce hospitalizations, specialty visits and utilization of health care resources.

越來越多的經濟理由支持將 CGM 儘早納入護理計劃，因為這已被證明可以減少住院、專科就診和醫療資源的利用。

As this comprehensive body of evidence continues to grow, payers have started to act.

隨著全面的證據不斷增加，付款人已經開始採取行動。

We recently shared that as of January 2025, two of the three largest PBMs now cover Dexcom CGM for anybody with diabetes.

我們最近分享說，截至 2025 年 1 月，三大 PBM 中的兩家現在為任何糖尿病患者提供 Dexcom CGM 服務。

With these national formularies leading the way by the end of the year, Dexcom will have coverage for more than 5 million people with type 2 diabetes who are not on insulin in the US.

今年底，隨著這些國家藥典的推出，Dexcom 將為美國超過 500 萬名未使用胰島素的 2 型糖尿病患者提供保險。

For context, this is even larger than the type 2 basal reimbursement that came less than two years ago.

就背景而言，這甚至比不到兩年前推出的第二類基本報銷金額還要大。

And yet this only represents around 20% of the 25 million type 2 non-insulin lives with diabetes in the US.

然而，這僅占美國 2,500 萬 2 型非胰島素糖尿病患者的 20% 左右。

In 2025, we will be actively pursuing coverage for the remaining 20 million lives.

2025年，我們將積極爭取為剩下的2,000萬人提供保障。

To strengthen our case even more, we recently announced that we initiated a randomized controlled trial for people with type 2 diabetes who are not on insulin and expect to complete enrollment soon.

為了進一步加強我們的論點，我們最近宣布，我們針對未使用胰島素的 2 型糖尿病患者啟動了一項隨機對照試驗，預計很快就會完成招募。

As we advance this important work to further expand coverage in the US, we have already significantly broadened access to the Dexcom technology with the launch of our over-the-counter product, Stelo.

隨著我們推進這項重要工作以進一步擴大在美國的覆蓋範圍，我們已經透過推出非處方產品 Stelo 大大擴展了 Dexcom 技術的使用範圍。

In line with our mission to empower people to take control of health, this product has allowed us to reach many more people.

為了履行我們讓人們能夠掌控健康的使命，該產品使我們能夠接觸到更多的人。

As we said at the J.P. Marketing Conference last month, more than 140,000 people were on Stelo in the first four months of the launch with demand spanning across the type 2 diabetes, prediabetes, and health and wellness populations.

正如我們上個月在 J.P. 行銷會議上所說的那樣，在推出後的前四個月內，已有超過 14 萬人使用 Stelo，需求涵蓋 2 型糖尿病、糖尿病前期以及健康和保健人群。

Importantly, regardless of our [submerge] in their metabolic health journey, we're quickly enhancing Stelo to make it more personalized and drive greater engagement across our platform.

重要的是，無論我們如何深入他們的代謝健康之旅，我們都在迅速增強 Stelo，使其更加個人化，並推動整個平台的更大參與度。

Key to this will be Dexcom's proprietary generative AI technology, which was recently launched in its initial feature in Stelo and will become a key source of personalized content as we expand its functionality over time.

其中的關鍵在於 Dexcom 專有的生成式 AI 技術，該技術最近在 Stelo 中首次推出，隨著我們不斷擴展其功能，它將成為個人化內容的主要來源。

We're also building on the Stelo experience through targeted partnerships that will consolidate multiple biomarkers into our platform.

我們也透過有針對性的合作夥伴關係來鞏固 Stelo 的經驗，將多種生物標記整合到我們的平台中。

This includes our recently announced relationship with ŌURA, which will integrate Dexcom glucose data with vital sign, sleep, stress, hard health and activity data from the ŌURA to provide an even broader picture of health for our mutual customers.

這包括我們最近宣布的與 ÅURA 的合作關係，該合作關係將把 Dexcom 的血糖數據與來自 ÅURA 的生命體徵、睡眠、壓力、硬體健康和活動數據相結合，為我們共同的客戶提供更廣泛的健康狀況。

Overall, we've been thrilled by customer demand for Stelo in these initial months, and we're excited to build on this momentum as we enter 2025.

總體而言，我們對最初幾個月客戶對 Stelo 的需求感到非常興奮，我們很高興在進入 2025 年時能夠繼續保持這一勢頭。

We see an opportunity to further elevate the Stelo brand this year through product iteration, broad awareness campaigns and new distribution channels.

我們看到，今年透過產品迭代、廣泛的宣傳活動和新的分銷管道，Stelo 品牌有機會進一步提升。

This will include Stelo's upcoming introduction on the Amazon storefront, which we expect to be live in the coming weeks.

這將包括 Stelo 即將在亞馬遜店面推出的產品，我們預計將在未來幾週內上線。

Finally, we ended the year on a high note across our international business.

最後，我們以國際業務的良好表現結束了這一年。

We have spoken time and time again about the importance of building greater access.

我們一再強調建立更大准入的重要性。

And our most recent international coverage wins have again served as a nice catalyst for our business.

我們最近贏得的國際報道再次成為我們業務的良好催化劑。

Most notably, early in the fourth quarter, we finalized basal coverage for our Dexcom 1+ system in France and saw a strong demand in the first quarter of its implementation.

最值得注意的是，在第四季度初，我們完成了 Dexcom 1+ 系統在法國的基礎覆蓋，並在實施的第一季看到了強勁的需求。

France is another great example of our ability to leverage our product portfolio to match the needs of each customer and reimbursement system.

法國是我們利用產品組合來滿足每個客戶和報銷系統的需求的另一個很好的例子。

It has also proven to be on the forefront of type 2 CGM coverage as one of the only two international markets with broad basal coverage today.

作為當今僅有的兩個擁有廣泛基礎覆蓋的國際市場之一，它也被證明處於 2 型 CGM 覆蓋的前沿。

In fact, across many of our markets, even type 2 intensive coverage is in much earlier stages though we're seeing interest and reimbursement steadily build.

事實上，在我們的許多市場中，儘管我們看到興趣和報銷穩步增加，但即使是 2 型強化覆蓋也處於早期階段。

As it does, we believe we're better positioned than at any time in our company's history to participate and lead growth in this category.

同時，我們相信，我們比公司歷史上任何時候都更有能力參與和引領這一領域的成長。

As we look forward to 2025, there is a lot for us to be excited about.

展望 2025 年，我們有許多值得興奮的事情。

We remain in a unique position to help pioneer a fast-growing industry that has significant potential to broaden its impact.

我們仍處於獨特的地位，能夠幫助開拓一個快速成長且具有巨大潛力擴大其影響力的產業。

With that, I'll turn it over to Jeremy.

說完這些，我會把話題交給傑瑞米。

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以非 GAAP 為基礎進行討論。

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

在今天的收益報告以及我們的 IR 網站上的幻燈片中可以找到與 GAAP 的對帳表。

For the fourth quarter of 2024, we reported worldwide revenue of $1.11 billion compared to $1.03 billion for the fourth quarter of 2023, representing growth of 8% on both a reported basis and organic basis.

2024 年第四季度，我們報告的全球營收為 11.1 億美元，而 2023 年第四季為 10.3 億美元，報告基礎和有機基礎均成長 8%。

As a reminder, our definition of organic revenue excludes the impact of foreign exchange, in addition to non-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，以及過去 12 個月內獲得或剝離的非 CGM 收入。

US revenue totaled $803 million for the fourth quarter compared to $769 million for the fourth quarter of 2023, representing an increase of 4%.

第四季美國營收總計 8.03 億美元，而 2023 年第四季為 7.69 億美元，成長 4%。

As Kevin mentioned, new customer demand has steadily built over the past two quarters as our sales force productivity metrics continue to improve.

正如凱文所說，隨著我們的銷售隊伍生產力指標不斷提高，新客戶需求在過去兩個季度穩步增長。

Rebate eligibility again negatively impacted our US growth rate by several points in Q4 but we expect this impact to step down in the first quarter and then be minimal over the course of 2025.

退稅資格再次對我們第四季的美國成長率產生了幾個個百分點的負面影響，但我們預計這種影響將在第一季減弱，並在 2025 年期間降至最低。

In the DME channel, our share remained stable during the fourth quarter, in line with our expectations based on the strengthening performance of our sales team.

在DME通路，我們的份額在第四季度保持穩定，這符合我們基於銷售團隊表現增強而做出的預期。

While channel mix again had the largest year-over-year impact to our revenue per customer in Q4, recent DME share trends should help this impact moderate over the course of 2025.

儘管通路組合再次對我們第四季的每位客戶收入產生了最大的同比影響，但最近的 DME 份額趨勢應該有助於在 2025 年期間緩和這種影響。

International revenue grew 17% totaling $311 million in the fourth quarter.

第四季國際營收成長 17%，達到 3.11 億美元。

International organic revenue growth was 19% for the fourth quarter.

第四季國際有機收入成長率為19%。

Our international business accelerated for the second quarter in a row as new access wins and the expanded availability of G7 and Dexcom 1+ generated higher demand in many key markets.

由於新的通路獲得批准以及 G7 和 Dexcom 1+ 的擴大可用性在許多主要市場產生了更高的需求，我們的國際業務連續第二個季度加速發展。

In addition to France, another nice win came in New Zealand, where we unlocked broader type 1 coverage and saw a similar uptick in demand.

除了法國之外，紐西蘭也取得了另一個不錯的成績，我們為該國提供更廣泛的 1 型疫苗覆蓋範圍，並且需求也出現類似的上升。

These are great examples of how each market is unique and at different stages of reimbursement development.

這些都是很好的例子，顯示每個市場都是獨一無二的，並且處於不同的報銷發展階段。

As Kevin mentioned, we still see a long runway ahead to build much greater global access, even within our existing markets.

正如凱文所提到的，即使在我們現有的市場內，我們仍然看到了建立更大全球訪問權限的漫長道路。

Our fourth quarter gross profit was $661.2 million or 59.4% of revenue compared to 64.2% of revenue in the fourth quarter of 2023.

我們第四季的毛利為 6.612 億美元，佔營收的 59.4%，而 2023 年第四季該數字為 64.2%。

During the fourth quarter, our gross margin was negatively impacted by a $21 million noncash charge.

第四季度，我們的毛利率受到2,100萬美元非現金費用的負面影響。

The majority of this was related to inventory that our quality management system identified as being mishandled by one of our shipping partners.

其中大部分與我們的品質管理系統識別為由我們的某個運輸合作夥伴錯誤處理庫存有關。

The remainder of this charge is related to new build configurations that lowered our production yield in the quarter.

該費用的剩餘部分與新建配置有關，這降低了我們本季的生產產量。

As a result of these disruptions, we are currently managing channel inventory tightly for the next few weeks.

由於這些中斷，我們目前正在嚴格管理未來幾週的通路庫存。

Our facilities are running at full capacity to rebuild optimal supply for our distribution partners, and we expect to have these levels back to normal by the end of the first quarter.

我們的設施正在滿載運轉，為我們的分銷合作夥伴重建最佳供應，我們預計到第一季末這些水準將恢復正常。

This is why we have made the investment in capacity, to manage their growth and scale opportunities.

這就是我們在產能方面進行投資、以管理其成長和規模機會的原因。

Operating expenses were $451.7 million for Q4 of 2024 compared to $421.1 million in Q4 of 2023.

2024 年第四季的營運費用為 4.517 億美元，而 2023 年第四季的營運費用為 4.211 億美元。

Operating income was $209.5 million or 18.8% of revenue in the fourth quarter of 2024 compared to $242.7 million or 23.5% of revenue in the same quarter of 2023.

2024 年第四季的營業收入為 2.095 億美元，佔營收的 18.8%，而 2023 年同期的營業收入為 2.427 億美元，佔營收的 23.5%。

Adjusted EBITDA was $300.1 million or 27.0% of revenue for the fourth quarter compared to $321.5 million or 31.1% of revenue for the fourth quarter of 2023.

調整後 EBITDA 為 3.001 億美元，佔第四季營收的 27.0%，而 2023 年第四季為 3.215 億美元，佔營收的 31.1%。

Net income for the fourth quarter was $177.8 million or $0.45 per share.

第四季淨收入為 1.778 億美元，即每股 0.45 美元。

We remain in a great financial position, closing the quarter with approximately $2.6 billion of cash and cash equivalents.

我們的財務狀況依然良好，本季末我們的現金和現金等價物約為 26 億美元。

This provides us significant flexibility to both support our organic growth opportunities and assess strategic uses of capital on an ongoing basis.

這為我們提供了極大的靈活性，既可以支持我們的有機成長機會，又可以持續評估資本的策略用途。

Turning to 2025 guidance.

轉向2025年指導。

As we stated last month, we anticipate total revenue to be $4.6 billion, representing growth of 14% for the year.

正如我們上個月所說，我們預計總收入將達到 46 億美元，全年成長率為 14%。

This guidance assumes continued strong category growth, steady DME share new access wins internationally, broader distribution for Stella and several product advancements across our platform.

該指引假設品類持續保持強勁成長，DME 在國際上獲得穩定的新份額，Stella 的分銷範圍更加廣泛，並且我們平台上的多項產品取得進步。

We also expect to see US revenue and volume growth converging as the year progresses as we lap some of the unique rebate and channel dynamics discussed earlier.

我們也預計，隨著我們逐漸了解之前討論過的一些獨特的回扣和管道動態，美國的收入和銷售成長將逐漸趨於一致。

From a margin perspective, we expect full year non-GAAP gross profit margin to be in the range of 64% to 65%.

從利潤率角度來看，我們預計全年非公認會計準則毛利率在 64% 至 65% 之間。

Non-GAAP operating profit margin to be approximately 21% and adjusted EBITDA of approximately 30%.

非公認會計準則營業利潤率約 21%，調整後 EBITDA 約為 30%。

Our guidance assumes gross margins will improve at least 200 basis points in 2025, as we convert more of our installed base to G7 and drive greater scale at our high-volume manufacturing facilities.

我們的指導假設是，隨著我們將更多的安裝基數轉換為 G7 並擴大我們大批量生產設施的規模，到 2025 年毛利率將提高至少 200 個基點。

It also assumes a second half launch of our 15-day G7 system, which we expect to provide greater gross margin leverage beyond 2025 as we convert more of our installed base to the 15-day system.

它還假設我們將在下半年推出 15 天 G7 系統，我們預計，隨著我們將更多的安裝基數轉換為 15 天系統，該系統將在 2025 年後提供更大的毛利率槓桿。

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

這樣，我們就可以開始問答環節了。

Sean?

肖恩？

Thank you, Jeremy.

謝謝你，傑瑞米。

In addition to Kevin and Jeremy, we will also have Jake Leach, our Chief Operating Officer, joining us for our question-and-answer session.

除了凱文和傑里米之外，我們的營運長傑克·利奇也將參加我們的問答環節。

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，我們要求聽眾每次只問一個問題。然後如有必要重新進入隊列。

Abby, please provide the Q&A instructions.

Abby，請提供問答說明。

(Operator Instructions)

（操作員指令）

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good afternoon.

午安.

Thanks for taking the question.

感謝您回答這個問題。

Kevin, I wanted to start with the issues you identified on the Q2 call, the sales force issue and the DME issues.

凱文，我想從你在第二季電話會議上發現的問題開始，即銷售人員問題和 DME 問題。

And Jeremy gave some color in his prepared remarks.

傑里米在準備好的發言中給了一些說明。

But I'd love to hear a little bit more from you on the status of each.

但我很想聽聽您對每個情況的更多資訊。

It sounds like your share in the DME channel has stabilized.

聽起來您在 DME 頻道的份額已經穩定了。

So how are you thinking about those issues that negatively impacted '24 in '25?

那麼您如何看待那些對 24 年和 25 年產生負面影響的問題呢？

You bet, Larry.

當然，拉里。

We've made great progress on those issues since we talked about them in the second quarter.

自從我們在第二季度討論這些問題以來，我們取得了重大進展。

We worked very hard with our DME partners to identify opportunities to improve and to grow.

我們與 DME 合作夥伴一起努力尋找改進和發展的機會。

We've also worked with our sales team to make sure we consider all channels across all markets and have that dual benefit offered where we can.

我們也與銷售團隊合作，確保考慮所有市場的所有管道，並盡可能提供雙重優勢。

With respect to the US sales force, Larry, what we've seen is this group that we brought on board has now become more productive.

關於美國銷售團隊，拉里，我們看到我們引入的這個團隊現在變得更有效率了。

I mentioned earlier that we've added 50,000 prescribers over the course of the year.

我之前提到過，我們今年增加了 5 萬名開處方人員。

And what we're seeing now, when we initially expanded that group, we saw the prescriptions per health care professional come down.

我們現在看到，當我們最初擴大該群體時，我們發現每個醫療保健專業人員的處方量下降了。

That number has come back up even though they're calling on more health care professionals now.

儘管他們現在呼籲更多的醫療保健專業人員，但這一數字仍然回升。

So we're seeing more productivity per prescriber even as we add more prescribers.

因此，即使我們增加了更多的開處方人員，我們也看到每個開處方人員的生產效率更高。

So that group is doing what we asked them to.

所以該小組正在按照我們的要求去做。

And I think that's really supported by the fact that we've had record new starts each in the last two quarters.

我認為這確實得到了過去兩個季度我們創下新開工紀錄的事實的支持。

So both those things are going very well for us right now.

所以目前這兩件事對我們來說都進展得很順利。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Jeremy, you talked on the call about narrowing that kind of volume versus revenue gap in the US that has been pretty wide here in the last couple of quarters.

傑里米，您在電話會議上談到了縮小美國的銷售與收入之間的差距，這種差距在過去幾個季度一直很大。

I mean, if I just put some numbers on it, it seems like in the fourth quarter, that gap was maybe 16 points, 17 points.

我的意思是，如果我只是給一些數字的話，似乎在第四節，差距可能是 16 分、17 分。

Again, I don't have the perfect volume estimates in my number, but 16 or 17 points, that's down for maybe 20, 21 points, something like that in the third quarter.

再說一遍，我的數字並沒有完美的成交量估計，但 16 或 17 個百分點，這可能意味著下降了 20、21 個百分點，第三季就是這個數字。

Where do you think that goes?

您認為這會帶來什麼結果？

You said it falls off into 1Q.

您說它會下降到第一季。

Does it fall to low double digits, just that kind of volume versus revenue gap in the US?

它是否會下降到兩位數以下，只是美國的數量與收入之間的差距？

And then as it further converges throughout the year, can you get that back into the single digits into the mid-single digits, just conceptually help us understand how to think about that gap between those US volumes and the US revenue growth.

然後，隨著它在全年進一步收斂，你能否將其重新回到個位數到中等個位數，從概念上幫助我們理解如何看待美國銷售和美國收入成長之間的差距。

Sure.

當然。

Yes, and thanks for the question.

是的，謝謝你的提問。

It will certainly converge, and we talked -- as we walk through it, I'll try to walk through it. and the cadence over the course of the year.

它肯定會匯聚，我們討論過——當我們走過它時，我也會嘗試走過它。以及全年的節奏。

So certainly, as we lap the rebate dynamic here in the first quarter, then I'll start to converge a little bit here in the second quarter.

因此，可以肯定的是，隨著我們在第一季了解回扣動態，我將在第二季開始稍微收斂一點。

As you start to compare year-over-year channels as we start to get those channels stability, you'll start to see that converge as you move into the third and the fourth quarter.

當您開始比較同比管道，當我們開始獲得這些管道的穩定性時，您會在進入第三季和第四季時開始看到這種趨同。

I mean as we get to the tail end of the year.

我的意思是我們已經接近年底了。

And so the amount that you would expect to see it come in, it starts to get much, much closer to the numbers that you quoted.

因此，您預期看到的金額將開始越來越接近您引用的數字。

We haven't given a specific number, but what we would say is the delta between volume and price.

我們沒有給出具體的數字，但我們可以說的是數量和價格之間的差異。

We've talked about our patient base being about 25% higher exiting the year.

我們說過，今年我們的患者數量將增加約 25%。

You've seen our growth numbers at 14% essentially is guide.

你已經看到，我們的成長數字 14% 基本上是一個指導值。

And if you exclude Stella from that, it's more like 12%.

如果排除 Stella，這個比例就更像是 12%。

So you can already see implied there that the numbers are coming in, if you just assume that the patient base continues to grow into next year.

因此，如果您假設患者群在明年繼續增長，那麼您已經可以看到數字正在增加。

So you're already seeing it, I'd expect similar gaps as you see us exiting Q4 as we lap the rebate channel in 1Q, but you're going to start to see that coming in more and more over the course of the year. a number specifically to give you at this point.

所以你已經看到了，我預計會出現類似的差距，因為你看到我們在第一季度繞過返利管道，在第四季度退出，但你會開始看到這種情況在一年內越來越多地出現。此時專門提供給您的一個數字。

But you're right, it will start to come in closer and closer, especially as we exit 2025.

但你是對的，它會越來越近，特別是當我們走出2025年的時候。

Robbie Marcus, JPMorgan.

摩根大通的羅比馬庫斯 (Robbie Marcus)。

Jeremy, maybe to follow up on that.

傑里米，也許要跟進這一點。

There's a lot of considerations on both the top line and down the P&L between 15-day sensor lapping of some of the headwinds on pricing, how should we think about cadence through the year?

在 15 天感測器重疊和定價方面的一些不利因素之間，有很多關於頂線和損益的考慮因素，我們應該如何考慮全年的節奏？

Obviously, the math points to a much stronger second half on a growth rate basis.

顯然，從數學角度來看，下半年的成長率將會更加強勁。

But how should we think about cadence through the year and particularly first quarter as we set up expectations here.

但是當我們在這裡設定預期時，我們應該如何考慮全年特別是第一季的節奏。

Sure.

當然。

Yes.

是的。

And as you think about the first -- I'll start with the first quarter and then we can get to the year.

當您考慮第一個問題時—我將從第一季開始，然後我們再討論全年的問題。

We talked a little bit about this at your conference actually, Robbie, about how the first quarter is going to look a little bit, I don't know, similar to where historical sequential patterns have taken us.

羅比，實際上，我們在你的會議上討論過這個問題，第一季的情況將會有點，我不知道，類似於歷史連續模式帶給我們的情況。

So if you look at our best sequential Q1 relative to Q4 in the past few years, it was about a 9% sequential decline.

因此，如果您觀察過去幾年我們第一季相對於第四季度的最佳連續表現，就會發現連續下降了約 9%。

We talked about at JPMorgan to be in about an 8% to 9% sequential decline.

我們談到摩根大通的業績將連續下滑約 8% 至 9%。

So it actually looks a little bit better in terms of seasonality here into Q1, and we'd expect it to do that.

因此，從季節性的角度來看，第一季的情況實際上看起來要好一些，我們預計它會這樣。

Nothing has changed as our guidance, we'd still expect that.

我們的指導沒有發生任何改變，我們仍然期待這一點。

And then typical seasonality over the course of the year, it should look relatively similar.

然後，一年中典型的季節性看起來應該相對相似。

I say that knowing full well that 1 percentage point in a split, if you will, can create a few different points of growth.

我這樣說是完全清楚的，如果你願意的話，1%的分割可以創造幾個不同的成長點。

But what I would say is there's going to be a relative stable cadence of improvement over the course of the year.

但我想說的是，今年內將會有一個相對穩定的改善節奏。

Obviously, the comps in the back half of the year make it a little bit easier.

顯然，今年下半年的業績會讓情況變得容易一些。

So you would imply that.

所以你會暗示這一點。

But in terms of just thinking about how you progress through the course of the year, dollar-wise, the progress through the course of the year dollar-wise, should look pretty good and consistent with, I'd say, more normal years.

但是，如果只考慮這一年中的美元進展情況，那麼從美元角度來看，這一年中的美元進展應該看起來相當不錯，並且與更正常的年份保持一致。

Last year was a bit of a unique year for us.

去年對我們來說是比較特別的一年。

So that will help you get cadence from that perspective.

因此這將幫助您從這個角度獲得節奏。

In terms of gross margin, typically, from Q4 to Q1, we step back a couple of hundred basis points.

就毛利率而言，通常從第四季到第一季度，我們會回落幾百個基點。

This quarter, we talked about Q4 being a little bit burdened by some onetime charges, we've quantified those.

本季度，我們談到第四季度因一些一次性費用而承受了一定負擔，我們已經量化了這些費用。

I would expect there to be a little bit of a step back from Q4 to Q1, if you adjust for those onetime items, it means Q1 will be a little bit ahead of Q4.

我預計第四季度與第一季相比會略有回落，如果針對這些一次性項目進行調整，則意味著第一季將略微領先第四季。

If you don't adjust for those items, moving up over the course of the year.

如果不調整這些項目，則一年內就會上升。

We've got to move through some of the Q1 dynamics as we move forward, which is going to include certainly working through some of the yields improvements, which you talked about in Q4.

我們必須在前進的過程中克服第一季的一些動態，這肯定包括努力提高收益率，就像您在第四季度談到的那樣。

We'll work through a little bit of that in Q1.

我們將在第一季解決一些這方面的問題。

But as you move into the rest of the year, based on the volumes that we're moving through our Malaysia facility and really through our entire facilities, you're going to see that continue to improve, and we have clear line of sight to our standard costs and what those margins look like, really looking good as we exit the year.

但是，隨著您進入今年剩餘時間，根據我們馬來西亞工廠以及整個工廠的產量，您會看到這種情況繼續改善，並且我們對標準成本和利潤率的情況有清晰的了解，在年底時看起來確實很好。

So this is a year where you're going to see a lot of the benefit of scale really drive that margin.

因此，今年你將會看到規模效益確實推動利潤率的提升。

You'll see a little bit of a benefit in the back half of the year from 15 day as well.

從 15 天開始，您還會在下半年看到一些好處。

But the big driver is going to be even without 15 day.

但即使沒有 15 天，最大的推動力仍是。

You're seeing us -- the scale and volume that's running through our facilities, we'll certainly make that back to the half of the year look pretty good on a margin basis.

您看到我們——透過我們的設施運行的規模和數量，我們肯定會使利潤率在半年內看起來相當不錯。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔菲 (Danielle Antalffy)。

Congrats on the strong end to the year.

恭喜您今年取得了圓滿的結局。

Just wanted to follow up on the comment around some of the type 2 coverage.

只是想跟進一些第 2 類報導的評論。

I think two of the three largest PBMs are now covering for not in from using type 2.

我認為三大 PBM 中的兩家現在都沒有使用 2 型。

And Jeremy, maybe this question is for you and how to think about -- I appreciate what you're saying for 2025 as far as revenue growth converging with volume growth, but as more of this non-insulin using type 2 patients come online, how should we think about that?

傑里米，也許這個問題是給你問的，你應該如何思考——我很欣賞你所說的 2025 年收入增長與銷量增長融合的情況，但隨著越來越多的不使用胰島素的 2 型患者上線，我們應該如何看待這一點？

So I guess this is more over the next few years.

所以我猜未來幾年這種情況還會更多。

And will that diverge again before it re-converges or how do we think about that given that this is a less intensive patient population?

在重新趨於一致之前，這種情況會再次出現分歧嗎？

I'm just trying to get a sense of what you guys are seeing from a pricing perspective from those.

我只是想從定價的角度來了解你們看到了什麼。

Yeah, it's a good question.

是的，這是個好問題。

So maybe I can put some clarity there.

所以也許我可以提供一些澄清。

So the unit economics of each purchase is actually similar across it.

因此，每次購買的單位經濟效益實際上是相似的。

We don't necessarily have a different purchase price for a month of sensors between one disease state or another.

對於不同的疾病狀態，我們購買一個月的感測器的價格不一定會有所不同。

So type 1 and type 2 non-insulin using generally is at the same price point in our contracts.

因此，在我們的合約中，1 型和 2 型非胰島素使用通常處於相同的價格點。

So from that perspective, profitability wise, you shouldn't see any impact there.

因此從獲利能力角度來看，你不應該看到任何影響。

Now I think in the models, the one thing you will have to be mindful of is when you look at a PMPY basis, our type 2 users typically don't use the product as often.

現在我認為在模型中，你必須注意的一件事是當你查看 PMPY 基礎時，我們的第 2 類使用者通常不會經常使用該產品。

They can go a weekend without it.

他們可以不用它過週末。

There's lower retention utilization.

保留利用率較低。

Similar to what we disclosed at JPMorgan conference where we had our persistence and use of product there.

與我們在摩根大通會議上披露的情況類似，我們在那裡堅持並使用產品。

So I think from a modeling perspective, profitability wise, I don't think you make any changes there.

因此我認為從建模角度、獲利能力的角度來看，你不會在那裡做出任何改變。

From a revenue per patient and just to your modeling on a per year basis, I think you have to make those changes.

從每位患者的收入以及基於每年的建模來看，我認為您必須做出這些改變。

And I think we've given the retention utilization data that's up on the website.

我認為我們已經在網站上提供了保留利用率數據。

So that will be easy to at least model as you're moving through there.

因此，當您穿過那裡時，至少建模會很容易。

But good news there is I think you're kind of implying, hey, is there an impact on gross margin, operating margin, there isn't.

但好消息是，我想你是在暗示，這對毛利率和營業利潤率有影響嗎？

No, Danielle, I'd just add to that.

不，丹妮爾，我只是想補充一點。

When we have coverage with these 2 patients, our retention and utilization rates are actually quite high.

當我們覆蓋這兩名患者時，我們的保留率和利用率實際上相當高。

It's not like it's a one month and then and you're done.

這並不是說一個月之後就完成了。

These patients that this product is reimbursed.

這些患者表示該產品是可以報銷的。

We know they stay on that because they have such good outcomes.

我們知道他們會堅持下去，因為他們取得了很好的成果。

So while the model may be slightly different in a reimbursed world, it's still very strong.

因此，雖然在報銷世界中該模型可能略有不同，但它仍然非常強大。

There's very good utilization, very good patient retention.

利用率很高，患者保留率也很高。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Just wanted to ask on the G715-Day.

只是想問 G715-Day。

I know you don't usually comment but wanted to feel the process the update is going.

我知道您通常不發表評論，但想了解更新的進程。

I guess the question is really like has given you the confidence to still say a second half launch here?

我想問題是，這是否真的給了您信心，讓您仍然有信心在這裡推出下半年的產品？

And once you get that approval, how should we think about that process rolling out a couple of quarters before the patient base is kind of fully converted.

一旦獲得批准，我們應該如何考慮在患者群體完全轉化之前的幾個季度內推出此流程。

Yes.

是的。

Yes.

是的。

Thanks, Travis.

謝謝，崔維斯。

This is Jake.

這是傑克。

Yes, the 15-day review, right, we mentioned that we submitted it on the last call.

是的，15天的審查，對的，我們在上次通話中提到我們提交了它。

So we're basically towards the tail end of that review.

因此，我們基本上已經接近審查的尾聲。

We've had a great interactive review with the FDA.

我們與 FDA 進行了很好的互動審查。

We feel like right at the tail end because we basically have answered all the questions that they've asked us.

我們感覺自己已經到了最後，因為我們基本上已經回答了他們問我們的所有問題。

And we do have the confidence that we're going to see an approval here shortly.

我們確實有信心很快就會得到批准。

As you kind of transition over to once we have approval, we do expect to launch that product in the second half of this year. really, it's about securing coverage.

一旦我們獲得批准，我們預計將在今年下半年推出該產品。實際上，這是為了確保覆蓋範圍。

We want to get the 15-day product out as fast as possible, but we are mindful of the user experience.

我們希望盡快推出 15 天產品，但我們也考慮到用戶的體驗。

We've got to make sure we've got coverage in place and with be mindful of our pump integrations as we launch this 15-day product.

在推出這款為期 15 天的產品時，我們必須確保覆蓋範圍到位，並注意我們的泵浦整合。

So that's why we expect approval here shortly, but we'll get it out here in the second half of the year.

因此，我們預計該法案將很快獲得批准，但我們將在今年下半年公佈結果。

We're also looking forward to presenting the 15-day clinical data at ATTD next month in Europe.

我們也期待下個月在歐洲的 ATTD 上展示 15 天的臨床數據。

So that will be one of our lead investigators from that clinical trial is actually presenting the data.

因此，我們該臨床試驗的首席研究員之一實際上將會展示數據。

So we look forward to sharing that with all of you next month.

因此，我們期待下個月與大家分享這一點。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Briefly, what does it take to get the 15-day integrated with the pumps?

簡而言之，如何才能將 15 天與幫浦整合在一起？

Is that a difficult process.

這是一個困難的過程嗎？

And I'm going to also ask, I think they've heard or saw on a slide, G8.

我還要問一下，我想他們已經在幻燈片 G8 上聽到或看到了。

Is there anything you can tell us about that?

關於此事您能告訴我們什麼嗎？

Sure.

當然。

Yeah.

是的。

So the good news is pump integration with the 15-day sensor, we thought about that as we were doing the original G7 integrations.

因此，好消息是泵浦與 15 天感測器的集成，我們在進行原始 G7 集成時就考慮到了這一點。

So it is a much smaller lift than, for example, the difference between integrating as we moved it from G6 to G7.

因此，與我們將其從 G6 移動到 G7 時積分之間的差異相比，其升幅要小得多。

That was quite a big lift for our partners in terms of security interfaces and the Bluetooth interface.

就安全介面和藍牙介面而言，這對我們的合作夥伴來說是一個巨大的提升。

But as we look at the 15-day, there's -- most of it pays exactly the same the pump basically interrogates a sensor and the sensor tells us it's a 15 day.

但是當我們看一下 15 天時，大部分的支付方式完全相同，泵基本上會詢問感測器，感測器會告訴我們這是 15 天。

There is a little bit -- once we get approval, a little bit our pump partners have to do on validations, but we do anticipate it to be quite quick in terms of the integration with 15 days across our partner base.

一旦我們獲得批准，我們的泵浦合作夥伴就需要做一些驗證，但我們預計整個合作夥伴群體的整合過程將非常快，15 天內即可完成。

So we'll be mindful as soon as they get those done, we'll be pushing the product out harder into the channels.

因此，我們會留意，一旦他們完成這些，我們就會加強將產品推向通路。

But that's part of it.

但這只是其中的一部分。

And then your question about GA is we are very actively in the development process on GA.

然後你關於 GA 的問題是我們非常積極地參與 GA 的開發過程。

It will be our next hardware platform that we'll use across our portfolio of products I won't get in all the details, but a couple of highlights are it's a smaller wearable with even more capability built into it.

它將成為我們在整個產品組合中使用的下一個硬體平台，我不會詳細介紹，但有幾個亮點是它是一款更小的可穿戴設備，但內建了更多的功能。

And we're looking towards compatibility with pumps much closer to launch of that product.

我們期待該產品在上市前就能與幫浦相容。

We've learned a lot through our G7 integrations.

我們透過 G7 整合學到了很多東西。

And so we're very excited about the progress on G8.

因此，我們對 G8 的進展感到非常興奮。

It also has a multi-analyte capability built into it.

它還具有內建的多分析物能力。

I'd just add to that.

我只是想補充一點。

We look at GA also as a series of innovations.

我們也將 GA 視為一系列創新。

The jump from G6 to G7, we learned a lot because we changed pretty much everything.

從 G6 到 G7 的轉變讓我們學到了很多東西，因為我們幾乎改變了一切。

We're going to do this more stepwise, and we'll have literally a series of features leading to that configuration talking about where you get to multi-analyte somewhere down the road.

我們將逐步地進行這項工作，並且我們將有一系列的特性來引導這種配置，討論在未來的某個地方可以獲得多分析物。

So we're looking forward to revealing more about this product platform as time goes on.

因此，我們期待隨著時間的推移揭示有關該產品平台的更多資訊。

Matt Taylor, Jefferies.

傑富瑞的馬特泰勒 (Matt Taylor)。

I did want to ask one about the expanding coverage in terms of the PBMs now covering these lives and also thinking through to, hopefully, next year or the year after getting the non-intensive type 2 coverage.

我確實想問一個關於 PBM 現在覆蓋這些人生命的擴大覆蓋範圍的問題，並且希望在明年或後年獲得非密集型 2 型覆蓋。

So I just wanted to understand how you think about the additional lives being covered as a driver this year.

所以我只是想了解您對今年作為駕駛者所獲保障的額外生命保險有何看法。

Do you expect that group to show in the numbers?

您期望該群體的數字體現出來嗎？

Is that contemplated in your guidance?

您的指導中是否考慮到了這一點？

And if you play through the study, when do you think you'll actually get more of an uptake in that noninsulin type 2 population?

如果您仔細研究一下，您認為什麼時候才能在非胰島素 2 型人群中獲得更多的應用？

Yes.

是的。

Thanks for the question, Matt.

謝謝你的提問，馬特。

I can take that.

我可以接受。

The expectation -- we've included it in our guidance.

我們已將這項預期納入我們的指導之中。

Now there's all sorts of levels of take.

現在有各種各樣的層次。

And as you can imagine, every model has the ups and downs associated with it.

你可以想像，每個模型都有其優點和缺點。

We're really bullish on the long-term nature of it.

我們對其長期前景十分看好。

I think it's about us getting out there and letting folks know they have coverage.

我認為這是關於我們要走出去並讓人們知道他們有保障。

So we're very mindful that there's education that we have to continue to do and the sales force is really excited about it.

因此，我們非常清楚我們必須繼續進行教育，銷售人員對此也感到非常興奮。

I know that the materials are now out there circulating in the field, and so we're excited about pushing those.

我知道這些材料現在正在該領域流傳，因此我們很高興推動這些材料的發展。

That will be some of the work we do over the course of this year.

這就是我們今年要做的一些工作。

The work to be done now is you talked a little bit about the PBM.

現在要做的工作是您稍微談談 PBM。

So it's working with -- we have two PBMs.

因此，它正在與——我們有兩個 PBM 合作。

And as you go deeper into those PBMs and you get to more customized rise will be working with those PBMs to expand access even within their knowing full well the benefits that CGM provides to those populations.

隨著您對這些 PBM 的了解越來越深入，並且您將獲得更客製化的服務，我們將與這些 PBM 合作擴大存取權限，甚至在他們充分了解 CGM 為這些人群帶來的好處的範圍內。

We'll also be working with the third PBM.

我們還將與第三個 PBM 合作。

And looking at ways to ultimately gain coverage there.

並尋找最終在那裡獲得報告的方法。

And so we're hard at work there.

所以我們正在那裡努力工作。

And make no mistake, on the flip side, we are also looking at how we would work with CMS, certainly to make sure that folks have access to the product.

毫無疑問，另一方面，我們也在研究如何與 CMS 合作，當然是為了確保人們能夠存取該產品。

We know the benefits of folks using CGM and what it does to the system.

我們知道人們使用 CGM 的好處以及它對系統的作用。

And given the capitated nature of Medicare fee-for-service and even Medicare Advantage plans, those are real interesting things, and so we'll be working heavily there.

考慮到醫療保險按服務收費甚至醫療保險優勢計劃的按人頭計算的性質，這些都是真正有趣的事情，因此我們將在那裡大力努力。

What you generally need in those cases, not all the time, but it's always helpful is an RCT.

在這些情況下，您通常需要的是 RCT，雖然不是總是需要，但它總是有幫助的。

And as we've talked about in the past, we are running an RCT.

正如我們過去談到的，我們正在進行一項 RCT。

Jake would tell you we're already in enrollment right now.

傑克會告訴你我們現在已經開始招生了。

And we've talked about really completing that enrollment here in the first half of this year with early readouts at the back end of this year.

我們已經討論過在今年上半年真正完成招生工作，並在今年年底提供早期數據。

So we'd be using that in conjunction with all of this evidence to look to expand coverage, but it is top of mind.

因此，我們會結合所有這些證據來尋求擴大覆蓋範圍，但這是首要考慮的問題。

So as we have our market access team, potentially even listening to this call, they all know within the goals and the year is to make sure we advance this as much as we can.

因此，由於我們有市場准入團隊，甚至可能會聽到這個電話，他們都知道我們的目標，而今年的目標是確保我們盡可能地推進這一目標。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

I'm not sure if this is for Kevin or Jeremy or Jay, for that matter.

我不確定這是否適合凱文、傑里米或傑伊。

But are you expecting a record new patient number here in '25?

但您是否預期25年新增患者數會創下歷史新高？

And if so, can you just talk a little bit about the composition of where that's coming from, just given that we're getting a little bit more saturated on the intensive side and a lot more of this needs to come from basal and then not intensively managed type 2.

如果是這樣，您能否稍微談談其來源，因為考慮到我們在強化方面已經變得有點飽和，而更多的是需要來自基礎而不是強化管理的 2 型。

So just maybe talk about the proposition that gets you to that level, if you are committing to that?

那麼，如果您願意的話，是否可以談談讓您達到這一水平的提議？

And just making investors or helping investors feel comfortable you can do that given this patient population that historically you haven't been as strong with.

只要讓投資人或幫助投資人感到安心，你就可以做到這一點，因為從歷史上看，你對這個患者群的了解並不多。

Yes, sure.

是的，當然。

I can give you some -- at least how we're thinking about the year.

我可以給你一些——至少是我們對這一年的看法。

Certainly, we do expect it to be a record patient year.

當然，我們確實預計今年將是患者人數創紀錄的一年。

We are -- we do see continued penetration across the insulin-intensive segment.

我們確實看到了胰島素密集型領域的持續滲透。

And across T1 and T2 insulin intensive.

並跨越T1和T2胰島素強化。

We still expect quite a bit of penetration in that market, and it still plays a very large portion of our new patient starts.

我們仍然預計該市場將有相當大的滲透率，並且它仍然在我們的新患者中佔據很大一部分。

We do expect a consistent penetration in basal over the course of this year.

我們確實預計今年基礎藥物的滲透將持續進行。

And so as you think about basal and the progress made across that population in 2024, I would expect something similar here in 2025.

因此，當您考慮基礎和 2024 年該人口所取得的進展時，我預計 2025 年也會有類似的情況。

And so -- that's continued steady adoption in basal.

所以 — — 這是基礎技術持續穩定採用的結果。

Remember, Basal is a big grower since it's a smaller base as part of that population.

請記住，Basal 是一種大型種植物，因為它在整個族群中所佔基數較小。

It will continue to contribute there.

它將繼續在那裡做出貢獻。

And then, of course, we do expect greater contribution this year on the type 2 non-insulin side given some of the coverage that's in place.

當然，考慮到現有的一些覆蓋範圍，我們確實預期今年 2 型非胰島素的貢獻會更大。

And so it's continuing to move along basal.

所以它繼續沿著基底移動。

It's continuing to move along insulin coverage, as you've said, our insulin-intensive coverage with the addition of type 2 here.

正如您所說，它繼續沿著胰島素覆蓋範圍發展，我們的胰島素密集型覆蓋範圍增加了 2 型。

And what's interesting, and this doesn't include Stella.

有趣的是，這並不包括斯特拉。

So I think what's important is this is in our G-Series and D-Series approach.

所以我認為重要的是這是我們的 G 系列和 D 系列方法。

And so we're not even including Stelo in those numbers.

因此我們甚至沒有將 Stelo 納入這些數字。

And so what should give you a little bit more confidence as we move even beyond type 2 and prediabetes and health and wellness, where we have an over-the-counter product like Stelo, that's just even more opportunity for us to take advantage of that.

那麼，當我們超越第 2 型糖尿病和前驅糖尿病以及健康和保健領域時，什麼會給您更多的信心呢？

Kevin, do you have anything?

凱文，你有什麼事嗎？

I would add, there's also some coverage wins that really start taking effect in 2025 in our US markets with basal coverage in France.

我想補充一點，我們在美國市場的一些覆蓋範圍將於 2025 年開始真正生效，而在法國則將提供基礎覆蓋。

Some spotty growing basal coverage in Germany.

德國的一些基部覆蓋物呈斑點狀生長。

We've had wins in Canada, Australia, we've got our direct team in Japan on the street now.

我們在加拿大、澳洲都取得過勝利，現在我們在日本也有自己的直屬團隊。

So we see international growth in those markets.

因此我們看到這些市場出現了國際成長。

I just kind of go along with that Jeremy said.

我只是有點同意傑瑞米的說法。

Now that we have more type 2 nonintensive open, obviously, that's going to contribute a larger portion of the new patients than we've done in the past because we have access to those people.

現在我們有更多的 2 型非重症監護室開放，顯然，這將比過去貢獻更大比例的新患者，因為我們可以接觸到這些人。

But we still believe there's growth in the insulin population.

但我們仍然相信胰島素使用者的數量會增加。

I mean as I disclosed earlier with 60% penetration in type 1 and 55% penetration in type 2 intensive.

我的意思是，如我之前所透露的，1 型強化治療的滲透率為 60%，2 型強化治療的滲透率為 55%。

We've still got a lot of people that need access to this technology to better control their health.

我們仍有許多人需要這項技術來更好地控制他們的健康。

And we believe with the field force there increased productivity and all the things we're doing, we're in a good place to get after it.

我們相信，隨著現場部隊的不斷壯大，生產效率將不斷提高，我們所做的一切都將使我們處於一個良好的狀態。

Jayson Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

I apologize if this is redundant.

如果這是多餘的，我深感抱歉。

But it sounds like there's no change to the Stelo expectation of 2% to 3% of sales.

但聽起來 Stelo 對 2% 至 3% 的銷售預期沒有改變。

If you confirm that great.

如果您確認，那就太好了。

But can you just also talk about the Stelo trend through the year, meaning specifically the timing of drivers, it sounds like Amazon is coming on soon.

但是您能否也談談 Stelo 全年的趨勢，具體是指司機的時間安排，聽起來亞馬遜很快就會加入。

But when did the $5 million newly reimbursed come online?

但新償還的500萬美元什麼時候會到帳呢？

And when do you have full app integration with ŌURA.

什麼時候可以實現與 ÅURA 的完整應用程式整合？

Yes.

是的。

Maybe I'll start with some of that, and I can hand it off to Jake here.

也許我會從其中一些開始，然後我可以把它交給傑克。

So let's start with the type 2 coverage first so that we can move into Stelo.

因此，我們首先從類型 2 覆蓋開始，以便我們可以進入 Stelo。

So type 2 coverage that we announced effective 1/1.

因此我們宣布的第 2 類保險將於 1/1 生效。

So it's already in place right now.

所以它現在已經到位了。

So that's good news.

這是個好消息。

We all -- I can also confirm that Stelo is 2% to 3%.

我們所有人——我也可以確認 Stelo 是 2% 到 3%。

The expectation is 2% to 3% of revenue in the year.

預計今年的收入將占到2%到3%。

So we've obviously considered the type 2 coverage in making that call.

因此，我們在做出該決定時顯然考慮了第 2 類覆蓋範圍。

In terms of the cadence over the year and the integrations and Amazon, maybe I can hand it to Jake just to cover some of the expectations around that.

就今年的節奏以及與亞馬遜的整合而言，也許我可以把它交給傑克，只是為了滿足一些這方面的期望。

Sure.

當然。

Yes.

是的。

So around Stelo, we're working fast and furious on a whole host of new capabilities.

因此，圍繞著 Stelo，我們正在快速而努力地開發一系列新功能。

We actually just launched one within the past weeks that allows users to look back at their historic data within the app.

實際上，我們在過去幾週內剛剛推出了一款功能，允許用戶在應用程式內回顧他們的歷史數據。

So that was something that was one of the number one request we got after we launched Stelo.

這是我們推出 Stelo 後收到的最多的請求之一。

And so we've got that function out in the field.

我們已經在現場實現了這項功能。

We are working, as you mentioned, very closely with Aura on a deeper integration.

正如您所說，我們正在與 Aura 密切合作，以實現更深的融合。

Today, we do import already or data into the Stelo platform.

今天，我們確實已經將資料匯入Stelo平台。

But working with the team over at ŌURA, we're working on a deeper integration where we have access to a lot more of the intrinsic data from the ŌURA platform.

但透過與 ÅURA 團隊合作，我們正在致力於實現更深層的整合，以便我們可以存取來自 ÅURA 平台的更多內在資料。

And so we're working to integrate that into our app.

因此我們正在努力將其整合到我們的應用程式中。

So the first thing we're working on right now is just the pipes to get the data flowing in, and then we'll start working on visualization.

因此，我們現在要做的第一件事就是建立資料流入的管道，然後我們再開始進行視覺化工作。

You will start to see those integrations coming out in the first half of this year.

您將在今年上半年開始看到這些整合的出現。

But we'll continue to -- we got 2 very innovative groups with the team over at ŌURA and our software team.

但我們會繼續下去——我們在 ÅURA 的團隊和我們的軟體團隊中擁有兩個非常創新的團體。

And so the -- I'm really excited to see what they've been developing and will be throughout the course of the year, having multiple releases that continue to build on the functionality.

所以——我非常高興看到他們一直在開發什麼，並將在今年內發布多個版本來繼續建立功能。

Yes.

是的。

And then I think the last question is in channel.

然後我認為最後一個問題是關於渠道的。

And so channel, we are seeing DME channels selling it today.

從通路上看，我們今天看到 DME 通路在銷售它。

You're seeing partners selling it now.

您現在看到合作夥伴正在銷售它。

And I think the Amazon is expected in 1Q, Jason.

傑森，我認為亞馬遜預計將在第一季實現盈利。

So we expect to see it here in Amazon very, very shortly.

因此我們希望很快就能在亞馬遜上看到它。

And so keep your eyes out. but 1Q is when we expect to launch.

所以請留意。但我們預計將在第一季推出。

Shagun Singh, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Shagun Singh。

Kevin and Jeremy, I was hoping you could walk us through some of the assumptions behind the 14% growth rate for 2025.

凱文和傑瑞米，我希望你們能向我們介紹 2025 年 14% 成長率背後的一些假設。

It looks like there are some areas of conservatism.

看起來有些領域比較保守。

I don't think you see DME share gains, you're assuming it to be flat.

我認為您不會看到 DME 份額增長，您假設它會持平。

Why is that?

這是為什麼？

You do have easy comps?

您確實有簡單的補償嗎？

You guys typically guide mid- to high teens, but you tend to exceed those.

你們通常引導中到十幾歲的青少年，但你們往往會超越這些。

You do have a fully productive sales force, more reps year-over-year 2 new product launches and then you are looking for a record new patient starts.

您確實擁有一支富有成效的銷售隊伍，銷售代表的數量逐年增加，推出了 2 款新產品，然後您正在尋找創紀錄的新患者。

So can you walk me through that through the assumptions, should we assume the 14% growth as a base case?

那麼，您能否透過假設向我解釋一下，我們是否應該將 14% 的成長率作為基準情況？

And then just on the 15-day sensor, what is assumed in that guidance for the second half?

那麼僅就 15 天感測器而言，該指南對下半年有何假設？

Sure.

當然。

Yes, I can give you some of the data points here.

是的，我可以在這裡給你一些數據點。

We covered a little bit on the script, but I think it's helpful just to walk through them.

我們對腳本進行了一些介紹，但我認為只是瀏覽它們就很有幫助。

So, we do expect about 1 to 2 points to be growth related to Stelo.

因此，我們確實預期大約 1 到 2 個點與 Stelo 相關的成長。

Obviously, if it was 1% last year and it's 2% to 3% this year, there's a couple of points there.

顯然，如果去年是 1%，今年是 2% 到 3%，那就有幾個點了。

As you peel that back, you'll see that the core, I'd say, G- and D-Series business is still in the low teens growth, 12%, 13%.

當你仔細分析一下，你會發現，核心的 G 系列和 D 系列業務仍然保持著低十幾個百分點的成長率，分別為 12%、13%。

And as you break down what happened in our international market, which we continue -- expect to continue to perform well in the US market, you can see that the US OUS market, we expect to grow a little faster than the US market, at least in the guidance, and that's how we've set that up over the course of the year.

當您分析我們的國際市場表現時，我們預計美國市場將繼續表現良好，您會發現，我們預計美國 OUS 市場的成長速度將略快於美國市場，至少在指引中是如此，這就是我們在今年所設定的。

But you still see the US performance doing quite well over the course of the year.

但你仍然會看到美國在這一年的表現相當出色。

I would say what we've given you is the figures that we think is reasonable given the year.

我想說的是，我們給您的數字是我們認為在年份範圍內合理的。

We understand that over the course of last year, we put a few things in place.

我們了解到，去年我們已經實施了一些措施。

Those have us take a bit of a step back.

這些讓我們稍微退後了一步。

So we want to make sure we put out some guidance that's very reasonable, that's very achievable.

因此，我們希望確保我們提出一些非常合理、非常可行的指導。

And that's what we've done here.

這就是我們在這裡所做的。

To your point, there are some tailwinds in those assumptions.

正如您所說，這些假設確實存在一些有利因素。

Kevin alluded to it earlier, there's access wins outside the US, and that's going to be very interesting.

凱文之前曾提到過，美國以外地區也存在訪問勝利，這將非常有趣。

In the US, we have a sales force that's now up and stable and running, and that's -- it's wonderful to see.

在美國，我們擁有一支穩定且運作良好的銷售隊伍，這真是令人高興。

They've done a really great job.

他們確實做得非常出色。

And so really looking forward to some of that obviously, with more and more coverage wins coming out there in the US over type 2.

因此，我們非常期待其中的一些，因為美國對 2 型疫苗的覆蓋範圍正在不斷擴大。

These are all things that are potential upsides.

這些都是具有潛在優勢的事物。

And we'll certainly -- if we can achieve those, we'll certainly pass them along.

而且我們肯定會——如果我們能夠實現這些目標，我們肯定會將其傳遞下去。

But I think we wanted to be reasonable when we put through that guidance.

但我認為我們在製定該指導方針時是想保持合理。

And certainly, it's an acceleration when you look at the back half of this year.

當然，如果你回顧今年下半年，你會發現這是一個加速趨勢。

As we exit the year, we had 3% and 8%.

截至今年年底，我們的成長率分別為 3% 和 8%。

So 14% would be a tailwind there.

因此 14% 將會成為順風。

We do assume stable DME share.

我們確實假設 DME 份額是穩定的。

I think it's a prudent thing to do.

我認為這是明智之舉。

We will be working closely with our DME partners.

我們將與 DME 合作夥伴密切合作。

I think they've been wonderful through these past few weeks as we've navigated through this quarter, and I think they're great partners, and we'll look to continue to partner with them.

我認為在過去幾週我們度過這個季度的過程中他們表現得非常出色，我認為他們是很好的合作夥伴，我們期待繼續與他們合作。

But I think that's a reasonable assumption to take a start into the year.

但我認為，這對今年來說是一個合理的假設。

Yes, I'd just add one other thing with respect to 15 days, yes, that's another tailwind.

是的，我只想補充一點與 15 天有關的事項，是的，這是另一個順風。

But again, we don't have an approved product yet.

但目前我們還沒有獲得批准的產品。

We've talked about launching this in the second half of the year.

我們已經討論過在今年下半年推出這個產品。

But there is a time frame where we have to get coverage up and running with all the payers, get it through CMS for Medicare and then get it on the shelves and also integrate with our partners.

但是，我們必須在一定時間範圍內讓所有付款人都能享受到保障，透過醫療保險的CMS獲得保障，然後將其上架，並與我們的合作夥伴整合。

There's a time frame for a launch here.

這裡有一個發布的時間表。

We learned a lot from the G7 launch, we'll apply these to 15 days.

我們從 G7 發表會學到了很多東西，我們會將這些運用到 15 天內。

But make no mistake about it, there's a little bit of a lag.

但請不要誤會，會有一點點延遲。

It takes a little bit of time.

這需要一點時間。

And so -- well, a tailwind is going to be helpful.

所以——嗯，順風將會很有幫助。

It's not the big tailwind.

這並不是什麼大順風。

And there's certainly some upside if things were to go very quickly.

如果事情進展得非常快，肯定會有一些好處。

But what we've assumed is a base case based on our knowledge and what we've experienced in the past.

但我們假設的是基於我們的知識和過去的經驗的基本情況。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊（Chris Pasquale），腎元研究公司。

I wanted to follow up on Stelo.

我想跟進 Stelo。

You're coming off your first holiday season first New Year's resolution season with a consumer product.

您剛結束了第一個假期季，也是第一個新年決心季，推出了消費性產品。

Did you see an acceleration in subscription activity tied to those seasonal factors?

您是否看到與季節性因素相關的訂閱活動加速？

And now with a few months under your belt of the launch, how are you feeling about your ability to keep users engaged after they've gone through their first couple of sensors.

現在，距離產品發布已經過去了幾個月的時間，在用戶使用前幾個感測器後，您覺得自己是否有能力讓他們保持參與度？

And you mentioned AI, I would just love to hear a little bit more about what role that plays in that engagement.

您提到了人工智慧，我很想進一步了解人工智慧在這一領域所發揮的作用。

I'll start a bit and I'll let Jake take the question.

我先開始講，然後讓傑克回答這個問題。

We did see a nice spike of New Year's resolutions in January as the year started.

我們確實看到，在新年伊始，一月份新年願望的數量出現了大幅增加。

And we saw a lot of people sign up to get the year started and kick things off.

我們看到很多人報名參加，以迎接新的一年並啟動各項活動。

With respect to users continuing to use Stelo, our subscription renewal rate for those who signed up to subscription plans has been excellent.

對於繼續使用 Stelo 的用戶，我們訂閱方案的續訂率非常高。

Users have signed up and they bought more sensors.

用戶已經註冊並購買了更多感測器。

We feel very good about that.

我們對此感到非常高興。

Ironically, you're not (inaudible), but just as a side note, the type 2 diabetes population in Stelo certainly signs up and buys more frequently than the others.

諷刺的是，你不是（聽不清楚），但順便提一下，Stelo 的 2 型糖尿病患者肯定比其他人註冊和購買得更頻繁。

And that renewal rate has been very, very strong.

而且續約率一直都非常非常高。

So our initial design of that product, the way we taught the app would work is really serving the audience that we targeted for and then we'll add features over the course of the year that will benefit those users in addition to the other user groups that we serve.

因此，我們對該產品的初步設計以及我們教導應用程式運行的方式確實是為了服務我們的目標受眾，然後我們將在一年內添加一些功能，使這些用戶以及我們服務的其他用戶群受益。

Jack, I'll let you take the AI stuff.

傑克，我讓你拿人工智慧的東西。

Yes, sir.

是的，先生。

So we did roll out the first generative AI capability within a glucose biosensor on Stelo.

因此，我們確實在 Stelo 的葡萄糖生物感測器中推出了第一個生成性 AI 功能。

And it was really around those insight reports that the users get after a week of where.

這實際上是圍繞著用戶使用一周後獲得的洞察報告。

And it's -- we see good feedback.

而且我們看到了良好的回饋。

We actually did a staggered rollout of that.

我們其實是分階段推出這項舉措的。

We rolled it out to half the users at first, and then we quickly ramped that up so we kind of compare some of the usage patterns.

我們先向一半的用戶推廣，然後迅速擴大規模，以便比較一些使用模式。

And so I think one of the key areas that I talked about earlier when I said we've got a robust sequence of releases, a lot of it will be to continue to build on the insights.

因此，我認為，我之前談到的一個關鍵領域是，當我們說我們擁有一系列強大的發布產品時，其中許多產品都將繼續建立在洞察力的基礎上。

The number one thing now that we've got the historic data in the platform, the next request from users has been even deeper insights, which is clearly in our crosshairs as we look at the integration with ŌURA data and then the further utilization of that generative AI report and feedback.

現在，最重要的是我們已經在平台上獲得了歷史數據，用戶的下一個要求是獲得更深入的見解，這顯然是我們關注的焦點，因為我們正在考慮與 ÅURA 數據的集成，然後進一步利用該生成式 AI 報告和反饋。

The insights are going to continue to get deeper and more personalized as we go and really looking forward to releasing more of that capability throughout the year.

隨著我們的進步，洞察將會越來越深入和個性化，我們真誠地期待在全年發布更多這樣的功能。

Steve Lichtman, Oppenheimer.

奧本海默的史蒂夫·利希特曼。

Yes, just building on Stelo, at ADA last year, you talked purposely about focusing Stelo messaging on the non-insulin type 2 first. with the coverage making real progress here, how are you thinking about that messaging changing over the next couple of years and there be more of a bifurcation between G-Series for type 2 and Stelo for maybe prediabetes and beyond?

是的，只是在 Stelo 的基礎上，在去年的 ADA 上，您特意談到首先將 Stelo 訊息重點放在非胰島素 2 型上。隨著這裡的報導取得實質進展，您認為未來幾年這種訊息傳遞方式將發生怎樣的變化，以及針對 2 型糖尿病的 G 系列和針對糖尿病前期及以上疾病的 Stelo 之間會出現怎樣的分歧？

That's a great question.

這是一個很好的問題。

It's something we discuss on a regular basis.

這是我們經常討論的事情。

We know that if products reimbursed, we have a much better chance of getting it to somebody and then staying out and using it all the time.

我們知道，如果產品得到報銷，我們就更有可能將其交給某人，然後繼續使用它。

So what you're going to see is a migration of some of the features we put into Stelo geared towards type 2 patients not on insulin into the G-Series app.

因此，您將看到我們將 Stelo 中針對未註射胰島素的 2 型糖尿病患者的一些功能遷移到 G-Series 應用程式中。

So our users can have the opportunity to identify their glucose bikes interact with G7 with the AI module and things like we put into the Stelo app.

因此，我們的用戶有機會透過 AI 模組和我們放入 Stelo 應用程式中的東西來識別他們的葡萄糖自行車與 G7 的交互作用。

And conversely, you'll see Stelo will add more features.

相反，你會看到 Stelo 會增加更多功能。

Again, that would be more conducive to health and wellness and serving other populations, pre-diabetes along those lines.

再次，這將更有利於健康和保健，並為其他人群提供服務，包括糖尿病前期人口。

But you'll see us migrate features from one app to the other where it makes a lot of sense.

但您會看到我們將功能從一個應用程式遷移到另一個應用程序，這非常有意義。

And that's a credit to our software team and the software platform we've built with our ability to iterate very quickly.

這要歸功於我們的軟體團隊和我們憑藉快速迭代能力建構的軟體平台。

One thing I'd add is that if you look at the indication for use on Stelo, it is very, very broad, and that was purposeful, and we went and pioneered the over-the-counter indication.

我想補充一點，如果你看看 Stelo 的用途指徵，它的範圍非常非常廣泛，而且是有目的的，我們率先開創了非處方指徵。

It's all adults, not on insulin.

都是成年人，不用胰島素。

So it very much is indicated for use outside of diabetes.

因此它非常適用於糖尿病以外的患者。

And we intend to, over time, continue to build the feature set out to serve more and more users.

並且我們打算隨著時間的推移繼續建立這些功能以服務越來越多的用戶。

We actually have quite a few of the users that have been using Stelo to date are in that category of health and wellness and longevity, just seeking to learn more about their metabolic health through using this the system.

事實上，到目前為止，我們有不少使用 Stelo 的用戶屬於健康、保健和長壽類別，他們只是想透過使用這個系統來更多地了解自己的代謝健康。

So we did target diabetes and prediabetes at first but clearly is the capability of the platform build out, it's going to become more and more applicable to a broader group.

因此，我們首先確實針對的是糖尿病和糖尿病前期，但顯然隨著平台建立能力的增強，它將越來越適用於更廣泛的群體。

Issie Kirby, Redburn Atlantic.

伊西‧柯比 (Issie Kirby)，Redburn Atlantic。

I wanted to ask about the G8 sensor and how we should be thinking around potential accuracy improvements really going after made on the glucose monitoring side of this device.

我想問一下有關 G8 感測器的問題，以及我們應該如何考慮該設備血糖監測方面的潛在準確性改進。

And then you've touched upon multi-analyte, what discussions are you having with pairs about the ability to perhaps look at a premium price for a sense of these capabilities?

然後您談到了多分析物，您與合作夥伴進行了哪些討論，關於是否可能以更高的價格來了解這些功能？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

Yes.

是的。

So we are always striving to enhance the accuracy and reliability of our sensors.

因此，我們一直致力於提高感測器的準確性和可靠性。

G7 is the most accurate sensor available, but there's still opportunities to enhance this technology and make it more accurate, more reliable for broader group of users.

G7 是目前最精確的感測器，但仍有機會增強這項技術，使其更精確、更可靠，並適合更廣泛的使用者群體。

And so with -- even within the G7 platform, we're still working to further enhance the accuracy of that system.

因此—即使在 G7 平台內，我們仍在努力進一步提高該系統的準確性。

And so as we look to we're actually building -- one of the things I mentioned, right it's a smaller variable but with more capability.

因此，當我們回顧我們實際上正在建立的東西——我提到的其中一件事，它是一個較小的變量，但具有更多的能力。

And part of that capability is further ability to -- for fault detection as well as accuracy enhancements.

這種能力的一部分是進一步檢測故障以及提高準確性的能力。

And so we will -- we do intend to improve the accuracy of the system as we continue to build on the different hardware platforms.

因此，我們確實打算在繼續建立不同的硬體平台的同時，提高系統的準確性。

The multi-analyte is we've got different analytes in various stages of development.

多分析物是指我們處於開發的不同階段的不同分析物。

There's actually quite a few.

事實上有不少。

And so we're kind of early days in terms of the use case applications and whether (inaudible) had a discussion around premium price yet, but the way that we think about it is amplifying the value of the by adding those additional analytes and broader use cases and chronic diseases around diabetes is certainly one of the areas that we'll consider once we get the technology a little further.

因此，就用例應用而言，我們還處於早期階段，（聽不清楚）是否已經討論過溢價問題，但我們的想法是透過添加額外的分析物和更廣泛的用例來放大其價值，而糖尿病等慢性疾病肯定是我們在技術進一步發展後會考慮的領域之一。

Michael Polark, Wolfe Research.

邁克爾·波拉克（Michael Polark），沃爾夫研究公司。

I want to ask about the point estimate for the revenue guidance.

我想詢問一下收入指引的點估計。

Jeremy, you have a history of providing a range of about 5 points in recent years.

傑里米，近年來，您提供的範圍約為 5 點。

So why just one number and not a range.

那為什麼只有一個數字而不是一個範圍。

If you had to think about a range around this 4.6% is 4.6% the floor, a midpoint?

如果您必須考慮這個 4.6% 左右的範圍，那麼 4.6% 是下限還是中點？

How would you frame that?

您會如何構思呢？

I'd appreciate any color.

任何顏色我都喜歡。

Sure.

當然。

Yes.

是的。

I mean the reason we went with a point and obviously, we went out in January at JPM and now again.

我的意思是，我們之所以選擇這個觀點，顯然，我們在一月在 JPM 就提出了這個觀點，現在又提出了。

As you know, last year was a bit of a unique year for us.

如你所知，去年對我們來說是比較特別的一年。

I think what's really important is we set everybody with what our best thoughts are around the year.

我認為真正重要的是我們要讓每個人都了解我們今年最好的想法。

And so this is our best thoughts around the year.

這是我們今年最好的想法。

We don't necessarily want to couch it as good, low, high, low, et cetera, because we'd be putting out a range again.

我們不一定想用好、低、高、低等等來表達，因為我們會再給一個範圍。

And so the best way to think about it is, is we really wanted to give everybody a thought about the year in the eyes of management after a year that I know that had some folks down for a bit of loops over the course of the year.

因此，最好的思考方式是，我們真的想讓每個人從管理層的角度思考這一年，因為我知道，在這一年中，有些人經歷了一些挫折。

So we thought it was the right thing to do.

因此我們認為這是正確的做法。

And as the year moves on and as the year progresses, we'll certainly give you guys updates, but it was really just designed around that is making sure we got everybody on the same page with us and will hopefully move all forward together.

隨著時間的推移和時間的推移，我們當然會為大家提供更新信息，但這實際上只是為了確保每個人都與我們達成共識，並希望大家共同前進。

Bill Plovanic, Canaccord Genuity.

Canaccord Genuity 的 Bill Plovanic。

I'm going to go to a different angle here.

在這裡我要從不同的角度來談談。

We've been talking about revenue a lot.

我們一直在談論收入問題。

I really want to talk about profitability if we can.

如果可以的話我真的很想談談獲利能力。

Obviously, '24 was a tough year. we've really kind of tapped out of that 20%-ish operating level.

顯然，24 年是艱難的一年。我們的營運水準確實已經達到了 20% 左右。

You're looking for a little increase in '25, how do we think about kind of the years after?

您期望 25 年會略有成長，那麼我們對之後的幾年有什麼看法呢？

Is this going to be something where it's a 1% expansion per year in operating adjusted operating?

這是否意味著調整後的營業收入將每年成長 1%？

Or are there any lever points that could really accelerate this?

或者是否存在一些可以真正加速這一進程的槓桿點？

Sure.

當然。

Thanks, Bill.

謝謝，比爾。

Appreciate it.

非常感謝。

I think there's a couple of things.

我認為有幾件事。

One, obviously, one of the big things that we've been focusing on is building a bunch of levers into the business on the operating expense side.

顯然，我們一直關注的一件大事是在營運費用方面為業務建立一系列槓桿。

I think you've seen it over the years.

我想這些年來你已經看到了這一點。

OpEx as a percentage of revenue has continued to come down.

營運支出佔收入的百分比持續下降。

I would expect that to take place over future years.

我期望這將在未來幾年實現。

That all being said, we do allocate a significant amount of money to R&D, and that's intentional because of all the opportunities ahead of us.

話雖如此，我們確實為研發投入了大量資金，這是有意為之，因為我們面前有很多機會。

And so we balanced this investment, reinvestment in the business across both R&D and sales and marketing because not only do we believe there's a lot of opportunities for development and growth.

因此，我們平衡了這項投資，對研發、銷售和行銷業務進行了再投資，因為我們不僅相信有很多發展和成長的機會。

We also believe as we move into these new markets, there's a lot of opportunity to spread the word.

我們也相信，隨著我們進入這些新市場，有很多機會可以傳播訊息。

And that's why we've invested in sales force expansion, it's why we invest in marketing.

這就是我們投資擴大銷售團隊和行銷的原因。

So levers are, you can invest less in the business.

有了槓桿，您就可以減少對業務的投資。

I don't think that's what we really want to do.

我認為這不是我們真正想做的事。

We are doing a wonderful job of managing G&A as an organization, and I think we'll continue to do that.

我們在組織管理方面做得非常出色，我認為我們會繼續這樣做。

So that's where the leverage will come from.

槓桿作用就從這裡產生。

The other piece of leverage will come from gross margin.

另一個槓桿作用來自於毛利率。

I mean we've guided out to 65 over the years.

我的意思是，這些年來，我們已經引導了 65 個。

If you look in the past year, we came in obviously lower than that in 2024.

如果回顧過去的一年，我們的數字明顯低於 2024 年。

So I think as you think about gross margin, certainly getting back to 65%, and I think you guys all know the levers with 15 day and continuing to design cost out of the product, those are opportunities that obviously can head back to the bottom line over the years.

因此，我認為當您考慮毛利率時，肯定會回到 65%，而且我想您都知道 15 天的槓桿以及繼續降低產品設計成本，這些機會顯然可以在未來幾年回到底線。

So I think those are the two levers to play with.

所以我認為，這是可以利用的兩個槓桿。

And as long as there's an opportunity to continue to reinvest in the business, which we believe will drive long-term growth, we'll continue to do that.

只要有機會繼續對業務進行再投資，我們相信這將推動長期成長，我們就會繼續這樣做。

If that doesn't make sense, there's certainly leverage we can get in the P&L.

如果這沒有意義的話，我們絕對可以在損益表中利用槓桿。

I think, Bill, you know this from all the years you've done this.

比爾，我想，從你從事這項工作這麼多年的經驗來看，你應該要了解這一點。

Building levers is really important for our business.

建立槓桿對於我們的業務來說確實很重要。

And some of those levers going to reinvestment, some of those levers will go back to return of investment.

其中一些槓桿將用於再投資，一些槓桿將回到投資回報。

And those are the 2 things we're going to make sure we balance to grow the company.

我們要確保在這兩件事上取得平衡，以促進公司的發展。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德 (Patrick Wood)。

[ 15 ] day again, so apologies about that, but it's obviously a big impact.

[ 15 ] 天又來了，對此我深表歉意，但這顯然影響很大。

I guess -- how are you thinking long term about what the average wear time will do?

我想—您是如何考慮長期來看平均配戴時間會產生怎樣的影響的？

Because presumably, there'll be a subset of patients who may want to change their sensor a little bit more frequently for all kinds of different reasons, whether it's how they're actually adhesive, or (inaudible) or things like that.

因為據推測，會有一小部分患者出於各種不同的原因，可能想要更頻繁地更換感測器，無論是它們的實際黏性，還是（聽不清楚）或諸如此類的原因。

Do you have any inflow from like early days of Stelo to get a sense for change out rates?

您是否有像 Stelo 早期那樣的資金流入來了解兌換率？

Or I'm just trying to think where does it ultimately end up?

或者我只是想知道它最終會去往何處？

It's obviously not completely 15 days, but I'm just trying to get a sense of where you think the average consumer is going to end up.

這顯然不是完整的 15 天，但我只是想知道您認為普通消費者最終會做出怎樣的決定。

Actually, our seller wearers are very happy with the 15-day wear so far.

事實上，我們的賣家佩戴者對迄今為止 15 天的佩戴體驗非常滿意。

And as far as them being unhappy with sticky tape or something not looking right?

那麼他們是否對膠帶或其他東西不滿意，或者覺得它們看起來不對勁呢？

That really hasn't been that much of an issue.

這確實不是什麼大問題。

The number of patients getting to 15 days with Stelo has been very strong so far.

到目前為止，使用 Stelo 治療 15 天的患者數量非常多。

Look, 15 days is the preferred use case for this patient population and for their caregivers.

你看，15 天是該患者群體及其照護者的首選使用。

Certainly, there may be groups, for example, children where they may change more frequently.

當然，有些群體，例如兒童，變化可能會更頻繁。

We have right now a very generous and a very yet efficient service model with the sensor fails or falls off.

當感測器故障或脫落時，我們現在擁有非常慷慨且高效的服務模式。

We work with people to make sure they have the sensors that they need.

我們與人們合作以確保他們擁有所需的感測器。

We're looking at that service model as we go to 15 days to make it as streamlined as possible.

我們正在研究這種服務模式，希望用 15 天的時間盡可能簡化。

So people do have the experiences that they want.

所以人們確實擁有了他們想要的體驗。

At the same time, we increase our profitability and our margins across the way.

同時，我們也提高了獲利能力和利潤率。

And this is something we will look at and talk about on a regular basis, Patrick.

派崔克，這是我們會定期關注和討論的事情。

But most people really do want to wear it 15 days if they can.

但如果可以的話，大多數人確實願意戴 15 天。

They'd rather not change the sensor.

他們寧願不更換感測器。

And I think it's safe to say.

我認為可以肯定地說。

I mean in the interim, you're 100% right, Patrick, the timing is going to be, who moves when they move, what they preferred.

我的意思是，在此期間，帕特里克，你 100% 是正確的，時間將取決於誰在何時移動，以及他們喜歡什麼。

Longer term, everyone

從長遠來看，每個人

(inaudible).

（聽不清楚）。

So it's just a matter of timing as opposed to necessarily how many people are going to stay on a 10-day.

所以這只是一個時間問題，而不一定有多少人會留下來度過這 10 天。

Marie Thibault, BTIG.

瑪麗·蒂博（Marie Thibault），BTIG。

This is Sam on for Marie.

這是 Sam 為 Marie 表演的。

Maybe I can just ask about the sustainability of international growth?

或許我可以問一下國際成長的可持續性嗎？

And just getting your thoughts about contribution from maybe the several levers you have, whether it's expanding into new markets, going direct in other countries and just increasing our penetration through coverage ones.

您好，我想問您可以從幾個方面來考慮做出貢獻，無論是拓展新市場，還是直接進入其他國家，還是透過覆蓋範圍來提高我們的滲透率。

Our primary goal internationally, again, is to go to the large international markets where sensors are approved where CGM is approved and it's a growing technology.

再次強調，我們在國際上的首要目標是進入大型國際市場，這些市場中感測器已經獲得批准，CGM 也已獲得批准，而且這是一項正在不斷發展的技術。

Certainly, there are countries in this group where there's more type 1 penetration to get.

當然，這個組別有些國家的 1 型流感病毒滲透率會更高。

Many of the countries don't even cover type 2 intensive insulin you should.

許多國家甚至沒有涵蓋您應該接受的 2 型強化胰島素治療。

So we're looking to drive more access there.

因此我們希望能夠在那裡獲得更多的訪問量。

And then basal insulin, as I said earlier in the call, it was only fully approved in two OUS markets, Japan and France.

然後是基礎胰島素，正如我早些時候在電話會議中所說的那樣，它僅在美國以外的兩個市場（日本和法國）獲得了完全批准。

So we're looking to build the case in those markets.

因此，我們希望在這些市場建立案例。

So we'll expand in the markets where CGM has already a proven technology and becoming the standard of care for insulin use.

因此，我們將在 CGM 已經獲得認證且成為胰島素護理標準的市場中進行擴張。

As far as other markets, when we launched our Dexcom ONE product in the beginning.

就其他市場而言，當我們最初推出 Dexcom ONE 產品時。

We built a very efficient model to launch a digital platform in those geographies and get those geographies up and running.

我們建立了一個非常有效的模型，在這些地區推出數位平台並讓其正常運作。

While we've experienced in those geographies and all fairness is oftentimes it grows to reimbursement very quickly when the government sees how many of these sensors are purchased and the great outcomes these patients have as physicians put pressure on the reimbursement authorities.

雖然我們在這些地區都有過這樣的經歷，但公平地說，當政府看到購買了多少感測器，以及當醫生向報銷機構施加壓力時這些患者取得了怎樣的良好效果時，報銷金額往往會很快增長。

So we have good plans for those geographies where we're not.

因此，我們針對尚未開展業務的地區制定了良好的計劃。

That's not where the bulk of the international growth is going to come from.

這並不是國際成長的主要來源。

It's going to become from the large markets where CGM is reimbursed as we expand Dexcom access and the category in general, similar to what we've done in the domestic market.

隨著我們擴大 Dexcom 的訪問權限和總體類別，它將成為 CGM 報銷的大型市場，類似於我們在國內市場所做的。

Mike Kratky, Leerink.

麥克·克拉基（Mike Kratky），Leerink。

You walked through some of the growth trends across the different segments of the diabetes population earlier on the call.

您早些時候在電話會議上介紹了糖尿病人群不同群體的一些成長趨勢。

Maybe as a follow-up to that, have you seen any noteworthy shifts in your market share that you're capturing across the different segments?

也許作為對此的後續關注，您是否看到您在不同細分市場中佔據的市場份額發生了值得注意的變化？

And anything in particular you'd expect to see in 2025?

您期望在 2025 年看到什麼特別的事物嗎？

Yes.

是的。

I mean as you look at over the course call, say, the fourth quarter, we had a really good bounce back in the third quarter and a really strong fourth quarter.

我的意思是，當你回顧整個過程，比如說第四季度，我們在第三季度實現了很好的反彈，並且在第四季度表現非常強勁。

And in the fourth quarter, given it was record new patients and we saw strength really across the board, we saw some good really good share performance across really all of it.

在第四季度，鑑於新增患者數量創下了紀錄，我們看到了全線強勁增長，我們看到所有公司的股票表現都非常出色。

Now the area we -- historically, we've had -- the lease share was in the area we haven't had coverage.

現在，從歷史上看，我們的租賃份額是我們尚未涵蓋的地區。

And so as you fast forward into coverage is a good opportunity for us there.

因此，當您快速進入報道時，這對我們來說是一個很好的機會。

And so I'd expect us to continue to do well, especially with the expanded sales force and all of the innovation we're putting into the product as well as having Stelo in the bag, and that's really important as we call them physicians.

因此，我希望我們能夠繼續表現良好，特別是隨著銷售團隊的擴大和我們在產品上投入的所有創新，以及擁有 Stelo 的支持，這對我們稱他們為醫生來說非常重要。

So I expect us to do really well in the markets we're in.

因此我期望我們在所處的市場中取得良好的表現。

And then an area we alluded to a little bit earlier on the call, where we haven't had coverage, and we're excited to see where this goes in 2025 is in the non-insulin space.

然後，我們在電話會議上稍微提到的一個領域，我們還沒有涉及，我們很高興看到 2025 年非胰島素領域的發展。

I think that's an area where, with coverage, we expect to perform well.

我認為，在這個領域，我們有望透過覆蓋取得良好表現。

But I think you saw the performance in Q4.

但我認為你看到了第四季的表現。

The new patient performance in Q4 is a precursor to really some -- a good jumping point for 2025.

第四季的新患者表現確實是 2025 年的一個良好跳板。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

So just one quick clarification and then a question on some of the comments you made about economics of patients.

因此，我只想快速澄清一下，然後針對您對患者經濟學的一些評論提出一個問題。

So the quick clarification was just -- I'm not sure if you've given a time frame for yet, approximately?

因此，快速澄清一下——我不確定您是否已經給出了大概的時間框架？

Is it one year away, two years away, that would be helpful.

是不是再等一年或兩年，這將會很有幫助。

And then the question on the economics was I think the perception is among investors that as you move and call it, to the right, lower acuity patients noninsulin and so on that the economics and the economic value of that per patient is lower.

然後關於經濟學的問題是，我認為投資者的看法是，當你移動它並稱之為向右時，低敏銳度患者不使用胰島素等等，每個患者的經濟學和經濟價值就會降低。

And it sounds like on a per unit basis, I think as you were describing earlier, not true.

聽起來是按單位計算，我認為正如您之前描述的那樣，事實並非如此。

So is that purely driven by use case utilization, renewed prescriptions and so on?

那麼，這純粹是由使用案例、更新處方等因素所驅動的嗎？

Or is there different rebates?

或有不同的折扣嗎？

Maybe how would you sort of like dispute that kind of perception out there about that segment of the market.

也許您會如何反駁外界對這細分市場的看法呢？

Let's start with your GA question.

讓我們從您的 GA 問題開始。

We've not given a time line.

我們尚未給出時間表。

Right now, we're all hands on deck for 15 day G7.

現在，我們正全力準備為期 15 天的 G7 會議。

And that's the time line we're most concerned about today as far as given you guidance again, that's in the second half of the year as we look forward to approval in the not-too-distant future.

這是我們今天最關心的時間表，就再次給您指導而言，那是在今年下半年，我們期待在不久的將來獲得批准。

With respect to these other markets as we get into non-intensive diabetes treatment, even basal treatment when we started.

對於這些其他市場，當我們開始涉足非強化糖尿病治療，甚至是基礎治療時。

We know that utilization rates amongst these patient groups are a bit different, but they're not as dramatically different as one would expect.

我們知道這些患者群體中的使用率略有不同，但並不像人們預期的那樣顯著不同。

Certainly, our type 1 patients who are on an insulin delivery systems, some of which don't even function without a sensor.

當然，我們的第 1 型糖尿病患者正在使用胰島素輸送系統，其中一些系統如果沒有感測器甚至無法發揮作用。

The utilization there is going to be very, very high, obviously.

顯然，那裡的利用率將會非常非常高。

And if they're having a good experience with their system, retention is incredibly strong as well.

如果他們對系統的體驗良好，那麼保留率也會非常高。

As we move down the acuity curve, what we see is utilization may decrease some, but as long as it's reimbursed, it doesn't decrease -- like it doesn't go from 90% down to 40%, it goes down a little bit.

隨著我們沿著敏銳度曲線向下移動，我們看到利用率可能會有所下降，但只要得到報銷，利用率就不會下降 - 例如它不會從 90％ 下降到 40％，而是會下降一點點。

Then mind you, as we expand in these categories and get more and more users, utilization patterns will change in (inaudible) shift.

請注意，隨著我們在這些類別中不斷擴展並獲得越來越多的用戶，利用模式將會發生（聽不清楚）轉變。

So maybe the value of a patient over the course of the year will come down a little bit.

因此，也許一年內患者的價值會下降。

But if it's reimbursed, we don't expect it to come down that much.

但如果得到報銷，我們預計費用不會下降那麼多。

Where we have to build out models and learn more with Stelo.

我們必須建立模型並透過 Stelo 學習更多知識。

With these cash-pay patients, how many sensors are they going to purchase cash wise?

對於這些現金支付的患者，他們將用現金購買多少個感測器？

How many they're going to use and what does that look like?

他們要使用多少個以及它們是什麼樣子的？

And we're too early in that journey to really define it.

而我們在這個旅程中還處於早期階段，無法真正定義它。

Yes.

是的。

And Matt, I think the question earlier was, do the economics per transaction change?

馬特，我認為之前的問題是，每筆交易的經濟效益會改變嗎？

I think the answer is no.

我認為答案是否定的。

However, does utilization change?

然而，利用率會改變嗎？

The answer is yes.

答案是肯定的。

So it gets back to the per user per year. it may come down.

因此它又回到了每個用戶每年的情況。它可能會下降。

But remember, the amount of sensors you sell comes down because it's a utilization question.

但請記住，您銷售的感測器數量會下降，因為這是一個利用率問題。

So the gross margin and the op margins remain the same.

因此毛利率和營業利潤率維持不變。

I think that's the important part of it.

我認為這是最重要的部分。

So it depends.

所以這得看情況。

Are you talking about the economics of the transaction or the economics of the lifetime value of the customer. they are different, but I think there was a question about does the margins go down because you're moving to a different, and the answer is no.

您談論的是交易的經濟學還是客戶終身價值的經濟學。它們是不同的，但我認為有一個問題是，利潤率是否會因為轉向不同的方式而下降，答案是否定的。

Ladies and gentlemen, that concludes our Q&A session.

女士們、先生們，我們的問答環節到此結束。

I will now turn the conference back over to Kevin Sayer for closing remarks.

現在，我將會議交還給凱文·塞耶，請他致最後總結。

We thank everybody for participating today.

我們感謝大家今天的參與。

We're very pleased with our 2024 results and a record new patients and the things we achieved in the fourth quarter.

我們對 2024 年的業績、創紀錄的新患者以及第四季度的成就感到非常滿意。

We're looking forward to a great 2025 many levers in place for us to have a great year, and we look forward to your continued support.

我們期待 2025 年能圓滿成功，我們也期待您的持續支持。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。