德康醫療 (DXCM) 2025 Q1 法說會逐字稿

Welcome to the DexCom first-quarter 2025 earnings release conference call. My name is Louella, and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded.

歡迎參加 DexCom 2025 年第一季財報發布電話會議。我叫 Louella，今天我將擔任您的電話接線生。（操作員指示）提醒一下，會議正在錄製。

I will now turn the call over to Sean Christensen, Vice President of Finance and Investor Relations. Sean, you may begin.

現在我將電話轉給財務與投資人關係副總裁 Sean Christensen。肖恩，你可以開始了。

Welcome to DexCom's first-quarter 2025 earnings call. Our agenda begins with Kevin Sayer, DexCom's Chairman, President and CEO, who will summarize our recent highlights and ongoing strategic initiatives; followed by a financial review and outlook from Jereme Sylvain, our Chief Financial Officer.

歡迎參加 DexCom 2025 年第一季財報電話會議。我們的議程首先由 DexCom 董事長、總裁兼執行長 Kevin Sayer 總結我們最近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. At this time, we ask analysts to limit themselves to one question each so we can provide an opportunity for everyone participating today. Please note that there are also slides available related to our first-quarter 2025 performance on the DexCom Investor Relations website on the Events and Presentations page.

在我們準備好發言之後，我們將開始回答大家的提問。這次，我們要求分析師每人只問一個問題，以便我們為今天參與的每個人提供一個機會。請注意，DexCom 投資者關係網站的活動和簡報頁面上也提供與我們 2025 年第一季業績相關的幻燈片。

With that, let's review our Safe Harbor statement. Some of the statements we will make on today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs, and expectations about future events, strategies, competition, products, operating plans, and performance. All forward-looking statements included 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.

有了這一點，讓我們回顧一下我們的安全港聲明。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。這些聲明反映了管理層對未來事件、策略、競爭、產品、經營計劃和績效的意圖、信念和期望。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的影響，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. 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.

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、10-Q 表最新季度報告以及向美國證券交易委員會提交的其他文件中均有詳細說明。除法律要求外，我們不承擔在本次電話會議日期之後更新任何此類前瞻性陳述或使這些前瞻性陳述符合實際結果的義務。

Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP. Unless otherwise noted, all references to financial measures on this call are presented on a non-GAAP basis. 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. Please refer to the tables in our earnings release and the slides accompanying our first quarter earnings call for a reconciliation of these measures to their most directly comparable GAAP financial measure.

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。除非另有說明，本次電話會議中所有涉及的財務指標均以非公認會計準則為基礎。這些非 GAAP 資訊不應被單獨考慮，也不應被視為替代結果或優於根據 GAAP 編制的結果。請參閱我們的收益報告中的表格以及第一季財報電話會議附帶的投影片，以了解這些指標與最直接可比較的 GAAP 財務指標之間的對應關係。

Now, I will turn it over to Kevin.

現在，我將把麥克風交給凱文。

Thank you, Sean, and thank you, everyone, for joining us. Today, we reported first-quarter organic revenue growth of 14% compared to the first quarter of 2024. This represented our second straight quarter of reaccelerating revenue growth as we benefited from continued strong category demand, recent access wins, and focused execution by our team.

謝謝你，肖恩，也謝謝大家加入我們。今天，我們報告稱，與 2024 年第一季相比，第一季有機收入增長了 14%。這是我們連續第二季營收成長加速，這得益於我們持續強勁的品類需求、近期的通路勝利以及我們團隊的專注執行。

In our US business, we successfully balanced strong demand while navigating short-term supply dynamics. Our teams worked hard to provide consistent support for our customers, channel partners, and physician community. We moved quickly to ensure limited customer disruption and set up clear lines of communication with all involved stakeholders. This included launching a public website that provided status updates and direct customer support for anyone impacted during this transition.

在我們的美國業務中，我們成功平衡了強勁的需求，同時應對了短期供應動態。我們的團隊努力為我們的客戶、通路合作夥伴和醫生社群提供持續的支援。我們迅速採取行動，確保對客戶的干擾最小，並與所有相關利害關係人建立清晰的溝通管道。其中包括推出一個公共網站，為在過渡期間受到影響的任何人提供狀態更新和直接客戶支援。

Our manufacturing and logistics teams worked around the clock to make sure our product was where it needed to be to meet our customers' needs. We work closely with our distribution partners to clearly align our updated supply time lines with their customer demand, and we would like to acknowledge the great work of these partners in providing excellent care to our users.

我們的製造和物流團隊日以繼夜地工作，以確保我們的產品能夠滿足客戶的需求。我們與分銷合作夥伴密切合作，使我們更新的供應時間表與他們的客戶需求明確一致，我們也要感謝這些合作夥伴為我們的用戶提供優質服務所做的出色工作。

As you can see, we prioritized customer care throughout this period, and I hope this commitment continues to be noticed. We experienced an acceleration in demand from new customers, which again came in at record levels during Q1. We are clearly seeing the benefit of expanding our commercial reach last year.

正如您所看到的，我們在整個期間都優先考慮客戶服務，我希望這項承諾能繼續得到關注。我們經歷了新客戶需求的加速成長，第一季再次達到創紀錄的水平。我們清楚地看到了去年擴大商業範圍所帶來的好處。

After significantly expanding our prescriber base in 2024, we are going deeper across these practices as physicians expand their DexCom CGM prescribing patterns.

在 2024 年大幅擴大我們的處方醫生基礎之後，隨著醫生擴大其 DexCom CGM 處方模式，我們將更深入地研究這些實踐。

Importantly, we made these commercial investments knowing that new DexCom technology and broader access were just around the corner. Since that time, we introduced Stelo as the first over-the-counter CGM, launched several new software and connectivity updates to enhance the customer experience and secured much broader coverage within the type 2 market.

重要的是，我們進行這些商業投資時知道新的 DexCom 技術和更廣泛的訪問即將到來。從那時起，我們推出了 Stelo 作為第一款非處方 CGM，推出了幾款新的軟體和連接更新以增強客戶體驗，並確保在 2 型市場中更廣泛的覆蓋範圍。

We started the year by announcing that we had secured access at two of the three largest PBMs for anyone with diabetes regardless of whether they use insulin. While it is still early, we've been very encouraged to see physicians quickly adjust their prescribing patterns to match this new coverage. In fact, during the first quarter, we already saw a notable uptick in new customer starts coming from the type 2 non-insulin population compared to any time in our company's history.

今年年初，我們宣布已確保所有糖尿病患者（無論是否使用胰島素）均可在三大 PBM 中的兩家機構獲得服務。雖然現在還為時過早，但我們非常高興地看到醫生迅速調整他們的處方模式以適應這一新的保險範圍。事實上，在第一季度，我們已經看到來自 2 型非胰島素人群的新客戶數量與我們公司歷史上的任何時候相比顯著增加。

We'll now look to build on this momentum through targeted awareness campaigns and by advocating for even broader type 2 coverage over time.

我們現在將透過有針對性的宣傳活動以及隨著時間的推移倡導更廣泛的 2 型糖尿病覆蓋範圍來鞏固這一勢頭。

Along those lines, I'm excited to share that as of this summer, the third major PBM will also begin covering DexCom G7 for anyone with diabetes in some of their key formularies. Having the three largest PBMs now covering DexCom for all people with diabetes represents a true step change in the coverage landscape. It also indicates that a clear consensus is forming on both the health and economic benefits of incorporating CGM earlier in diabetes care plans.

沿著這個思路，我很高興地告訴大家，從今年夏天開始，第三家主要的 PBM 也將開始在其一些主要處方集中為任何糖尿病患者提供 DexCom G7 治療。目前，三大 PBM 已為所有糖尿病患者提供 DexCom 覆蓋，這代表著覆蓋範圍的真正重大變化。這也表明，人們正在就將 CGM 更早納入糖尿病照護計畫所帶來的健康和經濟效益形成明確的共識。

Between these three large PBMs and additional coverage we expect to finalize in the coming months, DexCom will have coverage for nearly 6 million people with type 2 diabetes who are not on insulin by the end of the year. While this still represents only a portion of this 25 million person population in the US, we often see smaller and customized plans quickly follow suit of the larger PBM formularies.

在這三個大型 PBM 和我們預計在未來幾個月內完成的額外保險之間，到今年年底，DexCom 將為近 600 萬未使用胰島素的 2 型糖尿病患者提供保險。雖然這仍然只代表了美國 2500 萬人口的一部分，但我們經常看到規模較小、客製化的計劃迅速效仿規模較大的 PBM 處方集。

We'll also continue to strengthen our case with payers with additional data readouts in the coming quarters. This includes our recently announced randomized controlled trial for people with type 2 diabetes who are not on insulin.

我們還將在未來幾季透過提供更多數據來繼續加強我們與付款人的合作。這包括我們最近宣布的針對未使用胰島素的 2 型糖尿病患者的隨機對照試驗。

Similar to our MOBILE and DIaMonD studies for the insulin using population, we believe this data set can become the centerpiece of our broader type 2 non-insulin evidence road map. This level of evidence has historically been a key factor in driving definitive changes to standards of care and unlocking even broader access globally.

與我們針對胰島素使用族群進行的 MOBILE 和 DIaMonD 研究類似，我們相信該資料集可以成為我們更廣泛的 2 型非胰島素證據路線圖的核心。從歷史上看，這一級別的證據一直是推動護理標準最終變革和在全球範圍內開啟更廣泛治療機會的關鍵因素。

As we continue to advocate for broader type 2 coverage, we have already greatly simplified access to DexCom technology through the launch of our over-the-counter biosensor Stelo. Stelo continues to attract a wide range of new customers across the type 2 diabetes, prediabetes and health and wellness landscapes. We have also seen growing use of Stelo among the physician community who can now tailor their DexCom care plans based on each customer's coverage and metabolic health. While we are still early in this launch, our team has moved quickly to enhance the Stelo experience with new software updates and broader distribution.

隨著我們繼續倡導更廣泛的 2 型糖尿病覆蓋範圍，我們已經透過推出非處方生物感測器 Stelo 大大簡化了對 DexCom 技術的存取。Stelo 繼續吸引來自 2 型糖尿病、糖尿病前期以及健康和保健領域的大量新客戶。我們還看到醫生群體中 Stelo 的使用率不斷增長，他們現在可以根據每個客戶的保險範圍和代謝健康狀況定制他們的 DexCom 護理計劃。雖然我們仍處於發布初期，但我們的團隊已迅速採取行動，透過新的軟體更新和更廣泛的分發來增強 Stelo 體驗。

During the first quarter, this included launching a 180-day data look-back feature, which was in direct response to early customer feedback. This is a great example of our ability to quickly iterate the Stelo app to provide new customer insights and deliver a more personalized experience.

在第一季度，我們推出了 180 天數據回顧功能，這是對早期客戶回饋的直接回應。這是我們快速迭代 Stelo 應用程式以提供新的客戶洞察和提供更個人化體驗的能力的一個很好的例子。

Stelo also officially went live on the Amazon storefront during the quarter, which provides our customers another easy access point on one of the highest volume e-commerce sites in the world, and we expect even more distribution partners to broaden our commercial access in the future. These updates are already resonating with our customers. Over the course of the first quarter, we saw even greater Stelo customer experience metrics in response to these updates, and we believe that we're just getting started with what we can do to lead our customers to greater metabolic health.

Stelo 也在本季正式在亞馬遜店面上線，這為我們的客戶提供了另一個輕鬆訪問全球交易量最大的電子商務網站之一的入口，我們預計未來將有更多的分銷合作夥伴拓寬我們的商業渠道。這些更新已經引起了我們客戶的共鳴。在第一季度，我們看到 Stelo 客戶體驗指標在這些更新後有了進一步的提高，我們相信，我們才剛開始採取措施，幫助客戶獲得更好的代謝健康。

Our first-quarter results show that our commercial teams are performing very well, and we are excited to build from this position of strength by announcing the addition of Jon Coleman as our new Chief Commercial Officer. Jon brings over 30 years of global commercial leadership experience to our organization across multiple health care segments and channels. Over this time, he has established a proven track record of execution, making Jon a great fit for DexCom at this important point in our company's history. We're excited to have him lead our commercial organization.

我們的第一季業績表明，我們的商業團隊表現非常出色，我們很高興宣布任命 Jon Coleman 為我們的新首席商務官，以此為基礎進一步鞏固我們的優勢。Jon 為我們的組織帶來了涉及多個醫療保健領域和管道的 30 多年的全球商業領導經驗。在此期間，他建立了良好的執行記錄，使得喬恩在我們公司歷史上的這個重要時刻成為 DexCom 的理想人選。我們很高興他能領導我們的商業組織。

I would also like to address the warning letter that our company received from the FDA in March. This letter was related to observations made by the agency following the inspections of our San Diego and Mesa facilities during 2024. We take any FDA recommendations very seriously. So our team immediately began instituting corrective actions to address these observations. While we were disappointed to receive a warning letter, I'm incredibly proud of how our teams have rallied together with a thorough review and response, and we look forward to working together with the FDA to further strengthen our systems and processes.

我還想談談我們公司三月收到的 FDA 的警告信。這封信與該機構在 2024 年檢查我們的聖地牙哥和梅薩設施後提出的觀察結果有關。我們非常重視 FDA 的任何建議。因此我們的團隊立即開始採取糾正措施來解決這些問題。雖然我們對收到警告信感到失望，但我對我們的團隊如何團結起來進行徹底的審查和回應感到無比自豪，我們期待與 FDA 合作，進一步加強我們的系統和流程。

As one example of our ongoing collaboration with the agency, we were excited to recently announce FDA clearance for our 15 Day DexCom G7 System. This marks another innovation milestone for our company as our 15 Day product advances both wear time and accuracy levels for G7 with performance data demonstrating an MARD of 8.0%, this sets a new bar in the industry in terms of sensor accuracy. We are incredibly excited to bring this product to market. As previously mentioned, we plan to launch our 15 Day G7 System in the second half of the year, and our team is working quickly to prepare for this rollout. This includes working with payers to establish coverage in advance of launch and collaborating with our pump partners to ensure a seamless transition for G7 compatible automated insulin delivery systems.

作為我們與該機構持續合作的一個例子，我們很高興最近宣布我們的 15 天 DexCom G7 系統已獲得 FDA 批准。這標誌著我們公司的又一個創新里程碑，因為我們的 15 天產品提高了 G7 的佩戴時間和準確度水平，性能數據顯示 MARD 為 8.0%，這在感測器準確度方面為行業樹立了新的標準。我們非常高興能夠將該產品推向市場。如前所述，我們計劃在今年下半年推出我們的 15 天 G7 系統，我們的團隊正在快速為這項推出做準備。這包括與付款人合作在產品推出前建立覆蓋範圍，並與我們的幫浦合作夥伴合作，確保與 G7 相容的自動胰島素輸送系統的無縫過渡。

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

說完這些，我就把麥克風交給傑瑞米 (Jereme)。

Thank you, Kevin. As a reminder, unless otherwise noted, the financial measures presented today will be discussed on a non-GAAP basis. Reconciliations to GAAP can be found in today's earnings release as well as the slide deck on our IR website.

謝謝你，凱文。提醒一下，除非另有說明，今天提出的財務指標將以非 GAAP 為基礎進行討論。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。

For the first quarter of 2025, we reported worldwide revenue of $1.036 billion compared to $921 million for the first quarter of 2024, representing growth of 12% on a reported basis and 14% growth on an organic basis. 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.

2025 年第一季度，我們報告的全球收入為 10.36 億美元，而 2024 年第一季為 9.21 億美元，報告成長率為 12%，有機成長率為 14%。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 $751 million for the first quarter compared to $653 million in the first quarter of 2024, representing an increase of 15%.

第一季美國總營收為 7.51 億美元，而 2024 年第一季為 6.53 億美元，成長了 15%。

As Kevin mentioned, our team did a great job navigating short-term supply dynamics while supporting both new and existing customer demand. We experienced another quarter of strong new customer demand in the US with a particularly notable uptick coming from the type 2 non-insulin using population. By having the broader sales force in place, we were able to quickly take advantage of the coverage expansion that occurred in January to drive a nice acceleration in new patient performance, and we look forward to building on this momentum with our additional coverage kicking in over the course of the year.

正如凱文所說，我們的團隊在滿足新舊客戶需求的同時，也出色地應對了短期供應動態。我們在美國又經歷了一個季度的強勁新客戶需求，其中來自 2 型非胰島素使用族群的需求成長尤為顯著。透過擴大銷售隊伍，我們能夠迅速利用 1 月份覆蓋範圍擴大的優勢，推動新患者表現的良好加速，並且我們期待著在這一勢頭的基礎上，在今年擴大覆蓋範圍。

Additionally, as we previously indicated, we saw the combined impact of channel mix and rebate eligibility moderate during the first quarter. This helped narrow the gap between US volume and revenue growth compared to the prior two quarters. International revenue grew 7%, totaling $286 million in the first quarter. International organic revenue growth was 12% for the first quarter.

此外，正如我們之前指出的，我們看到第一季通路組合和返利資格的綜合影響有所緩和。與前兩個季度相比，這有助於縮小美國銷售和收入成長之間的差距。第一季國際營收成長 7%，達到 2.86 億美元。第一季國際有機收入成長率為12%。

Our international business demonstrated pockets of strength, particularly in areas we have highlighted recent coverage expansions in the type 2 landscape. Examples of this will be continued growth of our business in Japan as well as our growth of DexCom ONE platform in France. We continue to like our overall strategic position as regional access continues to grow. We see several opportunities for expansions of type 2 coverage upcoming in 2025 and are building good momentum in the core international markets to eventually match the level of coverage that we have achieved in the US.

我們的國際業務展現出優勢，特別是在我們最近強調的 2 類領域涵蓋範圍擴大的領域。例如，我們在日本的業務將持續成長，以及 DexCom ONE 平台在法國的成長。隨著區域訪問量的不斷增長，我們仍然看好我們的整體戰略地位。我們看到 2025 年即將出現擴大 2 類保險覆蓋範圍的幾個機會，並且正在核心國際市場建立良好的勢頭，最終達到我們在美國實現的覆蓋水平。

Our first-quarter gross profit was $596.2 million or 57.5% of revenue compared to 61.8% of revenue in the first quarter of 2024. As we said on the fourth-quarter call, we expected Q1 gross margin to be below our full year levels because of historic seasonality as well as having to navigate some of the near-term supply dynamics that were caused by a shipment of sensors that was damaged in the fourth quarter. We are proud of how we navigated the first quarter to prioritize the care of our customers.

我們第一季的毛利為 5.962 億美元，佔營收的 57.5%，而 2024 年第一季這一比例為 61.8%。正如我們在第四季度電話會議上所說的那樣，我們預計第一季的毛利率將低於全年水平，因為歷史季節性以及必須應對第四季度一批感測器損壞所造成的一些近期供應動態。我們為在第一季優先服務客戶的方式感到自豪。

But as Kevin alluded to earlier, we did have to incur some incremental costs to do so. As an example, we have expedited our lead times by chartering direct flights to fulfill distribution centers, which comes at a higher cost than our traditional freight processes.

但正如凱文之前提到的，我們確實必須承擔一些增量成本才能做到這一點。例如，我們透過租用直飛航班到達配送中心來縮短交貨時間，但這比傳統的貨運流程成本更高。

We exit the first quarter in a much better position with our channel inventory levels. However, there is still work ongoing to get our internal inventory back to normal levels. As a result, we expect some of these costs to continue until we are back at normal inventory levels, which we have factored into our full year guidance update.

第一季結束時，我們的通路庫存水準大幅提升。然而，我們仍在繼續努力使內部庫存恢復到正常水準。因此，我們預計其中一些成本將持續存在，直到我們恢復正常庫存水平，我們已將其納入全年指導更新。

Operating expenses were $453.1 million (sic - see press release, "$455.3 million") for Q1 of 2025 compared to $428.9 million (sic - see press release, "$460.8 million") in Q1 of 2024. Operating income was $143.1 million or 13.8% of revenue in the first quarter of 2025 compared to $140.2 million or 15.2% of revenue in the same quarter of 2024.

2025 年第一季的營運費用為 4.531 億美元（原文如此 - 請參閱新聞稿「4.553 億美元」），而 2024 年第一季的營運費用為 4.289 億美元（原文如此 - 請參閱新聞稿「4.608 億美元」）。2025 年第一季的營業收入為 1.431 億美元，佔營收的 13.8%，而 2024 年同期的營業收入為 1.402 億美元，佔營收的 15.2%。

Adjusted EBITDA was $230.4 million or 22.2% of revenue for the first quarter compared to $220.9 million or 24% of revenue for the first quarter of 2024. Net income for the first quarter was $127.7 million or $0.32 per share. We remain in a great financial position, closing the quarter with approximately $2.7 billion of cash and cash equivalents. This cash position, along with our strong free cash flow profile provides a lot of ongoing flexibility in our capital allocation decisions.

調整後 EBITDA 為 2.304 億美元，佔第一季營收的 22.2%，而 2024 年第一季為 2.209 億美元，佔營收的 24%。第一季淨收入為 1.277 億美元，即每股 0.32 美元。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 27 億美元。這種現金狀況，加上我們強勁的自由現金流狀況，為我們的資本配置決策提供了極大的持續靈活性。

Along those lines, we are excited to announce a $750 million share repurchase program today. Given our strong revenue and cash flow growth outlook, we see this as an opportunity to enhance our capital structure while still giving ourselves plenty of cash available to address our 2025 convertible notes and any other strategic uses of capital.

本著這個思路，我們今天很高興地宣布一項 7.5 億美元的股票回購計畫。鑑於我們強勁的收入和現金流成長前景，我們認為這是一個增強資本結構的機會，同時仍為我們自己提供充足的現金來處理 2025 年可轉換票據和任何其他策略性資本用途。

Turning to guidance. We are reaffirming our prior revenue guidance of $4.6 billion, representing growth of 14% for the year. For margins, we are reducing our full-year non-GAAP gross profit margin guidance to approximately 62%, while reaffirming our full year non-GAAP operating margin and adjusted EBITDA margin guidance of approximately 21% and 30%, respectively. Our new gross margin guidance reflects the impact of our first-quarter results and a few additional factors. So I want to provide additional color here on how we've approached it and the cadence throughout the year.

轉向指導。我們重申先前 46 億美元的營收預期，這意味著全年營收將成長 14%。就利潤率而言，我們將全年非公認會計準則毛利率指引下調至約 62%，同時重申全年非公認會計準則營業利潤率和調整後 EBITDA 利潤率指引分別約為 21% 和 30%。我們的新毛利率指引反映了我們第一季業績和一些其他因素的影響。因此，我想在這裡提供更多細節，說明我們如何處理這個問題以及全年的節奏。

We expect the first quarter result to have an approximately 75-basis-point impact on the full-year gross margin relative to our prior guidance.

我們預計第一季業績將對全年毛利率產生約 75 個基點的影響（相對於我們先前的預期）。

As we continue to rebuild our inventory levels while addressing increasing demand, we have factored in an additional 100 basis point impact to our global freight costs to support expedited shipping. We expect that this impact will lessen as we move throughout the year.

在我們繼續重建庫存水準並滿足不斷增長的需求的同時，我們已將全球運費成本的額外 100 個基點影響考慮在內，以支持加急運輸。我們預計，隨著時間的推移，這種影響將會減弱。

We have also built into this gross margin guidance a 50-basis-point impact of inflationary pressures from tariffs in the supply chain. While we do not necessarily expect a large direct tariff impact given our diverse manufacturing footprint and the health conditions that we address, we nevertheless want to be prudent given the fluctuations in the global trade landscape and the indirect impact tariffs have on supply costs.

我們也在這項毛利率指引中考慮了供應鏈關稅帶來的 50 個基點的通膨壓力影響。雖然考慮到我們多樣化的生產佈局和我們所關注的健康狀況，我們並不一定會預期關稅會受到很大的直接影響，但考慮到全球貿易格局的波動以及關稅對供應成本的間接影響，我們仍希望保持謹慎。

Finally, we anticipate an approximately 25-basis-point impact to our global manufacturing costs based on fluctuations in the US dollar. Despite the pressure on gross margin, we are in the position to offset that pressure and reiterate our operating margin and adjusted EBITDA margin guidance. Our teams are doing a good job prioritizing investments in the right areas while setting up our functions to scale efficiently.

最後，我們預期美元波動將對我們的全球製造成本產生約 25 個基點的影響。儘管毛利率面臨壓力，但我們有能力抵銷這種壓力，並重申我們的營業利潤率和調整後的 EBITDA 利潤率指引。我們的團隊在設置職能以有效擴展的同時，很好地優先考慮了正確領域的投資。

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

這樣，我們就可以開始問答環節了。肖恩？

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

謝謝你，傑瑞米。除了 Kevin 和 Jereme 之外，我們的營運長 Jake Leach 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 re-enter the queue if necessary. Please provide the Q&A instructions.

提醒一下，我們要求觀眾每次只提出一個問題，然後在必要時重新進入隊列。請提供問答說明。

(Operator Instructions) Matt Taylor, Jefferies.

（操作員指示）馬特泰勒，傑富瑞。

Congrats on a good quarter. I wanted to touch on the US growth improvement here. And see if you could talk a little bit about two things. One, did supply have any impact on the revenue growth? Could you characterize that? And then you keep talking about the gap closing between dollars and volumes. I was wondering if you could comment on what you think market volume growth is or your volume growth is so we can understand what the revenue growth could be through the year and how quickly that gap closes would be helpful.

恭喜本季取得良好業績。我想在這裡談談美國經濟成長的改善。看看你是否可以談一談兩件事。一、供給對收入成長有影響嗎？能描述一下嗎？然後你繼續談論美元和交易量之間的差距正在縮小。我想知道您是否可以評論一下您認為的市場容量增長是多少或您的容量增長是多少，以便我們了解全年的收入增長可能是多少以及差距縮小的速度有多快。

Yeah. Matt, thanks for the question. This is Jereme. Certainly happy to answer it. In terms of supply dynamics, I think we exited the quarter with normal supply levels in the channel.

是的。馬特，謝謝你的提問。這是傑瑞米。當然很樂意回答。就供應動態而言，我認為我們在本季結束時的通路供應水準正常。

And so we had to work pretty hard over the course of the quarter to make sure we got there. I think everybody knew and we signaled it in the February call that we were going to navigate through that. So kudos to the team for all the work that they did to get there, prioritizing customers first. So what you see in the revenue figures is, I would say, a normalized inventory level and therefore, really a normalized pattern.

因此，我們必須在本季度非常努力地確保我們能夠實現目標。我想每個人都知道，我們在二月的電話會議上就表示我們將解決這個問題。因此，我們要向團隊表示敬意，感謝他們為實現這一目標所做的一切工作，並始終將客戶放在第一位。因此，我認為您在收入數字中看到的是正常化的庫存水平，因此實際上是一種正常化的模式。

In terms of the impact then on new patients, look, it was a record new patient quarter. So I think we were really happy to see that at the end of the day. So we still had very, very strong performance during that window and due to all the work that the teams did to navigate through there. In terms of what that then means for volumes, et cetera, while we don't necessarily give volumes by region, what I think we have done in the past is we've given you new patient or total patient details. And we exited last year at about a 25% patient increase, which is a good analog for volume growth.

就對新患者的影響而言，這是一個創紀錄的新患者季度。所以我認為我們最終看到這一點真的很高興。因此，由於團隊為度過這段時期所做的所有努力，我們在那個時期仍然表現得非常出色。就這對數量等而言意味著什麼而言，雖然我們不一定提供按地區劃分的數量，但我認為我們過去所做的是向您提供新患者或總患者的詳細資訊。去年我們的患者數量增加了約 25%，這是治療量增加的一個很好的類比。

And given the performance we saw over the course of the quarter, record new patients, there's no reason to believe that the volume growth wasn't consistent with that.

鑑於我們在本季看到的表現，創下了新患者的數量，沒有理由相信治療量的增長與此不一致。

So that will help for the models. It will also help if you consider Stelo as a component of that as you're thinking about what that impact is. But the big takeaway, and I think you're pointing at it is that price volume delta is coming in as we said it would, and you saw that play out in the quarter.

這將有助於模型。當您思考其影響時，如果將 Stelo 視為其中的一個組成部分，也會有所幫助。但最大的收穫是，我認為您指出的是價格成交量增量正如我們所說的那樣出現，並且您在本季度看到了這種情況。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Hi, good afternoon. This is Simran on for Larry. Thanks for taking questions. Maybe just on guidance. You delivered 14% organic growth in Q1, but left full year guidance unchanged. So Jereme, I mean, how do you see the rest of the year playing out, particularly in the second half where the comps do get easier? Just trying to understand why growth in the full year would be the same as in Q1. And then maybe just also on the gross margin guidance. I mean, is there anything assumed in that guide from the 15 Day launch?

嗨，下午好。這是 Simran 為 Larry 表演的。感謝您的提問。也許只是指導。您在第一季實現了 14% 的有機成長，但全年成長預期保持不變。那麼傑瑞米，我的意思是，您如何看待今年剩餘時間的表現，特別是下半年的情況會變得更容易？只是想了解為什麼全年的成長會與第一季相同。然後也許還只是關於毛利率的指引。我的意思是，15 天發布版的指南中有什麼假設嗎？

Yeah, sure I can answer those. In terms of the guidance for the full year, the big takeaway is first quarter is first quarter. There's a full year up in front of us here. And so after a quarter, we felt it appropriate to see how the year unfolds before we start changing anything around guidance. We gave the guidance for the year, we really wanted to give a commitment on the full year.

是的，我當然可以回答這些問題。就全年業績指引而言，最大的亮點是第一季。我們面前還有整整一年的時間。因此，一個季度之後，我們認為在開始改變任何指導意見之前，先看看今年的情況如何是合適的。我們給了全年的指導，我們確實想對全年做出承諾。

I think the big takeaway is we're off to a good start, a record patient quarter, and you saw the growth. So certainly happy with that. It's not saying anything other than we're happy with the quarter. We're bullish on the business. It's just one quarter. We want to see how the rest of the year unfolds.

我認為最大的收穫是，我們有一個良好的開端，本季的患者數量創下了紀錄，而且你們也看到了成長。我對此非常高興。這只顯示我們對本季的表現感到滿意。我們對這個業務很看好。這只是四分之一。我們想看看今年剩餘時間的情況如何。

In terms of the guidance and how we're thinking about 15 Day, there was always a little bit of 15 Day in the guidance, the original guidance we gave, and there's still a little bit of that in the current guidance we gave, and it's commensurate with the launch expectations of the product, which is in the second half of the year. I think when we gave the guidance at the start of the year, we mentioned it was a very small amount where we wouldn't necessarily change our guidance. If the 15 Day time line change, just given as a total of our population of sensors, it's a relatively small amount as we start to ramp it up. That remains true.

就指導以及我們對 15 Day 的看法而言，我們給出的原始指導中總是包含一點 15 Day 的內容，我們給出的當前指導中仍然包含一點 15 Day 的內容，這與產品的發布預期相稱，即在今年下半年。我認為，當我們在年初給出指導時，我們提到這是一個非常小的數額，我們不一定會改變我們的指導。如果 15 天的時間軸發生變化，僅作為我們感測器總數，那麼當我們開始增加它時，這個數量相對較小。這依然是事實。

So nothing really changed there. It is in the guidance, but nothing changed from the last time we provided in terms of our assumptions.

所以那裡實際上什麼都沒有改變。這是在指導中，但就我們的假設而言，與我們上次提供的相比沒有任何變化。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Congrats on a nice start to the year here. Wanted to ask on the type 2 patients, particularly non-intensive and basal patients. And you said you had good growth in non-intensive type 2. I imagine basal as well. And just wanted to get a better understanding of sort of the utilization and reorder rates and patient trends you're seeing there. I realize basal is predominantly insured patients and a growing nonintensive, but both for insured and noninsured and some of the things you can -- that you're doing to help keep patients reordering at high rates.

恭喜您今年有一個好的開始。想問一下2型患者，特別是非重症患者和基礎患者。您說您在非強化 2 型治療中取得了良好的生長效果。我也想像基礎。只是想更好地了解您在那裡看到的利用率、重新訂購率和患者趨勢。我知道基礎治療主要針對有保險的患者，而非強化治療的患者也在不斷增加，但對於有保險和無保險的患者來說，您可以做的一些事情 - 就是幫助患者保持較高的重新訂購率。

Yes. Thanks, Robbie. We have stated for a long time that we see very good retention rates in these populations, particularly given the state of reimbursement. When as we expand coverage for the basal insulin population, also the type 2 population in general, even the nonintense no insulin type 2 patients with reimbursement, we see utilization very good and retention very good as well, a bit lower than our type 1 patients, but not significantly. I mean it's -- and the mix has been very consistent over time.

是的。謝謝，羅比。我們早就表示，這些族群的保留率非常好，特別是考慮到報銷狀況。當我們擴大基礎胰島素人群的覆蓋範圍時，也包括一般的 2 型糖尿病人群，甚至是有報銷的非強化無胰島素 2 型糖尿病患者，我們發現利用率非常好，保留率也非常好，略低於我們的 1 型糖尿病患者，但並不顯著。我的意思是——而且這種混合隨著時間的推移一直非常一致。

We've also seen with our Stelo users, for example, the type 2 patients who are purchasing Stelo are reordering quite regularly and staying on their subscription patterns and are much more likely to sign up for subscription than they are not to. So across the board, when we have reimbursement and even just those having the experience who are paying cash, we're seeing good retention and good utilization in these populations because the information is incredibly valuable.

例如，我們也從 Stelo 用戶身上看到，購買 Stelo 的 2 型糖尿病患者會定期重新訂購，並保持他們的訂閱模式，而且他們註冊訂閱的可能性遠大於不註冊訂閱的可能性。因此，總體而言，當我們提供報銷時，甚至只是那些有經驗並支付現金的人，我們都會看到這些人群的保留率和利用率都很好，因為這些資訊非常有價值。

Yeah, Robbie, I think -- and we announced this at your conference. I think kudos to you for having it there. We updated and published really our rates for the covered population there. You'll see those on our website. That hasn't changed since the last time we spoke.

是的，羅比，我想——我們在你的會議上宣布了這一點。我認為你把它放在那裡是值得稱讚的。我們更新並公佈了針對那裡受保人群的真實費率。您會在我們的網站上看到這些。自從我們上次談話以來，這一點沒有改變。

So the utilization has been and continues to be strong in those covered markets, as Kevin alluded to. When you don't have coverage, it's a little bit less. However, we are seeing strong uptake in Stelo, especially in that type 2 user population. So good retention there, just maybe not as much as the covered population.

因此，正如凱文所提到的，這些覆蓋市場的利用率一直很高，並且將繼續保持強勁。當你沒有覆蓋時，它會稍微少一些。然而，我們看到 Stelo 的使用率正在強勁成長，尤其是在第 2 類使用者群體中。因此那裡的保留率很好，只是可能不如覆蓋人口那麼多。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Just a quick question on the macroeconomic environment and actually less about tariffs and more about the several proposals for the budget and Medicare and will we or won't we go into a recession? That's a big question. I would love, Kevin, how exposed or unexposed or protected you guys think you are if, in fact, we go into a recession and maybe give some commentary around that COVID sort of the last time, but that was very unique. So just curious what you would say there.

這只是關於宏觀經濟環境的一個簡單問題，實際上我們不太關心關稅，而是更多地關注預算和醫療保險的幾項提案，我們是否會陷入衰退？這是一個大問題。凱文，如果我們真的陷入經濟衰退，我很想知道你們認為自己受到多大程度的暴露、未受到多大程度的暴露或受到多大程度的保護，並可能對上次 COVID 的情況發表一些評論，但那次非常獨特。所以只是好奇你會說什麼。

Yeah. I can start with that, Danielle. This is a question. We've done a full analysis on this in the past just to see what our exposure is to coverage levels, both from coverage, employment and then also individual circumstances.

是的。我可以從那裡開始，丹妮爾。這是一個疑問。我們過去對此進行了全面分析，只是為了了解我們的覆蓋範圍、就業情況以及個人情況。

And I would say that by leaning into coverage the way we have and certainly making CGM a core part of someone's care pattern, but also the cost we save the systems and demonstrated time and time again, while everybody is impacted in economic upturns and downturns, I think we would hold out pretty darn well.

我想說的是，透過像我們這樣傾向於覆蓋範圍，並且確實將 CGM 作為某人護理模式的核心部分，同時我們也節省了系統成本，並且一次又一次地證明了這一點，當每個人都受到經濟起伏的影響時，我認為我們會堅持得很好。

While we're not in a position to release that analysis, I think as we were going through as a management team and really as a Board, as they looked at it, I think we left feeling we'll be strongly positioned, at least relative to other companies in the space in a downturn.

雖然我們無法發布該分析，但我認為，當我們作為管理團隊和董事會進行分析時，當他們審視該分析時，我們會感覺到我們將處於強勢地位，至少相對於經濟低迷時期該領域的其他公司而言。

So we're excited. But we're happy about the position we're in the event that, takes place to weather quite well. Kevin, don't know if you have any broader --

所以我們很興奮。但我們對自己所處的境況感到滿意，因為情況進展得相當順利。Kevin，不知道你有沒有更廣泛的--

No, I'll just reiterate what Jereme said. We're one of the few medical products, prescription drugs or medical devices that provides tremendous information and also saves cost to the system. So we believe we hold up very well. All of our analyses support that, and we believe we can demonstrate that quite well as we did when we got Medicare coverage many years ago as we brought all the Medicaid plans along as we move to basal. We've been able to demonstrate our value time and time again, and we believe we can continue to do so.

不，我只是重申傑瑞米所說的話。我們是少數能夠提供大量資訊並節省系統成本的醫療產品、處方藥或醫療設備之一。因此我們相信我們能堅持得很好。我們所有的分析都支持這一點，我們相信我們可以很好地證明這一點，就像我們多年前獲得醫療保險覆蓋時所做的那樣，因為我們在轉向基礎醫療保險時帶來了所有的醫療補助計劃。我們已經一次又一次地證明了我們的價值，我們相信我們能夠繼續這樣做。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Congrats on the quarter. Jereme, maybe it's a question for you since it's on gross margin, but wondering if you could help us kind of with the gating. You gave a good amount of information there, I understand. But it seems like to me, as I'm doing kind of back of the envelope, we should still be kind of in that very low 60% range, maybe even upper 50s for the second quarter and then you get to the mid-60s in the back half. Is that still kind of the range that we should be thinking about for the setup throughout the year on growth?

恭喜本季取得佳績。傑瑞米，也許這是一個你該問的問題，因為它與毛利率有關，但我想知道你是否可以幫助我們進行門控。我知道，您在那裡提供了大量資訊。但在我看來，正如我所做的粗略估計，我們應該仍然處於非常低的 60% 範圍內，甚至可能在第二季度達到 50% 以上，然後在下半年達到 60% 左右。這是否仍然是我們在製定全年成長計畫時應該考慮的範圍？

And then kind of a corollary to that, it's not where I get my primary research, I promise you, but some of the chat boards and things like that are still showing some kind of scary pictures of maybe some manufacturing issues on sensors, things like that. Where are you at now? You're talking about having to charter some of these flights and all that. But on the manufacturing process itself, you settled and comfortable that things coming off the line are in good shape, and this is really just about getting channel inventory back up to normalized levels or at least your own inventory levels back up to normalized levels now. It's not -- we're not still in the phase of having to fix some sort of manufacturing issues.

然後，由此得出的一個推論是，這不是我進行主要研究的地方，我向你保證，但一些聊天板和類似的東西仍然顯示著一些令人恐懼的圖片，可能是感測器的一些製造問題，諸如此類。你現在在哪裡？您說的是必須包租一些航班等等。但就製造過程本身而言，您已經安定下來，並且對生產線上生產的產品狀況良好感到放心，這實際上只是為了讓渠道庫存恢復到正常水平，或者至少讓您自己的庫存水平恢復到正常水平。事實並非如此——我們還沒有處於必須解決某些製造問題的階段。

Yes. Maybe I can start on the kind of the cadence question, and I can turn it over to Jake, who's here. My answer very simply is, Jeff, you're really good at math, and I can't argue with your math. So all done. And so -- and then in terms of the product and in the process.

是的。也許我可以開始討論節奏問題，然後我可以把它交給這裡的傑克。我的回答很簡單：傑夫，你的數學真的很好，我無法反駁你的數學。這樣就全部完成了。所以——就產品和流程而言。

Let me turn it over to Jake in terms of how we're thinking about that.

讓我把我們對此的看法交給傑克。

Sure. Yeah. Thanks for the question, Jeff. So yes, as we have a pretty robust warranty program around sensors and sensor issues do happen, and we've seen them on the boards, too. We have no -- there's no difference in frequency of those from last year to this year.

當然。是的。謝謝你的提問，傑夫。是的，因為我們有一個非常強大的感測器保固計劃，感測器問題確實會發生，我們也在電路板上看到這些問題。我們沒有——去年和今年的頻率沒有差異。

We've actually made some improvements in quite a few of them. So we're very comfortable with the product that's flowing off the lines. We are working very hard to rebuild our internal inventories. And so our lines as we exited the quarter, we're running at some record output. But that being said, we have significant amount of testing and quality controls. We feel very comfortable about that product.

我們實際上對其中的許多方面做出了一些改進。因此，我們對生產線上生產的產品非常滿意。我們正在努力重建我們的內部庫存。因此，當我們退出本季時，我們的生產線正在以創紀錄的產量運行。但話雖如此，我們還是進行了大量的測試和品質控制。我們對產品感到非常滿意。

So there's no inherent manufacturing issue to fix. What we're really focused on through all this expediting is just making sure we've got product where it needs to be so that we have continuity of care for both current customers and also being able to supply product to those new customers. That's a lot of what played out in this first quarter.

因此不存在需要解決的固有製造問題。在所有這些加速過程中，我們真正關注的只是確保我們將產品送到需要的地方，以便我們能夠持續地為現有客戶提供服務，同時也能夠為新客戶提供產品。這就是第一季發生的大部分事情。

Jayson Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

Congratulations on the progress here. Just internationally, you mentioned pockets of strength relative to consensus, international revenue was a bit below where folks were looking for. So is there anything notable to call out? And maybe more specifically, was international impacted more by the supply dynamics?

祝賀您在此取得的進展。僅在國際上，您提到了相對於共識的優勢，國際收入略低於人們的預期。那麼有什麼值得注意的事情嗎？更具體地說，國際市場是否受到供應動態的更大影響？

Yeah. Thanks for the question. I think the pockets of strength alluded to a little bit in the script, it was really more the France and Japan. Japan obviously coming off of going direct there in France with DexCom ONE coverage for basal in the region. So those are the pockets of strength.

是的。謝謝你的提問。我認為劇本中稍微提到了實力雄厚的國家，實際上更多的是法國和日本。日本顯然已經透過 DexCom ONE 直接進入法國，為該地區的基礎醫療提供保障。所以這些都是實力的泉源。

You do see some choppiness, quite frankly, in the international business. You saw a little bit of it last year, Jayson, as coverage wins come in and come out and -- I shouldn't say come out, but come in, and the timing of when they start. There were obviously some coverage wins we expected to take place here in the first quarter. Some of those slide a little bit. Some of them slide forward at times as well.

坦白說，你確實看到國際業務中存在一些波動。傑森，去年你已經看到了一些這樣的情況，報道勝利的出現和結束——我不應該說結束，而是開始，以及他們開始的時間。顯然，我們預計第一季會出現一些報導上的勝利。其中一些有點下滑。其中一些有時也會向前滑動。

And so what I would say is the underlying volume demand was strong, especially in the markets we're in. Some of the markets where we had some wins were in DexCom ONE.

因此我想說的是，潛在的需求量很強勁，特別是在我們所在的市場。我們在 DexCom ONE 等一些市場上取得了一些勝利。

We mentioned France being one of those DexCom ONE wins. We do expect wins across the board in the G Series and in DexCom ONE as we open up new markets over the course of the year. But there will be some choppiness there.

我們提到法國是 DexCom ONE 的勝利之一。隨著我們在今年開拓新市場，我們確實預計 G 系列和 DexCom ONE 將會全面獲勝。但那裡會有一些不穩定。

Underlying patient demand, underlying unit volume growth, still very, very solid. But we'll have to keep you guys apprised of some of the progress we make on some of the wins to help you guys model it over the course of the year, but still a solid business, still solid underlying growth. We'll still expect it to be a contributor meaningfully over the course of the year.

潛在的患者需求、潛在的單位數量成長仍然非常非常穩固。但我們必須讓你們了解我們在一些勝利上取得的一些進展，以幫助你們在一年內對其進行建模，但仍然是一個穩固的業務，仍然是穩固的潛在增長。我們仍然期望它在今年內能夠做出有意義的貢獻。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Congrats on a good quarter. I wanted to ask about the 50 basis points of inflation that you kind of built in with supply chain, if that's kind of directly related to tariffs. And I'm curious about the use of some exemptions out there like the Nairobi exemption and if that's applicable to you and kind of what you've assumed around that going forward?

恭喜本季取得良好業績。我想問您在供應鏈中引入的 50 個基點的通貨膨脹率是否與關稅直接相關。我很好奇一些豁免的使用情況，例如內羅畢豁免，這是否適用於您，以及您對此有何假設？

Yeah. So happy to answer that question. I think, first off, we have a large manufacturing presence in the United States. And I think we're really proud of both our manufacturing in Mesa and all the capabilities we've built here, both in San Diego and Mesa to help, so we make a lot of product in the US.

是的。很高興回答這個問題。我認為，首先，我們在美國擁有龐大的製造業基礎。我認為我們對在梅薩的製造以及我們在聖地亞哥和梅薩建立的所有能力感到非常自豪，因此我們在美國生產了很多產品。

And so we have a lesser exposure there to tariffs from that perspective. Our industry does have various -- our industry has historically had exemptions out there. And so we've certainly leaned into those. And so we don't necessarily expect any material impact from direct tariffs. And I think that's -- we're comfortable with that position.

因此，從這個角度來看，我們受到關稅的影響較小。我們的行業確實有各種各樣的——我們的行業歷來都有豁免。因此我們當然傾向於這些。因此，我們不一定預期直接關稅會產生任何實質影響。我認為——我們對這個立場感到滿意。

We are seeing for raw materials and things that come out of the -- that come into various networks. There are some conversations around pressures there. And certainly, as we look to negotiate prices down in economies of scale, they do come up.

我們看到原料和物品從各種網路出來並進入各種網路。那裡有一些關於壓力的討論。當然，當我們尋求透過規模經濟談判降低價格時，價格確實上漲了。

And so as we looked out over the course of the year and looked at renewing contracts and looked at those indirect impacts, so not necessarily us importing it, but the raw materials that ultimately make up some of the components. We have estimated there could be an impact of around $20 million-ish over the course of the year. It's about 50 bps. That's really what we're alluding to. Our goal is to navigate our way out of there and certainly try to find ways to get around it.

因此，當我們回顧這一年，考慮續約合約以及考慮那些間接影響時，我們發現不一定是我們進口的，而是最終構成某些零件的原材料。我們估計，全年的影響可能會達到約 2,000 萬美元。大約是50個基點。這確實就是我們所暗示的。我們的目標是找到擺脫困境的出路，並盡力尋找繞過它的方法。

Certainly, if there's tariff reform and ultimately, they go away, that will be helpful on the year. But we thought it was the right answer to keep an eye on that. We've seen it come through. That's what we estimate the impact on the year. It would not be on our end product, Travis, that we have not assumed anything from that perspective.

當然，如果進行關稅改革並最終取消這些關稅，那將對今年的經濟成長有所幫助。但我們認為密切關注這一點是正確的答案。我們已經看到它實現了。這就是我們對今年的影響的估計。特拉維斯，我們的最終產品不會是這樣的，我們沒有從這個角度假設任何事情。

Matt O'Brien, Piper Sandler.

馬特奧布萊恩、派珀桑德勒。

Maybe just sticking with the 15 Day for a second. I don't know exactly who this question is for, but can you just talk a little bit about the rollout of that product as far as integrating into the pumps, et cetera? And how do we think about not necessarily this year, but in some of the out years, the contribution on gross margins? Can it be a couple of hundred basis points in a year in terms of gross margin benefit, or will it be more measured than something like that?

也許只需堅持 15 天即可。我不知道這個問題具體是問誰的，但是您能否簡單談談該產品的推出情況，例如如何將其整合到泵中等等？我們如何看待（不一定是今年，而是未來幾年）對毛利率的貢獻？就毛利率收益而言，一年內能有幾百個基點嗎，還是會比這更有衡量標準？

Matt, this is Jake. Happy to take that question. Yes, we were incredibly excited to receive the approval for 15 Day. And we've got the internal team is very focused on getting this product launched. And so we -- as you mentioned, one of the things we're doing to ready ourselves for launch is working with all of our pump partners to ensure there's compatibility for the extended 15 Day duration with the extra grace period on top of that.

馬特，這是傑克。很高興回答這個問題。是的，我們非常高興獲得 15 天的批准。我們的內部團隊非常專注於推出該產品。因此，正如您所提到的，為了準備發布，我們正在做的事情之一就是與我們所有的泵浦合作夥伴合作，以確保延長的 15 天期限與額外的寬限期相容。

So it's really just a process of making sure that all the displays, everything they show in their FAQs, everything is all lined up to be able to support a 15 Day. That is going well. Our goal is to have compatibility at launch. That's always been our goal. So we're working towards that.

因此，這實際上只是一個過程，確保所有展示、常見問題中顯示的所有內容都已準備好，以便能夠支援為期 15 天的活動。一切進展順利。我們的目標是在發佈時實現相容性。這一直是我們的目標。所以我們正在努力實現這個目標。

We're also working on securing coverage for this product now that it's approved to make sure that it's a seamless transition for folks when they want to upgrade to this 15 Day product. It does require a new prescription to get the 15 Day. So that does -- there's a process that folks go through in terms of utilizing their sensors. They have to see their health care provider to get the prescription, but very excited to get it out there. And obviously, it does have an impact on margins and improvement there.

我們也正在努力確保產品的覆蓋範圍，因為它已經獲得批准，以確保人們在升級到這款 15 天產品時能夠無縫過渡。確實需要新的處方才能獲得 15 天的治療。所以，人們在使用感測器時要經歷一個過程。他們必須去醫療保健提供者那裡才能拿到處方，但他們非常高興能拿到處方。顯然，它確實對利潤率和改善產生了影響。

I don't think we're going to give much guidance for beyond our -- this year. We're really focused on this year. But I don't know, Jereme, if you have anything to add?

我認為我們不會為今年以後的事情提供太多指導。我們真正關注的是今年。但我不知道，傑瑞米，你還有什麼要補充的嗎？

Yeah. I would just say, while we're not necessarily giving numbers, I think your question is more, does it snap overnight? Or is it more measured? And I think the answer is it's more measured. And the reason is, obviously, as Jake alluded to, new scripts, but we still have folks on G6, right?

是的。我只想說，雖然我們不一定會給出數字，但我認為你的問題更多的是，它會在一夜之間爆發嗎？或者說它更有分寸？我認為答案是更加慎重。原因顯然是，正如傑克所提到的，有新劇本，但我們在 G6 上仍然有人，對嗎？

It just takes time for folks to get to see their physicians to make the change to get comfortable with it. So our goal will be to move people quickly, and we hope to outperform measured. But as you're thinking about it, I would start with measured from a modeling perspective. I think that's the right way to go about it.

人們需要時間去看醫生，做出改變並適應它。因此，我們的目標是快速地調動人們，並希望能夠超越衡量標準。但是當你考慮它時，我會從建模的角度開始測量。我認為這是正確的處理方法。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Nice to see a very strong quarter. I wanted to ask here about the OpEx control that's being sort of assumed in the guidance, especially with some of the impacts to gross margin, but you're able to hold the operating and EBITDA guide. Just wanted to understand sort of where some of those puts and takes are and how you're able to accomplish that.

很高興看到本季表現非常強勁。我想在這裡詢問有關指導中假設的營運支出控制，特別是對毛利率的一些影響，但您能夠保留營運和 EBITDA 指南。只是想了解這些投入和產出在哪裡，以及你如何實現這些目標。

Yeah. Why don't -- I'll start with that. And I think Jake is kind of leading a lot of these. But -- so I think when we looked at the investments we've made, and certainly, we put a lot of levers into the business over the years, we've looked at the areas where we can continue to invest in things that are really, really important.

是的。為什麼不呢——我就從那開始。我認為傑克在其中發揮了很大領導作用。但是——所以我認為，當我們審視我們所做的投資時，當然，我們多年來在業務上投入了很多槓桿，我們已經研究了可以繼續投資於真正重要的事情的領域。

And we talked about some of the work we're doing around our next-generation sensor and obviously, some investment in Stelo and the various software features. So we're really focused on advancing those and advancing and expanding our commercial organization.

我們討論了圍繞下一代感測器所做的一些工作，以及對 Stelo 和各種軟體功能的一些投資。因此，我們真正專注於推進這些以及推進和擴大我們的商業組織。

But remember, we've made the investment in our commercial organization last year in expanding the sales force. So now we can lever that.

但請記住，我們去年對商業組織進行了投資，以擴大銷售團隊。所以現在我們可以利用這一點。

We've talked about leaning into AI and levering that and robotics and levering that throughout our business. We've looked at location strategies, and we're leaning into levering that. There's been a lot of things we've done that allow us to have these levers. And so this is a year we can use those levers, but we are still investing in the business. That's the interesting at the end of it.

我們已經討論過依靠人工智慧並利用它和機器人技術並將其運用到我們的整個業務中。我們研究了位置策略，並傾向於利用它。我們做了很多事情，讓我們擁有了這些槓桿。因此，今年我們可以利用這些槓桿，但我們仍在對業務進行投資。這就是最後的有趣之處。

When you look at the total year, if you kind of back into it, you're going to see well over $100 million of investment in OpEx even with that. So it's still a heavy investment into the business, just pulling all those levers that we've put in place.

當你回顧全年情況時，你會發現即使如此，營運支出的投資也遠超 1 億美元。因此，這仍然是對業務的一項重大投資，只是拉動了我們已經設定的所有槓桿。

Jake, I don't know, a lot of these are kind of driven by you and your teams.

傑克，我不知道，其中很多都是由你和你的團隊推動的。

Yeah, certainly. I think the main message is we're just becoming more efficient in many of the things that we do. It's been a program that we've been focused on for a number of years. One of the places in particular is our software teams. They're doing incredible work using some of the newer technologies to be able to put out more software with a similar amount of resources.

是的，當然。我認為主要的訊息是我們在做的很多事情上都變得更有效率。這是我們多年來一直關注的計劃。其中一個特別的地方就是我們的軟體團隊。他們利用一些較新的技術做了令人難以置信的工作，能夠用相似數量的資源推出更多的軟體。

While we're still making investments in R&D and our next-generation technology, we've done a nice job of trying to ensure that we're not -- we're making enough investment there, and we've got that program on track. So I think it's about efficiencies that we've been building over time, and we are able to take advantage of some of those this year.

雖然我們仍在對研發和下一代技術進行投資，但我們已經盡力確保我們不會在那裡進行足夠的投資，並且我們的計劃已經步入正軌。所以我認為這與我們長期以來一直在建立的效率有關，今年我們能夠利用其中的一些效率。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Nice quarter. Let me just pause on the FDA warning letter. It didn't stop you from getting the 15 Day sensor approved. I don't anticipate that it will stop you from getting a hospital label, but is there anything that it does stop you from doing? And how do we think about timing and steps towards resolution?

不錯的季度。讓我先暫停一下關於 FDA 警告信的問題。它並沒有阻止您獲得 15 天感測器的批准。我不認為它會阻止你獲得醫院標籤，但它會阻止你做什麼嗎？我們如何考慮解決問題的時間和步驟？

Yeah, this is Jake. Great question. So yes, so we are basically working to implement a number of process controls. We already did quite a bit after the FDA came in and audited. So you're absolutely correct.

是的，這是傑克。好問題。是的，我們基本上正在努力實施一系列流程控制。在 FDA 介入並進行審計後，我們已經做了很多工作。所以你完全正確。

The warning letter doesn't restrict submissions and approvals of new technologies, devices and/or it doesn't restrict distribution at all. Just basically, there's a number of things we have to continue to work with the FDA to ensure we address all their concerns. So it's a big focus for us.

警告信並不限制新技術、設備的提交和批准，也不限制分發。基本上，我們必須繼續與 FDA 合作，以確保解決他們的所有擔憂。所以這是我們關注的重點。

And so we've got a number of dedicated resources ensuring that, that is done, but it doesn't restrict us at all. And it's hard to speculate on exactly when we'll close it out, but we are making great progress. We give the FDA regular updates on our progress to what we've committed within our responses. And so it will be a process, but it doesn't restrict us.

因此，我們投入了大量的專用資源來確保這一點，但這並不會限制我們。很難推測我們何時會完成這項工作，但我們正在取得巨大進展。我們定期向 FDA 通報我們在回應中所承諾事項的進展。所以這將是一個過程，但它不會限制我們。

And the resources that we focused to address the warning letter are not -- we've predicted our innovation pipeline that's been very important for us. We've used resources to work on some of our other projects to really focus on the warning letter response and the implementation of what needs to happen there.

我們為處理警告信而投入的資源並不是——我們預測了對我們來說非常重要的創新管道。我們利用資源進行其他一些項目，真正專注於警告信的回應以及需要採取的措施的實施。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

RFK Jr. recently said in an interview that he thinks glucose monitors are extraordinarily effective and only cost $80 a month. So it's a clear positive read from the Head of HHS, and there's not many things on the right side of his ledger right now. And so my question is, can you remind us on what is the path with Medicare fee-for-service program for broadening the coverage decision to the non-insulin using type 2 population? Does this change in leadership raise the odds in your view?

羅伯特甘迺迪 (RFK Jr.) 最近在一次採訪中表示，他認為血糖監測儀非常有效，每月只需花費 80 美元。所以，這顯然是衛生與公共服務部部長做出的正面表態，目前他的成績單上並沒有太多值得稱道的地方。所以我的問題是，您能否提醒我們，醫療保險按服務收費計劃將覆蓋範圍擴大到不使用胰島素的 2 型糖尿病人群的途徑是什麼？您認為領導階層的變動是否會提高成功率？

And I know the RCT is critical for this as well. Can you remind us on what's kind of timing of disclosure for the type 2 NIT RCT?

我知道 RCT 對此也至關重要。您能否提醒我們 2 型 NIT RCT 的揭露時間是怎樣的？

So I'll take a stab at that one. First of all, we're very pleased with the comments of the administration. It hasn't just been RFK Jr. There have been others who made comments about CGM being a great tool for health, and we're thrilled with that because we think it can be, and we are learning more and more every day even from our Stelo users, those without diabetes, what they can learn and what they can do to improve their metabolic health and the type 2 users as well.

所以我會嘗試一下。首先，我們對政府的評論感到非常高興。不僅是羅伯特甘迺迪 (RFK Jr.)，其他人也評論說 CGM 是一種很好的健康工具，我們對此感到非常興奮，因為我們認為它可以成為一種很好的健康工具，而且我們每天都在從 Stelo 用戶（非糖尿病患者）那裡學到越來越多的東西，了解他們可以學到什麼，可以做些什麼來改善他們的代謝健康，以及 2 型糖尿病患者。

With respect to type 2 approval and CMS approval, we've talked about working with CMS directly and submitting a request for approval for those not on insulin, and we're waiting to hear from them and continuing to gather evidence that would support that. So through normal channels, there would be a CMS approval based on evidence. That takes time, and we go through that.

關於 2 型批准和 CMS 批准，我們已經討論了直接與 CMS 合作並為未使用胰島素的人提交批准申請，我們正在等待他們的回應並繼續收集支持這一點的證據。因此，透過正常管道，CMS 會根據證據批准。這需要時間，我們會經歷這個過程。

Now with this administration, who knows what will happen time-wise. We'd be thrilled if we got that approval very quickly. we're working every -- learning everything we can like everybody else. We think we fit the Make America Healthy agenda very nicely with what our products can do, and we'll continue to work and push for that.

現在有了這個政府，誰知道時間上會發生什麼事。如果我們能很快獲得批准，我們會非常高興。我們像其他人一樣，盡一切努力學習。我們認為，我們的產品能夠很好地契合「讓美國更健康」的議程，我們將繼續努力並為此而努力。

Yeah. I think we love the recognition that CGM is a tool that can help people both manage their condition, but also reduce health care costs. And I think you're seeing that recognition certainly from RFK, from others as well as the third PBM coming on to cover CGM and NIT. I think that it's evidence that the message is getting out there that CGM is the right tool for this.

是的。我認為我們很高興認識到 CGM 是一種可以幫助人們管理病情並降低醫療成本的工具。我認為您肯定看到了 RFK 和其他人的認可，以及第三位負責 CGM 和 NIT 的 PBM 的認可。我認為這證明 CGM 是解決這個問題的正確工具。

Your question around RCT. So we do anticipate finishing up enrollment in the first half of this year. And so the trial is on track. And we do expect the initial readout from the trial late this year, but probably more likely early next year is when we'll get some of that data. But based on the real-world evidence that we're seeing coming from our users that are using G7 and Stelo, that NIT population, we're seeing great outcomes there.

您關於 RCT 的問題。因此，我們預計今年上半年將完成招生工作。因此審判工作正在順利進行中。我們確實預計今年稍後就能得到試驗的初步結果，但更有可能的是，明年年初我們就能得到一些數據。但根據我們從使用 G7 和 Stelo 的用戶（即 NIT 人群）那裡看到的真實證據，我們看到了很好的結果。

And we do expect at the upcoming ADA meeting to see some more data there around outcomes in NIT. So I think the evidence continues to build. And so we're excited -- we'll be excited to give you guys that readout when the time comes.

我們確實希望在即將舉行的 ADA 會議上看到更多有關 NIT 結果的數據。所以我認為證據還在增加中。因此我們很興奮——到時候我們會很高興地向你們提供這份報告。

Margaret Andrew, William Blair.

瑪格麗特·安德魯、威廉·布萊爾。

I wanted to follow up on the commentary you guys talked about on non-insulin using type 2s. You're saying I think new customer starts that are higher than ever before. I guess, can you give us a sense of scale here? Is it doubling, for example, or can you at least call it material to overall new patient adds in the period?

我想跟進你們關於非胰島素使用 2 型糖尿病的評論。您說我認為新客戶數量比以往任何時候都多。我想，您能給我們一個規模感嗎？例如，它是否增加了一倍，或至少可以稱其為該時期新增患者總數的重要部分？

And it doesn't sound like you're assuming this accelerated pace continues in guidance given that you're reiterating sales. So I guess, one, is that right? And two, why not? Are there offsetting factors to that? Or you just want to get ahead of yourselves?

鑑於您重申銷售，聽起來您似乎不認為這種加速的步伐會在指導中持續下去。所以我想，第一，對嗎？第二，為什麼不呢？是否存在抵消因素？或者你們只是想超越自己？

Yeah. I can certainly take that one. And what I would say is historically, and you know us well, coverage was always a big approach about how we went about getting folks access to the product. And this quarter, we launched, obviously, with both -- two of the three PBMs with coverage, and I think that really helped.

是的。我當然可以接受這個。我想說的是，從歷史上看，而且你們也知道我們，覆蓋範圍始終是我們讓人們接觸到產品的重要方法。本季度，我們顯然推出了兩款 PBM——三種 PBM 中的兩種都有覆蓋範圍，我認為這確實有幫助。

And so when you think about new patient adds, they are starting to become a material portion of those new patient adds. And I think that's what we would expect over time as more and more coverage opens up, knowing full well that this population is a much larger population than any of the coverages that have opened up in the past. So I would expect to continue to see more of that.

因此，當您考慮增加新患者時，他們開始成為這些新患者的重要組成部分。我認為，隨著越來越多的保險覆蓋範圍擴大，隨著時間的推移，我們也會期待出現這種情況，我們很清楚，這個群體比過去任何保險覆蓋範圍的群體都要大得多。因此我期望繼續看到更多這樣的情況。

And as we get the third PBM, as we mentioned, with that coverage coming on in the back half of the year, I would expect that as well. So those are all certainly good signals and all contributed to a record new patient quarter.

正如我們所提到的，當我們獲得第三個 PBM 時，該報道將在下半年推出，我也期待這一點。因此，這些無疑都是好的訊號，並且都促成了創紀錄的新患者季度。

To your question then on we're assuming that things go backward. That's not necessarily the case. I think the answer is it's one quarter, and we have -- we've guided for a full year. I think the answer is let's see how things play out over the course of this quarter. And certainly, that will help us give a little bit more color. It doesn't change our bullishness on the business. It doesn't change our expectations that we have a very solid year this year. But I think it's too early in the year to start revising upward guidance. We want to make sure we deliver against our promises, and that's what we're looking to do.

那麼對於您的問題，我們假設事情會倒退。事實並非如此。我認為答案是一個季度，而且我們已經預測了全年的情況。我認為答案是讓我們看看本季的情況如何。當然，這將幫助我們提供更多的色彩。這不會改變我們對該業務的樂觀態度。但這並沒有改變我們對今年業績非常穩健的預期。但我認為，今年開始修改上調指引還為時過早。我們希望確保兌現我們的承諾，這就是我們希望做的。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

Maybe just a quick follow-up to that last one. But alongside the acceleration that you're seeing in that type 2 non-insulin patient population, are you seeing anything on the type 1 side of the world, whether it's market growth and penetration or just your overall market share that might be a little bit different than your expectations coming into the year?

也許只是對最後一個問題的快速跟進。但是，除了您看到的 2 型非胰島素患者群體的成長加速之外，您是否看到 1 型糖尿病患者群體的成長情況（無論是市場成長和滲透率，還是整體市場份額）與今年的預期略有不同？

This is Kevin. I'll take that. Our market share expectations are exactly where they thought they would be. We do incredibly well in the type 1 market, and we continue to do so. We also continue to add type 1 patients internationally and in the US every quarter, and we saw nice growth in our type 1 business this quarter, right along the lines of what we anticipated. So we're doing very well in new patients in type 1.

這是凱文。我會接受的。我們的市佔率預期正是他們所認為的。我們在 1 型市場表現非常出色，我們會繼續保持這種表現。我們每季也持續增加國際和美國的 1 型患者，本季我們的 1 型業務取得了良好的成長，符合我們的預期。因此，我們在 1 型新患者治療方面做得非常好。

And as always, our retention utilization in that population is outstanding. It is an absolutely essential tool for managing type 1 diabetes.

像往常一樣，我們在該人群中的保留利用率非常出色。它是治療第 1 型糖尿病絕對必要的工具。

Matthew Blackman, Stifel.

馬修布萊克曼，Stifel。

Hi. This is Colin on for Matt. I want to take a moment to ask about the sales force and in particular, what you're seeing on the ground with basal adoption now and in the DME channel. Any specific commentary on that opportunity and how penetration is ramping since we got a last update? And also how your share position is trending would be really helpful.

你好。這是科林 (Colin) 取代馬特 (Matt)。我想花點時間詢問一下銷售人員的情況，特別是您目前在基礎採用方面以及在 DME 管道中看到的情況。您對該機會有何具體評論？自上次更新以來，滲透率如何提升？而且，了解您的股票走勢如何也會非常有幫助。

Sure. Yes. This is Jereme. I think the sales force continues to ramp up and do well. We kind of look back on record new patients, and that's, again, in the first quarter, which typically isn't always our strongest quarter from a new patient perspective. So it's great to see that in Q1. And by the way, that's not a record Q1. That's a record for any quarter. And so that's lovely to see.

當然。是的。這是傑瑞米。我認為銷售隊伍將繼續壯大並取得良好業績。我們回顧了第一季的新患者記錄，從新患者的角度來看，這通常不是我們最強勁的季度。所以很高興在第一季看到這一點。順便說一句，這並不是第一季的記錄。對於任何季度來說這都是一個紀錄。看到這樣的情況真是太好了。

In terms of how we do that, well, you do that by penetrating type 2 non-insulin users. That's certainly the case. You do it by penetrating basal deeper and deeper. And you do it by continuing to win where we've historically won in the intensive insulin space. And you've really seen that across the board. And so it was -- again, it was a really, really good quarter from us from that perspective.

至於我們如何做到這一點，我們可以透過滲透 2 型非胰島素使用者來實現。確實如此。您可以透過越來越深入地滲透基底來做到這一點。您可以透過繼續贏得我們在強化胰島素領域的歷史勝利來做到這一點。而且您確實已經全面看到了這一點。所以，從這個角度來看，這對我們來說是一個非常非常好的季度。

In terms of then channel, you looked at where we're playing and then how the channels work, I think we had a -- we talked about where we sat in the DME channel. And first off, I think we'd want to say thank you to all the DME partners who've done a wonderful job working with us through the course of the quarter. They went through the supply journey with us and worked well with us, and we believe we work well with them. We've talked about our share stabilizing in the fourth quarter, and our expectation is having stable share as we move through the course of 2025, and that's exactly where we are. We've stabilized that share.

就當時的頻道而言，你看了我們在哪裡播放，然後頻道是如何運作的，我想我們有一個 - 我們討論了我們在 DME 頻道中的位置。首先，我想我們要向所有 DME 合作夥伴表示感謝，他們在本季與我們合作非常出色。他們與我們一起經歷了供應過程並且與我們合作得很好，我們也相信我們與他們合作得很好。我們已經談到第四季度的份額穩定，我們期望在 2025 年期間保持份額穩定，而我們現在的情況正是如此。我們已經穩定了這一份額。

We think we're in a good, stable position with our DME partners. I appreciate their partnership through it. And we'll work through the rest of the year to see if we can even do better than that. But that's where we sit today. So it's good progress. Our sales force continues to ramp and continues to do better every quarter, and it's exciting to see.

我們認為我們與 DME 合作夥伴的關係良好且穩定。我很欣賞他們透過這次合作。我們將在今年餘下的時間裡努力，看看是否能做得更好。但這就是我們今天的處境。所以這是一個很好的進展。我們的銷售團隊不斷壯大，每季的業績都在不斷進步，這是令人興奮的。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

I just wanted to follow up on the non-insulin using type 2s again and the extent to which you're seeing potentially any of these patients coming from competitive switching versus if they are new to the sensor?

我只是想再次跟進不使用胰島素的 2 型糖尿病患者的情況，以及您在多大程度上看到這些患者來自競爭性轉換，還是剛接觸感測器？

And then just on Stelo, sorry if I missed this, are you giving Stelo revenue again this quarter? And then just on Stelo, how are you sort of capturing potentially now that reimbursement is improved for G series, how are you capturing or encouraging people to upgrade from Stelo to the G7?

然後就 Stelo 而言，如果我錯過了，很抱歉，您本季還會為 Stelo 帶來收入嗎？然後就 Stelo 而言，既然 G 系列的報銷政策已經改善，您如何吸引或鼓勵人們從 Stelo 升級到 G7？

Yeah, I'll start with that one. With respect to our type 2 non-intensive or non-insulin patients, most of those are new patients and new to DexCom CGM, particularly as we've expanded coverage, and we do have the best coverage amongst the PBMs of any of our competitors out there. We're doing very well, getting new adds on those non-insulin users.

是的，我就從那一個開始。對於我們的 2 型非強化或非胰島素患者，大多數都是新患者，並且是第一次接觸 DexCom CGM，特別是在我們擴大覆蓋範圍之後，而且我們的 PBM 覆蓋範圍在所有競爭對手中都是最好的。我們做得很好，為那些非胰島素使用者增加了新的補充。

With respect to Stelo revenues, Jereme, I'll let you go ahead and talk about that guide.

關於 Stelo 的收入，Jereme，我讓你繼續談論該指南。

Sure. Yeah. And Issie, thanks for staying late with us. So I think Stelo, the answer is we talked about it being 2% to 3% of growth on the full year, and we are right in line with that. So we're continuing to do well. While we haven't necessarily broken out revenue by quarter, we will give you the growth contributions over the year, and we're tracking right to that 2% to 3%, so right in line.

當然。是的。還有 Issie，謝謝你陪我們到很晚。所以我認為 Stelo，答案是我們談論的是全年增長 2% 到 3%，我們完全符合這個目標。因此我們將繼續做得很好。雖然我們不一定按季度公佈收入，但我們會向您提供全年的成長貢獻，並且我們正追蹤 2% 到 3% 的成長，因此完全一致。

Bill Plovanic, Canaccord.

比爾·普洛瓦尼克（Bill Plovanic），Canaccord。

Just on the 15 Day, as you walk through the contracting for this, you're reimbursed on a per diem. Some of the knock has been you're a little more expensive than some of your competitors when it comes to the payers. Is that something that will be adjusted in this 15 Day as you're working through those contracts? And if so, so does the price per day come down a little as you kind of do this? How should we think about that?

就在第 15 天，當您完成合約簽訂後，您將按日獲得報銷。部分原因是，在付款方面，你們的費用比一些競爭對手要高一些。在您處理這些合約的 15 天內是否會進行調整？如果是這樣，那麼這樣做的話，每天的價格會下降一點嗎？我們該如何看待這個問題？

So as you mentioned, Bill, CGM is reimbursed as a unit, so per day or per quarter per month. So basically, we do anticipate that, that reimbursement will remain the same as we launch 15 Day. So same revenue for a period of time.

正如你所提到的，比爾，CGM 是作為一個單位報銷的，即按天或按季度或按月。因此基本上，我們確實預計，當我們推出 15 Day 時，報銷金額將保持不變。因此一段時間內的收入是相同的。

Chris Pasquale, Nephron.

克里斯‧帕斯誇萊 (Chris Pasquale)，Nephron。

Congrats on the quarter. Two quick follow-ups. Just I know you don't want to give a Stelo revenue number, but I would love it if you could give us an update on where the installed base stands today relative to the more than 140,000 users you had in mid-January.

恭喜本季取得佳績。兩個快速的後續行動。我只是知道您不想給出 Stelo 的收入數字，但如果您能向我們提供當前安裝基數相對於 1 月中旬超過 140,000 名用戶的最新情況，我將非常感激。

And then, Jereme, could you just go back to the 100-basis-point impact you're assuming from increased freight and other things. If channel inventory is already back to normal levels, why that magnitude of impact still in front of you relative to the 75 basis points you took in 1Q?

然後，傑瑞米，您能否回到您假設的貨運量增加和其他因素帶來的 100 個基點的影響。如果通路庫存已經恢復到正常水平，那麼相對於第一季的 75 個基點，為什麼還會有如此大的影響呢？

Yeah, happy to cover that. In terms of Stelo users, I can say there is some information out there that is public, and I think I can point to it, it's well over 200,000 downloads at this point. So we're continuing to make good progress over and adding more and more net new patients every quarter. So I think that should give you some context. It continues to do well.

是的，很高興報導這一點。就 Stelo 用戶而言，我可以說有一些資訊是公開的，我想我可以指出，目前的下載量已超過 20 萬次。因此，我們繼續取得良好進展，並且每季增加越來越多的淨新患者。所以我認為這應該能給你一些背景資訊。它繼續表現良好。

We continue to see more and more folks download it, use it. And we'll be able to give you more and more retention utilization as we get under our belt. We know there's going to be more intermittent usage. But the good news is because they're all on the app, we'll keep tracking those. So there'll be a point in time where I think we can maybe ground folks again on users, but well over 200,000 downloads, which means well over 2,000 people, 200,000 times someone's connected Stelo. So certainly great progress there.

我們不斷看到越來越多的人下載、使用它。隨著我們不斷累積經驗，我們將能夠為您提供越來越多的保留利用率。我們知道間歇性使用的情況會增加。但好消息是，由於它們都在應用程式上，我們會繼續追蹤它們。因此，我認為在某個時間點，我們也許可以再次讓人們關注用戶，但下載量超過 200,000 次，這意味著超過 2,000 人，有人連接 Stelo 200,000 次。因此，這方面肯定取得了巨大進步。

In terms of why the freight, and I'm happy to answer that one. So the answer is, as we exited the second -- the first quarter getting supply levels down to normal, but we had almost no inventory on the shelves at that point.

至於為什麼要運費，我很樂意回答這個問題。答案是，當我們退出第二季度時——第一季的供應水平已降至正常水平，但當時我們的貨架上幾乎沒有庫存。

And so as we go through and want to make sure we have enough inventory on the shelves to help impact supply in the channel, we have to do that. That's obviously a challenge when every week, every month, you're looking through and trying to navigate through really, really low inventory levels as orders come in. So our goal is to have really as a corporation 90 days of finished goods, but at least 60 days of finished goods on the shelf. That allows us to navigate through the channel.

因此，當我們進行檢查並希望確保貨架上有足夠的庫存來幫助影響渠道供應時，我們必須這樣做。這顯然是一個挑戰，因為每週、每月，隨著訂單的到來，你必須查看並試圖解決庫存水準非常低的問題。因此，我們的目標是，作為一家公司，我們確實有 90 天的成品庫存，但至少有 60 天的成品上架時間。這使我們能夠瀏覽整個頻道。

And so we're going to keep expediting freight until we get to that level. I think it's really important because that allows us to make sure that as you have pharmacies, et cetera, maybe running out of supply, we have enough in there to help navigate that channel. So you're going to see us continue to do that over the second quarter as we ultimately navigate it through and to a similar clip that you saw really in the first quarter.

因此，我們將繼續加快貨運速度，直到達到該水準。我認為這非常重要，因為這使我們能夠確保當藥局等可能出現供應不足的情況時，我們有足夠的庫存來幫助引導該管道。因此，您將看到我們在第二季度繼續這樣做，最終我們將順利度過難關，並達到與第一季類似的水平。

As we start to put more and more inventory on the shelves, that helps us slow it down. We can't stop, but it helps slow us down. So we talked about in our commentary out of the gate, it will moderate over the course of the year. So you'll still see it play through the second quarter, likely into the third quarter, hopefully not, but we're going to have to work real hard to do that. That's why we've included in the guide, though.

隨著我們開始在貨架上放置越來越多的庫存，這有助於我們放慢速度。我們無法停下來，但它可以幫助我們放慢速度。因此，我們在一開始的評論中就提到，這種趨勢將在今年內緩和下來。因此，您仍然會看到它在第二季度發揮作用，很可能會持續到第三季度，希望不會，但我們必須非常努力才能做到這一點。這就是我們將其納入指南的原因。

Those are expensive freight, those ships. I mean, normally, what you would do is you might put it on ocean freight or you might put it on general commercial carriers. We're actually chartering flights specifically. So it's an expensive form of freight, and that's why it impacts us the way it does on the year.

這些船的運費很貴。我的意思是，通常情況下，您可能會將其放在海運中，或放在普通商業承運商上。實際上，我們正​​在專門包機。所以這是一種昂貴的貨運方式，這就是為什麼它對我們全年造成影響的原因。

Steven Lichtman, Oppenheimer & Co.

史蒂文·利希特曼，奧本海默公司

With more pieces in place on the non-insulin front, you mentioned, Kevin, driving awareness. Can you talk about what the forms of that -- what that might look like? Is it solely direct-to-patient work? Is it educating PCPs with the expanded sales force? Any color there would be great.

正如您所提到的，凱文，隨著非胰島素領域的更多進展，人們的認識正在不斷提高。你能談談它的形式嗎——它看起來是什麼樣子的？這是直接面對病患的工作嗎？它是否透過擴大銷售團隊來教育 PCP？任何顏色都很棒。

It's across the board for us. Certainly, we'll have more direct-to-consumer advertising and more focused on that type 2 population and those non-insulin using patients to show what they can do with that. But there's a great educational effort that really has to go on in the physician's office as well. We need to make sure that they know that these patients can get a prescription for a DexCom. I mean if you go back a few years, if they wrote a prescription for a DexCom for a non-insulin user and send them to the drugstore, they were told they could have it for list price.

對我們來說這是全面的。當然，我們將進行更多直接面向消費者的廣告，並更加關注第 2 型糖尿病患者和不使用胰島素的患者，以展示他們可以做些什麼。但醫生辦公室也確實需要大力進行教育工作。我們需要確保他們知道這些患者可以獲得 DexCom 的處方。我的意思是，如果回顧幾年前，如果他們為非胰島素使用者開出 DexCom 處方並將他們送到藥局，他們會被告知可以按標價購買。

Now, they can go to the drug store with many of these plans, there's zero co-pay. So we're creating a much better experience for the physician in addition to the end user. And we need to educate that because they may have had an experience in the past where it didn't go that well and didn't go the way they wanted to. Those experiences are going much, much better now. And so it's educational across the board. It's not just one customer. It's all of them.

現在，他們可以用這些計劃中的許多產品去藥局購買藥品，而且無需共同支付。因此，除了最終用戶之外，我們還為醫生創造了更好的體驗。我們需要對他們進行這樣的教育，因為他們過去可能經歷過一些不太順利的事情，沒有按照他們想要的方式進行。現在這些體驗已經好多了。因此，它具有全方位的教育意義。不只一個顧客。全部都是。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

I want to maybe -- we covered a lot here, but maybe a follow-up on Stelo. Last year, I think ahead of some of the coverage that you talked about earlier in the year, there was maybe -- it seemed to have maybe a slightly different role, slightly different target potential maybe -- and then now it's still important. But as you've talked about, DexCom G7 is with coverage slotting into some of these non-insulin opportunities. So can you talk about how to think about the two products and where they -- how they overlay or fit together?

我想也許——我們在這裡討論了很多內容，但也許是關於 Stelo 的後續內容。去年，我認為在您今年早些時候談到的一些報導之前，它可能——它似乎具有略微不同的作用，略微不同的目標潛力——而現在它仍然很重要。但正如您所說的，DexCom G7 涵蓋了一些非胰島素治療機會。那麼，您能談談如何看待這兩種產品以及它們如何重疊或組合在一起嗎？

Yeah. One of the things we're most excited about with Stelo is the opportunity it presented our sales force because as they walk into a primary care office now, they have two options to present a physician. If we don't, by chance, have coverage for a patient now, that physician can now offer Stelo to that patient and again, learn about the glucose behavior and value to that customer. The other thing that we are learning as coverage expands, utilization and retention and everything are always much better when there's reimbursement rather than paying cash. And one of the other things we have to consider with respect to the Stelo and G7 crossing of the roads, we're probably going to have to move some of the Stelo features into the G7 app.

是的。Stelo 最令我們興奮的事情之一是它為我們的銷售人員提供了機會，因為當他們走進初級保健辦公室時，他們有兩種選擇來向醫生介紹。如果我們現在沒有為某個患者提供保險，那麼醫生現在可以向該患者提供 Stelo，並再次了解該患者的血糖行為和價值。隨著覆蓋範圍的擴大，我們也了解到，當有報銷而不是支付現金時，利用率和保留率等一切都會好得多。關於 Stelo 和 G7 道路交叉口，我們還需要考慮的另一件事是，我們可能必須將一些 Stelo 功能移到 G7 應用程式中。

And Jake and team are working on that. I'll let you go for a minute. Jake. Go ahead.

傑克和他的團隊正在努力實現這一目標。我讓你走一會兒。傑克。前進。

Yeah, sure. So I think part of that question was around how Stelo started when we first launched it. And over time, first, we were focused on people with type 2 diabetes that didn't have coverage, right, as well as prediabetes. And as we've continued to innovate on the product and as we're building up the pipeline of features that we're going to bring, we are continuing to enhance its capabilities for those with diabetes, but also those that don't have diabetes. We've got our integration with ŌURA that we're very focused on for users, and we do anticipate that's going to bring some more folks in the Stelo family that aren't -- don't have diabetes.

是的，當然。所以我認為這個問題的一部分是關於 Stelo 在我們首次推出時是如何開始的。隨著時間的推移，首先，我們關注的是沒有保險的 2 型糖尿病患者以及糖尿病前期患者。隨著我們不斷對產品進行創新，並不斷建立即將推出的功能，我們將繼續增強其對糖尿病患者以及非糖尿病患者的功能。我們與 ÅURA 的整合非常注重用戶，我們確實預計這將為 Stelo 家族帶來更多沒有糖尿病的人。

So we are focused on expanding Stelo's use cases well beyond diabetes and prediabetes.

因此，我們專注於擴大 Stelo 的用途，使其遠遠超出糖尿病和糖尿病前期。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

I'll stick on Stelo. A question on the utilization intensity with a prediabetic versus a nondiabetic patient. Do you have any data on that? Are you noticing more utilization intensity with prediabetics? And then just on channel access, where are most folks getting Stelo today?

我會堅持使用 Stelo。關於糖尿病前期患者和非糖尿病患者的利用強度的問題。你有這方面的數據嗎？您是否注意到糖尿病前期患者的使用強度較高？那麼就渠道訪問而言，今天大多數人從哪裡獲得 Stelo？

And when you think about Amazon, how much could that sort of just open the opportunity for Stelo?

那麼，當你想到亞馬遜時，這能為 Stelo 帶來多大的機會呢？

Sure. Yeah, happy to answer that question. The way to think about utilization patterns, at least the way that we've seen it today is -- and folks have to -- when they opt into using Stelo, it's how you opt in, right? You can choose diabetes, prediabetes, I don't have diabetes. The way it works is for those that opt in and say, call it type 2, they would be the highest utilization, pre-diabetes kind of in the middle and then I don't have diabetes the lowest.

當然。是的，很高興回答這個問題。思考利用模式的方式，至少我們今天看到的方式是——人們必須這樣做——當他們選擇使用 Stelo 時，這就是您選擇加入的方式，對嗎？您可以選擇糖尿病、糖尿病前期，我沒有糖尿病。它的工作方式是，對於那些選擇加入並稱之為 2 型的人來說，他們的利用率最高，糖尿病前期處於中間，而我沒有糖尿病則利用率最低。

And so as you're trying to think through which populations adopt, that's the retention/utilization -- I'm sorry, utilization rates you ultimately see. I think over time, and Jake alluded to a bunch of features going into Stelo that are really targeted really for everybody, but start to really engage the health and wellness population, there's an opportunity to drive that up over time. And so we're really excited.

因此，當您試圖思考哪些人群會採用時，這就是保留/利用率 - 對不起，您最終看到的是利用率。我認為隨著時間的推移，傑克提到了 Stelo 中的一系列功能，這些功能真正針對的是每個人，但開始真正吸引健康和保健人群，有機會隨著時間的推移推動這一增長。因此我們非常興奮。

But out of the gate, when we launched Stelo, I think we talked about it and Matt alluded to it a little bit earlier, it really started as a type 2 product, and we're pushing down the acuity curve -- we're pushing down the acuity curve there. So we'll have more as time moves on. But for right now, that's at least the sequencing in terms of utilization. That's how I think about it from a model perspective.

但是，當我們推出 Stelo 時，我想我們討論過它，Matt 早些時候也提到過它，它實際上是從 2 型產品開始的，我們正在降低敏銳度曲線 - 我們正在降低那裡的敏銳度曲線。隨著時間的推移，我們將擁有更多。但就目前而言，這至少是利用率方面的排序。這就是我從模型角度思考的問題。

In terms of channel, it's still predominantly stelo.com. Amazon is relatively new for us. It's really been about a month or so since it's been on Amazon live and great uptake. We're really excited to see it. It's going to be -- so at least for the first quarter, it's predominantly stelo.com.

從通路上看，依然以stelo.com為主。對我們來說，亞馬遜相對較新。自從它在亞馬遜上線以來已經有大約一個月的時間了，並且受到了廣泛的歡迎。我們非常高興看到它。至少在第一季度，它主要是 stelo.com。

The good news, though, is obviously, Amazon is everywhere. It's ubiquitous. And so as you have folks thinking about product, how do I get it, where do I go? We know that Amazon is going to be a great partner for how we disseminate the product through the population. So couldn't be more excited about how Amazon can help broaden our reach.

不過，好消息顯然是亞馬遜無所不在。它無所不在。因此，當人們思考產品時，我如何獲得它，我要去哪裡？我們知道，亞馬遜將成為我們向大眾傳播產品的優秀合作夥伴。因此，我對亞馬遜如何幫助我們擴大影響力感到非常興奮。

And so I would expect over the balance of the year, Amazon to become a much larger part of our distribution. We'll have to give you guys updates as the quarter moves on as to how it shifts from stelo.com to Amazon.com. But as of right now, majority stelo.com, and we'll have to give you guys updates on Amazon progress.

因此我預計，在今年餘下的時間裡，亞馬遜將成為我們分銷業務中更大的一部分。隨著本季的進展，我們將向大家提供從 stelo.com 轉向 Amazon.com 的最新消息。但截至目前，大多數 stelo.com 和我們必須向你們提供有關亞馬遜進展的最新消息。

We have no further questions at this time. I will now turn the call back over to Kevin Sayer for closing remarks.

目前我們沒有其他問題。現在我將把電話轉回給凱文·塞耶，請他作最後發言。

We want to thank everybody for participating today. This is another great quarter for DexCom. The new patient growth and the revenue growth were phenomenal. More importantly, there's a lot of people at our company we need to thank today because there was a lot of effort on the supply side, on our sales side, our trade teams. Everybody did a great job.

我們要感謝大家今天的參與。對於 DexCom 來說，這又是一個輝煌的季度。新患者的成長和收入的成長都非常驚人。更重要的是，我們今天需要感謝公司裡的許多人，因為他們在供應方面、銷售方面、貿易團隊方面都付出了很多努力。每個人都做得很好。

So thanks, everybody, and have a great day.

謝謝大家，祝大家有個愉快的一天。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位，女士們、先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。