德康醫療 (DXCM) 2025 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Dexcom's second-quarter 2025 earnings release conference call. My name is Abby, and I'll be your conference operator today. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，歡迎參加 Dexcom 2025 年第二季財報發布電話會議。我叫艾比，今天我將擔任您的會議主持人。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我將電話轉給財務與投資人關係副總裁 Sean Christensen。克里斯滕森先生，您可以開始。

Thank you, operator, and welcome to Dexcom's second-quarter 2025 earnings call. Our agenda begins with Kevin Sayer, Dexcom's Chairman and CEO, who will summarize our recent highlights and ongoing strategic initiatives, followed by a financial review and outlook from Jereme Sylvain, our Chief Financial Officer. Following our prepared remarks, we will open the call up for your questions.

謝謝接線員，歡迎參加 Dexcom 2025 年第二季財報電話會議。我們的議程首先由 Dexcom 董事長兼首席執行官 Kevin Sayer 總結我們近期的亮點和正在進行的戰略舉措，然後由我們的首席財務官 Jereme Sylvain 進行財務回顧和展望。在我們準備好發言之後，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. Please note that there are also slides available related to our second quarter 2025 performance on the Dexcom Investor Relations website on the Events and Presentations page.

屆時，我們要求分析師每人只提出一個問題，以便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 年第二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，並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進行了詳細說明。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 second 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二季度收益電話會議附帶的幻燈片，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.

現在我將把話題交給凱文。

Thank you, Sean, and thank you, everyone, for joining us. Today, we reported second-quarter organic revenue growth of 15% compared to the second quarter of 2024. We continue to see strong category growth, focused execution by our team and a growing contribution from our recent access wins.

謝謝你，肖恩，也謝謝大家加入我們。今天，我們報告稱，與 2024 年第二季相比，第二季有機收入成長了 15%。我們繼續看到強勁的品類成長、我們團隊的專注執行以及我們最近的訪問勝利所帶來的不斷增長的貢獻。

In the US, our new customer demand and volume growth remained consistent with the high levels we experienced during the first quarter. With the year now under our belt since expanding our sales force, our commercial team is operating at a very high level. Our expanded reach has helped us build relationships with a wider base of physicians, grow our market share and more quickly educate the market on the evolving coverage landscape.

在美國，我們的新客戶需求和銷售成長與第一季的高水準保持一致。自從我們擴大銷售團隊以來，經過一年的努力，我們的商業團隊的運作水準非常高。我們擴大的覆蓋範圍幫助我們與更廣泛的醫生群體建立關係，增加我們的市場份額，並更快地讓市場了解不斷變化的覆蓋格局。

This has been particularly important as coverage continues to build. In fact, as of this month, our type 2 non-insulin reimbursement went live with a third major PBM. With this coverage in place, we now have reimbursement established for anyone with diabetes on the national formularies of the 3 largest commercial PBMs in the US. As previously stated, this will provide us with coverage for nearly 6 million type 2 non-insulin lives this year. But we're not stopping there. This is only a first step as we work to build coverage for this entire 25-million-person population in the US.

隨著覆蓋範圍的不斷擴大，這一點尤其重要。事實上，截至本月，我們的 2 型非胰島素報銷已與第三個主要 PBM 一起實施。有了這項保險，我們現在可以為美國三大商業 PBM 的國家處方集中的所有糖尿病患者提供報銷。如前所述，這將為我們今年近 600 萬 2 型非胰島素患者提供保障。但我們不會就此止步。這只是第一步，我們正努力為美國全部 2,500 萬人口提供覆蓋。

Given our growing body of health outcomes evidence, as well as Dexcom CGM's proven ability to save cost for the healthcare system, we believe this is only a matter of time. Importantly, clinicians are quickly recognizing the potential to deliver better type 2 care. Many experienced providers have wanted to integrate Dexcom CGM earlier into care plans, and this new coverage has greatly improved their ability to do so.

鑑於我們不斷增長的健康結果證據，以及 Dexcom CGM 已證明能夠為醫療保健系統節省成本，我們相信這只是時間問題。重要的是，臨床醫生很快就認識到提供更好的 2 型護理的潛力。許多經驗豐富的提供者都希望將 Dexcom CGM 更早地整合到護理計劃中，而這項新的覆蓋範圍極大地提高了他們這樣做的能力。

As a result, during the second quarter, we again saw strong growth from the [type 2/9] insulin population, which helped us take share in this quickly growing part of the market. With more opportunity than we've ever had, we are building on this momentum with new access wins, more personalized software and by leveraging our differentiated product portfolio to deliver for our communities.

因此，在第二季度，我們再次看到 [2/9 型] 胰島素用戶的強勁成長，這幫助我們在這個快速成長的市場中佔據了份額。我們擁有比以往更多的機遇，我們將利用這一勢頭，贏得新的准入，提供更個性化的軟體，並利用我們差異化的產品組合為社區提供服務。

Along those lines, interest in Stelo, our over-the-counter glucose biosensor, also continued to grow during the second quarter. In fact, as of this summer, the Stelo app has been downloaded more than 400,000 times. This reflects both the improving brand awareness for Stelo, particularly as more customers share their early success stories as well as broader consumer movement toward health wearables and personalized metabolic health management.

沿著這一思路，人們對我們的非處方葡萄糖生物感測器 Stelo 的興趣在第二季也持續增長。事實上，截至今年夏天，Stelo 應用程式的下載量已超過 40 萬次。這反映出 Stelo 品牌知名度的不斷提高，特別是隨著越來越多的客戶分享其早期的成功故事，以及消費者越來越傾向於健康穿戴裝置和個人化代謝健康管理。

Physicians are also more broadly leveraging Stelo across their practices, as they now have a simple and easily accessible Dexcom biosensor available for any patient that doesn't have coverage. While we are less than a year into Stelo's launch, we've already greatly enhanced the customer experience with new software features, broader distribution and digital health partnerships, steadily increasing the value of our features and providing more choice in how and where they engage with their glucose data.

醫生們也在實踐中更廣泛地利用 Stelo，因為他們現在擁有一個簡單且易於訪問的 Dexcom 生物感測器，可供任何沒有保險的患者使用。雖然 Stelo 推出還不到一年，但我們已經透過新的軟體功能、更廣泛的分銷和數位健康合作夥伴關係極大地增強了客戶體驗，穩步提升了我們功能的價值，並為他們如何以及在何處使用他們的血糖數據提供了更多的選擇。

These connections will also enable us to expand the range of health and activity data available in the Stelo app experience. For example, our integration with OURA is now live, which allows customers to integrate Dexcom glucose data with vital signs, sleep, stress, heart health and activity data provided by the Oura Ring. This broader data set can help us deliver more personalized and well-rounded insights over time, particularly as we continue to expand our generative AI capabilities within the app.

這些連接還使我們能夠擴展 Stelo 應用程式體驗中可用的健康和活動數據範圍。例如，我們與 OURA 的整合現已上線，這使得客戶可以將 Dexcom 的血糖數據與 Oura Ring 提供的生命體徵、睡眠、壓力、心臟健康和活動數據相結合。這個更廣泛的資料集可以幫助我們隨著時間的推移提供更個人化和全面的見解，特別是當我們繼續擴展應用程式內的生成 AI 功能時。

Similarly, we recently introduced a new feature across both Stelo and G7 that leverages AI to greatly simplify the process of meal logging for our customers. With the launch of our Smart Food Logging feature, our apps can now generate a detailed meal description based on a photo, and then (inaudible) the post-neoglycemic impact for our customers.

同樣，我們最近在 Stelo 和 G7 中推出了一項新功能，利用人工智慧大大簡化了客戶的用餐記錄流程。隨著我們的智慧食品記錄功能的推出，我們的應用程式現在可以根據照片產生詳細的膳食描述，然後（聽不清楚）為我們的客戶提供新血糖後的影響。

Additionally, users can now search for previous meals through the History tab, which can help support healthier decisions in the future as well as interaction with their care providers. On the hardware side, we're very excited for the upcoming launch of our 15-day G7 System. With FDA clearance now secured, we're working through the standard reimbursement contracting process in advance of launch. These discussions are progressing as planned, leaving us right on track to start the launch in the second half of the year.

此外，用戶現在可以透過「歷史記錄」標籤搜尋先前的餐食，這有助於支持未來更健康的決定以及與照護者的互動。在硬體方面，我們對即將推出的為期 15 天的 G7 系統感到非常興奮。現在我們已經獲得 FDA 批准，正在為產品上市前完成標準報銷合約流程。這些討論正在按計劃進行，使我們預計在今年下半年開始發布。

We continue to balance a focus of long-term platform innovation like our 15-day G7 and our G8 development while simultaneously embracing the mindset of rapid software development like a consumer technology company.

我們繼續平衡長期平台創新的重點，例如我們的 15 天 G7 和 G8 開發，同時像消費科技公司一樣擁抱快速軟體開發的思維方式。

Along those lines, we've already introduced 17 app updates across our Stelo, G-Series and Dexcom ONE+ core products in the first half of 2025. These updates address real needs for our users and their caregivers, things that take complex diabetes and metabolic health management, and simplifying the experience for the good of our customers.

為此，我們已經在 2025 年上半年在 Stelo、G 系列和 Dexcom ONE+ 核心產品中推出了 17 個應用程式更新。這些更新滿足了我們的使用者及其照護者的實際需求，涉及複雜的糖尿病和代謝健康管理，並簡化了體驗，使我們的客戶受益。

We already mentioned the simplicity of AI food logging. We've also enabled our share and follow system to work for our customers using direct-to-watch connectivity. As a real-world example of how this can benefit our customers, I recently met the parents of a competitive swimmer while traveling. They were thrilled with this new functionality, as it allowed them to track their son's glucose during swim competitions even if he does not have a phone nearby.

我們已經提到 AI 食物記錄的簡單性。我們還啟用了共享和關注系統，以便客戶透過直接觀看連線來使用。作為一個現實世界的例子，說明這如何使我們的客戶受益，我最近在旅行時遇到了一位競技游泳運動員的父母。他們對這個新功能感到非常興奮，因為即使兒子身邊沒有手機，他們也可以透過這個功能在游泳比賽期間追蹤他的血糖值。

We've enhanced the data visualization for our customers while giving them greater ability to customize their experience with adjustable target ranges. We've brought to market connected pen technologies for our customers using insulin pens, allowing them to automatically log doses without the hassle of tracking them manually. We also know how much our customers rely on their Dexcom sensors to manage their health and the challenge that any disruption to their supply represents. This is one of the reasons why we have prioritized resources so heavily this year to maintain continuity for our customers.

我們為客戶增強了數據視覺化，同時使他們能夠透過可調整的目標範圍來客製化他們的體驗。我們為使用胰島素筆的客戶推出了連網筆技術，使他們能夠自動記錄劑量，而無需手動追蹤。我們也知道我們的客戶多麼依賴他們的 Dexcom 感測器來管理他們的健康，以及任何供應中斷所帶來的挑戰。這就是我們今年如此重視資源以維持客戶連續性的原因之一。

We've also recently rolled out a nationwide warranty program for our pharmacy customers, allowing them to access replacement sensors as early as the same day. One of the core values that we embrace is summed up in the simple word, listen. With the type of enhancements like I just reviewed, we are taking the direct feedback from our customers and driving innovative solutions that address their core needs.

我們最近還為藥局客戶推出了全國保固計劃，使他們最早可以在當天獲得替換感測器。我們所秉持的核心價值之一可以用一個簡單的字來概括：傾聽。透過我剛才評論的這類增強功能，我們正在從客戶那裡獲得直接回饋，並推動滿足他們核心需求的創新解決方案。

Essentially, we continue to bring greater value to our products every month and are thankful for the sincere loyalty that this has driven amongst our customer base. As we've mentioned before, our definition of customer goes beyond just the end user. It includes caregivers, channel partners, payers and certainly the health care practitioners that rely upon Dexcom CGM.

本質上，我們每個月都會繼續為我們的產品帶來更大的價值，並感謝這在我們的客戶群中引起的真誠忠誠。正如我們之前提到的，我們對客戶的定義不僅僅是最終用戶。它包括護理人員、通路合作夥伴、付款人以及依賴 Dexcom CGM 的醫療保健從業者。

Along those lines, we have seen significant momentum and excitement since we became the first CGM company to offer a direct no-cost integration into Epic EHR last year. At this point, we already have more than 100 health systems either integrated or in the process of onboarding to enable Dexcom CGM data to flow directly into their customer health records.

沿著這一思路，自去年我們成為第一家提供與 Epic EHR 直接免費整合的 CGM 公司以來，我們看到了巨大的發展勢頭和興奮。目前，我們已經整合了 100 多個健康系統或正在整合過程中，以使 Dexcom CGM 資料能夠直接流入其客戶健康記錄。

As many of you recall, we exited the first quarter with inventory levels in a tighter position than we typically would like and set a clear focus on continuing to support our overall customer demand while rebuilding our finished goods inventory. I'm proud of the seamless customer support provided by our manufacturing and logistics teams during the second quarter.

你們許多人都記得，第一季結束時，我們的庫存水準比通常希望的要緊張，我們明確地將重點放在繼續支持我們的整體客戶需求，同時重建我們的成品庫存。我為我們的製造和物流團隊在第二季度提供的無縫客戶支援感到自豪。

To accomplish this, we delivered multiple months of record production across our facilities and invested strategically in expedited shipping routes. This helped us to successfully restore inventory levels with key channel partners and allowed us to start rebuilding our own stock of finished goods internally. As a result, our supply dynamics are in a much better position than they were even 90 days ago.

為了實現這一目標，我們在整個工廠實現了數月創紀錄的產量，並對加急運輸路線進行了策略性投資。這幫助我們成功恢復了主要通路合作夥伴的庫存水平，並使我們能夠開始在內部重建自己的成品庫存。因此，我們的供應動態比 90 天前好得多。

Finally, we were thrilled to showcase our latest collection of clinical evidence at the American Diabetes Association's 85th Scientific Sessions last month. This year, we presented or supported nearly 40 studies during the event, with the majority of these exploring earlier stages of metabolic health management in areas where market access remains more limited today. This included the readout of two randomized controlled trials which study Dexcom CGM usage for gestational diabetes and type 2 non-insulin care.

最後，我們很高興在上個月美國糖尿病協會第 85 屆科學會議上展示了我們最新的臨床證據。今年，我們在活動期間展示或支持了近 40 項研究，其中大多數研究探討了目前市場准入仍較為有限的領域的代謝健康管理的早期階段。這包括兩項隨機對照試驗的讀數，這兩項試驗研究了 Dexcom CGM 在妊娠糖尿病和 2 型非胰島素護理中的使用情況。

Each of these presented very compelling outcomes, which we expect to further bolster the case for broader access and adoption. The momentum behind CGM for the type 2 non-insulin population was abundantly clear during the weekend, building on the update to the ADA standard of care that we saw at the end of 2024.

這些舉措都取得了非常令人信服的成果，我們期望這些成果能夠進一步增強更廣泛的取得和採用的可行性。週末，針對 2 型非胰島素人群的 CGM 背後的勢頭非常明顯，這是基於我們在 2024 年底看到的 ADA 護理標準的更新。

Across the session, we heard more KOLs advocating for CGM to become the standard of care in this population. To further support this movement, our own type 2 non-insulin RCT remains on track to read out early next year. Our team also presented data looking at the next frontier of glucose biosensing. This included studies outside of diabetes, such as chronic kidney disease, where the data showed a significant reduction in disease progression over a three-year period for those using Dexcom CGM.

在整個會議期間，我們聽到更多 KOL 倡導 CGM 成為該族群的照護標準。為了進一步支持這項運動，我們自己的 2 型非胰島素 RCT 仍有望在明年年初完成。我們的團隊也展示了研究葡萄糖生物感測的下一個前沿的數據。這包括糖尿病以外的研究，例如慢性腎病，數據顯示，使用 Dexcom CGM 的患者在三年內病情進展顯著減緩。

As always, I left this year's conference as excited as ever about the future of our company and the potential we have to serve a much larger population over time.

像往常一樣，參加今年的會議後，我對公司的未來以及我們隨著時間的推移為更多人服務的潛力感到興奮不已。

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. For the second quarter of 2025, we reported worldwide revenue of $1.16 billion compared to $1 billion for the second quarter of 2024, representing growth of 15% on both a reported basis and 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.

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。2025 年第二季度，我們報告的全球營收為 11.6 億美元，而 2024 年第二季為 10 億美元，報告基礎和有機基礎均成長了 15%。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 $841 million for the second quarter compared to $732 million for the second quarter of 2024, representing an increase of 15%. As Kevin mentioned, we had a strong quarter in the US as we benefited from our recently expanded type 2 access and growing presence within the primary care channel. This helped us deliver new customer starts that were right in line with the record levels that we experienced in Q1.

第二季美國總營收為 8.41 億美元，而 2024 年第二季為 7.32 億美元，成長 15%。正如凱文所提到的，我們在美國取得了強勁的季度業績，這得益於我們最近擴大的 2 型治療管道以及在初級保健管道中不斷增長的影響力。這幫助我們獲得了與第一季創紀錄的水平一致的新客戶。

International revenue grew 16%, totaling $316 million in the second quarter. International organic revenue growth was 14% for the second quarter. We experienced an acceleration in growth across our international markets in Q2, with particular strength coming from our Dexcom ONE+ platform. Several of our key type 2 coverage wins recently have been for Dexcom ONE+, and we've started to see a growing contribution from this expanded access. We expect this will remain a nice source of continued growth for us as type 2 coverage continues to expand globally.

第二季國際營收成長 16%，達到 3.16 億美元。第二季國際有機收入成長率為 14%。我們在第二季度經歷了國際市場的成長加速，其中 Dexcom ONE+ 平台發揮了特別大的作用。我們最近贏得的幾項關鍵的 2 類保險覆蓋範圍均來自 Dexcom ONE+，而且我們已經開始看到這種擴大覆蓋範圍所帶來的貢獻越來越大。我們預計，隨著 2 型保險覆蓋範圍在全球範圍內不斷擴大，這仍將是我們持續成長的良好來源。

Along those lines, we were recently excited to announce coverage for anyone on insulin with the Ontario Drug Benefit Program in Canada. This represents a significant expansion for us in the largest Canadian province, as our public coverage was previously very limited in this region. In addition, the coverage expansion includes all insulin, continuing the momentum that we are seeing in international markets for broader type 2 coverage. We view this as another nice example of the growing recognition globally of Dexcom's ability to deliver improved outcomes for anyone with diabetes.

秉承這一理念，我們最近很高興地宣布，加拿大安大略省藥品福利計劃將為所有使用胰島素的人提供保險。這對我們在加拿大最大省份的一次重大擴張而言意義重大，因為我們之前在這個地區的公共覆蓋範圍非常有限。此外，覆蓋範圍擴大至所有胰島素，延續了我們在國際市場上看到的更廣泛的 2 型胰島素覆蓋的勢頭。我們認為這是全球範圍內日益認可 Dexcom 為糖尿病患者提供改善治療效果的能力的又一個很好的例子。

Our second quarter gross profit was $695.9 million or 60.1% of revenue compared to 63.5% of revenue in the second quarter of 2024. During the second quarter, we again invested in expedited shipping routes to ensure consistent customer supply while we stabilized our supply chain. This helped us keep our key distribution partners with sufficient supply during the quarter and allowed us to start refilling our own finished goods inventory. This includes more educational samples available in the field, which were limited in the second quarter.

我們第二季的毛利為 6.959 億美元，佔營收的 60.1%，而 2024 年第二季則為 63.5%。在第二季度，我們再次投資了加急運輸路線，以確保穩定的客戶供應，同時穩定我們的供應鏈。這有助於我們在本季為主要分銷合作夥伴提供充足的供應，並使我們能夠開始補充自己的成品庫存。這包括該領域提供的更多教育樣本，而第二季度的樣本數量有限。

These samples often play a critical role to enable clinicians and people with diabetes to have an introductory experience with Dexcom CGM. We still have some work to do to be at the preferred inventory levels that give us greater flexibility in our operations, but the rebuild is moving forward as we planned. I'm very proud of our continued progress, which will help us return to more targeted inventory levels and efficient shipping options throughout the year.

這些樣本通常發揮關鍵作用，使臨床醫生和糖尿病患者能夠獲得 Dexcom CGM 的入門體驗。我們仍需做一些工作才能達到理想的庫存水平，從而使我們的營運更加靈活，但重建工作正在按計劃進行。我為我們持續的進步感到非常自豪，這將幫助我們全年恢復更有針對性的庫存水準和高效的運輸選擇。

Operating expenses were $474.1 million for Q2 of 2025 compared to $442.7 million in Q2 of 2024. Operating income was $221.8 million or 19.2% of revenue in the second quarter of 2025 compared to $195.4 million or 19.5% of revenue in the same quarter of 2024. Adjusted EBITDA was $327.6 million or 28.3% of revenue for the second quarter compared to $283.9 million or 28.3% of revenue for the second quarter of 2024. Net income for the second quarter was $192.8 million or $0.48 per share.

2025 年第二季的營運費用為 4.741 億美元，而 2024 年第二季的營運費用為 4.427 億美元。2025 年第二季的營業收入為 2.218 億美元，佔營收的 19.2%，而 2024 年同期的營業收入為 1.954 億美元，佔營收的 19.5%。第二季調整後 EBITDA 為 3.276 億美元，佔營收的 28.3%，而 2024 年第二季調整後 EBITDA 為 2.839 億美元，佔營收的 28.3%。第二季淨收入為 1.928 億美元，即每股 0.48 美元。

We remain in a great financial position, closing the quarter with approximately $2.9 billion of cash and cash equivalents. This cash level, along with our growing free cash flow profile, provides us with a lot of financial flexibility in our capital allocation decisions. We're currently watching the macroeconomic and capital market environments closely as we finalize plans to address our 2025 convertible notes, along with any other strategic uses of capital.

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 29 億美元。這個現金水平，加上我們不斷增長的自由現金流狀況，為我們的資本配置決策提供了極大的財務靈活性。我們目前正在密切關注宏觀經濟和資本市場環境，同時最終確定 2025 年可轉換票據的發行計劃以及任何其他資本戰略用途。

Turning to guidance. We are raising our revenue guidance to a range of $4.6 billion to $4.625 billion, representing growth of 14% to 15% for the year. For margins, we are reaffirming our 2025 guidance of non-GAAP gross profit margin of approximately 62%, non-GAAP operating margin of approximately 21% and adjusted EBITDA margin of approximately 30%.

轉向指導。我們將營收預期上調至 46 億美元至 46.25 億美元，這意味著全年成長率為 14% 至 15%。對於利潤率，我們重申 2025 年非 GAAP 毛利率約為 62%，非 GAAP 營業利潤率約為 21%，調整後 EBITDA 利潤率約為 30%。

With that, I'm going to pass the call back to Kevin. Kevin?

說完這些，我要把電話轉回給凱文。凱文？

As many of you saw in the press release today, I also want to take the opportunity to formally announce our succession plan, as I will hand over my CEO responsibilities to Jake Leach at the beginning of 2026. We've taken an initial step in this process with the announcement of Jake's promotion to President in May. And the Board and I are convinced that now is the right time to provide clarity on the next step for Dexcom.

正如你們許多人在今天的新聞稿中看到的那樣，我也想藉此機會正式宣布我們的繼任計劃，因為我將在 2026 年初將我的執行長職責移交給傑克·利奇 (Jake Leach)。隨著五月宣布傑克晉升為總裁，我們已經邁出了這一進程的第一步。董事會和我都確信，現在是明確 Dexcom 下一步行動的最佳時機。

I am confident that the company is in a great position with the right leadership team in place to not only continue the significant momentum that we carry right now, but to capitalize on the massive future opportunity ahead for Dexcom by advancing access and executing on our exciting product portfolio, and there is nobody that I trust more than Jake to lead the company into the future.

我相信，在合適的領導團隊的帶領下，公司處於良好的地位，不僅可以延續目前的巨大發展勢頭，而且可以透過推進管道和執行我們令人興奮的產品組合來利用 Dexcom 未來的巨大機遇，而我最信任的人就是傑克 (Jake)，他可以帶領公司走向未來。

As we transition to Q&A, I'll hand it over to Jake for a few words. Jake?

當我們進入問答環節時，我會將時間交給傑克講幾句話。傑克？

Thanks, Kevin, and hello, everyone. I'll keep my comments fairly brief at this point. I've been at Dexcom since we launched our very first product, and I know the impact that we've had on the lives of our customers. And I'm proud of that impact. And yet, when I look to the future potential for Dexcom, I can honestly say that I believe this company is just getting started.

謝謝，凱文，大家好。我現在將簡短地發表我的評論。自從我們推出第一款產品以來，我就一直在 Dexcom 工作，我知道我們對客戶的生活產生的影響。我為這種影響感到自豪。然而，當我展望 Dexcom 的未來潛力時，我可以誠實地說，我相信這家公司才剛起步。

We have an incredible team, and I'm excited to lead the next phases of our journey to both expand access to our technology and to innovate across our portfolio of products to drive better health outcomes for our customers. I look forward to continuing to work closely with Kevin throughout this transition and also more closely with all of you as we move forward.

我們擁有一支出色的團隊，我很高興能夠帶領我們踏上下一階段的旅程，擴大我們技術的使用範圍，並在我們的產品組合中進行創新，為我們的客戶帶來更好的健康結果。我期待在整個過渡期間繼續與凱文密切合作，並在我們前進的過程中與大家更加緊密地合作。

With that, Sean, let's open it up for Q&A.

肖恩，讓我們開始問答環節。

Thank you, Jake. As a reminder, we ask our audience to limit themselves to only one question at this time and then reenter the queue if necessary. Operator, please provide the Q&A instructions.

謝謝你，傑克。提醒一下，我們要求觀眾每次只提問一個問題，然後在必要時重新進入隊列。接線員，請提供問答說明。

(Operator Instructions) Travis Steed, Bank of America.

（操作員指示）美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

I guess first, Kevin, congrats on a long, successful career. And I wanted to ask -- I'll get you on these calls. And I ask about the ability to already raise the guidance in the full year, and it was a very strong quarter, but what you're kind of seeing on new starts and the non-insulin opportunity and kind of the confidence at this stage in the year to be able to raise the full year revenue guidance? I'd just love to get more color on that.

我想先祝賀凱文擁有一個長久而成功的職業生涯。我想問一下—我會讓您接聽這些電話。我問的是已經提高全年指導的能力，這是一個非常強勁的季度，但是您對新開工和非胰島素機會的看法如何，以及您在今年現階段能夠提高全年收入指導的信心如何？我只是想了解更多關於它的內容。

Travis, thank you. This is Jereme. Happy to certainly cover that. We continue to see, especially kind of harkening back to when we started the year, talking about the three PBMs, the three major PBMs covering non-insulin users. And what we've seen is we've seen some really solid starts in that space. We've always talked about this being an opportunity for us.

崔維斯，謝謝你。這是傑瑞米。很高興能夠報道這一點。我們繼續看到，特別是回想起我們今年年初談論的三種 PBM，三種主要的 PBM 涵蓋非胰島素用戶。我們看到的是，我們已經在該領域看到了一些非常堅實的開端。我們一直說這對我們而言是一個機會。

And when you have both coverage with what we believe is the best product on the market, combined with the opportunity with Stelo, which also covers a lot of folks in that space and as folks are kind of moving through their journey. And you put that in the hands of our sales team, and they've done a really wonderful work with it. So we've seen that take place over the course of the first quarter and into the second quarter.

當您同時擁有我們認為是市場上最好的產品的覆蓋範圍，再加上 Stelo 的機會時，它也會涵蓋該領域的許多人，人們正在經歷他們的旅程。你把它交給我們的銷售團隊，他們做得非常好。我們看到這種情況在第一季和第二季都有發生。

We know our third PBM is coming online here in the third quarter, and so that's online now. It gave us the confidence with the performance in the first half of the year to give a little bit of an increase there for the full year on the guide. Recognizing, of course, we want to make sure that we provide -- we commit -- I guess we provide opportunities to meet our commitments that we started off over the course of the year, but knowing full well that the year has gone well thus far. So it gave us that confidence.

我們知道我們的第三個 PBM 將在第三季上線，所以它現在已經上線了。這讓我們對上半年的業績充滿信心，並希望全年業績能略有成長。當然，我們認識到，我們希望確保我們提供——我們承諾——我想我們提供機會來履行我們在今年開始的承諾，但我們完全知道，今年到目前為止進展順利。所以這給了我們信心。

And as we get into the back half of the year, we're excited and really beyond, we're excited for all these opportunities and what they present as Kevin alluded to in some of the access wins we're seeing open up for us.

當我們進入下半年時，我們感到非常興奮，真的，我們對所有這些機會以及它們為我們帶來的一些機會感到興奮，正如凱文所暗示的，我們看到這些機會為我們帶來了一些機會。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

And Kevin, congratulations on all your success at Dexcom. And Jake, congratulations on the promotion. I guess I feel compelled, Kevin, to ask you about the CMS competitive bidding for CGM and pumps. So maybe can you frame the exposure to Medicare and the potential risk to Dexcom? And if finalized as proposed, how might that impact your price in that channel? And lastly, when do you expect it to start? Is 2027 the earliest?

凱文，祝賀你在 Dexcom 的一切成功。傑克，祝賀你升職。凱文，我想我有必要向您詢問有關 CMS 對 CGM 和泵的競爭性投標的問題。那麼，您能否將 Medicare 的風險暴露與 Dexcom 的潛在風險聯繫起來？如果最終按照提案實施，這會對您在該管道的價格產生什麼影響？最後，您預計它什麼時候開始？最早是2027年嗎？

Larry, this is all very early. I'm going to pass it over to Jake, let him do that.

拉里，這一切都太早了。我要把它交給傑克，讓他去做。

Yes. Thanks, Larry, for the question. Obviously, we're staying close to the CMS basically proposal for competitive bidding. We've been studying it. And at this point in time, as we work through it, it's just a proposal, and we are looking at -- basically, it's about 15% of our business is fee-for-service Medicare. So if you just kind of think of that, that's the group that we're talking about.

是的。謝謝拉里提出的問題。顯然，我們基本上遵循 CMS 的競爭性投標提案。我們一直在研究它。目前，我們正在努力解決這個問題，但這只是一項提議，我們正在考慮——基本上，我們約 15% 的業務是按服務收費的醫療保險。所以，如果你這樣想的話，這就是我們正在談論的群體。

And if you look at distributor pricing and what's going on in the channels, I think we feel very comfortable about the value that we bring for the price of our product. You think about the outcomes and the dollars saved. So this is going to be a process where there's going to be a response first. I think there's some unique things in this particular version of the competitive bidding that we need to make sure it's clear, kind of what the impacts are going to be.

如果你看看經銷商的定價和通路的情況，我想我們對我們的產品價格所帶來的價值感到非常滿意。您考慮的是結果和節省的金錢。因此這將是一個首先會有回應的過程。我認為這個特定版本的競爭性投標有一些獨特之處，我們需要確保它清晰，了解其影響是什麼。

I think the number one thing that we want to ensure is that there's not interruption to Medicare beneficiaries as we go through this process. That has happened in previous versions of competitive bidding. So I think that's our number one focus to make sure customers can get the products they need.

我認為我們最想確保的是，在這過程中，醫療保險受益人的福利不會受到干擾。這在以前的競爭性招標中已經發生過。所以我認為我們的首要關注點是確保客戶能夠獲得他們需要的產品。

Yes. And then just, Larry, to your question on when it kicks in and all -- it's early on. So I think we'll get more clarity as to when the competitive bidding process starts. Historically, if it was to start right away, the earliest would likely see it is 2027. And so that's the earliest you'd likely see it. Of course, that's based on historical precedents. To your question in terms of pricing, again, it's too early to go there.

是的。然後，拉里，關於你關於它何時開始生效的問題——現在還為時過早。因此我認為我們會更清楚地知道競爭性投標過程何時開始。從歷史上看，如果立即啟動，最早可能要到 2027 年。這就是你可能最早看到它的時間。當然，這是基於歷史先例。對於您關於定價的問題，現在談論這個還為時過早。

The one thing I would say is if there is some sort of pricing compression, there's also going to be supplier compression. And so I think the one thing that's important as we're thinking through this is we'll see what the appropriate value is and how that plays out. But I know we're also going to see a lot more volume concentrated in suppliers. So if it plays out as it's currently written.

我想說的是，如果有某種形式的價格壓縮，那麼供應商也會受到壓縮。因此，我認為，當我們思考這個問題時，重要的一件事是，我們要知道什麼是適當的價值，以及它如何發揮作用。但我知道我們也將看到更多的交易量集中在供應商身上。所以如果它按照目前寫的方式進行。

So let's walk through it. We'll be vocal with you throughout the process. We're obviously staying incredibly close to it. And as you can see, Kevin, Jake, myself and really our entire team, we're all spending a lot of time with this and making sure that if it's introduced, it's introduced in a way that's beneficial for really our patients and those that use our product.

讓我們來看一下。在整個過程中，我們都會與您保持溝通。顯然，我們正密切關注這個目標。正如您所看到的，凱文、傑克、我本人以及我們整個團隊都花了很多時間在這上面，並確保如果推出這項技術，那麼它的推出方式能夠真正有益於我們的患者和使用我們產品的人。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Great. Kevin, I'll also, I guess, add my congratulations to a long and very successful career. And Jake, I look forward to working with you in the new role. Question for me on margin progression through the year. Was just a touch low on gross margin, good on operating margins with good expense control. It sounds like you still have a little bit of inventory building to go, but was hoping you could just walk us through sort of the margin progression through the rest of the year and the puts and takes there to get to the guide?

偉大的。凱文，我想我也要祝賀你漫長而成功的職業生涯。傑克，我期待在新的崗位上與你合作。向我詢問有關全年利潤率成長的問題。毛利率略低，但營業利潤率不錯，費用控制也很好。聽起來您還需要進行一些庫存建設，但希望您能向我們介紹今年剩餘時間的利潤率變化以及指南中的看跌期權和看漲期權？

Sure. Thanks, Robbie. This is Jereme. I can answer that one. I think you hit on it well. I think you looked at the progression, I would say, from Q1 to Q2, and you saw a few hundred basis points of improvement. And one thing, just to remind you and kind of put in the back of your mind, Q2 also included -- I think many of you have seen it, but we had a receiver recall.

當然。謝謝，羅比。這是傑瑞米。我可以回答這個問題。我認為你做得很好。我想，你看一下從第一季到第二季的進展，你會看到幾百個基點的改善。還有一件事，只是為了提醒你並讓你記住，Q2 還包括——我想你們很多人都看過，但我們有一個接收器召回。

Effectively, we'll be swapping out some receivers. Not a large impact, but we took that charge here in the second quarter as well. So that was about a 100 basis point impact on the quarterly results. So the results were even a little bit better than I think what you're seeing. The impact on the full year, obviously, pretty immaterial. But on the quarter, obviously, it's worth discussing that. I'd expect a sequential improvement of a couple of hundred basis points more as we move into Q3 and then again into Q4. And as you kind of get back to the full year guide of 62%, that's the math that makes sense.

實際上，我們將更換一些接收器。影響不大，但我們在第二季也承擔了這項責任。因此這對季度業績的影響約為 100 個基點。因此，我認為結果比您所看到的還要好一點。顯然，這對全年的影響並不大。但就本季而言，顯然值得討論這一點。我預計，隨著我們進入第三季度和第四季度，該數字將連續改善數百個基點。當你回到 62% 的全年指導時，這個數學計算是有意義的。

And so I think you've seen a lot of progress from Q1 to Q2, especially when you adjust for the accrual we made for the recall. And I would expect to see more progress throughout the course of the year, especially as inventories start to return to our shelf. Kevin alluded to it in his marks, and I did a little bit as well. We've got some finished goods starting to build up on our balance sheet.

因此，我認為您已經看到了從第一季到第二季的巨大進展，尤其是當您調整我們為召回所做的應計費用時。我希望全年能看到更多進展，特別是當庫存開始回到我們的貨架上時。凱文在他的成績中提到了這一點，我也提到了一點。我們的資產負債表上已經開始累積一些成品。

And as that takes place, we'll be able to think about more effective and efficient freight routes cost a little bit less. We're still doing a lot of the chartered flights that we talked about on the last call to make sure that inventory was in place and then our customers weren't interrupted. So hopefully, that helps thinking about the cadence over the course of the year.

隨著這種情況的發生，我們將能夠考慮更有效、更有效率、成本更低的貨運路線。我們仍在執行上次通話中談到的大量包機航班，以確保庫存到位，並且不會影響我們的客戶。所以希望這有助於思考全年的節奏。

And again, as we have more and more volume going to our plants and those plants get more and more efficient, I'd expect to see that play out.

而且，隨著我們工廠的產量越來越大，工廠的效率也越來越高，我預計這種情況會有所改善。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Good afternoon, and congrats to both of you. Awesome. And thinking about next steps, I'm thinking about G8, the timing of it, what it might look like, and there's a lot of discussion about dual analyte sensors. And I'd love to get your opinion on whether you think about competitive dual analyte sensors and what it may mean for how I started the question on G8?

下午好，祝賀你們二位。驚人的。考慮下一步，我正在考慮 G8，它的時機，它可能會是什麼樣子，並且有很多關於雙分析物感測器的討論。我很想聽聽您的意見，您是否考慮過競爭性雙分析物感測器，以及它對我如何開始 G8 問題意味著什麼？

Yes. Thanks, Joanne, for the question. So when we think about G8, we're extremely excited about it. It's our next-generation wearable platform. Some of the key components of it, it's 50% smaller and wearable size on the body. And so you take that smaller package, and we packed even more functionality into it. So it has a next-generation custom chipset that does support multiple analyte sensing. So really designed for that from the start. We're looking to push the envelope again on performance and reliability when it comes to continuous glucose monitoring.

是的。謝謝喬安妮提出這個問題。因此，當我們想到八國集團時，我們感到非常興奮。這是我們的下一代穿戴式平台。它的一些關鍵部件，體積縮小了50%，適合戴在身上。因此，您可以使用這個較小的包，而我們卻在其中添加了更多的功能。因此，它擁有支援多種分析物感測的下一代客製化晶片組。所以從一開始就為此而設計。在持續血糖監測方面，我們希望再次突破性能和可靠性的極限。

One of the things we've seen as we've continued to expand the user base and the broad population that's using CGM, both those with diabetes and those without, we need to continue to ensure that we are building sensors that are both reliable, accurate and continue to push that boundary because it's so important for the users. So when you think about timing, we are deep in development of G8, and we'll be sharing more around timelines as we progress through the clinical studies required and we get closer to a launch timeline.

隨著我們不斷擴大用戶群和使用 CGM 的廣大人群（包括糖尿病患者和非糖尿病患者），我們發現，我們需要繼續確保我們構建的傳感器既可靠又準確，並且不斷突破這一界限，因為這對用戶來說非常重要。因此，當您考慮時間表時，我們正在深入開發 G8，並且隨著我們完成所需的臨床研究並接近發佈時間表，我們將分享更多有關時間表的資訊。

When we think about the competitive nature around multi-analyte sensing, what I'd say is there's certainly a lot of discussion right now around ketones. And I think most of the discussion is really focused on the clinical utility of ketones, continuous ketone measurement at the same time as measuring glucose. When I think about a competitive offering for CGM, it's about what you bring to the user. And when you focus on things like safety, the number one safety component of CGM for somebody with diabetes is reducing hypoglycemia, the severe hypoglycemia that can lead to death.

當我們考慮多分析物感測的競爭性質時，我想說的是，現在圍繞著酮肯定有很多討論。我認為大部分的討論實際上都集中在酮的臨床實用性上，即在測量葡萄糖同時進行連續酮測量。當我考慮 CGM 的競爭性產品時，我考慮的是您能為用戶帶來什麼。當你專注於安全性等方面時，對於糖尿病患者來說，CGM 的首要安全要素是減少低血糖症，也就是可能導致死亡的嚴重低血糖。

And so systems like ours that have the urgent [low sun] alert that gives people a heads up before they go low so they can treat it, that's a significant safety factor. And as we think about high glucose, same thing with our Smart High Alert that only alerts users if they've been too high for too long and they need to take a little more insulin. So it's really about the package that you bring.

因此，像我們這樣的系統會發出緊急[低太陽]警報，在太陽低落之前提醒人們，以便他們能夠進行治療，這是一個重要的安全因素。當我們考慮高血糖時，我們的智慧高血糖警報也會發生相同的事情，它只會在使用者血糖過高時間過長且需要注射更多胰島素時發出警報。所以這實際上與你帶來的包裹有關。

Certainly, we have a ketone sensor in development in our technology development pipeline, and we'll bring it to the market when we feel it's appropriate. But at this point in time, we're very focused on features that extend safety and ease of use for both our patients as well as the prescribing physicians.

當然，我們的技術開發流程中有一個正在開發的酮感測器，當我們認為合適時，我們會將其推向市場。但目前，我們非常注重為患者和開處方的醫生提供安全性和易用性的功能。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

Congrats on the transition there and looking forward to working with you, Jake. So I wanted to just ask if you could give us an update on how things are going with the FDA and the progress that you've been making in the plants that were inspected? And maybe just touch on the outlook for 15 days, you're going to be launching that here in the second half of the year.

恭喜您的轉變，並期待與您合作，傑克。因此，我只想問一下，您是否可以向我們介紹 FDA 的最新進展情況，以及您在接受檢查的工廠中取得的進展？也許只是談談 15 天的展望，你們將在下半年推出這個展望。

Yes. Fantastic. Thanks for the question. Things have been going really well with the FDA. We responded rapidly to the warning letter and their concerns. And we've been giving them periodic updates. We've made quite a bit updates to our processes and documentation, addressing much of what the FDA's concerns were. And so we still have work to do there, but we've been making fantastic progress there.

是的。極好的。謝謝你的提問。我與 FDA 的合作進展非常順利。我們回應了警告信及其擔憂。我們一直在定期向他們提供最新資訊。我們對流程和文件進行了大量更新，解決了 FDA 的大部分擔憂。因此，我們仍有工作要做，但我們已經取得了顯著進展。

Along the lines of 15-day launch, again, another very exciting development for Dexcom, getting our 15-day product out into the market. So you will be seeing 15-day sensors soon in our [Warrior] population. We're getting it out there in this quarter, for sure. And then shortly after that, you'll see a more broad-scale launch. So very excited to bring the longest-lasting most accurate sensor to our users in that G7 15-day.

沿著 15 天發布計劃的思路，對於 Dexcom 來說，這又是一個非常令人興奮的進展，將我們的 15 天產品推向市場。因此，您很快就會在我們的 [Warrior] 群體中看到 15 天的傳感器。我們肯定會在本季推出它。此後不久，您將看到更大規模的發布。我們非常高興能夠在 G7 15 天內為我們的用戶帶來使用壽命最長、最精確的傳感器。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Kevin, congratulations. I mean, you are Dexcom. So it's going to be an adjustment for sure. But Jake, I have no doubt you'll be great, and I'm excited to work with you. So just a question as we think about some of the competitive dynamics here and the moving parts, particularly the primary sensor competitor to you guys integrating with insulin pumps and maybe improving their position in what has been your stalwart patient base, and that is the type 1 patient population.

凱文，恭喜你。我的意思是，你是 Dexcom。所以這肯定會是一個調整。但是傑克，我毫不懷疑你會很棒，我很高興能和你一起工作。所以當我們思考這裡的一些競爭動態和活動部件時，我只想問一個問題，特別是你們的主要感測器競爭對手與胰島素幫浦的集成，也許可以提高他們在你們堅定的患者群中的地位，也就是 1 型患者群體。

Can you talk about what you guys are doing as they start to get close to launching in that patient population and how you're going to protect your competitive moat there?

您能否談談當你們開始接近向該患者群體推出產品時你們正在做什麼以及你們將如何保護你們在那裡的競爭優勢？

I'll start with that, and then Jake can add some other technology, if you like. We've got more than 2 million patient years on [AAD] systems. And these outcomes have been phenomenal. I've been out in the field quite a bit the past couple of months. And the stories I hear from people and the things I'm learning, we're doing a very good job with our partners.

我將從此開始，然後如果您願意的話，傑克可以添加一些其他技術。我們已有超過 200 萬名患者使用 [AAD] 系統。這些成果是驚人的。過去幾個月我經常在外地工作。從人們所講述的故事和我所學到的東西來看，我們與合作夥伴的合作非常出色。

We very much do everything we can to improve anything we can do to make those experiences better. And we do have a nice head start, and we have a number of patients on those systems. At the end of the day, these algorithms were built based on Dexcom technology and Dexcom CGM. They will perform best using the Dexcom CGM sensor.

我們竭盡全力去改進一切可以做的事情，以使這些體驗變得更好。我們確實有一個良好的開端，並且我們有許多患者使用這些系統。歸根結底，這些演算法是基於 Dexcom 技術和 Dexcom CGM 構建的。使用 Dexcom CGM 感測器時，它們將發揮最佳性能。

So we're very comfortable with our position, but we'll never sit still if our patients and our partners need something to make the systems better. We communicate with them all frequently and we work very hard to make that happen.

因此，我們對自己的立場非常滿意，但如果我們的患者和合作夥伴需要一些東西來改善系統，我們永遠不會停下來。我們經常與他們溝通，並努力實現這一目標。

I don't know if you have anything else to add to that one?

我不知道您是否還有什麼要補充的？

The only thing I'd add, I think Kevin covered the long history we have with -- automated some delivery partners and the integrations and powering all those years of outcomes. The other thing I'd add is that -- it also -- all the components that come with our system, all the features, all the benefits, we're going to continue to advance those.

我唯一要補充的是，我認為凱文介紹了我們與一些交付合作夥伴實現自動化以及整合的悠久歷史，並為這些年來的成果提供了動力。我想補充的另一件事是——我們系統的所有組件、所有功能、所有優點，我們都將繼續改進它們。

And one of the things in the way that we architect our systems is that whether you're using the IT system or not, you get all the benefits of Dexcom, all of the alerts, the [share, follow] features, now, photo meal logging, all of those things are really what rounds out an offering. So it's not just the sensor, it's about what else comes with it. And so I think that positions us really well. And as Kevin mentioned, we're going to continue to innovate.

我們設計系統的方式之一是，無論您是否使用 IT 系統，您都可以獲得 Dexcom 的所有好處，所有警報、[分享、關注] 功能，現在還有照片膳食記錄，所有這些才是真正完善產品的功能。所以這不僅僅是感測器的問題，還涉及隨之而來的其他東西。所以我認為這讓我們處於非常有利的地位。正如凱文所說，我們將繼續創新。

We're not stopping here. And so we're going to innovate both for our users, but also for our partners.

我們不會就此止步。因此，我們不僅要為用戶創新，也要為合作夥伴創新。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Kevin, I'm sorry, I won't have an opportunity to work with you in this role. But Jake, looking forward to getting to know you and working with you as you come into the CEO seat. Maybe I'll start on utilization. I mean, one of the areas where we continue to get a lot of questions as you broaden out the population to include the type 2 non-insulin dependent users, what does that mean to overall utilization rates?

凱文，很抱歉，我沒有機會和你一起擔任這個職位。但是傑克，我期待在你擔任執行長之後認識你並和你一起工作。也許我會從利用率開始。我的意思是，當您將人群擴大到包括 2 型非胰島素依賴型用戶時，我們繼續收到很多問題的領域之一是，這對總體利用率意味著什麼？

And what are some of the opportunities you have to drive higher retention in that population? Does that factor into -- is that coverage? Is it integration with the Oura Ring and other features? Maybe help us think about how you maximize the value of that population as you think about broadening out down the acuity curve.

您有哪些機會可以提高該族群的保留率？這個因素是否影響到──這是覆蓋範圍嗎？它是否與 Oura Ring 和其他功能整合？也許可以幫助我們思考如何在考慮擴大敏銳度曲線的同時最大化該人群的價值。

David, yes, this is Jereme. I think in terms of -- maybe we just start with the specifics around utilization. And if you look at our presentation on our website, it kind of has kind of utilization trends for covered users. And I think what's quite interesting is the utilization, especially as you're thinking about that type 2 population, the utilization in a covered population is still 75% to 80%. So pretty high utilization, and sometimes that surprises folks. And the reason, of course, is people see the value in utilizing the product. The feedback loop that's provided really helps them modify their lives.

大衛，是的，這是傑瑞米。我認為就這一點而言——也許我們只是從利用率的具體細節開始。如果你看一下我們網站上的介紹，你會發現它有針對受保用戶的使用趨勢。我認為非常有趣的是利用率，特別是當你考慮 2 型人群時，覆蓋人群的利用率仍然達到 75% 到 80%。利用率相當高，有時會讓人感到驚訝。原因當然是人們看到了使用該產品的價值。所提供的回饋迴路確實幫助他們改變了生活。

And so you really -- you kind of beat me to it in terms of the features that we're ultimately offering out there that can drive more utilization. OURA, certainly, that integration helps integrate into individuals' lives. Things like share and follow and working together as a team to help manage diabetes, I think those are things that are out there that clearly are helpful. Jake alluded to it, Kevin alluded to it, but meal logging. These are the kind of things that there's value in the app.

因此，就我們最終提供的、可以提高利用率的功能而言，您確實搶先一步。OURA，當然，這種融合有助於融入個人的生活。諸如分享、關注以及團隊合作來幫助控製糖尿病之類的事情，我認為這些顯然是有幫助的。傑克提到了這一點，凱文也提到了這一點，但這只是膳食記錄。這些都是應用程式中有價值的東西。

Meal logging has been out there, obviously, in various independent apps, but we can overlay things like activity, sleep, meals across your glucose levels, those provide very valuable feedback features. And the question of now I know my numbers, so what do I do with it? I think we're answering that. And I think that's how you increase utilization and you increase outcomes.

顯然，各種獨立的應用程式都提供了膳食記錄功能，但我們可以將活動、睡眠、膳食等資訊疊加到您的血糖水平上，這些都提供了非常有價值的反饋功能。現在問題是我知道了我的數字，那麼我該如何處理它？我想我們正在回答這個問題。我認為這就是提高利用率和增加成果的方法。

So we're going to continue to work on that. A lot of the features that are coming over the years are a combination of hardware, as Jake alluded to, to G8, but also software that should really enhance the value of the product we're offering every day. And when you choose Dexcom, it all comes with that, whether it's G-Series, D-Series or Stelo, we'll be continuing to offer those to all the users of Dexcom going forward.

因此我們將繼續致力於此。正如傑克所提到的那樣，多年來推出的許多功能都是硬體的結合，G8 也包括軟體，這些功能應該能夠真正提升我們每天提供的產品的價值。當您選擇 Dexcom 時，一切都會隨之而來，無論是 G 系列、D 系列還是 Stelo，我們都將繼續向所有 Dexcom 用戶提供這些產品。

Jayson Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

And congrats to both of you. Just maybe on Stelo, the over 400,000 app downloads is certainly higher than we thought. Is the guide still -- I think last week we checked, it was 2% to 3% of sales for the year. Does that still stand? And then if there's any way to comment maybe on the mix between people with diabetes, wellness or maybe prediabetes?

並祝賀你們二位。也許僅在 Stelo 上，超過 400,000 次的應用程式下載量就比我們想像的要高。該指南是否仍然——我記得上週我們檢查過，它是全年銷售額的 2% 到 3%。這還成立嗎？那麼，是否有任何方法可以評論糖尿病患者、健康人或糖尿病前期患者的混合？

Sure, again. Let me start with the guide. Yes, the guide is still 2% to 3%, off to a great start in the first half of the year, Jayson. So I think we're excited about that. But yes, I think we haven't necessarily changed that range. In terms of the user base, Kevin, do you want to kind of cover the user base, who's using it?

當然，再說一次。讓我從指南開始。是的，指導價仍然是 2% 到 3%，傑森，今年上半年開局不錯。所以我認為我們對此感到興奮。但是是的，我認為我們不一定會改變這個範圍。就用戶群而言，凱文，您是否想涵蓋正在使用它的用戶群？

When we first started, Jayson, it was very much geared towards the type 2 non-insulin patients. And quite candidly, that's how we designed and developed the app. Because last year, at this time, we didn't have very much, if any, type 2 coverage for non-insulin users. So early days, that was the group who was buying it very much and they were the biggest group.

傑森，當我們剛開始時，它主要針對 2 型非胰島素患者。坦白說，這就是我們設計和開發應用程式的方式。因為去年這個時候，我們對非胰島素使用者的 2 型糖尿病覆蓋率還很低（如果有的話）。所以早期，這個群體購買量很大，而且是最大的群體。

As time has gone on and now G7 has coverage by the 3 largest PBMs in the country, we're seeing a shift from those type 2 patients to coverage. Because it has always been within our history when we have coverage, we grow, and we grow markets very quickly when we have that. So right now, I would tell you, our biggest user group would be health and wellness as far as numbers, prediabetes and type 2 non-intensive insulin after that.

隨著時間的推移，現在 G7 已被全國 3 家最大的 PBM 覆蓋，我們看到了從 2 型患者到覆蓋範圍的轉變。因為在我們的歷史上，當我們有覆蓋範圍時，我們就會發展，當我們有覆蓋範圍時，我們的市場就會迅速成長。所以現在，我想告訴你，就數字而言，我們最大的用戶群是健康和保健，其次是糖尿病前期和 2 型非強化胰島素。

And we'll continue to design and develop and work with the app to make sure we hit the features of the user base that's going to be most relevant in what we're doing. Our partners, OURA, and our distribution partners, like in particular, Amazon, have made a huge difference in our ability to reach that population. And it's been a great learning for us as we look at our strategies going forward.

我們將繼續設計、開發和使用該應用程序，以確保我們能夠滿足與我們的日常工作最相關的用戶群的功能。我們的合作夥伴 OURA 和我們的經銷合作夥伴（尤其是亞馬遜）對我們接觸該族群的能力做出了巨大貢獻。當我們審視未來的策略時，這對我們來說是一個很好的學習。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Kevin, best of luck in the future. And Jake, best of luck in the new role, and congratulations. I would love to just talk about guidance a little bit more in the back half. I don't know if this is a question for Jereme or not, but it did come up a little bit, but it is less than the beat that we see in Q2, suggests a pretty meaningful 2-year stack deceleration at a time where I think you're getting -- you should see less of the negative mix shifts.

凱文，祝你未來好運。傑克，祝你在新職位上一切順利，恭喜你。我很樂意在後半部再多談一點指導。我不知道這是否是針對傑里米 (Jereme) 提出的問題，但確實出現了一點，但低於我們在第二季度看到的水平，這表明在我認為你會看到較少的負面組合變化時，兩年的堆疊減速相當有意義。

So I'm just trying to figure out how much of that is new CEO coming in, want to be conservative versus any kind of competitive concerns or lack of type 2 adoption that you're seeing in the business, maybe with Abbott coming in on the insulin pump side of things or anything else like that to call out specifically versus just being really conservative with the guide in the back half?

因此，我只是想弄清楚，其中有多少是新任首席執行官上任後，出於對任何競爭問題的擔憂或對 2 型糖尿病採用不足（正如您在業務中看到的那樣）的保守考慮，也許是雅培公司進入胰島素泵領域或其他類似領域，需要特別指出，而不是僅僅對後半部分的指南持非常保守的態度？

Sure. Yes, I can answer that. And thanks for the question. I would say this. We're bullish on this business, maybe full stop there. And as we get into the back half of the year, we talked about the downloads in Stelo. We've talked about type 2 coverage coming in for our third PBM. We've obviously seen some good work over the first half of the year. I think our commitment at the start of the year was $4.6 billion. And obviously, we've outperformed here a little bit in the first quarter and a little bit here in the second quarter. So completely understand where the question is coming from.

當然。是的，我可以回答這個問題。感謝您的提問。我會這麼說。我們對這個行業很看好，也許到此為止。當我們進入下半年時，我們談到了 Stelo 的下載情況。我們已經討論了第三個 PBM 的 2 類覆蓋範圍。我們顯然看到了今年上半年的一些良好成果。我認為我們年初的承諾是 46 億美元。顯然，我們在第一季的表現略有優於第二季的表現。所以完全理解這個問題的由來。

I think our answer is, look, we need to make sure we meet our commitments. We're going to make sure we deliver against those commitments. It's our focus. It's why -- it's how we're thinking about the guidance for the year. Certainly, if you think at the top end of the guide, the top end of the guide does pass through the entirety of the constant currency beat that you see here in the second quarter.

我認為我們的答案是，看，我們需要確保我們履行承諾。我們將確保履行這些承諾。這是我們的重點。這就是為什麼——這就是我們對今年的指導的看法。當然，如果您考慮指南的頂端，那麼指南的頂端確實會經過您在第二季度看到的全部恆定貨幣波動。

And so the way to think about it is we made a commitment, we plan on executing against that commitment. If we can outperform that commitment, we'll certainly pass it along.

所以，我們應該這樣想：我們做出了承諾，我們計劃履行這項承諾。如果我們能夠超額完成這項承諾，我們一定會履行它。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Congrats on the nice quarter. Also passing my congrats to you, Kevin and Jake. I wanted to ask here, I think, Kevin, I heard in your prepared comments that Dexcom would love to try to go after the entire type 2 non-insulin patient population when it comes to securing reimbursement coverage for these patients.

恭喜本季取得良好成績。我也向凱文和傑克表示祝賀。我想在這裡問一下，凱文，我從你準備好的評論中聽說，在為這些患者爭取報銷保障方面，Dexcom 很樂意嘗試覆蓋整個 2 型非胰島素患者群體。

I wanted an update here then clinical trial work you guys have been doing. I believe that there was a trial underway. Wondering if we could get an update on how that is progressing? Any other clinical trial work you're hoping to do and any readouts that we might look forward to?

我想要了解你們正在進行的臨床試驗工作的最新消息。我相信審判正在進行中。想知道我們是否可以了解事情的進展嗎？您希望進行其他臨床試驗工作嗎？我們可能會期待哪些讀數？

Yes. I'm happy to update you on the randomized controlled trial that we're running. So we are actively running a trial in this broad population of type 2 non-insulin users. So on lots of different therapies, including GLP-1s, SGLT2s, just basically anybody who's not on insulin. And so that trial is actively running. The outcome that we're looking for that it's powered for is improvements in glycemic control time and range, all the typical things as well as A1c.

是的。我很高興向您通報我們正在進行的隨機對照試驗的進展。因此，我們正在對廣大 2 型非胰島素使用者進行積極試驗。因此，有許多不同的療法，包括 GLP-1、SGLT2，基本上適用於任何不使用胰島素的人。目前該試驗正在積極進行中。我們期望的結果是改善血糖控制時間和範圍，以及 A1c 等所有典型指標。

We also have a number of registries around the world, where we are producing real-world evidence from this same population of users who are already using G7 or Dexcom ONE+. And the outcomes that we're seeing there in terms of their improvement in glycemic control and their ability to hit their goals around A1c and time in range is phenomenal. So we're really excited for that study. It's definitely on track, and looking to read it out early next year.

我們在世界各地也擁有多個註冊中心，從已經在使用 G7 或 Dexcom ONE+ 的同一用戶群中獲取真實世界的證據。就血糖控制的改善以及他們在 A1c 和時間範圍內達到目標的能力而言，我們看到的結果是驚人的。所以我們對這項研究感到非常興奮。一切肯定都在按計劃進行，並預計在明年年初完成。

This is Kevin. I'll add to that. When you look at dynamic changes in the CGM reimbursement and access world, you go back to 2017 when we drove very hard Medicare coverage for the first time. And then our study drove basal coverage after that. We've worked very hard to accumulate evidence to support CGM coverage in the CMS world for people with type 2 diabetes not on insulin to support the outcomes, just showing them the outcomes.

這是凱文。我要補充一點。當您觀察 CGM 報銷和訪問領域的動態變化時，您會回想起 2017 年，當時我們首次大力推行醫療保險覆蓋。此後，我們的研究推動了基礎覆蓋。我們非常努力地累積證據來支持 CMS 領域中未使用胰島素的 2 型糖尿病患者的 CGM 覆蓋，以支持結果，只是向他們展示結果。

At the same time, you're hearing in political circles pretty much on a daily basis, we're about to go into a wearables revolution. Well, we've got a wearable, and it's pretty revolutionary, somebody uses it. So we will keep pushing. We are working all over the country with respect to understanding things we can do to move this forward and we'll continue to do so.

同時，你幾乎每天都會在政界聽到，我們即將進入一場穿戴式裝置革命。嗯，我們有一種可穿戴設備，它非常具有革命性，有人在使用它。因此我們會繼續努力。我們正在全國各地開展工作，以了解我們可以採取哪些措施來推動這一進程，我們將繼續這樣做。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

Echoing my congratulations to you both. I wanted to talk about the sales force one year on from the challenges last year and the new prescriber base. Just what are you currently seeing with respect to rep productivity? Any sort of increase versus where you expect it to be when you made these changes? and then just around the prescriber base, can you remind us the extent to which that was increased in the US with the sales force transition? And what are you seeing in terms of the prescription rates from these new docs that you've onboarded?

我向你們二位表示祝賀。我想談談銷售人員在一年後面臨的挑戰以及新的處方基礎。就代表生產力而言，您目前看到了什麼？與您做出這些改變時所預期的相比，有任何增加嗎？然後，就處方人員基礎而言，您能否提醒我們，隨著銷售團隊的轉型，美國的處方人員基礎增加了多少？那麼，就您所接待的這些新醫生的處方率而言，您認為如何呢？

Yes, sure. I can start. And certainly, if anyone else wants to add in, please feel free to do so. We've been talking about being about -- we'll start with -- we're in a good position at this point. I think you can see based on the patient performance, the new patient performance over the course of this year so far, the sales team is doing a wonderful job in terms of getting in front of new physicians and demonstrating the value of Dexcom CGM.

是的，當然。我可以開始了。當然，如果其他人想添加，請隨意添加。我們一直在談論——首先——我們現在處於良好的地位。我認為您可以根據患者的表現、今年迄今為止的新患者的表現看到，銷售團隊在接觸新醫生和展示 Dexcom CGM 的價值方面做得非常出色。

And I think having Stelo out there as well, you can see -- Kevin alluded to it earlier, where coverage exists for G-Series, great, but Stelo's also been a really effective tool and getting folks to adopt CGM and having our sales teams out there with access to that product, I think, has been great. So I would say that the team continues to do better and better every year.

而且我認為 Stelo 也已經面世了，正如 Kevin 之前提到的，G 系列的覆蓋範圍很廣，但 Stelo 也是一種非常有效的工具，可以讓人們採用 CGM，並且讓我們的銷售團隊能夠使用該產品，我認為，這非常棒。所以我想說，球隊每年都會做得越來越好。

They're getting more and more comfortable in the seats. I would say at this point, after about a year plus out, the team is operating well. And I think we're getting more and more productive every moment, and we're learning every time and tweaking as needed to get better and better. I don't think you'll ever find a sales force that says, hey, we're at max productivity. I think everybody -- sales force is certainly hungry to take on more.

他們在座位上感覺越來越舒服了。我想說，經過大約一年多的時間，球隊目前運作得很好。我認為我們每時每刻都在變得越來越高效，我們也在不斷學習，並根據需要不斷調整，以變得越來越好。我認為你永遠不會發現有銷售人員說，嘿，我們的生產力已經達到最高水平。我認為每個人——銷售人員肯定都渴望承擔更多。

And we continue to see that with the team. In terms of where we would be from where we expected, we've always talked about being maybe 90 days behind where we thought we would be. I don't think anything has changed from that perspective. And that just really dates back to last year in terms of how we kind of kicked off the ground.

我們繼續在團隊中看到這一點。就我們目前所取得的進展與預期相比而言，我們一直在說我們可能比預想的落後了 90 天。從這個角度來看，我認為沒有任何改變。就我們如何開始起步而言，這實際上可以追溯到去年。

Across the board, lessons learned, learning those, implying them. I think right now the entire teams at midyear sales meetings, and again, applying all the lessons learned over the course of even of this year. And so I think the team is doing a really nice job there. In terms of prescribers, it's hard now to parse out which ones are new as a result of the sales force versus just organic growth.

整體來說，我們吸取了教訓，學習了這些教訓，並運用這些教訓。我認為現在整個團隊都在參加年中銷售會議，並再次運用今年期間學到的所有經驗教訓。所以我認為該團隊在那裡做得非常好。就處方人員而言，現在很難分析出哪些是銷售團隊新增的，哪些是有機成長的。

But I think it's safe to say we have well over 100,000 prescribers at this point writing Dexcom scripts. And what we've seen is the classic thing we want to see, which is when you look at expanding the prescriber base, the average scripts written by a physician tends to stay the same. And what that means is, as we're bringing in new physicians that write onesie-twosies, you've got folks that have started writing and they're writing more and more.

但我認為可以肯定地說，目前我們有超過 10 萬名處方人員在開立 Dexcom 處方。我們看到的正是我們希望看到的典型情況，即當你擴大處方範圍時，醫生開出的平均處方數量往往保持不變。這意味著，當我們引進能寫「一二」字的新醫生時，就會有人開始寫，而且他們寫的越來越多。

And so it allows you to have that weighted average. It means basically, folks are moving up into the right in terms of the curve, in terms of the prescription curves, and we continue to see that. So that's very encouraging to see and especially encouraging to see as our third PBM coverage kicks in. As more and more coverage is kicking in for non-insulin folks, having those prescribers comfortable and familiar with CGM, I think, provides us a real opportunity for the back half of this year and beyond.

這樣您就可以得到加權平均值。這基本上意味著，就曲線而言，就處方曲線而言，人們正在向右移動，我們將繼續看到這種情況。看到這一點非常令人鼓舞，尤其令人鼓舞的是，我們的第三次 PBM 覆蓋已經開始。隨著越來越多的非胰島素患者獲得醫療保障，我認為讓這些處方醫生熟悉並適應 CGM，將為我們在今年下半年及以後帶來真正的機會。

Steve Lichtman, Oppenheimer.

奧本海默的史蒂夫·利希特曼。

Congrats on the quarter and congratulations, Kevin and Jake. I wanted to circle back on the international beat in the quarter and outlook. How would you have us think about the underlying international growth outlook here in the near to medium term? And what are the biggest incremental catalysts outside of the US?

恭喜本季取得佳績，恭喜凱文和傑克。我想回顧一下本季的國際情勢和前景。您希望我們如何看待近期至中期國際經濟成長的前景？那麼，美國以外最大的增量催化劑是什麼？

Sure, Steve. Thanks. This is Jereme again. I'll cover it briefly. The international business, obviously, there was some acceleration from Q1. I think the good underneath all of it -- and we talked a little bit about it in Q1 with the business, in some cases, being a little bit choppy -- is underlying new patient adds in Q1 were very solid. That continued here in Q2 in our international business. So the underlying volumes continue to perform well. And what we're seeing is it starts with some of the Dexcom ONE+ coverage. And that -- we talked about that a little bit last quarter.

當然，史蒂夫。謝謝。我又是傑瑞米。我將簡要介紹一下。顯然，國際業務從第一季開始有所加速。我認為所有這一切背後的好處是——我們在第一季談到了這一點，在某些情況下，業務有點不穩定——第一季新增患者數量非常穩定。我們第二季的國際業務也延續了這一趨勢。因此基礎交易量繼續表現良好。我們看到它從一些 Dexcom ONE+ 覆蓋範圍開始。我們在上個季度討論過這個問題。

That's continued this quarter, where we've seen new coverage opportunities either stemming in the back half of last year or in the early part of this year, obviously, [France] basal being one of those, and that really has started to play in. We have seen -- and I think we talked about it in the script here earlier. In Canada, the Ontario Drug Benefit. It's the largest province in Canada, for which they have approved coverage for Dexcom now for all insulin users, so all the way down through basal.

本季這種情況仍在繼續，我們看到新的覆蓋機會要么源於去年下半年，要么源於今年年初，顯然，[法國]基礎就是其中之一，而且它確實已經開始發揮作用。我們已經看到了——而且我認為我們之前在腳本中討論過它。在加拿大，有安大略省藥品福利。這是加拿大最大的省份，目前已批准為所有胰島素用戶（包括基礎胰島素用戶）提供 Dexcom 保險。

And so you're seeing both pockets of coverage in large areas play in. But I think what you're also seeing, and maybe more importantly, is you're starting to see more and more places across the world cover basal. So when you ask the question, what are the opportunities, in a lot of the established markets, the opportunities are going deeper in the insulin intensive using population and either gaining or going deeper in basal, for which there is very, very low penetration.

因此，您會看到大面積的兩種覆蓋範圍都在發揮作用。但我認為你也會看到，也許更重要的是，你開始看到世界各地越來越多的地方覆蓋基底。因此，當您問這個問題時，在許多成熟市場中，機會是什麼，機會在於深入胰島素密集使用人群，並在基礎治療領域獲得或深入發展，而基礎治療領域的滲透率非常非常低。

A country like Japan, for example -- as I earlier mentioned, France -- basal adoption is still quite low in these countries, and we have coverage for those. So it's going deeper into those markets. It's also looking to turn on additional coverage. We've talked about Germany, for example, having some basal coverage out there, but being a real opportunity as well as all of the emerging markets -- of the established markets. Lastly, the emerging markets for which there is limited coverage.

例如，像日本這樣的國家——正如我之前提到的，還有法國——這些國家的基礎採用率仍然很低，而我們已經為這些國家提供了覆蓋。因此，它正在深入這些市場。它還希望提供額外的覆蓋範圍。例如，我們談到了德國，它有一些基礎覆蓋，但也是一個真正的機遇，就像所有新興市場和成熟市場一樣。最後，新興市場的覆蓋範圍有限。

As we've gone into some of these markets, we've used the BELL example in the past, Bulgaria, Estonia, Latvia, Lithuania, where there wasn't coverage for type 1. We moved into that category with Dexcom ONE and Dexcom ONE+ and coverage ultimately came. And so it's establishing coverage and even the most intensive users and using that as kind of a starting point to demonstrate their capabilities. So there's really opportunities all over the world.

當我們進入其中一些市場時，我們過去曾使用過 BELL 的例子，保加利亞、愛沙尼亞、拉脫維亞、立陶宛，這些國家沒有對 1 型進行覆蓋。我們透過 Dexcom ONE 和 Dexcom ONE+ 進入了該類別，並最終實現了覆蓋。因此，它建立了覆蓋範圍，甚至是最密集的用戶，並以此作為展示其能力的起點。所以世界各地確實都充滿機會。

We've covered a few on the call with Ontario Drug Benefit. Obviously, Japan, France, some opportunities across established markets. But I'd expect to see those coverage wins to continue to knock down over the coming months and years, which all provide opportunities in our US business.

我們在與安大略省藥品福利局的通話中討論了其中的一些問題。顯然，日本、法國等成熟市場也存在一些機會。但我預計，未來幾個月和幾年內，這些報道的勝利將繼續下去，這將為我們的美國業務提供機會。

Shagun Singh, RBC.

沙根·辛格，RBC。

Great. Congratulations, Kevin and Jake. I wanted to go back and touch on the CEO transition and the strategy going forward. Jake, can you share with us what your vision for Dexcom is, what you plan to do similarly or differently to define your era at Dexcom? And are there any goal posts or milestones that you would like us to evaluate your progress on? And I guess more specifically, anything you can share on how you plan to further build operational, global scale at Dexcom and further capitalize on the opportunity ahead?

偉大的。祝賀凱文和傑克。我想回顧一下執行長的過渡和未來的策略。傑克，您能與我們分享一下您對 Dexcom 的願景嗎？您計劃做什麼類似或不同的事情來定義您在 Dexcom 的時代？您希望我們評估您的進度，是否有任何目標或里程碑？我想更具體地說，您能否分享一下您計劃如何進一步擴大 Dexcom 的營運和全球規模，並進一步利用未來的機會？

Yes, absolutely. Thanks for the question. I think I'm really excited about the opportunity that we have in front of us. If you think about the runway that Dexcom has in terms of the number of people around the world that we can impact and change the lives, you mentioned it around global scale. That is certainly something that we're seeing good progress in our growth globally, but there's so much more to do in terms of gaining access for people around the globe that could benefit from our technology.

是的，絕對是。謝謝你的提問。我認為我對於我們面前的機會感到非常興奮。如果您從我們能夠影響和改變世界各地人數的角度來看 Dexcom 的跑道，您提到了它是在全球範圍內的。這當然是我們在全球範圍內的發展中看到的良好進步，但在讓全球人民能夠從我們的技術中受益方面，還有很多工作要做。

Our technology not only improves health outcomes, but also saves money to the health care systems. And so as we continue to make sure that, that message is very clear and we bring those products to the markets around the globe, that's a key part of our growth strategy going forward. The other thing I'm incredibly excited about is continue to drive innovation that provides real value to our customers, and that includes our end users, which is becoming a much broader group of people.

我們的技術不僅改善了健康結果，而且還為醫療保健系統節省了資金。因此，我們將繼續確保這一訊息非常明確，並將這些產品推向全球市場，這是我們未來成長策略的關鍵部分。另一件讓我感到無比興奮的事情是繼續推動創新，為我們的客戶提供真正的價值，其中包括我們的最終用戶，而最終用戶的範圍正在變得越來越廣泛。

Think type 1, type 2, pre-diabetes and those who are looking to have a health -- more healthy metabolic condition. Those are our customers, those end users, but also when we think about our prescribers. And our EHR integration is a great example of where we focused on how do we make Dexcom the CGM of choice for some of these prescribers so that they have a preference for Dexcom because our technology is the best, and we want people to have the advantage it brings.

想想第 1 型、2 型、糖尿病前期以及想要擁有更健康代謝狀況的人。這些人是我們的客戶、最終用戶，但我們也會考慮我們的處方醫生。我們的 EHR 整合就是一個很好的例子，我們專注於如何使 Dexcom 成為一些處方醫生的首選 CGM，以便他們優先選擇 Dexcom，因為我們的技術是最好的，我們希望人們能夠享受它帶來的優勢。

And so I think those are my two key areas of focus right now is access, driving innovation. And then the last one is really around the scale of the business. I think there's lots of things we do well. There's lots of things we need to continue to enhance and how we scale our business and how we provide efficiencies in the future so we can continue to invest in that innovation.

所以我認為我現在關注的兩個關鍵領域是訪問和推動創新。最後一個實際上是關於業務規模。我認為我們有很多事情做得很好。我們需要繼續改進很多事情，包括如何擴大業務規模以及如何在未來提高效率，以便我們可以繼續投資創新。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

This is Ravi in for Rich. Congrats on the new announcements. I just kind of want to press on the back half guide or the implied back half guide a little bit. Can you talk maybe about the dynamic between US and OUS here? I believe earlier in the year, we were talking about kind of US volume and revenue growth converging. How should we kind of still think about that in the back half, kind of given that reiterated Stelo guide and strength in terms of what appears to be a pretty robust growth, OUS?

這是 Ravi 代替 Rich 的。祝賀新公告發布。我只是想稍微按一下後半部分指南或隱含的後半部分指南。您能談談美國和 OUS 之間的動態嗎？我相信在今年早些時候，我們正在談論美國銷售和收入成長的趨同。鑑於重申的 Stelo 指南和實力，我們應該如何看待下半年的這一情況，OUS 的成長似乎相當強勁？

Sure. Yes. I mean, let's start -- it's a bit of two questions, right? It's the US question around what I would say is volume and revenue percentage growth and then just outside the US performance. I think we came into the year talking about the OUS business effectively growing faster than the US business. That's been our historical norm for the past. And we said this year, we would feel a little bit similar until we get to a 70-30 split.

當然。是的。我的意思是，讓我們開始吧——這是兩個問題，對吧？我認為美國的問題是關於銷售和收入百分比的成長，以及美國以外的表現。我認為，我們在今年開始談論 OUS 業務實際上比美國業務成長更快。這是我們過去的歷史常態。我們說過，今年我們的感覺會有點類似，直到我們達到 70-30 的比例。

Look, if the US business and Stelo can continue, great, we'd be happy to tell you that it's outperforming there. But I think that's the general thinking we came into the year, and it's still our general thinking for the rest of the year. As you then turn to the US business, we do expect the price volume delta, if you will, to come in a little bit over the course of the year.

瞧，如果美國業務和 Stelo 能夠繼續下去，那就太好了，我們很高興地告訴您，它在那裡表現出色。但我認為這是我們今年的整體想法，並且這仍然是我們今年剩餘時間的整體想法。當您轉向美國業務時，我們確實預計價格量增量將在一年內略有下降。

We're lapping the rebate conversation we had last year. And so every kind of sensor out the door is subject to a rebate. So as we certainly lap that, you would expect to see that come in over the course of this year. And as you saw in the first quarter and here to a little bit of an extent here in the second quarter, you're seeing those take place as well. And so that's our thinking for at least the back half of the year.

我們正在重複去年的回饋討論。因此，每種出售的感測器都可以享受折扣。因此，當我們確定實現這一目標時，您將期望在今年內看到這一目標的實現。正如您在第一季和第二季所看到的那樣，您也看到了這些情況的發生。這就是我們對至少今年下半年的想法。

Obviously, given the first half of the year's performance, I think it puts us in a good position. I think we're excited about where that's going to lead us into the back half of the year, but we also want to not get ahead of ourselves when it comes to our guidance. And that's the way we're thinking about the guidance for the balance of the year.

顯然，考慮到今年上半年的表現，我認為這使我們處於有利地位。我認為我們對這將引領我們走向下半年感到興奮，但我們也希望在指導方面不要超越自己。這就是我們今年餘下時間的指導想法。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

I want to follow up on a prepared remarks comment. You announced that you've rolled out a nationwide warranty program for your pharmacy customers. My question is, is this financially consequential? If so, how? Why now? And is this something that's different than your competitor or not as similar?

我想跟進一下準備好的評論。您宣布已為藥局客戶推出全國保固計畫。我的問題是，這會產生經濟後果嗎？如果是的話，怎麼辦？為什麼是現在？這與您的競爭對手有什麼不同或不太相似嗎？

Sure. Yes, we can answer that. In terms of financially, it's indifferent at this point. And so should effectively be net neutral from a cost perspective. In terms of its technology, it's leveraging technology and partners that are in place to help us do that. And so as that technology and those partners who are able to be put in place and that feature became available, it is something that one, is differentiated to us; and two, I think for those folks that don't mind waiting at home for us to ship them a sensor. If they have excess sensors from a shipment that took place earlier, great. It's not too dissimilar from a lot of us ordering things on Amazon.

當然。是的，我們可以回答這個問題。從財務角度來看，目前情況還無所謂。因此從成本角度來看應該是有效的網路中立。就技術而言，它利用現有的技術和合作夥伴來幫助我們做到這一點。因此，隨著這項技術以及那些能夠實施該技術的合作夥伴和該功能的推出，它對我們來說是與眾不同的；其次，我認為對於那些不介意在家中等待我們向他們發送感測器的人來說也是如此。如果他們之前發貨的貨物中有多餘的傳感器，那就太好了。這與我們許多人在亞馬遜上訂購東西並沒有什麼不同。

They come to the house in the next couple of days. And you wait for them, and it's just fine. For those that have -- that are on their last sensor or they're going on a trip and they need a replacement immediately where it's worth driving to the pharmacy to pick one up, it's an option. And when Jake talks about making things easier for our customers, that's exactly what the focus was.

他們在接下來的幾天裡來到這棟房子。你等他們，一切就好了。對於那些已經用完了最後一個感測器或正在旅行並且需要立即更換感測器的人來說，這是一個選擇，值得開車去藥局買一個。當傑克談到如何讓客戶的事情變得更容易時，這正是我們關注的重點。

And this technology became available and the capability was there. It's an opportunity for our customers to choose which way they want to get it. And I think that choice is value additive. And so we went forward with it and excited for customers to experience it.

這項技術已經面世，也具備了相應的能力。這對我們的客戶來說是一個選擇他們想要的獲取方式的機會。我認為這種選擇具有附加價值。因此我們繼續推進這項計劃，並期待客戶能夠體驗它。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

I apologize if you addressed this already, but I was hoping to just get the status of the recovery in the DME channel. I know you guys have been working and making strides over the last number of quarters since last year. But where do you stand today? How much more work is left? Or do you feel like that channel has been stabilized and the DME partnerships are back to where they started at the end of 2023?

如果您已經解決了這個問題，我很抱歉，但我希望在 DME 頻道中獲取恢復狀態。我知道自去年以來，你們在過去幾個季度一直在努力並取得了長足的進步。但你今天處於什麼位置？還剩下多少工作？或者您覺得該頻道已經穩定下來，並且 DME 合作夥伴關係已恢復到 2023 年底開始的狀態？

Yes. This is Kevin. I'll take that. We've spent a lot of time with our DME partners to learn things that we can do better. I think those relationships, particularly with the large DME partners, are much stronger than they were before. We're working hard to get them enough inventory to keep everybody stocked up and to be able to serve patients with what is typically a three-month supply.

是的。這是凱文。我會接受的。我們花了很多時間與 DME 合作夥伴一起學習可以做得更好的事情。我認為這些關係，特別是與大型 DME 合作夥伴的關係，比以前更加牢固。我們正在努力為他們提供足夠的庫存，以確保每個人都有庫存，並能夠為患者提供通常三個月的供應量。

We communicate regularly with them. We have a new commercial team right now, and they are spending a great deal of time on these relationships and understanding what goes on. These partners are going to be very important to us as we go through this competitive bidding process. This is not something we're going to go through alone. So we'll work with them continually. We'll have regular conversations, and we're comfortable that we can get to the right place.

我們定期與他們溝通。我們現在有一個新的商業團隊，他們花費大量時間來建立這些關係並了解正在發生的事情。在我們進行這項競爭性投標過程中，這些合作夥伴對我們來說非常重要。這不是我們要獨自經歷的事情。因此我們將繼續與他們合作。我們會定期進行對話，並且我們很高興能夠達成正確的結果。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

Congrats to Kevin and Jake on the transition. I just wanted to ask on 15 days as we're getting closer to the actual launch here and we are kind of sharpening our models on this. And historically, you all have talked about -- think about this on an annual revenue per patient. Now you are starting to have discussions with the payers since this is approved.

恭喜 Kevin 和 Jake 的轉變。我只是想在 15 天內問一下，因為我們已經越來越接近實際發布，並且我們正在完善我們的模型。從歷史上看，大家都討論過——想想每位患者的年收入。現在，由於該提案已獲批准，您已開始與付款人進行討論。

How are those discussions going? Should we continue to think about this as a kind of an annual revenue per patient? And as those discussions are evolving, do you -- how do you feel like the annual revenue per patient is going to shake out on the 10 neighbors, the 15-day now that we know that, just to kind of hone in on our models?

討論進度如何？我們是否應該繼續將其視為每位患者的年收入？隨著這些討論的深入，您覺得我們現在知道了 10 個鄰居、15 天的患者人均年收入將如何影響我們的模型？

Sure. Thanks, Brandon. I think the negotiations are really -- and they have been for some time. It's really about -- everything really evolves into how do you provide a month full of support, almost like a service model, actually not too dissimilar from the CMS proposal where things are thought about on a monthly rental basis.

當然。謝謝，布蘭登。我認為談判確實正在進行中——而且已經進行了一段時間了。這實際上是關於——一切都演變成如何提供整整一個月的支持，幾乎就像一種服務模式，實際上與 CMS 提案沒有太大區別，在 CMS 提案中，事情都是按月租金來考慮的。

And when we negotiate, that's exactly how we think about it is. What is the monthly reimbursement. And so by way of multiplying by that 12 in annual reimbursement, we would expect something -- the exact same approach to apply to the 15-day sensor. And that's how we're going about it. You'd expect that across really all business lines as well. So we've been doing that across our commercial business lines.

當我們談判時，我們就是這樣思考的。每個月的還款額是多少。因此，透過將年度報銷額乘以 12，我們期望得到相同的結果 — — 同樣的方法也適用於 15 天的感測器。這就是我們的做法。您可能也希望這實際上也適用於所有業務線。因此，我們一直在整個商業業務線中這樣做。

And of course, CMS has reimbursed that way for some time. So I wouldn't expect much of a change from that perspective.

當然，CMS 已經透過這種方式償還了一段時間了。所以從這個角度來看，我不會期待有太大的改變。

Bill Plovanic, Canaccord Genuity.

Canaccord Genuity 的 Bill Plovanic。

Great. Just wanted to switch over to the pregnancy, the type 1 pregnancy and the gestational. You did have a lot of data at ADA. This has been an area that's been an opportunity for a long time. I was wondering if you could give us some kind of granularity on where are you today in penetration of that market? Does the data that's been presented provide the information needed to kind of change physician behavior and guidelines? And kind of how do you see this playing out over the next year or two? And remind us again of the TAM of that market.

偉大的。只是想轉到懷孕、1 型懷孕和懷孕。您在 ADA 確實擁有大量數據。這是一個長期以來充滿機會的領域。我想知道您是否可以向我們詳細介紹一下您目前在該市場的滲透情況？所提供的數據是否提供了改變醫生行為和指導方針所需的資訊？您認為未來一兩年內這種情況會如何發展？再次提醒我們該市場的 TAM。

So yes, thanks, Bill. I think we're still early in the penetration there. It's basically 1 in 10 pregnancies in the United States is impacted by gestational diabetes. So it's quite a large population. And so as we think about the product, we actually made some updates to G7 very recently, just better serve this population. We added in a fasting glucose measurement as well as customizable target ranges because for pregnancy, the physicians often want a little bit tighter control during pregnancy.

是的，謝謝，比爾。我認為我們仍處於該領域滲透的早期階段。基本上，美國每 10 個懷孕中就有 1 個受到妊娠糖尿病的影響。所以人口相當龐大。因此，當我們考慮產品時，我們最近實際上對 G7 進行了一些更新，以便更好地服務這一群體。我們添加了空腹血糖測量以及可自訂的目標範圍，因為對於懷孕，醫生通常希望在懷孕期間進行更嚴格的控制。

So we implemented all of that into G7 to help drive more of the utility of CGM in this population. So our teams are starting to call in these offices. And I think there's multiple things we still have to do in terms of one, awareness of the technology, how do these physicians who are not necessarily accustomed to prescribing CGM, how do they ensure that they get the prescriptions filled in?

因此，我們將所有這些功能融入 G7 中，以幫助推動 CGM 在這一人群中的更多效用。因此我們的團隊開始拜訪這些辦公室。我認為我們還有很多事情要做，首先是技術意識，那些不一定習慣開 CGM 處方的醫生如何確保他們能開出處方？

And then also, really about the reimbursement, making sure we can navigate the payers for this. And so all those things are starting to come together, and it's a great opportunity to really improve birth outcomes. One of the papers at ADA that was presented was, as you mentioned, was around the benefits of mothers' gift from wearing CGM and the CGM group compared to the control group that was doing finger sticks that had spatial diabetes, significant decrease in unscheduled C-sections and admissions to the NICU in the population that was using CGM. So the outcomes are very clear. And so now it's our job to drive awareness.

然後，實際上關於報銷，確保我們可以引導付款人完成此事。因此，所有這些事情開始結合在一起，這是一個真正改善出生結果的好機會。正如您所提到的，ADA 上提交的其中一篇論文是關於母親佩戴 CGM 的益處，並且與患有空間性糖尿病的進行指尖採血的對照組相比，CGM 組在使用 CGM 的人群中，非計劃剖腹產和進入 NICU 的人數顯著減少。所以結果非常清楚。所以現在我們的工作就是提高人們的認識。

And ladies and gentlemen, that concludes our question-and-answer session. I would now like to turn the call back over to Mr. Kevin Sayer for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我想將電話轉回給凱文·塞耶先生，請他作最後發言。

Thank you, everybody, and thanks for the kind words today. I just want to remind you all that I'm not riding the retirement wave out of here right now. I got about five more months, and we need to drive this company, but I've learned a very valuable lesson over the years.

謝謝大家，也謝謝你們今天的善意言辭。我只是想提醒大家，我現在不會趁著退休的浪潮離開。我還有大約五個月的時間，我們需要推動這家公司的發展，但這些年來我已經學到了非常寶貴的教訓。

My main job is to position these guys for success as much as I possibly can. And that's what we'll be doing in the five months I'm still CEO, and I'm an Executive Chairman after that. So I totally look forward to being around this company for a while and learning and being involved.

我的主要工作是盡可能地幫助這些人獲得成功。這就是我們在我擔任執行長的五個月內要做的事情，之後我將擔任執行主席。所以我非常期待在這家公司待一段時間，學習並參與其中。

And I thank you all for your support and all the time that we've worked with you. You guys have a great day.

我感謝大家的支持以及我們一直以來的合作。祝大家有個愉快的一天。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。