德康醫療 (DXCM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the DexCom third quarter 2025 earnings release conference call. My name is Abby, and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded. I will now turn the call over to Sean Christensen, Vice President of Finance and Investor Relations. You may begin.

女士們、先生們，歡迎參加 DexCom 2025 年第三季財報發布電話會議。我叫艾比，我將擔任您今天通話的接線生。（操作說明）提醒各位，本次會議正在錄音。現在我將把電話交給財務和投資者關係副總裁肖恩·克里斯滕森。你可以開始了。

Thank you, operator, and welcome to DexCom's third quarter 2025 earnings call. Our agenda begins with Jake Leach, DexCom's President and Interim 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.

謝謝接線員，歡迎參加DexCom 2025年第三季財報電話會議。我們的議程首先由 DexCom 總裁兼臨時執行長 Jake Leach 概述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 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 third quarter 2025 performance on the DexCom Investor Relations website on the Events and Presentations page. With that, let's review our safe harbor statement.

在我們發言完畢後，我們將開放提問環節。屆時，我們要求分析師每人只提一個問題，以便我們能夠為今天所有參與者提供提問的機會。請注意，DexCom 投資者關係網站的「活動和簡報」頁面上也有與我們 2025 年第三季業績相關的幻燈片。接下來，讓我們回顧一下我們的安全港聲明。

Some of the statements we will make on today's call may constitute forward-looking statements. 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.

我們在今天的電話會議上所作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、營運計劃和績效的意圖、信念和期望。本次電話會議中包含的所有前瞻性陳述均基於 DexCom 目前可獲得的信息，截至本次會議之日，但存在各種風險和不確定性，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任何前瞻性聲明中明示或暗示的結果存在重大差異的因素，已在 DexCom 的 10-K 表格年度報告、最新的 10-Q 表格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。除法律另有規定外，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聲明或使這些前瞻性聲明與實際結果相符的義務。

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 third quarter earnings call for a reconciliation of these measures to their most directly comparable GAAP financial measure.

此外，在電話會議期間，我們將討論一些未依照公認會計準則編製的財務指標。除非另有說明，本次電話會議中提及的所有財務指標均以非公認會計準則 (non-GAAP) 為基礎列示。這些非GAAP資訊不應被孤立地看待，也不應被視為替代或優於按照GAAP編制的結果。請參考我們獲利報告中的表格以及第三季獲利電話會議的投影片，以了解這些指標與其最直接可比較的 GAAP 財務指標的調節情況。

Now I will turn it over to Jake.

現在我把麥克風交給傑克。

Thank you, Sean, and thank you, everyone, for joining us. Before we begin, I'd like to take a moment to recognize Kevin Sayer, who's not on the call today, and as many of you know, has taken a temporary medical leave. Kevin, I know you're listening today, and I look forward to catching up with you after the call. Now on to the quarter. Today, we reported third quarter organic revenue growth of 20% compared to the third quarter of 2024.

謝謝你，肖恩，也謝謝大家的參與。在開始之前，我想花一點時間向凱文·塞耶致意，他今天沒有參加電話會議，而且正如你們許多人所知，他已經暫時休了病假。凱文，我知道你今天在聽，我期待通話結束後和你好好聊聊。接下來進入季度部分。今天，我們公佈了第三季有機收入成長20%，與2024年第三季相比。

We continue to benefit from category growth, recent CGM access expansion and solid share performance in both our US and international businesses. In the US, we again saw more of our new customer starts coming from the entire type 2 population as we benefited from the growing type 2 coverage and expanded reach within primary care.

我們持續受惠於品類成長、近期 CGM 通路擴張以及美國和國際業務的穩健市場佔有率表現。在美國，我們再次看到更多的新客戶來自整個 2 型糖尿病人群，因為我們受益於 2 型糖尿病覆蓋範圍的擴大和初級保健覆蓋面的擴大。

As a reminder, we now have coverage established for anyone with diabetes with the national formularies of three of the largest commercial PBMs. This includes active coverage for nearly 6 million type 2 non-insulin lives, which represents about half of the type 2 NIT commercial population in the US. Of course, the journey is not done, and we will continue to work tirelessly until we have coverage for this entire population of more than 25 million Americans.

再次提醒大家，我們現在已經透過三大商業藥品福利管理機構 (PBM) 的國家藥品目錄，為所有糖尿病患者提供了保障。這其中包括為近 600 萬非胰島素依賴型 2 型糖尿病患者提供的有效保險，約占美國 2 型糖尿病非胰島素依賴型糖尿病商業人群的一半。當然，這條路還沒結束，我們將繼續不懈努力，直到為超過 2500 萬美國人提供醫療保障。

What continues to give us confidence is the growing body of CGM outcomes evidence for this population. This leads us to believe that this access expansion is a matter of when, not if. Given the significant level of CGM usage that already exists among this cohort, we have more real-world evidence available today than we have ever had in any of our prior advocacy campaigns.

不斷增加的 CGM 結果證據讓我們對該族群充滿信心。這讓我們相信，這種存取權限的擴大隻是時間問題，而不是會不會發生的問題。鑑於該群體中 CGM 的使用率已經相當高，我們今天所掌握的真實世界證據比我們以往任何一次宣傳活動都多。

We also already have seen positive updates to the latest standards of care for this group, which we expect to be further strengthened as randomized controlled trial data continues to emerge. This summer, we saw the first wave of noninsulin RCT outcomes presented at the annual ADA conference, and we are now working to build on that with our own well-designed RCT. We built our trial to be representative of the wide spectrum of people with type 2 diabetes and look forward to providing a readout early next year.

我們也已經看到針對該群體的最新護理標準有了積極的更新，我們預計隨著隨機對照試驗數據的不斷湧現，這些標準將進一步加強。今年夏天，我們在 ADA 年會上看到了第一批非胰島素 RCT 結果，現在我們正在努力在此基礎上進行我們自己精心設計的 RCT。我們設計的試驗旨在代表 2 型糖尿病患者的廣泛群體，並期待在明年初提供試驗結果。

Similar to our mobile and DIAMOND studies, we believe this data set can become the cornerstone of our ongoing type 2 evidence road map. This not only helps us advocate for the remaining type 2 lives in the US, but it also helps us as we push for greater type 2 coverage across the globe.

與我們的移動和 DIAMOND 研究類似，我們相信該資料集可以成為我們正在進行的 2 類證據路線圖的基石。這不僅有助於我們為美國剩餘的 2 型糖尿病患者爭取權益，也有助於我們推動在全球擴大 2 型糖尿病的醫療覆蓋範圍。

As our customer base becomes increasingly diversified with this broader coverage, we have also continued to iterate our product experience to make it more personalized for each of our users. One example that I'm particularly excited about is a new feature called DexCom Smart Basil. As we continue to learn more about the type 2 customers on basal insulin and their health care providers, we've observed several trends.

隨著我們業務覆蓋範圍的擴大，客戶群也日益多元化，因此我們也不斷迭代產品體驗，使其更加個人化，以滿足每位用戶的需求。我特別興奮的例子是名為 DexCom Smart Basil 的新功能。隨著我們對使用基礎胰島素的 2 型糖尿病患者及其醫療保健提供者的了解不斷深入，我們觀察到了一些趨勢。

First, there's apprehension to start basal insulin for those who truly need it. More than one in three patients avoid basal insulin altogether because of the fear of hypoglycemia. For those who are on basal insulin, about half of the customers who ultimately progress to meal-time insulin never reach an optimal dose of basal insulin. And for those that do, it typically takes several months to find the right dose.

首先，對於真正需要基礎胰島素的人來說，開始使用基礎胰島素有疑慮。超過三分之一的患者因為害怕低血糖而完全避免使用基礎胰島素。對於使用基礎胰島素的患者來說，大約有一半最終過渡到餐時胰島素的患者從未達到基礎胰島素的最佳劑量。而對於需要藥物治療的人來說，通常需要幾個月的時間才能找到合適的劑量。

We have an opportunity to make this experience so much better for our customers. DexCom Smart Basal Is a titration module built within the Dexcom app that is designed to make basal insulin titration and management simpler, faster and personalized for our customers. Our algorithm team designed this new software to learn from the daily glucose patterns customers and better identify the ideal timing and dose of their basal insulin.

我們有機會讓客戶的體驗變得更好。DexCom Smart Basal 是 Dexcom 應用程式內建的滴定模組，旨在讓我們的客戶更簡單、更快速、更個人化地進行基礎胰島素滴定和管理。我們的演算法團隊設計了這款新軟體，旨在學習客戶的每日血糖模式，並更好地確定其基礎胰島素的理想注射時間和劑量。

With Smart Basal, we also expect to improve adherence and greatly reduce the required workflow for the prescribing community. As titration has historically required ongoing manual inputs in frequent office visits. DexCom Smart Basal is currently under review with the FDA and for CE Mark. Once available, this feature will further advance our value proposition amongst the type 2 basal population and for the physicians that treat them. We also continue to enhance the value proposition of Stelo with ongoing software updates. Broader distribution and new metabolic health partners. I'm very proud of how far Stelo has come in such a short period of time.

借助 Smart Basal，我們也希望提高患者的依從性，並大幅減少處方人員所需的工作流程。由於滴定過程歷來需要頻繁的辦公室訪問，並需要持續的人工操作。DexCom Smart Basal目前正在接受FDA的審查，並申請CE認證。一旦該功能上線，將進一步提升我們在第 2 型基礎型糖尿病患者群體以及治療他們的醫生群體中的價值主張。我們也透過持續的軟體更新來不斷提升 Stelo 的價值主張。更廣泛的分銷管道和新的代謝健康合作夥伴。我為Stelo在如此短的時間內所取得的成就感到非常自豪。

In just the first 12 months in the market, Stelo has surpassed $100 million in revenue and has increased awareness of what CGM can do for everyone to improve metabolic health. We are continuously making the app more personalized and engaging. We simplified ordering and reordering and our growing base of partners has enabled broader health insights for our customers, and this is just the beginning.

Stelo 進入市場僅 12 個月，收入就超過了 1 億美元，並提高了人們對 CGM 能為每個人改善代謝健康所做貢獻的認識。我們不斷努力使應用程式更加個人化和更​​具吸引力。我們簡化了訂購和重新訂購流程，不斷成長的合作夥伴群體也為我們的客戶提供了更廣泛的健康洞察，而這只是個開始。

We'll continue to make this feel like more of a consumer experience over time. We've also been getting a lot of inbound interest recently in bringing Stelo to the international market and look forward to these extensions in relatively short order. In addition, everyone at DexCom is very excited for the broader launch of our G7 15-day system.

我們將繼續努力，使其更具消費者體驗。最近我們也收到了很多關於將 Stelo 推向國際市場的諮詢，期待這些拓展能在相對較短的時間內實現。此外，DexCom 的每個人都對我們的 G7 15 天系統的全面推出感到非常興奮。

Over the past few months, our team has done an incredible job securing reimbursement for this product at the same net price to DexCom and low out-of-pocket costs for our customers. In fact, we now have contracts finalized with Medicare, every major commercial payer and our commercial DME partners. By finalizing these contracts, we've cleared a key step to enable our broad-based launch.

在過去的幾個月裡，我們的團隊出色地完成了工作，確保產品能夠以與 DexCom 相同的淨價獲得報銷，同時為我們的客戶提供較低的自付費用。事實上，我們現在已經與聯邦醫療保險、所有主要商業支付方以及我們的商業耐用醫療設備合作夥伴簽訂了最終合約。透過最終敲定這些合同，我們邁出了實現全面推廣的關鍵一步。

As we previously mentioned, we're currently in our initial launch with our warrior community as we gather feedback for our broader launch. We are looking forward to our broader rollout in the coming weeks. As we expand this launch, we are also continuing to innovate on the entire customer service experience.

正如我們之前提到的，我們目前正在面向我們的戰士社群進行初步推廣，以收集回饋意見，為更廣泛的推廣做準備。我們期待在未來幾週內進行更廣泛的推廣。隨著此次推廣活動的擴大，我們也不斷創新，力求提升整體客戶服務體驗。

We recently introduced a completely new digital experience called myDexcom account, which is rolling out country by country as we speak. My Dexcom account is a new online account portal it streamlines and simplifies the Dexcom digital experience built on direct customer feedback, this new platform will allow instant connectivity for online support, real-time visibility into orders or open tickets and active tracking for sensors.

我們最近推出了名為 myDexcom 帳戶的全新數位化體驗，目前正在各國陸續推出。我的 Dexcom 帳戶是一個全新的線上帳戶門戶，它簡化了 Dexcom 數位體驗，並基於直接的客戶回饋而建立。這個新平台將實現線上支援的即時連接、訂單或未結工單的即時可見性以及感測器的主動追蹤。

It will also greatly simplify service requests for our customers as the site can auto fill necessary user information, including the serial number of a sensor that may require service. Between updates like this, our new pharmacy replacement model, ongoing software investment and our continued focus on product performance, we are demonstrating our commitment to advancing the customer experience. And this is just as true today despite some of the media that has been circulating on this topic.

該網站還可以自動填寫必要的用戶信息，包括可能需要維修的傳感器的序號，從而大大簡化客戶的服務請求。透過此類更新、我們新的藥房替代模式、持續的軟體投資以及我們對產品性能的持續關注，我們正在展現我們致力於提升客戶體驗的決心。儘管一些媒體對此主題進行了報道，但時至今日，這一事實依然成立。

So let me make one thing clear. The customer is and will always be the North Star for this company. This is what drives us every single day, and it's what's also driven me here at DexCom for over 20 years. That will not change. I recognize the investment community is attempting to interpret data on this topic.

所以，讓我把話說清楚一點。客戶過去是、現在是、將來也永遠是本公司的指路明燈。這就是我們每天努力的動力，也是我在 DexCom 工作 20 多年來的動力。這一點不會改變。我意識到投資界正在嘗試解讀有關這一主題的數據。

As we recently shared, our complaint rates for G7 have been largely stable over the past couple of years, and this continues to be the case across important categories, including sensor performance. But I also want to speak to our loyal customers and prescribing community today.

正如我們最近分享的那樣，在過去幾年裡，G7 的投訴率基本上保持穩定，在包括感測器性能在內的重要類別中，情況依然如此。但我今天也想和我們的忠實客戶以及處方醫生群談談。

If any of you have an experience with DexCom that does not meet your expectations, we understand, and that is not good enough for us. We're always listening and we're always making improvements as a result. For G7, this has included improvements in Bluetooth connectivity, improvements to the adhesive and most recently, addressing deployment challenges that we identified earlier this year.

如果您在使用 DexCom 的過程中有任何不滿意的地方，我們表示理解，但這對我們來說遠遠不夠。我們一直在傾聽，並據此不斷改進。對於 G7 而言，這包括改進藍牙連接、改進黏合劑，以及最近解決我們今年早些時候發現的部署挑戰。

Through this ongoing work, our product continues to get better. Status quo has not and will never be our guiding light. I'm confident to say that the quality of the sensors coming off our lines today is exceptional and meets our high standards and the expectations of our customers.

透過持續不斷的努力，我們的產品不斷改進。維持現狀過去不是，將來也不會是我們的指路明燈。我可以自信地說，我們目前生產線上生產的感測器品質卓越，符合我們的高標準和客戶的期望。

To close, I just want to note that I'm honored and excited to be serving as DexCom's next CEO. During the fall conference circuit, I had the opportunity to lay out my initial vision as the next CEO and share my conviction in this business over the long term. I look forward to sharing even more over the coming months. Our future remains very bright. Our team is incredibly strong and the opportunity ahead of us to transform metabolic health is unlike that at any company I can think of.

最後，我想說，我很榮幸也很興奮能夠擔任 DexCom 的下一任執行長。在秋季的巡迴會議期間，我有機會闡述了我作為下一任執行長的初步願景，並分享了我對這家企業長期發展的信念。我期待在接下來的幾個月與大家分享更多內容。我們的未來依然一片光明。我們的團隊實力非常強大，我們面前有機會改變代謝健康領域，這種機會在我所能想到的任何公司都是獨一無二的。

With that, I'll turn it over to Jereme for a financial update.

接下來，我會把時間交給傑瑞米，讓他回報一下財務狀況。

Thank you, Jake. As a reminder, unless otherwise noted, the financial metrics 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，傑克。再次提醒，除非另有說明，今天提出的財務指標將以非GAAP準則進行討論。有關 GAAP 的調整表可在今天的盈利報告中以及我們投資者關係網站上的幻燈片中找到。

For the third quarter of 2025, we reported worldwide revenue of $1.21 billion compared to $994 million for the third quarter of 2024. And representing growth of 22% on a reported basis and 20% 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. US revenue totaled $852 million for the third quarter compared to $702 million in the third quarter of 2024, representing an increase of 21%.

2025 年第三季度，我們的全球營收為 12.1 億美元，而 2024 年第三季為 9.94 億美元。以報告數據計算成長 22%，以有機成長計算成長 20%。再次提醒，我們對有機收入的定義不包括外匯影響，也不包括過去 12 個月內獲得或剝離的非 CGM 收入。第三季美國營收總計 8.52 億美元，而 2024 年第三季為 7.02 億美元，成長了 21%。

As Jake mentioned, we continue to see all areas of type 2 diabetes become a bigger contributor to our US new starts given our broader presence within primary care, significant new coverage within the non-insulin market and the continued growth of the basal market. We'll work to further build on this momentum, particularly as we push for even broader coverage for this group.

正如傑克所提到的那樣，鑑於我們在初級保健領域的廣泛影響力、非胰島素市場的重要新覆蓋範圍以及基礎胰島素市場的持續增長，我們看到 2 型糖尿病的各個方面都在不斷增加，成為我們在美國新開戶的更大貢獻者。我們將繼續努力，進一步鞏固這一勢頭，尤其是在我們爭取為該群體提供更廣泛覆蓋範圍的情況下。

International revenue grew 22%, totaling $357.4 million in the third quarter. International organic revenue growth was 18% for the third quarter. This marked our third straight quarter of accelerating growth internationally with particular strength coming from regions where we have expanded access in recent quarters. For example, France continues to stand out as one of our fastest-growing markets year-to-date. In fact, our growth in France has accelerated during every quarter of 2025 as we have built off the significant new coverage that we finalized late last year.

第三季國際營收成長22%，總計達3.574億美元。第三季國際有機收入成長18%。這標誌著我們連續第三個季度在國際市場加速成長，尤其是在我們最近幾季擴大了市場覆蓋範圍的地區，成長勢頭尤為強勁。例如，法國仍然是我們今年迄今為止成長最快的市場之一。事實上，隨著我們去年年底完成的重大新業務覆蓋範圍的擴大，我們在 2025 年的每個季度，我們在法國的成長都在加速。

Canada also performed very well during Q3 as we saw a nice uptick in demand, follow quickly behind our new coverage in Ontario. As a reminder, in both of these markets, we now have coverage secured through basal insulin use, and we expect more markets to move this way over time. These are great examples of the type of growth we can deliver as this type 2 coverage emerges.

第三季度，加拿大市場也表現非常出色，我們看到需求出現了不錯的成長，緊隨我們在安大略省的新業務覆蓋之後。再次提醒大家，在這兩個市場，我們現在已經透過基礎胰島素的使用獲得了保障，我們預計隨著時間的推移，會有更多市場朝著這個方向發展。這些例子很好地說明了隨著第二類保險的出現，我們可以實現的成長類型。

Our third quarter gross profit was $741.3 million or 61.3% of revenue compared to 63.0% of revenue in the third quarter of 2024. During the third quarter, we made continued progress in stabilizing our global sensor supply as we were able to fully restock our level of educational samples in the field and further rebuild our finished goods inventory levels internally. Given this progress, we were able to taper back our investment in expedited shipping by the end of Q3 and -- in fact, we recently began shipping via ocean freight once again, beginning the transition back to more cost-efficient methods of transportation as we close 2025. While these supply dynamics have progressed in line with our plan, our third quarter gross margin was impacted by scrap rates at our manufacturing facilities that were higher than expected, albeit an improvement from the second quarter.

我們第三季的毛利為 7.413 億美元，佔營收的 61.3%，而 2024 年第三季的營收佔比為 63.0%。第三季度，我們在穩定全球感測器供應方面取得了持續進展，我們能夠全面補充現場教育樣品，並進一步重建內部成品庫存水準。鑑於這一進展，我們能夠在第三季末逐步減少對加急運輸的投資，而且——事實上，我們最近又開始透過海運發貨，在 2025 年結束之際，開始過渡回更具成本效益的運輸方式。雖然這些供應動態已按我們的計劃進展，但由於製造工廠的廢品率高於預期，我們第三季的毛利率受到影響，儘管比第二季度有所改善。

As Jake mentioned, earlier this year, our team identified certain third-party components that were contributing to an uptick in deployment issues for our sensors. While we have since addressed that issue directly, we have chosen to provide extra scrutiny to supplied products to ensure the highest quality product gets into the field, even if this results in higher cost in the near term. We expect these scrap rates to continue to improve in the coming months.

正如傑克所提到的，今年早些時候，我們的團隊發現某些第三方組件導致我們的感測器部署問題增加。雖然我們已經直接解決了這個問題，但我們選擇對供應的產品進行額外的審查，以確保最高品質的產品投入使用，即使這會導致短期內成本更高。我們預計未來幾個月廢品率將持續改善。

Operating expenses were $468.4 million for Q3 of 2025 compared to $413.9 million in Q3 of 2024. Despite some of the challenges on gross margin, the company has been incredibly focused on managing operating expenses even as we increase our investment in R&D spend. Operating income was $272.9 million or 22.6% of revenue in the third quarter of 2025 compared to $212.0 million or 21.3% of revenue in the same quarter of 2024.

2025 年第三季的營運費用為 4.684 億美元，而 2024 年第三季的營運費用為 4.139 億美元。儘管毛利率面臨一些挑戰，但公司一直非常注重控制營運費用，同時不斷增加研發投入。2025 年第三季營業收入為 2.729 億美元，佔營收的 22.6%，而 2024 年同期營業收入為 2.12 億美元，佔營收的 21.3%。

Adjusted EBITDA was $368.4 million or 30.5% of revenue for the third quarter compared to $300.1 million or 30.2% of revenue for the third quarter of 2024. Net income for the third quarter was $242.5 million or $0.61 per share. This was the highest quarterly earnings per share in the history of our company. We remain in great financial position, closing the quarter with greater than $3.3 billion of cash and cash equivalents.

第三季調整後 EBITDA 為 3.684 億美元，佔營收的 30.5%，而 2024 年第三季調整後 EBITDA 為 3.001 億美元，佔營收的 30.2%。第三季淨利為 2.425 億美元，即每股 0.61 美元。這是我們公司歷史上最高的季度每股收益。我們財務狀況依然良好，本季末現金及現金等價物超過33億美元。

We had a very strong free cash flow quarter, which helped us increase our cash and cash equivalents balance by nearly $400 million, even as we repurchased shares over the course of the quarter. This cash level provides us with significant flexibility. And given where our shares are currently priced, we plan to settle our upcoming $1.2 billion of convertible notes in cash. In addition, we plan to remain in the market this quarter, repurchasing additional shares. Even after settlement of this convert, we'll have plenty of cash on hand to assess ongoing capital allocation opportunities, including additional repurchases.

本季我們的自由現金流非常強勁，即使我們在本季回購了股票，也幫助我們將現金及現金等價物餘額增加了近 4 億美元。目前的現金儲備為我們提供了極大的靈活性。鑑於我們股票目前的定價，我們計劃以現金結算即將到期的 12 億美元可轉換債券。此外，我們計劃本季繼續留在市場，回購更多股票。即使在完成此轉換交易後，我們仍將擁有充足的現金來評估持續的資本配置機會，包括額外的回購。

Turning to guidance. We are raising our revenue guidance to a range of $4.630 billion to $4.650 billion, representing growth of approximately 15% for the year. For margins, we are lowering our 2025 non-GAAP gross profit margin guidance to approximately 61% to reflect the additional scrap dynamics we discussed earlier. For both non-GAAP operating margin and adjusted EBITDA margin, we are now guiding to a range of 20% to 21% and 29% to 30%, respectively, as we expect to offset some of the gross margin pressure through continued OpEx leverage.

尋求指導。我們將營收預期上調至 46.3 億美元至 46.5 億美元，較上年成長約 15%。對於利潤率，我們將 2025 年非 GAAP 毛利率預期下調至約 61%，以反映我們之前討論過的額外廢料動態。鑑於我們預期透過持續的營運支出槓桿作用來抵銷部分毛利率壓力，我們現在預期非GAAP營業利潤率和調整後EBITDA利潤率分別在20%至21%和29%至30%之間。

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

接下來，我們可以開始問答環節了。肖恩？

Thank you, Jereme. 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，傑瑞米。再次提醒，我們要求觀眾每次只提一個問題，如有必要，請重新排隊。操作員，請提供問答說明。

(Operator Instructions) Travis Steed, Bank of America.

（操作說明）特拉維斯·斯蒂德，美國銀行。

First, I want to send well wishes to Kevin, I hope things are going well. We look forward to having you back. But the question is there's been a lot of attention on Street 26 estimates and what your growth might look at -- look like in '26? And just curious if there's any color you could share with us today as we start to think about our 2026 growth and the modeling at a high level.

首先，我想向凱文表達我的美好祝愿，希望他一切順利。我們期待您的再次光臨。但問題是，人們非常關注華爾街對 2026 年的預測，以及你的成長在 2026 年可能會是什麼樣子？我很好奇，在我們開始思考 2026 年的成長和高層次的建模時，您今天能否和我們分享一些想法。

Yes. Thanks, Travis. While we're not going to provide specific guidance for '26, I'm happy to give you a little color on how we think about framing up our guide for '26. So -- the way we look at it is we're building it up for the year, when you start the year, there's a lot of different variables that can play out throughout the course of operating throughout the year, a lot of puts and takes.

是的。謝謝你，崔維斯。雖然我們不會為 2026 年提供具體指導，但我很樂意向您簡要介紹我們是如何考慮制定 2026 年指南的。所以——我們看待這個問題的方式是，我們正在為一年的發展做準備，在年初的時候，有很多不同的變數會在一年的營運過程中發揮作用，有很多投入和回報。

And so we -- obviously, that's why we often frame it based on a range. And so when I think about the current coverage landscape that exists today globally, so those that today have coverage and access to it certainly unlocks and affords a nice runway of growth for the next couple of years. I'm certainly in that double-digit range. But I think as we look at our range, the top end of our range is probably slightly below where -- the Street is today for our base case. Certainly, there are opportunities for us to outperform should they happen, things like expanded access and our ability to take share based on our innovation pipeline. But from a base case perspective, we really think that top end of that range probably comes in just under where the Street is.

所以——很顯然，這就是為什麼我們經常根據一個範圍來建造它。因此，當我思考當今全球的醫療覆蓋格局時，那些今天擁有醫療覆蓋和獲取醫療服務的人無疑會在未來幾年獲得良好的成長前景。我肯定屬於兩位數範圍。但我認為，當我們審視我們的價格區間時，我們價格區間的上限可能略低於——華爾街目前對我們基本預期的預期。當然，如果這些情況發生，我們將有機會超越對手，例如擴大市場准入，以及憑藉我們的創新產品線搶佔市場份額。但從基本情況來看，我們認為該區間的上限可能略低於華爾街的預期。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

This is Simran on for Larry. So I just wanted to maybe start off with the commentary around G7 and G7 performance and the noise during the quarter. It sounds like those issues have been resolved from an engineering standpoint or a manufacturing standpoint. So can you just please confirm that? And then has the noise been disruptive to new starts or prescribing patterns in Q3 at all? And do you expect it to be disruptive in Q4 or 2026?

這裡是西姆蘭替拉里報道。所以我想先談談 G7 和 G7 的效能，以及本季出現的各種問題。聽起來這些問題從工程角度或製造角度來看都已經解決了。所以您能確認一下嗎？那麼，噪音是否對第三季的新開戶或處方模式造成了乾擾呢？你預計它會在第四季還是2026年產生顛覆性影響？

Yes. Thanks, Simran, for the question. So -- as I mentioned, we feel really good about the quality of the sensors that we're producing, both from accuracy, reliability and also addressing those deployment challenges that we ran into at the beginning of the year. Our teams learned a tremendous amount about those and been able to really solve them in the factory. So we're feeling great about the product.

是的。謝謝Simran的提問。正如我之前提到的，我們對我們生產的感測器的品質感到非常滿意，無論是在準確性、可靠性方面，還是在解決年初遇到的部署挑戰方面。我們的團隊對這些問題有了非常深入的了解，並且能夠在工廠中真正解決這些問題。我們對這款產品非常滿意。

I've actually been out in the field recently talking to customers spending quite a bit of time with both prescribers and those using our products and really listening and making sure that we're addressing all their concerns and understanding what they're experiencing. And I am hearing from all of them that things have improved since those deployment challenges we experienced in the front half of the year. So we feel really good about where we're headed.

我最近一直在實地走訪客戶，花了很多時間與處方醫生和使用我們產品的人交流，認真傾聽，確保我們解決他們所有的疑慮，了解他們的體驗。我從他們那裡了解到，自從我們在今年上半年遇到部署挑戰以來，情況已經有所改善。所以我們對未來的發展方向感到非常樂觀。

Yes. And then to your question on potential impact on patients in the field, around the fringes, we have heard questions out there -- and so those are things we're out addressing, as Jacob mentioned, getting out into the field and making sure folks understand what happened. And the reality is we see that the complaint rates, while they're consistent with where they've been in the past, we know those types of complaints are the frustrating ones.

是的。至於你提出的關於對第一線患者的潛在影響的問題，我們已經聽到了一些疑問——正如雅各布提到的，我們正在努力解決這些問題，深入一線，確保人們了解發生了什麼。而現實情況是，我們看到投訴率雖然與過去的情況一致，但我們知道這些類型的投訴是最令人沮喪的。

So there's likely been a bit of an impact on new starts here over the course of the third quarter. The good news is we're still hundreds of thousands of new customer starts in the US and certainly strong outside the US as well. So while the quarter was impacted by slightly below a record still really strong performance over the course of this quarter and really proud of that.

因此，第三季新開工的數量可能受到了一定影響。好消息是，我們在美國仍然有數十萬名新客戶，而且在美國以外的地區也發展強勁。所以，儘管本季業績略低於歷史最高水平，但本季整體表現依然非常強勁，我為此感到非常自豪。

I'm really excited about what happens now as we've addressed any of these concerns out there. We're really excited to see how this impact along with our sales force, along with some of the educational samples that are available along with supply being in a good position. It will impact us here in the fourth quarter and beyond.

我已經解決了所有這些擔憂，我對接下來的發展感到非常興奮。我們非常興奮地看到這將如何影響我們的銷售團隊，以及一些可用的教育樣品和良好的供應狀況。這將對我們第四季及以後的發展產生影響。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Great. I wanted to ask -- as you look at the new patients, where are you seeing the most growth? Is it kind of slowing down in type 1 and type 2 intensive and getting most from basal and non-intensive, and do you need to do anything differently out in the market and whether it's advertising or the field force to keep driving uptake of these increasingly new and important patient groups?

偉大的。我想問一下—當您觀察新患者時，您認為成長最快的是哪些方面？1 型和第 2 型糖尿病強化治療的普及速度是否有所放緩，而基礎治療和非強化治療的效果是否更顯著？在市場上，是否需要採取不同的措施，例如廣告宣傳或銷售團隊建設，以繼續推動這些日益重要的新興患者群體的接受度？

Sure, Robbie. This is Jereme. If I can answer that. I think where we see the growth, we still see strong performance really across all the type 2 markets. That includes intensive as well.

當然可以，羅比。這是傑里米。如果我能回答這個問題的話。我認為，我們看到成長的地方，在所有第二類市場，我們仍然看到強勁的表現。這也包括強化訓練。

So we've seen a lot of new patients coming in type 2 intensive basal and certainly in non-insulin as coverage is out there. We still see a decent amount of type 1 patients. But of course, as you know, type 1 is most penetrated and smallest population.

所以我們看到很多新患者接受了第 2 型糖尿病強化基礎治療，當然也包括非胰島素治療，因為現在有醫療保險覆蓋。我們仍會接診相當數量的第 1 型糖尿病患者。當然，如您所知，1 型糖尿病的盛行率最高，但患者人數最少。

So naturally, as we get bigger and more coverage, you're going to see that. And to your question then, how do we go to market and where do we go? You're 100% right. I mean our teams are constantly looking at where we call, who we call on which channels we market in and where folks go. And so we do think about it a little bit differently.

所以很自然地，隨著我們規模擴大、覆蓋範圍更廣，你們就會看到這種情況。那麼，對於你的問題，我們要如何進入市場，以及我們要去哪裡？你說的完全正確。我的意思是，我們的團隊一直在關注我們透過哪些管道進行行銷，以及我們聯繫哪些人，以及人們會去哪裡。所以我們對此的看法略有不同。

I often compare it to shaking a tree, right? Sometimes you shake a tree, you got to move to the next tree to shake it. And so we are doing those kinds of things as we look at where the opportunities are. So we'll take in something I know the internal team has been looking at and we'll continue to look at is making sure that we continue to drive the growth and find the patients. I mean when you look at how much coverage is out there, there are many more people with covers than there are people that are already using CGM. So there's a lot of opportunity out there to go get.

我經常把它比作搖晃一棵樹，對吧？有時候你搖了一棵樹，就得走到下一棵樹去搖它。因此，我們在尋找機會的同時，也會做這類事情。因此，我們將採納內部團隊一直在關注並將繼續關注的一點，那就是確保我們繼續推動成長並找到患者。我的意思是，看看市面上的保險覆蓋範圍，就會發現擁有保險的人數遠遠多於實際使用 CGM 的人數。所以，外面有很多機會等著你去把握。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Jake, I just wanted to follow up on Travis' question, and thanks for the color you gave in the framing. I guess I just want to clarify one point and that is -- so it sounds like that is assuming no expanded coverage. I mean, how -- what are your latest thoughts on potential for expanded coverage in 2026? And I guess the bigger question is, will you guide according to your thoughts on expanded coverage? Or will you only reflect guidance based on coverage today? And I'll leave it at that.

傑克，我只是想就崔維斯的問題做個後續說明，感謝你為構圖增添的色彩。我想澄清一點，那就是——聽起來好像是在假設沒有擴大覆蓋範圍。我的意思是，您對 2026 年擴大覆蓋範圍的可能性有什麼最新看法？我想更重要的問題是，您會根據您對擴大覆蓋範圍的想法來指導嗎？還是您只會根據目前的報道情況提供指導？我就說到這裡吧。

Yes. Thanks, Danielle. Yes, to be clear, when we think about a base case for next year's guide, it includes the coverage that we have today, what the landscape looks like, both across insulin use and no insulin use and then as we look globally. So that's really how we're going to think about our base case guide for the year.

是的。謝謝你，丹妮爾。是的，需要明確的是，當我們考慮明年指南的基本情況時，它包括我們今天的覆蓋範圍，以及胰島素使用和不使用的情況，然後是我們從全球角度來看的情況。所以，這就是我們今年的基本預期目標。

Yes. And as we move through the course of the year, we'll make sure we point out the wins that are significant, right? There's always little wins here and there, but the wins that are significant. And you know there's some potential big wins out there, both across noninsulin basal and even really even as you get into some more emerging markets. So there's a lot of opportunities for wind, but again, our base case won't include those.

是的。隨著一年的進行，我們會確保指出那些意義重大的勝利，對吧？總是會有一些小小的勝利，但更重要的是那些意義重大的勝利。你知道，無論是在非胰島素基礎治療領域，還是在一些新興市場，都存在著一些潛在的巨大成功機會。所以風能有很多發展機遇，但是，我們的基本方案不會包括這些機會。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

I guess I'll say on this thread for a minute. You've gotten the 6 million commercial lives covered. I think based on mobile and prior analogies, we might expect it will be natural to see you have that readout submit it and get NIT 2 coverage by the end of next year around that time frame. But there's been some chatter that maybe that comes earlier, I don't know exactly where that's coming from. Could you talk about the potential to get broader NITI coverage earlier in 2016? And what would be the mechanism to do that?

我想在這個帖子裡說幾句。你們已經為600萬商業用戶提供了保障。我認為根據行動裝置和之前的類比，我們可以預期，到明年年底左右，你提交的讀數將會得到 NIT 2 的報道，這將是很自然的事情。但有傳言說，這種情況可能會提前發生，我不知道這種說法是從哪裡來的。您能否談談在 2016 年初就擴大 NITI 覆蓋範圍的可能性？那麼，實現這目標的具體機制是什麼呢？

Yes. Thanks, Matt. So I think as I mentioned before, this is really our expectation is it's not if, it's just when this coverage is going to come. The benefits for users are so clear in this population of noninsulin users as we continue to see further expansion, whether you look at it from a the cost savings perspective to a payer in the first year? Or you really look at those outcome results that patients get.

是的。謝謝你，馬特。所以我覺得正如我之前提到的，我們真正期待的是，這不是會不會發生的問題，而是何時會發生的問題。對於非胰島素使用者群體而言，其益處顯而易見，而且隨著使用者群體的不斷擴大，無論是從第一年支付方的成本節約角度來看，都是如此。或者，你可以真正關注患者獲得的治療結果。

One of the things I think about is the study that we did in primary care in a very focused area in Ohio, where when we started that trial, the patients, there's over 170 patients in that study. Only one of them was meeting the ADA's recommended guidelines around A1c.

我一直在思考的一件事是，我們在俄亥俄州一個非常集中的地區進行的初級保健研究，當我們開始這項試驗時，該研究有超過 170 名患者。其中只有一家符合 ADA 關於 A1c 的建議指南。

And then within the 12-month period, more than half of that group was hitting the recommended target. And that was all based on CGM use, and this is, again, not a non-insulin population. So just that type of powerful outcome is clearly some of the things that's powering this expanded coverage over time. So timing is hard to predict, but we're going to be ready for it when that coverage comes.

然後在接下來的 12 個月裡，該群體中有一半以上的人達到了建議目標。而這一切都是基於 CGM 的使用情況，而且，這又不是非胰島素族群。因此，正是這種強而有力的結果，顯然是推動報道範圍不斷擴大的因素之一。所以具體時間很難預測，但當媒體報導到來時，我們會做好準備。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

And Kevin, I hope you feel well soon. My question has to do with the 15-day sensor. It sounds like it's a limited launch right now with the Warriors and then it will expand. What does it take to expand into a broader group? And how do we think about the revenue contribution as well as the operating margin or gross margin potential?

凱文，希望你早日康復。我的問題與15天感測器有關。聽起來目前只是在勇士隊進行小範圍推廣，之後才會擴大範圍。如何才能發展成為一個更大的團體？那麼，我們該如何看待收入貢獻以及營業利益率或毛利率潛力呢？

Yes. Thanks for that question. We are incredibly excited about this product launch. And it is in the warrior community today. We've got a number of folks on the sensors.

是的。謝謝你的提問。我們對此產品發布感到無比興奮。如今，這種現像也存在於戰士群體中。我們有不少人負責感測器。

And we're getting great feedback both about the performance of the sensors as well as the new extended duration of the accuracy of the product. And so we plan to be shipping into -- with our channel partners here in the next couple of weeks to really begin out that broader launch.

我們收到了很多關於感測器性能以及產品精度持續時間延長的正面回饋。因此，我們計劃在接下來的幾週內與我們的通路合作夥伴一起發貨，真正開始更廣泛的發布。

And a lot of like getting ready for that was around making sure we got the coverage, as I mentioned, making sure we're working with our insulin partners on the integrations and really just doing all the training and everything necessary to make this a very successful introduction of our next innovation.

而為此所做的準備工作很多，正如我所提到的，就是確保我們獲得覆蓋範圍，確保我們與胰島素合作夥伴進行整合，以及真正做好所有必要的培訓和一切工作，以確保我們下一項創新能夠非常成功地推出。

Yes. And to your question on the margin impact, given the timing of the rollout, we've never really expected it to be a big contributor this year. It will have a pretty nominal contribution from a gross margin perspective. and from a revenue perspective. We do expect next year, it becomes an opportunity to go after additional patients for those folks that certainly are looking for longer wear time.

是的。至於你提出的利潤率影響問題，考慮到推出的時間，我們從未真正期望它今年能對利潤率做出重大貢獻。從毛利率和收入角度來看，它的貢獻都微乎其微。我們預計明年將有機會吸引更多患者，尤其是那些希望佩戴時間更長的患者。

I think it's a great opportunity there. And clearly, from a margin perspective, all of the things we've historically said around the 15-day product, that still all rings true. So I think as that rolls out, we'll be pushing it out into the field and we'll give you updates over the course of 2026 based on how that rollout is taking place. But we sit here in a great position to launch it because our coverage is going to be robust when we launch it.

我認為那是一個絕佳的機會。顯然，從利潤率的角度來看，我們過去對 15 天產品所說的一切，現在仍然適用。所以我認為，隨著這項技術的推出，我們將把它推廣到各個領域，並根據推廣情況在 2026 年期間向您提供最新進展。但我們目前處於非常有利的位置來推出這項服務，因為屆時我們的報道範圍將非常廣泛。

Obviously, we're going to have partners that are going to be ready to catch it and handle it and integrate it. And so having both of those ready, I think, is going to provide for a really exciting 2026.

顯然，我們會有合作夥伴做好準備，及時發現、處理並整合問題。因此，我認為這兩項準備就緒將為 2026 年帶來一個非常令人興奮的年份。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I appreciate the feedback and updates regarding the performance of G7 and what you're seeing in your own data. Can you maybe go into a little bit more detail about some of the actions you're going to undertake to ensure that that message is clear within the broader community?

我感謝您提供的關於 G7 性能的反饋和更新，以及您在自己的數據中看到的情況。您能否更詳細地介紹您將採取哪些行動，以確保這一訊息在更廣泛的社區中得到清晰傳達？

And one of the just highlights that comes to mind here is the extent to which there is such a consumer element to this category versus some of the other segments that all of us follow. You have a much broader swath of stakeholders to target. So maybe just touch on what the plan is to make sure that the message is consistent across all relevant stakeholders and maybe what investments you're making to enable that.

這裡最值得一提的一點是，與我們關注的其他一些細分市場相比，這個類別具有如此強大的消費者因素。你的目標利害關係人範圍要廣泛得多。所以，或許可以簡單談談如何確保所有相關利害關係人的資訊保持一致，以及為了實現這一目標，你們正在進行哪些投資。

Yes. Thanks for the question, David. So we are out in the field. That's one of our primary communication points with customers, both the prescribers and our users. So we're out there making sure they understand all the things we've done to address this issue.

是的。謝謝你的提問，大衛。所以我們現在在野外作業。這是我們與客戶（包括處方醫生和使用者）溝通的主要管道之一。所以我們正在努力讓他們了解我們為解決這個問題所做的一切。

One of the things I'd like to introduce is the fact that we mentioned that our complaint rates have been generally stable over time, and that is true. One of the things we have seen though is, at the beginning of the year, we saw those complaints around out-of-box failures increase. And what was really good to see is that the -- those increases in rates there were offset by decreases in accuracy, complaints, Bluetooth complaints, a lot of things over time that we've been working on. So as we fixed the issue with the deployment, we really do anticipate seeing those complaint rates come down overall, which has really been our goal for a while.

我想介紹的一點是，我們提到我們的投訴率一直保持穩定，這是事實。不過，我們看到的一件事是，在年初，有關產品開箱即用故障的投訴有所增加。真正令人欣慰的是，這些費率的成長被準確性的下降、投訴的減少、藍牙投訴的減少以及我們一直在努力解決的許多問題所抵消。隨著部署問題的解決，我們確實預期投訴率會整體下降，而這正是我們一段時間以來的目標。

When it comes to engagement with consumers, we're really looking at how do we make sure that the message is clear on exactly what performance looks like and how much we've done to improve things. And so that's really the message that I'm carrying as well as our entire sales team and all of our team members here are really focused on interacting directly with our customers.

在與消費者互動方面，我們真正關注的是如何確保訊息清晰地傳達績效表現以及我們為改善績效所做的努力。所以，這正是我以及我們整個銷售團隊和所有團隊成員想要傳達的訊息，我們都非常注重與客戶直接互動。

Marie Thibault, BTIG.

瑪麗·蒂博，BTIG。

Just wanted to go back to the scrap rate issue, make sure I understand that better. It sounds like that had to do with materials around deployment. Is that to do with the inserter specifically? And as we think about it improving, is that something we can put in the rear view going into 2026 going into the 15-day rollout? What's kind of the timing on putting that all behind us?

我只是想再確認一下廢品率的問題，確保我理解得更透徹一些。聽起來這和部署方面的材料有關。這是否與插入器有關？當我們考慮如何改進時，我們是否可以將此事拋諸腦後，展望 2026 年的 15 天推廣計劃？我們大概什麼時候才能徹底放下這件事？

Yes. Then that's -- the way you think about it is exactly that. It's how the needle ultimately drops the sensor off into the skin. And I think you can expect to see that really play out. We're expecting some of that to dissipate here into Q4.

是的。那麼，你的想法就是這樣。這就是針頭最終將感測器植入皮膚的方式。我認為你會看到這種情況真的發生。我們預計其中一部分情況會在第四季有所緩解。

The underlying -- when you look at the underlying standard performance and the standard cost and margin, that's been really, really solid year-over-year. In fact, what you would see is you'd be really pleased with what that looks like. So what you're seeing is and what's playing through in the results is a few hundred basis points of what's played out in the combination of freight and some of the scrapping we're doing around these deployments.

從根本上看——當你觀察基本的標準績效、標準成本和利潤率時，你會發現這些指標比去年同期都非常穩健。事實上，你會看到，你會對最終的效果非常滿意。所以你現在看到的，以及最終結果所反映出的，是貨運量和我們圍繞這些部署進行的一些報廢活動共同作用的結果，這造成了幾百個基點的變化。

So what I would expect to see as we move into 2026 and as Jake alluded to, we're really putting this behind us. would expect a lot of that to dissipate. That gets you back to more of where we expect it to be a more normalized margin rate. And then you have the contributions, of course, with 15 days.

所以，我預計隨著我們進入2026年，正如傑克所暗示的那樣，我們將真正把這件事拋在腦後。我預計很多問題都會消失。這樣就能使利潤率更接近我們預期的正常水準。當然，還有15天的捐款期。

We do expect to be in a good position as we exit this year and get into next year. And with some of the things Jake alluded to with lower warranty rates around Bluetooth, complaints around either accuracy and/or adhesives, as these get to be fixed as well, I think that's also a potential opportunity.

我們預計在今年結束、進入明年之際，我們將處於一個良好的地位。傑克提到的一些問題，例如藍牙產品的保固率較低，以及對準確性和/或黏合劑的投訴，由於這些問題都可以解決，我認為這也是一個潛在的機會。

So some work to be done here, but I think we're putting it behind us. Obviously, we see -- we've improved a little bit from Q2. We expect to improve again in Q4. And you can see that implied by our guidance, which puts us in a good spot as we move into 2026. And we'll give you a little more clarity when we give official guidance for 2026 here in the next few months.

所以這裡還有一些工作要做，但我認為我們正在克服困難。顯然，我們看到——與第二季度相比，我們有所進步。我們預計第四季業績將再次改善。從我們的指導方針中可以看出這一點，這使我們在邁向 2026 年時處於有利地位。我們將在未來幾個月內發布 2026 年的官方指導意見，屆時將為大家提供更清晰的資訊。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

And again, I hope Kevin is recovering right now. But I just wanted to talk about the guidance for Q4. On a two-year stack basis, we've decelerated here in Q3, especially domestically. And I think Q4 is also implying a pretty -- another step down on a two-year stack basis. And I think, again, most of that's probably domestic based on how what you're doing internationally. Why is that decelerating? And then if you do the two-year stack in Q4, it's a little less than 10% growth. why are we comfortable in low double digits in '26 if you've got some deceleration here at the end of '24 -- sorry, end of '25.

我再次希望凱文現在已經康復了。但我只想談談第四季的業績指引。從兩年的總成長來看，我們在第三季成長放緩，尤其是在國內市場。而我認為第四季也暗示著──從兩年的技術堆疊來看，又退步了。而且我認為，大部分原因可能在於國內，取決於你在國際上所做的事情。為什麼速度會減慢？如果把第四季的兩年期資料疊起來，成長率略低於10%。如果2024年底（抱歉，是2025年底）出現成長放緩，我們為什麼還能對2026年兩位數的低成長率感到滿意呢？

Sure. Yes. Let me maybe talk about the quarter and just especially maybe more importantly the guide something which you're getting at is exit rates, and we understand we are getting at. So I'd first and foremost say, when you look at the year over time. The one thing to be mindful of is we are starting to see a more normalization in the seasonality of our business.

當然。是的。讓我談談本季的情況，尤其重要的是，您提到的退出率，我們明白我們指的是什麼。所以，我首先要說的是，當你縱觀這一年。需要注意的是，我們開始看到業務的季節性變化逐漸趨於正常化。

So I think first, you have to remember, and that's been happening over years now. And I think as you go back, you'll see it where the contribution as a percentage of the full year has been declining in Q4 and the contribution from Q1 has been increasing. And I would expect that to continue to take place this year. So as you're as you're comparing it, I think the one thing to be thoughtful about is Q1 actually has now a seasonality benefit. You saw it this year, quite frankly.

所以我覺得首先，你必須記住，這種情況已經持續好幾年了。我認為，回顧過去，你會發現第四季佔全年貢獻率的百分比一直在下降，而第一季的貢獻率一直在上升。我預計這種情況今年還會繼續發生。所以，在進行比較時，我認為需要考慮的一點是，第一季實際上現在具有季節性優勢。坦白說，你今年已經看到了。

So I think you expect to look at it from that perspective. When you peel that back, actually, what you're seeing is a pretty solid stack growth rate. I mean when you peel back those -- remember, that that Q4 dynamic now has been happening now for multiple years. So I think it's important that as you zoom out and you think of it from that perspective, you look at the underlying patient base, which I think your models will show the underlying user growth has been solid.

所以我認為你會希望從這個角度來看待它。實際上，當你深入了解之後，你會發現堆疊成長率相當穩定。我的意思是，當你剝開這些表象——記住，第四季的這種動態已經持續了好幾年。所以我認為，當你從更宏觀的角度來看待這個問題時，重要的是要專注於潛在的患者群體，我認為你的模型會顯示，潛在的用戶成長一直很穩健。

I think what you're also expecting to see is the delta between unit volume growth and revenue start to come closer. You're seeing it here in the third quarter, and you're going to see it here for the back half of the year. So you put all those together, solid underlying user growth, which is how we really measure the business. And that continues to go well with consistent pricing. And then the seasonality effect in effect I think you can start to see exactly how we're thinking about next year. And that's just as a base case.

我認為你也希望看到的是，銷售成長與收入之間的差距開始縮小。你們在第三季已經看到了這種情況，而且在下半年你們還會看到這種情況。把所有這些因素綜合起來，就形成了穩健的用戶成長，這才是我們真正衡量業務的方式。而且，這種做法與穩定的定價策略相得益彰。然後，考慮到季節性因素的影響，我想你就能開始清楚地看到我們對明年的規劃了。而這僅僅是一個基本情況。

So hopefully, that gives you some context. Always happy to talk further about it, but I would include those as you're assessing kind of modeling seasonality.

希望這些資訊能對你有幫助。我很樂意進一步討論這個問題，但我想把這些因素也考慮進去，因為你正在評估某種季節性建模方法。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

I wanted to ask on gross margin and the fourth quarter implied guide, which were the last two questions. So I guess I'll follow up on the gross margin, Jereme. I heard a few hundred basis points cumulatively from scrap and freight, can you spike out or remind us on just how much is the freight component, how much is the scrap component as we run that out through the rest of the year? into '26.

我想問毛利率和第四季業績預期，這是最後兩個問題。那麼，傑里米，我接下來要跟進一下毛利率的問題。我聽說廢料和運費累計增加了幾百個基點，您能否具體說明一下運費部分佔多少，廢料部分佔多少，以及在今年剩餘時間內這些數據會是多少？進入 '26。

Yes. It's a little -- it's basically 50:50. It's in that ballpark of the impact. If you remember, we had in Q1, we had to expedite some freight that we talked about for the rest of the year. being about 75 bps for the rest of the year -- on the full year numbers, by the way.

是的。有點兒——基本上是五五開。影響程度大致是如此。如果你還記得的話，我們在第一季不得不加快一些貨運速度，我們之前討論過這些貨運在今年剩餘時間裡的影響，大約為75個基點——順便說一下，這是基於全年數據而言的。

So you can see why on the full year when you put it all together, it's about 50:50 -- now as we get back to more ocean freight, and we expect to do that here, obviously, we've put some stuff on ocean here exiting the third quarter and into the fourth quarter. Next year, the goal is to have a majority, if not all of our product, really moving via ocean, especially as it comes over from Malaysia. So I'd expect to see certainly some benefit there.

所以你可以看出為什麼全年加起來，大約是 50:50——現在隨著我們恢復更多的海運，而且我們預計會這樣做，顯然，我們在第三季度末和第四季度初已經安排了一些海運貨物。明年，我們的目標是讓大部分甚至全部產品真正透過海運運輸，特別是從馬來西亞運來的產品。所以我認為肯定會有一些好處。

And as again, as Jake alluded to, the out-of-box failures through the work we're doing around sensor deployment as that comes down, again, we expect to see that dissipate. So think about 50:50 on both of those, and you can think about that on this year. So it gives you your jumping point exiting off of 2025 as to how to think about 2026.

正如傑克所暗示的那樣，隨著我們在感測器部署方面所做工作的推進，我們預計會出現一些意料之外的故障，這些故障將會逐漸消失。所以，這兩件事都看成是五五開，你可以把今年的情況也考慮進去。所以，它為你提供了一個跳出 2025 年框架的出發點，讓你能夠思考 2026 年。

Jason Bedford, Raymond James.

Jason Bedford，Raymond James。

Maybe just for me on the type 2 uptake. Can you just comment on the utilization within this user base versus those type 1 users?

或許只是我這種二型吸收障礙患者的情況。能否請您談談這部分使用者群體與第一類使用者群體相比的使用？

Yes. Thanks, Jason. So when we think about the utilization of our system across different customers, obviously, AID customers have the highest utilization greater than 90% or so. So really because of the fact that they need those sensors to power their system, their high utilization in that group.

是的。謝謝你，傑森。因此，當我們考慮不同客戶的系統利用率時，顯然，AID 客戶的使用率最高，超過 90% 左右。所以，正是因為他們需要這些感測器來為他們的系統供電，所以他們在這個群體中利用率很高。

And as you kind of step down into the intensive insulin users not on ANZ, you're still in that north 85% utilization for that group, again, because of all the benefits of the CGM and the fact that they're on intensive insulin, so I want to make sure they don't have the issues with hypoglycemia or anything.

即使你逐漸減少到非澳新銀行的強化胰島素使用者，該群體的胰島素利用率仍然高達 85%，這同樣是因為 CGM 的所有好處以及他們正在接受強化胰島素治療的事實，所以我希望確保他們不會出現低血糖或其他問題。

Now if we start to take a look at the broader type 2 starting with basal, that group historically has been pretty strong on utilization between like 80% to 85%. So pretty close to those IIT users. And that, again, really comes from the benefit -- shows the benefit they're getting from the product. And we saw that in our mobile study. We asked patients after they participated in that study, we want to continue using and 95% of them said, yes, and we saw high utilization rates during that study. And that's what we see in our field data.

現在，如果我們從基礎胰島素開始，從更廣泛的 2 型胰島素開始觀察，該組胰島素的使用率歷來都相當高，介於 80% 到 85% 之間。所以和那些印度理工學院的用戶非常接近。而這，再次表明，確實源自於產品帶來的益處──顯示他們從產品中獲得了益處。我們在移動研究中也發現了這一點。在研究結束後，我們詢問患者是否願意繼續使用，95% 的患者表示願意，並且我們在該研究期間看到了較高的使用率。而這正是我們在實地數據中所看到的。

And as we step down into the non-insulin type 2, it's lower than the previous categories, but still around that 75% utilization mark. And so something that we're seeing also in our Stelo product as we have quite a few type 2 non-insulin users there that don't yet have coverage for CGM. They're using Stelo, and that's definitely the highest utilization group for our Stelo product.

當我們進一步分析非胰島素治療的第 2 型糖尿病時，雖然其使用率低於先前的類別，但仍在 75% 左右。因此，我們在 Stelo 產品中也看到了類似的情況，因為我們有許多第 2 型糖尿病非胰島素使用者，他們還沒有獲得 CGM 的醫療保險。他們正在使用 Stelo，而且這絕對是我們 Stelo 產品使用率最高的群體。

Shagun Singh, RBC Capital Markets.

Shagun Singh，加拿大皇家銀行資本市場。

I was just wondering to what extent are the quality issues impacting new patient starts or did in Q3, when do you expect to return to record levels? And do you need that expanded access to return to record levels again?

我想知道品質問題在多大程度上影響了第三季度的新患者數量，您預計何時能恢復到歷史最高水平？你們是否需要擴大進入範圍才能再次恢復到歷史最高水準？

Yes. So I think we covered a little bit earlier and I know you're jumping between calls, the expectation is there's a little bit of an impact here in Q3, and we've seen it. And we've said basically that was still hundreds of thousands of patients, but just slightly below a record here.

是的。所以我覺得我們之前已經稍微談到了這一點，我知道你一直在忙著接電話，預計第三季度會受到一些影響，而我們也看到了這一點。我們之前說過，患者人數仍然有數十萬，但略低於歷史最高紀錄。

The expectation is certainly, as we move into Q4, I mean, the internal expectations for Q4 is to push and get back to those records. And obviously, next year and we get into 2026, our assumption is going to be record new year for patients in 2026. And that's, again, in our base case. And so -- and that's with existing coverage. So I don't think we need necessarily new coverage to push into that, and that wouldn't be our expectation going into it. Obviously, more coverage provides more opportunity. But those would be our expectations. And hopefully, that gives you some context.

當然，隨著我們進入第四季度，我的意思是，第四季度的內部預期是努力追趕並重回那些紀錄。顯然，明年以及進入 2026 年，我們預計 2026 年的患者人數將創下歷史新高。而且，這還是在我們最基本的情況下。所以——而且這還是在現有保險覆蓋範圍內。所以我認為我們不一定需要新的報道來推進這件事，而且這也不是我們一開始的預期。顯然，覆蓋面越廣，機會就越多。但那隻是我們的預期。希望這些資訊能對你有幫助。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

Jereme, you were talking a little bit about the gap between growth in the volume and pricing closing a little bit. I was curious if you could quantify at all where if you do the math kind of in the US, especially where our model suggests something like 1,400 to 1,500 annual revenue per patient somewhere in that ballpark, down a lot over the past couple of years as you've alluded to, where are we in the ballpark there on that pricing? And then how does that pricing trend over the coming years, where do pricing declines on a year-over-year basis start to level out?

傑里米，你剛剛提到銷售成長與價格上漲之間的差距正在逐漸縮小。我很好奇，您能否量化一下，如果在美國進行一些計算，特別是我們的模型顯示每位患者的年收入大約在 1400 到 1500 美元左右，正如您所提到的，過去幾年收入下降了很多，那麼我們目前的定價水平大致處於什麼位置？那麼，未來幾年的價格趨勢如何？年比價格下降的趨勢何時開始趨於平緩？

Sure. Yes. I don't think you're far off. I mean at the end of the day, we give patient numbers at the end of the year, and you can do the math globally, and we've talked about kind of the various splits. So I think you're in the general ballpark there.

當然。是的。我覺得你的說法沒錯。我的意思是，歸根結底，我們會在年底公佈患者人數，你可以進行全球範圍的計算，我們也討論過各種不同的劃分方式。所以我覺得你的估計大致正確。

The price -- the year-over-year price isn't much of an impact channel by channel. And so I think that's really important to note. We don't necessarily have significant pricing impacts, say, retail to retail or DME to DME year-over-year. Those typically fall in that 2% to 3% range. Where we typically see it is in mix. And in mix, it's where you have folks moving -- typically, there's been a move to the pharmacy over time. That has been stabilizing over time.

價格方面－年比價格對各通路的影響並不大。所以我認為這一點非常重要。我們不一定會有顯著的價格影響，例如零售對零售或DME對DME的年價格變動。這些通常落在 2% 到 3% 的範圍內。我們通常在混音中看到它。而且，在混合模式中，你會發現人們正在遷移——通常情況下，隨著時間的推移，人們會遷移到藥房。隨著時間的推移，情況已經趨於穩定。

And so what you're seeing is you're starting to see that coming in. And you'd expect it to see it come in, and we talked about this at the beginning of the year. So it's playing out as we expected. The interesting thing going forward is just going to be -- and this is why it's not necessarily giving a number, but it's just talking through how it's going to work.

所以你現在看到的是，這種情況開始出現了。你會預料到它會到來，我們在年初就討論過這個問題。事情的發展正如我們所預料的。接下來有趣的事情將是——這也是為什麼它不一定要給出一個數字，而只是討論它將如何運作的原因。

As you start to think about where coverage exists today and as coverage gets knocked down, most of the new coverage opportunities are coming via the pharmacy. So you think about type 2 coverage type 2 coverage in NIT is coming through the pharmacy. So that's where your volume is going to continue to grow.

當你開始思考如今的健保覆蓋範圍以及健保覆蓋範圍的縮減時，你會發現大多數新的健保覆蓋機會都來自藥局。所以你認為 NIT 中的 2 型保險是透過藥局提供的。所以你的銷售量將會繼續成長。

On the flip side, there's been a lot of talk about CMS coverage for type 2 and where that would be. And a lot of that would come through our DME partners where you have Medicare fee-for-service going. And that would then change the method over time. In both of those models, remember the price year-over-year isn't necessarily impact. It's where patients are getting access to their product and then therefore, the underlying mix that makes that up.

另一方面，關於 CMS 對 2 型糖尿病的覆蓋範圍以及覆蓋範圍的討論很多。其中許多資金將透過我們的DME合作夥伴獲得，這些合作夥伴實行的是Medicare按服務收費制度。隨著時間的推移，這會導致方法的改變。在這兩種模型中，請記住，同比價格變化並不一定意味著影響。這是患者獲取產品的地方，因此也是構成該產品的基礎成分。

So I think what I would say is price isn't the challenge. It isn't the headwinds more mix. And the mix has really stabilized. But usually, what happens is when we pick up a lot of new coverage, that's a good thing at the end of the day. And obviously, a lot of coverage in type 2, that's a great thing.

所以我覺得，價格不是問題。與其說是逆風，不如說是混合風。而且這種混合比例已經非常穩定了。但通常情況下，當我們獲得大量新的報道時，從長遠來看，這是一件好事。顯然，第二類疾病的覆蓋率很高，這是好事。

And hopefully and I know we've kind of talked about it a little bit here earlier on the call, we're expecting a time when there's CMS coverage over type 2 non-insulin and that could swing it the other way. So it's just important to have your model set up that way. It'll help you follow along.

而且，我知道我們之前在電話會議上也稍微討論過這個問題，我們希望有一天 CMS 能為 2 型非胰島素治療提供醫保，這可能會扭轉局面。所以，按照這種方式設定模型非常重要。它能幫助你跟上進度。

Jon Block, Stifel.

Jon Block，Stifel。

The OpEx leverage has made up for some of the gross margin shortfalls throughout 2025 to help with margin expansion this year. And so I'm just curious, when we think about 2026, is that sort of like a pure role reversal due to 15-day in Germany, you mentioned the underlying GM getting better? Or are there arguably additional OpEx opportunities that you still have? I guess where I'm getting at is how do we think about catch-up spend, if that's the right way to frame it into '26 on the OpEx line.

營運支出槓桿作用彌補了 2025 年的部分毛利率缺口，有助於今年的利潤率擴張。所以我很好奇，當我們展望 2026 年時，這是否會因為德國的 15 天制比賽而導致角色完全顛倒？你提到過，潛在的通用汽車性能會提升？或者，您是否還有其他營運支出方面的機會可以利用？我想表達的是，如果將追趕性支出納入「2026 年營運支出」的範疇是正確的，那麼我們該如何看待追趕性支出呢？

Yes. So what I would say is the work we've done this year is less about catch-up spend and deferral and things along those lines. It's really the work we've done is more around -- how do we get more efficient leaning into tools, leverage? Where do we hire folks in the world? And how do we support things?

是的。所以我想說的是，我們今年所做的工作與其說是追趕性支出和延期支出以及類似的事情，不如說是其他方面。我們所做的工作實際上更多地圍繞著——如何更有效地利用工具和槓桿作用？我們在世界各地哪些地方招募員工？我們如何提供支援？

How do we leverage the investments we've already made in technologies that we've made quite frankly, years ago. So I don't necessarily know that there's a lot of catch-up spend, but we have done a lot of great work around it this year. And so we'll give you a guide next year as we get there. But I mean, we do obviously talk about opportunities for gross margin in 2026, and we expect there to be those opportunities there.

我們如何利用多年前在科技領域已經進行的投資？坦白說，這些投資都是我們多年前進行的。所以我不一定知道會有很多追趕性支出，但我們今年在這方面做了很多出色的工作。所以明年我們到了那裡之後會給你們一份指南。但我的意思是，我們當然會討論 2026 年毛利率方面的機會，我們也預期屆時會存在這些機會。

In turn, I think there's an opportunity to continue to lever in OpEx over time. We'll see the pace in which we do that. I think there's we want to balance investment and don't want to necessarily miss out on opportunities. If there happens to be expansions in coverage next year, we want to be well suited to take advantage of that. So we'll make sure we balance the two.

反過來，我認為這裡存在著隨著時間的推移繼續利用營運支出優勢的機會。我們將拭目以待，看看我們能以多快的速度完成這項工作。我認為我們應該在投資方面取得平衡，並且不想錯過任何機會。如果明年保險覆蓋範圍擴大，我們希望能夠充分把握這項機會。所以我們會確保兩者平衡。

But we know at the end of the day, our goal is to continue to deliver operational margin improvement over time. So we'll make sure we balance those two in the best interest of growing the business long term but also delivering results back to shareholders.

但我們知道，歸根結底，我們的目標是隨著時間的推移不斷提高營運利潤率。因此，我們將確保在這兩者之間取得平衡，既要最大程度地促進業務的長期發展，又要為股東帶來回報。

William Plovanic, Canaccord.

William Plovanic，Canaccord。

The first off is really -- I was wondering if you could talk just about the cadence of the new patient starts as we went through the quarter, was it back-end loaded, front-end loaded to give us confidence that the fourth quarter might become a record quarter. And then I just -- I know you talked in general about attrition rates, but have you seen any trends in the attrition rates, especially as you dealt with some of the quality issues.

首先，我想問的是——您能否談談本季度新患者數量的增長節奏，是後期增長較多還是前期增長較多，以便讓我們有信心第四季度可能會創下紀錄。然後我就想問——我知道您之前談到了人員流失率，但是您有沒有觀察到人員流失率的任何趨勢，尤其是在您處理一些品質問題的時候？

Yes, I'll start with the second one first. The attrition rates have been relatively stable. It's all within in the normal kind of ranges we look at. We pay a lot of attention to it. We track it really every week.

是的，我先從第二個開始。人員流失率一直相對穩定。這一切都在我們所關注的正常範圍內。我們非常重視這一點。我們每週都會追蹤記錄。

We have a report out, we pay close attention. So we keep a close eye on it and then they've been stable. In terms of trends over the course of the quarter, I think what we're seeing -- at least I'll maybe say anecdotally because I think it's -- it takes us a little time to get all the patient data in. I think you guys know this, it takes about 45 to get it all in. So I don't want to make any sort of statements about the back half of September other than I think it's very easy to take some of the anecdotal evidence.

我們已經發布了一份報告，我們會密切關注。所以我們密切注意著它，之後它一直保持穩定。就本季的趨勢而言，我認為我們看到的情況——至少我可能會說這是一個例，因為我認為——我們需要一些時間才能收集到所有患者數據。我想你們都知道，全部裝進去大概需要 45 分鐘。所以，除了我認為很容易就能從一些軼事證據中得出結論之外，我不想對九月下半月發表任何評論。

And we're hearing a lot of very positive anecdotal evidence. As we speak to our sales leadership and as they kind of pulse the field. I think the sensor deployment issues as those have waned in samples in the field and those have waned in the doctor's offices, you're seeing a lot of anecdotal positive feedback.

我們也聽到了很多非常正面的軼事證據。正如我們與銷售領導層溝通以及他們了解市場動態時所做的那樣。我認為，隨著現場樣本和醫生辦公室中感測器部署問題的減少，我們看到了很多正面的回饋。

And obviously, that then typically leads to performance. So it would be too premature for me to give you a readout on September until I have all the data in the hands, and that's the prudent thing to do. But anecdotally, I think we're very encouraged by what we're hearing. And Jake, you've been meeting with physicians all the time. Maybe you can walk through kind of what you've been hearing out there.

顯然，這通常會導致績效的提升。因此，在我掌握所有數據之前，現在就向你提供九月份的預測還為時過早，這樣做才是謹慎的做法。但就我們聽到的情況來看，我們感到非常鼓舞。傑克，你一直在和醫生們見面。或許你可以把你聽到的那些事情梳理一下。

Yes, certainly. So we are hearing from our prescribers that they had some challenges earlier first half of this year, in particular, around some of those deployments kind of flowing through into both their offices and then into the customers' hands.

當然可以。我們從處方醫生那裡了解到，他們在今年上半年遇到了一些挑戰，特別是關於一些藥物的部署，這些藥物既要進入他們的辦公室，又要送到客戶手中。

And when customers have issues, they tell their prescribers about it, and we heard from everybody. And so when we saw it, we jumped on it and we resolved it and it very consistent feedback as I talk to users and prescribers that things have improved dramatically.

當顧客遇到問題時，他們會告訴他們的處方醫生，我們收到了所有人的回饋。所以，當我們發現這個問題時，我們立即著手解決，而且正如我與用戶和處方醫生交流時所得到的一致反饋，情況已經得到了顯著改善。

That being said, issues can still happen, right? You can have an accuracy issue. You can have sensor falloff all those things, that's why we're making the investment in our service platform and making sure ultimately that it is a competitive advantage for us.

即便如此，問題仍然可能發生，對吧？可能會出現準確性問題。感測器可能會出現各種故障，這就是為什麼我們要投資我們的服務平台，並確保它最終能成為我們的競爭優勢。

To the digital investments that we've made are just the beginning around making it easy for customers to get exactly what they need. And that's been a focus of mine, particularly over the last six months looking at how can we improve what we're doing. We've got a lot of plans that have been in place, and I think we've got a lot more coming. So it is a real area of focus for us to make sure that the experience of our users is the best possible.

我們所做的數位投資只是開始，我們的目標是讓客戶更容易獲得他們真正需要的東西。這也是我關注的重點，尤其是在過去六個月裡，我一直在思考如何改善我們正在做的事情。我們已經制定了很多計劃，我認為未來還會有更多計劃出台。因此，確保使用者體驗達到最佳狀態是我們工作的重點領域。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

I'd echo sending our best to Kevin. I'd like to circle back on a prior question, just about the breakdown of price versus volume growth in your US 3Q number. So our expectation is that we would probably start to see you anniversary some of the significant pricing headwinds that you've seen just coming from channel shifts. So to what extent do you really see that in the third quarter? How should we think about that moving forward, both in 4Q and '26?

我同意向凱文致以最誠摯的問候。我想就之前的一個問題再補充一下，關於你們美國第三季財報中價格成長與銷售成長的細分情況。因此，我們預計您可能會開始看到您因通路轉變而面臨的一些重大價格逆風。那麼，您在第三季究竟看到了多大程度的這種現象呢？我們應該如何看待這個問題，無論是在第四季還是 2026 年？

Yes, it's a good question. You clearly see some of it based on the growth number, right? And the unit volume growth is based on a patient base and our ultimate unit volumes don't necessarily change as much quarter-to-quarter. They're based on underlying patient growth. And so what you see is a comp delta there.

是的，這是個好問題。從成長率來看，這一點應該很明顯，對吧？而且，單位銷售的成長是基於患者群體的，我們的最終單位銷售不一定會在季度之間發生太大變化。它們是基於患者的潛在生長情況。所以你看到的是比較差異。

And that comp delta, as you know, is a channel mix issue last year. that certainly hit us that we're anniversary-ing this year, and that's why you see the growth rate number there. So clearly, what you're seeing is a narrowing based on the growth rate this year, but it's a bit artificial. It's a little bit -- this is a bit a bit higher than you otherwise would have seen because of the comp to last year. But nevertheless, you are seeing it.

如您所知，去年的同店銷售差異主要受通路組合問題的影響。今年正值公司成立週年，這無疑對我們造成了衝擊，所以您將看到成長率數據如此之高。所以很明顯，你看到的是基於今年成長率的收窄，但這有點人為。由於與去年同期相比，這個數字略高一些。但無論如何，你還是看到了。

And so I think you can see it here playing out in the third quarter. I think you'll see it play out in the next quarter as well. Certainly, the comps get a little bit different next quarter. So I think that's important to be mindful of -- but as you step back over the course of the year and you look at the growth rate in the US.

所以我覺得你可以在第三節看到這種情況發生。我認為下個季度你還會看到這種情況繼續發生。當然，下個季度的比較情況會有所不同。所以我認為需要注意這一點——但是當你回顧這一年，看看美國的成長率時。

I think what you're going to see is underlying unit volumes and revenue performance are starting to tighten up. And that's what we've talked about over the course of the year. So quarter-by-quarter, it can get a little lumpy just based on some of the challenges we had last year. But step back, you can see that playing out over time. And to your point, we do expect to see that playing out in 2026.

我認為你會看到銷售和收入表現開始趨於收緊。這就是我們過去一年來一直在討論的話題。因此，由於去年我們遇到的一些挑戰，每季的業績可能會有些波動。但退後一步來看，你會發現隨著時間的推移，這種情況會逐漸顯現。正如您所說，我們預計這種情況將在 2026 年發生。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

I was just wondering, keeping with the very preliminary 2026 commentary. Can you describe what's in your base case for any kind of competitive dynamics, possibly even intensifying you have it coming out with dual analyte. Would love to just kind of hear what you're factoring in there? And then same, kind of question, just what else are you willing to tell us about 2026 puts and takes as the base case as we're thinking about next year?

我只是在想，這與我對 2026 年的初步預測是一致的。你能描述一下在任何類型的競爭動態下，你的基本狀況是什麼嗎？甚至可能加劇競爭，例如出現雙重分析物的情況。很想知道你都考慮了哪些因素？那麼，同樣的問題，關於 2026 年的看跌和看漲期權，您還願意告訴我們什麼，因為我們正在考慮明年的基本情況？

Yes. And I appreciate the question. Our goal in at least talking to this was to give you guys some directional feedback as to what the base case would look like next year. Now the base case doesn't represent what I would say is what we aspire to be over time, right? The base case is what I would say is a prudent way to start with the puts on the year. And so things like assumption around competitor product, those are absolutely always considered in there.

是的。感謝您的提問。我們與大家溝通的目的至少是想給你們一些方向性的回饋，讓你們了解明年的基本狀況會是什麼樣子。現在的基本情況並不能代表我們隨著時間的推移所追求的目標，對吧？我認為，基本情況是今年謹慎持有看跌期權的開始方式。因此，像是對競爭對手產品的假設之類的因素，這些都絕對會納入考慮範圍。

Obviously, we'll be thinking through anything from coverage -- from known coverage decisions this year, which are already obviously in those base numbers. We'll consider all of that really around the world. So that's why we give you some of that context. And getting into the specifics, I think we got to give you the official guidance before we then get into the official specifics. And that's why we're little hesitant to start walking through each of the specifics.

顯然，我們會仔細考慮各種因素，從今年已知的覆蓋範圍決定（這些決定顯然已經包含在這些基本數字中）。我們會認真考慮世界各地所有相關的問題。所以，這就是我們向您介紹這些背景資訊的原因。至於具體細節，我認為我們必須先給出官方指導，然後再討論具體細節。正因如此，我們才有些猶豫要不要逐一講解細節。

Obviously, we have a budget for next year. We have a long-range plan, a five-year long-range plan that we all have in-house here. We'll meet with the board here in December and roll that out for you guys as we get into next year. But again, I think the context was trying to make sure everybody had an idea for how we were thinking about base case, and we'll get into those specifics when we officially give guidance because then you can put math officially to the numbers.

顯然，我們已經有了明年的預算。我們有一個長期計劃，一個五年長期計劃，這是我們公司內部共同製定的。我們將在 12 月與董事會開會，並在明年年初向大家公佈該計劃。但我認為，這樣做的目的是為了確保每個人都了解我們是如何考慮基本情況的，我們會在正式發布指導意見時詳細說明，因為那樣就可以用數學方法正式驗證這些數字了。

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD Cowen。

I wanted to just I know it's only been a couple of months since ADA in the 2Q call, but just any updates on the G8 platform and whether or not key tone sensing has kind of moved up the priority list. And any time lines when we could learn more or any timeline you can provide just in terms of when G8 could move forward towards commercialization.

我知道距離 2Q 財報電話會議上 ADA 的發布才過去幾個月，但我想了解 G8 平台的最新進展，以及按鍵音感應是否已提上優先級。還有，您能否提供一些時間表，讓我們了解更多信息，或者就G8何時能夠推進商業化進程而言，您能否提供一些時間表？

Yes. G8 is an incredibly important part of our product portfolio in the future and our future innovation. It is a multi-analyte platform and -- as we think about -- just in general, the cadence of innovation and what we're looking at is we're really focused on meeting broad user needs.

是的。G8 是我們未來產品組合和未來創新中極其重要的組成部分。這是一個多分析物平台，而且——正如我們所思考的——總的來說，創新的節奏以及我們所關注的是，我們真正專注於滿足廣泛的用戶需求。

So unmet needs across a broad space, we think about it in the type one space. We also think about it in some of the higher growth segments as well as the market like our smart basal technology that we're talking about, that's a really important way to drive growth in that basal population really meet those unmet needs.

因此，對於廣泛領域內未被滿足的需求，我們在第一類領域中會考慮這個問題。我們也會在一些高成長領域以及市場中考慮這個問題，例如我們正在談論的智慧基礎胰島素技術，這是一種真正推動基礎胰島素人群成長、滿足未被滿足的需求的重要方式。

So yes, certainly, multi-analyte is an important part of the future platform. But as we look at G8, we're not going to get into the timelines now, but we will -- one thing I want to let everybody know is we are planning to put together an investor event first half of next year. We're going to actually going to hold at our Mesa manufacturing facility to give you guys a glimpse into our operations and our high-volume manufacturing plant. And that will be a good opportunity for us to talk about things like LRP and the portfolio of products and all the things we plan to do to drive this business forward.

所以，是的，多分析物分析無疑是未來平台的重要組成部分。但就 G8 高峰會而言，我們現在不打算討論時間表，但我們會——我想告訴大家的一件事是，我們計劃在明年上半年舉辦一場投資者活動。我們將在位於梅薩的製造工廠舉辦一場活動，讓大家了解我們的營運和高產量製造工廠的情況。這將是一個很好的機會，讓我們談談 LRP、產品組合以及我們計劃為推動這項業務向前發展所做的一切。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

So one question. I'm not sure if this has come up, but -- it's one of the things we hear in the community recently as some folks holding on to G6 or going back to G6. And I'm just wondering if that's a factor in sort of the manufacturing efficiency or line management and what your thoughts are on how and when you'll be able to transition off of that. And one quick follow-up, if I could.

那麼，我問一個問題。我不確定這個問題是否有人提到過，但——這是我們最近在社區裡聽到的一些說法，有些人堅持使用 G6 或打算重新使用 G6。我只是想知道這是否會影響生產效率或生產線管理，以及您認為何時以及如何擺脫這種狀況。如果可以的話，我還有一個後續問題。

So for -- yes, for G6, we are consistently transitioning customers over to G7 and so the number of G6 users is consistently coming down. We have heard some folks going back to G6. And it's a very small number. It doesn't really move the needle much at all.

所以——是的，對於 G6，我們正在不斷地將客戶過渡到 G7，因此 G6 用戶數量一直在下降。我們聽說有些人又開始用回G6系統了。而且這個數字非常小。它實際上並沒有產生多大影響。

And we're going to continue to make sure that G7 meets the needs of all users across the whole spectrum. So no one has a reason to stick with G6. And we know that, as we've seen in some of our previous upgrades between generations when people are familiar with the technology, and they're happy with what they got, they're going to -- they may stick with it, right? And so over time, we're going to keep moving people over to G7, and we haven't announced the official conclusion of G6 in the market. We will when the time is right, and we'll make sure we give people a heads up when that's going to happen.

我們將繼續確保 G7 滿足所有使用者在各個方面的需求。所以沒有人有理由繼續使用G6。我們知道，正如我們在之前的幾代產品升級中看到的那樣，當人們熟悉了這項技術，並且對所得到的東西感到滿意時，他們就會——他們可能會堅持下去，對吧？因此，隨著時間的推移，我們將繼續把用戶轉移到 G7，我們還沒有正式宣布 G6 在市場上的終點。時機成熟時我們會這樣做，並且我們會確保在那時提前通知大家。

Okay. That's great. And then on just general product strategy, the DexCom one strategy overseas, I think has been successful in some geographies and kind of met the need that you had set out for that program. But generally, DexCom, of course, has been kind of a core central line product with much of the innovation billing, the generation is around the same the central platform.

好的。那太棒了。至於整體產品策略，我認為 DexCom One 的海外策略在某些地區取得了成功，並在某種程度上滿足了您為該專案設定的需求。但總的來說，DexCom 當然一直是核心中心線產品，大部分創新之處都集中在中心平台上，而這一代產品也大致相同。

And I was just wondering if at some point, you're thinking about adjacencies or alternative approaches to helping patients manage diabetes or other glycemic elements of their life, but with a truly different platform, not a different version of G7 or G8. I'd love to get your thoughts.

我只是想知道，您是否在某個時候考慮過使用真正不同的平台，而不是 G7 或 G8 的不同版本，來幫助患者管理糖尿病或生活中其他與血糖相關的因素，或者採用其他替代方法。我很想聽聽你的想法。

Yes. I appreciate that question. Really going into the thinking of broad markets and how do you address those unmet needs. DexCom ONE+ is doing great. A lot of that growth in France that we talked about is on that that platform, and it's really allowed us to compete in a market segment that we weren't previously because we were focused on the G-Series products and the more acute end of the diabetes spectrum.

是的。感謝你的提問。真正深入思考大市場，以及如何滿足那些尚未被滿足的需求。DexCom ONE+ 的表現非常出色。我們之前談到的在法國的許多成長都得益於這個平台，它真正讓我們能夠在以前沒有涉足的細分市場中競爭，因為我們之前專注於 G 系列產品和糖尿病的急性期治療。

So yes, DexCom ONE+ is a super important part of our portfolio approach to serving the needs of different customers. And the mobile apps and the experience are different there. I mean, one -- another example I can point to is we expand the opportunity here is Stelo, right? Stelo is a product that spans a pretty broad spectrum of users from type 2 all the way down to prediabetes and then those that are looking at better understanding the metabolic health.

所以，是的，DexCom ONE+ 是我們滿足不同客戶需求的產品組合方案中非常重要的一部分。那裡的行動應用和用戶體驗也不同。我的意思是，另一個例子是，我們在這裡擴大了機會，那就是 Stelo，對吧？Stelo 是一款針對相當廣泛用戶群的產品，從第 2 型糖尿病患者到糖尿病前期患者，以及那些希望更了解代謝健康的人。

We will be taking that product internationally next year, and so we'll see it in a number of markets. where we had a pretty good request in demand for Stelo outside the US. And we are -- DexBasal a great example. I kind of mentioned it before, but that ability to help a prescriber in a patient really get to the right outcome safely in the clinical study around DexBasal.

明年我們將把這款產品推向國際市場，因此它將出現在許多市場。在美國以外的市場，Stelo 的需求量相當大。而我們就是──DexBasal 就是一個很好的例子。我之前也提到過，這種能力可以幫助處方醫生在 DexBasal 的臨床研究中安全地為病人開出正確的處方。

It was focused on getting people to the optimal dose as fast as possible with no hypoglycemia, and that's what we saw in that study. And we're also excited about the opportunity for it to drive better adherence. So once users, they're going on insulin for the very first time, they've taken injection they've maybe never done injections before. There's some apprehension there.

這項研究的重點是讓人們盡快達到最佳劑量，同時避免低血糖，而這正是我們在研究中看到的。我們也對它能夠促進更好的依從性感到興奮。所以，對於第一次使用胰島素的使用者來說，他們可能以前從未註射過胰島素。那裡有些擔憂。

But when you show them how much better their diabetes control is when they've got the right dose of basal insulin. It's pretty motivating. And so we do expect to see some adherence improvements there. And really just drive general outcomes. So focusing on outcomes for the broad population is what we're trying to do here, and we do it a number of different ways through different products and different software experiences.

但是，當你向他們展示當他們使用正確劑量的基礎胰島素時，他們的糖尿病控制會好得多。這很鼓舞人心。因此，我們預期這方面的依從性會有所提高。實際上就是為了推動整體結果。因此，我們在這裡努力關注的是廣大用戶的結果，我們透過不同的產品和不同的軟體體驗，以多種不同的方式來實現這一目標。

Anthony Petrone, Mizuho.

Anthony Petrone，瑞穗銀行。

And best wishes to Kevin as well. Maybe one on gross margin as it relates to the G7 transition and one on just penetration. When you think about the transition to G7, how long do you think it will take to fully roll over the 10-day to 15-day -- and what does that do to gross margin once you're kind of on a 15-day heavier user base?

也祝凱文一切順利。或許可以寫一篇關於毛利率與七國集團轉型關係的文章，再寫一篇關於市場滲透率的文章。當您考慮向 G7 過渡時，您認為從 10 天到 15 天的過渡需要多長時間？一旦您的用戶群達到 15 天，這對毛利率會有什麼影響？

And then some shadow just on penetration, even competitive results. When you think about type 2 non-insulin intensive hypo risk and basal only. You have basal-only penetration at 20 to 25 and non-insulin intensive high blood under 5%. What do you think a reasonable penetration for those two segments is over your long-range plan?

然後，滲透率甚至競爭力結果都出現了一些問題。當你考慮 2 型非胰島素強化低血糖風險和僅基礎胰島素治療。基礎胰島素滲透率為 20 至 25，非胰島素強化高血糖低於 5%。您認為在您的長期規劃中，這兩個細分市場的合理滲透率應該是多少？

Yes. So I'll start with maybe the second, which is getting into the markets. And we've always talked about basal as an example, being a market that should get to about 60% penetration over time. And that's kind of our crystal ball. But it's been pretty darn accurate as we thought about type 1 historically in type 2 intensive.

是的。那我就先從第二個問題說起，那就是如何進入市場。我們一直以基礎胰島素為例進行討論，認為隨著時間的推移，基礎胰島素的市場滲透率應該會達到 60% 左右。這就是我們的預知未來的方式。但就我們歷史上對 1 型疾病的理解而言，這種理解相當準確，因為它與第 2 型疾病密切相關。

So it's what we think about, obviously, somebody taking insulin, having that sensor on there is a really nice thing. And we've proven time and time again, the combination of the sensor plus insulin plus now, obviously, Dexcom Smart Basal in there. That's a huge opportunity to meet an unmet need in a growing market. So we're really excited about that offering and that can help people manage it.

所以，我們當然會想到，對於注射胰島素的人來說，身上帶著那個感測器是一件非常好的事情。我們已經一次又一次證明，感測器+胰島素+現在當然還有Dexcom Smart Basal的組合效果顯著。這是一個滿足不斷增長的市場中尚未被滿足的需求的巨大機會。所以我們對這項服務感到非常興奮，它可以幫助人們管理。

So we do expect that in the non-insulin and the type 2 hyporisk population, it's hard to know. That's such a big wide swath of population, especially type 2. And those hypo risk folks, while they're covered, they do kind of sit typically. They're typically seen like a type 2 patient, right?

因此，我們預期在非胰島素人群和第 2 型糖尿病低風險族群中，很難知道。這是一個非常龐大的人口群體，尤其是第二類人群。而那些有低血糖風險的人，雖然有保險，但他們通常還是會選擇坐等。他們通常被視為 2 型患者，對嗎？

So we expect that to be -- I don't know, 60% is obviously higher than we would -- it would be a high mark there just given where we think Basal is, but anything more than 5%, which is where it is. And as it goes up to 10, 15, 20, you're talking about millions and millions and millions of people on the product. So more to come as we go there. We know it's a lot more than today. And we know that with coverage, it's going to be a lot more done today. So we're really excited about that.

所以我們預計會是——我不知道，60% 顯然比我們預期的要高——考慮到我們認為基礎胰島素水平的位置，這將是一個很高的數值，但任何高於 5% 的數值，而它目前的水平是 5%。當用戶數量達到 10、15、20 時，你就是在談論數以百萬計的人使用該產品。所以，隨著我們深入調查，後續還會有更多報導。我們知道，它比今天的情況要複雜得多。我們知道，有了媒體報道，今天就能完成更多的事。所以我們對此感到非常興奮。

Now to your first question on gross margin, what can 15-day do and how long will it take? -- if you look at historical patterns of how long it's taken from G5 to G6, G6 to G7, it does take a couple of years. As Jake alluded to, folks do get comfortable with technology and to get folks to change over. It does take a little bit of time. Our goal is obviously to go faster. And obviously, with the form factor, very similar across 10-day and 15-day I think there's an opportunity, but it does require a different script.

現在回答你關於毛利率的第一個問題，15天週期能帶來什麼改變，需要多久？ ——如果你看一下從G5到G6，再從G6到G7的歷史模式，你會發現這確實需要幾年時間。正如傑克所暗示的那樣，人們會逐漸習慣科技，而要讓人們改變習慣，就需要付出努力。確實需要花點時間。我們的目標顯然是提高速度。顯然，10 天和 15 天的合約在外形上非常相似，我認為這其中存在機會，但這確實需要不同的腳本。

So we're going to work on it over time. We'll give you more feedback as it's getting out into the field. We obviously, as we get into guidance next year, we'll give you a little more color about what our assumptions are, and we'll have a little bit of time under our belt, so more to come on that one, but the impact obviously is significant for us as we move more and more from 10-day to 15-day and three sensors to two. And obviously, the impact on margin can be significant. But it could also allow us to grow the business more going into markets where with maybe a Dexcom ONE1+ product or other products where that 15-day warlike allows us to really compete with what would be a cash pay or a lower reimbursement market.

所以我們會逐步推進這項工作。隨著產品逐步投入實際應用，我們會提供更多回饋意見。顯然，明年我們發布指導意見時，會更詳細地說明我們的假設，我們會累積一些經驗，所以會有更多相關資訊。但很明顯，隨著我們從 10 天週期轉向 15 天週期，從三個感測器轉向兩個感測器，這對我們來說影響是巨大的。顯然，這對利潤率的影響可能很大。但這也可以讓我們拓展業務，進入一些市場，例如使用 Dexcom ONE1+ 產品或其他產品，15 天的試用期使我們能夠真正與現金支付或報銷比例較低的市場競爭。

So it allows both. It allows top line growth and going after more markets, and it allows opportunities to expand margin. Very excited about it.

所以它允許兩者兼顧。它能夠促進營收成長，開拓更多市場，並帶來擴大利潤率的機會。對此我感到非常興奮。

And ladies and gentlemen, that concludes our question-and-answer session. I will now turn the call back over to Mr. Jake Leach for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我將把電話交還給傑克·利奇先生，請他作總結發言。

Okay. Thank you, everyone, for joining us today, and thank you for the well wishes that Kevin. I know he really appreciates that. And I'd like to wrap up the call today by expressing my deep appreciation to all the employees of DexCom. I'm extremely proud of this team and how we've continued to focus on serving our customers and not getting distracted.

好的。謝謝大家今天蒞臨，也謝謝凱文送上的美好祝福。我知道他真的很感激。最後，我想對DexCom的所有員工表示衷心的感謝，以此結束今天的通話。我為這個團隊感到無比自豪，我們始終專注於服務客戶，沒有被其他事情分心。

In the end, our core values are clear, and we will continue to be unrelenting in our mission to empower people to take control of health. We have a remarkable opportunity to improve the lives of millions of people around the world, and I couldn't be more excited about the future. Thanks, everybody.

最終，我們的核心價值是明確的，我們將繼續堅定不移地致力於賦予人們掌控自身健康的權力。我們擁有一個改善全世界數百萬人生活的絕佳機會，我對未來感到無比興奮。謝謝大家。

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，感謝各位的參與。您現在可以斷開連線了。