德康醫療 (DXCM) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon, and welcome to the DexCom fourth quarter and fiscal year 2025 earnings release conference call. My name is Abby, and I will be your operator today. (Operator Instructions) As a reminder, the conference is being recorded.

女士們、先生們，下午好，歡迎參加 DexCom 2025 財年第四季及全年收益發布電話會議。我叫艾比，今天由我來為您接聽電話。（操作說明）提醒各位，本次會議正在錄音。

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

現在我將把電話交給財務和投資者關係副總裁肖恩·克里斯滕森先生。克里斯滕森先生，你可以開始了。

Thank you, operator, and welcome to DexCom's Fourth Quarter and Fiscal Year 2025 Earnings Call. Our agenda begins with Jake Leach, DexCom's President and CEO, who will summarize our recent highlights and ongoing strategic initiatives, followed by a financial review and outlook from Jereme Sylvain, our Chief Financial Officer. Following our prepared remarks, we will open the call up for your questions. (Event Instructions)

謝謝接線員，歡迎參加 DexCom 2025 財年第四季及全年業績電話會議。我們的議程首先由 DexCom 總裁兼執行長 Jake Leach 總結我們最近的亮點和正在進行的策略舉措，隨後由我們的財務長 Jereme Sylvain 進行財務回顧和展望。在我們發言完畢後，我們將開放提問環節。（活動須知）

Please note that there are also slides available related to our fourth quarter and fiscal year 2025 performance on the DexCom Investor Relations website on the Events and Presentations page. With that, let's review our safe harbor statement.

請注意，DexCom 投資者關係網站的「活動和簡報」頁面上還有與我們第四季和 2025 財年業績相關的投影片可供查閱。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. 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.

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。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 fourth quarter and fiscal year 2025 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。請參考我們收益報告中的表格以及我們第四季和 2025 財年財報電話會議的投影片，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. It's an honor to join you today with my first earnings call since officially stepping into the role of CEO last month. As many of you know, in more than 20 years at DexCom, I've had the privilege of helping build the CGM category and redefine diabetes care. But as I reflect on all the innovation and impact we delivered, I believe we are still early in our journey. There remains a massive opportunity to help improve metabolic health for our customers globally, and I'm excited to lead DexCom into our next chapter.

謝謝你，肖恩，也謝謝大家的參與。今天很榮幸能與大家一起參加我上個月正式就任執行長以來的首次財報電話會議。正如你們許多人所知，在 DexCom 工作的 20 多年裡，我有幸幫助建立了 CGM 類別並重新定義了糖尿病照護。但回顧我們所取得的所有創新成果和產生的影響，我認為我們仍處於旅程的早期階段。我們仍有巨大的機會幫助全球客戶改善代謝健康，我很高興能夠帶領 DexCom 進入下一個篇章。

I recently had the opportunity to share my initial vision as CEO and highlight three key areas of focus for our organization. First, we will be the premier glucose sensing solution for all. Glucose remains central to all stages of metabolic health management, and we still see significant opportunity to improve the experience of glucose sensing. This will include greater sensor accuracy, improved reliability, stronger connectivity and more. We'll always keep pushing to enhance this experience for our customers and further entrench our position as the market innovator.

我最近有機會分享了我作為執行長的初步願景，並重點介紹了我們組織的三個關鍵關注領域。首先，我們將成為所有人的首選葡萄糖感測解決方案。葡萄糖在代謝健康管理的各個階段仍然至關重要，我們仍然看到改善葡萄糖感測體驗的巨大機會。這將包括更高的感測器精度、更強的可靠性、更強的連接性等等。我們將持續努力提升客戶體驗，進一步鞏固我們作為市場創新者的地位。

A great example of this can be seen today with the broad rollout of our DexCom G7 15 Day system. As of early January, this product is now available across all channels in the U.S. And while it's still early, the initial feedback has been excellent. Customers and physicians have been thrilled with the longer wear time, which reduces the number of sensor changes required each month as well as the new algorithm, which offers our greatest accuracy to date. We're currently in the process of building greater awareness of this product's availability in the market, and we'll be working hard to get G7 15 Day into the hands of as many people as possible.

如今，我們廣泛推廣的 DexCom G7 15 天系統就是一個很好的例子。截至1月初，該產品已在美國所有通路上市。雖然現在下結論還為時過早，但初步回饋非常好。客戶和醫生對更長的佩戴時間感到非常滿意，這減少了每月所需的感測器更換次數；此外，他們也對新演算法表示讚賞，該演算法提供了我們迄今為止最高的準確度。我們目前正在努力提高市場對該產品供應情況的認識，我們將努力讓盡可能多的人使用 G7 15 天。

Our second strategic priority is that we will set the standard for customer experience. This includes raising the bar for all of our customers, not only the individuals that wear our sensors, but also prescribers, caregivers, distribution partners, payers and more. We want DexCom to consistently create experiences that delight our customers and make their lives easier. We recently highlighted several new products and features that do just that. This includes My DexCom Account, our newly launched digital support system, which is significantly streamlining the customer support experience and saving valuable time for our customers.

我們的第二個策略重點是樹立客戶體驗的標竿。這包括提高我們所有客戶的標準，不僅包括佩戴我們感測器的個人，還包括處方醫生、護理人員、分銷合作夥伴、支付方等等。我們希望DexCom能夠持續創造令客戶滿意並讓他們的生活更輕鬆的體驗。我們最近重點介紹了幾款能夠實現這一目標的新產品和功能。這包括我們新推出的數位支援系統“My DexCom Account”，該系統大大簡化了客戶支援體驗，並為我們的客戶節省了寶貴的時間。

We also have additional offerings planned as we further integrate AI into this customer experience in the near future. We are also excited to start the early access launch for DexCom Smart Basal this month. We've always looked for ways to ease customer burden and improve outcomes and Smart Basal has the potential to become the new standard for any person managing type 2 diabetes with basal insulin. We believe this personalized dosing module can lead to more accurate basal insulin titration, accelerate the time to reach optimal dose, significantly simplify workflows for the prescriber and most importantly, improve outcomes for those using our products. Our DexCom Direct EHR Integration, which is now live or onboarding at over 160 health systems, provides a quick and easy connection to customer CGM data across multiple EHR platforms.

隨著我們在不久的將來進一步將人工智慧融入客戶體驗，我們也計劃推出更多產品和服務。我們也很高興本月開始推出DexCom Smart Basal的早期訪問版本。我們一直在尋找減輕客戶負擔和改善治療效果的方法，而 Smart Basal 有潛力成為任何使用基礎胰島素治療 2 型糖尿病患者的新標準。我們相信，這種個人化劑量模組可以實現更準確的基礎胰島素劑量調整，加快達到最佳劑量的速度，顯著簡化處方醫生的工作流程，最重要的是，改善使用我們產品的患者的治療效果。我們的 DexCom Direct EHR 整合方案目前已在 160 多個醫療系統中上線或正在實施，可快速輕鬆地連接到多個 EHR 平台上的客戶 CGM 資料。

This is something that the prescribing community has been requesting for years, and we are happy to be the first to provide this in our industry. For Stelo, we recently announced a comprehensive nutrition database that will be launched shortly in our smart food logging feature. Following this update, Stelo can provide a detailed breakdown of macronutrient information for each meal, giving customers a better understanding of how food choices impact their glucose. We will also be following this up with a completely redesigned app experience later this year, which will offer a more consumer-friendly experience and enhanced customer insights. And just last week, we received clearance for a new patch technology that we believe will provide an even better experience for customers across our entire product portfolio.

這是處方界多年來一直要求的，我們很高興成為業內第一家提供這項服務的公司。對於 Stelo，我們最近宣布推出一個全面的營養資料庫，該資料庫很快就會在我們的智慧食物記錄功能中上線。更新後，Stelo 可以提供每餐的宏量營養素資訊的詳細分解，讓顧客更了解食物選擇如何影響他們的血糖水平。今年晚些時候，我們還將推出完全重新設計的應用程式體驗，這將提供更人性化的用戶體驗和更深入的客戶洞察。就在上週，我們獲得了一項新的補丁技術的批准，我們相信這項技術將為我們所有產品組合的客戶帶來更好的體驗。

This technology has demonstrated in clinical trials the ability to strengthen sensor survival on our G7 system, including G7 15 Day. This is the type of customer-focused innovation that we need to continuously deliver. We want to create meaningful, seamless experiences for our customers that drive greater satisfaction, engagement and utilization. Ultimately, this can also increase customer lifetime value and serve as a growth driver for our business. Our third strategic priority is that we will expand international market share.

臨床試驗已證明該技術能夠增強我們 G7 系統（包括 G7 15 天）上感測器的存活能力。這正是我們需要不斷提供的以客戶為中心的創新。我們希望為客戶創造有意義、無縫的體驗，從而提高客戶滿意度、參與度和使用率。最終，這也能提高客戶終身價值，並成為我們業務成長的驅動力。我們的第三個策略重點是擴大國際市場份額。

The core pillars of our international playbook remain the same. We can drive growth and share through broader DexCom awareness and by expanding CGM access for more people globally. In recent years, we've also broadened our market reach with the expansion of our CGM product portfolio, which can be tailored to the needs of each market and reimbursement system. We now have several examples of how this tiered offering has enabled us to win new coverage and greater share. We also plan to add to our portfolio in 2026 with Stelo and a new CGM system in our international markets to expand access to new segments of the market.

我們的國際戰略核心支柱保持不變。我們可以透過提高 DexCom 的知名度，並讓全球更多人獲得 CGM 服務，來推動成長和市場份額。近年來，我們透過擴大 CGM 產品組合，擴大了市場覆蓋範圍，這些產品組合可以根據每個市場和報銷系統的需求進行客製化。現在我們有幾個例子可以說明，這種分級服務模式如何幫助我們贏得新的客戶覆蓋率和更大的市場份額。我們還計劃在 2026 年將 Stelo 和新的 CGM 系統引入我們的國際市場，以擴大我們進入新市場的管道。

I couldn't be more excited about the significant opportunity across our international markets. In fact, as we look across the evolving market landscape internationally, there is a path for this opportunity to become even larger than our core U.S. market. As you can tell, there is a lot to be energized about as I step into the role of CEO. I'm also very encouraged by the way we closed out 2025.

我對我們在國際市場上的巨大機會感到無比興奮。事實上，放眼瞬息萬變的國際市場，這項機會甚至有可能超越我們的核心美國市場。正如你所看到的，當我擔任執行長這一職位時，有很多事情讓我充滿熱情。我對我們2025年的收尾工作也感到非常鼓舞。

In the fourth quarter, we delivered revenue growth of 13%, which brought our full year revenue above the high end of our most recent guidance. This reflected continued strong new customer demand and encouraging sell-through trends as the quarter progressed. We'll now look to build on this momentum as we move into the new year. I also want to call out continued progress from our manufacturing and logistics teams, which left us exiting the year at an operational high note. Over the course of Q4, we built our inventory to our preferred levels of finished goods, reestablished more efficient shipping routes through ocean freight and continued to strengthen performance throughout our supply chain.

第四季度，我們的營收成長了 13%，使全年營收超過了我們最近一次預測的上限。這反映出隨著季度推進，新客戶需求持續強勁，銷售趨勢也令人鼓舞。接下來，我們將力爭在新的一年裡保持這股氣勢。我還要特別表揚一下我們的製造和物流團隊取得的持續進步，而正是這些進步讓我們在年底取得了營運上的成功。在第四季度，我們將成品庫存提升至我們理想的水平，透過海運重新建立了更有效率的運輸路線，並繼續加強整個供應鏈的績效。

As expected, this helped us deliver nice sequential improvement in gross margin and drove the expected reduction in the sensor deployment issues that we identified earlier last year. Our team was able to manage all of this while simultaneously preparing for our G7 15 Day product launch. We know that first impressions matter. So we've been incredibly focused on product performance and ensuring a great initial experience. It's been rewarding to now see that effort be recognized in the market.

正如預期的那樣，這幫助我們實現了毛利率的良好環比增長，並推動了我們去年年初發現的傳感器部署問題的預期減少。我們的團隊能夠在做好所有準備工作的同時，兼顧G7高峰會15天的產品發表。我們知道第一印像很重要。因此，我們一直非常注重產品效能，並確保使用者擁有良好的初始體驗。看到這些努力在市場上得到認可，我感到非常欣慰。

In summary, we have a lot to be excited about in both 2026 and in the coming years. Along those lines, we're currently planning an Investor Day for May 2026, where we plan to provide additional details on our outlook. We hope to see you there. With that, I'll turn it over to Jereme.

總而言之，2026 年以及未來幾年都有很多值得我們興奮的事情。基於此，我們目前正在規劃於 2026 年 5 月舉辦投資者日活動，屆時我們將提供更多有關我們前景的細節。我們希望在那裡見到你。接下來，我將把麥克風交給傑瑞米。

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. For the fourth quarter of 2025, we reported worldwide revenue of $1.26 billion compared to $1.11 billion for the fourth quarter of 2024, representing growth of 13% on a reported basis and 12% 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.

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。2025 年第四季度，我們公佈的全球收入為 12.6 億美元，而 2024 年第四季為 11.1 億美元，按報告基準計算增長了 13%，按有機增長基準計算增長了 12%。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。

U.S. revenue totaled $892 million for the fourth quarter compared to $803 million in the fourth quarter of 2024, representing an increase of 11%. As Jake mentioned, we saw sell-through trends build over the course of the fourth quarter, which we're now also seeing carry into the new year. This has correlated well with our broader G7 15 Day product launch, which has already generated a lot of interest among customers and prescribers. International revenue grew 18%, totaling $368 million in the fourth quarter.

美國第四季營收總計 8.92 億美元，而 2024 年第四季為 8.03 億美元，成長了 11%。正如傑克所提到的，我們在第四季度看到了銷售趨勢的增強，而現在我們也看到這種趨勢延續到了新的一年。這與我們更廣泛的 G7 15 天產品上市計劃相吻合，該產品已經引起了客戶和處方醫生的極大興趣。第四季國際營收成長18%，總計3.68億美元。

International organic revenue growth was 15% for the fourth quarter. Our international business finished the year well with particular strength in some of our largest markets, including Germany, the United Kingdom and France. France ended the year as one of our fastest-growing markets as we benefited from significant type 2 access expansion at the end of last year. This is a great example of our ability to drive growth and market share as broader type 2 coverage forms across the globe. Our fourth quarter gross profit was $799.8 million or 63.5% of revenue compared to 59.4% of revenue in the fourth quarter of 2024.

第四季國際有機收入成長15%。我們的國際業務在年底取得了良好的業績，尤其是在德國、英國和法國等一些最大的市場表現強勁。由於去年底我們受益於 2 類介入治療的顯著擴張，法國成為我們成長最快的市場之一。這是我們推動成長和市場份額提升的絕佳例證，因為隨著全球範圍內 2 型疾病保險覆蓋範圍的擴大，我們能夠實現這一目標。我們第四季的毛利為 7.998 億美元，佔營收的 63.5%，而 2024 年第四季的營收佔比為 59.4%。

As expected, we drove more than 200 basis points of sequential gross margin improvement during the fourth quarter. This reflected continued progress in our freight expense as we were able to reestablish ocean shipping during the quarter as well as continued improvement in our scrap rates as we strengthened supply chain performance throughout the quarter. Given some of the supply challenges we had in 2025, this demonstrates the dedication and incredible work by our team for our customers. Operating expenses were $468.3 million for Q4 of 2025 compared to $451.7 million in Q4 of 2024. Operating income was $331.5 million or 26.3% of revenue in the fourth quarter of 2025 compared to $209.5 million or 18.8% of revenue in the same quarter of 2024.

如預期，我們在第四季度實現了超過 200 個基點的毛利率環比成長。這反映出我們的貨運費用持續下降，因為我們在本季重新恢復了海運，同時廢品率也持續改善，因為我們在本季加強了供應鏈績效。考慮到我們在 2025 年面臨的一些供應挑戰，這體現了我們團隊對客戶的奉獻精神和出色工作。2025 年第四季的營運費用為 4.683 億美元，而 2024 年第四季的營運費用為 4.517 億美元。2025 年第四季營業收入為 3.315 億美元，佔營收的 26.3%，而 2024 年同期營業收入為 2.095 億美元，佔營收的 18.8%。

Adjusted EBITDA was $422.2 million or 33.5% of revenue for the fourth quarter compared to $300.1 million or 27.0% of revenue for the fourth quarter of 2024. Net income in the fourth quarter was $265.1 million or $0.68 per share. We remain in a great financial position, closing the quarter with approximately $2 billion of cash and cash equivalents. Our strong cash position provides us with significant financial flexibility. This was evident during the fourth quarter as we both settled our expiring $1.2 billion convertible notes in cash and repurchased another $300 million of stock in the open market.

第四季調整後 EBITDA 為 4.222 億美元，佔營收的 33.5%，而 2024 年第四季調整後 EBITDA 為 3.001 億美元，佔營收的 27.0%。第四季淨利為 2.651 億美元，即每股 0.68 美元。我們財務狀況依然良好，本季末持有約 20 億美元的現金及現金等價物。我們雄厚的現金儲備為我們提供了極大的財務彈性。這一點在第四季表現得尤為明顯，我們既用現金償還了即將到期的 12 億美元可轉換債券，又在公開市場上回購了價值 3 億美元的股票。

Even after this activity, we remain in a great financial position. This is also supported by our growing free cash flow profile. In 2025, we've surpassed $1 billion of free cash flow for the first time. Turning to 2026 guidance. As we stated last month, we anticipate total revenue to be in a range of $5.16 billion to $5.25 billion, representing growth of 11% to 13% for the year.

即使進行了這項活動，我們的財務狀況依然良好。我們不斷增長的自由現金流狀況也印證了這一點。2025年，我們的自由現金流首次突破10億美元大關。接下來展望2026年的發展方向。正如我們上個月所說，我們預計總收入將在 51.6 億美元至 52.5 億美元之間，比上年增長 11% 至 13%。

This guidance assumes continued strong category growth and incremental growth contribution from Stelo and new product advancements across our platform. It also assumes that the coverage landscape remains predominantly the same as it stands today, but we'll continue to push for additional CGM access globally. From a margin perspective, we expect full year non-GAAP gross profit margin to be in the range of 63% to 64%, non-GAAP operating profit margin to be approximately 22% to 23% and adjusted EBITDA margin of approximately 30% to 31%. Our guidance assumes gross margin will improve 200 to 300 basis points in 2026 as we benefit from lower freight expenses, additional manufacturing efficiencies and the growing contribution from G7 15 Day. We also expect that gross margin expansion to play through in operating margin expansion in 2026 even as we have incremental hiring and spending planned to support sales, innovation and the launch of our Ireland manufacturing facility late in the year.

該指導意見假設品類持續強勁成長，Stelo 和我們平台上的新產品進步將帶來增量成長。它還假設覆蓋範圍基本上與現在相同，但我們將繼續在全球範圍內推動更多人獲得 CGM 服務。從利潤率的角度來看，我們預計全年非GAAP毛利率將在63%至64%之間，非GAAP營業利潤率約為22%至23%，調整後EBITDA利潤率約為30%至31%。我們的預期是，到 2026 年，毛利率將提高 200 至 300 個基點，因為我們將受益於更低的運費、更高的生產效率以及 G7 15 日會議貢獻的不斷增長。我們還預計，即使我們計劃增加招聘和支出以支持銷售、創新以及在今年晚些時候啟動我們在愛爾蘭的製造工廠，毛利率的擴張也將在 2026 年轉化為營業利潤率的擴張。

These investments will better position us to capitalize on broader global coverage, including our expectation for Medicare coverage for the type 2 non-insulin population. With that, we can open up the call for Q&A. Sean?

這些投資將使我們更好地利用更廣泛的全球覆蓋範圍，包括我們期望醫療保險能夠涵蓋 2 型非胰島素人群。接下來，我們可以開始問答環節了。肖恩？

Thank you Jeremy. (Event Instructions) Operator, please provide the Q&A instructions.

謝謝你，傑瑞米。（活動說明）操作員，請提供問答環節說明。

(Operator Instructions) Matt Taylor, Jefferies.

（操作說明）馬特泰勒，傑富瑞集團。

Great, thanks for taking the question. So Jake, I wanted to ask you on your first call as CEO, to talk a little bit more about some big picture items. You mentioned in your comments that you feel like the company is early on the glucose journey on the sensing journey. And I guess I'd imagine a lot of that has to do with the potential coverage to come here in the future. So I wanted to have you talk a little bit more about where the existing legacy and core markets could go in the coming years, but also with an eye to non-intensive type 2 coverage that we could see coming over the next 12 to 24 months.

太好了，謝謝你回答這個問題。傑克，我想在你擔任執行長的第一次電話會議上，請你多談談一些宏觀層面的問題。你在評論中提到，你覺得該公司在葡萄糖感測領域還處於早期階段。我想這很大程度上與未來這裡可能出現的報導有關。因此，我想請您再多談談現有傳統市場和核心市場在未來幾年可能的發展方向，同時也要關注我們可能在未來 12 到 24 個月內看到的非密集型 2 類疾病保險覆蓋範圍。

Thanks, Matt. I really do think we're in the early innings of a game here with -- when you think about the size of the problem out there with metabolic health and the growth of diabetes globally. And then you look at the solutions that we provide with our technology and the outcomes that we can drive. If you look across every segment of patients that we serve, whether it's type 1, type 2 insulin users or type 2 non-insulin users, we drive significant outcomes, both health outcomes for the user and their prescribing physician, but also financial outcomes for the health systems. And so the awareness of those outcomes continues to grow.

謝謝你，馬特。我真的認為我們現在還處於這場博弈的初期階段——想想代謝健康問題的大小以及糖尿病在全球的成長。然後，您可以看看我們利用自身技術提供的解決方案以及我們能夠取得的成果。縱觀我們服務的每一類患者，無論是第 1 型糖尿病患者、2 型糖尿病胰島素使用者或 2 型糖尿病非胰島素使用者，我們都取得了顯著的成果，不僅為患者及其處方醫生帶來了健康成果，也為醫療系統帶來了經濟成果。因此，人們對這些後果的認識也不斷提高。

And we've been generating evidence for years to help unlock the access for millions of users. And so as you mentioned, as we look at the landscape of coverage, we've started toward last year, seeing coverage unlock commercially for type 2 non-insulin users. And we are on the verge of expansion into the broader group of type 2 that are covered by Medicare. And so when that expansion happens, it's almost 12 million people that would then suddenly get access to CGM. And so that's why when I think about the road ahead and the durable years of growth we've got, there's just this tremendous opportunity to have an impact on the lives of many people.

多年來，我們一直在收集證據，以幫助數百萬用戶解鎖存取權限。正如您所提到的，當我們審視醫保覆蓋範圍時，從去年開始，我們看到 2 型非胰島素使用者的醫保覆蓋範圍開始在商業上擴展。我們即將把服務範圍擴大到更廣泛的 2 型糖尿病患者群體，這些患者都屬於聯邦醫療保險的覆蓋範圍。因此，當這種擴張發生時，將有近 1200 萬人突然獲得 CGM 服務。所以，當我展望未來的道路以及我們即將迎來的持續增長期時，我意識到這是一個對許多人的生活產生影響的巨大機會。

And as you think internationally, too, the opportunity there is pretty significant.

從國際角度來看，那裡的機會也相當大。

As I mentioned in my comments, it's -- we see this being larger than the U.S. over time. Now internationally, typically, the coverage trails a bit from the U.S. But with the evidence we continue to generate, and the awareness we continue to generate. We're confident that over time, this access is going to continue to open and provide opportunity for us to impact more lives.

正如我在評論中提到的，隨著時間的推移，我們看到它的規模將超過美國。目前，國際上的報道通常比美國略遜一籌。但隨著我們不斷收集證據，以及不斷提高公眾意識，情況正在好轉。我們相信，隨著時間的推移，這種機會將會不斷增加，並為我們帶來更多影響人們生活的機會。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good afternoon. Thanks for taking the question. I guess I'll follow up on type 2 non-insulin. Jake, based on your response there, it sounds like you think it's coming soon, the CMS -- I'm asking about the CMS proposal. Your main competitor is saying first half 2026. Are you in agreement with that? And when should we expect to see the RCT data?

午安.感謝您回答這個問題。我想我得跟進一下第 2 型非胰島素依賴型糖尿病的情況。傑克，根據你的回复，聽起來你認為CMS提案很快就會出台——我問的是CMS提案。你的主要競爭對手說要等到 2026 年上半年。你同意嗎？我們什麼時候才能看到隨機對照試驗數據？

And just maybe lastly, how do you want us to think about the kind of potential impact from CMS coverage of type 2 non-insulin? Thanks for taking the question.

最後，您希望我們如何看待 CMS 對 2 型非胰島素治療的承保可能產生的影響？感謝您回答這個問題。

Yes. Thanks, Larry. As we continue to work with CMS and actually, as we've been sitting here waiting for the coverage decision from them, we've actually had the ADA update their guidelines for type 2 non-insulin and really further moving towards recommending the product for that group and recommending that they have the choice. And so I think that's clearly based on the real-world outcomes that we've been generating. So we mentioned at JPMorgan around the registry that we've started for non-insulin users, and that's basically people that have coverage today that are type 2 non-insulin users.

是的。謝謝你，拉里。在我們繼續與 CMS 合作，實際上，在我們一直等待他們做出承保決定的同時，ADA 也更新了其針對 2 型非胰島素患者的指南，並進一步向該群體推薦該產品，建議他們有選擇權。所以我認為這顯然是基於我們所取得的實際成果。所以我們在摩根大通提到了我們為非胰島素使用者啟動的註冊計劃，這基本上是指目前有保險的 2 型非胰島素使用者。

And looking at those outcomes, we're seeing great sustained outcomes in terms of health improvement and high sensor utilization. And so that gives us confidence that we know that we can make an impact in this population. And clearly, the private payers have seen that and have started moving the direction of coverage. And so we're going to continue to do everything we can do to support a coverage decision here with Medicare, which one of the things you mentioned is our randomized controlled trial in type 2 non-insulin users. That trial, we're very excited to read that trial out here towards the middle of this year.

從這些結果來看，我們在健康改善和感測器高利用率方面都取得了顯著的持續成果。因此，這讓我們有信心，我們知道我們能夠對這個群體產生影響。顯然，私人保險公司已經意識到了這一點，並開始調整保險覆蓋範圍。因此，我們將繼續盡一切努力支持 Medicare 做出承保決定，其中一項就是您提到的 2 型非胰島素使用者的隨機對照試驗。我們非常期待在今年年中看到那場審判的結果。

And it's a trial of about 300 people got 2 arms. Those weren't using CGM and those using standard care methods. And we are fairly excited to share the results of that as we get towards the end of the study.

這是一項約有 300 人參與的試驗，每人植入兩隻手臂。這些患者沒有使用 CGM，他們使用的是標準護理方法。隨著研究接近尾聲，我們非常興奮地與大家分享研究結果。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

I wanted to ask about 15 Day and both how we should think about the rollout of that, the impact on margins and also kind of the use of that to open up new markets. I heard you mention new products launching internationally and talking about international getting to be bigger than the U.S. That's only 30% of your company today. So a lot of international growth there. So I just wanted to kind of touch on those 2 topics.

我想問一下關於 15 天計畫的問題，包括我們應該如何考慮它的推出、對利潤率的影響，以及如何利用它來開拓新市場。我聽您提到新產品將在國際市場推出，也談到國際市場規模將超過美國市場。但目前國際市場僅佔貴公司業務的30%。所以那裡的國際成長非常顯著。所以我只想簡單談談這兩個主題。

Yes, sure, Travis. This is Jereme. I can certainly start on the margin side, and then I can turn it over to Jake in terms of talking about long-term opportunities outside the U.S. So as we think about the 15-day product, clearly, in the U.S., it's launched today, and we'd expect that to certainly start to contribute to margins over the course of this year. The reality is it starts to contribute to margins even more in future years because this is a year about getting folks interested, making sure they understand the benefits and really converting a base over time.

當然可以，崔維斯。這是傑里米。我當然可以先從利潤率面談起，然後我可以把話題交給傑克，讓他談談美國以外的長期機會。說到15天的產品，很顯然，它今天在美國上市，我們預計它肯定會在今年內開始為利潤率做出貢獻。事實上，它將在未來幾年對利潤率做出更大的貢獻，因為今年的重點是引起人們的興趣，確保他們了解好處，並隨著時間的推移真正轉化一群客戶群。

We'll start with new patients and we'll convert the base. So the contributions, yes, there will be some -- certainly some help this year, and you can see that in our gross margin guidance. The real opportunity starts as you get further out. Obviously, Stelo is on a 15 Day platform. G7 has moved to that platform.

我們將從新患者開始，逐步擴大患者群體。所以，是的，會有一些貢獻——今年肯定會有一些幫助，你可以從我們的毛利率預期中看到這一點。真正的機會在你走得更遠之後才會出現。顯然，Stelo 採用的是 15 天週期平台。G7已經遷移到該平台。

You can imagine most of our products move to that platform over time. And as we launch out new product platforms, that's obviously the focus. So you can see where that becomes kind of the basis for launching. And that cost, ultimately, it becomes a bit of an advantage, right, in terms of going into new markets. It's really hard to get into this space.

您可以想像，隨著時間的推移，我們的大部分產品都會遷移到該平台。隨著我們推出新的產品平台，這顯然是我們的重點。所以你可以看出，這在某種程度上成為了產品上市的基礎。而從長遠來看，這種成本最終會成為一種優勢，對吧，尤其是在進入新市場方面。進入這個領域真的很難。

There's really a few companies that can really produce it at scale. And that scale is how you're able to build the product at a cost that as you move into, say, some emerging markets, where you can take advantage of those opportunities, both wear length and cost and ultimately delivering the highest quality product within those confines. So I do think it does provide us an opportunity not only from a margin perspective, but also from the opportunity of expanding and driving new opportunities where there's a fit-for-need purpose for our product. You've already seen us move to fit-for-need where you start to see our product portfolio strategy outside the U.S. This just helps us continue to drive down that pathway.

實際上，能夠大規模生產這種產品的公司屈指可數。正是這種規模，使得你能夠以較低的成本打造產品，從而在進入新興市場時，能夠利用這些市場的機會，在產品使用壽命和成本方面都佔據優勢，並最終在這些限制條件下提供最高品質的產品。所以我認為這不僅從利潤角度來看為我們提供了一個機會，而且還為我們提供了一個拓展和推動新機會的機會，讓我們的產品能夠滿足市場需求。您已經看到我們轉向「按需供應」的策略，並開始在美國以外的地區推行我們的產品組合策略。這將有助於我們繼續沿著這條道路前進。

Jake, do you want to give some just thoughts longer term on international and what we can do with that?

傑克，你能否就國際情勢以及我們能利用國際情勢做些什麼，談談一些更長遠的想法？

Sure. Yes, absolutely. The 15 Day product wear time will be extending that to the portfolio globally. So we've launched it on Stelo. We launched it in the G7 here in the U.S.

當然。是的，絕對的。15 天的產品配戴期限將在全球推廣至整個產品組合。所以我們已經在 Stelo 上發布了它。我們在美國舉行的七國集團峰會上發布了它。

We're going to extend it globally. And the feedback from users has been pretty incredible. One note that's important is that over the time frame that we've had G7 in the market, we've made a lot of enhancements to the product and to the technology to the processes, everything about how we build that sensor and provide it to users has been enhanced. And so the 15 Day products got all of that from day 1. So as we launch this new version of G7, we're seeing great feedback about both the longevity of the sensor, the reliability, but also the accuracy.

我們將把它推廣到全球。用戶回饋也相當不錯。需要特別指出的是，自從 G7 上市以來，我們對產品、技術、流程等各個方面都進行了大量改進，包括感測器的製造和交付給用戶的方式。因此，15 天系列產品從第一天起就具備了所有這些特性。因此，隨著我們推出這款新版本的 G7，我們看到了關於感測器壽命、可靠性和準確性的良好回饋。

This is the most accurate sensor we've ever produced. And users are noticing it. You can see it out there in the blogs. You can see it in customer feedback. They really are seeing that this algorithm enhancement we've made is playing through in their experience, which is important as we are striving to continue to be the premier glucose sensing solution for all.

這是我們迄今為止生產的最精確的傳感器。用戶也注意到了這一點。你可以在部落格上看到它。從客戶回饋中就能看出這一點。他們確實看到了我們所做的演算法改進在他們的體驗中發揮了作用，這很重要，因為我們正在努力繼續成為面向所有人的頂級血糖感測解決方案。

And so excited about the ability to continue to expand 15 Day across the portfolio.

能夠繼續在整個產品組合中擴展 15 天週期，我感到非常興奮。

Robbie Marcus with JPMorgan.

摩根大通的羅比·馬庫斯。

Thank you for taking my question. Jereme, I wanted to ask on the OpEx guide. You have 63% to 64% gross margin. And when I do the math, it looks like you're getting about 100 basis points of deleverage on OpEx to get to the range. So what are you spending it on after such a great year of expense control? Where are you kind of loosening the flow a little bit in 2026?

感謝您回答我的問題。Jereme，我想問關於營運卓越指南的問題。您的毛利率為 63% 至 64%。我計算了一下，要達到這個目標範圍，營運支出大約需要降低 100 個基點。在成功控制開支一年之後，你打算把省下的錢花在哪裡？你們打算在 2026 年稍微放鬆流程嗎？

Yes. It's a fair question, Robbie. And look, we had a really great year this year in terms of OpEx control. In fact, I think Q4, you look at the spend profile sequentially from Q3 to Q4, our spend is essentially flat. And so a really great job done by the team there.

是的。羅比，你問得好。你看，今年我們在營運支出控制方面做得非常出色。事實上，我認為，如果你從第三季到第四季依序查看支出狀況，你會發現我們的支出基本上持平。所以，團隊的工作做得非常好。

As you roll forward the math, I mean, if you kind of use it in round numbers, the goal isn't necessarily to delever. I think if you kind of -- I know you got to play within the ranges a bit to get there, but the goal isn't necessarily to delever. The point is the leverage in the P&L next year predominantly will flow through gross margin. And the goal is to keep the op margin or the op expenses as a percent flat. Now what's running through that P&L is the launch of our Ireland manufacturing facility.

當你進行數學推演時，我的意思是，如果你用整數來計算，那麼目標不一定是去槓桿化。我認為如果你有點——我知道你必須在一定的範圍內操作才能達到目標，但目標不一定是去槓桿化。關鍵在於，明年損益表中的槓桿作用主要將反映在毛利率上。目標是使營業利潤率或營業費用維持在一個百分比不變的水平。現在，損益表中反映的是我們愛爾蘭製造工廠的投產。

So we have a facility in Ireland that you guys are all aware of it. We're going to be hiring and staffing up. We'll obviously be turning on depreciation. There'll be a lot of folks there in training. We'll be running validation samples across those lines.

我們在愛爾蘭有一個工廠，你們都知道。我們將進行招募並擴充人員。我們顯然會啟用折舊。那裡會有很多人參加培訓。我們將對這些線路進行驗證性抽樣。

We expense those that happen. So there's a big investment in that manufacturing facility. We'll turn that on here likely in the fourth quarter of this year, at which point those costs will come out of OpEx and up into COGS. But as we ramp up those expenses over the course of the year, you'll see those playing through. That's what really soaks it up.

我們會將發生的費用計入支出。所以，這家製造工廠投入了大量資金。我們可能會在今年第四季啟用這項功能，屆時這些成本將從營運支出中轉入銷售成本。但隨著我們在這一年中不斷增加這些開支，你會看到這些影響顯現出來。那東西真的能把水吸收掉。

So obviously, that's a bit of a onetime thing when you're opening up a facility. Those will dissipate as we move, obviously, to turn that facility on and into 2027. So underneath all of that, Robbie, I think it's important to note that because you are still getting leverage, it's just there's an investment we're making into a facility, though obviously, that investment in leverage will obviously then play through in 2027 and beyond. So we're still getting leverage there. We're still getting leverage, obviously, in gross margin.

所以很明顯，這在開設工廠時是一次性的事情。隨著我們推進該設施的啟用工作，這些問題很可能會逐漸消失，並持續到 2027 年。所以，羅比，我認為最重要的是要注意到，因為你仍然在利用槓桿，只不過我們正在對一個設施進行投資，儘管很明顯，這種槓桿投資顯然會在 2027 年及以後發揮作用。所以我們仍然有談判籌碼。顯然，我們在毛利率方面仍然具有優勢。

The work continues. It's just this year, gross margin is going to do a little bit of the work while there's some, I would say, temporal things running through OpEx.

工作仍在繼續。今年，毛利率將起到一定作用，而營運支出方面則存在一些暫時性因素。

Danielle Antalffy with UBS.

Danielle Antalffy，來自瑞銀集團。

Jake or Jereme, whichever one wants to take this, I had a question on how you guys are thinking about utilization. And obviously, as basal ramps, I suspect utilization is coming down a bit. And as we do get coverage for non-insulin using type 2, utilization will also look different there. And I'm just curious, as you guys are sort of thinking about not only 2026 but beyond, and obviously, I don't want to front run the Analyst Day, but even qualitatively, how to think about utilization based on what you know today?

傑克或傑瑞米，隨便誰來回答，我有個問題想問你們是如何考慮資源利用率的。顯然，隨著基礎胰島素劑量的增加，我懷疑胰島素利用率會略有下降。而且，隨著我們為第 2 型糖尿病患者提供非胰島素治療，其使用情況也會有所不同。我只是好奇，因為你們不僅在考慮 2026 年，而且在考慮更遠的未來，顯然，我不想搶在分析師日之前發言，但即使是定性地，根據你們今天所了解的情況，如何看待利用率？

Yes. Thanks, Danielle. As we look at the spectrum of users with our -- the highest utilization we see in those AID users type 1 on automated insulin delivery systems, they're well north of 90% utilization, which makes sense because those AID systems don't operate without sensor connected to them and they are -- the ease of use and the outcomes that they drive are so powerful that's what we see there. Type 2 IIT and non-AID type 1s, it's very similar. It's kind of in that 90% to 85% range.

是的。謝謝你，丹妮爾。當我們觀察我們的使用者群體時，我們發現使用率最高的是 1 型糖尿病患者，他們使用自動胰島素輸注系統，使用率遠超 90%，這很​​合理，因為這些自動胰島素輸注系統必須連接感測器才能運行，而且它們的易用性和帶來的效果非常顯著，這就是我們看到的。2 型 IIT 和非 AID 型 1 型，非常相似。大概在 85% 到 90% 之間。

And those utilization rates have remained fairly consistent over time. And so we're not seeing much change there. To your question around basal and also the NIT users. So basal, we've had a longer time frame with those users as coverage opened up a number of years ago. And so that group has about an 85% to 80% utilization rate.

而且這些利用率一直保持相當穩定。所以，我們並沒有看到這方面有太大的改變。關於您提出的基礎胰島素和NIT用戶的問題。因此，由於幾年前保險覆蓋範圍擴大，我們與這些用戶建立了更長的聯繫。因此，該群體的利用率約為 80% 至 85%。

That's actually what we saw in our studies. And we've seen it play out in the real world, which is always great when you see the clinical trial actually reflect real-world use. And so 80% to 85% in that type 2 basal. Some of the more recent learnings is from our registry where we always anticipated that type 2 non-insulin users might not have the same rate of utilization as those type 2 basal users just because of the difference in the insulin, they're not taking a dose of insulin, there's not the risk of hypoglycemia, a number of those things. So we kind of assume there might be slightly less utilization in that group.

這正是我們在研究中發現的情況。我們已經看到它在現實世界中得到了驗證，當看到臨床試驗結果能夠反映現實世界的使用情況時，這總是令人欣慰的。因此，2 型基礎型佔 80% 到 85%。最近的一些經驗來自我們的登記數據，我們一直預期 2 型非胰島素使用者的胰島素利用率可能與 2 型基礎胰島素使用者不同，僅僅是因為胰島素的不同，他們不服用胰島素，沒有低血糖的風險，等等。所以我們推測，該群體的使用率可能會略低一些。

But in the registry, which is this new group of patients that have coverage for CGM that are type 2 non-insulin users, that registry is about 12 months old, and we are seeing high utilization rates in that group, very similar to those basal users when you're in a reimbursed environment. I think that's the key we see the best utilization when our patients have coverage. And so we're seeing good utilization there, and we'll continue to track it. But so far, those rates have remained pretty stable. And it's an important aspect as we think about our expansion globally and as we continue to see more customers come on to the product.

但在這個登記冊中，這群新的、有 CGM 保險覆蓋的 2 型非胰島素使用者患者，這個登記冊已經有大約 12 個月的歷史了，我們看到該群體的使用率很高，與在報銷環境下使用基礎胰島素的患者非常相似。我認為關鍵在於，當病患有醫療保險時，我們的醫療資源利用率才能達到最佳水準。因此，我們看到那裡的利用率很好，我們將繼續跟踪這一情況。但到目前為止，這些利率一直保持相當穩定。隨著我們考慮在全球擴張，以及越來越多的客戶開始使用該產品，這一點顯得尤為重要。

And it's important also because type 2 is our largest opportunity as we think about the long term. And so we'll keep those in mind, but we're feeling good about what we're seeing as we look at user experience, too, there's really an opportunity to drive further utilization as we get more engagement with the product. And so as we make the software updates, we start adding more AI insights to the technology, the idea is can we drive utilization even higher. So I think that's still a question to be out there, but I'd like to see it improve even further.

而且這也很重要，因為從長遠來看，2 型糖尿病是我們最大的機會。因此，我們會牢記這些，但我們對使用者體驗方面的情況也感到滿意，隨著使用者對產品的參與度提高，確實有機會進一步提升產品的使用率。因此，隨著我們進行軟體更新，我們開始為這項技術添加更多的人工智慧見解，我們的想法是能否進一步提高利用率。所以我認為這仍然是一個值得探討的問題，但我希望看到它能進一步改進。

Yes, I think the best way to take it, Danielle, is at least back to the models is think about it as the utilization, the trends have remained the same. In fact, there's work we're doing obviously to make them better. It's just really more about the mix. And as you guys are modeling by cohort, think about it that way versus utilization by cohort going down to make sure you have the mix, right, and that should help out.

是的，丹妮爾，我認為最好的處理方式是至少回到模型上思考，將其視為利用率，趨勢保持不變。事實上，我們顯然正在努力改進它們。關鍵在於混合比例。當你們按群體建模時，要考慮按群體使用率下降的情況，以確保組合均衡，對吧？這應該會有所幫助。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Thank you, good morning everybody. I wanted just to maybe dig a little bit more into the 2026 revenue outlook and maybe specifically around just the new patient dynamic. I think sometimes we get wrapped around the axle on this record, new patient dynamic that may or may not be significant as we look forward here. But can you maybe just give us some broader perspective on what is assumed from sort of underlying volume growth at different ends of the guidance range? And what are some of the factors operationally that need to play out that would put you at the 13% level and what would put you at the 11% level?

謝謝大家，大家早安。我想更深入探討 2026 年的收入前景，特別是關於新患者動態方面的問題。我認為我們有時會在這張唱片的軸心上糾結，新的病患動態可能對我們未來的影響不大。但您能否從更廣泛的角度，為我們說明在不同指引範圍的兩端，潛在銷售成長有哪些假設？那麼，在營運層面上，哪些因素需要發揮作用才能讓你的殖利率達到 13% 的水平？又有哪些因素會使你的殖利率達到 11% 的水平？

Yes. Thanks. It's a fair question. And at the end of the day, I know we do spend a lot of time talking about new patients. At the end of the day, what drives revenue is your patient base.

是的。謝謝。這是一個很合理的問題。歸根究底，我知道我們確實花了很多時間討論新病人。歸根究底，決定收入的是你的患者群。

And obviously, a key component to that is how many new patients you add, but it's also what you do around retention, utilization and then, of course, price. And so as you think about the puts and takes into next year, think about it this way. We start -- we exit the year, and I'll talk about this in the core, I'll say, G and D series business. We exit the year talking about patient base growing at about 20%, north of 20%. And so that's your starting point for what you'd expect in terms of starting point for volumes as you move into the year.

顯然，關鍵因素在於你增加了多少新患者，但也取決於你在患者留存率、使用率以及價格方面所做的工作。所以，當你考慮明年的投入和投入時，你可以這樣想。我們開始——我們結束這一年，我將在核心部分，例如 G 系列和 D 系列業務中談到這一點。今年年底，我們討論的是患者群體成長率約 20%，甚至超過 20%。所以，這就是你今年銷售起始點的預期起點。

Over the course of the year, our expectation is we have a couple of points of price, and that's been consistent. And the remainder and the delta between what I would say is any anticipations around unit volumes would be around mix. And the reason mix is still there, it's much smaller than it used to be. But we do still have a lot of new coverage coming on, specifically in the PBM space for type 2 non-insulin. And then outside the U.S., we are winning a lot of tenders in DexCom ONE-plus, and it comes at a different price point.

我們預計一年內價格會有幾個點位波動，而且這種情況一直保持穩定。其餘部分以及我所說的任何關於單位銷售的預期之間的差異都將圍繞產品組合。混合市場仍然存在的原因是，它的規模比以前小得多。但我們仍然有許多新的保險產品即將上市，特別是針對第 2 型非胰島素糖尿病的 PBM 領域。然後在美國以外，我們在 DexCom ONE-plus 的招標中贏得了許多項目，而且它的價格點也不同。

So that mix is still there. And it will come down from 2025, that mix impact. So that puts your unit volume growth there just south of that 20%. It puts you in the mid-to-upper teens. And that gives you kind of presumptions around unit volume.

所以這種混合仍然存在。從 2025 年開始，這種混合影響將會下降。因此，你的單位銷售成長率略低於 20%。這說明你的年齡在十幾歲到二十幾歲之間。這就給你提供了一些關於單位體積的假設。

From there in terms of that -- if you're thinking about the inputs, we talked a little bit about this at JPMorgan, so we'll be happy to reiterate it. We don't necessarily need a record new patients to hit the low end of our guidance. And if you want to hit a record new patient to certainly hit the top end of the range and beyond. And so that's the way we're going to run the business. Obviously, we had a record new patient year in 2025.

從那方面來說——如果你在考慮投入，我們在摩根大通也稍微討論過這個問題，所以我們很樂意重申。我們不一定需要創紀錄的新增患者數量才能達到我們指導值的下限。如果你想創下新患者數量的新紀錄，那就一定要達到甚至超過最高水準。所以，我們將以這種方式經營這家公司。顯然，我們在 2025 年迎來了創紀錄的新病患人數。

We'll obviously focus on setting high targets internally and achieving those targets internally. But that gives you some of the inputs, puts and takes in the guidance. The other piece of the guidance, I think it's just important to note, this assumes coverage stays predominantly the same. And so obviously, if things change around coverage, that would change our new patient outlook certainly. And then we'd have to kind of give you guys an update as that moves through the year.

我們顯然會專注於設定高目標並在內部實現這些目標。但這能讓你了解指導意見中的一些意見、投入和收穫。指南的另一部分，我認為需要特別指出的是，這假設保險覆蓋範圍基本上保持不變。因此，很顯然，如果醫保覆蓋範圍發生變化，那肯定會改變我們對新患者的預期。然後，我們會隨著時間推移，定期向大家報告最新進展。

Hopefully, that gives you some puts and takes. You're right, though, David. At the end of the day, these are all puts and takes around a user base and how that user base grows and moves over time. And that's why it's really important we always acclimate everybody with how did our user base grow year over year. And you guys have the most recent update based on our last touch point.

希望這些能給你一些啟發。你說得對，大衛。歸根結底，這些都是圍繞著用戶群體及其隨時間而增長和變化的各種投入和收穫。所以，讓大家了解我們的用戶群逐年成長非常重要。你們掌握的是我們上次溝通後的最新進展。

So that gives you the puts and takes and any other questions, we will be happy to follow up later.

以上就是買賣雙方的情況，如有任何其他疑問，我們很樂意稍後跟進。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you, good afternoon, guys. Jereme or Jake, I think you pointed on your prepared remarks about strengthening U.S. sensor uptake trends in fourth quarter and said those continued into the first quarter. Maybe you could just flesh that out a little bit for us. Was that some of the recovery from the sensor deployment issues kind of midyear? Was that continued strength in maybe T2 AID uptake?

謝謝，下午好，各位。傑里米或傑克，我想你們在事先準備好的演講稿中提到了美國感測器普及率在第四季度持續上升的趨勢，並表示這種趨勢延續到了第一季。或許您能再詳細解釋一下？這是年中感測器部署問題的部分復原措施嗎？這是否意味著T2 AID的吸收率持續走高？

Anything you can point to there? And just talk about maybe, Jereme, you also mentioned your installed base being an important driver of growth. Just how stable that T1 and IIT T2 user base has been now as Libre three is starting to launch in the U.S.?

你能指出那裡有什麼嗎？傑里米，或許我們可以談談你剛才提到的用戶基數是成長的重要驅動力。隨著 Libre 3 在美國開始推出，T1 和 IIT T2 的用戶群究竟有多穩定？

Yes. Thanks, Jeff, for the question. I think as you look at the -- we look at what's called sell-through trends. And that's our way of looking at who's ultimately going to the pharmacy or going to the DME, picking up product. That becomes really important.

是的。謝謝傑夫的提問。我認為，當我們觀察——我們觀察所謂的銷售趨勢時。這就是我們看待最終去藥局或醫療器材商店購買產品的人的方式。這一點變得非常重要。

You can look at other things. There's various other data points we use, but we certainly use those as well because that's people actually physically picking up and using the product. And we saw that improve over the course of the fourth quarter and continue. Now there's a couple of different reasons out there. And certainly, part of it is going to be certainly some work we've done around certainly sensor deployments.

你可以看看其他東西。我們也會使用其他各種數據點，但我們當然也會使用這些數據點，因為這些數據點代表了人們實際拿起並使用產品的情況。我們看到這種情況在第四季度有所改善，並且一直持續下去。現在有幾種不同的解釋。當然，其中一部分肯定是我們圍繞感測器部署所做的一些工作。

Jake alluded to it earlier. We've done some really nice work around that. We've seen our warranty rates coming down and certainly our complaint rates coming down moving into the year. That's exciting to see. It also helps to have launched our 15 Day product.

傑克之前提到過這件事。我們在這方面做了一些非常好的工作。我們看到，今年以來，我們的保固率和投訴率都在下降。看到這一幕真令人興奮。推出我們的15天產品也對我們有幫助。

We only launched it in the DME in the fourth quarter. So that's not necessarily a large piece of it, but certainly, we expect having that new product out there to be a really good opportunity. And then naturally, as you would expect, as we get out in front of physicians 1, 2, 3, 4 times, and they can see the coverage landscape changing for those non-insulin users that certainly starts to play out a little bit as well. So I think what you're seeing is a little bit of all that. I mean, all of these things are intertwined.

我們直到第四季才在DME地區推出產品。所以這未必是其中很大一部分，但我們當然期望推出這款新產品會是一個非常好的機會。然後，正如你所預料的那樣，當我們與醫生們見面 1、2、3、4 次後，他們可以看到非胰島素使用者的醫療覆蓋範圍正在發生變化，這種情況也肯定會開始有所改變。所以我覺得你現在看到的，就是所有這些因素的綜合體現。我的意思是，所有這些事情都是相互關聯的。

At the end of the day, providing a 15 Day product and all the features and the accuracy associated is great, having less sensor deployment challenges is great and certainly having our sales force out calling on folks, all those things really coming together. So we're seeing that play through.

歸根結底，能夠提供 15 天交付的產品以及所有相關的功能和精度固然很好，減少感測器部署方面的挑戰也很棒，當然，我們的銷售團隊外出拜訪客戶也很棒，所有這些因素都完美地結合在一起。所以我們正在見證這個過程。

In terms of stability of the user base retention utilization, you're kind of alluding more to the retention side. It's been stable. I mean we haven't seen many changes at all over that time frame. Certainly, there was a lot of -- there was some noise over the course of the summer. But I think we've been very focused on making sure that we've gotten in front of those and that the experience that folks have when using the product is an excellent one.

就用戶群留存利用率的穩定性而言，你似乎更多是在暗示留存方面。它一直很穩定。我的意思是，在那段時間裡，我們幾乎沒有看到任何變化。當然，整個夏天都充斥著各種噪音。但我認為我們一直非常注重確保我們能夠接觸到這些用戶，並確保用戶在使用產品時獲得卓越的體驗。

Jake alluded to it earlier, he spent a ton of time really focused on this speaking to patients, speaking to physicians, speaking to advocacy groups over the course of time and making sure we're listening and to the extent that we do need to make changes, make those changes.

傑克之前也提到這一點，他花了很多時間專注於此，與病人、醫生、倡議團體進行溝通，確保我們傾聽他們的意見，並在必要時做出改變。

All in all, at the end of the day, I think what it proves is DexCom has built an incredible product built on amazing accuracy. And I think people are passionate about, one, using the product and making sure they're getting all the benefit out of it. And I think you're seeing that as we're getting out into the field. So we've seen that stable, and I would expect to see that stable moving forward even with other even competitive product launches out there.

總而言之，歸根結底，我認為這證明了 DexCom 打造了一個基於驚人準確性的出色產品。我認為人們熱衷於使用產品，並確保從中獲得所有好處。我認為，當我們深入實地考察時，這一點就顯現出來了。所以我們已經看到這種穩定性，而且我預計即使有其他更具競爭力的產品推出，這種穩定性也會繼續保持下去。

Marie Thibault, BTIG.

瑪麗·蒂博，BTIG。

Hi, thanks for taking my question. Jereme, I want to do a discussion on pricing. You mentioned a couple of points of pricing is one of the factors being some of the commercial unlock of the type 2 non-insulin patient population. How would you have us thinking about any potential pricing headwinds as we think about the Medicare unlock that could be coming here in the next 12 months or so? I know, of course, volume will be an offset. The amount of volume mix will make a difference.

您好，感謝您回答我的問題。傑里米，我想和你討論定價問題。您提到定價是影響第 2 型糖尿病非胰島素患者族群商業化進程的因素之一。考慮到未來 12 個月左右可能到來的 Medicare 解鎖計劃，您會如何看待任何潛在的價格阻力？當然，我知道銷量會起到一定作用。混合液的體積大小會產生影響。

But how would you have us thinking about that in regards to the couple of points that you referenced with the commercial?

但是，就您在廣告中提到的那幾點而言，您會如何讓我們思考這個問題呢？

Sure. Yes. Every year, when we go through negotiations, it's interesting. We're always asking for more coverage and for good reason, right? There's a lot of folks who ultimately need it.

當然。是的。每年進行談判的時候，都很有趣。我們一直要求增加報道，這是有充分理由的，對吧？最終有很多人需要它。

And we know that we can deliver value really to all pathologies. But every year, there's -- it's the classic volume price conversations and everybody goes through it. And it's been pretty stable for some time. As you -- so nothing new this year, but in the context of how you're thinking about CMS and coverage and how that unlocks, I think the way CMS at least has done work around this space is they've done the work around competitive bidding. Really, that's where the rubber hits the road in terms of how they're thinking about it from that perspective.

我們知道，我們確實可以為所有病症帶來價值。但每年都會有——這是經典的銷售價格討論，每個人都會經歷。而且這種情況已經持續一段時間了，相當穩定。正如你所說——所以今年沒有什麼新情況，但就你對 CMS 和覆蓋範圍以及如何解鎖的思考而言，我認為 CMS 至少在這個領域所做的工作是圍繞競爭性投標開展的工作。實際上，這才是他們從這個角度思考問題的關鍵。

If you think about how the approvals work, there's an LCD code. Ultimately, that is approved. And that coding applies to where the coverage ultimately sits. That typically does the approval, pathology approval, it's the guidelines, the rules. Pricing is typically handled separately from that.

如果你仔細想想審核流程是如何運作的，你會發現其中有一個 LCD 程式碼。最終，該申請獲得批准。這種編碼方式適用於最終覆蓋範圍。通常情況下，審批是透過病理學審批，也就是遵循相關指南和規則。定價通常是單獨處理的。

And so I think what you've got is you've already got a natural mechanism in place for what is a fair value is through the competitive bidding process, which we'll obviously work through, and we'd expect that to kick in really here more in 2028. So I think that's at least how we're thinking about it in terms of how that unlock would play out statutorily is maybe the best way to put it. Should something change, we'll certainly keep you posted. But at least that's our read on kind of how that would play out. And we'll know a lot more, right?

所以我認為，你們已經建立了一種自然的機制，透過競爭性投標過程來確定公平價值，我們顯然會努力推進這項工作，我們預計這將在 2028 年真正發揮作用。所以我覺得，至少從法律層面來說，我們是這樣考慮解封措施的，這或許是最好的表達方式。如有任何變動，我們一定會及時通知您。但至少我們是這樣認為事情會如何發展的。我們將會了解更多，對吧？

Obviously, we're excited about CMS coverage. We talked about it. We're building for it as we speak. I mean, as we start to build capacity today, we're building to be ready for it as if it came tomorrow. So I mean that's how bullish we are on it coming.

顯然，我們對 CMS 的覆蓋範圍感到興奮。我們討論過這件事。我們正在為此做準備。我的意思是，我們今天開始建立能力，就是為了做好準備，就好像它明天就會到來一樣。所以我的意思是，我們對它的到來就是如此看好。

And so we'll certainly give you more feedback as we go because we obviously expect it to be a key part of everything we do this year, including obviously an RCT readout, which, again, we'll have here in the first half. Jake said at the middle of the year, obviously, it's going to be in the first half. We committed to that, but as we kind of move here over the next few months.

因此，我們肯定會在後續工作中給您更多回饋，因為我們顯然希望它能成為我們今年所有工作的關鍵部分，包括 RCT 的結果公佈，我們將在上半年公佈。傑克說，年中的時候，很明顯，應該是在上半年。我們已經承諾了，但接下來的幾個月我們將陸續搬到這裡。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Hi, thanks for taking my question. Jake and Jereme, I would love to double-click on that commentary on international. Just saying that you're going to basically make up, I think it's about a $2 billion delta between your U.S. and your OUS business. And I know it's going to take time. But can you talk about you've got a big competitor out there.

您好，感謝您回答我的問題。傑克和傑瑞米，我很想雙擊看那篇關於國際的評論。我的意思是，你基本上要彌補你在美國和美國境外業務之間大約 20 億美元的差額。我知道這需要時間。但你能談談你面臨的強大競爭對手嗎？

They've got a huge international business. How do you do that? How do you close that $2 billion delta? And I'm assuming we're just talking revenues and not just volume. How do you do that over what time frame?

他們擁有龐大的國際業務。你是怎麼做到的？如何彌補這20億美元的差距？而且我假設我們討論的是收入，而不是銷售量。如何在多長時間內完成這項工作？

Is it 15 years? Is it five years? And Jereme, what kind of impact does it have? Do we have any pockets of weakness on the margin side as you're scaling that business and it's becoming a bigger portion of the overall revenue base?

是15年嗎？是五年嗎？傑里米，這會產生什麼樣的影響？隨著業務規模的擴大，該業務在整體收入中所佔比例越來越大，那麼在利潤率方面是否存在任何薄弱環節？

Yes. Thanks, Matt. When I look at the international opportunity, there's 2 big pieces, right? There's the opportunity to continue to expand within the markets we're already present in. If you think about we've established pretty strong businesses throughout Europe, and we're just getting started in the Asia Pacific region.

是的。謝謝你，馬特。當我審視國際機會時，我認為主要包含兩大方面，對吧？我們有機會在現有市場中繼續擴張。想想看，我們在歐洲已經建立了相當強大的業務，而我們在亞太地區才剛起步。

And so when you think about just going deeper in the patient populations, coverage across the international markets, as I mentioned earlier, trails the U.S. So there's really a lot of coverage to still unlock when we think about the international patients. Type 2 basal is only starting to see coverage wins. We got a win in France. We've seen Japan move there.

因此，當我們深入研究患者群體時，就會發現，正如我之前提到的，國際市場的覆蓋率落後於美國。所以，當我們考慮國際患者時，實際上還有很多覆蓋率有待提高。2 型基底免疫療法才剛開始取得覆蓋率上的勝利。我們在法國贏了一場。我們看到日本已經遷往那裡。

And we're looking towards Germany to start -- we've got some coverage there for basal insulin users. But that's just basal. I mean there's still the opportunity for NIT around the globe. If you just look at the sheer volume of patients and the impact that we know that our technology can make, the opportunity is there. The key and the unlock is for us to generate the evidence, make sure there's awareness of the evidence, the advocacy from both the clinicians and the patients and basically drive that through each of these markets.

我們首先關注的是德國——我們在那裡已經為基礎胰島素使用者提供了一些服務。但這只是基礎水準。我的意思是，全球範圍內仍然有很多機會可以參加 NIT 計畫。如果只看患者的數量之多，以及我們所知的技術所能產生的影響，就會發現機會是存在的。關鍵和解脫在於我們能夠產生證據，確保人們了解這些證據，獲得臨床醫生和患者的支持，並最終將這些證據推廣到各個市場。

We've been very successful. We basically -- we've been the leader in driving evidence generation for the unlock for millions of lives. And so we're going to keep doing that around the globe. It takes work. Every health care system is slightly different.

我們非常成功。我們基本上——我們一直是推動證據生成、為數百萬人的生活帶來希望的領導者。因此，我們將繼續在全球範圍內開展這項工作。這需要付出努力。每個醫療保健系統都略有不同。

It's actually a reflection of that is in the fact that we have a pretty substantial product portfolio outside the U.S. to really meet the needs of both different segments of users, but also the different tiered structures of pricing that we see outside the United States. And so we're going to continue, as we mentioned, add another product to that portfolio, which will help us expand to access to customers we don't have today. And so we're going to be very focused on driving access and also making sure we have a product portfolio that takes advantage of that access when it comes, and we'll be ready. I think previously, with our focus in the United States, we -- there was more opportunity outside of the United States that we didn't take advantage of, as you mentioned, our competitor did.

實際上，這體現在我們在美國以外擁有相當豐富的產品組合，以真正滿足不同用戶群的需求，以及我們在美國以外地區看到的不同的分級定價結構。因此，正如我們之前提到的，我們將繼續在產品組合中添加另一款產品，這將有助於我們拓展客戶群，接觸到我們目前還沒有的客戶。因此，我們將非常注重推動市場准入，並確保我們的產品組合能夠充分利用這種准入機會，我們將做好準備。我認為，之前我們把重心放在美國，而忽略了美國以外的更多機會，正如你所提到的，我們的競爭對手抓住了這些機會。

But we're going to be ready this time as more access opens, we're going to be there to be the one for taking the share there.

但這次，隨著更多管道的開放，我們將做好準備，搶佔先機，成為其中的佼佼者。

Yes. In terms of time frame, it will take a little while. It's not going to be in the next five years. And the reason is we have a lot of bullish expectations still here in the U.S. And so that's why I think it's really important.

是的。從時間上看，還需要一段時間。未來五年內不會發生。原因在於，美國國內仍存在著許多樂觀的預期。所以我認為這非常重要。

We'll talk about -- obviously, we're going to be talking about it until we see the coverage with CMS expansion, obviously. And we won't stop there. We'll be looking to try to expand into prediabetes and beyond. And so the U.S. has a long runway ahead of it.

我們會討論這個問題——顯然，我們會一直討論這個問題，直到我們看到 CMS 擴展覆蓋範圍為止。我們不會就此止步。我們將努力把業務拓展到糖尿病前期及更嚴重的領域。因此，美國還有很長的路要走。

As you think about the international markets, though, we're still not in tons of markets around the world. And so Jake alluded to the markets we're already in, there's an opportunity to go deeper. There's certainly an opportunity to work on taking share, and we'll do that. And I think we've done a really nice job over the years. But boy, there's a lot of markets we're going to need to go into over the years, and we have plans to do that.

不過，當你考慮國際市場時，你會發現我們仍然沒有進入世界各地很多市場。因此，傑克暗示，在我們目前所處的市場中，存在著深入挖掘的機會。我們當然有機會爭取市場份額，也會努力爭取。我認為這些年來我們做得非常出色。但是，未來幾年我們需要進入很多市場，我們也為此制定了計劃。

And we'll talk a little bit more about it in May at our Investor Day. But a lot of opportunity that's not even in our P&L or in our revenue today that we can see ahead of us. And so yes, it's a longer-term vision, absolutely. But when you start to sit down and think about the countries we're not in today, and you think about how many folks around the world are impacted with diabetes and the coverage that's starting to kick up when we show up in countries, you can see the opportunity is immense. And it's really on us to get out there, make sure we get into those countries, and we're in those countries take share.

我們將在五月的投資者日上對此進行更詳細的討論。但是，我們面前還有很多機會，這些機會甚至沒有反映在我們的損益表或今天的收入中。所以，是的，這絕對是一個更長遠的願景。但是，當你坐下來思考我們今天尚未涉足的國家，當你想到全世界有多少人受到糖尿病的影響，以及當我們出現在這些國家時，糖尿病的覆蓋範圍開始擴大，你就會發現機會是巨大的。我們真的應該走出去，確保進入這些國家，並在這些國家搶佔市場份額。

So it's more than five years. It's a fair point, and we'll have a little bit more color as we get into May.

所以已經超過五年了。這話說得有道理，到了五月份，我們就能看到更多色彩了。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Good afternoon. I had a question on basal, which seems to be the segment of the market that's taken a little longer to evolve. What's been the hurdle to deeper adoption into this segment? And do you view Smart Basal as a tool to kind of reintroduce G7 to this population and drive better growth?

午安.我有一個關於基礎胰島素的問題，這似乎是市場中發展較慢的一個領域。阻礙該領域更深入普及的障礙是什麼？您是否將 Smart Basal 視為一種工具，可以重新向該人群引入 G7 並促進更好的成長？

Yes. Thanks for the question. To your point, we do feel like smart basal is a great opportunity for us to meet the needs of the patients. I think we've seen good growth in basal given the population and the coverage. And as we continue to want to expand that across the globe, we're going to use this new tool.

是的。謝謝你的提問。你說得對，我們確實覺得智慧基礎胰島素治療是一個滿足患者需求的絕佳機會。我認為考慮到人口數量和覆蓋率，基礎保險業務已經取得了良好的成長。隨著我們繼續希望將這項業務擴展到全球，我們將使用這個新工具。

And it's really designed to improve the user experience, both for the patient and the prescriber so that when they think about a patient who's going to go on to basal insulin therapy, this is the product they should get. They should get a G7 paired up with Smart Basal in the system, we're very excited to start piloting that technology this month. So we've got a number of clinics across the United States already selected. They'll come on, and we tend to learn from the workflows and how this product fits in seamlessly to their workflow and drives the outcomes that both the patients and the physicians are after getting to the right dose faster so that they can really see the benefit of that insulin therapy. I think as we do more of that and we get the experiences around it, it's going to drive more and more share of that patient population.

它旨在真正改善用戶體驗，無論是對患者還是對處方醫生而言，以便當他們考慮為即將接受基礎胰島素治療的患者選擇這款產品時，就能想到它。他們應該在系統中配備一台與智慧基礎輸液系統配對的 G7，我們非常高興能在本月開始試用這項技術。所以我們已經在美國各地選定了多家診所。他們會加入進來，我們往往會從他們的工作流程中學習，了解該產品如何無縫融入他們的工作流程，並推動患者和醫生更快地獲得正確劑量，從而真正看到胰島素治療的好處。我認為，隨著我們在這方面投入更多精力並累積相關經驗，它將吸引越來越多的患者群體。

A little better, Jayson.

好多了，傑森。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Good afternoon, I have a gross margin question, maybe two parter. So in 2025, I think there were 325 basis points of one-timers called out, scrap freight and a small receiver recall. If I look at the '26 guide, the midpoint calls for 270 bps of expansion. So not even getting all of that one-timer stuff back and also not considering credit for 15 Day, which is starting. So the question is, why is this the right gross margin guide?

下午好，我有一個關於毛利率的問題，可能分成兩個部分。所以，我認為在 2025 年，有 325 個基點的一次性事件被提及，廢舊貨物運輸和小規模的收貨人召回。如果我查看 2026 年的指導方針，其中點要求擴張 270 個基點。所以，連一次性的東西都拿不回來，而且也不考慮即將開始的 15 天的積分。那麼問題來了，為什麼這是正確的毛利率指導原則？

And do you agree or where are we on the scrap and freight kind of overhangs? And if I could sneak in one related item, just on hardware mix in the U.S., excluding Stelo in '25, what was G6 versus G7 10 Day? And by the end of '26, what will G6 mix be versus G7, 10 Day, G7, 15 Day?

您是否同意？或者說，我們對廢棄物和貨運的超支情況有何看法？如果我能偷偷補充一個相關問題，就美國硬體組合而言，不包括 2025 年的 Stelo，G6 與 G7 10 天版相比如何？到 2026 年底，G6 與 G7、10 天、G7、15 天的混合比例會是多少？

Got it. So I'll answer the first one. I think you have a little bit too much math in what I call the OCOGS associated with that. It's a little bit less than that. And so what you should see as you think about the year, if you were rolling it forward is you'll see improvements across certainly OCOGS, a little bit of that will spill here into Q1 just because you cap and roll certain variances.

知道了。那我先回答第一個問題。我認為你所謂的 OCOGS 包含了太多數學運算。比那略少一些。因此，如果你展望未來一年，你會發現 OCOGS 肯定會有所改善，其中一些改善會延續到第一季度，因為你對某些差異進行了限制和調整。

And obviously, freight and scrap stays in, but there are certain variances as you're getting up to speed. So you just have to be mindful of that. It doesn't go away immediately overnight, but you do roll those in. But it's a little bit less than the number you have and a little bit of roll into the year. You'll see the improvements play through.

顯然，貨運和廢料仍然包含在內，但隨著業務的推進，會出現一些差異。所以你只需要注意這一點。它不會在一夜之間立即消失，但你會逐漸把這些都考慮進去。但這比你擁有的數字略少，而且還有一些滾動到今年的時間。你會看到這些改進逐步顯現出來。

You'll also see 15 Day. And so you'll see those numbers. And likely what you'll do is you'll pop out of the top end of our guidance range. But just remember, in the fourth quarter, we turn on Ireland. And so all of those fixed costs we talked earlier with Robbie about that weighed down the P&L in the first three quarters in the op margin side or the OpEx side flipped to COGS.

你還會看到 15 天。所以你就會看到這些數字。很可能你會超出我們指導範圍的上限。但請記住，在第四節比賽中，我們將對上愛爾蘭。因此，我們之前和羅比討論過的那些固定成本，在前三個季度拖累了損益表的營運利潤或營運支出，都轉變成了銷售成本。

And so we would actually expect a decline in our gross margin into the fourth quarter as you have a full facility turning on all those costs, but the production levels will be much lower. And so there's a lot of fixed overhead that you won't pick up in cap and roll that. So I think that at least helps understand that's why there's some geography that might help there a little bit. And obviously, the converse of that is you'd expect to see op expenses come down in the fourth quarter. It's all a moot point across the Board when you look at op margin because it's all geography.

因此，我們預計第四季度毛利率會下降，因為工廠全面投產，所有成本都會增加，但產量水平會低得多。因此，資本化和滾動融資中無法消除許多固定開銷。所以我認為這至少有助於理解為什麼地理因素可能會起到一點幫助作用。顯然，反過來，你會預期第四季的營運費用會下降。從整體上看營業利潤率，這一切都毫無意義，因為它完全取決於地理位置。

But hopefully, that helps you at least as you're kind of penciling out the year. And then you're thinking about the sequencing over the course of the year.

但希望這至少能對你規劃今年的行程有幫助。然後你會考慮一年中的各項安排。

Just a little bit too about the customer base and the products they're using. So we've seen rapid, obviously, declines of G6 users as they've switched over to G7. And so the vast majority of our base here in the U.S. is on G7. And as we have launched the 15 Day actually in December, we started seeing quite a few upgrades from G6 to G7 15 Day.

關於客戶群和他們使用的產品，內容稍微多了一些。因此，很明顯，隨著 G6 用戶轉向 G7，G6 用戶數量迅速下降。因此，我們在美國的大部分基礎都屬於七國集團。自從我們在 12 月推出 15 天版以來，我們開始看到許多用戶從 G6 升級到 G7 15 天版。

And so we anticipate that will continue. And our intent is towards the middle of this year is when G6 will really start phasing out. And so we'll start building in more capacity for G7.

因此，我們預計這種情況還會持續。我們的目標是在今年年中開始逐步淘汰G6。因此，我們將開始增加七國集團峰會的接待能力。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

Good evening, thanks for taking my question. Could you tease out what the Stelo contribution was to the 2025 results? And what is embedded in your 2026 guidance? And any color you can give on how that's going, that would be wonderful.

晚上好，謝謝您回答我的問題。能否詳細說明一下 Stelo 對 2025 年結果的貢獻？那麼，你們2026年的指導方針包含了哪些內容呢？如果您能提供一些關於進展的信息，那就太好了。

Sure. Yes. So we talked about $130 million of Stelo revenue in 2025. And so kind of at the top end of our 2% to 3% number. So that's certainly -- we're happy to see that.

當然。是的。所以我們討論了 Stelo 在 2025 年實現 1.3 億美元收入的目標。所以，這個數字差不多在我們預測的 2% 到 3% 的範圍內。所以，我們當然很高興看到這一點。

And a lot of great progress over the course of the year, channel-wise and really excited about the new and we shared a little bit of some of the pictures at JPMorgan on our presentation, so you'll see it up on our website. We've got some new app coming for Stelo here in the coming months. So really excited about that. In terms of 2026, we had talked about it contributing about 1 point to growth in 2026. So you guys can do the math on that.

今年以來，我們在頻道方面取得了許多巨大的進步，我們對新的進展感到非常興奮，我們在摩根大通的演示中分享了一些圖片，所以你會在我們的網站上看到它。未來幾個月，我們將為 Stelo 推出一些新的應用程式。我真的非常興奮。就 2026 年而言，我們曾討論過它將為 2026 年的成長貢獻約 1 個百分點。你們可以自己算算。

Obviously, those are big round numbers just given how big the organization is. But again, we still expect it to be a nice contributor to growth, albeit the base you will actually have a base this year versus, obviously, in 2025, you didn't have a base to compare it to.

顯然，考慮到該組織的規模，這些都是很大的整數。但是，我們仍然預計它將對成長做出良好貢獻，儘管今年你將有一個實際的基數，而顯然，到 2025 年，你將沒有一個基數可以比較。

And Joanne, it's just when you think about the -- how it's going with Stelo, as Jereme mentioned, we're really excited about the new innovation that we're bringing. We have a whole new redesigned app. We're launching a new smart -- basically enhancing the smart food logging that we already had that now will capture macronutrients and things. But what we're seeing is a whole spectrum of different types of users start using Stelo. And particularly, one of the groups that we've got our eye on is the type 2 non-insulin users.

喬安妮，就像傑里米提到的那樣，當你想到斯特洛的發展時，我們對即將帶來的創新感到非常興奮。我們推出了全新設計的應用程式。我們正在推出一款新的智慧產品——基本上是對我們現有的智慧食物記錄功能的增強，現在它可以捕捉宏量營養素等資訊。但我們看到的是，各種類型的使用者都開始使用 Stelo。尤其值得關注的族群之一是第 2 型糖尿病非胰島素使用者。

These are the folks that don't have coverage for CGM. And so they're using the Stelo product over the counter. But over time, what we're seeing is there's a real opportunity for those folks for us to transition them from Stelo over to G7 as coverage emerges. And so Stelo becomes a very important part of our portfolio, not just for pre-diabetes and health and wellness, but also to get type 2s access to the technology early and then transition them to a covered product as coverage continues to unlock.

這些人沒有醫療保險涵蓋 CGM（持續血糖監測）。所以他們現在都在使用非處方 Stelo 產品。但隨著時間的推移，我們看到，隨著覆蓋範圍的擴大，我們有機會將這些人從 Stelo 過渡到 G7。因此，Stelo 成為我們產品組合中非常重要的一部分，不僅對糖尿病前期、健康和保健領域意義重大，而且還能讓 2 型糖尿病患者儘早獲得這項技術，然後隨著醫保覆蓋範圍的擴大，逐步過渡到醫保覆蓋的產品。

Brandon Vazquez with William Blair.

布蘭登·瓦茲奎茲與威廉·布萊爾。

I wanted to focus a little bit on the innovation pipeline, but I know there's a lot to be done on the hardware still. We're talking about a G8 and things like that. But there's a lot of software you guys are coming out with like Smart Basal where you're just talking about Stelo and meal tracking, things like that. Maybe just spend a minute, talk to us a little bit about what is left in the pipeline on the software side? Like what else can you do here?

我想重點談談創新流程，但我知道硬體方面還有很多工作要做。我們正在討論八國集團峰會之類的事情。但你們推出了很多軟體，像是 Smart Basal，你們只是在談論 Stelo 和膳食追蹤之類的東西。或許您可以花一分鐘時間，跟我們簡單談談軟體方面還有哪些工作正在進行中？你在這裡還能做什麼？

What else can you leverage the software side for? And then maybe the kind of follow-up to that is, do you think at some point, you need to start to validate these features in clinical trials for them to make more meaningful impacts and drive kind of large-scale adoption?

除了軟體方面，你還能利用它做哪些事？那麼，接下來的問題是，您是否認為在某個時候，需要開始在臨床試驗中驗證這些功能，以便它們能夠產生更有意義的影響並推動大規模應用？

Yes. Thanks, Brandon. Fantastic question. No, we are nowhere near done. There's so much more we can do on both as you mentioned, the hardware, but also on the software, our goal is to be the premier glucose sensing solution for all people, which what that really means is that it takes into account all the different journeys that the patient has from becoming aware of our product to a physician prescribing it to the patient onboarding to them using it and driving the outcomes that are so important.

是的。謝謝你，布蘭登。問得好。不，我們遠未完成。正如您所提到的，我們在硬體和軟體方面都還有很多可以改進的地方。我們的目標是成為所有人的頂級血糖感測解決方案，這意味著我們要考慮到患者從了解我們的產品到醫生開處方，再到患者開始使用並取得重要療效的整個過程。

And then, of course, service. In all of those aspects, if you think about that whole journey, there's many things that we can continue to enhance digitally through software, whether it's for the physician or for the patient themselves to help them onboard faster to really -- our goal is to remove friction, to remove any kind of speed bumps so that they get the experience that is the highest caliber. And so we're trying to develop the best solution plus the best experience. And we do feel like, over time, that's going to be the winning formula because you've got folks that are not only seeing any outcomes, but they're also sticky and staying and retained and having a wonderful experience for many years to come, basically increasing the lifetime value. Driving those outcomes, as you mentioned, is very important for us to run clinicals and/or generate real-world evidence that shows the outcome of how those new features do actually drive outcomes.

當然，還有服務。在所有這些方面，如果你考慮整個過程，我們可以透過軟體繼續在數位化方面進行改進，無論是對醫生還是對患者本身，都可以幫助他們更快地適應——我們的目標是消除摩擦，消除任何障礙，以便他們獲得最高水準的體驗。因此，我們正在努力開發最佳解決方案和最佳使用者體驗。我們確實覺得，隨著時間的推移，這將是製勝之道，因為人們不僅看到了成果，而且還保持了忠誠度，在未來的許多年裡都能擁有美好的體驗，從而提高了終身價值。正如您所提到的，推動這些結果對我們來說非常重要，我們需要進行臨床試驗和/或產生真實世界的證據，以證明這些新功能是如何真正推動結果的。

And we've done that basically through all the different patient segments. We've done some recent work with real-world evidence in type 2. But even things like our delayed high alert, which is an innovative feature that is built into the product that basically delays the high alert and it has clinical outcomes associated with it. And so that's something that as our sales force gets out there and talks to physicians, they can talk about the difference, the competitive difference that we provide in the outcomes that we drive. And just one thing I wanted to mention is our sales force is so fired up right now based on the 15 Day and all the enhancements we've made and all the enhancements we have coming.

我們基本上已經對所有不同的患者群體都這樣做了。我們最近利用現實世界的證據對 2 型進行了研究。但即使是像我們延遲高風險警報這樣的功能，也是產品內建的創新功能，它基本上可以延遲高風險警報，並且與臨床結果相關。因此，當我們的銷售團隊走出去與醫生交談時，他們可以談談我們所帶來的差異，我們在所取得的成果方面所展現出的競爭優勢。我只想提一點，由於15天計劃以及我們已經做出的所有改進和即將做出的所有改進，我們的銷售團隊現在士氣高昂。

We're really looking forward to spend some time with them at the national sales meeting in a couple of weeks. But there's so much more we can do. And I can't wait to show you guys over time, all the innovation that we're going to bring.

我們非常期待在幾週後的全國銷售會議上與他們共度時光。但我們還可以做更多的事情。我迫不及待地想在未來向大家展示我們將要帶來的所有創新。

And to your question, the whole clinical validation of features. I think the -- for example, I mean, most of these that's exactly what you do, right? I mean think about Dex Basal that their Smart Basal that goes through, obviously, a 510(k) clearance, U.S., OUS. So just think about all these features, they're all going through the appropriate clinical pathways where appropriate and where meaningful. So expect us to continue to do that, but also expect us to look at new and novel ways to navigate technical features into the hands of users over time and work with the administration on how we do that.

至於你的問題，關於所有特徵的臨床驗證。我認為——例如，我的意思是，大多數情況下，這正是你要做的，對吧？我的意思是，想想 Dex Basal，他們的 Smart Basal 顯然要經過 510(k) 許可，美國和美國境外。所以想想所有這些特徵，它們都在適當且有意義的情況下，按照相應的臨床路徑進行處理。所以，請期待我們繼續這樣做，但同時也請期待我們探索新的、新穎的方式，隨著時間的推移，將技術功能逐步交付給用戶，並與管理層合作，探討如何實現這一目標。

And then there's obviously a lot of guidance coming out now about how to bring innovation quicker and Jake's team is teed up to do just that. The R&D team is teed up just to do that is to bring innovation quicker and quicker and put in the hands of users.

現在顯然有很多關於如何更快地實現創新的指導意見出台，而傑克的團隊已經做好了充分的準備來做到這一點。研發團隊的目標就是更快地將創新成果送到使用者手中。

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD Cowen。

Hi. Good afternoon, thanks for taking my question. I wanted to ask a two-parter on G7 15 Day. It sounds like the early patient experience has been strong. Great durability with sensors lasting out to 15 days. I just wanted to see if there's any more color on any -- or any data you have just on that durability of where? And does the patch that you just got approved, the new adhesive technology maybe improve the percentage of sensors that get out to 15 days out into the 90% range?

你好。下午好，謝謝您回答我的問題。我想就G7高峰會15週年紀念日提出兩個問題。聽起來早期患者體驗良好。感測器經久耐用，使用壽命長達15天。我只是想看看關於這方面的更多細節——或者你是否有關於這方面耐久性的任何數據？你們剛獲準的這款新型黏合劑技術，能否將感測器在 15 天內的存活率提高到 90% 左右？

And then I guess it's a three parter, but just any rebate dynamics that we should be thinking about in 2026 as G7 15-day enters the pharmacy channel?

然後我想這會分成三部分，但我們應該考慮哪些回扣動態，尤其是在2026年G7 15天藥品進入藥局頻道時？

Yes. Thanks, Josh. Yes, sensor survival longevity, as we call it, is a super important part of the CGM portfolio. And as we extend sensor where it's obviously something we look closely at. And it's actually our goal is to ensure a good user experience.

是的。謝謝你，喬希。是的，我們稱之為感測器生存壽命的長短，是 CGM 產品組合中極為重要的一環。隨著感測器的擴展，這顯然是我們需要密切關注的事情。我們的目標其實是確保良好的使用者體驗。

So we don't unlock that extended life until we're confident in its performance. And so in the field, what we're seeing is very consistent across the patient spectrum with what we saw in our clinical studies. Now we recognize that from the very early days of CGM, when our first CGM only lasted three days, not all sensors last. And often, it's, as you mentioned, related to adhesive. And so we have been driving adhesive innovation for several decades.

所以，只有在我們對其性能充滿信心之後，我們才會啟用其延長的使用壽命。因此，在實際應用中，我們看到的情況與我們在臨床研究中看到的情況非常一致，涵蓋了所有患者群體。現在我們意識到，從 CGM 的早期開始，我們的第一個 CGM 就只用了三天，並不是所有的感測器都能持久工作。而且，正如你所提到的，這通常與黏合劑有關。因此，幾十年來我們一直在推動黏合劑技術的創新。

And with the new version of the patch for G7, we are excited that it does drive a pretty meaningful improvement in survival, and we will put it across the whole portfolio of DexCom ONE-plus and Stelo so that all of our patients get the benefit. So it will continue to drive that performance. For any sensor that doesn't last a period of time, we have a very robust program that we continue to enhance around how to ensure patients always have the sensors they need because we know how important this technology is to all of our users and the benefits they get from it. So that goes back to the idea of setting the bar for service and being the gold star there. We are making investments there.

我們很高興看到 G7 的新版貼片確實能顯著提高患者的生存率，我們將把該貼片推廣到 DexCom ONE-plus 和 Stelo 的整個產品組合中，以便我們所有的患者都能從中受益。因此，它將繼續推動這一業績成長。對於任何使用壽命有限的感測器，我們都有一套非常完善的方案，我們會不斷改進，以確保患者始終擁有所需的感測器，因為我們知道這項技術對所有使用者的重要性以及他們從中獲得的益處。所以，這又回到了設定服務標準並成為服務標竿的概念上來。我們正在那裡進行投資。

We're continuing to enhance the way that we handle those types of situations to ensure our users get the best experience.

我們將不斷改進處理此類情況的方式，以確保我們的用戶獲得最佳體驗。

Yes. And then just your question on rebates. There are two ways to think about rebates. One is what is the rebate rate and what is the net price. And then the second piece is how many folks select essentially the rebate rate in those plans.

是的。然後就是你關於退款的問題。看待退款有兩種方式。一是返利率是多少，二是淨價是多少。第二點是，有多少人會選擇這些計劃中的返利率。

The rebate rate in terms of the pricing slotted right into the G7 10 Day. So effectively, G7 15 Day, G7 10 Day are effectively the same price. So that for a month supply, I think that's important. So effectively, same revenue per month. On the flip side, in terms of utilization, our expectation -- utilization, selection or inclusion into that rebate catalog.

折扣率的定價正好符合 G7 10 天的定價策略。因此，實際上 G7 15 天期和 G7 10 天期的價格是相同的。所以我覺得，對於一個月的用量來說，這一點很重要。所以實際上，每月收入不變。另一方面，就利用率而言，我們的期望是－利用率、選擇或納入該返利目錄。

Our expectation is 100% of all those sensors. So sometimes you start at 96%, 97%, 98%, you move up those areas, some folks -- some say not preferred or not covered. 15 Day essentially is slotting in right where G7 is. So we're at 100%, 100%. We shouldn't see any changes essentially in rebate trends as a result of moving over to 15 Day.

我們期望所有感測器都能達到 100% 的響應率。所以有時你從 96%、97%、98% 開始，然後你不斷提高這些分數，有些人——有些人說這不是首選或不考慮。第15天峰會其實正好填補了G7高峰會的空缺。所以我們現在是100%，100%。過渡到 15 天期限後，我們應該不會看到返利趨勢有任何實質變化。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

Hi, thanks for taking my question. Just a simple one for me. I just wonder if you can comment on revenue cadence at all specifically the 1Q, but anything else throughout the year. I think Street said about a 6% sequential -- sequentially lower 1Q versus 4Q. Is that a reasonable place and way to think about it or anything else you'd call out?

您好，感謝您回答我的問題。對我來說，這只是個簡單的問題。我想請您談談營收節奏，特別是第一季的營收情況，當然也包括全年的其他情況。我認為華爾街表示，環比下降約 6%——第一季比第四季環比下降。這種思考方式和角度是否合理？或是您有其他補充說明嗎？

Yes, good question. Fair question. I think cadence-wise, for the full year, our expectation is continuing to see a little less in Q4 and a little more into Q1. And just -- it's a slow evolution over time. But as more and more goes through the pharmacy and less and less goes through the DME commercial part of the business in terms of at least the total patients, still both good businesses.

是的，問得好。問得好。我認為就全年節奏而言，我們預計第四季度會略有減少，而第一季將略有增加。而且，這是一個隨著時間緩慢演變的過程。但就患者總數而言，越來越多的患者透過藥局購買藥品，而透過 DME 商業部門購買藥品的比例越來越低，儘管如此，這兩個部門的業務仍然都不錯。

You don't have that stocking dynamic you typically see in houses in the fourth quarter where someone tries to maximize benefits. You still have that. You still have a decent-sized business, but it's just less of a percentage of the business. So the expectation is, obviously, Q1 is a little bit higher than typically in Q4. I would say last year, we talked about Q1 being a 7% to 8% decline, and we came in closer to 7% in that range.

你不會像在第四季那樣，看到房子裡有人試圖最大化收益的囤貨行為。你仍然擁有它。你的業務規模仍然相當可觀，只是佔總業務的比例較小。因此，很顯然，第一季的預期會比通常的第四季略高一些。我想說，去年我們討論第一季會下降 7% 到 8%，而實際下降幅度更接近 7%。

I would say this year, we've been talking -- we talked about this at JPMorgan on stage. We think it's a 6% to 7% decline. So I think the Street is a little bit -- is within the range or probably at the higher end of that range, but not far out of it. It's a pretty safe place to be. So 6% to 7% sequential is about what we would think and it's just a little bit less seasonality this year than last year.

我想說，今年我們一直在討論這個問題——我們在摩根大通的台上也討論過這個問題。我們認為降幅在6%到7%之間。所以我認為華爾街的預測有點——在範圍內，或者可能處於範圍的較高端，但並沒有偏離太遠。這裡是個相當安全的地方。所以，環比成長 6% 到 7% 左右是我們的預期，今年的季節性波動比去年略小一些。

Bill Plovanic, Canaccord Genuity.

Bill Plovanic，Canaccord Genuity。

Hi guys, this is Zachary on for Bill, thanks for taking my question. Zachary on for Bill. So I guess back to the G7 non-intensive type 2. So in the past, you say, right now, we have 6 million covered lives, and we can get to 25 million. You said Medicare would be 12 million. So just where do we stand today?

大家好，我是Zachary，替Bill提問，感謝你們回答我的問題。札卡里代替比爾上場。所以我想還是回到 G7 非密集 2 型吧。所以過去，你會說，現在我們有 600 萬參保人，我們可以達到 2500 萬。你說過聯邦醫療保險的保障範圍是1200萬。那麼，我們目前的處境究竟如何？

And then and just, I guess, what I guess the cadence of our lives could look like?

然後，我想，我們的生活節奏可能會是什麼樣子呢？

Sure. Yes. So you're really thinking about the commercial side of the house. Obviously, the Medicare side of the house will start with fee-for-service and then you move into Med Advantage. So it will go Part B then into Part C, and we can talk about that as it comes, but that should happen pretty quickly.

當然。是的。所以你真正考慮的是房子的商業面。顯然，聯邦醫療保險（Medicare）方面會先從按服務收費開始，然後過渡到聯邦醫療保險優勢計劃（M​​ed Advantage）。所以它會先進入 B 部分，然後進入 C 部分，我們可以到時候再討論，但這應該很快就會發生。

On the commercial side, kind of the side, I think you're more alluding to and the progress we've made. We talked about 6 million lives. It was the three big PBMs, and we talked about knocking down some additional plans, et cetera. I think the expectation is we've knocked down another 5-ish percent of that market over the course of renewals this year. But that will continue to take place.

在商業方面，也就是你更想提及的方面，以及我們所取得的進展。我們談論的是600萬人的生命。是三大藥品福利管理公司，我們討論了取消一些額外的計劃等等。我認為，預計我們在今年的續約過程中又搶佔了約 5% 的市佔率。但這種情況還會繼續發生。

We keep working that. It doesn't have to happen just annually. It's something that we'll continue to do over the course. So that would be individual plans, kind of smaller PBMs, PBMs on custom formularies. So we've got another good chunk of it, I think, but we'll keep chipping away at that.

我們會繼續努力。不一定非得每年都發生。這是我們接下來會繼續做的事情。所以，這些計畫指的是個人化方案，規模較小的藥品福利管理機構（PBM），以及採用客製化處方集的藥品福利管理機構。所以我覺得我們已經拿下了很大一部分，但我們會繼續努力。

So it puts you at maybe 6.5 million of the 12.5 million, maybe a little bit higher than that even. But we'll keep chipping away at, but that's at least the update. We have a few more in there that continue, and I would expect to give you updates over the course of the year as we keep chipping away and try to get that to full coverage over time.

所以，你的人數可能佔到 1,250 萬中的 650 萬，甚至可能還要更高。但我們會繼續努力，至少這就是最新的進展。我們還有一些專案正在進行中，我預計會在今年內陸續向大家報告最新進展，因為我們會不斷努力，爭取最終實現全面覆蓋。

That concludes our question-and-answer session. I will now turn the call back over to Mr. Jake Leach for closing remarks.

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。

Thank you, operator, and I'd actually like to take this moment to thank our employees around the world. This past quarter and frankly, this past year, demanded focus, resilience teamwork. And our people really delivered, what makes DexCom special. It isn't just our technology. It's the people behind it.

謝謝接線員，我也想藉此機會感謝我們世界各地的員工。過去一個季度，坦白說，過去一年，都需要專注、韌性和團隊合作。我們的人員確實做到了，這正是 DexCom 的獨特之處。不僅僅是我們的技術。關鍵在於背後的人。

Our team's commitment shows up in our execution and in the trust that millions of people place in DexCom. So on behalf of the leadership team and our Board, thank you to our employees for everything you do. And thank you all for joining us today. We look forward to updating you next quarter.

我們團隊的投入體現在我們的執行力上，也體現在數百萬人對 DexCom 的信任上。因此，我謹代表領導團隊和董事會，感謝各位員工所做的一切。感謝各位今天蒞臨現場。我們期待下季向您報告最新情況。

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。