德康醫療 (DXCM) 2026 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Dexcom first-quarter 2026 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.

各位女士、先生，歡迎參加 Dexcom 2026 年第一季財報發布電話會議。我是 Abby，將擔任今天會議的接線員。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我將把電話交給財務與投資人關係資深副總裁 Sean Christensen。Christensen 先生，您可以開始了。

Thank you, operator, and welcome to Dexcom's first-quarter 2026 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.

謝謝，接線員，也歡迎各位參加 Dexcom 2026 年第一季財報電話會議。我們的議程首先由 Dexcom 總裁兼執行長 Jake Leach 開場，總結近期亮點與持續推動的策略性計畫，接著由我們的財務長 Jereme Sylvain 進行財務回顧與展望。

Following our prepared remarks, we will open the call up for your questions. (Operator Instructions) Please note that there are also slides available related to our first-quarter 2026 performance on the Dexcom Investor Relations website on the Events and Presentations page.

在我們的準備發言結束後，我們將開放各位提問。(接線員指示) 另請注意，Dexcom 投資人關係網站的「活動與簡報」頁面上，也提供與我們 2026 年第一季表現相關的投影片。

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

接下來，我們先回顧「安全港」聲明。我們今天電話會議中所做的部分陳述，可能構成前瞻性陳述。這些陳述反映管理層對未來事件、策略、競爭、產品、營運計畫與績效的意圖、信念與預期。

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

本次電話會議所包含的所有前瞻性陳述，均以本日為準，係基於 Dexcom 目前可得資訊所作，並受多項風險與不確定性影響；實際結果可能與前瞻性陳述中所預期者有重大差異。

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陳述所明示或暗示內容出現重大差異的因素，已詳載於 Dexcom 的 Form 10-K 年度報告、最近一期 Form 10-Q 季度報告，以及向美國證券交易委員會提交的其他文件中。除法律要求外，我們不承擔在本次電話會議日期後更新任何此類前瞻性陳述，或使該等前瞻性陳述與實際結果一致的義務。

Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP. Unless otherwise noted, all references to financial measures on this call are presented on a non-GAAP basis. This non-GAAP information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP. Please refer to the tables in our earnings release and the slides accompanying our first-quarter 2026 earnings call for a reconciliation of these measures to their most directly comparable GAAP financial measure.

此外，在本次電話會議中，我們將討論若干未依 GAAP 編製的財務衡量指標。除非另有說明，本次電話會議中提及的所有財務衡量指標均以非 GAAP 基礎呈列。此等非 GAAP 資訊不應被孤立看待，亦不應作為依 GAAP 編製之結果的替代，或被視為優於依 GAAP 編製之結果。請參閱我們的財報新聞稿及本次 2026 年第一季財報電話會議隨附投影片中的表格，以取得這些指標與其最直接可比的 GAAP 財務衡量指標之調節。

Now I will turn it over to Jake.

現在我把時間交給 Jake。

Thank you, Sean, and thank you, everyone, for joining us. Today, we reported first quarter revenue growth of 15% compared to the first quarter of 2025 and organic revenue growth of 12%. This reflected strong demand for DexCom CGM globally as we benefited from broader access, new product launches and continued active base growth.

謝謝你，Sean，也謝謝各位今天加入我們。今天我們公布，第一季營收較 2025 年第一季成長 15%，有機營收成長 12%。這反映 DexCom CGM 在全球需求強勁，我們受惠於更廣泛的可及性、新產品上市，以及持續的活躍用戶基礎成長。

We also continued to drive operational improvement over the course of the quarter, which included an outstanding launch of G7 15 Day, improvements in field performance across all of our products, a good response to our myDexcom Account and enhanced web-based service and support and continued progress on new product initiatives. This helped us deliver solid margin performance, cash flow generation and earnings for Q1.

我們在本季也持續推動營運改善，包括 G7 15 Day 的出色上市、我們所有產品在前線執行表現的提升、myDexcom Account 與強化的網頁式服務與支援獲得良好回應，以及新產品計畫的持續進展。這些因素協助我們在第一季交出穩健的毛利表現、現金流創造與獲利。

In the US, we are generating good momentum across the spectrum of diabetes care. This was especially pronounced across the categories of type 2 diabetes, where our expanded reach and product momentum led to strong first-quarter share gains with the biggest increase coming from people with type 2 diabetes who are not on insulin.

在美國，我們在糖尿病照護的各個面向都展現良好動能。這在第二型糖尿病類別尤為明顯；我們擴大的觸及範圍與產品動能帶動第一季市占顯著提升，其中最大增幅來自未使用胰島素的第二型糖尿病族群。

This performance reflects growing clinical awareness of the greater than 6 million non-insulin lives currently covered for DexCom CGM across the three largest PBMs. Our team has done a great job driving this awareness in the field, and this message will become even stronger as type 2 coverage continues to build.

這樣的表現反映臨床端對於一項事實的認知正在提升：在三大 PBM 中，目前已有超過 600 萬名未使用胰島素的受保人，其 DexCom CGM 保障已到位。我們的團隊在前線推動這項認知方面做得非常出色，而隨著第二型糖尿病保障持續擴大，這個訊息將更具力道。

Along those lines, I'm excited to announce another recent reimbursement win for the commercial type 2 non-insulin population. As of this summer, Prime Therapeutics will begin covering DexCom CGM for all people with diabetes. This puts us on track to have commercial coverage for more than 7 million type 2 non-insulin lives by the end of this year.

在此脈絡下，我很高興宣布，我們近期在商業保險的第二型糖尿病未使用胰島素族群又取得一項給付勝利。自今年夏季起，Prime Therapeutics 將開始為所有糖尿病患者提供 DexCom CGM 的給付。這使我們有望在今年底前，讓商業保險涵蓋的第二型糖尿病未使用胰島素受保人數超過 700 萬。

It's also another clear demonstration that payers are recognizing the value of DexCom CGM in driving health and economic outcomes for this population. While this is a great start, we won't be happy until we have coverage for all people with diabetes. And the largest single driver towards that goal would be CMS coverage for the type 2 non-insulin population as around half of those with type 2 diabetes not using insulin sit within the Medicare population.

這也再次清楚展現，付款方正逐步認可 DexCom CGM 在推動此族群健康與經濟成果方面的價值。雖然這是很好的開始，但在所有糖尿病患者都能獲得保障之前，我們不會滿足。而朝向該目標最大的單一推動力，將是 CMS 對第二型糖尿病未使用胰島素族群的給付，因為未使用胰島素的第二型糖尿病患者中，約有一半屬於 Medicare 人口。

As we've said before, we continue to view this decision as only a matter of time. In recent months, we've seen upgraded recommendations in the ADA standards of care recommending CGM use for all people with diabetes and the level of real-world evidence for CGM-driven health outcomes continues to grow.

如同我們先前所說，我們仍認為這項決定只是時間早晚的問題。近幾個月來，我們看到 ADA 照護標準的建議已升級，建議所有糖尿病患者使用 CGM，而 CGM 所帶來健康成果的真實世界證據也持續累積。

As one example, at ATTD, we recently provided a full readout of our 12-month type 2 non-insulin registry data. In this real-world study, DexCom CGM delivered a statistically significant A1c reduction over a one-year period across a broad population of people with type 2 diabetes with strong utilization. These are the types of outcomes that we are consistently demonstrating across this group, which gives us high confidence that the coverage will continue to grow.

舉例來說，在 ATTD 會議上，我們近期完整公布了第二型糖尿病未使用胰島素族群的 12 個月登錄研究資料。在這項真實世界研究中，DexCom CGM 在一個涵蓋廣泛、且使用率高的第二型糖尿病族群中，於一年期間帶來具統計顯著性的 A1c 降幅。這正是我們在此族群中持續證明的成果類型，使我們對保障將持續擴大抱持高度信心。

And to further strengthen our case, we're currently completing our randomized controlled trial for people with type 2 diabetes who are not on insulin. Similar to how our DIaMonD and MOBILE RCTs reshaped clinical perspectives for those using insulin, we expect this trial can become the defining study for the non-insulin population.

為了進一步強化我們的論點，我們目前正完成針對未使用胰島素之第二型糖尿病患者的隨機對照試驗。如同我們的 DIaMonD 與 MOBILE 隨機對照試驗重塑了對胰島素使用者的臨床觀點，我們預期這項試驗可成為未使用胰島素族群的關鍵定義性研究。

This readout will also form the cornerstone of our evidence base for any global payer that is waiting to see RCT level data. We look forward to sharing a full readout of this study with you at the ADA's 2026 Scientific sessions in a few weeks.

這次的結果也將成為我們證據基礎的核心，供任何仍在等待 RCT 等級資料的全球付款方參考。我們期待在幾週後的 ADA 2026 科學年會上，與各位分享本研究的完整結果。

As I mentioned earlier, during the first quarter, we also expanded the launch of our DexCom G7 15 Day system across all channels in the US. This broad rollout has been very well received. And most importantly, the feedback from customers and physicians has been excellent.

如我先前提到的，在第一季期間，我們也在美國所有通路擴大推出 DexCom G7 15 Day 系統。這次的廣泛上市獲得非常好的市場反應。更重要的是，客戶與醫師的回饋都非常正面。

The positive response goes well beyond the longer wear time. One of the most consistent points of feedback is around the new sensor algorithm, which delivers our highest level of accuracy to date. Combined, we believe these updates can attract new customers into our ecosystem, and we're now working to build broader awareness of DexCom G7 15 Day in the market.

正面回應遠不僅止於更長的配戴時間。最一致的回饋之一，是關於新的感測器演算法，帶來我們迄今最高水準的準確度。綜合而言，我們相信這些更新能吸引新客戶加入我們的生態系，而我們也正著手在市場上建立對 DexCom G7 15 Day 更廣泛的認知。

We're also excited for more of our existing base to shift to this product so they can experience this longer wear time and improve performance firsthand. Of course, we're not stopping there. We're always working to improve the performance across our product portfolio.

我們也很期待讓更多既有用戶轉換到這項產品，讓他們能親身體驗更長的配戴時間並提升使用表現。當然，我們不會止步於此。我們持續致力於提升整體產品組合的效能表現。

As one example, we recently began manufacturing with our new patch technology that received FDA clearance earlier this year. We expect this upgraded adhesive to strengthen sensor survivability across our product portfolio and improve wear experience for our customers. We expect this new technology to reach the market in the coming weeks.

舉例來說，我們近期已開始採用今年稍早取得 FDA 核准的新貼片技術進行製造。我們預期這款升級後的黏著劑將強化我們整體產品組合中感測器的耐用存活性，並改善客戶的配戴體驗。我們預期這項新技術將在未來幾週內上市。

We also have several software updates planned, including a complete redesign of Stelo. In the coming weeks, we'll introduce this new experience to all customers, which will offer a more consumer-friendly feel, more AI-driven personalized insights and additional food logging capabilities, including detailed macronutrient information.

我們也規劃了數項軟體更新，包括對 Stelo 進行全面重新設計。在未來幾週內，我們將把這項全新體驗導入所有客戶，提供更偏向消費者友善的感受、更以 AI 驅動的個人化洞察，以及更多飲食紀錄功能，包括詳細的巨量營養素資訊。

For our G Series products, we're currently expanding access within our pilot KOLs for our DexCom Smart Basal feature. This personalized dosing module has the potential to reinvent basal insulin management by driving more accurate insulin titration, accelerating the time needed to reach optimal dose and delivering improved outcomes for customers and physicians.

針對我們的 G 系列產品，我們目前正透過試點 KOL 擴大 DexCom Smart Basal 功能的使用範圍。這個個人化給藥模組有潛力透過更精準的胰島素滴定、加速達到最佳劑量所需時間，並為客戶與醫師帶來更佳結果，從而重新定義基礎胰島素管理。

Each of these updates were built specifically around customer feedback. We will always keep the customer at the center of future product innovation, which we believe can help us build an ecosystem that is more personalized and engaging for all customers.

上述每一項更新都是以客戶回饋為核心所打造。我們將始終把客戶置於未來產品創新的中心；我們相信這能協助我們打造一個對所有客戶而言更個人化、更具互動性的生態系。

Our international markets provide a great example of what product personalization can do for our business. By offering a portfolio of products that can be tailored to each market and reimbursement system, we've been able to consistently secure broader access and drive growth within these regions.

我們的國際市場很好地展現了產品個人化能為業務帶來的效益。透過提供可依各市場與給付制度量身調整的產品組合，我們得以持續取得更廣泛的可及性，並推動這些地區的成長。

Our first-quarter results were another great demonstration of this story. Once again, we delivered some of our strongest growth in markets where we've established broader access in recent quarters. Even in some of our largest markets, recent reimbursement wins have helped us reach a new cohort of customers and drive greater share. We'll continue to build on this international growth strategy, including through the launch of new products.

我們第一季的業績再次有力印證了這個故事。我們再度在近幾季已建立更廣泛可及性的市場中，交出最強勁的成長之一。即便在我們一些最大的市場，近期的給付勝利也幫助我們觸及新的客群並提升市占。我們將持續推進這項國際成長策略，包括透過推出新產品。

In 2026, this will include the international launch of Stelo as well as a new CGM system that is designed to further extend our market reach. We look forward to going into greater detail on these product launches, software updates and more at our upcoming May Investor Day.

在 2026 年，這將包括 Stelo 的國際上市，以及一套旨在進一步擴大我們市場觸及的新 CGM 系統。我們期待在即將到來的 5 月投資人日，針對這些產品上市、軟體更新等內容提供更深入的說明。

You may recall that earlier this year, I laid out my three priorities for DexCom's next phase of growth. Number one, be the premier glucose sensing solution for all; number two, set the standard for customer experience; and three, expand international market share. At our Investor Day, I'm looking forward to exploring each of these topics in further detail as we share our vision for DexCom's next chapter.

各位或許記得，今年稍早我提出 DexCom 下一階段成長的三大優先事項。第一，成為人人首選的血糖感測解決方案；第二，樹立客戶體驗的標竿；第三，擴大國際市場市占。在投資人日上，我很期待更深入探討這些主題，並分享 DexCom 下一篇章的願景。

For those joining in person, we're also planning to visit our Mesa manufacturing facility to provide a glimpse into our original high-scale CGM manufacturing location and the level of precision that this work requires. We look forward to showcasing the quality and automation that we have built and that we feel positions us well to lead the CGM category into the future. We hope to see you there.

對於親自到場的與會者，我們也規劃參訪位於 Mesa 的製造廠，讓大家一窺我們最初的大規模 CGM 製造基地，以及這項工作所需的精密程度。我們期待展示我們所建立的品質與自動化能力，並相信這讓我們具備良好定位，引領 CGM 類別邁向未來。希望到時能與各位相見。

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

接下來，我把時間交給 Jereme。

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

謝謝你，Jake。提醒各位，除非另有說明，今天呈現的財務衡量指標將以非 GAAP 基礎進行討論。與 GAAP 的調節表可在今日的財報新聞稿以及我們投資人關係網站上的簡報中找到。

For the first quarter of 2026, we reported worldwide revenue of $1.19 billion compared to $1.04 billion for the first quarter of 2025, representing growth of 15% 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.

2026 年第一季，我們全球營收為 11.9 億美元，較 2025 年第一季的 10.4 億美元成長；以申報口徑計為 15% 成長，以有機口徑計為 12% 成長。提醒各位，我們對有機營收的定義，除排除匯率影響外，也排除過去 12 個月內收購或處分的非 CGM 營收影響。

US revenue totaled $832 million for the first quarter compared to $751 million in the first quarter of 2025, representing an increase of 11%. As Jake mentioned, in the US, we saw momentum build across the spectrum of diabetes care in the first quarter. This reflected both growing awareness of the broader type 2 coverage and the launch of our G7 15 Day product, which has generated a lot of excitement in the market. We have been very encouraged by the initial 15 Day uptake and the market feedback and look forward to seeing the active base continue to transition as we progress over the course of the year.

美國第一季營收合計 8.32 億美元，較 2025 年第一季的 7.51 億美元增加 11%。如 Jake 所提，在美國市場，我們第一季在糖尿病照護的各個面向都看到動能提升。這反映了市場對更廣泛第二型糖尿病給付範圍的認知提升，以及我們 G7 15 Day 產品上市所帶來的高度市場關注。我們對 15 Day 初期採用情況與市場回饋感到非常振奮，並期待隨著今年進展，活躍用戶基礎能持續轉換。

International revenue grew 26%, totaling $360 million in the first quarter. International organic revenue growth was 17% for the first quarter. Our international growth was widespread across our core markets this quarter with some of the largest increases coming from geographies where we have recently expanded access such as France and Canada.

國際營收第一季成長 26%，達 3.60 億美元。第一季國際有機營收成長為 17%。本季我們的國際成長在核心市場普遍展開，其中增幅最大的一些地區來自我們近期擴大可及性的市場，例如法國與加拿大。

Our first-quarter gross profit was $757.4 million or 63.5% of revenue compared to 57.5% of revenue in the first quarter of 2025. We are excited by our progress on gross margin performance in Q1, which was up significantly on a year-over-year basis and flat compared to the fourth quarter despite our typical Q1 seasonality. This performance reflected strong execution across our operations and supply chain as we delivered continued manufacturing efficiencies, more normalized freight costs as we've improved our global inventory levels and initial benefit from the switch over to G7 15 Day.

第一季毛利為 7.574 億美元，占營收比重 63.5%，相較 2025 年第一季占營收比重 57.5%。我們對第一季毛利率表現的進展感到振奮；其年增幅顯著，且儘管第一季通常具有季節性影響，仍與第四季持平。此表現反映我們在營運與供應鏈的強勁執行力：持續提升製造效率、在改善全球庫存水位後運費成本更趨正常化，以及轉換至 G7 15 Day 所帶來的初步效益。

Operating expenses were $493.0 million for Q1 of 2026 compared to $453.1 million in Q1 of 2025. Operating income was $264.4 million or 22.2% of revenue in the first quarter of 2026 compared to $143.1 million or 13.8% of revenue in the same quarter of 2025.

2026 年第一季營業費用為 4.930 億美元，較 2025 年第一季的 4.531 億美元增加。2026 年第一季營業利益為 2.644 億美元，占營收比重 22.2%；相較之下，2025 年同季為 1.431 億美元，占營收比重 13.8%。

We are really proud of the team and the discipline demonstrated over the course of the quarter, both on operations, but also all of the support teams that work tirelessly for our customers. This is a demonstration of the ability to deliver for our customers, our employees and our shareholders.

我們對團隊在本季展現的努力與紀律感到非常自豪，不僅在營運面，也包括所有為客戶不懈付出的支援團隊。這展現了我們為客戶、員工與股東交付成果的能力。

Adjusted EBITDA was $364.5 million or 30.6% of revenue for the first quarter compared to $230.4 million or 22.2% of revenue for the first quarter of 2025. Net income for the first quarter was $216.3 million or $0.56 per share, representing 75% growth over the first quarter of 2025.

第一季調整後 EBITDA 為 3.645 億美元，占營收比重 30.6%；相較 2025 年第一季為 2.304 億美元，占營收比重 22.2%。第一季淨利為 2.163 億美元，或每股 0.56 美元，較 2025 年第一季成長 75%。

We remain in a great financial position, closing the quarter with approximately $2.4 billion of cash and cash equivalents. This was up over $400 million compared to year-end 2025, which reflected our significant free cash flow performance in the first quarter. This cash balance, along with our growing free cash flow profile continues to provide us with a lot of flexibility as we assess ongoing capital allocation opportunities.

我們的財務狀況依然非常穩健，季末現金及約當現金約 24 億美元。相較 2025 年底增加超過 4 億美元，反映我們第一季顯著的自由現金流表現。這筆現金餘額，加上我們持續成長的自由現金流輪廓，讓我們在評估持續的資本配置機會時保有高度彈性。

Turning to guidance. We are reaffirming our prior revenue guidance of $5.16 billion to $5.25 billion, representing growth of 11% to 13% for the year. For margins, we are reiterating our previous full-year non-GAAP gross profit margin guidance of 63% to 64% and increasing our non-GAAP operating profit margin guidance and adjusted EBITDA margin guidance to 23% to 23.5% and 31% to 31.5%, respectively.

接著談到財測指引。我們重申先前的營收指引為 51.6 億美元至 52.5 億美元，代表全年成長 11% 至 13%。在毛利率方面，我們重申先前的全年非 GAAP 毛利率指引為 63% 至 64%，並分別將非 GAAP 營業利益率指引與調整後 EBITDA 利潤率指引上調至 23% 至 23.5% 以及 31% 至 31.5%。

While our Q1 gross margin performance leaves us tracking well relative to our current guidance, we left gross margin guidance unchanged to account for the current geopolitical environment, including uncertainties with fuel prices and shipping routes. Regardless, our strong cost control over the quarter positioned us to raise our full-year non-GAAP operating profit and adjusted EBITDA margin guidance.

雖然我們第一季毛利率表現顯示相較於目前指引進度良好，但我們仍維持毛利率指引不變，以反映當前地緣政治環境，包括燃料價格與航運路線的不確定性。儘管如此，我們本季強勁的成本控管使我們得以上調全年非 GAAP 營業利益率與調整後 EBITDA 利潤率指引。

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

那麼，我們現在可以開放問答。Sean？

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

謝謝你，Jereme。（接線員指示）接線員，請提供問答說明。

(Operator Instructions) David Roman, Goldman Sachs.

（接線員指示）高盛 David Roman。

I guess when we look at the totality of the US market now with two major players having reported, it does look like the market is in a period of slower growth. And as your competitor noted, that may be due to no major coverage expansion or new indications.

我想當我們看目前美國市場的整體情況，兩家主要業者都已公布業績後，確實看起來市場正處於成長放緩的階段。而如同你們的競爭對手所提到的，這可能是因為沒有重大的給付覆蓋擴張或新的適應症。

So could you maybe just give us your perspective on how you're seeing the US market unfold here? And what's assumed in your guidance? And any details you can provide, whether it's new patient starts or other metrics to kind of corroborate the health of both the US market and your business would be helpful as we think about the balance of the year.

所以你們能否分享一下你們如何看待美國市場接下來的發展？以及你們的指引中假設了什麼？另外，若能提供任何細節，不論是新病患啟用數或其他指標，用以佐證美國市場與你們業務的健康狀況，將有助於我們思考今年剩餘期間的走勢。

Yeah. Thanks, Dave, for the question. If you take a step back and look at the US market, there's still a pretty significant opportunity. If we think about it about 30% penetration into the covered lives is where we are as a category. That means that only one in three people that have coverage for CGM are using it. So that other two-thirds is out there today, and that's before we talk about any expanded coverage.

好的。謝謝你，Dave，這個問題。如果退一步看美國市場，仍然有相當可觀的機會。以整個類別來看，目前在已納入給付覆蓋的人口中，滲透率大約是 30%。也就是說，在有 CGM 給付覆蓋的人當中，只有三分之一在使用。因此，另外三分之二的機會今天就已經存在，而且這還不包含任何給付擴大。

So I think as we look at new patients, we are always striving for a record number of new patients every quarter. And this quarter came in, in the US, very close to a record and is a global record number of patients. across the entire globe. So we feel like the category, there's a lot of strength here. But if we just focus in on the US, there's still a long runway to go.

所以我認為就新病患而言，我們一直努力在每一季都創下新病患數的紀錄。而本季在美國非常接近紀錄，同時也是全球範圍內的病患數新高，涵蓋整個全球。因此我們覺得這個類別仍然很有力道。但如果只聚焦美國，仍然有很長的成長跑道。

We mentioned a new PBM now covering CGM by the end of the year, that's going to add another 1 million lives to that noninsulin-using population. And so when you think about that, that provides a lot of opportunity.

我們提到有一家新的 PBM 將在年底前把 CGM 納入給付覆蓋，這將為非胰島素使用族群新增 100 萬名受保人。因此從這個角度來看，這帶來了很大的機會。

And frankly, our team is getting much better at targeting this new coverage as we saw in some of the share gains that we had in this group. And so I think we're -- there's still a solid rate of growth going forward for the US.

坦白說，我們的團隊在鎖定這些新增給付覆蓋方面做得越來越好，這也反映在我們在該族群取得的一些市占提升上。因此我認為，美國未來仍會維持穩健的成長速度。

Travis Steed, Bank of America.

美國銀行 Travis Steed。

I'll start maybe asking on 15 Day -- kind of a two-part on 15 Day where you think about the better algorithm and the better customer experience. Is that something where maybe that product helps new starts as it launches?

我先從 15 Day 開始問，算是兩個部分：當你們談到更好的演算法與更好的客戶體驗時，這是否意味著該產品在上市時能帶動新啟用（new starts）？

And also maybe kind of talk about kind of the margin impact. And I know you left gross margin guide unchanged. So I don't know how much inflation you're baking in. But just kind of curious how to think about the margin impact as 15 Day rolls out versus kind of the inflationary impact on margins?

另外也想請你們談談毛利率的影響。我知道你們維持毛利率指引不變。所以我不確定你們在其中納入了多少通膨假設。但想請教，當 15 Day 推出時，相較於通膨對毛利率的影響，應該如何看待其對毛利率的影響？

Yeah, sure. I'll take the part around the product and the starts and then Jereme will fill in with the margin perspective. So I absolutely believe that the 15 Day product is helping drive the momentum that we're seeing. We did see improved performance across our entire portfolio when it comes to the reliability of our product.

好的，當然。我先回答產品與新啟用的部分，Jereme 會補充毛利率的觀點。我絕對相信 15 Day 產品正在推動我們所看到的動能。在產品可靠性方面，我們確實看到整個產品組合的表現都有所改善。

But when you think about the 15 Day in particular, it has that new algorithm and the extended wear. And so that is something that patients very much value. The convenience of the longer wear and then the algorithm, the performance and reliability of that product is really driving new starts as well as conversions over to it.

但特別就 15 Day 而言，它具備新的演算法與延長配戴時間。而這正是病患非常重視的。更長配戴時間帶來的便利性，再加上該產品的演算法、效能與可靠性，確實正在帶動新啟用以及轉換到該產品。

And we're making good progress towards converting the base over to that product. We estimate nearly 50% will be converted by the end of the year over to this new 15 Day product.

而我們在將既有用戶轉換到該產品方面進展良好。我們估計到年底前，將有接近 50% 的用戶會轉換到這款新的 15 Day 產品。

Jereme, do you want to fill in on margin?

Jereme，你要補充毛利率的部分嗎？

Yes. So on margin, you're exactly right, Travis. We kept it on hold just because of the impact of oil on both fuels and resins. And obviously, resins play a large part in our product as well. There's probably about 50 to 100 basis points of potential risk associated with fuels and resins over the course of the year.

是的。關於毛利率，你說得完全正確，Travis。我們之所以先按兵不動，主要是因為油價對燃料與樹脂的影響。而很明顯地，樹脂在我們的產品中也占了很大比重。就全年而言，燃料與樹脂大概帶來 50 到 100 個基點的潛在風險。

So absent that, we would be raising the gross margin guidance. And you can see in the first quarter, we had a really solid performance. Typically, we step back from Q4 into Q1. And with some of the work that we've done over the course of the year, that was flat coming into Q1, which obviously should give, hopefully, you and everybody else a lot of confidence that the work we've been putting in place to help improve throughput quality and really yields is really starting to play out.

因此若不考慮這點，我們其實會上調毛利率指引。你也可以看到第一季我們表現非常扎實。通常我們會從第四季到第一季出現回落。但透過我們在過去一年所做的一些工作，進入第一季時是持平的；這應該能讓你以及其他人對我們為提升產能效率、品質與良率所推動的措施開始發揮效果更有信心。

So think about it that way. It's about 50 to 100 basis points. Obviously, if oil prices come back down to normal, we'll certainly revisit it and revise it at that point. But right now, we've got a placeholder for that. The underlying performance of the business, though, is outperforming expectations as we got into the year.

所以可以這樣理解。大約是 50 到 100 個基點。當然，如果油價回落到正常水準，我們一定會重新檢視並在那時調整。但目前我們先為此保留一個緩衝。不過，業務的基本面表現確實優於我們年初的預期。

Larry Biegelsen, Wells Fargo.

富國銀行 Larry Biegelsen。

This is Simran on for Larry. I just wanted to ask on type 2 non-insulin. So we did hear the RCT presentation is slated for ADA. Just wondering, could we see a publication before ADA? And do you plan to share any color on the trial results at the Investor Day?

我是代替 Larry 的 Simran。我想問關於第二型糖尿病、非胰島素使用族群。我們確實聽到 RCT 的發表排定在 ADA。想請問在 ADA 之前是否可能先看到論文發表？以及你們是否計畫在投資人日分享一些試驗結果的更多資訊？

And maybe just a broader question on type 2 non-insulin. Any color on how we should think about this unlocking or recatalyzing the next leg of growth in the US CGM market? Maybe even stepping back to that strong double-digit growth that you've talked about in the past, Jake, in terms of the CGM market going forward?

或許再問一個更宏觀的問題，關於第二型、非胰島素使用者。你們能否分享一下，我們應該如何看待這將如何解鎖或重新催化美國 CGM 市場下一波成長？甚至是否可能回到你過去提到的那種強勁的雙位數成長，Jake，就 CGM 市場未來而言？

Yeah. Thanks for the question. So speaking of the randomized controlled trial for the non-insulin using population, we are planning to do the full readout at ADA, and we are anticipating the results there are going to be similar to what we've seen when we look at our registry data and all of the other data that we've generated in this population, really significant improvements in the glucose outcomes for these folks that, frankly, aren't usually measuring glucose in any way, and many of them aren't taking finger sticks.

是的。謝謝你的提問。談到針對非胰島素使用族群的隨機對照試驗（RCT），我們計畫在 ADA 進行完整結果揭露（full readout），我們預期那裡的結果會與我們從登錄資料（registry data）以及在這個族群所產生的其他所有數據中看到的情況相似：這些人群的葡萄糖結果將有非常顯著的改善；坦白說，他們通常並不以任何方式測量血糖，而且其中許多人也不做指尖採血（finger sticks）。

So when you provide them with real-time feedback from our CGM. They're making the changes, the behavior modifications. They're learning about how to better manage their diabetes. And so therefore, getting the A1c reduction, which is what that study is powered for.

因此，當你透過我們的 CGM 提供即時回饋時，他們會做出改變、進行行為調整。他們會學習如何更好地管理糖尿病。因此就能帶來 A1c 的下降，而這正是該研究的主要效力（powered for）所要檢驗的。

We don't plan on publishing. It will be featured in a major publication, but it won't be before the readout. The readout at ADA will be the first time we do the readouts. And as we think about the unlocking of coverage, we've got both continued unlocking of commercial coverage and then obviously, this large population of NIT folks that sit in Medicare. It has the potential to really provide durable growth for a long time here in the US when you think about that opportunity.

我們不打算在揭露前發表。它會刊登在重要期刊上，但不會早於結果揭露。在 ADA 的結果揭露將是我們第一次對外揭露結果。而當我們思考保險給付的解鎖時，我們一方面持續解鎖商業保險的給付，另一方面，顯然還有一大群屬於 Medicare 的 NIT（非胰島素治療）族群。當你想到這個機會時，它有潛力在美國帶來長期且可持續的成長。

And we're going to continue to advance access for these folks. And as we think about the field and how we're building out our products and serving this population, we're going to continue to build products that help us grow that active user base. We think about new patients, it's also retention and utilization in these populations. The more we do with the product and the service and the experience, the more that active base is going to grow.

我們也會持續推進這些族群的可近性（access）。當我們思考前線推廣以及我們如何打造產品並服務這個族群時，我們會持續開發能幫助我們擴大活躍使用者基礎的產品。我們談新病患，同時也談這些族群的留存與使用率。我們在產品、服務與體驗上做得越多，那個活躍基礎就會成長得越多。

Robbie Marcus, JPMorgan.

Robbie Marcus，摩根大通（JPMorgan）。

Great. I wanted to ask, you said it was close to a record new patient start, and I think that's been the language of the past four quarters. So we're now a full year without a record new patient start. And if I remember on the fourth quarter call, you said the top end of the sales guide assumed a record and the bottom end assumed no new record patient starts. So I guess, sort of a two-part question.

很好。我想問，你提到新病患啟用（new patient start）接近紀錄，我覺得這是過去四個季度一直使用的說法。所以我們現在已經整整一年沒有出現「新病患啟用創紀錄」。如果我沒記錯，在第四季電話會議上，你說銷售指引的上緣假設會有創紀錄，而下緣則假設不會有新的創紀錄病患啟用。所以我想，算是兩個部分的問題。

One, do you feel like the lower end is maybe more appropriate if we don't see a record? And then two, do you think you can maintain the current sales growth if you don't put up a new record in the future?

第一，如果我們沒有看到創紀錄，你是否覺得指引下緣可能更合適？第二，如果未來沒有再創新紀錄，你認為仍能維持目前的銷售成長嗎？

Sure. Thanks, Robbie. Thanks for the question. Let me be clear, globally, we did have a record new patient quarter this quarter. So globally, it was a record. And so I think that's helpful to give that context.

當然。謝謝，Robbie。謝謝你的提問。我先說清楚：就全球而言，我們本季確實創下新病患啟用的季度紀錄。所以全球是創紀錄的。我想提供這個背景會有幫助。

In the US, it was close to a record in the US. Sequentially, it was an improvement from Q4. And so we're certainly seeing the momentum building behind 15 Day and as we move into the year. So I certainly think we're seeing some sprouts in our case of performance there. And we did take share both in the US and internationally. So hopefully, that gives some clarity around record, and that helps at least give you that context.

在美國，本季在美國是接近紀錄。以季比（sequentially）來看，較第四季有所改善。因此我們確實看到 15 Day 背後的動能正在累積，並且隨著我們進入今年持續增強。所以我認為我們在表現上確實看到一些萌芽。而且我們在美國與國際市場都取得了市占。希望這能讓你更清楚我們所說的「紀錄」是什麼，也至少提供這個背景。

So as you talked about the full year, being the low end would be not records globally. The high end would be records globally. Obviously, we're tracking well given the first quarter is a record. And so I think that's -- that gives you some context for that.

因此，當你談到全年時，低端情境是不會在全球創紀錄。高端情境則是會在全球創紀錄。顯然，鑑於第一季就是創紀錄，我們目前追蹤的進度表現良好。我想這能提供你一些背景。

So in terms of the year, as you think about the year, I think our goal here is as we move forward over the course of the year, and our goal is to continue to unlock coverage. We talked about one being in Prime Therapeutics in the US commercial space.

至於今年，當你思考全年時，我認為我們的目標是在今年推進的過程中持續解鎖給付。我們談到其中一項是在美國商業保險領域的 Prime Therapeutics。

We haven't talked a lot about outside the US, but outside the US, we have plans to unlock coverage over the course of the year. Our expectation is to continue to unlock that coverage and help drive that growth algorithm. So I -- now that you kind of have that context, hopefully, it gives you at least our viewpoint on the year, how we started the year. Obviously, it's a good start to the first quarter. Certainly, the momentum building with G7 15 Day.

我們對美國以外談得不多，但在美國以外，我們也有計畫在今年逐步解鎖給付。我們預期會持續解鎖這些給付，並協助推動那套成長算法（growth algorithm）。所以——在你有了這些背景之後，希望至少能讓你了解我們對今年的看法，以及我們如何開局。顯然，第一季是個很好的開始。而且 G7 15 Day 的動能確實在累積。

Jake alluded to it a little bit earlier. We have Stelo launching here with a new skin, which will be an excellent new app experience that's going to launch outside the US as well, which I think is going to be an awesome opportunity to bring Stelo outside the US. And obviously, we're looking at 15 Day opportunities outside the US as well. And given what we've seen in the US with performance of 15 Day, we're really excited to bring that outside the US.

Jake 先前也稍微提到。我們將在此推出 Stelo，搭配新的外觀（new skin），並帶來很棒的全新 App 體驗；這也會在美國以外推出，我認為這會是把 Stelo 帶到美國以外市場的一個極佳機會。當然，我們也在看美國以外的 15 Day 機會。而且基於我們在美國看到的 15 Day 表現，我們非常期待把它帶到美國以外。

So I think we have a lot of irons in the fire as we move into the year with, of course, some big unlocks potentially happening here. We expect them to happen just timing-wise, we're going through with the CMS coverage unlock. So there's just a lot of opportunities here, a lot of catalysts over the course of the year, but it starts with a record in the quarter and it was a record globally in the quarter.

所以我認為，隨著我們進入今年，我們同時推進很多項目，當然也可能會出現一些重大的解鎖。我們預期它們會發生；就時間點而言，我們正在推進 CMS 給付解鎖的流程。因此今年有很多機會、很多催化劑，但一切從本季的創紀錄開始，而且本季在全球確實是創紀錄。

Matt Taylor, Jefferies.

Matt Taylor，Jefferies。

I just wanted to double-click on the CMS coverage. Your competitors said they're not going to call the month, basically implying it could happen soon. I know you don't know exactly when it's going to happen, but what are your thoughts on whether that could come before kind of the usual process of going through the RCT and submitting your application? Kind of what's the range of outcomes for when that could happen, you think?

我想再深入追問一下 CMS 給付。你們的競爭對手說他們不會講是哪個月份，基本上暗示可能很快就會發生。我知道你們也不確定確切時間，但你怎麼看：這是否可能在走完通常的流程（完成 RCT 並提交申請）之前就發生？你認為可能發生的時間範圍（range of outcomes）會是什麼？

Yeah. Thanks for the question, Matt. At this point in time, the RCT may not be required for that CMS coverage. I think in my conversations with the folks at CMS, it's very clear that they understand the benefit of CGM for this category. So hard to estimate exactly when this coverage is going to come.

是的。謝謝你的提問，Matt。就目前而言，CMS 的這項給付可能不需要 RCT。我在與 CMS 相關人士的對話中很清楚地感受到，他們理解 CGM 對這個類別的效益。因此很難精確估計這項給付究竟何時會到來。

But as we've said before, it's really just a matter of time. And when that coverage does come, it provides a great opportunity for some durable growth here and also continued patient impact, right?

但正如我們之前所說，這真的只是時間問題。而當那項給付真的到來時，這將為我們帶來一個絕佳機會，在此實現更具持久性的成長，同時也能持續帶來以病患為中心的影響，對吧？

This product does provide significant benefits for all people with diabetes. And so, as I said in my prepared remarks, we're not going to be happy till everybody with diabetes has coverage for this product. And we're looking for that globally. And so again, hard to call exactly, but we do know that the benefits are clear, and we look forward to the decision.

這項產品確實為所有糖尿病患者帶來顯著益處。因此，正如我在事先準備的發言中所說，在每一位糖尿病患者都能獲得這項產品的給付之前，我們不會滿意。而我們也在全球範圍內尋求達成這點。所以再次強調，很難精準預測時間點，但我們確實知道其效益非常明確，我們也期待最終的決策。

Jeff Johnson, Baird.

Jeff Johnson，Baird。

Jereme, you talked about some of the coverage unlocks outside the US. Are you inching closer? Is there any progress or any, even body language or gut feel on moving towards some basal coverage in some of the other bigger markets out there where we don't have it outside the US at this point? Any update there?

Jereme，你談到了一些美國以外的給付解鎖。你們是否正在逐步接近？在目前美國以外、我們尚未取得給付的一些較大市場中，朝向取得某些基礎胰島素（basal）給付方面，有沒有任何進展，甚至是一些跡象或直覺上的感受？這方面有任何更新嗎？

And was there anything one-time timing, tender, anything that helped that 17% OUS constant currency organic growth rate, anything that we have to think about as a tough comp for next year in the 1Q or anything like that?

另外，那個美國以外（OUS）以固定匯率計的 17% 有機成長率，有沒有任何一次性因素（例如時點、標案等）帶來助益？是否有任何我們需要留意、可能使明年第一季比較基期變得更具挑戰的因素？

Yeah. Thanks, Jeff. Outside the US, there's mounting bodies of evidence that continue to grow. Obviously, we've had MOBILE and other studies have come out there. And so the dialogue with a lot of the international bodies has continued to progress in a good way. And so we're continuing to look to unlock that basal coverage.

是的。謝謝你，Jeff。在美國以外，支持性的證據正在累積，而且持續增加。很明顯地，我們已經有 MOBILE 以及其他研究結果陸續發表。因此，我們與許多國際機構的對話也持續以良好的方式推進。所以我們會繼續努力解鎖基礎胰島素（basal）的給付。

We're in lots of different conversations about how to do so, whether it's in private or payers, and whether those start to make it on tenders. So there's a lot of things moving by country, and I would expect to have wins in pockets here and there over the course of the year. We'll give some updates on those as they come.

我們正在進行許多不同的討論，探討要如何做到這點——不論是透過私人保險或支付方（payers），以及這些是否會開始納入標案（tenders）。因此，各國都有很多事情在推進，我預期在一年當中，我們會在某些市場區塊陸續取得一些勝利。我們也會在有進展時提供更新。

And then certainly, in markets where basal already exists, clearly, the study we've done around type 2 is going to be some evidence to really keep moving there. As Jake mentioned, around the world, we're not going to stop until everybody has access. So stay tuned, but there's a lot of good underlying work happening there.

此外，在已經有基礎胰島素（basal）給付的市場中，我們針對第二型糖尿病所做的研究，顯然會成為持續推進的重要證據。正如 Jake 提到的，在全球範圍內，在每個人都能取得使用權之前，我們不會停下來。所以敬請期待，背後其實有很多扎實且正向的工作正在進行。

In terms of any kind of one-timers no, there really wasn't. We pay attention, and we've heard some kind of comments about tenders and timing and onetime. And the reality is the way tenders work is folks use this product repeatedly. It's you don't use it once and then you move away. So most of the time, in fact, all the time, tenders typically allocate our product for some time because people use the product year-round. And so we haven't seen any of that.

至於任何一次性因素，沒有，確實沒有。我們有留意，也聽到一些關於標案與時點、一次性因素的評論。但現實是，標案的運作方式是：人們會反覆使用這項產品。你不會只用一次就不再使用。所以多數情況下——事實上一直都是如此——標案通常會在一段時間內配置我們的產品，因為人們全年都會使用。因此我們沒有看到那種一次性的影響。

And any tenders out there, we've been putting up tenders for some time. We've been winning quite a few tenders. Our product portfolio approach has gone into quite a few different tenders that may have been exclusive with a competitor that are now dual formula, and that's happened in many of the cases we've seen over the course of the year. So it's our opportunity to get into these markets with a product portfolio that makes sense and take share, and you're seeing that taking place.

至於外部的任何標案，我們已經投標一段時間了。我們也贏得了相當多的標案。我們的產品組合策略已進入不少不同的標案；這些標案過去可能由競品獨家供應，但現在變成雙來源（dual formula），而這在我們今年看到的許多案例中都已發生。因此，這是我們以合理的產品組合進入這些市場並取得市占的機會，而你也正在看到這件事正在發生。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

I wanted to drill down a little bit more on your comments about the share gains in the type 2 population this quarter. I wanted to just sort of understand how sustainable some of that momentum feels to you out in the field, what you've seen since the quarter ended, and just how much of it you think is linked to the 15 Day launch versus sustainable momentum from your sales force and making progress that way?

我想更深入追問一下你們本季在第二型糖尿病族群市占提升的評論。我想了解的是：在第一線看起來，這股動能你們覺得有多可持續？季度結束後你們看到了什麼？以及你們認為其中有多少是與 15 Day 上市相關，多少則是來自你們業務團隊的可持續動能與推進所帶來的成果？

Yeah, I can start, and Jake, certainly chime in as you see fit. There's a few things that we've seen playing out, which I think are all good things around share taking and really kind of the outlook longer term.

好的，我先開始，Jake 也請隨時補充。我們看到有幾件事情正在發酵，我認為這些都對市占提升以及更長期的展望非常正面。

I think, first and foremost, we pay close attention to customer satisfaction. And our NPS scores have jumped up with 15 Day. And we saw that playing out in the first quarter. That is sustainable, right? The customer experience is moving in the right direction. I think that's an exciting moment for us.

我認為首先也是最重要的，我們非常關注客戶滿意度。而我們的 NPS 分數在 15 Day 推出後大幅提升。我們在第一季也看到這點正在反映出來。這是可持續的，對吧？客戶體驗正朝著正確方向前進。我認為這對我們來說是個令人振奮的時刻。

Certainly, the launch of 15 Day helps. If there was some questions around where we maybe had an opportunity to extend wear length. We've taken advantage of those. And certainly, the new algorithm has wowed customers.

當然，15 Day 的上市確實有幫助。如果過去有人對我們是否有機會延長配戴時間有所疑問，我們已經把握住了這些機會。而且，全新的演算法也讓客戶感到驚艷。

So when you have a product like that out into the market, when you have the coverage wins that we've had over the course of time with our low co-pays, it's really providing an opportunity to get in front of physicians demonstrate the value of the product, but also make sure we're letting physicians know we have the lowest co-pays, the most coverage really across the board. And so we don't stop until -- we're not going to stop until we win in these categories. And given we have the best coverage, I don't think there's any reason we wouldn't look to do so.

因此，當你有這樣的產品推向市場，再加上我們一路以來取得的給付成果、低自付額（co-pays），這確實讓我們有機會走到醫師面前，展示產品價值，同時也確保醫師知道：我們擁有最低的自付額、以及幾乎全面最廣的給付。所以我們不會停下來，直到——我們不會停下來，直到我們在這些類別中勝出。而既然我們擁有最佳的給付，我不認為有任何理由我們不去達成這點。

So I think our opportunity is to continue to take share. We continue to take share until we're market leaders in every category. We're obviously market leaders in some of those categories, and we have some room to go in the categories that historically didn't have coverage. I think having the 15 Day product, having the customer satisfaction score is moving and having the best coverage, I think all of those bode well to taking share for some time to come.

所以我認為，我們的機會在於持續提升市占。我們會持續提升市占，直到我們在每個類別都成為市場領導者。我們在其中一些類別顯然已是市場領導者，而在那些歷史上缺乏給付的類別中，我們仍有進一步成長空間。我認為，擁有 15 Day 產品、客戶滿意度分數提升、以及最佳給付，這些都預示著我們在未來一段時間仍能持續取得市占。

What I'd add is when you think about the long run and as we are developing this product portfolio for the different categories of patients, if you think about a feature like our Smart Basal, that is really designed to change the experience around going on to basal insulin. And we're still seeing the majority of our new patients, the largest category of new patients is actually still in that type 2 insulin using population, both the IAT and the basal.

我想補充的是，從長期來看，當我們為不同病患類別打造這個產品組合時，如果你想到像我們的 Smart Basal 這樣的功能，它的設計目的就是要改變開始使用基礎胰島素（basal insulin）時的體驗。而我們仍然看到，新病患中占比最高的類別，實際上仍是第二型糖尿病、使用胰島素的人群，包含 IAT 與 basal。

And then with that basal penetration still being around 20%, 25% as a category. There's still a lot of opportunity for us to grow and take share there. And so that's what that system is really designed to make that the experience that both users and physicians are looking for in both driving outcomes and ease of use.

此外，基礎胰島素（basal）的滲透率在這個類別中仍大約只有 20% 到 25%。因此我們在那裡仍有很大的成長與市占提升空間。所以那套系統的設計目的，就是要讓這段體驗更符合使用者與醫師的期待——同時兼顧療效結果與易用性。

Matthew O'Brien, Piper Sandler.

Matthew O'Brien，Piper Sandler。

This is [Anna] on for Matt. I know there's always a focus on new patient starts, but I also wanted to ask on the retention side, what trends you're seeing there today, particularly in the domestic market and how that contributed to the results in the quarter? And then how you expect this metric to evolve from here? That would be super helpful.

我是代替 Matt 的 [Anna]。我知道大家總是聚焦在新病患啟動數，但我也想從留存的角度請教，您們目前看到哪些趨勢，特別是在美國國內市場，這對本季業績表現有何貢獻？另外，您們預期這項指標接下來會如何演變？若能說明會非常有幫助。

Anna, when we think about retention, it's been fairly consistent within a band. And as we look at both retention and utilization because both of those really helped drive the active base, and when we look at that, we targeted increasing our experience in really setting the standards, both with the product and also the service behind it.

Anna，談到留存，我們的表現一直相當穩定，維持在一個區間內。而當我們同時看留存與使用率（utilization），因為這兩者確實有助於推動活躍用戶基礎（active base），我們的重點是提升整體體驗，真正把標準建立起來，包含產品本身以及背後的服務。

And as Jereme mentioned, our NPS scores have been going up quite a bit. And I do think that bodes well for the future when we do think about things like retention and utilization. But it's been fairly consistent for a period of time now, but one of our goals is to improve it so that we can continue to improve the active base growth.

正如 Jereme 提到的，我們的 NPS 分數已經上升了不少。我確實認為，當我們思考留存與使用率等指標時，這對未來是個正向訊號。不過留存目前已經在一段時間內相對穩定；但我們的目標之一是進一步改善它，讓我們能持續提升活躍用戶基礎的成長。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗（Citi）。

I'm curious how we should think about the next couple of quarters? And if you can sort of comment on thoughts for revenue growth rate throughout the remainder of the year and in particular, for the second quarter, if there's anything else we should be aware of as we think of our models?

我想了解我們應該如何看待接下來幾個季度？以及您是否能評論一下今年剩餘期間的營收成長率走勢，特別是第二季；在我們建立模型時，是否還有其他需要留意的事項？

Yeah. So while we don't necessarily guide to quarters -- it's a good question. And I'll give you maybe some things to think about over the course of the year. As we think about -- and I think it's best to give maybe a little bit of comps and then just kind of reset on where the guidance was.

好的。我們不一定會針對單一季度提供指引——這是個好問題。我可以提供一些今年整體可以思考的重點。我想最好的方式可能是先給一些可比基期（comps）的背景，然後再重新回到我們原先的指引。

So when we guided the year, we're obviously 11% to 13% organic growth. And we said it'd be relatively split across US and OUS, and that really hasn't changed. What you do see is the US comps are a little bit more difficult in the first part of the year and a little bit easier in the back half of the year. And vice versa, you see the international comps are a little bit easier in the first half of the year and a little bit more difficult in the back half of the year.

我們在給出全年指引時，明確是 11% 到 13% 的有機成長。我們也說過，美國（US）與美國以外（OUS）的成長大致會相對平均分配，而這點並沒有改變。你會看到的是：美國的可比基期在今年前半段較具挑戰、後半段較容易。反過來，國際市場的可比基期在前半段較容易、後半段較具挑戰。

So we still are anchoring around the same commentary around the split across the two. And that's the way I think we would think about it. Hopefully, that gives some context. That really hasn't changed. We'll certainly be happy to talk about the way, the way folks have typically thought about it over the course of the year, I think, for the most part, folks are thinking about the cadence relatively well.

所以我們仍然以相同的說法作為基準，也就是兩者之間的分配大致如此。這就是我們看待的方式。希望這能提供一些脈絡。這點確實沒有改變。我們也很樂意討論大家過去通常如何看待全年節奏；我認為大多數人對節奏的理解其實相當到位。

There's a few folks that are perhaps outliers. But for the most part, I think most folks the way they're thinking about our business with the pretty consistent over the course of the year have done a really nice job.

確實有少數人的看法可能是離群值。但整體而言，我認為大多數人對我們業務在全年相對一致的走勢判讀得很好。

Jason Bedford, Raymond James.

Jason Bedford，Raymond James。

Just -- I apologize if I missed it. The Smart Basal launch, I think it was early access in 1Q. When do you expand this launch?

我只是——如果我漏聽了先說抱歉。Smart Basal 的上市，我記得第一季是先行開放（early access）。你們什麼時候會擴大這次上市？

Yeah. Thanks, Jayson. So the -- we are still in a pilot launch and what -- the idea of what we're doing is we're really making sure that the system as design fits into the workflow because it's designed to be a very broad-use product. And so we're talking about lots of different clinical environments. You got endos offices, large diabetes clinics and then small primary care offices.

好的。謝謝你，Jayson。我們目前仍處於試點（pilot）上市階段；我們在做的事情，是確保系統的設計能夠融入臨床工作流程，因為它被設計成一個適用範圍非常廣的產品。因此我們會面對許多不同的臨床環境。包括內分泌科診所、大型糖尿病門診，以及小型的基層醫療診所。

And so the work that we're doing right now is learning as we've done this pilot launch in a number of sites is really making sure that, that is flowing well. And we actually learned a couple of things, right, made some updates to the system.

所以我們目前的工作，是在多個據點進行試點上市的過程中學習，確保整體流程運作順暢。而且我們也確實學到了一些事情，並對系統做了幾項更新。

We're not validating the algorithm. We know that the patient experience around this system is excellent. It's more around how does it fit into the clinical workflow because as when we broaden the launch, we want it to be extremely easy and very successful for users and physicians.

我們不是在驗證演算法。我們知道病患在這套系統上的使用體驗非常好。重點更多在於它如何融入臨床工作流程；因為當我們擴大上市時，我們希望對使用者與醫師而言都非常容易上手，並且非常成功。

We do plan to do that throughout the year. And we just want to make sure that we've got all the bases covered on that workflow before we do it. But once we figure all of that out, we're going to launch it in a very big way.

我們確實計畫在今年內逐步推進。我們只是想在擴大之前，先確保工作流程的各個面向都已經完善。但一旦把這些都釐清，我們就會以非常大規模的方式推出。

Jonathan Block, Stifel.

Jonathan Block，Stifel。

Great. Maybe if I could just go back to the prior question and push a little bit on the 11% to 13% organic revenue growth being, essentially evenly weighted or split, pardon me, between US and international. Just pushing there like why, if you would. If you look at 1Q, 17% international, I think you said there was nothing sort of abnormal in terms of tenders.

很好。我想回到前一個問題，並針對 11% 到 13% 的有機營收成長在美國與國際之間「基本上平均分配／拆分」（抱歉用詞）這點再追問一下。我想更深入問的是：為什麼會是這樣？如果看第一季，國際成長 17%，而且我記得你們說招標（tenders）方面沒有什麼異常。

T2NIT seems certainly more of a '27 event than the '26. And I'm just looking at what seems to be a high level of sensitivity from investors around that US number. So maybe if you can just tell us why you've got the conviction and why wouldn't it be more -- I hate to split hairs, but like 10%-plus US this year poised to maybe accelerate next year with T2NIT instead of that equally weighted specific to '26.

T2NIT 看起來更像是 2027 年的事件，而不是 2026 年。而我也看到投資人對美國那個數字似乎非常敏感。所以也許你們可以說明一下，為什麼你們有這樣的信心？為什麼不會是——我不想鑽牛角尖——例如今年美國是 10% 以上，然後明年隨著 T2NIT 才加速，而不是在 2026 年就做成這種平均權重的拆分？

Yeah. Look, I think the question you're asking is fair. If you think about what as we exited last year, we exited last year with a relatively split US and OUS business. And when you look at the comps year over year, you can see where there's some wins, and you can see some opportunities there as we saw a ramp in the international business into the back half of last year and obviously as we comp some easier first half.

是的。我認為你問得很合理。如果你回想我們去年年底的狀況，我們在去年結束時，美國與美國以外（OUS）的業務規模大致是相對平均的。而當你看年對年的可比，你可以看到一些勝利點，也能看到一些機會；尤其是我們在去年下半年國際業務有加速成長，而今年上半年又會面對相對較容易的可比基期。

You can see where -- looking at Q1 in isolation can be sometimes one quarter in isolation can be sometimes a bit of a challenge. As you kind of zoom out and you look at our performance over the course of last year. And to us, as we look at the opportunities ahead of us, I mean, we still feel very, very excited about the opportunities in the US business. We still feel very, very excited about the opportunities in the international business. We see a continued momentum really across both.

你也可以理解——只看第一季、把單一季度孤立來看，有時候確實會比較難判讀。當你把視角拉遠，回頭看我們去年全年的表現。對我們而言，展望未來的機會，我們對美國業務仍然非常、非常興奮。我們對國際業務也仍然非常、非常興奮。我們看到兩邊都持續有動能。

If we come back to you and at the end of the year, it's slightly different. We'll certainly keep you posted over the course of the year. But as we look at it, we still see a lot of opportunity in the US, especially when you think about the coverage wins, when you talk about prime therapeutics and some opportunities to get out in front of that as well as some of the tender wins that we'd expect to win over the course of the year.

如果到年底回頭看，結果略有不同，我們當然會在今年過程中持續向各位更新。但就我們目前的觀察，美國仍有很多機會，特別是當你想到保險給付覆蓋（coverage）的勝利、例如 Prime Therapeutics，以及一些能夠提前布局的機會；同時也包括我們預期今年內會拿下的一些招標（tender）勝利。

So we still think it's balanced. If the numbers are slightly off by 0.5% or something like that by the end of the year, we'll always look back and have a conversation about it. But as we looked into the crystal ball when we started the year, nothing's changed, that we felt it was going to look about split, and we continue to believe that both businesses can operate quite strongly over the course of the year.

所以我們仍然認為這是平衡的。如果到年底數字略有偏差，例如差個0.5%之類的，我們回頭看時總會再討論一番。但就像我們在年初看水晶球做預判時一樣，沒有任何改變；我們當時覺得大致會是對半分，我們也持續相信這兩項業務在全年都能相當強勁地運作。

Issie Kirby, Redburn.

Issie Kirby，Redburn。

I wanted to ask about Stelo and just how that's tracking. What has really prompted, I guess, the re-design there? And then with the international launch, just how broad do you expect to go? And is this a product that you could see pushing into markets where you're not currently present?

我想問一下Stelo以及目前的進展追蹤情況。我想知道，究竟是什麼真正促成了那邊的重新設計？另外就國際上市而言，你們預期會推到多廣？以及這是否是一個你們可能會推進到目前尚未進入之市場的產品？

Thanks, Issie. Yeah, we have seen Stelo as a fantastic opportunity to reach more patients. And it's tracking well to our estimate that we kind of set up at the beginning of the year. We did, though, as we've launched it, it's been out there for over a year, and we've learned quite a bit.

謝謝，Issie。是的，我們把Stelo視為一個極佳的機會，可以觸及更多病患。而且它的進展符合我們在年初所設定的估計。不過，我們在推出後——它已經在市場上超過一年——也學到了不少。

And one of the main things that we're hearing from users is they want more context around the real-time glucose data. And so over time, we started adding features to the current version of Stelo particularly focused around capture of nutrition. So feel the meal logging using AI to analyze those meals.

我們從使用者那裡聽到的其中一個重點是：他們希望對即時血糖數據有更多脈絡（context）。因此隨著時間推進，我們開始在目前版本的Stelo上新增功能，特別聚焦在營養攝取的記錄。例如用AI來分析餐點的餐食紀錄功能。

And then as we took a step back, we looked at the current version of Stelo and how we were implementing that. And it gave us an opportunity to really look at re-designing the experience to better match what customers are looking for, both in the aesthetics of the mobile app, but also in the functionality.

接著當我們退一步重新檢視時，我們看了Stelo目前版本以及我們的實作方式。這也讓我們有機會真正重新設計整體體驗，更貼近客戶想要的內容——不論是行動App的視覺美感，或是功能性。

So this new Stelo app that we're going to launch here very shortly is a complete redesign of the user interface. It has a much more technology forward aesthetic as well as the insights that are provided to users around basically adding context to their glucose experience, their glucose excursions, their glucose variability as well as their nutrition.

因此，我們即將在短期內推出的新Stelo App，會是使用者介面的全面改版。它在美學上更具科技感，同時也會向使用者提供洞察，核心在於為他們的血糖體驗加入脈絡——包括血糖波動（excursions）、血糖變異性，以及營養相關資訊。

We're finding that nutrition is actually a really important part of helping users connect the dots in how to make sense of their glucose data and then also how to make healthy lifestyle changes. And so this new version of the app puts those insights front and center, and has a pretty significantly overhauled insight engine.

我們發現，營養其實是幫助使用者把點連成線、理解血糖數據意義，以及進一步做出健康生活型態改變的一個非常重要的部分。因此，新版本App把這些洞察放在最顯眼的位置，並且對洞察引擎做了相當大幅度的改造。

I think the insights that the Stelo app provides today are helpful, but we wanted to make them much more personalized and take more advantage of data that we're integrating into the system such as what comes from the different activity trackers people are using, the Oura Ring, the sleep scores, all of that, bringing more context and more analysis of that personalized data for each user.

我認為Stelo App目前提供的洞察是有幫助的，但我們希望讓它更個人化，並更充分利用我們正在整合進系統的資料，例如來自不同活動追蹤器的資料——人們使用的Oura Ring、睡眠分數等等——把更多脈絡帶進來，並對每位使用者的個人化資料做更多分析。

And so that's built into Stelo, the new version that we're going to launch here. And so really excited about that being a great opportunity for people who maybe tried Stelo, but wanted -- didn't meet their needs. And so this is a great opportunity for them to try it again.

因此，這些都已內建在我們即將推出的新版Stelo中。我們對此非常興奮，因為這對那些可能試過Stelo、但覺得——未能滿足其需求的人來說，是一個很好的機會。這也讓他們有機會再試一次。

Also a great opportunity to enhance the experience of our current customers and future customers. So speaking of the international launches. So we are looking at countries both in EMEA and APAC region. We'll start with a smaller number and then continue to expand it, but I do feel like it is an opportunity for many, many markets for us to have an entry point with a product that really meets the needs of the users.

同時，這也是提升我們現有客戶與未來客戶體驗的一個很好的機會。至於國際上市。我們正在評估EMEA與APAC地區的國家。我們會先從較少的國家數量開始，之後再持續擴大；但我確實認為，這對我們而言是進入許多、許多市場的一個機會，因為這款產品確實能滿足使用者需求，並成為我們的切入點。

Mike Kratky, Leerink Partners.

Mike Kratky，Leerink Partners。

This is Brett on for Mike. Just wanted to go back to T2NIT. I hate to be a broken record here, but going into the Analyst Day, obviously, we're going to see the data at ADA, and you say it's a matter of time there in CMS.

我是代替Mike的Brett。我想回到T2NIT這個話題。我不想一直重複問同樣的問題，但在分析師日之前，顯然我們會在ADA看到數據，而你也說在CMS那邊只是時間問題。

But for your LRP and thinking long term about the algorithm, would you expect to have the assumption that CMS coverage is coming within that number? Or do you think we would need to actually have that coverage in hand before that's included within your long-range plan?

但就你們的LRP（長期計畫）以及長期對演算法的思考而言，你們會預期在那個數字裡就納入「CMS給付即將到來」的假設嗎？還是你認為必須等到實際拿到給付（coverage）之後，才會把它納入你們的長期計畫？

Look, I think for long-range plans, I would expect us to include our assumptions around that. And so while I don't want to get into what we're going to do at our Investor Day, I think it's an opportunity for us to talk about it.

你看，我認為在長期計畫中，我會預期我們會把相關假設納入。因此，雖然我不想在這裡談我們投資人日要做什麼，但我認為那會是一個讓我們討論這件事的機會。

When we talk about things like if -- when not if, I mean, obviously, we'll have some line of sight into when we'll give our thoughts around it in terms of how we think about it. And then from there, obviously, it doesn't stop the fact that we'll push hard to go as soon as possible to getting the coverage because at the end of the day, there's a lot of folks who need this product.

當我們談到這類事情時，如果——應該說是「何時」而不是「是否」，我的意思是，顯然我們會對時間點有一定能見度，並分享我們對此的看法，以及我們如何思考。然後從那裡開始，當然這並不會改變我們會全力推進、盡快取得給付的事實，因為歸根結底，有很多人需要這個產品。

So I would expect us to talk about it, talk about our assumptions. And if those assumptions end up differing based on timing of approval, great, we'll have that conversation at that point. But yes, we will give kind of our viewpoint into the next -- into the future and assumptions around that. So you can expect to get more information around that Investor Day.

所以我預期我們會談到它、談到我們的假設。如果這些假設最後因核准時程而有所不同，也很好——到時我們再討論。但沒錯，我們會提供我們對未來——對接下來的——觀點，以及相關假設。所以你可以預期在投資人日會得到更多相關資訊。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

One's a clarification, and then I have a follow-up. Just on -- did you say that you have an incremental 150-basis-point headwind that you're now contemplating in Q2 to 4Q that's getting absorbed in your reiterated gross margin guidance. Did I hear that correctly?

我先確認一點，然後再追問。關於——你是否說過，你們現在在Q2到4Q考量有額外150個基點的逆風，而這已被吸收在你們重申的毛利率指引中。我聽得對嗎？

It's 50 to 100 basis points.

是50到100個基點。

Okay. Got it. So 50 to 100 basis points incremental to what you had heading into the year.

好的。了解。所以是相較於你們年初預期，再額外增加50到100個基點。

Okay. Correct.

好的。正確。

And then just on the Prime Therapeutics win, congratulations on that. I guess how long does it take for these things usually to work into having an impact, if you could give us something there. And I know that you brought that up as one of the factors that gives you confidence in the 11% to 13% also applied to the US.

另外，關於拿下Prime Therapeutics，恭喜。我想問，這類事情通常需要多久才會開始產生影響？如果你能給我們一些說明。而且我知道你提到這是讓你對11%到13%（同樣適用於美國）更有信心的因素之一。

I guess, does that mean that you're banking on contribution from that incremental coverage to get there? Or is that something that has been largely left as upside?

那是否表示，你們是把來自這項新增給付的貢獻納入、用以達成該目標？還是說這部分大致上仍被視為上行空間（upside）？

Yeah. So I think -- so I'll start with the coverage in the way it typically works. So as you kind of go on typical, what I'd say, national formularies and Prime has a national formulary, the second, it's turned on, if you have a script and you go to the physician, you're covered. And so it's generally immediate on those national formularies. And so you should see it here essentially this summer. It's going to be turned on for everybody that's covered there. And so that will ultimately help.

是的。我想——我先從給付以及它通常如何運作談起。一般來說，就你所說的全國性處方集（national formularies），而Prime也有全國性處方集，一旦它被啟用，只要你有處方（script）並去看醫師，你就會被給付。因此在這些全國性處方集中，通常是立即生效的。所以你應該會在今年夏天就看到。它會對所有在那裡受保的人全面啟用。因此最終會有所幫助。

And I think you know that new patients, while they are certainly helpful and they're helpful for a long-range engine, new patients aren't the only driver, obviously, retention utilization, price mix, all of that plays into the guide. So while this is certainly helpful, and I think it gives us a lot of bullishness around the business and penetration adoption going forward. At the end of the day, it wasn't necessarily counted on something that was a major contributor to the original guide.

而且我想你也知道，新病患固然有幫助，對於長期成長引擎也有幫助，但新病患顯然不是唯一的驅動因素；留存、使用率、價格組合等，所有這些都會影響我們的指引。所以雖然這確實有幫助，我也認為這讓我們對於未來業務的滲透與採用更具信心、偏多。但歸根結底，這並不是我們在原始指引中所仰賴、或被視為主要貢獻來源的項目。

We talked about the original guide saying normal kind of nominal wins over the course of the year, but really coverage for the most part as is. And so as we get more unlocks, that certainly helps over the course of the year. So I hope that gives you some context.

我們談到原始指引時提到，全年會有一些正常、名目上的勝出（wins），但就覆蓋範圍而言，大致上維持現狀。因此，隨著我們獲得更多解鎖（unlocks），這在全年進程中當然會有所幫助。希望這能提供你一些背景脈絡。

Obviously, we're excited as we start to unlock more and more over time. The one thing that always comes up and our sales force has seen it across, by the way, multiple different coverage expansions is when you go see your physician today, if you have 6 million covered lives in the space, but 24 million people impacted, 25 million people impacted with type 2 diabetes, that means 25% of the people that see their physician that have type 2 diabetes have coverage.

顯然，隨著時間推進、我們開始解鎖越來越多的覆蓋，我們感到非常振奮。有一件事總是會被提起，而且我們的銷售團隊也在多次不同的覆蓋擴張中看到：當你今天去看醫師時，如果在這個領域只有600萬的受保人數（covered lives），但受影響的人口有2,400萬、2,500萬名第二型糖尿病患者，這代表看診的第二型糖尿病患者中，只有25%擁有覆蓋。

And the faster we can go to get coverage to where there's a much higher likelihood that, okay, you have commercial coverage, okay, now you have a greater than 50% chance of having coverage great. It really unlocks the ability for physicians to then go deeper into existing coverage opportunities. So they feel like much more comfortable writing scripts and allowing folks to go to the pharmacy where they have coverage there.

而我們越快把覆蓋推進到更高的程度——也就是說，好，你有商業保險覆蓋，那麼你有超過50%的機率是有覆蓋的——這就很棒。這確實能解鎖醫師更深入挖掘既有覆蓋機會的能力。因此他們會更有信心開立處方，並讓患者到藥局領藥，因為在那裡是有覆蓋的。

Certainly, we'd expect a similar type phenomenon with CMS coverage as that can help kind of a rising tide. So hopefully, it gives you some context why it's helpful across the board, but also gives you some context to how we thought about the guide and the timing and the process.

當然，我們也預期CMS覆蓋會出現類似的現象，因為這可能帶來某種「水漲船高」的效應。所以希望這能讓你理解為什麼它對整體都有幫助，同時也讓你了解我們如何看待指引、時點與流程。

Chris Pasquale, Nephron.

Chris Pasquale，Nephron。

Jereme, you touched on the gross margin strength, but leverage in the middle of the income statement was excellent this quarter as well. I know you tweaked up the high end of your operating margin EBITDA ranges a little bit there, but does seem pretty conservative given where you're starting and the normal cadence we see throughout the year.

Jereme，你提到了毛利率的強勁表現，但本季損益表中段的槓桿（leverage）也非常出色。我知道你把營業利益率與EBITDA區間的高端稍微上調了一點，但以你們目前的起點以及我們在一年中通常看到的節奏來看，這似乎仍然相當保守。

So did some spending get pushed out from 1Q that's going to come back later that might make this year look a little bit different? I look in particular at R&D being flat in dollar terms is a bit of an outlier. Any color there would be great.

所以，是否有一些支出從第一季被延後，之後會回補，讓今年看起來會有點不同？我特別注意到研發（R&D）以美元金額計算持平，這有點不尋常。如果能提供一些說明就太好了。

Yeah. I'm glad you brought it up because it's been a lot of work by the team to get there and to do the work. We do a lot of that work in the back half of last year. And one of the reasons we felt good about raising the guidance, we typically don't like to raise guidance after one quarter. But on operating expenses, you saw it in the fourth quarter as well as now in the first quarter. So you saw some good performance there.

是的。我很高興你提到這點，因為團隊為了達到這樣的成果投入了大量工作。我們在去年下半年做了很多這方面的工作。而我們之所以覺得可以上調指引，其中一個原因是：我們通常不喜歡在只過了一個季度後就上調指引。但在營業費用方面，你在第四季以及現在第一季都看到了。所以你確實看到了一些不錯的表現。

What I would say is in terms of the way to think about the operating margin guide, obviously, raised the midpoint by 75 basis points. It's a pretty big raise considering just one quarter behind us.

我想說的是，就如何看待營業利益率指引而言，我們顯然把中位數上調了75個基點。考量到我們才剛走過一個季度，這是相當大的上調幅度。

What we'd expect is we do expect R&D spend to continue to increase. And so we did some good work around, I think, managing expenses and taking on some initiatives. We've leaned into things like AI to be more efficient.

我們的預期是，研發支出確實會持續增加。因此，我們在費用管理以及推動一些計畫上做了不錯的工作。我們也更積極導入像AI這類工具來提升效率。

We're not going to pull back on spend into R&D. So you're right, being flat year over year. I wouldn't expect that to continue. We're going to continue to invest in Ireland. In Ireland, we'll keep ramping up over the course of the year as that manufacturing facility continues to ramp up. And if you think about it, you really start to ramp a manufacturing facility right before you turn it on. And we turn it on in the fourth quarter. So you can probably imagine Q2 and Q3, we ramp up a little bit going into that.

我們不會縮減研發方面的投入。所以你說得對，年對年持平。我不預期這種情況會持續。我們會持續投資愛爾蘭。在愛爾蘭，隨著該製造設施持續爬坡，我們會在全年逐步加速擴張。而如果你想一想，通常是在你要啟用製造設施之前，才會真正開始加速爬坡。我們會在第四季啟用。所以你可以想像第二季和第三季，我們會在那之前做一些加速準備。

So I don't know that it's necessarily pushed back. It's always been part of the plan and there's things going on underneath it. that make a ton of sense. But I do appreciate you acknowledging it. There's been a lot of leverage. We had 300 basis points leverage in operating expenses spend last year that's playing through a little bit this year. And ultimately, our underlying business is continuing to get leverage just like the investments in Ireland, and that's the reasons we brought it up.

所以我不認為這一定是被延後。這一直都是計畫的一部分，底下也有一些進行中的事情，都是非常合理的。但我也很感謝你注意到這點。確實有很大的槓桿效益。去年我們在營業費用支出上有300個基點的槓桿，這在今年也有部分延續反映。而最終，我們的核心業務仍在持續產生槓桿，就像在愛爾蘭的投資一樣，這也是我們提出這點的原因。

Joshua Jennings, TD Cowen.

Joshua Jennings，TD Cowen。

This is [Colin] on for Josh. I wanted to come at the CMS. People seem to be treating it as a binary event, but is it possible that there's any language around stipulating that patients are on orals or other diabetes medications? And would that change your expectations for the adoption trajectory over the next couple of years?

我是代Josh提問的[Colin]。我想從CMS的角度來問。大家似乎把它當作一個二元事件，但是否可能會有任何文字條款，規定患者必須正在使用口服藥（orals）或其他糖尿病藥物？如果是這樣，會改變你們對未來幾年採用軌跡的預期嗎？

Yeah. Thanks for the question. I think there's -- it's a question that's out there, which is to say what are the stipulations CMS would require in order to get coverage. And CMS has always had a requirement. I mean it's one of the ways that they make sure that you qualify for coverage, right?

是的。謝謝你的問題。我認為外界確實有一個疑問：也就是CMS為了提供覆蓋，會要求哪些限制條件（stipulations）。而CMS一直都有要求。我的意思是，這是他們用來確保你符合覆蓋資格的方法之一，對吧？

When it was intensive insulin, you had to prove that you were taking multiple shots per day. You need to submit glucose logs when it moved to basal, or modifications of restrictions, but you had to demonstrate you were taking one shot a day and that's the way you ultimately had to document it.

在過去是強化胰島素（intensive insulin）時，你必須證明你每天打多次針。當它擴展到基礎胰島素（basal），或限制條件有所調整時，你必須證明你每天打一針，而你最終必須用文件來佐證這件事。

So CMS has always put things in there to make sure that folks qualify. I think our big takeaway is, there's a lot of conversation, what if you require a metformin or something along those lines to demonstrate it.

所以CMS一直都會加入一些條件，以確保人們符合資格。我認為我們最大的重點是：外界有很多討論，例如如果要求使用二甲雙胍（metformin）或類似藥物來作為證明，會怎麼樣。

Most folks who are diagnosed with diabetes are ultimately then diagnosed with medication. So from our point of view, whether it's all folks or all folks with some sort of form of medication, this is a massive expansion and a massive opportunity to help serve this population. I wouldn't be surprised if CMS put something in there just to make sure you prove you have it, whether it's script or whether it's script plus that.

大多數被診斷為糖尿病的人，最終也會被診斷需要用藥。所以從我們的角度來看，不論是涵蓋所有人，或是涵蓋所有正在使用某種形式藥物的人，這都是一次巨大的擴張，也是服務這個族群的重大機會。如果CMS加入一些條件來確保你能證明你確實罹患糖尿病——不論是處方（script）或是處方加上其他佐證——我也不會感到意外。

But either way, that's the majority of the diabetes population. That's going to be who you cover there. So not necessarily all that concern from that perspective. And when you say is it binary or not, I mean typically, the way the CMS does it, it's coverage expansion. And so it is a bit binary in terms of how they expand it, the process in which they expand it.

但無論如何，那都涵蓋了糖尿病人口中的大多數。那會是你在那裡所覆蓋的對象。所以從這個角度來看，我們不會特別擔心。至於你說它是不是二元事件，我的意思是，通常CMS的做法就是擴大覆蓋。因此，就他們擴大的方式以及擴大的流程而言，確實有點二元。

But in terms of the thought process around whether there's limiters, I wouldn't expect that any limiters really truly limit the ability to impact the population in a meaningful way or that it changes the opportunity for us to grow in this space.

但就關於是否存在限制因素的思考而言，我不預期任何限制因素會真正以有意義的方式限制我們對族群產生影響的能力，或改變我們在這個領域成長的機會。

Daniel Markowitz, Evercore ISI.

Daniel Markowitz，Evercore ISI。

It's great to hear the call out on share gains in type 2 non-insulin. It sounds like the 15 Day is helping a bit. But is there anything you're doing to the organization or the sales force in order to prepare for this market unlock, maybe more focus on PCPs versus endos? And also attached to that, how should we think about the OpEx impact related to increasing contribution from type 2 non-insulin market going forward?

很高興聽到你們提到在第二型糖尿病非胰島素族群的市占提升。聽起來 15 Day 多少有些幫助。但為了迎接這個市場解鎖，你們是否正在對組織或銷售團隊做任何調整，例如更聚焦基層照護醫師（PCP）而非內分泌科（endo）？另外，隨著未來第二型非胰島素市場貢獻提高，我們應該如何看待相關營運費用（OpEx）的影響？

Yeah. Thanks, Daniel. Yeah, we're continually evolving both the product portfolio and the service and also the way our field team is calling to make sure that we're serving all the people that have coverage for this product. And those that don't have coverage, we have our Stelo over-the-counter product available.

是的。謝謝你，Daniel。是的，我們持續在演進產品組合、服務，以及我們外勤團隊拜訪的方式，以確保我們能服務所有對此產品有給付保障的人。而對於沒有給付保障的人，我們也提供 Stelo 的非處方（OTC）產品。

And so we have continued to advance the service. And so as I mentioned in the prepared remarks, we've made a lot of updates to our technical support, our web forms, the digital tools that folks can use. And that's one of the reasons why we believe we see our user satisfaction scores improving. And it is a big deal for this population, this type 2 NIT population.

因此我們持續推進服務。如同我在事先準備的發言中提到的，我們已對技術支援、網站表單，以及使用者可用的數位工具做了許多更新。這也是我們相信使用者滿意度分數正在改善的原因之一。而這對這個族群、也就是第二型 NIT 族群而言，是一件大事。

And so we do feel that it's the product, as you mentioned, the 15 Day is definitely helping us here in driving share gain, but it's also the experience they're having with DexCom and making sure that we meet all of their needs. And so we're going to continue to do that.

因此我們確實認為，除了產品本身——如你所提到的，15 Day 的確在推動市占提升方面幫了我們——同時也包括他們與 DexCom 的使用體驗，以及我們確保能滿足他們所有需求。所以我們會持續這麼做。

When we talk about the sales force, we are using some advanced tools to analyze the data that's out there and target find these patients, find their prescribers. And really, the number one thing we need to do is continue to educate all the different pockets here around the coverage that exists because, as Jereme mentioned, when only 25% of this population is covered today, it can be complicated, particularly for those primary care physicians that aren't prescribing CGM every day for many, many patients, right?

談到銷售團隊，我們正在使用一些先進工具來分析現有資料，並鎖定、找出這些病患以及他們的開立處方醫師。而我們最重要要做的一件事，就是持續教育各個不同的族群/區塊，讓大家了解目前已存在的給付保障，因為如 Jereme 所提到的，當今天這個族群只有 25% 有給付保障時，情況可能會很複雜，特別是對那些基層照護醫師而言——他們並不是每天都在為很多很多病患開立 CGM，對吧？

They don't know. So we -- that's what our skill team is doing. We're finding the folks that are seeing these patients, making sure they're aware of the coverage. And then helping make sure they know how to write the prescription for CGM because many of it -- it's new for many of these folks.

他們並不知道。所以我們——這正是我們專業團隊在做的事。我們找出正在看診這些病患的醫師，確保他們知道有哪些給付保障。然後協助確保他們知道如何開立 CGM 的處方，因為對其中許多人來說——這對很多人而言都是新的。

And so as we continue to expand, we're going to continue to look for efficiencies and productivity across the sales force. But as you mentioned, primary care is the main location where these folks are being seen. It's why we expanded our sales force in 2024 was really to gear up so that we could call on this broader group of physicians.

因此，隨著我們持續擴張，我們也會持續在銷售團隊中尋找效率與生產力的提升空間。但如你所提到的，基層照護是這些人主要就診的場域。這也是我們在 2024 年擴編銷售團隊的原因，主要就是為了做好準備，讓我們能拜訪更廣泛的一群醫師。

Bill Plovanic, Canaccord Genuity.

Bill Plovanic，Canaccord Genuity。

So I mean really impressive free cash flow in the first quarter, especially considering the first quarter is typically not so good for free cash flow. I mean with that cash balance, the commentary in the press release on priority exploring new opportunities. Just help us understand what does that mean?

第一季的自由現金流真的很亮眼，尤其考量第一季通常不是自由現金流表現很好的季度。以目前的現金餘額，以及新聞稿中提到「優先探索新機會」的評論。請幫我們理解那是什麼意思？

Does that mean you're -- I mean, you have more than enough to pay back the convert if you choose to do so at that time, like another $1 billion and $1.2 billion. Are you looking to buy something? What's that use of cash?

那是否表示你們——我的意思是，如果你們選擇在那個時間點償還可轉債，你們的資金已綽綽有餘，像是另外 10 億美元和 12 億美元。你們是在考慮收購什麼嗎？這筆現金要怎麼用？

Yeah. Thanks for the question. I appreciate the comment. Obviously, that's something near and dear to my heart, and we worked obviously quite hard on that. In terms of uses of cash, you're certainly right. As we're able to generate cash, we paid down our convert last quarter, and that's one of the reasons to isolate cash. We did $500 million of share buybacks in the last -- back half of last year.

是的。謝謝你的問題。也謝謝你的評論。顯然那是我非常在意的事情，我們也確實為此非常努力。就現金用途而言，你說得沒錯。隨著我們能夠產生現金，我們在上一季償還了一部分可轉債，這也是我們要保留現金的原因之一。我們在去年下半年進行了 5 億美元的庫藏股回購。

Having the extra cash on the balance sheet, I think, provides us multiple opportunities. I think it does provide us the opportunities to look at -- which we've always talked about, tuck-in M&A that makes sense, whether it's geographic expansion or capabilities we don't have. So we'll certainly always look at that and having the capital to do that's important. But it's also important to have it in the event that we do want to do things around capital markets, and we haven't been shy about share buybacks.

我認為資產負債表上有額外現金，能為我們提供多種機會。我認為這確實讓我們有機會去看——我們一直在談的、合理的補強型併購（tuck-in M&A），不論是地理擴張或是我們目前不具備的能力。所以我們當然會一直關注這些，而有資本去做這些很重要。但同樣重要的是，若我們想在資本市場相關事項上採取行動，也需要有這些現金；而我們在庫藏股回購方面一向不手軟。

What I think we plan to do is talk to you a little bit more about it here in a couple of weeks at Investor Day. Obviously, we're going to have a section there talking about capital allocation. So I expect to dig into it a little bit more there.

我想我們計畫在幾週後的投資人日再多跟各位談一些。顯然我們會有一個段落談資本配置。所以我預期到時會更深入說明。

But thank you for noticing. I think it's important. I think it's important that folks understand we are able to generate quite a bit of cash in this business, and it's something that we'll be focused on here for the foreseeable future.

不過謝謝你注意到這點。我認為這很重要。我認為讓大家理解我們在這門生意中能產生相當可觀的現金很重要，而這也會是我們在可預見的未來持續聚焦的事情。

Shagun Singh, RBC Capital Markets.

Shagun Singh，RBC Capital Markets。

I was just wondering if you can talk a little bit about what the right growth rate in your view is for your U.S. and OUS business, excluding Stelo. How should we think about those underlying growth rates?

我想請教你是否能談談，在你看來，你們美國與美國以外（OUS）業務（不含 Stelo）的合理成長率應該是多少？我們應該如何看待這些基本的成長率？

And also as we think about the NCD and the type 2 non-insulin intensive market opening up, any comments you can make if you haven't already on just lifetime patient value and how does that impact financials going forward?

另外，當我們考量 NCD 以及第二型非胰島素密集市場的開放時，如果你還沒提到的話，你能否評論一下病患終身價值（lifetime patient value），以及它將如何影響未來的財務表現？

Yeah. Let me -- I'll anchor on what we said this year. And I think as we get out beyond this year, I'll really punt it to Investor Day because we'll start to get into more longer-term conversations. This year, we talked about the 11% to 13%. We talked about it being split across US, OUS and about 1 point contribution from Stelo. So it really gets you down to what the core clinical markets are.

好的。我先以我們今年所說的內容作為基準。我想在今年之後的部分，我會把更長期的討論留到投資人日，因為我們會開始進入更長期的對話。今年我們談到 11% 到 13%。我們也談到這會分布在美國、OUS，並且 Stelo 約貢獻 1 個百分點。因此你就能回推到核心臨床市場的成長。

Stelo won't be a meaningful contributor outside the US this year in terms of total dollar value. So you can assume it's de minimis in terms of contribution to the overall business. What's most important is we get outside the US because this starts to roll up over time.

就今年的總美元價值而言，Stelo 在美國以外不會是有意義的貢獻者。所以你可以假設它對整體業務的貢獻微不足道。最重要的是我們走出美國市場，因為這會隨時間逐步累積並反映在整體數字上。

In terms of lifetime value of customer, ultimately, when you think about folks getting on our product, it's why retention and utilization is something we pay so much attention to and it varies based on how you play with those variables over time. And that's why we spend so much time thinking about product launches. Jake alluded to Smart Basal. That's a real valuable long-term way to titrate basal and make sure that you're always getting the most out of insulin usage.

就客戶終身價值而言，歸根結底，當你想到人們開始使用我們的產品時，這也是為什麼我們如此關注留存與使用率；而且它會隨著你在時間推移中如何調整這些變數而有所不同。這也是為什麼我們花這麼多時間思考產品上市。Jake 提到了 Smart Basal。這是一種非常有價值的長期方式，用來滴定基礎胰島素，並確保你始終能把胰島素使用效益發揮到最大。

So I think it, clearly, the longer we keep folks on, the better lifetime value of customer. You've seen our bands, if you will, of utilization, type 1, type 2 intensive, basal and we have that on our website. Obviously, you can imagine utilization then plays into it. And so therefore, the lifetime value of customer differs based on the use cases. And so as we move into more use cases that are maybe, say, 70% to 80% utilization.

所以我認為很明顯，我們讓使用者留在產品上的時間越長，客戶終身價值就越高。你們也看過我們所謂的使用率分層：第一型、第二型（強化治療）、基礎（basal），而且我們在網站上也有。顯然，你可以想像使用率也會影響其中。因此，客戶終身價值會因不同使用情境而有所差異。所以當我們進入更多可能是例如 70% 到 80% 使用率的使用情境時。

The value is a little bit less, but still it's a massive unmet need and the economics per purchase are generally around the same. So the goal here is ultimately making sure that we're always keeping a close eye on our cost to acquire, and we have a whole team that does that. And making sure we meet the unmet need and keep patients on our products.

其價值會稍微低一些，但仍然存在巨大的未被滿足需求，而且每次購買的經濟性通常大致相同。因此，我們這裡的目標最終是確保我們始終密切關注獲客成本，而我們有一整個團隊在做這件事。並確保我們滿足未被滿足的需求，讓患者持續使用我們的產品。

So happy to go into more details if it makes sense. But we are paying attention to that, making sure we balance our operating expenditures along with what that value is over time. And then as we get into the longer out years, we can talk about that at Investor Day.

如果合適的話，我很樂意再深入說明。但我們確實在關注這點，確保我們在營運支出與該價值隨時間的變化之間取得平衡。然後，當我們談到更長期的年度展望時，我們可以在投資人日再討論。

Anthony Petrone, Mizuho.

Anthony Petrone，瑞穗（Mizuho）。

Just one on the RCT and just looking at some of the historical data out there. The MOBILE study a few years back, there's Libre studies out there, there's registry data. There's meta-analyses. And you look at the A1c reductions across that sample and you can see an A1c reduction as low as 50 basis points, let's say, up to 2.5%.

關於 RCT 我只有一個問題，並且看看一些既有的歷史資料。幾年前的 MOBILE 研究，有 Libre 的相關研究，也有登錄資料。還有統合分析（meta-analyses）。你看那個樣本中的 A1c 降幅，可以看到 A1c 降幅低至 50 個基點，假設如此，最高可到 2.5%。

This is a less intense population. So I'm assuming that the starting A1c levels are a little bit lower. So how do you level set the expectation on what we should be looking for, for a statistically meaningful A1c reduction out of the RCT?

這是一個強度較低的人群。所以我推測起始 A1c 水準會稍微低一些。那麼你們如何校準我們對 RCT 中具有統計意義的 A1c 降幅應該期待看到什麼？

Yeah, I appreciate the question. It's an important question when we think about care and also the A1c reduction. And so I think our registry data is a good example of this population. They do come in kind of as you noted, with a spectrum of A1c, some are quite high actually because they have not yet progressed to insulin, and they're on some other glucose-lowering medication.

是的，謝謝你的提問。當我們思考照護以及 A1c 降幅時，這是一個重要的問題。因此，我認為我們的登錄資料是這類人群的一個很好的例子。如你所說，他們的 A1c 分布確實呈現一個範圍；有些其實相當高，因為他們尚未進展到使用胰島素，仍在使用其他降血糖藥物。

But a big part that we know of managing diabetes is there's a behavior component to it. There's also a medication adherence component to it. And so those are two things that CGM absolutely targets, and that's why we see the improvements that we see.

但我們知道糖尿病管理很大一部分在於行為面。也有一部分在於用藥依從性。而這兩點正是 CGM 絕對能夠切入並改善的，因此我們才會看到我們所看到的改善。

So I think as we looked at our registry data, that is a reasonable estimate for what we expect. I think the main thing we're expecting is a statistically significant improvement that meets the threshold for reimbursement. I think we're confident that CGM will drive that type of an outcome in these patients. And so we do really look forward to sharing the full readout with everybody at the ADA here coming up next month.

所以我認為，當我們檢視登錄資料時，這是我們預期的一個合理估計。我想我們主要期待的是達到具有統計顯著性的改善，並符合給付（reimbursement）的門檻。我們有信心 CGM 能在這些患者身上帶來這類結果。因此，我們也非常期待在下個月即將到來的 ADA 大會上，與大家分享完整的結果解讀。

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

以上為我們的問答環節。接下來我將把電話交回給 Jake Leach 先生作結語。

Thank you, operator. And as we close out the call, I just want to take a moment to say thank you, first, to our employees. The results that we shared today are a direct reflection of your execution, your resilience and your commitment to doing the hard work the right way. I'm incredibly proud of what you've delivered and how you show up for our customers every day.

謝謝你，接線員。在我們結束本次電話會議之際，我想先花一點時間向我們的員工致謝。我們今天分享的成果，直接反映了你們的執行力、韌性，以及以正確方式完成艱難工作的承諾。我對你們所交付的成果，以及你們每天如何為客戶挺身而出，感到無比自豪。

I also want to thank the Customer Advisory Council. We met multiple times this past quarter and your candid input and your partnership is playing a critical role in shaping our strategy and improving the experiences that we deliver. The progress we're making is stronger because of your voice.

我也要感謝客戶諮詢委員會（Customer Advisory Council）。我們在本季度多次會面，你們坦率的意見與合作夥伴關係，正在塑造我們的策略並改善我們所提供的體驗方面，扮演關鍵角色。因為有你們的聲音，我們取得的進展更為強勁。

And so with that, I'd like to thank all of you for joining us. We look forward to seeing many of you at our Investor Day in a few weeks. Thanks, everybody.

因此，在此我也要感謝各位參與。我們期待在幾週後的投資人日見到在座許多人。謝謝大家。

And ladies and gentlemen, this concludes today's call and we thank you for your participation. You may not disconnect.

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。