德康醫療 (DXCM) 2022 Q1 法說會逐字稿

(Operator Instructions) As a reminder, today's conference is being recorded.

（操作員說明）提醒一下，今天的會議正在錄製中。

I will now turn the call over to Mr. Kevin Sayer. Sir, you may begin.

我現在將把電話轉給 Kevin Sayer 先生。先生，您可以開始了。

Thank you, operator. We apologize for being a bit late today. We've had some difficulties with our conference call service provider here, but we're up and running now. And we're excited to talk about a good quarter.

謝謝你，接線員。對於今天來晚了，我們深表歉意。我們在這裡的電話會議服務提供商遇到了一些困難，但我們現在已經啟動並運行。我們很高興談論一個好的季度。

I'm going to turn it over to Sean. Sean?

我要把它交給肖恩。肖恩?

Thank you, and welcome to Dexcom's First Quarter 2022 Earnings Call. Our agenda begins with Kevin Sayer, Dexcom's Chairman, President and CEO, who will summarize our recent highlights and ongoing strategic initiatives, followed by a financial review and outlook from Jereme Sylvain, our Chief Financial Officer.

謝謝，歡迎參加 Dexcom 的 2022 年第一季度財報電話會議。我們的議程從 Dexcom 的董事長、總裁兼首席執行官 Kevin Sayer 開始，他將總結我們最近的亮點和正在進行的戰略舉措，然後是我們的首席財務官 Jereme Sylvain 的財務審查和展望。

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 performance on the Dexcom Investor Relations website on the Events and Presentations page.

在我們準備好的評論之後，我們將打開電話詢問您的問題。 （操作員說明）請注意，在 Dexcom 投資者關係網站的活動和演示頁面上，也有與我們第一季度業績相關的幻燈片。

With that, let's review our safe harbor statement. Some of the statements we will make in 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.

有了這個，讓我們回顧一下我們的安全港聲明。我們將在今天的電話會議中做出的一些陳述可能構成前瞻性陳述。這些陳述反映了管理層對未來事件、戰略、競爭、產品、運營計劃和績效的意圖、信念和期望。

All forward-looking statements included in this presentation 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.

本演示文稿中包含的所有前瞻性陳述均基於 Dexcom 目前可獲得的信息作出，並受到各種風險和不確定性的影響，實際結果可能與前瞻性陳述中的預期存在重大差異。

The factors that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements are detailed in Dexcom's annual report on Form 10-K, most recent quarterly report on Form 10-Q and other filings with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements after the date of this presentation or to conform these forward-looking statements to actual results.

Dexcom 的 10-K 表格年度報告、10-Q 表格的最新季度報告和其他提交給證券公司的文件詳細說明了可能導致實際結果與這些前瞻性陳述中任何明示或暗示的結果存在重大差異的因素和交易委員會。除法律要求外，我們不承擔在本演示文稿發布之日後更新任何此類前瞻性陳述或使這些前瞻性陳述符合實際結果的義務。

Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP with respect to our non-GAAP and cash-based results. Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis. The presentation of this additional information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP.

此外，在電話會議期間，我們將討論某些尚未根據 GAAP 編制的關於我們的非 GAAP 和基於現金的業績的財務措施。除非另有說明，否則所有對財務指標的引用均以非公認會計原則為基礎。不應孤立地考慮提供此附加信息或作為結果的替代品或優於根據公認會計原則編制的結果。

Please refer to the tables in our earnings release and the slides accompanying our first quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure.

請參閱我們的收益發布中的表格和第一季度收益演示文稿隨附的幻燈片，以將這些指標與其最直接可比的 GAAP 財務指標進行對賬。

Now I will turn it over to Kevin.

現在我將把它交給凱文。

Thank you, Sean, and thank you, everyone, for joining us. Today, we reported strong first quarter results with organic revenue growth of 22% over the first quarter of 2021 or 23% on a constant currency basis.

謝謝你，肖恩，也謝謝大家加入我們。今天，我們報告了強勁的第一季度業績，有機收入比 2021 年第一季度增長 22%，按固定匯率計算增長 23%。

Demand for Dexcom CGM remains very high globally across all of our customer segments. We've also seen a nice rebound in customer growth throughout the first quarter with new customer starts ramping after the Omicron wave and ultimately meeting our expectations for the quarter. As many of you know, we have significantly scaled our business to drive demand and greatly expand the number of people with diabetes that we can serve globally.

在我們所有的客戶群中，全球對 Dexcom CGM 的需求仍然很高。我們還看到整個第一季度的客戶增長出現了不錯的反彈，新客戶在 Omicron 浪潮之後開始增加，最終達到了我們對本季度的預期。正如你們許多人所知，我們已經顯著擴大了業務規模，以推動需求並大大增加我們可以在全球範圍內服務的糖尿病患者人數。

This scale goes beyond manufacturing capacity, extending to the efficiencies that we can bring as we serve customers and clinicians. Our relentless focus on meeting the needs of our customers continues to be validated in our results.

這種規模超越了製造能力，延伸到我們為客戶和臨床醫生服務時可以帶來的效率。我們對滿足客戶需求的不懈關注繼續在我們的結果中得到驗證。

In the first quarter, our Net Promoter Scores for G6 remained near record levels, with customers also indicating that the strategies and tools that we've implemented are simplifying their experiences with Dexcom. The teams have driven several innovations that may not always draw the attention of our investors, but they are critically important to the experience of our customers. For example, our customers rely on Dexcom to make dozens of decisions each day and, therefore, a reliable supply of Dexcom CGM is critically important.

在第一季度，我們對 G6 的淨推薦值保持在創紀錄水平附近，客戶還表示，我們實施的策略和工具正在簡化他們對 Dexcom 的體驗。這些團隊推動了幾項創新，這些創新可能並不總是引起我們投資者的注意，但它們對我們客戶的體驗至關重要。例如，我們的客戶每天依靠 Dexcom 做出數十項決定，因此，可靠的 Dexcom CGM 供應至關重要。

In the first quarter, we established new records for on-time shipping for commercial orders and timing of replacement systems at 99.7% and 99.9%, respectively. We are especially proud of this result given the challenges of current global supply chain dynamics. Product supply should never be on the minds of our customers, and our operations team is making sure that this is the case. These efforts are delivering results in our performance as both retention and utilization levels have steadily improved since the launch of G6, reflecting a competitive strength as we engage with clinicians and payers on the value of our CGM systems. Building on this momentum, we are thrilled to now be underway with the initial launch of our G7 CGM system.

第一季度，我們的商業訂單準時發貨率和更換系統時間分別創下了 99.7% 和 99.9% 的新記錄。鑑於當前全球供應鏈動態的挑戰，我們對這一結果感到特別自豪。產品供應永遠不應該是我們客戶的想法，我們的運營團隊正在確保情況如此。這些努力正在為我們的績效帶來成果，因為自 G6 推出以來，保留率和利用率水平都在穩步提高，這反映了我們與臨床醫生和付款人就 CGM 系統的價值進行接觸時的競爭優勢。在這一勢頭的基礎上，我們很高興現在開始推出我們的 G7 CGM 系統。

G7 builds upon the best-in-class G6 experience with a form factor that is 60% smaller with the reduced environmental footprint, a streamlined set of experience, including a 30-minute warm-up time, an improved app experience with CLARITY integrated into the core app. And all of this with accuracy that improves upon the reliable performance that is a hallmark of Dexcom's CGM technology.

G7 以一流的 G6 體驗為基礎，外形尺寸縮小 60%，減少了環境足跡，提供了一套簡化的體驗，包括 30 分鐘的預熱時間，改進的應用程序體驗與 CLARITY 集成核心應用。所有這一切都具有提高可靠性的準確性，這是 Dexcom 的 CGM 技術的標誌。

Following the receipt of CE Mark for G7 in March, we initiated our limited launch of G7 in the U.K. in the subsequent weeks. During this brief window, we are assessing the functionality of the sensor and app in the real world and gathering initial feedback from our users, which has been very positive so far. Our plan is to extend the G7 launch to a steady cadence of additional international markets over the remainder of 2022 with a growing impact to our overall sensor mix in the second half of the year.

在 3 月份收到 G7 的 CE 標誌後，我們在隨後的幾週內開始在英國有限推出 G7。在這個簡短的窗口中，我們正在評估傳感器和應用程序在現實世界中的功能，並收集用戶的初步反饋，到目前為止，這些反饋非常積極。我們的計劃是在 2022 年剩餘時間內將 G7 的發佈時間延長到其他國際市場的穩定節奏，並在下半年對我們的整體傳感器組合產生越來越大的影響。

In the U.S., our 510(k) submission for the G7 sensor, receiver and Android and iOS apps remains under review. We are in the traditional back and forth that comes with these processes. And we appreciate the FDA's ongoing attention to their view even as they juggle a very busy schedule. In the meantime, the teams are busy preparing for a seamless transition once G7 is available. This includes preliminary discussions with payers to drive market access, where possible in advance of approval. It includes significant preparations from our operations team to add incremental G7 lines in advance of the loss to support the expected ramp in demand. And it includes ongoing work with our insulin delivery partners to ensure that we are progressing towards the goal of connected pump and insulin pen systems that are integrated with our latest sensor technology.

在美國，我們為 G7 傳感器、接收器以及 Android 和 iOS 應用程序提交的 510(k) 申請仍在審核中。我們處於這些流程帶來的傳統來回中。我們感謝 FDA 對他們觀點的持續關注，即使他們的日程安排非常繁忙。與此同時，團隊正忙著為 G7 推出後的無縫過渡做準備。這包括在可能的情況下，在批准之前與付款人進行初步討論，以推動市場准入。它包括我們的運營團隊在損失之前增加增量 G7 線路以支持預期的需求增長的重要準備。它包括與我們的胰島素輸送合作夥伴正在進行的工作，以確保我們朝著與我們最新的傳感器技術集成的連接泵和胰島素筆系統的目標前進。

As we progress with the launch of G7, we continue to pursue creative solutions to expand access to our CGM technology and bring the value of real-time CGM to people who previously faced limited options for diabetes management. Beyond G7, we recently introduced Dexcom ONE in Spain, which is the newest of our direct markets and will launch Dexcom ONE in the U.K. shortly. These represent the first dual product markets for Dexcom, bringing 2 excellent options for real-time CGM to customers and their respective health systems of these countries.

隨著 G7 的推出，我們繼續尋求創造性的解決方案，以擴大對我們 CGM 技術的訪問，並將實時 CGM 的價值帶給以前面臨糖尿病管理選擇有限的人們。除了 G7，我們最近在西班牙推出了 Dexcom ONE，這是我們最新的直接市場，不久將在英國推出 Dexcom ONE。這些代表了 Dexcom 的第一個雙產品市場，為這些國家的客戶及其各自的衛生系統帶來了 2 個實時 CGM 的絕佳選擇。

We expect this dual product strategy to significantly expand the number of people with reimbursed access to our CGM technology, broadening our growth opportunity in these countries as well as additional countries where we plan to bring Dexcom ONE in the future.

我們預計這種雙重產品戰略將顯著增加獲得我們 CGM 技術的報銷訪問權的人數，擴大我們在這些國家以及我們計劃在未來引入 Dexcom ONE 的其他國家的增長機會。

And geographic expansion is only 1 element of the significant growth opportunity ahead for Dexcom.

地域擴張只是 Dexcom 未來重大增長機會的一個要素。

In the first quarter, we were also pleased to receive Device designation from the FDA for the CGM system that we are working to develop for use in the hospital setting. The breakthrough designation represents the FDA's recognition of Dexcom's potential to offer a more effective solution for glucose management and patient outcomes in the hospital relative to the current standard of care. This recognition is designed to expedite the regulatory pathway as we continue to build evidence for the safety and impact of Dexcom CGM in the inpatient setting.

在第一季度，我們也很高興收到 FDA 對我們正在努力開髮用於醫院環境的 CGM 系統的設備指定。突破性指定代表 FDA 對 Dexcom 的潛力的認可，即相對於當前的護理標準，為醫院的葡萄糖管理和患者結果提供更有效的解決方案。隨著我們繼續為 Dexcom CGM 在住院環境中的安全性和影響建立證據，這一認可旨在加快監管途徑。

As you can see, we have a busy year plan as we navigate some of the most exciting launches in Dexcom history and build out the foundation of growth for years to come. The foundation for long-term growth emerges from the core values that motivate us and the noble mission that our employees embrace to drive greater health outcomes throughout the world.

如您所見，我們有一個繁忙的年度計劃，因為我們正在瀏覽 Dexcom 歷史上一些最激動人心的發布，並為未來幾年的增長奠定基礎。長期增長的基礎來自激勵我們的核心價值觀和我們的員工所信奉的崇高使命，即在全世界推動更大的健康成果。

Along those lines, we are pleased to publish our third annual sustainability report shortly after the conclusion of the first quarter. This report demonstrates our commitment to our stakeholders and details some great progress in our reporting efforts, including the publication of our first SASB index, which is the reporting framework we find to be most preferred among our stakeholders.

按照這些思路，我們很高興在第一季度結束後不久發布我們的第三份年度可持續發展報告。本報告展示了我們對利益相關者的承諾，並詳細說明了我們在報告工作中取得的一些重大進展，包括發布了我們的第一個 SASB 指數，這是我們認為最受利益相關者歡迎的報告框架。

We also added updates to our efforts to drive access to our CGM technology globally via a comprehensive strategy that involves product differentiation, leveraging scale and demonstrating robust clinical outcomes. And we enhanced our disclosures around the composition of our workforce, employee engagement metrics, climate-related disclosure. And we are still early in our journey, and these updates provide just a glimpse of the many things that made Dexcom a company that I am truly proud to lead.

我們還通過一項涉及產品差異化、利用規模和展示強大臨床結果的綜合戰略，對我們在全球範圍內推動使用我們的 CGM 技術的努力進行了更新。我們加強了關於員工構成、員工敬業度指標、氣候相關披露的披露。我們仍處於旅程的早期階段，這些更新只是讓 Dexcom 成為一家讓我真正自豪地領導的公司的許多事情的一瞥。

With that, I will turn it over to Jereme for a review of the first quarter financials. Jereme?

有了這個，我將把它交給 Jereme 來審查第一季度的財務狀況。傑里姆？

Thank you, Kevin. 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 on our IR website.

謝謝你，凱文。提醒一下，除非另有說明，否則今天提出的財務指標將在非公認會計原則的基礎上進行討論。可以在今天的收益發布以及我們的 IR 網站上找到與 GAAP 的對賬。

For the first quarter of 2022, we reported worldwide revenue of $629 million compared to $505 million for the first quarter of 2021, representing growth of 25% on a reported basis and 26% on a constant currency basis. Organic revenue, which excludes non-CGM revenue related to last year's acquisition of our distributor in Australia and New Zealand, was 22% or 23% on a constant currency basis.

2022 年第一季度，我們報告的全球收入為 6.29 億美元，而 2021 年第一季度為 5.05 億美元，在報告基礎上增長 25%，在固定匯率基礎上增長 26%。有機收入（不包括與去年收購我們在澳大利亞和新西蘭的分銷商相關的非 CGM 收入）按固定匯率計算為 22% 或 23%。

U.S. revenue totaled $451 million for the first quarter compared to $381 million for the first quarter of 2021, representing growth of 18%. As Kevin mentioned, we saw a nice reacceleration of new customer starts over the course of the quarter, coinciding with improved access to health care providers for sales force as the impact of Omicron waned.

第一季度美國收入總額為 4.51 億美元，而 2021 年第一季度為 3.81 億美元，增長 18%。正如凱文所提到的，我們看到在本季度期間新客戶的開始出現了很好的重新加速，同時隨著 Omicron 的影響減弱，銷售人員獲得醫療保健提供商的機會得到改善。

Our team continues to do a great job expanding the Dexcom prescriber base and making sure that these clinicians are aware of the Dexcom stories and the benefits of our system, leaving us well positioned to extend new customer growth, both now and well into the future.

我們的團隊繼續在擴大 Dexcom 處方者基礎方面做得很好，並確保這些臨床醫生了解 Dexcom 的故事和我們系統的好處，使我們能夠很好地擴展新客戶的增長，無論是現在還是未來。

International revenue grew 43%, totaling $178 million for the first quarter. Organic revenue growth, which excludes the non-CGM revenue related to our distributor acquisition, was 33% for the first quarter. These international results include approximately $6 million of unfavorable impact from foreign currency or approximately 4% impact to our international growth result for the quarter.

第一季度國際收入增長 43%，總計 1.78 億美元。第一季度有機收入增長（不包括與我們的經銷商收購相關的非 CGM 收入）為 33%。這些國際業績包括大約 600 萬美元的外匯不利影響或對我們本季度國際增長業績的大約 4% 的影響。

We continue to see very good international momentum as we broaden our commercial footprint. This includes the recently announced expansion of our Dexcom ONE rollout that Kevin mentioned as well as additional access wins that have expanded our addressable market beyond the improvements that we achieved in 2021. As we mentioned earlier this year, following the successful launch of Dexcom ONE late last year, we saw 2 of the 4 regions we serve to establish reimbursement starting in the first quarter. We've also secured reimbursement for Dexcom ONE in Spain in conjunction with our launch this month and are hopeful to have Dexcom ONE added to the U.K. drug tariff shortly.

隨著我們擴大商業足跡，我們繼續看到非常好的國際勢頭。這包括 Kevin 提到的最近宣布擴展我們的 Dexcom ONE 推出，以及額外的訪問勝利，這些成功擴大了我們的目標市場，超出了我們在 2021 年實現的改進。正如我們今年早些時候提到的，在 Dexcom ONE 成功推出後去年，我們看到我們服務的 4 個地區中有 2 個從第一季度開始建立報銷。在本月推出的同時，我們還獲得了西班牙 Dexcom ONE 的報銷，並希望不久後將 Dexcom ONE 添加到英國的藥品關稅中。

In Canada, we secured provincial coverage for people with type 1 diabetes in Ontario. With this addition, Dexcom has now established coverage for 7 provinces, representing greater than 93% of the Canadian population. Our first quarter gross profit was $398.1 million or 63.3% of revenue compared to 68.1% of revenue for the first quarter of 2021.

在加拿大，我們確保了安大略省 1 型糖尿病患者的省級覆蓋。有了這一新增功能，Dexcom 現在已經覆蓋了 7 個省，佔加拿大人口的 93% 以上。我們第一季度的毛利潤為 3.981 億美元，佔收入的 63.3%，而 2021 年第一季度的毛利潤為 68.1%。

Our first quarter gross margin reflects the traditional step down that we see from our fourth quarter, as we see a greater mix of pharmacy revenue and less contribution from our DME customers with high deductible health plans.

我們第一季度的毛利率反映了我們從第四季度看到的傳統下降，因為我們看到藥房收入的組合更大，而 DME 客戶的高免賠額健康計劃的貢獻減少。

We also took a write-off of some obsolete G5 inventory in the quarter as Australia, previously the largest remaining G5 market in the world, as it added G6 to its CGM subsidy as of March. With this update, we are now able to fully transition the Australian market to G6, something our customers have long awaited. That impact, combined with a onetime impact related to facility damage, impacted our gross margin for the quarter by 100 basis points.

我們還在本季度註銷了一些過時的 G5 庫存，因為澳大利亞之前是世界上最大的 G5 市場，因為它在 3 月份將 G6 添加到其 CGM 補貼中。通過此次更新，我們現在能夠將澳大利亞市場完全過渡到 G6，這是我們的客戶期待已久的。這種影響，再加上與設施損壞有關的一次性影響，使我們本季度的毛利率下降了 100 個基點。

Our teams are doing a good job leveraging our significant volume growth and operational efficiencies to offset the inflationary environment, allowing us to remain on track our full year margin expectations as we continue to advance our G7 launch.

我們的團隊在利用我們顯著的銷量增長和運營效率來抵消通貨膨脹環境方面做得很好，使我們能夠在繼續推進 G7 推出的同時保持全年利潤率預期。

Operating expenses were $347.8 million for Q1 of 2022 compared to $297.5 million in Q1 of 2021. Despite ongoing investments in our commercial infrastructure, including the final quarter that includes incremental impact from our U.S. sales force expansion in 2021 as well as preparation for G7 launch and pre-commercial G7 development costs that remained in our R&D expense, we still saw first quarter operating expenses as a percentage of sales decrease by 360 basis points compared to the first quarter of 2021.

2022 年第一季度的運營費用為 3.478 億美元，而 2021 年第一季度為 2.975 億美元。儘管我們持續投資於我們的商業基礎設施，包括最後一個季度，其中包括我們在 2021 年美國銷售隊伍擴張的增量影響，以及為 G7 推出和商業前 G7 開發成本仍保留在我們的研發費用中，與 2021 年第一季度相比，我們仍然看到第一季度運營費用佔銷售額的百分比下降了 360 個基點。

Operating income was $50.3 million or 8% of revenue in the first quarter of 2022 compared to $46.4 million or 9.2% of revenue in the same quarter of 2021. With the Q1 channel mix dynamic offsetting the operating leverage we continue to drive across the business.

2022 年第一季度的營業收入為 5030 萬美元，佔收入的 8%，而 2021 年第一季度的營業收入為 4640 萬美元，佔收入的 9.2%。隨著第一季度的渠道組合動態抵消了運營槓桿，我們將繼續推動整個業務。

Adjusted EBITDA was $112.4 million or 17.9% of revenue for the first quarter compared to $94.4 million or 18.7% of revenue for the first quarter of 2021. Net income for the first quarter was $32.3 million or $0.32 per share. We remain in great financial position as we closed the first quarter with approximately $2.7 billion of cash and cash equivalents. This gives us the flexibility to support our ongoing organic growth investments, including the scale-up of our Malaysia manufacturing facility and global commercial infrastructure, while also being opportunistic to look at strategic options that accelerate our long-term growth potential through either our ventures unit or M&A.

第一季度調整後的 EBITDA 為 1.124 億美元，佔收入的 17.9%，而 2021 年第一季度為 9440 萬美元，佔收入的 18.7%。第一季度的淨收入為 3230 萬美元，即每股 0.32 美元。我們在第一季度結束時擁有大約 27 億美元的現金和現金等價物，因此我們的財務狀況仍然很好。這使我們能夠靈活地支持我們正在進行的有機增長投資，包括擴大我們的馬來西亞製造設施和全球商業基礎設施，同時也有機會通過我們的風險投資部門來尋找加速我們長期增長潛力的戰略選擇或併購。

Turning to guidance. We are pleased to be in a position to reaffirm our full year 2022 guidance for revenue and margin. This includes total revenue of between $2.82 billion and $2.94 billion. Gross profit margins of approximately 65%, operating margins of approximately 16% and adjusted EBITDA margins of approximately 25%. This guidance continues to factor in our strong customer growth momentum for our CGM platform, whether that is G6, Dexcom ONE or G7 with approximately $15 million to $20 million of incremental currency headwinds versus our previous expectations. We are focused on meeting the complex operating environment and global inflationary pressures head on, with our teams committed to driving efficiencies and operating leverage for our shareholders.

轉向指導。我們很高興能夠重申我們對 2022 年全年收入和利潤率的指導。這包括 28.2 億美元至 29.4 億美元的總收入。毛利率約為 65%，營業利潤率約為 16%，調整後 EBITDA 利潤率約為 25%。該指導繼續考慮到我們 CGM 平台的強勁客戶增長勢頭，無論是 G6、Dexcom ONE 還是 G7，與我們之前的預期相比，增加了大約 1500 萬至 2000 萬美元的貨幣逆風。我們專注於應對複雜的經營環境和全球通脹壓力，我們的團隊致力於為股東提高效率和經營槓桿。

With that, I will pass it back to Kevin.

有了這個，我會把它傳回給凱文。

Thanks, Jereme. As you can tell, there is no shortage of exciting things underway at Dexcom, and we look forward to providing updates as they come throughout the course of the year.

謝謝，傑里姆。如您所知，Dexcom 不乏令人興奮的事情，我們期待在全年提供更新。

I would now like to open up the call for Q&A. Sean?

我現在想打開問答電話。肖恩?

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

謝謝你，凱文。 （操作員說明）操作員，請提供問答說明。

(Operator Instructions) The first question in the queue comes from Jeff Johnson.

（操作員說明）隊列中的第一個問題來自 Jeff Johnson。

I tend to focus on your top line, but, Jereme, I think I want to start maybe on a gross margin question, if I could. With the gross margin down to 480 basis points, it looks like G&A was up about $16 million year-over-year. I'm assuming that was largely driven by the G7 new manufacturing lines, if you could just confirm that? Obviously, you broke up the 100 basis points on the Australia write-off and the facility issue. That would still put gross margin down about 100 basis points year-over-year adjust for all those factors. Is that just some of those channel mix headwinds? Is there any other core pricing issues going on? Or what else is impacting on that other 100 basis points seems to be left over in my math?

我傾向於關注你的收入，但是，傑里姆，如果可以的話，我想我想從毛利率問題開始。隨著毛利率降至 480 個基點，G&A 似乎同比增長了約 1600 萬美元。我假設這主要是由 G7 新生產線推動的，如果你能證實這一點？顯然，你打破了澳大利亞核銷和融資問題的 100 個基點。對於所有這些因素，這仍會使毛利率同比下降約 100 個基點。這只是其中一些渠道組合的逆風嗎？是否還有其他核心定價問題？或者其他 100 個基點似乎在我的數學中留下了影響？

Sure. Yes, no problem. And I can certainly give you some of the context in terms of that impact. There's a couple of other smaller pieces of gross margin. So we'll first recap. We had about 50 bps associated with the impact we had at our facility, and that will be recovered via insurance on the balance of the year. So that's certainly a temporal thing.

當然。是沒有問題。我當然可以給你一些關於這種影響的背景。還有其他一些較小的毛利率。所以我們先回顧一下。我們有大約 50 個基點與我們對工廠的影響有關，這將在今年餘下時間通過保險恢復。所以這當然是一個暫時的事情。

We certainly talked about the G5 and, again, that's a temporal thing as well as we have more folks on G6, that certainly will bode well for the balance of the year on margin.

我們當然談到了 G5，再說一次，這是一個暫時的事情，而且我們在 G6 上有更多的人，這對於今年的餘額來說肯定是個好兆頭。

The other couple of pieces in there. There were some impacts associated with onetime use sensors. These are warranty sensors. It's actually a good thing. They expired, and they expired because our warranty rates continue to come down. And so for the quarter, certainly, we had to take a charge for those. But for the balance of the year, we expect our warranties to do better. That was about 50 bps as well. So some of that is the equation you're looking at.

裡面還有另外幾塊。一次性使用傳感器會產生一些影響。這些是保修傳感器。這實際上是一件好事。它們過期了，它們過期了，因為我們的保修率繼續下降。因此，對於本季度，當然，我們必須為此負責。但是對於今年的剩餘時間，我們預計我們的保修會做得更好。那也是大約 50 個基點。因此，其中一些是您正在查看的方程式。

And there was a little bit of an impact of currency as it flows through. There's about 30 or 40 basis points of currency as you push that through. The remainder of that, and this will push you above the 65% number, is associated with mix and we talked a little bit about it in the prepared remarks. As more and more of the mix in Q1 is tilted towards pharmacy and more folks go through the pharmacy, there's a little bit of pressure as you have less DME in the first quarter.

貨幣流動時會產生一點影響。當你推動它時，大約有 30 或 40 個基點的貨幣。其餘的，這將使你超過 65% 的數字，與混合有關，我們在準備好的評論中談到了一點。隨著第一季度越來越多的組合向藥房傾斜，越來越多的人通過藥房，第一季度的二甲醚減少了一點壓力。

We expect that to normalize over the balance of the year, and that's historically why you had that step back. As more and more goes to the pharmacy in the first quarter, you just get a little bit of a dynamic from that point of view from a gross margin perspective. But nothing pricing wise. Nothing that would expect us to change the full year. In fact, that's why we reiterated the full year gross margin. We certainly expect to get there.

我們預計這將在今年餘下時間正常化，這就是從歷史上看你退後一步的原因。隨著第一季度越來越多的藥店進入藥房，從毛利率的角度來看，你只是從這個角度獲得了一點動態。但沒有什麼定價明智的。沒有什麼可以期望我們改變全年。事實上，這就是我們重申全年毛利率的原因。我們當然希望到達那裡。

The next question in queue is from Danielle Antalffy.

隊列中的下一個問題來自 Danielle Antalffy。

Just, Kevin, I'm curious, we've done a lot of work recently on CGM and adoption beyond the Type 1 patient population. And I've got to I say, one of the things that has been very surprising is that they're still -- even with the Endo community, some holdouts on Type 2s and whether the burden of therapy offsets the benefit you get from the CGM. And I know this is a high-level question, but I guess I'm just curious about what you think the right strategy is to get those people over the hump here? You have data. You have coverage for non-insulin intensive Type 2. So where to from here with these types of folks, which, I'm surprised, quite frankly, exists at all, but they do, I guess.

只是，凱文，我很好奇，我們最近在 CGM 和 1 型患者群體之外的採用方面做了很多工作。我不得不說，其中一件非常令人驚訝的事情是，即使在 Endo 社區中，他們仍然對 2 型有一些堅持，以及治療的負擔是否抵消了你從中獲得的好處CGM。我知道這是一個高級別的問題，但我想我只是好奇你認為正確的策略是讓這些人在這裡度過難關嗎？你有數據。你有非胰島素密集型 2 型的報導。所以從這裡到這些類型的人，我很驚訝，坦率地說，它們確實存在，但我猜他們確實存在。

Well, we could take the rest of the call time, Danielle, and talk about this because it's something we talk about a lot. Let's get to the starting point, and that's the evidence. The fact is over and over again, every single time we use CGM and run a study in this patient group, people have much better outcomes than they had before.

好吧，丹妮爾，我們可以利用剩下的通話時間來談談這個，因為這是我們經常談論的話題。讓我們回到起點，這就是證據。事實一遍又一遍，每次我們使用 CGM 並在這個患者組中進行研究時，人們的結果都比以前好得多。

Getting the data from CGM absolutely changes people's lives and their view of their health, and they make changes because they have feedback that gives them something exactly as to what they should do.

從 CGM 獲取數據絕對會改變人們的生活和他們對健康的看法，他們之所以做出改變，是因為他們有反饋，可以準確地告訴他們應該做什麼。

We also need to remember that this group of patients, this Type 2 patient who is not on insulin, most of them don't see endocrinologists or people that are always in the diabetes community, they see their primary care doctors. So we have to come up with a set of tools. It will make it very easy for that position and for this whole group to engage with CGM.

我們還需要記住，這群患者，這個不使用胰島素的 2 型患者，他們中的大多數人看不到內分泌科醫生或一直在糖尿病社區的人，他們看的是他們的初級保健醫生。所以我們必須想出一套工具。這將使該職位和整個團隊與 CGM 合作變得非常容易。

Let's take another look at some of the dynamics going on here. CGM, over time, the cost of CGM has come down, but the cost of these drugs has not come down. The cost of these drugs is very high. What a great way to titrate a new GLP-1 then to have somebody with a CGM to say, "Hey, this is helping you. This is the right dose. This isn't the correct dose." It's going to play a vital role in that space, and it's going to be a very cost-effective solution for patients in that space, and it's going to be cost-effective for all the payers.

讓我們再看看這裡發生的一些動態。 CGM，隨著時間的推移，CGM的成本下降了，但是這些藥物的成本並沒有下降。這些藥物的成本非常高。滴定新 GLP-1 的好方法，然後讓 CGM 的人說：“嘿，這對你有幫助。這是正確的劑量。這不是正確的劑量。”它將在該領域發揮至關重要的作用，對於該領域的患者來說，這將是一個非常划算的解決方案，對於所有付款人來說，這將是划算的。

We need to continue to push for reimbursement. Things really don't grow until they're covered, but we have some very aggressive plans with our partners in the other programs. We have plans of our own. And quite honestly, the feedback we get from the individuals who do get coverage for this, like I said, it's phenomenal. And none of them write me an e-mail or none of them say, "I'm doing better because I'm on a new drug." They attribute their improved health to the CGM and the information that they have and the changes they've been able to make.

我們需要繼續推動報銷。在被覆蓋之前，事情確實不會增長，但我們與其他項目的合作夥伴有一些非常積極的計劃。我們有自己的計劃。老實說，就像我說的那樣，我們從確實得到報導的個人那裡得到的反饋是驚人的。他們都沒有給我寫電子郵件，也沒有人說，“我做得更好，因為我正在服用一種新藥。”他們將健康狀況的改善歸功於 CGM 以及他們擁有的信息以及他們能夠做出的改變。

So we remain bullish on this, but it does take time. I remember the first ride along I ever did when I came here years ago, and I asked every doctor I visited, when you put a patient on CGM only after they've been on a pump for a few years because they're not serious about diabetes unless they wear a pump. We'll look how that's changed. We can change the other equation too. We just need a little more time and a little more evidence.

所以我們仍然看好這一點，但這確實需要時間。我記得幾年前我第一次來這裡時，我問過我拜訪的每一位醫生，當你讓一個病人在泵上幾年後才使用 CGM，因為他們並不嚴重關於糖尿病，除非他們戴泵。我們將看看它是如何改變的。我們也可以改變另一個等式。我們只需要多一點時間和多一點證據。

Yes. And when we read the study, Danielle, will certainly understand the questions you're asking out there. If you were winded the results you got from that, say, 2 or 3 to 4 years ago, it would have been a much different outcome as well. And I think you're just seeing that the recognition of this technology over time moves. But we do have to move people off of preconceived notions or the questions around the advancement of technology through education and awareness.

是的。當我們閱讀這項研究時，丹妮爾肯定會理解您提出的問題。如果你對 2 或 3 到 4 年前的結果感到困惑，那也會是一個截然不同的結果。而且我認為您只是看到隨著時間的推移對這項技術的認可正在發生變化。但我們確實必須讓人們擺脫先入為主的觀念或通過教育和意識來推動技術進步的問題。

So it's a continued focus there. And again, it all kind of aligns to all the work we did last year around expanding the sales force, direct-to-consumer advertising, really getting that education and awareness out there. We have to continue to do that, and that should help us over time.

所以這是一個持續的焦點。再說一次，這一切都與我們去年圍繞擴大銷售隊伍、直接面向消費者的廣告所做的所有工作相一致，真正得到了這種教育和意識。我們必須繼續這樣做，隨著時間的推移，這應該會對我們有所幫助。

And the next question in the queue comes from Robbie Marcus.

隊列中的下一個問題來自 Robbie Marcus。

Maybe if I can ask, in the U.S. business in fourth quarter, you talked about how you had difficulty accessing primary care channel. First quarter growth in the U.S. came in a little lighter than we would have expected. Maybe just talk about trends there and then conversely talk about some of the early responder trends and feedback you're getting on G7 in Europe?

也許如果我可以問，在第四季度的美國業務中，您談到了您如何難以訪問初級保健渠道。美國第一季度的增長比我們預期的要輕一些。也許只是談論那裡的趨勢，然後反過來談論一些早期響應者的趨勢和您在歐洲獲得的 G7 反饋？

Sure. Yes, I'll take the U.S. question, Robbie, and then Kevin can certainly cover the early feedback on G7. So in the U.S., and we talked a little bit about this as we kind of rounded out the year last year, in December -- certainly, in December, we saw the impact of Omicron and that continued pretty heavily into January in terms of getting out there and getting in front of prescribers. And so as you kind of look through the quarter, the way the quarter worked out was you had a kind of a lower January.

當然。是的，我會回答美國的問題，羅比，然后凱文當然可以涵蓋對 G7 的早期反饋。因此，在美國，我們在去年 12 月結束了這一年時就這一點進行了一些討論——當然，在 12 月，我們看到了 Omicron 的影響，並且這種影響一直持續到 1 月。在那裡並出現在開藥者面前。因此，當您瀏覽該季度時，該季度的計算方式是您的一月份有所下降。

And as the quarter progressed, each month got a little bit better as things really opened up. And so what we saw was exactly that is January was a bit tough. February was better and March was even better than that. And so the momentum continues in the right way, and that's the way I think we think about it. And so it played out a little bit how we expect when we gave guidance a little bit better as we're kind of coming out a little bit about the top end of at least where we thought the quarter was going to run.

隨著季度的進展，隨著事情的真正開放，每個月都會變得更好。所以我們看到的正是一月份有點艱難。二月更好，三月甚至更好。所以勢頭以正確的方式繼續，這就是我認為我們思考它的方式。因此，當我們提供更好的指導時，它發揮了我們預期的效果，因為我們至少在我們認為本季度將要運行的最高端出現了一點點。

But that momentum you're seeing, I think, is pretty common to what we've seen and heard in the market. It's also what we've seen as we've been getting in front of these positions. In terms of the experience in the U.K. on the G7 launch, Kevin?

但我認為，你所看到的這種勢頭與我們在市場上所見所聞相當普遍。這也是我們在這些職位之前所看到的。就 G7 發布會在英國的經驗而言，Kevin?

Yes. We're early on, Robbie, but the feedback has been exactly what we expected has been phenomenal. As you start with product features, size is the first thing everybody sees and even the smaller size of the applicator, lesser materials, size on the body, the half hour warm-up, people love the app being much different than what we've had before is being very well accepted and very easy to use, setup as much easier and much more friendly.

是的。 Robbie，我們還處於早期階段，但反饋正是我們所期望的，非常驚人。當您從產品功能開始時，每個人都會首先看到尺寸，甚至更小的塗抹器尺寸、更少的材料、身體上的尺寸、半小時的預熱，人們喜歡這款應用程序與我們所擁有的大不相同以前的應用程序非常受歡迎並且非常易於使用，設置也更加容易和友好。

So far so good with the limited launch. Everybody is very happy who's on our products so far. And we continue to gather feedback and then we'll take the feedback we get and incorporate anything we hear that would be valuable into the full launch when we roll it out later this year.

到目前為止，有限的發布非常好。到目前為止，每個人都非常高興使用我們的產品。我們會繼續收集反饋，然後我們將收集我們收到的反饋，並將我們聽到的任何有價值的信息整合到今年晚些時候推出時的全面發布中。

The next question in the queue comes from Jayson Bedford.

隊列中的下一個問題來自 Jayson Bedford。

Nice job on making this call work. So my question is, typically, you commented on unit volume I don't think I've heard that this quarter. So can you maybe, Jereme, talk about the interplay between volume growth and rev growth this quarter, both U.S. and international? .

很好地完成了這個電話的工作。所以我的問題是，通常情況下，你評論了我認為本季度沒有聽說過的單位數量。那麼，傑里姆，您能否談談本季度美國和國際銷量增長與轉速增長之間的相互作用？ .

Sure. Yes. So I think you saw it play out about the same way you saw it in prior quarters. And as we kind of make that migration that's happening, our unit volume growth was in the low 40s. And so as you kind of draw that correlation to what happened last quarter, it's about a similar correlation, which is about what you would have expected, right, as we're going into this year of the final major migration to the pharmacy as well as annualizing some of the OU.S. access wins that we got.

當然。是的。所以我認為你看到它的表現與你在前幾個季度看到的一樣。當我們進行這種遷移時，我們的單位銷量增長處於 40 年代的低位。因此，當您將這種相關性與上一季度發生的情況相提並論時，它是關於類似的相關性，這與您所期望的有關，對，因為我們也將進入藥房的最後一次重大遷移的今年每年對一些 OU.S.我們獲得的訪問勝利。

In terms of the split, U.S./OU.S., we really don't break it out. However, you generally know that there's price -- there's channel mix and pricing in both of those. And so as you talk about the growth numbers, the unit volume numbers are generally higher than that, and it's generally pretty proportionate. That's generally where we sit today. And for the balance of the year, clearly, we have not changed on what we expect those headwinds to be. So hopefully that helps low 40% unit volume growth.

在分裂方面，美國/OU.S.，我們真的沒有打破它。但是，您通常知道有價格——這兩者都有渠道組合和定價。所以當你談到增長數字時，單位體積數字通常會高於這個數字，而且通常是相當成比例的。這通常是我們今天坐的地方。很明顯，在今年餘下的時間裡，我們對這些不利因素的預期並沒有改變。因此，希望這有助於降低 40% 的單位銷量增長。

The next question comes from Matthew O'Brien.

下一個問題來自 Matthew O'Brien。

Here in the U.S., just to follow up a bit more on the U.S. commentary, I think people are expecting a little bit more in Q1, understanding Omicron was a little bit of a headwind, but your 55%, 60% penetrated of Type 1s. Consumer confidence is dropping like a rock. You're getting into some of the people that have been more hesitant to get on to CGM so far. So is there a risk that the domestic business could see a little bit more softness than expected throughout the course of this year or even into next year as those factors really kind of start to pile up?

在美國，只是為了對美國的評論進行更多的跟進，我認為人們對第一季度的期望會更高一些，理解 Omicron 有點逆風，但你的 55%、60% 滲透了 1 型.消費者信心像石頭一樣下降。你正在接觸一些迄今為止對加入 CGM 猶豫不決的人。那麼，隨著這些因素真的開始累積，國內業務是否有可能在今年甚至明年出現比預期更疲軟的風險？

Matt, I appreciate the question. We do not feel that way at all. With respect to the U.S. population, again, Jereme hit unit volume growth. Our unit volume growth was outstanding this quarter, and our new patient numbers, once we got past the Omicron wave early in the quarter, our new patient adds were very, very strong. And we finished where we plan to finish for the quarter in general. So we did not feel that softness at all.

馬特，我很欣賞這個問題。我們完全沒有這種感覺。就美國人口而言，傑里姆再次實現了單位銷量增長。本季度我們的單位數量增長非常出色，我們的新患者數量，一旦我們在本季度初通過 Omicron 浪潮，我們的新患者增加非常非常強勁。我們完成了我們計劃在本季度完成的總體目標。所以我們根本感覺不到那種柔軟。

And with respect to confidence, people have never had more confidence in our product than they have in G6 right now. As I said earlier, our customer satisfaction scores are better than they've ever been. Patients are very satisfied with Dexcom. As we look at further penetration in this marketplace, there are some very significant catalysts coming as well on the Type 1 side, and they'll also be more applicable to Type 2 intensive users as well.

在信心方面，人們對我們的產品的信心從未像現在對 G6 那樣大。正如我之前所說，我們的客戶滿意度得分比以往任何時候都好。患者對 Dexcom 非常滿意。隨著我們在這個市場的進一步滲透，Type 1 方面也有一些非常重要的催化劑，它們也將更適用於 Type 2 密集型用戶。

You look at our integrated partners with Tandem and with 5 Omnipod 5 on the horizon and then you look at a G7 product for those who aren't on pumps because we won't be integrated with those pumps immediately out of the gate, but a G7 product for our MDI patients that is a much, much better experience than what we have now. And when we have now is world-class, we don't lack for being bullish at all right now here in the U.S. We think we're in a good spot.

你看看我們與 Tandem 的集成合作夥伴和即將推出的 5 Omnipod 5，然後你看看 G7 產品是為那些不使用泵的人設計的，因為我們不會立即與這些泵集成，而是G7 產品為我們的 MDI 患者提供了比我們現在擁有的更好的體驗。當我們現在擁有世界一流的水平時，我們現在在美國並不缺乏看漲。我們認為我們處於一個好位置。

The next question comes from Joanne Wuensch.

下一個問題來自 Joanne Wuensch。

Thank you for pulling this off. I ask you what's included in your guidance? You've got Dexcom ONE going out the door in different regions. You've got G7 outside the United States and in the United States in the back half of the year, I would assume. How do you think about putting all those factors into your guidance?

謝謝你把它拉下來。我問你的指導包括什麼？您已經讓 Dexcom ONE 在不同地區走出了大門。我猜想，今年下半年在美國以外和美國都有 G7。您如何看待將所有這些因素納入您的指導？

Sure. So we've got a little bit of all. So what we do generally in our guidance is we look at multiple different scenarios. And so we have Dexcom ONE in various country launches, timed to different times. It helps us align where that guidance should ultimately sit. We also have a G7 launch outside the U.S. as well as in the U.S. at various times throughout the course of the year that helps us understand the impact. And we run various scenarios to make sure that under all of these scenarios, whether it's G7 or G6 or Dexcom ONE, that we make sure that we're putting out reasonable guidance around what we can achieve. And again, we'll always try to outperform it.

當然。所以我們有一點點。因此，在我們的指導中，我們通常會考慮多種不同的情況。因此，我們在各個國家/地區推出了 Dexcom ONE，時間不同。它可以幫助我們調整該指導最終應放在的位置。我們還在一年中的不同時間在美國以外和美國推出 G7，這有助於我們了解影響。我們運行各種場景，以確保在所有這些場景下，無論是 G7、G6 還是 Dexcom ONE，我們都確保圍繞我們可以實現的目標提供合理的指導。再一次，我們將始終努力超越它。

So the way to think about it is, is there's various difference in all of them ultimately play in to kind of coming up with a guidance number we feel comfortable coming out with. And let me give you an example about that. G7 comes out great. It can be an extra catalyst, but you still have to remember G6 is an incredible product that's going to be connected to Omnipod 5, as Kevin previously referenced. So there's some catalysts there.

所以思考它的方式是，它們最終是否存在各種差異，以提出我們覺得很舒服的指導數字。讓我舉個例子。 G7出來的很好。它可能是一種額外的催化劑，但您仍然必須記住，正如 Kevin 之前提到的，G6 是一款將連接到 Omnipod 5 的令人難以置信的產品。所以那裡有一些催化劑。

Dexcom ONE is certainly interesting. And when you win tenders, that can ultimately drive it, knowing when exactly you'll win those tenders. Sometimes it's hard to pick because we have various different scenarios that play in. So a little bit of all of it is the way to think about it, and we expect to be able to hit guidance irrespective of the timing of a lot of these launches to the extent the launches fall the right way, we certainly hope to outperform.

Dexcom ONE 當然很有趣。當你贏得標書時，這最終會推動它，知道你什麼時候會贏得這些標書。有時很難選擇，因為我們有各種不同的場景在起作用。所以所有的一點點都是思考它的方式，我們希望能夠達到指導，而不管這些發布的時間安排如何就發布的正確方式而言，我們當然希望表現出色。

The next question comes from Mathew Blackman.

下一個問題來自馬修·布萊克曼。

You mentioned the growing prescriber base, anything you're willing to share on the size of the prescriber base and in particular, the percent that primary care physicians comprised of that base today versus prior to the sales force expansion? Just anything to help us frame the progress of that newer call point?

您提到了不斷增長的處方藥基數，您願意分享有關處方藥基數規模的任何信息，特別是與銷售隊伍擴張之前相比，今天的初級保健醫生佔該基數的百分比？有什麼可以幫助我們確定新呼叫點的進度嗎？

Sure. Yes. So I'd say, while we haven't necessarily sized it and I don't think we're ready to size it exactly today, it has grown dramatically. Like I think we've had, it's doubled over the past, call it, 18 months, and it continues to grow faster. In fact, we expect it to grow another sizable portion this year as our folks call on more. In terms of the mix, it is predominantly primary care physicians at this point.

當然。是的。所以我想說，雖然我們還沒有確定它的大小，而且我認為我們今天還沒有準備好精確地確定它的大小，但它已經顯著增長。就像我認為我們已經擁有的那樣，它在過去翻了一番，稱之為 18 個月，並且它繼續增長得更快。事實上，隨著我們的人們呼籲更多，我們預計今年它會增長另一個相當大的部分。就組合而言，目前主要是初級保健醫生。

When you think about the endocrinologists over -- across the United States, there's about 6,600 endocrinologists across the United States, and we call on tens of thousands of prescribers. And so you can probably get a feel for how many we're calling on. The larger prescribers still in the endocrinologist community. So that still is where we spend a good chunk of our time. But at this point, due to the expansion of the sales force, we are calling on more primary care physicians than we are in endocrinologists.

當你考慮內分泌科醫生時——在美國，全美大約有 6,600 名內分泌科醫生，我們需要數以萬計的處方醫生。因此，您可能會感覺到我們正在呼籲多少人。更大的處方者仍然在內分泌學家社區。所以這仍然是我們花費大量時間的地方。但在這一點上，由於銷售隊伍的擴大，我們需要的初級保健醫生比內分泌科醫生更多。

The next question comes from Larry Biegelsen.

下一個問題來自拉里·比格爾森。

Just wanted to focus on G7. So Kevin, I know you can't predict the FDA, but how are you feeling about having approval of G7 in the U.S. by ADA? Is it still plausible? And with the G6 launch, we saw a pretty big inflection when you launched that in the U.S. Do you think we could see something similar with G7?

只是想專注於G7。所以凱文，我知道你無法預測 FDA，但你對 ADA 在美國批准 G7 感覺如何？還靠譜嗎？隨著 G6 的推出，我們在美國推出時看到了相當大的變化。你認為 G7 會出現類似的情況嗎？

Larry, thanks for asking. Let's go back a little bit on G7. Remember, this is a global launch for us, not just a U.S. one. Our limited launch right now in the U.K. is going on. We have seen mark there. U.K. will be our first launch as we roll out internationally. And then we roll out to other countries after that as we go through the local approval and filing process. So we're on track with our international plans.

拉里，謝謝你的提問。讓我們回到 G7 上。請記住，這對我們來說是全球發布，而不僅僅是美國發布。我們目前在英國的有限發布正在進行中。我們在那裡看到了標記。隨著我們在國際上的推廣，英國將是我們的第一個發射點。然後，在我們完成當地的審批和備案程序之後，我們會推廣到其他國家。因此，我們的國際計劃正在步入正軌。

One of the things we've learned over the years is we really don't give dates as far as when we think things are going to be approved. And we are in our back and forth time with the FDA. We applaud them for spending as much time as they have an effort during a busy time with us in getting this done. And we're confident we'll have a meaningful U.S. launch of G7 this year. Approval more than likely will come after ADA knowing what we know and what we see today, and we're comfortable with that. We are also comfortable that there are no showstoppers in the things we're discussing with them. We are having a very good dialogue and look forward to that launch.

多年來我們學到的一件事是，我們真的沒有給出我們認為事情會被批准的日期。我們正與 FDA 反复討論。我們讚揚他們在忙碌的時間里花費盡可能多的時間與我們一起完成這項工作。我們有信心今年將在美國舉行有意義的 G7 發布會。在 ADA 知道我們所知道的和我們今天所看到的之後，批准很可能會得到批准，我們對此感到滿意。我們也很欣慰，在我們與他們討論的事情中沒有任何阻礙。我們正在進行非常好的對話，並期待著這次發布。

As far as a bolus with G7, you're absolutely right. We do believe this is going to be a great product launch for us and will lead to more people using CGM. I think it's important that everybody remember, we're in a different time now with respect to reimbursement particularly with the time it will take this into the pharmacy channel. So as you start lining things up, once you have approval, you file with CMS to get reimbursement that takes some time and the pharmacy contracts take some time.

至於 G7 的推注，你是絕對正確的。我們確實相信這對我們來說將是一個偉大的產品發布，並將導致更多的人使用 CGM。我認為每個人都記住這一點很重要，我們現在在報銷方面處於不同的時期，特別是隨著時間將其帶入藥房渠道。因此，當您開始排隊時，一旦獲得批准，您就可以向 CMS 提交申請以獲得需要一些時間的報銷，而藥房合同也需要一些時間。

So we will launch the product and absolutely seek to get reimbursement and approval every place we can as quick as we can and even some prelaunch where we can do that. We have those efforts going on as well. So this will roll out as quickly as we can do it. We're optimistic we'll get approved, but more than likely after ADA.

因此，我們將推出該產品，並絕對盡可能快地在每一個地方獲得報銷和批准，甚至在我們可以做到這一點的地方進行一些預發布。我們也在進行這些努力。因此，這將盡快推出。我們很樂觀我們會獲得批准，但很有可能在 ADA 之後。

And the next question comes from Marie Thibault.

下一個問題來自 Marie Thibault。

I want to ask here on Dexcom ONE as you expand that launch. I'm curious who is appealing to how these early users are hearing about it? And who is telling them about how it's being positioned versus the G-Series?

當您擴展該發佈時，我想在 Dexcom ONE 上提問。我很好奇誰在吸引這些早期用戶如何聽到它？誰告訴他們它與 G 系列相比如何定位？

Yes. This is Kevin. I'll take that. Our first users in the [both] countries, this is all an e-commerce effort. This has e-commerce platform with some advertising from us. But by and large, our e-commerce platform has reached these people. That's how they've heard about it and have paid cash for this product on their own. As far as positioning right now, Dexcom ONE is positioned for insulin users, but it's not positioned for those who are going to integrate with another device or even share data with others. It's a simplified version of our product for that type of use.

是的。這是凱文。我會接受的。我們在這兩個國家的第一批用戶，這都是電子商務的努力。這有電子商務平台和我們的一些廣告。但總的來說，我們的電子商務平台已經接觸到了這些人。他們就是這樣聽說的，並自己為這個產品支付了現金。就目前的定位而言，Dexcom ONE 定位於胰島素用戶，但並不定位於那些將與其他設備集成甚至與他人共享數據的人。它是我們產品的簡化版本，適用於此類用途。

In the other countries that we rolled out, as Jereme said earlier, we're involved in the tender process. In Spain, we have reimbursement for Dexcom ONE in Spain. In many of the European markets, there is a positioning of what you would call high-risk pool and then another pool of insulin using patients. We have always played very well on the high-risk pool with these patients because of our connectivity, our accuracy and our performance. And that is a higher price point within those geographies as well.

正如 Jereme 之前所說，在我們推出的其他國家/地區，我們參與了招標過程。在西班牙，我們對西班牙的 Dexcom ONE 進行了報銷。在許多歐洲市場，存在一種您稱之為高風險池的定位，然後是另一個使用患者的胰島素池。由於我們的連通性、準確性和表現，我們在這些患者的高風險池中一直表現出色。在這些地區，這也是一個更高的價格點。

With Dexcom ONE, we now have access to the other patients. And again, the qualification of those patients varies tender to tender and country to country. But it gives us a much larger playing field -- our playing field is going to be expanded anywhere between 80% and 90% in some of these countries where we launched Dexcom ONE is a dual product. So that's why we're doing it, and that's what we believe. So expanding into new geographies with the product with the e-commerce platform, but also expanding our reach and making available to more people.

有了 Dexcom ONE，我們現在可以接觸到其他患者。再一次，這些患者的資格因招標和國家而異。但它為我們提供了更大的競爭環境——在我們推出 Dexcom ONE 是雙重產品的一些國家，我們的競爭環境將擴大到 80% 到 90% 之間。所以這就是我們這樣做的原因，這就是我們所相信的。因此，通過電子商務平台將產品擴展到新的地區，同時也擴大了我們的覆蓋範圍，讓更多人可以使用。

The next question comes from Travis Steed.

下一個問題來自 Travis Steed。

Just wanted a little bit more color on the basal-only population and the conversations that you guys are having with payers. I'm hearing more and more patients in that population getting entrance coverage. So just kind of curious is that what you're seeing on your end as well in conversations with Medicare moving along?

只是想對基礎人群和你們與付款人的對話多一點色彩。我聽說該人群中越來越多的患者獲得了入口覆蓋率。所以有點好奇的是，你在與醫療保險的對話中也看到了什麼？

Yes. So I'll start -- thanks for the question, and welcome back. I'll start with the CMS conversation. So certainly, we have the discussions. And that's a process that takes a little bit more time, but it is some and that's where the significance of the basal population resides. And we are working with CMS to look at what that opportunity looks like. And so we'll be making progress there over the course of the year. And as we have more and more information, we'll certainly share it.

是的。所以我會開始- 謝謝你的問題，歡迎回來。我將從 CMS 對話開始。所以當然，我們有討論。這是一個需要更多時間的過程，但這是一些時間，這就是基礎種群的重要性所在。我們正在與 CMS 合作，看看這個機會是什麼樣的。因此，我們將在這一年中取得進展。隨著我們掌握的信息越來越多，我們肯定會分享這些信息。

In terms of the insurance coverage and the population on the commercial side, there are some insurance carriers that do cover it. It's a little sparse in between. There are some that folks kind of get access to it through some edits or forms around those lines around insulin use without look backs. And so there are folks that are getting access to it. However, it is very, very light penetration at this point in that space.

就商業方面的保險範圍和人口而言，有一些保險公司確實承保。中間有點稀疏。有些人可以通過圍繞胰島素使用的那些線進行一些編輯或表格來訪問它，而無需回頭。所以有些人正在訪問它。然而，在那個空間的這一點上，它的穿透力非常非常輕。

And so -- but those conversations are going. We are having the similar conversations that we talked about having with CMS. We are having those with commercial payers, and we'll continue to have those over time because we have shown and certainly with our MOBILE study was an obvious game changer that people on CGM do better. And I think that the insurance companies as well as CMS are starting to see it. So more updates to come over time as we get those coverages, and we'll share those certainly those that are significant in the future.

所以 - 但這些對話正在進行中。我們正在與 CMS 進行類似的對話。我們有商業支付者，隨著時間的推移，我們將繼續擁有這些，因為我們已經證明，當然，我們的 MOBILE 研究是一個明顯的遊戲規則改變者，CGM 的人們做得更好。我認為保險公司和 CMS 也開始看到這一點。因此，隨著我們獲得這些報導，隨著時間的推移會有更多更新，我們肯定會分享那些在未來很重要的更新。

And the next question comes from Steven Lichtman.

下一個問題來自 Steven Lichtman。

I wanted to ask on the intensive Type 2 patient population in the U.S. where penetration still meaningfully trails Type 1. With the coverage efforts you've made over the past few years, are you seeing momentum pick up in this group? And what's your outlook for where penetration can go over time? .

我想問一下美國密集的 2 型患者群體，其中滲透率仍然明顯落後於 1 型。隨著您在過去幾年中所做的覆蓋努力，您是否看到這一群體的勢頭有所回升？隨著時間的推移，您對滲透率的前景有何看法？ .

Yes. This is Kevin. I'll take that. Obviously, we are getting very good coverage in that segment. That population, again, Medicare covers that, and that is really our fastest-growing patient segment right now. We're doing very well in these Type 2 patients. Hence, the reason for expansion of the sales force and calling on more primary care physicians.

是的。這是凱文。我會接受的。顯然，我們在該領域得到了很好的覆蓋。再一次，醫療保險涵蓋了這一人群，而這確實是我們目前增長最快的患者群體。我們在這些 2 型患者中做得很好。因此，擴大銷售隊伍並呼籲更多初級保健醫生的原因。

As far as penetration in that population, their needs for CGM data are equal to those in our Type 1 population, and we believe not only is CGM going to be successful there, but we'll be successful there with our pump partners as well through our integrated systems. So I -- many years ago, I have said 80% penetration for CGM in the Type 1 world and even people from our own company kind of gave me a funny look. I don't see that as being a problem over time. If you're going to be intensively using insulin, there is no reason to not treat yourself with CGM. It is just a much better tool. So I believe that penetration get every bit as high as the Type 1 population without any question.

就在該人群中的滲透而言，他們對 CGM 數據的需求與我們的 1 類人群相同，我們相信 CGM 不僅會在那裡取得成功，而且我們將與我們的泵合作夥伴一起取得成功。我們的集成系統。所以我 - 很多年前，我說過 CGM 在 Type 1 世界中的滲透率為 80%，甚至我們自己公司的人也給了我一個有趣的表情。隨著時間的推移，我不認為這是一個問題。如果您要大量使用胰島素，沒有理由不使用 CGM 治療自己。它只是一個更好的工具。所以我相信毫無疑問，滲透率與第一類人群一樣高。

And then the last question in the queue comes from Margaret Kaczor.

然後隊列中的最後一個問題來自 Margaret Kaczor。

I just wanted to focus on completely different opportunity that we haven't talked too much about, but you guys mentioned in the prepared remarks. You have a lot of data that you've gathered in the hospital for inpatient use of CGM during COVID. You have breakthrough status. So could you just talk to us about what's the next steps in that market clearly a meaningful opportunity for you, but maybe some market education, some market development work needs to be done? So what are you guys focused on this year? And what should we look out for progress there? .

我只是想關注完全不同的機會，我們沒有過多討論，但你們在準備好的評論中提到了。您在醫院收集了大量數據，用於 COVID 期間住院患者使用 CGM。你有突破的狀態。那麼，您能否與我們談談該市場的下一步是什麼，這顯然對您來說是一個有意義的機會，但也許需要進行一些市場教育，一些市場開發工作？那麼今年大家關注的重點是什麼呢？我們應該注意哪些方面的進展？ .

Thank you for the question. This is definitely a passion of mine going way back to my early days in diabetes therapy back in '90s. One of the things we've done this year, we've hired a general manager for our hospital business, a very experienced executive who spent a lot of time here, and we're starting to build a full team around him in that organization. We're running clinical studies right now to show how the product performs in the hospital environment. And we've had numerous discussions with the FDA.

感謝你的提問。這絕對是我 90 年代早期糖尿病治療的熱情所在。我們今年所做的其中一件事是，我們為我們的醫院業務聘請了一位總經理，一位非常有經驗的高管，他在這裡度過了很多時間，我們開始在該組織中圍繞他建立一個完整的團隊.我們現在正在進行臨床研究，以展示該產品在醫院環境中的表現。我們已經與 FDA 進行了多次討論。

I think for us the key here is to get the sensing technology and the performance of the sensor validated and verified that it will be approved and usable in that environment. And the feedback we've gotten certainly during the pandemic has been very, very positive for those facilities that did use CGM.

我認為對我們來說，這裡的關鍵是讓傳感技術和傳感器的性能得到驗證，並驗證它將在該環境中獲得批准和使用。對於那些確實使用 CGM 的設施，我們在大流行期間得到的肯定是非常非常積極的反饋。

Once we do that and validate the product performance just from a technical perspective, then it becomes a question of what does that product look like? What does it connect to? And what is the distribution channel and business model look like? And that's why we haven't experienced CGM and the team built out here. We know how much better things work in a hospital if you have continuous data.

一旦我們這樣做並僅從技術角度驗證產品性能，那麼問題就變成了該產品是什麼樣的？它連接到什麼？分銷渠道和商業模式是什麼樣的？這就是為什麼我們沒有體驗過 CGM 和在這裡建立的團隊。如果你有連續的數據，我們知道醫院裡的事情會有多好。

I've had several experiences where people have told me about having their fingers stuck every 30 minutes without diabetes in a postsurgical order in an ICU, and it drives them crazy when they know they could be on CGM. As you look at the number of hospitalizations and the number of people hospitalized with diabetes and cardiovascular wards, in particular, the CGM opportunity here is vast.

我有過幾次經歷，人們告訴我，在 ICU 的術後訂單中，他們的手指每 30 分鐘卡住一次，而沒有糖尿病，當他們知道他們可以接受 CGM 時，這會讓他們發瘋。當您查看住院人數以及因糖尿病和心血管病房住院的人數時，特別是這裡的 CGM 機會是巨大的。

The questions we need to answer, business model, product configuration, ease of use, outcomes, all those things. And we have a great team that can put that data together for us. So we're very optimistic and bullish about it over time. I do appreciate the question though. Hopefully, we'll have you some more information over the course of the year.

我們需要回答的問題，商業模式、產品配置、易用性、結果，所有這些。我們有一個很棒的團隊可以為我們整理這些數據。因此，隨著時間的推移，我們對此非常樂觀和看好。不過，我確實很欣賞這個問題。希望我們會在這一年中為您提供更多信息。

We have one question in the queue from Frank Pinal.

我們有一個來自 Frank Pinal 的問題。

Just one on FX really quickly. Seeing a few companies at this point raise their forward FX headwind expectations for the next 2 to 3 quarters, and I'm wondering to what degree is that -- are you baking in FX? What's in there now? Could we see that challenge to the lower end of the guide?

只有一個在 FX 上真的很快。看到一些公司在這一點上提高了對未來 2 到 3 個季度的外匯逆風預期，我想知道這在多大程度上——你在 FX 中烘烤嗎？現在裡面有什麼？我們能看到對指南低端的挑戰嗎？

Yes. Thanks for the question, Frank. And I think you'll see it in our prepared remarks, we do expect $15 million to $20 million of FX headwinds, but we kept our guide the same. And so the way to think about it is we think we can grow through that in the current period.

是的。謝謝你的問題，弗蘭克。我想你會在我們準備好的評論中看到它，我們確實預計會有 1500 萬至 2000 萬美元的外匯逆風，但我們的指南保持不變。所以思考它的方式是我們認為我們可以在當前時期通過它來成長。

And so as you do the math for the full year, if you include the impact, the incremental impacts of headwind versus a 15% to 20% guide, it's a 16% to 21% guide. So that should give you some comfort that, yes, there are headwinds associated with currency. Yes, we do believe we can grow through it. And so a currency-adjusted growth rate certainly would reflect that. So call it $15 million to $20 million on the year, but it doesn't change our full year guide.

因此，當您進行全年的數學計算時，如果將影響、逆風的增量影響與 15% 到 20% 的指南相結合，那麼它是 16% 到 21% 的指南。所以這應該給你一些安慰，是的，存在與貨幣相關的逆風。是的，我們相信我們可以通過它成長。因此，貨幣調整後的增長率肯定會反映這一點。所以稱它為每年 1500 萬到 2000 萬美元，但這不會改變我們的全年指南。

And sir, we have no further questions in the queue. Do you have any closing remarks? .

先生，我們在隊列中沒有其他問題。你有什麼結束語嗎？ .

Yes. This is Kevin. I absolutely do. We appreciate all of you for hanging with us today. Obviously, to say things have been a little hectic here would be an understatement. But as always, we get through it.

是的。這是凱文。我絕對願意。我們感謝大家今天與我們在一起。顯然，說這裡的事情有點忙是輕描淡寫的。但與往常一樣，我們度過了難關。

I just -- if you look at this quarter, again, $110 million in organic growth, volume increases in the low 40%, great new patient numbers post the Omicron scare. Dexcom ONE launched in Spain, launch announced in the U.K. CE Mark for G7, limited launch for G7 in the U.K., continued G7 progress in the U.S., continued scale in our business, positive momentum on the operating leverage side. There's not a whole lot more we could do.

我只是 - 如果你再看一下這個季度，有機增長 1.1 億美元，數量增長低 40%，在 Omicron 恐慌之後的新患者數量很大。 Dexcom ONE 在西班牙推出，在英國宣布推出 G7 的 CE 標誌，在英國有限推出 G7，在美國繼續 G7 進展，我們的業務規模持續擴大，經營槓桿方面的積極勢頭。我們能做的已經不多了。

Times cannot be better and more hectic than here at Dexcom right now. We appreciate everybody's support and all the fine people who make this possible. Thanks, everybody, and have a great day.

時代不能比現在在 Dexcom 更好、更忙碌。我們感謝每個人的支持以及所有使這成為可能的優秀人士。謝謝大家，祝你有美好的一天。

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

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