Insulet Corp (PODD) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Insulet Corporation third-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Deborah Gordon, Vice President, Investor Relations

女士們、先生們，下午好，歡迎參加 Insulet Corporation 2024 年第三季財報電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。現在我想將會議交給東道主黛博拉·戈登（Deborah Gordon），投資者關係副總裁

Thank you. Good afternoon and thank you for joining us for Insulet's third-quarter 2024 earnings call. With me today are Jim Hollingshead, President and Chief Executive Officer; Ana Maria Chadwick, Chief Financial Officer and Treasurer. Both the replay of this call and the press release discussing our third-quarter results, and 2024 guidance will be available on the Investor Relations section of our website.

謝謝。下午好，感謝您參加 Insulet 的 2024 年第三季財報電話會議。今天與我在一起的有總裁兼執行長 Jim Hollingshead；安娜·瑪麗亞·查德威克，財務長兼財務主管。本次電話會議的重播以及討論我們第三季業績和 2024 年指導的新聞稿將在我們網站的投資者關係部分提供。

Also on our website is our supplemental earnings presentation. We encourage you to reference that document for a summary of key metrics and business updates.

我們的網站上還有我們的補充收益示範。我們鼓勵您參考該文件以獲取關鍵指標和業務更新的摘要。

Before we begin, we remind you that certain statements made by Insulet during the course of this call may be forward-looking and could materially differ from current expectations. Please refer to the cautionary statements in our SEC filings for a detailed explanation of the inherent limitations of such statements.

在我們開始之前，我們提醒您，Insulet 在本次電話會議中所做的某些陳述可能具有前瞻性，並且可能與當前的預期有重大差異。請參閱我們向 SEC 提交的文件中的警示性聲明，以了解此類聲明固有局限性的詳細說明。

We'll also discuss non-GAAP financial measures with respect to our performance, namely adjusted EBITDA and constant currency revenue, which is revenue growth, excluding the effect of foreign exchange. These measures align with what management uses as supplemental measures in assessing our operating performance from period to period, and we believe they are helpful for others as well.

我們還將討論與我們的績效相關的非公認會計準則財務指標，即調整後的 EBITDA 和恆定貨幣收入，即收入成長，不包括外匯的影響。這些措施與管理層在評估我們不同時期的經營績效時所使用的補充措施相一致，我們相信它們也對其他人有幫助。

Additionally, unless otherwise stated, all financial commentary regarding dollar and percentage changes will be on a year-over-year reported basis, with the exception of revenue growth rates, which will be on a year-over-year constant currency basis. With that, I'll turn the call over to Jim.

此外，除非另有說明，所有有關美元和百分比變化的財務評論都將基於逐年報告的基礎，但收入增長率除外，它將基於逐年固定貨幣的基礎。這樣，我就把電話轉給吉姆。

Thank you, Deb. Good afternoon, and thank you for joining us. We delivered another strong quarter of financial results and achieved several outstanding milestones throughout our business. I am proud of what our team accomplishes every day to create better health outcomes for our customers, set new standards in the management of diabetes and drive success across our organization.

謝謝你，黛布。下午好，感謝您加入我們。我們又實現了強勁的季度財務業績，並在整個業務中實現了多個傑出的里程碑。我為我們的團隊每天所取得的成就感到自豪，他們為客戶創造更好的健康成果，在糖尿病管理方面製定新標準並推動整個組織的成功。

The robust momentum we saw in the first half of this year has carried into the back half, putting us on track to close out another impressive year and generate over $2 billion in full year revenue for the first time in Insulet's history. Near the end of August, we received FDA clearance for Type 2 label expansion for Omnipod 5, which is a testament to the strength of our submission and powerful clinical data.

我們在今年上半年看到的強勁勢頭已經延續到下半年，使我們有望結束另一個令人印象深刻的一年，並在 Insulet 歷史上首次實現全年收入超過 20 億美元。接近 8 月底，我們獲得 FDA 批准對 Omnipod 5 進行 2 型標籤擴展，這證明了我們提交的材料和強大的臨床數據的實力。

We are excited about our opportunity in the Type 2 diabetes market and building upon our strong established foundation for long-term growth. In the third quarter, our global new customer starts grew sequentially and over prior year. This included sequential growth in the US in both the Type 1 and Type 2 populations.

我們對在 2 型糖尿病市場的機會感到興奮，並為長期成長奠定了堅實的基礎。第三季度，我們的全球新客戶開工量較上年同期成長。這包括美國 1 型和 2 型人群的連續成長。

Internationally, our strong momentum also continued with stable sequential new customer starts, proof of the robust demand we are seeing for Omnipod 5, considering the typical seasonality that occurs during the slower summer months in our international markets. Omnipod 5 is winning in every market in which it is offered, and Omnipod is now the number one insulin pump for new pump users in Europe.

在國際上，我們的強勁勢頭也繼續保持，新客戶數量連續穩定增長，考慮到國際市場在淡季夏季的典型季節性，這證明了我們對 Omnipod 5 的強勁需求。Omnipod 5 在其提供的每個市場中都取得了勝利，而 Omnipod 現在是歐洲新胰島素幫浦使用者的第一名胰島素幫浦。

We remain confident in our expectation of sequential and year-over-year new customer starts growth for both the U.S. and International in the fourth quarter. We have a clear strategy focused on expanding the Omnipod 5 platform, driving growth in the US in both Type 1 and the Type 2 and accelerating international growth and expansion.

我們對第四季度美國和國際新客戶數量連續增長和同比增長的預期仍然充滿信心。我們有一個明確的策略，重點是擴展 Omnipod 5 平台，推動美國 Type 1 和 Type 2 的成長，並加速國際成長和擴張。

Our recent milestones are key indicators of the progress we continue to make and the momentum across our organization to achieve our strategic goals. And this momentum is reflected in our strong financial results.

我們最近的里程碑是我們持續取得的進展以及整個組織實現策略目標動力的關鍵指標。這種勢頭反映在我們強勁的財務表現中。

In Q3, we achieved our highest quarter of total revenue dollars, driven by total Omnipod revenue growth of 26%, including US growth of 23%, and international growth of 35%. And we continue to expand margins as we scale, execute, and drive efficiencies across our global business.

第三季度，我們實現了總收入最高的季度，這得益於 Omnipod 總營收成長 26%，其中美國成長 23%，國際成長 35%。隨著我們全球業務的擴展、執行和效率的提高，我們將繼續擴大利潤。

Ana will take you through the financial details for the quarter and provide an update on guidance. I will focus my remarks on 3 key areas: first, our Type 2 label expansion, the market opportunity, and our commercialization plans; second, our cascade of innovation and how it supports our strategy to drive growth in both the U.S. and internationally; and third, our customer base and market leadership.

安娜將帶您了解本季的財務詳細資訊並提供最新指導。我的發言將集中在三個關鍵領域：第一，我們的Type 2標籤擴張、市場機會和我們的商業化計劃；其次，我們的級聯創新以及它如何支持我們推動美國和國際成長的策略；第三，我們的客戶群和市場領導力。

Let me start with our recent Type 2 label expansion, which makes Omnipod 5 the first and only AID system indicated for both Type 1 and Type 2 diabetes. Omnipod 5 continues to be the game-changing offer we thought it would be. And now we are bringing all the benefits to individuals with Type 2 diabetes that we already deliver to those with Type 1, namely: unmatched form factor, ease of use, affordability, pay-as-you-go economics, and widespread access through the pharmacy channel.

讓我從我們最近的 2 型標籤擴展開始，這使得 Omnipod 5 成為第一個也是唯一一個適用於 1 型和 2 型糖尿病的 AID 系統。Omnipod 5 仍然是我們所認為的改變遊戲規則的產品。現在，我們正在為 2 型糖尿病患者帶來我們已經為 1 型糖尿病患者提供的所有好處，即：無與倫比的外形尺寸、易用性、可負擔性、現收現付經濟性以及透過藥房管道。

All of this, together with CGM integration and compatibility with Android- and iOS-based smartphones and, most importantly, all while delivering great clinical outcomes and quality of life. Omnipod 5's Type 2 label expansion further strengthens our growth trajectory. In fact, Type 2 users represented over 25% of our US new customer starts in the third quarter as we drove ramping adoption during September.

所有這些，再加上 CGM 整合以及與基於 Android 和 iOS 的智慧型手機的兼容性，最重要的是，同時提供出色的臨床結果和生活品質。Omnipod 5 的 Type 2 標籤擴展進一步加強了我們的成長軌跡。事實上，隨著我們在 9 月推動了採用率的提高，第三季 2 類用戶占美國新客戶的 25% 以上。

In the US, our Type 2 indication significantly expands the total addressable market for Insulet by making Omnipod 5 commercially available to approximately 6 million people who live with insulin-requiring Type 2 diabetes. This market includes 2.5 million people who are insulin intensive and on multiple daily injections. We estimate that market is less than 5% penetrated, with the majority of current users using Omnipod.

在美國，我們的 2 型適應症透過使 Omnipod 5 向大約 600 萬需要胰島素的 2 型糖尿病患者提供商業化，顯著擴大了 Insulet 的整體潛在市場。該市場包括 250 萬胰島素密集型人群，每天需要多次注射。我們估計市場滲透率不到 5%，目前大多數用戶使用 Omnipod。

The other portion of the market includes over 3 million people that use insulin as a basal-only therapy every day. In order to continue expanding our reach to Type 2 patients, we are well underway on an initiative to expand our sales force and commercial relationships to align with the immense opportunity at hand.

市場的另一部分包括超過 300 萬人每天使用胰島素作為基礎療法。為了繼續擴大我們對 2 型患者的覆蓋範圍，我們正在積極開展一項擴大銷售團隊和商業關係的舉措，以適應眼前的巨大機會。

We have begun the process of growing our team in anticipation of Type 2 clearance earlier this year, and we continue to expand today. This strategy is consistent with our established US commercial playbook, adding feet on the street to build on our existing relationships with endocrinology practices while also broadening our reach into high-prescribing PCP practices.

預計今年稍早將獲得 2 類許可，我們已經開始擴大團隊規模，並且今天仍在繼續擴大規模。這項策略與我們既定的美國商業策略一致，即在我們與內分泌實踐的現有關係的基礎上進一步拓展業務，同時也將我們的業務範圍擴大到高處方 PCP 實踐。

With this expansion, we expect to reach over 40% of the 2.5 million Type 2 insulin-intensive population during 2025. And we will also be able to go deeper into PCP practices, where we are already receiving great inbound interest.

透過這項擴張，我們預計到 2025 年將涵蓋 250 萬 2 型胰島素密集型人口中的 40% 以上。我們還將能夠更深入地研究 PCP 實踐，我們已經收到了巨大的入站興趣。

Additionally, we continue to complement our direct selling model with DTC. We expect our Type 2 label expansion will make our DTC efforts and awareness initiatives even more efficient. Historically, over 50% of our DTC leads are from individuals with Type 2 diabetes, and now we can get those customers quickly onto Omnipod 5. We are making all of these investments thoughtfully. And as our Q3 results demonstrate, we are committed to driving further margin expansion.

此外，我們繼續透過 DTC 補充我們的直銷模式。我們預計 2 類標籤的擴展將使我們的 DTC 工作和意識舉措更加高效。從歷史上看，我們超過 50% 的 DTC 潛在客戶來自第 2 型糖尿病患者，現在我們可以讓這些客戶快速使用 Omnipod 5。我們正在深思熟慮地進行所有這些投資。正如我們第三季的業績所表明的那樣，我們致力於推動利潤率進一步擴大。

Let me now discuss our cascade of innovation and how we continue to strengthen our market-leading position as we expand our Omnipod 5 platform. Last quarter, we announced the full market release of Omnipod 5 with Dexcom's G7 in the US, starting with specialty pharmacies, and communicated that we would ramp G7-compatible pods broadly through retail pharmacy channels over the following months. This approach has proven to be very effective, and G7 customer starts have consistently met our targets.

現在讓我討論一下我們的級聯創新，以及我們如何在擴展 Omnipod 5 平台的過程中繼續鞏固我們的市場領先地位。上個季度，我們宣布將 Omnipod 5 與 Dexcom 的 G7 在美國全面上市，從專業藥房開始，並表示我們將在接下來的幾個月內透過零售藥房管道廣泛推廣與 G7 相容的 Pod。事實證明，這種方法非常有效，G7 客戶的啟動始終達到了我們的目標。

I'm happy to announce that G7 pods are now fully available in retail pharmacies, in addition to customers also having the choice of specialty pharmacy, making it even easier to start on Omnipod 5. Adding to this cascade of innovation in the US, we are on track to launch Omnipod 5 integrated with Abbott's FreeStyle Libre 2 Plus sensor by the end of the year. We are excited to provide customers' expanding options as we have experienced great success in providing (technical difficulty) with the choice of sensors in the UK and the Netherlands with both Abbott and Dexcom CGM offerings.

我很高興地宣布，G7 Pod 現已在零售藥局全面發售，此外客戶還可以選擇專業藥房，從而更輕鬆地開始使用 Omnipod 5。除了美國的這一級創新之外，我們預計將在今年年底推出與 Abbott FreeStyle Libre 2 Plus 感測器整合的 Omnipod 5。我們很高興能為客戶提供擴展的選擇，因為我們在英國和荷蘭透過 Abbott 和 Dexcom CGM 產品提供感測器選擇（技術難度）方面取得了巨大成功。

At the start of last week, we fully launched the Omnipod 5 iOS app in the US, in line with our planned timing. Within hours of our app launch, we became the top downloaded medical app in the iOS App Store. Integrated with G6, our app offers enhanced capabilities that are unique and huge timesavers for Podders, such as a custom foods feature that makes mealtime simpler.

上週初，我們按照計劃的時間在美國全面推出了 Omnipod 5 iOS 應用程式。在我們的應用程式發布後的幾個小時內，我們就成為 iOS App Store 中下載次數最多的醫療應用程式。我們的應用程式與 G6 集成，提供了獨特的增強功能，可為 Podders 節省大量時間，例如讓用餐時間變得更簡單的客製化食物功能。

Early feedback has been extremely positive. We heard from one of our customers who told us, quote, being able to do daily activities and need to carry only my personal smartphone is the smallest piece of normalcy and the biggest relief. I'm sitting here crying just overwhelmed with how much that means. I haven't felt this normal in years, and it means so much. unquote

早期的回饋非常正面。一位客戶告訴我們，能夠進行日常活動並且只需要攜帶我的個人智慧型手機是最小的常態，也是最大的解脫。我坐在這裡哭泣，對這意味著什麼感到不知所措。我已經很多年沒有感覺到如此正常了，這意義重大。取消引用

The iOS app is just one more advancement that allows our customers to enjoy simplicity, freedom and healthier lives through our innovative technology. And as previously communicated, we remain on track to launch the Omnipod 5 iOS app with G7 in the US and are planning to bring this integration to market in the first half of 2025.

iOS 應用程式只是另一個進步，讓我們的客戶透過我們的創新技術享受簡單、自由和更健康的生活。正如之前所傳達的，我們仍將在美國與 G7 一起推出 Omnipod 5 iOS 應用程序，並計劃在 2025 年上半年將這種整合推向市場。

Internationally, we are making great progress with our recent launches of Omnipod 5 in France and the Netherlands and, although early, Omnipod 5 is starting to build a growing number of new users in both markets.

在國際上，我們最近在法國和荷蘭推出了 Omnipod 5，取得了巨大進展，雖然還為時過早，但 Omnipod 5 已開始在這兩個市場建立越來越多的新用戶。

We are on track to launch Omnipod 5 in additional countries starting in early 2025. We are also excited to expand our international offerings with additional sensor of choice, further launching Omnipod 5 integrated with FreeStyle Libre 2 Plus and introducing the integration of G7 in the first half of 2025.

我們預計在 2025 年初開始在更多國家推出 Omnipod 5。我們也很高興能夠透過額外的感測器來擴展我們的國際產品，進一步推出與 FreeStyle Libre 2 Plus 整合的 Omnipod 5，並於 2025 年上半年引入 G7 的整合。

Turning now to our customer base and market leadership. We continue to set the standard and be an industry leader with Omnipod 5. By the end of the third quarter, approximately 90% of our US customers were already using Omnipod 5, as were approximately 25% of our international customers. This is a testament to the power of Omnipod 5. It wins everywhere it goes.

現在轉向我們的客戶群和市場領導力。我們透過 Omnipod 5 繼續制定標準並成為行業領導者。到第三季末，大約 90% 的美國客戶已經在使用 Omnipod 5，大約 25% 的國際客戶也是如此。這證明了 Omnipod 5 的強大功能。無論走到哪裡，它都會獲勝。

Our strategy remains focused on bringing people out of multiple daily injections onto Omnipod therapy. MDI users are our target market and present a large opportunity as we continue to rapidly increase our customer base and drive overall market expansion.

我們的策略仍然專注於讓人們擺脫每天多次注射的束縛，轉而接受 Omnipod 治療。MDI 用戶是我們的目標市場，隨著我們不斷快速增加客戶群並推動整體市場擴張，MDI 用戶提供了巨大的機會。

Our growth in the third quarter was driven by increasing new customer starts from MDI. As a result, over 85% of our US new customer starts came from people previously on MDI.

我們第三季的成長是由 MDI 新客戶數量的增加所推動的。因此，超過 85% 的美國新客戶來自先前使用 MDI 的用戶。

We remain the clear market leader due to the highly differentiated nature of Omnipod. We have 2 decades of experience and investments that have led to our growing economies of scale. We have distinct and sustainable competitive advantages, including world-class manufacturing, which allows us to produce tens of millions of high-quality safety-critical pods.

由於 Omnipod 的高度差異化性質，我們仍然是明顯的市場領導者。我們擁有 20 年的經驗和投資，使我們的規模經濟不斷成長。我們擁有獨特且可持續的競爭優勢，包括世界一流的製造能力，這使我們能夠生產數千萬個高品質的安全關鍵吊艙。

Adding to our scale, during the quarter, we celebrated the grand opening of our state-of-the-art Malaysian manufacturing facility, which provides further flexibility and strengthens our capabilities. Additionally, widespread access through the US pharmacy channel is an important value proposition for our customers.

為了擴大我們的規模，我們在本季度慶祝了最先進的馬來西亞製造工廠的盛大開業，該工廠提供了進一步的靈活性並增強了我們的能力。此外，透過美國藥房管道進行廣泛的訪問對我們的客戶來說是一個重要的價值主張。

This was a multiyear journey requiring significant investments to build the specific expertise and deep infrastructure we have today. We are proud that our time and investments have paid off, with nearly 100% of our pods now sold through the pharmacy channel, with the number of HCPs writing scripts for Omnipod 5 growing to over 22,000.

這是一個多年的旅程，需要大量投資來建立我們今天擁有的特定專業知識和深厚的基礎設施。我們感到自豪的是，我們的時間和投資得到了回報，我們的 pod 現在幾乎 100% 透過藥房管道銷售，為 Omnipod 5 編寫腳本的 HCP 數量增長到超過 22,000 名。

We are excited about where we sit today and the significant growth catalyst that we expect to drive further long-term value creation. With that, I will turn the call over to Ana to walk you through our results and guidance.

我們對今天所處的位置以及我們期望進一步推動長期價值創造的重要成長催化劑感到興奮。接下來，我會將電話轉給 Ana，向您介紹我們的結果和指導。

Thank you, Jim, and good afternoon, everyone. Our global team continues to execute on our mission, and we delivered another quarter of strong financial results. Third quarter results exceeded our expectations. We achieved 25% revenue growth, driven by total Omnipod growth of 26%.

謝謝吉姆，大家下午好。我們的全球團隊繼續執行我們的使命，我們又一個季度實現了強勁的財務表現。第三季業績超出了我們的預期。在 Omnipod 總成長 26% 的推動下，我們的營收成長了 25%。

Our estimate global retention remained stable, and utilization was slightly higher than prior year. As Jim mentioned, we grew both, global and US new customer starts sequentially.

我們估計的全球保留率保持穩定，利用率略高於去年。正如吉姆所提到的，我們在全球和美國的新客戶數量都在持續成長。

Foreign currency had a favorable impact on total company reported revenue of 30 basis points versus our guide. US Omnipod growth was 23%, finishing near the high end of our guidance range, driven by ongoing strong demand for Omnipod 5. Our US revenue growth continues to be primarily driven by increased volume resulting from our success expanding our customer base, and the Omnipod 5 integration with G7 is quickly gaining momentum.

與我們的指導相比，外幣對公司報告總收入產生了 30 個基點的有利影響。在 Omnipod 5 持續強勁需求的推動下，美國 Omnipod 成長率為 23%，接近我們指導範圍的高端。我們在美國的收入成長仍然主要受到我們成功擴大客戶群帶來的銷售成長的推動，並且 Omnipod 5 與 G7 的整合正在迅速獲得動力。

We are excited about the opportunity that our Omnipod 5 Type 2 label expansion brings to drive further growth in our business. We are seeing an uptick in Type 2 new customer starts following the FDA clearance, which, given the nature of our annuity model, we expect to contribute meaningfully to revenue starting in 2025. Lastly, US utilization trends were consistent with the prior year.

我們對 Omnipod 5 Type 2 標籤擴展帶來的推動我們業務進一步成長的機會感到非常興奮。我們看到 FDA 批准後 2 類新客戶開始增加，考慮到我們年金模型的性質，我們預計將從 2025 年開始對收入做出有意義的貢獻。最後，美國的利用率趨勢與前一年一致。

Turning to International, where our team delivered another impressive quarter and once again sizably exceeded our expectations. In Q3, we drove growth in all of our international markets. We achieved International Omnipod revenue growth of 35%, primarily fueled by continued strong demand for Omnipod 5.

轉向國際市場，我們的團隊再次交付了令人印象深刻的季度業績，並再次大大超出了我們的預期。第三季度，我們推動了所有國際市場的成長。我們的國際 Omnipod 營收成長了 35%，這主要得益於對 Omnipod 5 持續強勁的需求。

Last year's launches in the UK and Germany are driving growth in revenue and new customer starts. And while still early days, we are seeing increased demand for Omnipod 5 in France and the Netherlands as well as for our recent integrations with Libre 2 Plus.

去年在英國和德國的推出推動了收入和新客戶的成長。雖然還處於早期階段，但我們看到法國和荷蘭對 Omnipod 5 的需求以及我們最近與 Libre 2 Plus 的整合的需求不斷增加。

While volume is the largest contributor to revenue growth, international revenue also benefited from higher pricing as new and existing customers adopt Omnipod 5. International utilization trends remained slightly elevated versus the prior year due to higher initial Omnipod 5 orders, similar to what we saw following the US Omnipod 5 launch. We remain well positioned for further growth with more Omnipod 5 launches starting in early 2025.

雖然銷售量是收入成長的最大貢獻者，但隨著新客戶和現有客戶採用 Omnipod 5，國際收入也受益於更高的定價。由於 Omnipod 5 初始訂單增加，國際利用率趨勢仍較前一年略有上升，這與我們在美國推出 Omnipod 5 後看到的情況類似。我們仍處於進一步成長的有利位置，從 2025 年初開始將推出更多 Omnipod 5。

On a reported basis, foreign currency was favorable 130 basis points over the prior year and 230 basis points versus our guide. Drug delivery revenue was $10 million, which was above our guidance range due to an increase in orders from our partner.

根據報告，外幣匯率較前一年有利 130 個基點，較我們的指導有利 230 個基點。由於我們合作夥伴的訂單增加，藥物輸送收入為 1000 萬美元，高於我們的指導範圍。

Gross margin was 69.3%, up 150 basis points, primarily driven by pricing benefits in both the US pharmacy channel and our international markets as well as ongoing improved manufacturing efficiencies. We continue to drive margin expansion as we scale and execute on our initiatives to drive operational excellence across our business.

毛利率為 69.3%，成長 150 個基點，主要得益於美國藥局通路和國際市場的定價優勢以及製造效率的持續提高。隨著我們擴大規模並執行我們的舉措，以推動整個業務的卓越運營，我們將繼續推動利潤率的擴張。

Operating margin of 16.2% and adjusted EBITDA of 23.2% ,both exceeded our expectations, driven by our strong revenue and gross margin performances as well as the operational leverage we are realizing throughout our business.

16.2% 的營運利潤率和 23.2% 的調整後 EBITDA 都超出了我們的預期，這得益於我們強勁的收入和毛利率表現以及我們在整個業務中實現的營運槓桿。

From a tax perspective, last quarter, we discussed the release of a portion of our valuation allowance. In the third quarter, we released an additional $12 million, resulting in a noncash tax benefit in the period, which has been adjusted out for non-GAAP purposes.

從稅務角度來看，上季度我們討論了釋放部分估價津貼。第三季度，我們額外發放了 1,200 萬美元，從而帶來了該期間的非現金稅收優惠，該優惠已根據非公認會計準則目的進行了調整。

We anticipate releasing the remaining balance of $15 million in the fourth quarter. We continue to expect our 2024 non-GAAP effective tax rate to be in the range of 20% to 25% and for this to be the rate in 2025 as well.

我們預計在第四季度釋放 1500 萬美元的剩餘餘額。我們仍預期 2024 年非公認會計原則有效稅率將在 20% 至 25% 之間，2025 年也是如此。

Turning to cash and liquidity. We ended the quarter with approximately $900 million in cash and the full $300 million available under our credit facility. Our commitment to drive margin expansion, profitable growth, and positive free cash flow is paying up, resulting in our ability to invest in our business and strengthen our overall financial profile.

轉向現金和流動性。本季結束時，我們擁有約 9 億美元的現金以及我們信貸額度下可用的全額 3 億美元。我們對推動利潤率擴張、獲利成長和積極的自由現金流的承諾正在得到回報，使我們有能力投資於我們的業務並增強我們的整體財務狀況。

Now turning to our outlook, starting with our fourth quarter revenue. We expect total Omnipod revenue growth of 13% to 16%, and total company growth of 12% to 15%. For US Omnipod, we expect growth of 9% to 12%.

現在轉向我們的展望，從第四季的營收開始。我們預期 Omnipod 總營收成長 13% 至 16%，公司總營收成長 12% 至 15%。對於美國 Omnipod，我們預計將成長 9% 至 12%。

As a reminder, in the fourth quarter of 2023, we benefited from two stocking dynamics, totaling an estimated $30 million to $40 million. On a normalized basis, underlying growth in the fourth quarter of 2024 is expected to be approximately 21% in the midpoint of the guidance range.

提醒一下，2023 年第四季度，我們受益於兩次庫存動態，總計估計為 3,000 萬至 4,000 萬美元。在正常化的基礎上，預計 2024 年第四季的基本成長率約為 21%，處於指導範圍的中點。

For International Omnipod, we expect growth of 30% to 33%. On a reported basis, we now assume a favorable foreign currency impact of 100 basis points. Finally, we expect fourth quarter drug delivery revenue to be approximately $7 million to $8 million.

對於 International Omnipod，我們預計將成長 30% 至 33%。根據報告，我們現在假設有利的外匯影響為 100 個基點。最後，我們預計第四季的藥物輸送收入約為 700 萬至 800 萬美元。

As a result of our fourth quarter revenue expectations, we now expect the following for the full year. We are once again raising our expectations for total Omnipod revenue growth to a range of 21% to 22% and total company revenue growth to a range of 20% to 21%, putting us over $2 billion of total revenue for the year.

根據我們對第四季度收入的預期，我們現在預計全年的收入如下。我們再次將 Omnipod 總收入成長預期提高至 21% 至 22%，公司總收入成長至 20% 至 21%，使我們今年的總收入超過 20 億美元。

For US Omnipod, we are raising the low end of our revenue guidance range and now expect growth of 19% to 21%. For international Omnipod, we are raising our revenue growth expectations to a range of 25% to 27%.

對於美國 Omnipod，我們正在提高收入指導範圍的下限，目前預計將成長 19% 至 21%。對於國際 Omnipod，我們將營收成長預期提高至 25% 至 27%。

On a reported basis, we now assume a 100 basis point tailwind from foreign currency. Our outlook for our International business is strengthened by the success we are achieving with Omnipod 5, which has resulted in significant revenue outperformance and are raising International Omnipod full-year outlook by 1,700 basis points since the start of 2024. Lastly, for drug delivery, our outlook has improved, and we now expect a smaller decline in the range of 5% to 10%.

根據報告，我們現在假設外幣將帶來 100 個基點的推動力。Omnipod 5 的成功增強了我們對國際業務的展望，這帶來了顯著的收入表現，並將自 2024 年初以來國際 Omnipod 全年展望提高了 1,700 個基點。最後，對於藥物輸送，我們的前景有所改善，我們現在預計下降幅度較小，介於 5% 至 10% 之間。

Turning to 2024 gross and operating margins. Given our strong performance to date and confidence in our outlook, we now expect gross margin to be approximately 69%. We also remain committed to driving further operating margin expansion as we continue to gain efficiencies across our organization and improve our operating leverage. Even as we continue to heavily invest for the long-term profitable growth. As a result, we are once again raising operating margin guidance another 50 basis points to approximately 14.5%.

轉向 2024 年毛利率和營業利潤率。鑑於我們迄今為止的強勁業績以及對前景的信心，我們現在預計毛利率約為 69%。隨著我們繼續提高整個組織的效率並提高我們的營運槓桿，我們仍然致力於推動營運利潤率的進一步擴大。即使我們繼續大力投資以實現長期獲利成長。因此，我們再次將營業利益率指引再提高 50 個基點，達到約 14.5%。

In closing, Insulet continues to be the market leader. Our expanding profitability and free cash flow drive our ability to continue to invest in our many growth catalysts. Our cascade of innovation and market expansion strengthen our long runway for sustainable profitable growth. With that, operator, please open the line for questions.

最後，Insulet 仍然是市場領導者。我們不斷擴大的獲利能力和自由現金流推動了我們繼續投資於許多成長催化劑的能力。我們的級聯創新和市場擴張強化了我們實現永續獲利成長的長遠道路。那麼，接線員，請開通提問線路。

(Operator Instructions) Robbie Marcus, JPMorgan.

（操作員指示）Robbie Marcus，摩根大通。

Great. Congrats on a really nice third quarter. My one question. This quarter, Europe really stood out. Sizable beat, you said it was number one, new patient winner, and pricing helped. So I just wanted to help clarify a few things. Is that number one in just the countries you're selling in? Or is that number one overall in Europe, which would be really impressive?

偉大的。恭喜第三季非常精彩。我的一個問題。本季度，歐洲確實表現突出。相當大的擊敗，你說它是第一，新患者獲勝者，定價也有幫助。所以我只是想幫忙澄清一些事情。是否僅在您銷售的國家/地區排名第一？還是歐洲整體排名第一，這真的很令人印象深刻？

How do we think about the magnitude of new patient growth? And if you want to throw US in there as well, happy to hear that. And how do we think about the benefit of price and how sustainable is that? And how much more is to go in Europe?

我們如何看待新患者成長的幅度？如果你也想把美國也放進去，很高興聽到這個消息。我們如何看待價格的好處以及它的可持續性如何？歐洲還有多少路可走？

Thanks, Robbie. Thanks for the question, and thanks for your congrats. The number one is in the markets we serve in Europe. So we're number one across. And the reason we think that's impressive is because, of course, we don't have Omnipod 5 yet in all the markets we serve.

謝謝，羅比。謝謝你的提問，也謝謝你的祝賀。第一名是我們在歐洲服務的市場。所以我們是第一名。我們認為這令人印象深刻的原因當然是因為我們在我們服務的所有市場中還沒有 Omnipod 5。

So in the countries where we're present internationally, Omnipod 5 is the number one pump. And so we had a really strong quarter that way. The magnitude of the growth has been terrific. So UK and Germany continues strong.

因此，在我們開展國際業務的國家/地區，Omnipod 5 是排名第一的泵浦。因此，我們度過了一個非常強勁的季度。成長的幅度是驚人的。因此，英國和德國繼續保持強勢。

Netherlands and France are really just ramping, and we expect that to continue. So we're really pleased with the new customer starts growth in Europe. And you had a second question on the US I'm going to turn to Ana, but maybe somebody can remind me what the second part of the US was.

荷蘭和法國確實正在崛起，我們預計這種情況將持續下去。因此，我們對新客戶在歐洲開始成長感到非常高興。你還有關於美國的第二個問題，我將轉向安娜，但也許有人可以提醒我美國的第二部分是什麼。

Yes. Maybe I'll touch on pricing in International. The way to think about it is markets where we've been present with Omnipod 5 a little bit longer, like the UK and Germany, are getting to that anniversary time period. So just to remind you, where we've launched Omnipod 5, we've gone to those health ministries, and they have given us a premium for that because they see the value.

是的。也許我會談談國際定價。考慮這個問題的方式是，我們推出 Omnipod 5 的時間稍長的市場（例如英國和德國）即將迎來週年紀念。所以提醒您，我們在推出 Omnipod 5 的地方，已經聯繫了那些衛生部，他們為此給了我們溢價，因為他們看到了其中的價值。

And we anticipate that as we go to new markets -- by the way, France is early stages, but we'll be rolling out in another 10 markets as we move into 2025 here, we anticipate some countries will be going through their annual cycle, not having that bump in a year-over-year variance, but new ones are going to be ramping up.

我們預計，當我們進入新市場時——順便說一下，法國還處於早期階段，但當我們進入 2025 年時，我們將在另外 10 個市場推出，我們預計一些國家/地區將經歷其年度週期，年比差異沒有那麼大，但新的數量將會增加。

So bottom line is we anticipate to see price accretion in the international markets as we move into 2025. Maybe the other part of the question?

因此，最重要的是，隨著我們進入 2025 年，我們預計國際市場的價格將會上漲。也許問題的另一部分？

It was just on magnitude of new patient growth.

這只是新患者成長的幅度。

Yes. So new patient growth in Europe was stable in the quarter, which was terrific, because we would normally see some cyclicality, some seasonality in the summer months in Europe. So stable, really strong new customer starts with France, in particular, are just beginning to ramp.

是的。因此，本季歐洲的新患者成長穩定，這非常棒，因為我們通常會在歐洲的夏季看到一些週期性和季節性。如此穩定、真正強大的新客戶，尤其是來自法國的客戶才剛開始增加。

So we were pleased with that. And then in the US, we had really good new customer starts, clear and strong sequential growth in the US in both Type 1 and Type 2, leading the way with MDI.

所以我們對此感到滿意。然後在美國，我們的新客戶開局非常好，1 型和 2 型在美國都有明顯而強勁的連續成長，其中 MDI 處於領先地位。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you. Good afternoon. Look, I don't want to steal Larry's 2025 guidance question. So let me start with a higher-level question, if I could. Jim. Over the past year or two, in the US, I think we've been adding probably 4 to 5 points of T1 penetration each year and maybe 0.5 point or a bit more T2.

謝謝。午安.聽著，我不想竊取 Larry 的 2025 年指導問題。如果可以的話，讓我從一個更高層次的問題開始。吉姆.在過去的一兩年裡，在美國，我認為我們每年可能會增加 4 到 5 個點的 T1 滲透率，可能會增加 0.5 個點或更多一點的 T2 滲透率。

When I look at your business or maybe even more broadly, I guess, across the industry, when I think about manufacturers, when I think about payers, when I think about HCPs, is the bandwidth there that a T2 annual penetration moves to 2 or 3 points in a year or two?

當我審視您的業務時，或者更廣泛的範圍內，我想，在整個行業中，當我想到製造商時，當我想到付款人時，當我想到HCP 時，T2 年滲透率移動到2或一兩年就拿3分？

Does 4 to 5 points of T1, 2 to 3 of T2, does that equal 6, 7 points of penetration each year for the market? Or is that going to be something less because one plus one isn't two because there's, I don't know, prior auth headwinds, there's capacity constraints on manufacturing front, doctors only have so much chair time. Can the industry really handle kind of this potential uptick in T2 and keep the T1 penetration going at the same pace it's been going here in the last year or two.? Thanks.

T1 4 到 5 個點，T2 2 到 3 個點，是否等於每年市場滲透 6、7 個點？或者這會變得更少，因為一加一不等於二，因為我不知道，事先的認證阻力，製造方面的能力限制，醫生只有這麼多的主席時間。該行業是否真的能夠應對 T2 的這種潛在增長，並保持 T1 的滲透率與過去一兩年的速度相同？謝謝。

Thanks, Jeff. That's a great question. It's a little bit of a complicated question. So let me just answer it from our point of view and what we're doing. We continue to lead and extend Type 1. We continue to drive MDI growth in Type 1, where they're very clear leaders. So we intend to continue to be the leader and extend our lead in the Type 1 market, which, of course, drives penetration because we're the player that's clearly leading in MDI and growing the market.

謝謝，傑夫。這是一個很好的問題。這是一個有點複雜的問題。因此，讓我從我們的角度和我們正在做的事情來回答這個問題。我們繼續引領並擴展 Type 1。我們繼續推動 1 類 MDI 的成長，他們是非常明顯的領導者。因此，我們打算繼續成為領導者並擴大我們在 1 類市場的領先地位，這當然會推動滲透率，因為我們是 MDI 領域明顯領先並不斷發展市場的參與者。

On the Type 2 side, we see that as an additive opportunity. The penetration in Type 2 is very low for AID in Type 2, and we saw a nice lift in September. So we feel really good about our position there as the first and only player with an indication for use in AID in the Type 2 space.

在第 2 類方面，我們認為這是一個附加機會。2 類 AID 的滲透率非常低，但我們在 9 月看到了不錯的提升。因此，我們對自己的地位感到非常滿意，因為我們是第一個也是唯一一個在 Type 2 空間中使用 AID 的跡象的玩家。

In terms of the penetration number, we can certainly grow both, and we will grow both. The Type 2 will take some market development, but we're already seeing a lift. And we think, over the next handful of years, penetration can grow in Type 2 2x or 3x over the span, maybe beyond. It's early days. And so we'll be leading and developing that market, and we'll continue to lead and develop both Type 1 and Type 2.

就滲透率而言，我們當然可以兩者都成長，而且我們也會兩者成長。Type 2 還需要一些市場開發，但我們已經看到了成長。我們認為，在接下來的幾年裡，Type 2 的滲透率可能會在整個跨度內增加 2 倍或 3 倍，甚至可能更高。現在還早。因此，我們將領導和開發該市場，並且我們將繼續領導和開發 1 型和 2 型市場。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

Thanks for getting me back on. Not to steal Larry's thunder, but I know you're not going to guide on 2025 on this call, but I would like a higher level, like to think about kind of the opportunity you've got with new patient starts in 2025 with Type 2.

謝謝你讓我重新回來。不是要搶Larry 的風頭，但我知道你不會在2025 年的這次電話會議上提供指導，但我想要一個更高的水平，想考慮一下你在2025 年開始使用Type 的新患者所獲得的機會2.

Just kind of all the puts and takes on '25 that you're thinking at this point. And one of your competitors talking about competitive dynamics, would love to hear how you're thinking about the competitive landscape as you move into '25 as well. Thank you.

這就是你現在想到的關於 25 年的所有看跌和接受。您的一位競爭對手在談論競爭動態時，也很想聽聽您如何看待進入 25 年後的競爭格局。謝謝。

Great. I'll start with the guidance and maybe Jim will jump in with some of these competitive dynamics. But we're really excited with our growth prospects and where we're here positioned as we're coming to an end here in the fourth quarter.

偉大的。我將從指導開始，也許吉姆會加入其中一些競爭動態。但我們對我們的成長前景以及我們目前的定位感到非常興奮，因為我們將在第四季結束。

We are -- as you indicated here, we're going to return to the industry standard of providing guidance as we get to the February marks of our annual cycles. And at that point, we'll be able to provide the best and most complete picture.

正如您在此指出的，當我們進入年度週期的二月時，我們將恢復提供指導的行業標準。到那時，我們將能夠提供最好、最完整的圖片。

But just to give you some color, and I'll start here with revenue, which is what drives our entire P&L here. You're very well aware of the cascade of innovations. Really, in the US, they really launched here in the second half. And that's where you've seen the sequential new customer starts uptake and those types of things. As you know, we're in the annuity model, so most of that revenue growth will come as we move into 2025.

但只是為了給你一些說明，我將從收入開始，這是推動我們整個損益表的因素。您非常清楚一連串的創新。確實，在美國，他們確實是在下半年推出的。這就是您看到連續新客戶開始吸收以及諸如此類的事情的地方。如您所知，我們採用年金模式，因此大部分收入成長將在進入 2025 年時實現。

And then for the international markets, I started talking about some markets where we launched earlier. We'll go through that anniversary cycle and new ones will start ramping. So again, those are the key dynamics.

然後對於國際市場，我開始談論我們之前推出的一些市場。我們將經歷這個週年紀念週期，新的周年週期將開始增加。再說一遍，這些都是關鍵動力。

I've touched already on a little bit of price in the international markets, where we're going to see greater strength in the US. We believe the majority of our growth will come from the base customer start that we're growing right now as we grow our NCS. So again, we feel very well positioned, and we'll provide you a lot more color as we move into February.

我已經談到了國際市場的一些價格，我們將在美國看到更大的實力。我們相信，我們的大部分成長將來自於我們現在隨著 NCS 的發展而不斷成長的基礎客戶。再說一遍，我們感覺自己處於非常有利的位置，進入二月後，我們將為您提供更多的色彩。

Yeah. Thanks, Ana. I'll just chime in on the competitive dynamic, Travis. We do have one competitor that comments a lot on the competitive dynamics in the market. And I'll just say, here's what we know.

是的。謝謝，安娜。崔維斯，我只是插話一下競爭動態。我們確實有一位競爭對手對市場競爭動態發表了許多評論。我只想說，這就是我們所知道的。

We have industry-leading retention that remains very high and stable. And with regard to that one kind of noisy competitor, we've actually, two quarters in a row now, seen an uptick of conversions coming from them on to Omnipod 5. So that's what we know.

我們擁有業界領先的保留率，並且保持非常高且穩定。對於這種吵鬧的競爭對手，我們實際上已經連續兩個季度看到他們轉向 Omnipod 5 的轉換率有所上升。這就是我們所知道的。

I would just remind -- and by the way, Omnipod 5 is so differentiated that we have continued to enjoy ever since launch competitive conversions coming on to the platform because patients find it easy to use. It has all the advantages we've talked about.

我只想提醒一下，順便說一句，Omnipod 5 是如此與眾不同，自從在該平台上推出有競爭力的轉換以來，我們一直很享受，因為患者發現它易於使用。它具有我們談到的所有優點。

But I'll just remind everybody that our focus is actually on driving growth in the market by focusing on bringing people who are on MDI, multiple daily injections, onto Omnipod 5 therapy. And we are the very clear leader in the MDI part of the market.

但我只想提醒大家，我們的重點實際上是專注於讓接受 MDI（每日多次注射）的人接受 Omnipod 5 療法來推動市場成長。我們是 MDI 市場領域的明顯領導者。

In fact, I would -- ever since we launched Omnipod 5 in August of 2022, every quarter, we have added more patients coming off of MDI on to AID therapy with Omnipod 5 than all of our competitors combined. And that dynamic continues very clearly today.

事實上，自從我們在 2022 年 8 月推出 Omnipod 5 以來，每個季度我們使用 Omnipod 5 接受 AID 治療的患者數量都超過了我們所有競爭對手的總和。這種動態今天仍然非常明顯。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Hey, good afternoon. Thank you. I have a question on Type 2, the commercial preparation there, maybe it's a 2-parter. One, on the field force investment, can you quantify kind of cumulatively, when you get through this cycle, how much you're expanding the rep base by? That's part one.

嘿，下午好。謝謝。我有一個關於 Type 2 的問題，那裡的商業準備，也許是 2 人合作。第一，在現場人員投資方面，您能否累積量化，當您度過這個週期時，您將代表基礎擴大了多少？這是第一部分。

Part two then is on the doctors’ side. I heard, in the US, 22,000 HCPs are prescribing Omnipod 5. I'm curious for like Type 2, do you have a sense for how many of those folks have ever written a DASH script? Kind of just interested what the share of wallet opportunity might be for Type 2 versus just getting those HCPs to write Type 2 for the first time.

第二部分則屬於醫師一方。我聽說，在美國，有 22,000 名 HCP 正在開設 Omnipod 5。我很好奇像 Type 2 這樣的人，你知道有多少人曾經寫過 DASH 腳本嗎？只是感興趣的是，與讓這些 HCP 第一次編寫 Type 2 相比，Type 2 的錢包機會份額可能會是多少。

Thanks, Mike. Great questions. I don't want to get into actually quantifying and say, headcount or spend. It's -- the spending is contemplated in our guide, in our margin guide. But what I -- let me try and answer your question this way, which is, what we're doing is we are extending our current commercial model into more accounts. And we've gotten a lot better during 2024 targeting according to opportunities. So you know that most of our call point, historically, has been with endocrinology practices.

謝謝，麥克。很好的問題。我不想進行實際量化，例如人數或支出。我們的指南、我們的利潤指南中考慮了支出。但我——讓我嘗試這樣回答你的問題，也就是說，我們正在做的是將我們當前的商業模式擴展到更多的帳戶。2024 年，我們根據機會進行了定位，並且取得了巨大進步。所以你知道，從歷史上看，我們的大部分呼籲點都是內分泌學實踐。

And what we're doing is taking our current commercial model into, extending that into also high-writing PCP practices. And so maybe to put some scale in, I would say, we think, in our current call point, we reached roughly 30% or so of Type 2 users who are on insulin-intensive MDI-Type therapy. And as we extend into those high-writing practices, we get to north of 40% of those Type 2 MDI insulin-using patients.

我們正在做的是將我們目前的商業模式納入，並將其擴展到高寫作 PCP 實踐中。因此，也許為了擴大規模，我想說，我們認為，在我們目前的呼籲點中，我們達到了大約 30% 左右接受胰島素強化 MDI 型治療的 2 型用戶。當我們擴展到這些高水準寫作實踐時，我們發現使用 2 型 MDI 胰島素的患者中有 40% 以上。

Now we also will extend, so our current call point treats some basal-only patients and that high-writing PCP has a higher mix of basal-only patients, and so we'll get to more of those patients as well. But that might give you a sense of the scale of the expansion here from reaching about 30% of those Type 2 intensive users to about 40% of those Type 2 users.

現在我們也將擴展，所以我們目前的呼叫點治療一些僅基礎的患者，並且高寫作 PCP 具有更高的僅基礎患者的組合，因此我們也會接觸到更多的此類患者。但這可能會讓您感受到這裡的擴展規模，從達到 2 類密集型用戶的約 30% 到 2 類用戶的約 40%。

And then just as a reminder, we've actually expanded the sales force. It's a very consistent thing for us to do to expand the sales force. So we've successfully done some expansion in '24, and now we're planning to extend the same very robust commercial model in Q4 and into '25.

提醒一下，我們其實已經擴大了銷售團隊。擴大銷售團隊是我們一貫的做法。因此，我們在 24 年成功地進行了一些擴展，現在我們計劃在第四季和 25 年將同樣強大的商業模式擴展。

Danielle Antalffy, UBS.

丹妮爾·安塔菲，瑞銀集團。

Good afternoon, guys. Thanks so much for taking the question and congrats on a really strong quarter here. Just a quick question. As we think about the Q4 guidance and how you're thinking about the US Omnipod line item, specifically. It does come in at the midpoint below consensus, but you just beat the consensus number.

下午好，夥計們。非常感謝您提出這個問題，並祝賀本季的表現非常強勁。只是一個簡單的問題。當我們考慮第四季度的指導以及您如何看待美國 Omnipod 訂單項目時，具體而言。它確實位於共識以下的中點，但你剛剛超過了共識數字。

So I just want to make sure we're considering everything in what is usually a seasonally stronger quarter from a deductible perspective and make sure I'm not missing anything there. Thanks so much.

因此，我只是想確保我們從免賠額的角度考慮通常是季節性較強的季度的一切，並確保我沒有遺漏任何內容。非常感謝。

Great. Thanks, Danielle, for your question. Absolutely correct. At the midpoint, our US Omnipod guidance is below consensus, and it reflects -- I just want to remind everyone, it's a 21% growth on a normalized basis for the stocking activities that we saw a year ago. But at the high end of our guide, we are in line, the consensus falls within that line.

偉大的。謝謝丹妮爾的提問。絕對正確。在中點，我們的美國 Omnipod 指引低於共識，這反映出──我只是想提醒大家，我們一年前看到的庫存活動在正常化基礎上成長了 21%。但在我們的指南的高端，我們是一致的，共識也在這條線之內。

And it reflects actually that US Omnipod will have grown more than 20% in each quarter of the 2024 calendar year. We see a lot of great traction and drivers. We see the trajectory, and we're really well positioned here.

這實際上反映了美國 Omnipod 在 2024 年每季的成長都將超過 20%。我們看到了很多強大的牽引力和驅動力。我們看到了軌跡，我們在這裡的位置確實很好。

Our guidance really reflects our best available information at the moment, and that's what we're giving you all. So we are very excited and very well positioned to be at the midpoint of our full year guidance range at the 20% mark for US Omnipod.

我們的指導確實反映了我們目前最好的可用信息，這就是我們為大家提供的信息。因此，我們非常興奮，並且處於非常有利的位置，美國 Omnipod 的成長率達到了全年指導範圍的中點 20%。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Perfect. Thank you so much. Perfect. Yes, just one from me. But the Type 2 side of things, obviously, label cleared. You said that there was an improvement as you moved through the quarter. I'm just curious, initial feedback from patients. I know you've had some experience in that market already.

完美的。太感謝了。完美的。是的，只有我的一份。但顯然，Type 2 方面的標籤已經被清除了。您說隨著本季的進展，情況有所改善。我只是好奇患者的初步回饋。我知道您已經在該市場有了一些經驗。

But any learnings that surprised you that would have formed your thinking about what the ramp of that curve could look like as you move into next year? Just as you get your feet on the ground, how are you feeling it? And has there been anything that surprised you versus previous expectations? Thanks.

但是，是否有任何讓您感到驚訝的知識會形成您對進入明年時該曲線的斜坡可能會是什麼樣子的思考？當你雙腳踩到地面時，你感覺如何？與先前的預期相比，有什麼事情讓您感到驚訝嗎？謝謝。

Thanks, Patrick, and thanks very much for the question. We did -- I would first -- I'll just say, I was so proud of our team because we didn't expect the label. We didn't expect the clearance until later in Q4, and we got it with a month to go in Q3. And so I was really proud of our team's ability to pull together and get everything done that we needed to get done to launch with clearance. And so that was terrific.

謝謝帕特里克，非常感謝你提出這個問題。我們做到了——我首先——我只是說，我為我們的團隊感到非常自豪，因為我們沒想到會有這個標籤。我們沒想到要等到第四季晚些時候才能獲得許可，而我們在第三季還有一個月的時間就獲得了許可。因此，我對我們的團隊能夠齊心協力完成我們需要完成的一切工作並獲得許可而感到自豪。這太棒了。

And we did see a lift in September from MDI -- the MDI patients that are coming from Type 2. So it was a nice lift on the Type 2 side. I think that what we've learned, both in the month of September, but also over the course of our Omnipod GO pilot, as we went into the practices and really tested that model out is that, first, there are just a lot of Type 2 patients out there in the world who are on insulin therapy. They might be on a GLP-1, and they still struggle with glycemic control. They still have A1cs out of control. So there's a lot of demand there.

我們確實看到 9 月 MDI（來自 2 型 MDI 的患者）數量增加。所以對於 Type 2 來說這是一個很好的提升。我認為，無論是在 9 月份，還是在 Omnipod GO 試點過程中，當我們進入實踐並真正測試該模型時，我們都了解到，首先，有很多世界上有接受胰島素治療的 2 型患者。他們可能正在服用 GLP-1，但仍難以控制血糖。他們的 A1cs 仍然失控。所以那裡有很多需求。

And the SECURE-T2D trial showed really clearly that those patients can benefit. And the other thing we've learned is that those practices, maybe -- so I would say, high-writing PCP practices that maybe have not prescribed pumps historically.

SECURE-T2D 試驗非常清楚地表明這些患者可以受益。我們了解到的另一件事是，這些實踐，也許——所以我想說，高水平的 PCP 實踐可能在歷史上從未規定過泵。

They really have a keen interest to understand AID technology. And they have an even keener interest once they see Omnipod because they have a preexisting conception that pumps are big, hard-to-use tubed things with cannulas and needles and so on.

他們確實對了解 AID 技術抱有濃厚的興趣。一旦他們看到 Omnipod，他們就會產生更濃厚的興趣，因為他們有一個預先存在的觀念，即泵是巨大的、難以使用的帶有插管和針頭等的管狀物體。

And when they see Omnipod, they see how simple it is. And we see that out in the market already as we promote, and we saw, interestingly, even with our investigators who took part in SECURE-T2D, that was one of the things that was really prominently mentioned by our investigation sites is how simple Omnipod 5 was for them and for many of them, how that was counter to their expectation.

當他們看到 Omnipod 時，他們會發現它是多麼簡單。當我們推廣時，我們已經在市場上看到了這一點，有趣的是，即使我們的調查人員參與了 SECURE-T2D，我們的調查網站真正突出提到的事情之一就是 Omnipod 是多麼簡單5 對於他們和他們中的許多人來說，這與他們的期望相反。

So those are pleasant surprises. And we're very, very bullish on continuing to develop that market and drive growth, given the need, the clinical need for people who are not controlled, even though they might be on insulin and maybe on a GLP-1 already, and given the interest that doctors are showing in the ease of use of Omnipod 5.

所以這些都是驚喜。考慮到不受控制的人們的臨床需求，我們非常非常看好繼續開發該市場並推動成長，即使他們可能已經在使用胰島素，也可能已經在使用 GLP-1，並考慮到醫生對Omnipod 5 的易用性表現出興趣。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good afternoon. Thanks for taking the question. And I guess, Jeff, is such a smart man. I do have a follow-up on the question Danielle asked earlier, but just a different angle here. So Jim, the Q4 underlying US Omnipod growth, as you said, is about 21%, which does imply a deceleration from Q3 if we adjust for the stocking a year ago, I think, in Q3.

午安.感謝您提出問題。我想，傑夫，是一個非常聰明的人。我確實對丹妮爾之前提出的問題進行了跟進，但這裡只是一個不同的角度。所以吉姆，正如您所說，美國Omnipod 的第四季度基本增長約為21%，這確實意味著如果我們對一年前的庫存進行調整，我認為在第三季度，這確實意味著比第三季度有所減速。

So how should we think about the 21% underlying growth in the context of 2025? Does the Type 2 launch help maintain or accelerate the US Omnipod growth off of the Q4 underlying growth?Thank you.

那麼，我們該如何看待 2025 年 21% 的潛在成長呢？Type 2 的推出是否有助於維持或加速美國 Omnipod 在第四季度基礎成長基礎上的成長？你。

Yes. I'll start with that one. So again, growth over 20%, we're excited by that. The thing to remember is a lot of these NCS sequential and growth we're experiencing also out of our Type 2. Given our annuity model, we're going to see more of that benefit as we progress through the quarters here into 2025. So that would be the main driver here for our confidence and our excitement as we move forward. I don't know if there --

是的。我將從那個開始。成長再次超過 20%，我們對此感到興奮。需要記住的是，我們在 Type 2 中也經歷了許多 NCS 連續性和成長。鑑於我們的年金模式，隨著我們進入 2025 年的各個季度，我們將看到更多的好處。因此，這將是我們前進過程中信心和興奮的主要驅動力。不知道有沒有--

Yes. I'll just add. As Ana said, we're -- our approach to this is to be very transparent with our best available estimates, and that's what we're giving you. We feel very confident in our guide. And if I go back to the new customer start dynamic, obviously, we had clear sequential new customer start growth in the US At least, by the way, we would have had even without the lift in Type 2. So we had clear sequential growth in NCS in Type 1. We had clear sequential growth in NCS in Type 2.

是的。我就補充一下。正如安娜所說，我們對此的方法是非常透明地提供我們最好的估計，這就是我們為您提供的。我們對我們的指南非常有信心。如果我回到新客戶啟動動態，顯然，我們在美國有明顯的新客戶啟動連續成長，至少，順便說一句，即使沒有 2 類的提升，我們也會有成長。因此，1 型 NCS 的數量明顯連續成長。2 型 NCS 出現明顯的連續成長。

And as we said in our prepared remarks, we expect to have -- and we said this last quarter, but as we said in our prepared remarks, we expect to have year-over-year growth for the second half in the US. So the dynamic is really clear. We're confident in our guide. The Type 2 growth gives us even more confidence in our guide for Q4. But as you all know, with our annuity model, that revenue ramps into '25 will create a ramping effect.

正如我們在準備好的演講中所說，我們預計 - 我們在上個季度說過，但正如我們在準備好的講話中所說，我們預計美國下半年將實現同比增長。所以動態非常清楚。我們對我們的指南充滿信心。2 類成長讓我們對第四季的指南更有信心。但眾所周知，透過我們的年金模型，收入在 25 年後的成長將產生成長效應。

Margaret Kaczor Andrew, William Blair.

瑪格麗特·卡佐爾·安德魯，威廉·布萊爾。

Hey guys, thanks for taking the question. It's actually Jimmy on for Margaret tonight. I wanted to touch on operating margins. Really, really strong performance here this quarter. So maybe you can just talk to some of the points that are driving that leverage? And then as it relates to your confidence on sustaining that into next year?

嘿夥計們，感謝您提出問題。今晚實際上是吉米為瑪格麗特表演。我想談談營業利益率。本季的表現真的非常強勁。那麼也許您可以談談推動這種槓桿作用的一些要點？那麼，這關係到您對將這種情況維持到明年的信心嗎？

Thank you, Jimmy, for that. Great. No, we are very -- we have had delivered very strong margin growth, and we feel very strongly that we will continue. And as I've said before, we're benchmarking here to at least 100 basis points annually of that margin expansion. That's what we've said before, and we continue to believe that.

謝謝你，吉米。偉大的。不，我們非常——我們已經實現了非常強勁的利潤成長，我們強烈地認為我們將繼續下去。正如我之前所說，我們的基準是每年利潤率擴張至少 100 個基點。這就是我們之前說的，我們仍然相信這一點。

Some of the key components of that margin, as you can tell here, came from the gross margin expansion we have had. In addition, the scale that we have has allowed us to get some leverage in the operating -- in the base operating expenses as well. So as we continue to grow, we anticipate growth in gross margin. And I have also mentioned this before.

正如您在這裡可以看出的那樣，該利潤率的一些關鍵組成部分來自我們的毛利率擴張。此外，我們擁有的規模使我們能夠在營運中獲得一定的槓桿作用——在基本營運費用方面也是如此。因此，隨著我們的持續成長，我們預計毛利率將會成長。我之前也提到過這一點。

In gross margin, we anticipate the growth to be more moderate as we move forward. And the reason for that is we have benefited significantly in the US from price appreciation as we have moved out of the DME into the pharmacy channel. And now, as Jim mentioned in the prepared remarks, we're really at 100% of our volume roughly coming in through the pharmacy channel.

在毛利率方面，我們預計隨著我們的前進，成長將更加溫和。原因是我們在美國從價格上漲中受益匪淺，因為我們已經從 DME 轉向了藥房管道。現在，正如吉姆在準備好的發言中提到的那樣，我們實際上 100% 的銷量大致都是透過藥房管道進入的。

So that lift will be there going forward, but we have many other levers around efficiencies, around how we have volumes come from Malaysia, and a lot of other things. And in the international markets, we do anticipate some price accretion.

因此，這種提升將會繼續存在，但我們在效率、如何從馬來西亞獲得銷售以及許多其他方面還有許多其他槓桿。在國際市場上，我們確實預期價格會上漲。

So just to wrap it up here, we have benefits coming in from gross margin. And in addition to that, we have the leverage of our scale as we leverage our operating expenses.

總而言之，我們從毛利率中獲得了好處。除此之外，我們還可以利用我們的規模來槓桿營運費用。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

Hi, everyone. Thanks for taking my question. I just wanted to ask about the basal side of things. Obviously, you had a bit of a change in your strategy as flagged last quarter there. So just wanted to hear about what you're seeing from patients and providers on the basal side.

大家好。感謝您提出我的問題。我只是想問一些最基本的事情。顯然，正如上個季度所標記的那樣，您的策略發生了一些變化。所以只是想聽聽您從患者和提供者那裡看到的基礎方面的情況。

Any sign that you're seeing patients who are on basal perhaps intensifying and moving on to Omnipod now that it's more available to them? And just on Type 2 more broadly, I guess, any early learnings around retention and behavior for these patients?

有任何跡象表明您看到接受基礎治療的患者可能會加強治療，並轉向使用 Omnipod，因為現在他們更容易使用 Omnipod？我想，就更廣泛的 2 類患者而言，關於這些患者的保留和行為有什麼早期經驗嗎？

Thanks, Issie, for those questions. Let me start with the basal side. We already -- we know we already have a number of physicians out in the market who have been writing Omnipod 5 for basal-only patients off-label before we got the indication for use. And Omnipod 5 is just so simple to use and is very, very well suited to those patients for a number of reasons. And we will obviously promote to those patients.

謝謝伊西提出這些問題。讓我從基礎方面開始。我們已經知道，在我們獲得使用指徵之前，市場上已經有許多醫生已經為僅使用基礎藥物的患者編寫了 Omnipod 5。Omnipod 5 使用起來非常簡單，而且出於多種原因非常非常適合這些患者。我們顯然會向這些患者進行推廣。

The SECURE-T2D data showed really clearly that basal-only patients benefited. That study population had about 20% of the patients in it who are basal-only patients. And they have the same benefit as patients on -- that were on multiple daily injections.

SECURE-T2D 數據非常清楚地表明，僅接受基礎治療的患者受益。該研究族群中約有 20% 的患者是僅接受基礎治療的患者。他們與每天多次注射的患者俱有相同的益處。

And so we know it's a huge benefit to them. And the question is, who's out there that's on insulin therapy that's not controlled? That's really the target market. And that would be both intensive users and basal users. And as we extend our reach into those high-writing PCP practices, we'll find more and more of those patients. So we're bullish on both sides of the Type 2 market.

所以我們知道這對他們來說是一個巨大的優勢。問題是，誰在接受不受控制的胰島素治療？這才是真正的目標市場。這將包括密集用戶和基礎用戶。隨著我們將業務範圍擴大到那些高寫作的 PCP 實踐中，我們會發現越來越多的這類患者。因此，我們對 2 類市場的雙方都看好。

On retention, that's a really good question. Our customer base does include a portion of Type 2 patients. Our retention has remained strong. It's mostly Type 1, but our retention has remained very strong.

關於保留，這是一個非常好的問題。我們的客戶群確實包括一部分 2 型患者。我們的保留率仍然很高。大部分是類型 1，但我們的保留率仍然非常高。

We do anticipate over time that what we'll see is that Type 2 patients, they have a lot going on in their lives. They have a lot of comorbidities. I think we'll see different subsegments of Type 2 patients.

我們確實預計，隨著時間的推移，我們會看到 2 型患者的生活會發生很多事情。他們有很多合併症。我認為我們會看到 2 型患者的不同亞群。

And so in different parts of the Type 2 population, I think it's quite likely that we'll see different usage patterns and maybe some lower retention in parts of the Type 2 population. But all of those patients are incremental to our business, first, I would say. So it's all additional volume and additional patient growth for us.

因此，在 2 類人群的不同部分，我認為我們很可能會看到不同的使用模式，並且可能會在 2 類人群的部分部分中看到較低的保留率。但我想說，首先，所有這些患者都對我們的業務增加。因此，對我們來說，這都是額外的數量和額外的患者成長。

And over time, we'll be building more and more customized offerings for Type 2 patients, which is something we'll be doing over the next few months, several quarters. And really work with the Type 2 patients to make their experience on Omnipod 5 just as simple as possible so we can give them the same kind of market-leading retention on therapy and experience of therapy that we've given all of our patients historically.

隨著時間的推移，我們將為 2 型患者打造越來越多的客製化產品，這是我們將在接下來的幾個月、幾季中做的事情。真正與 2 型患者合作，使他們在 Omnipod 5 上的體驗盡可能簡單，這樣我們就可以為他們提供與我們歷史上為所有患者提供的相同的市場領先的治療保留和治療體驗。

Mike, Kratky, Leerink Partners.

麥克、克拉基、李林克合夥人。

Hi, everyone. Thanks for taking our questions. Can you provide some additional color on how much of a commercial impact you've seen, either positive or negative, from some of the CGM integrations that have transpired this year, both within your own products or competitors getting a bit of a head start? How meaningful of an impact would you say these integrations are having on new starts or your existing customer base or any commercial dynamics?

大家好。感謝您回答我們的問題。您能否提供一些額外的信息，說明您從今年發生的一些CGM 整合中看到的商業影響有多大，無論是積極的還是消極的，無論是在您自己的產品中還是在競爭對手中取得了一些先機？您認為這些整合對新公司、現有客戶群或任何商業動態產生的影響有多大？

Thanks, Mike. I'll start with that, and I don't know if Ana will want to add some commentary. Our sensor integrations have been terrific for us and for our patients. So in the middle of the year, in the US, we've launched our G7 integration.

謝謝，麥克。我就從這個開始，我不知道安娜是否願意添加一些評論。我們的感測器整合對我們和我們的患者來說都非常好。因此，今年年中，我們在美國啟動了 G7 整合。

G7, obviously, very highly prescribed sensor in the US market. We were really successful with that through specialty pharmacy and, obviously, are now fully in retail with the G7. And that's been a really material part of our new customer starts.

顯然，G7 是美國市場上規格非常高的感測器。我們透過專業藥局在這方面確實取得了成功，顯然，現在 G7 已完全零售。這是我們新客戶開始的一個非常重要的部分。

We still start a lot of G6 patients as well in the US market. So providing Choice of Sensors has been a big boon to our patients and for us and our new customer start growth.

我們仍然在美國市場開始大量 G6 患者的治療。因此，提供感測器選擇對我們的患者以及我們和我們的新客戶開始增長來說都是一個巨大的福音。

In Europe, obviously, we've launched in Europe initially with the G6 integration. And then we most recently launched a Sensor of Choice integration in the UK and the Netherlands. And so in those markets, the customer has a choice between the G6 sensor and the Libre 2 Plus Sensor. Those markets are both growing really well. And both of those -- both the Libre and the G6 integrations have done very well for us.

顯然，在歐洲，我們首先在歐洲推出了 G6 整合。最近，我們在英國和荷蘭推出了選擇感測器整合。因此，在這些市場中，客戶可以在 G6 感測器和 Libre 2 Plus 感測器之間進行選擇。這些市場都成長得非常好。Libre 和 G6 整合都為我們帶來了非常好的效果。

And we're very excited, as we said in our prepared remarks, to be bringing the Libre 2 Plus Sensor integration by the end of the year to the US. So we'll have three sensors available to customers in the US And every time we've launched a new sensor integration, it's been -- it provides more choice to our customers, which is obviously a benefit to them, but it's also given us tailwinds of growth.

正如我們在準備好的發言中所說，我們非常高興能夠在今年年底前將 Libre 2 Plus 感測器整合引入美國。因此，我們將為美國客戶提供三種感測器，每次我們推出新的感測器整合時，它都會為我們的客戶提供更多選擇，這顯然對他們有利，但也為我們帶來了好處成長的順風車。

Maybe I'll just add a perspective with our most recent iOS launch here with -- it applies right now in the US with the G6. But I mean the success that we're seeing with the amount of downloads to speed, how our customers are responding to it and everything, gives us even that greater confidence that we will continue in that path to have more of those available through iOS in the future. So I just wanted to add that commentary.

也許我會在這裡添加一個關於我們最近發布的 iOS 的觀點——它現在適用於美國的 G6。但我的意思是，我們所看到的下載量、速度、客戶的反應等等方面的成功，讓我們更有信心，我們將繼續沿著這條道路，透過 iOS 提供更多的下載服務。 。所以我只是想添加該評論。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Good afternoon. So I have a clarification and a question. Just a clarification on the international strength. You mentioned the slight uptick in utilization. To be clear, there was no stocking benefit to quantify. This is just a natural occurrence when you launch Omnipod 5. That's the clarification.

午安.所以我有一個澄清和一個問題。只是對國際實力的澄清。您提到利用率略有上升。需要明確的是，沒有可量化的庫存效益。當您啟動 Omnipod 5 時，這是很自然的事。這就是澄清。

The question is, just on your user base in the context of pricing, if 90% of the US users are on Omnipod 5, 25% in Europe, how high can your European base go in terms of Omnipod 5 adoption?

問題是，僅就定價方面的用戶群而言，如果 90% 的美國用戶使用 Omnipod 5，25% 的歐洲用戶使用 Omnipod 5，那麼您的歐洲用戶群對 Omnipod 5 的採用率能達到多少？

Great. I'll take the first part here. In terms of our international strength and the utilization uptick, we view that nothing to do with stocking. This is entirely to do with when you launch the new product, similar to what we saw in the US, probably at a little smaller degree, but people just get maybe a couple of -- two orders at once just to get some backups for their usage later. So we're seeing some of that similar dynamic in the international markets where we've launched.

偉大的。我將在這裡討論第一部分。就我們的國際實力和利用率上升而言，我們認為這與庫存無關。這完全與你推出新產品的時間有關，類似於我們在美國看到的情況，可能程度要小一些，但人們可能只是一次收到兩個訂單，只是為了為他們的產品獲得一些備份。使用。因此，我們在我們推出的國際市場上看到了一些類似的動態。

Yeah. Thanks, Jayson. I'll just -- on how high the usage of Omnipod 5 can go in our international markets, I would expect to see a very similar dynamic in international markets as we've seen in the US market, which is Omnipod 5 becomes the AID of choice, including in our own customer base. And so over time, as we bring Omnipod 5 across our international markets, I think it will be, by far, the predominant used products in our portfolio.

是的。謝謝，傑森。我只是 - 關於 Omnipod 5 在我們的國際市場上的使用率能達到多高，我希望在國際市場上看到與我們在美國市場看到的非常相似的動態，即 Omnipod 5 成為 AID選擇，包括我們自己的客戶群。因此，隨著時間的推移，當我們將 Omnipod 5 引入國際市場時，我認為它將成為迄今為止我們產品組合中的主要使用產品。

But we've talked about this before, in Europe, people are on contracts. And so even converting from -- in most markets, even converting from DASH on to Omnipod 5, we'll wait for the contract period to come up. It's usually a four-year reimbursement cycle for them. And so we won't see it move as quickly. But over time, we'll see Omnipod 5 is -- as our clearly leading offer in our portfolio in our international markets.

但我們之前已經討論過這一點，在歐洲，人們都是簽約的。因此，即使在大多數市場中從 DASH 轉換到 Omnipod 5，我們也會等待合約期間到來。他們的報銷週期通常為四年。所以我們不會看到它移動得那麼快。但隨著時間的推移，我們將看到 Omnipod 5 成為我們國際市場產品組合中明顯領先的產品。

And as we said, Omnipod 5 already, just with the markets we've launched in Europe, is the number one pump in Europe in the markets we serve. And so you can see the power of it. We expect to see really strong new customer starts as well as we get Omnipod 5 rolled out internationally.

正如我們所說，僅在我們在歐洲推出的市場中，Omnipod 5 就已經成為我們所服務的歐洲市場中排名第一的泵浦。所以你可以看到它的力量。我們期望看到真正強大的新客戶啟動以及我們在全球推出 Omnipod 5。

Matt Taylor, Jefferies.

馬特泰勒，杰弗里斯。

Hi. Thanks for taking the question. I guess I wanted to follow up on the Type 2. It's very exciting stuff. Your competitors put out some estimates with market research that they think the market could get to 25% penetration in a three- to five-year time frame for intensive Type 2 in the US.

你好。感謝您提出問題。我想我想跟進 Type 2。這是非常令人興奮的事情。您的競爭對手透過市場研究做出了一些估計，他們認為在三到五年的時間範圍內，美國 2 類集約化市場的滲透率可能會達到 25%。

And I guess, I was just wondering what your thoughts were on that? Do you agree with that number directionally? Do you think that's in the ballpark? Have you done any research to confirm that?

我想，我只是想知道你對此有何想法？你同意這個數字嗎？你認為那是在球場內嗎？你做過任何研究來證實這一點嗎？

Thanks, Matt. It's a great question. We're very bullish on Type 2. We have such a great opportunity with Type 2. And we're the first to market with AID, and we're the first to market an only AID in the market with the products that overtook all of the AID players in the Type 1 market.

謝謝，馬特。這是一個很好的問題。我們非常看好 Type 2。我們對 Type 2 有一個很好的機會。我們是第一個推出 AID 的公司，也是第一個推出市場上唯一 AID 的公司，其產品超越了 1 類市場中的所有 AID 廠商。

And if anything, I have -- I think we have a clear right to win in the Type 2 market because Omnipod 5 has all of the benefits.

如果有什麼不同的話，我認為我們有明確的權利贏得 Type 2 市場，因為 Omnipod 5 擁有所有優勢。

It's so easy use, easy to set up, available in pharmacy where patients get their insulin, easy access, pay as you go, all the things we talk about all the time. So I think we have a very, very clear right to win the Type 2 space. The SECURE-T2D data is really remarkable. And so we're very bullish on it.

它非常容易使用，易於設置，可以在藥房購買，患者可以在那裡獲得胰島素，使用方便，隨用隨付，所有這些都是我們一直在談論的。所以我認為我們有非常非常明確的權利來贏得 Type 2 空間。SECURE-T2D 資料確實非常出色。所以我們非常看好它。

I think we said earlier in Q&A that over the next handful of years, we think penetration could double or triple in the Type 2 space. We'll be the player that does that. It's very clear that we're developing the market. We're the ones who lead the market right now; we're number one in the market right now; and we're very optimistic about growth in the space. It's early days. We'll see where we can take it, but we think there's a big growth for us over the next few years in Type 2.

我想我們之前在問答中說過，在接下來的幾年裡，我們認為 2 型領域的滲透率可能會增加一倍或三倍。我們將成為做到這一點的球員。很明顯，我們正在開發市場。我們是目前市場的領導者；我們現在在市場上排名第一；我們對該領域的成長非常樂觀。現在還早。我們會看看我們能把它帶到哪裡，但我們認為在接下來的幾年裡，Type 2 會有很大的成長。

Matthew O’Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

God afternoon. Thanks so much for taking the question. Would love to talk about the pharmacy channel a little bit. You've had a competitor on the durable side in that space over the last few quarters. And then yesterday, your noisy competitor also mentioned that they just got their first contract signed.

上帝下午。非常感謝您提出問題。我很想談談藥局管道。在過去的幾個季度中，您在該領域的耐用方面有了競爭對手。昨天，你吵鬧的競爭對手也提到他們剛剛簽了第一份合約。

So can you just talk about your ability to defend your position in that channel? And then more specifically, on the pricing side, to make sure, because I know they're going to push on the pricing side once they get bigger and bigger there. How do you defend your pricing within the pharmacy channel?

那麼您能談談您在該管道中捍衛自己地位的能力嗎？然後更具體地說，在定價方面，為了確保這一點，因為我知道一旦他們變得越來越大，他們就會在定價方面推動。您如何捍衛藥局通路內的定價？

Great question. Thank you. I'll just start by saying that we have a very strong position in the pharmacy channel. And the reason we do is because Omnipod fits the pharmacy channel so well. First is the product, the consumable is the pump. It comes in a box. You get it at the same place you get your insulin. And we have Part D reimbursement, which is the pharmacy benefit reimbursement.

很好的問題。謝謝。首先我要說的是，我們在藥局管道中擁有非常強大的地位。我們這樣做的原因是 Omnipod 非常適合藥局管道。首先是產品，消耗品是泵浦。它裝在一個盒子裡。您可以在獲取胰島素的同一地點獲取它。我們有 D 部分報銷，即藥房福利報銷。

So the product is the channel. And it meets the needs of all the stakeholders in the channel. So it's very easy for patients to use. It's very easy for physicians to write because it's full pharmacy reimbursement. They can write a prescription. Often, they can write a prescription in a down -- in sort of a drop-down venue so that they can just send it to the local pharmacy.

所以產品就是通路。它滿足了通路中所有利害關係人的需求。因此患者使用起來非常方便。醫生寫起來很容易，因為它是全額藥房報銷。他們可以開處方。通常，他們可以在下拉式場所寫下處方，這樣他們就可以將其發送到當地藥房。

It's great for payers because we have very high member satisfaction for payers for patients who go on Omnipod 5. And it's great for PBMs because we do so much volume through the channel that our PBM partners get a lot of revenue off of our rebate money. And so it's a great business system for us and for all of our stakeholders, and we're very strongly positioned.

這對付款人來說非常好，因為對於使用 Omnipod 5 的患者，付款人對我們的會員滿意度非常高。這對於 PBM 來說非常好，因為我們透過該管道完成了大量業務，我們的 PBM 合作夥伴可以從我們的回扣中獲得大量收入。因此，這對我們和所有利害關係人來說都是一個很棒的業務系統，而且我們的地位非常強大。

As far as price goes, those are negotiations. We negotiate our PBM contracts every year. We're very used to it. There's a win-win there for volume against rebates for us. We have great relationships. And this is a capability we've built up over several years, relationships and contracts.

就價格而言，這些都是談判。我們每年都會協商 PBM 合約。我們已經很習慣了。對我們來說，銷售和回扣是雙贏的。我們關係很好。這是我們多年來透過關係和合約建立起來的能力。

We have many, many contracts with PBMs in the industry. And just as a reminder to everybody, we signed our first PBM contract in 2016 -- no, let me correct that. We started the process and negotiations in 2016. We signed our first contract in 2017. So we've had contracts with PBMs now for more than seven years. We have a lot of experience in this space, and we're very confident in our ability to defend our position.

我們與業內的 PBM 簽訂了很多很多合約。提醒大家，我們在 2016 年簽署了第一份 PBM 合約 - 不，讓我更正一下。我們於 2016 年開始了這項流程和談判。我們於 2017 年簽署了第一份合約。因此，我們與 PBM 的合約已經有七年多了。我們在這個領域擁有豐富的經驗，我們對捍衛自己地位的能力非常有信心。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

Can you guys have mentioned some of the work you're doing on fully closed-loop algorithms. It seems like, broadly, there's a push across the industry right now to develop offerings that would do a better job, helping those patients who aren't quite as actively engaged with managing their own disease.

你們能提到你們在全閉環演算法方面所做的一些工作嗎？總的來說，整個產業現在似乎都在推動開發能夠做得更好的產品，幫助那些不太積極參與管理自己疾病的患者。

Could you give us an update on where your work on that front stands? How you're thinking about it? Is this a solution for a narrow segment of users or something that has broader applicability? And then how close are you to having something that could be ready for commercial use?

能為我們介紹一下您在這方面的工作進度嗎？你想得怎麼樣？這是針對一小部分用戶的解決方案還是具有更廣泛適用性的解決方案？那麼您離擁有可用於商業用途的東西還有多遠呢？

Yes. Thanks, Chris. As you know, we've talked publicly, we talked at ADA about two separate and parallel algorithm development programs. But let me just start by saying something about our current algorithm. The Omnipod 5 algorithm is a great algorithm. It produces fantastic results.

是的。謝謝，克里斯。如您所知，我們在 ADA 上公開討論了兩個獨立且平行的演算法開發程式。但首先讓我談談我們目前的演算法。Omnipod 5 演算法是一個很棒的演算法。它產生了奇妙的結果。

You can see from our real-world evidence, which includes all of our users, in effect, that we see all corners of usage. We have industry-leading time and range with very low hypoglycemia. And so our current algorithm also responds really well to missed boluses.

您可以從我們的現實世界證據（實際上包括我們所有用戶）中看到，我們看到了使用的各個角落。我們擁有業界領先的時間和範圍，低血糖率非常低。因此，我們目前的演算法對於錯過的推注也能做出很好的反應。

So when Omnipod 5 senses a missed bolus, it will deliver a significant percentage of total daily insulin to bring the patient back into range. So our current algorithm performs really, really well at a population level and for all the individuals using it.

因此，當 Omnipod 5 檢測到漏輸時，它將提供每日總胰島素的很大一部分，使患者恢復到正常範圍。因此，我們目前的演算法在人口層面以及所有使用它的個人方面表現得非常非常好。

Now having said that, we have two programs working on different areas with different concepts. One of which, I would say, is closer to a fully closed-loop algorithm. But two, both of them have been accelerated because of all the evidence we get off of actual patient usage. So even after the first 30,000 patients on Omnipod, which was quarters ago, we were able to see patterns of usage that allowed us to do in silica simulations.

話雖如此，我們有兩個專案致力於不同領域、不同概念的專案。我想說，其中之一更接近完全閉環演算法。但有兩點，由於我們從患者的實際使用中獲得了所有證據，這兩項技術都加速了。因此，即使在幾個季度前，首批 30,000 名患者使用 Omnipod 後，我們仍然能夠看到允許我們進行二氧化矽模擬的使用模式。

So we use our data sciences and big data capabilities to simulate adjustments to the algorithm, and that's what's allowed us to get into early clinical trials with two different algorithm programs that we've shared some of that data over the course of the last year.

因此，我們利用數據科學和大數據功能來模擬對演算法的調整，這使我們能夠使用兩種不同的演算法程式進行早期臨床試驗，我們在去年分享了其中的一些數據。

So we see real opportunity to drive improved algorithms and with a couple of different approaches, and we're happy to be able to accelerate that program. But we also know we're delivering great glycemic control and outcomes in the market right now.

因此，我們看到了透過幾種不同的方法來推動改進演算法的真正機會，並且我們很高興能夠加速該程式。但我們也知道，我們目前正在市場上提供出色的血糖控制和成果。

Joanne Wuensch, Citi.

喬安妮‧溫施，花旗銀行。

Thank you so much for taking the question. I'm curious with just about a couple of things. I think I'm just going to start with the impact of integrating Libre and G7. I mean does that create sort of a step-up opportunity for you in terms of new patients? And can you confirm, did you have positive new patient starts this quarter? Or is that more of a fourth quarter event year over year? Thanks.

非常感謝您提出這個問題。我對幾件事感到好奇。我想我將首先討論 Libre 和 G7 整合的影響。我的意思是，這是否為您在新患者方面創造了某種提升的機會？您能否確認，本季是否有新患者出現陽性？還是這更像是第四季的事件？謝謝。

Thanks, Joanne. We -- yes, the integrations with the sensors help us. They give us tailwinds. G7 has been an obvious tailwind for us in the US with our new customer starts. And then the Libre 2 Plus launches have been tailwinds for us in the UK. and in the Netherlands. So those are positive for us. And as we bring the Libre 2 Plus integration to the US, we think that will create another growth tailwind opportunity for us.

謝謝，喬安妮。我們——是的，與感測器的整合對我們有幫助。他們帶給我們順風。隨著新客戶的不斷湧現，G7 在美國對我們來說是一個明顯的推動力。Libre 2 Plus 的發布對我們在英國的發展起到了推動作用。和在荷蘭。所以這些對我們來說是正面的。當我們將 Libre 2 Plus 整合引入美國時，我們認為這將為我們創造另一個成長順風機會。

And then in terms of growth, we have really clear sequential growth in new customer starts in the US in both Type 1 and Type 2. MDI grew for both Type 1 and Type 2. And we expect to see, as we promised last quarter, we've said all year, we would have sequential growth every year. We delivered that in Q3.

然後就成長而言，我們在美國 1 類和 2 類新客戶數量上都有明顯的連續成長。類型 1 和類型 2 的 MDI 均有所成長。我們預計，正如我們上季度所承諾的那樣，我們全年都說過，我們每年都會實現連續成長。我們在第三季交付了這一點。

In Q4, in the US, we will see sequential growth that will also be year-over-year growth in new customer starts and, collectively, Q3 and Q4 in the US, we expect very clearly to have year-over-year growth for the second half based upon that dynamic.

在美國的第四季度，我們將看到連續成長，新客戶數量也將實現同比增長，總的來說，在美國的第三季度和第四季度，我們非常明確地預計，新客戶數量將實現同比增長下半場基於這種動態。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Hey, thanks so much for taking the question. So I wanted to -- you mentioned the retention rate. And, obviously, leading in new patients starts, I think, Jim, you talked about overtaking the other players in the space with this -- with your pump format.

嘿，非常感謝您提出問題。所以我想——你提到了保留率。顯然，吉姆，我認為，在新患者中的領先地位已經開始，您談到了用您的泵格式超越該領域的其他參與者。

Can you talk a little bit about how you measure retention? And how, if at all, investors can kind of get a sense of how that's trending, if it's just rock solid in the mid- to upper 90s or if it moves around a bunch? Any color would be appreciated. Thanks.

能談談如何衡量留任率嗎？如果有的話，投資者如何了解其趨勢，如果它在 90 年代中上旬堅如磐石，或者它是否在波動？任何顏色都會受到讚賞。謝謝。

Sure. Thanks, Matt. First, let me start with the data. The vast majority of our users in the US market are on Omnipod 5. So that's cloud data. So it's very high fidelity. We can tell when somebody has started; we can tell when somebody has stopped. So we have really clear data on this.

當然。謝謝，馬特。首先，讓我從數據開始。我們在美國市場的絕大多數使用者都使用 Omnipod 5。這就是雲端數據。所以它的保真度非常高。我們可以判斷某人何時開始；當有人停下來時我們可以知道。所以我們有非常明確的數據。

Our retention remains really high. And so it runs in the, I'm going to say, the low 90s. I will look around the room and make sure that's right. So it runs in low 90s, and it's very stable. It really doesn't move very much period-over-period. It's a very, very stable thing.

我們的保留率仍然很高。所以我想說的是，它運行在 90 年代初。我會環視房間並確保一切正確。所以它運行在90年代以下，而且非常穩定。它實際上並沒有隨著時間的推移而發生太大的變化。這是一個非常非常穩定的事情。

We're very focused on creating and delivering an experience with our customers that really easy for them to stay on. And we're going to build and continue to build capabilities in that area. But that's to give you a sense of it. It's very stable; it's very high; very predictable.

我們非常專注於為客戶創造和提供一種讓他們很容易留下來的體驗。我們將並繼續增強該領域的能力。但這是為了讓你有一個感覺。它非常穩定；非常高；非常可預測。

Will Plovanic, Canaccord.

威爾·普洛瓦尼奇，卡納科德。

Yeah, great. Thanks. Good evening. Thanks for taking my question. I'd like to just shift gears. I mean if you've been launching the AID system, just trying to understand the impact you've seen on the commercial organization.

是的，太棒了。謝謝。晚安.感謝您提出我的問題。我只想換個檔位。我的意思是，如果您一直在啟動 AID 系統，只是想了解您所看到的對商業組織的影響。

I know you're scaling up to maybe go after different customer channels. But what has been the impact on the service to the patients? And has this been lessening? With the thought of potentially has this been lessening over time, where you're focused kind of more on selling than -- and less on kind of servicing the patient on an ongoing basis?

我知道您正在擴大規模以追求不同的客戶管道。但這對病患服務有何影響？這種情況有減少嗎？考慮到這種情況可能會隨著時間的推移而減少，您更專注於銷售而不是持續為患者提供服務？

Thanks, Bill. That's a great question. Actually, we're really focused on building a completely differentiated end-to-end customer experience. In fact, the way we talk about this internally is that's actually what we deliver to people.

謝謝，比爾。這是一個很好的問題。事實上，我們真正專注於建立完全差異化的端到端客戶體驗。事實上，我們內部談論這個問題的方式實際上就是我們向人們提供的。

We deliver an end-to-end customer experience that starts with the moment they might be diagnosed or they might be -- their child might be diagnosed, all the way out to pods for life. And we have, I think, a unique opportunity and a unique capability to do that because of the cloud connectivity of Omnipod 5.

我們提供端到端的客戶體驗，從他們可能被診斷出來的那一刻開始，或者他們的孩子可能被診斷出來，一直到終生。我認為，由於 Omnipod 5 的雲端連接，我們擁有實現這一目標的獨特機會和獨特能力。

And so I think our customer service, our customer care, our product support are all really world-class. What -- I'll just say that when we launched Omnipod 5 in the US in August of 2022, you all might remember, that actually, we had so much demand that for a period of time there, we had trouble answering the phones. And so there was -- when we started, there was so much demand that we had not really appropriately scaled to support our customers as they got on product and they got trained.

因此，我認為我們的客戶服務、客戶關懷和產品支援都是世界一流的。什麼——我只想說，當我們在 2022 年 8 月在美國推出 Omnipod 5 時，你們可能還記得，實際上，我們的需求非常大，以至於有一段時間我們很難接聽電話。因此，當我們開始時，需求如此之大，以至於我們沒有真正適當地擴展規模來支持我們的客戶，因為他們獲得了產品並接受了培訓。

Those days are behind us. We've got -- we've scaled our commercial capabilities; we've scaled our customer care; we've scaled our inside sales; we've scaled our product support; and we're laser-focused on building the best end-to-end customer experience for users of Omnipod now and in the future over time. We're really excited about our unique opportunity to do that.

那些日子已經過去了。我們已經擴大了我們的商業能力；我們擴大了客戶服務範圍；我們擴大了內部銷售規模；我們擴大了我們的產品支援；我們專注於為現在和未來的 Omnipod 用戶打造最佳的端到端客戶體驗。我們對能夠實現這一目標的獨特機會感到非常興奮。

I'm showing no further questions. At this time, I would like to turn the conference back to Jim Hollingshead.

我沒有再提出任何問題。這次，我想把會議重新交給吉姆‧霍林斯黑德。

Thank you all for joining us today. We have strong sustainable competitive advantages that allow us to deliver market leading technology, market leading growth and a strong financial foundation that positions us to continue to drive long term value creation.

感謝大家今天加入我們。我們擁有強大的可持續競爭優勢，使我們能夠提供市場領先的技術、市場領先的成長和強大的財務基礎，使我們能夠繼續推動長期價值創造。

Our Type 2 label expansion is a game-changer and another major milestone for all stakeholders, including investors, employees, HCPs and, most importantly, our customers. I'm proud of the work our team is doing to disrupt the diabetes market and improve the lives of people with diabetes.

我們的 Type 2 標籤擴充功能是一個遊戲規則改變者，對於所有利害關係人（包括投資者、員工、HCP，以及最重要的是我們的客戶）來說也是另一個重要里程碑。我為我們的團隊為顛覆糖尿病市場和改善糖尿病患者的生活所做的工作感到自豪。

We have a clear strategy to expand the Omnipod 5 platform, drive growth in the US in both Type 1 and Type 2, and accelerate international growth and expansion. We continue to make significant progress in each of these areas and have strong momentum across our organization.

我們有明確的策略來擴展 Omnipod 5 平台，推動美國 Type 1 和 Type 2 的成長，並加速國際成長和擴張。我們繼續在這些領域取得重大進展，並在整個組織中保持強勁勢頭。

I want to thank all of our Insulet employees for their dedication, passion, and deep commitment to further our mission to simplify and improve the lives of people with diabetes around the globe. Thank you, everyone, for joining us today, and we look forward to updating you next quarter.

我要感謝所有 Insulet 員工的奉獻、熱情和堅定承諾，以進一步推進我們簡化和改善全球糖尿病患者生活的使命。謝謝大家今天加入我們，我們期待下個季度為您提供最新消息。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation. And have a wonderful day. You may all disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。祝你有美好的一天。你們都可以斷開連線。