Insulet Corp (PODD) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Insulet Corporation fourth-quarter and full-year 2024 earnings call.

女士們、先生們，午安。歡迎參加 Insulet Corporation 2024 年第四季和全年財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員指示）提醒一下，本次電話會議正在錄音。

I would, now, like to turn the conference over to your host, June Lazaro, Senior Director - Investor Relations. Please go ahead.

現在，我想將會議交給主持人、投資者關係高級總監 June Lazaro。請繼續。

Good afternoon and thank you for joining us for Insulet's fourth-quarter and full-year 2024 earnings call.

下午好，感謝您參加 Insulet 2024 年第四季和全年財報電話會議。

With me, today, are Jim Hollingshead, President and Chief Executive Officer; and Ana Maria Chadwick, Chief Financial Officer and Treasurer.

今天與我一起的還有總裁兼執行長 Jim Hollingshead；以及財務長兼財務主管 Ana Maria Chadwick。

Both the replay of this call and the press release, discussing our fourth-quarter and full-year results, as well as our 2025 guidance, are available on the Investor Relations section of our website. Also on our website is our supplemental earnings presentation.

本次電話會議的重播和新聞稿均可在我們網站的「投資者關係」部分查閱，其中討論了我們的第四季度和全年業績以及 2025 年指引。我們的網站上還有我們的補充收益報告。

Before we begin, we remind you that certain statements made 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.

在開始之前，我們提醒您，本次電話會議過程中發表的某些聲明可能是前瞻性的，可能與當前預期有重大差異。請參閱我們提交給美國證券交易委員會 (SEC) 的文件中關於此類聲明的固有局限性的詳細解釋。

We will also discuss non-GAAP financial measures, with respect to our performance, including constant currency revenue, which is revenue growth excluding the effect of foreign exchange; adjusted EBITDA; non-GAAP effective tax rate; and free cash flow. These measures align with the supplemental measures that management uses in assessing our operating performance from period to period. And we believe they are helpful for others as well.

我們也將討論與我們績效相關的非公認會計準則財務指標，包括固定匯率收入，即不包括外匯影響的收入成長；調整後的 EBITDA；非公認會計準則有效稅率；和自由現金流。這些指標與管理階層用來評估我們各個時期經營績效的補充指標相符。我們相信它們對其他人也有幫助。

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.

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均以同比報告為基礎。除收入成長率外，其他均以年比固定匯率計算。

With that, I will turn the call over to Jim.

說完這些，我會把電話轉給吉姆。

Thank you, June. Good afternoon and thank you for joining us.

謝謝你，六月。下午好，感謝您加入我們。

We concluded an incredible year with a very strong fourth-quarter, achieving several milestones across the business, as well as every one of our growth and margin objectives. We continue to see robust demand and momentum for Omnipod 5, now available to both Type 1 and Type 2 patients in the US and continue to expand, rapidly, in international markets.

我們以非常強勁的第四季度結束了令人難以置信的一年，在整個業務方面實現了多個里程碑，並實現了我們的所有成長和利潤目標。我們繼續看到對 Omnipod 5 的強勁需求和發展勢頭，現在美國的 1 型和 2 型患者都可以使用，並且繼續在國際市場上迅速擴張。

2024 marked our ninth consecutive year of 20% or more constant currency revenue growth. And we generated over $2 billion in revenue, for the first time in Insulet's history. For context, we first achieved $1 billion in full-year revenue, in 2021. In just three years, we have doubled our top line.

2024 年是我們連續第九年實現 20% 或以上的固定貨幣收入成長。我們創造了超過 20 億美元的收入，這是 Insulet 歷史上第一次。具體來說，我們在 2021 年首次實現了 10 億美元的全年收入。短短三年間，我們的營業額就翻了一番。

We also delivered on our plan to grow both US and international new customer starts sequentially and year over year, in the fourth quarter. This resulted in year-over-year new customer start growth, for the second half of the year, in both US and international markets.

我們也兌現了我們的計劃，在第四季度，美國和國際新客戶數量環比和同比均有所增長。這使得今年下半年美國和國際市場的新客戶數量較去年同期成長。

We also grew new customer starts in both Type 1 and Type 2 populations in the US. And I am pleased to share that we have an estimated 500,000 global customers using Omnipod. And of these, 365,000 are active global Omnipod 5 users.

我們也在美國第 1 類和第 2 類人群中增加了新客戶。我很高興地告訴大家，全球大約有 50 萬名客戶使用 Omnipod。其中，全球 Omnipod 5 活躍用戶有 365,000 人。

Reaching a half-a-million customers is a tremendous milestone that our entire team is proud to have achieved and elevates us to a stronger position for future growth and value creation, given our recurring revenue model, which is supported by high customer retention and continuing new customer growth.

客戶數量達到 50 萬是一個巨大的里程碑，我們整個團隊都為此感到自豪，並且鑑於我們的經常性收入模式（由高客戶保留率和持續的新客戶增長支撐），這將使我們在未來的增長和價值創造方面佔據更有利的地位。

Our ongoing achievements are proof of the overwhelming acceptance and widespread adoption of Omnipod 5 and have positioned us with strong momentum as we enter 2025 and look out over the longer-term horizon. We have great confidence in our objectives to continue growing and executing our strategic plans, across our US and international markets.

我們不斷取得的成就證明了 Omnipod 5 的壓倒性接受度和廣泛採用，並為我們在進入 2025 年並放眼更長遠的未來時帶來了強勁的發展勢頭。我們對我們的目標充滿信心，我們會繼續在美國和國際市場上發展並執行我們的策略計劃。

And I will take you through what this means, in terms of our financial outlook.

我將向您介紹這對我們的財務前景意味著什麼。

But, first, I will highlight our initiatives and progress made across our three strategic focus areas.

但首先，我將重點介紹我們在三個策略重點領域的舉措和所取得的進展。

First, our work to advance the Omnipod 5 platform through our Cascade of Innovation, fueled by data. Second, our strategy to lead ongoing growth for both Type 1 and Type 2 in the US. And, third, our commitment to drive access to Omnipod 5, internationally.

首先，我們的工作是透過數據的推動，透過創新級聯來推進 Omnipod 5 平台。第二，我們的策略是引領美國 1 型和 2 型的持續成長。第三，我們致力於推動 Omnipod 5 的國際普及。

Starting with our Cascade of Innovation, which includes our broad compatibility with smartphones and sensors. The work to develop and establish these compatibilities, from our platform, has allowed us to strengthen and expand our market-leading position with Omnipod 5 and will continue to be a driver, looking forward.

從我們的創新級聯開始，其中包括與智慧型手機和感測器的廣泛兼容性。從我們的平台開發和建立這些相容性的工作使我們能夠透過 Omnipod 5 加強和擴大我們的市場領先地位，並將繼續成為推動力。

In October, we launched the Omnipod 5 iOS app in the US, integrated with G6. And we have heard from many new users that iOS was one of the key factors in choosing Omnipod 5. Our iOS app offers enhanced capabilities that are unique and time savers for Podders, including our Custom Foods feature, which makes mealtime simpler. Feedback has remained extremely positive, including phrases like 'life-changing',' freedom', and 'normalcy'.

10 月份，我們在美國推出了與 G6 整合的 Omnipod 5 iOS 應用程式。我們從許多新用戶那裡聽說，iOS 是選擇 Omnipod 5 的關鍵因素之一。我們的 iOS 應用程式提供了獨特的增強功能，可以為 Podders 節省時間，其中包括我們的自訂食品功能，使用餐時間變得更簡單。回饋仍然非常積極，包括“改變生活”，“自由”和“正常”等短語。

Since launching iOS, over 25% of US Omnipod 5 users have switched to using their iPhone. And we remain on track to launch iOS with G7, in the first half of this year.

自 iOS 推出以來，超過 25% 的美國 Omnipod 5 用戶已經改用 iPhone。我們仍計劃在今年上半年推出搭載 G7 的 iOS 系統。

In November, we are proud to have launched Omnipod 5, integrated with Abbott's FreeStyle Libre 2 Plus Sensor, in the US. We also continue to ramp Omnipod 5, with Dexcom's G7, in retail pharmacy.

11 月，我們很榮幸在美國推出了整合雅培 FreeStyle Libre 2 Plus 感測器的 Omnipod 5。我們也持續在零售藥局推廣 Omnipod 5 和 Dexcom 的 G7。

In the fourth quarter, over 90% of US customers and over 30% of our international customers were using Omnipod 5. These are significant achievements, given that we fully launched Omnipod 5 in the US in mid-2022 and had only launched in four international markets, as of the end of 2024.

第四季度，超過 90% 的美國客戶和超過 30% 的國際客戶都在使用 Omnipod 5。考慮到我們於 2022 年中期在美國全面推出了 Omnipod 5，並且截至 2024 年底僅在四個國際市場推出，這些都是重大成就。

We are proud to have delivered terrific customer-centric innovation, which has helped us meet customers where they are and bring them onto our technology.

我們很自豪能夠提供以客戶為中心的卓越創新，這有助於我們滿足客戶的需求並讓他們了解我們的技術。

In 2024, we saw more Omnipod 5 technology integrations and launches than in the prior three years, combined. It is no coincidence that our revenue essentially doubled in that same period.

2024 年，我們看到的 Omnipod 5 技術整合和發布數量將比前三年的總和還要多。我們的收入在同一時期基本上翻了一番，這並非巧合。

Omnipod 5 is the most connected tubeless, automated insulin delivery, or AID system, on the market.

Omnipod 5 是市面上連結性最強的無管自動胰島素輸送系統（AID）系統。

Today, I am also excited to announce our next leap forward in diabetes management, with the US limited market release of Omnipod Discover, a new value-added service for HCPs and patients to track data, identify utilization and health trends, and discuss these dynamics together.

今天，我也很高興地宣布我們在糖尿病管理方面邁出了新的一步，Omnipod Discover 在美國限量上市，這是一項新的增值服務，供 HCP 和患者追蹤數據、識別利用率和健康趨勢並共同討論這些動態。

Omnipod Discover is a digital platform connecting clinicians and their patients for personalized data management, insulin usage insights, and learning materials to optimize patient engagement and outcomes. The Omnipod Discover platform will be integrated and accessible across devices from a clinician's workstation or a patient's smartphone.

Omnipod Discover 是一個數位平台，連接臨床醫生和患者，提供個人化資料管理、胰島素使用洞察和學習材料，以優化患者參與度和治療結果。Omnipod Discover 平台將整合並可透過臨床醫生的工作站或患者的智慧型手機等各種裝置存取。

We look forward to sharing user experience updates, as we roll this out over the coming months and quarters.

我們期待在未來幾個月和幾季推出這項功能時分享使用者體驗更新。

In clinical trials, last week, our SECURE-T2D manuscript was published. These findings support our indication for Omnipod 5 use in adults with Type 2 diabetes and will be leveraged to transform the lives of millions of people.

在臨床試驗中，上週，我們的 SECURE-T2D 手稿發表了。這些發現支持我們將 Omnipod 5 用於治療患有 2 型糖尿病的成年人，並將改變數百萬人的生活。

Additionally, results from our RADIANT Study will be shared at the Advanced Technologies & Treatments for Diabetes conference in Amsterdam, next month. Our (inaudible) Study, which will test further enhancements to our world-class SmartAdjust algorithm, will also commence enrollment, next month. And our investment in fully-closed-loop algorithm research continues with our evolution studies, with the next phase commencing later this year.

此外，我們將於下個月在阿姆斯特丹舉行的糖尿病先進技術與治療會議上分享 RADIANT 研究的結果。我們的（聽不清楚）研究將測試我們世界一流的 SmartAdjust 演算法的進一步增強，也將於下個月開始招募。我們對全閉環演算法研究的投資將繼續伴隨我們的進化研究，下一階段將於今年稍後開始。

These trials are further evidence of our commitment to continue to advance our technology platforms, which we validate through clinical evidence.

這些試驗進一步證明了我們致力於繼續推進我們的技術平台，並透過臨床證據進行驗證。

Turning to our second strategic focus area, leading ongoing growth in the US for Type 1 and Type 2. We have long offered the best technology on the market for Type 1 and are incredibly excited to continue expanding into Type 2.

轉向我們的第二個戰略重點領域，引領美國 1 型和 2 型的持續成長。長期以來，我們一直為 1 型提供市場上最好的技術，並且非常高興能夠繼續擴展到 2 型。

In the fourth quarter, consistent with the prior quarters, over 85% of our US new customer starts were from people previously on MDI. This is a tremendous testament to the value and simplicity we bring to people living with diabetes.

第四季度，與前幾季度一致，我們美國 85% 以上的新客戶都來自先前使用 MDI 的用戶。這充分證明了我們為糖尿病患者帶來的價值和便利性。

Since we received FDA clearance for Type 2-label expansion for Omnipod 5, in August, we have been working, relentlessly, to build our market leadership position in the Type 2 diabetes market.

自從我們在八月獲得 FDA 對 Omnipod 5 2 型標籤擴展的批准以來，我們一直在不懈地努力，打造我們在 2 型糖尿病市場的領導地位。

As a reminder, we are the first to market an AID for the Type 2 indication. It's a very important opportunity for us and for millions of patients living with Type 2 diabetes who need insulin.

提醒一下，我們是第一家針對 2 型適應症推出 AID 的公司。對於我們以及數百萬需要胰島素的 2 型糖尿病患者來說，這是一個非常重要的機會。

For the fourth quarter, Type 2 users represented over 30% of our US new customer starts, as we ramped adoption in this patient population. In the US, our Type 2 indication has significantly expanded the total addressable market, for insulin, by making Omnipod 5 commercially available to over 5.5 million people who live with insulin-requiring Type 2 diabetes.

第四季度，隨著我們加大對第 2 類患者群體的採用，第 2 類用戶占我們美國新客戶的 30% 以上。在美國，我們的第 2 型糖尿病適應症已顯著擴大胰島素的總目標市場，使 Omnipod 5 能夠供超過 550 萬需要胰島素治療的 2 型糖尿病患者使用。

This market includes 2.5 million people who are insulin-intensive and on MDI. We estimate that this market is less than 5% penetrated, with the majority of current pump users using Omnipod. The other portion of the market includes approximately 3 million people that use insulin on a basal-only therapy every day. And that market is barely penetrated.

這個市場包括 250 萬胰島素密集和使用 MDI 的人。我們估計，這個市場的滲透率還不到5%，目前大多數幫浦用戶使用的是Omnipod。市場的另一部分包括約 300 萬人，他們每天使用胰島素進行基礎治療。但該市場尚未被完全滲透。

This creates a tremendous, long runway of opportunity. And we are leveraging our proven commercialization playbook to drive reach and awareness.

這創造了巨大而漫長的機會。我們正在利用經過驗證的商業化策略來擴大影響力並提高知名度。

To expand our reach, we are growing our US sales force to engage more patients and prescribers. As we discussed last quarter, this expansion involves adding more feet on the street and is not a wholesale change to our sales organization.

為了擴大我們的業務範圍，我們正在擴大美國銷售隊伍，以吸引更多的患者和處方者。正如我們上個季度所討論的那樣，這次擴張涉及增加街道上的營業額，而不是對我們銷售組織的全面改變。

We expect this expansion to increase the reach of our direct sales to over 40% of the 2.5 million Type 2 insulin-intensive population, in 2025. To date, we have filled over three-quarters of our expanded sales roles. And we expect the majority of those roles to be trained, by the end of the first quarter.

我們預計，到 2025 年，此次擴張將使我們的直銷覆蓋範圍擴大到 250 萬 2 型胰島素密集型人口的 40% 以上。到目前為止，我們已經填補了四分之三以上的銷售職位。我們預計，到第一季末，大多數職位都將完成培訓。

Our team is hard at work to increase the number of US HCPs engaging with Type 2 patients and prescribing Omnipod therapy. We saw an increase of over 20% in HCPs prescribing for Type 2 sequentially, in the fourth quarter.

我們的團隊正在努力增加與第 2 型糖尿病患者接觸並開出 Omnipod 療法的美國 HCP 數量。我們發現第四季度開立 2 型糖尿病處方的 HCP 數量較上季增加了 20% 以上。

As we invested in our sales and marketing efforts through the fourth quarter, we also saw an increase in new DTC leads from individuals with Type 2 diabetes. And we are having great success getting those customers, quickly, onto Omnipod 5.

隨著我們在第四季度對銷售和行銷工作的投入，我們也看到來自 2 型糖尿病患者的新 DTC 線索增加。我們非常成功地讓這些客戶快速使用 Omnipod 5。

We are proud and motivated by the progress we made in the fourth quarter. And we remain committed to advancing both Type 1 and Type 2 commercial efforts in the US.

我們對第四季度取得的進展感到自豪和鼓舞。我們將繼續致力於推進美國 1 型和 2 型的商業化努力。

Turning to our third strategic focus area of international expansion. Our international business is also making great progress.

談到我們的第三個戰略重點領域：國際擴張。我們的國際業務也取得了長足的進步。

We continue to reach more patients in the UK and Germany. And we're seeing strong early adoption in France and the Netherlands.

我們將繼續接觸英國和德國的更多患者。我們看到法國和荷蘭的早期採用情況十分強勁。

This is a testament to the power of Omnipod 5. It wins everywhere it goes.

這證明了 Omnipod 5 的強大功能。無論走到哪裡，它都會獲勝。

We are accelerating international launches. In January, Omnipod 5, with G6 and Libre 2 Plus, became commercially available in five new European countries: Italy, Denmark, Finland, Norway, and Sweden. And we plan to launch in five additional countries, over the course of this year.

我們正在加速國際化進程。今年 1 月，Omnipod 5 攜手 G6 和 Libre 2 Plus 在五個新的歐洲國家上市：義大利、丹麥、芬蘭、挪威和瑞典。我們計劃今年在另外五個國家推出這項服務。

We are also on track to expand our Sensor Integrations, starting with our roll-out of G7. With first international launches planned in the UK and Netherlands, this quarter, and more markets to follow, through the year, providing Omnipod 5 with more sensor options for people with diabetes.

從推出 G7 開始，我們也正在逐步擴展我們的感測器整合。Omnipod 5 計劃於本季在英國和荷蘭首次推出國際版本，並將於今年在更多市場推出，為糖尿病患者提供更多感測器選擇。

In closing, we had a terrific year and our achievements are proof that we are continuing to build on our lead. As we advance through 2025, we will remain relentlessly focused on driving the diabetes industry forward, with Omnipod 5.

最後，我們度過了非常棒的一年，我們所取得的成就證明我們將繼續鞏固領先地位。隨著我們邁入 2025 年，我們將繼續堅持不懈地專注於透過 Omnipod 5 推動糖尿病產業的發展。

We have brought more patients from MDI to AID technology than all of our competitors, combined, over the last several years, including in 2024. Our time and investments have paid off, with the number of HCPs writing scripts for Omnipod 5 growing to nearly 24,000.

在過去幾年中（包括 2024 年），我們從 MDI 轉而使用 AID 技術的患者數量超過了所有競爭對手的總和。我們的時間和投資得到了回報，為 Omnipod 5 編寫腳本的 HCP 數量增長到近 24,000 人。

We have over two decades of experience and distinct competitive moats. Our form factor is unique and has proven very difficult to replicate. It took us years to build a patch pump product, at scale, with quality, high yields, safety, and very well-protected IP. Our form factor has allowed us to deliver widespread affordable access, with pay-as-you-go economics, through the pharmacy channel.

我們擁有二十多年的經驗和獨特的競爭優勢。我們的外形尺寸是獨一無二的，事實證明很難複製。我們花了數年時間來打造一款規模化、高品質、高產量、安全且智慧財產權得到良好保護的貼片幫浦產品。我們的形式因素使我們能夠透過藥局管道，以現收現付的經濟方式，提供廣泛且價格合理的醫療服務。

The majority of our US customers, now, have a Copay of $30 or less a month, which is essentially $1 a day or less. And given we are the only insulin pump in the diabetes space with Medicare Part D reimbursement, many of our customers pay $0 Copay.

目前，我們大多數美國客戶的每月自付費用為 30 美元或更少，基本上是每天 1 美元或更少。鑑於我們是糖尿病領域唯一獲得 Medicare Part D 報銷的胰島素泵，我們的許多客戶只需支付 0 美元的共付額。

And with the limited market release of Omnipod Discover, data will continue to be an emerging moat for us. Every Omnipod 5 customer is connected to the cloud. And we are able to use data to improve our algorithms, to improve customer experience, and optimize outcomes.

隨著 Omnipod Discover 的限量上市，數據將繼續成為我們的新興護城河。每個 Omnipod 5 客戶都連接到雲端。我們能夠利用數據來改進我們的演算法，改善客戶體驗，並優化結果。

Given these deep moats, which we continue to strengthen, we see ourselves as a category of one.

鑑於這些深厚的護城河，並且我們不斷加強這些護城河，我們將自己視為其中的一員。

As we celebrate 25 years of Insulet, I want to acknowledge our global team: from operations, for getting our new Malaysia site up-and-running, ahead of schedule; to our field and customer service teams, serving and supporting our 500,000 customers; our clinical team for their amazing work that supported our Type 2 FDA clearance; and all of Team Insulet for bringing their best selves to work every day and living our mission to improve the lives of people with diabetes.

在我們慶祝 Insulet 成立 25 週年之際，我想對我們的全球團隊表示感謝：從營運部門開始，提前完成了我們馬來西亞新站點的啟動和運行；我們的現場和客戶服務團隊為我們的 50 萬名客戶提供服務和支援；我們的臨床團隊的出色工作支持了我們的 2 型 FDA 許可；以及 Team Insulet 的所有成員，他們每天都盡最大努力工作，履行改善糖尿病患者生活的使命。

Thank you, all, for an incredible year. We are more excited, than ever, about the path ahead.

謝謝大家，度過了不可思議的一年。我們對未來的道路比以往任何時候都更加興奮。

With that in mind, today, we are announcing that we will host an Investor Day at our Acton, Massachusetts headquarters, on June 5. We will provide further details in the upcoming weeks and months. And we hope many of you can join us.

考慮到這一點，今天我們宣布，我們將於 6 月 5 日在馬薩諸塞州阿克頓總部舉辦投資者日。我們將在未來幾週和幾個月內提供更多詳細資訊。我們希望你們能加入我們。

With that, I will turn the call over to Ana to walk you through our results and guidance.

說完這些，我將把電話轉給 Ana，讓她向您介紹我們的結果和指導。

Thank you, Jim. And good afternoon, everyone.

謝謝你，吉姆。大家下午好。

We are pleased to conclude a very strong year financially, clinically, and operationally. Looking ahead to 2025, we are optimistic for another exciting year.

我們很高興度過了財務、臨床和營運方面都非常強勁的一年。展望 2025 年，我們樂觀地認為這將是另一個令人興奮的一年。

For the full year of 2024, we delivered revenue of $2.1 billion, which represented growth of 22% over prior year and marked the ninth consecutive year of 20% or more constant currency revenue growth for insulin. The revenue growth was comprised of US Omnipod growth of 21% and International Omnipod constant currency growth of 27%.

2024 年全年，我們的收入為 21 億美元，較上年增長 22%，這也是胰島素連續第九年實現 20% 或以上的固定匯率收入增長率。營收成長包括美國 Omnipod 成長 21% 和國際 Omnipod 固定匯率成長 27%。

Gross margin was an impressive 69.8%. And operating margin was 14.9%. For the full year, our estimated global utilization and retention trends remained stable versus prior year.

毛利率高達69.8%。營業利益率為14.9%。就全年而言，我們預計全球利用率和保留趨勢與去年相比保持穩定。

Our results demonstrate the ongoing strength of our platform and the dedication of our teams, who executed our vision of getting more patients on Omnipod in every geography we serve, culminating in tremendous recent milestone of 500,000 active global customers.

我們的業績證明了我們平台的持續實力和我們團隊的奉獻精神，他們實現了我們的願景，即在我們服務的每個地區讓更多的患者使用 Omnipod，最終實現了最近 500,000 名活躍全球客戶的巨大里程碑。

In our fourth quarter, we achieved 17% total revenue growth and our highest quarter of total revenue dollars. We delivered on our plan to grow both US and international new customers starts sequentially and over prior year, resulting in year-over-year growth in new customer starts, for the second half of the year.

在第四季度，我們的總收入實現了 17% 的成長，並且創下了季度總收入的最高紀錄。我們履行了計劃，美國和國際新客戶數量均比去年同期有所增長，從而實現了下半年新客戶數量的同比增長。

We also grew new customer starts sequentially and year over year in both Type 1 and Type 2 markets, in the US.

在美國，我們在第 1 類和第 2 類市場中的新客戶數量也實現了連續和逐年增長。

Let me, now, provide more details on the fourth -quarter results. US Omnipod revenue grew 12.4%, just above the high end of our guidance range, driven by ongoing strong demand for Omnipod 5.

現在，讓我提供有關第四季度業績的更多詳細資訊。由於 Omnipod 5 的持續強勁需求，美國 Omnipod 營收成長了 12.4%，略高於我們預期範圍的高點。

As a reminder, the fourth quarter of 2023 included two stocking dynamics, which totaled an estimated $30 million to $40 million and impacted our fourth quarter of 2024 growth rate by approximately 1,100 basis points. US revenue growth was driven, primarily, by increasing volume, as we continued expanding our customer base.

提醒一下，2023 年第四季包括兩次庫存動態，總計估計為 3,000 萬至 4,000 萬美元，並對我們 2024 年第四季的成長率影響了約 1,100 個基點。隨著我們不斷擴大客戶群，美國收入的成長主要得益於銷售量的增加。

As Jim discussed, we are extending the Omnipod 5 platform, through our Cascade of Innovations, which will support continued customer growth. Additionally, the ramp in Type 2 new customer starts that we experienced, after the FDA clearance in August, continued throughout the fourth quarter.

正如吉姆所討論的，我們正在透過我們的創新級聯擴展 Omnipod 5 平台，這將支援客戶的持續成長。此外，自 8 月獲得 FDA 批准以來，我們經歷的第 2 類新客戶數量的成長一直持續到整個第四季。

We expect the Type 2-label expansion to contribute, meaningfully, to revenue in 2025. And it presents a significant long-term growth opportunity for our business, given our annuity-based model.

我們預計 2 類標籤的擴展將在 2025 年對收入產生重大貢獻。鑑於我們基於年金的模式，它為我們的業務帶來了重大的長期成長機會。

Turning to international markets. Our team delivered another exceptional quarter, achieving 33.1% revenue growth, which was at the high end of our guidance. Growth was driven by continued strong demand and adoption of Omnipod 5.

轉向國際市場。我們的團隊又度過了一個出色的季度，實現了 33.1% 的收入成長，達到了我們預期的高位。成長動力源自於對 Omnipod 5 持續強勁的需求和採用。

On a reported basis, foreign currency was a 40-basis-point tailwind over the prior year, which was approximately 60 basis points unfavorable versus our guide.

據報道，外幣匯率較上年同期上漲了 40 個基點，但比我們的預期下跌了約 60 個基點。

We continue to drive strong Omnipod 5 growth in the UK and Germany. We're also pleased with the early momentum we're seeing in Omnipod 5 adoption across France and the Netherlands, along with positive feedback from our recent Libre 2 Plus integrations.

我們持續推動 Omnipod 5 在英國和德國的強勁成長。我們也很高興看到 Omnipod 5 在法國和荷蘭的採用呈現早期勢頭，並且我們最近的 Libre 2 Plus 整合也獲得了正面的回饋。

With our recent launches of Omnipod 5 in Italy and the Nordics and future market launches planned, international will play an increasingly pivotal role in our growth strategy.

隨著我們最近在義大利和北歐推出 Omnipod 5 以及未來市場推出計劃，國際市場將在我們的成長策略中發揮越來越關鍵的作用。

Turning to Drug Delivery. Revenue grew 34.1% and was above our guidance range, due to an increase in orders from our partner.

轉向藥物輸送。由於合作夥伴的訂單增加，收入成長了 34.1%，高於我們的預期範圍。

In addition to our strong revenue growth for the fourth quarter, we are pleased to deliver exceptional gross margin expansion. Fourth-quarter gross margin was 72.1%, up 120 basis points over prior year, primarily driven by US volume, through the pharmacy channel, Omnipod 5 pricing in international markets, and improved manufacturing efficiencies.

除了第四季度強勁的營收成長之外，我們還很高興地實現了卓越的毛利率成長。第四季毛利率為 72.1%，較上年同期成長 120 個基點，主要得益於美國藥局通路的銷售成長、國際市場的 Omnipod 5 定價、以及製造效率的提升。

We continue to drive marginal expansion, as we scale and execute our initiatives to drive operational excellence across our global business.

我們將繼續推動邊際擴張，同時擴大和執行我們的計劃以推動全球業務的卓越營運。

Operating expenses increased, in line with our expectations, as we invested in our business to support our strong growth trajectory, including gearing up for near-term launches, globally.

由於我們對業務進行了投資以支持我們強勁的成長軌跡，包括為近期在全球範圍內的發布做好準備，因此營運費用有所增加，這符合我們的預期。

We, once again, grew R&D dollars, as we continue to fund our pipeline of innovation.

我們再次增加了研發經費，並持續為我們的創新管道提供資金。

Operating margin was 18.3% and adjusted EBITDA margin was 25.3%. While down from prior year due to the benefits of the stocking dynamics last year, we are very pleased with this strong margin result.

營業利益率為 18.3%，調整後 EBITDA 利潤率為 25.3%。雖然由於去年庫存動態帶來的好處，利潤率較上年有所下降，但我們對這一強勁的利潤率結果感到非常滿意。

From a tax perspective, in the fourth quarter, we released approximately $17 million of our valuation allowance, resulting in a non-cash tax benefit, which has been adjusted out for non-GAAP purposes. Our non-GAAP effective tax rate for the fourth quarter was 25% and the full year was 24%.

從稅收角度來看，在第四季度，我們釋放了約 1700 萬美元的估值準備金，產生了非現金稅收收益，該收益已根據非 GAAP 目的進行了調整。我們第四季的非公認會計準則有效稅率為 25%，全年非公認會計準則有效稅率為 24%。

Turning to cash and liquidity. We ended the year with over $950 million in cash and cash equivalents and the full $300 million available under our credit facility.

轉向現金和流動性。截至年底，我們的現金和現金等價物超過 9.5 億美元，並且我們的信貸額度下有 3 億美元可用。

Our free cash flow, for the year, was $305 million, a milestone that represents our commitment to and execution on delivering a premium financial profile, as we continue generating cash and investing in the business for long-term profitable growth.

我們今年的自由現金流為 3.05 億美元，這是一個里程碑，代表了我們對提供優質財務狀況的承諾和執行，我們將繼續創造現金並投資於業務，實現長期盈利增長。

Now, turning to our 2025 outlook. For the full year, we expect total Omnipod revenue growth of 17% to 21% and total company revenue growth of 16% to 20%.

現在，我們來談談 2025 年的展望。就全年而言，我們預計 Omnipod 總收入將成長 17% 至 21%，公司總收入將成長 16% 至 20%。

As a reminder, our revenue growth guidance is on a constant currency basis.

提醒一下，我們的營收成長指引是基於固定匯率計算的。

For US Omnipod, we expect revenue growth of 16% to 20%, driven by strong Omnipod 5 adoption, as we continue to build our recurring revenue model by growing Type 1 and ramping Type 2. We also expect benefits from G7, Libre 2 Plus, and iOS, as customers continue to move from MDI to our AID technology.

對於美國 Omnipod，我們預計營收將成長 16% 至 20%，這得益於 Omnipod 5 的強勁採用，因為我們將繼續透過發展類型 1 和提升類型 2 來建立我們的經常性收入模型。隨著客戶不斷從 MDI 轉向我們的 AID 技術，我們也期待從 G7、Libre 2 Plus 和 iOS 中獲益。

We anticipate US new customer starts will grow on a year-over-year basis. Our guidance for US revenue assumes similar trends in pricing, utilization, and retention for 2025, relative to 2024.

我們預計美國新客戶數量將年增。我們對美國收入的指導假設是，2025 年的定價、利用率和保留率將與 2024 年呈現類似的趨勢。

For International Omnipod, we expect revenue growth of 22% to 26%. On a reported basis, we are assuming an unfavorable foreign currency impact of approximately 300 basis points.

對於 International Omnipod，我們預期營收成長率為 22% 至 26%。根據報告，我們假設不利的外匯影響約為 300 個基點。

We expect continued growth in the UK and Germany, as those markets benefit from new integrations and customers continuing to upgrade from Omnipod DASH to Omnipod 5. We also expect France and the Netherlands to continue to ramp and contribute, more meaningfully, to our growth in 2025. And we expect the recent country launches in Italy and the Nordics to also ramp throughout the year.

我們預計英國和德國將繼續成長，因為這些市場受益於新的整合和客戶繼續從 Omnipod DASH 升級到 Omnipod 5。我們也預計，到 2025 年，法國和荷蘭將繼續加強加強度，為我們的成長做出更有意義的貢獻。我們預計，最近在義大利和北歐國家推出的業務也將在全年蓬勃發展。

We anticipate international new customer starts will also grow year over year. Volume is expected to be the primary driver of our international revenue growth. Consistent with trends we saw in 2024, we expect international revenue to also benefit from pricing as new customers adopt our technology and existing customers upgrade from Omnipod DASH to Omnipod 5.

我們預計國際新客戶數量也將逐年增加。預計銷售將成為我們國際收入成長的主要動力。與我們在 2024 年看到的趨勢一致，隨著新客戶採用我們的技術並且現有客戶從 Omnipod DASH 升級到 Omnipod 5，我們預計國際收入也將受益於定價。

Our international guidance assumes a modest benefit from pricing and stable utilization and retention trends from 2025, relative to 2024.

我們的國際指導假設，相對於 2024 年，2025 年的定價將略有收益，利用率和保留趨勢將保持穩定。

Lastly, for Drug Delivery, we expect a 45% to 55% decline.

最後，對於藥物輸送，我們預計下降幅度為 45% 至 55%。

Turning to 2025 gross margin. As we previously communicated, we expect modest improvement, going forward, as compared to prior years, which reflected the benefit of pricing as we shifted to the pharmacy channel.

轉向2025年的毛利率。正如我們之前所傳達的那樣，與前幾年相比，我們預計未來情況會略有改善，這反映了我們轉向藥房管道後定價帶來的好處。

For the full year, we expect gross margin of approximately 70.5%. This guidance reflects the continued build in scale and manufacturing efficiencies, including our Malaysia facility becoming slightly accretive in the back half of the year. We expect these benefits to gross margin to be partially offset by the ramp of our lower-margin international business.

我們預計全年毛利率約為70.5%。該指引反映了規模和製造效率的持續提升，包括我們馬來西亞工廠在下半年的小幅成長。我們預計，這些對毛利率帶來的好處將被我們利潤率較低的國際業務的成長所部分抵消。

Additionally, our gross margin guidance assumes that our business will not be materially impacted by tariffs. We are very pleased to have a robust manufacturing position, here, in the US, complemented by manufacturing sites in China and Malaysia.

此外，我們的毛利率指引假設我們的業務不會受到關稅的重大影響。我們非常高興在美國擁有強大的製造地位，並在中國和馬來西亞設有製造基地。

Our supply chain strategy includes developing regionally-located dual source for materials, which provides us with resiliency. This strategy has demonstrated success over prior challenging supply chain environments and offers us great optionality and adaptability in the current environment.

我們的供應鏈策略包括發展區域性的雙重材料來源，這為我們提供了彈性。這項策略已被證明在先前充滿挑戰的供應鏈環境中取得了成功，並為我們在當前環境中提供了極大的可選性和適應性。

Naturally, this is something that we are continuously monitoring.

當然，我們會持續監控此事。

For the year, we're guiding operating margin of approximately 16.5%, which reflects 160 basis points of expansion over 2024. We expect to continue to expand margins, while further investing in R&D, which we will continue to fund with more dollars on a year-by-year basis, given our exciting pipeline of innovation.

我們預計今年的營業利潤率約為 16.5%，反映出 2024 年將成長 160 個基點。我們希望繼續擴大利潤率，同時進一步投資於研發，鑑於我們令人興奮的創新管道，我們將繼續逐年投入更多資金。

Our operating margin guidance also includes investments in sales and marketing, particularly as we develop the Type 2 market and continue to grow our Type 1 customer base.

我們的營業利潤率指引還包括對銷售和行銷的投資，特別是在我們開發第 2 類市場並繼續擴大第 1 類客戶群時。

We have many catalysts for growth in 2025 and considerable opportunities to drive further marginal expansion over the near and long term, coming from scaling the business efficiently, even with continued investment in our robust innovation pipeline and commercial efforts.

我們擁有許多推動 2025 年成長的催化劑，以及透過有效擴大業務規模以及持續投資於我們強大的創新管道和商業努力來推動近期和長期進一步邊際擴張的大量機會。

Consistent with historical patterns, we expect growth margin and operating margin to be lower in the first half of the year and improve in the second half.

與歷史模式一致，我們預計上半年成長利潤率和營業利潤率將較低，下半年將有所提高。

For 2025, we expect our effective tax rate to be 20% to 25%.

到 2025 年，我們預計有效稅率為 20% 至 25%。

We expect capital expenditures to be slightly higher in 2025 compared with 2024, as we continue to expand and optimize our manufacturing and supply chain operations, as well as support our global expansion.

我們預計 2025 年的資本支出將略高於 2024 年，因為我們將繼續擴大和優化我們的製造和供應鏈運營，並支持我們的全球擴張。

Additionally, we expect to continue generating positive free cash flow, annually, and strengthening the cash position on our balance sheet through organic growth and profitability.

此外，我們預計每年將繼續產生正的自由現金流，並透過有機成長和獲利能力加強資產負債表上的現金狀況。

Turning to our first-quarter 2025 guidance. We expect total company revenue growth of 22% to 25%.

談到我們的 2025 年第一季指引。我們預計公司總收入將成長 22% 至 25%。

For US Omnipod, we expect growth of 21% to 24%. As a reminder, the first quarter of prior year included $20 million to $25 million of unfavorable stocking dynamics. Adjusting for this, our first-quarter US Omnipod growth is in the mid- to high-teens.

對於美國 Omnipod，我們預期成長率為 21% 至 24%。需要提醒的是，去年第一季的庫存動態不利，達到 2,000 萬至 2,500 萬美元。經過上述調整後，我們第一季的美國 Omnipod 成長率處於中高水準。

For International Omnipod, we expect growth of 28% to 31%. On a reported basis, we estimate an unfavorable foreign exchange impact of approximately 400 basis points.

對於 International Omnipod，我們預期成長率為 28% 至 31%。根據報告，我們估計不利的外匯影響約為 400 個基點。

And we expect Drug Delivery revenue to decline 5% to 10%.

我們預計藥品配送收入將下降 5% 至 10%。

In conclusion, we are very pleased with our recent progress and immensely excited for the year ahead, underpinned by our innovative technology, significant investments in growth, and product differentiation, wide competitive moats, and unparalleled feedback from providers and patients. We are positioned to continue leading the insulin delivery field and changing the lives of people with diabetes for the better.

總而言之，我們對最近的進展感到非常高興，並對未來的一年感到無比興奮，這得益於我們的創新技術、對成長和產品差異化的大量投資、廣泛的競爭優勢以及來自供應商和患者無與倫比的反饋。我們的目標是繼續引領胰島素傳輸領域並改善糖尿病患者的生活。

Furthermore, we will do all of these while generating strong growth, executing on our plans for growth margin and operating margin expansion, and improving our profitability and free cash flow profile to enable continued investments in key growth catalysts.

此外，在實現強勁成長的同時，我們將執行成長利潤率和營業利潤率擴張計劃，並提高獲利能力和自由現金流狀況，以便繼續投資於關鍵成長催化劑。

To summarize, we are optimistic about the future and the long-term value we are creating. I look forward to sharing even more of these topics during our Investor Day, in June.

總而言之，我們對未來和我們正在創造的長期價值充滿樂觀。我期待在六月的投資者日期間分享更多這些主題。

With that, operator, we will open the line for questions.

接線員，接下來我們將開通問答熱線。

(Operator Instructions)

（操作員指令）

Robbie Marcus, J.P. Morgan.

摩根大通的羅比馬庫斯 (Robbie Marcus)。

Great. Thanks for taking the questions. Congrats on a good quarter.

偉大的。感謝您回答這些問題。恭喜本季取得良好業績。

I wanted to ask about Type 2. My rough math points to about 50% growth year over year, 30% growth quarter over quarter in Type 2 patients, in the US.

我想問一下關於 Type 2 的問題。我的粗略計算表明，在美國，2 型糖尿病患者的數量同比增長約 50%，環比增長 30%。

Just want to see if that's ballparked right and how to think about what it's contributing, in the trajectory throughout 2025, given the great exit point in '24.

只是想看看這是否正確，以及考慮到 24 年的重要退出點，如何看待它在 2025 年的發展軌跡中的貢獻。

Thanks.

謝謝。

Thanks, Robbie. Thanks for the question. And thanks for your congrats.

謝謝，羅比。謝謝你的提問。感謝您的祝賀。

As you know, we're not breaking out specific numbers on NCS and growth rates, by the two categories. I will say that ever since we had the launch, ever since we got the label in August, we've had a really nice response from the market.

如您所知，我們沒有按兩個類別列出 NCS 和成長率的具體數字。我想說的是，自從我們推出產品，自從我們在八月獲得標籤以來，我們就得到了市場的高度反響。

As you know, we've always had Type 2 as an important part of our business, especially with Omnipod DASH. We had a lot of off-label use, with Omnipod 5, before we got the label. And we've seen a really nice ramp.

如您所知，我們一直將 Type 2 作為我們業務的重要組成部分，尤其是 Omnipod DASH。在獲得標籤之前，我們對 Omnipod 5 進行了大量的標籤外使用。我們看到了一個非常漂亮的斜坡。

And that's how Type 2 got the 30% of new customers starts, even with both Type 1 and Type 2 growing in the quarter.

這就是類型 2 能夠獲得 30% 新客戶的原因，儘管類型 1 和類型 2 在本季都在成長。

But we're not going to break out the actual splits on the growth rates.

但我們不會公佈成長率的實際分佈。

And comments on '25 and how you think it'll progress? Maybe, just qualitatively?

對‘25’有何評論以及您認為它將如何發展？也許，只是從品質上來說？

Yeah. We're very bullish on '25, overall. And we're really happy with the near-term results we're seeing in Type 2.

是的。整體而言，我們對 25 年非常看好。我們對第 2 型糖尿病的近期療效感到非常滿意。

Obviously, to have it grow to that percentage of mix, even in the balance of continuing to grow our new customers starts in Type 1, it's really good early response.

顯然，為了讓它成長到這個比例，即使在繼續成長我們的新客戶的同時，從第 1 類開始，這也是非常好的早期反應。

We're seeing growth in prescribers. We're targeting prescribers for Type 2. And so, as we said, we saw a clear lift in Q4 for doctors writing for Type 2.

我們看到開處方的人數正在增加。我們的目標是針對第 2 型糖尿病的處方人員。因此，正如我們所說的，我們在第四季度看到針對 2 型糖尿病的醫生數量顯著增加。

So we saw growth in that. And we're just finishing the expansion of the sales force, getting us into more call points. So we'd be reaching significantly more Type 2 patients in those call points.

因此我們看到了這方面的成長。我們剛完成銷售隊伍的擴張，讓我們擁有更多的呼叫點。因此，我們將在這些呼叫點接觸到更多的 2 型患者。

So we think Type 2 is a big growth driver, for us, in '25 and in the years beyond, given the size of the market. And given, of course, that we're first to market with a label, which gives us a clear advantage.

因此，考慮到市場的規模，我們認為 2 型對我們來說是 25 年及以後的一大成長動力。當然，我們是第一個推出標籤產品的公司，這為我們帶來了明顯的優勢。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you. Good afternoon, guys. Congrats on the quarter as well.

謝謝。大家下午好。也恭喜本季取得的成績。

Jim, I wanted to ask another question on T2, more of, maybe, a qualitative question. As we've talked to a lot of thought leaders over the past 6 to 12 months on Type 2, it seems like -- especially at the KOL level -- there's a lot of excitement. I think what we heard, coming out of the SECURE-T2D data, is why would I not get everybody on all of my IIT T2s on an AID, just like I think I have to on my T1?

吉姆，我想問另一個關於 T2 的問題，也許更像是定性問題。在過去 6 到 12 個月裡，我們就 Type 2 與許多思想領袖進行了交談，似乎——尤其是在 KOL 層面——大家表現出很大的興奮感。我認為，我們從 SECURE-T2D 數據中聽到的是，為什麼我不能讓所有 IIT T2 上的每個人都使用 AID，就像我認為我必須在 T1 上這樣做一樣？

I'd love to hear how you're [hearing] the next layer down, of docs' talk about T2, at this point? Maybe those endos who aren't the thought leaders in the space or the PCPs. Is that excitement to use an AID system in Type 2 also growing in that user population, or I'm sorry, the prescriber population?

我很想聽聽您現在對下一層文件關於 T2 的討論有何看法？也許是那些不是該領域思想領袖的內分泌科醫生或 PCP。在第 2 型糖尿病患者中使用 AID 系統的興奮感是否也在使用者群體（或對不起，處方人員群體）中日益增長？

Thank you.

謝謝。

Thanks, Jeff.

謝謝，傑夫。

Yeah. We're getting great feedback on Omnipod 5 in Type 2. First thing I'll say is patients love Omnipod 5. And as you know, we saw that in our clinical trial.

是的。我們收到了有關 Omnipod 5 Type 2 的正面回饋。我首先要說的是患者喜歡 Omnipod 5。如您所知，我們在臨床試驗中看到了這一點。

Even our investigators were surprised at how easy Omnipod 5 proved to be to use for the participants, in the trial. Most of those patients wanted to stay on Omnipod 5.

甚至我們的研究人員都對試驗中 Omnipod 5 對參與者的易用性感到驚訝。大多數患者希望繼續使用 Omnipod 5。

And we're seeing that as we got in the market. And as we talked about, over 2024, as we got close to getting the label, some endos were already writing Omnipod 5, off-label. But some endos, in our call point, were waiting for the indication.

當我們進入市場時我們就看到了這一點。正如我們所討論的，在 2024 年，當我們接近獲得標籤時，一些內分泌科醫生已經在寫 Omnipod 5 的標籤外用藥。但在我們的呼叫點，一些內視鏡醫生正在等待指示。

So we saw a clear lift as we got the indication for use. And more and more, as physician practices, as the HCPs see Omnipod 5 in the real world, see it in their hands, put it on a patient.

因此，當我們得到使用指徵時，我們看到了明顯的提升。隨著醫生的實踐和 HCP 在現實世界中越來越多地看到 Omnipod 5，看到它拿在手中，將它放在病人身上。

We're very bullish on the adoption that we're seeing, already. And, obviously, those MDI patients, who are using frequent injections of insulin, it really removes the burden for them to go on Omnipod 5.

我們對目前看到的採用情況非常樂觀。顯然，對於那些需要頻繁注射胰島素的 MDI 患者來說，使用 Omnipod 5 確實減輕了他們的負擔。

But we know physicians who are also, already, putting it on basil-only patients because the algorithm is just so adaptive to the patient's needs.

但我們知道，有些醫生也已經將其應用於僅使用羅勒的患者，因為演算法能夠很好地適應患者的需求。

There is an education process, here. We do have to go develop this market. It has not, until now, really been expected to use insulin pump therapy in the Type 2 patient population. And so we have to go out and drive awareness, drive education, show how easy it is to use.

這裡有一個教育過程。我們確實必須去開發這個市場。到目前為止，人們還沒有真正預期在第 2 型糖尿病患者群體中使用胰島素幫浦治療。因此我們必須走出去，提高人們的意識，推動教育，展示它是多麼容易使用。

But the early reception is really strong. And I'll note that the ADA just updated their guidelines to suggest: Type 2 patients on intensive-insulin therapy should be offered AID therapy. And, of course, we're the only one on the market with the label.

但早期的反響確實很強烈。我要指出的是，ADA 剛剛更新了其指南，建議：接受強化胰島素治療的 2 型糖尿病患者應接受 AID 治療。當然，我們是市場上唯一一家擁有該標籤的公司。

So that should drive growth for us. And we're getting great early reception.

所以這應該會推動我們的成長。我們早期的反應非常熱烈。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Hey. Thanks for taking the question.

嘿。感謝您回答這個問題。

I wanted to ask on the Q1 US guidance. I think you said, excluding all the stocking, it was mid- to high-teens, in Q1. Just a little lower than I was thinking.

我想問一下有關美國第一季的指導情況。我想您說過，除去所有的庫存，第一季的銷售額是十五到十數十億美元。比我想的要低一點。

And just want to make sure if that's just conservatism? Or how you're building up the Q1 guide for US?

只是想確定這是否只是保守主義？或者您如何為美國制定 Q1 指南？

Yes. Great. Travis, this is Ana.

是的。偉大的。崔維斯，這是安娜。

You're absolutely correct. The normalized guidance for the destocking events back in 1Q of 2024 bring us to the mid- to high-teens. Also, to consider that, we do have that seasonality between the fourth quarter in the US and the first quarter.

你完全正確。2024 年第一季去庫存事件的正常化指引將使我們達到中高水準。另外，考慮到這一點，美國第四季和第一季之間確實存在季節性。

But, more importantly, our guidance philosophy has not changed. And that is in line with the 16% to 20% that we're guiding for the full year.

但更重要的是，我們的指導理念並沒有改變。這與我們預計的全年 16% 至 20% 的成長目標一致。

Michael Polark, Wolfe Research.

邁克爾·波拉克（Michael Polark），沃爾夫研究公司。

Hey. Good afternoon. Thank you for taking the question.

嘿。午安.感謝您回答這個問題。

A guidance construction question. This salesforce expansion that you're three-quarters of the way through, how impactful is this to the guide? Meaning, what can you just go get today, in the guide, versus what do you need from these incremental heads to contribute to the US growth, this year?

一道引導式構造題。你們的銷售隊伍擴張已經完成了四分之三，這對指南有多大影響？意思是，你今天可以從指南中獲得什麼，與今年你需要這些增量人員為美國經濟成長做出什麼貢獻？

Thanks for the question, Mike.

謝謝你的提問，麥克。

The guide includes our planned roll-out. And the hiring's gone really well in our salesforce expansion.

該指南包括我們計劃推出的內容。在我們的銷售團隊擴張中，招募進展順利。

As a reminder, it's not a separate force for T2 versus T1. It's the same selling model, into more call points. So we're just expanding territories, expanding rep headcount. Very well -established commercial model.

提醒一下，它並不是 T2 與 T1 之間的獨立力量。這是相同的銷售模式，但包含更多的呼叫點。因此，我們只是在擴大區域範圍，擴大銷售代表數量。非常完善的商業模式。

And so, the fact that we've already -- through the quarter -- hired 75% of those heads, we're training them and we're filling those at pace. The guide encompasses an assumption that those reps are in place, in a timely fashion.

事實上，我們在本季度已經僱用了 75％ 的管理人員，我們正在對他們進行培訓，並且正在快速填補這些職位。該指南假設這些代表已經及時到位。

Issie Kirby, Redburn Atlantic.

伊西‧柯比 (Issie Kirby)，Redburn Atlantic。

Hi, guys. Thanks for taking my question.

嗨，大家好。感謝您回答我的問題。

I just wanted to ask about Type 2, again, and some of the earlier doctors that you're seeing. Both from a patient and physician perspective, is there anything standing out, in terms of who is adopting pump therapy in the Type 2 cohort, earlier?

我只是想再次詢問有關 2 型糖尿病的問題，以及您之前看過的一些醫生。從患者和醫生的角度來看，在第 2 型糖尿病患者中，誰更早採用幫浦治療，有什麼特別之處嗎？

And, then, perhaps, just touch upon your marketing strategy and getting these direct consumer leads going. Would love to hear some more color on what you're doing there.

然後，也許只需觸及您的行銷策略並獲取這些直接消費者線索。我很想聽聽你在那裡做什麼。

Thanks.

謝謝。

Sure. Thanks, Issie. It's great to hear from you.

當然。謝謝，伊西。很高興收到您的來信。

I'm not sure there's a clear pattern emerging, yet, about different segments of Type 2 patients. What we're seeing is really strong reception across the board.

我不確定是否已經出現了關於 2 型糖尿病患者的不同部分的清晰模式。我們看到的是各方面都受到了熱烈歡迎。

Obviously, as I said before, in our existing call points of endocrinology, some of those physician practices were waiting for the label. And so we're seeing really clear Type 2 Omnipod 5 adoption in those Type 2 practices.

顯然，正如我之前所說，在我們現有的內分泌科呼叫點，一些醫生正在等待標籤。因此，我們看到 2 型 Omnipod 5 在這些 2 型實踐中的採用非常明顯。

And, then, as we reach down into that layer of PCPs, who are writing rapid-acting insulin on a lot of CGM, 1we're also seeing really strong reception there.

然後，當我們深入 PCP 層面時，他們正在大量 CGM 上開出速效胰島素，1 我們也看到那裡受到了非常強烈的歡迎。

So I don't think there's, yet, a distinction about which patients are adopting. I think it probably does tilt to the intensive-insulin using, the MDI Type 2 patients.

因此，我認為目前還沒有區分哪些患者正在採用這種治療方法。我認為它可能確實傾向於使用強化胰島素的 MDI 2 型患者。

But as we get more experience, we'll be able to give more color on that point.

但隨著我們獲得更多經驗，我們將能夠在這一點上提供更多的見解。

Then, on the DTC, I think it's really powerful. As we've said before, a couple of times, Omnipod 5 lends itself so well to direct-to-consumer promotion because it's so easy to use and it's so easy to adopt and train for and so on.

然後，在 DTC 上，我認為它確實非常強大。正如我們之前所說的，Omnipod 5 非常適合直接面向消費者的推廣，因為它使用起來很方便，而且很容易採用和培訓等等。

So it's much easier for us. We have a clear advantage, over our pump competitors, to go out and talk about Omnipod 5 because patients can see it and visualize how easy it is to use.

這對我們來說就容易多了。與我們的幫浦競爭對手相比，我們在宣傳 Omnipod 5 方面具有明顯的優勢，因為患者可以看到它並直觀地了解它是多麼容易使用。

But, in the past, without having the indication for use for Omnipod 5 for Type 2, we were generating a lot of leads from Type 2 patients when they saw our DTC. But we couldn't actually offer them Omnipod 5 or route them to a physician who would offer them Omnipod 5 because we only had the label for Omnipod DASH.

但是，在過去，由於沒有針對 2 型糖尿病使用 Omnipod 5 的指徵，當 2 型糖尿病患者看到我們的 DTC 時，我們從他們那裡獲得了很多線索。但我們實際上無法為他們提供 Omnipod 5 或將他們轉介給願意為他們提供 Omnipod 5 的醫生，因為我們只有 Omnipod DASH 的標籤。

And so, now, what we're seeing is, already, an improved yield, if you want to think about it that way, where [Patients C], or DTC, they happen to be a Type 2 patient and they come on. And we can actually help them get on the Omnipod 5.

所以，現在，我們已經看到了產量的提高，如果你想這樣想的話，[患者 C] 或 DTC，他們恰好是 2 型患者，而且他們患有該病。我們實際上可以幫助他們使用 Omnipod 5。

And so we've been saying, for a while, that we think we get better yields out of our DTC. And it's clearly paying dividends for us to be able to promote in that way.

因此，我們一直在說，我們認為我們可以從 DTC 中獲得更好的收益。顯然，透過這種方式進行推廣，我們獲得了豐厚的回報。

So we're reaching more physician practices, through the salesforce expansion, and we're reaching more Type 2 patients, who might be seeing a physician that we're not calling on. And both arms of that promotional strategy, I think, are paying off.

因此，透過擴大銷售隊伍，我們正在接觸更多的醫生診所，我們正在接觸更多的第二型糖尿病患者，他們可能會去看我們沒有拜訪的醫生。我認為，這項促銷策略的兩個面向都取得了成效。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德 (Patrick Wood)。

Perfect. Thank you so much.

完美的。太感謝了。

I'll keep it to one. I'd love to unpack the OUS side. And you, guys, gave us some really good details there.

我會保留一個。我很想解開 OUS 方面的問題。你們給了我們一些非常好的細節。

But, we chatted back in December, mass training going very well to drive its option. And, clearly, having a proper AID solution with Omnipod 5, in the market, is really helpful.

但是，我們在 12 月聊過，大規模訓練進展順利，推動了它的選擇。顯然，市場上有 Omnipod 5 這種合適的 AID 解決方案確實很有幫助。

But I'd love to get a sense, for midterm, your view of sustainability, there? And how much is the function of Omnipod 5, relative to, like, the speeding up the training? Just to unpack that, a little bit.

但我很想了解一下，對於中期考試，你對永續性的看法是什麼？那麼 Omnipod 5 在加速訓練方面的作用有多大呢？只需稍微解釋一下即可。

Thanks.

謝謝。

Thanks, Patrick.

謝謝，派崔克。

Yeah. The Omnipod 5, and we say this frequently, wins everywhere we take it. And I think it's all of the benefits of Omnipod 5.

是的。我們常說，Omnipod 5 無論帶到哪裡，都能取得勝利。我認為這就是 Omnipod 5 的所有優點。

It's so discreet, wearable, waterproof, disposable, easy to learn to use, provides great glycemic control. It's very unobtrusive. And it has -- in most of the markets that we've launched in Europe, we have sensor of choice and so there's a wide range of sensor of choice for patients and we'll continue to drive that.

它非常隱密、可穿戴、防水、一次性使用，易於學習使用，並提供極佳的血糖控制。它非常不引人注目。在我們在歐洲推出的大多數市場中，我們都有可供選擇的感測器，因此患者可以選擇的感測器範圍很廣，我們將繼續推動這一點。

As we said in our prepared remarks, we'll be bringing the G7 sensor integration into the UK and Netherlands, here, in the first quarter. And, then, continue to roll out G7.

正如我們在準備好的演講中所說的那樣，我們將在第一季將 G7 感測器整合引入英國和荷蘭。然後繼續推出G7。

So very wide choices sensor for patients. And I think it opens up the market.

因此，為患者提供的感測器選擇範圍非常廣泛。我認為這將開拓市場。

We do see some conversions from Omnipod DASH onto Omnipod 5. But, mostly, if you're already on a pump, you're locked into a contract, even if it's on DASH.

我們確實看到一些從 Omnipod DASH 到 Omnipod 5 的轉換。但是，大多數情況下，如果您已經在使用泵，那麼您就會被鎖定在合約中，即使它使用的是 DASH。

And so what we're seeing is Omnipod 5 is reaching those MDI patients, who have not wanted to try a pump because pumps are seen as difficult. And when they see how easy it is to use Omnipod 5 and, maybe, they're already on a CGM and they can just adopt it, it opens up a big portion of the market that previously would not have tried.

因此，我們看到 Omnipod 5 正在接觸那些不願意嘗試幫浦的 MDI 患者，因為他們認為幫浦很難使用。當他們看到 Omnipod 5 的使用是多麼簡單時，也許他們已經在使用 CGM，並且可以直接採用它，這將打開以前從未嘗試過的很大一部分市場。

And that's what we're seeing. And I think it is very sustainable. The UK is going well. Germany continues to go well. Both, past their anniversary, still growing.

這就是我們所看到的。我認為它具有很強的可持續性。英國一切進展順利。德國繼續進展良好。兩者都已過了周年紀念日，但仍在成長。

France and the Netherlands, really great early adoption. And, already, [patients'] on product, in our early launch markets. And those are all going really well.

法國和荷蘭的早期採用確實非常出色。並且，在我們早期推出的市場上，患者已經開始使用我們的產品。一切進展順利。

And, as we continue to roll out, we'll continue to see Omnipod 5 winning every market we take to -- is our expectation.

而且，隨著我們繼續推出產品，我們將繼續看到 Omnipod 5 贏得我們所進入的每個市場——這是我們的期望。

Margaret Kaczor Andrew, William Blair.

瑪格麗特·卡佐爾·安德魯，威廉·布萊爾。

Hi, everyone. This is [Macauley], on for Margaret, tonight. Thanks for taking our question.

大家好。我是 [Macauley]，今晚代替瑪格麗特上場。感謝您回答我們的問題。

Wanted to go a different direction and ask on the Discovery platform. Seems like the limited market release has already started, as you mentioned. Wondering what the feedback has been, thus far? What those utilization trends have been like, in the early days? And, ultimately, how we should think about that integration roll out, moving forward, throughout the year?

想換個方向，在 Discovery 平台上詢問。正如您所說，限量市場發售似乎已經開始了。想知道到目前為止的回饋是什麼嗎？早期這些利用趨勢是什麼樣的呢？最後，我們該如何看待全年整合工作的進展？

Yeah. Thanks, [Macauley].

是的。謝謝，[麥考利]。

We're really excited about Omnipod Discover. It is early days. We're just in limited market release. But we have really terrific response, from both the physician practices, who are using it and from the patients, who are using it.

我們對 Omnipod Discover 感到非常興奮。現在還為時過早。我們只是在有限的市場上發行。但我們得到的反應非常好，無論是來自使用它的醫生還是來自使用它的患者。

And we measure all that. Because it's a cloud-based platform, we test and measure a lot of responses and we've been running surveys on the users and so on.

我們對所有這些都進行了測量。因為它是一個基於雲端的平台，所以我們測試並測量了很多回應，並且一直在對用戶進行調查等等。

And so very high net promoter scores, from both the practices and the patients. And we're really excited to get this out in the world and into the hands of more and more providers and patients.

因此，無論從實務或患者的角度來看，淨推薦值都非常高。我們非常高興能夠將這項技術推廣到世界各地，並讓越來越多的供應商和患者能夠使用。

The point behind Omnipod Discover is it allows us to -- it's a cloud-based portal, it's accessible through a browser so you can see it in your workstation or on your computer, if you're in a physician practice; patients will typically access it through their smartphone but through any smartphone, as long as it has a browser, they can access the portal.

Omnipod Discover 的意義在於它允許我們——它是一個基於雲端的門戶，可以透過瀏覽器訪問，因此如果您在醫生診所工作，您可以在工作站或電腦上看到它；患者通常透過智慧型手機訪問，但透過任何智慧型手機，只要有瀏覽器，他們就可以訪問該入口網站。

And what it allows you to see, if you're a patient, you can see how you're using your insulin; it gives you tips and tricks; it tells you about patterns of usage and time and range and so on. So it really improves the experience, gives patients more visibility into their own usage of therapy.

如果你是病人，它可以讓你看到你是如何使用胰島素的；它為你提供提示和技巧；它會告訴您使用模式、時間和範圍等等。因此，它確實改善了體驗，讓患者更清楚地了解自己的治療使用情況。

And, then, for physicians, you can see all your patients in the cloud -- really streamlined, straightforward reporting for physicians to see how their patients are doing.

然後，對於醫生來說，您可以在雲端看到所有的患者——這對醫生來說是一個非常簡化、直接的報告，可以了解他們的患者的狀況。

And, then, of course, it facilitates conversations so the patient sees the data, the physician sees the patient's data, and when they get together, say, in a physician visit, they can talk about: How's your therapy going? What are we seeing?

當然，它也促進了對話，以便患者可以看到數據，醫生可以看到患者的數據，當他們聚在一起時，比如說，在醫生拜訪時，他們可以談論：你的治療進展如何？我們看到了什麼？

So we're really excited about it. Streamlines workflows for docs and it really improves the patient experience on-care-for-patients. And we think it'll drive retention and drive further market share for us.

所以我們對此感到非常興奮。簡化文件的工作流程，真正改善病患的照護體驗。我們認為它將提高我們的保留率並進一步提高我們的市場份額。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good afternoon. Thanks for taking the question.

午安.感謝您回答這個問題。

Jim, you've seen the Type 2 is (technical difficulty) of new starts creep up, sequentially, now, for almost two years. Each quarter over 30%, now. Is the 35% to 40% -- do you think you can go above that 35% to 40%, where you were with DASH?

吉姆，你已經看到，近兩年來，新開工的 2 類專案（技術難度）一直在逐級上升。現在每季都超過30%。是 35% 到 40% 嗎——您認為您可以超越 35% 到 40% 這個數字嗎，就像您使用 DASH 時一樣？

And it seems like -- I heard your comment that Type 1 new starts grew also in Q4, in the US. Is the Type 2 launch having a halo effect on Type 1? Is there any risk that the focus on Type 2 has you take your eye off the ball on Type1?

而且似乎——我聽到了您的評論，美國第四季度第一類新開工量也有所增長。2 型飛彈的發射是否會對第 1 型飛彈產生光環效應？如果您過度專注於類型 2 而忽略類型 1，這是否有風險？

Thank you.

謝謝。

Thanks, Larry.

謝謝，拉里。

Let me do those in reverse order. It's a huge strategic focus, for us, to continue to lead growth in both Type 1 and Type 2. And so, our commercial teams, our field force are focused like a laser on growing both sides of the business.

讓我按相反的順序做這些。對我們來說，繼續引領第 1 類和第 2 類的成長是一個巨大的策略重點。因此，我們的商業團隊和現場人員全神貫注於業務的兩個方面的發展。

And the beautiful thing about Omnipod 5 is it's platform products. So it's the same product for insulin users who are Type 1 or Type 2 patients, right?

Omnipod 5 的精彩之處在於它的平台產品。那麼對於 1 型和 2 型胰島素使用者來說，它是同一種產品，對嗎？

So that is a huge emphasis, for us this year, to continue to be the leader in Type 1 and grow the Type 1 market. And be the first to market in Type 2 and grow that as well.

因此，對我們來說，今年的重點是繼續成為 1 型領域的領導者並發展 1 型市場。成為第一個在類型 2 領域進行行銷並實現成長的公司。

In terms of the mix, I think, over time, we will see Type 2 continue to grow as a part of our mix. And, obviously, you know this very well -- but the total addressable market in Type 2 is about 3.5 times the size of the total addressable market in Type 1.

就組合而言，我認為，隨著時間的推移，我們將看到 2 型作為我們組合的一部分繼續增長。顯然，您非常清楚這一點——但類型 2 中的總可尋址市場規模約為類型 1 中的總可尋址市場的 3.5 倍。

There's so much runway left in Type 1. Still only about 40% penetrated and people in Type 1 are all MDI users. And so there's 60% of that market ready for their burden to be reduced by Omnipod 5 therapy.

1 型飛機還剩下很長的跑道。滲透率仍只有40%左右，第1類族群都是MDI使用者。因此，60% 的市場參與者準備透過 Omnipod 5 療法減輕負擔。

But Type 2 is a really big market. We do think it will grow beyond 30%, as a part of our mix. We haven't, yet, called the ceiling on the mix. But we do expect it to grow well beyond 30%.

但第 2 型糖尿病確實是一個非常大的市場。我們確實認為，作為我們產品組合的一部分，它的成長率將超過 30%。我們還沒有確定混合的上限。但我們確實預期其成長率將遠超過30%。

And we expect to continue to grow both sides of the business, in Type 1 and Type 2, with Omnipod 5.

我們希望透過 Omnipod 5 繼續發展類型 1 和類型 2 的業務。

Marie Thibault, BTIG.

瑪麗·蒂博（Marie Thibault），BTIG。

Good afternoon. Thanks for taking the questions.

午安.感謝您回答這些問題。

Wanted to ask, here, a little bit on the margin guidance. Certainly, heard that you are looking to invest in R&D, a bit, this year. But when I look at all the drivers that got you to this really strong gross margin and operating margin, here, in Q4, a lot of it looks like sustainable dynamics.

這裡想問保證金的指導。當然，聽說您今年想在研發上進行一些投資。但是，當我觀察促使你們在第四季度實現如此強勁的毛利率和營業利潤率的所有驅動因素時，我發現其中許多看起來都是可持續的動力。

And so I'm just curious -- nothing to sneeze about this 160 bps of expansion, in 2025 -- but just curious, why not a little bit higher?

所以我很好奇——2025 年 160 個基點的擴張不容小覷——只是好奇，為什麼不高一點呢？

Thanks for taking the questions.

感謝您回答這些問題。

Yes. Great. Absolutely.

是的。偉大的。絕對地。

Listen, we're very excited to grow up the margin into 160 basis points. Some amount will come from gross margin, as I've mentioned before, as we have guided, here, to gross margin over the 70%, at 70.5%, which has been a longstanding goal of the company, here.

聽著，我們非常高興將利潤率提高到 160 個基點。一部分金額將來自毛利率，正如我之前提到的，我們的指導目標是，毛利率超過 70%，達到 70.5%，這也是公司的長期目標。

But we're looking to invest in R&D. We're going to be, probably, in different parts of the cycle. 10% to 12% of our revenue will be in R&D.

但我們正在尋求對研發進行投資。我們可能會處於週期的不同階段。我們的收入的 10% 到 12% 將用於研發。

We're absolutely looking to sales and marketing, especially capitalizing, here, in the Type 2 and in the international launches. So that will be areas that we invest.

我們絕對重視銷售和行銷，特別是在 Type 2 和國際發表會上。所以這些都將是我們投資的領域。

Our general and administrative expenses will see leverage. And that gives us the confidence to the guide, here, at 16.5%.

我們的一般及行政開支將會產生槓桿作用。這讓我們對這項指引有了信心，達到 16.5%。

In the process of doing all of that, of course, we will continue to expand our profitability and generate the free cash flow, as well, to self-invest.

當然，在做這一切的過程中，我們將繼續擴大獲利能力，並產生自由現金流，用於自我投資。

So we're looking forward to strong margin expansion, as we move, here, in 2025.

因此，我們期待 2025 年利潤率能強勁擴大。

Mike Kratky, Leerink Partners.

Leerink Partners 的 Mike Kratky。

Hi, everyone. Thanks for taking our question.

大家好。感謝您回答我們的問題。

One follow-up on Type 2. How are you thinking about how the competitive landscape could evolve in Type 2, in 2025? And, specifically, is your expectation that you have a dominant competitive advantage in that segment of the market, even as other competitors get FDA approval? And any specific factors to call out there?

對類型 2 進行一次跟進。您認為 2025 年第二類市場的競爭格局將如何演變？具體來說，即使其他競爭對手獲得了 FDA 批准，您是否預期自己在該細分市場中擁有主導競爭優勢？有什麼具體因素需要指出嗎？

Hey, Mike. Thanks for the question.

嘿，麥克。謝謝你的提問。

As we said before, Omnipod 5, obviously, we're first to market. And so our competitors do need to demonstrate and follow, with their own clinical data and their own clearances.

正如我們之前所說，Omnipod 5 顯然是我們第一個進入市場的產品。因此，我們的競爭對手確實需要利用他們自己的臨床數據和許可來進行示範和跟進。

But we think Omnipod 5 just has inherent advantages, overall. So Omnipod 5 is the product that came third to market as AID in Type 1 and, yet, overtook all of the incumbent competitors.

但我們認為，整體而言，Omnipod 5 具有固有的優勢。因此，Omnipod 5 是 1 型 AID 中上市排名第三的產品，但超越了所有現有競爭對手。

And ever since we launched Omnipod 5, we've brought more people off of MDI than all of our competitors, combined. That's been a very consistent trend.

自從我們推出 Omnipod 5 以來，我們吸引的 MDI 會員數量比我們所有競爭對手的總和還要多。這是一個非常一致的趨勢。

That was true in Q4. It was true through all of 2024. And so, obviously, it's the winning offer in the market.

在第四季確實如此。整個 2024 年都是如此。因此，顯然這是市場上最有利的報價。

And, then, take that into Type 2, where your typical Type 2 patient has a lot going on. They tend to have a lot of comorbidities. That's been a barrier for pump adoption, already -- is that Type 2 patients tend to lead pretty complicated lives, just with the burden of conditions that they live with.

然後，我們將其帶入第 2 型糖尿病，典型的第 2 型糖尿病患者會出現許多症狀。他們往往患有多種合併症。這已經成為了胰島素幫浦普及的障礙——2 型糖尿病患者的生活往往相當複雜，因為他們必須承受生活中各種疾病的負擔。

Omnipod 5 proved, in SECURE-T2D, to be so simple to use. It really surprised both the participants and the and the investigators.

Omnipod 5 在 SECURE-T2D 中被證明使用起來非常簡單。這確實讓參與者和調查人員都感到驚訝。

So as we go into the Type 2 market, we're first to market with the product that overtook all of our existing competitors. So we are very confident in our position.

因此，當我們進入 2 型市場時，我們率先向市場推出了超越所有現有競爭對手的產品。因此，我們對我們的地位非常有信心。

And we think we have a clear right to win in the Type 2 market, even if our competitors are able to follow and get their own indications.

我們認為，我們有明顯的權利在 2 型糖尿病市場中獲勝，即使我們的競爭對手能夠效仿並獲得自己的適應症。

Jayson Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

Good afternoon and congrats on the progress, here.

下午好，祝賀你的進展。

So, maybe, just a quick one on the '25 guidance. I appreciate the comment that new customer starts, in the US, will grow year every year in '25. But I'm just wondering, embedded in this forecast, are you assuming that new Type 1 users, also, grow year over year? Or is all the growth coming from the Type 2?

因此，也許只是對 25 指導做一個快速介紹。我很欣賞這樣的評論：在美國，25 年新客戶的數量每年都會增加。但我只是想知道，在這個預測中，您是否假設新的 1 類用戶數量也會逐年增長？還是所有的成長都來自 2 型？

Thanks.

謝謝。

Thanks for the question, Jason.

謝謝你的提問，傑森。

Yeah. It's a strategic imperative, for us, to continue to lead and grow in Type 1 and Type 2. There's so much runway in Type 1, in the US.

是的。對我們來說，繼續在 1 型和 2 型中保持領先和發展是一項策略要務。在美國，1 型飛機的跑道很長。

We're the clear market leader, overall. And clear leader in NCS. And we're first to market in Type 2. So that's a strategic imperative for us.

整體而言，我們是明顯的市場領導者。並且在 NCS 中處於領先地位。我們是第一個將 2 型產品推向市場的。所以這對我們來說是一個策略要務。

We have not broken out, in guidance, what those splits look like. But we're focused on growing both markets.

在指導中，我們還沒有詳細說明這些分裂的情況。但我們專注於發展這兩個市場。

Matt Taylor, Jefferies.

傑富瑞的馬特泰勒 (Matt Taylor)。

Hi. Thanks for taking the question.

你好。感謝您回答這個問題。

Just wanted to check the box on this one. I think some investors are concerned about competition in the pharmacy channel and pricing. And so I wanted to see if you could give us an update there.

只是想檢查一下這個框。我認為一些投資者擔心藥局通路和定價的競爭。所以我想看看您是否能向我們提供最新消息。

And, maybe, can you answer the question, for an investor who might be worried about that in the future? Talk about how you see that playing out and why those aren't major risks for you. How you can defend against that with your moat.

也許，對於未來可能擔心這個問題的投資人來說，您能回答這個問題嗎？談談您如何看待這種情況以及為什麼這對您來說不是重大風險。如何利用護城河來防禦這種情況。

Yeah. Thanks, Matt.

是的。謝謝，馬特。

We have inherent advantages in the pharmacy channel. There are multiple sides to that.

我們在藥局通路有先天的優勢。這件事有多個面向。

The first thing is we have a lot of experience, now, in the pharmacy channel. And we first started our work to enter the pharmacy channel in the 2010s. We signed our first contract seven years ago, I think, 2017. SO 7. 5 years ago, 2017.

首先，我們現在在藥局通路擁有豐富的經驗。我們在2010年代就開始進軍藥局通路。我想，我們在七年前，也就是2017年，簽了第一份合約。所以 7。5 年前，即 2017 年。

We then ramped coverage and it took us a few years to get coverage. We were doing that first with Omnipod DASH and, then, with Omnipod 5. So we're now, 95%, covered lives with the pharmacy benefit.

然後我們擴大了覆蓋範圍，花了幾年時間才獲得覆蓋。我們首先使用 Omnipod DASH 進行此項工作，然後使用 Omnipod 5 進行此項工作。所以現在 95% 的人都享受到了藥局福利。

We're also the only insulin delivery therapy, the only AID therapy, on the market that has Part D reimbursement, which is really important. So we get reimbursed through the pharmacy benefit, as opposed through the DME 'hicks-picks' benefit, right? And so that's a clear advantage.

我們也是市面上唯一獲得 D 部分報銷的胰島素輸送療法、唯一 AID 療法，這非常重要。所以我們是透過藥局福利獲得報銷，而不是透過 DME「hicks-picks」福利，對嗎？這是一個明顯的優勢。

And, then, on top of that -- so we have a lot of experience, we built a lot of muscle and organizational capabilities, we actually have the right reimbursement category -- our product fits the pharmacy channel because you go and pick up your pods in a box where you get your insulin. So it's a very straightforward pharmacy-style experience for our customers.

然後，最重要的是 - 我們擁有豐富的經驗，我們建立了很多肌肉和組織能力，我們實際上擁有正確的報銷類別 - 我們的產品適合藥房渠道，因為您可以去盒子裡拿起您的膠囊，然後就可以獲得您的胰島素。因此，對於我們的顧客來說，這是一種非常直接的藥局式體驗。

And we have relationships with all the PBMs. And, then, PBMs make money on volume and rebate and we do significant volume through the pharmacy channels. So we have very good relationships.

我們與所有 PBM 都建立了合作關係。然後，PBM 透過銷售和回扣賺錢，我們透過藥局管道實現了大量銷售。所以我們的關係非常好。

And we also have beneficial contracts in both directions, for us. So we feel very confident in our position.

而且對我們來說，我們也簽訂了雙向互惠合約。因此，我們對我們的地位非常有信心。

We think pharmacy is a very clear moat. We're very conscious that we have a number of competitors talking about how they can do it.

我們認為藥局是一個非常明顯的護城河。我們非常清楚，我們有許多競爭對手正在談論如何做到這一點。

They have to do all those things. They have to build the muscle. They have to get the contracts. They have to get the coverage. They also have an inherent disadvantage, in that a durable pump does not fit the pharmacy channel, very well. It doesn't fit it in terms of stocking, delivery, patient experience. It doesn't fit it, in terms of revenue recognition and Copay and pay-as-you-go economics.

他們必須做所有這些事情。他們必須鍛鍊肌肉。他們必須獲得合約。他們必須得到報道。它們也有一個固有的缺點，即耐用的泵浦不太適合藥房渠道。從庫存、配送和患者體驗等方面來看，它都不符合要求。從收入確認、共同支付和現收現付經濟角度來看，它並不符合要求。

And so we're conscious that competitors are trying to follow almost everything we do, for that matter. We're very mindful and respectful of our competitors, but we think we have very distinct moats that we've built around the pharmacy channel.

因此，我們意識到競爭對手正試圖效仿我們所做的幾乎一切。我們非常關注並尊重我們的競爭對手，但我們認為我們在藥房渠道周圍建立了非常獨特的護城河。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Hey. This is Phil, on for Matt. Thanks for taking our questions. And congrats on the really nice Q4.

嘿。我是菲爾，取代馬特。感謝您回答我們的問題。並祝賀您取得了非常出色的第四季度業績。

I just wanted to dig into the domestic guidance for the full year, maybe a little bit more. Guiding US Omnipod -- to call at 18%, which is lower than last year, in a year that will see full contribution from Type 2 iOS Libre integration.

我只是想深入了解全年的國內指導意見，也許更多一點。指導美國 Omnipod 的通話量達到 18%，低於去年，這一年將看到 Type 2 iOS Libre 整合的全部貢獻。

With these tailwinds, why is high-teens the number -- the right place to set expectations, especially as it relates to being the first mover in the, quite honestly, massive Type 2 opportunity?

在這些順風條件下，為什麼十幾歲的高水準才是設定期望的正確數字，尤其是因為它與成為巨大的 2 類機會中的先行者有關？

Great. Thanks for the question.

偉大的。謝謝你的提問。

We do not feel like we're slowing down. We will, for sure, be accelerating, especially as the year progresses.

我們並不覺得自己在放慢腳步。我們肯定會加速前進，特別是隨著時間的推移。

I want to take a step back in the US, for a second, and comment, a little bit, on some dynamics. We anticipate our growth to come from volume.

我想暫時回顧一下美國的情況，並對一些動態發表一點評論。我們預計我們的成長將來自於數量。

In 2024, we were not 100% in the pharmacy channels at the beginning of the year, as we progressed through the year. So in the earlier quarters, we had some benefit, back in 2024, from price.

2024年，隨著時間的流逝，我們在年初的藥局管道中並沒有達到100％。因此，在早先的幾個季度中，我們從價格上獲得了一些收益，可以追溯到 2024 年。

And that's a headwind, as we look at variance of growth. And that normalizes, as we go through the year, as of the third quarter, pretty much almost 100% of our volume was going through pharmacy. So that's one consideration.

當我們觀察成長差異時，這就是一個阻力。隨著時間的流逝，這種情況變得正常化，截至第三季度，我們幾乎 100％ 的業務量都是透過藥局進行的。這是一個考慮。

There's a little bit of a price headwind. But not that there's a headwind. It's just as you do it as a comparison.

價格方面存在一些阻力。但這並不意味著存在逆風。就如同你進行比較一樣。

And we're extremely excited by our guidance. The team, internally, here, is completely striving for the high end of our guidance. And we will continue to update, as the year progresses.

我們對我們的指導感到非常興奮。這裡的團隊內部正在全力追求我們指導的高端。隨著時間的推移，我們將繼續更新。

And we're very excited by the 16% to 20%. And, of course, aiming, as always, for the high end of our guide.

我們對 16% 到 20% 的成長率感到非常興奮。當然，我們一如既往地致力於提供高端的指南。

Yeah. And I'll just add, Phil.

是的。我還要補充一點，菲爾。

We have a pretty strong track record of achieving our goals. And so we're focused like a laser on continuing to deliver growth.

我們在實現目標方面有著相當出色的成績。因此，我們全神貫注於繼續實現成長。

We were really happy to deliver our ninth straight year of 20%-plus growth, on the top line. And we have strong ambitions for continuing to grow the business.

我們非常高興能夠連續第九年達到 20% 以上的營收成長。我們對繼續發展業務有著強烈的願望。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊（Chris Pasquale），腎元研究公司。

Thanks.

謝謝。

I wanted to push, a little bit, on the margin guidance. So if my math is right, your '24 gross margin would have been just slightly below 70.5%, if not for that one-time charge back in 2Q. So guidance is -- effectively calling it -- [for] (inaudible) to be flat, despite Malaysia ramping, despite improved pricing of US. So can you talk, a little bit, about the offsets, there?

我想稍微推動一下利潤指導。因此，如果我的計算正確的話，如果沒有第二季的一次性費用，您的 24 年毛利率將略低於 70.5%。因此，儘管馬來西亞加大了產能，儘管美國的價格有所提高，但指導價格實際上是將其稱為 [聽不清楚] 持平。那麼您能稍微談談那裡的抵銷情況嗎？

And, then, maybe more importantly, now that you've reached the 70% milestone, how much higher do you think you can get gross margin, longer term? Should we expect it to flatten out, in this area? Or is it an opportunity to go meaningfully higher?

那麼，也許更重要的是，既然您已經達到了 70% 的里程碑，您認為從長遠來看，您的毛利率還能提高多少？我們是否應該預期它會在這個區域趨於平穩？或者這是一個更上一層樓的機會？

Great.

偉大的。

We're very proud of that achievement, of fourth quarter being at 72% gross margin and guiding to the 70.5%. And the team has done a fantastic job.

我們對這項成績感到非常自豪，第四季的毛利率達到 72%，預期為 70.5%。該團隊表現出色。

As I've mentioned before, we've benefited from tailwinds of pricing. That has helped our gross margin expansion. And, now, we're achieving an industry-leading level, here. And we're going to continue to push growth at a more moderate level.

正如我之前提到的，我們受益於定價的順風。這有助於我們的毛利率擴大。現在，我們已經達到了行業領先水平。我們將繼續推動更溫和的成長。

You're absolutely correct with the Omnipod GO charge, it gets us close. I do want to point a headwind that is out there. As everybody knows, our international pricing is lower than our US.

您對 Omnipod GO 充電的說法完全正確，它讓我們接近目標。我確實想指出那裡存在的逆風。眾所周知，我們的國際定價低於美國定價。

And as we materialized in 2024, we grew faster in international than US, as a mix. And as we look at the full-year guidance, here, for '25, that continues.

隨著我們在 2024 年實現目標，我們在國際市場的成長速度將快於美國市場。當我們回顧 25 年全年業績指引時，這種情況仍將持續。

So that presents a little bit of a headwind, in terms of gross margin. But we're looking to more than offset that by improvements in our manufacturing, by our Malaysia facility becoming accretive, here, into the second half of 2025.

因此，從毛利率的角度來看，這會帶來一些不利因素。但我們希望透過改進製造工藝，到 2025 年下半年，馬來西亞工廠的產能將持續增加，從而抵消這一損失。

And we're really positioned well to continue to drive our growth margin into the future. But I go back and I indicate it's going to be at a much more moderate pace, now, that we're at the industry-leading levels.

我們確實已經做好準備，可以繼續推動未來的成長。但我回過頭來看，我認為現在我們處於行業領先水平，成長速度將會更加溫和。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good evening. And thank you for taking the questions.

晚安.感謝您回答這些問題。

I'm fascinated by the questions that have been answered or asked, so far, because it follows our conversations with investors. And so I'm going to post to you what I'm frequently asked, which is: Which is more important, over the next 12 to 18 months for revenue growth, is it Type 2 and the adoption, here, in the United States or is it the international opportunity?

我對迄今為止已經回答或提出的問題很感興趣，因為這是我們與投資者對話的結果。因此，我將向您發布我經常被問到的問題，即：在未來 12 到 18 個月內，對於收入成長而言，哪個更重要，是類型 2 和在美國的採用，還是國際機會？

And would that answer be different, if we go past the 18-month timeframe?

如果我們超過 18 個月的時間範圍，答案會有所不同嗎？

Thank you.

謝謝。

Joanne, that's a great question.

喬安妮，這個問題問得很好。

And what I'll say is the reason we've laid them -- in effect, we've laid that all out as strategic imperatives, right?

我要說的是，我們制定這些政策的原因在於——實際上，我們把這一切都列為戰略要務，對嗎？

Our three imperatives are to extend, lead with the platform -- drive the platform lead growth in Type 1 and Type 2 in the US. Both of those are big markets that have lots of growth available. And, then, international roll-out is big.

我們的三大要務是擴展和引領平台——推動美國 1 類和 2 類平台領先成長。這兩個都是巨大的市場，具有很大的成長空間。然後，國際推廣規模很大。

And so we've very deliberately not tried to put a premium on geography, in terms of growth. Because there's so much growth opportunity.

因此，在成長方面，我們非常刻意地不把地理位置放在第一位。因為這裡有太多的成長機會。

And what I would say is we're really excited about being able to provide more color on all of that in June, at our Investor Day. So I hope you'll be able to come on June 5, to act in and join us for Investor Day.

我想說的是，我們非常高興能夠在六月的投資者日上提供更多有關這些內容的詳細資訊。因此我希望您能夠在 6 月 5 日來參加我們的投資者日活動。

This concludes our Q&A section.

我們的問答部分到此結束。

I would like to turn the conference back to Jim Hollingshead.

我想將會議交還給吉姆·霍林斯黑德。

Thank you, all, for joining us today.

感謝大家今天的參與。

We're really excited about the path for Insulet ahead. And we look forward to updating you, as we make progress against all of these strategic objectives.

我們對 Insulet 的未來發展感到非常興奮。我們期待向您通報我們在實現所有這些策略目標方面所取得的進展。

I just want to, again, reiterate my great gratitude to the entire global Insulet team for your dedication and hard work. You delivered a ton to our patients in 2024. And I look forward to continuing to reach more patients and grow the business in '25 and beyond.

我只想再次向整個全球 Insulet 團隊的奉獻和辛勤工作表示衷心的感謝。2024 年，您為我們的患者做出了巨大貢獻。我期待在2025年及以後繼續服務更多的患者並發展業務。

Thank you, everybody.

謝謝大家。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for your participation. And have a wonderful day.

感謝您的參與。祝您有美好的一天。

You may all disconnect.

你們都可以斷開連線。