Insulet Corp (PODD) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Insulet Corporation first quarter earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，下午好，歡迎參加 Insulet Corporation 第一季財報電話會議。（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 Lazaroff, Senior Director, Investor Relations.

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

Good afternoon, and thank you for joining Insulet's first quarter 2025 earnings call. I would like to welcome Tim Scannell, Chair of our Board of Directors, to our call as well as Ashley McEvoy, our new President and Chief Executive Officer. Joining Ashley is Ana Maria Chadwick, Chief Financial Officer and Treasurer. Also joining us for the Q&A portion of today's call is Eric Benjamin, Chief Product and Customer Experience Officer.

下午好，感謝您參加 Insulet 2025 年第一季財報電話會議。我歡迎董事會主席 Tim Scannell 以及新任總裁兼執行長 Ashley McEvoy 參加我們的電話會議。與 Ashley 一起加入的是財務長兼財務主管 Ana Maria Chadwick。首席產品和客戶體驗長 Eric Benjamin 也將參加今天電話會議的問答環節。

Both the replay of this call in the press release with our quarterly results and guidance will be available on the Investor Relations section of our website. 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.

新聞稿中本次電話會議的重播以及我們的季度業績和指引均可在我們網站的投資者關係部分查閱。我們的網站上還有補充收益報告。我們鼓勵您參考該文件以了解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 在本次通話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 adjusted operating income, adjusted EBITDA, adjusted tax rate, 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業績相關的非公認會計準則財務指標，包括調整後的營業收入、調整後的 EBITDA、調整後的稅率和固定匯率收入（即不包括外匯影響的收入成長）。這些指標與管理階層在評估我們各個時期的經營績效時所使用的補充指標一致，我們相信這些指標對其他人也有幫助。

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，有關美元和百分比變化的所有財務評論都將以同比報告為基礎，但收入增長率除外，收入增長率將以同比固定貨幣為基礎。

With that, I will turn the call over to Tim Scannell, Chair of the Board of Directors.

說完這些，我將把電話轉給董事會主席 Tim Scannell。

Thank you, and good afternoon, everyone. It is a pleasure to join today's call and share our excitement at the Board level for welcoming Ashley McEvoy to Insulet as President and CEO. I would also like to thank Jim Hollingshead for his leadership of the company over recent years.

謝謝大家，下午好。我們很高興參加今天的電話會議，並在董事會層面分享我們對 Ashley McEvoy 加入 Insulet 擔任總裁兼執行長的激動心情。我還要感謝吉姆霍林斯黑德 (Jim Hollingshead) 近年來對公司的領導。

Ashley is a battle-tested operator who comes to Insulet with a track record of driving durable growth and value creation in market-leading businesses. She brings over 15 years of leadership experience at scaled consumer franchises complemented by more than a decade in senior leadership roles at Johnson & Johnson where she successfully restored five multibillion-dollar global businesses to above-market revenue growth and competitive margins.

阿什利 (Ashley) 是一位久經沙場的營運商，在加入 Insulet 之前，他曾為市場領先的企業帶來持久成長和價值創造。她擁有超過 15 年的規模化消費品特許經營領導經驗，並在強生公司擔任了十多年的高級領導職務，成功地使五家價值數十億美元的全球企業恢復了高於市場的收入增長和競爭利潤率。

Ashley brings an exceptional combination of strategic vision, and operational discipline to Insulet. She understands what it takes to lead at scale and do it with speed, accountability, and a relentless focus on execution. We appreciate that this transition has raised some questions regarding timing, but we are extremely confident that now is the right time with Insulet positioned for substantial further growth into type 1 type 2 and international markets to bring her leadership to the company.

Ashley 為 Insulet 帶來了卓越的策略眼光和營運紀律。她懂得如何大規模地領導，以及如何以速度、責任感和堅持不懈地專注於執行來做到這一點。我們理解這種轉變引發了一些有關時間的問題，但我們非常有信心，現在是正確的時機，Insulet 已準備好在 1 型 2 型和國際市場上實現進一步的大幅增長，並將她的領導力帶入公司。

The Insulet team is already executing well, as is demonstrated by our recent results and the guidance raised today. And moving forward, Ashley and the Insulet leadership team have the Board's full support and confidence to continue driving the company's strategy to lead with differentiated technology and improved the lives of more people with diabetes globally.

Insulet 團隊的表現已經很好了，正如我們最近的結果和今天提出的指導所證明的那樣。展望未來，Ashley 和 Insulet 領導團隊將得到董事會的全力支持和信心，繼續推動公司策略，以差異化技術為主導，改善全球更多醣尿病患者的生活。

We believe Ashley's leadership will ensure we continue to execute on that strategy. drive performance at global scale and deliver value across our team, partners, customers and shareholders. We are proud of Insulet's success and performance over time and we look forward to supporting Ashley's leadership success during Insulet's next phase of growth.

我們相信阿什利的領導將確保我們繼續執行該策略。在全球範圍內推動業績並為我們的團隊、合作夥伴、客戶和股東創造價值。我們為 Insulet 長期以來的成功和表現感到自豪，並期待在 Insulet 的下一階段發展中支持 Ashley 的領導成功。

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

說完這些，我將把電話轉給阿什利。

Thank you, Tim, and good afternoon, everyone. Let me start by extending my gratitude, especially to our team for the warm welcome. I'm thrilled and honored to join you today on my first earnings call as the new President and CEO of Insulet. I want to share with you my excitement for this opportunity as well as my background and leadership philosophy to drive Insulet to its next chapter of growth and innovation.

謝謝你，提姆，大家下午好。首先，我要向大家表達感謝，特別是對我們團隊的熱情歡迎。我很高興也很榮幸今天能夠作為 Insulet 新任總裁兼執行長參加我的第一次財報電話會議。我想與大家分享我對這個機會的興奮之情，以及我的背景和領導理念，以推動 Insulet 邁向下一章的成長和創新。

What excites me most about Insulet is its unique position at the intersection of Consumer Health and med tech. I come to this business as a seasoned operator with a passion for growing businesses and both the consumer and health care sectors. I have a deep appreciation for the consumers increasing role in health care decisions and understanding that is especially relevant to a wearable technology like Omnipod.

Insulet 最讓我興奮的是它在消費者健康和醫療科技交叉領域的獨特地位。我作為一名經驗豐富的經營者進入這個行業，對發展企業以及消費和醫療保健領域充滿熱情。我非常欣賞消費者在醫療保健決策中發揮的日益重要的作用，並且理解這一點對於 Omnipod 等可穿戴技術尤其重要。

What excites me about med tech today is the incredible progress and innovation towards smarter, less invasive and more personalized solutions. We're witnessing a shift where technology is improving clinical outcomes and reshaping the patient experience to become more intuitive and effortless.

當今醫療技術令我興奮的是，它正在朝著更聰明、更少侵入和更個人化的解決方案邁進，並取得了令人難以置信的進步和創新。我們正在見證一場轉變，科技正在改善臨床結果並重塑患者體驗，使其變得更加直觀和輕鬆。

I also have a passion for scaling businesses, not just in terms of financial performance, but to a relentless focus on growth, innovation and people. That's what makes this space so energizing. The opportunity to build something that matters and to do it in a way that meets the evolving expectations of patients, providers, and the broader health care ecosystem.

我還熱衷於擴大業務規模，不僅是在財務表現方面，而且堅持不懈地專注於成長、創新和人才。這就是讓這個空間如此充滿活力的原因。這是一個建立重要事物的機會，並且以滿足患者、提供者和更廣泛的醫療保健生態系統不斷變化的期望的方式來實現它。

Taking Insulet from $2 billion in revenue and 500,000 global patients to have a substantially greater impact will all be about our people, our culture, our innovation agenda, and our capabilities. developing portfolio road map, making strategic capital allocation and executing on our plan will be particularly important as we continue growing within the type 1 market, expand our new type 2 indication, and advance globalization.

要讓 Insulet 從 20 億美元的收入和 50 萬全球患者獲得更大的影響力，這一切都取決於我們的員工、我們的文化、我們的創新議程和我們的能力。隨著我們繼續在 1 類市場中發展、擴大我們的新 2 類適應症並推進全球化，制定投資組合路線圖、進行策略資本配置和執行我們的計劃將尤為重要。

I look forward to working with the team to strengthen our business practices, ensuring that we are operating with agility and sophistication required of a world-class leader while maintaining our entrepreneurship and ingenuity. We are already a pioneer in advanced automation. There's even more work we can do to invest in and optimize our capabilities globally.

我期待與團隊合作，加強我們的業務實踐，確保我們以世界級領導者所需的敏捷性和成熟度運營，同時保持我們的企業家精神和獨創性。我們已經是先進自動化領域的先驅。我們還可以做更多的工作來投資和優化我們在全球範圍內的能力。

Further, we will sharpen our focus on brand activation and direct-to-consumer strategies, leveraging the power of Omnipod to reach both health care professionals and patients directly. We'll also harness our unique wealth of data with over 365,000 customers cloud connected today to improve the prescriber and patient experience with Omnipod as we work to improve engagement, retention and outcomes.

此外，我們將更加重視品牌活化和直接面向消費者的策略，並利用 Omnipod 的力量直接接觸醫療保健專業人士和患者。我們還將利用我們獨特的豐富數據，目前已有超過 365,000 名客戶透過雲端連接，以改善處方醫生和患者使用 Omnipod 的體驗，同時努力提高參與度、保留率和結果。

My leadership philosophy is really centered on 3 pillars: purpose, people and performance. I believe that living our purpose, which is profoundly impactful here at Insulet, serving people within the diabetes community. And by empowering our people further, we will deliver superior results.

我的領導哲學其實集中在三大支柱上：目標、人才和績效。我相信，實現我們的目標，這對 Insulet 來說有著深遠的影響，那就是為糖尿病社群的人們提供服務。透過進一步賦予我們的員工權力，我們將取得卓越的成果。

Insulet is already a standout success story. We are one of the fastest-growing businesses in med tech, increasingly profitable and delivering positive free cash flow. This success is driven by winning technology and continued investment in market-leading innovation. With significant tailwinds at our back, now is the time to envision what it will take to expand from a med tech platform with the emerging global [strait] to a durable world leader in diabetes management, an engine of profitable growth and cash generation at scale.

Insulet 已經是一個傑出的成功案例。我們是醫療科技領域成長最快的企業之一，獲利能力不斷增強，並實現了正的自由現金流。這一成功得益於成功的技術和對市場領先創新的持續投資。在我們強大的推動下，現在是時候設想如何從一個依托新興全球海峽的醫療技術平台，拓展為糖尿病管理領域的持久全球領導者，成為盈利增長和大規模現金創造的引擎。

I plan to dive into our drivers and strategy with the support of our team and Board of Directors over the coming weeks and months. In the meantime, I can assure you that our strategic priorities, mainly to advance innovation, drive strong growth in the US type 1 and type 2 population and expand internationally are fully intact. As Ana will discuss shortly, we are executing as well as ever, evidenced by 30% growth in the first quarter and a strong set of catalysts ahead as we bring Omnipod 5 to more live globally.

我計劃在未來幾週和幾個月內在團隊和董事會的支持下深入研究我們的驅動力和策略。同時，我可以向你們保證，我們的戰略重點完全沒有改變，主要是推進創新、推動美國 1 型和 2 型人口的強勁增長以及向國際擴張。正如 Ana 即將討論的那樣，我們的執行情況一如既往地好，第一季 30% 的成長和未來一系列強勁的催化劑就是明證，隨著我們將 Omnipod 5 推向全球更多用戶。

We look forward to giving you a more specific sense of our multiyear road map during Investor Day when the time is right. For now, my focus is going to be on learning the fundamental building blocks of this business.

我們期待在投資者日適當的時候向您更具體地介紹我們的多年發展路線圖。目前，我的重點是學習這個業務的基本組成要素。

I'm energized by the strength of Insulet's strategy and power of our differentiated technology and just two weeks in, I've hit the ground running with our passionate talented team. I plan to spend more time with our people, our partners, our customers, our partners, and all of our folks in the manufacturing floors in the days and weeks ahead. I couldn't be more excited about this journey and the opportunity to share with all of you.

Insulet 的策略優勢和差異化技術的威力讓我充滿活力，僅僅兩週時間，我就和我們充滿熱情的優秀團隊一起開始工作。我計劃在未來幾天和幾週內花更多時間與我們的員工、合作夥伴、客戶以及製造車間的所有員工在一起。我對這趟旅程以及與大家分享的機會感到無比興奮。

With that, I will turn the call over to Ana to discuss first quarter results and guidance.

說完這些，我將把電話轉給 Ana，討論第一季的業績和指導。

Good afternoon. Before I get started, I would like to welcome Ashley to our team, and thank Jim Hollingshead for his leadership over recent years.

午安.在開始之前，我想歡迎 Ashley 加入我們的團隊，並感謝 Jim Hollingshead 近年來的領導。

Turning to our first quarter results. We entered the year with terrific momentum and are excited to see that continue. Our team did an outstanding job growing new customer starts on a year-over-year and sequential basis on both the US and international. Also within the US, new customer starts grew for both type 1 and type 2.

談到我們的第一季業績。我們以極佳的勢頭進入了新的一年，並很高興看到這種勢頭繼續下去。我們的團隊在美國和國際上都表現出色，新客戶數量逐年逐級成長。此外，在美國，1 類和 2 類的新客戶數量均有所增加。

In the first quarter, consistent with last quarter, over 85% of our US new customer starts came from MDI. Also, over 30% of our US new customer starts were type 2. This is proof of the value and simplicity we bring to people living with diabetes.

第一季度，與上一季一致，我們美國新客戶中超過 85% 來自 MDI。此外，我們美國新客戶中超過 30% 屬於第 2 類。這證明了我們為糖尿病患者帶來的價值和便利性。

Revenue for the total company was $569 million and grew 30% over prior year. This strong performance was driven by total Omnipod growth of 29%. On a reported basis, foreign currency was an unfavorable impact of 100 basis points. Our estimated global utilization was stable with prior year. Our annualized retention rate remained steady in the US and improved slightly in our international markets driven by the launch of Omnipod 5. Gross margin was an impressive 71.9% and adjusted operating margin was 16.4%.

公司總收入為 5.69 億美元，比上年增長 30%。這一強勁表現得益於 Omnipod 29% 的整體成長。據報道，外幣產生了100個基點的不利影響。我們估計全球利用率與上年持平。我們的年化留存率在美國保持穩定，並在 Omnipod 5 推出的推動下在國際市場上略有提高。毛利率高達 71.9%，調整後營業利益率為 16.4%。

I will provide further color on margin later in my remarks, but I would like to take a moment now to discuss tariffs. As the market leader in automated insulin delivery with a global customer base of over 500,000, it is of utmost importance that we continue to provide product to our customers without interruption.

我將在稍後的演講中進一步闡述利潤問題，但現在我想花點時間討論關稅問題。作為自動胰島素輸送市場的領導者，我們擁有超過 50 萬名全球客戶，因此，我們至關重要的是繼續不間斷地向客戶提供產品。

We have invested over $1 billion in automation, engineering, quality management, and global facility expansion over the last decade. We now have manufacturing sites in the US, China, and Malaysia, forming a strong diversified position and resilient supply chain. Further, we support the majority of our US sales through our active Massachusetts facility as true pioneers in advanced automation.

過去十年，我們在自動化、工程、品質管理和全球設施擴建方面投資超過 10 億美元。我們目前在美國、中國和馬來西亞設有生產基地，形成了強大的多元化地位和有彈性的供應鏈。此外，作為先進自動化領域的真正先驅，我們透過活躍的馬薩諸塞州工廠支持我們在美國大部分的銷售。

Given our actions and investments, along with the exemption in place for certain medical devices, we are well positioned to manage through these uncertain times and execute our plans while maintaining strong gross margins.

鑑於我們的行動和投資，以及對某些醫療器材的豁免，我們完全有能力度過這些不確定的時期並執行我們的計劃，同時保持強勁的毛利率。

Based on latest announcements by US administration, we are estimating an impact of approximately 50 basis points from tariffs to gross margin this year. However, given our unique strength, we are able to more than offset this impact through underlying scale and efficiency. In fact, we are raising our gross margin guidance today. I will provide further details shortly.

根據美國政府的最新公告，我們估計今年關稅將對毛利率產生約50個基點的影響。然而，鑑於我們獨特的優勢，我們能夠透過潛在的規模和效率來抵消這種影響。事實上，我們今天正在提高毛利率預期。我將很快提供更多詳細資訊。

Now turning back to our first quarter results. US Omnipod revenue grew 26%, above the high end of our guidance range. driven by strong commercial execution as demand for Omnipod 5 continues to build. US Omnipod revenue growth benefited by approximately 700 basis points from a prior year stocking dynamic, which we have discussed on previous calls. Partially offsetting that benefit was an approximate 450 basis point headwind related to the timing of rebates, which we had anticipated and which we expect to be neutral on a full year basis.

現在回顧我們的第一季業績。美國 Omnipod 收入成長了 26%，高於我們預期範圍的高端。隨著對 Omnipod 5 的需求不斷增長，強勁的商業執行力推動了這一趨勢。美國 Omnipod 的營收成長受益於上一年庫存動態約 700 個基點，我們在先前的電話會議上已經討論過這一點。部分抵消了這一收益的是與回扣時間相關的約 450 個基點的不利因素，我們已經預料到了這一點，並且我們預計全年將保持中性。

We continue to make great progress advancing the Omnipod 5 platform and brand through innovation and reach. In the US, we are seeing strong adoption of Omnipod 5 with Dexcom's G7 and early traction with Abbott's FreeStyle Libre 2 Plus sensors. We continue to receive positive feedback on the Omnipod 5 iOS app with G6. Over 40% of US Omnipod 5 eligible customers are now using the iOS app as their preferred connected device, an increase from over 25% in the fourth quarter.

我們持續透過創新和拓展在 Omnipod 5 平台和品牌的推進上取得巨大進展。在美國，我們看到 Omnipod 5 與 Dexcom 的 G7 的廣泛採用以及雅培的 FreeStyle Libre 2 Plus 感測器的早期發展。我們繼續收到有關 G6 的 Omnipod 5 iOS 應用程式的正面回饋。目前，超過 40% 的美國 Omnipod 5 合格客戶使用 iOS 應用程式作為首選連接設備，這一比例高於第四季度的 25% 以上。

Continuing our cascade of launches, we are now deploying a limited market release of iOS with G7, with the full market release expected before the end of the second quarter. We are seeing strong traction from our commercial investments in the US and continue to make great progress on our expansion strategy. To elaborate on key recent investments, in the first quarter, we continued growing our sales force to engage more patients and prescribers as we augment our reach into type 2.

我們將繼續進行一系列的發布，目前我們正在部署 G7 的 iOS 有限市場版本，預計將於第二季末之前全面上市。我們在美國的商業投資獲得了強勁成長，我們的擴張策略也持續取得巨大進展。為了詳細說明近期的主要投資，在第一季度，我們繼續擴大銷售隊伍，以吸引更多的患者和處方者，同時擴大我們對第 2 型糖尿病的覆蓋範圍。

We have filled all of our expanded sales roles and have trained over 90% of new hires. This team is hard at work to increase the number of US HCPs engaging with type 2 patients and prescribing Omnipod 5 therapy. Today, nearly 25,000 US HCPs are writing scripts for Omnipod 5. This is up over 20% from a year ago, and our team is just getting started.

我們已經填補了所有擴大的銷售職位，並培訓了超過 90% 的新員工。該團隊正在努力增加與 2 型糖尿病患者接觸並開立 Omnipod 5 療法的美國 HCP 數量。如今，美國有近 25,000 名 HCP 正在為 Omnipod 5 編寫腳本。這比一年前成長了 20% 以上，而我們的團隊才剛起步。

Additionally, we are advancing our DTC efforts and driving higher customer conversion, bringing more people into our customer base who express interest in Omnipod 5.

此外，我們正在推進 DTC 工作並推動更高的客戶轉換率，從而將更多對 Omnipod 5 感興趣的人納入我們的客戶群。

Turning to international. Our team delivered another outstanding quarter, achieving revenue of 36% above the high end of our guidance. On a reported basis, foreign currency was unfavorable 390 basis points over the prior year. International growth was primarily driven by strong demand for Omnipod 5 and customer base growth, including as we launched in additional markets.

轉向國際。我們的團隊又完成了一個出色的季度，實現的收入比我們預期的最高值高出 36%。據報道，外幣匯率較前一年下降了 390 個基點。國際成長主要得益於對 Omnipod 5 的強勁需求和客戶群的成長，包括我們在其他市場推出產品。

Of note, we recently launched OP5 in Canada and Switzerland, bringing the total number of international market launches to 13. Next, we look forward to bringing Omnipod 5 to the Middle East. We're also advancing our sensor integration road map, beginning with the rollout of G7, now live in both the UK and the Netherlands with more markets to come. We have said in the past that the power of Omnipod 5 is that it wins everywhere it goes. This could not be truer in our first quarter results.

值得注意的是，我們最近在加拿大和瑞士推出了 OP5，使國際市場推出的總數達到 13 個。接下來，我們期待將 Omnipod 5 帶到中東。我們也正在推進我們的感測器整合路線圖，從推出 G7 開始，目前已在英國和荷蘭上線，未來也將拓展到更多市場。我們過去曾說過，Omnipod 5 的強大之處在於它走到哪裡都能獲勝。我們第一季的業績就充分證明了這一點。

In addition to our strong revenue growth, we delivered significant gross margin expansion in the first quarter. Gross margin was 71.9% and up 240 basis points, primarily driven by improved manufacturing and supply chain efficiencies and to a lesser extent, volume. Operating expenses increased as we continue to invest in our business and pipeline of innovation. A few examples of our recent areas of investment and resulting success include the completion of our RADIANT study and its presentation at ATTD. Ongoing enrollment in our STRIVE study, our work to advance sensor integrations and the seamless expansion of our commercial team.

除了強勁的營收成長之外，我們在第一季還實現了大幅的毛利率成長。毛利率為 71.9%，上漲 240 個基點，主要得益於製造業和供應鏈效率的提高，其次是產量的提高。隨著我們繼續投資於我們的業務和創新管道，營運費用有所增加。我們最近的投資領域和取得的成功的一些例子包括完成我們的 RADIANT 研究並在 ATTD 上進行展示。我們持續參與 STRIVE 研究，致力於推進感測器整合以及商業團隊的無縫擴展。

We are also continuing to expand our platform through the limited market release of Omnipod Discover in the US. We are in the early stages of leveraging the power of our data to drive further ease of use, engagement and retention. Adjusted operating margin was 16.4% and adjusted EBITDA was 23.5% in the first quarter. Our team is executing well across our growth objectives and reinvestment plans, which have together generated meaningful operating leverage. Our first quarter non-GAAP adjusted tax rate was 22.6%.

我們也透過在美國有限度地發布 Omnipod Discover 來繼續擴展我們的平台。我們正處於利用數據的力量來進一步提高易用性、參與度和保留率的早期階段。第一季調整後營業利益率為 16.4%，調整後 EBITDA 為 23.5%。我們的團隊在成長目標和再投資計畫的執行方面表現出色，這些目標和計畫共同產生了有意義的營運槓桿。我們第一季的非公認會計準則調整後稅率為 22.6%。

During the quarter, we took several steps to strengthen and derisk our capital structure. We have successfully issued $450 million senior unsecured notes. We are using proceeds from these notes along with cash on hand and proceeds from unwinding our cap call options to pay off our convertible notes due in 2026. To date, we have extinguished $420 million of the convertible notes, and we expect to retire the remaining $380 million by the end of the year.

本季度，我們採取了多項措施來加強和降低我們的資本結構風險。我們已成功發行4.5億美元的無擔保優先票據。我們將使用這些票據的收益以及庫存現金和解除上限看漲期權的收益來償還 2026 年到期的可轉換票據。到目前為止，我們已經償還了 4.2 億美元的可轉換債券，並預計在今年年底前償還剩餘的 3.8 億美元。

During the quarter, we also upsized our revolving credit facility from $300 million to $500 million and extended the maturity from 2028 to 2030. These proactive and strategic actions improve our financial flexibility through greater access to liquidity and lowering our cost of capital.

本季度，我們也將循環信貸額度從 3 億美元增加到 5 億美元，並將期限從 2028 年延長至 2030 年。這些積極主動的策略行動透過增加流動性和降低資本成本提高了我們的財務靈活性。

Turning to cash and liquidity. We ended the quarter with approximately $1.3 billion in cash and the full $500 million available under our credit facility.

轉向現金和流動性。本季結束時，我們擁有約 13 億美元現金，而我們的信貸額度已提供全部 5 億美元。

Now turning to guidance. We are pleased to introduce strong second quarter guidance and raised our outlook for the full year given the momentum across our business. Starting with our outlook for second quarter revenue. We expect total company second quarter growth of 23% to 26%, which aligns with our expected total Omnipod growth.

現在轉向指導。鑑於我們業務的良好發展勢頭，我們很高興推出強勁的第二季業績指引，並上調了全年業績展望。從我們對第二季營收的展望開始。我們預計公司第二季度整體成長率為 23% 至 26%，與我們預期的 Omnipod 整體成長率一致。

As a reminder, our revenue growth guidance is on a constant currency basis. We assume a 100 basis point favorable impact from foreign currency to total revenue for the second quarter. For US Omnipod, we expect second quarter growth of 22% to 25%. For international Omnipod, we expect second quarter growth of 27% to 30%. On a reported basis, we now assume a favorable foreign currency impact of 500 basis points.

提醒一下，我們的營收成長預期是基於固定匯率計算的。我們預計第二季外匯將對總收入產生 100 個基點的有利影響。對於美國 Omnipod，我們預計第二季度成長率為 22% 至 25%。對於國際 Omnipod，我們預計第二季度成長率為 27% 至 30%。根據報告，我們現在假設有利的外匯影響為 500 個基點。

Now turning to full year 2025 outlook. For the full year, we are raising our total Omnipod revenue growth guidance to a range of 20% to 23% and total company revenue growth guidance to a range of 19% to 22%. We now assume a 100 basis point favorable impact from foreign currency to total revenue for the year. For US Omnipod, we are raising our revenue guidance range to 18% to 21%, driven by strong Omnipod 5 adoption as we continue to grow our brand and reach in type 1 and type 2.

現在轉向 2025 年全年展望。就全年而言，我們將 Omnipod 總營收成長預期上調至 20% 至 23%，並將公司總營收成長預期上調至 19% 至 22%。我們現在假設外幣對全年總收入產生 100 個基點的有利影響。對於美國 Omnipod，我們將營收預期範圍上調至 18% 至 21%，這得益於 Omnipod 5 的強勁採用以及我們品牌在 1 型和 2 型領域的持續發展和覆蓋。

We expect demand trends to continue benefiting from our differentiated Omnipod 5 platform relative to MDI. We remained confident in our expectation for year-over-year growth in new customer starts in 2025. And as a reminder, our US growth guidance assumes similar trends in pricing, utilization and retention for 2025, relative to 2024.

我們預期需求趨勢將持續受惠於我們相對於 MDI 的差異化 Omnipod 5 平台。我們仍然對 2025 年新客戶數量同比增長的預期充滿信心。提醒一下，我們的美國成長指引假設 2025 年的定價、利用率和保留率趨勢與 2024 年類似。

For international Omnipod, we are raising our revenue guidance to 27% to 30%. On a reported basis, we now assume a 200 basis point favorable impact from foreign currency. We expect continued growth in the UK, Germany, France, and the Netherlands as those markets benefit from new sensor integrations and customer upgrade from Omnipod DASH to Omnipod 5. We also expect our newer markets to ramp throughout the year.

對於國際 Omnipod，我們將營收預期上調至 27% 至 30%。根據報告，我們現在假設外幣將帶來 200 個基點的有利影響。我們預計英國、德國、法國和荷蘭將繼續成長，因為這些市場受益於新的感測器整合和客戶從 Omnipod DASH 升級到 Omnipod 5。我們也預計我們的新市場將在全年實現成長。

We anticipate international new customer starts to grow year-over-year in 2025. While volume is expected to be the primary driver of our international revenue growth, our guidance assumes a modest benefit from pricing as customers upgrade from Omnipod DASH to Omnipod 5. Additionally, we are assuming stable utilization trends. And based on first quarter performance, retention trends improving slightly for 2025 relative to 2024.

我們預計 2025 年國際新客戶數量將開始逐年成長。雖然銷售量預計將成為我們國際收入成長的主要驅動力，但我們的指導假設隨著客戶從 Omnipod DASH 升級到 Omnipod 5，定價將帶來適度的收益。此外，我們假設利用率趨勢穩定。根據第一季的表現，2025 年的保留趨勢相對於 2024 年略有改善。

Turning to gross margin. For the full year, we are raising our gross margin guidance to approximately 71%. As mentioned, our full year gross margin guidance now assumes an impact of approximately 50 basis points from tariffs, mostly related to production from China. Given our strong manufacturing position and efficiencies from scale, we're able to absorb this impact and raise gross margin guidance for the year.

轉向毛利率。我們將全年毛利率預期上調至約 71%。如上所述，我們的全年毛利率指引現在假設關稅的影響約為 50 個基點，主要與中國的生產有關。鑑於我們強大的製造地位和規模效率，我們能夠吸收這種影響並提高今年的毛利率預期。

From a timing perspective, we now expect gross margin to be roughly stable from the first half to the second half, primarily influenced by timing of tariff impacts. For the year, we are also reaffirming our adjusted operating margin guidance of approximately 16.5%, which reflects 160 basis points of expansion over prior year.

從時間角度來看，我們現在預期毛利率從上半年到下半年將大致維持穩定，主要受關稅影響時間的影響。今年，我們也重申調整後的營業利潤率指引約為 16.5%，比上年增長 160 個基點。

As we previously communicated, our guidance includes plans to continue investing in R&D and sales and marketing. From a timing perspective, consistent with what we communicated last quarter, we expect operating margins to be higher in the second half of the year as compared to the first half as we grow revenue and achieve operating leverage.

正如我們之前所傳達的，我們的指導包括繼續投資研發、銷售和行銷的計劃。從時間角度來看，與我們上個季度傳達的訊息一致，隨著營收的成長和營運槓桿的實現，我們預計下半年的營運利潤率將高於上半年。

As I have emphasized in the past, we have many catalysts for growth in 2025 and considerable opportunities to drive further margin expansion over the near and long term. Even as we make continued investments in our robust innovation pipeline and commercial efforts, we continue to expect to drive over 100 basis points of operating margin expansion annually.

正如我過去所強調的那樣，我們擁有許多推動 2025 年成長的催化劑，以及在近期和長期內進一步推動利潤率擴張的大量機會。即使我們繼續對強大的創新管道和商業努力進行投資，我們仍然期望每年實現超過 100 個基點的營業利潤率成長。

Looking at a few items below our operating income. We expect our 2025 net interest expense to be approximately $30 million higher than 2024, largely due to our recent debt transactions and the renewal of our interest rate swaps. For the year, we still expect our non-GAAP tax rate to be in the range of 20% to 25%. We expect the 2025 [ending] balance of our diluted share count to be around $71 million, which is approximately 5% or 3.5 million shares lower than prior year.

查看我們的營業收入下面的幾個項目。我們預計 2025 年淨利息支出將比 2024 年高出約 3,000 萬美元，這主要是由於我們最近的債務交易和利率互換的續約。對於今年，我們仍然預計非公認會計準則稅率將在 20% 至 25% 之間。我們預計 2025 年攤薄後股份餘額約為 7,100 萬美元，比前一年減少約 5% 或 350 萬股。

In addition, I would like to highlight that our Board of Directors recently authorized the program to repurchase up to $125 million of common stock through December 31, 2026, to offset dilution from stock-based compensation. From a cash perspective, we expect to continue to increase our free cash flow over prior year. Annual capital expenditures are expected to be slightly higher versus prior year as we continue to expand and optimize our manufacturing and supply chain operations and support global expansion.

此外，我想強調的是，我們的董事會最近授權該計劃，在 2026 年 12 月 31 日之前回購高達 1.25 億美元的普通股，以抵消股票薪酬的稀釋。從現金角度來看，我們預計自由現金流將比前一年持續增加。由於我們繼續擴大和優化我們的製造和供應鏈營運並支持全球擴張，預計年度資本支出將比前一年略高。

We remain focused on driving growth, margin expansion, and increasing profitability and free cash flow as we continue strengthening our overall financial profile and supporting long-term value creation.

我們將繼續專注於推動成長、擴大利潤率、提高獲利能力和自由現金流，同時繼續加強我們的整體財務狀況並支持長期價值創造。

I will now turn the call back to Ashley.

我現在將電話轉回給阿什利。

Thank you, Ana. As we wrap up, I want to reiterate just how excited I am about the future of Insulet. You heard today about our exceptional performance in the first quarter with 30% growth and impressive 70%-plus gross margin, the highest in the diabetes technology space. and our strong operating income and cash flow generation. This performance is a testament to our team, our technology, and our strategy. And with well over $1 billion in cash on our balance sheet, we will continue investing to drive growth and expansion.

謝謝你，安娜。最後，我想重申我對 Insulet 的未來感到多麼興奮。今天大家聽說了我們第一季的優異表現，成長率為 30%，毛利率高達 70% 以上，是糖尿病科技領域的最高水準。以及我們強勁的營業收入和現金流產生。這一業績證明了我們的團隊、我們的技術和我們的策略。我們的資產負債表上有超過 10 億美元的現金，我們將繼續投資以推動成長和擴張。

We are the number 1 prescribed automated insulin delivery system in the United States and we will continue building significant commercial and brand strength, particularly as we expand our focus on the type 2 market. Our global launches are gaining momentum, and the advantage we hold with Omnipod 5 is undeniable. We've also made and will continue to make significant investments in manufacturing and advanced automation, providing us with economies of scale and most importantly, expanding access for more patients around the world.

我們是美國排名第一的處方自動胰島素輸送系統，我們將繼續建立強大的商業和品牌實力，特別是在我們擴大對 2 型糖尿病市場的關注時。我們的全球發布勢頭強勁，Omnipod 5 的優勢是不可否認的。我們也對製造和先進自動化進行了並將繼續進行大量投資，為我們帶來規模經濟，最重要的是，為全球更多患者擴大治療機會。

Our pay-as-you-go model has provided a significant first-mover advantage and our relentless focus on innovation and supply chain strength will become increasingly critical differentiators in the long term. We have a strong track record of performance, and we are focused on continuing that momentum as we build out commercial capabilities, particularly in type 2 diabetes and as we expand additionally into more global markets. Our updated 2025 guidance reflects our continued confidence in the path ahead.

我們的現收現付模式提供了顯著的先發優勢，而我們對創新和供應鏈實力的不懈關注將在長期內成為越來越關鍵的差異化因素。我們擁有出色的業績記錄，我們致力於延續這一勢頭，不斷增強商業能力，特別是在 2 型糖尿病領域，並進一步拓展到更多全球市場。我們更新的 2025 年指引反映了我們對未來道路的持續信心。

Finally, I'd like to take a moment to congratulate team Insulet, your passion for improving patients' lives, deep commitment to innovation, and persistent hard work have brought this company to where it is today, and I am thrilled to embark on the next phase of our growth and impact together. Thank you.

最後，我想花點時間祝賀 Insulet 團隊，你們對改善患者生活的熱情、對創新的深度承諾以及堅持不懈的努力使公司取得了今天的成就，我很高興能共同踏上我們成長和影響的下一階段。謝謝。

With that, operator, please open the call for questions.

接線員，請打開電話詢問。

(Operator Instructions) Speakers available today are actually Ashley McEvoy, Ana Chadwick and Eric Benjamin.

（操作員指示）今天可用的演講者實際上是 Ashley McEvoy、Ana Chadwick 和 Eric Benjamin。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Congratulations Ashley on the new role. I guess I'll start a question there. Just kind of curious what excited you about the role of Intuit, what you've learned in the first couple of weeks in the role? And how you're thinking about the vision for the business? I know you've kind of talked about taking this business the $4 billion to $6 billion in revenue and globalizing the business. So just kind of curious your strategy behind that.

祝賀阿什利獲得新職位。我想我會從那裡開始提問。只是有點好奇 ​​Intuit 的職位讓您感到興奮的是什麼，您在擔任該職位的頭幾週學到了什麼？您對於公司的願景有何看法？我知道您曾談到要讓這項業務的收入達到 40 億至 60 億美元，並實現業務全球化。所以我有點好奇你背後的策略。

And then -- and also another port topic is kind of your view on margins in business and [how you think] about is there going to be a change in the longer-term margin targets for this company over time versus kind of the last CEO?

然後 — — 另一個重要主題是您對企業利潤率的看法，以及您認為與上一任執行長相比，這家公司的長期利潤率目標是否會改變？

Yeah. No, thank you, Travis. It's awesome to be here and been very humbled as well. And I would first start with the space. Diabetes is extremely passionate about diabetes. It's one of the most impactful and innovative rich areas in health care. And we know it has a vast population that can benefit from better med tech.

是的。不，謝謝你，崔維斯。能夠來到這裡真是太棒了，同時也感到非常謙卑。我首先從空間開始。糖尿病科對糖尿病極為熱衷。它是醫療保健領域最具影響力和創新力的領域之一。我們知道，中國廣大民眾可以從更好的醫療技術中受益。

I come with a huge amount of humility with going to honor my prior 2 predecessors, both Stacy and Jim you can see the business has remarkable momentum. And as I mentioned, I think that [Insulet] plays at this unique intersection of consumer health and med tech. And we know that it has the absolute best insulin delivery platform on the market, no question, with a highly differentiated form factor and ease of use.

我懷著極大的謙卑來向我的前兩位前任 Stacy 和 Jim 致敬，你們可以看到我們的業務有著驚人的發展勢頭。正如我所提到的，我認為 [Insulet] 在消費者健康和醫療技術的獨特交匯處發揮作用。我們知道，毫無疑問，它擁有市場上絕對最好的胰島素輸送平台，具有高度差異化的外形和易用性。

So early takeaways, I'd say, day 9, unbelievably talented team, very patient-centric. I've got over 100 different e-mails on day 1 from the Powder community, walk the Acton plant unbelievable advanced automation just invested in our line four there. And I would just say, listen, the strategy is intact. I think that the -- the company has a very clear pathway to go achieve future value creation. And in the near term, I think we're going to honor that strategy because it's working.

所以我想說，第 9 天，團隊非常有才華，非常以病人為中心。第一天，我就收到了來自 Powder 社區的 100 多封不同的電子郵件，參觀了 Acton 工廠，那裡的第四條生產線投資了令人難以置信的先進自動化設備。我只想說，聽著，這個策略是完整的。我認為——公司有一條非常清晰的途徑來實現未來的價值創造。從短期來看，我認為我們會堅持這項策略，因為它正在發揮作用。

I think you asked a question, Travis, about margin and you'll hire on it. This is a very fast-growing asset. You heard us talk about raising gross margin and operating margin this year is growing about 160 basis points versus last year. and a continuation of -- continuous operating margin improvement year-over-year. Thank you for the question, Travis.

崔維斯，我想你問了一個關於利潤的問題，你會根據這個來招募。這是一種成長非常迅速的資產。您聽到我們談論提高毛利率，今年的營業利潤率比去年增長了約 160 個基點。並持續實現營業利益率逐年提高。謝謝你的提問，崔維斯。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Great. And I'll add my congratulations. Two for me. One, Ashley, maybe just to follow-up. There were a lot of Street notes published over the past few weeks since you had the meeting great with the sell side. And I felt inappropriately took away that you were going to focus on the top line at the expense and margin expansion. Just wanted you to have a minute to comment on that specifically given margin expansion and free cash flow has been such a critical part of the story the past few years?

偉大的。我還要向你表示祝賀。對我來說是兩個。第一，阿什利，也許只是為了跟進。由於您與賣方的會面非常順利，過去幾週發表了許多華爾街筆記。我覺得你不應該以犧牲利潤率擴張為代價來關注營收。只是想讓您花一點時間來評論一下，特別是考慮到利潤率擴張和自由現金流在過去幾年中一直是故事中如此關鍵的部分？

And then any comments you have on type 2 pump adoption in the US, how the launch is going and how you see that playing out versus expectations?

那麼，您對美國 2 型幫浦的採用有何評論？它的推出進度如何？您認為它與預期相比如何？

No. Thank you, Robbie. And again, I would say that the business strategy as well as the financial strategy are going to really remain intact of double-digit growth. You heard Ana mentioned that continued improvement 70% -- 71% gross margin, continuing improvement on operating margin. And that obviously results into a very strong free cash flow. So on that, I'm going to invite Eric to talk a bit about our type 2, what we're learning.

不。謝謝你，羅比。我想再次強調的是，業務策略和財務策略將真正保持兩位數的成長。您聽到 Ana 提到毛利率持續提高 70% - 71%，營業利潤率持續提高。這顯然會帶來非常強勁的自由現金流。因此，我將邀請 Eric 談談我們的 2 型以及我們正在學習的內容。

Robbie, thanks for the question. We are really pleased with how the type 2 launch is going, and we're executing the three-part strategy that we've described. First, we're bringing the SECURE-T2D data to our current call point and driving activation of our HCP partners in that call plane, but just helping them see how impactful Omnipod 5 can be to improve the lives of people who live with type 2 diabetes. That's going well.

羅比，謝謝你的提問。我們對 2 型發射的進展感到非常滿意，我們正在執行我們所描述的三部分策略。首先，我們將 SECURE-T2D 數據帶到我們當前的呼叫點，並推動該呼叫平面中 HCP 合作夥伴的激活，但只是幫助他們了解 Omnipod 5 對改善 2 型糖尿病患者的生活有多大影響。一切進展順利。

Second thing, Ana described our sales force expansion, our US team completed hiring and is about 90% of the way through training, those expanded roles. As a reminder, that brings us to calling on about 40% of the population live with type 2 insulin intensive diabetes from 30%. So a pretty significant expansion in the HCPs that we're reaching through that sales force expansion. And our team did a terrific job delivering the quarter while executing those changes.

第二件事，Ana 描述了我們的銷售團隊擴張，我們的美國團隊完成了招聘，並且培訓已經完成了約 90%，這些擴展的職位。提醒一下，這意味著我們呼籲大約 40% 的人口患有第 2 型胰島素強化型糖尿病，而這一比例從 30% 上升到 40%。因此，透過擴大銷售隊伍，我們的 HCP 得到了相當大的擴展。在執行這些變革的同時，我們的團隊在本季表現非常出色。

And finally, with the indication, we're pleased with how our direct-to-consumer advertising effectiveness is going. We generate tremendous interest in Omnipod with our direct-to-consumer advertising. And now as folks reach out to us for more information, we can serve them and help them get on Omnipod even more effectively. Those three things together are what drove our new customer start portion that came from type 2 diabetes over 30% in the quarter from about 25% where it was before we started the launch. So type 2 launch is going great.

最後，根據指示，我們對直接面向消費者的廣告效果感到滿意。我們透過直接面向消費者的廣告引起了人們對 Omnipod 的極大興趣。現在，當人們聯繫我們以獲取更多資訊時，我們可以為他們提供服務，並幫助他們更有效地使用 Omnipod。這三件事共同推動了我們新客戶中來自 2 型糖尿病的比例從我們開始推出之前的 25% 左右上升到本季度的 30% 以上。因此 2 型發射進展順利。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Ashley, congratulations on the new role. I just want to ask two modeling questions, I guess. When I look at the strength of the US to start the year, obviously, nice upside versus, I think, what most of us were expecting for sure. When I look at the guidance for mid-20% growth in the second quarter, you did mid-20% growth in the first quarter and then the guidance for the full year at 18% to 21%.

阿什利，祝賀你擔任新職務。我想我只是想問兩個建模問題。當我看到美國今年初的強勁表現時，顯然，與我們大多數人的預期相比，美國經濟呈現出了不錯的上升勢頭。當我看到第二季 20% 左右的成長預期時，我發現第一季的成長預期是 20% 左右，而全年的成長預期是 18% 至 21%。

It would imply a second half kind of in that lower double digit, maybe even below the low teens. Sure feels like conservatism there, but is there anything else going on in that back half implied guidance that we should be thinking about differently than how the first half of the year is playing out.

這意味著下半年的成長率可能會處於較低的兩位數，甚至可能低於十幾個百分點。當然感覺像是保守主義，但下半年還有哪些隱含的指導值得我們以不同於上半年的方式思考。

Jeff, thanks. I'm going to turn to Ana, who will comment.

傑夫，謝謝。我要請 Ana 來發表評論。

Sure. Hey Jeff, first and foremost, we said guidance, as you know, with the full intent to deliver. The trends of the business are really strong. We're only in the first quarter. especially in the context of a new CEO transition, our view is that the rate of the guide here that we did is very strong, and we intend to deliver our guide.

當然。嘿，傑夫，首先，正如你所知，我們說的是指導，並全心全意地去實現。該業務的趨勢確實強勁。我們才處於第一季。特別是在新的執行長過渡的背景下，我們認為我們在這裡所做的指導的速度非常強勁，我們打算提供我們的指導。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Congratulations, Ashley, nice to reconnect with you. I was going to ask Ashley a big picture question, but I was surprised to hear, Ana, when you talked about new starts, being up quarter-over-quarter in the first quarter. I think you said in both the US and internationally. Looking back at our model, I don't think we've seen new starts up sequentially in Q1 for many years. So it looks like new start growth was quite strong. on a year-over-year basis in the first quarter. Can you confirm that? And any color on what the drivers of that strong new start growth were? Thank you.

恭喜你，阿什利，很高興與你重新聯繫。我本來想問阿什利一個宏觀問題，但安娜，當你談到新開工率在第一季環比增長時，我感到很驚訝。我認為您說的是在美國和國際上都是如此。回顧我們的模型，我認為我們已經很多年沒有在第一季連續看到新的啟動了。因此看起來新開工成長相當強勁。與第一季相比，你能證實嗎？您能解釋一下新開工金額如此之大、成長速度如此之快的驅動因素嗎？謝謝。

Thank you, for the warm welcome, and I'll turn it to Ana.

謝謝大家的熱烈歡迎，以下輪到 Ana 發言了。

Great. Larry, correct. Everything you stated there is correct. We're seeing significant strength in our new customer starts quarter-over-quarter sequential and year-over-year. I'll pass it over to Eric to comment a little bit more.

偉大的。拉里，正確。您所說的一切都是正確的。我們看到，我們的新客戶數量與上一季和去年同期相比都有顯著成長。我會將其交給 Eric 進一步評論。

Larry, Ana said it well, I think what we're seeing is just the differentiation of Omnipod 5, pay-as-you-go, wearable, disposable affordable now with multiple sensor options and the iOS phone control and the type 2 indication, it is what customers want, and that's what we're seeing in the market.

拉里，安娜說得很好，我認為我們所看到的只是 Omnipod 5 的差異化，即用即付、可穿戴、一次性使用且價格實惠，現在有多種感測器選項、iOS 手機控制和 2 型指示，這是客戶想要的，這也是我們在市場上看到的。

If you just look back over the last 4 quarters, we've grown quarter-over-quarter as there's been a couple of launches by our tube competitors, and it hasn't affected our business. And so I think what you're seeing is just the category that we play in with the differentiation of Omnipod 5 is different. And that's what gave us a great quarter.

如果回顧過去 4 個季度，我們會發現，儘管我們的地鐵競爭對手推出了幾款新產品，但我們的業務卻逐季成長，這並沒有影響到我們的業務。所以我認為你所看到的只是我們所處的類別，Omnipod 5 的差異化是不同的。這就是我們本季表現出色的原因。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good evening. Ashley, (technical difficulty) that you're in this position. So much to ask, but I really want to spend a minute on gross margins. we're outside the LRP. I know we're not going to have an Analyst Day to the fall. But what is your view of expanding gross and operating margins over the next couple of years? And how do you balance those goals with the investments that you need to make to get to that much bigger organization that you have planned?

晚安.阿什利，（技術難題）你處於這個位置。有很多問題想問，但我真的想花一點時間討論毛利率。我們在 LRP 之外。我知道我們秋天不會舉辦分析師日。但是，您如何看待未來幾年毛利率和營業利潤率的擴大？您如何平衡這些目標與實現您所計劃的更大組織所需的投資？

Thanks, Joanna.

謝謝，喬安娜。

Thanks, Joanne. I'll start here with the gross margin. First of all, we're extremely pleased. We have in the low [70s] here, industry-leading gross margins and it's a power to the team. They continue to execute manufacturing and supply chain efficiencies. We continue to see the strength. And as it relates to the op margin, we are reaffirming here that 16.5%, which is 160 basis points year-over-year.

謝謝，喬安妮。我先從毛利率開始。首先，我們非常高興。我們的毛利率處於 [70%] 出頭，處於行業領先地位，這對團隊來說是一股強大的力量。他們繼續執行製造和供應鏈效率。我們繼續看到其力量。就營業利益率而言，我們在此重申 16.5%，即年增 160 個基點。

Our approach to investing has not changed. We put everything through our rigorous models here. And we want to maintain that flexibility as we reach into these new opportunity that it's really a greenfield, both in the US type 2 with the little penetration that's out there. It's our market to go reach and also as we expand international. So it's about positioning and continuing our strategy.

我們的投資方式並沒有改變。我們在這裡將所有事物都置於嚴格的模型中。我們希望在抓住這些新機會時保持這種靈活性，這確實是一個綠地，無論是在美國還是在 2 型市場，滲透率都很低。這是我們要到達的市場，也是我們要向國際擴張的市場。所以這關乎定位和延續我們的策略。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Amazing. Thank you so much for taking the question. I'd love to -- as there's a topic digging into type 2. I'm just curious what feedback you're getting from whether it's the PCPs or the endos in terms of the patient flow and journey. Is this a multiple visit kind of thing that competes them to switch over? Or is it happening pretty quickly? Are there any sticking points? Like how is that journey for the patient speed of conversion, I guess, relative to how maybe you thought it would be at the start of this journey.

驚人的。非常感謝您回答這個問題。我很樂意——因為有主題深入探討類型 2。我只是好奇，就病患流程和旅程而言，您從 PCP 還是內科醫生那裡得到了什麼回饋。這是否是一種促使他們相互競爭轉換的多次訪問行為？還是它發生得相當快？有什麼癥結嗎？我想，相對於您在旅程開始時所想像的，這段旅程對於患者的轉變速度來說如何呢？

Patrick, it's Eric. I can take that one. Patrick, I think the headline is it's right on our expectations, and there's both a health care provider side of that, and there's a patient side of it. On the health care provider side, the first thing that our team is working on is just helping the health care providers that we call on, appreciate the value of bringing automated insulin delivery to their type 2 patients who use insulin. And that's the first part is our team has to help them. We're using the strong clinical data of secure T2D to make that case and we're having good success.

派崔克，我是艾瑞克。我可以接受那個。派崔克，我認為標題完全符合我們的預期，這既有醫療保健提供者方面的內容，也有病人方面的內容。在醫療保健提供者方面，我們團隊正在做的第一件事就是幫助我們所拜訪的醫療保健提供者認識到為使用胰島素的 2 型患者提供自動胰島素輸送的價值。這是我們的團隊必須幫助他們的第一步。我們正在利用安全的 2 型糖尿病的強大臨床數據來證明這一點，並且取得了良好的成功。

Once the health care provider is brought in, the journey is pretty similar, by and large, with what we see with type 1. Our team serves offices really well. And there -- actually, we've heard some heartwarming story that was in Pittsburgh last week and an office had just trained an 80-year-old woman who initially had a little sort of uncertainty about how she was going to do with the technology, she did tremendously reduce hypoglycemia, really high time range, was thrilled and our team was joking that they were going to get her to teach the next training.

一旦醫療保健提供者介入，治療過程總體上與我們在第 1 型糖尿病中看到的情況非常相似。我們的團隊為辦公室提供優質的服務。事實上，我們上週在匹茲堡聽到了一個令人感動的故事，一個辦公室剛剛培訓了一位 80 歲的老婦人，她最初對於如何使用這項技術有些不確定，但她確實大大降低了低血糖症，時間範圍真的很長，她很激動，我們的團隊開玩笑說，他們要讓她在下一次培訓中擔任老師。

So I think what we're seeing is Omnipod 5 can be used really effectively by people with type 2 diabetes. And our coverage is good and our team does the same kind of work as we do with type 1 to just help folks through the journey to get on products and have a great experience.

所以我認為我們看到的是 Omnipod 5 可以被第 2 型糖尿病患者真正有效地使用。我們的覆蓋範圍很廣，我們的團隊所做的工作與 1 型糖尿病一樣，旨在幫助人們順利完成產品購買過程並獲得良好的體驗。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Congrats on a great quarter. I wanted to kind of pick up on what we were just speaking about here and some of the trends that you're seeing with some of these early type 2 users. I think you said the US guide assumes a similar trend in retention this year as you saw last year. And I'm just wondering what you're seeing in the early type 2 users retention the same as the type 1 users? Or is there any risk around that assumption in the guide?

恭喜本季取得優異成績。我想大致了解我們剛剛談論的內容以及您在一些早期 2 型糖尿病患者身上看到的一些趨勢。我認為您說過美國指南假設今年的保留趨勢與去年類似。我只是想知道，您看到早期第 2 類用戶的保留率與第 1 類用戶的保留率有何相同之處？或指南中的該假設是否有任何風險？

Hey Marie, Eric here. I can take that one. So our guide has as Ana described, so stable retention and stable utilization on a portfolio basis of sort of full company. We are, of course, watching the really important metrics of utilization and attrition for type 2 as we ramp that launch. And right now, they're behaving just like we expected. So utilization is very similar type 1 to type 2 and retention is a little bit less, so attrition a little bit higher for type 2, but still very strong. And again, both consistent with our expectations.

嘿，瑪麗，我是艾瑞克。我可以接受那個。因此，我們的指南正如 Ana 所描述的那樣，在整個公司的投資組合基礎上實現穩定的保留和穩定的利用。當然，隨著我們加速推出該產品，我們正在關注 2 型產品的利用率和損耗率這兩個真正重要的指標。現在，他們的行為正如我們所預期的。因此，類型 1 的利用率與類型 2 非常相似，而保留率略低，因此類型 2 的損耗率略高，但仍然非常高。再次，兩者都符合我們的預期。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Quick question about international and what's ahead. The Middle East launches for 05 seem interesting to me. When are those expected? And can you remind us what is the scale of the pod business in the Middle East today and kind of how would you dimensionalize that opportunity for the international franchise maybe compared to Germany, UK, I don't know, size it up? How excited are you about that one?

關於國際和未來發展的快速問題。05 年在中東的發布對我來說似乎很有趣。預計什麼時候發生？您能否提醒我們目前中東地區的豆莢業務規模是多少，以及與德國、英國相比，您如何看待國際特許經營的機會，我不知道，可以對其進行評估嗎？你對此有多興奮？

Hey Mike, Eric here. So maybe to hit Middle East first, and then we'll step back and look at the whole international opportunity. Middle East launches, we expect sometime between end of '25 and early '26. We're finalizing the details with local partners and local regulatory authorities. At this point, the majority of folks in our international markets have access to Omnipod 5. So the Middle East launches are smaller than the launch of our smaller markets than the launches that we've done already for Omnipod 5.

嘿，麥克，我是艾瑞克。所以也許首先要打入中東，然後我們再退一步看看整個國際機會。我們預計中東地區的發射時間將在 2025 年底至 2026 年初之間。我們正在與當地合作夥伴和當地監管機構敲定細節。目前，我們國際市場上的大多數人都可以使用 Omnipod 5。因此，在中東推出的 Omnipod 5 規模比我們在較小市場的推出規模要小，而我們已經為 Omnipod 5 推出類似的產品。

If we just step back and think about the portfolio of opportunity that we're pursuing in international, we've really got markets at three different stages. We've got markets like the UK and Germany, which are approaching their second anniversary of the Omnipod 5 launch here in June and in August. And in those markets, we're investing in evidence to help build access commercial footprint and strength and innovation, all three of those to drive durable, profitable growth on top of the strength we've already driven not Omnipod 5.

如果我們退一步思考我們在國際上追求的機會組合，我們實際上已經擁有三個不同階段的市場。我們擁有英國和德國等市場，Omnipod 5 將於 6 月和 8 月在英國和德國上市，屆時這兩個市場將迎來 Omnipod 5 上市兩週年。在這些市場中，我們正在投資證據來幫助建立商業足跡、實力和創新，這三者將在我們已經擁有的實力之上推動持久的獲利成長，而不是 Omnipod 5。

So we've built display book based on learnings in the US, we're now applying it to our first 2 big markets where we launched first internationally. Our UK team, in particular, has done a really nice job -- there's some additional funding that's just become available and that team is collaborating with health care systems to ensure that Omnipod 5 is the easiest option for folks, which has been terrific.

因此，我們根據在美國獲得的經驗製作了展示手冊，現在我們將其應用到我們首次在國際上推出的首兩個大市場。尤其是我們的英國團隊，他們做得非常出色——我們剛剛獲得了一些額外的資金，而團隊正在與醫療保健系統合作，以確保 Omnipod 5 成為人們最簡單的選擇，這非常棒。

So that playbook, we've built, applying it now the UK and Germany. We've got other markets like France and Netherlands that are still sort of getting through the Omnipod 5 launch. We've got the 9 countries we just launched at the beginning of 2025. That will be in launch mode all year. And as those start to mature, we'll apply that same playbook for durable, profitable growth, evidence to build access, commercial footprint and continued innovation.

我們已經制定了這個劇本，現在它正在英國和德國應用。我們還有其他市場，例如法國和荷蘭，這些市場仍在經歷 Omnipod 5 的發布。我們在 2025 年初剛推出了 9 個國家。全年都將處於啟動模式。隨著這些開始成熟，我們將採用相同的策略，實現持久、有利可圖的成長、建立管道的證據、商業足跡和持續創新。

So as a reminder, international is about 3.5 million people who live with type 1 diabetes. It's only 20% to 25% penetrated. And so we've got a long runway of continuing to improve lives with Omnipod.

需要提醒的是，國際上約有 350 萬人患有第 1 型糖尿病。滲透率僅20%至25%。因此，我們還有很長的路要走，繼續利用 Omnipod 改善生活。

Matt O'Brien, Piper Sandler.

馬特·奧布萊恩、派珀·桑德勒。

I would love to just stay on this market acceleration topic for a second. Q1 has been really good for pretty much everybody that's reported so far. And I guess the thing I'm curious about is what really is driving that. And I think about this industry, type 1 was kind of stuck at 25% penetration forever, it's now up to about 45% in terms of pump utilization, whatever it is like eight years later. It's about 20% increase or 20-point increase in utilization in type 1. Can we get that kind of growth in the type 2 market over the same kind of time frame? Can we go from 5% to 25% over the next, I don't know, seven to eight years? And what would stop us from doing that.

我很樂意繼續討論這個市場加速話題一會兒。到目前為止，對於幾乎所有人來說，第一季的業績都非常好。我想我好奇的是，真正推動這現象的是什麼。我認為在這個行業中，1 型滲透率一直停留在 25%，而現在泵浦利用率已上升到 45% 左右，無論八年後情況如何。類型 1 的利用率大約增加了 20% 或 20 個百分點。我們能在同樣的時間範圍內在 2 型市場實現這樣的成長嗎？在接下來的七到八年內，我們能否從 5% 提高到 25%？什麼會阻止我們這樣做呢？

Hey Matt, thanks for the question. Look, what we've said is that we see that type 2 penetration today is around 5%. And as a reminder, we've said we think that can somewhere between double and triple. Look, what we are still quite early in the type 2 launch, and that launch is building. And right now, we're making that market. And so we need another few quarters to know how fast market penetration is really going to drive, really going to go.

嘿，馬特，謝謝你的提問。你看，我們說過，我們看到今天的 2 型滲透率約為 5%。提醒一下，我們已經說過，我們認為這個數字可以達到兩倍甚至三倍。你看，我們仍處於 2 型發射的早期階段，並且該發射仍在建設中。現在，我們正在打造這個市場。因此，我們還需要幾個季度才能知道市場滲透率究竟會成長到多快。

What we know is we're on our plan. We're executing well, and we're continuing to build the launch, which is great. We also see the same thing that I think you were describing, which is that there's been this technology renaissance in type 1 that has helped accelerate penetration. And that same technology renaissance does apply to type 2. And this is sort of what we're seeing in these early experiences in our type 2 launches that HCPs are really happy with the life-changing impact. Well, HCPs and PWDs are really happy with the life-changing impact of Omnipod 5 for the folks who really needed to live with insulin-intensive type 2 diabetes. So we have reason to believe we're going to get there, just too early for us to call the pace.

我們知道的是，我們正在按照計劃進行。我們執行得很好，並且正在繼續籌備發布，這很棒。我們也看到了您所描述的相同的事情，那就是 1 型技術復興有助於加速滲透。同樣的技術復興也適用於 2 型。這就是我們在 2 型藥物推出的早期經驗中所看到的，HCP 對這種改變生活的影響感到非常高興。嗯，HCP 和 PWD 真的很高興看到 Omnipod 5 為那些真正需要與胰島素密集型 2 型糖尿病共存的人們的生活帶來改變。因此，我們有理由相信我們能夠實現這一目標，只是現在判斷進度還為時過早。

Steve Lichtman, Oppenheimer.

奧本海默的史蒂夫·利希特曼。

Thank you. Congratulations to Ashley and congratulations on the quarter. You talked about the continued progress in type 2, and you highlighted the expanded commercial sales force. Can you delve click on the DTC efforts? How deep are you into that work? Can you talk about sort of any return that you've seen on some of the DTC programs that you have put in place? Any more color overall on that effort would be helpful.

謝謝。恭喜 Ashley，恭喜本季取得佳績。您談到了 2 型疫苗的持續進展，並強調了商業銷售團隊的擴大。您能深入研究一下 DTC 的努力嗎？您對這項工作有多深入？您能否談談您所實施的一些 DTC 計劃所取得的回報？如果能更詳細地介紹這項努力，將會很有幫助。

Great. I'll start with that one. And we're super excited with the DTC. As we've talked about before, the same advertising that we put out there is now more efficient. It's seen by people who now we can lean in and do those sales. What we're seeing is not only more leads, but also our ability to convert those leads. So we're seeing higher conversion. We're very excited. We continue to lean in into our DTC spend, and we have that built into our guidance and our plan here.

偉大的。我先從那一個開始。我們對 DTC 感到非常興奮。正如我們之前所討論的，我們投放的廣告現在更有效率了。人們看到了這一點，現在我們可以依靠它來進行這些銷售。我們看到的不僅是更多的潛在客戶，還有我們轉換這些潛在客戶的能力。因此我們看到了更高的轉換率。我們非常興奮。我們將繼續增加 DTC 支出，並將其納入我們的指導和計劃中。

Bill Plovanic, Canaccord Genuity.

Canaccord Genuity 的 Bill Plovanic。

Hi, great, thank you for taking the question. This is Zachary on from Bill today. Have you reaped any benefits of Abbott's partnership with Epic Aura? And can you give any details about what that partnership looks like? Is there a CGM being listed in the drop-down menu? Just what are you seeing there?

嗨，太好了，謝謝你回答這個問題。我是比爾今天的主持人札卡里。您從 Abbott 與 Epic Aura 的合作中獲得了什麼好處嗎？您能否詳細說明一下這種合作關係？下拉式選單中是否列出了 CGM？你在那裡看到了什麼？

Hi, Zachary, Thanks for the question. It's Eric. I'm not familiar with the details of how their partnership with Epic shows up in offices.

你好，札卡里，謝謝你的提問。我是埃里克。我不太了解他們與 Epic 的合作在辦公室中如何體現的細節。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

I wanted to ask about the Malaysia ramp and the extent to which that impacted gross margins at this quarter -- and then just on manufacturing and capacity with respect to tariffs. I would love to get updated thoughts on your volumes that are coming out of China any thoughts on potentially repositioning those to Malaysia Acton perhaps over the next few years?

我想問馬來西亞產量的成長以及這對本季毛利率的影響程度——然後是與關稅相關的製造和產能。我很想了解你們對來自中國的捲的最新想法，有沒有想過在未來幾年內將這些卷重新定位到馬來西亞阿克頓？

Thanks. I'll take that. Malaysia, starting there is right on track. We have talked about being accretive to margins in the first year of operations, and that will happen here as we move into the third quarter of this year. So we're excited and the performance is strong.

謝謝。我會接受的。馬來西亞從那裡開始就走在正確的軌道上。我們已經談到在營運的第一年就提高利潤率，而當我們進入今年第三季時，這一目標就會實現。所以我們很興奮，而且表現也很強勁。

From a tariff perspective, as I indicated, we are under the exemption for med tech. So the -- there are certain component parts and supply chain components that we bring in that are impacted. And we expect a small amount of impact, 50 basis points here for 2025 and on top of that, we had guided at the beginning of the year at 70.5% gross margin.

從關稅角度來看，正如我所指出的，我們享有醫療技術豁免權。因此，我們引入的某些零件和供應鏈組件受到了影響。我們預期影響很小，到 2025 年將為 50 個基點，除此之外，我們在年初預測的毛利率為 70.5%。

We have raised that gross margin to 71%, including absorbing the 50 basis points of tariff impact that we're currently estimating. So the operations are going really well. The team is performing well, and we're very excited by having industry-leading gross margins that we have.

我們已將毛利率提高至 71%，其中包括吸收我們目前估計的 50 個基點的關稅影響。所以營運進展非常順利。團隊表現良好，我們對擁有領先業界的毛利率感到非常興奮。

This will conclude our Q&A section. I would now like to turn the conference back to Ashley McEvoy.

我們的問答部分到此結束。現在我想將會議交還給 Ashley McEvoy。

Thank you so much for the warm welcome, everyone, for spending time with us tonight. Clearly, we had a very strong quarter, and I would just wrap that. I think you've heard that the strategy is intact, and we are going to continue driving robust growth and doing so profitably on a global scale. And this company is all about having patients front and center. So my big acknowledgment to the Insulet team, and thank you for joining us tonight.

非常感謝大家的熱情歡迎，感謝大家今晚與我們共度時光。顯然，我們這個季度表現非常強勁，我只想結束這個話題。我想你已經聽說了，我們的策略沒有改變，我們將繼續推動強勁成長，並在全球範圍內實現盈利。這家公司始終把患者放在第一位。因此，我要向 Insulet 團隊致以最誠摯的謝意，感謝你們今晚加入我們。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation. Have a wonderful day, and 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。祝大家有美好的一天，然後大家就可以斷開連結了。