Insulet Corp (PODD) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Insulet Corporation second quarter earnings call.(Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, June Lazaroff, Senior Director, Investor Relations.

女士們、先生們，早安，歡迎參加 Insulet Corporation 第二季度收益電話會議。 （操作員指示）提醒一下，本次電話會議正在錄音。現在，我想將會議交給主持人、投資者關係高級總監 June Lazaroff。

Good morning, and thank you for joining Insulet's Second Quarter 2025 Earnings Call. With me today are Ashley McEvoy, President and Chief Executive Officer; and Ana Maria Chadwick, Chief Financial Officer. Also joining us for the Q&A portion of today's call is Eric Benjamin, Chief Product and Customer Experience Officer.

早安，感謝您參加 Insulet 2025 年第二季財報電話會議。今天與我一起的還有總裁兼執行長 Ashley McEvoy 和財務長 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 and the press release with our quarterly results and guidance will be available on the Investor Relations section of our website. We also included supplemental information, which can be found within Insulet's corporate presentation on our website.

本次電話會議的重播以及包含我們季度業績和指引的新聞稿都將在我們網站的投資者關係部分提供。我們還提供了補充信息，可以在我們網站上的 Insulet 公司介紹中找到。

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 Ashley.

說完這些，我將把電話轉給阿什利。

Thanks, June, and good morning, everyone. As of yesterday, I have 100 days under my belt. I visited our top 4 markets in all 3 shifts in our active manufacturing operation. I met with physicians in the field and at the ADA. I've listened to our team, partners, health care providers, investors, analysts and most importantly, our loyal Podders. The welcome by Team Insulet and the diabetes community has been warm and gratifying, and I'm eager to share insights and priorities with you this quarter.

謝謝，瓊，大家早安。截至昨天，我已經工作 100 天了。我參觀了我們活躍製造業務中所有 3 個班次的前 4 個市場。我會見了該領域和 ADA 的醫生。我聽取了我們的團隊、合作夥伴、醫療保健提供者、投資者、分析師以及最重要的是我們忠實的 Podders 的意見。Team Insulet 和糖尿病社群的歡迎令人感到熱情和欣慰，我渴望在本季與大家分享見解和優先事項。

First and foremost, our results this quarter reflect our attractive position as a differentiated durable-growth company in a large underpenetrated market. We grew 31%, surpassing the $600 million mark for the first time with $649 million of revenue and continue to be highly profitable and cash flow positive.

首先，本季的業績反映了我們作為一家差異化、持久成長的公司在龐大的滲透不足市場中的吸引力地位。我們實現了 31% 的成長，營收首次突破 6 億美元大關，達到 6.49 億美元，並且繼續保持高利潤和正現金流。

We achieved this by getting a record number of people on PODD. We drove both year-over-year and sequential growth in new customer starts across all of our strategic growth areas: US Type 1, US Type 2 and international. This reflects Omnipod 5's unique consumer appeal and strong clinical outcomes as well as solid prescriber growth and commercial execution. We delivered this growth while generating strong adjusted operating margin expansion for the quarter.

我們透過讓創紀錄數量的人員加入 PODD 實現了這一目標。我們在所有策略成長領域（美國 1 類、美國 2 類和國際）的新客戶數量均實現了年比和季比成長。這反映了 Omnipod 5 獨特的消費者吸引力和強大的臨床效果以及穩健的處方成長和商業執行。我們實現了這一成長，同時本季調整後的營業利潤率實現了強勁成長。

Based on these robust results, we are raising full-year guidance for revenue growth and adjusted operating margin, which Ana will walk you through. For now let me turn to some observations for my first 100 days.

基於這些強勁的業績，我們提高了全年營收成長和調整後營業利潤率的預期，Ana 將向您詳細介紹。現在，讓我來談談我上任 100 天以來的一些觀察。

First, I've been incredibly impressed by the passion and commitment of our Insulet team and how that energy has been channeled into the product and into the community. Everyone here cares deeply about revolutionizing diabetes management, and that intense focus has earned Insulet a unique and advantaged position at the nexus of Consumer Health, med tech and health tech.

首先，我們的 Insulet 團隊的熱情和承諾以及這種能量如何融入產品和社群給我留下了深刻的印象。這裡的每個人都非常關心糖尿病管理的革命，這種高度的關注使 Insulet 在消費者健康、醫療技術和健康技術的結合點上獲得了獨特而有利的地位。

Going back to Insulet's origins as a groundbreaking insulin management system for children, the company has innovated to improve clinical outcomes and transform patients' lives. Omnipod created the market for modern insulin delivery and is built an entirely new category. Patients see us as a pod, not a pump. We continue to lead the market with truly differentiated technology.

Insulet 的起源是針對兒童的突破性胰島素管理系統，該公司不斷創新，以改善臨床結果並改變患者的生活。Omnipod 創造了現代胰島素輸送市場並建立了一個全新的類別。患者將我們視為一個吊艙，而不是一個幫浦。我們繼續以真正差異化的技術引領市場。

Omnipod 5 is an engineering marvel, a complex medical device that is simple to use and delivers great outcomes. For patients, it's an insulin delivery experience in a class by itself. Omnipod advantages shine through in clinical evidence. We have a large and growing body of randomized trials and real-world evidence underscoring our strong clinical outcomes across type 1 and type 2 diabetes.

Omnipod 5 是一項工程奇蹟，它是一種複雜的醫療設備，使用簡單，且能帶來極佳的效果。對患者來說，這是一種獨一無二的胰島素輸送體驗。Omnipod 的優勢在臨床證據中已充分體現。我們擁有大量且不斷增長的隨機試驗和真實世界證據，證明了我們在第 1 型和第 2 型糖尿病方面取得的良好臨床效果。

At the ADA in June, we highlighted Omnipod 5's robust results from SECURE-T2D, our pivotal trial in type 2 diabetes, including a 0.8% reduction in A1c and a 20% improvement in time and range.

在 6 月的 ADA 上，我們重點介紹了 Omnipod 5 在 SECURE-T2D（我們針對 2 型糖尿病的關鍵試驗）中取得的強勁成果，包括 A1c 降低 0.8% 以及時間和範圍改善 20%。

Additionally, it showed that Omnipod 5 patients use 29% less insulin and experienced minimal weight gain and lower hypoglycemia versus other therapies, all key clinical considerations for physicians evaluating type 2 diabetes treatments.

此外，研究還顯示，與其他療法相比，Omnipod 5 患者的胰島素使用量減少了 29%，體重增加最少，低血糖發生率較低，這些都是醫生評估第 2 型糖尿病治療的關鍵臨床考慮因素。

Results like these are a key factor driving adoption and the tremendous growth in our prescriber base. Today, more than 25,000 health care providers are prescribing Omnipod 5 in the United States. This is up approximately 20% from last year and continues to grow.

這些結果是推動採用和處方者群體大幅成長的關鍵因素。如今，美國有超過 25,000 名醫療保健提供者正在開立 Omnipod 5 處方。這比去年增長了約 20%，並且還在繼續增長。

My conversations with Podders and physicians have also reinforced that customer experience and clinical outcomes go hand-in-hand. The unique simplicity of Omnipod 5 brings people to our platform, who saw themselves as too old for advanced technology or who felt a shame to be using a medical device.

我與 Podders 和醫生的對話也強調了客戶體驗和臨床結果是相輔相成的。Omnipod 5 的獨特簡潔性將那些認為自己年紀太大而無法使用先進技術或為使用醫療設備感到羞恥的人吸引到我們的平台。

Jack, a 91-year-old veteran in Baltimore, discovered that a pod is easier than injections and now lives with less hypoglycemia. Samantha, a teenager from Tampa, has started to go to sleep over and wear dresses again, thanks to the discretion of Omnipod and the ability to control it with her phone. We celebrate this broad impact and continue to invest in making Omnipod even better.

傑克是巴爾的摩一位 91 歲的退伍軍人，他發現使用膠囊比注射更方便，現在低血糖的發生率也降低了。來自坦帕的青少年薩曼莎又開始睡覺和穿裙子了，這要歸功於 Omnipod 的自主判斷能力以及用手機控制它的能力。我們慶祝這一廣泛的影響並將繼續投資使 Omnipod 變得更好。

Orchestrating a superior end-to-end experience for Podders has required us to divide and invest in thoughtful solutions across our business. Over the past decade, we've invested more than $1 billion in manufacturing capabilities. We have pioneered advanced automation in our plants and built a robust and secure global supply chain to deliver tens of millions of complex electromechanical devices per year at medical standards.

為了給 Podders 卓越的端到端體驗，我們需要在整個業務範圍內劃分和投資周到的解決方案。在過去十年中，我們在製造能力方面投資了超過10億美元。我們在工廠中率先採用了先進的自動化技術，並建立了強大而安全的全球供應鏈，每年可交付數千萬台符合醫療標準的複雜機電設備。

Insulet's proprietary tooling, equipment and processes enables a sustainable cost advantage. Similarly, for patient access, 8 years ago, Insulet began building critical payer relationships and negotiating pharmacy channel distribution in the US to make Omnipod available where patients pick up their insulin.

Insulet 的專有工具、設備和製程可實現可持續的成本優勢。同樣，為了方便患者使用，8 年前，Insulet 開始建立關鍵的付款人關係，並在美國協商藥房通路分銷，以便患者可以在需要胰島素的地方使用 Omnipod。

Today, our near 100% pharmacy model and unique Medicare Part D coverage make Omnipod easy to find and easy to afford. You can get an Omnipod at more than 47,000 pharmacies in the United States, often for just $1 per day. Importantly, we earn our customers' business essentially every 3 days with our pay-as-you-go model. Our infrastructure is different than that of traditional pumps because Omnipod is different.

如今，我們接近 100% 的藥房模式和獨特的 Medicare Part D 覆蓋範圍使得 Omnipod 易於找到且易於負擔。您可以在美國 47,000 多家藥局購買 Omnipod，通常每天只需 1 美元。重要的是，我們採用即用即付模式，基本上每 3 天就能贏得一次客戶的業務。我們的基礎設施與傳統泵浦不同，因為 Omnipod 有所不同。

Together, these advantages have given rise to a community unlike any other I've seen during my 30 years in health care. Omnipod has grown into a beloved grassroots brand, fueled by Podders's word-of-mouth and advocacy.

這些優勢共同造就了一個與我 30 年醫療保健從業經歷中見過的任何其他社區都不同的社區。在 Podders 的口碑和宣傳的推動下，Omnipod 已成長為一個深受喜愛的草根品牌。

In the US, Omnipod is the most prescribed and most requested AID system. It is also #1 in new customer starts in the US and the EU. Our more than 500,000 Podders are passionate and engaged R&D partners with a deep interest in continuously enhancing our products for the benefit of everyone with diabetes.

在美國，Omnipod 是使用最廣泛、要求最高的輔助免疫療法系統。它也是美國和歐盟新客戶數量第一名。我們擁有超過 50 萬名 Podder，他們是充滿熱情和投入的研發合作夥伴，他們熱衷於不斷改進我們的產品，造福每位糖尿病患者。

Building off of this grassroots space, we have a tremendous potential to broaden our reach, become an iconic world-class brand and grow faster with targeted and compelling marketing strategies to reach distinct segments of type 1 and type 2 patients.

憑藉這一草根領域，我們擁有巨大的潛力來擴大我們的影響力，成為一個標誌性的世界級品牌，並透過有針對性的、引人注目的行銷策略更快地發展，涵蓋 1 型和 2 型患者的不同群體。

In sum, I'm even more confident than I was 100 days ago in Insulet's unique strength and exciting future. We have a strong brand, engaged customers, differentiated technology backed by clinical outcomes and a durable recurring revenue business model, all operating in a large unpenetrated market.

總之，我比 100 天前更相信 Insulet 的獨特優勢和令人興奮的未來。我們擁有強大的品牌、忠誠的客戶、以臨床結果為後盾的差異化技術以及持久的經常性收入業務模式，所有這些都在一個尚未滲透的龐大市場中運作。

We have best-in-class technology, manufacturing and patient access that we have used to create a category of one. And we have a rich data ecosystem that is driving a virtuous cycle of smarter products and better outcomes. There is tremendous opportunity ahead.

我們擁有一流的技術、製造和病患存取權限，並以此打造出獨一無二的類別。我們擁有豐富的數據生態系統，它正在推動更聰明的產品和更好的結果的良性循環。未來還有巨大的機會。

Last quarter, I emphasized that our strategic objectives are intact. That is still the case. As you can see from the results this quarter, we are executing well against these objectives.

上個季度，我強調我們的策略目標是完整的。情況依然如此。從本季的結果可以看出，我們正在順利實現這些目標。

We continue to expand our lead in US type 1, driven primarily by new prescribers and new patients. The seamless expansion of our US sales team has been and will continue to be a key priority as we further strengthen and scale our commercial operations. Our progress on this front has accelerated our momentum in the marketplace and contributed to our strong new customer starts.

我們繼續擴大在美國 1 型糖尿病領域的領先地位，這主要得益於新處方者和新患者的推動。隨著我們進一步加強和擴大商業運營，美國銷售團隊的無縫擴張一直是並將繼續成為我們的首要任務。我們在這方面取得的進展加速了我們在市場上的發展勢頭，並為我們強勁的新客戶開拓做出了貢獻。

We are driving adoption as the first mover in US type 2. We are in the early stages of creating the market, learning rapidly and honing our approach. Type 2 new customer starts accelerated in the quarter. I'm encouraged by the strong conversion from MDI and the positive response from early adopters.

作為美國 2 型糖尿病的先驅，我們正在推動其應用。我們正處於創建市場的早期階段，正在快速學習並磨練我們的方法。本季度，第二類新客戶啟動速度加快。MDI 的強勁轉變和早期採用者的積極響應令我感到鼓舞。

Customer satisfaction is high, and we are seeing remarkable outcomes. And those with type 2 patients who have been reluctant to give themselves an insulin shot, are seeing results with Omnipod 5 that mirror our secure T2D outcomes, meaningful improvement in A1c and improved glycemic control.

客戶滿意度很高，我們也看到了顯著的成果。對於那些不願意注射胰島素的 2 型糖尿病患者來說，使用 Omnipod 5 後，他們的效果與我們安全的 2 型糖尿病結果相似，A1c 得到顯著改善，血糖控制得到改善。

We are growing durably and profitably outside the United States. Our international business posted nearly 40% year-over-year growth and accounts for approximately 30% of our revenues. Our revenue base is concentrated in the U.K., France and Germany, where we still have room for further penetration.

我們在美國以外地區持續成長，獲利豐厚。我們的國際業務年增近 40%，約占我們營收的 30%。我們的收入基礎集中在英國、法國和德國，我們仍有進一步滲透的空間。

Omnipod 5 launches in these markets have gained strong adoption and driven positive price/mix realization. We have an immense opportunity to continue growing at attractive margins.

Omnipod 5 在這些市場的推出獲得了廣泛認可，並推動了積極的價格/組合實現。我們擁有巨大的機會以誘人的利潤率繼續增長。

And finally, we are investing in platform innovation as we maintain and expand our technology advantage. This includes our next- generation hybrid closed-loop algorithm in the STRIVE pivotal study and a fully closed-loop algorithm designed specifically for type 2 diabetes and our EVOLUTION 2 and simple-use feasibility studies. We are also advancing our integration with the latest sensors. G6, G7 and Libre 2 Plus have launched, and Libre 3 is coming in 2026.

最後，我們正在投資平台創新，以保持和擴大我們的技術優勢。這包括我們在 STRIVE 關鍵研究中的下一代混合閉環演算法和專為 2 型糖尿病設計的全閉環演算法以及我們的 EVOLUTION 2 和簡單使用可行性研究。我們也在推進與最新感測器的整合。G6、G7 和 Libre 2 Plus 已經推出，Libre 3 將於 2026 年推出。

In June, we were excited to fully launch our iOS app compatible with G7. This integration represents a major milestone in our commitment to providing our customers more choices with less devices. Getting Podders to use their phones versus controllers typically yield benefits to engagement, retention and outcomes.

6 月份，我們很高興全面推出與 G7 相容的 iOS 應用程式。此次整合代表著我們致力於以更少的設備為客戶提供更多選擇的一個重要里程碑。讓 Podders 使用手機而不是控制器通常會對參與度、保留率和結果產生好處。

While we have seen rapid adoption of our iOS and Android apps, we still have approximately 55% of eligible US Podders still predominantly using their controller. We have considerable upside as app use grows and we expand our integrations.

雖然我們的 iOS 和 Android 應用程式迅速普及，但仍然有大約 55% 的美國合格 Podder 仍在主要使用他們的控制器。隨著應用程式使用量的成長和整合度的擴大，我們擁有相當大的優勢。

Looking ahead, my focus now is determining how we build on our strengths and further scale this incredible business for even greater global impact. We are seeking to move faster, deepen our advantages, drive penetration, raise margins and open new opportunities.

展望未來，我現在的重點是確定我們如何發揮我們的優勢並進一步擴大這一令人難以置信的業務，以產生更大的全球影響。我們正在尋求加快步伐、深化優勢、推動滲透、提高利潤率並開拓新機會。

I'm still learning, but already see four areas we'll be working on. First, enhancing commercial capabilities. We have earned a place as market leader and can now sell our clinical outcomes and experience advantages as well as our unique form factor.

我仍在學習，但已經看到我們將要努力的四個領域。一是提升商業能力。我們已經贏得了市場領先地位，現在可以銷售我們的臨床結果和經驗優勢以及我們獨特的外形。

Second, building the power of our brand globally and strengthening our direct-to-consumer capabilities to accelerate demand generation and market development. This is a key opportunity across all of our markets.

第二，在全球範圍內打造我們的品牌力量，加強我們的直接面向消費者的能力，以加速需求產生和市場發展。這是我們所有市場的一個重要機會。

Third, driving global scale, both operationally and financially. As market leaders and market shapers, we can strengthen our local market presence outside the US to grow faster and expand our margins. We'll invest in market development capabilities, commercial excellence and top talent to accelerate market penetration.

第三，在營運和財務上推動全球規模。作為市場領導者和市場塑造者，我們可以加強我們在美國以外的本地市場影響力，從而更快地發展並擴大我們的利潤率。我們將投資市場開發能力、商業卓越性和頂尖人才，以加速市場滲透。

Finally, we'll accelerate the pace of innovation. We will ensure we are earlier on next-generation sensor integrations, invest in technology to modernize the customer experience and improve retention and patient outcomes.

最後，我們將加快創新步伐。我們將確保在下一代感測器整合方面處於領先地位，投資技術以實現客戶體驗的現代化，並提高保留率和患者治療效果。

We're also pushing our limits and thinking expansively about our strategic ambition and long-standing focus on solving unmet patient and clinical needs. We look forward to sharing more at our upcoming Investor Day on November 20 in Acton, Massachusetts.

我們也在突破極限，廣泛思考我們的策略目標以及長期專注於解決未滿足的患者和臨床需求。我們期待在 11 月 20 日於馬薩諸塞州阿克頓舉行的投資者日上分享更多內容。

Before I close, I would like to thank the Insulet team for their hard work and commitment this quarter. This record performance would not be possible without your efforts. I count myself fortunate to have joined this team and this business. With our highly differentiated technology platform, we have a unique opportunity to improve lives for millions of people with diabetes, to scale profitably in a large and underpenetrated market and to drive long-term value creation.

最後，我要感謝 Insulet 團隊本季的辛勤工作和承諾。如果沒有你們的努力，這次創紀錄的演出是不可能實現的。我很幸運能夠加入這個團隊和這個企業。憑藉我們高度差異化的技術平台，我們擁有獨特的機會來改善數百萬糖尿病患者的生活，在龐大且滲透率不足的市場中實現盈利規模，並推動長期價值創造。

With that, let me turn the call over to Ana to discuss second quarter results and guidance in more detail.

說完這些，讓我把電話轉給 Ana，更詳細地討論第二季的業績和指導。

Thank you, Ashley, and good morning, everyone. We delivered another excellent quarter, growing new customer starts on a year- over-year and sequential basis in the US for both type 1 and type 2 and in international. Consistent with prior quarters, over 85% of our US new customer starts came from MDI and over 30% were Type 2. In addition, we had the highest quarter of competitive switches since late 2023.

謝謝你，阿什利，大家早安。我們又度過了一個出色的季度，美國 1 類和 2 類產品以及國際產品的新客戶數量同比和環比均有所增長。與前幾季一致，我們美國新客戶中超過 85% 來自 MDI，超過 30% 為 2 型。此外，我們經歷了自 2023 年底以來競爭性轉換的最高季度。

Revenue for the total company was $649 million and grew 31% over prior year. On a reported basis, foreign currency had a favorable impact of 160 basis points. Our estimated global utilization and annualized global retention rate remains stable.

公司總收入為 6.49 億美元，比上年增長 31%。據報道，外幣產生了160個基點的有利影響。我們估計的全球利用率和年度全球保留率保持穩定。

Our team executed across the business, delivered exceptional top line results while also expanding adjusted operating margin and increasing profit. We are proud of this accomplishment and are raising full-year revenue guidance, making 2025 our tenth consecutive year of 20% or more growth on a constant currency basis.

我們的團隊在整個業務範圍內執行，取得了卓越的營業業績，同時擴大了調整後的營業利潤率並增加了利潤。我們為這項成就感到自豪，並提高了全年收入預期，使 2025 年成為我們連續第十年按固定匯率計算實現 20% 或以上的增長。

We are also raising our adjusted operating margin, reflective of the operating leverage we are achieving across the business. I will walk through guidance in a few moments.

我們也提高了調整後的營業利潤率，這反映了我們在整個業務中實現的營業槓桿。我稍後會進行指導。

Turning to our second quarter revenue results, US revenue grew 28.7%, above the high end of our guidance range on a strong performance from our commercial team as we continue to see great demand and momentum for Omnipod 5, which is driving growth in our customer base.

談到我們第二季的營收結果，由於我們商業團隊的強勁表現，美國營收成長了 28.7%，高於我們預期範圍的高端，因為我們繼續看到對 Omnipod 5 的巨大需求和發展勢頭，這推動了我們客戶群的成長。

US Omnipod revenue growth benefited by approximately 350 basis points from a prior-year stocking dynamic and an approximate 150 basis point tailwind related to the timing of rebates. As we commented last quarter, this rebate dynamic was a headwind in the first quarter and expect to be neutral on a full-year basis.

美國 Omnipod 的營收成長受惠於上年庫存動態約 350 個基點，以及與回扣時機相關的約 150 個基點的順風。正如我們上個季度所評論的那樣，這種回扣動態在第一季是一個阻力，預計全年將保持中性。

Turning to international, we had another quarter of exceptional execution, achieving revenue growth of 38.8%, above the high end of our guidance. On a reported basis, foreign currency was favorable 620 basis points over the prior year.

轉向國際市場，我們又一個季度表現優異，實現了 38.8% 的營收成長，高於我們預期的高端。據報道，外幣匯率比前一年上漲了 620 個基點。

International growth was primarily driven by continued demand for Omnipod 5 and customer base growth. As expected, positive price/mix realization also contributed to growth as customers shift from Omnipod DASH to Omnipod 5.

國際成長主要得益於對 Omnipod 5 的持續需求和客戶群的成長。正如預期的那樣，隨著客戶從 Omnipod DASH 轉向 Omnipod 5，積極的價格/組合實現也促進了成長。

We are seeing strong growth in the U.K., Germany and France, in addition to the other countries where we have launched Omnipod 5. We are also continuing to work with local health authorities to expand access and broaden our sensor integration road map to drive adoption.

除了我們已推出 Omnipod 5 的其他國家外，我們在英國、德國和法國也看到了強勁的成長。我們也將繼續與當地衛生部門合作，擴大使用範圍並拓寬我們的感測器整合路線圖，以推動其應用。

Moving down to P&L. Gross margin was 69.7%. Gross margin included approximately $10 million of inventory-related charges, including the write-off of legacy components as we support the strong demand and migration to Omnipod 5, our latest technology. We are pleased to have delivered 70.7% gross margin on a year-to-date basis, and we are on track to achieve our full-year guidance of approximately 71%.

轉到損益表。毛利率為69.7%。毛利率包括約 1000 萬美元的庫存相關費用，包括因我們支援強勁需求和向最新技術 Omnipod 5 遷移而註銷的遺留組件。我們很高興看到年初至今的毛利率已達到 70.7%，並且有望實現全年約 71% 的預期。

Operating expenses increased as we continue to invest in our pipeline of innovation and sales and marketing efforts, especially as we develop the type 2 markets. Adjusted operating margin was 17.8%, and adjusted EBITDA margin was 24.3% in the second quarter.

隨著我們繼續投資於創新通路和銷售及行銷工作，尤其是在開發 2 型市場時，營運費用增加。第二季調整後營業利益率為 17.8%，調整後 EBITDA 利潤率為 24.3%。

Our team is executing well across our growth objectives and reinvestment plans, which have together generated meaningful operating leverage. Our second quarter non-GAAP adjusted tax rate was 22.1%.

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。我們第二季的非公認會計準則調整後稅率為 22.1%。

Turning to cash and liquidity, we ended the quarter with $1.1 billion in cash and the full $500 million available under our credit facility. We continue to strengthen our balance sheet, improve our financial flexibility and lower our cost of capital.

談到現金和流動性，本季末我們擁有 11 億美元現金和 5 億美元信貸額度。我們持續強化資產負債表，提高財務靈活性並降低資本成本。

To date, we have extinguished $420 million of our convertible notes due in 2026, and we have initiated the redemption of the remaining $380 million, which will close later this month.

迄今為止，我們已償還了 2026 年到期的 4.2 億美元可轉換債券，並已啟動剩餘 3.8 億美元的贖回程序，贖回工作將於本月晚些時候完成。

During the quarter, we repurchased 93,000 shares for approximately $30 million under $125 million authorization and also refinance our term loan B, reducing the rate by 50 basis points, which lowers our interest expense by approximately $12 million over the remaining term of the loan.

在本季度，我們根據 1.25 億美元的授權以約 3000 萬美元的價格回購了 93,000 股股票，並對我們的定期貸款 B 進行了再融資，將利率降低了 50 個基點，這使我們在貸款剩餘期限內的利息支出降低了約 1200 萬美元。

Now turning to guidance. We are pleased to provide our outlook for the third quarter. As a reminder, our revenue growth guidance is on a constant currency basis.

現在轉向指導。我們很高興提供對第三季度的展望。提醒一下，我們的營收成長預期是基於固定匯率計算的。

For the third quarter, we expect total Omnipod revenue growth of 24% to 27% and total company growth of 22% to 25%. On a reported basis, we are assuming a favorable impact of 100 basis points from foreign currency.

對於第三季度，我們預計 Omnipod 總營收將成長 24% 至 27%，公司整體成長率將達到 22% 至 25%。根據報告，我們假設外幣將帶來 100 個基點的有利影響。

For US Omnipod, we expect third quarter growth of 21% to 24%. For international Omnipod, we expect third quarter growth of 33% to 36%. On a reported basis, we are assuming a favorable impact of 300 basis points from foreign currency.

對於美國 Omnipod，我們預計第三季成長率為 21% 至 24%。對於國際 Omnipod，我們預計第三季成長率為 33% 至 36%。根據報告，我們假設外幣將帶來 300 個基點的有利影響。

Now turning to our full year 2025 outlook. For the full year, we are raising our total Omnipod revenue growth guidance to a range of 25% to 28%. We are also raising our total company revenue growth guidance to a range of 24% to 27%. On a reported basis, we are assuming favorable impact of 100 basis points from foreign currency for the year.

現在來談談我們對 2025 年全年的展望。就全年而言，我們將 Omnipod 總營收成長預期上調至 25% 至 28%。我們也將公司總營收成長預期上調至 24% 至 27%。根據報告，我們假設今年外幣將帶來 100 個基點的有利影響。

For US Omnipod, we are raising our revenue guidance range to 22% to 25%, and driven by customer base growth. We continue to win and lead in type 1 and gain momentum in type 2. We expect current demand trends supported by consistent rate of patient conversions from MDI to support our strong growth. We expect year-over-year growth in US new customer starts in 2025.

對於美國 Omnipod，我們將營收預期範圍提高至 22% 至 25%，這得益於客戶群的成長。我們在第 1 類中繼續獲勝並保持領先，並在第 2 類中獲得發展動力。我們預計，在 MDI 患者轉換率持續穩定成長的支持下，當前的需求趨勢將支持我們的強勁成長。我們預計 2025 年美國新客戶數量將年增。

As a reminder, our US growth guidance for 2025 reflects similar trends in pricing, utilization and retention as we saw in 2024.

提醒一下，我們對 2025 年美國成長的預測反映了與 2024 年類似的定價、利用率和保留趨勢。

For international Omnipod, we are raising our revenue guidance to 34% to 37%. On a reported basis, we are assuming a favorable impact of 300 basis points from foreign currency. We expect to drive strong growth in the U.K., Germany and France, while also ramping adoption in our newer international markets, all supported by benefits from new sensor integrations and customer upgrades from Omnipod DASH to Omnipod 5.

對於國際 Omnipod，我們將營收預期上調至 34% 至 37%。根據報告，我們假設外幣將帶來 300 個基點的有利影響。我們預計英國、德國和法國將實現強勁成長，同時也將推動新興國際市場的普及，所有這些都得益於新的感測器整合和客戶從 Omnipod DASH 升級到 Omnipod 5。

We expect year-over-year growth in international new customer starts in 2025. While volume remains the primary driver of our international revenue growth, our guidance also reflects a modest uplift from positive price/mix realization. We're also assuming stable utilization trends and as previously communicated, retention trends improving slightly for 2025 relative to 2024.

我們預計 2025 年國際新客戶數量將年增。雖然銷售仍然是我們國際收入成長的主要驅動力，但我們的預期也反映了積極的價格/組合實現帶來的適度提升。我們也假設利用率趨勢穩定，如前所述，2025 年的保留趨勢相對於 2024 年略有改善。

Turning to 2025 gross margin. For the full year, we are reaffirming our gross margin guidance of approximately 71%, which reflects 120 basis points of expansion over prior year and remains the highest in the diabetes technology space.

展望2025年的毛利率。對於全年，我們重申毛利率指引約為 71%，這比上年增長了 120 個基點，並且仍然是糖尿病技術領域的最高水平。

Our full-year gross margin guidance now assumes an impact of approximately 20 basis points from tariffs, which is lower than our prior assumption of 50 basis points, given the recent updates and changes in US tariffs. Our strong manufacturing position and efficiencies from scale mitigate and absorb this impact.

鑑於美國關稅的最新更新和變化，我們目前的全年毛利率指引假設關稅的影響約為 20 個基點，低於我們先前假設的 50 個基點。我們強大的製造地位和規模效率減輕並吸收了這種影響。

For the year, based on our strong performance to date and continued operational leverage across the business, we are raising our adjusted operating margin guidance to a range of 17% to 17.5%. Our guidance includes plans to continue investing in R&D, market development and demand generation. As we have communicated previously, we remain committed to driving at least 100 basis points of adjusted operating margin expansion annually. As demonstrated by our updated guidance, we will deliver well above this level in 2025.

對於今年，基於我們迄今為止的強勁表現和整個業務持續的營運槓桿，我們將調整後的營業利潤率預期上調至 17% 至 17.5% 的範圍。我們的指導包括繼續投資研發、市場開發和需求產生的計劃。正如我們之前所傳達的，我們仍然致力於每年推動調整後的營業利潤率至少擴大 100 個基點。正如我們最新的指引所示，到 2025 年，我們的業績將遠遠超越這一水準。

Looking at a few items below our operating income. Consistent with what we have communicated last quarter, we expect our 2025 net interest expense to be approximately $30 million higher than 2024, largely due to the elimination of our convertible debt, which was at a higher cost of capital; and the replacement of our interest rate swaps, which expired this quarter. For the year, we still expect our non-GAAP tax rate to be in the range of 20% to 25%.

查看我們的營業收入下面的幾個項目。與我們上個季度傳達的信息一致，我們預計 2025 年淨利息支出將比 2024 年高出約 3000 萬美元，這主要是由於我們消除了資本成本較高的可轉換債務；以及替換了本季度到期的利率互換。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。

As communicated last quarter, 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 due to the extinguishment of our convertible debt.

正如上個季度所傳達的，我們預計 2025 年稀釋股份數量的期末餘額約為 7,100 萬美元，由於可轉換債務的清償，比上一年減少約 5% 或 350 萬股。

From a cash perspective, on an annual basis compared to prior year, we expect free cash flow to be higher despite higher capital expenditures as we are now evaluating the acceleration of our manufacturing expansion plans due to the increase in global customer adoption. We remain excited and confident in our objectives to drive growth, expand margins and increase profitability and free cash flow, all contributing to long-term value creation.

從現金角度來看，與去年相比，儘管資本支出增加，但我們預計自由現金流將會更高，因為我們現在正在評估由於全球客戶採用率增加而加速我們的製造擴張計劃。我們對推動成長、擴大利潤率、提高獲利能力和自由現金流的目標仍然充滿熱情和信心，所有這些都有助於創造長期價值。

Before moving to Q&A, I want to take a moment to share a leadership update. Later this month, Claire Trackman will join Insulet as our new Vice President of Investor Relations reporting to me. Claire joins us from Baxter, where she served as Vice President of Investor Relations for the past decade.

在進入問答環節之前，我想花點時間分享一下領導力的最新情況。本月晚些時候，Claire Trackman 將加入 Insulet，擔任我們的新投資者關係副總裁，向我報告工作。克萊爾來自百特公司，過去十年來她一直擔任該公司投資者關係副總裁。

She brings significant MedTech Investor Relations experience, and her addition reflects the continued strengthening of our leadership team under Ashley's direction as we look to the future. We are incredibly grateful to June Lazaroff for her thoughtful interim leadership of the IR function and for her continued support to enable a seamless transition.

她帶來了豐富的醫療技術投資者關係經驗，她的加入反映了我們領導團隊在 Ashley 的領導下向未來不斷加強。我們非常感謝 June Lazaroff 對 IR 職能的周到臨時領導以及她為實現無縫過渡所提供的持續支持。

June will remain with us through the end of August. With that, operator, please open the line for questions.

六月將伴隨我們度過八月底。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Robbie Marcus from JPMorgan.

摩根大通的羅比·馬庫斯。

Hi, this is Lilly on for Robbie. Both the US and international came in nicely ahead. So can you talk about some of the drivers of the upside both in the US and internationally and the trends that you're seeing in those different geographies across new patient growth?

大家好，我是 Lilly，為 Robbie 服務。美國和國際都遙遙領先。那麼，您能否談談美國和國際上一些上漲的驅動因素，以及您在不同地區看到的新患者成長趨勢？

Thank you, Lilly. Listen, we're pleased to see that really, our strategy is working. We continue to lead in type 1. As you mentioned, we're driving very strong adoption as the first mover in type 2. Our international growth is accelerating, and we are continuing to invest in platform innovation and clinical outcomes.

謝謝你，莉莉。聽著，我們很高興地看到我們的策略確實有效。我們繼續在類型 1 中保持領先地位。正如您所提到的，作為類型 2 的先行者，我們正在推動非常強勁的採用。我們的國際成長正在加速，我們將繼續投資於平台創新和臨床成果。

I mean US, you can see from -- we command the largest customer base there. Our new customer starts are off to acceleration, both year-over-year and sequentially. And I think in the US, we're really seeing very strong adoption of the Omnipod 5 based upon very, very strong clinical outcomes that we've been sharing with the ADA. And we continue to integrate those with the latest sensors, as mentioned with the G7 and iOS compatibility.

我的意思是美國，你可以看到——我們在那裡擁有最大的客戶群。我們的新客戶數量逐年和逐季加速成長。我認為在美國，我們確實看到 Omnipod 5 的普及度非常高，這是基於我們與 ADA 分享的非常非常好的臨床結果。我們將繼續將它們與最新的感測器結合，正如提到的 G7 和 iOS 相容性。

And I would say type 2 in the US, very strong momentum, based upon really bringing the science and the evidence to the clinicians. As you know, we have a very strong history here in equity of our -- built over 25 years with the ENDO community in type 1, and we're leveraging that as we start to penetrate the type 2 community.

我想說，美國的 2 型糖尿病發展勢頭非常強勁，這要歸功於我們真正將科學和證據帶給臨床醫生。如您所知，我們在公平方面有著非常悠久的歷史——與 1 型 ENDO 社區合作超過 25 年，我們正在利用這一點開始滲透到 2 型社區。

And OUS, as we mentioned in our remarks, we have a very strong concentration in three key markets: U.K., France and Germany; which comprise the majority of our business, OUS. And all of those are really benefiting from the launches of Omnipod 5. And then as we've mentioned on prior calls, we've also expanded Omni 5 now to inclusive of total of 14 markets, and all of those are driving strong adoption.

正如我們在評論中提到的那樣，OUS 在三個主要市場集中度很高：英國、法國和德國；這三個市場構成了我們 OUS 業務的大部分。所有這些都受益於 Omnipod 5 的推出。正如我們在之前的電話會議中提到的那樣，我們現在還將 Omni 5 擴展到總共 14 個市場，所有這些都在推動強勁的採用。

Thank you for the question, Lilly.

謝謝你的提問，莉莉。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Congrats on quarter and congrats on hiring Claire, she's a well-loved IR person. So a good get. And I wanted to ask on type two and the new starts that accelerated this quarter. what do you think kind of drove that acceleration? Can the acceleration kind of continue in the back half of the year? And just kind of get an update on kind of the overall type two opportunity here.

恭喜本季度取得佳績，也祝賀您聘用了克萊爾，她是一位深受喜愛的 IR 人員。非常好。我想問一下第二類和本季加速的新開工情況。您認為是什麼推動了這種加速？這種加速趨勢在下半年還能持續下去嗎？這只是對這裡的第二類機會的整體更新。

Thank you, Travis. Well, listen, I mean, type 2, as we know, is like a massive opportunity with a large TAM, and it's great to have a first-mover advantage. And as I mentioned, we're really parlaying and coming from a position of strength of 25 years really getting AID therapy ENDOs and high-prescribing PCPs comfortable with that.

謝謝你，崔維斯。嗯，聽著，我的意思是，正如我們所知，類型 2 是一個巨大的機會，具有很大的 TAM，擁有先發優勢是件好事。正如我所提到的，我們確實在充分利用 25 年的優勢，真正讓 AID 治療 ENDO 和高處方 PCP 對此感到滿意。

When we look at Type 2, the framework that we're abiding by is, number one, really sharing our strong clinical evidence. We shared this again with the ADA and SECURE-T2D. We do, in fact, lowered A1cs and we improved time and range.

當我們研究第 2 型糖尿病時，我們遵循的框架首先是真正分享我們強有力的臨床證據。我們再次與 ADA 和 SECURE-T2D 分享了這一點。事實上，我們確實降低了 A1cs，並且改善了時間和範圍。

Second is really we have very strong market access and ease of use. Our -- I'd like to say not all pharmacy access is created equal, but we have access to 47,000 pharmacists, Travis, where we had also coverage. Over 300 million lives are covered with Omnipod in a preferred position with very low co-pays. In fact, on average, it's around $1 a day for our patients, and that really has enabled very strong access as well as affordability.

第二，我們確實擁有非常強大的市場進入和易用性。我們的——我想說的是，並非所有藥房的訪問權限都是平等的，但我們擁有 47,000 名藥劑師，特拉維斯，我們也提供覆蓋。超過 3 億人的生活以極低的共同支付額優先享受 Omnipod 的保障。事實上，我們的患者平均每天只需花費 1 美元，這確實使得醫療可近性和可負擔性非常高。

We've been working on our field. You mentioned that we've been expanding our field force, getting them really comfortable to not to sell on our unique form factor, but to also sell in the science. And also, we are sourcing not just patients from MDI, but as Ana mentioned in her results, we actually did experience our quarter, the highest in 8 quarters, where we sourced some of that volume from competitive users.

我們一直在自己的領域努力工作。您提到，我們一直在擴大我們的現場力量，讓他們真正放心，不僅要銷售我們獨特的外形，還要銷售科學產品。此外，我們不只是從 MDI 招募患者，而且正如 Ana 在她的結果中提到的那樣，我們確實經歷了本季度，這是 8 個季度以來最高的，其中一部分是從競爭用戶那裡招募的。

So I just think that we just got to continue to get the word out that we have a highly differentiated technology with really strong outcomes.

所以我認為我們必須繼續宣傳我們擁有高度差異化的技術和真正強大的成果。

Jeff Johnson from Baird.

來自貝爾德的傑夫·約翰遜。

Thank you guys. Good morning. Congrats on strong quarter. Ashley, you know as we're all trying to get to know you a little bit better here. I think one of my questions just such a strong raise in 2Q here, and 2Q can be a tricky quarter because I think a lot of companies would like to leave a little bit of room for 3Q and 4Q as well.

謝謝你們。早安.恭喜本季業績強勁。阿什利，你知道我們都想在這裡更了解你。我認為我的一個問題是第二季度的強勁增長，而第二季度可能是一個棘手的季度，因為我認為很多公司也希望為第三季度和第四季度留出一點空間。

So just your overall framework and how you think about guidance, do you like to set guidance at realistic numbers? Are they numbers that you feel maybe a little aggressive, a little conservative? Just kind of your framework for how you think about guidance, especially after today's strong rate. Thanks.

那麼，您的整體框架以及您對指導的看法，您是否喜歡將指導設定為現實的數字？您是否覺得這些數字有點太激進，或有點保守？這只是您對如何看待指導的一種框架，特別是在今天的強勁利率之後。謝謝。

Thank you, Jeff. I think what Ana's commentary on future guidance, it really reflects the remarkable business that we've had year-to- date in 2025. And my philosophy and guidance really doesn't change from what Insulet has been sharing with the community.

謝謝你，傑夫。我認為 Ana 對未來指導的評論確實反映了我們在 2025 年迄今為止所取得的卓越業務。我的理念和指導與 Insulet 與社群分享的內容確實沒有改變。

And I'll turn it to Ana to add some remarks.

我將請 Ana 補充一些評論。

Yes. We set guidance with the full intent to hit it. Nothing has changed in our fundamentals. We're excited to have raised guidance here by 5 points. And it's actually 3 times the beat we had here in the second quarter, and this reflects that we're seeing the momentum, and we're leaning in, and we'll keep you all updated.

是的。我們制定指導方針是為了全力實現它。我們的基本面沒有任何改變。我們很高興將這裡的指導提高了 5 個百分點。這其實是我們第二季業績的三倍，這反映出我們看到了發展勢頭，我們正在努力，我們會隨時向大家通報最新情況。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

This is Simran on for Larry. Congrats on the a really strong quarter. Maybe just to focus on the US business, if I take all the pieces of the guidance, it implies about 14% to 22% growth in Q4, if I'm doing my math right, which is a pretty wide range.

這是 Simran 為 Larry 上場。恭喜本季業績表現強勁。也許只專注於美國業務，如果我把所有的指導都考慮進去，這意味著第四季度的成長約為 14% 到 22%，如果我的計算正確的話，這是一個相當廣泛的範圍。

So can you talk about what gets you to the high end versus like the low end of the range? And how should we think about that in the context of 2026? Is 20% growth still a good way to think about the US business, going forward?

那麼，您能談談是什麼讓您達到了高端，又是什麼讓您達到了低端嗎？那麼，我們該如何從 2026 年的角度來思考這個問題呢？20% 的成長率對於美國企業未來發展仍然是一個好的標準嗎？

Thank you for joining, Simran. I'll turn it to Ana to make some remarks.

感謝您的加入，Simran。我將請 Ana 發表一些評論。

Great. Our underlying business trends are very stable. Let me unpack some key dynamics.

偉大的。我們的基本業務趨勢非常穩定。讓我來解析一些關鍵的動態。

Specific in the US we have talked about stocking and rebate dynamics. When you take those into account, our first half normalized growth rate is 24%. And in the context of that, our back-half guidance is very strong. We do not anticipate anything changing here,

具體到美國我們已經討論過備貨和返利動態。考慮到這些因素，我們上半年的標準化成長率為 24%。在此背景下，我們的後半部分指導非常強勁。我們預計這裡不會有任何變化，

just the momentum continuing, and we expect to have a positive update for all of you guys as we get into our third quarter earnings call.

這種勢頭仍在繼續，我們期待在第三季財報電話會議中為大家帶來正面的改變。

Joanne Wuensch from Citi Bank.

花旗銀行的 Joanne Wuensch。

Good morning. Nice quarter. Internationally, it sounds like it's going quite well for you with the target on four countries. How do you think about expanding those or expanding the footprint as you push further outside the United States?

早安.不錯的季度。從國際來看，聽起來你們在四個國家設定的目標進展得相當順利。隨著你們進一步拓展美國以外的業務，您如何考慮擴大這些業務或擴大影響力？

Thank you so much.

太感謝了。

Thank you, Joanne, for the question. Yes. I mean our international business had a very strong quarter. And really, our kind of three key drivers of profitable growth outside of the Unites are: one, continued penetration of our existing markets like the UK, France and Germany, where we -- I would say we have strongholds and there's lots of opportunities to really increase penetration in those stronghold markets. In those markets, with the launch of Omnipod 5 and the conversion from DASH to Omnipod 5, we are commanding a positive price mix realization.

謝謝喬安妮提出的問題。是的。我的意思是我們的國際業務本季表現非常強勁。實際上，我們在美國以外實現盈利增長的三大關鍵驅動力是：第一，繼續滲透我們現有的市場，如英國、法國和德國，我想說我們在這些市場有據點，並且有很多機會可以真正提高在這些據點市場的滲透率。在這些市場中，隨著 Omnipod 5 的推出以及從 DASH 到 Omnipod 5 的轉換，我們正在實現積極的價格組合。

And then I would say, we're being very thoughtful around what are the other markets to expand to so that we can ensure that we're meeting people with diabetes but in a very financially disciplined fashion. Some of the markets that we've launched Omnipod 5 like Canada, Australia, the Netherlands; they're all going very well.

然後我想說，我們正在認真考慮要擴展到哪些其他市場，以便我們能夠確保以非常財務自律的方式滿足糖尿病患者的需求。我們在加拿大、澳洲、荷蘭等一些市場推出了 Omnipod 5，這些市場的銷售情況都非常好。

We've queued up some additional markets that we plan to share with you on November 20 at Investor Day. But we really are having a balanced strategy, I would say, on going deep and valuing depth as we assess layer what markets that we go broad on.

我們已經安排了一些額外的市場，計劃於 11 月 20 日的投資者日與您分享。但我想說，我們確實有一個平衡的策略，即在評估要拓展哪些市場的層次時深入並重視深度。

Shagun Singh from RBC.

來自 RBC 的 Shagun Singh。

I was hoping you could shed some light on second-half guidance, I think it assumes about 21% selling day adjusted growth versus 30% in the first half. So can you maybe just elaborate on some of the assumptions behind the 2025 guidance? What drives the step down in Q2? Is it conservatism or are there other factors to consider?

我希望您能對下半年的指引做出一些說明，我認為它假設銷售日調整後的成長率約為 21%，而上半年為 30%。那麼，您能否詳細說明 2025 年指導背後的一些假設？是什麼導致第二季的下滑？這是保守主義還是還有其他因素要考慮？

And you did call out for US Omnipod revenue in Q2, you called out some stocking dynamic and some tailwinds around rebates. So if you can just help us with some of the puts and takes to come up with the underlying growth, that would be helpful.

您確實提到了美國 Omnipod 在第二季的收入，提到了一些庫存動態和一些圍繞回扣的順風因素。因此，如果您能幫助我們做出一些讓步，以實現潛在的成長，那將會很有幫助。

Sure, Shagun. This is Ana. As I mentioned, on an underlying basis, our business is very, very stable here. And unpacking some of the dynamics you just called stocking as one, absolutely, and then also the rebate dynamic. So when you put all of those together, our first half US normalized growth rate is up 24%.

當然，Shagun。這是安娜。正如我所提到的，從根本上來說，我們的業務非常非常穩定。並且解開你剛才稱之為庫存的一些動態，絕對如此，然後還有回扣動態。因此，將所有這些因素綜合起來，我們上半年美國的標準化成長率上升了 24%。

And in that context, the guidance here is very strong that we're -- and we're lifting by quite a bit, as I mentioned just now, we are raising our guidance by 3 times the beat that we had here in the second quarter. So we're leaning in because we're seeing this momentum speaking and being strong for us.

在這種背景下，我們的預期非常強勁——正如我剛才提到的，我們的預期提高了不少，我們將預期提高了第二季的三倍。因此，我們正全力以赴，因為我們看到這種勢頭正在向我們證明並變得強大。

And we look forward to giving you a positive update as we go into our third quarter earnings. So everything is trending, and growth is strong.

我們期待在第三季財報公佈之際向您提供正面的更新資訊。所以一切都呈現趨勢，並且成長強勁。

David Roman from Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Thank you. Good morning. I just want to echo Travis' comments on Claire joining the company, the opportunity to work with her directly and think she'll be a great addition to the team. And I just want to also thank June for all of her support as we've gotten up to speed here on the company.

謝謝。早安.我只是想附和崔維斯對克萊爾加入公司的評論，有機會直接與她合作，並認為她會成為團隊的一大助力。我還要感謝 June 在我們加快公司發展速度的過程中給予的所有支持。

Maybe I'll just ask on a comment that you made kind of towards the latter part of the call around increasing CapEx to support higher demand. Can you maybe go into a little bit more detail there on how demand has shaped up relative to expectations? And if that acceleration in CapEx is a reflection of a view of demand tracking ahead of original expectations and a view that, that can continue here and how we should kind of put those pieces together?

也許我只是想問一下您在通話後半部分關於增加資本支出以支持更高需求的評論。您能否更詳細地說明一下需求相對於預期是如何形成的？如果資本支出的加速成長反映了需求追蹤超出最初預期的觀點，而這種觀點可以繼續下去，那麼我們應該如何將這些部分整合在一起？

Yeah, thank you for the question, David. I would first start with -- again, we have a history here of investing ahead of the curve of making sure that we have the appropriate amount of capacity to say yes to all of the demand.

是的，謝謝你的提問，大衛。我首先要說的是——我們一直以來都有超前投資的歷史，以確保我們有足夠的產能來滿足所有需求。

And very pleased with how the team has been executing really the past year of adding new lines into Acton, which are fully up and producing high-quality pods, as well as extending our presence in Malaysia and getting that plant we're coming up on our year anniversary to really meet the global demand. And we've been a pioneer in advanced automation and manufacturing capabilities, and we'll continue to do that.

我對團隊在過去一年中的執行情況感到非常滿意，他們在 Acton 增加了新的生產線，這些生產線已全面投入生產，可以生產高品質的豆莢，同時擴大了我們在馬來西亞的業務，並在周年紀念日即將建成的工廠能夠真正滿足全球需求。我們一直是先進自動化和製造能力的先驅，我們將繼續這樣做。

So, what Ana was referencing is you're going to see us continue to invest in our supply chain build-out to make sure that we stay ahead of the curve of meeting global demand.

因此，Ana 提到的是，你會看到我們繼續投資於我們的供應鏈建設，以確保我們始終處於滿足全球需求的領先地位。

Michael Polark from Wolfe Research.

來自沃爾夫研究中心的邁克爾·波拉克。

Hey good morning. I'm interested in the comment on the recent Medicare proposal around competitive bidding and shifting payment in the DME channel to pay over time. Look, I understand you're not directly exposed here, you have chosen a different business model. And so kind of nothing to say on that.

嘿，早安。我對最近的醫療保險提案的評論很感興趣，該提案涉及競爭性投標和將 DME 管道的付款轉移到分期付款。聽著，我知道你在這裡沒有直接接觸，你選擇了不同的商業模式。對此沒什麼好說的。

But if this moves forward, the industry stands to change quite a bit, and I'm interested what PODD is thinking about as to how to stay ahead of those potential shifts as you digest what's a very complex suggestion rule from the government.

但如果這一進程繼續下去，這個行業將會發生很大的變化，我很感興趣的是 PODD 正在考慮如何在消化政府提出的非常複雜的建議規則時保持領先地位。

Thank you.

謝謝。

Thank you for the question, Mike. And listen, we've been reviewing the CMS proposal. We clearly support the increased access to the latest technology for diabetes management. As you know, we are available to patients on an as-you-go basis, a pay-as-you-go, and it's sold with near 100% of our distribution through the pharmacy channel, as I mentioned, 47,000 pharmacies.

謝謝你的提問，麥克。聽著，我們一直在審查 CMS 提案。我們明確支持擴大獲取最新糖尿病管理技術的機會。如您所知，我們為患者提供即用即付的服務，並且我們的分銷幾乎 100% 都是透過藥局管道銷售的，正如我所提到的，有 47,000 家藥局。

So we clearly think that insulin delivery systems that are a part of Medicare Part D are not eligible for competitive bidding under the Part B. And we are going to continue to gauge in CMS to really talk about the benefits of our differentiated Omnipod 5 technology and how we improve care for people with diabetes.

因此，我們明確認為，作為 Medicare D 部分一部分的胰島素輸送系統不符合 B 部分下的競爭性投標資格。我們將繼續在 CMS 中進行評估，真正討論我們差異化的 Omnipod 5 技術的優勢以及我們如何改善對糖尿病患者的護理。

Richard Newitter from Truist Securities.

Truist Securities 的 Richard Newitter。

Hi, thanks so much for taking the questions and Congrats on the quarter. Wondering if you could just comment a little bit on the -- how the T2 indication is potentially allowing you to better compete for type 2 patients versus the competition? And how much of the momentum you're seeing there from last quarter or the last few quarters, is that indication versus converting to marketing initiatives direct to patients?

嗨，非常感謝您回答這些問題，並祝賀本季取得佳績。想知道您是否可以稍微評論一下——T2 適應症如何讓您在與競爭對手的競爭中更好地爭奪 2 型患者？您從上個季度或過去幾季中看到的勢頭有多大，這是跡象還是轉化為直接針對患者的行銷舉措？

Thank you, Richard, and thanks for your interest in PODD. I appreciate you guys joining. I'm going to turn it to Eric.

謝謝你，理查德，也謝謝你對 PODD 的關注。感謝你們的加入。我要把它交給 Eric。

Richard, this is Eric. Maybe just some color on type 2 of the indication and competition. First, the indication is really helping us build the market as first movers in type 2, and we have the SECURE-T2D study, which shows 0.8 A1c reduction on average and significant A1c reduction up to 2% for those with A1c over 9.

理查德，這是埃里克。也許只是指示和競爭的第 2 類上的一些顏色。首先，該適應症確實有助於我們作為 2 型糖尿病的先行者建立市場，並且我們進行了 SECURE-T2D 研究，該研究顯示平均 A1c 降低 0.8，對於 A1c 超過 9 的患者，A1c 可顯著降低高達 2%。

And that kind of clinical impact really resonates with prescribers who are looking for solutions for those who live with type 2 diabetes. So what our team is doing is they're bringing the power of that evidence to folks with whom we have strong relationships, and we're activating more prescribers, getting them comfortable prescribing AID.

這種臨床影響確實引起了那些為第 2 型糖尿病患者尋找解決方案的處方者的共鳴。因此，我們的團隊正在做的是將這些證據的力量帶給與我們有著密切關係的人們，我們正在啟動更多的處方者，讓他們樂於開出 AID 處方。

As it relates to competition, Omnipod is just so differentiated and so simple to use, that it gives us some strength, in addition to that body of evidence, that help us compete in the market.

就競爭而言，Omnipod 是如此與眾不同且使用如此簡單，除了大量證據之外，它還為我們提供了一定的優勢，幫助我們在市場上競爭。

In addition to the strength of technology, we're also unique from an access perspective. We are available on a pay-as-you-go capacity, co-pays's typically about $1 a day, right where they get there and so on. And we continue to work on how we simplify that customer journey to help those who wouldn't otherwise have access to technology, get the benefits of Omnipod.

除了技術實力之外，從訪問角度來看，我們也是獨一無二的。我們採用即用即付的方式，共同支付通常約為每天 1 美元，就地支付等等。我們將繼續致力於簡化客戶旅程，以幫助那些無法獲得技術的人獲得 Omnipod 的好處。

Kirby from Redburn Atlantic.

來自 Redburn Atlantic 的 Kirby。

Hey guys, thanks so much for taking my question. On type 2, I'm sorry if I missed this, but did you break out the proportion of new starts in the US coming from type 2? I think that's usually something we've had from you guys. And then just following on type 2, how should we think about who is prescribing type 2 scripts early doors? Is it leaning more primary care, still very much in the ENDO space? And then what are you seeing in terms of direct-to-consumer leads as well?

嘿夥計們，非常感謝你們回答我的問題。關於 2 型，如果我錯過了這一點，我很抱歉，但是您是否詳細列出了美國 2 型新病例的比例？我想這通常是我們從你們那裡得到的。那麼，就類型 2 而言，我們應該如何考慮誰在早期開出類型 2 的處方？它是否更傾向於初級保健，仍然主要在 ENDO 領域？那麼，您在直接面向消費者的銷售線索方面又看到了什麼呢？

Thank you, Issie, for the question. Let me kind of first start with our -- the strength in our US type 1. In the United States, we had very strong improvement in our total customer base and our total prescriber base as well as our new customer starts. And that has enabled us to maintain the position of being the #1 most prescribed, the #1 most requested AID and #1 in new customer starts in the United States for type 1, and that really is our core business.

謝謝 Issie 提出的問題。首先讓我先談談我們的—美國 1 型的優勢。在美國，我們的總客戶群、總處方者群以及新客戶數量都有了非常強勁的成長。這使我們能夠維持美國 1 型糖尿病處方量第一、輔助治療需求量第一和新客戶數量第一的地位，而這確實是我們的核心業務。

We are parlaying a lot of that leverage to high-prescribing ENDOs first and really ensuring that they're following the science as endorsed by the ADA on standards of care using AID therapy as a first line of therapy. And we're -- I like to say, taking the science to the street of making sure we get that cohort really comfortable as they are equally comfortable with the type 1 community.

我們首先充分利用這一優勢，為大量使用處方藥的 ENDO 提供保障，並確保他們遵循 ADA 認可的科學護理標準，並使用 AID 療法作為第一線療法。我想說的是，我們正將科學應用到街頭，確保這群人真正感到舒適，就像他們對 1 型糖尿病患者群體同樣感到舒適一樣。

And then we're working with them to help influence and get the confidence in high-prescribing PCPs in the marketplace. So we're actively invested in our science and scaling up our sales force to get comfortable with the science to really follow the guidelines. And as we shared, the new customer starts coming from type 2 in the United States are approximately about 1/3 of our new customer starts in the United States.

然後我們與他們合作，幫助影響並獲得市場上對高處方 PCP 的信心。因此，我們積極投資我們的科學，並擴大我們的銷售隊伍，以熟悉科學並真正遵循指導方針。正如我們所分享的，來自美國第 2 類的新客戶約占我們在美國新客戶的 1/3。

Matt Taylor from Jefferies.

傑富瑞的馬特泰勒 (Matt Taylor)。

Good morning. Thank you for taking the question. Had a related question on your last comment there. You talked about earlier on this call about 25,000 prescribers, I think. And it sounds like the sales force expansion has been relatively seamless. I was just thinking, Dexcom, I think, calls out 100,000 prescribers in the US Do you think that we'll continue to see that kind of growth towards the Dexcom number over time? Or are you viewing your growth in the future coming more from same-store growth?

早安.感謝您回答這個問題。對您上次的評論有一個相關問題。我認為，您之前在電話中談到了大約 25,000 名開處方者。聽起來銷售團隊的擴張相對順利。我只是在想，我認為 Dexcom 在美國召集了 100,000 名處方人員，您認為隨著時間的推移，我們會繼續看到 Dexcom 數量的這種增長嗎？或者您認為未來的成長更多來自於同店成長？

Thank you for the question, and I welcome you to come when you hear our whole story at Investor Day at Acton on November 20. But we -- I mean, we're seeing really strong growth on our core, where we also have very low penetration still and a lot of room to go in the United States.

感謝您的提問，歡迎您於 11 月 20 日在阿克頓舉行的投資者日上聆聽我們的完整故事。但是，我的意思是，我們的核心業務正在強勁增長，儘管我們的滲透率仍然很低，在美國還有很大的發展空間。

And then I would say that we are -- have a new indication, it's really a greenfield in the type 2 community. The continuous glucose monitor sensors are out there first, driving broad adoption in the insulin-using and non-insulin-using patients, but we have a lot of opportunities to drive continual growth.

然後我想說，我們有了一個新的跡象，這確實是 2 型社區中的一片綠地。連續血糖監測感測器首先面世，推動了胰島素使用和非胰島素使用的患者的廣泛採用，但我們還有很多機會來推動持續成長。

It's not going to be a linear line per se, I would say, in type 2 because this is a new market that we're creating and we're learning and we're honing our approach. But we're very pleased with -- we're covering up on nearly 1 year of really talking this with the clinicians and patient communities. So stay tuned for more as we talk about it on November 20.

我想說，在第 2 類中它本身不會是一條直線，因為這是一個我們正在創造、學習和磨練我們的方法的新市場。但我們非常高興——我們已經與臨床醫生和患者社群就此進行了近一年的討論。因此，請繼續關注我們將於 11 月 20 日討論的更多內容。

Bill Plovanic from Canaccord Genuity.

Canaccord Genuity 的 Bill Plovanic。

Great, thanks for taking my question. I actually, I think when you first started, there was some fear about operating margin expansion and maybe some of the reinvestments you talked about. And it's interesting, you had significant leverage, especially on the SG&A component of that this quarter.

太好了，感謝您回答我的問題。實際上，我認為當您剛開始的時候，人們對營業利潤率擴張以及您談到的一些再投資有些擔憂。有趣的是，你擁有很大的槓桿作用，尤其是在本季的銷售、一般及行政費用部分。

I was wondering, has anything changed there? Did you freeze spending? Did you just change what the strategy and the investment was and you've not yet just implemented it? And how should we think about that kind of going forward?

我想知道那裡有什麼改變嗎？你凍結了支出嗎？您是否剛剛改變了策略和投資，但尚未實施？我們該如何看待這種未來的發展？

Thanks.

謝謝。

Yeah, Thanks for the question, but I would -- I mean I would say our strategies are intact. Our type 1 -- we're leading in type1, we're creating the market in type 2. We're growing profitably in international markets, and we're advancing our innovation agenda and supply chain.

是的，感謝您的提問，但我想說我們的策略是完整的。我們的第一類－我們在第一類中處於領先地位，在第二類中創造市場。我們的國際市場獲利不斷成長，並且正在推進我們的創新議程和供應鏈。

I mean when you -- if you were to ask me areas that I think that we can move faster and to deepen our advantage and where we plan to invest additional capital, I would call out four areas. The first is accelerating the pace of innovation across algorithms, sensor integration, our next-generation architecture for like hybrid closed loop and our fully closed loop, as Eric was mentioning, of what's in clinical trial right now.

我的意思是，如果你問我，我認為我們可以在哪些領域行動更快、加深我們的優勢，以及我們計劃在哪些領域投入更多資金，我會提到四個領域。首先是加快演算法、感測器整合、下一代架構（如混合閉環和全閉環）的創新步伐，正如 Eric 所提到的，目前正在進行臨床試驗。

Second is about being the market maker, continuing to be the market maker and driving market development by bringing the evidence to scientific evidence to the health care professionals and patients and continuing to improve what we think is really superior access and affordability in our markets.

第二是成為市場製造者，繼續成為市場製造者，並透過向醫療保健專業人員和患者提供科學證據來推動市場發展，並繼續改善我們認為真正優越的市場准入和可負擔性。

The third that we're looking to invest more is our commercial excellence and our commercial engine and demand generation. I talked about selling our science in addition to our unique form factor and leveraging our brand, as Eric was mentioning, to create a more seamless customer experience from lead generation to retention.

我們希望加大投資的第三點是我們的商業卓越性以及我們的商業引擎和需求產生。我談到除了推銷我們獨特的外形之外，還要推銷我們的科學技術，並利用我們的品牌，正如埃里克提到的，創造從潛在客戶生成到保留的更加無縫的客戶體驗。

And then finally, continuing to build global scale and resiliency in our supply chain to really serve the next leg of demand and increase our cost advantages.

最後，繼續建立我們供應鏈的全球規模和彈性，以真正滿足下一階段的需求並提高我們的成本優勢。

Matthew O'Brien from Piper Sandler.

派珀桑德勒 (Piper Sandler) 的馬修奧布萊恩 (Matthew O'Brien)。

Good Martin, thanks for.

好馬丁，謝謝。

Taking that question. I wanted to ask about that comment on an acceleration. I think Ana Maria mentioned in competitive conversions in the quarter. Can you just talk a little bit about what drove that? And is that the commentary about MDI acceleration of record new patient numbers in Q2, is that excluding the new competitive conversions? So, on its own MDI would have accelerated and then the competitive conversions are on top of that?

回答這個問題。我想問一下有關加速的評論。我認為 Ana Maria 在本季度提到了競爭性轉換。您能否稍微談談造成這現象的原因？這是關於 MDI 在第二季度加速創紀錄的新患者數量的評論嗎？這是否不包括新的競爭性轉換？那麼，MDI 本身的成長會加速，然後競爭性轉換會在此基礎上進行嗎？

Go ahead, Eric. Thank you.

繼續吧，埃里克。謝謝。

Go ahead. Yeah, good morning. So let me deal with the numbers first. So yes, MDI accelerated and competitive conversions accelerated, and both type 1 and type 2 grew year-over-year and sequentially.

前進。是的，早安。因此，讓我先處理一下數字。所以是的，MDI 加速了，競爭性轉換也加速了，1 型和 2 型都實現了逐年和連續增長。

In terms of what's driving that, we think it's a couple of things. First, we've delivered impactful innovation. Omnipod 5 is safe, effective, understood to be really easy to use. And we've done a great job making it acceptable. So that pay-as-you-go access with no commitment at low co-pay, makes it easy for folks to get started with that great technology.

就推動這現象的因素而言，我們認為有幾件事。首先，我們實現了有影響力的創新。Omnipod 5 安全、有效，而且被認為非常容易使用。我們已盡力使其被人們接受。因此，這種無需承諾、低共同支付的即用即付服務讓人們可以輕鬆開始使用這項偉大的技術。

Additionally, our team is doing a great job executing in the field and serving customers. And it's really those three things: innovation, access, execution and markets.

此外，我們的團隊在現場執行和客戶服務方面做得非常出色。事實上就是這三件事：創新、通路、執行和市場。

Danielle Antalffy from UBS.

瑞銀的 Danielle Antalffy。

Hey, good morning, everyone. Thanks so much for taking the question and congrats on a really strong quarter here. I just wanted to follow up on the primary care physician side of things. And I'm just curious if you guys could talk about, maybe Eric, this is for you; sort of how the go-to-market strategy with primary care differs from endocrinologists? ENDOs have been adopting pumps for a very long time, primary care -- they're dealing with a lot of other things besides their -- in addition to their diabetic patients.

嘿，大家早安。非常感謝您回答這個問題，並祝賀本季業績表現強勁。我只是想跟進初級保健醫生方面的情況。我只是好奇你們是否可以談談，也許埃里克，這是給你的；初級保健的市場進入策略與內分泌學家有何不同？ENDO 已經採用幫浦很長時間了，初級保健——除了糖尿病患者之外，他們還處理很多其他事情。

So just curious about how heavy the lift is in primary care versus ENDO and sort of how you guys are adapting to that?

所以我只是好奇初級保健與 ENDO 相比承擔的責任有多大，以及你們是如何適應這一點的？

Thank you, Danielle, for the question. I would say a couple of things. One, it really -- you asked about ENDOs and high-prescribing PCPs in the US marketplace. And I would say, our highly differentiated technology, which is really simple to use, has had a remarkable early impact on people with type 2, who perhaps may have -- be fearful of complex what they view to be complex technology. And because of that, we're starting to get really good adoption rates.

謝謝丹妮爾提出的問題。我想說幾件事。首先，您確實詢問了美國市場上的 ENDO 和高處方 PCP 的情況。我想說的是，我們的高度差異化技術使用起來非常簡單，它對 2 型糖尿病患者產生了顯著的早期影響，他們可能害怕他們認為複雜的技術。正因為如此，我們的採用率開始真正提高。

And what we're finding from the high prescribing where the PCP audience who are insulin intensive, that simplicity of technology, coupled with the strong science, which shows the clinical outcomes of reducing A1cs and improving time and range and also slowing down the weight gain and slowing down loads for hypoglycemia, and you can use with GLP-1. We shared all this messaging at the ADA.

我們從大量處方中發現，對於大量使用胰島素的 PCP 患者來說，簡單的技術加上強大的科學依據，可以降低 A1cs，改善時間和範圍，減緩體重增加，減緩低血糖負荷，並且可以與 GLP-1 一起使用。我們在 ADA 上分享了所有這些資訊。

But that, coupled with the really differentiated access and affordability, I think, is what's driving even high-prescribing insulin- intensive PCPs to get comfortable. Now we're very much at early innings, and we plan to share a lot more on Investor Day. But though in the past 12 months, those are some of the behaviors and the reasons why it's starting to get early traction. And on that, Eric, I'll just see if you have anything to add.

但我認為，再加上真正差異化的可近性和可負擔性，才是促使即使是高處方胰島素密集型 PCP 也感到安心的原因。現在我們處於早期階段，我們計劃在投資者日分享更多資訊。但在過去 12 個月中，這些是一些行為，也是它開始獲得早期關注的原因。關於這一點，艾瑞克，我只是想看看你是否還有什麼要補充的。

Maybe just briefly, Danielle. I think what we see is that those who've been prescribing AID is a question a lot about changing how they think about AID as it's relevant to the folks who live with type 2 diabetes that they're seeing in their office every day. And so it's a lot about selling the science and helping them see that as a great solution for that population that they're already caring for.

也許只是簡短地講一下，丹妮爾。我認為我們看到的是，那些一直開立 AID 處方的人對改變對 AID 的看法有很多疑問，因為它與他們每天在辦公室看到的患有 2 型糖尿病的人有關。因此，這在很大程度上是為了推銷科學，並幫助他們認識到，對於他們已經在照顧的人群來說，這是一個很好的解決方案。

When we go into an office that may not already be prescribing AID, it is just a little bit of a conversation. It's about how do we provide support to them, which may be new for them, and helping them get folks trained and care for folks once they're on product. And so we educate on that experience and how we make that easy for them.

當我們走進一家可能尚未開立 AID 處方的辦公室時，我們只需進行一點交談。關鍵在於我們如何為他們提供支持，這對他們來說可能是新鮮事，並幫助他們對員工進行培訓，並在他們使用產品後為他們提供照顧。因此，我們會針對這項經驗進行教育，並告訴他們如何讓他們輕鬆做到這一點。

Jayson Bedford from Raymond James.

雷蒙德詹姆斯公司的傑森貝德福德。

Good morning congrats on the progress here. Just on the international business, big step-up sequentially, growth accelerated off of an already high level. It didn't sound like it, but was there a notable contribution from any new geographies? And just one other quick one. Thinking of the volume price mix, where are you in terms of 05 adoption within your international base? Thanks.

早上好，恭喜這裡的進展。就國際業務而言，連續大幅成長，成長速度在已經很高的水平上進一步加快。聽起來不像，但是否有來自新地區的顯著貢獻？還有一個簡短的。考慮到批量價格組合，您在國際範圍內的 05 採用情況如何？謝謝。

Thank you for the question, Jayson. I'll ask Ana, you can answer now.

謝謝你的提問，傑森。我會問安娜，你現在就可以回答。

Absolutely. Yes, 39% great growth. What we're seeing is Omnipod 5 conversions are now up to about 50% of our total. That's a rapid growth from last quarter, which was about 40%. So that price/mix realization is kicking in. And the way to think about it is in that 39%, this quarter, we had a bit of an outsized amount of that price mix realization in the low double digits.

絕對地。是的，39%的巨大成長。我們看到 Omnipod 5 的轉換率現在已達到總轉換率的 50% 左右。與上一季約 40% 的增幅相比，這是一個快速的增長。因此價格/組合實現正在發揮作用。我們可以這樣想：在本季的 39% 中，我們的價格組合實現了略高的幅度，達到了兩位數的低點。

So we're very pleased with the durable growth that we have across the markets, as we mentioned, in our more established markets that we've been a couple of years, and the new one is just ramping up. So durability of the growth in international is here with us.

因此，我們對我們在各個市場取得的持久成長感到非常滿意，正如我們所提到的，我們在較成熟的市場已經存在了幾年，而新市場才剛開始崛起。因此，國際成長的持久性就存在於我們身邊。

Matt Miksic from Barclays.

巴克萊銀行的 Matt Miksic。

Oh, thanks so much for taking the question. Maybe just a follow up on the last question and really impressive overseas growth. You could talk maybe a little bit about about the the the mix effect of having such a strong outside the US, geographical contribution, down the P&L if there is any notable differences in the way that kind of drives the P&L and. And also the way that you scale into some of these geographies in addition to kind of the mix to to to Omnipot 5, is there a I guess I guess a bit of a follow up to the last question was there kind of a step up in And I don't know, new distributorships or or or significant steps that that we can build off of, but that that maybe kind of feedback into your views on the back half and and how you're thinking about guidance.

哦，非常感謝您回答這個問題。也許只是對最後一個問題的後續回答，海外成長確實令人印象深刻。您可以稍微談談美國以外地區如此強大的地理貢獻對損益表的混合效應，以及這種對損益表的影響方式是否有顯著差異。還有，除了與 Omnipot 5 的混合之外，您擴展到這些地區的方式，我想，對上一個問題是否有所後續，是否有某種進步，我不知道，新的分銷商或或我們可以藉鑑的重要步驟，但這可能是對您對後半部分的看法的反饋，以及您對指導的看法。

Yeah.

是的。

I'll I'll great question. I'll start and maybe others here will add but as we've talked about before, we have this layers. Of built in growth. So we started UK and Germany over 2 years ago. Then we went with France and the Netherlands, and now we've expanded that to 9 more markets.

我會問出一個好問題。我會開始，也許其他人會補充，但正如我們之前討論過的，我們有這個層。內在增長。因此，我們在兩年前就開始進軍英國和德國市場。隨後我們進入了法國和荷蘭，現在我們已將市場擴展到另外 9 個市場。

Having said that, the key thing to point out is the launch of Bonipot gives us a lift. Then the second thing that happens is we add capabilities, right? We add sensors and that gives us a Further lift. And third, we're working with the different health authorities to continue to expand the axis. So this is part of that durability. And the other thing to mention in the price mix realization is we're only 50% of our customer base has converted from Dash to Omnipot 5, and this is in addition to all the MDI conversions that we're getting.

話雖如此，需要指出的關鍵一點是 Bonipot 的推出給我們帶來了鼓舞。然後發生的第二件事就是我們增加了能力，對嗎？我們添加了感測器，這給了我們進一步的提升。第三，我們正在與不同的衛生部門合作，繼續擴大軸線。所以這是耐用性的一部分。在價格組合實作中要提到的另一件事是，我們只有 50% 的客戶群從 Dash 轉換到 Omnipot 5，而且這還不包括我們獲得的所有 MDI 轉換。

I hope that gives you a flavor of our durable growth in international.

我希望這能讓您感受到我們在國際上的持續成長。

Yeah, the only thing I would add to that, Matt, is to say it's really consistent with the strategy to build the market and to really be the market maker and the team working in the UK to establish nice guidelines, to really get AID therapy as a standard of care or working with the French government where we got full reimbursement and so. Those market access and development levers allow a differentiated technology like Aoppa 5 to really come in and drive down penetration, earning and commanding a price premium as we as we elevate the transition not only just from our dash users but from really converting NDI users over to the latest technology. Of Omnipot 5, and we have launched, as I mentioned, we've launched in Italy this year in Nordics in Australia, Belgium, Switzerland, Canada. They haven't had material impact to date. A lot of the majority of our growth of OUS is coming from our three core markets, so we anticipate them to start to contribute in the next upcoming quarters.

是的，馬特，我唯一想補充的是，這與建立市場、真正成為市場製造者的策略以及在英國工作的團隊制定良好的指導方針、真正將 AID 治療作為護理標準或與法國政府合作（我們獲得了全額報銷）等的戰略是一致的。這些市場准入和發展槓桿使得 Aoppa 5 等差異化技術能夠真正進入並降低滲透率，賺取並獲得溢價，因為我們不僅提升了 Dash 用戶的轉變，而且真正將 NDI 用戶轉化為最新技術。正如我所提到的，我們已經在義大利、澳洲、比利時、瑞士和加拿大等北歐國家推出了 Omnipot 5。迄今為止，它們尚未產生實質影響。OUS 的大部分成長來自於我們的三個核心市場，因此我們預計它們將在接下來的幾個季度開始做出貢獻。

Chris Pasquale from Nephron Research.

Chris Pasquale 的 Nephron Research。

This is Carol on for Chris. I just wanted to follow up on the gross margins. It looked like you would have exceeded 71% in the first half if you exclude the inventory charge. And your outlook on tariffs has improved by about 30 bps. And it looks like you reiterated your margin guidance for the year.

我是卡羅爾，代替克里斯上場。我只是想了解一下毛利率。如果不計庫存費用，上半年的利潤率似乎會超過 71%。您對關稅的預期改善了約 30 個基點。看起來您重申了今年的利潤率指引。

So how are you thinking about the second half? And if you see kind of show for any underlying improvement there?

那您對於下半場有什麼看法呢？您是否看到了任何潛在的改善跡象？

Thank you.

謝謝。

Great question. All the things you mentioned are spot on. I just want to point, maybe in addition, we're seeing, on a year-over-year basis, some of that FX pressure as well as quarter-over-quarter in the tune of 30 basis points.

好問題。您提到的一切都非常正確。我只是想指出，也許除此之外，我們還看到，與去年同期相比，外匯壓力有所增加，而與上一季度相比，外匯壓力增加了 30 個基點。

We feel the underlying performance of the business in operations is very strong. Year-to-date, we're sitting at 70.7% and for a full year guide of 71%. We -- this represents 120 basis points. This guide represents 120 basis points expansion on a year-over-year basis. So stay tuned, we'll continue to update. But we feel we're in a very good position to deliver the 71%.

我們認為該業務的營運基礎表現非常強勁。今年迄今為止，我們的目標已達到 70.7%，全年目標為 71%。我們——這代表 120 個基點。該指南比去年同期成長了 120 個基點。請繼續關注，我們將繼續更新。但我們覺得我們完全有能力實現這 71% 的目標。

And this concludes our question-and-answer session. I will now turn the conference back to Ashley McAvoy.

我們的問答環節到此結束。現在我將會議交還給 Ashley McAvoy。

Thank you. Well, I appreciate everyone enjoying. I'm clearly excited about the opportunity that we have scale this remarkable business and create value for our shareholders but also importantly, improve the lives familiar to folks with diabetes.

謝謝。好吧，我很感謝大家的享受。我很高興有機會擴大這項卓越的業務，為股東創造價值，同時更重要的是，改善糖尿病患者的生活。

I wanted to thank June for your stewardship and wish you all the best. And I wanted to welcome Claire and really give a shout-out to thank Team Insulet for unwavering dedication for people with diabetes and a remarkable quarter. Thank you.

我想感謝 June 的管理並祝您一切順利。我要歡迎克萊爾，並衷心感謝 Insulet 團隊為糖尿病患者做出的不懈奉獻以及本季度取得的非凡成績。謝謝。