Insulet Corp (PODD) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Insulet Corporation third 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, Clare Trachtman, Vice President, Investor Relations.

女士們、先生們，早安，歡迎參加 Insulet 公司第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。現在我謹將會議交給主持人，投資人關係副總裁克萊爾·特拉赫特曼。

Good morning, and welcome to our third quarter 2025 earnings call. Joining me today are Ashley McEvoy, President and Chief Executive Officer; Flavia Pease, Chief Financial Officer; and Eric Benjamin, Chief Operating Officer. On the call this morning, we will be discussing Insulet's third quarter results along with our financial outlook for the fourth quarter and full year 2025.

早安，歡迎參加我們2025年第三季財報電話會議。今天與我一同出席的有：總裁兼執行長 Ashley McEvoy；財務長 Flavia Pease；以及營運長 Eric Benjamin。在今天上午的電話會議上，我們將討論 Insulet 第三季的業績，以及我們對 2025 年第四季和全年的財務展望。

With that, let me start our prepared remarks by reminding everyone that certain statements, including comments regarding our financial outlook for the fourth quarter and full year 2025. The anticipated impact of our strategic actions, the potential impact of various regulatory and operational matters in the macroeconomic environment on our results of operations contain forward-looking statements that involve risks and uncertainties. And of course, our actual results could differ materially from our current expectations.

接下來，讓我開始我們準備好的發言，首先提醒大家，某些聲明，包括關於我們對 2025 年第四季和全年財務展望的評論。我們策略行動的預期影響，以及宏觀經濟環境中各種監管和營運事項對我們經營績效的潛在影響，都包含涉及風險和不確定性的前瞻性陳述。當然，我們的實際結果可能與我們目前的預期有重大差異。

Please refer to today's press release and our SEC filings for more detail concerning factors that could cause actual results to differ materially. In addition, on today's call, non-GAAP financial measures will be used to help investors understand Insulet's ongoing business performance, including adjusted operating income, adjusted EBITDA, adjusted tax rate and constant currency revenue, which is a revenue growth, excluding the effects of foreign exchange. A reconciliation of certain non-GAAP financial measures being discussed today to the comparable GAAP financial measures is included in the accompanying investor presentation and available in our earnings release issued this morning, which are both available on our website.

有關可能導致實際結果與預期結果存在重大差異的因素的更多詳細信息，請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件。此外，在今天的電話會議上，我們將使用非GAAP財務指標來幫助投資者了解Insulet的持續業務表現，包括調整後的營業收入、調整後的EBITDA、調整後的稅率和按固定匯率計算的收入（即收入增長，不包括外匯影響）。今天討論的某些非GAAP財務指標與相應的GAAP財務指標的調節表包含在隨附的投資者演示文稿中，並可在我們今天早上發布的盈利報告中查閱，這兩份文件均可在我們的網站上找到。

Additionally, unless otherwise stated, all financial commentary regarding dollar and percentage changes will be on a year-over-year reported basis with the exception of revenue growth rates, which will be on a year-over-year constant currency basis.

此外，除非另有說明，所有有關美元和百分比變化的財務評論均以同比報告，但收入增長率除外，收入增長率將按同比固定匯率計算。

During the Q&A session this morning, Ashley, Flavia, Eric and myself will be available to address questions. Now I'd like to turn the call over to Ashley. Ashley?

今天早上的問答環節，Ashley、Flavia、Eric 和我都會在場回答問題。現在我想把電話交給艾希莉。阿什利？

Thank you, Clare, and welcome. Many of you already know Clare and we're excited to have such a respected and proven professional in her role. I'd like to welcome Flavia, who is joining us for her first call as Insulet's Chief Financial Officer. Flavia is a highly accomplished financial executive with world-class health care and med tech expertise, and we're thrilled to have her with us on the team.

謝謝你，克萊爾，歡迎你。你們當中許多人已經認識克萊爾，我們很高興能有這樣一位受人尊敬、經驗豐富的專業人士擔任這一職位。歡迎弗拉維婭加入我們，這是她作為 Insulet 財務長的首次電話會議。Flavia 是一位成就卓越的財務主管，擁有世界一流的醫療保健和醫療技術專業知識，我們很高興她能加入我們的團隊。

Her extensive leadership experience in complex global organizations combined with her proven ability to drive financial performance and create long-term value, make her the ideal CFO to help guide Insulet's next phase of patient-centric growth. Flavia's thoughtful contributions and active engagement as a member of our Board were instrumental to our strong performance and are now enabling a seamless transition.

她在複雜的全球組織中擁有豐富的領導經驗，並具備推動財務績效和創造長期價值的卓越能力，這使她成為指導 Insulet 下一階段以患者為中心的成長的理想財務長。Flavia 作為董事會成員，她深思熟慮的貢獻和積極的參與對我們取得優異業績起到了至關重要的作用，並且正在促成平穩過渡。

And finally, I'd like to congratulate Eric on his well-deserved promotion to Chief Operating Officer. With more than a decade of experience at Insulet, Eric truly embodies our mission. His relentless drive to innovate and to find a better way has been a cornerstone of our success, and we're excited for the leadership he'll bring in this expanded role.

最後，我要祝賀艾瑞克榮升首席營運官，這是他應得的晉升。Eric 在 Insulet 工作超過十年，真正體現了我們的使命。他孜孜不倦地追求創新和尋求更好的方法，這已成為我們成功的基石，我們非常期待他在這個擴大的職位上展現出的領導力。

I also want to introduce Manoj Raghunandanan as our Chief Growth Officer. Manoj brings 20 years of consumer health leadership to a newly created role overseeing market development, demand generation, commercial capabilities and our global brand and customer experience. These leadership changes further strengthen our team, bringing proven industry and functional expertise that aligns with Insulet's unique and advantaged position at the nexus of consumer health, health care and med tech.

我還要介紹一下我們的首席成長長 Manoj Raghunandanan。Manoj 擁有 20 年的消費者健康領域領導經驗，他將擔任新設立的職位，負責監督市場開發、需求創造、商業能力以及我們的全球品牌和客戶體驗。這些領導層變動進一步加強了我們的團隊，帶來了久經考驗的行業和職能專業知識，這與 Insulet 在消費者健康、醫療保健和醫療技術交匯處的獨特優勢地位相契合。

Our vision is a world where diabetes places less burden on daily life until there is a cure. Driven by empathy powered by ingenuity and validated by science, our mission is to transform life with diabetes for people everywhere.

我們的願景是，在找到治癒方法之前，糖尿病對日常生活的影響能夠降到最低。以同理心為驅動，以創造力為動力，以科學為依據，我們的使命是改變世界各地糖尿病患者的生活。

Now turning to our results. This was another standout quarter for Insulet, showcasing the durability of our recurring revenue model, which resulted in robust growth and improved profitability. We surpassed $700 million in quarterly revenue for the first time with 28% year-over-year growth at constant currency rates. This performance reflects continued strong retention and a record number of new Podders across the US and globally, including continued acceleration in Type 2. Operating margins expanded 90 basis points year-over-year to 17.1%, as we generated operating leverage while continuing to strategically invest in our innovation road map and field expansion.

現在來看我們的結果。對於 Insulet 而言，這又是一個出色的季度，展現了我們經常性收入模式的持久性，從而實現了強勁增長和盈利能力的提高。我們季度營收首次突破 7 億美元，以固定匯率計算年增 28%。這項業績反映了美國乃至全球範圍內持續強勁的用戶留存率和創紀錄的新用戶數量，其中 2 型用戶數量持續增長。營業利潤率年增 90 個基點至 17.1%，這得益於我們提高了營運槓桿，同時繼續對我們的創新路線圖和市場擴張進行策略性投資。

I want to thank the Insulet team for their hard work this quarter and their tireless commitment to delivering for Podders worldwide. We continue to drive progress against our strategic objectives. In the US Type 1 market, we are extending our lead with sequential and year-over-year growth in new customer starts, fueled by ongoing prescriber expansion and the highest number of competitive conversions since late 2023. Our growing prescriber base of more than 27,000 health care professionals underscore the strong return on our investments in expanding our sales force, improving our commercial execution and increasing health care professional education and outreach.

我要感謝 Insulet 團隊本季的辛勤工作，以及他們為全球 Podders 提供優質服務的不懈努力。我們將繼續推進戰略目標的實現。在美國 1 型糖尿病市場，我們透過持續擴大處方醫生數量和實現自 2023 年底以來最高的競爭對手轉換率，實現了新客戶數量的連續增長和同比增長，從而擴大了我們的領先優勢。我們不斷成長的處方醫生群體，目前已擁有超過 27,000 名醫療保健專業人員，這凸顯了我們在擴大銷售隊伍、改進商業執行以及加強醫療保健專業人員教育和推廣方面的投資獲得了豐厚的回報。

In US Type 2, we are seeing strong momentum. New customer starts more than doubled year-over-year and grew sequentially. As we saw with Type 1, the power of real-world outcomes to turn skeptical providers and patients into believers is unmatched. In addition to the tremendous NCS growth, there was a large sequential uptake in Type 2 prescribers this quarter.

美國第二類疾病的發病勢頭強勁。新客戶數量較去年同期成長超過一倍，且較上季成長。正如我們從第 1 型糖尿病中看到的那樣，真實世界的結果能夠將懷疑的醫護人員和患者轉變為信徒，這種力量是無與倫比的。除了 NCS 的巨大成長外，本季 2 類處方醫生的接受度也大幅提高。

Encouragingly, this was driven both by increased adoption among our existing Type 1 prescriber base and by our DTC efforts to activate new customers and increase the number of new prescribers. I want to highlight that our strong Type 1 foundation, the familiar prescriber base, our pharmacy access and Part D coverage, along with our brand and community give us a substantial head start in developing the Type 2 market.

令人鼓舞的是，這既得益於我們現有 1 類處方醫生群體的採用率提高，也得益於我們透過 DTC 努力激活新客戶和增加新處方醫生的數量。我想強調的是，我們強大的 1 型糖尿病基礎、熟悉的處方醫生群體、我們的藥房管道和 D 部分保險覆蓋範圍，以及我們的品牌和社區，使我們在開發 2 型糖尿病市場方面擁有巨大的先發優勢。

Our conviction and our ability to unlock the Type 2 opportunity at scale is growing rapidly. Our international business continues to deliver robust growth, reflecting increasing global demand and successful execution. We're seeing consistent momentum across key geographies as we expand access, deepen customer engagement and scale our operations worldwide. Revenue grew 40% year-over-year on a constant currency basis, driven by the continued rollout of Omnipod 5. In established markets like the UK, France and Germany, we're seeing robust growth supported by our launches of the latest sensor integration as well as ongoing positive price/mix realization from DASH to [Omnipod 5] conversions.

我們釋放 2 類風險機會的信心和能力正在迅速增長。我們的國際業務持續保持強勁成長，反映了全球需求的不斷成長和業務的成功執行。隨著我們擴大市場覆蓋範圍、加深客戶互動並在全球範圍內擴大業務規模，我們在關鍵地區都看到了持續的成長勢頭。以固定匯率計算，營收年增 40%，這主要得益於 Omnipod 5 的持續推廣。在英國、法國和德國等成熟市場，我們看到強勁的成長，這得益於我們推出的最新感測器整合產品，以及從 DASH 到 [Omnipod 5] 轉換的持續積極的價格/組合實現。

In Germany, for example, our G7 launch has fueled rapid uptake among new and existing customers. We're also benefiting from growing contributions from markets like Canada and Australia, where Omnipod 5 launched earlier this year and is taking share.

例如，在德國，我們的 G7 新品發布極大地促進了新舊客戶的快速接受度。我們也受惠於加拿大和澳洲等市場不斷增長的貢獻，Omnipod 5 於今年稍早在這些市場推出，並正在搶佔市場份額。

Eliza and her mom Melissa, whom I met while visiting our team in Toronto are among the first Canadians to benefit from Omnipod 5. Just three years old, Eliza struggled with overnight glucose control and Melissa rarely sleept through the night. Since starting on Omnipod 5 in April, Eliza has seen her A1C drop from 8.6% to 6.8% and her time in range double.

我在多倫多拜訪我們的團隊時遇到了伊萊扎和她的媽媽梅麗莎，她們是首批受益於 Omnipod 5 的加拿大人之一。年僅三歲的伊萊札夜間血糖控制不佳，梅莉莎也很少能睡整夜。自 4 月開始使用 Omnipod 5 以來，Eliza 的 A1C 已從 8.6% 降至 6.8%，血糖達標時間翻了一番。

And Melissa and her husband are finally getting a full night sleep. Eliza now loves to dance, swim and it's fast becoming one of the faces of Omnipod in Canada as local demand growth. With more Omnipod 5 rollouts planned in 2026, our opportunities to grow in our existing international markets and help more people like Eliza and Melissa remains significant.

梅麗莎和她的丈夫終於可以睡個好覺了。Eliza 現在喜歡跳舞和游泳，隨著當地需求的增長，她正迅速成為 Omnipod 在加拿大的形象代言人之一。隨著更多 Omnipod 5 計劃在 2026 年推出，我們在現有國際市場的發展機會以及幫助更多像 Eliza 和 Melissa 這樣的人的機會仍然十分重要。

Last quarter, I laid out a focused set of investment priorities that will enable us to move faster, deepen our competitive advantage, drive penetration, unlock new opportunities and scale profitably. We will talk in great detail about these long-term priorities in two weeks at Investor Day.

上個季度，我制定了一套重點投資策略，這將使我們能夠更快地發展，加深我們的競爭優勢，推動市場滲透，釋放新的機遇，並實現盈利性規模化。我們將在兩週後的投資者日上詳細討論這些長期優先事項。

For now, let me share some of the progress we've made during the quarter. First, innovation. Our focus on accelerating the pace of innovation and being ready to launch alongside our partners is reflected in our integration work with Dexcom's 15-day sensor. When Dexcom launches, so will we. Libre three integration in the US is on track for the first half of 2026 and is a top priority. Our experience across our markets shows that bringing new sensors online drive growth.

現在，讓我來和大家分享一下我們本季取得的一些進展。首先是創新。我們致力於加快創新步伐，並與合作夥伴一起做好上市準備，這一點體現在我們與 Dexcom 的 15 天感測器的整合工作中。Dexcom上市的時候，我們也會上市。Libre 3 在美國的整合工作正按計畫進行，預計將於 2026 年上半年完成，並且是重中之重。我們在各個市場的經驗表明，新感測器的上線能夠推動成長。

We also continue to promote adoption of phone control. More than 55% of US Omnipod users now control their system via smartphone, up from 45% last quarter. That shift toward app-based control improved convenience, retention, satisfaction and outcomes. Looking further ahead, we've completed recruitment for our STRIVE pivotal trial for next-generation hybrid closed loop and for our Evolution two feasibility study for fully closed loop in Type 2. I'm excited to share more about these next-generation products and their market-changing potential at Investor Day.

我們也會繼續推廣手機控制技術的應用。超過 55% 的美國 Omnipod 用戶現在透過智慧型手機控制他們的系統，高於上一季的 45%。這種向基於應用程式的控制方式的轉變提高了便利性、用戶留存率、滿意度和結果。展望未來，我們已經完成了下一代混合閉環療法的關鍵性試驗 STRIVE 的招募工作，以及針對 2 型糖尿病患者進行全閉環療法的 Evolution 2 可行性研究的招募工作。我很高興能在投資者日上與大家分享更多關於這些新一代產品及其改變市場的潛力。

Next is market development. We are pressing the advantages of our unique pay-as-you-go pharmacy access. Omnipod is already easy to access and affordable. Our system is available in more than 47,000 US pharmacies and covered by over 90% of commercial plans allowing us to reach more than 300 million lives. Most users can start on Omnipod for about $1 a day without upfront costs or lock in commitments. Our focus now is addressing the remaining barriers to access with targeted programs aimed at easing the prior authorization submission process, and we're continuing to expand access for underserved populations more than two-thirds of our government insured customers pay less than $10 a month and over 60% pay zero.

接下來是市場開發。我們正在大力推廣我們獨特的按需付費藥房服務的優勢。Omnipod 已經很容易獲得，而且價格實惠。我們的系統已在美國超過 47,000 家藥局投入使用，並被超過 90% 的商業保險計劃覆蓋，使我們能夠惠及超過 3 億人。大多數用戶每天只需花費約 1 美元即可開始使用 Omnipod，無需預付費用或簽訂長期合約。我們現在的重點是解決剩餘的准入障礙，透過有針對性的計劃來簡化事先授權提交流程，並且我們正在繼續擴大服務不足人群的准入範圍，超過三分之二的政府保險客戶每月支付不到 10 美元，超過 60% 的客戶無需支付任何費用。

Third is demand generation. This quarter, we invested meaningfully in DTC investments, and they are yielding record levels of qualified leads. The majority of our DTC leads approximately 65% in the quarter come from patients treated by providers who are not currently called on by our sales force. These patients are actively requesting Omnipod 5, driving awareness and adoption with their providers. Upon seeing patient success, these providers continue to recommend Omnipod 5 creating a powerful flywheel effect that amplifies the return on our DTC investments far beyond the initial demand generated.

第三點是需求創造。本季度，我們對 DTC 投資進行了大量投資，這些投資帶來了創紀錄的合格銷售線索。本季我們 DTC 銷售線索的大部分（約 65%）來自目前尚未接到我們銷售團隊電話的醫療機構的患者。這些患者積極要求使用 Omnipod 5，從而提高了醫療服務提供者對 Omnipod 5 的認識和採用率。在看到患者獲得成功後，這些醫療服務提供者繼續推薦 Omnipod 5，從而產生了強大的飛輪效應，使我們的 DTC 投資回報遠遠超過了最初產生的需求。

Finally, its global operational scale. Our manufacturing facilities in Acton and Malaysia are ramping ahead of plan, delivering strong customer service and improved margins. We're accelerating investments to further increase capacity at these facilities to support our strong growth trajectory. And we continue to integrate AI and cloud-based tools to streamline and scale our service operations efficiently.

最後，是它的全球營運規模。我們在阿克頓和馬來西亞的生產設施正在提前於計劃擴大產能，從而提供強大的客戶服務並提高利潤率。我們正在加快投資，進一步提高這些設施的產能，以支持我們強勁的成長動能。我們將繼續整合人工智慧和雲端工具，以有效地簡化和擴展我們的服務營運。

In closing, our momentum and our strategic progress gives us confidence in our outlook and make us excited about the path ahead. Our growth is broad-based and durable. Our business model is scaling profitably. Our opportunities are vast and our team is energized and stronger than ever. We're eager to share deeper insights into our growth strategy, innovation road map and long-term vision in a couple of weeks at Investor Day.

總之，我們所取得的進展和策略上的成功讓我們對前景充滿信心，也讓我們對未來的道路感到興奮。我們的成長基礎廣泛且持久。我們的商業模式正在實現獲利性規模化。我們擁有廣闊的發展機遇，我們的團隊也比以往任何時候都充滿活力，實力更加強大。我們期待在幾週後的投資者日上，與大家分享我們成長策略、創新路線圖和長期願景的更深入見解。

I'll now turn the call over to Flavia to discuss our third quarter results and guidance.

現在我將把電話交給弗拉維亞，讓她來討論我們第三季的業績和展望。

Thank you, Ashley, and good morning, everyone. First, let me start that it is an honor and a privilege to join Insulet at such an exciting time in the company's journey. Our commitment to improving the lives of people with diabetes is deeply inspiring and I look forward to partnering with Ashley and the entire Insulet team to build on our strong foundation and continue to deliver industry-leading financial performance.

謝謝你，艾許莉，大家早安。首先，能夠在公司發展歷程中如此令人興奮的時刻加入 Insulet，我感到無比榮幸。我們致力於改善糖尿病患者的生活，這令人深受鼓舞。我期待與 Ashley 和整個 Insulet 團隊合作，在我們堅實的基礎上繼續發展，並繼續取得領先業界的財務表現。

With that, I'll turn to our third quarter performance and the outlook ahead. The Insulet team delivered a strong third quarter, marked by total revenues of over $700 million, an increase of 28% at constant currency rates and 30% at reported rates. Foreign currency contributed 170 basis points to third quarter reported growth.

接下來，我將談談我們第三季的業績以及未來的展望。Insulet 團隊第三季業績強勁，總營收超過 7 億美元，以固定匯率計算成長 28%，以報告匯率計算成長 30%。外匯對第三季報告的成長貢獻了170個基點。

Notably, during the quarter, total Omnipod grew 29% as compared to the prior year on a constant currency basis. During the quarter, new customer starts grew both on a year-over-year and sequential basis in our US Type 1, US Type 2 and International Type 1 market. And we achieved a record number of total new customer starts in the US and internationally.

值得注意的是，本季 Omnipod 總量以固定匯率計算比去年同期成長了 29%。本季度，我們在美國 1 型、美國 2 型和國際 1 型市場的新客戶數量均實現了同比增長和環比增長。我們在美國和國際市場上的新客戶總數都創下了歷史新高。

Similar to previous quarters, over 85% of our US new customer start came from MDI, while competitive switches also contributed to growth. Additionally, more than 35% of our US new starts were from Type 2. Our estimated global utilization and annualized global retention rate remains stable. Overall, our team continues to deliver robust top line growth and improved profitability, resulting in increased earnings per share and strong cash flow generation.

與前幾季類似，我們超過 85% 的美國新客戶來自 MDI，而競爭對手的交換器也促進了成長。此外，我們美國新啟動的計畫中，超過 35% 來自第 2 型糖尿病。我們估計的全球利用率和年度全球留存率保持穩定。總體而言，我們的團隊持續實現強勁的營收成長和獲利能力提升，從而提高了每股收益並產生了強勁的現金流。

I will now walk through some additional details of our performance in the quarter. First, turning to our US and international revenue drivers. US Omnipod revenue grew 25.6% above the high end of our guidance range, driven by continued demand for Omnipod 5 across Type 1 and especially among Type 2 customers. As a reminder, US revenue growth this year has been impacted by rebate timing and prior year inventory stocking dynamics. Normalizing for these impacts, US growth in the third quarter was approximately 30 basis points higher, representing an acceleration from normalized second quarter growth levels.

接下來，我將詳細介紹我們本季的業績狀況。首先，讓我們來看看我們在美國和國際市場的收入驅動因素。美國 Omnipod 營收成長 25.6%，高於我們預期範圍的上限，這主要得益於第 1 型糖尿病患者，尤其是第 2 型糖尿病患者對 Omnipod 5 的持續需求。需要提醒的是，今年美國的收入成長受到了返利時間及前一年庫存動態的影響。在剔除這些影響後，美國第三季經濟成長率比第二季正常化成長水準高出約 30 個基點，顯示成長速度較正常化第二季有所加快。

In our international Omnipod business, we achieved a revenue growth of 46.5% on a reported basis and 39.9% on a constant currency basis, which was also above the high end of our guidance. International revenues crossed $200 million for the first time. Our growth this quarter was fueled by robust demand for Omnipod 5 underscoring its market appeal and the benefit it delivers to patients.

在我們的國際 Omnipod 業務中，按報告匯率計算，我們實現了 46.5% 的營收成長；以固定匯率計算，我們實現了 39.9% 的營收成長，這也高於我們預期的上限。國際收入首次突破2億美元大關。本季我們的成長得益於對 Omnipod 5 的強勁需求，這凸顯了其市場吸引力以及它為患者帶來的益處。

Positive price/mix realization also contributed to performance as customers shift from Omnipod DASH to Omnipod 5. We continue to see strong growth in the UK, Germany and France, in addition to other countries where we have launched Omnipod 5. On a reported basis, foreign currency contributed 660 basis points to growth as compared to the prior year.

價格/產品組合的積極實現也促進了業績成長，因為客戶從 Omnipod DASH 轉向了 Omnipod 5。除了我們已推出 Omnipod 5 的其他國家外，我們在英國、德國和法國也持續看到強勁的成長。據報告，外匯對經濟成長的貢獻為 660 個基點，與前一年相比。

Continuing down the P&L, our third quarter gross margin reached 72.2% reflecting a 290 basis point expansion year-over-year. This improvement was fueled by strong top line growth, supported by higher volumes, manufacturing productivity and favorable pricing. As we all know, innovation is the lifeblood of any company. We remain relentlessly committed to advancing breakthrough solutions and strategically funding initiatives that empower us to better serve our Podders and unlock meaningful incremental value across our portfolio.

繼續看損益表，我們第三季的毛利率達到 72.2%，年增 290 個基點。這項改善得益於強勁的營收成長，而營收成長又得益於更高的銷售量、生產效率和有利的定價。眾所周知，創新是任何公司的生命線。我們將繼續不懈努力，推進突破性解決方案，並策略性地資助各項舉措，以更好地服務於我們的播客用戶，並在我們的投資組合中釋放有意義的增量價值。

During the quarter, R&D expenses increased 41%, up 80 basis points as a percentage of sales compared to the prior year. This increase in funding is focused on additional resources to support our innovation pipeline and associated clinical development.

本季研發費用成長了 41%，佔銷售額的百分比比上年同期成長了 80 個基點。此次增加的資金將用於提供更多資源，以支持我們的創新產品線和相關的臨床開發。

In addition, stronger-than-expected growth in the quarter created an opportunity to accelerate our commercial investments with a particular focus on demand generation. These investments included our direct-to-consumer campaigns, both digitally and in mass media, to enhance brand awareness globally. This resulted in a record number of DTC leads that will help support future growth.

此外，本季強勁的成長超出預期，為我們加快商業投資創造了機會，尤其專注於需求創造。這些投資包括我們面向消費者的直接行銷活動，包括數位行銷和大眾媒體行銷，旨在提高全球品牌知名度。這帶來了創紀錄的 DTC 銷售線索數量，這將有助於支持未來的成長。

In addition, we expanded our commercial and customer experience teams as we continue to enhance penetration and extend our leadership in both Type 1 and Type 2. We look forward to further discussing many of these initiatives during our upcoming Investor Day on November 20.

此外，我們擴大了商業和客戶體驗團隊，以繼續提高市場滲透率，並鞏固我們在第一類和第二類市場的領先地位。我們期待在即將於11月20日舉行的投資者日上進一步討論其中的許多舉措。

Third quarter adjusted operating margin was 17.1% and adjusted EBITDA margin was 22.7%. Our operating margin this quarter underscores the strength of our top line performance, which enables us to continue investing in our innovation road map, and strategically accelerate targeted commercial investments aimed at fueling long-term growth. As Ashley mentioned, we are well positioned to continue investing aggressively for future growth, while also delivering meaningful margin expansion. Our third quarter non-GAAP adjusted tax rate was 22.5%.

第三季調整後營業利益率為 17.1%，調整後 EBITDA 利潤率為 22.7%。本季我們的營業利潤率凸顯了我們強勁的營收表現，這使我們能夠繼續投資於我們的創新路線圖，並策略性地加速旨在推動長期成長的定向商業投資。正如 Ashley 所提到的，我們已做好充分準備，繼續積極投資以實現未來成長，同時實現可觀的利潤率成長。我們第三季的非GAAP調整後稅率為22.5%。

Turning now to cash and liquidity. We ended the quarter with approximately $760 million 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. We have now successfully eliminated all convertible debt from our capital structure, by extinguishing $800 million of our convertible notes due in 2026 and the cap calls associated with the notes. During the quarter, we repurchased approximately 91,000 shares for $30 million. These purchases are intended to offset dilution from stock-based compensation.

現在來說說現金和流動性問題。本季末，我們擁有約 7.6 億美元的現金，並且根據我們的信貸額度，5 億美元全部可用。我們將繼續強化資產負債表，提高財務彈性，降低資本成本。我們已成功從資本結構中消除所有可轉換債務，透過註銷將於 2026 年到期的 8 億美元可轉換票據以及與這些票據相關的上限贖回條款。本季度，我們以 3000 萬美元的價格回購了約 91000 股股票。這些收購旨在抵消股票選擇權激勵措施造成的股權稀釋。

Now turning to our outlook for the fourth quarter and full year 2025. As the newly appointed CFO, one of my priorities is to evaluate and refine our guidance practices. My goal is to ensure these practices reflect the key drivers of shareholder value and provide investors with a clear understanding of our business and strategic direction. I believe guidance should reflect a balanced outlook for the business and acknowledge potential risks and uncertainties as well as potential upside opportunities. Our objective going forward will be focused on providing guidance that reflects a high degree of confidence in achieving while endeavoring to be more reflective of the underlying momentum in our business.

現在讓我們展望一下2025年第四季和全年的業績。作為新上任的財務官，我的首要任務之一是評估和完善我們的指導方針。我的目標是確保這些做法體現股東價值的關鍵驅動因素，並讓投資者清楚地了解我們的業務和策略方向。我認為，業績指引應該反映出對業務的平衡展望，既要承認潛在的風險和不確定性，也要承認潛在的成長機會。我們未來的目標是提供能夠體現我們對實現目標高度信心的指導，同時努力更好地反映我們業務的潛在發展勢頭。

Starting with the fourth quarter, we expect total Omnipod revenue growth of 27% to 30% and total company growth of 25% to 28%. On a reported basis, we expect a favorable impact of approximately 200 basis points from foreign currency. We expect fourth quarter US Omnipod growth of 24% to 27% and international Omnipod growth of 37% to 40%. In our international business, on a reported basis, we expect a favorable impact of approximately 1,000 basis points from foreign currency.

從第四季開始，我們預計 Omnipod 總營收將成長 27% 至 30%，公司整體成長 25% 至 28%。據報告顯示，我們預計外匯匯率將帶來約 200 個基點的有利影響。我們預計第四季度美國 Omnipod 的成長率為 24% 至 27%，國際 Omnipod 的成長率為 37% 至 40%。就我們的國際業務而言，按報告數據，我們預計外匯匯率將帶來約 1000 個基點的有利影響。

Turning to our full year 2025 outlook. We're raising our total Omnipod revenue growth to 29% to 30% from prior guidance of 25% to 28%. We're also raising our total company revenue growth to 28% to 29% from 24% to 27%. We expect favorable impact of approximately 100 basis points from foreign currency for the year.

接下來展望2025年全年情況。我們將 Omnipod 總營收成長預期從先前的 25% 至 28% 上調至 29% 至 30%。我們也將公司總收入成長率從 24% 至 27% 提高到 28% 至 29%。我們預計今年外匯匯率將帶來約 100 個基點的有利影響。

For US Omnipod, we are raising our revenue growth to 26% to 27% from 22% to 25%, driven by increased penetration from MDI users and competitive gains. We continue to expect year-over-year growth in US new customer starts for the year. As a reminder, our US growth guidance also assumes similar trends in pricing, utilization and retention as we saw in 2024. For international Omnipod, we're raising our revenue guidance to 38% to 39% from 34% to 37%.

對於美國 Omnipod 產品，由於 MDI 用戶滲透率提高和競爭優勢，我們將營收成長率從 22% 至 25% 提高到 26% 至 27%。我們持續預期今年美國新客戶數量將年增。需要提醒的是，我們對美國市場成長的預測也假設價格、利用率和顧客留存率將與 2024 年的趨勢相似。對於國際市場，Omnipod 的營收預期從 34% 至 37% 上調至 38% 至 39%。

On a reported basis, we expect a favorable impact of approximately 500 basis points from foreign currency. Like the US, we expect year-over-year growth in international new customer starts for the year. While volume remains the primary driver of our international revenue growth, our guidance also reflects a benefit from positive price/mix realization as customers transition from Omnipod DASH to Omnipod 5. We're also assuming stable utilization and slightly improving retention for 2025 relative to 2024.

據報告顯示，我們預計外匯匯率將帶來約 500 個基點的有利影響。與美國一樣，我們預計今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隨著客戶從 Omnipod DASH 過渡到 Omnipod 5，價格/組合的積極實現所帶來的益處。我們也假設 2025 年的使用率保持穩定，並且與 2024 年相比，留存率略有提高。

Turning to 2025 gross margin. Given our strong performance year-to-date, we now expect full year gross margin of more than 71% as compared to our prior guidance of approximately 71%. We're also narrowing our outlook for operating margin. We now expect operating margin to be between 17.3% and 17.5%, reflecting stronger top line growth and continued investments in R&D, market development and demand generation.

展望2025年毛利率。鑑於我們今年迄今的強勁業績，我們現在預計全年毛利率將超過 71%，而我們先前的預期約為 71%。我們同時也在收窄對營業利益率的預期。我們現在預計營業利潤率將在 17.3% 至 17.5% 之間，這反映了營收的強勁成長以及對研發、市場開發和需求創造的持續投資。

The updated outlook represents a 240 to 260 basis point improvement over the prior year period. We remain committed to enhancing profitability and will continue to deliver meaningful operating margin expansion year-over-year. At the same time, we're scaling our investments thoughtfully to support our long-term growth ambitions and ensure sustained value creation.

更新後的預期比去年同期提高了 240 至 260 個基點。我們將繼續致力於提高獲利能力，並將繼續實現逐年顯著的營業利潤率成長。同時，我們正在審慎地擴大投資規模，以支持我們的長期成長目標，並確保持續創造價值。

Looking at a few items below our operating income. We now expect our 2025 net interest expense to be approximately $20 million higher than 2024 due to the transition from convertible debt to traditional debt, which carries higher coupon rates and the extension of our interest rate swaps.

以下是我們營業收入的幾個項目。由於可轉換債券向票面利率更高的傳統債券過渡，以及利率互換的延期，我們現在預計 2025 年的淨利息支出將比 2024 年高出約 2,000 萬美元。

For the year, we now expect our non-GAAP tax rate to be in the range of 22% to 23%. We also 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.

今年，我們預計非GAAP稅率將在22%至23%之間。我們也預計，2025 年末稀釋後股份總數約為 7,100 萬美元，比上年減少約 5% 或 350 萬股，這是由於我們的可轉換債務被註銷所致。

We remain confident in our ability to deliver strong free cash flow in 2025 compared to 2024 supported by robust growth and continued margin expansion. We anticipate a meaningful increase in capital expenditures during the fourth quarter as we invest strategically to enable long-term growth.

我們仍然有信心在強勁成長和持續利潤率擴張的支持下，在 2025 年實現比 2024 年更強勁的自由現金流。我們預計第四季度資本支出將大幅增加，因為我們將進行策略性投資以實現長期成長。

As highlighted last quarter, we are actively assessing opportunities to accelerate our manufacturing expansion plans and look forward to sharing further updates at our upcoming Investor Day. Our team remains steadfast in its commitment to driving top-tier growth, expanding margins and increasing profitability and free cash flow. These efforts are central to our long-term value creation strategy and enable us to reach and serve more people with diabetes around the world.

正如上個季度所強調的，我們正在積極評估加快生產擴張計劃的機會，並期待在即將舉行的投資者日上分享更多最新進展。我們的團隊始終堅定不移地致力於推動一流成長，擴大利潤率，提高獲利能力和自由現金流。這些努力是我們長期價值創造策略的核心，使我們能夠接觸並服務世界各地更多的糖尿病患者。

Finally, I want to extend my heartfelt thanks to the entire Insulet team for the warm welcome over the past month. Your dedication to our mission and your unwavering commitment to improving the lives of people with diabetes, inspire me every day. I'm excited to be part of this journey with you.

最後，我要衷心感謝 Insulet 團隊在過去一個月的熱情接待。你們對我們使命的奉獻精神和你們為改善糖尿病患者生活所做的堅定承諾，每天都激勵著我。我很興奮能和你們一起踏上這段旅程。

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

接線員，現在開始接受提問。

(Operator Instructions) As a reminder, the speakers available for Q&A today are Ashley McEvoy, Flavia Pease and Eric Benjamin.

（操作說明）提醒各位，今天可進行問答環節的演講嘉賓有 Ashley McEvoy、Flavia Pease 和 Eric Benjamin。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Good morning and congrats on a great quarter, and welcome Flavia. I wanted to ask sort of a higher level question. Another great quarter, good -- record new patient growth, US, outside the US, 85% from MDI. I'm getting double-digit new patient growth in Type 1 and Type 2 in the US. So clearly, Omnipod 5 appears to be winning, both US and outside US. There's a lot more noise in the marketplace.

早安，恭喜你們本季取得佳績，歡迎弗拉維亞加入。我想問一個更高層次的問題。又一個出色的季度，好消息——美國和美國以外的新患者增長創歷史新高，其中 85% 來自 MDI。我在美國1型和2型糖尿病的新患者數量都實現了兩位數的增長。顯然，Omnipod 5 似乎正在贏得市場，無論是在美國還是在美國以外。市場上的噪音比以前多了許多。

A lot of people are talking about patch pumps. You're about to go from two public competitors to three public competitors and it seems like there's just a lot more noise out there, but you're coming above the crowd and delivering the best results. So maybe just walk us through where and how Omnipod 5 is winning? Is it just form factor? Is it the algorithm? Is it the easier onboarding? And really, just what's going on in the field? And what gives you the confidence you can continue to deliver great results like this.

很多人都在談論貼片式幫浦。你即將從兩個公開競爭對手增加到三個公開競爭對手，似乎外界的噪音也更多了，但你卻脫穎而出，取得了最好的成績。那麼，您能否詳細介紹一下 Omnipod 5 在哪些方面以及如何取得成功？只是外形尺寸的問題嗎？是演算法的問題嗎？是不是比較容易上手？那麼，實際工作領域究竟發生了什麼事？是什麼讓你有信心繼續取得如此優異的成績？

Thanks, Robbie, for the question. I would just frame to say it's really broad-based, balanced growth, which really is showing that our strategy is working. It's really a combination of very strong, compelling science as evidenced by our SECURE-T2D trial, our RADIANT trial, as well as our very compelling real-world evidence. The second is we really do have this beloved brand. Customers love our differentiated form factor, and we're going to continue to stay ahead of the curve in that regard.

謝謝羅比的提問。我想說的是，這是一種廣泛、均衡的成長，這確實表明我們的策略是有效的。這實際上是強有力的、令人信服的科學的結合，正如我們的 SECURE-T2D 試驗、RADIANT 試驗所證明的那樣，以及我們非常有說服力的真實世界證據。第二點是，我們確實擁有這個深受喜愛的品牌。顧客喜歡我們與眾不同的產品外形，我們將繼續在這方面保持領先地位。

Third really is around our differentiated access and affordability. Fourth is really, I would say, our supply chain. We've invested over $1 billion over the years to create a highly resilient supply chain that can scale at very competitive cost. We're producing millions of pods. And then I would say the last is just the flexibility of our balance sheet to be able to continue to invest in innovation to really -- to continue to stay as a market leader.

第三點確實在於我們差異化的取得途徑和價格承受能力。第四點，我認為是我們的供應鏈。多年來，我們已投資超過 10 億美元，打造出具有高度彈性且可擴展、成本極具競爭力的供應鏈。我們正在生產數百萬個膠囊。最後一點，我認為是我們資產負債表的靈活性，使我們能夠繼續投資創新，從而真正保持市場領先地位。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I wanted just to start on the Type 2s. You're about a year into having the indication for Type 2 in the US, I guess it was last August of '24. Can you talk a little bit more about how the adoption is built over the past year, where we are in kind of an uptake? And how we should think about that segment going forward? And maybe just perhaps related to that, you talked about DTC advertising as one of the big drivers here of SG&A growth in the quarter. Can you just maybe help pull the thread all the way through from that investment to new patient starts to revenue and maybe how that ties to the Type 2 adoption as well?

我只想先從Type 2開始。你在美國獲得第 2 型糖尿病適應症大約一年了，我猜是 2024 年 8 月。您能否再詳細談談過去一年來產品的普及情況，以及我們目前所處的吸收成長階段？那麼，我們接下來該如何看待這一領域呢？或許與此有關，您提到 DTC 廣告是本季 SG&A 成長的主要驅動因素之一。您能否幫忙整理從投資新病患入院再到收入的整個過程，以及這與第 2 型糖尿病患者接受治療之間的關聯？

Yes, sure. Thank you, David. It's great to be a year into this. And I would say, like let me first start with, it's a very large TAM in the US with Type 2. And I think that we're starting from a position of strength, which is really our 25 years of serving people with Type 1 diabetes. As you know, that there is a very similar call point there, starting with endos. And what we really saw in quarter three is echoed is that prescribers that are prescribing Type 1 for AID are also now prescribing Type 2. And not only is it giving birth to accelerated Type 2 adoption, it's also helping the prescribing behavior for Omnipod among the Type 1 community.

當然可以。謝謝你，大衛。很高興已經走過一年了。我想說，首先，在美國，第二類疾病的TAM非常大。我認為我們擁有一個強大的優勢，那就是我們25年來一直致力於服務第1型糖尿病患者。如您所知，那裡有一個非常相似的呼叫點，從內分泌開始。我們在第三季度看到的情況也印證了這一點，那就是為愛滋病患者開立 1 型藥物的醫生現在也開始開立 2 型藥物了。這不僅加速了第 2 型糖尿病患者的使用，也有助於第 1 型糖尿病患者群體對 Omnipod 的處方行為。

We saw in Type 2 that our -- the prescriber base went up 26% in the quarter. Year-over-year NTS is up 100% and quarter-over-quarter was up 26%. And I would say it's really a combination of, one, strong science, as I first spoke about earlier. Two, it's around the leverage that we have invested with this call point on reputation and science. And three, we have activated some meaningful investment in DTC this past quarter, where we saw a very strong amount of leads from people who we do not call on. And we got -- we were able to kind of get those new colleagues on to pod. So I would say all three of those is what's giving us nice momentum one year into this launch of Type 2 with many years ahead.

我們看到，在第二類疾病中，我們的處方醫生數量在本季增加了 26%。與去年同期相比，NTS成長了100%，與上一季相比成長了26%。我認為這實際上是兩者的結合，第一，強大的科學，正如我之前提到的。第二，這與我們利用聲譽和科學優勢在這個關鍵點上投入的影響力有關。第三，上個季度我們對 DTC 進行了一些有意義的投資，我們從那些我們沒有主動聯繫的人那裡獲得了大量的銷售線索。我們成功地讓這些新同事加入了團隊。所以我認為，正是這三點因素讓我們在推出 Type 2 一年後取得了良好的發展勢頭，並且未來還有很多年的發展空間。

Joanne Wuensch, Citigroup.

Joanne Wuensch，花旗集團。

I too am going to go for a big picture question. It is rare that we see an entire new team from the CEO to the CFO to Investor Relations and just watching a company knock fall out. So I'm really curious what the three of you or two of you or collectively are planning to do differently to keep this momentum generally.

我也打算提一個著眼於大局的問題。我們很少看到從執行長到財務長再到投資者關係部門的整個團隊都換了新人，然後眼睜睜地看著一家公司垮台。所以我很好奇，你們三個人、兩個人或你們共同打算採取哪些不同的措施來維持這種勢頭。

Well, listen, thank you, Joanne. I have to first say it's really a nice combination to see some very strong talent elevated, taking over more responsibility in the company. People like Amit Guliani, who is now our new Chief Technology Officer, people like Eric Benjamin, who spent nearly a decade at Insulet now assuming the post as Chief Operating Officer. And then obviously welcoming Flavia and some new capability with Manoj.

好的，謝謝你，喬安妮。首先我必須說，看到一些非常有才華的人得到提拔，承擔公司更多的責任，真是一件令人欣慰的事。像 Amit Guliani 這樣的人，他現在是我們的技術長；還有 Eric Benjamin 這樣的人，他在 Insulet 工作了近十年，現在擔任營運長。當然，還有歡迎 Flavia 的到來，以及 Manoj 帶來的一些新能力。

I would describe it, Joanne, as the following. We have a remarkable technology. We sell on passion. We're going to sell more on science. We have invested ahead of the curve of our supply chain, which is giving us really scale affordability. And we now are the market leader, and we spent 25 years working on disrupting the market leader, we now are the market leader. So we are going to really start to continue to invest in things like market development and demand generation to create that endurable competitive moat going forward.

喬安妮，我會這樣描述它。我們擁有卓越的技術。我們憑熱情銷售。我們將加強對科學產品的銷售力度。我們在供應鏈方面進行了超前投資，這使我們能夠真正實現規模化和價格優勢。現在我們是市場領導者，我們花了 25 年顛覆市場領導者，現在我們才是市場領導者。因此，我們將真正開始繼續投資於市場開發和需求創造等領域，以創造未來持久的競爭優勢。

Yes. Joanne, just to add, as Ashley has said, even in her first six months, I think what all of us that are newer to the team inherent is a strategic and capital allocation strategy that are going to -- remain intact. We're just going to continue to build from a very strong foundation. And in my first 30 days, I've really been focusing on just continuing to understand those priorities, our innovation road map, our commercial plans and then the significant opportunities that we have to continue expanding penetration in this large market we operate in.

是的。Joanne，我還要補充一點，正如Ashley所說，即使在她加入團隊的頭六個月裡，我認為我們這些新加入團隊的人都秉持著一種戰略和資本配置策略，而這種策略將會保持不變。我們將繼續在堅實的基礎上發展。在我上任的頭 30 天裡，我一直專注於繼續了解這些優先事項、我們的創新路線圖、我們的商業計劃，以及我們在這個龐大的市場中繼續擴大滲透率所擁有的重大機會。

And then going forward, how can I partner with the team to further activate levers that are going to allow us to continue delivering sustainable top-tier growth, expanding our margins and ensuring that we continue to execute with discipline and precision. So it's a really great time to be joining the Insulet team now in this new capacity and continue to improve the lives of people with diabetes and deliver shareholder value, so.

接下來，我該如何與團隊合作，進一步啟動各種槓桿，使我們能夠繼續實現可持續的頂級成長，擴大利潤率，並確保我們繼續以嚴謹和精準的方式執行。所以，現在正是以這種新身分加入 Insulet 團隊，繼續改善糖尿病患者的生活並為股東創造價值的絕佳時機。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

Maybe I'll start with maybe just high level, some kind of puts and takes on '26 and how we should think about the year with Libre integration possibly and Type 2 accelerating. Can you continue to put up record new starts? And I wanted to also touch on the evaluate and refine our guidance practices. If you could elaborate on that, I think you said reflect the balanced outlook for the business and acknowledge potential risk. So I just wanted to make sure I elaborate on how you think about guidance going forward.

也許我可以先從宏觀層面談起，談談對 2026 年的一些看法和展望，以及在 Libre 整合可能和 2 型糖尿病加速蔓延的情況下，我們應該如何看待這一年。能繼續刷新開球紀錄嗎？我還想談談評估和改進我們的指導實踐。如果您能詳細說明一下，我想您是說要反映出對業務的平衡展望，並承認潛在的風險。所以我只是想詳細闡述您對未來指導工作的看法。

Thank you, Travis. I'll start and I'll turn it to Flavia later. I would say clearly, we're really pleased with the momentum that we have in the US and OUS, and we see a clear pathway to delivering continued top-tier growth, really backed by these proven leadership in these very large underpenetrated markets. And I think that we're confident in the strong growth and improved profitability when we expect that to continue in 2026. So we're going to provide '26 specific guidelines on our quarter four call. Consistent with historical practice. But I'll turn it over to Flavia to speak a little bit about your philosophy on guidance.

謝謝你，崔維斯。我先開始，稍後再交給弗拉維亞。我可以很明確地說，我們對在美國和美國境外取得的進展勢頭非常滿意，我們看到了實現持續一流增長的清晰路徑，這得益於我們在這些滲透率極低的龐大市場中已證明的領導地位。我認為我們有信心在 2026 年繼續保持強勁成長和獲利能力提升的勢頭。因此，我們將在第四季度電話會議上提供 '26 的具體指導方針。與歷史慣例一致。但我還是把麥克風交給弗拉維亞，讓她談談你關於指導的理念。

Yes. Thanks, Ashley. Travis. So obviously, we set guidance with the intent to deliver, and that is clearly not changing. I think what we will try to do as we continue to mature and evolve as an organization is trying to have a balanced view of our expectations, acknowledging that there are risks and uncertainties but also potential upside opportunities.

是的。謝謝你，艾許莉。特拉維斯。顯然，我們制定指導方針的目的是為了實現目標，這顯然不會改變。我認為，隨著我們作為一個組織不斷成熟和發展，我們將努力做到對我們的期望保持平衡的看法，承認存在風險和不確定性，但也存在潛在的上昇機會。

So we are not changing how we guide other than ensuring that we have a balanced view going forward. I think we're also, as Clare and I continue to onboard and going forward into 2026, we look into what KPIs make the most sense to continue to provide as drivers of the performance of the business and help shareholders really understand our strategic direction. So we might evolve a little bit the metrics that we focus on and guide to, but more to come on that when we guide to 2026.

因此，除了確保我們今後採取平衡的視角之外，我們不會改變指導方式。我認為，隨著我和克萊爾繼續加入公司，並展望 2026 年，我們也在研究哪些關鍵績效指標最能有效地繼續推動業務發展，並幫助股東真正了解我們的策略方向。因此，我們可能會對我們關注和指導的指標進行一些調整，但更多細節將在我們展望 2026 年時公佈。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Ashley, I'm sure that you're going to get a lot of these questions here for the next year or two. But just as we see two-piece patch potential market entrances over the next 18 to 24 months or so, I'd love to hear kind of some early and I'm sure we'll get more at the Analyst Day, but kind of early thoughts you have on how you protect and maybe even extend your competitive moat there on the patch pump side.

阿什利，我敢肯定，在接下來的一兩年裡，你會經常被問到這類問題。但正如我們看到兩片式補丁在未來 18 到 24 個月左右可能會進入市場一樣，我很想聽聽你們的一些早期想法，我相信在分析師日上我們會聽到更多，但我想听聽你們對於如何保護甚至擴大在補丁市場方面的競爭優勢的一些早期想法。

Thank you, Jeff. I would say, first of all, we really -- our key focus is about expanding the market and really taking people from MDI into the market, and we continue to lead the market. You'll hear more about this at Investor Day about kind of the performance, the percent of growth that Insulet has driven for the category has really been the majority, not a surprise. And so we want to continue to focus on our efforts of making AID accessible and available to as many patients as possible coming from MDI therapy.

謝謝你，傑夫。首先我想說，我們真正的重點是擴大市場，真正將 MDI 的人帶入市場，我們將繼續引領市場。在投資者日上，你會聽到更多關於這方面的信息，關於業績表現，Insulet 為該類別帶來的增長百分比確實佔了絕大多數，這並不令人意外。因此，我們希望繼續專注於努力，使盡可能多的接受 MDI 治療的患者能夠獲得 AID 服務。

Now as you've heard us talk about, actually, this quarter, we did experience one of the strongest quarters in the past two years of sourcing also competitively. And I think that, that speaks to just the highly differentiated technology that Omnipod 5 is delivering for more customers around the world. I think it speaks to the investments we've been doing in making it a very frictionless customer experience from how we first make them aware of the product, whether that be through DTC or whether that be through their prescriber and then get them on pod and then keep them on pod.

正如你們所聽到的，實際上，本季我們在採購方面經歷了近兩年來最強勁的季度之一，而且競爭也非常激烈。我認為這充分說明了 Omnipod 5 為世界各地更多客戶提供的差異化技術。我認為這反映了我們為打造流暢的客戶體驗所做的投入，從我們最初如何讓他們了解產品（無論是透過直接面向消費者的方式，還是透過他們的處方醫生），到讓他們開始使用胰島素泵，再到讓他們堅持使用胰島素泵。

It's the investments, Jeff, that we're making in our pipeline that you're going to hear a lot more about in Investor Day. We spoke about in quarter three, getting people, more people on phone control, going from 45% to 55%. We shared at the ADA real-world evidence, which showed that more people who are on phone control bolus more often. That's a really good thing for health outcomes. And you're going to see us continue to invest so that we are always staying ahead of the curve of demand on capacity investments and making sure that we continue to have a very diversified, very resilient supply chain that allows us to serve more Podders around the world.

傑夫，在投資者日上，你會聽到更多關於我們在專案儲備方面的投資的資訊。我們在第三季討論過，要讓更多的人使用手機，從 45% 提高到 55%。我們在 ADA 分享了真實世界的證據，這些證據表明，使用手機控制胰島素注射的頻率更高。這對健康結果來說是一件非常好的事情。你會看到我們繼續投資，以便我們始終走在產能投資需求的前沿，並確保我們繼續擁有一個非常多元化、非常有韌性的供應鏈，使我們能夠為世界各地更多的 Podders 提供服務。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

I have a question on the outside United States performance, obviously, remarkably good. Now for two years running and it seems at this stage is set for this to continue into '26. I'm just -- I want to make sure models this year are kind of properly based as we go into next. Is there anything on the volume side as you roll out O5 and convert from DASH. I hear the price and mix stuff, but on volume kind of first fill dynamics, distributor stocking, these were positive influences called out as O5 rolled out in the US, I haven't heard anything about this OUS. Anything for us to keep in mind as we move into the next couple of years internationally?

我有一個關於美國以外地區表現的問題，顯然，表現非常出色。現在已經連續兩年了，而且目前看來這種情況還會持續到 2026 年。我只是想確保今年的模型能夠很好地為明年做好準備。在推出 O5 並從 DASH 轉換的過程中，音量方面有什麼變化嗎？我聽說了價格和組合方面的事情，但是關於首發動態、分銷商庫存等數量方面的事情，這些都是 O5 在美國推出時被提及的積極影響因素，我還沒有聽說過 OUS 地區的情況。在未來幾年拓展國際業務的過程中，我們有哪些需要注意的事項？

Yes. Let me just start, Mike, and I'll turn to Flavia. I would say we have very robust durable growth in OUS performance. And what we're seeing are the conversion, I would say, the upgrades of turning some of our DASH markets into Omnipod 5 markets. And we are benefiting some price materialization, but also a very accelerated volume uptick. And that's what's really enabling this business and internationally to post performance to like 40% and to have some of our NGS looking at 68% growth. I'll turn it over to Flavia.

是的。麥克，我先開始吧，然後我會把話題轉向弗拉維亞。我認為我們在海外業務方面實現了非常強勁且持久的成長。我們現在看到的是，一些 DASH 市場正在轉型升級，成為 Omnipod 5 市場。我們不僅受益於價格的逐步實現，也受益於銷售量的快速成長。正是這一點真正使這家企業和國際業務的業績成長達到 40%，並且我們的一些 NGS 實現了 68% 的成長。我把它交給弗拉維婭。

Yes, Michael. So to your specific question, there is no material or immaterial, for that matter, impact of distributor stocking in the quarter or over the last several quarters. To Ashley's point, the growth internationally really has been primarily driven by volume. There is a bit of price/mix realization as you pointed out, as we continue to upgrade from DASH to Omnipod 5. And we are also not -- we still have headroom to go on that conversion. But again, the primary driver is volume, and there's no noise on stocking.

是的，邁克爾。所以，就你提出的具體問題而言，分銷商的庫存在本季或過去幾季中，都不會產生實質或非實質的影響。正如 Ashley 所說，國際市場的成長確實主要由銷售驅動。正如您所指出的，隨著我們不斷從 DASH 升級到 Omnipod 5，價格/組合方面確實存在一些問題。而且我們也不是──我們還有空間繼續推進這個轉變。但再次強調，主要驅動因素是銷量，庫存方面沒有任何動靜。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

This is Simran on for Larry. I guess I just wanted to focus a little bit more on US Omnipod. Obviously, a really strong quarter, and it looks like you raised your guidance by more than double the beat. What exactly is driving the upside to US expectations from kind of how you were guiding previously. And I guess, should we kind of continue to think about US new starts on a quarterly basis being record new starts here moving forward. And just a little bit more about how should we think about sort of sustainability of some of those underlying trends that you're seeing in the US business going forward?

這裡是西姆蘭替拉里報道。我只是想多關註一下美國 Omnipod 公司。顯然，這是一個非常強勁的季度，而且你們似乎將業績預期提高了一倍多，超乎預期。究竟是什麼因素導緻美國市場預期上調，與您先前的指導有所不同？我想，我們是否應該繼續認為，未來美國每季的新開工量都將創下歷史新高？那麼，關於您應該如何看待美國商業中一些潛在趨勢的可持續性，您能否再補充一點？

Yes. Thank you for the question. Again, I'm going to say it's really a combination of both. Our core business, which has been Type 1 in the US, which is the site being in this business for 25 years, the penetration is still 40%. We still have a lot of upside. And we still have a lot of -- still clinical inertia that behavior of clinical prescribing behavior is not matching the ADI standard of care guidelines, which is to recommend AID therapy at the point of diagnosis. So we are going to continue to educate in that regard, and we have been doing that specifically in quarter three, and we're seeing uptick of increased prescribing behavior.

是的。謝謝你的提問。我再次強調，這其實是兩者的結合。我們的核心業務在美國一直屬於第一類，該網站從事這項業務已有 25 年，滲透率仍高達 40%。我們仍有很大的上漲空間。我們仍然有很多——仍然存在臨床慣性，導致臨床處方行為與 ADI 標準護理指南不符，該指南是在診斷時推薦 AID 治療。因此，我們將繼續在這方面進行教育，我們在第三季度尤其註重這一點，並且我們看到處方行為增加。

In addition to that, we -- obviously, it's Type 2. We've been at this for over -- for a year. Unbelievably low penetration rates, less than mid-single digit and with a lot of upside. And we are taking the science to the street is what I call, which is really about educating predominantly endocrinologists first, as well as high-prescribing PCPs on the science and the state of science and adoption of care. And really arming our field to go educate in that regard, doing a lot of peer-to-peer education of AID evangelist, if you will, and making sure that they can help with adoption in the Type 2 community.

除此之外，我們——顯然，這是 2 型。我們已經為此努力了一年多了。滲透率低得難以置信，不到個位數，但上升空間巨大。而我們所做的，我稱之為將科學帶到街頭，這實際上是首先要對內分泌科醫生以及經常開處方的初級保健醫生進行科學教育，了解科學現狀和護理方法的採納情況。真正武裝我們的領域，讓他們在這方面進行教育，對愛滋病傳播者進行大量的同儕教育，確保他們能夠幫助第 2 型糖尿病患者群體進行收養。

And then you also heard us talk about activating directly with consumers to make them aware that if they are someone with Type 2 diabetes, they should be seeking out a prescriber and asking them about Omnipod. And that has resulted in very meaningful lead in quarter three. So it's very balanced on continuing to get strong performance from our core as well as getting really accelerated momentum with our new indication and our new customer base of people with Type 2.

然後，您也聽到我們談到要直接與消費者互動，讓他們意識到，如果他們是 2 型糖尿病患者，就應該去找醫生諮詢 Omnipod。這使得我們在第三季取得了非常顯著的領先優勢。因此，我們既要繼續保持核心業務的強勁表現，又要憑藉新的適應症和 2 型糖尿病患者這一新的客戶群獲得真正的加速發展勢頭，從而實現非常平衡的目標。

Matthew Taylor, Jefferies.

馬修泰勒，傑富瑞集團。

All right. This is Matt on for Matt Taylor. I just wanted to ask maybe one specific question on kind of contracting in the pharmacy channel. So as you see kind of more competition come in there, would you characterize any differences in your contracting dynamics that is anything on price or tenor?

好的。這裡是馬特，替馬特泰勒為您報道。我只想問一個關於藥房渠道合約類型的具體問題。隨著競爭加劇，您認為在合約簽訂方面，價格或期限方面會有哪些變化？

Matt, thank you for the question. I would -- the short answer to that is, no. I would say that we've been at this for almost eight, nine years of really kind of leading the pay-as-you-go business model in the pharmacy. Not only where people can pick up their insulin in about 47,000 pharmacies but equally with payers around taking the very strong health economic story and clinical outcome story to payers that has really enabled us to procure 300 million lives out of 317 million available lives and the majority of those at a preferred status.

馬特，謝謝你的提問。我會——簡而言之，不會。我想說，我們在藥局的按需付費商業模式方面已經耕耘了近八、九年，一直處於領先地位。不僅人們可以在大約 47,000 家藥局領取胰島素，而且與支付方一樣，我們向支付方展示了非常強大的健康經濟和臨床結果故事，這真正使我們能夠從 3.17 億可用生命中獲取 3 億生命，並且其中大多數處於優先地位。

And so we -- for the majority, it translates to about $1 a day. And we're also working with a lot of our patients who have the government as some of their payers to make sure that they have good affordability and access. So I would say right now, we're really focusing our efforts on the very few minority where they are getting stuck, if you will, on prior authorities to really streamline that approval process. We've seen a meaningful uptick in our ability to -- in essence, get that need from 75% getting prior office through with like 90% completion rate. Again, that's the minority because we -- the majority, we have preferred status and you do not need a prior auth.

因此，對我們大多數人來說，這相當於每天約 1 美元。我們也在與許多由政府作為部分付款方的患者合作，以確保他們能夠負擔得起醫療費用並獲得良好的醫療服務。所以我想說，目前我們正在集中精力幫助極少數在先前授權方面遇到困難的人，以真正簡化審批流程。我們已經看到我們的能力有了顯著提高——本質上，我們滿足這項需求的能力從之前的 75% 提高到了 90% 左右。再說一遍，這只是少數情況，因為我們——大多數人——享有優先地位，無需事先授權。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

This is Felipe on for Rich. Just on converting Type 2 patients, could you just talk about how maybe the customer acquisition cost compares to that of Type 1? And just maybe how your scale could give you an advantage over the long-term in converting that patient population considering how early we are in adoption stages.

這是Felipe替Rich發言。僅就轉化第 2 型糖尿病患者而言，您能否談談其客戶獲取成本與第 1 型糖尿病患者相比有何不同？考慮到我們目前還處於採用階段的早期，你的規模或許能在長期轉化患者群體方面為你帶來優勢。

Yes. Thank you. And I would just say it's a great question, we're always looking at. We're not going to share that with us with you all the time, but we do look at the cost to acquire and the cost to serve and the lifetime value of our customer base. And the person who is leading all that work is Eric Benjamin. So Eric, why don't you talk about that?

是的。謝謝。我想說，這是一個很好的問題，我們一直在關注這個問題。我們不會一直和你們分享這些訊息，但我們會考慮獲取成本、服務成本以及客戶群的終身價值。而領導所有這些工作的人是埃里克·本傑明。艾瑞克，你為什麼不談談這個呢？

Thanks for the question. And just a little bit of color. As Ashley described earlier, we have the advantage of having a common call point that we've been in for 25 years as we've built the Type 1 business. And those are folks who are already prescribing AID for Type 1 who are familiar with technology, and so it's a really strong commercial synergy to be able to bring the SECURE-T2D data to that call point and help turn that existing call point already come full of technology into advocates and believers in AID for Type 2.

謝謝你的提問。再加一點點色彩。正如 Ashley 之前所描述的那樣，我們擁有一個共同的呼叫中心，25 年來，我們一直在這裡建立 1 類業務，這是我們的優勢所在。這些人已經為 1 型糖尿病患者開出了 AID 處方，他們熟悉相關技術，因此，能夠將 SECURE-T2D 數據帶到這個呼叫點，並幫助將這個已經充滿技術的現有呼叫點轉變為 2 型糖尿病 AID 的倡導者和信奉者，這是一個非常強大的商業協同效應。

And that's been a big part of our initial launch strategy is activating our current call point, which has high commercial synergies and is really efficient. We still have opportunity there. So we've had nice success activating that call point, we have more to go. So Richard, there's some -- there's a good tailwind there that we're building on.

而我們最初的上市策略很大程度上就是啟動我們目前的呼叫點，這具有很高的商業協同效應，而且非常有效率。我們仍然有機會。所以，我們在啟動這個呼叫點方面取得了不錯的成功，但我們還有更多工作要做。所以理查德，我們目前擁有一些——一些不錯的順風，我們正在利用這些順風發展。

In addition, we're activating new prescribers. And obviously, we watch those efficiency metrics closely. In the early days as we're getting folks to start-up that is a higher cost, it takes some time to educate new providers on the benefits of Omnipod and how technology works. We've gotten good at it and folks know that Omnipod is easy to write, and we see high interest from new writers when our team enters new accounts to get them ramped. So as we're expanding the call point, we're doing that effectively and efficiently with a close eye on overall customer acquisition cost.

此外，我們正在啟用新的處方醫生。顯然，我們會密切關注這些效率指標。在初期階段，由於我們需要讓人們開始使用 Omnipod，成本較高，需要一些時間來教育新的供應商了解 Omnipod 的好處以及這項技術的工作原理。我們已經做得非常好了，大家都知道 Omnipod 很容易編寫，而且當我們的團隊進入新帳戶幫助新作者入門時，我們看到了新作者們濃厚的興趣。因此，在擴大呼叫點的同時，我們也密切關注整體客戶獲取成本，以高效率的方式擴張。

Jon Block, Stifel.

Jon Block，Stifel。

Actually, maybe a little bit high level, but I'm just curious, DTC driving solid leads, spoke favorably to that and Type 2 in the quarter already surpassing 35% of US new starts. So at a high level, like any refined thoughts on where pump penetration can go within the T2II segment of the market? Just based on what you're seeing to date, would love to hear your thoughts.

實際上，可能有點高屋建瓴，但我只是好奇，DTC 帶來了穩定的銷售線索，對此表示贊同，而且 2 型糖尿病在本季度已經占美國新發病例的 35% 以上。那麼，從宏觀層面來看，對於泵浦在T2II市場細分領域的滲透率未來發展方向，您有什麼更具體的想法嗎？光是你目前所看到的，我很想聽聽你的想法。

Thank you, Jon. And we hope you're coming to our Investor Day on November 20 in Acton, because we have been long waiting kind of share our story, if you will, of what we think our growth algorithm is and what our pipeline looks like and showcase our talent and really our steely determination to go serve more Podders.

謝謝你，喬恩。我們希望您能參加我們 11 月 20 日在阿克頓舉行的投資者日活動，因為我們一直期待與您分享我們的故事，講述我們認為的增長演算法是什麼，我們的產品線是什麼樣的，展示我們的人才，以及我們為更多 Podders 提供服務的堅定決心。

I would say a couple of things around Type 2. I mean it is a very large underpenetrated market in the US. It is globally as well. Right now, we're indicated for the US. And as Eric mentioned, I think our approach is differentiated versus maybe what some other offerings may be happening in the marketplace. And that really is around first starting with the equity that we've made with the call base over the past 25 years with Type 1 diabetes.

關於第二類疾病，我想說幾點。我的意思是，這在美國是一個非常龐大但滲透率極低的市場。全球範圍內都是如此。目前，我們的目標客戶是美國。正如埃里克提到的那樣，我認為我們的方法與市場上其他一些產品有所不同。而這一切，首先要從我們過去 25 年在第 1 型糖尿病患者呼叫中心累積的權益開始。

And there's beautiful synergistic value that we've earned over 25 years, and we're going to parlay that into -- for the people with the Type 2 community. Interestingly enough endos write more scripts for people with Type 2 diabetes than they are for their Type 1 for AID therapy in the US of what we're experiencing. And so I think we're going to couple that with continuing to invest in the science and continuing to invest in innovation and making it a frictionless experience. And then continue to invest in the supply chain. And last is kind of activating using the power of brand to make AID therapy seem less scary, if you will, of activating our DTC efforts, which really activates consumers to go ask for Omnipod specifically.

25 年來，我們累積了美好的協同價值，我們將把這些價值轉化為——為第 2 型糖尿病患者群體服務。有趣的是，就我們所經歷的情況而言，在美國，內分泌科醫生為 2 型糖尿病患者開立的 AID 治療處方比為 1 型糖尿病患者開具的處方還要多。所以我認為，我們將把這一點與繼續投資科學和繼續投資創新相結合，使其成為一種無摩擦的體驗。然後繼續投資供應鏈。最後，我們可以利用品牌的力量，讓愛滋病治療看起來不那麼可怕，從而激活我們的直接面向消費者（DTC）策略，真正促使消費者主動詢問 Omnipod 產品。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Congrats on a good quarter there. And sorry about that, Eric. It's not often you get to say good morning, ladies as a group. So I couldn't resist. But just a question following up on the Type 2 versus Type 1, but more around endos versus primary care.

恭喜你們那季度業績不錯。對不起，埃里克。很少有機會能和女士們一起互道早安。所以我無法抗拒。但還有一個關於第 2 型糖尿病與第 1 型糖尿病的後續問題，但更多的是關於內分泌科醫生與基層醫療人員的比較。

And Eric, I was just curious if maybe you could talk a little bit about the difference in the go-to-market strategy, number one, between the two? And then number two, though, maybe more relevant how you guys think you are positioned right now within primary care? How much runway is there still to go to get some of these doctors online and prescribing?

艾瑞克，我很好奇，你能不能談談這兩家公司在市場進入策略上的第一點差異？第二點，也許更重要，你們認為自己目前在基層醫療領域處於什麼位置？要讓這些醫生全部上線開處方，還需要多久？

Danielle, thanks for the question. So a couple of things. It is two different calls that our team makes as you described. So we've been in the specialty call point for 25 years. Those folks know about technology. They know how to write technology. And so there, we're selling science. We're selling the benefits of Omnipod, and we're selling the fact that we're the number one prescribed product that should be first line for folks who are considering AID and that message resonates.

丹妮爾，謝謝你的提問。有兩件事。正如你所描述的，我們的團隊會進行兩次不同的通話。所以我們已經從事專業呼叫點工作25年了。這些人懂技術。他們懂得如何撰寫技術文件。所以，我們其實是在兜售科學。我們正在宣傳 Omnipod 的好處，並宣傳它是處方量排名第一的產品，應該是正在考慮使用胰島素幫浦的人們的首選，而這一訊息引起了共鳴。

As we go beyond, so we expanded the sales force very actively earlier this year to call on another decile of primary care providers this year and that was effective. And as we make those calls and expand the call point, it's an activation. So it's a nurture call where we're introducing technology often to offices that haven't prescribed AID before. We're very thoughtful about going into places that have high opportunities, so they see and treat a lot of diabetes.

為了進一步拓展業務，我們今年稍早積極擴大了銷售隊伍，拜訪了另外十分之一的初級保健提供者，而且效果顯著。當我們撥打這些電話並擴大呼叫點時，就相當於啟動了呼叫點。所以這是一個培育行動，我們經常向以前從未採用過 AID 技術的辦公室引入這項技術。我們非常謹慎地選擇那些機會多的地方，這樣他們就能接觸到並治療許多醣尿病患者。

And Omnipod is as strong proven outcomes, is easy to use, is differentiated. And our team can assess pretty quickly whether it's an office that's ready to become a regular AID writer or whether we just go activate a patient, for example, who may have been interested in technology from DTC on more of a one-off basis.

Omnipod 療效顯著，使用方便，且具差異化優勢。我們的團隊可以很快評估該辦公室是否準備好成為常規的 AID 撰稿人，或者我們是否只是去激活某個患者，例如，該患者可能對 DTC 技術更感興趣，但只是一次性的。

So we're very selective about that to make sure that we're making the commercial investments and building the relationships that will turn into long-term writers, but we also make sure that we have DTC leads that we can serve those patients effectively. The bottom line is we see a lot of runway to be able to do that effectively as we keep ramping our commercial strength in the market and the team is executing really well.

因此，我們在這方面非常謹慎，以確保我們進行的商業投資和建立的關係能夠轉化為長期的撰稿人，同時我們也確保我們擁有能夠有效服務於這些患者的直接面向消費者的潛在客戶。歸根結底，我們看到有很大的發展空間來有效地做到這一點，因為我們在市場上的商業實力不斷增強，而且團隊的執行力也非常好。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Welcome Flavia. The commentary about your highest competitive conversion rate in years was interesting to me. Is that a global comment? Or is that just domestic focused? And if it is global, can you just talk a little bit more about what's really driving that? I mean what's new? I know Omnipod 5 was great, but the sudden acceleration in terms of competitive conversions is kind of unique versus what you've been doing and what you've been seeing. So any commentary there would be very helpful.

歡迎弗拉維亞。關於貴公司近年來最高的競爭轉換率的評論讓我很感興趣。這是全球性的評論嗎？或者說，這只是針對國內市場的？如果這是全球性的，您能否再詳細談談真正推動這一趨勢的因素？我的意思是，這有什麼新鮮的？我知道 Omnipod 5 很棒，但就競爭轉換率而言，它的突然加速與你一直在做的事情和你所看到的情況相比，是相當獨特的。所以任何評論都將非常有幫助。

Thank you, Matthew. I'll start and maybe turn to Eric. That is a US number, just to clarify, and I would say, while we've been in the US with Omnipod 5 for coming up on three years and we weren't the first AID. I think what we're seeing is the highly differentiated form factor that customers love.

謝謝你，馬修。我先開始，然後可能會轉而詢問埃里克。澄清一下，這是一個美國數字，而且我想說，雖然我們在美國使用 Omnipod 5 已經快三年了，但我們並不是第一個使用 AID 的人。我認為我們現在看到的是顧客喜愛的高度差異化的外形設計。

We hear that again and again from all of our Pod community. We hear, I would say, the comfort level that prescribers are getting with Omnipod 5 performance backed by very strong evidence. So the SECURE-T2D, as well as the RADIANT, as well as real-world evidence is showing that it works. It reduces A1c, it improves time and range. It prevents lows. It doesn't promote weight gain.

我們從 Pod 社群的所有成員那裡反覆聽到這樣的回饋。我想說，我們聽到的是，處方醫生對 Omnipod 5 的表現感到放心，這背後有非常強有力的證據支持。因此，SECURE-T2D、RADIANT 以及現實世界的證據都表明它是有效的。它可以降低糖化血紅蛋白A1c，提高射程和射程。它可以防止低血糖。它不會導致體重增加。

In fact, you have to use less insulin. That's a very compelling value proposition. And then coupled with the, I would say, very differentiated access and affordability of really pioneering the pay-as-you-go business model in pharmacy where people pick up their insulin and really working with payers to demonstrate our health economics and clinical outcomes to go get preferred status.

事實上，你需要減少胰島素的用量。這是一個非常有吸引力的價值主張。此外，我認為，我們真正開創了藥房按需付費的商業模式，讓人們能夠以非常差異化的方式獲得胰島素，並且我們與支付方合作，展示我們的健康經濟學和臨床結果，以獲得優先地位。

That really is driving increased adoption. And it's really enabling Omnipod 5 to be the preferred AID of choice, and that's what's enabling our market leadership now for Type 1, but also the Type 2 indication. And so I still think we're very, very early innings of this.

這確實是推動用戶成長的主要因素。這使得 Omnipod 5 成為首選的輔助生殖技術產品，也正是這一點使我們在第 1 型糖尿病和第 2 型糖尿病領域都取得了市場領先地位。所以我仍然認為我們還處於非常非常早期的階段。

Bill Plovanic, Canaccord.

Bill Plovanic，Canaccord。

It's really -- I wanted to go back to the DTC marketing you outlined actually. And I think I heard a discussion on both the digital and the mass media and then also I'm kind of curious, there was some commentary regarding the prescribers and the patients. So -- and I wanted you to kind of -- if I heard that right, and if any color there would be appreciated.

其實——我真正想回到你之前概述的DTC行銷方式。我好像聽到了關於數位媒體和大眾媒體的討論，而且我還挺好奇的，其中也談到了處方醫生和病人之間的關係。所以——我希望你能——如果我沒聽錯的話，如果能有一些色彩就更好了。

Thanks, Bill. I'm going to turn it to Eric to talk about DTC.

謝謝你，比爾。接下來我將請 Eric 談談 DTC（直接面對消費者）方面的內容。

Bill, it's Eric. So Bill, when we do demand generation three things happen that all work together. The first is we've built a proven demand generation engine where we can produce leads, so interested qualified customers who are interested in Omnipod. That's effective.

比爾，我是埃里克。所以比爾，當我們進行需求生成時，會發生三件事，而這三件事是相互配合的。首先，我們已經建立了一個成熟的需求產生引擎，可以從中產生潛在客戶，也就是對 Omnipod 感興趣的合格客戶。這很有效。

The two things that we also described are those folks then show up in physician offices and health care providers really appreciate a motivated customer asking about technology. We're creating a new market here, especially in Type 2, where there is some skepticism in the market about whether folks who live with Type 2 diabetes are ready for technology. And so when an activated lead walks into a health care provider office and asks for Omnipod, it's either that conversation for the health care provider and helps the health care providers see that technology is good for that population. So we see that, too.

我們也描述了這兩件事：這些人隨後會出現在醫生的診間裡，而醫療保健提供者非常歡迎積極主動地詢問技術問題的客戶。我們正在創造一個新市場，尤其是在第 2 型糖尿病領域，目前市場對第 2 型糖尿病患者是否準備好接受新技術有一些懷疑。因此，當一個活躍的潛在客戶走進醫療保健提供者的辦公室並詢問 Omnipod 時，要么是醫療保健提供者與潛在客戶的對話，要么是幫助醫療保健提供者了解該技術對該人群有益。我們也看到了這一點。

And finally, we had about 65% of the leads that we generated in the quarter are actually from customers that were cared for by folks with whom we don't have a direct sales relationship. And so those become warm invitations for our team to go have a conversation with those health care providers and assess might they be good prescribers of Omnipod for the future. So those are the three things happening with our demand generation DTC efforts.

最後，在我們本季產生的銷售線索中，約有 65% 實際上來自那些由與我們沒有直接銷售關係的人照顧的客戶。因此，這些就成了我們團隊與這些醫療保健提供者進行對話並評估他們未來是否適合開立 Omnipod 處方的熱情邀請。以上就是我們在直接面向消費者的需求產生方面所採取的三項措施。

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

問答環節到此結束。我想把發言權交還給阿什利·麥克沃伊。

Thank you for joining. And I just wanted to also just thank the Insulet team. It's been a very strong quarter, and I'm very proud of how they continue to serve many more Podders around the world, and thank you for joining.

感謝您的參與。我還要感謝 Insulet 團隊。這是一個非常強勁的季度，我為他們能夠繼續為世界各地更多的播客用戶提供服務而感到非常自豪，感謝你們的加入。

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

女士們、先生們，今天的會議到此結束。感謝您的參與，祝您有美好的一天。你們可以斷開連結了。