Insulet Corporation (PODD) 2026 Q2 法說會逐字稿

Good morning and welcome to the Insulet Corporation's second quarter 2026 earnings call. As a reminder, this conference call is being recorded.

早安，歡迎參加 Insulet Corporation 2026 年第二季財報電話會議。提醒各位，本次電話會議將被錄音。

I would now like to turn the conference over to your host, Clare Trachtman, Vice President, Investor Relations.

現在我想將會議交給本次主持人——投資人關係副總裁 Clare Trachtman。

Good morning, and welcome to our second quarter 2026 earnings call. Joining me today are Ashley Mcevoy, President and Chief Executive Officer; Flavia Pease, Chief Financial Officer; and Eric Benjamin, Chief Operating Officer.

各位早安，歡迎參加我們 2026 年第二季財報電話會議。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。

On the call this morning, we will be discussing Insulet's second quarter results along with our financial outlook for the third quarter and full year 2026.

今天上午的電話會議中，我們將討論 Insulet 第二季業績，以及我們對 2026 年第三季與全年財務展望。

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

在此，我先以預先準備的發言提醒各位：某些陳述（包括關於我們財務展望、策略行動的預期影響、各項法規與營運事項的潛在影響，以及總體經濟環境對我們營運結果的影響之評論）屬於前瞻性陳述，涉及風險與不確定性；當然，我們的實際結果可能與目前預期有重大差異。

Please refer to today's press release and our SEC filings for more detail concerning factors that could cause actual results to differ materially.

請參閱今日新聞稿以及我們向 SEC 提交的文件，以取得可能導致實際結果與預期有重大差異之因素的更多細節。

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 EPS, adjusted EBITDA, adjusted tax rate and constant currency revenue, which is revenue growth excluding the effect of foreign exchange.

此外，在今天的電話會議中，我們將使用非 GAAP 財務衡量指標，以協助投資人了解 Insulet 持續性的業務表現，包括調整後營業利益、調整後每股盈餘（adjusted EPS）、調整後 EBITDA、調整後稅率，以及固定匯率營收（即排除外匯影響的營收成長）。

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, both of which are available on our website.

今日討論之部分非 GAAP 財務衡量指標與可比較之 GAAP 財務衡量指標的調節表，已收錄於隨附的投資人簡報中，並可於我們今早發布的財報新聞稿中取得；兩者皆可在我們的網站上查閱。

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. During the Q&A session this morning, Ashley, Flavia, Eric, and myself will be available to address questions.

另外，除非另有說明，所有關於金額與百分比變動的財務評論，均以年對年（YoY）的「報告基礎」呈現；惟營收成長率則以年對年固定匯率基礎呈現。在今天上午的問答環節中，Ashley、Flavia、Eric 以及我都將在場回答問題。

Now I'd like to turn the call over to Ashley. Ashley?

現在我想把電話會議交給 Ashley。Ashley？

Good morning, everyone, and thank you for joining us. We delivered another quarter of strong revenue growth, expanding profitability and solid cash flow generation. Our performance reflected the strength of our differentiated business model and our team's dedication to improving the lives of people with diabetes around the world.

各位早安，感謝大家加入我們。我們再度交出一季強勁的營收成長、擴大的獲利能力，以及穩健的現金流創造。我們的表現反映出差異化商業模式的優勢，以及團隊致力於改善全球糖尿病患者生活的投入。

Total company revenue grew 23% year-over-year on a constant currency basis, exceeding our expectations. We saw strong demand for Omnipod across both the US And international markets, along with a benefit from favorable price mix. Importantly, we delivered growth this quarter while continuing to meaningfully improve profitability.

公司整體營收以固定匯率計算年增 23%，超出我們的預期。我們看到 Omnipod 在美國與國際市場均有強勁需求，同時也受惠於有利的價格組合。重要的是，我們在本季實現成長的同時，也持續顯著提升獲利能力。

Second quarter adjusted operating margin increased 140 basis points year-over-year, supported by increased manufacturing productivity and the benefits of scale. Adjusted earnings per share increased approximately 42%, driven by our strong revenue growth and disciplined operating performance.

第二季調整後營業利益率年增 140 個基點，主要受惠於製造生產力提升與規模效益。調整後每股盈餘約增加 42%，由強勁的營收成長與嚴謹的營運表現所帶動。

Demand remained healthy with new customer starts rebounding from the seasonal slowdown in quarter one. Global new customer starts increased both sequentially and year-over-year, resulting in our second highest quarter ever and contributing to 23% growth in our global customer base.

需求維持健康，新客戶啟用量在第一季季節性放緩後回升。全球新客戶啟用量不論較前一季或年對年皆增加，使本季成為我們史上第二高的季度，並帶動全球客戶基礎成長 23%。

In the US, we continue to source more than 85% of new customer starts from MDI users, and over 40% of new customer starts were people with type 2 diabetes.

在美國，我們持續有超過 85% 的新客戶啟用來自 MDI（多次每日注射）使用者，且超過 40% 的新客戶啟用為第二型糖尿病患者。

Internationally, Omnipod 5 became the number one insulin pump for new users in Australia. We also recently launched in Spain, marking our entry into an important new market and further expanding our global reach. We continued to expand our prescriber base with more than 32,000 healthcare providers in the US Now prescribing Omnipod, up 27% year-over-year.

在國際市場方面，Omnipod 5 成為澳洲新使用者的第一大胰島素幫浦。我們也在近期於西班牙上市，標誌著我們進入一個重要的新市場，並進一步擴大全球版圖。我們持續擴大開立處方的醫療人員基礎，目前美國已有超過 32,000 名醫療照護提供者開立 Omnipod，年增 27%。

This growing provider adoption reflects our success in expanding awareness of AID and broadening access to Omnipod across both type 1 and type 2 diabetes. At the same time, this quarter has reinforced that we are still learning how to best serve the type 2 market.

醫療人員採用度的提升，反映我們在提升 AID（自動胰島素輸注）認知、並擴大 Omnipod 在第一型與第二型糖尿病族群可近性方面的成功。同時，本季也再次證實，我們仍在學習如何以最佳方式服務第二型市場。

While we have more than 25 years of experience serving people with type 1 diabetes, we are still in the early stages of bringing Omnipod 5 to the type 2 community. As we've gained more experience in the type 2 market, we've developed a deeper understanding of the unique needs and behaviors of these potters.

雖然我們在服務第一型糖尿病患者方面已有超過 25 年經驗，但將 Omnipod 5 帶入第二型糖尿病社群仍處於早期階段。隨著我們在第二型市場累積更多經驗，我們對這些 Podders 的獨特需求與行為有了更深入的理解。

We recognize that we need to adapt our commercial model to better serve this community. Specifically, we are seeing lower rates of utilization and retention among type 2 customers, and these trends were more pronounced this quarter than we anticipated.

我們認知到需要調整商業模式，以更好地服務這個社群。具體而言，我們看到第二型客戶的使用率與留存率較低，且這些趨勢在本季比我們預期更為明顯。

As we've gathered additional data and experience, we have a better understanding of these dynamics and are now incorporating learnings into our assumptions and outlook.

隨著我們蒐集到更多數據與經驗，我們對這些動態有了更清楚的理解，並正將相關學習納入我們的假設與展望之中。

Over the past nine months, we have driven significant growth in our type 2 starts, particularly through our DTC activations and sampling program. Both initiatives have proven effective in getting people started. However, getting started is not enough. Customers, particularly type 2 customers, need more support to get fully onboarded and for continuity of therapy.

過去九個月，我們推動第二型新啟用量顯著成長，特別是透過我們的 DTC（直接面向消費者）啟動活動與試用計畫。兩項措施都已證明能有效協助人們開始使用。然而，僅僅開始使用並不足夠。客戶，尤其是第二型客戶，需要更多支援，才能完整完成導入並維持治療的連續性。

The first 90 days on therapy are critical for helping patients become comfortable and confident with the technology and to establish the habits and practices that then lead them to realize the full benefit of Omnipod.

治療的前 90 天至關重要，可協助患者對技術感到更自在且更有信心，並建立習慣與作法，進而充分實現 Omnipod 的效益。

There are a number of key moments when our teams need to provide type 2 Podders with a more personal, higher-touch support, like when they're onboarding, their first pod activation, their first pod change, and the first time that they're refilling their prescription. As a result, we're taking a number of actions to enhance our commercial model and customer support.

在多個關鍵時點，我們的團隊需要為第二型 Podders 提供更個人化、更高接觸頻率的支援，例如：導入期間、第一次 pod 啟用、第一次更換 pod，以及第一次補充處方時。因此，我們正採取多項行動，以強化我們的商業模式與客戶支援。

First, we are expanding our customer care team that supports the onboarding experience, including helping customers navigate the insurance process; second, we're changing our sales force compensation structure to prioritize and reward longer-term retention, not just new customer starts; third, we're refining our approach to how we deploy samples to better identify patients who are most likely to benefit from Omnipod and support these customers during the sample process to improve conversion, retention and long-term success.

第一，我們正在擴編支援導入體驗的客戶照護團隊，包括協助客戶處理保險流程；第二，我們正在調整業務團隊的獎酬結構，以優先並獎勵較長期的留存，而不僅是新客戶啟用；第三，我們正在精進樣品投放方式，以更好地辨識最可能從 Omnipod 受益的患者，並在試用過程中支援這些客戶，以提升轉換率、留存率與長期成功。

And finally, we are rolling out new technology platforms like Omnipod Discover, which has shown promising early results during its limited market release. This cloud-based platform helps providers and patients identify trends, personalize therapy and make more informed treatment decisions.

最後，我們正推出新的技術平台，例如 Omnipod Discover；該平台在有限市場釋出期間已展現令人鼓舞的初步成果。這個雲端平台可協助醫療人員與患者辨識趨勢、個人化治療，並做出更有依據的治療決策。

Early data is providing a glimpse into how Discover may positively influence both clinical outcomes and retention, giving us confidence in its ability to support long-term therapy success. Adoption of Omnipod Discover continues to grow, with more than 12,000 people with diabetes and over 1,600 healthcare professionals using the platform today.

早期數據讓我們得以一窺 Discover 可能如何對臨床結果與留存率產生正面影響，並使我們對其支持長期治療成功的能力更具信心。Omnipod Discover 的採用持續成長，目前已有超過 12,000 名糖尿病患者與超過 1,600 名醫療專業人員使用該平台。

Alongside this progress, we are accelerating the development of a modern customer data and engagement platform. By bringing together the data across our interactions with healthcare professionals and patients, we're building a more complete 360-degree view of each customer. This will enable highly personalized two-way engagement, allowing us to better anticipate needs, tailor support, and improve the overall customer experience.

伴隨這些進展，我們正加速打造現代化的客戶資料與互動平台。透過整合我們與醫療專業人員及病患互動所產生的各項資料，我們正在建立對每位客戶更完整的 360 度全方位視圖。這將促成高度個人化的雙向互動，使我們能更好地預判需求、量身提供支援，並提升整體客戶體驗。

Over time, we expect these capabilities will help to optimize adoption, utilization, retention and lifetime value while supporting better outcomes for the people we serve. We're confident that over time these actions will help improve long-term success for our type 2 Podders. Importantly, our data show that once type 2 customers remain on Omnipod for the first 90 days. Retention rates stabilize, a trend that we also see in our type 1 population as patients gain confidence with the technology and experience the benefits of Omnipod.

隨著時間推移，我們預期這些能力將有助於最佳化採用、使用率、留存率與終身價值，同時支持我們所服務人群取得更佳的健康結果。我們相信，隨著時間推移，這些行動將有助於提升我們第 2 型 Podder 的長期成功。重要的是，我們的數據顯示，一旦第 2 型客戶在最初 90 天持續使用 Omnipod，留存率便會趨於穩定；在第 1 型族群中，我們也觀察到相同趨勢，因為病患對技術更有信心並體驗到 Omnipod 的效益。

That's why my conviction in the long-term type 2 opportunity remains high. While the ADA recommends AID as the standard of care, we've just begun the conversion process. Today, just over 5% of the approximately 2.5 million US adult basal-bolus insulin users have converted to AID.

這也是為什麼我對第 2 型長期機會的信念依然很強。雖然 ADA 建議將 AID 作為照護標準，但我們才剛開始轉換流程。目前，在約 250 萬名美國成人基礎－餐時（basal-bolus）胰島素使用者中，僅略高於 5% 已轉換至 AID。

Additionally, there are approximately 3 million basal-only insulin users who may also benefit from AID therapy. While we're still in the very early stages of type 2 adoption, the opportunity is substantial with significant runway ahead.

此外，約有 300 萬名僅使用基礎胰島素（basal-only）的使用者也可能受益於 AID 治療。儘管我們仍處於第 2 型採用的非常早期階段，但機會相當可觀，且前方仍有很長的成長跑道。

Interest in Omnipod is strong among both patients and clinicians, which translated into healthy new customer starts, with type 2 representing more than 40% of new customer starts in the second quarter.

病患與臨床醫師對 Omnipod 的興趣都很強，並轉化為健康的新客戶啟用數；其中第 2 型在第二季的新客戶啟用中占比超過 40%。

As we refine our commercial and support model and leverage new technology platforms like Omnipod Discover, we believe we can drive better outcomes, improve retention and expand AID adoption across this large and under-penetrated market.

隨著我們精進商業與支援模式，並運用如 Omnipod Discover 等新技術平台，我們相信能推動更佳的治療結果、提升留存率，並在這個龐大且滲透率仍低的市場中擴大 AID 的採用。

With that context, let me now turn to our updated outlook. We're updating our full-year revenue outlook to incorporate the utilization and retention trends we are seeing within our type 2 customer base and to reflect the time required for the actions we are taking to translate into improved customer success.

在此背景下，接下來我將說明我們更新後的展望。我們正在更新全年營收展望，以納入我們在第 2 型客戶群中觀察到的使用率與留存趨勢，並反映我們所採取的行動需要時間才能轉化為客戶成功的改善。

We now expect 2026 total company revenue growth of 20% to 22% and US Omnipod growth of 17% to 19%. We are raising our international revenue growth outlook to 30% to 32%, reflecting the strength of our first half performance and our sustained momentum.

我們目前預期 2026 年公司整體營收成長為 20% 至 22%，美國 Omnipod 成長為 17% 至 19%。我們上調國際營收成長展望至 30% 至 32%，反映上半年表現強勁以及動能持續。

As CEO, I take accountability for our reduced US Outlook. As we've gained experience in the type 2 market, we've developed a deeper understanding of certain dynamics that were not fully reflected in our initial planning assumptions.

作為執行長，我對我們下調的美國展望承擔責任。隨著我們在第 2 型市場累積經驗，我們對某些動態有了更深入的理解，而這些在最初的規劃假設中未能充分反映。

We should have identified the issue sooner, and I'm confident in our ability to better serve the type 2 community and in the long-term opportunity ahead. We're acting decisively to enhance our commercial and customer service model, and we will continue to be transparent about what we're learning and how those learnings shape our actions and outlook.

我們本應更早識別這個問題；我也對我們更好地服務第 2 型社群以及未來的長期機會充滿信心。我們正果斷採取行動以強化商業與客戶服務模式，並將持續透明地分享我們的學習，以及這些學習如何形塑我們的行動與展望。

As we review our plans for '27 and beyond, we believe it's appropriate to revisit certain assumptions underlying our longer-term revenue outlook given the additional data and experience we've gained, particularly in the type 2 market.

在我們檢視 2027 年及之後的規劃時，鑑於我們獲得的更多數據與經驗，特別是在第 2 型市場，我們認為有必要重新檢視支撐較長期營收展望的某些假設。

We expect to provide an updated view on our long-range outlook on our fourth-quarter call. This will give us time to incorporate additional learnings from the actions that we're taking to improve outcomes for our type 2 customers.

我們預期將在第四季電話會議中提供更新後的長期展望觀點。這將讓我們有時間納入更多來自我們正在採取之行動的學習，以改善第 2 型客戶的結果。

That said, while we're reassessing our specific long-range revenue growth expectations, we remain highly confident in the significant long-term opportunity ahead and our ability to create value over time. We continue to see a path to delivering top-tier revenue growth, meaningful margin expansion, strong earnings growth and positive free cash flow generation.

也就是說，儘管我們正在重新評估具體的長期營收成長預期，我們仍對前方顯著的長期機會以及我們隨時間創造價值的能力保持高度信心。我們仍看得到一條路徑，可實現頂尖水準的營收成長、具意義的利潤率擴張、強勁的獲利成長，以及正向的自由現金流產生。

Importantly, we continue to have strong conviction in the long-term opportunity and in our ability to win in this market. That confidence is grounded in five key pillars.

重要的是，我們對長期機會以及在此市場取勝的能力仍抱持強烈信念。這份信心建立在五大關鍵支柱之上。

First, we're the market leader in one of the fastest-growing segments in medtech. AID remains significantly underpenetrated across both type 1 and type 2 diabetes. And we believe category growth will continue to be driven by conversion from MDI to AID therapy. As new players enter the tubeless AID market, we expect increased awareness to expand the overall category and support broader adoption, further extending our leadership position.

第一，我們是醫療科技中成長最快的細分領域之一的市場領導者。無論在第 1 型或第 2 型糖尿病族群中，AID 的滲透率仍明顯偏低。我們相信，品類成長將持續由從 MDI 轉換至 AID 治療所驅動。隨著新競爭者進入無管式 AID 市場，我們預期更高的市場認知將擴大整體品類並支持更廣泛的採用，進一步延伸我們的領導地位。

Second, we're advancing one of the most robust innovation roadmaps in our 25-year-old history to strengthen our competitive position and expand the community we can serve. We expect to deliver annual algorithm enhancements over the next four years, beginning with our latest launch in the second quarter. We're encouraged by the early adoption and positive feedback we received from both potters as well as healthcare providers.

第二，我們正推進在公司 25 年歷史中最強健的創新藍圖之一，以強化競爭地位並擴大我們可服務的社群。我們預期在未來四年每年推出演算法強化，並已於第二季以最新上市產品作為起點。我們對 Podder 與醫療照護提供者的早期採用與正面回饋感到鼓舞。

One example is Darla from New Mexico, who lived with type 1 diabetes for more than 40 years. After spending two decades on injections and then another two decades using a traditional tube pump. She switched to Omnipod 5 two years ago. Darla told us she values the freedom and discretion of Omnipod's tubeless design and smartphone control.

其中一個例子是來自新墨西哥州的 Darla，她與第 1 型糖尿病共處超過 40 年。在注射治療兩個十年後，又使用傳統有管路幫浦兩個十年。她在兩年前改用 Omnipod 5。Darla 告訴我們，她重視 Omnipod 無管式設計與智慧型手機控制所帶來的自由與低調性。

And after using our new 100 milligram per deciliter glucose target for the past few weeks, she reports tighter glucose control and more time in range. In her words, I can feel the difference, I would never go back to a tube pump.

而在過去幾週使用我們新的 100 毫克/分升（mg/dL）血糖目標後，她表示血糖控制更緊密、達標時間（time in range）更長。用她的話說，我能感覺到差異，我絕不會再回去用有管路幫浦。

Looking ahead, we're advancing the next generation of innovation across our pipeline. At ADA, we presented pivotal strive data supporting Omnipod 6, which delivered improved time in range and time in tight range across people with type 1 and type 2 diabetes, while maintaining Omnipod 5's proven safety profile.

展望未來，我們正推進產品線中下一代創新。在 ADA 會議上，我們發表了支持 Omnipod 6 的關鍵性 STRIVE 數據；該產品在第 1 型與第 2 型糖尿病族群中提升了達標時間與緊密達標時間（time in tight range），同時維持 Omnipod 5 已證實的安全性特徵。

In the bolus optional phase, users held strong results while requiring significantly less bolusing, shifting the work from the user to the algorithm.

在可選擇追加餐時劑量（bolus optional）階段，使用者在需要顯著更少追加劑量的情況下仍維持強勁結果，將工作負擔從使用者轉移到演算法。

Additionally, what we've learned about the type 2 market further reinforces our conviction in our design of our breakthrough fully closed-loop system, which requires no bolusing, no settings, and no manual titration. This directly addresses the unmet need for an AID for type 2s that is simpler to start, easier to sustain, and less burdensome for both patients as well as providers.

此外，我們對第 2 型市場的學習，進一步強化了我們對突破性全閉環系統設計的信念；該系統不需要追加劑量、不需要設定，也不需要手動滴定。這直接回應了第 2 型族群對更容易開始、更容易長期維持、且對病患與醫療提供者負擔更低的 AID 的未被滿足需求。

Enrollment in EVOLVE, our pivotal study, is progressing well, and we continue to expect a 510(k) submission in 2027. While the program remains in development, the clinical results to date are encouraging and support its potential to improve utilization and retention over time and broaden access to AID, particularly among the 70% of type 2 patients managed in primary care.

我們的關鍵性研究 EVOLVE 招募進展順利，我們仍預期於 2027 年提交 510(k) 申請。雖然該計畫仍在開發中，但迄今的臨床結果令人鼓舞，並支持其隨時間提升使用率與留存率、擴大 AID 可近性之潛力，特別是在由基層醫療照護管理的 70% 第 2 型病患族群中。

The third pillar is expanding our commercial capabilities to accelerate AID adoption and reach new patient populations. We're investing behind our market-leading brand, DTC activations, professional education, sales force expansion, and initiatives to improve access and affordability.

第三個支柱是擴大我們的商業能力，以加速 AID 的採用並觸及新的病患族群。我們正加大投資於我們的市場領先品牌、DTC（直接面向消費者）推廣、專業教育、銷售團隊擴編，以及改善可近性與可負擔性的各項措施。

We continue to work closely with payers to expand access to Omnipod and make it easier for patients to start and stay on therapy. During the quarter, we added coverage for an additional 6.5 million lives and reduced barriers to therapy by simplifying prior authorization requirements for approximately 10 million lives.

我們持續與保險支付方密切合作，以擴大 Omnipod 的可近性，並讓病患更容易開始並持續接受治療。本季我們新增涵蓋額外 650 萬人，並透過簡化約 1,000 萬人的事前授權要求，降低治療障礙。

Fourth, we have an unmatched manufacturing network. Our scale and operational expertise represent a significant competitive advantage that will take time and substantial investment for others to replicate.

第四，我們擁有無可匹敵的製造網路。我們的規模與營運專業能力構成顯著的競爭優勢，其他業者需要時間與大量投資才能複製。

Fifth and finally, the strength of our recurring revenue business model generates strong cash flow, giving us significant financial flexibility to continue investing in innovation, our commercial capabilities and our manufacturing network while maintaining disciplined capital allocation.

第五也是最後一點，我們經常性收入的商業模式所帶來的強勁現金流，賦予我們顯著的財務彈性，使我們能在維持嚴謹資本配置的同時，持續投資於創新、商業能力與製造網路。

So let me close with this. This quarter reflects both the progress we've made across our business and the important insights we've gained as we deepen our understanding of our type 2 customers. We're listening carefully, learning and acting decisively. Above all, we're committed to improving how we execute to benefit global Podders and our business.

最後我想以這點作結。本季反映了我們在整體業務上的進展，以及在加深對第二型客戶理解過程中所獲得的重要洞見。我們正仔細傾聽、持續學習並果斷行動。最重要的是，我們致力於改善執行方式，以造福全球 Podders 與我們的業務。

Looking ahead, we're confident in the future with a differentiated platform, a strong innovation pipeline and an exceptional team were well positioned to improve the lives of more people living with diabetes while creating long-term value for all of our stakeholders.

展望未來，我們對前景充滿信心；憑藉差異化的平台、強勁的創新產品管線與卓越的團隊，我們已做好準備，在為更多糖尿病患者改善生活的同時，為所有利害關係人創造長期價值。

With that, I'll turn it over to Flavia to review the financials.

接下來我把時間交給 Flavia 來回顧財務表現。

Thank you, Ashley, and good morning, everyone. The Insulet team delivered another strong quarter with $802 million in total revenue, an increase of 23.5% on a reported basis and 22.7% on a constant currency basis.

謝謝你，Ashley，各位早安。Insulet 團隊本季再度交出亮眼成績，總營收達 8.02 億美元；以報告基礎計年增 23.5%，以固定匯率計年增 22.7%。

US Omnipod revenue grew 20% during the quarter, driven by continued demand across both type 1 and type 2 customers. International Omnipod revenue grew over 35% on a reported basis and 33% on a constant currency basis, driven primarily by volume and continued favorable price mix realization.

本季美國 Omnipod 營收成長 20%，主要受第一型與第二型客戶需求持續帶動。國際 Omnipod 營收以報告基礎成長逾 35%，以固定匯率計成長 33%，主要由銷量成長與持續有利的價格組合實現所驅動。

Second quarter adjusted gross margin was 72.9%, up 320 basis points year-over-year. Adjusted gross margin performance was driven by continued manufacturing productivity gains across our Acton and Malaysia facilities, positive pricing, and increased volumes.

第二季調整後毛利率為 72.9%，較去年同期提升 320 個基點。調整後毛利率表現主要來自我們在 Acton 與馬來西亞廠區持續提升的製造生產力、正向定價，以及出貨量增加。

Turning to operating expenses. Within R&D, we continue to invest in our pipeline in support of the upcoming launch of Omnipod 6 in 2027 and advancing our fully closed loop for type 2 diabetes program, as well as progressing on our next-generation technologies and clinical programs.

接著談營業費用。在研發方面，我們持續投資於產品管線，以支援預計於 2027 年推出的 Omnipod 6、推進第二型糖尿病的全閉環計畫，並推動下一代技術與臨床計畫的進展。

Within SG&A, year-over-year growth was driven primarily by our previously discussed US sales force expansion, as well as continued investments in customer support and market development initiatives. Importantly, we continue to balance these investments with disciplined expense management.

在銷售、一般及行政費用（SG&A）方面，年增主要由先前提到的美國銷售團隊擴編所帶動，並包含對客戶支援與市場開發計畫的持續投資。重要的是，我們在進行這些投資的同時，仍持續維持嚴謹的費用管理。

Second quarter adjusted operating margin was 19.3%, up 140 basis points year-over-year, reflecting strong revenue growth, expanding scale across the business, and disciplined execution against our investment priorities.

第二季調整後營業利益率為 19.3%，較去年同期提升 140 個基點，反映強勁的營收成長、全公司規模擴大，以及針對投資優先事項的嚴謹執行。

Our ability to continue extending margins while investing behind innovation, commercial capabilities, and future growth opportunities is a key differentiator of Insulet and remains central to our long-term value creation strategy.

我們能在投資創新、商業能力與未來成長機會的同時，持續擴大利潤率，是 Insulet 的關鍵差異化優勢，並仍是我們長期價值創造策略的核心。

Second quarter net interest expense was $9.9 million, and our second quarter adjusted tax rate was 19.8%. Second quarter adjusted EPS was $1.66, up 41.5% from $1.17 in the prior year, with adjusted EPS increasing at nearly twice the rate of revenue growth. This performance highlights the earnings leverage inherent in our business model as revenue growth continues to translate into disproportionately stronger EPS growth.

第二季淨利息費用為 990 萬美元，第二季調整後稅率為 19.8%。第二季調整後每股盈餘（EPS）為 1.66 美元，較去年同期的 1.17 美元成長 41.5%，調整後 EPS 的成長速度接近營收成長的兩倍。此表現凸顯我們商業模式內含的獲利槓桿效應，隨著營收成長持續轉化為更大幅度的 EPS 成長。

Turning to cash and liquidity. We ended the quarter with $535 million in cash and investments and the full $500 million available under our revolving credit facility. Year-to-date, we have generated $145 million of free cash flow, reflecting investments in working capital, inventory and manufacturing capacity to support future growth.

接著談現金與流動性。本季末我們持有 5.35 億美元的現金與投資，並且循環信用額度中仍有完整的 5 億美元可用額度。年初至今，我們已產生 1.45 億美元的自由現金流，反映為支援未來成長而在營運資金、存貨與製造產能上的投資。

Turning to our full year outlook. As Ashley discussed, we are updating our full year revenue outlook to reflect revised retention and utilization assumptions primarily within our type 2 customer population. Given this change, I want to walk you through the key assumptions embedded in our updated guidance.

接著談全年展望。如 Ashley 所述，我們正在更新全年營收展望，以反映主要在第二型客戶族群中修訂後的留存率與使用量假設。基於此變動，我想帶各位了解更新後指引中所包含的關鍵假設。

First, our updated outlook assumes current retention and utilization trends continue through the second-half of the year. This revised assumption accounts for approximately two-thirds of the change to our prior guidance.

第一，我們更新後的展望假設目前的留存率與使用量趨勢將延續至下半年。此一修訂假設約占我們先前指引變動的三分之二。

Second, as highlighted last quarter, NCS started the year slower than anticipated. Additionally, while we continue to expect pricing to be positive, it will be at slightly lower level than previously anticipated. This reflects the timing and mix of commercial investments that support customer access and long-term growth, rather than any change in the competitive pricing dynamics.

第二，如上季所強調，NCS 年初的起步較預期緩慢。此外，雖然我們仍預期定價將為正向，但幅度將略低於先前預期。這反映的是支援客戶可近性與長期成長的商業投資之時點與組合，而非競爭性定價動態的任何改變。

Together, these factors account for the remaining one-third of our guidance update. Taking these assumptions into account, we now expect full year constant currency revenue growth of 20% to 22% for total company and 21% to 23% for total Omnipod.

合計而言，這些因素構成我們更新指引其餘三分之一的變動。在納入上述假設後，我們目前預期全年以固定匯率計的營收成長：公司整體為 20% 至 22%，Omnipod 總計為 21% 至 23%。

Foreign exchange is expected to contribute approximately 100 basis points to both measures. For the US, we now expect Omnipod revenue growth of 17% to 19% for the full year. We are increasing our full year outlook for international Omnipod to 30% to 32% on a constant currency basis, reflecting strong performance year-to-date and continued momentum across our market. Foreign exchange is expected to contribute approximately 300 basis points to international growth.

外匯預期將對上述兩項指標各貢獻約 100 個基點。就美國而言，我們目前預期全年 Omnipod 營收成長為 17% 至 19%。我們將國際 Omnipod 全年展望上調至以固定匯率計 30% 至 32%，反映年初至今的強勁表現以及市場動能持續。外匯預期將對國際成長貢獻約 300 個基點。

Turning to the third quarter, we expect Omnipod revenue growth of 18% to 20% and total company revenue growth of 17.5% to 19.5%. On a reported basis, foreign exchange is expected to be a headwind of approximately 50 basis points to both measures.

就第三季而言，我們預期 Omnipod 營收成長為 18% 至 20%，公司整體營收成長為 17.5% 至 19.5%。以報告基礎計，外匯預期將對上述兩項指標造成約 50 個基點的不利影響。

In the US, we expect Omnipod revenue growth of 14% to 16%. And internationally, we expect Omnipod revenue growth of 28% to 30%. On a reported basis, foreign exchange is expected to be a headwind of approximately 200 basis points to international growth.

在美國，我們預期 Omnipod 營收成長為 14% 至 16%。在國際市場，我們預期 Omnipod 營收成長為 28% 至 30%。以報告基礎計，外匯預期將對國際成長造成約 200 個基點的不利影響。

Now turning to operating margin. We remain committed to increasing profitability and continue to expect to drive approximately 100 basis points of operating margin expansion in 2026. Below operating income, we expect approximately $40 million of net interest expense and a non-GAAP tax rate of 20% to 21%. We continue to expect approximately 70 million shares outstanding and now anticipate adjusted EPS growth of at least 30% for the full year.

接著談營業利益率。我們仍致力於提升獲利能力，並持續預期在 2026 年推動約 100 個基點的營業利益率擴張。在營業利益以下項目方面，我們預期淨利息費用約 4,000 萬美元，非 GAAP 稅率為 20% 至 21%。我們仍預期流通在外股數約 7,000 萬股，並且目前預估全年調整後 EPS 成長至少 30%。

We expect free cash flow to be down modestly from 2025 levels, which reflects the impact from the medical device corrections, but still healthy, supported by strong earnings growth and margin expansion and offset by increasing capital expenditures associated with our manufacturing expansion plan. While we are reassessing the pace of revenue growth, we remain confident in the substantial opportunity to expand Omnipod globally and deliver top-tier growth.

我們預期自由現金流將較 2025 年水準小幅下降，反映醫療器材修正的影響，但仍維持健康水準，並受惠於強勁的獲利成長與利潤率擴張，同時由與我們製造產能擴張計畫相關、增加的資本支出所部分抵銷。儘管我們正在重新評估營收成長的步伐，我們仍對在全球擴大 Omnipod 並實現頂尖成長的重大機會充滿信心。

We continue to expect adjusted operating margin to expand by approximately 100 basis points annually and adjusted EPS to grow at a CAGR of more than 25%, while continuing to generate strong free cash flow. We continue to assess the impact of the actions we are taking to improve retention and utilization. It is premature to provide formal 2027 guidance today.

我們仍預期調整後營業利潤率每年擴張約 100 個基點，調整後 EPS 以超過 25% 的年複合成長率成長，同時持續創造強勁的自由現金流。我們持續評估我們為提升留存率與使用率所採取行動的影響。目前就提供 2027 年正式指引仍為時過早。

However, we believe it is important to share some preliminary thoughts on how to think about 2027. Based on the midpoint of our third quarter and full year guidance ranges, we expect total company constant currency revenue growth to exit 2026 in the mid-teens.

然而，我們認為有必要分享一些關於如何看待 2027 年的初步想法。以我們第三季與全年指引區間的中位數為基礎，我們預期公司整體以固定匯率計算的營收成長率在 2026 年底將落在十幾%的中段。

Our objective in 2027 is to deliver growth consistent with or better than that exit rate, supported by new product launches and the benefits of our sales force expansion. I would note that this preliminary view does not assume any benefit from the actions we are taking to improve retention and utilization.

我們 2027 年的目標是實現與該退出成長率一致或更佳的成長，並由新產品上市及我們擴編銷售團隊所帶來的效益支撐。我要指出的是，這個初步觀點並未假設我們為提升留存率與使用率所採取行動會帶來任何效益。

We will provide formal 2027 guidance along with our updated views on our long-term growth outlook on our fourth quarter earnings call.

我們將在第四季財報電話會議上，連同對長期成長展望的更新觀點，一併提供 2027 年的正式指引。

To close, we delivered another quarter of strong top-line growth, continued margin expansion, robust earnings growth and meaningful free cash flow generation. While we are adjusting our revenue assumptions to reflect the additional insights we have gained in the type 2 market, our confidence in the opportunity ahead remains high.

總結來說，我們再度交出一季強勁的營收成長，利潤率持續擴張，獲利大幅成長，並產生可觀的自由現金流。儘管我們正在調整營收假設以反映我們在第二型市場獲得的更多洞見，我們對未來機會的信心仍然很高。

We serve a large and underpenetrated global market, continue to take share and remain committed to investing behind innovation while increasing profitability. We believe this combination positions Insulet to create significant long-term value for shareholders while helping more people with diabetes around the world.

我們服務的是一個龐大且滲透率仍低的全球市場，持續提升市占，並在提高獲利能力的同時，承諾持續投資創新。我們相信，這樣的組合使 Insulet 能在協助全球更多糖尿病患者的同時，為股東創造可觀的長期價值。

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

接下來，接線員，請開放提問。

I would like to remind participants that this call is being recorded, and a digital replay will be available on the Insulet website.

提醒各位與會者，本次電話會議將被錄音，並可在 Insulet 網站上收聽數位重播。

(Operator Instructions)

(接線員指示)

Robbie Marcus, JPMorgan.

JPMorgan 的 Robbie Marcus。

Thank you and good morning and thanks for taking the question. Really wanted to focus on current trends in '27 update here. It sounds like type 2 is the big issue. So maybe Ashley and Flavia, you can kind of walk us through exactly what's changed since ADA. At ADA, the comments were pretty positive. What happened since then in your learnings? When did you really start to see type 2 fall off in terms of attrition?

謝謝，早安，也謝謝讓我提問。我想把重點放在這次對 2027 年的最新趨勢更新。聽起來第二型是最大的問題。所以也許 Ashley 和 Flavia，你們可以帶我們了解自 ADA 以來究竟有哪些改變。在 ADA 時，你們的評論相當正面。之後你們的學習與認知發生了什麼？你們是在什麼時候真正開始看到第二型在流失率方面出現下滑？

And on '27, it sounds like you still feel like you can accelerate a bit off of exit trends. There's a big view out there and investors are worried hitting the share price about oncoming patch pump competition and potentially pricing in the pharmacy channel. So within the comments on '27, maybe you could walk us through what you're assuming for competition and pricing.

另外關於 2027 年，聽起來你們仍認為可以在退出趨勢的基礎上再加速一些。市場上有一個很大的觀點，投資人也擔心、並反映在股價上：即將到來的貼片式幫浦競爭，以及藥局通路可能出現的定價壓力。所以在你們對 2027 年的評論中，能否說明你們對競爭與定價的假設？

And with an exit rate in the US around 10%, what gives you confidence that you could accelerate and why not take the opportunity to perhaps lower the bar here with '27?

而且在美國退出成長率約 10% 的情況下，是什麼讓你們有信心可以加速？為什麼不把握機會在 2027 年把門檻設得更保守一些？

I'm going to handle that first part and then I'll turn it over to Flavia to talk about '27. And let me kind of first start, which is I appreciate that this new outlook comes as a change from the past comments and what I was speaking about.

我先回答前半段，接著再請 Flavia 談談 2027 年。我先說明一下：我理解這次新的展望與過去的評論、以及我先前所談的內容相比，確實有所改變。

And I just need to acknowledge upfront that we should have understood some of these type 2 trends sooner and done a better job of adapting our commercial and customer service model to the needs of this really important customer base, which is the type 2. And as CEO, I take accountability for that.

我也必須先坦承，我們本應更早理解其中一些第二型的趨勢，並更好地調整我們的商業與客戶服務模式，以符合這個非常重要的客群——第二型——的需求。身為 CEO，我對此承擔責任。

As I mentioned in my opening remarks, we've been serving the type 1 community for 25 years, and we're about 20 months in to serving the type 2 community. So let me get specific on some of the timing and the context.

如我在開場致詞提到的，我們服務第一型社群已 25 年，而服務第二型社群大約才 20 個月。所以我來具體說明一些時間點與背景。

So in quarter 2, as the quarter started to progress. We did see some emerging trends in retention and utilization specifically among the type 2 community. And so we dug into the data and this is what we uncovered.

在第二季，隨著季度進行。我們確實在第二型社群中看到一些在留存率與使用率方面的新興趨勢。因此我們深入分析資料，並發現了以下情況。

Demand for type 2 is really strong as evidenced in quarter 2 on the customer base as well as NCS. We then looked at retention data and what we identified as past 90 days, they start to get more comfortable, they get more confident and start to realize the benefit of AID therapy and retention stabilizes.

第二型的需求非常強勁，這可從第二季的客戶基礎以及 NCS 得到證明。接著我們檢視留存資料，發現超過 90 天後，他們開始更熟悉、更有信心，並開始體會 AID 治療的效益，留存率也會趨於穩定。

Our opportunity is to get much better at the first 90 days of onboarding. We've identified these issues, and as I shared in my opening remarks, we are taking decisive actions in quarter three to get people to have better success.

我們的機會在於把前 90 天的導入（onboarding）做得更好。我們已識別出這些問題，正如我在開場致詞所分享的，我們在第三季採取果斷行動，讓使用者能有更好的成功體驗。

But I'll tell you, it's going to take a little bit of time for these actions to translate and to improve customer success. So that's why we've updated our guidance to reflect that the trends that we saw in quarter two, specifically related to the type 2 community on utilization and retention that they continue in the back half of the year until we have sustained evidence that these are really going to have improved outcomes.

但我要說的是，這些行動需要一些時間才能轉化並改善客戶成功。因此我們更新了指引，以反映我們在第二季看到的趨勢——特別是第二型社群在使用率與留存率方面——在今年下半年仍將延續，直到我們有持續的證據顯示結果確實會改善。

And I would just kind of wrap, Robbie, before we get to '27 is, listen, I've got absolute conviction in the long-term health of this business. I think that this is an execution challenge. I don't see anything structurally different in the marketplace. Again, this is not due to pricing, this isn't due to competition, this isn't due to GLP1, this is due to our execution in serving the type 2 community. In the first 90 days. So on that, let me turn this to Flavia, who will talk a bit about '27.

Robbie，在談到 2027 年之前我想做個總結：我對這項業務的長期健康狀況有絕對的信念。我認為這是一個執行面的挑戰。我不認為市場結構有任何不同。再次強調，這不是因為定價、不是因為競爭、不是因為 GLP1，而是因為我們在服務第二型社群方面的執行。尤其是在前 90 天。基於此，我把問題交給 Flavia，她會談談 2027 年。

Thank you, Ashley, and good morning, Robbie. As we mentioned, it would be premature at this point to provide guidance for 2027, but we did want to provide some color. To your specific question, our outlook does contemplate competitive entrance in 2027. However, we remain highly confident on our competitive position.

謝謝你，Ashley，早安，Robbie。如我們提到的，目前就提供 2027 年指引仍為時過早，但我們確實想提供一些補充說明。針對你的具體問題，我們的展望確實納入 2027 年競爭者進入市場的情境。不過，我們對自身的競爭地位仍然非常有信心。

Omnipod's very differentiated form factor is only getting better with the algorithm innovations that we continue to launch starting this year with the enhancements to Omnipod 5, next year with Omnipod 6 and then in 2028 with fully closed loop for type 2. The outlook also assumes stable price and that is consistent with what we've seen in the marketplace.

Omnipod 極具差異化的外形設計（form factor），在我們持續推出的演算法創新加持下只會更好：從今年開始的 Omnipod 5 強化功能、明年的 Omnipod 6，以及 2028 年針對第二型的全閉環。該展望也假設價格維持穩定，這與我們在市場上所觀察到的情況一致。

You asked us or you asked the question around the philosophy on the guidance. We believe that it does reflect what we're seeing in the marketplace today. It does not contemplate improvements from the actions that Ashley described and we believe that that's a prudent way for us to establish this preliminary view for 2027.

你問我們，或是你提出了關於指引背後理念的問題。我們相信，這確實反映了我們今天在市場上所看到的情況。其中並未納入 Ashley 所描述各項行動所帶來的改善，我們認為，以這種審慎方式來建立我們對 2027 年的初步觀點是合理的。

Travis Steed, Bank of America.

Travis Steed，美國銀行。

Hey, everybody. I think maybe I'd kind of follow-up on the first question. First of all, what gives you the confidence things can stabilize and reaccelerate in 2027, just given you're still kind of working through some of the type 2 stuff today? Why go ahead and assume that reaccelerates in '27?

各位好。我想我可能會延續第一個問題再追問一下。首先，考量到你們今天仍在處理一些第二型（type 2）的問題，你們憑什麼有信心情況能在 2027 年趨於穩定並重新加速？為什麼要先假設在 2027 年會重新加速？

And it seems like the exit rate for the US Omnipod growth is around kind of 9% in the guidance. Is that how you'd also think about the '27 view for US and you accommodated on global, but just curious if that applies to the US Omnipod growth and kind of what you're assuming on the competition piece for '27 given you're still kind of above the market?

而且看起來，你們在指引中對美國 Omnipod 成長的期末（exit）增速大約是 9%。你們對 2027 年美國市場的看法也會是這樣嗎？你們在全球部分已經做了調整，但我只是好奇，這是否也適用於美國 Omnipod 的成長；以及就競爭面而言，你們對 2027 年的假設是什麼，因為你們目前仍高於市場成長？

Thank you, Travis. Let me start, and then I'll turn it to Flavia. To your question on stabilization, again, the focus for today's conversation is around type 2 and the learning that we've gleaned on type 2 and what we're doing about it.

謝謝你，Travis。我先回答，然後再交給 Flavia。關於你問的穩定化，再次強調，今天討論的重點在第二型（type 2），以及我們從第二型所獲得的學習與我們正在採取的作法。

We have not assumed that all of the actions that we're taking right now in quarter three are going to be baked into the guidance going forward. So we've assumed that the run rates on utilization and retention that we experienced in type 2 remain constant in the balance to go.

我們並沒有假設目前在第三季所採取的所有行動，都會被納入未來的指引之中。因此，我們假設在第二型上所經歷的使用率（utilization）與留存（retention）運行水準，在接下來的期間將維持不變。

Now, we have confidence that those actions are going to have an impact, and we're going to be keeping a keen eye. Again, the several things that are very new and different is changing sales force compensation, going from new customer starts to retention, improving our data platform.

不過，我們有信心這些行動會產生影響，我們也會密切關注。再次說明，幾個非常新且不同的作法包括：調整銷售團隊的薪酬制度，從「新客戶啟用」轉向「留存」；以及改善我們的資料平台。

As I mentioned, we launched our Omnipod Discover. We've got about 12,000 people with type 2 using that. We've got early data back on that in the limited market release. It's showing not just really strong customer satisfaction, but also very improved retention rates. And then clearly making sure that we have a strengthened customer experience and we've refined our sampling program.

如我提到的，我們推出了 Omnipod Discover。目前約有 12,000 名第二型使用者在使用。我們已在有限市場釋出（limited market release）中取得初步數據回饋。結果顯示不僅客戶滿意度非常高，留存率也明顯改善。此外，我們也確保強化客戶體驗，並精進我們的試用（sampling）計畫。

And as Flavia mentioned, we're preparing for innovation as we go. So that's what gives us confidence that we're going to end this year, albeit off of our original guidance by a point, but really healthy, strong Medtech revenue growth, expanding operating margins, and very strong cash flow generation. So I'm going to turn it to Flavia to talk about exit rates for next year.

而且如 Flavia 所提到的，我們也在持續為創新做準備。因此，這些因素讓我們有信心：今年雖然相較原先指引低了一個百分點，但仍能實現非常健康、強勁的醫療科技（Medtech）營收成長、擴大營業利潤率，並帶來非常強勁的現金流創造。接下來我把時間交給 Flavia，請她談談明年的期末（exit）增速。

Sure. Travis, just a couple of things. One, the range we provided is relatively wide, and the 9% is the bottom of the range, but the top of that range is 14%. So the midpoint is 12%. And it does contemplate the impact of the new product launches, as well as the full benefit of our sales force expansion, which will accrue into 2027.

好的。Travis，補充幾點。第一，我們提供的區間相對寬，9% 是區間下緣，但上緣是 14%。所以中位數是 12%。而這也納入了新產品上市的影響，以及我們擴編銷售團隊所帶來的完整效益，這些效益將在 2027 年逐步體現。

So we believe, again, it's a prudent approach, as Ashley said, and will provide additional insights in our fourth quarter earnings call.

因此我們相信，如 Ashley 所說，這是一個審慎的作法，我們也會在第四季財報電話會議中提供更多洞見。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行。

Good morning. Thanks for taking the question. I guess, Ashley, I'll just ask one on the type 2. Maybe if you could share some of the metrics on utilization and retention with us. And why are you confident the actions will have an impact? I mean, is it plausible that just type 2 patients are different from type 1? Thanks for taking the questions.

早安。謝謝讓我提問。我想，Ashley，我就針對第二型（type 2）問一題。也許你可以和我們分享一些使用率（utilization）與留存（retention）的指標數據。以及你為什麼有信心這些行動會產生影響？我的意思是，有沒有可能第二型患者本來就和第一型不同？謝謝讓我提問。

Yeah, Larry, let me thank you for type 2. Let me kind of share what we've been learning and some areas that obviously the whole pod community, what inspires us to better serve these folks and also some of the challenging aspects of -- in our learning curve, and then really importantly, what are we doing about it? And what KPIs are we going to be looking at to make sure that we're making progress?

好的，Larry，謝謝你關於第二型（type 2）這個問題。我先分享一下我們正在學到的內容，以及一些讓整個 pod 社群受到啟發、促使我們更好服務這些族群的面向；同時也談談在學習曲線中一些具挑戰性的部分；然後更重要的是，我們正在做什麼來因應？以及我們會看哪些 KPI，來確保我們正在取得進展？

I would first start with why we're so encouraged and inspired to serve this community. It's a large underpenetrated TAM. There's significant unmet need in this community. We have really strong science and ADA guidelines are on our side.

我會先從為什麼我們對服務這個社群感到非常受鼓舞與啟發談起。這是一個龐大且滲透率偏低的總可服務市場（TAM）。這個社群存在顯著的未被滿足需求。我們有非常扎實的科學證據，而且 ADA 指引也站在我們這邊。

We do have synergy and learning from 25 years serving the type 1 community. And as we stand here in August, we have 10s of thousands of type 2ers who are using pod and getting fantastic results.

我們也確實能從 25 年來服務第一型社群的經驗中取得協同效益與學習。截至 8 月，我們已有數以萬計的第二型患者在使用 pod，並獲得非常出色的成果。

Just last week, I was in the field at one of the largest safety net hospitals in Boston, and they serve over 40,000 people with diabetes. And 90% of their cohort are people with type 2 diabetes. And what I heard loud and clear is if they have a CGM, if they have full control, if they're somewhat engaged in their diabetes and they have medical coverage, all of them can benefit from AID therapy. So that's what drives us.

就在上週，我到波士頓一家最大的安全網醫院（safety net hospital）實地走訪，他們服務超過 40,000 名糖尿病患者。其中 90% 的族群是第二型糖尿病患者。我非常清楚地聽到的是：只要他們有 CGM、能做到完整控制、對糖尿病管理有一定程度的投入，並且有醫療保險給付，他們所有人都能從 AID 治療中受益。這就是驅動我們的原因。

Now, listen, some of the challenges in the type 2 community are as following, a different kind of emotional burden. Our type 1 community and often refers at their point of diagnosis like a tidal wave that happens to them.

不過，請聽我說，第二型社群的一些挑戰如下：他們承受的是不同類型的情緒負擔。我們的第一型社群常常形容，在確診當下就像一場海嘯迎面而來。

The type 2 community says what, it's more like a rising flood. It's slow and progressive and I did this. There are higher comorbidity rates. There's a different payer mix, 60% in type 2s are on Medicare and Medicaid, whereas type 1 is around 60% commercial. And listen, the slower path to insulin, and predominantly it's the PCP that is really writing for them.

第二型社群則說，更像是逐漸上升的洪水。它是緩慢且漸進的，而且會覺得「是我造成的」。共病率更高。付款方組合也不同：第二型中有 60% 在 Medicare 與 Medicaid，而第一型約有 60% 是商業保險。另外，走到使用胰島素的路徑更慢，而且主要是由基層照護醫師（PCP）在開立處方。

With that in mind, that's what led us to the actions I spoke about in my opening remarks. That coupled with our innovation coming within two years, which really unlocks the type 2 community. It's specifically designed, it's CGM-like. You put it on, there's no bolusing, there's no settings, there's no manual titration. This is really going to unlock the 70% of type 2s who are seen in primary care. So that's what gives us confidence and makes us resolute to go deliver masterful customer service the first 90 days, just like we do with the type 1 community.

基於這些背景，才促使我們採取我在開場談到的那些行動。再加上我們在兩年內即將推出的創新，將真正解鎖第二型社群。它是專門設計的，使用方式像 CGM。你戴上就好，不需要追加劑量（bolusing），不需要設定，也不需要手動滴定。這將真正解鎖在基層照護中就診的 70% 第二型患者。因此，這就是我們有信心的原因，也讓我們更堅定要在前 90 天提供一流的客戶服務，就像我們對第一型社群所做的一樣。

Jeff Johnson, Baird.

Jeff Johnson，Baird。

Maybe two questions here, if I could squeeze them together. But just one, Ashley, as you talk about those T2s that are tougher to stay adherent, any early evidence that you can go back to some of those patients, address those needs and you've brought them back into the fold? I guess what has worked, if anything, so far in trying to reverse some of that adherence issue, number one?

我這裡可能有兩個問題，如果我可以把它們擠在一起的話。不過先問一個，Ashley，當你談到那些較難維持依從性的第二型糖尿病（T2）患者時，有沒有任何早期證據顯示你們可以回頭找回其中一些患者、滿足他們的需求，並把他們重新拉回來？我想問的是，到目前為止，在嘗試扭轉這個依從性問題上，有什麼方法奏效了嗎（如果有的話），這是第一個問題？

Number two, you talked about pricing maybe a little bit less positive in your assumption for this year. There was a big Blue payer that recently rolled back pharmacy access for some of your tube pump competitors. I guess my question there is, is that evidence of you throwing kind of your rebate weight around? Are you using some added rebate dollars to maybe push exclusivities in some markets on the pharmacy side? Or how should we anticipate your pricing comments or how should we interpret, I'm sorry, your pricing comments with this change we saw from one of the big Blue payers here recently?

第二，你提到你們對今年的假設中，定價可能稍微沒那麼正面。最近有一家大型 Blue 付款方把你們一些管路式幫浦競品的藥局端給付可近性（pharmacy access）回撤了。我想問的是，這是否代表你們在運用你們的回扣（rebate）影響力？你們是否用額外的回扣金額，去在某些市場的藥局端推動排他性（exclusivity）？或者，我們應該如何看待你們的定價評論，或抱歉，我是說，我們應該如何解讀你們的定價評論，並結合我們最近看到這家大型 Blue 付款方的變動？

Yes. Thank you for the two questions, Jeff. Let me address your last question first, and then I'll have Eric address a little bit of what we've been doing to smooth out some of the pain points in the type 2 community. As Flavia mentioned, our price realization in the United States has been stable to slightly up. And we've been, again, very disciplined in our pricing. We've been continuing to -- because we think that wins for the category, as new contenders have entered into the pharmacy, our pricing strategy is extremely disciplined.

是的。謝謝你這兩個問題，Jeff。我先回答你最後一個問題，然後我會請 Eric 說明一下我們為了緩解第二型社群的一些痛點所做的事情。如同 Flavia 提到的，我們在美國的價格實現（price realization）維持穩定到略為上升。而且我們在定價上一直非常自律。我們持續——因為我們認為這對整個品類是好事——隨著新的競爭者進入藥局通路，我們的定價策略仍然極度自律。

And we, as I mentioned in my opening remarks, we continue to experience coverage wins on access as well as really reducing the barriers of prior authorizations. As I shared, we had 10 million reductions of prior authorization.

而且，如同我在開場致詞中提到的，我們在可近性（access）的給付覆蓋上持續取得勝利，同時也確實在降低事前授權（prior authorization）的障礙。如我分享的，我們讓事前授權減少了 1,000 萬次。

So I would tell you, our strategy is working. It's good for Insulet, it's good for patients and it's good for the category. So on the type 2s, I would just open with demand, again, is very strong. We're getting a lot of demand, a lot of people interested and a lot of people on Pod. And we're keeping them retention rates stabilize for type 2. Our opportunity and all of our learning been around those early pain points the first 90 days. So Eric is going to elaborate a little bit on that.

所以我會告訴你，我們的策略正在奏效。這對 Insulet 有利、對病患有利，也對整個品類有利。至於第二型，我先說需求依然非常強勁。我們看到大量需求、很多人有興趣，也有很多人正在使用 Pod。而且我們讓第二型的留存率（retention rates）維持穩定。我們的機會點，以及我們所有的學習，都集中在前 90 天的早期痛點。所以 Eric 會再多做一些說明。

Hi, Jeff. Just a couple of builds in terms of what we've seen in our ability to keep folks who look at type 2 engage and why the actions that we're taking, we believe, will be effective there. The first, we've had success reengaging with customers, and we are scaling some things that we've had at pilot scale to provide proactive support and help our type 2 customers through those early moments of truth, a first Pod change, a first refill or a first service interaction.

嗨，Jeff。我補充幾點，談談我們在讓第二型族群保持參與（engage）方面看到的情況，以及我們相信正在採取的行動為何會有效。第一，我們在重新喚回客戶方面已有成功案例；我們也正在把一些原本在試點規模（pilot scale）運作的做法擴大，提供主動式支援，協助第二型客戶度過那些早期的關鍵時刻：第一次更換 Pod、第一次補貨（refill），或第一次與客服互動。

So we've actually had those at pilot scale. We've proven that they work. And now we're scaling them rapidly as we have learned during the quarter that it's important that we do so.

這些做法其實已在試點規模運行。我們已證明它們有效。而且我們現在正快速擴大規模，因為我們在本季學到，這樣做很重要。

We've also seen that we can adjust some of how we go to market in the field to make sure that the support that we provide with prior authorization and benefits check as easy and as seamless as folks needed to be because we know that that's really important to the type 2 customer as well.

我們也看到，我們可以調整部分前線（field）的市場推進方式，確保我們在事前授權與給付資格查核（benefits check）上提供的支援，能夠如大家所需那樣容易且無縫，因為我們知道這對第二型客戶也非常重要。

And finally, as Ashley mentioned, we've seen really encouraging early data from Omnipod Discover and the impact that it has on outcome satisfaction and retention. And it puts success metrics, right, in the palm of the hands of the people who are using Omnipod to help them see the benefits of therapy and stay engaged. So we do have strong early proof points that give us confidence in the actions that we're taking to have an impact on the important metrics that we need to drive. I'll just hand to Flavia for a quick blues.

最後，如 Ashley 提到的，我們從 Omnipod Discover 看到非常令人鼓舞的早期數據，以及它對治療結果滿意度與留存的影響。它把成功指標（success metrics）放在使用 Omnipod 的人手掌之中，幫助他們看見治療的益處並保持參與。因此，我們確實有強而有力的早期驗證點（proof points），讓我們對正在採取的行動能影響我們需要推動的重要指標充滿信心。我把時間交給 Flavia，簡短談一下 Blue 的部分。

And Jeff, just specifically to address your question about the Blues, we are not taking any positions that would result in exclusionary positions in access. So, that was not something that was initiated by us and we don't believe in that. So I just want to specifically address your question.

Jeff，針對你關於 Blue 的問題，我們並沒有採取任何會導致在可近性上形成排他性（exclusionary）地位的作法。所以，那不是由我們發起的，我們也不認同那樣做。我只是想具體回應你的問題。

Matt Taylor, Jefferies.

Matt Taylor，Jefferies。

Hi, thanks for taking the question. I just wanted to double-click on some of the questions that were asked about the specific metrics, the retention rates. Could you characterize that at all the difference that you're seeing in the early 90-day retention between type 1 and type 2? And in the changes that you're making, what kind of early success that you had in changing those rates, just so we can understand the quantum of the deltas there?

嗨，謝謝讓我提問。我想針對先前有人問到的一些具體指標、留存率（retention rates）再深入追問一下。你們能否描述一下，在前 90 天的早期留存方面，第一型與第二型之間你們看到的差異？以及在你們正在做的改變之下，你們在改善這些比率上取得了哪些早期成效，好讓我們理解其中差異（delta）的量級？

Yes, Matt. I would -- what Eric really alluded to. So we are seeing differences in retention and modest differences in utilization in our type 2 community relative to the type 1. I would then first kind of need to underscore that we're in a reoccurring revenue business model, and so it's really worth the investment to go, and the time, to get them successfully through this 90-day onboarding period because of the lifetime value of these people being on insulin.

好的，Matt。我會——就像 Eric 剛才暗示的那樣。所以我們確實看到，相較於第一型，我們的第二型社群在留存上有差異，在使用量（utilization）上也有些許差異。我首先要強調的是，我們是經常性收入（recurring revenue）的商業模式，因此，為了這些人一生使用胰島素所帶來的終身價值（lifetime value），投入資源與時間，協助他們成功度過這 90 天的導入期（onboarding period）是非常值得的。

And so again, I come back to there's -- we've proven that there's healthy demand. It really is those first 90 days.

所以我再回到重點：我們已證明需求是健康的。真正的關鍵就在前 90 天。

And as Eric mentioned, it's, number one, making sure as we get them on a sample, is making sure that we do the right kind of adjudication on medical coverage, so that's really seamless. It's holding their hand for many of what we call their firsts. It could be their first pod change, it could be the first time they actually have to go pick up their prescription. It could be the first time that they're going to take a vacation. We've identified, let's say, 10 of these pain points that we need to offer very strong encouragement to keep them on pod.

如 Eric 提到的，第一，當我們讓他們先使用樣品（sample）時，要確保我們在醫療給付覆蓋（medical coverage）的理賠判定（adjudication）上做得正確，讓流程非常無縫。第二，是在許多我們所謂的「第一次」上牽著他們的手。可能是第一次更換 pod，也可能是第一次真的要去領取處方。也可能是第一次要去度假。我們已辨識出大約 10 個這類痛點，我們需要提供非常強的鼓勵，讓他們持續使用 pod。

And as Eric mentioned, we just completed our limited market release of a very modern new customer data platform that will have several new modules that we're pulling forward on our road map. It's called Omnipod Discover. And again, we have 1,600 clinicians who are using Discover and 12,000 patients.

而且如 Eric 提到的，我們剛完成一個非常現代化的新客戶資料平台的有限市場發佈（limited market release），這個平台會有數個新模組，我們正把它們從路線圖（road map）上提前拉進來。它叫做 Omnipod Discover。同樣地，目前有 1,600 位臨床醫師在使用 Discover，還有 12,000 名病患。

And basically, what Discover is it gives real lifetime data to patients. It shows the insulin trends that they're getting. It initiates a really clear conversation they can have with their clinician. Caregivers can have access to that, which is very beneficial. And ultimately, not only does it give them more confidence and more control it results in better satisfaction, and we've seen early data of meaningfully improved retention rates in this community.

基本上，Discover 是把真實的長期（lifetime）數據提供給病患。它會顯示他們獲得的胰島素趨勢。它也促成一個非常清楚的對話，讓他們可以和臨床醫師討論。照護者也能取得存取權，這非常有幫助。最終，它不僅讓他們更有信心、更能掌控，也帶來更高的滿意度；而且我們已看到早期數據顯示，在這個族群中留存率有顯著改善。

Secondly, it's just sales force compensation, our biggest investment in our P&L is our field. We have the largest sales force in the industry, and we are evolving in addition to new customer starts to hold them accountable, but also retention specifically for the first 45 days. That's going to have a meaningful result, and again, really managing those first 90 days.

其次，這主要是銷售團隊的薪酬；在我們的損益表中，最大的投資就是我們的前線團隊。我們擁有業界最大的銷售隊伍，除了針對新客戶啟動持續演進、強化問責之外，也特別聚焦於前 45 天的留存。這將帶來顯著成效，而我們也會再次強力管理最初 90 天。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Good morning. I just wanted to try to understand a little bit more what you're building in for potential competition coming, I think, late in the year. And a little more detail on sort of the timeline for when some of these efforts in the type 2 population might start to show up. I know there's obviously a 90-day kind of cycle before they're coming back. So I want to understand both what's being built into the guidance for competition. And any time lines on when we'll see updates on this?

早安。我想更進一步了解，你們在指引中對於可能在今年稍晚出現的競爭所納入的假設。另外，也想請你們更詳細說明，針對第二型（T2）族群的這些措施，大概什麼時間點會開始反映出效果。我知道顯然有一個約 90 天的週期，之後他們才會回來。所以我想同時了解：指引中對競爭的假設是什麼。以及我們何時會看到這方面的更新時程？

Yes, Marie. Let me take your second one on T2 and then I'll speak also about competition and turn it to Flavia. For T2, as I shared, we, again, 20 months into this, we've identified some trends in quarter two that accelerated. We're taking action right now. We thought it was prudent to not take those actions into the updated guidance that we're providing today.

是的，Marie。我先回答你第二個關於 T2 的問題，接著也會談到競爭，然後交給 Flavia。就 T2 而言，如我分享的，我們在這件事上已經推進了 20 個月，我們在第二季辨識到一些加速的趨勢。我們現在就正在採取行動。我們認為審慎起見，今天提供的更新指引不把這些行動的效果納入。

So the updated guidance assumes that the trends that we saw related to attrition and utilization specifically in the type 2 community in quarter two do not improve, and in the balance to go.

因此，更新後的指引假設：我們在第二季於第二型社群中看到、與流失率與使用率相關的趨勢不會改善，並在後續期間持續。

And we just thought that that was a prudent approach. It gives the team time to really see the cause and effect of these interventions. We are monitoring this monthly, and we'll make any kind of adaptations, again, as we learn how to master this community and customer service the first 90 days.

我們認為這是審慎的作法。這也讓團隊有時間真正看清這些介入措施的因果效果。我們每月都在監測，並會在學習如何更好地掌握這個社群、以及在前 90 天提供客戶服務的過程中，持續做出任何必要的調整。

As it relates to competition, I'll turn it to Flavia.

至於競爭相關，我交給 Flavia。

Sure. And just again, to summarize, in terms of our preliminary views for next year, just reinforce, it does not assume any acceleration of the market exit rate. It does not assume any improvement from the actions, as Ashley just mentioned. It does assume competition based on what we know so far. And it also assumes a stable pricing environment.

好的。再總結一次，關於我們對明年的初步看法，我想再次強調：它不假設市場退出率會加速。也不假設這些行動會帶來改善，如 Ashley 剛才提到的。它確實會根據我們目前所知納入競爭因素。同時也假設定價環境保持穩定。

And again, what we will benefit from is the impact of the new product launches as well as the sales force expansion that we just completed.

此外，我們將受益於新產品上市的影響，以及我們剛完成的銷售團隊擴編。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

Hi, thanks for taking the question. Apologies if this is a little repetitive and may have been answered. So I just want to get a better understanding. You guys have initiatives to try to improve retention and utilization. And a lot of that new feel can be very impactful and crucial during the first 90-day period of onboarding.

嗨，謝謝讓我提問。如果有點重複、可能已經回答過，先說聲抱歉。我只是想更清楚了解。你們有一些計畫要提升留存與使用率。而其中很多新的作法，在導入（onboarding）的前 90 天期間可能非常有影響力且至關重要。

So should we be thinking that within the next three months, you'll see whether or not those initiatives that had their intended impact and that is going to be what leads you to believe whether there's something more structural about this patient population versus type 1 and that's going to inform kind of your go-forward view?

所以我們是否應該這樣想：在接下來三個月內，你們就會看到這些計畫是否達到預期效果；而這也會讓你們判斷，這個病患族群相較於第一型是否存在更結構性的差異，並據此形成你們後續的看法？

I guess I'm just trying to make sure I understand how much of a handle you think you'll have on the underlying market dynamics as this is somewhat new territory for the industry. And when? Thank you.

我想確認的是：在這個對產業而言算是新領域的情況下，你們認為自己能在多大程度上掌握底層的市場動態？以及在什麼時間點？謝謝。

Yes, Rich. I mean, again, I want to first start with we view the type 2 community as a very attractive customer. Again, we have a reoccurring revenue model. It's worth the investment upfront, specifically the first 90 days, to deliver the right kind of onboarding experience so they stay on therapy. It's good for the category, it's good for patient care, it's good for outcomes.

是的，Rich。我的意思是，我想先從一點開始：我們認為第二型社群是一個非常有吸引力的客戶。我們有經常性收入模式。為了提供正確的導入體驗、讓他們持續接受治療，前期投入——特別是前 90 天——是值得的。這對整個品類有利、對病患照護有利、對療效結果也有利。

Again, we are getting a lot of success. I have to mention that we have tens of thousands of people using Pod right now with very strong clinical outcomes and very strong satisfaction. So I would characterize what we're experiencing as an execution challenge, Rich, not anything structurally related to the market.

再說一次，我們也取得了很多成功。我必須提到，目前有數以萬計的人正在使用 Pod，臨床結果非常強、滿意度也非常高。所以我會把我們正在經歷的情況定性為執行上的挑戰，Rich，而不是任何與市場結構相關的問題。

Again, demand we've seen 20 months into the launch is very healthy and very strong. I mentioned my field experience that clinicians and patients are waiting to go benefit from AID therapy because we do have strong science and we do have strong hub utilization. And so I think really, it has to do with just the timing.

同樣地，我們在上市 20 個月後看到的需求仍然非常健康且強勁。我提到我在前線的觀察：臨床醫師與病患都在等待受益於 AID 治療，因為我們確實有扎實的科學證據，也有很高的服務中心（hub）使用率。因此我認為這真的與時點有關。

I'm going to come and give specificity. We're implementing these programs right now. Eric mentioned, we've had a customer experience support team since the launch. We've added more resources. We've strengthened a lot of their engagement to address the pain points, specifically around insurance and getting -- reducing that barrier. Interestingly enough, we're doing this because we have efficiencies in the business, so this is not a net incremental cost to our business.

我會更具體說明。我們正在立即推行這些方案。如 Eric 提到的，我們自上市以來就有客戶體驗支援團隊。我們增加了更多資源。我們也強化了他們的互動方式，以解決痛點，特別是在保險相關、以及降低——減少那個障礙方面。有趣的是，我們之所以能這麼做，是因為業務上有效率提升，因此這對我們的業務而言並不是淨新增成本。

And I'm just allowing some time to see the impact of those. And that's why we were very prudent with guidance to not assume that these are going to have an immediate impact. And we -- the guidance assumes that the utilization and retention trends that we experienced in quarter two continue on for the balance half of the year.

我只是需要一些時間來觀察其影響。這也是為什麼我們在指引上非常審慎，不假設這些措施會立即產生影響。而且——指引假設我們在第二季所經歷的使用率與留存趨勢，會在今年下半年剩餘期間持續。

Clearly, we aim to beat that and do better. But this is an emerging customer base, and we're very committed to serving them just as well as we're serving our type 1 community.

當然，我們的目標是超越這個假設、做得更好。但這是一個正在形成的新客群，我們非常致力於服務他們，就像我們服務第一型社群一樣好。

Jon Block, Stifel.

Jon Block，Stifel。

Hey, everyone. Joe Federico on for Jon. Thanks for taking the question. Maybe just like almost a follow-up on that last point. I wanted to just ask how you're viewing the returns from the type 2 spending at this point, and balancing top line growth goals versus just profitability. The T2 returns arguably changed a lot with these somewhat new retention dynamics and the market taking longer to cultivate. So I'm just curious how you're viewing that spend going forward.

各位好。我是 Joe Federico，代替 Jon 提問。謝謝讓我提問。也許算是對上一點的延伸追問。我想問你們目前如何看待在第二型（T2）上的投入回報，以及如何在營收成長目標與獲利能力之間取得平衡。隨著這些相對新的留存動態、以及市場培育時間拉長，T2 的回報可能已經有很大變化。所以我很好奇你們未來將如何看待這筆支出。

Yes, Joe. Again, I'm going to come back to that I think the type 2 customer base is strategically very important to us and very attractive to us. We've been 20 months since our type 2 indication. You can look at our performance this quarter in aggregate. We delivered 23% revenue growth. We have expanding operating margins. Our EPS was nearly 2x what revenue growth is. That's all while supporting the type 2 community.

是的，Joe。我再回到同一點：我認為第二型客群對我們在策略上非常重要，也非常有吸引力。自我們取得第二型適應症以來已經 20 個月。你可以看我們本季的整體表現。我們實現了 23% 的營收成長。我們的營業利益率在擴張。我們的每股盈餘（EPS）幾乎是營收成長的 2 倍。而這一切都是在支持第二型社群的同時達成的。

And again, we have very strong demand with the type 2s. And once we get them on pod post the 90 days, retention rates stabilize. We have a very attractive reoccurring revenue model and they are on insulin, unfortunately, for a lifetime.

此外，第二型族群的需求依然非常強勁。一旦他們在 90 天後持續使用 pod，留存率就會趨於穩定。我們有一個非常具吸引力的經常性收入模式，而他們不幸的是需要終身使用胰島素。

And so our key focus is around the 90 days. We think we can do so in a capital-efficient manner. We always look at our cost to acquire. We look at our cost to serve. Clearly, some of the lifetime value measures right now aren't as attractive as what we anticipate they will be. And I would just say some of the short-term trends are absolutely not reflective of what the long-term opportunity is.

因此，我們的關鍵重點聚焦在前 90 天。我們認為可以用資本效率高的方式做到。我們一向會檢視獲客成本。也會檢視服務成本。很明顯地，目前部分終身價值（LTV）的衡量指標還沒有我們預期未來會達到的那麼吸引人。我想說的是，一些短期趨勢絕對無法反映長期機會。

Yes. Let me build, Ashley talked about the customer lifetime value. When we think also about the cost to acquire and cost to serve the type 2 population, the good news is the actions that we are implementing and that Ashley described, they're not going to have a negative impact on these metrics. Our cost to acquire is stable even as we expand our sales force. And we continue to drive efficiencies in our cost to serve even as we redeploy and add some additional customer care support.

是的。我補充一下，Ashley 提到了客戶終身價值。當我們同時考量第二型族群的獲客成本與服務成本時，好消息是我們正在推行、且 Ashley 所描述的那些行動，不會對這些指標造成負面影響。即使我們擴大銷售團隊，獲客成本仍保持穩定。即使我們重新部署並增加一些額外的客戶照護支援，我們仍持續在服務成本上推動效率提升。

The actions we are taking, whether it is the updated incentives for the sales force that Ashley described or optimizing our sampling program and leveraging, obviously, our really recently launched Discover platform, these are already embedded in our baseline. So they're really not going to have a -- not going to create a headwind on the service cost for the type 2 population.

我們正在採取的行動，不論是 Ashley 所描述的銷售團隊更新激勵措施，或是最佳化我們的試用（sampling）計畫並運用我們近期剛推出的 Discover 平台，這些都已經納入我們的基準（baseline）之中。因此，它們確實不會——不會對第二型族群的服務成本造成逆風。

And maybe just to close, in the medium term, we have high conviction that the fully closed loop for type 2 will actually meaningfully change both the customer lifetime value as well as the cost to serve that population. Our fully closed loop has been uniquely designed to address some of these challenges that we have been discussing. So we feel really good about the outlook.

最後補充一下，中期來看，我們高度確信第二型的全閉環（fully closed loop）將會實質改變客戶終身價值以及服務該族群的成本。我們的全閉環是專門設計來解決我們一直在討論的部分挑戰。因此，我們對前景感到非常樂觀。

Kieran Ryan, Deutsche Bank.

Kieran Ryan，德意志銀行。

Hi there. Thanks for taking the question. I was wondering if you can maybe just clarify, I think there's -- the words retention and utilization have both been used here. But it sounds like this is much more of a retention dynamic than necessarily your type 2 users who are staying on pod just using it less than you originally expected. Is that fair to say?

你好。謝謝讓我提問。我想請你們釐清一下，我認為這裡同時使用了「留存」與「使用量」這兩個詞。但聽起來這更像是留存的動態，而不一定是你們的第二型使用者仍在使用 pod、只是使用量比你們原先預期的更少。這樣理解公平嗎？

And then maybe just any commentary you might have on how this retention looks between patients that are getting treated by [endos] versus PCPs? And anything we should be thinking about as far as how the type of prescriber might play in here?

另外，你們是否能評論一下，由內分泌科醫師（[endos]）治療的病患與由基層照護醫師（PCPs）治療的病患之間，留存表現有何差異？以及在這方面，處方醫師類型可能會如何影響，我們需要注意什麼？

Yes, Kieran. Let me first talk about -- you're correct, retention is one that we're seeing a little bit more variability than we had expected. Utilization was slightly down, but it's really retention that we're talking about. And I would tell you, obviously, endos are the most comfortable with AID therapy in the type 2 community.

是的，Kieran。我先談第一點——你說得沒錯，我們看到留存的變動性比我們原先預期的稍大一些。使用量略有下降，但我們主要在談的是留存。另外我也想說，顯然在第二型族群中，內分泌科醫師對 AID 治療最為熟悉。

So early on, we're getting most of our scripts from endos. We've seen that evolve over the past couple of months as we've expanded our sales force on their called-on universe as well as activated DTC. So our mission is to really get PCPs comfortable and confident with the benefits of AID therapy.

因此在早期，我們大多數處方都來自內分泌科醫師。過去幾個月，隨著我們擴大銷售團隊的拜訪覆蓋範圍（called-on universe）並啟動 DTC（直接面向消費者），我們看到這種情況有所演變。因此，我們的使命是讓基層照護醫師（PCPs）對 AID 治療的效益感到更熟悉且更有信心。

I will tell you though, the onboarding experience really is similar regardless of what clinician is recommending them. And so that's why tools that Eric mentioned around a customer data platform like Omnipod Discover, that is available to both endos as well as primary care.

不過我想說的是，無論是哪一位臨床醫師推薦，導入（onboarding）體驗其實都很類似。因此，Eric 提到的工具，例如像 Omnipod Discover 這樣的客戶資料平台，內分泌科醫師與基層照護都能使用。

I'll tell you, endos and PCPs love it. They get to see the insulin trend. They get -- lets them show them exactly how our algorithm is working. So we've gotten really good feedback with that. It gets them both more confident and comfortable in engaging with the community.

我可以告訴你，內分泌科醫師與基層照護醫師都很喜歡它。他們可以看到胰島素趨勢。也能——讓他們精準展示我們的演算法如何運作。因此我們收到非常好的回饋。這讓他們在與社群互動時更有信心、也更自在。

And then from a patient perspective, we start to see that they, again, can see their own data and get a lot more confident and comfortable, and also willingness to engage with us to get encouragement and ask for any kind of clarifying questions. So I'm going to pause there because I know Eric wants to add another comment.

從病患角度來看，我們也開始看到他們同樣能查看自己的資料，因而更有信心、更自在，也更願意與我們互動，獲得鼓勵並提出任何需要釐清的問題。我先說到這裡，因為我知道 Eric 還想補充。

Kieran, just a quick build. The other thing is we observed that prescribers who are the most comfortable prescribing AID do have better retention, and they're off of the sales force expansion that we've just done, which helps us call on and serve another several thousand health care providers, also gives us a way to keep better serving this community. And so that is a key part of the strategy going forward.

Kieran，我簡短補充一下。我們也觀察到，對開立 AID 處方最為熟悉的處方醫師，其留存表現確實更好；而我們剛完成的銷售團隊擴編，有助於我們拜訪並服務另外數千位醫療照護提供者，也讓我們能以更好的方式持續服務這個社群。因此，這是未來策略中的關鍵一環。

Thank you. That concludes our call today.

謝謝。今天的電話會議到此結束。

Thank you.

謝謝。

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

各位女士、先生，今天的會議到此結束。感謝各位的參與，祝各位有美好的一天。各位現在可以掛線。