Senseonics Holdings Inc (SENS) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to Senseonics second quarter 2025 earnings call. (Operator Instructions) Please note today's call will be recorded, and I will be standing by, should you need any assistance. It is now my pleasure to turn the conference over to Jeremy Feffer from LifeSci Advisors. Please go ahead.

大家好，歡迎參加 Senseonics 2025 年第二季財報電話會議。（操作員指示）請注意，今天的通話將被錄音，如果您需要任何幫助，我將隨時待命。現在我很高興將會議交給 LifeSci Advisors 的 Jeremy Feffer。請繼續。

Thank you. This is Jeremy Feffer from LifeSci Advisors. Before we begin today, let me remind you that the company's remarks include forward-looking statements. These statements reflect management's expectations about future events, operating plans, regulatory matters, product enhancements, company performance and other matters and speak only as of the date hereof.

謝謝。我是 LifeSci Advisors 的 Jeremy Feffer。在我們今天開始之前，請允許我提醒您，該公司的言論包括前瞻性陳述。這些聲明反映了管理層對未來事件、營運計劃、監管事項、產品改進、公司業績和其他事項的預期，並且僅代表截至本文發布之日的觀點。

These forward-looking statements involve a number of risks and uncertainties. A list of the factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under Risk Factors and elsewhere in our annual report on Form 10-K for the year ended December 31, 2024, and our 10-Qs and our other reports filed with the SEC. These documents are available on the Investor Relations section of our website at www.senseonics.com.

這些前瞻性陳述涉及許多風險和不確定性。可能導致實際結果與這些前瞻性陳述所表達或暗示的結果有重大差異的因素清單已在「風險因素」和我們截至 2024 年 12 月 31 日的 10-K 表年度報告、10-Q 表和我們向美國證券交易委員會提交的其他報告中進行了詳細說明。這些文件可在我們網站 www.senseonics.com 的投資者關係部分找到。

We undertake no obligation to update publicly or revise these forward-looking statements for any reason, except as required by law. Joining me today from Senseonics are Tim Goodnow, President and Chief Executive Officer; and Rick Sullivan, Chief Financial Officer. I'll now turn the call over to Tim.

除法律要求外，我們不承擔因任何原因公開更新或修改這些前瞻性聲明的義務。今天與我一起出席的還有 Senseonics 總裁兼執行長 Tim Goodnow 和財務長 Rick Sullivan。我現在將電話轉給蒂姆。

Thanks, Jeremy, and thank you to everyone on the call for joining us today. In the second quarter, we executed on a number of programs to drive shareholder value and position Senseonics for long-term growth. Rick, and I will walk you through these initiatives today.

謝謝傑里米，也感謝今天參加電話會議的所有人。在第二季度，我們執行了一系列計劃來提升股東價值並為 Senseonics 的長期成長做好準備。里克，今天我將向你們介紹這些舉措。

One of our main objectives is to drive Eversense awareness and adoption, and we're doing this by further supporting our product with added Senseonics commercial investment. Additional objectives include enhancing 365 access with the Eon Care build-out while expanding capabilities with our device integration efforts and advancing our key product development pipeline programs. We are making solid progress across each of these areas.

我們的主要目標之一是推動 Eversense 的知名度和採用，我們透過增加 Senseonics 商業投資來進一步支持我們的產品來實現這一目標。其他目標包括透過 Eon Care 建設增強 365 訪問，同時透過我們的設備整合工作擴展功能並推進我們的關鍵產品開發管道計劃。我們在各個領域都取得了紮實的進展。

Q2 completes two quarters with Eversense 365 on the US market, and we continue to be pleased with our launch momentum. We expect that through expanded DTC marketing, more people will learn about the unique performance attributes and convenience of our one-year sensor, resulting in more people choosing Eversense to help manage their diabetes.

第二季度是 Eversense 365 在美國市場上推出的兩個季度，我們繼續對我們的發布勢頭感到滿意。我們希望透過擴大 DTC 行銷，讓更多人了解我們一年期感測器的獨特性能屬性和便利性，從而讓更多人選擇 Eversense 來幫助管理他們的糖尿病。

In Q2, we saw meaningful progress in that direction. Our new patient starts were up 79% over the prior year and 37% from Q1. Leads were more than doubled over the prior year, and June leads were up 50% over the prior three-month average. We are seeing true acceleration in the growth of Eversense with the expanded DTC, and we plan to continue to augment Ascensia's DTC spending through the remainder of this year. To support this increased volume, Ascensia has hired a dozen new inside sales reps to handle these calls.

在第二季度，我們看到了該方向的重大進展。我們的新患者數量比前一年增加了 79%，比第一季增加了 37%。與前一年相比，銷售線索數量增加了一倍多，六月的銷售線索數量比前三個月的平均值增加了 50%。隨著 DTC 的擴大，我們看到 Eversense 的成長真正加速，我們計劃在今年剩餘時間內繼續增加 Ascensia 的 DTC 支出。為了支持這一成長的業務量，Ascensia 聘請了十幾名新的內部銷售代表來處理這些電話。

Our plan is for the increased DTC spending to expand awareness and the enhanced inside sales capacity to support sales conversion, combining directly to translate into increased new patient starts. We expect that these results to be bolstered by Eversense reorders in the US in the fourth quarter.

我們的計劃是增加 DTC 支出以擴大知名度，增強內部銷售能力以支持銷售轉化，兩者結合起來直接轉化為增加新患者的數量。我們預計，第四季度 Eversense 在美國的重新訂購將推動這些業績的成長。

Recall that in transitioning from a six-month to one-year product, the cadence for repeat Eversense users to have a new sensor inserted has changed to a 12-month cycle. Instead of coming back for reinsertion in 180 days, users now return in 365 days. This means that following the Q4 launch of Eversense 365, our overall US shipments during Q2 and Q3 naturally reflected significantly reduced reorder volume compared with the prior year. Therefore, nearly all sensors sold in Q2 and Q3 are for new patient starts.

回想一下，在從六個月產品過渡到一年產品的過程中，Eversense 重複使用者插入新感測器的節奏已經變為 12 個月的週期。使用者不再需要在 180 天後再回來重新插入，而是需要在 365 天後再回來。這意味著，繼第四季度推出 Eversense 365 之後，我們在第二季和第三季在美國的整體出貨量自然會與去年相比大幅減少重新訂購量。因此，第二季和第三季銷售的幾乎所有感測器都是針對新患者的。

In Q4, with the first 365 adapters coming up for their next insertions, reorders will make more meaningful contributions to sales. Beyond the US launch execution, we are advancing a series of initiatives to broaden access, support adoption and enhance the user experience.

在第四季度，隨著首批 365 個適配器即將投入使用，重新訂購將對銷售做出更有意義的貢獻。除了在美國推出之外，我們還在推動一系列舉措，以擴大訪問範圍、支援採用並增強用戶體驗。

We continue to expect our development work to translate into CE Mark approval for Eversense 365 in Europe and we are planning for the European launch later this year. We have begun training the OUS Ascensia sales team to be ready upon approval. We anticipate this will translate into more people in more markets having access to the promise of one year, one sensor. Additionally, we are collaborating with other companies to further improve the market presence of Eversense 365.

我們繼續期待我們的開發工作將轉化為 Eversense 365 在歐洲獲得 CE 標誌認證，並且我們計劃在今年稍後在歐洲推出。我們已經開始培訓 OUS Ascensia 銷售團隊，以便他們可以做好批准的準備。我們預計這將意味著更多市場中的更多人能夠享受「一年一個感測器」的承諾。此外，我們正在與其他公司合作，進一步提高 Eversense 365 的市場影響力。

Last month, Sequel began the launch of their twiist pump, and we announced during the quarter, our respective development teams are collaborating on the final integration work, and we expect to see the Eversense 365 available for use with the twiist pump later this year. We believe combining the advanced technologies of both companies will offer a real differentiation and unique benefits to people with diabetes.

上個月，Sequel 開始推出他們的 twiist 泵，我們在本季度宣布，我們各自的開發團隊正在合作進行最後的整合工作，我們預計 Eversense 365 將在今年稍後與 twiist 泵一起使用。我們相信，兩家公司的先進技術的結合將為糖尿病患者帶來真正的差異化和獨特的好處。

We all know that our users have to monitor their carb intake, exercise and their glucose levels to determine the safe amount of insulin they need. This constant management requires significant patient involvement. And through the integration of Eversense with the Sequel twiist pump, patients can simplify their lives, simplify the diabetes overhead, destress the CGM complexity for an entire year and rest assured that the world's most advanced diabetes technology is working for them.

我們都知道，我們的用戶必須監測他們的碳水化合物攝取量、運動量和血糖水平，以確定他們所需的安全胰島素量。這種持續的管理需要患者大量的參與。透過將 Eversense 與 Sequel twiist 幫浦結合，患者可以簡化他們的生活，簡化糖尿病開銷，減輕整整一年的 CGM 複雜性，並確保世界上最先進的糖尿病技術正在為他們服務。

The integration with the twiist pump is the first of multiple partnerships we hope to announce with pump manufacturers and other parties. With the world's first and only 365-day continuous glucose monitor approved as an iCGM, we have a unique and convenient offering to integrate with any pump on the market, and we look forward to announcing updates in the future.

與 twiist 泵浦的整合是我們希望與泵浦製造商和其他方宣布的多個合作夥伴關係中的第一個。我們擁有世界上第一個也是唯一一個獲得 iCGM 批准的 365 天連續血糖監測儀，可以與市場上的任何泵集成，我們期待在未來宣布更新。

In another important initiative, we continue working to make it easier for patients to have access to Eversense and for physicians to prescribe it. During Q2, we completed the planned transition of inserters from the nurse practitioner group to Eon Care, our network of providers that can perform Eversense 365 insertion procedures.

在另一項重要措施中，我們繼續努力讓患者更容易獲得 Eversense，讓醫生更容易開出處方。在第二季度，我們完成了將插入器從執業護理師組轉移到 Eon Care（我們的可執行 Eversense 365 插入程序的提供者網路）的計劃。

The goal of this initiative is threefold: to make it more convenient for interested people with diabetes to be served by an inserter, to enable practitioners who want to prescribe our product, but not insert to simply do so; and third, to ensure a consistent high-quality insertion experience. Following the transition from NPG, our Eon Care network is nearly 40 strong and handles approximately 20% of our insertions. The volume of insertions through Eon Care continues to grow, increasing nearly 30% in Q2 versus Q1 this year.

該計劃的目標有三個方面：讓有興趣的糖尿病患者更方便地使用插入器；讓想要開出我們的產品但不想插入的醫生能夠輕鬆地這樣做；第三，確保始終如一的高品質插入體驗。從 NPG 過渡之後，我們的 Eon Care 網路已擁有近 40 名員工，處理約 20% 的植入業務。透過 Eon Care 插入的數量持續成長，今年第二季與第一季相比成長了近 30%。

With the foundation of Eon Care established, we are working to quickly expand it. Our current goal is to increase this network to approximately 50 practitioners by the end of this year and roughly 100 by the end of next year. Through the combination of Eon Care nurses and prescribing providers who perform their own insertions, we continue to add further insertion depth and breadth targeting the major US geographies.

Eon Care 的基礎已經建立，我們正在努力快速擴大它。我們目前的目標是在今年年底將該網路的從業人員擴大到約 50 名，到明年年底擴大到約 100 名。透過 Eon Care 護理師和自行執行插入的處方提供者的結合，我們繼續針對美國主要地區增加插入的深度和廣度。

Our aim is to ensure that anyone who wants Eversense 365 has a convenient option to access it. Further, supporting access in Q2, CMS updated the Medicare physician fee schedule to provide payment for a full year of Eversense. This inclusion was announced in April and was retroactive to January 1. And as a result, we did see a notable increase in the business that flows through our consignment program. We are also seeing some commercial payers begin to transition to a bundled payment reimbursement, similar to Medicare.

我們的目標是確保任何想要使用 Eversense 365 的人都能方便地使用它。此外，為了支持第二季度的訪問，CMS 更新了 Medicare 醫師費用表，以提供全年的 Eversense 費用。此項納入於四月宣布，並追溯至一月一日起生效。結果，我們確實看到透過我們的寄售計劃開展的業務有了顯著的成長。我們也看到一些商業付款人開始轉向類似醫療保險的捆綁支付報銷。

As the product is consigned to the office until its use, you'll hear us refer to this channel as either bundled pay, buy and bill or consignment. This reimbursement pathway covers both the product cost and providers' procedure fee through a single claim. This simplifies payment for insurers, providers and patients.

由於產品在使用前被寄存到辦公室，您會聽到我們將此管道稱為捆綁支付、購買和帳單或寄售。此報銷途徑透過單一索賠涵蓋產品成本和提供者的手續費。這簡化了保險公司、供應商和患者的付款。

Furthermore, because Eversense is an implanted device, Medicare reimbursement for the product is included as part of CPT codes 0446T and 0448T. These codes are established on the physician fee schedule and covered through a member's medical benefit, Medicare Part B. Medicare correctly does not characterize Eversense as a DME product, meaning that Eversense will be excluded from the pending DME competitive bidding program.

此外，由於 Eversense 是一種植入式設備，該產品的醫療保險報銷包含在 CPT 代碼 0446T 和 0448T 中。這些代碼是根據醫師收費表制定的，並透過會員的醫療福利 Medicare B 部分承保。 Medicare 正確地沒有將 Eversense 定性為 DME 產品，這意味著 Eversense 將被排除在即將進行的 DME 競爭性投標計劃之外。

Now I'd like to turn to the important development work and progress being made by our R&D teams. Senseonics was founded to develop and deliver on the best-in-class once-a-year continuous glucose monitor. Having delivered on that promise, our mission is to now drive further advances to make the one-year sensor more convenient, less intrusive and more appealing to patients.

現在我想談談我們的研發團隊正在進行的重要開發工作和進展。Senseonics 成立的目的是開發和提供一流的一年一次的連續血糖監測儀。兌現這項承諾後，我們的使命是推動進一步的進步，使一年期感測器更加方便、更少侵入性並對患者更具吸引力。

Gemini is the next step in that continued evolution. As a reminder, Gemini includes a self-powered battery and offers both swipe and prospective CGM functionality, all incorporated into a tiny under-the-skin sensor. This offers the option to wear a transmitter when the full functionality of alarms and alert protection is required and swipe when a user does not want to wear anything on their skin. This product will be especially attractive to the large population of people with diabetes on both basal insulin and those on non-insulin regimens.

雙子座是持續進化的下一步。提醒一下，Gemini 包含一個自供電電池，並提供滑動和預期 CGM 功能，所有這些都包含在一個微小的皮下感測器中。當需要警報和警報保護的全部功能時，可以選擇佩戴發射器，而當用戶不想在皮膚上佩戴任何東西時，可以選擇滑動。該產品對於使用基礎胰島素和非胰島素治療方案的大量糖尿病患者尤其具有吸引力。

We're very excited about the growing type 2 opportunity with Gemini, and I'm pleased with the development team's progress. We remain on schedule to start an IDE pivotal study for Gemini later this year. Our target is to then have a US submission mid next year with a commercial launch in the US starting near the end of 2026.

我們對 Gemini 不斷成長的 2 型機會感到非常興奮，我對開發團隊的進展感到滿意。我們將按計劃於今年稍後為 Gemini 啟動 IDE 關鍵研究。我們的目標是明年年中向美國提交申請，並於 2026 年底在美國進行商業發布。

The next exciting evolution beyond Gemini is our work on the Freedom program. With Freedom, we are targeting to deliver the world's first truly invisible CGM. Freedom will eliminate any on-body component to offer people continuous readings with real-time alarms and alerts directly to the phone with nothing on the skin. Our team is working towards the goal of launching Freedom about a year after Gemini. All of us at Senseonics remain committed to pushing the boundaries of technology and continue to provide the world's most advanced CGM to people with diabetes.

繼雙子座之後的下一個令人興奮的演變是我們在自由計劃上的工作。透過 Freedom，我們的目標是推出世界上第一個真正隱形的 CGM。Freedom 將消除任何貼身組件，為人們提供連續讀數，並直接向手機發送即時警報和警告，而無需在皮膚上放置任何東西。我們的團隊正在努力實現在 Gemini 推出一年後推出 Freedom 的目標。Senseonics 的所有員工都致力於突破技術界限，並繼續為糖尿病患者提供世界上最先進的 CGM。

Lastly, we raised approximately $78 million in gross proceeds during the second quarter, including $20 million from Abbott in a concurrent private placement. This capital supports the critical work that I've been speaking about, expanding the ongoing launch of Eversense 365, including increased direct-to-consumer advertising, supporting access and other initiatives of the product and continuing our development pipeline.

最後，我們在第二季籌集了約 7,800 萬美元的總收益，其中包括來自雅培的 2,000 萬美元同時私募。這筆資金支持了我一直在談論的關鍵工作，擴大 Eversense 365 的持續推出，包括增加直接面向消費者的廣告、支援產品的訪問和其他舉措以及繼續我們的開發管道。

We believe our progress on these initiatives positions us well to further drive product awareness, innovation, long-term growth and shareholder value. Now I'll turn the call over to Rick to walk you through financials from the quarter and provide some additional details.

我們相信，這些措施的進展使我們能夠進一步推動產品知名度、創新、長期成長和股東價值。現在我將電話轉給 Rick，讓他向您介紹本季的財務狀況並提供一些額外的細節。

Thank you, Tim, and thanks to everyone joining us this afternoon. This was an important quarter for Senseonics with a focus on many initiatives, all supported by the recent public offering, together with the Abbott investment that resulted in a combined gross proceeds of $77.8 million, including the full exercise of the underwriters' greenshoe.

謝謝你，提姆，也謝謝今天下午加入我們的每個人。本季對 Senseonics 來說非常重要，公司專注於多項舉措，所有這些舉措均由近期的公開發行提供支持，加上雅培的投資，公司共獲得 7,780 萬美元的總收益，其中包括承銷商超額配售權的全面行使。

With a cash position of over $126 million, we have strengthened our balance sheet to support our runway, not only for continued development of both the Gemini and Freedom systems, but also to support key launch and marketing initiatives such as driving patient leads through direct-to-consumer advertising.

我們擁有超過 1.26 億美元的現金，這增強了我們的資產負債表以支持我們的發展，不僅是為了繼續開發 Gemini 和 Freedom 系統，而且還支持關鍵的發布和營銷計劃，例如通過直接面向消費者的廣告來吸引患者。

As Tim mentioned, we are complementing ADC's efforts in this area. Jointly, we will more than double the previously anticipated DTC spend to more than $10 million over the next two quarters. Together with our partner, Ascensia, we expect to boost actionable leads and support our sales force and conversion and other activities to accelerate patient growth. We expect our expanded DTC efforts to improve product recognition and awareness of the unique benefits of 365, driving patients and prescribers to the Eversense brand.

正如蒂姆所提到的，我們正在補充 ADC 在這一領域的努力。在未來兩個季度內，我們將共同把先前預期的 DTC 支出增加一倍以上，達到 1,000 多萬美元。我們希望與合作夥伴 Ascensia 一起，增加可操作的線索，並支持我們的銷售團隊和轉換以及其他活動，以加速患者成長。我們希望擴大 DTC 努力能夠提高產品認知度和對 365 獨特優勢的認識，從而吸引患者和處方者關注 Eversense 品牌。

Our recent public offering also gave us the opportunity to speak with a significant number of institutional investors. The majority of investors that participated in the offering requested that we consider a stock split in the near future. And during the marketing of the deal, we also heard from a number of potential investors that they could not participate due to internal policies and practices that limited their ability to invest in stocks trading below certain dollar value thresholds.

我們最近的公開募股也使我們有機會與大量機構投資者進行交流。參與此次發行的大多數投資者要求我們在不久的將來考慮股票分割。在交易行銷期間，我們也聽到一些潛在投資者表示，由於內部政策和做法限制了他們投資低於特定美元價值門檻的股票的能力，他們無法參與。

Listening to this feedback, we plan to seek shareholder approval for a reverse stock split to overcome these limitations, which we believe will address this impediment and make it easier for a broader number of investors to invest in Senseonics.

在聽取這些回饋後，我們計劃尋求股東批准進行反向股票分割以克服這些限制，我們相信這將解決這一障礙並使更多的投資者更容易投資 Senseonics。

We also believe a reverse stock split will facilitate inclusion of Senseonics in indices that have stock price requirements such as the Russell and reduce the administrative costs caused by the current share count. Taking into consideration the shareholder feedback from earlier this year, we have elected to reduce the targeted split ratio to a range of 10:1 to 20:1, and we will provide additional details as we get closer to the fall special meeting of stockholders to vote on this proposed reverse stock split.

我們也認為，反向股票分割將有助於將 Senseonics 納入具有股票價格要求的指數（例如 Russell），並降低當前股票數量造成的管理成本。考慮到今年稍早股東的回饋，我們決定將目標分割比率降低至 10:1 至 20:1 的範圍，並且我們將在秋季特別股東大會就此擬議的反向股票分割進行投票時提供更多詳細資訊。

Now transitioning to the quarterly results. In the second quarter of 2025, net revenue grew 37% to $6.6 million compared to $4.9 million in the prior year period on the strength of new Eversense 365 insertions. US revenue for the second quarter was $4.9 million and revenue outside the US was $1.7 million.

現在轉向季度業績。2025 年第二季度，得益於 Eversense 365 新產品的推出，淨收入成長 37%，達到 660 萬美元，而去年同期為 490 萬美元。第二季美國營收為 490 萬美元，美國以外營收為 170 萬美元。

As always, a quick reminder regarding revenue recognition in our two main sales channels. Our collaboration agreement with Ascensia is based on revenue sharing with the revenue sharing percentage applied differently in each channel. For sales made directly to Ascensia, we recognize revenue after discounting the current revenue sharing percentage when shipments are delivered to Ascensia.

像往常一樣，快速提醒我們兩個主要銷售管道的收入確認。我們與 Ascensia 的合作協議是基於收入分成，每個通路採用的收入分成百分比不同。對於直接向 Ascensia 進行的銷售，我們在貨物交付給 Ascensia 時扣除當前收入分成百分比後確認收入。

Ascensia targets 60- to 90 days of inventory, and therefore, shipments made during the quarter largely support future demand of Eversense. The supply of Eversense 365 has been at target levels since the end of Q2.

Ascensia 的目標是 60 至 90 天的庫存，因此本季的出貨量在很大程度上支持了 Eversense 未來的需求。自第二季末以來，Eversense 365 的供應量一直處於目標水準。

We also sell product through an office consignment program, which continues to grow, making up over 40% of our revenue in Q2. In this channel, we recognize revenue at the time of procedure and at the same time, record a commission expense to sales and marketing expenses based on the current revenue sharing percentage for Ascensia's commercial support.

我們也透過辦公室寄售計畫銷售產品，持續成長，佔第二季營收的 40% 以上。在這個管道中，我們在處理時確認收入，同時根據 Ascensia 商業支援的當前收入分成百分比，將佣金費用記錄到銷售和行銷費用中。

The average selling prices in the consignment channel are approximately 2x the ASPs through the Ascensia direct shipment channel as a result of the consignment channel being primarily Medicare with the recently announced updated pricing and the ability to recognize 100% of the Eversense revenue. With this sales channel mix, we recognize approximately 80% of the Eversense revenue.

由於寄售管道主要是醫療保險，並且最近宣布了更新的定價，並且能夠確認 100% 的 Eversense 收入，因此寄售管道的平均售價約為 Ascensia 直運通路 ASP 的 2 倍。透過這種銷售管道組合，我們實現了 Eversense 約 80% 的收入。

In Q2 2025, gross profit was $3.1 million, an increase of $2.8 million from the prior year period. This increase in gross profit was primarily driven by the increased margins on the 365-day product, sales channel mix and for this quarter, a one-time gain of $0.7 million from value-added tax recoveries expensed in prior years. Research and development expenses in Q2 2025 were $7.7 million, a decrease of $3.1 million compared to the prior year period. The decrease was primarily due to a reduction in clinical study spend and consulting costs due to the completion of the 365-day product trials.

2025 年第二季度，毛利為 310 萬美元，較去年同期增加 280 萬美元。毛利的成長主要得益於 365 天產品利潤率的提高、銷售通路組合的增加，以及本季從前幾年計入的增值稅中收回的 70 萬美元的一次性收益。2025 年第二季研發費用為 770 萬美元，較去年同期減少 310 萬美元。下降的主要原因是365天產品試驗的完成導致臨床研究支出和諮詢費用的減少。

Second quarter 2025 selling, general and administrative expenses were $9.7 million, an increase of $0.7 million compared to $9 million in the prior year period, primarily driven by sales commission expenses due to Ascensia for commercial support of our consignment program. Net loss was $14.5 million or a $0.02 loss per share in the second quarter of 2025, compared to a net loss of $20.3 million or a $0.03 loss per share in the second quarter of 2024.

2025 年第二季銷售、一般和行政費用為 970 萬美元，比去年同期的 900 萬美元增加了 70 萬美元，主要原因是 Ascensia 為我們的寄售計劃提供商業支持而產生的銷售佣金費用。2025 年第二季淨虧損為 1,450 萬美元，即每股虧損 0.02 美元，而 2024 年第二季淨虧損為 2,030 萬美元，即每股虧損 0.03 美元。

Net loss decreased by $5.8 million, primarily due to improved gross profit margins of Eversense 365 and reduced research and development costs. As of June 30, 2025, cash, restricted cash and cash equivalents totaled $126.7 million, and debt and accrued interest was $35.3 million.

淨虧損減少 580 萬美元，主要由於 Eversense 365 毛利率提高和研發成本降低。截至 2025 年 6 月 30 日，現金、受限現金及現金等價物總額為 1.267 億美元，債務及應計利息為 3,530 萬美元。

Reiterating our outlook for 2025, we expect full year 2025 global net revenue to be approximately $34 million to $38 million as we progress the launch of Eversense 365 in the US and we expect EU. This financial outlook takes into consideration several factors, including the timeline for the regulatory approval and the planned commercial launch of Eversense 365 outside the United States, plans with respect to spending on the US DTC marketing campaigns to generate leads, continued progress in our launch activities, reinsertion and pricing dynamics with the shift from a 6- to 12-month product and the status of other sales and marketing initiatives.

重申我們對 2025 年的展望，隨著我們在美國推進 Eversense 365 的推出，我們預計 2025 年全年全球淨收入將達到約 3400 萬至 3800 萬美元，並且我們預計歐盟也將如此。這個財務前景考慮了幾個因素，包括監管部門批准的時間表和 Eversense 365 在美國以外商業發布的計劃、在美國 DTC 營銷活動上花費以產生潛在客戶的計劃、發佈活動的持續進展、從 6 個月產品轉向 12 個月產品的重新插入和定價動態以及其他銷售和營銷計劃的狀態。

The full year 2025 financial outlook assumes approximately doubling the global patient base in 2025 compared to 2024. We achieved our target of approximately one-third of planned annual revenue in the first half of the year, with the remaining two-thirds of revenue expected in the second half because of the steady increase in patients and the seasonality of program discounts and patient deductibles.

2025 年全年財務展望預計 2025 年全球患者數量將比 2024 年增加約一倍。我們在上半年實現了約三分之一的計劃年收入的目標，由於患者數量的穩步增長以及計劃折扣和患者免賠額的季節性，預計下半年將實現剩餘三分之二的收入。

For the second half of the year, we expect the majority of revenue in the fourth quarter due to the continued momentum in new patient starts and importantly, reorders from our first US 365 patients as we pass the first anniversary of our Eversense 365 launch.

對於下半年，我們預計大部分收入將在第四季度實現，這得益於新患者開始治療的持續勢頭，更重要的是，隨著 Eversense 365 推出一周年，我們首批美國 365 名患者的重新訂購。

Excluding accounting adjustments and one-time benefits that have a positive impact to gross profit margins, we continue to see favorability due to our sales channel mix and the execution of our manufacturing and supply chain teams. We are continuing to monitor the impact of tariffs and currently expect that we'll be able to mitigate much of the negative impacts. Taking into consideration our margin performance to date and the anticipated continued favorability, we now expect full year gross profit margins between 32.5% and 37.5%.

除對毛利率產生積極影響的會計調整和一次性福利外，我們繼續看到由於我們的銷售管道組合以及製造和供應鏈團隊的執行而產生的有利影響。我們正在繼續監測關稅的影響，目前預計我們將能夠減輕大部分負面影響。考慮到我們迄今為止的利潤率表現以及預期的持續良好勢頭，我們現在預計全年毛利率將在 32.5% 至 37.5% 之間。

We expect cash utilization in 2025 to be approximately $60 million, largely as a result of tight cash management while complementing Ascensia's DTC spend. Finally, we've practiced good financial housekeeping, filing an updated shelf with the SEC in the amount of $300 million with a portion assigned to a $100 million at-the-market facility with TD Cowen, two additional activities to facilitate long-term growth. And with that, I'll turn it back to Tim.

我們預計 2025 年的現金利用率約為 6,000 萬美元，這主要是由於嚴格的現金管理，同時補充了 Ascensia 的 DTC 支出。最後，我們實行了良好的財務管理，向美國證券交易委員會 (SEC) 提交了一份價值 3 億美元的最新擱置債務，其中一部分分配給了 TD Cowen 的 1 億美元市場融資工具，這兩項額外活動都是為了促進長期增長。說完這些，我就把話題轉回給提姆。

Thanks, Rick. The last thing I'll mention before wrapping up is the event we hosted at this year's ADA. We had a great turnout, and I encourage any of you that did not participate to go and listen to the replay on our website.

謝謝，里克。結束之前我要提到的最後一件事是我們在今年的 ADA 上舉辦的活動。我們的出席人數非常多，我鼓勵任何沒有參加的人去我們的網站收聽重播。

We featured some of our DTC marketing materials featuring George, our favorite CGM personality and heard from Gary Graf, a nurse practitioner that inserts the Eversense 365 on a regular basis. According to Gary, the procedure fits seamlessly into his practice and typically takes him about eight minutes and can be easily completed on a patient's lunch break.

我們展示了一些 DTC 行銷資料，其中以我們最喜歡的 CGM 人物喬治 (George) 為主角，並聽取了定期插入 Eversense 365 的執業護士加里格拉夫 (Gary Graf) 的意見。根據加里介紹，該手術與他的實踐無縫銜接，通常需要大約八分鐘，並且可以在患者的午休時間輕鬆完成。

As you've heard, we accomplished a lot in the second quarter and have made great strides in setting the company up for long-term growth. To build shareholder value, we'll continue to drive the 365 launch, enhancing investment in effective direct-to-consumer marketing, all while supporting greater access and convenience of Eversense and by moving Gemini and Freedom closer to the market.

正如您所聽到的，我們在第二季度取得了許多成就，並在為公司長期成長做好準備方面取得了長足的進步。為了創造股東價值，我們將繼續推動 365 的推出，加強對有效的直接面向消費者行銷的投資，同時支持 Eversense 的更大訪問量和便利性，並讓 Gemini 和 Freedom 更貼近市場。

We're also forming partnerships to advance and simplify diabetes care, together with maintaining financial discipline and strengthening our balance sheet and remaining focused on the transformative potential of one year, one CGM.

我們也正在建立合作夥伴關係，以推進和簡化糖尿病護理，同時保持財務紀律和加強我們的資產負債表，並繼續關註一年一次的 CGM 的變革潛力。

With that, I'll now turn the call over to the operator to answer any questions that you may have. Thanks once again for your time today. Operator, let's go ahead and open up the call for questions.

現在，我將把電話轉給接線員，以回答您可能遇到的任何問題。再次感謝您今天抽出時間。接線員，我們繼續開始提問吧。

(Operator Instructions)

（操作員指示）

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Congratulations on the nice quarter and continued momentum with the Eversense 365 launch. I wanted to just ask a couple of questions on the back half here. And I guess to start, just calling out, again, just the fourth quarter stronger than the third quarter, and you'll have some -- the replacement cycle kick in for Eversense, the initial Eversense 365 patients.

恭喜本季取得良好業績，並祝賀 Eversense 365 的發布繼續保持良好勢頭。我只想問幾個關於後半部的問題。我想首先要強調的是，第四季度的表現將強於第三季度，而 Eversense 的替代週期即將開始，最初的 Eversense 365 患者也將開始受益。

Maybe just help us think about or help us frame up expectations for retention rates. Anything you can share just on historic attrition/retention/attrition rates for Eversense in prior versions? And then what do you expect going forward?

也許只是幫助我們思考或幫助我們制定對保留率的期望。能分享一下 Eversense 以前版本的歷史流失率/保留率/流失率嗎？那麼，您對未來有何期待呢？

Sure, Josh. Appreciate the time as well. As you know, we don't yet have the retention on the 365 as that first patient is not off yet. But our experience to date typically has been 75% retention from sensor 1 to 2 jumps to about 85% from sensor 2 to 3 and about 95% from sensor 3 and beyond. So as they become longer and longer tenured users, of course, it becomes more and more part of their life and they continue to sign up for the reinsertion.

當然，喬希。也珍惜時間。如您所知，我們尚未實現 365 天的保留，因為第一位患者尚未離開。但迄今為止，我們的經驗通常是，從感測器 1 到 2 的保留率為 75%，從感測器 2 到 3 的保留率為 85%，從感測器 3 及以後的保留率為 95% 左右。因此，隨著他們成為越來越長期的用戶，它當然會越來越成為他們生活的一部分，並且他們會繼續註冊以便重新加入。

We do expect that the retention rate will be higher for 365 than it was for the 180, but of course, don't have that real data yet. So that's what our history has been, and we're obviously going to continue to work hard and a number of programs in place to do everything we can to maximize those reinsertions.

我們確實預期 365 的留存率會高於 180，但當然，目前還沒有真正的數據。這就是我們的歷史，我們顯然會繼續努力工作，並實施一系列計劃，盡一切努力最大限度地實現重新安置。

Excellent. And then just on the consignment channel, a big percentage of 2Q revenue, Medicare reimbursement is in place. I'm assuming that, that's helping that kind of percentage increase sequentially. But how should we be thinking about consignment as a percentage of total revenue going forward?

出色的。然後僅在代銷管道，第二季收入的很大一部分都得到了醫療保險報銷。我認為這有助於該百分比連續增加。但是，我們該如何看待代銷在未來佔總收入的百分比呢？

And just on the second part of this last question is just how do you -- should we think about the private pay for physicians and this kind of this global reimbursement in play for Medicare, how far behind are private payers to institute that coverage? And are you already there with some payers?

關於最後一個問題的第二部分，您如何看待——我們是否應該考慮醫生的私人支付以及醫療保險的這種全球報銷，私人支付者在建立這種保險方面落後了多少？您是否已經有一些付款人了？

Sure. Yes. We actually have started to see some of the payers. They recognize that this is not a traditional DME by any means. So they have begun that transition to that buy-and-bill channel, which, again, we consign that product. So they docs don't actually pay for it until they actually use it. So typically, one or two sensors will sit in their institution, they'll do the insertion and then it will run out or it will appear in the cloud, and we'll actually build them for it at that point.

當然。是的。我們實際上已經開始看到一些付款人。他們認識到這無論如何都不是傳統的 DME。因此，他們已經開始向購買和付款管道轉型，然後我們再寄售該產品。因此，醫生直到實際使用它時才真正需要付費。因此，通常情況下，一個或兩個感測器會放在他們的機構中，他們會進行插入，然後它會用完或出現在雲中，然後我們實際上會在那時為其構建它們。

So -- and for sure, that consignment channel is definitely increasing. It's the most attractive for that buy-and-bill space. But Rick, do you want to speak to how we're thinking about it going forward?

所以——可以肯定的是，寄售管道肯定在增加。對於買入和賣出領域來說，這是最具吸引力的。但是瑞克，你想談談我們對未來的看法嗎？

Sure. Thanks, Tim. Thanks, Josh. You're absolutely right that a big piece of the increase in the percentage of revenue from the consignment channel is that Medicare pricing, but the volume is actually up as well, and it's certainly supported by our Eon Care efforts and the increase in the number of providers that we're anticipating there. So we will continue to see that consignment channel increase as a percentage of our revenue.

當然。謝謝，蒂姆。謝謝，喬希。您說得完全正確，寄售管道收入百分比的增長很大程度上歸功於醫療保險定價，但數量實際上也在上升，這當然得益於我們在 Eon Care 的努力以及我們預期的供應商數量增加。因此，我們將繼續看到代銷管道在我們收入中所佔的百分比不斷增加。

I wouldn't expect the growth to be as dramatic in future quarters. We also will see that our ASPs in our other Ascensia direct channel will improve in the second half of this year as many of the patient assistance programs are going to be less utilized since our patients have now met their deductibles or near meeting them in the second half of this year.

我預計未來幾季的成長不會如此劇烈。我們還將看到，我們其他 Ascensia 直接管道的 ASP 將在今年下半年得到改善，因為許多患者援助計劃的使用率將會降低，因為我們的患者現在已經滿足了他們的免賠額或在今年下半年接近滿足免賠額。

Ben Haynor, Lake Street Capital Markets.

Ben Haynor，Lake Street Capital Markets。

Just following up on one of Josh's questions on the retention rates. Is there anything more that you could share maybe on how those changed when you move from 90 days to 180 days? Or is the sample size not there or non-representative?

只是想跟進一下 Josh 關於保留率的一個問題。您能否分享更多有關從 90 天到 180 天的變化？還是樣本量不存在或不具代表性？

No, it's pretty consistent. As I said, the sensor retention is around 75% from sensor 1 to sensor 2. About half of the time in both cases, whether it was on the 90 or the 180, it is economic. So they will have moved plans potentially or would have been a participant in a subsidized, so a patient assistance program that might have expired and it's an economic barrier to transition to future ones.

不，它非常一致。正如我所說，從感測器 1 到感測器 2 的感測器保留率約為 75%。在兩種情況下，無論是 90 度還是 180 度，大約有一半的時間是經濟的。因此，他們可能會改變計劃，或成為補貼的參與者，因此患者援助計劃可能已經過期，這對過渡到未來的計劃構成經濟障礙。

So we think it will be -- we're planning in that range. But again, there's also the recognition that by the time you use the product for a year, it really does become part of your life. And that's certainly, of course, the case with now all the 365 sensors.

所以我們認為它會是——我們計劃在這個範圍內。但同樣，你也要認識到，當你使用該產品一年後，它確實會成為你生活的一部分。當然，現在所有 365 個感測器都是如此。

Okay. That makes sense. That's definitely helpful. And then is there anything you can share on kind of the mix of diabetics that are getting these things? Is it -- has it changed much between what you've seen historically, type 1, type 2 using intensive insulin, type 1 aware, et cetera?

好的。這很有道理。這絕對是有幫助的。那麼，您能分享一下服用這些藥物的糖尿病患者的情況嗎？您是否見過如此多的糖尿病，例如第 1 型糖尿病、使用強化胰島素的 2 型糖尿病、1 型糖尿病等等，並且發生了很大變化？

Yes. It's -- I mean it certainly started out where all CGM started out being very heavy into the type 1, but especially because of the long duration and frankly, the ease of use, we are seeing the vast majority of our patients. It's now about 75% are type 2s that are coming in, the very attractive space for us with the folks that are on basal insulin.

是的。我的意思是，一開始所有的 CGM 對 1 型糖尿病都很嚴重，但特別是因為持續時間長，坦白說，使用方便，我們看到絕大多數患者都使用了 CGM。現在大約有 75% 的患者是第 2 型糖尿病患者，對於使用基礎胰島素的患者來說，這是一個非常有吸引力的領域。

Again, they're looking for a technology that's got a little bit lower overhead and going into the office, having one procedure done and then being able to forget about it for the next 365 days is pretty attractive for them. So our biggest growth by far is coming from type 2 patients.

再說一次，他們正在尋找一種開銷較低的技術，走進辦公室，完成一個程序，然後在接下來的 365 天內可以忘記它，這對他們來說非常有吸引力。因此，迄今為止我們最大的成長來自 2 型患者。

Okay. That's great. And then on consignment, is there kind of a ballpark way to think about it once you do go consignment with the clinic or provider of the kind of increase that you expect to see in patient starts that can be expected when these folks move over to that program?

好的。那太棒了。然後關於寄售，一旦您與診所或提供者進行寄售，是否有一種大致的方法來考慮，當這些人轉到該計劃時，您預計患者人數會增加多少？

Rick, do you want to take that one? I don't know if we've got good data on the growth due to consignment. It really is -- remember, this is a fairly expensive device now that it's up to a year for a doctor to purchase upfront. So we implemented the consignment program as a way to moderate that buying barrier.

瑞克，你想拿那個嗎？我不知道我們是否有關於寄售成長的良好數據。確實如此——請記住，這是一個相當昂貴的設備，醫生需要提前一年購買。因此，我們實施了寄售計劃，以緩解購買障礙。

Yes. And I think just to add to that, a provider isn't on a consignment program or nothing else. They may have consignment centers on their shelves ready for patients that are reimbursed through those specific payers. They also may still go through our other channel as well traditionally through those DME channels through Ascensia. So it's not a one or the other. But as we continue to add Eon Care physicians and utilize adding physicians to that consignment program, we are seeing the volume increase.

是的。我想補充一點，供應商不參與寄售計劃或其他任何事情。他們可能在貨架上設有寄售中心，為透過特定付款人報銷的患者提供服務。他們也可能透過我們的其他管道，以及透過 Ascensia 的傳統 DME 管道。所以這不是一個非此即彼的問題。但隨著我們繼續增加 Eon Care 醫生並利用增加的醫生加入該寄售計劃，我們看到了數量的增加。

Okay. Got it. And then lastly on Eon Care, is there any revenue contribution model for -- that's factored into guidance on that? And is that meaningful? Or should we expect it to be meaningful for the year?

好的。知道了。最後，關於 Eon Care，是否有任何收入貢獻模式 - 這已計入指導中？這有意義嗎？或者我們應該期待它在今年有意義嗎？

Rick, do you want to --

瑞克，你想--

Sure. Yes, there is some contribution from the Eon Care services as it relates to procedure revenue, so not revenue from the sale of our product, but that's low single-digit percentage. So it's not something that we're going to break out today, but it will certainly grow as the Eon Care becomes a larger percentage of our total procedures and as we increase providers over the coming years.

當然。是的，Eon Care 服務確實有一些貢獻，因為它與程序收入有關，所以不是來自我們產品銷售的收入，但這是一個較低的個位數百分比。所以這不是我們今天要突破的事情，但隨著 Eon Care 在我們全部流程中所佔的比例越來越大，以及我們在未來幾年增加提供者，它肯定會成長。

Sean Lee, H.C. Wainwright.

肖恩李、H.C. 溫賴特。

I just have two quick ones. First, on the package with Sequel's twiist. So you mentioned that Sequel launched twiist last month. So I was wondering what will the commercialization of the combo look like? Is it going to be a co-marketing agreement? Or is there something else?

我只有兩個簡短的問題。首先，關於 Sequel 的扭曲包裝。所以你提到 Sequel 上個月推出了 twiist。所以我想知道這個組合的商業化會是什麼樣子？這會是一份聯合行銷協議嗎？還是有其他原因？

There is quite a bit of co-marketing that we plan on doing as they launch their new sensor in combination. The commercial teams have actually been working for about the last three- or four months to be prepared for the day. The formal relation is actually through a development agreement where they have specific responsibilities and we have responsibilities.

當他們聯合推出新的感測器時，我們計劃進行大量的聯合行銷。事實上，商業團隊已經為這一天的到來做好了大約三、四個月的準備。正式關係實際上是透過開發協議，他們有特定的責任，我們也有責任。

So that we're actively following and executing. But by the nature of the uniqueness of their pump and their algorithm and the uniqueness of the one-year sensor, it's pretty exciting to be taking to patients that innovation. So that's a big part of how we're going to work together.

因此我們正在積極遵循和執行。但是由於其泵浦和演算法的獨特性以及一年感測器的獨特性，將這種創新帶給患者是相當令人興奮的。這是我們合作的一個重要部分。

I see. Thank you for the additional clarity. My last question is on the upcoming IDE pivotal study for Gemini. So I was wondering what would the design of that study be? Like is it similar to what was done previously with Eversense?

我懂了。感謝您的進一步澄清。我的最後一個問題是關於即將進行的 Gemini IDE 關鍵研究。所以我想知道這項研究的設計是什麼樣的？它是否與之前使用 Eversense 所做的事情類似？

Mukul, would you mind speaking to that?

穆庫爾，你介意談談這個問題嗎？

I can take that. So what would be similar would be the evaluation, right, where we bring the patients to the clinic and hook them up and do a bedside monitoring of that accuracy to YSI while we look at the glucose data coming out of the CGM and compare the two. What we intend to do in this clinical study is to just test for -- validate the new features, which is the flash part of it and not go through the entire longitudinal one year because the sensor part of the Gemini is the same as 365.

我可以接受。因此，相似的是評估，我們將患者帶到診所，對他們進行連接，並在床邊監測 YSI 的準確度，同時我們查看來自 CGM 的血糖數據並比較兩者。我們打算在這項臨床研究中做的只是測試 - 驗證新功能，即閃存部分，而不是經歷整個縱向一年，因為 Gemini 的傳感器部分與 365 相同。

This is how we are planning on that study. We still are in discussions with FDA, doing a preserve and having those discussions. So it still have to be worked through that, but that's the intent.

這就是我們對該項研究的計劃。我們仍在與 FDA 進行討論，制定保護措施並進行討論。因此，仍然需要解決這個問題，但這就是目的。

(Operator Instructions)

（操作員指示）

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Congrats on the quarter here and the launch on Eversense so far. Any comments from the Senseonics vantage point on the CMS proposal for competitive bidding and then just bundling with insulin pumps. It almost seems like the payment, if that does go through, that actually Eversense is in a favorable, I guess, position because technically, I don't think would fall into that category, but I may be misspeaking there. But just again, the views on competitive bidding and just what that actually means for Eversense if it becomes a final rule as we head into 2027? And then I'll have a follow-up.

恭喜本季取得的成績以及迄今為止在 Eversense 上的發布。從 Senseonics 的角度來看，對於 CMS 提出的競爭性投標然後與胰島素幫浦捆綁銷售的提議，您有何評論？這幾乎看起來像是付款，如果確實通過了，那麼我猜實際上 Eversense 處於有利地位，因為從技術上講，我認為它不屬於這一類，但我可能說錯了。但是，再說一次，對於競爭性投標的看法以及如果它在 2027 年成為最終規則，那麼這對 Eversense 來說意味著什麼？然後我會跟進。

Yes. Anthony, we agree with that assessment. Definitively, Eversense is compensated by Medicare as a medical benefit. So it's a Part B benefit. It is not a DME product, and they remunerate us, as you heard through the payment for the combined buy and bill. And therefore, we recognize that we will not be part of that competitive bidding process because it is a DME process that they follow.

是的。安東尼，我們同意這個評估。毫無疑問，Eversense 是作為醫療福利由 Medicare 補償的。所以這是 B 部分的福利。這不是 DME 產品，他們會向我們支付報酬，正如您在合併購買和帳單付款中聽到的那樣。因此，我們認識到我們不會參與該競爭性投標過程，因為他們遵循的是 DME 流程。

So it's those home use products that are subject to it, very similar to what they did in the diabetes technology space for the blood glucose meters and strips, but it is a result of that DME process. And as a medical benefit with a published annual CPT code and the reimbursement for it, we will be -- we will certainly be outside of that.

因此，那些家用產品會受到它的影響，這與他們在糖尿病技術領域對血糖儀和試紙所做的非常相似，但它是 DME 過程的結果。作為一項醫療福利，我們公佈了年度 CPT 代碼並對其進行了報銷，我們肯定會超出這一範圍。

No, that's helpful. And then the follow-up there would be on the provider transition Eon Care, the increased number of nurse practitioners that are now implanters, inserters. Just what's the timing there for actually when you can see that actually start to benefit volumes? And if you can give us just a scale of what that represents in terms of percentage increase in total number of implanters for Eversense.

不，這很有幫助。接下來的後續工作是 Eon Care 提供者轉型，現在從事植入和插入工作的執業護理師數量有所增加。那麼，當您看到它實際上開始對產量產生效益時，時間是什麼時候？而且您能否給我們一個比例，以 Eversense 植入者總數的百分比增長來表示這一點？

Yes. So we are right around 40 professionals right now. Over the next three- or four months, we're going to take that to 50, and then we plan to double that again in 2026. So it's going to be a very material component. It offers us not only the advantage of that flexibility, also allows us to more regionally cover. So in situations where as we have transitioned to more and more type 2 patients that are seen more and more by primary care, it's less likely that they're going to be large inserters.

是的。我們現在大約有 40 位專業人員。在接下來的三、四個月裡，我們將把這個數字提高到 50，然後計劃在 2026 年再翻倍。所以它將成為一個非常重要的組成部分。它不僅為我們提供了靈活性的優勢，還使我們能夠覆蓋更廣泛的區域。因此，隨著我們轉向越來越多的 2 型患者並越來越多地接受初級保健，他們成為大型插入者的可能性較小。

So those areas we're augmenting with this network of closely held, closely trained, but 1099 nurses. So they work on contract. We pay them an hourly or a per diem rate. And then through the Eon, we'll actually bill for the procedure as well as that bundled payment if it's in Medicare or bill it through the commercial pay if it's going through the more traditional route.

因此，我們正在透過這個由 1099 名護理師組成的緊密控制、嚴格培訓網絡來擴大這些地區。所以他們是按照合約工作的。我們按小時或按日支付工資給他們。然後透過 Eon，如果是醫療保險，我們實際上會為該手術以及捆綁付款開具帳單，如果是透過更傳統的途徑，我們則會透過商業支付開立帳單。

This does conclude our question-and-answer session. I'd be happy to return the call to Tim Goodnow for closing comments.

我們的問答環節到此結束。我很樂意回電給 Tim Goodnow 徵求他的最後評論。

Well, great. Thank you. We feel very excited about the progress that we're making with Eversense. The 365 product is -- it truly shows some exciting times. We're excited to continue to be working with the team at Ascensia as we wrap up -- excuse me, as we ramp up the DTC investment, which we're paying very close to and encouraged with the results that we're seeing.

嗯，太好了。謝謝。我們對 Eversense 所取得的進展感到非常興奮。365 產品－它確實展示了一些令人興奮的時刻。我們很高興能夠繼續與 Ascensia 團隊合作——抱歉，我們正在加大 DTC 投資，我們對此的支付非常接近，並且對所看到的結果感到鼓舞。

So look forward to updating you all in about a quarter on the progress and an important second half of the year for us. So with that, thanks, everyone, for the time and look forward to speaking with you soon.

因此，我們期待在一個季度左右的時間內向大家通報進展情況，這對我們來說是一個重要的下半年。因此，感謝大家抽出時間並期待很快與你們交談。

Thank you. This does conclude today's conference. You may now disconnect your lines, and everyone, have a great day.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，祝大家有個愉快的一天。