Tandem Diabetes Care Inc (TNDM) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to Tandem's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to hand the call over to EVP and Chief Administrative Officer, Susan Morrison. Madam, you may begin.

感謝您的耐心等待，歡迎參加 Tandem 2023 年第三季財報電話會議。 （操作員指示）我現在想將電話轉交給執行副總裁兼首席行政官 Susan Morrison。女士，您可以開始了。

Hello, everyone, and thanks for joining Tandem's 2023 Third Quarter Earnings Call.

大家好，感謝您參加 Tandem 的 2023 年第三季財報電話會議。

As a reminder, today's discussion will include forward-looking statements. These statements reflect management's expectations about future events, product development time lines and financial performance and operating plans and speak only as of today's date.

提醒一下，今天的討論將包括前瞻性陳述。這些陳述反映了管理層對未來事件、產品開發時間表以及財務業績和營運計劃的預期，並且僅代表截至今天的情況。

There are risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in our forward-looking statements. A list of factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is highlighted in our press release issued earlier today and under the Risk Factors portion and elsewhere in our most recent annual report on Form 10-K, quarterly report on Form 10-Q and in our other SEC filings.

存在風險和不確定性，可能導致實際結果與我們前瞻性陳述中預期或預期的結果有重大差異。我們今天早些時候發布的新聞稿以及我們最新年度報告的風險因素部分和其他地方強調了一系列可能導致實際結果與任何這些前瞻性陳述所表達或暗示的結果存在重大差異的因素。10-K表、10-Q 表的季度報告以及我們向SEC 提交的其他文件中的報告。

We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or other factors. Today's discussion will also include references to a number of GAAP and non-GAAP financial measures. Non-GAAP financial measures are provided to give our investors information that we believe is indicative of our core operating performance and reflects our ongoing business operations.

我們不承擔公開更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他因素。今天的討論也將涉及一些公認會計原則和非公認會計原則財務指標。提供非公認會計準則財務指標是為了向我們的投資者提供我們認為能夠反映我們核心經營績效並反映我們持續業務營運的資訊。

We believe these non-GAAP financial measures facilitate better comparisons of operating results across reporting periods. Any non-GAAP information presented should not be considered as a substitution, independently or superior to results prepared in accordance with GAAP. Please refer to our earnings release, quarterly report on Form 10-Q and the Investor Center portion of our website for a reconciliation of these measures to their most direct comparable GAAP financial measure.

我們相信這些非公認會計準則財務指標有助於更好地比較不同報告期間的營運績效。所提供的任何非 GAAP 資訊均不應被視為獨立於或優於根據 GAAP 準備的結果的替代。請參閱我們的收益發布、Form 10-Q 季度報告以及我們網站的投資者中心部分，以了解這些指標與其最直接可比較的 GAAP 財務指標的對帳情況。

Leading today's call is John Sheridan, Tandem's President and CEO who will be joined by Leigh Vosseller, our Executive Vice President and Chief Financial Officer. Dr. Jordan Pinsker, our Medical Director, will also be joining for the Q&A portion of today's call.

今天的電話會議由 Tandem 總裁兼執行長 John Sheridan 主持，我們的執行副總裁兼財務長 Leigh Vosseller 也將參加會議。我們的醫療總監 Jordan Pinsker 博士也將參加今天電話會議的問答部分。

I'll now turn the call over to John.

我現在將把電話轉給約翰。

Thanks, Susan, and welcome, everyone, to today's call. In the third quarter and throughout 2023, Tandem has focused on bringing the benefits of our #1 rated AID system to more people living with diabetes worldwide along with providing customer care excellence and making operational progress throughout our business.

謝謝蘇珊，歡迎大家參加今天的電話會議。在第三季和整個 2023 年，Tandem 致力於將我們排名第一的 AID 系統的優勢帶給全球更多醣尿病患者，同時提供卓越的客戶服務並在整個業務中取得營運進展。

It's been a transitional time for Tandem as we prepare for the company's next phase of growth through our portfolio of innovation. We are executing on multiple near-term product launches while implementing scalable systems and processes to support our global operations and leverage our infrastructure.

對於 Tandem 來說，這是一個過渡時期，我們正在透過創新組合為公司下一階段的成長做準備。我們正在執行多個近期產品發布，同時實施可擴展的系統和流程，以支援我們的全球營運並利用我們的基礎設施。

Reflecting on our third quarter results, our overall performance was above our baseline expectations, primarily due to the U.S. market. Over the past few weeks, I have had an opportunity to attend some of our regional sales meetings across the United States and was excited and encouraged by my conversations.

回顧我們第三季的業績，我們的整體業績高於我們的基準預期，這主要歸功於美國市場。在過去的幾周里，我有機會參加我們在美國各地舉行的一些區域銷售會議，我的談話讓我感到興奮和鼓舞。

My first takeaway is that the t:slim X2 and with Control-IQ continues to be the best AID system available. This is also reflected in third-party research and our own customer satisfaction surveys. It's evident in our low attrition and higher percentage of customers choosing to purchase a new t:slim X2 from Tandem after their warranty expires.

我的第一個收穫是，帶有 Control-IQ 的 t:slim X2 仍然是現有的最佳 AID 系統。這也反映在第三方研究和我們自己的客戶滿意度調查中。很明顯，我們的客戶流失率較低，並且在保固期滿後選擇從 Tandem 購買新 t:slim X2 的客戶比例較高。

My next takeaway is that overall competitive dynamics remain stable. Some products are newer than others, but the noise from the other AID offerings is in line with our expectations, and the diabetes community is learning more about what these products are and what they are not.

我的下一個要點是整體競爭動態保持穩定。有些產品比其他產品更新，但其他 AID 產品的噪音符合我們的預期，糖尿病界正在更多地了解這些產品是什麼和不是什麼。

Lastly and most overwhelmingly, is the high level of enthusiasm and anticipation for our new sensor integrations and for Mobi Pump platform. Our sales team shared that some new and renewing t:slim customers are pausing as they wait for Mobi and G7 launches and are excited for their availability. These products are at various stages in the release process, and we are highly encouraged by the performance in the hands of our early users.

最後也是最重要的是，人們對我們的新感測器整合和 Mobi Pump 平台抱有高度的熱情和期待。我們的銷售團隊表示，一些新的和更新的 t:slim 客戶正在等待 Mobi 和 G7 的發布，並對它們的可用性感到興奮。這些產品處於發布過程的不同階段，我們對早期用戶手中的效能感到非常鼓舞。

Starting with CGM additions, I am proud of our teams to have demonstrated leadership in AID sensor integration. Developing pump and algorithm software for the compatibility with a new sensor is an extensive process, and the technical work is just part of the effort it takes to bring a newly integrated system to market.

從 CGM 增加開始，我為我們的團隊在 AID 感測器整合方面展現出的領導力感到自豪。開發與新感測器相容的泵浦和演算法軟體是一個廣泛的過程，技術工作只是將新整合系統推向市場所需努力的一部分。

I would like to express our thanks to our CGM partners for their collaborations as we work to launch the t:slim X2 with the DexCom G7 and Abbott's FreeStyle Libre sensors. The steps to bring the DexCom G7 integrated system to market are well underway, and we made great progress in the early release phases.

我想對我們的 CGM 合作夥伴表示感謝，感謝他們在我們努力推出配備 DexCom G7 和 Abbott FreeStyle Libre 感測器的 t:slim X2 時的合作。將 DexCom G7 整合系統推向市場的步驟正在順利進行，我們在早期發布階段取得了巨大進展。

We are proud to be rolling out the first AID system in the world to use DexCom's G7 sensor data and are planning for full availability of G7 across the U.S. by year's end. We've also been preparing for the launch of the t:slim X2 integration with the Abbott FreeStyle Libre 2 sensor. Based on where we are and being mindful of the upcoming holiday season, we plan to initiate the U.S. launch of t:slim with Freestyle Libre 2 later this quarter with broad availability early in the new year.

我們很自豪能夠推出世界上第一個使用 DexCom 的 G7 感測器資料的 AID 系統，並計劃在年底前在美國全面提供 G7。我們也一直在準備推出與 Abbott FreeStyle Libre 2 感測器整合的 t:slim X2。根據我們的現狀並考慮到即將到來的假期，我們計劃在本季度晚些時候在美國推出 t:slim 和 Freestyle Libre 2，並在新年初期廣泛上市。

This new integrated offering is an incredible accomplishment for our teams as we bring the benefits of AID technology to Abbott's customers in the U.S. for the first time. Now turning to Mobi. In my 10 years with Tandem, I've had the privilege of being part of launching many new innovations that have reduced the burden of diabetes and improved clinical outcomes.

這項新的整合產品對我們的團隊來說是一項令人難以置信的成就，因為我們首次將 AID 技術的優勢帶給 Abbott 在美國的客戶。現在轉向 Mobi。在 Tandem 工作的 10 年裡，我有幸參與推出了許多新的創新，這些創新減輕了糖尿病的負擔並改善了臨床結果。

The excitement around the launching of Mobi is among the highest I've ever seen and there is incredible interest by the health care providers, people using MDI and current pumpers to learn more and gain access to our new pump technology. The most common feedback we hear is that people are surprised and thrilled about Mobi's tiny size and the option that enables for wearability, including on-body wear via a patch accessory or clipped on to a waste band or easily tucked into a jean coin pocket.

Mobi 的推出引起了我所見過的最興奮的情緒，醫療保健提供者、使用MDI 的人們以及現有的泵工都表現出了極大的興趣，希望了解更多信息並獲得我們新的泵技術。我們聽到的最常見的反饋是，人們對 Mobi 的小尺寸和可穿戴選項感到驚訝和興奮，包括透過貼片配件佩戴在身上，或者夾在廢帶上，或者輕鬆塞進牛仔褲零錢口袋。

The on-body wear options, combined with the ability to disconnect if needed, is a new paradigm. This distinguishes Tandem Mobi from on-market patch bumps. And of course, they also appreciate the benefit and discretion of its mobile app operation. For these reasons, we believe that Tandem Mobi is positioned to expand the insulin pump market and further our mission to improve the lives of more people living with diabetes.

貼身佩戴選項與需要時斷開連接的能力相結合，是一種新的範例。這將 Tandem Mobi 與市場上的補丁包區分開來。當然，他們也欣賞其行動應用程式操作的好處和自由裁量權。基於這些原因，我們相信 Tandem Mobi 能夠擴大胰島素幫浦市場，並進一步推動我們改善更多醣尿病患者生活的使命。

Our release of Tandem Mobi began in October with a limited number of users and will scale through the quarter. Throughout this process, we monitor key criteria and performance metrics, not only for the pump but also for all the surrounding systems and processes across the company. We feel this rigor ultimately leads to a stronger commercial offering for customers and health care providers and delivers a positively different experience that Tandem has built its reputation upon.

我們於 10 月開始發布 Tandem Mobi，用戶數量有限，並將在整個季度擴大規模。在整個過程中，我們不僅監控泵浦的關鍵標準和性能指標，還監控整個公司的所有周圍系統和流程。我們認為，這種嚴格要求最終將為客戶和醫療保健提供者帶來更強大的商業服務，並提供截然不同的體驗，而 Tandem 正是以此為基礎建立了聲譽。

We are tracking to our plan to begin offering Mobi more broadly in the U.S., beginning early in 2024. Simultaneously, with each of these new launches, we are developing plans for our new products in countries we serve internationally. Reflecting on our overall business outside the United States, our third quarter aligned with our base expectation, which contemplates the European summer holiday season as well as competitive activities.

我們正在追蹤從 2024 年初開始在美國更廣泛地提供 Mobi 的計劃。同時，隨著每一次新產品的推出，我們正在為我們在國際上提供服務的國家/地區制定新產品計劃。考慮到我們在美國以外的整體業務，我們的第三季與我們的基本預期一致，其中考慮了歐洲夏季假期以及競爭活動。

During this period, our distribution partner in one of the largest European countries experienced capacity constraints and disruptions to its sales activities because their focus was on rolling out a t:slim software update to their installed base. Software updatability is still a relatively new offering outside the United States, especially at such a large scale and individual health care systems sometimes have different requirements for who does the update where and how they occur.

在此期間，我們在歐洲最大國家之一的分銷合作夥伴經歷了容量限制和銷售活動中斷，因為他們的重點是向其安裝基礎推出 t:slim 軟體更新。軟體可更新性在美國以外仍然是一個相對較新的產品，特別是在如此大規模的情況下，個人醫療保健系統有時對誰在何處進行更新以及如何進行更新有不同的要求。

Our commercial team has been very responsive in helping this distribution partner identify opportunities for process efficiency and to minimize constraints based on best practices from the U.S. and other geographies. We're also working through the timing of G7 integration availability in our key European markets. Much like the U.S., enthusiasm is high for this new offering and our preparations for launch are actively underway.

我們的商業團隊非常積極地幫助該分銷合作夥伴識別提高流程效率的機會，並根據美國和其他地區的最佳實踐最大限度地減少限制。我們也正在研究在我們的主要歐洲市場中提供 G7 整合的時間表。與美國一樣，人們對這項新產品的熱情很高，我們正在積極進行發布準備。

This is impacting our distributors' fourth quarter forecast, which they are adjusting in anticipation of this launch occurring just after the first of the year. It is rare and exciting to have an opportunity like this one in front of us. with so many new product launches in flight worldwide, each of which individually has the opportunity to change the trajectory of our business going forward.

這影響了我們的經銷商對第四季度的預測，他們正在調整該預測，以應對今年第一季之後發布的產品。能有這樣的機會擺在我們面前是非常難得且令人興奮的。全球推出瞭如此多的新產品，每一款新產品都有機會改變我們未來業務的發展軌跡。

It's also an ideal time for us to welcome Mark Novara as our EVP and Chief Commercial Officer. Mark will succeed Brian Hanson, who we thank for his passion and leadership along with laying the foundation for Mark's long-term success at Tandem. As you saw from the press release issued this afternoon, Mark brings strategic and operational global experience in diabetes as well as medical devices.

這也是我們歡迎馬克‧諾瓦拉 (Mark Novara) 擔任我們的執行副總裁兼首席商務長的理想時機。 Mark 將接替 Brian Hanson，我們感謝他的熱情和領導能力，並為 Mark 在 Tandem 的長期成功奠定了基礎。正如您從今天下午發布的新聞稿中看到的那樣，馬克帶來了糖尿病和醫療設備領域的策略和營運全球經驗。

He has a successful track record of delivering above-market growth, best-in-class customer experience and scalable commercial operations. His knowledge in leading global commercial functions will be critically important as we prepare for the launch of multiple new products in the coming weeks and months, and we welcome him to our leadership team.

他在實現高於市場的成長、一流的客戶體驗和可擴展的商業營運方面擁有成功的記錄。當我們準備在未來幾週和幾個月內推出多種新產品時，他在領導全球商業職能方面的知識至關重要，我們歡迎他加入我們的領導團隊。

2023 has been a complicated year of transition, but we remain focused on executing diligently to scale our operations in preparation for this exciting next phase of growth.

2023 年是複雜的過渡年，但我們仍然專注於努力擴大業務規模，為下一階段的令人興奮的成長做好準備。

I'd now like to turn the call over to Leigh to share more on the 3Q results and financial expectations. Leigh?

我現在想將電話轉給 Leigh，分享更多有關第三季業績和財務預期的資訊。利？

Thank you, John. As a reminder, unless otherwise noted, the financial metrics I'll be discussing today are on a non-GAAP basis. Reconciliations to GAAP can be found in today's earnings release as well as on the Investor Center portion of our website.

謝謝你，約翰。提醒一下，除非另有說明，否則我今天將討論的財務指標均基於非公認會計原則。您可以在今天的收益報告以及我們網站的投資者中心部分找到 GAAP 的調整表。

Third quarter sales were above our baseline expectations at $194 million worldwide, primarily due to sales in the U.S. We shipped 25,000 pumps and supply sales grew 10% in line with our installed base, which is now nearly 445,000 customers. U.S. sales in the third quarter were $138 million on 17,000 pump shipments.

第三季全球銷售額達到1.94 億美元，高於我們的基準預期，這主要歸功於美國的銷售額。我們售出了25,000 台泵，供應銷售額增長了10%，與我們的安裝基礎（目前擁有近445,000 名客戶）一致。美國第三季的泵浦銷量為 17,000 台，銷售額為 1.38 億美元。

We experienced the anticipated near-term pressure previously discussed as customer enthusiasm builds for the upcoming broad availability of our new products. There were also a number of highlights in our performance. First, we continue to expand the U.S. insulin pump market as half of our new customers reported adopting pump therapy for the first time with the remaining half converting from competitors.

隨著客戶對我們即將廣泛推出的新產品熱情高漲，我們經歷了先前討論過的預期近期壓力。我們的表演也有不少亮點。首先，我們繼續擴大美國胰島素幫浦市場，我們的新客戶中有一半表示首次採用幫浦療法，其餘一半則是從競爭對手轉換的。

Next, our consistently strong retention rate is reflected in our supply sales, which grew 10% in line with our U.S. installed base that has now reached 308,000 people. Another highlight was our continued high capture rate of renewal opportunities. In fact, renewals grew sequentially to nearly half of the pumps we shipped in the quarter.

接下來，我們持續強勁的保留率反映在我們的供應銷售中，與我們目前已達到 308,000 人的美國安裝基數相比，我們的供應銷售增長了 10%。另一個亮點是我們對續約機會的持續高捕捉率。事實上，續訂量連續成長，占我們本季出貨的泵浦的近一半。

Consistent with our expectations, our renewal customers have shown the greatest interest in using our Tandem Choice program. This program offers in-warranty t:slim X2 customers the ability to take advantage of end-of-year health insurance benefits with the low switching cost for Tandem Mobi in the future.

與我們的預期一致，我們的續訂客戶對使用我們的 Tandem Choice 計劃表現出了最大的興趣。該計劃使保固期內的 t:slim X2 客戶能夠享受年終健康保險福利，並在未來以較低的轉換成本購買 Tandem Mobi。

New customers have been more inclined to defer the timing of their purchase until our new products are fully available. Forecasting the timing of customer purchases remains a challenge in the near term. Seasonal trends as deductibles are met and consistency in renewal and supplies ordering patterns provide a level of predictability, particularly as our renewal opportunity step up nearly 20% in the fourth quarter compared to the third quarter.

新客戶更傾向於推遲購買時間，直到我們的新產品全面上市。預測客戶購買的時間在短期內仍然是一個挑戰。符合免賠額的季節性趨勢以及續訂和用品訂購模式的一致性提供了一定程度的可預測性，特別是與第三季度相比，第四季度我們的續訂機會增加了近 20%。

As a result, we are reaffirming our U.S. sales baseline of $575 million for 2023. Outside the U.S., sales in the third quarter were $55 million in alignment with our base expectation, which contemplated typical commercial dynamics during the European summer holiday season as well as competitive activities. We shipped 8,000 pumps across our OUS markets and grew our installed base year-over-year by more than 10% to 136,000.

因此，我們重申 2023 年美國銷售基準為 5.75 億美元。在美國以外，第三季的銷售額為 5,500 萬美元，符合我們的基本預期，其中考慮了歐洲暑假期間的典型商業動態以及競爭活動。我們在 OUS 市場上運送了 8,000 台泵，安裝數量比去年同期增長了 10% 以上，達到 136,000 台。

As John discussed in the back half of this year, we are working through some disruptions in Europe. For example, we were recently notified that one of our largest distributors materially reduced pump orders for the fourth quarter when planning for the upcoming release of t:slim G7 just after the first of the year.

正如約翰在今年下半年所討論的那樣，我們正在努力解決歐洲的一些幹擾問題。例如，我們最近收到通知，我們最大的分銷商之一在計劃年初後發布 t:slim G7 時大幅減少了第四季度的泵浦訂單。

While we have not included G7 in a meaningful way in our 2023 forecast, we also did not include an assumption for a meaningful disruption to orders in Europe in advance of G7. In addition, we are analyzing the potential financial impact of the newly enacted reimbursement for Control-IQ in France with its related rebate structures. With these factors in mind, we are updating our baseline expectation outside the U.S. to $190 million for the year, which assumes no meaningful new orders are placed by our distributors outside the U.S. for the remainder of the year and allows for up to $10 million for the initial impact of the change in reimbursement in France.

雖然我們沒有以有意義的方式將 G7 納入 2023 年的預測中，但我們也沒有假設在 G7 之前歐洲訂單會發生有意義的中斷。此外，我們正在分析法國新頒布的 Control-IQ 報銷及其相關回扣結構的潛在財務影響。考慮到這些因素，我們將今年美國境外的基準預期更新為 1.9 億美元，假設我們的美國境外經銷商在今年剩餘時間內沒有下達任何有意義的新訂單，並允許最多 1000 萬美元的訂單。法國報銷變化的初步影響。

Moving on to margins. Our gross margin of 51% of sales in the third quarter was consistent with the prior year. We have spoken to certain high-cost raw materials over the last year, which were creating margin pressure of up to 2 percentage points in any given quarter.

轉向邊緣。第三季毛利率為銷售額的 51%，與去年同期持平。去年我們談到了某些高成本原材料，這些原材料在任何特定季度都會造成高達 2 個百分點的利潤壓力。

In the third quarter, these costs fell to less than 1% of sales. We continued making meaningful progress by driving additional operational cost savings across all products through lean activities and other manufacturing efficiencies as well as improving average selling prices. These benefits were offset by the impact of geography and product mix with pumps worldwide, representing 45% of sales in the third quarter of 2023 compared to 53% in the prior year.

第三季度，這些成本下降至銷售額的不到 1%。我們透過精益活動和其他製造效率以及提高平均銷售價格，推動所有產品進一步節省營運成本，從而繼續取得有意義的進展。這些收益被全球泵浦的地理位置和產品組合的影響所抵消，佔 2023 年第三季銷售額的 45%，而前一年為 53%。

Our adjusted EBITDA margin remained positive this quarter at 1% of sales as we continue to benefit from cost savings initiatives across the organization and as we prioritize investments in R&D and marketing. Our operating expenses sequentially declined for a second time this year to $121 million and were flat compared to the third quarter of the prior year despite year-over-year increases in costs associated with our acquisitions.

本季調整後的 EBITDA 利潤率仍為正值，佔銷售額的 1%，因為我們繼續受益於整個組織的成本節約舉措，並且我們優先考慮對研發和行銷的投資。儘管與收購相關的成本同比增加，但我們的營運支出今年第二次下降至 1.21 億美元，與去年第三季持平。

We are reaffirming both our gross margin and adjusted EBITDA expectations for the full year 2023. We ended the quarter with approximately $500 million in total cash and investments and our strong balance sheet provides us financial flexibility to strategically invest in our business.

我們重申對2023 年全年的毛利率和調整後EBITDA 預期。截至本季度末，我們的現金和投資總額約為5 億美元，我們強大的資產負債表為我們提供了財務靈活性，可以戰略性地投資我們的業務。

In summary, our worldwide sales expectations for the full year 2023 are $765 million, which includes sales outside the U.S. of $190 million. Our gross margin guidance remains unchanged at 51% and adjusted EBITDA is expected to be at least break even. The margins include recurring noncash P&L charges of about $110 million, of which $95 million is associated with stock compensation and $15 million with depreciation and amortization.

總之，我們對 2023 年全年的全球銷售額預期為 7.65 億美元，其中包括美國以外的銷售額 1.9 億美元。我們的毛利率指引維持在 51% 不變，調整後的 EBITDA 預計至少會達到收支平衡。利潤包括約 1.1 億美元的經常性非現金損益費用，其中 9,500 萬美元與股票報酬相關，1,500 萬美元與折舊和攤提相關。

As we look to opportunities for future growth, we have strong conviction in Tandem's ability to lead in diabetes management. We believe it was important and prudent for us to set early expectations for baseline 2024 sales growth starting at 10% at our last earnings call. We will learn a great deal in the next 6 months that will better inform our thoughts on the catalyst for growth next year as we scale the launches of multiple new products, both in the United States and internationally.

當我們尋找未來成長機會時，我們堅信 Tandem 在糖尿病管理領域的領先能力。我們認為，在上次財報電話會議上，我們對 2024 年基準銷售成長設定為 10% 的早期預期，這一點非常重要且謹慎。在接下來的 6 個月中，我們將學到很多東西，隨著我們在美國和國際上擴大多種新產品的推出，這將更好地告訴我們對明年成長催化劑的想法。

We look forward to sharing these earnings with you in the upcoming quarters as we pursue the longer-term goals we've set for our business.

我們期待在未來幾季與您分享這些收益，以實現我們為業務設定的長期目標。

With that, I'll turn the call back to you, John.

這樣，我會把電話轉回給你，約翰。

Thanks, Leigh. As we look at Tandem's near and longer-term strategy, we are focused on meaningfully expanding the insulin pump adoption by people living with type 1 diabetes across all our markets and evolving our products and services to attract people living with type 2 diabetes who use insulin intensive therapy.

謝謝，利。當我們審視 Tandem 的近期和長期策略時，我們的重點是在我們所有市場上有意義地擴大 1 型糖尿病患者對胰島素幫浦的採用，並改進我們的產品和服務以吸引使用胰島素的 2 型糖尿病患者強化治療。

Our analysis shows that in the U.S., there are more than 1 million people living with Type 1 diabetes who are currently not getting the benefits of insulin pump therapy and 3x that opportunity in the countries we serve internationally. In addition, there are well over 2 million people in the U.S. living with type 2 diabetes who are already insulin-dependent and do not use a pump today.

我們的分析顯示，在美國，有超過 100 萬名 1 型糖尿病患者目前沒有獲得胰島素幫浦治療的益處，而在我們提供服務的國際國家中，這一機會是我們的 3 倍。此外，美國有超過 200 萬名第 2 型糖尿病患者已經依賴胰島素且目前不使用胰島素幫浦。

It's an immense worldwide opportunity. To expand pump penetration from its minority position today requires innovation as people have vastly different needs and preferences that motivate their pump purchasing decision. Our new pump platforms and CGM sensor integrations address many of these current unmet customer needs.

這是一個巨大的全球機會。如今，要從少數地位擴大泵浦的滲透率需要創新，因為人們有截然不同的需求和偏好，促使他們做出泵浦的購買決定。我們的新泵平台和 CGM 感測器整合解決了許多目前未滿足的客戶需求。

We also believe our industry-leading algorithm, the user and payer-facing benefits of our durable device portfolio and the degree of flexibility afforded by the modularity of the Tandem system will help us to drive demand in the years ahead as we enter the next product (inaudible) to further drive our pump adoption opportunity, we've also been busy in advantage of our clinical initiatives.

我們也相信，我們領先業界的演算法、耐用設備產品組合面向用戶和付款人的優勢以及 Tandem 系統模組化提供的靈活性將幫助我們在進入下一個產品時推動未來幾年的需求（聽不清楚）為了進一步推動我們的幫浦採用機會，我們也一直忙於利用我們的臨床計劃。

Results from the Control-IQ post-market study were recently published in Diabetes Technology and Therapeutics. The data showed that approximately 3,000 people with type 1 diabetes, down to age 6 using Control-IQ for 1 year, adverse events related to severe hypoglycemia and DKA occurred at much lower rates than historic public data for people on standard of care therapy.

Control-IQ 上市後研究的結果最近發表在《糖尿病技術與治療學》。數據顯示，約 3,000 名第 1 型糖尿病患者（低至 6 歲）使用 Control-IQ 為期 1 年，與嚴重低血糖和 DKA 相關的不良事件發生率遠低於接受標準護理治療人群的歷史公開數據。

We are in late-stage discussions with the FDA regarding a submission under review for enhancements to our Control-IQ algorithm. These advancements represent another exciting milestone for Tandem as we will lower the age indication for our algorithm and expand its feature set with options for greater personalization. It's part of our ongoing commitment to expanding the user reach of our AID system portfolio, and bringing new features to people with diabetes across all the markets we serve.

我們正在與 FDA 就提交的增強 Control-IQ 演算法的審查進行後期討論。這些進步代表了 Tandem 的另一個令人興奮的里程碑，因為我們將降低演算法的年齡指示，並透過更大的個人化選項來擴展其功能集。這是我們持續致力於擴大 AID 系統產品組合的用戶範圍，並為我們服務的所有市場的糖尿病患者帶來新功能的一部分。

We also made progress on enrolling participants in our clinical trial in support of expanding our label indication for our next-generation Control-IQ algorithm to include people living with type 2 diabetes. In the past few months, we've seen meaningful research on the use of GLP-1s and SGLT2s in the treatment of insulin-dependent diabetes.

我們在招募臨床試驗參與者方面也取得了進展，以支持擴大下一代 Control-IQ 演算法的標籤適應症，將第 2 型糖尿病患者納入其中。在過去的幾個月中，我們看到了關於使用 GLP-1 和 SGLT2 治療胰島素依賴型糖尿病的有意義的研究。

At Tandem, we look at both devices and therapeutics as part of a broad continuum of care for people living with diabetes. This was reflected in the clinical diabetes publication earlier this year of a study on glycemic outcomes people with type 2 diabetes, where most participants were using GLP-1 and/or SGLT2 therapy in addition to insulin delivered by our t:slim X2 with Control-IQ technology.

在 Tandem，我們將設備和治療視為糖尿病患者廣泛連續照護的一部分。這反映在今年稍早的一項關於2 型糖尿病患者血糖結果的臨床糖尿病出版物中，其中大多數參與者除了使用我們的t:slim X2 with Control 提供的胰島素外，還使用GLP- 1 和/或SGLT2 療法智商技術。

The results highlighted the benefits of using Control-IQ with these additional therapies, which gave the best outcomes when used together with time in the range of 76% with no hypoglycemic events. Heading up our clinical efforts is Dr. Jordan Pinsker, who joined Tandem in 2021, and as a leading endocrinologist and prominent thought leader in artificial pancreas research.

結果強調了將 Control-IQ 與這些附加療法結合使用的好處，當與時間一起使用時，效果最佳，在 76% 範圍內沒有低血糖事件。 Jordan Pinsker 博士負責領導我們的臨床工作，他於 2021 年加入 Tandem，是人工胰臟研究領域的領先內分泌學家和傑出思想領袖。

He's been a primary investigator in numerous clinical trials on automated insulin delivery systems prior to joining Tandem and brings extensive knowledge in patient care and the epidemiology of type 1 and type 2 diabetes. We've asked Dr. Pinsker to join the Q&A portion of our call today as he's been helping us to contextualize how the different drugs currently available along with those in the research stages playing our longer-term market opportunity.

在加入 Tandem 之前，他一直是許多自動胰島素輸送系統臨床試驗的主要研究者，並帶來了患者護理以及 1 型和 2 型糖尿病流行病學的豐富知識。我們邀請 Pinsker 博士參加今天電話會議的問答部分，因為他一直在幫助我們了解目前可用的不同藥物以及處於研究階段的藥物如何發揮我們的長期市場機會。

As you can see, this is an extremely busy time at Tandem. I'd like to thank our employees for their perseverance, diligent focus on execution and continued heartfelt care for our customers. Together, we will be working hard to close out 2023 with eye in the future and the next chapter at Tandem.

正如您所看到的，這是 Tandem 極其繁忙的時期。我要感謝我們的員工的堅持不懈、對執行的勤奮專注以及對客戶持續的衷心關懷。我們將共同努力，放眼未來，為 2023 年畫下句號，開啟 Tandem 的新篇章。

I'd like to now turn the call back to the operator for questions.

我現在想將電話轉回給接線員詢問問題。

(Operator Instructions) Our first question comes from the line of Steve Lichtman of Oppenheimer & Company.

（操作員說明）我們的第一個問題來自 Oppenheimer & Company 的 Steve Lichtman。

I guess starting in the U.S. pump shipments held up better than expected given the acute headwinds, particularly on the renewal side, I guess. So can you talk to what you're seeing in terms of the pattern there? Are patients taking advantage of Tandem Choice? What are you seeing on the renewal side that is driving the particular strength during this period?

我想，鑑於嚴峻的阻力，特別是在更新方面，我認為從美國開始的泵出貨量比預期要好。那麼您能談談您所看到的模式嗎？患者是否利用 Tandem Choice？您認為在這一時期的更新方面是什麼推動了特殊的力量？

Yes. Thanks for the question, Steve. And so what we're seeing is and pretty much what we anticipated with renewal customers, they would be more inclined to take advantage of their end-of-year insurance benefits, considering they already know how to use Tandem t:slim X2. They already know how to use Control-IQ.

是的。謝謝你的提問，史蒂夫。因此，我們看到的情況與我們對續約客戶的預期差不多，考慮到他們已經知道如何使用 Tandem t:slim X2，他們會更傾向於利用年終保險福利。他們已經知道如何使用 Control-IQ。

So it's a much easier proposition for them to consider buying a t:slim today while they're out of warranty and then using the Tandem Choice program to switch when Mobi is available. So that's why we didn't see much, if any, disruption on the renewal side. In fact, our renewal rates were consistently strong with what we've been seeing for the past 4, 5, 6 quarters now.

因此，對他們來說，考慮在保固期外購買 t:slim，然後在 Mobi 可用時使用 Tandem Choice 計劃進行更換，是一個更容易的建議。因此，這就是為什麼我們沒有看到續訂方面出現太多（如果有的話）中斷。事實上，我們的續訂率與過去 4、5、6 個季度的情況一致。

It's the new customers where we expected to see the pressure, the new customer potential, I would say, when you think about the transition to a new pump the fact that they have to learn a whole new pump today and they would switch to a different pump around the turn of the year. So those are the folks that we expect to take more advantage of or actually defer and wait until 2024 to make their purchase. So things played out pretty much like we anticipated in that regard.

我們期望看到新客戶的壓力和新客戶的潛力，我想說，當你考慮到向新泵的過渡時，他們今天必須學習全新的泵，並且他們會切換到不同的泵年底左右抽水。因此，我們希望更多地利用這些人，或實際上推遲並等到 2024 年才進行購買。所以事情的發展與我們在這方面的預期非常相似。

Okay. Got it. And then as a follow-up maybe for you, John or Dr. Pinsker, you talked about certainly the GLP-1 discussion over the last few months. I think relative to pumps, one thing I'd look to get your opinion on, is what drives penetration. So overall, the penetration is low. I think we estimate 5% or 6% in the intensive type 2. So regardless of sort of the impact on top from GLP-1s, what do you see as the drivers of pump utilization from where it is today?

好的。知道了。然後，作為約翰或 Pinsker 博士的後續行動，您肯定談到了過去幾個月的 GLP-1 討論。我認為相對於泵，我想徵求您的意見的一件事是推動滲透的因素。所以整體而言，滲透率較低。我認為我們估計強化型 2 為 5% 或 6%。因此，無論 GLP-1 對頂部有何影響，您認為目前泵浦利用率的驅動因素為何？

Steve, I think it's largely driven by reducing the burden of diabetes -- just managing diabetes is complex. It's that basically every moment of every day, you've got to think about it. And the pumps in the AID systems are basically providing better therapy, and they get less burdensome to use. You don't have to think as much about managing diabetes.

史蒂夫，我認為這主要是為了減輕糖尿病的負擔——光是管理糖尿病就很複雜。基本上每天的每時每刻，你都必須思考它。輔助輔助系統中的幫浦基本上可以提供更好的治療，而且使用起來也減輕了負擔。您不必過多考慮控製糖尿病。

So we think technology drives adoption and continue to develop technology that reduces the burden of diabetes is really the way to get the pump adoption up from mid-30s today to the mid-60s in the next couple of years. Jordan, do you want to add anything to that?

因此，我們認為技術推動了人們的採用，並繼續開發減輕糖尿病負擔的技術，這確實是在未來幾年內將泵的採用率從今天的 30 多歲提高到 60 多歲的真正方法。喬丹，你想補充什麼嗎？

I would. Steve, I'd like to offer some insights into GLP-1 use that we are seeing. John alluded to earlier, our data shows the effects of these newer medications are really complementary with Control-IQ use. We saw in the recently published paper in clinical diabetes that when Control-IQ was used by people with type 2 diabetes, those using the GLP-1s had even better final results than the overall cohort.

我會。 Steve，我想就我們所看到的 GLP-1 使用提供一些見解。 John 之前提到過，我們的數據顯示這些新藥物的效果與 Control-IQ 的使用確實是互補的。我們在最近發表的臨床糖尿病論文中看到，當第 2 型糖尿病患者使用 Control-IQ 時，使用 GLP-1 的患者的最終結果甚至比整個群組更好。

Their time and range improved from 61%, not meeting their glycemic targets to 76% after 6 weeks. Now these individuals still needed insulin. They were not meeting their glycemic goals at baseline, and they showed tremendous improvement with Control-IQ use. So we think providers are really going to realize how well patients do with our system.

6 週後，他們的時間和範圍從未達到血糖目標的 61% 改善到 76%。現在這些人仍然需要胰島素。他們在基線時沒有達到血糖目標，但使用 Control-IQ 後表現出巨大的改善。因此，我們認為醫療服務提供者確實會意識到患者使用我們的系統的效果如何。

And as we move forward toward progressing in our type 2 diabetes pivotal trial, we expect to see similar results in that larger trial as well. I'd like to add, we're seeing very meaningful number of participants in our pivotal trial using these adjuvant medications other than insulin. And they're also using quite a bit of insulin, and they're in the trial because they're not meeting their glycemic target at baseline.

隨著我們在第 2 型糖尿病關鍵試驗中取得進展，我們預計在更大規模的試驗中也會看到類似的結果。我想補充一點，在我們的關鍵試驗中，我們看到有非常多的參與者使用胰島素以外的這些輔助藥物。他們也使用了大量的胰島素，他們參加試驗是因為他們在基線時沒有達到血糖目標。

So we expect that they're going to show significant improvements in their outcomes as well. And I think that gives us great confidence in the future and as awareness of these outcomes becomes more pronounced over time, we intend to highlight these results from the studies.

因此，我們預計他們的成果也將顯著改善。我認為這讓我們對未來充滿信心，隨著時間的推移，人們對這些結果的認識變得更加明顯，我們打算強調這些研究結果。

Our next question comes from the line of Brooks O'Neil of Lake Street Capital Markets.

我們的下一個問題來自湖街資本市場的布魯克斯·奧尼爾。

I guess I'd like to try to get a little bit of clarification around what I think are 2 pauses now, I want to clarify and be sure I understand that the pause that we anticipated related to Mobi in Q4 is pretty much what you're seeing in the U.S.

我想我想嘗試就我現在認為的 2 次暫停進行一些澄清，我想澄清並確保我理解我們預期在第四季度與 Mobi 相關的暫停幾乎就是您所說的那樣。在美國再次看到

It sounds to me like the additional $20 million reduction in guidance for the year, all of which will obviously come or most of it, I guess, will come in Q4 is related to a pause related to the launch of G7. So maybe you could just help us understand exactly when you think Mobi will launch in the U.S. and when it might launch OUS. And then also when you're thinking about integrations with Dexcom and app.

在我看來，今年指導額將額外減少 2000 萬美元，所有這些顯然都會到來，或者我猜其中大部分將在第四季度出現，這與 G7 啟動相關的暫停有關。因此，也許您可以幫助我們準確地了解您認為 Mobi 何時會在美國推出以及何時可能推出 OUS。當您考慮與 Dexcom 和應用程式整合時也是如此。

Brooks, well, right now, we actually have people using Mobi in our -- sort of our early access phase. We talked about this before that in the fourth quarter, we would have people using it probably for the entire quarter.

布魯克斯，嗯，現在，我們實際上有人在我們的早期訪問階段使用 Mobi。我們之前在第四季度就談過這一點，我們可能會讓人們在整個季度都使用它。

And the idea here is really to understand how the system informs and make sure that it's an excellent customer experience. And so during this time frame, if there are issues at surface, we'll fix them. And we do not want to go to higher numbers of people using the product. We're confident that it's running the way we expect it to.

這裡的想法實際上是了解系統如何通知並確保這是一個出色的客戶體驗。因此，在這段時間內，如果出現表面問題，我們將予以解決。我們不想讓更多人使用該產品。我們相信它會按照我們預期的方式運作。

So I would say that Mobi is going to be more of a first quarter product for us in terms of revenue. That being said, when it comes to G7. G7 is also -- it's a little further along in terms of its launch, and we would anticipate that it's -- we have a number of people using it today. That number is growing.

所以我想說，就收入而言，Mobi 將更多地成為我們第一季的產品。話雖如此，說到G7。 G7 的推出也稍早一些，我們預計今天會有很多人在使用它。這個數字還在增加。

And I think that before the end of the quarter, we'll have full availability to the market for G7. And so I think that as we said in the call, we're seeing pausing in the U.S. for both Mobi and for G7. We think that again, Mobi is more of a Q1 product and G7, we'll start to see sales near the end of this quarter.

我認為在本季末之前，我們將向市場全面提供 G7。因此，我認為正如我們在電話中所說，我們看到 Mobi 和 G7 在美國都暫停了。我們再次認為，Mobi 更像是第一季的產品，而 G7，我們將在本季末開始看到銷售。

So Brooks, I would like to...

所以布魯克斯，我想...

Okay. And can you say anything about Abbott.

好的。您能談談雅培嗎？

Yes. Well, with Abbott, I think that Abbott is going to enter into that early access phase here in the next few weeks. And I think that is that -- so that's going to be roughly in the closer to the holiday season, we're definitely going to have people wearing it, but we won't really begin to see revenue until we hit the first quarter.

是的。嗯，對於雅培，我認為雅培將在接下來的幾週內進入早期訪問階段。我認為那就是——所以大約是在假期臨近的時候，我們肯定會有人穿著它，但直到第一季我們才會真正開始看到收入。

Okay. Leigh, I didn't mean to interrupt you.

好的。李，我不是故意打擾你的。

You're fine, Brooks. I wanted to add a point of clarification on the change in guidance outside the U.S. I would say it's not all pointed to the timing of G7, although that was a meaningful piece of it. There are a few different moving parts there.

你很好，布魯克斯。我想就美國以外的指導方針的變化補充一點澄清。我想說的是，這並不是全部針對 G7 的時間，儘管這是其中一個有意義的部分。那裡有一些不同的活動部件。

About half of it is related to new product launches. It's not just when they roll out, but it's also how they're rolled out. What we find is that in our distributor markets at times, when they're pushing a new offering, they may be distracted from what I would call routine selling activities as they're supporting their existing installed base.

其中大約一半與新產品發布有關。這不僅是它們何時推出的問題，還包括它們推出的方式。我們發現，在我們的經銷商市場中，有時，當他們推出新產品時，他們可能會分散對我所說的常規銷售活動的注意力，因為他們正在支援現有的安裝基礎。

And we saw some of that in the third quarter, which contributed to this change. We're also seeing some order timing change because of the G7 launch coming right after the first of the year. And then the other element is related to our reimbursement change that we are anticipating in France. And so it's really multifactorial in terms of it's not all because of G7 necessarily.

我們在第三季度看到了其中的一些情況，這促成了這一變化。我們也看到一些訂單時間發生了變化，因為 G7 是在年初之後發布的。另一個因素與我們預期在法國的報銷變化有關。所以這確實是多因素的，不一定都是因為 G7。

Okay. Got that. That's very helpful clarification.

好的。了解。這是非常有幫助的澄清。

Our next question comes from the line of Joanne Wuensch of Citi.

我們的下一個問題來自花旗銀行的 Joanne Wuensch。

This is actually Anthony on for Joanne. One on the EBITDA guidance, I see that break even for the year was maintained. That implies a pretty substantial step up, I think, in the fourth quarter. Can you just talk to what gives you confidence in hitting that breakeven goal for the year?

這其實是安東尼為喬安妮代言的。關於 EBITDA 指導，我認為今年的損益平衡得以維持。我認為，這意味著第四季將出現相當大的進步。能談談是什麼讓您有信心實現今年的收支平衡目標嗎？

I'm sure. Happy to talk about it. It starts with -- and we do expect a step-up in fourth quarter sales from the third quarter. And as we sell more pumps, it does drop more profit to the bottom line.

我敢肯定。很高興談論它。首先，我們確實預期第四季的銷售額將比第三季有所上升。當我們銷售更多的泵浦時，利潤確實會下降更多。

I'll also add that we've demonstrated a pretty, I would say, incredible progress across our operating expenses this year. This will be the second quarter in a row we've seen a reduction of operating expenses as we continue to manage costs, implement efficiencies, which allows us to slow down on some of the hiring that we've been doing, particularly in some of our customer support functions where the benefits of our infrastructure and Tandem stores are really starting to help with that efficiency opportunity and our expenses in the third quarter were actually flat to the prior year.

我還要補充一點，我想說的是，今年我們在營運支出方面取得了令人難以置信的進步。這將是我們連續第二個季度看到營運費用減少，因為我們繼續管理成本、提高效率，這使我們能夠放慢一些一直在進行的招聘，特別是在某些領域。我們的客戶支援職能部門，我們的基礎設施和Tandem 商店的優勢確實開始幫助提高效率，而我們第三季的支出實際上與前一年持平。

So as we look at continued cost containment, improvement on the top line, all of that contributes to our ability to meet our adjusted EBITDA guidance of at least breakeven for this year. And you've seen now for Q2 and Q3, we've been positive in both quarters.

因此，當我們著眼於持續的成本控制和營收的改善時，所有這些都有助於我們實現今年調整後的 EBITDA 指導至少達到盈虧平衡。現在您已經看到了第二季度和第三季度，我們在這兩個季度都表現積極。

Great. That's helpful. And then on the U.S. new pumpers, correct me if I heard you wrong, but I heard about a little -- maybe a little bit less than half renewal. If I plug that in, I get U.S. new pumpers, naive pumpers down year-over-year in like the high 40s. A, is that correct math? And then b, is that how we should be thinking about the fourth quarter in terms of renewals versus new pumpers?

偉大的。這很有幫助。然後關於美國的新抽油機，如果我聽錯了，請糾正我，但我聽說了一點——也許不到一半的更新。如果我把它插上，我會得到美國新的抽水機，天真的抽水機逐年下降，就像 40 多歲一樣。 A，這是正確的數學嗎？然後，我們應該如何看待第四季的續約與新泵？

Yes. So you're correct in that renewals were just under half of our shipments this quarter, which does imply that new pumpers declined, and that goes back to an earlier point in the conversation about the impact that we're seeing for people waiting for Mobi, even to some extent, people waiting for G7 as we get to our full availability here in the fourth quarter.

是的。所以你是對的，本季續訂量略低於我們發貨量的一半，這確實意味著新泵數量下降，這可以追溯到我們在等待Mobi 的人們所看到的影響的對話中的早期觀點甚至在某種程度上，人們都在等待 G7，因為我們將在第四季全面推出。

That tends to impact the new pumpers more so than the renewal pumpers. As we go into the fourth quarter, part of the reasons we have confidence and continue to drive that step up from Q3 to Q4 is that our renewal opportunities will grow. So the number of new warranties expiring in the fourth quarter actually is stepping up from Q3, about 20%.

這對新泵浦的影響往往比更新泵浦的影響更大。當我們進入第四季時，我們有信心並繼續推動從第三季到第四季的進步的部分原因是我們的續約機會將會增加。因此，第四季到期的新保固數量實際上比第三季增加了約 20%。

And so it could be that renewals will continue to move closer to that 50-50 mark in terms of -- versus new pumpers, but stay tuned on that as we see the behavior of people that are considering Tandem for the first time as they're meeting their end of year deductible.

因此，與新泵相比，續訂可能會繼續接近 50-50 大關，但請繼續關注這一點，因為我們會看到第一次考慮 Tandem 的人們的行為，因為他們「重新達到年終免賠額。

Our next question comes from the line of Matt Taylor of Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的馬特泰勒 (Matt Taylor)。

I guess I wanted to ask you, a little bit for high-level help on the phasing of contributions next year from Mobi and the sensors. I guess just given this pause that we've seen, do you expect a snapback as you get full release? Is it going to be different than normal seasonality? Or should we think about more normal seasonality on the back of all these new products through the year next year?

我想我想請您為明年 Mobi 和感測器的分階段貢獻提供一點高層幫助。我想，考慮到我們所看到的這種停頓，您是否期望在全面發布後會出現反彈？它會與正常的季節性有所不同嗎？或者我們應該在明年所有這些新產品的背後考慮更正常的季節性？

Yes. Thanks for the question, Matt. So when you think about when you have a new product launch, you have a number of things happen. And so even though we're seeing some pent-up demand right now, it tends to still be gated by people's insurance.

是的。謝謝你的提問，馬特。因此，當您考慮推出新產品時，會發生很多事情。因此，儘管我們現在看到一些被壓抑的需求，但它往往仍然受到人們保險的限制。

And when they will meet their deductible, what it looks like at the beginning of the year. And so I would say 2 factors would cause me to think at this point that we might have a heavier back half loaded year, which would be people working with their insurance plans, but also just as momentum grows on these products as there's more awareness as people begin to experience it, physicians see the experiences with it.

當他們達到自付額時，年初的情況會是什麼樣子。因此，我想說有兩個因素會讓我認為，我們可能會經歷一個更重的後半年，這將是人們使用他們的保險計劃，但隨著人們對這些產品的認識越來越多，這些產品的勢頭也在增長。人們開始體驗它，醫生看到它的經歷。

It will start encouraging more people to move forward with purchases. And so I would still think about it as a scale across the year like we would typically see with the back end being more heavily -- potentially with the back end being more heavily loaded than in years past because of the timing of product launches.

它將開始鼓勵更多的人繼續購買。因此，我仍然將其視為全年的規模，就像我們通常會看到的那樣，後端負載更重——由於產品發布的時間，後端負載可能比過去幾年更重。

All right. And maybe just 1 follow-up. You have the sensor integration and Mobi both big catalysts. Can you help us understand the relative impact of each as Mobi a lot bigger than the sensors or vice versa? Or are they both equal contributors. Help us understand which is going to be the bigger driver and approximately how much if you could?

好的。也許只有 1 個後續行動。感測器整合和移動設備都是重要的催化劑。您能否幫助我們了解每個因素的相對影響，因為 Mobi 比感測器大得多，反之亦然？或者說他們都是平等的貢獻者。請幫助我們了解哪一個將成為更大的驅動力，如果可以的話，大約會產生多少？

Yes, I would say that the feedback we've received so far on Mobi is but overwhelmingly positive. People have been really surprised by how small it is, the flexibility in terms of locating on their body. And I mean it's really exceeded our -- we knew it was going to be positive, but it's really exceeded our expectations.

是的，我想說的是，到目前為止我們收到的有關 Mobi 的回饋絕大多數都是正面的。人們對它的體積如此之小以及在身體上定位的靈活性感到非常驚訝。我的意思是，這確實超出了我們的預期——我們知道這將是積極的，但它確實超出了我們的預期。

And so I would expect that Mobi is going to be a positive driver of revenue as soon as it's available. And that I would expect to see a turnaround driven by it. That being said, there's also a lot of interest that we're hearing from the field and the G7 integration. And so I think that people are pausing, waiting for it now.

因此，我預計 Mobi 一旦推出，將成為收入的積極推動力。我希望看到它所帶來的轉變。話雖這麼說，我們也從現場和 G7 整合中聽到了很多興趣。所以我認為人們現在正在暫停，等待它。

So I think it's definitely going to have an effect as well, probably not as much as Mobi will. I think that Abbott is -- there's a lot of people out there today that use the Abbott sensor, hundreds of thousands that don't use pump technology. So it might be slower to get those people into Tandem product over time, but it's a meaningful longer-term opportunity for us.

所以我認為它肯定也會產生影響，但可能不會像 Mobi 那麼大。我認為 Abbott 是——如今有很多人使用 Abbott 感測器，但有數十萬人不使用泵浦技術。因此，隨著時間的推移，讓這些人進入 Tandem 產品的速度可能會變慢，但這對我們來說是一個有意義的長期機會。

So I think that Mobi is going to be the driver. We're going to definitely see very favorable benefits from the G7 implementation. And then Abbott longer term is going to really have a favorable effect on growth.

所以我認為 Mobi 將成為驅動力。我們肯定會從 G7 的實施中看到非常有利的好處。從長遠來看，雅培確實會對成長產生有利的影響。

Our next question comes from the line of Conner Chamberlain of Craig-Hallum.

我們的下一個問題來自克雷格-哈勒姆的康納張伯倫。

This is Conner on for Alex. Can you compare the current market pause to similar dynamics that you've seen in the past with Control-IQ, Basal-IQ or even Medtronic 670G launch.

這是康納為亞歷克斯發言。您能否將當前的市場停滯與您過去在 Control-IQ、Basal-IQ 甚至美敦力 670G 推出時看到的類似動態進行比較？

Sure. You just highlighted, I think, all of them that we've been through across the years. And the level of impact from any new product launch does vary kind of depending on the circumstances around it.

當然。我想，你剛剛強調了我們這些年來經歷過的所有事情。任何新產品發布的影響程度確實會根據周圍的環境而有所不同。

The 670G, I would say, was the most impactful at that time for a variety of reasons. The pause we saw in advance of Control-IQ was much lighter considering that it was purely a software update. And so you would think that people would be okay with moving forward and buying the pump because the software update is pretty simple, but so many times, you may see people who decide that it's just easier to wait when they buy the next pump.

我想說，出於多種原因，670G 是當時最具影響力的。考慮到它純粹是軟體更新，我們在 Control-IQ 之前看到的停頓要輕得多。因此，您可能會認為人們會同意繼續購買泵，因為軟體更新非常簡單，但很多時候，您可能會看到人們決定在購買下一個泵時等待更容易。

So for a sensor integration, we do see some level of pausing. And so we're excited to bring it on to market with that new software on it for the people who are waiting for it. But I would say Mobi is on the higher end of the pause with the change in form factor. And the excitement that's building as more and more people are hearing about it, the momentum is growing on that.

因此，對於感測器集成，我們確實看到了一定程度的暫停。因此，我們很高興能夠將其與新軟體一起推向市場，為等待它的人提供幫助。但我想說，隨著外形尺寸的變化，Mobi 處於暫停的高端。隨著越來越多的人聽到它，人們的興奮感也隨之增強，勢頭也在增強。

And so I would say it's on the -- if you want to call it the more extreme or the higher end of what a pause might look like.

所以我想說，如果你想稱其為停頓的更極端或更高端的話。

Great. Got it. And then do you have any visibility on how long the disruption is for the OUS distribution partners is expected to last? And then when can we expect a normalization there?

偉大的。知道了。那麼您是否了解 OUS 分銷合作夥伴的中斷預計會持續多久？那我們什麼時候可以期待那裡的正常化呢？

Sure. So this was very recent information as we were learning about some of these disruptions we were seeing in Europe and it really contained to 2 key markets. And unfortunately, as -- fortunately, they're growing very rapidly and have large installed bases. But as that happens, they're still adjusting to that.

當然。因此，這是最近的訊息，因為我們正在了解我們在歐洲看到的一些破壞，它確實包含兩個關鍵市場。不幸的是，幸運的是，他們的成長非常迅速並且擁有龐大的安裝基礎。但當這種情況發生時，他們仍在適應這一點。

So they're kind of what I would call a start-up phase. And we're working expeditiously to help them with best practices, how to manage through product rollout. And so I think that once we get past the back half of this year, we will be through that, particularly because part of it is really about the G7 timing coming right after the first of the year.

所以它們就是我所說的啟動階段。我們正在迅速努力幫助他們採用最佳實踐，以及如何管理產品的推出。因此，我認為，一旦我們度過了今年下半年，我們就會渡過這一難關，特別是因為其中一部分實際上是關於今年年初之後召開的七國集團峰會的時間安排。

It's just something that we're working through right now and hope that we don't see these sorts of disruptions in the future. But considering they were 2 of our larger markets, when they have these types of activities going on, it's obviously much more material to the business overall.

這只是我們現在正在解決的問題，希望未來不會有這種幹擾。但考慮到它們是我們兩個較大的市場，當它們進行這些類型的活動時，顯然對整體業務更重要。

Our next question comes from the line of Jayson Bedford of Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的傑森貝德福德。

Just on the international dynamic, does the distributor sell other pumps? Or is it just Tandem? And I just want to kind of ring fence this, is this a Tandem distributor issue? Or do you think competition is at play here?

就國際動態而言，經銷商是否銷售其他幫浦？或只是串聯？我只是想解決這個問題，這是 Tandem 經銷商的問題嗎？或者您認為這裡存在競爭嗎？

So this is truly a -- I hate to call it issue, a Tandem distributor situation or disruption. And it's really about -- they are selling only Tandem pumps. And so for example, in the third quarter, there was a software rollout in 1 of the markets. And so because their installed base is so large and just the way the system works in that particular market, the distributors had to be more hands-on with those rollouts with the customers as opposed to the way the process works in the U.S. where it's very simple. It's in the customers' hands. We're here to support as needed.

所以這確實是一個——我不想稱之為問題，Tandem 分銷商的情況或中斷。事實上，他們只銷售 Tandem 泵。例如，在第三季度，其中一個市場推出了軟體。因此，由於他們的安裝基礎如此之大，而且系統在該特定市場的工作方式如此，分銷商必須更多地與客戶一起進行這些推廣，而不是像在美國那樣進行流程。簡單的。它在客戶手中。我們隨時為您提供所需的支援。

But in this case, in many cases a person had to be there with the customer. So long story short, they're very focused on that software update activity. And what that means is they don't get to pursue their normal selling activities. And so that's the sort of disruption that we were seeing there. And from a competitive perspective, we weren't seeing any different dynamics than what we've been seeing in -- up to now in terms of competition in the market.

但在這種情況下，很多情況下必須有人陪伴顧客。長話短說，他們非常關注軟體更新活動。這意味著他們無法進行正常的銷售活動。這就是我們在那裡看到的那種破壞。從競爭的角度來看，我們沒有看到任何與我們所看到的不同的動態——到目前為止，就市場競爭而言。

And Jayson, that behavior is driven by the health care system in that market. It's a requirement that they have in terms of the way software updates are actually performing.

傑森，這種行為是由該市場的醫療保健系統所驅動的。這是他們對軟體更新實際執行方式的要求。

Okay. Okay. That's helpful. And then just a quick one, and I hate to stop with this. But the 10% Mobi for next year is the new baseline, the 7 65 here in '23?

好的。好的。這很有幫助。然後就快一點，我不想就此打住。但明年 10% 的 Mobi 是新的基準，即 23 年的 7 65？

Yes, off of the new baseline. At this point and thinking about the fact that we put that 10% out very early, and it was meant to be directional only as a baseline. But I would encourage people to use that now off of which to grow the 10%.

是的，偏離了新的基線。在這一點上，想想我們很早就把這 10% 拿出來的事實，它的目的只是作為基準。但我會鼓勵人們現在就使用它來成長 10%。

Our next question comes from the line of Danielle Antalffy of UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的 Danielle Antalffy。

This is actually Priya on for Danielle. I guess if I could continue on 2024 and that 10% growth, if you guys could maybe just lay out some of the headwinds and tailwinds and what it assumes from a share loss perspective versus current rates, stabilization or improvement? And then 1 follow-up, if I could.

這實際上是 Priya 為 Danielle 做的。我想如果我能在 2024 年繼續保持 10% 的成長，你們是否可以列出一些逆風和順風，以及從股票損失的角度與當前利率相比的假設、穩定或改善？如果可以的話，然後進行 1 次後續行動。

I'm sure. So that 10% directional, I'll call it, baseline that we put out there was really just to give people a starting point based on the adjustments we made to guidance this year. What we needed to do is for people to all get into the same place essentially.

我敢肯定。因此，我稱之為 10% 的方向性基線，實際上只是為了根據我們今年對指導所做的調整為人們提供一個起點。我們需要做的是讓人們本質上都進入同一個地方。

And when you think about it, to get to that 10% it's really about -- it's assuming that the market environment next year is similar to what we're seeing this year. And obviously, we have much greater ambition about next year with all these products we have coming to market, each of them individually can make a substantial change in our opportunity and growth profile.

當你思考這個問題時，要達到這 10%，實際上是假設明年的市場環境與我們今年看到的類似。顯然，我們對明年上市的所有這些產品抱有更大的雄心，它們中的每一個都可以對我們的機會和成長狀況做出重大改變。

But for now, we wanted to set the baseline off of which we can talk about future opportunities as we get more clarity on timing of rollouts and those types of pieces of information.

但就目前而言，我們希望設定一個基線，隨著我們對推出時間和此類資訊的了解更加清晰，我們可以在此基礎上討論未來的機會。

Okay. Great. And then I guess on international, is there any way that you could quantify underlying demand OUS and what growth could have been ex these capacity constraints? And how confident you are in continued strong double-digit growth there? And that's all.

好的。偉大的。然後我想在國際上，有沒有什麼方法可以量化潛在的需求 OUS 以及在這些產能限制之外可以實現什麼樣的成長？您對那裡持續強勁的兩位數成長有多大信心？就這樣。

Sure. I think 1 piece of information I can share, right? So we have had -- it's difficult to see as an outsider looking in from a shipment perspective, what's really happening behind the scenes. And while we are seeing disruption in a couple of top markets, it's more about timing, but I can tell you that in a handful of markets that make up a substantial portion of our OUS business, we're seeing growth rates when we look at their placements of pumps on patients in strong double digits.

當然。我想我可以分享 1 條訊息，對嗎？因此，作為一個局外人，我們很難從發貨的角度來看幕後到底發生了什麼。雖然我們看到幾個頂級市場出現了混亂，但更多的是時機問題，但我可以告訴你，在占我們OUS 業務很大一部分的少數市場中，當我們考慮以下因素時，我們看到了成長率：他們在病人身上放置幫浦的次數達到了兩位數。

I'm talking about 20% to 30%. We even have 1 pretty significant market growing 30% plus year-over-year. So the demand is still very strong. There's -- people really love Control-IQ. It's a vastly underpenetrated market. The opportunity exists. We have to work through some of these near-term disruptions that we're seeing, but we still feel very confident in the growth potential for that part of the business.

我說的是20%到30%。我們甚至有一個相當重要的市場年增 30% 以上。所以需求還是非常旺盛的。人們真的很喜歡 Control-IQ。這是一個滲透率極低的市場。機會是存在的。我們必須解決我們所看到的一些近期幹擾，但我們仍然對這部分業務的成長潛力充滿信心。

Our next question comes from the line of Matt Miksic of Barclays.

我們的下一個問題來自巴克萊銀行的馬特·米克西奇。

So I wanted to try to get a sense, I know there's been some questions around turning the corner into in 2024 and the product launches and how they might start to impact growth. And so I had a couple of questions around that subject.

因此，我想嘗試了解一下，我知道在 2024 年即將到來、產品發布以及它們可能如何開始影響成長方面存在一些問題。所以我圍繞這個主題有幾個問題。

And first was, it seems like DexCom when they were talking about the sensors required for integration. It felt like those were going to be available this quarter, but maybe a touch later than originally planned or something like that. And I just wanted to make sure we understand that, that was in alignment with your original planning and most recent planning or if your current guidance reflects absorbing that -- any delays that they might have been? And I have 1 follow-up.

首先，DexCom 似乎在談論整合所需的感測器。感覺這些產品將於本季推出，但可能比原計劃晚一些或類似的情況。我只是想確保我們理解這一點，這與您最初的計劃和最近的計劃一致，或者您當前的指導是否反映了吸收這一點 - 它們可能有任何延誤嗎？我有 1 個後續行動。

Matt, yes, I think like on the call they had last week, they indicated that they're shipping the new hardware globally. And we have been coordinating product availability for our early access launch customers through them using the DME channels.

馬特，是的，我想就像他們上週的電話會議一樣，他們表示他們正在全球範圍內運送新硬體。我們一直在使用 DME 管道為我們的搶先體驗啟動客戶協調產品可用性。

So we don't think it's going to have an issue on the quarter or next year's availability as well. And I think it's -- we anticipate things are going to move smoothly as we get more and more people on the system.

因此，我們認為本季或明年的可用性也不會出現問題。我認為，隨著越來越多的人加入系統，我們預計事情將會順利進行。

Okay. So this was maybe -- what was -- by the end of the quarter, later in the quarter, kind of expectations? And on that basis, you're still comfortable? And then obviously, heading into next year with supply coming and to support the launch? It sounds like...

好的。那麼，到本季末、本季晚些時候，這可能是一種預期？在此基礎上，你還覺得舒服嗎？然後顯然，進入明年，供應即將到來並支持發布？這聽起來像是...

Yes, I think that we're expecting that as we progress through this quarter, we will be moving to general availability, and it will be available for all who want to use the product in that system going forward.

是的，我認為我們預計隨著本季度的進展，我們將轉向全面可用性，並且它將可供所有想要在該系統中使用該產品的人使用。

That's great. And then I guess, I should have mentioned also, just like the Libre side, any sort of nuances in your updated guidance related to prior expectations there?

那太棒了。然後我想，我也應該提到，就像 Libre 方面一樣，您更新的指導中與先前期望相關的任何細微差別？

Do you want to get that, Leigh?

你想得到那個嗎，利？

No, and so in fact, when we think about 2023, we didn't factor in any new product opportunities into the guidance that we laid out. And so anything that would have occurred this year is going to be upside to the numbers that we have in terms of new product launches.

不，事實上，當我們考慮 2023 年時，我們沒有將任何新產品機會納入我們制定的指導中。因此，今年發生的任何事情都將有利於我們新產品發布的數量。

Okay. That's clear. Then the one follow-up just into next year. Not to Mobi -- the process of sales of t:slim with sort of, call it, an option for Mobi. As we get into the first quarter and we started thinking about what kind of demand and growth that could show in terms of units and uptake.

好的。很清楚。然後是明年的後續行動。不是 Mobi——t:slim 的銷售過程，可以說是 Mobi 的選項。當我們進入第一季時，我們開始思考在單位和吸收方面可能表現出什麼樣的需求和成長。

Is there -- how -- what -- how should we be thinking about sort of the cross currents or the offsets to that, that might -- not in terms of revenues, but in terms of like new Mobi some of that's going to be sort of Mobi, I guess, conversions and some of that's going to be new Mobi users. Any way that you can sort of sketch out the various puts and takes to that early I'm thinking first quarter, maybe first half performance metrics that can help us maybe set our expectations properly.

是否有——如何——什麼——我們應該如何考慮某種交叉流或對此的抵消，這可能不是在收入方面，而是在新的 Mobi 方面，其中一些將是我猜想，這可能是一種Mobi 轉化，其中一些將是新的Mobi 用戶。無論如何，你可以儘早勾畫出各種看跌期權和期權，我在想第一季度，也許上半年的績效指標可以幫助我們正確設定我們的期望。

Sure. And so I think I'm understanding your question correctly. It's really -- probably we'd be discussing the business next year when we have these moving parts related to Tandem Choice as well as selling pumps to people for the first time, if you will.

當然。所以我認為我正確理解了你的問題。確實，明年我們可能會討論這項業務，屆時我們將擁有與 Tandem Choice 相關的這些移動部件，並且如果您願意的話，我們將首次向人們銷售泵。

And so as we've talked about Tandem Choice all along, it's an opportunity for people to switch. And so for example, if we have a person who buys a t:slim here in the fourth quarter, and they become a switcher to Mobi. We won't be reporting that as a sale, a unit for sale. We will take that out of the numbers.

正如我們一直在談論串聯選擇一樣，這是人們轉變的機會。舉例來說，如果有人在第四季度購買了 t:slim，他們就會轉向 Mobi。我們不會將其報告為銷售、待售單位。我們將從數字中剔除這一點。

And what we will share with you would be information related to people that are actually purchasing pumps for -- with insurance value attached to it. And so we won't be co-mingling switchers with -- and switchers being people from a tandem pump to a Mobi pump. If they're truly a renewal and out of warranty, that would be a different situation, that's a normal sale. So we'll be talking about metrics that would be very comparable to what we've discussed this year and what we would be discussing in the future for the business.

我們將與您分享的是與實際購買泵的人相關的資訊 - 附帶保險價值。因此，我們不會將切換人員與從串聯泵到移動泵的人員混合在一起。如果他們真的是續訂並且過了保固期，那麼情況就不同了，那是正常的銷售。因此，我們將討論與我們今年討論的以及未來將討論的業務非常相似的指標。

Our next question comes from the line of Dane Reinhardt of Baird.

我們的下一個問題來自貝爾德 (Baird) 的戴恩·萊因哈特 (Dane Reinhardt)。

I guess the first one, could you just help clarify maybe the (inaudible) issue a little bit? I know going into that market or with the recent study you're kind of expecting premium reimbursement and now kind of based on the disclosure in the 10-K, it's talking about potentially affecting your ability to generate revenues there with the rebates. So can you just kind of help us flesh that issue out a little bit and get a better understanding there?

我想第一個問題，你能幫忙澄清一下（聽不清楚）問題嗎？我知道進入該市場或根據最近的研究，您會期待保費報銷，現在根據 10-K 中的披露，它談論的是可能影響您透過回扣在那裡創造收入的能力。那麼你能幫助我們充實這個問題並且更能理解嗎？

Sure. I can give you a bit more color. So as you know, any time you bring the rebate conversation into -- it rebates into a conversation, it actually means complexity. And what we're talking about that we have the potential to see coming up here in the fourth quarter is really thinking about our installed base that we already have.

當然。我可以給你多一點顏色。如您所知，任何時候您將回扣對話帶入對話中，實際上都意味著複雜性。我們正在談論的，我們有可能在第四季度看到的情況，實際上正在考慮我們已經擁有的安裝基礎。

So think about, if you want to call it pumps in the channel where people already on pump. It's assessing how many people already have Control-IQ, how many people can update to Control-IQ, the timing of when they might, the length of time they have left in their warranty to be eligible for that opportunity and just how the value gets allocated across the entire selling chain here.

所以想一想，如果你想把它稱為人們已經在泵上的渠道中的泵。它正在評估有多少人已經擁有 Control-IQ、有多少人可以更新到 Control-IQ、更新的時間、他們在保固期內還有多少時間有資格獲得該機會以及價值如何獲得在這裡分配到整個銷售鏈。

And so there's a lot of complexities that come into it. And what we wanted to do is make you aware that you can think of it as almost like an implementation type activity that we have to assess what is the impact today on day 1 of what that rebate structure looks like on our business. And so there's a wide range of possibilities here.

因此，其中存在著許多複雜性。我們想要做的是讓您意識到，您可以將其視為幾乎就像實施類型的活動，我們必須評估今天第一天的回扣結構對我們業務的影響。因此這裡存在著廣泛的可能性。

And so we're giving you it could be up to $10 million, but we will have that worked out by end of the year and be able to better clarify the impact of that on our business.

因此，我們給您的金額可能高達 1000 萬美元，但我們將在今年年底前解決這個問題，並能夠更好地闡明這對我們業務的影響。

Okay. And then the second one, kind of going back to that 10% baseline for next year. And I know it's kind of a baseline or even maybe flower for that. But I think you could almost probably get to that 10% just based on renewals that's growing, you'll even have potentially some international renewals and then with supply revenue growth.

好的。然後是第二個，有點回到明年 10% 的基準。我知道這是一個基線，甚至可能是一個花。但我認為，僅基於不斷增長的續訂，您幾乎可能達到 10%，甚至可能會有一些國際續訂，然後隨著供應收入的增長。

So can you just help us understand in that 10% as a baseline, would that even kind of take into consideration new users in the U.S. being down year-over-year? And then if you do get growth, that's kind of all upside from there. What does that imply just on a new user perspective?

那麼您能否幫助我們理解以 10% 作為基準，這是否會考慮到美國新用戶數量逐年下降的情況？如果你確實實現了成長，那就是所有的好處。從新用戶的角度來看，這意味著什麼？

Yes. Thank you. I mean actually, you spelled it out perfectly well there. It's really predicated very heavily on the recurring pieces of our revenue, which are supplies that have been very predictable.

是的。謝謝。我的意思是實際上，你在那裡拼寫得非常好。這實際上很大程度上取決於我們的經常性收入，這些收入是非常可預測的。

It's the step up in renewal opportunities growing from 50,000-ish warranty expirations this year to 70,000 plus next year in the U.S. alone. And to your point, we'll start to see renewal opportunities for the OUS markets become available to us. And so in order to achieve that 10%, you don't have to believe that new pumpers even grow next year.

光是在美國，續保機會就從今年的 50,000 多個保固期滿增加到明年的 70,000 多個。就您的觀點而言，我們將開始看到 OUS 市場的更新機會。因此，為了實現這 10%，您不必相信明年會有新的抽水機成長。

And that was the point, as you said, of setting the baseline because we have -- we're very convicted that with our new products, we will turn that trajectory around. But just as a starting point, it's that we want to put this out there as a number that people could see a line of sight too pretty easily.

正如您所說，這就是設定基準的重點，因為我們非常確信，透過我們的新產品，我們將扭轉這一軌跡。但作為一個起點，我們希望將其作為一個數字，讓人們可以輕鬆地看到視線。

Our next question comes from the line of Joshua Jennings of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joshua Jennings。

Wanted to discuss the pharmacy channel and just learn if are there any updates on discussions or negotiations with payers on opening that door for Mobi and Slgi any change to the team's optimism or confidence that door can be opened and is what are next steps for that process.

想要討論藥房管道，並了解與付款人有關為 Mobi 和 Slgi 打開大門的討論或談判是否有任何更新，團隊對門可以打開的樂觀或信心是否有任何變化，以及該過程的下一步是什麼。

Yes, thank you. It's a great question. We've talked about the possibility of moving into the pharmacy channel with Mobi, which is something that people see as a challenge potentially because it's a durable pump much like the t:slim pump. But as we've been starting these conversations now that we have approval for Mobi and can really talk about in earnest with the different payer and PBM organizations, our confidence builds every single day in terms of the opportunity for us to make that sort of transition.

是的，謝謝。這是一個很好的問題。我們討論了透過 Mobi 進入藥品管道的可能性，人們認為這是一個潛在的挑戰，因為它是一款耐用的泵，很像 t:slim 泵。但是，既然我們已經開始這些對話，現在我們已經批准了 Mobi，並且可以真正與不同的付款人和 PBM 組織進行認真的討論，我們的信心每天都在增強，因為我們有機會進行這種轉變。

And so all I can share today is we're still in the early phases, but we're actively engaged in conversations. We're building out the organizational capabilities making sure that we're ready and make this a reality. And so no specific updates I can offer today, stay tuned on that, but our optimism is really high.

因此，我今天能分享的是，我們仍處於早期階段，但我們正在積極參與對話。我們正在增強組織能力，確保我們做好準備並使之成為現實。因此，我今天無法提供具體更新，請繼續關注，但我們的樂觀情緒非常高。

Yes, I just want to add, it's one of our key strategic initiatives for the business. And we have a lot of resources focused on it.

是的，我只是想補充一點，這是我們的關鍵業務策略舉措之一。我們有很多資源專注於此。

As there are no further questions in queue, that does conclude the Q&A portion and our call for today. Thank you for participating. You may now disconnect.

由於隊列中沒有其他問題，問答部分和我們今天的電話會議就到此結束。感謝您的參與。您現在可以斷開連線。