Tandem Diabetes Care Inc (TNDM) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to Tandem Diabetes Care Quarter 2 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Tandem 糖尿病照護 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Susan Morrison, Executive Vice President and Chief Administrative Officer. Please go ahead.

現在我想將會議交給今天的發言人、執行副總裁兼首席行政官蘇珊·莫里森。請繼續。

Hello, everyone, and thanks for joining Tandem's second quarter 2024 earnings call. Today's discussion will include forward-looking statements. These statements reflect management's expectations about future events, our product pipeline, development timelines and financial performance and operating plans and speak only as of today's date. 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 as updated by our most recent quarterly report on Form 10-Q. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or other factors.

大家好，感謝您參加 Tandem 的 2024 年第二季財報電話會議。今天的討論將包括前瞻性陳述。這些聲明反映了管理層對未來事件、我們的產品線、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。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。我們今天稍早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。 K 由我們最新的表10-Q 季度報告更新。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。

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. 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 issued today and available on the Investor Center portion of our website for a reconciliation of these measures to their most directly comparable GAAP financial measure.

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。提供非公認會計原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。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 資訊不應被視為獨立替代或優於根據 GAAP 準備的結果。請參閱我們今天發布的收益報告，並可在我們網站的投資者中心部分獲取這些指標與其最直接可比較的 GAAP 財務指標的對帳資訊。

John Sheridan, Tandem's President and CEO, will be leading today's call, and he'll be joined by Mark Novara, Executive Vice President and Chief Commercial Officer; and Leigh Vosseller, Executive Vice President and Chief Financial Officer.

Tandem 總裁兼執行長 John Sheridan 將主持今天的電話會議，執行副總裁兼首席商務長 Mark Novara 也將參加；以及執行副總裁兼財務長 Leigh Vosseller。

I'll now turn the call over to John.

我現在將把電話轉給約翰。

Thank you, Susan, and welcome, everyone joining today's call. It's been a tremendous first half of 2024. We began the year with meaningful aspirations for growth, new product introductions and operational progress, and I'm proud to say that in the first two quarters, we delivered on all fronts. We're successfully executing our strategy to offer a leading portfolio of automated insulin delivery systems, reinforced by an ecosystem of data-driven products and services for our customers and healthcare providers. It's the result of our entire organization, maintaining focus and executing at an extremely high level. And I'd like to thank our employees for their continued dedication and hard work.

謝謝蘇珊，歡迎大家參加今天的電話會議。2024 年上半年是不平凡的一年。我們以對成長、新產品推出和營運進展的有意義的願望開始了這一年，我很自豪地說，在前兩個季度，我們在所有方面都取得了進展。我們正在成功執行我們的策略，即提供領先的自動化胰島素輸送系統產品組合，並透過數據驅動的產品和服務生態系統為我們的客戶和醫療保健提供者提供加強。這是我們整個組織保持專注並以極高水準執行的結果。我要感謝我們的員工持續的奉獻和辛勤工作。

Q2 was a particularly exciting quarter for Tandem as we progressed the rollout of multiple new product introductions, including our new pump platform, Tandem Mobi, new sensor integrations and the launch of Tandem Source outside the United States. Our financial outperformance in the quarter was largely driven by the strong demand for our latest technologies. We had an opportunity to showcase these new offerings at the recent American Diabetes Association Scientific Sessions where Mobi took center stage as the world's smallest durable automated insulin delivery system. The positive feedback from on pop users and healthcare providers continues to be incredible.

第二季度對 Tandem 來說是一個特別令人興奮的季度，因為我們推進了多種新產品的推出，包括我們的新泵平台 Tandem Mobi、新感測器整合以及在美國境外推出 Tandem Source。我們本季的財務表現出色主要是由於對我們最新技術的強勁需求所推動的。我們有機會在最近舉行的美國糖尿病協會科學會議上展示這些新產品，其中 Mobi 作為世界上最小的耐用自動胰島素輸送系統佔據了中心舞台。流行用戶和醫療保健提供者的正面回饋仍然令人難以置信。

Key opinion leaders from Barbara Davis Center for Diabetes shared survey data on early Mobi users. During the product theater, key opinion leaders from Barbara Davis Center for Diabetes shared survey data on early Mobi users. The survey found that 86% of participants were satisfied or very satisfied with Mobi regardless of prior therapy and agreed that Mobi helps improve their quality of life. Nearly all MDI users reported that Mobi experiences were consistent or better than expected.

芭芭拉戴維斯糖尿病中心的主要意見領袖分享了早期 Mobi 使用者的調查數據。在產品展示會上，Barbara Davis 糖尿病中心的主要意見領袖分享了早期 Mobi 使用者的調查數據。調查發現，無論先前的治療如何，86% 的參與者對 Mobi 感到滿意或非常滿意，並同意 Mobi 有助於改善他們的生活品質。幾乎所有 MDI 使用者都表示 Mobi 體驗一致或優於預期。

Mobi offers users the freedom to disconnect and choice and wearability. The most popular way to wear it was as a patch using the adhesive sleeve. To date, our users have shared 18 different ways to wear Mobi. It's this type of flexibility, discretion and comfort, that's attracting people from all segments of the market, along with the outcomes for our automated insulin delivery technology, Control-IQ. In fact, former patch users had Control-IQ was the highest driver of satisfaction with the system. These real-world insights are extremely valuable as they provide evidence that Mobi not only meets but exceeds user expectations.

Mobi 為用戶提供了斷開連接的自由、選擇和可穿戴性。最受歡迎的配戴方式是使用黏合套作為貼片。迄今為止，我們的用戶已經分享了 18 種不同的 Mobi 佩戴方式。正是這種靈活性、謹慎性和舒適性，以及我們的自動化胰島素輸送技術 Control-IQ 的成果，吸引了來自市場各個領域的人。事實上，以前的補丁用戶擁有 Control-IQ 是對系統滿意度的最高驅動力。這些現實世界的見解非常有價值，因為它們提供了證據，證明 Mobi 不僅滿足而且超越了使用者的期望。

To help provide color on how these insights are translating over into the commercial environment, I've asked Mark Novara., our EVP and Chief Commercial Officer, to join today and share his thoughts. Mark has had a substantial impact on our business since he joined last November with a focus on delivering worldwide growth, along with building scalable global commercial operations and best-in-class customer experiences. Mark?

為了幫助說明這些見解如何轉化為商業環境，我邀請我們的執行副總裁兼首席商務長 Mark Novara 今天加入並分享他的想法。自去年 11 月加入以來，Mark 對我們的業務產生了重大影響，他專注於實現全球成長，同時建立可擴展的全球商業營運和一流的客戶體驗。標記？

Thanks, John. I'm happy to have joined Tandem at such a transformative time for the company. The technology is compelling, the people are passionate, and the market is large, growing and underpenetrated. This combination provides meaningful opportunity to bring the benefits of our automated insulin delivery systems to people living with diabetes worldwide. To do so, we recognize there is no one-size-fits-all solution in diabetes management, and we're executing our strategy to provide people choice through our portfolio of diabetes technologies. We offer choice and form factor, choice in how they interact with their pump and choice in CGM integration, all backed by our best-in-class Control-IQ technology

謝謝，約翰。我很高興能在公司變革的時刻加入 Tandem。技術引人注目，人們充滿熱情，市場巨大、不斷增長但滲透率較低。這種組合提供了有意義的機會，將我們的自動化胰島素輸送系統的好處帶給全世界的糖尿病患者。為此，我們認識到糖尿病管理中沒有一刀切的解決方案，我們正在執行我們的策略，透過我們的糖尿病技術組合為人們提供選擇。我們提供多種選擇和外形尺寸、泵浦與泵浦互動方式的選擇以及 CGM 整合的選擇，所有這些均由我們一流的 Control-IQ 技術提供支援

In the second quarter, we saw strong demand for both t:slim X2 and Tandem Mobi, demonstrating the value of our expanding product portfolio. We have taken a staged and rigorous approach to launching Mobi, and we saw its contribution increased meaningfully across the quarter. I'm also encouraged by the emerging purchasing trends from customers and prescribing trends of healthcare providers.

第二季度，我們看到對 t:slim X2 和 Tandem Mobi 的強勁需求，證明了我們不斷擴大的產品組合的價值。我們採取了分階段、嚴格的方法來推出 Mobi，我們看到它的貢獻在整個季度顯著增加。我也對客戶的新興購買趨勢和醫療保健提供者的處方趨勢感到鼓舞。

HCPs have long contended that Control-IQ is the best algorithm on the market with its strong clinical outcomes. Like our enthusiastic customers, HCPs are also responding positively to Mobi based on its small size and wearability. Mobi is resonating really well across their patient population, kids, teenagers and adults for both first-time pumpers coming from MDI and current AID users seeking more from their system.

HCP 長期以來一直認為 Control-IQ 是市場上最好的演算法，具有強大的臨床結果。與我們熱情的客戶一樣，HCP 也因其體積小和耐磨性而對 Mobi 做出了積極的反應。Mobi 在患者群體（兒童、青少年和成人）中產生了很好的共鳴，無論是首次使用 MDI 幫浦的人，還是目前尋求從其係統中獲得更多功能的 AID 使用者。

Some of the verbatim feedback I've gotten from HCP refer to Mobi as the pump that reduces diabetes burdened, but also the pump to give you the best time and range. We hear other comments like it's so small you can wear it anywhere and that it provides meaningful improvement to quality of life. We have also seen an increase in new unique prescribers for Mobi, demonstrating that Mobi's new compelling value proposition is resonating with an expanded prescriber audience.

我從 HCP 獲得的一些逐字回饋將 Mobi 視為減輕糖尿病負擔的泵，同時也是為您提供最佳時間和範圍的泵。我們也聽到其他評論，例如它太小了，您可以隨身攜帶它，並且它可以顯著改善生活品質。我們還看到 Mobi 新的獨特處方者數量有所增加，這表明 Mobi 引人注目的新價值主張正在與擴大的處方者受眾產生共鳴。

When we look at who chose Mobi, more than half were people new to Tanda, this supports our research that Mobi's form factor and versatile wearability will drive AID market penetration by addressing previously unmet needs in the diabetes community. We also continue to see healthy conversion rates from the competition with a notable increase from disposable patch pumps. Another encouraging early data point is that Mobi is attracting a younger demographic compared to t:slim, which is in line with our market research and product positioning.

當我們看看選擇Mobi 的人時，超過一半是Tanda 的新用戶，這支持了我們的研究，即Mobi 的外形尺寸和多功能可穿戴性將透過解決糖尿病社群中以前未滿足的需求來推動AID市場的滲透。我們也繼續從競爭中看到健康的轉換率，一次性貼片幫浦的轉換率顯著增加。另一個令人鼓舞的早期數據點是，與 t:slim 相比，Mobi 吸引了更年輕的人群，這符合我們的市場研究和產品定位。

As you can see, Mobi is beginning to serve as a catalyst for our business, allowing us to further our mission to improve the lives of people with diabetes, and we are just getting started. New sensor integration has also been a commercial highlight for us in 2024. We are proud to offer our customers a best-in-class AID technology, while providing choice in CGM sensor.

正如您所看到的，Mobi 開始成為我們業務的催化劑，使我們能夠進一步履行改善糖尿病患者生活的使命，而我們才剛剛開始。新的感測器整合也成為我們 2024 年的商業亮點。我們很自豪能為客戶提供一流的 AID 技術，同時提供 CGM 感測器選擇。

For people who are insulin-dependent, adoption of CGM can be a first step towards interest in using AID technology. Both Dexcom and Abbott have been great in helping promote the power of AIB, and we appreciate their partnership.

對於胰島素依賴的人來說，採用 CGM 可能是使用 AID 技術產生興趣的第一步。Dexcom 和 Abbott 在幫助提升 AIB 的力量方面做出了巨大貢獻，我們感謝他們的合作。

I would also like to highlight Tandem Source as an important part of our strategy with our global launch starting in the US late last year. Source provides a fast and easy way to visualize diabetes therapy management data from our pumps and integrated CGMs. This is an important differentiator for Tandem as healthcare providers typically have very full days and only a short amount of time with patients, so their time is precious. We recently began scaling source outside the US and are already hearing the same positive feedback.

我還想強調，Tandem Source 是我們去年年底在美國開始全球推出的策略的重要組成部分。Source 提供了一種快速、簡單的方法來視覺化來自我們的幫浦和整合 CGM 的糖尿病治療管理數據。這是 Tandem 的一個重要區別，因為醫療保健提供者通常有充實的時間，而與患者相處的時間很短，因此他們的時間非常寶貴。我們最近開始擴大美國以外的來源，並且已經聽到了同樣的正面回饋。

Source is foundational to our comprehensive understanding of the Tandem patient base. Today, we have more than 200 million days of real-world patient data on Control-IQ with nearly 90% of customers uploading their data. We use this information to demonstrate to HCPs and payers the powerful clinical outcomes of our AID system across a wide and varied population.

來源是我們全面了解 Tandem 患者基礎的基礎。如今，我們在 Control-IQ 上擁有超過 2 億天的真實患者數據，其中近 90% 的客戶上傳了他們的數據。我們利用這些資訊向 HCP 和付款人展示我們的 AID 系統在廣泛和不同人群中的強大臨床效果。

The utility of the data improves with Mobi since it's continuously uploaded automatically through the phone control app. This allows us to see real-world data from the entire movie user base on a daily basis, and it opens up opportunities to deliver value-added services in the future.

Mobi 提高了數據的實用性，因為數據是透過手機控制應用程式不斷自動上傳的。這使我們能夠每天看到整個電影用戶群的真實數據，並為未來提供增值服務開闢了機會。

Another new international product introduction in 2024 is the launch of t:slim X2 with G7 integration, which began in Q1 and was announced as approved in Canada earlier this week. We are pleased with the growth contribution from offering this integration and continue to prepare for additional new product offerings internationally.

2024 年推出的另一款新國際產品是推出整合 G7 的 t:slim X2，該產品於第一季開始推出，並於本週稍早宣佈在加拿大獲得批准。我們對提供這種整合所做的成長貢獻感到高興，並繼續為國際上提供更多新產品做好準備。

In addition to the worldwide product launch activities, our commercial organization has also been focused on applying best practices in sales force effectiveness and commercial excellence. In the US, we are taking a rigorous data-driven approach to segmentation and targeting, equipping our sales teams with new tools and capabilities and bringing greater discipline to channel management.

除了全球範圍內的產品發布活動外，我們的商業組織還致力於應用銷售隊伍效率和商業卓越方面的最佳實踐。在美國，我們採用嚴格的數據驅動方法進行細分和定位，為我們的銷售團隊配備新的工具和功能，並為通路管理帶來更嚴格的紀律。

Outside the US, we've been taking steps to expand our sales and marketing resources as we work to fortify our international business. We also welcomed new leadership based in Switzerland, who are focused on advancing how we work with our distributor partners with increased attention on aligning and executing on clear commercial plans, maturing our business processes and partnerships and leveraging global best practices.

在美國以外的地區，我們一直在採取措施擴大我們的銷售和行銷資源，並努力加強我們的國際業務。我們也歡迎瑞士的新領導層，他們專注於推進我們與經銷商合作夥伴的合作方式，更加關注協調和執行明確的商業計劃、完善我們的業務流程和合作夥伴關係以及利用全球最佳實踐。

Overall, we are encouraged by the worldwide commercial environment that Tandem is operating in, which remains highly underpenetrated. It's a competitive market, but we are confident that our product leadership and customer care solutions position Tandem to drive both near and longer-term growth.

總體而言，我們對 Tandem 所處的全球商業環境感到鼓舞，但該環境的滲透率仍然很低。這是一個競爭激烈的市場，但我們相信，我們的產品領先地位和客戶服務解決方案將使 Tandem 能夠推動近期和長期的成長。

With that, I'll turn the call over to Lee to discuss more about our second quarter results and increased guidance expectations. Leigh?

接下來，我將把電話轉給 Lee，詳細討論我們第二季的業績和提高的指導預期。利？

Thanks, Mark. As a reminder, unless otherwise noted, many of the financial metrics I will be discussing today are on a non-GAAP basis. Reconciliations from GAAP to non-GAAP results can be found in today's earnings release, which is available on the Investor Center portion of our website.

謝謝，馬克。提醒一下，除非另有說明，我今天將討論的許多財務指標都是基於非公認的會計原則。從 GAAP 到非 GAAP 業績的調整可以在今天的收益發布中找到，該收益發布可以在我們網站的投資者中心部分找到。

We started 2024 with a plan to return to growth. As you can see in today's results, we are delivering on that goal. We have now achieved twp quarters in a row of 12% worldwide sales growth reaching $222 million this quarter. This is the second highest sales quarter in Tandem' s history, exceeded only by a seasonally strong fourth quarter in 2022.

2024 年伊始，我們制定了恢復成長的計畫。正如您在今天的結果中看到的，我們正在實現這一目標。目前，我們已連續兩季實現全球銷售額 12% 的成長，本季達到 2.22 億美元。這是 Tandem 史上第二高的銷售季度，僅次於 2022 年季節性強勁的第四季。

On a year-to-date basis, worldwide sales were $415 million on approximately 55,000 pump shipments. We are now on pace to deliver a 15% sales growth in 2024 and set quarterly sales records for the remainder of the year.

今年迄今，全球銷售量約 55,000 台泵，銷售額達 4.15 億美元。我們現在正計劃在 2024 年實現 15% 的銷售額成長，並在今年剩餘時間創下季度銷售記錄。

Beginning with our sales performance in the US, we continue to see strength from the launch of our new products with Tandem Mobi in particular, gaining momentum across the first half of this year. In the second quarter, total pump shipments surpassed 20,000 in the US, growing sequentially more than 30%. Consistent with the first quarter, pump shipments to new customers exceeded renewals and people choosing pump therapy from MDI exceeded competitive conversions.

從我們在美國的銷售業績開始，我們繼續看到新產品的推出帶來的強勁勢頭，尤其是 Tandem Mobi，今年上半年勢頭強勁。第二季度，美國泵浦總出貨量超過 20,000 台，較上季成長超過 30%。與第一季一致，向新客戶的泵發貨量超過了續訂量，選擇 MDI 泵療法的人數超過了競爭轉換量。

This quarter reflected our highest number of customers from MDI choosing Tandem compared to the last six quarters. We saw meaningful improvement in shipments to new customers across the first two quarters of this year and are on track to return to growth from new customers in the second half.

與過去六個季度相比，本季選擇 Tandem 的 MDI 客戶數量最多。今年前兩個季度，我們看到新客戶的出貨量顯著改善，並預計在下半年恢復新客戶的成長。

As anticipated, our retention of existing customers remained high, with renewal shipments increasing nearly 40% year-over-year on a growing number of warranty expirations. US sales in the second quarter grew 20% sequentially and 8% year-over-year to $157 million due largely to the strong pump shipment trends and an increase in supply sales in line with installed base growth.

正如預期的那樣，我們對現有客戶的保留率仍然很高，隨著保固到期數量的增加，續約出貨量年增近 40%。第二季美國銷售額較上季成長 20%，年增 8%，達到 1.57 億美元，這主要歸功於強勁的泵浦出貨趨勢以及供應銷售隨安裝基數成長而成長。

ASPs also generated additional tailwinds from both price increases and favorable mix within the DME channel. Offering Mobi through the pharmacy channel remains a top priority for Tandem as we look ahead. We view success in the pharmacy channel as profitable access, achieving the goal of lowering patient out-of-pocket costs while also realizing the health economic value of Control-IQ through improved pricing. We will be intentional and selective about the contracts that we will accept. We have already made meaningful operational progress this year and feel confident we will achieve the associated goals we set for 2024 that position us to begin recognizing benefit from these efforts in 2025.

平均售價也因價格上漲和 DME 通路內的有利組合而產生了額外的推動力。展望未來，透過藥局管道提供 Mobi 仍然是 Tandem 的首要任務。我們將藥局管道的成功視為獲利管道，實現降低患者自付費用的目標，同時透過改善定價來實現 Control-IQ 的健康經濟價值。我們將有意並選擇性地接受我們將接受的合約。今年我們已經取得了有意義的營運進展，並且相信我們將實現為 2024 年設定的相關目標，這使我們能夠在 2025 年開始認識到這些努力的好處。

With the launch of Mobi now scaling, we've also begun taking next steps with our Tandem Choice program. Late in the second quarter, we began offering eligible t:s X2 customers the choice to switch to Mobi. As a reminder, the pump shipments and non-GAAP financials do not include any impact from the Tandem Choice program. On a GAAP basis only, we cease deferring any portion of sales upon Mobi's availability in the first quarter. In the second quarter, we began recognizing sales and cost of goods sold with each individual election to switch to Mobi.

隨著 Mobi 的推出和擴展，我們也開始透過 Tandem Choice 計劃採取後續措施。第二季末，我們開始為符合資格的 t:s X2 客戶提供切換到 Mobi 的選擇。提醒一下，泵浦的出貨量和非 GAAP 財務資料不包括 Tandem Choice 計劃的任何影響。僅根據公認會計原則，我們將在第一季 Mobi 上市後停止延後任何部分的銷售。在第二季度，我們開始確認每次選擇轉向行動裝置時的銷售和銷售成本。

The opportunity to switch was only offered to a limited number of customers in the second quarter, so the difference between our GAAP and non-GAAP financials associated with the program was negligible this quarter. This difference will increase in the third quarter as we offer the opportunity to switch to more customers.

第二季度僅向有限數量的客戶提供了轉換機會，因此本季與該計劃相關的 GAAP 和非 GAAP 財務數據之間的差異可以忽略不計。隨著我們提供轉向更多客戶的機會，這種差異將在第三季擴大。

The previous revenue deferrals totaling $31 million at the end of the second quarter will be fully captured by the end of 2024. For further details on the GAAP accounting for this program, please refer to the accounting policy discussion in our 10-Q.

先前第二季末總計 3,100 萬美元的營收遞延將於 2024 年底全部收回。有關該計劃 GAAP 會計的更多詳細信息，請參閱我們的 10-Q 中的會計政策討論。

Outside the US, our sales grew 22% year-over-year to $65 million, primarily driven by an increase in supply sales of 50%. The prior year baseline reflected variability and distributor ordering patterns for both pumps and supplies through the end of the second quarter when the European distribution center transition was completed. Therefore, comparisons to the prior year are not particularly meaningful. With the operational efficiencies in effect, orders in 2024 have begun to more closely mirror true market demand and geography mix.

在美國以外，我們的銷售額年增 22%，達到 6,500 萬美元，這主要是由於供貨銷售額成長了 50%。上一年的基線反映了截至第二季末歐洲配送中心過渡完成時泵浦和供應品的變化和分銷商訂購模式。因此，與前一年的比較並沒有特別的意義。隨著營運效率的提高，2024 年的訂單已開始更接近反映真實的市場需求和地理組合。

We shipped approximately 10,000 pumps in the 25 markets in which we operate outside the US, which aligned with actual pump demand in the quarter as measured by pumps placed with patients. While reported shipments were down 6% year-over-year, actual pump demand grew nearly 10%. The majority of pump shipments in the quarter came from customers new to tandem with a growing opportunity from renewals in the coming year, considering we commenced operations in two of our largest markets just four years ago in May 2020.

我們在美國以外運營的 25 個市場中運送了大約 10,000 台泵，這與本季度根據放置在患者身上的泵測量的實際泵需求相符。雖然報告的出貨量年減 6%，但實際幫浦需求增加了近 10%。考慮到我們四年前的 2020 年 5 月才在兩個最大的市場開始運營，本季的大部分泵出貨量來自新客戶，來年的續約機會不斷增加。

On a year-to-date basis, our sales outside the US grew 39% to $127 million compared to $92 million in the prior year. In the first half of 2023, the European distribution center transition created a sales headwind of approximately $20 million with the majority occurring in the first quarter.

今年迄今為止，我們在美國以外的銷售額成長了 39%，達到 1.27 億美元，而上一年為 9,200 萬美元。2023 年上半年，歐洲配送中心的轉型造成了約 2,000 萬美元的銷售阻力，其中大部分發生在第一季。

Turning to gross margin. We exceeded initial expectations, reaching 51% in the second quarter on higher sales. We continue to make progress on fundamentals impacting gross margin with pricing and cost improvement initiatives. The margin improvements are temporarily being offset by the higher manufacturing costs of Mobi at the volumes we are building today.

轉向毛利率。我們超越了最初的預期，第二季銷售額成長達到 51%。我們繼續透過定價和成本改進措施在影響毛利率的基本面方面取得進展。利潤率的提高暫時被我們目前生產量的 Mobi 更高的製造成本所抵消。

We have had sufficient capacity to support Mobi volumes year-to-date and are well positioned based on our expectations for the remainder of the year. We anticipate Mobi pumps will become accretive to gross margin as we leverage this overhead exiting 2024 and begin driving benefit in 2025.

今年迄今為止，我們有足夠的能力來支援行動裝置的銷量，根據我們對今年剩餘時間的預期，我們處於有利地位。我們預計 Mobi 泵將增加毛利率，因為我們將利用 2024 年結束的這項管理費用並在 2025 年開始推動效益。

From an operating expense perspective, we are focused on investing in growth through sales and marketing to support the new product launches this year. We are also continuing to advance our product pipeline to enhance longer-term market expansion opportunities. Even so, operating expenses increased only 9% versus 2023 on a year-to-date basis compared to 12% sales growth. This resulted in adjusted EBITDA of negative 4% of sales for the first half of 2024.

從營運費用的角度來看，我們專注於透過銷售和行銷來投資成長，以支持今年的新產品發布。我們也繼續推進我們的產品線，以增強長期市場擴張機會。即便如此，與 2023 年相比，年初至今的營運支出僅成長了 9%，而銷售額則成長了 12%。這導致 2024 年上半年調整後的 EBITDA 佔銷售額的負 4%。

We saw a sequential improvement to negative 1% of sales in the second quarter. As pump sales increased across the remainder of the year, we expect to turn the corner to positive EBITDA and free cash flows in the second half.

我們看到第二季銷售額環比下降了 1%。隨著今年剩餘時間泵銷售的成長，我們預計下半年將實現正 EBITDA 和自由現金流。

We ended the second quarter with more than $450 million in total cash and investments. Looking ahead, we are again increasing our 2024 sales guidance in consideration of the early market trends from our multiple new product launches. Worldwide, we expect sales in the range of $885 million to $892 million or 15% growth year-over-year compared to the 10% growth we anticipated when we began this year. This breaks down to a range of $640 million to $645 million in the US, reflecting an increase of more than 10% year-over-year and a range of $245 million to $247 million outside the US, an increase of 27% to 28%. From a profitability perspective, we are maintaining our full year expectation of 51% for gross margin and breakeven for adjusted EBITDA.

第二季末，我們的現金和投資總額超過 4.5 億美元。展望未來，考慮到我們推出的多項新產品的早期市場趨勢，我們將再次提高 2024 年的銷售指導。在全球範圍內，我們預計銷售額將在 8.85 億美元至 8.92 億美元之間，即同比增長 15%，而我們今年開始時預計的增長率為 10%。在美國，這一數字為 6.4 億至 6.45 億美元，年成長超過 10%；在美國以外，這一數字為 2.45 億至 2.47 億美元，年成長 27% 至 28% 。從獲利能力的角度來看，我們維持全年毛利率 51% 和調整後 EBITDA 損益兩平的預期。

This continues to be a dynamic market, and so we are also providing sales guidance for the third quarter in the range of $222 million to $225 million worldwide, which is an increase of 15% to 16% compared to the third quarter of 2023. For the US, we are anticipating sales in the range of $162 million to $165 million, reflecting the continuation of trends we have gathered from early data in the Mobi launch. Outside the US, we anticipate seasonal pressure due to the typical European summer holiday season in the third quarter and therefore, anticipate a sequential step down to approximately $60 million. With worldwide sales relatively in line with the second quarter, we anticipate gross margins to remain relatively flat at 51% and breakeven adjusted EBITDA.

這仍然是一個充滿活力的市場，因此我們也為第三季的全球銷售指引提供了 2.22 億至 2.25 億美元的範圍，與 2023 年第三季相比成長了 15% 至 16%。對於美國，我們預計銷售額將在 1.62 億美元至 1.65 億美元之間，這反映了我們從 Mobi 發布的早期數據中收集到的趨勢的延續。在美國以外，我們預計由於第三季典型的歐洲夏季假期會帶來季節性壓力，因此預計將季減至約 6,000 萬美元。由於全球銷售額與第二季基本一致，我們預期毛利率將保持相對平穩，為 51%，盈虧平衡調整後 EBITDA 也將保持相對穩定。

I will now turn the call back to you, John.

我現在將把電話轉回給你，約翰。

Thanks, Leigh. As you can see, we delivered a strong financial performance with positive commercial trends in the first half of the year and are set up for an exciting back half of 2024. In addition to the growth trends and operational progress we are demonstrating, I am proud of how our organization steps up to quickly correct issues when they do arise.

謝謝，利。正如您所看到的，我們在上半年實現了強勁的財務表現和積極的商業趨勢，並為 2024 年下半年的激動人心做好了準備。除了我們展示的成長趨勢和營運進度之外，我對我們的組織如何在問題出現時迅速糾正問題感到自豪。

In March, we had an FDA recall for our t:slim iOS app due to a software issue that caused the pumps battery to drain faster than typically expected. After the issue was identified, we were able to quickly implement a software solution and more than 98% of users updated their mobile app with a fix within days. This mix resulted in meaningful improvement, but this recall is still open as we continue to implement additional solutions.

今年 3 月，FDA 召回了我們的 t:slim iOS 應用程序，因為軟體問題導致泵浦的電池耗盡速度比通常預期的更快。發現問題後，我們能夠快速實施軟體解決方案，超過 98% 的用戶在幾天內更新了他們的行動應用程式並進行了修復。這種組合帶來了有意義的改進，但隨著我們繼續實施其他解決方案，此次召回仍然開放。

Next week, we'll be releasing an update to our t:slim iOS app that's designed to resolve the issue. These recall activities did not impact sales, but I'm mentioning it today, as you'll likely see a press release or other FDA notifications for the next two weeks and a follow-up to help raise customer awareness of our iOS app update. Our team is committed to continuous improvement of our current offerings in addition to delivering new technologies in the future.

下週，我們將發布 t:slim iOS 應用程式的更新，旨在解決該問題。這些召回活動並沒有影響銷售，但我今天提到這一點，因為您可能會在接下來的兩週內看到新聞稿或其他FDA 通知，以及幫助提高客戶對我們iOS 應用程式更新的認識的後續行動。除了在未來提供新技術之外，我們的團隊還致力於不斷改進當前的產品。

As we look to our new product initiatives, we are delivering on the most innovative and robust portfolio in insulin therapy management. We're making great progress towards bringing integration with Abbott's FreeStyle Libre 3 Plus sensor to market. It will be a scaled launch in 2025, starting with t:slim X2 integration, both in the US and OUS, followed by integrations with Tandem Mobi.

當我們尋求新產品計劃時，我們正在提供胰島素治療管理領域最具創新性和最強大的產品組合。我們在將雅培 FreeStyle Libre 3 Plus 感測器整合推向市場方面取得了巨大進展。它將在 2025 年大規模推出，首先在美國和 OUS 整合 t:slim X2，然後與 Tandem Mobi 整合。

Having multiple pumps with multiple CGMs in multiple countries have certainly increased the complexity of our system launches, and I'm impressed how our organization has built experience to handle this complexity.

在多個國家/地區擁有多個具有多個 CGM 的泵無疑增加了我們系統啟動的複雜性，我們的組織在處理這種複雜性方面積累的經驗給我留下了深刻的印象。

We've also been active clinically in the second quarter. Our extended wear infusion set trial is effectively enrolling, and we aim to finish the study by the end of the year. In addition, enrollment in our Type 2 pivotal study, which is a randomized CONTROL trial is now complete, and we are targeting an FDA filing by the end of this year. This study uses our enhanced version of Control-IQ, which is now FDA cleared for people living with type 1 diabetes down to age 2 and offers greater settings personalization.

我們在第二季也積極進行臨床工作。我們的長戴輸液器試驗正在有效招募，我們的目標是在今年年底前完成研究。此外，我們的 2 型關鍵研究（隨機對照試驗）的入組現已完成，我們的目標是在今年年底前向 FDA 提交申請。這項研究使用我們的 Control-IQ 增強版，現已獲得 FDA 批准，適用於 2 歲以下 1 型糖尿病患者，並提供更好的個人化設定。

We will launch our newest algorithm on both t:slim X2 and Mobi. Initially, it will serve the 2-plus community. And when we receive FDA clearance for people living with type 2 diabetes, it will also serve these individuals. We remain committed to developing a fully closed-loop AID system, which has and will continue to generate periodic feasibility studies around the globe, driving innovation and maintaining our leadership in AID systems is a top priority for our organization.

我們將在 t:slim X2 和 Mobi 上推出最新的演算法。最初，它將服務於兩歲以上的社區。當我們獲得 FDA 對 2 型糖尿病患者的許可時，它也將為這些人服務。我們仍然致力於開發完全閉環的 AID 系統，該系統已經並將繼續在全球範圍內進行定期可行性研究，推動創新並保持我們在 AID 系統方面的領導地位是我們組織的首要任務。

Lastly, we put substantial efforts into our digital health platforms, which first launched more than a decade ago with our t:connect data management system and now our Tandem source platform. As Mark discussed, Source delivers analytical insights to people using our pumps, but its primary value proposition is physician-facing, offering deep patient therapy insights and the capabilities to manage the population of Tandem users in a given practice.

最後，我們在數位健康平台上投入了大量精力，該平台在十多年前首次推出，包括我們的 t:connect 資料管理系統和現在的 Tandem 來源平台。正如 Mark 所討論的，Source 為使用我們泵的人們提供分析見解，但其主要價值主張是面向醫生的，提供深入的患者治療見解以及在給定實踐中管理 Tandem 用戶群體的能力。

Looking forward, our road map includes greater customization of reporting and data insights for physicians, target integrations with EMR platforms to improve practice workflows and using our real-world data to demonstrate health economic benefits to pay our communities. We certainly have an extraordinary opportunity at Tandem, and I believe we have the right products and the right people to achieve the company's near- and longer-term goals.

展望未來，我們的路線圖包括為醫生提供更大程度的客製化報告和數據洞察、與 EMR 平台的目標整合以改進實踐工作流程以及使用我們的真實數據來展示健康經濟效益來支付我們的社區。我們在 Tandem 確實擁有非凡的機會，我相信我們擁有合適的產品和合適的人員來實現公司的近期和長期目標。

Expanding our management team and welcoming new talent has been a key step in this endeavor. Most recently, we welcomed JC Kyrillo our new EVP and Chief Operating Officer. JC brings deep experience in healthcare and a great balance of technical, operational and leadership skills from multiple roles in large and small medical technology companies. He shares our passion for improving the lives of people with diabetes by continuing to offer smaller, more advanced insulin delivery technologies, along with our commitment to delivering profitable growth.

擴大我們的管理團隊並歡迎新人才是這項努力的關鍵一步。最近，我們迎來了新任執行副總裁兼營運長 JC Kyrillo。JC 擁有在醫療保健領域的豐富經驗，以及在大型和小型醫療技術公司擔任多個職位的技術、營運和領導技能的完美平衡。他與我們一樣熱衷於透過持續提供更小、更先進的胰島素輸送技術來改善糖尿病患者的生活，以及我們對實現獲利成長的承諾。

As you can see, in the second quarter, we made meaningful steps toward delivering on our strategy and in improving lives of people with diabetes. Market fundamentals are strong, our products are outperforming, and we're executing operationally to get Mobi in the hands of our customers. As we look to the future, our positive momentum positions us well for the remainder of 2024 and beyond.

正如您所看到的，在第二季度，我們在實現我們的策略和改善糖尿病患者的生活方面採取了有意義的步驟。市場基本面強勁，我們的產品表現出色，我們正在執行操作，以便將 Mobi 交到客戶手中。展望未來，我們的積極勢頭使我們在 2024 年剩餘時間及以後處於有利地位。

I'll now ask the operator to open up the call for questions.

我現在請接線生打開電話詢問問題。

(Operator Instructions) Brooks O'Neil, Lake Street Capital Markets.

（操作員說明）Brooks O'Neil，湖街資本市場。

Congratulations on a strong first half. It's great. I guess I'm curious, John, I think I heard you say that you're seeing some switching from the past pump competitor to Mobi. And I'm curious what your salespeople or your market research are telling you about what is driving that?

祝賀上半場表現強勁。這很棒。我想我很好奇，John，我想我聽到你說你看到一些人從過去的泵競爭對手轉向 Mobi。我很好奇你的銷售人員或你的市場研究告訴你是什麼推動了這一點？

Yes, sure. It's good to hear from you, Brooks. When we were in the ADA, we actually had several positions from Barbara Davis Center talk about the product. And there's a great deal of excitement and interest. It really does redefine wearability. But the one thing that people -- the former patch users are saying is that it's the same size. It has an improved wearability, but it's the Control-IQ algorithm that really is appealing to them. They really do feel it's a better performing algorithm, and that's really what's been driving it.

是的，當然。很高興收到你的來信，布魯克斯。當我們在 ADA 時，我們實際上有幾個來自 Barbara Davis Center 的職位談論該產品。人們非常興奮和感興趣。它確實重新定義了耐磨性。但人們——以前的補丁用戶說的一件事是，它的大小是相同的。它的耐磨性得到了改善，但真正吸引他們的是 Control-IQ 演算法。他們確實認為這是一種表現更好的演算法，這才是推動它發展的真正原因。

So it's something that we haven't seen really ever. We haven't seen a significant number of people coming from the patch devices to Tandem, but there's been a meaningful jump in the last two quarters.

所以這是我們從未真正見過的東西。我們還沒有看到大量的人從補丁設備轉向 Tandem，但在過去兩個季度中出現了有意義的成長。

Mathew Blackman, Stifel.

馬修布萊克曼，史蒂菲爾。

Maybe if I could, Leigh, I just want to push a little bit and maybe see if we're coming in sort of the right ballpark for new patients. I mean just thinking about the math and some of the metrics you gave us, I mean, we're coming out with roughly 11,000 new pumps, which would be, call it, down 10%, 11% year-over-year. Are we in the right ballpark? Is that the right message you want to send about greater than 50% mix being new patients? Or is there another number we should be working with?

也許如果可以的話，Leigh，我只是想推動一點，也許看看我們是否適合新患者。我的意思是，只要考慮一下您給我們的數學和一些指標，我的意思是，我們將推出大約 11,000 個新泵，這將比去年​​同期下降 10%、11%。我們的方向正確嗎？對於超過 50% 的新患者來說，這是您想要傳達的正確訊息嗎？或者我們應該使用其他號碼嗎？

Sure. Thanks for the question, Matt. You're correct that our new patients were still down year-over-year, although that has declined substantially or decelerated, I guess, I would say, compared to the prior quarters, and we're moving in the right direction. As we turn into the third quarter and back half of the year, we expect to see new patient growth again.

當然。謝謝你的提問，馬特。你是對的，我們的新患者數量仍然同比下降，儘管與前幾個季度相比，我想，我想說的是，這一數字已經大幅下降或減速，而且我們正在朝著正確的方向前進。隨著進入第三季和下半年，我們預計將再次看到新患者的成長。

What I would like to highlight, even with that decline that from MDI conversions in particular, we saw our highest rate of capture since late -- or for the last 1.5 years or 2 years. So it definitely is moving in the right direction, and we're excited about how Molly's helping to drive this.

我想強調的是，儘管 MDI 轉換率有所下降，但我們仍看到了自最近以來（或過去 1.5 年或 2 年）以來的最高捕獲率。所以它肯定是朝著正確的方向發展，我們對莫莉如何幫助推動這一目標感到興奮。

Steve Lichtman, Oppenheimer & Company.

史蒂夫·利奇曼，奧本海默公司。

I'm going to ask my question and follow up so I don't get cut off. On Mobi, did you see a pickup exiting the quarter with G7 launch? And also on that, on Mobi, you're seeing more traction in the type 2 community. I know you're not on label yet there, but just given its size.

我將提出我的問題並跟進，這樣我就不會被打斷。在 Mobi 上，您是否看到本季推出的皮卡會隨著 G7 的推出而退出？此外，在 Mobi 上，您會看到 2 類社群越來越受關注。我知道你還沒有在標籤上，但只是給了它的尺寸。

And then a quick follow-up, it sounds like you're getting more visibility on Libre 3 integration. Am I reading that right? And anything more in terms of US versus OUS as we enter 2021? Thanks.

然後快速跟進，聽起來您對 Libre 3 整合有了更多了解。我讀得對嗎？進入 2021 年，美國與海外的情況還有什麼不同？謝謝。

Steve, I think I'm going to let Mark talk about Mobi and the Mobi uptake through the quarter.

Steve，我想我會讓 Mark 談談 Mobi 以及本季 Mobi 的使用情況。

Yes. Thank you, John, for passing on and Steve, for the question. Yes, I think, overall, I'd say we're very encouraged with Mobi in terms of the source of growth and the patient mix. The funnel has been healthy and just the feedback from both HCPs and patients has been really positive. And so I think an important point, I think, as well is that more than half of the Mobi customers are new customers to Tandem. And of these new customers, more than half are coming from MDI.

是的。謝謝約翰的繼續提問，謝謝史蒂夫的提問。是的，我認為，總的來說，我想說，就成長來源和患者組合而言，我們對 Mobi 感到非常鼓舞。該管道一直很健康，來自醫護人員和患者的回饋都非常積極。因此，我認為重要的一點是，超過一半的 Mobi 客戶是 Tandem 的新客戶。而這些新客戶中，超過一半來自MDI。

So we look at that as an important leading indicator, right, because we're expanding the market by attracting new customers and prescribers. And I always remind myself that and others that we're operating in a growth market. But in terms of competitive conversions, I mean, we're pleased overall, right, across all competitors, but especially the higher number of conversions from disposable patch pumps versus our t:slim platform.

因此，我們將其視為一個重要的領先指標，對吧，因為我們正在透過吸引新客戶和處方者來擴大市場。我總是提醒自己和其他人，我們正在成長的市場中運作。但就競爭性轉換而言，我的意思是，總體而言，我們對所有競爭對手都感到滿意，尤其是與我們的 t:slim 平台相比，一次性貼片泵的轉換數量更高。

And Steve, I'll just briefly answer the question on type 2. Yes, as we've said in the script, we've completed enrollment, and we expect the study to be done in the relatively near future. Our goal is to get the products filed with the FDA before the end of the year. We feel good about that. And the FDA has seen control Q3, at least three times now. So we would expect that going to move through pretty quickly.

Steve，我將簡要回答有關類型 2 的問題。是的，正如我們在腳本中所說，我們已經完成了招募，我們預計這項研究將在不久的將來完成。我們的目標是在年底前將產品向 FDA 備案。我們對此感覺很好。FDA 已經控制了第三季度，現在至少三次。所以我們預計這會很快完成。

And our commercial teams are doing a great job getting ready. We're looking at channel access, the clinical and commercial strategies and doing everything we can. So then when we do get approval in '25, we'll be ready to jump on it. So thank you.

我們的商業團隊正在做好充分的準備。我們正在研究渠道准入、臨床和商業策略，並盡我們所能。因此，當我們在 25 年獲得批准時，我們將準備好採取行動。所以謝謝你。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Congrats on a really, I think, exciting quarter. I think that's the word you used, John, at the outset. Great to see the traction picking up, maybe if one of the things that we all were thinking about, and I think talking to you about and trying to understand, heading into the back half of the second quarter was how much of the demand, say, that might have been on the sidelines or building up around the g seven integration with Mobi, how much of that could be fulfilled in the second quarter, and how much of that might come through into the third quarter. And I'm so sorry if you've hit on this topic already? I've been bouncing back and forth between a few calls, but we appreciate any color you can provide on that sort of dynamic? Thanks.

我認為這是一個非常令人興奮的季度，對此表示祝賀。我想這就是你一開始就用的詞，約翰。很高興看到牽引力回升，也許我們所有人都在考慮的事情之一，我想與您討論並試圖理解，進入第二季度後半段的需求有多少，比如說，這可能是在場外或圍繞g 7 與Mobi 的整合而建立，其中有多少可以在第二季度實現，其中有多少可能在第三季度實現。如果您已經談到這個話題，我很抱歉？我一直在幾次通話之間來回切換，但我們很欣賞您能為這種動態提供的任何顏色？謝謝。

I'll just say, Matt, that we did see sort of steady growth in demand on Mobi through the quarter, and certainly in the June timeframe we saw that continue. June was obviously the last month of the quarter and that was really the first month that we had g seven. I think it's a bit early to sort of say specifically that it was about pent up demand for G7. But I do say, just based on everything that we've seen Mobi, it's differentiating. And I think that people really are relating to it. And so I think we expect to see strong demand for it in the second half and we're excited about that.

馬特，我只想說，整個季度我們確實看到了 Mobi 需求的穩定增長，當然在 6 月的時間範圍內我們看到這種情況還在繼續。六月顯然是本季的最後一個月，這實際上是我們擁有七月的第一個月。我認為現在具體說這是關於 G7 被壓抑的需求還為時過早。但我確實想說，僅根據我們所看到的 Mobi 的一切，它就是與眾不同的。我認為人們確實對此感興趣。因此，我認為我們預計下半年將出現強勁的需求，我們對此感到興奮。

Terrific. If I could just on the longer term pipeline, I think you don't love getting into things that happen after the end of this year. But everyone has to ask, if someone hasn't asked already just about the tubeless platform for Mobi, any hints or thoughts on whether we could see that at some point during next year or whether that's a '26 event, any color would be welcome. Thanks again.

了不起。如果我可以從長遠來看，我認為你不喜歡參與今年年底之後發生的事情。但每個人都必須問，如果有人還沒有問過Mobi 的真空胎平台，任何關於我們是否可以在明年某個時候看到它的暗示或想法，或者這是否是26 年的活動，任何顏色都會受到歡迎。再次感謝。

Yeah, I don't think we're going to talk about the dates. You know, I will say that we're excited about tubeless. Our market research suggests it's going to have a, it's going to be another differentiator. And we'll see as a result, inflection in Mobi demand because of it. It's the first tubeless, durable pump that's body worn. And so it's also, it's a medical device and it's life saving.

是的，我認為我們不會談論日期。你知道，我會說我們對真空胎感到興奮。我們的市場研究表明，它將成為另一個差異化因素。我們將看到移動需求因此而改變。這是第一款可穿戴的無內胎、耐用的打氣筒。因此，它也是一種醫療設備，可以挽救生命。

And so because of that, we just have to make sure that we design it so that it's going to work every single day and it's not going to create problems. Our team is doing a fantastic job. I will say that we are completely aware of the benefit and the priority. So I think that's the word to use, John. It's the outset. So great to see the traction picking up. So I think that we want to develop an excellent product that provides a very positive customer experience. And that's exactly what we're working on. So we expect to see it not too distant future.

因此，我們只需確保我們的設計能夠使其每天都能正常工作，並且不會產生問題。我們的團隊做得非常出色。我想說的是，我們完全意識到好處和優先事項。所以我認為應該用這個詞，約翰。這是一開始。很高興看到牽引力不斷增強。因此，我認為我們希望開發一款出色的產品，提供非常積極的客戶體驗。這正是我們正在努力的方向。所以我們希望在不久的將來看到它。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

Thanks, and congrats on the quarter, guys. Two questions for me. One, we did hear from some doctors during the quarter that patients might be waiting a bit to get access to Mobi. Just curious if you could comment on whether you were supply constrained at all as you went through the quarter. You felt you were able to get to everyone.

謝謝，夥計們，恭喜這個季度。有兩個問題問我。第一，本季度我們確實從一些醫生那裡聽說，患者可能需要等待一段時間才能使用 Mobi。只是好奇您是否可以評論一下在整個季度中您是否完全受到供應限制。你覺得你能夠接觸到每個人。

And then, John, you mentioned how Mobi was expanding your prescriber base. You also talked about some of the prep work you're doing ahead of type two approval. How are you feeling about your sales force and whether you might need to invest additional resources to get the coverage that you're going to need over the next twelve to 18 months? Thanks.

然後，John，您提到 Mobi 如何擴大您的處方者基礎。您還談到了在第二類批准之前您正在做的一些準備。您對您的銷售團隊感覺如何？謝謝。

Sure. Well, let me just say definitively that there was no Mobi supply chain problem and there was no product shortages. We did not have an extended period of time where we were not shipping. And I have seen the reports, and I understand that was one physician that had issues. We're not familiar with what exactly went on there, so I'm not going to speculate, but we will contact him to find out.

當然。好吧，我可以明確地說，Mobi 供應鏈不存在問題，也不存在產品短缺的情況。我們沒有長時間不發貨。我看過這些報告，我知道那是一位有問題的醫生。我們不熟悉那裡到底發生了什麼，所以我不會猜測，但我們會聯繫他來了解情況。

We have over 10,000 people prescribing our pumps today. And so if one person has a problem, why we're not happy with it. It's definitely not reflective of what's going on. This is the launch. We're just getting Mobi kicked off. And as a result, it's a scaled launch. And sometimes during a scaled launch, you do pause for issues that need to be reconciled within the company.

今天有超過 10,000 人使用我們的幫浦。因此，如果一個人遇到問題，為什麼我們對此不滿意呢？這絕對不能反映正在發生的事情。這是發射。我們剛開始啟動 Mobi。因此，這是一次規模化的發布。有時，在大規模發布期間，您確實會因需要在公司內部協調的問題而暫停。

These pauses were short measured in days. And I can say that none of the pauses that did occur were related to product shortages. Our commercial teams have done a great job in terms of just preparing for the launch and developing capacity and the supply chain. And so we feel very confident we can meet even the most aggressive demand on Mobi that we hope to see this year. And relative to Salesforce. I'll just let Mark answer that briefly.

這些停頓的時間很短，以天為單位。我可以說，所發生的暫停都與產品短缺無關。我們的商業團隊在上市準備、產能和供應鏈開發方面做得非常出色。因此，我們非常有信心滿足我們今年希望看到的最激進的 Mobi 需求。相對於 Salesforce。我會讓馬克簡短地回答這個問題。

Yeah, thanks, John. So yeah, I mean, as you'd expect, I mean, we're evaluating many aspects of the commercial and go to market model, both here in the US as well as OUS. And so in the US specifically, it's too early to say, but we're taking a very analytical and fact-based approach to determine the optimal commercial model. And of course, in addition to evaluating future expansion, we're also very focused on Salesforce effectiveness and putting new tools and capabilities in the hands of our sales force.

是的，謝謝，約翰。所以，是的，我的意思是，正如您所期望的，我的意思是，我們正在評估商業和上市模式的許多方面，無論是在美國還是在美國。因此，特別是在美國，現在說還為時過早，但我們正在採取一種非常分析和基於事實的方法來確定最佳商業模式。當然，除了評估未來的擴張之外，我們也非常關注 Salesforce 的有效性，並將新的工具和功能交付給我們的銷售人員。

(Operator Instructions) Mike Kratky, Leerink Partners.

（操作員說明）Mike Kratky，Leerink Partners。

Let me start by saying I appreciate the color on supply. Turning to one on your guidance, can you just confirm whether you're sticking with the wait and see before building in additional credit for Mobi sales or asked another way? To what extent is your updated guidance range for both three 3Q and the full year starting to build in any additional credit for Mobi extension?

首先我要說的是我很欣賞供應的顏色。談到您的指導，您能否確認一下，在為 Mobi 銷售增加額外信用之前，您是堅持觀望還是以其他方式詢問？您對三個第三季度和全年的更新指導範圍在多大程度上開始為 Mobi 擴展建立任何額外信用？

Thanks for the question, Mike. So when we put together the guidance expectations for this year, going up to 15% annual growth. We did obviously factor in the amount of that we beat by in the second quarter, but we raised by an increase factor based on the early trends that we're seeing from the new product launches. And so it is still early and there's a lot of data points and not necessarily suggestive of what long term trends may look like. But we felt confident putting this in the expectations for the remainder of the year.

謝謝你的提問，麥克。因此，當我們匯總今年的指導預期時，年增長率將達到 15%。顯然，我們確實考慮了第二季度超出的數量，但根據我們從新產品發布中看到的早期趨勢，我們提高了成長因素。因此，現在還為時過早，有許多數據點，不一定能顯示長期趨勢可能會是什麼樣子。但我們有信心將其納入今年剩餘時間的預期中。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

This is [Simran], on for Larry. So I just wanted to ask a follow up on US new start. How are you thinking about new start trends through Q3, Q4? And do you still expect US new starts to be flat to slightly down year over year for the full year?

我是[Simran]，由 Larry 發言。所以我只是想問美國新起點的後續情況。您如何看待第三季、第四季的新開工趨勢？您是否仍預計全年美國新開工率將與去年同期持平或略有下降？

Hi, thanks for the question. So as we look ahead to the third and the fourth quarter, we do expect to see trends in the US of new starts growing year over year. And that will be mostly driven by the MDI conversion still being the leader compared to the competitive conversions. And so we did -we factored that into our guidance expectations.

你好，謝謝你的提問。因此，當我們展望第三季和第四季時，我們確實預期美國的新開工量將呈現逐年成長的趨勢。這主要是由於與競爭性轉換相比，MDI 轉換仍然處於領先地位。我們確實這樣做了——我們將其納入我們的指導預期中。

So the original expectations you're referring to of being flat to slightly down were based on how we started the year. But now, basically, we're assuming some level of improvement in those new pumpers coming to Tandem based on the early trends that we're seeing from the Mobi launch.

因此，您所指的最初預期持平或略有下降是基於我們今年的開局情況。但現在，基本上，根據我們從 Mobi 發布中看到的早期趨勢，我們假設 Tandem 的新泵有一定程度的改進。

Matt Taylor, Jefferies.

馬特泰勒，杰弗里斯。

I just wanted to clarify two things that were already asked about in part. The first is, John, when you talk about the scaled launch through the quarter, I know you said you had no disruptions, but I guess I think people are trying to get at. Did you exit the quarter basically at full scale, where you weren't at full scale through the quarter just to inform what could happen in the second half of the year?

我只是想澄清已經部分被問到的兩件事。第一個是，約翰，當你談到本季的規模化發佈時，我知道你說你沒有受到干擾，但我想我認為人們正在努力理解。您是否基本上全面退出本季度，而您在本季度並未全面退出，只是為了告知下半年會發生什麼？

And then the other clarification question was, Leigh, on the guidance. In the past few quarters, you've really been taking this different guidance philosophy and guiding basically to renewal and supply growth. And I guess I'm just asking, is that changing now? And if so, could you articulate how you're changing the way you're guiding?

然後另一個澄清問題是，Leigh，關於指導。在過去的幾個季度中，您確實一直在採取這種不同的指導理念，並基本上指導更新和供應成長。我想我只是想問，現在情況有改變嗎？如果是這樣，您能否闡明您將如何改變指導方式？

Hey, Matt, I'll say that we actually introduced Movi midway through February, and it was direct only for that time. For the first several weeks, we moved to direct and DME at the very beginning of the second quarter, then really the month of June was when we went to G7. We have a number of things that are planned. Of course. There's Mobi tubeless, there's an Android version. There's Mobi Freestyle library three, there's OUS Moby. These things are all coming. But I think Mobi with G7right now in the US is a fantastic product, and we're seeing great results from it.

嘿，馬特，我要說的是，我們實際上是在二月中旬推出了 Movi，而且只在那段時間直接推出。在最初的幾周里，我們在第二季度初轉向直接和 DME，然後實際上是 6 月我們轉向 G7。我們已經計劃了很多事情。當然。有 Mobi 無內胎版本，也有 Android 版本。有 Mobi Freestyle 庫三，還有 OUS Moby。這些事情都來了。但我認為目前在美國推出的配備 G7 的 Mobi 是一款非常棒的產品，我們也看到了它帶來的巨大成果。

So I think that that's a great product that is going to drive demand in the second half. And I think that as we add these other elements and features that I just spoke about, it'll only improve the product's performance and make it available for the OUS markets at the same time.

所以我認為這是一個很棒的產品，將推動下半年的需求。我認為，當我們添加我剛才談到的這些其他元素和功能時，它只會提高產品的性能，同時使其可用於 OUS 市場。

Yeah. And to your question on guidance, Matt, I would not say that we're changing our philosophy by any means. We tend to set our guidance expectations based on what we have the best visibility to. And as we started the year, I would say that was mostly leaning on our knowledge of supply sales and how they trend, as well as the renewal opportunities based on the consistent capture rates we've seen for the last few years. And in the midst of launching a new product, it's hard to really say how things will perform. And it can be a little bit up and down at the very beginning. And so we wanted to gather more data before we put any of that into our guidance expectations. And so now we have some early data points. I would say they're not necessarily suggestive of long term trends, but it was enough to give us confidence to improve our expectations a little bit through the back half of the year based on the early learnings from the Mobi launch.

是的。對於你關於指導的問題，馬特，我不會說我們正在以任何方式改變我們的理念。我們傾向於根據我們最了解的情況來設定指導預期。當我們開始這一年時，我想說這主要依賴我們對供應銷售及其趨勢的了解，以及基於我們過去幾年看到的一致捕獲率的更新機會。在推出新產品的過程中，很難確切地說出產品的表現如何。一開始可能會有一點上下。因此，在將這些數據納入我們的指導預期之前，我們希望收集更多數據。現在我們有了一些早期數據點。我想說，它們不一定預示著長期趨勢，但這足以讓我們有信心根據 Mobi 發布的早期經驗，在今年下半年稍微提高我們的預期。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

You made a comment about the expansion of your prescriber base. Would love to sort of get any numbers you could share behind that, potentially the extent to which Mobi has gotten you into new accounts? And then any comment on whether those new accounts are more in the specialist space or more on the primary care side of things? Thanks.

您對擴大處方者基礎發表了評論。您是否想知道您可以分享的任何數字，例如 Mobi 為您帶來新帳戶的程度？那麼對於這些新帳戶是更多地在專業領域還是更多地在初級保健方面有什麼評論嗎？謝謝。

Hi, Issie. I'm going to let Mark take that question. Mark?

嗨，伊西。我會讓馬克回答這個問題。標記？

Yeah, thanks for the question, Issie. Yeah, I mean, we're pleased with the number of new prescribers for Mobi. And its definitely another one of those important leading indicators for any product launch. And so I won't comment on actual numbers, but we're confident that Mobi's value proposition is resonating with an expanded prescriber audience. It's too early, but we have some really good, compelling early signals.

是的，謝謝你的提問，伊西。是的，我的意思是，我們對 Mobi 新開處方者的數量感到滿意。這絕對是任何產品發布的另一個重要領先指標。因此，我不會對實際數字發表評論，但我們相信 Mobi 的價值主張會引起更多處方者受眾的共鳴。現在還為時過早，但我們有一些非常好的、引人注目的早期訊號。

Joanne Wunsch, Citi.

喬安妮‧溫施，花旗銀行。

Very nice quarter. I'm trying to get my head around what happens when you get the type two label from Mobi. Clarify first, is it for Mobi or for t:slim X2? And then the second piece of it is how do you view that market opportunity, and how do you view it uptake of it? Thank you.

非常好的季度。我正在嘗試了解當您從 Mobi 獲得第二類標籤時會發生什麼。首先明確一下，是給Mobi用的還是給t:slim X2用的？第二個問題是您如何看待這個市場機會，以及您如何看待它的吸收？謝謝。

Thanks, Joanne. It's actually going to be an interoperable algorithm, and so it'll be approved for both use on t:slim and Mobi and eventually on Sige. So we would expect all of our products to have the latest generation algorithm working on that. We're certainly looking at a lot of different variables when it comes to market. We think, however, that Mobi with discretion, convenience that comes along with that is going to be a very appealing product. But at the same time, it only has 200 units where t t:slim X3. So I think there's likely to be interest in both products. We have about 20,000 people today that are currently using t:slim, and so we're in the throes of the planning process right now. We would expect the product to be available sometime in 2025.

謝謝，喬安妮。它實際上將是一個可互通的演算法，因此它將被批准在 t:slim 和 Mobi 上使用，並最終在 Sige 上使用。因此，我們希望我們的所有產品都具有最新一代的演算法。當談到市場時，我們當然會考慮很多不同的變數。然而，我們認為，具有謹慎性和便利性的行動裝置將是一個非常有吸引力的產品。但同時，它只有 200 台，其中 t t:slim X3。所以我認為人們可能對這兩種產品都感興趣。目前，我們大約有 20,000 人正在使用 t:slim，因此我們現在正處於規劃過程的痛苦之中。我們預計該產品將於 2025 年某個時候上市。

And I think when we get there, we'll be more specific about commercial strategy, product strategy, clinical strategy, et cetera. But those are things that we're working through as we speak.

我認為當我們到達那裡時，我們將在商業策略、產品策略、臨床策略等方面更加具體。但正如我們所說，這些都是我們正在解決的事情。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Hey, this is [Phil]. Congrats on the great quarter. I guess for the one in the past, you've made comments about Mobi expanding the market for pumps. Has this been your experience with Mobi early on here? What patient might that be if you had to characterize it?

嘿，這是[菲爾]。恭喜這個偉大的季度。我想在過去的一篇文章中，您曾評論過 Mobi 擴大泵市場的情況。這就是您早期使用 Mobi 的經驗嗎？如果你必須描述它的特徵，那可能是什麼病人？

And then on these new prescribers you talked about, are they traditional endo practices you might not have been in before? Maybe a new type of prescriber, maybe PCP thoughts there?

然後，關於您談到的這些新處方醫生，他們是您以前可能沒有接觸過的傳統內視鏡治療嗎？也許是一種新型的處方醫生，也許是 PCP 的想法？

Hey, well, I'll take the first half, and I'll let Mark answer the second, but I just want to reinforce what Leigh and Mark said in the opening comments, and that is that this is the second highest revenue quarter we've ever had, and it was talked by the second quarter -- or the fourth quarter of 2022 and that's obviously seasonal. We saw the highest number of MDI conversions this quarter and we have seen in the last six quarters.

嘿，好吧，我會講前半部分，我會讓馬克回答後半部分，但我只是想強調 Leigh 和 Mark 在開場評論中所說的話，那就是這是我們第二高收入的季度曾經有過，而且是在2022 年第二季或第四季討論的，這顯然是季節性的。本季我們看到了過去六個季度 MDI 轉換數量最高的情況。

And as Mark had said, about over half of the new users of Mobi were, they were new to Tandem and then over half of those were MDI. So I think that the leading data suggests absolutely that Mobi is going to drive MDI conversions. And that's really, I think that's the thing that we expect it to accomplish. And certainly in the early days we're seeing that.

正如 Mark 所說，大約一半以上的 Mobi 新用戶是 Tandem 的新手，其中超過一半是 MDI。因此，我認為領先數據絕對表明 Mobi 將推動 MDI 轉換。我認為這確實是我們期望它實現的目標。當然，在早期我們就看到了這一點。

Mark, I'll let you just wrap up the second half in terms of some of the characteristics of the users.

馬克，我將讓您根據用戶的一些特徵來總結後半部分。

Yeah, I mean, we are calling on Endos, Pcps, but also support providers, NP's and pas. And so it's a pretty mixed audience, but primarily we're calling on endos. I think what we're doing is just getting more data driven and understanding that prescriber base in terms of behaviors, in terms of overall potential, and are just bringing more insight to how we look at targeting our commercial model.

是的，我的意思是，我們呼籲 Endos、PCps，但也呼籲支持提供者、NP 和 pa。因此，觀眾的群體相當複雜，但我們主要呼籲的是內科醫生。我認為我們正在做的只是獲得更多數據驅動並了解處方者的行為基礎、整體潛力，並且只是為我們如何看待我們的商業模式提供更多見解。

But for the time being, we're focusing primarily on endos, and any broader expansion into primary care is something that we're not commenting on at this point.

但目前，我們主要關注內科治療，對於初級保健的任何更廣泛的擴張，我們目前不會發表評論。

Travis Steed, Bank of America Securities.

特拉維斯·斯蒂德，美國銀行證券公司。

I wanted to ask about the new patient growth and trying to think about how that kind of carries forward into next year, the second half of this year, new patient growth. The right way to think about that as a jumping off point or is kind of the 24th full year growth right way to think about '25. Just trying to kind of titrate new patient starts and how those kind of carry forward in the next year and any color on how to quantify the margin benefit in '25 from Mobi that you mentioned.

我想詢問新患者的成長情況，並試著思考這種情況如何延續到明年、今年下半年，新患者的成長。正確的方式是將其視為一個起點，或者是第 24 個全年增長的正確方式來思考「25」。只是試圖對新患者開始進行滴定，以及如何在明年繼續進行這些工作，以及如何量化您提到的 Mobi '25 的利潤效益。

Yeah, thanks for the questions, Travis. I'll just start by saying it's a little early for me to give too much in the terms of numbers for 2025 expectations, but maybe just a little more information to help you to think about it the way we think about it. I would say right now it's still a little bit early for us to think about what those trends might look like into next year. We're just getting early insights into Mobi and we have enough visibility to think about some benefit for the remainder of this year.

是的，謝謝你的提問，崔維斯。首先我要說的是，現在給出太多 2025 年預期的數字還為時過早，但也許只是提供更多資訊來幫助您以我們的方式思考這個問題。我想說，現在我們考慮明年這些趨勢可能會是什麼樣子還為時過早。我們剛剛對 Mobi 有了初步的了解，並且我們有足夠的知名度來考慮今年剩餘時間的一些好處。

But we want to see how more of that comes together before we think about contribution in 2025 and beyond. But when you think about next year, the way we look at it, the way we started this year is thinking about how our business has evolved so much. We now have a much larger piece of our sales that come from recurring sources.

但在我們考慮 2025 年及以後的貢獻之前，我們希望看看更多的內容如何結合在一起。但當你思考明年時，我們看待它的方式，我們今年開始的方式是思考我們的業務如何發展如此之大。現在，我們的銷售額中有很大一部分來自經常性來源。

And so when you think about our supply sales, you think about our renewal opportunities, which are growing significantly again into 2025. I think you can get a good solid baseline or starting point for how to think about growth for next year. And then we look forward to learning more about the new products and what kind of trajectory they can drive for the business.

因此，當您想到我們的供應銷售時，您就會想到我們的續約機會，這些機會到 2025 年將再次大幅成長。我認為您可以獲得一個良好可靠的基準或起點來思考明年的成長。然後我們期待更多地了解新產品以及它們可以為業務帶來什麼樣的發展軌跡。

And as you mentioned, on margins, Mobi is particularly important because it has such a meaningful impact on gross margin towards our long term targets.

正如您所提到的，就利潤率而言，Mobi 尤其重要，因為它對實現我們長期目標的毛利率有重大影響。

Jason Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Apologies if I missed this, just a clarification, Leigh, I thought I heard you mention renewals were up 60%. I'm not sure if I have the right context there. If you could just kind of give us the messaging on renewals, that would be great. Thanks.

如果我錯過了這一點，我深表歉意，只是澄清一下，Leigh，我想我聽到你提到續訂量增加了 60%。我不確定我是否有正確的背景。如果您能為我們提供有關續訂的信息，那就太好了。謝謝。

Sure. Thanks for the question, Jason. Renewals still continue to be a bright spot for us. They were actually up about 40% year over year. So really strong double digit growth. I can say that as we look at the new opportunities coming to market, we're still seeing the same consistently high capture rates that we've been seeing for the past two years.

當然。謝謝你的提問，傑森。續約仍然是我們的一個亮點。實際上，它們同比增長了約 40%。如此強勁的兩位數成長。我可以說，當我們審視進入市場的新機會時，我們仍然看到過去兩年一直保持的高捕獲率。

So renewals, like I was just mentioning on the last question, have become a very predictable revenue stream for us. It shows the high loyalty of our customer base, I think how good our products are, how good our customer service is, and we're very proud of how far we've progressed with the renewals.

因此，就像我在最後一個問題中提到的那樣，續訂已成為我們非常可預測的收入來源。它顯示了我們客戶群的高度忠誠度，我認為我們的產品有多好，我們的客戶服務有多好，我們對我們在續訂方面取得的進展感到非常自豪。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Leigh, you gave us some good information, I think, on the new pump starts in the second quarter. When I plug that into my model, I get competitive converts, probably down, I don't know, maybe 30% or so. That's somewhat consistent with last quarter. I'm just trying to reconcile that map. One, in my ballpark, accurate on that. And two, I mean, I think we all understand that Medtronic, your biggest tube pump competitor, is doing a better job of holding onto their patients with some of their new CGM launches and that, but I'm trying to recognize kind of that math with your comments about taking more patch pump share. I had your competitive converts down about the same last quarter. So either my maths off or I'm just trying to think is Medtronic doing an even better job this quarter, and that then is getting offset by your ability to take some more patch pump share. Just kind of help us understand the moving parts between patch and your biggest tube competitor on the competitive. Thank you.

Leigh，我認為你為我們提供了一些關於第二季啟動的新幫浦的好資訊。當我將其插入我的模型時，我得到了有競爭力的轉換者，可能會下降，我不知道，也許 30% 左右。這與上季有些一致。我只是想協調那張地圖。一，在我看來，準確地說。第二，我的意思是，我想我們都明白，美敦力（Medtronic），你們最大的管式幫浦競爭對手，透過推出一些新的連續血糖監測（CGM），在留住患者方面做得更好，但我正在努力認識到這一點用你關於獲取更多補丁泵份額的評論進行數學計算。上個季度，我的競爭對手的轉換率大約下降了。因此，要么我的數學不正確，要么我只是想知道美敦力本季度做得更好，然後您有能力獲得更多的貼片泵份額，從而抵消了這一點。只是幫助我們了解貼片和您在競爭中最大的電子管競爭對手之間的移動部件。謝謝。

Yeah, great questions, Jeff. So the way we think about it is, first of all, I would say the trends that we're seeing across the different elements are pretty much in line with our expectations. I will say that the notable increase in the disposable patch pump conversions was maybe a bit more than we anticipated. But we're certainly pleased with that performance and that people are moving our direction because of MobI in particular.

是的，很好的問題，傑夫。因此，我們的想法是，首先，我想說我們在不同元素上看到的趨勢非常符合我們的期望。我想說的是，一次性貼片幫浦轉換率的顯著成長可能比我們預期的要多一些。但我們當然對這樣的表現感到滿意，而且人們特別因為 MobI 而改變我們的方向。

But you mentioned Medtronic. We did anticipate with 780 G on the market, and again, just with the size of their installed base that we would see a decline in our opportunities there. So nothing is an outlier. We're very pleased with the mix. It was exactly how we were thinking things would trend as we move into the future with a much more reliance on the NDI expansion.

但你提到了美敦力。我們確實預計 780 G 會出現在市場上，並且再次考慮到他們的安裝基礎的規模，我們在那裡的機會將會減少。所以沒有什麼是異常值。我們對這個組合非常滿意。這正是我們所認為的，當我們更加依賴 NDI 擴張的未來時，事情的發展趨勢。

Joshua Jennings, TD Cowan.

約書亞·詹寧斯，TD·考恩。

This is Brian for Josh. I heard your earlier comments on Mobi supply, but can you speak specifically to your ability to scale in the very near term for the upcoming Libre integrations when they come? Just given that there's likely a lot of pent up demand for these. Thanks.

這是喬希的布萊恩。我聽到了您之前對 Mobi 供應的評論，但是您能否具體談談您在近期內為即將到來的 Libre 集成進行擴展的能力？只是考慮到對這些的需求可能有很多被壓抑的。謝謝。

Thanks. So I'll comment to our so, for Mobi in particular, as John mentioned, we have had no supply constraints. We came into the year with sufficient capacity to meet the targets and the goals and even upside scenarios to that for Mobi through all of this year, getting us right set as we head into 2025.

謝謝。所以我要評論我們的情況，特別是對於 Mobi，正如約翰所提到的，我們沒有供應限制。進入這一年，我們有足夠的能力來實現全年的目標和目標，甚至實現 Mobi 的上行前景，讓我們在邁向 2025 年時做好準備。

So while we would love to be challenged with having pent up demand come to the market and push on the limits that we have, but we feel very good about what we have in place.

因此，雖然我們很樂意接受市場被壓抑的需求的挑戰，並突破我們現有的限制，但我們對我們所擁有的一切感到非常滿意。

And you're right, we are excited about the freestyle Libre 3plus implementation. There's a large population of people who use that sensor that don't use aid systems both in the US and OUS. And so we're moving as aggressively as we can to get that product into the market.

你是對的，我們對 freestyle Libre 3plus 的實現感到興奮。在美國和海外，有大量使用該感測器的人不使用援助系統。因此，我們正在盡可能積極地將該產品推向市場。

Danielle Antalffy, UBS.

丹妮爾·安塔菲，瑞銀集團。

Congrats on a really strong quarter here. Just a question on my favorite question on market growth. I mean, we now have your numbers as well as the pre announcement from one of your competitors. I mean, it just really feels like the market continues to accelerate here. Any comments you can make on market growth and what you've seen, how it's evolved over the last few quarters and where you see it going from here. Thanks so much.

恭喜這個季度的強勁表現。只是關於我最喜歡的市場成長問題的問題。我的意思是，我們現在有您的電話號碼以及您的競爭對手之一的預先公告。我的意思是，感覺這裡的市場持續加速發展。您可以對市場成長以及您所看到的情況、過去幾季的發展以及您認為未來的發展方向發表任何評論。非常感謝。

Yeah, I think that last, at the end of last year, we decided not to even talk about the new markets. We were the only company that was really talking specifically about the number of new pumps that we had seen and where they came from. It's also midway through the year, and it's typically something you've got to wait till the end before you got to hear everybody talk about their situation before we can actually estimate what it looks like.

是的，我認為最後，在去年年底，我們決定甚至不談新市場。我們是唯一一家真正具體談論我們所見過的新泵的數量及其來源的公司。現在也是年中，通常你必須等到年底才能聽到每個人談論他們的情況，然後我們才能真正估計情況。

That being said, I think that this is a, it's an underserved market. It has a great deal of growth potential, and we think that the penetration rates can get up from 35 or 40 today, up to 60 to 65 in the next couple of years. And we think the technology that we, our partners, and our competitors are bringing to market are certainly going to have a favorable impact on that and also help people living with diabetes. And so I think that we said we can get to a million users. We took the time away from that. That's still our objective. And I think that in order for that to happen, let's say in the next five years, the number has got to eclipse 100,000 annually. I think, as I said, with new technologies, that's very possible.

話雖如此，我認為這是一個服務不足的市場。它具有很大的成長潛力，我們認為滲透率可以從現在的 35 或 40 上升到未來幾年的 60 至 65。我們認為，我們、我們的合作夥伴和競爭對手正在向市場推出的技術肯定會對此產生有利的影響，並幫助糖尿病患者。所以我認為我們說過我們可以達到一百萬用戶。我們抽出了時間。這仍然是我們的目標。我認為，為了實現這一目標，假設在未來五年內，這個數字每年必須超過 100,000。我認為，正如我所說，借助新技術，這是很有可能的。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。