Tandem Diabetes Care Inc (TNDM) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tandem Diabetes Care Q3 2024 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Tandem Diabetes Care 2024 年第三季財報電話會議。目前，所有參與者均處於唯讀模式。請注意，今天的會議正在錄影。

(Operator Instructions)

（操作說明）

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

現在我謹將會議交給今天的主講人，執行副總裁兼首席行政官蘇珊·莫里森女士。

Hello, everyone, and thanks for joining Tandem's third-quarter 2024 earnings call. Today's discussion will include forward-looking statements. These statements reflect management's expectations about future events, our product pipeline, the development timelines, and financial performance and operating plans, and speak only as of today's date.

大家好，感謝各位參加 Tandem 2024 年第三季財報電話會議。今天的討論將包含前瞻性陳述。這些聲明反映了管理層對未來事件、產品線、開發時間表、財務業績和營運計劃的預期，並且僅代表截至今日的情況。

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, as updated by our most recent quarterly report on Form 10-Q.

存在一些風險和不確定性，可能導致實際結果與我們在前瞻性聲明中預期或預測的結果有重大差異。可能導致實際結果與任何前瞻性聲明所表達或暗示的結果存在重大差異的因素列表，已在我們今天早些時候發布的新聞稿、風險因素部分以及我們最新的 10-K 表格年度報告（已由我們最新的 10-Q 表格季度報告更新）的其他部分中進行了重點介紹。

We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or other factors.

我們不承擔因新資訊、未來事件或其他因素而公開更新任何前瞻性聲明的義務。

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.

今天的討論也將涉及一些GAAP和非GAAP財務指標。我們提供非公認會計準則財務指標，旨在向投資者提供我們認為能夠反映我們核心經營績效和持續業務營運的資訊。我們認為這些非GAAP財務指標有助於更好地比較不同報告期間的經營績效。任何非GAAP資訊均不應被視為替代、獨立或優於依照GAAP編製的結果。

Please refer to our earnings release issued earlier 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.

有關這些指標與其最直接可比較的 GAAP 財務指標的調整表，請參閱我們今天稍早發布的收益報告，該報告可在我們網站的投資者中心部分查閱。

Participating on today's call are John Sheridan, Tandem's President and CEO; and Leigh Vosseller, Executive Vice President and Chief Financial Officer. Following their prepared remarks, the operator will open up the call for questions. Thank you in advance for limiting yourself to one question before getting back into the queue.

參加今天電話會議的有 Tandem 總裁兼執行長 John Sheridan，以及執行副總裁兼財務長 Leigh Vosseller。在發言結束後，主持人將開放提問環節。謝謝您提前限制自己只提一個問題，然後再重新排隊。

I'll now turn the call over to John.

現在我將把電話交給約翰。

Thank you, Susan, and welcome everyone to our call today.

謝謝蘇珊，也歡迎大家參加今天的電話會議。

2024 has been a dynamic year. The third quarter marked a milestone achievement for Tandem as we delivered the highest quarterly sales in our company's history. This is a result of strong execution of our strategy to drive growth through our expanding product portfolio and is underscored by outstanding feedback on our newly launched Tandem Mobi.

2024年是充滿活力的一年。第三季是 Tandem 公司的里程碑式成就，我們實現了公司歷史上最高的季度銷售額。這是我們透過不斷擴大產品組合來推動成長的策略有效執行的結果，而我們新推出的 Tandem Mobi 獲得了極佳的回饋，這充分證明了這一點。

I am also very pleased with our operational performance as we returned to positive free cash flow in the third quarter. Driving greater leverage in our business and using innovation to improve gross margins continue to be an important focus for our company.

我對我們的營運表現也感到非常滿意，因為我們在第三季恢復了正向自由現金流。提高業務槓桿率並利用創新來提高毛利率仍然是我們公司的重要關注點。

In addition to record sales and strong operational performance, this quarter also marked a return to year-over-year new pump growth in the United States. We have seen growth from MDI users over the past two quarters, which is evidence that we are furthering our goal to expand the insulin pump market.

除了創紀錄的銷售額和強勁的營運業績外，本季美國的新泵銷售也恢復了同比增長。過去兩個季度，我們看到 MDI 用戶數量有所增長，這證明我們正在朝著擴大胰島素幫浦市場的目標邁進。

The favorable US customer data points we observed in Q2 continued in Q3. Most notably, more than half of our pump shipments were new to customers, and over half of our new customers adopted a Tandem pump for multiple daily injections. We also once again observed a higher rate of disposable pump converters compared to years past.

我們在第二季觀察到的美國客戶良好數據在第三季得以延續。最值得注意的是，我們超過一半的泵浦出貨量是客戶的新訂單，超過一半的新客戶採用了 Tandem 泵浦進行每日多次注射。我們也再次觀察到，與往年相比，一次性幫浦轉換器的使用率更高。

Our increase in customers coming from MDI is an important shift that we anticipate will continue as our portfolio attracts more people to insulin pump therapy.

我們來自 MDI 的客戶數量的增長是一個重要的轉變，我們預計隨著我們的產品組合吸引更多人使用胰島素幫浦治療，這種轉變將會持續下去。

We also continue to see customer enthusiasm for both t:slim X2 and Tandem Mobi in the quarter. These results underscore our strategic position that there is no one-size-fits-all solution in insulin therapy management, and that the needs and preferences in diabetes technology create a highly segmented market. It also further indicates that there is a demand for both platforms in the large and underpenetrated market we serve.

本季度，我們繼續看到客戶對 t:slim X2 和 Tandem Mobi 的熱情。這些結果凸顯了我們的策略立場，即胰島素治療管理沒有一勞永逸的解決方案，糖尿病技術的需求和偏好造就了一個高度細分的市場。這也進一步表明，在我們所服務的這個龐大但滲透率較低的市場中，對這兩個平台都有需求。

For t:slim X2, we continue to hear customer enthusiasm for the all-in-one convenience with its controls being offered on pump, the freedom to disconnect, and our best-in-class Control-IQ technology.

對於 t:slim X2，我們不斷聽到客戶對一體化便利性的熱情，其控制功能可在泵上實現，可自由斷開連接，並採用我們一流的 Control-IQ 技術。

For Tandem Mobi, its tiny size and unparalleled versatility are redefining wearability. These attributes, in combination with our Control-IQ technology, are driving high satisfaction scores and are attracting a younger demographic compared to t:slim. Tandem Mobi is pioneering a new category of insulin pumps and market awareness is building as the diabetes community has increasing exposure to our new platform.

Tandem Mobi 憑藉其小巧的尺寸和無與倫比的多功能性，正在重新定義佩戴體驗。這些特性，再加上我們的 Control-IQ 技術，帶來了很高的客戶滿意度，並且與 t:slim 相比，吸引了更年輕的客戶群。Tandem Mobi 開創了胰島素幫浦的新類別，隨著糖尿病族群對我們新平台的了解不斷加深，市場認知度也不斷提高。

Turning to our performance outside the United States, we once again demonstrated growth in our pump placements and a high rate of customer retention. The typical seasonality we see in 3Q associated with the European holiday season was offset by greater than anticipated demand, along with the timing of certain distributor orders. I'm proud of our scaling commercial efforts outside the US and of the awareness we are building for Tandem, our technology, and the improved clinical outcomes our customers experience with Control-IQ.

再來看看我們在美國以外的業績，我們的泵浦安裝量再次實現了成長，客戶留存率也很高。第三季通常與歐洲假期季節相關的季節性波動被超出預期的需求以及某些經銷商訂單的時間安排所抵消。我為我們在美國以外地區擴大商業努力、提高人們對 Tandem、我們的技術以及我們的客戶在使用 Control-IQ 後所獲得的改善的臨床結果的認識而感到自豪。

A reflection of this was our recent award of new tenders, which will provide enhanced customer access in select countries beginning in 2025. Outside the United States, we also had a regulatory win in the European Union with the clearance of t:slim X2 for use with Lyumjev ultra-rapid-acting Insulin. Ultra-rapid-acting Insulin is a popular choice for people living with diabetes due to its response time, and this is the first step in a broader global strategy to support this offering.

這體現在我們最近授予的新招標項目中，這些項目將從 2025 年開始在特定國家/地區為客戶提供更便利的服務。在美國以外，我們在歐盟也取得了監管方面的勝利，t:slim X2 獲準與 Lyumjev 超速效胰島素一起使用。由於超速效胰島素起效迅速，因此深受糖尿病患者的歡迎，而這是支持該產品的更廣泛的全球策略的第一步。

The opportunity to improve the lives of people living with type 1 diabetes outside the United States is even greater than in the US. It's a strategic focus for us as we look to 2025 and beyond.

在美國以外，改善第 1 型糖尿病患者生活的機會甚至比在美國更大。這是我們展望2025年及以後的策略重點。

With that, I'll turn the call over to Leigh.

接下來，我會把電話交給莉。

Thanks, John. As a reminder, unless otherwise noted, many of the financial metrics we 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.

謝謝你，約翰。再次提醒大家，除非另有說明，我們今天討論的許多財務指標都是非GAAP指標。GAAP 與非 GAAP 結果的調整表可在今天的收益報告中找到，該報告可在我們網站的投資者中心部分取得。

At the beginning of the year, we laid out our growth expectations for top-line sales, targets for profitability, and product expansion plans. As you can see in today's results, we are demonstrating meaningful progress on all fronts, which is particularly notable with the third quarter seasonality in our business.

年初，我們制定了營收成長預期、獲利目標和產品擴張計畫。正如您從今天的業績中看到的，我們在各個方面都取得了顯著進展，尤其是在我們業務的第三季度季節性波動的情況下，這一點尤其值得關注。

Q3 sales of $243 million marked the highest worldwide sales in our company's history as we achieved record sales in both our US and OUS markets.

第三季銷售額達 2.43 億美元，創下公司歷史上全球銷售額新高，我們在美國和美國境外市場均取得了創紀錄的銷售額。

Starting with our performance in the United States, I'm proud that we demonstrated a return to growth of new customer starts, and total shipments reached nearly 21,000 pumps. Our sales of $171 million delivered more than 23% year-over-year growth, and we saw a favorable mix in our business with pumps contributing 51% of sales.

首先說說我們在美國的表現，我感到自豪的是，我們實現了新客戶數量的恢復增長，總出貨量接近 21,000 台泵。我們的銷售額達到 1.71 億美元，年成長超過 23%，而且我們的業務組合也十分有利，其中泵類產品貢獻了 51% 的銷售額。

Sequentially, our US sales represented 9% growth driven by a modest shipment increase in a seasonal period where pumps have been flat to down in the last three years. We continue to see ASP strength driven by price increases, a favorable customer mix, and a shift to more direct business benefiting both sales and margins.

與去年同期相比，我們的美國銷售額增長了 9%，這主要得益於季節性時期出貨量的適度增長，而過去三年裡，泵的銷量一直持平或下降。我們看到，平均售價持續走強，這主要得益於價格上漲、有利的客戶組合以及向更直接的業務模式轉變，從而有利於銷售額和利潤率。

Sales in the US billed directly to insurance payers increased to 38% of sales from 36% a year ago. Our price improvements were achieved for pumps and supplies as we share in the benefits that our technology brings to our direct payer and distribution relationships following many years of dedicated contracting efforts.

在美國，直接向保險公司結算的銷售額佔總銷售額的比例從一年前的 36% 增加到 38%。多年來，我們一直致力於與直接付款方和經銷商建立合作關係，透過我們的技術，我們得以分享技術帶來的益處，從而提高了泵浦和耗材的價格。

Pricing and broad market access continue to be key components of our multi-channel managed care strategy. In addition to the progress we've made through the DME channel, we've also achieved new milestones for the company within the pharmacy channel. I'm happy to share that we signed our first agreement for Tandem Mobi and are now focused on our payer pull-through strategy for this arrangement.

定價和廣泛的市場准入仍然是我們多通路醫療管理策略的關鍵組成部分。除了我們在DME通路的進展外，我們還在藥局通路為公司實現了新的里程碑。我很高興地宣布，我們已經簽署了與 Tandem Mobi 的第一份協議，現在專注於該協議的支付方推廣策略。

This is an important first step in our multi-year strategy to drive profitable access and reduce patient out-of-pocket costs. We won't be sharing any details of the contract at this time, but I can confirm that it's not disruptive to our current business model. We have a number of additional contracting conversations underway as well. We will provide more color to potential future benefit from pharmacy access as we continue to execute on our strategy.

這是我們多年策略中重要的第一步，旨在推動獲利性醫療服務獲取，並降低病患的自付費用。目前我們不會透露合約的任何細節，但我可以確認，它不會對我們目前的商業模式造成乾擾。我們目前還有一些其他的合約洽談正在進行中。我們將繼續推動策略實施，並進一步闡明未來從藥局取得途徑中可能獲得的益處。

As previously discussed, late in the second quarter, we began offering eligible t:slim X2 customers the choice to switch to Mobi under our Tandem Choice program. As a reminder, the pump shipments and non-GAAP financials do not include any impact from the program. On a GAAP basis only, we cease deferring any portion of sales upon Mobi's availability in the first quarter.

如同先前討論過的，在第二季末，我們開始為符合條件的 t:slim X2 用戶提供根據我們的 Tandem Choice 方案切換到 Mobi 的選擇。需要提醒的是，泵浦的出貨量和非GAAP財務資料均未包含該計劃的任何影響。僅按 GAAP 準則，Mobi 在第一季上市後，我們將停止遞延任何部分的銷售額。

In the second and third quarters, we recognize sales and cost of goods sold with each individual election to switch to Mobi. The difference between our GAAP and non-GAAP financials associated with the program were not meaningful in Q3.

在第二季和第三季度，我們會在每次選擇切換到 Mobi 時確認銷售額和銷售成本。第三季度，與該專案相關的GAAP財務資料和非GAAP財務資料之間的差異並不顯著。

In the fourth quarter, we will fully capture the remaining sales deferrals of $30 million on a GAAP basis, plus any additional switch sales and costs. For further details on the GAAP accounting for this program, please refer to the accounting policy discussion in our 10-Q.

第四季度，我們將以 GAAP 準則全額確認剩餘的 3,000 萬美元銷售遞延款項，加上任何額外的交換銷售和成本。有關此項目的 GAAP 會計處理的更多詳細信息，請參閱我們 10-Q 中的會計政策討論。

Turning to our OUS performance, sales grew 31% year over year to $72 million, reflecting continued strong demand. The results also benefited by approximately $5 million in orders received in the third quarter that were originally anticipated in the fourth quarter. We ship nearly 11,000 pumps in the 25 markets in which we operate outside the US, which represents a pump shipment increase of more than 30% year over year.

從海外市場業績來看，銷售額年增 31% 至 7,200 萬美元，反映出市場需求持續強勁。此外，第三季收到的約 500 萬美元訂單也對業績有所好處，這些訂單原本預計在第四季度收到。我們在美國以外的 25 個市場開展業務，每年出貨近 11,000 台泵，較去年同期成長超過 30%。

Overall, I'm pleased that we are demonstrating growth in our business once again, and we are increasingly focused on the profitability profile of our company.

總的來說，我很高興看到我們的業務再次成長，我們也越來越關注公司的獲利狀況。

Gross margin was 51% in the third quarter, which was in line with our expectations. We expect the 2024 gross margin pressure related to the Mobi launch to ease exiting 2024, and that the pump will begin to be accretive in 2025 as our business scales across the year. As Mobi users become a greater portion of our installed base, we also anticipate improved gross margin in our supplies, anticipated to provide benefit beginning in late 2025.

第三季毛利率為 51%，符合我們的預期。我們預計與 Mobi 推出相關的 2024 年毛利率壓力將在 2024 年底緩解，並且隨著我們業務在一年內規模的擴大，該項舉措將在 2025 年開始產生增值作用。隨著 Mobi 用戶在我們已安裝用戶群中所佔比例越來越大，我們也預計我們的供應毛利率將有所提高，預計將從 2025 年底開始帶來收益。

From an adjusted EBITDA perspective, we turned the corner to profitability at 2% of sales in the third quarter. As a reminder, the seasonality in our business applies to gross and operating margins, as well as sales. Our total cash and investments balance remains strong at $473 million. Q3 marks the return to positive free cash flow generation of $22 million, and we expect that trend to continue through the remainder of the year.

從調整後的 EBITDA 角度來看，我們在第三季實現了銷售額 2% 的利潤。再次提醒，我們業務的季節性影響體現在毛利率、營業利潤率以及銷售額。我們的現金及投資總額依然穩健，為 4.73 億美元。第三季標誌著公司恢復正自由現金流，達到 2,200 萬美元，我們預計這一趨勢將在今年餘下的時間裡持續下去。

We began 2024 with expectations of 10% sales growth. Today, we are once again increasing our annual sales guidance to a range of $903 million to $910 million, which is 17% to 18% year-over-year growth. This breaks down to $645 million to $650 million in the US, and $258 million to $260 million outside the US. We are reaffirming our gross margin expectation of 51% for the full year and adjusted EBITDA break even.

2024年初，我們預期銷售額將成長10%。今天，我們再次將年度銷售預期提高至 9.03 億美元至 9.1 億美元，年增 17% 至 18%。其中，美國境內為 6.45 億美元至 6.5 億美元，美國境外為 2.58 億美元至 2.6 億美元。我們重申全年毛利率預期為 51%，調整後 EBITDA 將達到損益兩平。

I would also like to take this opportunity to provide a few comments on how to think about our 2025 outlook, for which we plan to provide guidance at our fourth quarter earnings call. Much like 2024, we expect 2025 to be another highly dynamic year with multiple new growth drivers staged across the year. We will continue to drive market awareness of Mobi in the US, introduce new products worldwide, and execute on our market access strategy through the pharmacy channel in the US and through tender wins in our OUS markets.

我還想藉此機會就我們對 2025 年的展望發表一些看法，我們計劃在第四季度財報電話會議上對此進行指導。與 2024 年類似，我們預計 2025 年也將是充滿活力的一年，全年將出現多個新的成長動力。我們將繼續提高 Mobi 在美國的市場知名度，在全球範圍內推出新產品，並透過美國的藥房管道和在美國境外市場的招標中標來執行我們的市場准入策略。

We anticipate 2025 guidance will align with the approach we used in 2024, where we put more emphasis on the predictable revenue streams to start.

我們預期 2025 年的業績指引將與我們 2024 年採用的方法保持一致，即首先更加重視可預測的收入來源。

Then, we set initial growth expectations based on recurring revenue from supply sales and renewals, while we assess how the new growth opportunities trended before factoring in any benefits. As I mentioned earlier, Mobi will be a key contributing factor to margin expansion as it continues to scale. Also, our investments to drive growth will be balanced with diligent efforts to demonstrate leverage in our operations.

然後，我們根據供應銷售和續約的經常性收入設定初步成長預期，同時在考慮任何收益之前評估新的成長機會的趨勢。正如我之前提到的，隨著行動裝置規模的不斷擴大，它將成為利潤率擴張的關鍵因素。此外，我們將在推動成長的投資與努力提高營運效率以發揮槓桿作用之間取得平衡。

I also wanted to highlight the impact of deductible-driven seasonality on the US business for both pumps and supplies. This generally results in a meaningful step down in both sales and profits from the fourth quarter to the first quarter. For example, in the last four years, US sales in the first quarter declined on average over 20% compared to the fourth quarter.

我還想重點強調免賠額驅動的季節性因素對美國泵浦和耗材業務的影響。這通常會導致第四季度到第一季銷售額和利潤都顯著下降。例如，過去四年中，美國第一季的銷售額平均比第四季下降了 20% 以上。

As with sales, we anticipate that our growth and operating margin will be affected by seasonality and will build across 2025. We look forward to providing more details at our next call.

與銷售一樣，我們預計我們的成長和營業利潤率將受到季節性因素的影響，並將在 2025 年逐步成長。我們期待在下次電話會議上提供更多細節。

And I'll now turn the call back to you, John.

現在我把電話轉回給你，約翰。

Thanks, Leigh. In addition to our progress in commercial and operational execution, we are continuing to drive future growth by expanding our product portfolio. Tandem's roadmap is the most exciting in our industry and is designed to deliver a steady cadence of differentiating innovation. Our development efforts span near and longer-term initiatives and include a meaningful focus on bringing the technology we offer currently in the US to the countries we serve internationally.

謝謝你，莉。除了在商業和營運執行方面取得進展外，我們還透過擴大產品組合來持續推動未來的成長。Tandem 的發展路線圖是業界最令人振奮的，旨在持續不斷地推出差異化創新。我們的研發工作涵蓋近期和長期計劃，重點在於將我們目前在美國提供的技術推廣到我們在國際上服務的國家。

We have demonstrated this throughout 2024, beginning with our launch of Mobi in the US, followed by its integration with the G7 sensor. Next, we launched Tandem Source outside the United States, beginning in Canada, and we continue deployment on a country-by-country basis through 2025.

我們在 2024 年全年都證明了這一點，首先是在美國推出 Mobi，然後將其與 G7 感測器整合。接下來，我們在美國以外地區推出了 Tandem Source，首先在加拿大推出，並將繼續逐個國家部署，直到 2025 年。

Global platforms will be a key theme throughout 2025 as we integrate Abbott FreeStyle Libre 3 on both t:slim and Mobi. We also have efforts underway to offer Mobi Android control and to bring it to the markets we serve OUS. Additionally, we have new Mobi features in active development, most notably a unique cartridge option that allows the pump to be worn as a tubeless patch without an infusion set, providing even greater options in wearability.

2025 年，全球平台將是一個關鍵主題，我們將把 Abbott FreeStyle Libre 3 整合到 t:slim 和 Mobi 上。我們目前也正在努力提供 Mobi Android 控制功能，並將其引入我們服務的美國市場。此外，我們正在積極開發新的 Mobi 功能，最值得注意的是獨特的墨盒選項，該選項允許將泵浦作為無管貼片佩戴，而無需輸液裝置，從而提供更大的佩戴選擇。

As we've shared previously, we are not going to provide timelines for new pumps or supplies in development, but internally efforts remain underway to bring them to commercialization. This includes development activities for Sigi or ergonomic rechargeable and detachable patch pumps.

正如我們之前所分享的，我們不會提供正在研發的新泵或耗材的時間表，但公司內部仍在努力將其商業化。這包括 Sigi 或符合人體工學的可充電和可拆卸貼片泵的開發活動。

Clinical initiatives also remain a high priority for us at Tandem. A pivotal trial for [SteadySet], our extended wear infusion set technology, is on track to be done by the end of the year. A regulatory filing to support a three-day indication for SteadySet is currently in review by the FDA now. This is our first infusion submission and although we do not intend to commercialize a three-day set, it's a risk mitigation strategy in our regulatory process.

臨床項目仍然是 Tandem 的一項重要優先事項。我們研發的延長配戴輸液裝置技術 [SteadySet] 的關鍵性試驗預計在年底前完成。目前，FDA正在審查支持SteadySet三天療程適應症的監管文件。這是我們首次提交輸液申請，雖然我們並不打算將三天療程的輸液套裝商業化，但這是我們監管流程中的風險緩解策略。

Another clinical highlight in the third quarter was the completion of our pivotal trial for people living with type 2 diabetes to expand the indication for control IQ. With the insulin dependent market opportunity even greater than people living with type 1 and a fraction of the penetration, it's a strategic priority for us to bring the benefits of our technology to people living with type 2 diabetes. Some healthcare providers today choose to prescribe our pumps and control IQ to their type 2 patients off-label.

第三季另一個臨床亮點是完成了 2 型糖尿病患者的關鍵性試驗，以擴大 Control IQ 的適應症。胰島素依賴型糖尿病患者的市場機會甚至比第 1 型糖尿病患者更大，但市場滲透率卻很低，因此，將我們的技術優勢帶給 2 型糖尿病患者是我們的策略重點。目前一些醫療保健提供者選擇為他們的 2 型糖尿病患者開立我們的胰島素幫浦和控制 IQ 的處方，屬於超適應症用藥。

As a result, more than 30,000 people living in the US with type 2 use a Tandon pump. If we look at it on a quarterly basis, approximately 5% to 10% of new customers each quarter have type 2, which has been a consistent trend throughout the years.

因此，美國有超過 3 萬名第 2 型糖尿病患者使用 Tandon 胰島素幫浦。如果按季度來看，每個季度大約有 5% 到 10% 的新客戶患有第 2 型糖尿病，這多年來一直是一個穩定的趨勢。

As a market research driven company, it's been fascinating to see the increasing interest in technology as a part of therapy management solution for people living with insulin-dependent type 2 diabetes. More people identify as near-term pumpers than ever before and we are working through our market strategy of how to best serve this population.

作為一家以市場研究為導向的公司，我們很高興地看到，人們對將技術作為胰島素依賴型 2 型糖尿病治療管理解決方案的一部分越來越感興趣。越來越多的人認為自己是短期投資者，我們正在研究如何更好地服務這個群體，並制定相應的市場策略。

With the clinical trial now complete, we are finalizing the regulatory submission and will submit it to the FDA before the end of the year.

臨床試驗現已完成，我們正在最終確定監管申報資料，並將於年底前提交給FDA。

We also completed a series of clinical feasibility studies to support our fully closed-loop program. You'll see early insights from the most recent study presented at the upcoming ATTD-ASIA Conference at the end of this month.

我們也完成了一系列臨床可行性研究，以支持我們的完全閉環計畫。您將在本月底舉行的 ATTD-ASIA 會議上看到最新研究的初步見解。

It's been amazing to see the progress in fully closed-loop technology and it increases my confidence that the dream of this technology is approaching reality, and we intend to keep Tandem at the forefront of these efforts.

看到全閉環技術取得如此巨大的進步，我感到非常欣慰，也更加確信這項技術的夢想正在逐步​​變為現實，我們將繼續讓 Tandem 保持在這些努力的前沿地位。

As you can see, it continues to be a busy and exciting time for Tandem. Our employees focus on execution throughout our business is impressive. Thank you everyone for your hard work. As we wrap up 2024, we are well positioned to achieve a record-breaking fourth quarter. Our focus on closing the year strong and continuing to deliver on our commitments.

如您所見，對於 Tandem 而言，這仍然是一段忙碌而激動人心的時期。我們員工在整個業務過程中都專注於執行，這一點令人印象深刻。感謝大家的辛苦付出。2024 年即將結束，我們已做好充分準備，預計在第四季度取得破紀錄的業績。我們的目標是為今年畫下一個圓滿的句號，並繼續履行我們的承諾。

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

現在我想把電話轉交給接線員，回答大家的問題。

(Operator Instructions) Mathew Blackman, Stifel.

（操作說明）馬修·布萊克曼，斯蒂費爾。

Leigh, I was hoping you could give us a little bit more color on new patient starts in the third quarter perhaps versus the second quarter. I think I did hear you say that pump shift grew quarter over quarter, but what about new patients? And then I recall last quarter you told us that you saw month over month Mobi growth. I'm just curious if you're willing to give us any color on the Mobi cadence through 3Q or exiting 3Q. Thanks.

Leigh，我希望你能給我們詳細介紹一下第三季新病患入院人數與第二季相比的情況。我好像聽到您說幫浦的轉移量較上季成長，但是新病患的情況如何呢？然後我記得上個季度您告訴我們，您看到了行動業務的月度成長。我只是好奇你是否願意透露一些關於 Mobi 在第三季或第三季末的節奏情況。謝謝。

Thanks, Matt. So the way our shipments broke down in the third quarter, first, it's a celebration for us because it was a return to new start growth year over year, which is the first quarter we've seen in quite some time. It's the second quarter in a row where we've seen growth in MDI conversions. And so what we saw if you break it down is that new pumpers were still a little more than half of the pump shipments.

謝謝你，馬特。因此，就我們第三季的出貨量而言，首先，這對我們來說是一個值得慶祝的時刻，因為這是恢復到同比成長的新起點，這是我們很長一段時間以來看到的第一個季度。這是MDI轉換率連續第二季實現成長。因此，如果我們細分來看，就會發現新泵浦的出貨量仍然略高於泵浦出貨量的一半。

And then of new pumpers, a little more than half were MDI. So pretty much in line with our expectations and actually very consistent with what we saw in the second quarter. Pump shipments from Q2 to Q3 because of the seasonal dynamics only stepped up modestly. So everything stayed pretty much intact with what we had seen before.

而在新泵浦中，超過一半是 MDI。所以這基本上符合我們的預期，而且與我們在第二季度看到的情況非常一致。受季節性因素影響，第二季到第三季泵浦出貨量僅小幅成長。所以一切都和我們之前看到的差不多一樣。

Steve Lichtman, Oppenheimer & Co.

史蒂夫·利希特曼，奧本海默公司

Thank you. Evening, everyone. Leigh, it's great to see the pharmacy contract announcement. I appreciate you're not giving any details specific to that one, but can you sort of talk about that in the context of your broader pharmacy strategy? Give us an update of how you're thinking about that progressing in the coming months?

謝謝。各位晚上好。Leigh，很高興看到藥局合約的公告。我知道您沒有透露具體細節，但您能否在更廣泛的藥房策略背景下談談這件事？請您簡單介紹一下您對未來幾個月進展的想像？

Sure. So it's another point of celebration this quarter. We were very excited to be able to announce that we're executing on that strategy. We've talked about it for so long with everyone about our goals and the possibility of achieving them. And as we said, we would have a contract by the end of this year. And so it's an important, very important first step.

當然。所以這是本季又一個值得慶祝的事情。我們非常高興地宣布，我們正在執行這項策略。我們已經和大家討論了很久，關於我們的目標以及實現目標的可能性。正如我們所說，我們將在今年年底前簽訂合約。所以，這是非常重要的第一步。

What we have to do next is to really focus on the pull through for this contract. And so it's positioning as well as we move into 2025. And as we look ahead then to 2025 and we evaluate what those trends could look like in terms of both volume and potential economic benefit, we'll give more color at that time.

接下來我們必須全力以赴，確保這份合約順利完成。因此，這也是我們邁向 2025 年的定位。展望 2025 年，當我們評估這些趨勢在數量和潛在經濟效益方面可能呈現的態勢時，屆時我們將提供更多細節。

Brooks O'Neil, Lake Street Capital Markets.

Brooks O'Neil，Lake Street Capital Markets。

Good afternoon, everyone. I wanted to follow up on Steve's question. Congratulations on the pharmacy contract.

大家下午好。我想就史蒂夫的問題做個後續說明。恭喜您獲得藥房合約。

So here's my question. My understanding is your competitor who uses the pharmacy channel prices their product on a time equivalent basis at a substantial premium to your durable pumps and others. Can you help us understand? You said you're not going to be disruptive to your existing business. But can you give us any feel for how your pricing might relate to the pricing of your competitor in the pharmacy channel?

我的問題是這樣的。據我了解，你們的競爭對手透過藥局通路銷售產品，並以時間等效性為基礎進行定價，其價格比你們的耐用泵和其他產品高出很多。您能幫我們理解一下嗎？你說過你不會對現有業務造成乾擾。但您能否大致說明一下，您的定價策略與藥局通路競爭對手的定價策略有何關聯？

Sure. Thanks, Brooks. I can honestly only share very little about the contract today, contractually and I would say even competitively. But what we have said in the past is that we would be very selective about the contracts that we're willing to enter into. And one of the key themes, first and foremost, is that we need to be able to lower the patient out of pocket.

當然。謝謝你，布魯克斯。說實話，今天我只能透露非常少的信息，無論是合約方面，還是在競爭方面。但我們過去曾說過，我們會非常謹慎地選擇願意簽訂的合約。其中一個關鍵主題，也是最重要的一點，就是我們需要降低病患的自付費用。

And secondly, it has to be at least as good economically as the DME contracts that we have been in. And so I can say it met our criteria and we were excited to move forward with it.

其次，它在經濟效益上至少要和我們之前簽訂的DME合約一樣好。因此，我可以肯定地說，它符合我們的標準，我們很高興能夠推進這個專案。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

So curious about your comments on the Mobitubeless cartridge option that you're describing, John. And you also mentioned the steady set. And if you're not going to give us timing just yet on the tubeless option, but are those two technologies something that you can possibly integrate going forward? Is there any reason why tubeless can be a longer wear set than a traditional infusion set, three-day infusion set? Love any color.

約翰，我對你所描述的 Mobitubeless 墨盒選項的評價非常感興趣。你還提到了穩定的設定。如果您暫時還不打算透露無內胎輪胎的具體上市時間，那麼這兩項技術是否有可能在未來整合應用？為何無導管輸液裝置可以比傳統輸液裝置（例如三天輸液裝置）配戴更長時間？喜歡任何顏色。

Yeah, thanks so much. Sure thing. Well, first of all, we're very excited about Mobi tubeless making great progress on it. It's really exciting how good the product looks at this point in time. And certainly, we've got expertise in-house right now to develop longer wear sets.

是啊，非常感謝。當然可以。首先，我們對 Mobi 無內胎輪胎的巨大進展感到非常興奮。目前來看，這款產品的出色表現真的令人興奮。當然，我們公司內部目前也擁有開發長效配戴套裝的專業技術。

And there's no reason why we wouldn't consider that. We haven't said anything specifically at this point in time, but it's definitely an option that we got out there. I think that as we get further into development, we'll let people know if we're going to consider that. We also are very excited about steady set. We're going to complete the clinical study this quarter.

我們沒有任何理由不考慮這一點。目前我們還沒有具體說明，但這絕對是我們考慮過的選項之一。我認為隨著開發的深入，我們會告知大家我們是否會考慮這一點。我們對穩定的設置也感到非常興奮。我們將在本季完成這項臨床研究。

And I think that, as I mentioned, I just wanted to be clear that we did file the three-day set as a risk mitigation strategy. We want to answer all the questions we can right now at the FDA while the clinical study is going on and while we're preparing the clinical report. So that when we get to the point of submitting the seven-day set, it's a relatively straightforward activity, which is why we're doing that.

正如我之前提到的，我想明確一點，我們提交這三天的方案是為了降低風險。我們希望在臨床研究進行期間以及我們準備臨床報告期間，能夠盡快回答 FDA 提出的所有問題。這樣，當我們提交七天作業時，就相對容易了，這也是我們這樣做的原因。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good afternoon. Thanks for taking the question and congrats on a nice quarter here. Leigh, I wanted to follow up on your 2025 comments. You started 2024, you mentioned 10% growth in the guidance. Now you're at 17% to 18%. Consensus next year is about 12%. And I guess I think, why would growth slow in 2025 versus 2024?

午安.感謝您回答這個問題，也恭喜您本季業績優異。Leigh，我想就你 2025 年的評論做個後續說明。你們在2024年伊始就提到了10%的成長目標。現在你的百分比是 17% 到 18%。明年普遍預期約 12%。我想，為什麼 2025 年的成長速度會比 2024 年放緩呢？

You have a full year of Mobi, type 2 indication in the US, Libre integration, et cetera, enhanced tenders you mentioned on this call. I'm not sure what the message is today, except it was clear you're trying to say we're going to guide conservatively again, but it wasn't clear what you're going to bake in and if you're comfortable with that 12%, which seems doesn't seem like a high bar. Thanks.

您有整整一年的 Mobi、美國 2 型適應症、Libre 整合等等，以及您在本次電話會議中提到的增強型招標。我不太確定你今天想傳達的訊息是什麼，但很明顯你是想說我們會再次採取保守的指導方針，但還不清楚你會把哪些因素考慮進去，以及你是否對12%這個目標感到滿意，這似乎並不是一個很高的標準。謝謝。

Thanks, Larry. So first of all, thanks for laying out all the growth drivers. There are so many exciting things coming in 2025 after a very exciting 2024, even with the number of product launches we had this year. And really what we just wanted to do, you know, a lot of people are curious at this time how to think about 2025 is really just talk about the philosophy and the approach. And it will be very similar to what we guided to in 2024.

謝謝你，拉里。首先，感謝您詳細列出了所有成長驅動因素。繼令人興奮的 2024 年之後，2025 年還有許多令人興奮的事情即將發生，即使今年我們已經推出了許多產品。我們真正想做的，你知道，現在很多人都很好奇該如何看待 2025 年，我們其實只是想談談其中的理念和方法。這將與我們2024年所訂定的目標非常相似。

And I think it's two different questions about what's our aspiration for the business versus how we will set expectations to start. And when we start the year, we start with this philosophy of first looking at our predictable revenue streams. And so focus mostly on the growth in supply sales that comes from our large install base of almost 500,000 customers at this point.

我認為這是兩個不同的問題，一個是關於我們公司的發展願景，另一個是我們將如何設定起步預期。每年年初，我們都會秉持這樣的理念：先檢視我們可預測的收入來源。因此，目前我們主要關注的是從我們龐大的客戶群（近 50 萬名客戶）帶來的供應銷售成長。

Also the growth that comes from the renewal opportunities, both in the US, the number of warranties expiring next year is growing almost 20%, as well as we're going to start to see meaningful opportunity from our OUS markets. And then we take the risks and opportunities. And so we think really hard about what are the competitive dynamics and then how do we factor in these growth drivers.

此外，續保機會也帶來了成長，在美國，明年到期的保固數量增加了近 20%，同時我們也將開始看到來自美國境外市場的重大機會。然後我們承擔風險，抓住機會。因此，我們認真思考競爭格局的動態，以及如何將這些成長驅動因素納入考量。

And from a perspective of new growth drivers, we tend to think of it as something that we would like to see first the timing play out and then see some sustainable trends start to develop before we factor them in. So it's really just about our approach to setting expectations. It's not so much about the aspirations for the business.

從新的成長動力角度來看，我們傾向於先觀察時機，然後觀察一些可持續的趨勢開始發展，然後再將其納入考慮範圍。所以，關鍵在於我們如何設定預期。這與企業的願景關係不大。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

We'd love to hear about the Q4 guide specifically. I think that's causing a little bit of consternation this evening. The guide, good to see the Q3 result, but the guide for Q4 implies, or the guidance for the full year is increased by less than the beat here we saw in Q3.

我們很想了解一下第四季的業績指南。我認為這在今晚引起了一些不安。很高興看到第三季業績，但第四季業績指引暗示，或全年業績指引的增幅小於第三季的超預期。

So is there anything you're worried about competitively or anything else to really think about that would cause you to not raise by more than the guide? And then I just, same question along those lines on Q3, just the upside that we saw on the top line was pretty meaningful, but we didn't get it as much, I guess, on the gross margin side or even an EBIT does, I guess that we kind of expected. So why didn't we see those metrics move up in Q4 as well? Thank you.

那麼，你在競技方面有什麼擔心嗎？或者還有其他需要考慮的事情，會導致你漲幅不超過指南建議的漲幅？然後，關於第三季度，我也提出了類似的問題，我們看到營收成長相當顯著，但毛利率甚至息稅前利潤的成長並沒有達到我們預期的水平。那麼，為什麼我們在第四季沒有看到這些指標也跟著上升呢？謝謝。

Thank you. Great. That was a loaded question, Matt. So I'm going to focus on the Q4 guidance piece of it. So in fact, we did raise our guidance by the amount of the beat, both in the US and OUS. And I'll break those apart a little bit. So from the US perspective, we're heading into the seasonal fourth quarter.

謝謝。偉大的。馬特，你這個問題問得很有陷阱。因此，我將重點放在第四季業績指引部分。所以實際上，我們確實提高了指導價，提高了節拍數，無論是在美國還是在美國境外。我會把它們稍微拆解一下。所以從美國的角度來看，我們即將進入季節性的第四季。

And if you look what's implied in the guidance, that somewhere in the midpoint of the guidance would imply something that falls just below 30% as a percent of the year for the fourth quarter, if you will. And if you look at our last few years, the fourth quarter has represented just under 30% of our business for the full year in the US, I would say. So we feel like that's very much in line with historical seasonal trends that we have seen.

如果你仔細觀察業績指引中的意義，你會發現指引的中間值意味著第四季業績佔全年業績的百分比將略低於 30%。如果回顧我們過去幾年的情況，我認為，在美國，第四季的業務量僅佔全年業務量的不到 30%。因此，我們覺得這與我們所觀察到的歷史季節性趨勢非常吻合。

To the OUS markets, it does represent from Q3 to Q4, it implies a step down from the third quarter. But in fact, we did have about $5 million of orders that happened to come in, in the third quarter, which we were originally anticipating in the fourth quarter. So that's really just a timing shift from Q3 to Q4. And so we are confident in the guidance that we've put out there.

對於美國海外市場而言，這代表著從第三季到第四季的下滑，這意味著比第三季有所下降。但事實上，我們在第三季確實收到了約 500 萬美元的訂單，而我們原本預計這些訂單會在第四季收到。所以這其實只是從第三季到第四季的時間調整而已。因此，我們對我們發布的指導意見充滿信心。

And we think it plays out to be an exciting year for tandem with the expectations that we have set. From a margin perspective, there's always a lot of moving parts there. We did have a great benefit from pricing, also lower materials costs. We are still facing, though, some modest headwinds from Mobi, as that continues to scale.

我們認為這將是令人興奮的一年，符合我們設定的期望。從利潤率的角度來看，這其中總是有很多變數。價格方面我們確實受益匪淺，材料成本也降低了。不過，隨著 Mobi 的規模不斷擴大，我們仍然面臨著來自 Mobi 的一些輕微阻力。

And as we exit this year, we expect that those headwinds, just rather than being smaller volumes, will start to dissipate, and we'll begin to see some of that benefit in 2025. And then I'll add the outperformance. It was more so in the OUS markets, which does tend to put a little bit of pressure on gross margins, too. So I think that hits all the points in your question.

隨著今年即將結束，我們預計這些不利因素不僅不會減少，反而會開始消散，我們將在 2025 年開始看到一些好處。然後我會加上超額收益。這種情況在海外市場更為明顯，這也往往會對毛利率造成一些壓力。所以我覺得這涵蓋了你問題中的所有要點。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

You guys gave some nice commentary around volumes of Mobi versus t:slim. I guess, just holistically, it's that landing where you had originally expected that kind of mix to go. What are you hearing from customers around the split between the two? And how should we think about that mix, I guess, slightly longer term based on what you've seen today? Thanks.

你們對 Mobi 與 t:slim 的容量進行了很好的評論。我想，從整體上看，它最終達到了你最初預期的那種組合應有的高度。您從客戶那裡了解到對這兩者之間的分歧有何看法？那麼，根據你今天所看到的，我們應該如何從更長遠的角度來看待這個組合呢？謝謝。

Yeah, I think we're very pleased with Mobi's performance and excited by the very positive reception that we're getting from people living with diabetes and healthcare providers. You know, the size, wearability, and Control-IQ performance are just really driving pump growth that we haven't seen in a while. So we've seen year-over-year growth in new pumps.

是的，我們對 Mobi 的表現非常滿意，也對我們從糖尿病患者和醫療保健提供者那裡獲得的正面回饋感到興奮。你知道，幫浦的尺寸、配戴舒適度和 Control-IQ 性能確實推動了幫浦的成長，這是我們一段時間以來都沒有看到的。因此，我們看到新泵浦的數量逐年增加。

And we've also seen MDI starts increase and improve two quarters in a row now. I would say that when you look at it, it's still early. And we are definitely in a stage of building market awareness. And so we're not going to say anything specifically about what the ratio is going to look like between the two of them. But we're absolutely achieving our objectives.

而且我們也看到 MDI 的開球次數已經連續兩季增加和改善。我認為，從目前的情況來看，現在下結論還為時過早。我們目前正處於建立市場認知度的階段。因此，我們不會具體說明這兩者之間的比例會是多少。但我們絕對實現了我們的目標。

And I think we're very excited about the performance. And I think that the outperformance this quarter, as well as the continued growth in MDI conversions, is really being driven by Mobi.

我認為我們對這次演出感到非常興奮。我認為本季業績優異，以及 MDI 轉換的持續成長，實際上都是由 Mobi 推動的。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

So I did want to just ask two small follow-ups. One is, you mentioned a high rate of the patch pump conversions. And I was wondering if you thought that was notable or if you could give us any color on that part.

所以我還想問兩個小問題。一是，你提到了補丁泵轉換率很高。我想知道您是否認為這一點值得注意，或者您是否可以就此提供一些見解。

Yeah. I just say that we have tracked this for many, many years. And it's been relatively low percentages up until the second quarter. And we did see a meaningful step up in the second quarter. And we saw that same trend continue in the third quarter. And so it's interesting because we did present data at the ADA from the early users of Mobi.

是的。我只想說，我們已經追蹤此事很多年了。而且直到第二季度，這一比例都相對較低。我們在第二季確實看到了顯著的進步。第三季我們也看到了同樣的趨勢。所以這很有趣，因為我們在 ADA 會議上展示了來自 Mobi 早期用戶的數據。

And it was a group that came from MDI from former patch, former other tube pump users, as well as former tandem users. And the thing that the people said who were former patch users, was they really appreciated the benefit of Control-IQ and the improved control they got in management of their diabetes.

這個群體來自 MDI，包括以前的貼片式充氣泵用戶、以前的其他管式充氣泵用戶以及以前的雙人充氣泵用戶。而曾經使用過貼片的人則表示，他們非常欣賞 Control-IQ 帶來的好處，以及它在控製糖尿病方面所取得的進展。

And so that's, I think, the fact that the pump is the same size, essentially as the patch device that's on the market today with an improved algorithm, I think people are considering it. And we've seen positive movement in that direction and continue to be excited about it.

所以，我認為，正是因為這款幫浦的尺寸與目前市場上的貼片設備基本上相同，並且採用了改進的演算法，所以人們才會考慮它。我們已經看到這方面取得了積極進展，並且對此感到興奮。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I wanted just to contextualize a little bit the P&L performance this quarter in the context of some of your longer-term aspirations. And I think you've talked about mid-60s gross margins and mid-20s adjusted EBITDA. As you kind of look at annualizing this quarter, it kind of implies that at $1 billion dollars of revenue, you're at kind of a mid-single digit adjusted EBITDA margins. Is that a fair way to think about it? And how should we think about the trajectory of margins on a go-forward basis?

我想結合你們的一些長期目標，稍微分析一下本季的損益表現。我想你們之前也提到毛利率在 60% 左右，調整後 EBITDA 在 20% 左右。如果將本季業績按年計算，這意味著在營收達到 10 億美元的情況下，調整後的 EBITDA 利潤率約為個位數。這種思考方式合理嗎？那麼，我們該如何看待未來利潤率的發展軌跡呢？

Yeah, great question, David. So, in thinking about achievement of our long-term goals, this year is, I'm going to call it a bit of a transition year with MOBI underway and its launch. It is the single largest contributor to our gross margin largest contributor to our gross margin opportunity in the future. Right now, we're still building at smaller volumes, and we're scaling up those volumes.

是的，問得好，大衛。因此，在思考如何實現我們的長期目標時，我認為今年是一個過渡年，因為 MOBI 正在進行中並即將推出。它是我們毛利率的最大貢獻者，也是我們未來毛利率成長機會的最大來源。目前，我們的生產規模仍然較小，我們正在逐步擴大生產規模。

And so, until we get to a level of scale, you won't see that benefit in the gross margin. And right now, Mobi's been a bit of a headwind on the pump side. And as we exit this year, we expect to be at a level of scale where you'll start to see that benefit across 2025 from a pump perspective.

因此，在達到一定規模之前，毛利率不會出現這種成長。而目前，Mobi 對幫浦市場來說有點不利。到今年年底，我們預計規模將達到一定水平，從泵浦的角度來看，到 2025 年您將開始看到這種好處。

From a supplies perspective, it's still, you know, a fraction of the users that we have worldwide, almost 500,000 people, but a very small percentage using Mobi. So the benefit that comes from the supplies in the long-term will take a little bit longer to see.

從供應的角度來看，這仍然只是我們全球用戶總數的一小部分，近 50 萬人，但使用 Mobi 的用戶比例非常小。因此，從長遠來看，這些供應帶來的好處需要更長時間才能顯現。

And I probably should have reiterated or stated that the Mobi pump compared to t:slim in the long-term will be about a 10% to 15% lower manufacturing costs, and the cartridge is about 20%. So it's a matter of time before you'll start to see that come out through the margins.

我或許應該重申或說明，從長遠來看，與 t:slim 相比，Mobi 水泵的製造成本將降低約 10% 至 15%，而墨盒的成本將降低約 20%。所以，這種情況遲早會從邊緣地帶顯現出來。

The other piece I'll add to the margin story comes from our market access initiative. So particularly thinking about the pharmacy channel and the traction that we can drive in that space. Like I said earlier, we've made a very important first step there, and we'll continue to drive that access, which we believe can improve margins in the long-term as well.

關於利潤率，我還要補充一點，那就是我們的市場准入計畫。因此，我們尤其要考慮藥房管道以及我們可以在該領域取得的進展。正如我之前所說，我們在這方面邁出了非常重要的第一步，我們將繼續推動這一進程，我們相信這從長遠來看也能提高利潤率。

And so like I said, it's a bit of a transition year right now, just getting Mobi up to the scale that we need it to be in order to demonstrate the margin improvement opportunity.

所以就像我說的，現在正處於過渡期，我們要讓 Mobi 達到我們需要的規模，以便證明利潤率提升的機會。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

Supply revenue came in well ahead of where we were thinking, really more so than pump sales. You mentioned the order pull forward OUS, which sounds like it may have contributed to that. Did the US strength and supplies come down to that direct sales dynamic that you talked about, or was there something else that helped you there?

供應收入遠遠超出我們的預期，甚至超過了泵浦的銷售額。你提到了提前下單（OUS），這聽起來像是造成這種情況的原因之一。美國的力量和供應是歸功於你所謂的直接銷售模式，還是還有其他因素幫助了你？

Sure. In the US, so you did already address the OUS part, which was a piece of it. And in the US, we did see a bit higher bump in sales in the third quarter. It was really a timing shift from Q2 to Q3. Wasn't material enough for us to really quantify, but it did have some level of impact. And also, we continue to see favorable pricing. So between those two pieces, that drove some benefit in the US in the third quarter.

當然。在美國，你已經提到了美國境外部分，那是其中的一部分。在美國，第三季的銷售額確實出現了略微增長。實際上，這是從第二季到第三季的時間調整。雖然影響程度不足以讓我們進行量化，但它確實產生了一定的影響。此外，我們持續看到有利的價格。因此，這兩方面因素共同推動了美國第三季的成長。

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD Cowen。

Congratulations on that strong quarter. John, I appreciate some of the details you gave on type 2 prescriptions and volumes quarterly. I was wondering what you're seeing in the third quarter. Are you seeing those pre-aughts requests increase? Do you expect them to increase in front of label expansion? I guess the question really is, can the real-world data that's out there for control IQ and maybe even piggybacking off the Omnipod 5 SECURED-T2D data, can you see that channel pick up even in front of label expansion? Thanks.

恭喜你們取得了優異的季度成績。約翰，我很感謝你提供的關於 2 型處方和季度銷售的一些細節。我想知道你對第三季的情況有什麼看法。您是否注意到2000年以前的訂單量增加？你認為它們會在標籤擴張之前成長嗎？我想真正的問題是，現有的用於控制智商的真實世界數據，甚至可能藉助 Omnipod 5 SECURED-T2D 數據，能否看到即使在標籤擴展之前，該通道也能被拾取？謝謝。

Well, as we said on the call, if you look back over the last couple of years, we've seen a pretty steady use of the control IQ system by people with type 2 diabetes. And it's been about 5% to 10% of our new starts on a quarterly basis. And it's about -- now we have about a 30,000 number of people who are using Control-IQ off-label. So that's been pretty steady.

正如我們在電話會議上所說，回顧過去幾年，我們發現第 2 型糖尿病患者對 Control IQ 系統的使用相當穩定。每季新開工項目約有 5% 到 10% 是這種情況。目前大約有 30,000 人正在超適應症使用 Control-IQ。所以情況一直比較穩定。

And certainly, we're not marketing it or anything like that. So I would expect that it really won't turn up until we begin to actively market the actual software improvements to Control-IQ to enable it for type 2. The good news, though, Al, is we've been doing quite a bit of research, market research, and we've been doing this, you know, consistently for some time now.

當然，我們並沒有進行任何市場推廣之類的活動。因此，我預計只有當我們開始積極推廣 Control-IQ 的實際軟體改進，使其能夠用於 2 型應用時，它才會真正出現。不過，好消息是，艾爾，我們一直在進行大量的市場調查，而且我們已經持續進行這項工作一段時間了。

I think in more recent times, we've seen that there's, you know, a greater propensity of people who we would characterize as near-term bunkers. And because of that, we think that it's very likely that the penetration rate for type 2 is going to be higher than what we originally anticipated. And so if you were to ask us a couple of quarters ago, I think we would have said, we can get from 5% today, maybe up to 15%.

我認為，在最近一段時間裡，我們看到，越來越多的人傾向於把自己封閉起來，視為短期避難所。正因如此，我們認為 2 型疫苗的滲透率很可能會高於我們最初的預期。所以，如果你在幾個季度前問我們這個問題，我想我們會說，我們今天可以達到 5%，也許最高可達 15%。

And now with this new data we're seeing, I think it's very likely to get from 5% to over 25%, which is great for us. I think the other good news is that we've finished the study. We're in the midst of preparing the clinical report to get it into the FDA. We are on schedule to do that this quarter.

現在根據我們看到的新數據，我認為很有可能從 5% 成長到 25% 以上，這對我們來說是件好事。我認為另一個好消息是我們已經完成了這項研究。我們正在準備臨床報告，以便提交給FDA。我們預計本季將按計劃完成這項工作。

And the FDA has seen Control-IQ four times now. So we expect this to go through pretty quickly, and we're excited to get to market next year. So we do think it's going to be a meaningful part of our growth as we get into 2025 and beyond.

FDA已經四次審查Control-IQ了。所以我們預計這個過程會很快完成，我們很高興明年就能將產品推向市場。因此，我們認為這將是我們進入 2025 年及以後發展的重要組成部分。

Shagun Singh, RBC.

Shagun Singh，RBC。

I just wanted to follow up on Larry's question on 2025. Is 12% a reasonable base case? And then as you think about all the catalysts that were mentioned, where do you see the most upside? And anything you can share on which ones could start to impact sooner versus later in the year?

我只是想就 Larry 關於 2025 年的問題做個後續說明。12%是一個合理的基準值嗎？然後，當你思考所有提到的催化劑時，你認為哪裡最有上漲空間？您能否分享哪些因素可能會在今年稍早或稍後產生影響？

Hi. Thanks for the question. So I'm going to just be very clear. We're not giving any 2025 guidance today. We're going to reserve that for our fourth quarter earnings call. I'm not going to speak to any specific numbers there. But we are excited about the number of opportunities that we laid out earlier.

你好。謝謝你的提問。所以我要把話說清楚。我們今天不提供任何關於2025年的指導意見。我們將把這個問題留到第四季財報電話會議上討論。我不會透露任何具體數字。但我們對之前提出的眾多機會感到興奮。

Hard for me to say right now which one I would rank order first in terms of opportunity. They all provide benefit in different ways for us. The expansion of CGM integrations help us reach a part of the market we haven't been able to before. The pharmacy channel initiative can help with the affordability question and so might be able to pull people through that haven't been able to buy pumps before.

現在很難說就機會而言，我會把哪一個排在第一位。它們都以不同的方式為我們帶來好處。CGM 整合技術的擴展幫助我們進入了以前無法觸及的市場領域。藥局通路計畫可以幫助解決價格承受能力問題，因此或許能夠幫助那些以前買不起胰島素幫浦的人。

So there's a lot of ways that we can grow the business in exciting ways next year. But as I said earlier, as we set expectations, we're really focused more on, you know, starting with the baseline of what are the predictable revenue streams between renewals and our supply sales that provide growth all on their own. And then we'll continue to evaluate these new opportunities and how to factor those in when they become available to us.

因此，明年我們有很多令人興奮的方式可以發展業務。但正如我之前所說，在設定預期時，我們更關注的是，你知道，從續約和供應銷售之間可預測的收入來源的基準開始，這些收入來源本身就能帶來成長。然後我們將繼續評估這些新機遇，以及當這些機會出現時，我們如何將它們納入考慮。

I'll just add to that that, we have a lot of very important things coming to place next year. We expect new products. We expect pharmacy. We expect type 2. These are all very, very exciting initiatives. And we think it's going to do a lot to help grow the company, grow the business from 2025 and onward.

我還要補充一點，明年我們有很多非常重要的事情要落實。我們期待新產品。我們期待藥房。我們預計是第二種類型。這些都是非常非常令人興奮的舉措。我們認為這將對公司的發展壯大起到很大的作用，從 2025 年起將推動業務成長。

But as Leigh is saying we have to balance the guidance philosophy, the risks, and produce something that's highly predictable. But we're very excited about what's going on and we think it's going to be a great year for us.

但正如 Leigh 所說，我們必須平衡指導理念、風險，並生產出高度可預測的產品。但我們對目前的發展情況感到非常興奮，我們認為這將是我們碩果累累的一年。

William Plovanic, Canaccord Genuity.

William Plovanic，Canaccord Genuity。

Just a point of clarification in the commentary on the type 2 penetration, saying from 5% to 15% and now thinking 25%. Is that 25% of your new patient starts or 25% of the type 2 IIT market? And then just you have the T2D label out there from a competitor. Is that, like, are you starting to see just more awareness in general by that population? That's all for me.

關於 2 型滲透率的評論，有一點需要澄清，之前說是從 5% 到 15%，現在考慮 25%。這是指您新患者就診量的 25%，還是指 2 型 IIT 市場的 25%？然後，競爭對手就貼上了 T2D 的標籤。也就是說，你是否開始看到該群體的整體意識有所提高？我就說這些了。

Thanks. Yeah. Bill, I would say that what I'm talking about is I'm talking about the overall penetration in the marketplace. Today in the US there's roughly 2 million people who have insulin-intensive type 2. It's roughly 5% penetrated. We think that over the next several years it's reasonable to assume that they can get over 25%. So that's what I meant to say if I wasn't clear. And I also say that it's a new market. We're building this new market.

謝謝。是的。比爾，我想說的是，我指的是市場整體滲透率。目前美國約有200萬人患有需要大量胰島素治療的第二型糖尿病。滲透率約為5%。我們認為，在未來幾年內，他們獲得超過 25% 的份額是合理的。如果我之前沒說清楚，那就是我想表達的意思。而且我認為這是一個新興市場。我們正在打造這個新市場。

And the fact that there's others out there that have the label as well is beneficial because we are working, we'll both be working to make the technology and the clinical benefits and increase awareness to the healthcare providers.

而且，其他一些產品也擁有相同的標籤，這是一件好事，因為我們都在努力，將來也會共同努力，使這項技術及其臨床益處得到提升，並提高醫療保健提供者的認識。

So I would say that as I've mentioned, the uptake that we've seen over the last couple of years has been pretty steady. But once we begin to market directly, share clinical data, talk about the benefits of our products we would expect, and just all of the market development activities that are needed to develop a new market like this, we would definitely expect to see uptake. Prior to that, I wouldn't expect it to change dramatically.

所以我想說，正如我之前提到的，過去幾年我們看到的市場成長相當穩定。但是，一旦我們開始直接進行市場推廣，分享臨床數據，談論我們產品的優勢，以及開發這樣一個新市場所需的所有市場開發活動，我們肯定會期望看到市場接受度提高。在此之前，我預計不會發生劇烈的變化。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

One of the things that strikes me as you're speaking is it sounds as if the core market, not just in the United States, but outside the United States is accelerating the adoption of pump therapy. First of all, is that the right read? And second of all, you know, how much of that is reimbursement, patients, new products? I mean, it feels like just a year ago, we were very worried about the type two population and just diabetes utilization in general. And now things look quite good. Thank you.

在你講話的過程中，讓我印象深刻的一點是，聽起來核心市場，不僅是美國，而且美國以外的市場，都在加速採用泵療法。首先，這個解讀正確嗎？其次，你知道，其中有多少是報銷款項、病人費用和新產品費用？我的意思是，感覺就像就在一年前，我們還非常擔心二型糖尿病患者群體以及糖尿病的整體利用情況。現在情況看起來相當不錯。謝謝。

Yeah, Joanne, I would say that last year was a bumpy year, because there were several new product introductions that occurred. I think that [Beta], Medtronic, and Tandem all introduced new products last year. And when that happens, there's pausing. And so I think it had an effect on the overall market growth. You know, this year, we're not seeing any of that.

是的，喬安妮，我覺得去年是坎坷的一年，因為有好幾款新產品推出。我認為[Beta]、美敦力和Tandem去年都推出了新產品。當這種情況發生時，就會出現停頓。所以我認為這對整體市場成長產生了影響。你知道，今年我們完全看不到這種情況。

And in addition to that there's the type 2 indication that's coming forward. So I do think that this is going to be a year where we see growth. Certainly, since we're in the middle of the year, we haven't heard from our competitors at the house to how they're doing. And it's typically difficult to assess exactly what has happened until the end of the year.

除此之外，還有正在出現的 2 型指標。所以我認為今年將會是成長的一年。當然，由於現在已經是年中了，我們還沒有收到競爭對手的消息，也不知道他們的情況如何。通常要到年底才能準確評估發生了什麼事。

We won't know, but I believe this will be a year of growth. And I think that as we continue to drive innovation and bring new products to market, as well as get new indications, we'll continue to see that growth in the future.

我們不得而知，但我相信這將是成長的一年。我認為，隨著我們不斷推動創新，將新產品推向市場，並獲得新的適應症，我們未來將繼續看到這種成長。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

I just wanted to talk a little bit more around the type 2 opportunity and some of the bottlenecks around getting to that 25%. To what extent is it really on the patient awareness side? Or is it really around addressing the provider? And to what extent do you feel like there's really clinical inertia around putting type twos, particularly in the primary care channel, onto pumps? Thanks.

我只是想再多談談 2 型糖尿病的機會以及達到 25% 目標的一些瓶頸。這在多大程度上真正與患者意識有關？或者，問題其實在於如何與服務提供者溝通？您認為在多大程度上，對於二型糖尿病患者，特別是初級保健管道的患者，使用胰島素幫浦治療有臨床惰性？謝謝。

I think it's both. I think when you get to the physician, I think you have to help them understand the clinical benefit of it. And certainly, we have strong clinical data that we'll be presenting soon. We'll make sure that that's available to the broad cross-section of people who are prescribing pumps in type 2. So that's correct. The clinical data is definitely directed at the physician.

我認為兩者都是。我認為，當你去看醫生時，你必須幫助他們理解它的臨床益處。當然，我們掌握著強而有力的臨床數據，很快就會公佈。我們將確保為 2 型糖尿病患者開立胰島素幫浦處方的廣大醫務人員都能獲得這項服務。沒錯。臨床數據無疑是針對醫師的。

But there's so many other factors about wearability, ease of use, reduction in the cognitive burden, things that really improve the lives of people who have type two, as well as the reduction in the longer-term comorbidities. Those are things that I think we really need to market, advertise, and help the user community themselves see the benefits.

但配戴舒適性、易用性、減輕認知負擔等諸多因素，確實能改善第二型糖尿病患者的生活，並減少長期併發症。我認為這些都是我們需要大力推廣、宣傳，並幫助使用者群體了解其益處的產品。

But the exciting thing is, I think they're beginning to understand what AID systems can provide in terms of therapy. And they're also seeing how much easier these things are to use. So, I believe that it's really encouraging to see the uptick in near-term pumpers in our market research. And so, that's very encouraging for us as we go into 2025 to get the indication.

但令人興奮的是，我認為他們開始了解 AID 系統在治療方面可以提供什麼。他們也發現這些東西用起來有多方便。因此，我認為，看到市場調查中短期炒作股數量上升，確實令人鼓舞。因此，這對我們來說非常令人鼓舞，因為我們即將進入 2025 年，可以從中獲得一些啟示。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Congrats on another good quarter here. So Leigh, I'm not going to ask you a 2025 guidance question. But what I do want to ask you is a question around market growth and where you see tandem. And specifically, and specifically, maybe let's talk about the US, where you see tandem relative to where you think the market is growing.

恭喜你們又一個季度業績出色。所以，Leigh，我不會問你關於2025年指導的問題。但我確實想問您一個關於市場成長以及您認為哪些方面會趨於一致的問題。具體來說，我們不妨談談美國，看看您認為市場成長的地區與美國市場成長的地區有何不同。

If we look ahead to 2025, do you see tandem as being in a position to grow above the market with Mobi continuing to launch? You have a full year. You now have a pharmacy contract signed, albeit I'm sure that's not going to contribute a ton, at least initially, or maybe put it in context of market growth. Thanks so much.

展望 2025 年，您認為隨著 Mobi 的持續推出，Tandem 是否有可能實現高於市場平均的成長？你有一整年的時間。您現在已經簽署了一份藥房合同，儘管我確信這不會帶來太大的貢獻，至少在初期是這樣，或者也許應該從市場增長的角度來看待這個問題。非常感謝。

Yeah, it's difficult to talk about markets here at this point in time not knowing how the other competitors are doing. But I would just, if I were to step back, I would say that, you know, we're absolutely holding our own and have for the last several quarters. We think that the new products that we're bringing to market are certainly going to enable us to grow the market and grow with it.

是的，在不了解其他競爭對手情況的當下，很難談論市場。但是，如果我退後一步來說，我會說，你知道，我們絕對保持住了自己的水平，而且在過去的幾個季度裡一直如此。我們認為，我們推向市場的新產品絕對能夠幫助我們拓展市場，並與市場共同成長。

And again, when we have a new indication for type 2, that's certainly something that's going to help, as well as the improved access will through pharmacy. So there have been a number of things that I would say have sort of their headwinds, for sure, that are now becoming tailwinds as we deal with the pharmacy, as we deal with our new products, and as we have the opportunity for new indications.

再次強調，當我們有了針對第 2 型糖尿病的新適應症時，這肯定會有所幫助，透過藥局獲得更好的用藥途徑也會有所幫助。所以，可以說有很多事情，以前確實存在一些不利因素，但現在隨著我們處理藥房事務、處理新產品以及獲得新的適應症的機會，這些不利因素正在變成有利因素。

So I think we're dealing with the issues that have been problematic for us over the last 18 months. And I think that in 2025, we're going to see the benefits of that.

所以我認為我們正在處理過去18個月來一直困擾我們的問題。我認為到 2025 年，我們將看到這樣做的好處。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

Going back to the pharmacy migration, can you help us understand the degree to which you're expecting that initial pharmacy contract to open up your business in that channel? I appreciate it's probably too early to give anything specific, but is your sense that pharmacy orders will likely represent a very, very small fraction of your overall business next year? And how quickly do you expect that to scale moving forward?

回到藥局遷移的問題上，您能否幫助我們了解一下，您預期最初的藥局合約能在多大程度上為貴公司在該通路的業務拓展打開空間？我知道現在給出具體數字可能還為時過早，但您是否認為明年藥房訂單可能只佔您整體業務的一小部分？你預期未來這種規模化發展的速度會有多快？

Yeah, thanks for the question, Mike. So, I would say in relation to the one single contract, it's too soon to talk about the volume that could come through it. But what I would like to highlight is that we still have a number of conversations underway that can open the door for even more opportunity.

是的，謝謝你的提問，麥克。所以，就這份單一合約而言，現在談論它可能帶來的交易量還為時過早。但我想強調的是，我們目前仍在進行一些對話，這些對話可以帶來更多機會。

So as we continue to size this up and when we move into 2025, we'll be able to give you more color on what that opportunity looks like for us. But also keep in mind that it has been and will continue to be a multi-year strategy. It's not as if we anticipate that we could open up all of pharmacy overnight.

所以，隨著我們繼續評估這一情況，到了 2025 年，我們將能夠更詳細地向您說明這一機會對我們來說意味著什麼。但也要記住，這過去是、現在是、將來也仍將是多年戰略。我們不指望一夜之間就能全面開放藥局。

As a reminder, it's really just Tandem Mobi that we're putting into the pharmacy channel. And we do need to build this. We need to continue to work on this pull-through strategy with payers and then solidify some of these other contract opportunities.

再次提醒，我們實際上只是將 Tandem Mobi 引入了藥房管道。我們確實需要建造這個。我們需要繼續與支付方合作推進這項拉動策略，然後鞏固其他一些合約機會。

So we're super excited about it. Again, I said earlier, we've been celebrating. It was a huge first step for us. And I think it's a signal that we are on the right track.

所以我們對此感到非常興奮。我之前又說了，我們一直在慶祝。這對我們來說是巨大的一步。我認為這是一個信號，表明我們走在正確的道路上。

And I would just underscore that what Elise said, there are a number of other opportunities that we're working on aggressively as well. So, it's not just this one. We expect to see many more in the near future.

我還要強調Elise所說的，我們還在積極努力爭取其他一些機會。所以，不只是這一個。我們預計在不久的將來會看到更多這樣的情況。

Jeffrey Johnson, Baird.

傑弗裡·約翰遜，貝爾德。

John, maybe I can put together your type 2 comments and your pharmacy comments and just ask one combined question there. But as we think about that penetration going from the 5% to maybe someday the 25%, as you're saying, and as the market starts moving in multiple points, so not just 0.5 point a year or 1point a year, 10,000, 20,000 patients, but 30,000, 50,000, 70,000 patients a year coming in on type 2, how inherently necessary is it that you get to that pharmacy contract?

約翰，或許我可以把你關於第二型糖尿病的評論和關於藥房的評論合併起來，然後一次性問一個綜合問題。但正如你所說，當我們思考滲透率從 5% 提高到未來可能達到 25% 時，隨著市場開始以多個點位增長，不再是每年 0.5 個百分點或 1 個百分點，而是每年新增 1 萬、2 萬名 2 型糖尿病患者，而是 3 萬、5 萬、7 萬名患者時，與藥房簽訂合約有多必要？

Especially in Medicare, I know a C-peptide test is still required for type 2 pump use in a lot of those patients. And is pharmacy really a way for you to better access that type 2, especially as those volumes really scale up and those docs are probably not going to want to take those risks of getting a C-peptide test that comes back positive and having to go through that kind of situation? Thanks.

我知道，尤其是在聯邦醫療保險（Medicare）中，許多 2 型糖尿病患者使用胰島素幫浦仍然需要進行 C 肽測試。藥局真的能讓你更好地獲得第 2 型糖尿病藥物嗎？尤其是在糖尿病病例數量大幅增加的情況下，醫生可能不願意承擔 C 肽檢測結果呈陽性的風險，也不願意經歷那種情況？謝謝。

Yeah, I would agree with you. I think that pharmacy is important for type 2, certainly something we're working on and we're making progress there.

是的，我同意你的看法。我認為藥學對第 2 型糖尿病患者很重要，這當然是我們正在努力的方向，而我們在這方面也取得了進展。

The other thing that's going on is there has been a coalition of diabetes companies and physicians who have been working to basically eliminate these tests that are basically unnecessary. We've made a recommendation, the recommendation is under review, and we haven't heard back yet, but we're certainly hoping that these are considered.

還有一件事正在發生，那就是一些糖尿病公司和醫生組成了一個聯盟，他們一直在努力消除這些基本上不必要的檢查。我們已經提出了建議，該建議正在審核中，我們還沒有收到回复，但我們當然希望這些建議能夠被考慮。

There's been some success with CGM companies where they've seen favorable rulings. We anticipate that that'll happen here. It's just difficult to anticipate when that's going to happen, but I think you're right that when we get into the type 2 area and arena, we're going to need to have pharmacy contracts in place to support that.

CGM公司取得了一些成功，並獲得了一些有利的判決。我們預計這種情況也會在這裡發生。很難預測這種情況何時會發生，但我認為你是對的，當我們進入 2 型領域時，我們需要有藥房合約來支持。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Congrats on the progress. I didn't catch the full commentary on renewals. Leigh, in the past, I think you've given us some framework around growth, and I think you had quite a few users come up for renewal. So can you give us a few more details on renewals in the quarter, and can we assume that renewals grew sequentially?

恭喜你取得進展。我沒聽完關於續約的全部評論。Leigh，過去我認為你為我們提供了一些成長方面的框架，我認為你有很多用戶都要求續訂。那麼，您能否提供更多關於本季續約情況的細節？我們能否假設續約數量較上季成長？

Thanks for the question, Jason. So renewals, I would just say renewals continue to be on track. It's been a very bright spot in our story, even, as John described, with some of the challenges we experienced in the last few years where we've been renewing at our highest rates ever. And so, the opportunities do continue to grow. We're very convicted in our ability to renew the patients, and so it was a nice growth year-over-year in the third quarter.

謝謝你的提問，傑森。所以續約方面，我只能說續約工作仍在照計畫進行。正如約翰所描述的那樣，儘管過去幾年我們經歷了一些挑戰，續約率也達到了歷史最高水平，但這仍然是我們故事中非常精彩的一點。因此，機會也在不斷增加。我們對自己留住患者的能力非常有信心，因此第三季度實現了同比良好增長。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

I have a renewal question, too, but it's about the OUS opportunity. Can you remind us the timing of this next year, 2026? What does that look like? And maybe remind us, numerically, how you'd frame this opportunity as it starts to mature? Thank you.

我也有一個續約問題，但是關於海外留學機會的。您能提醒我們一下明年，也就是 2026 年的具體時間嗎？那看起來像什麼？或許您還能用數字來提醒我們，您會如何看待這個逐漸成熟的機會？謝謝。

Yeah, sure. Thanks for the question. we haven't talked a lot about renewals outside the US. It hasn't really been as meaningful of an opportunity until we start to exit this year. And just a reminder, we first launched in our markets outside the US in 2018, and some of it started with a timing element. There's a stocking piece that goes to it, and then there's a stocking piece that goes to it, and then there's a stocking piece that goes to it.

當然可以。謝謝你的提問。我們之前很少討論美國以外地區的續約問題。直到今年年底我們開始退出市場，這才真正成為一個有意義的機會。提醒一下，我們在 2018 年首次在美國以外的市場推出產品，其中一些產品的推出是出於時機考量。有一塊襪子可以連接到它，然後還有一塊襪子可以連接到它，然後還有一塊襪子可以連接到它。

And so I would say first people on pumps didn't occur until late 2018, early 2019. And so that meant this year was the first time for some of our smaller markets. The larger markets that we launched into, that didn't happen until 2020. So those are just beginning to become opportunities as we exit this year.

因此，我認為第一批使用泵浦的人直到 2018 年底、2019 年初才出現。因此，對於我們的一些較小市場來說，今年是第一次。我們進軍的那些更大的市場，直到 2020 年才實現。隨著今年的結束，這些才剛開始變成機會。

So long story short, 2025 is going to be the first year where we will start to see something more meaningful from a renewals perspective. And we're partnering closely with our distributors on lessons learned and best practices from our experience here in the US as well. So we believe we'll be just as successful there as we have been here.

簡而言之，2025 年將是我們在續約方面開始看到一些更有意義的事情的第一年。同時，我們也與經銷商緊密合作，分享我們在美國的經驗教訓和最佳實踐。所以我們相信，我們在那裡也會像在這裡一樣取得成功。

(Operator Instructions) Travis Steed, Bank of America.

（操作員說明）特拉維斯·斯蒂德，美國銀行。

Hey, just maybe an Election Day question. Since tariffs look a little more likely going forward, I know you do a lot of US manufacturing, but how do you think about like components, US components and supplies that are sourced from international sources? And if you've thought through that in any way or could help put some color on the potential for tariff impacts or how to think about tariffs for your business?

嘿，或許我想問一個關於選舉日的問題。鑑於未來加徵關稅的可能性似乎更大，我知道你們在美國進行了大量生產製造，但是你們如何看待零件、美國零件以及從國際來源採購的原材料等問題呢？如果您已經考慮過這個問題，或者能夠幫助我們更好地理解關稅可能帶來的影響，或者如何考慮關稅對您業務的影響，請不吝賜教！

Yeah, thanks, Travis. I mean, it's definitely something we're thinking about. It's obviously very early and we'll have to see where he actually goes with some of the commitments he's made while in the actual campaigning process.

謝謝你，崔維斯。我的意思是，這絕對是我們正在考慮的事情。現在顯然還為時過早，我們還要看看他在實際競選過程中所做出的一些承諾是否會兌現。

But we have a wide supply chain that does cross into some of the Asian countries that could potentially be problematic. But it's flexible and we have the flexibility to move things as we need to. And we have other mechanisms to offset expenses that may come in one market versus another. So definitely thinking about it. It's sort of at the top of mind right now.

但是我們的供應鏈很廣，涉及一些亞洲國家，這可能會帶來一些問題。但它很靈活，我們可以根據需要靈活調整。我們還有其他機制來抵銷不同市場可能產生的費用差異。所以一定會認真考慮的。這件事現在是我最關心的問題。

And good news is that we've got flexibility in the supply chain. And as we see things begin to become more specific, we can address it with various actions at that point in time.

好消息是，我們的供應鏈具有彈性。隨著事情變得越來越具體，我們可以採取各種措施來應對。

Thank you. This concludes the conference. Thank you for your participation.

謝謝。會議到此結束。感謝您的參與。