Tandem Diabetes Care Inc (TNDM) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tandem Diabetes Care first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Tandem Diabetes Care 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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 (Susan Morrison)。請繼續。

Hello, everyone, and thanks for joining Tandem's first quarter 2025 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.

大家好，感謝您參加 Tandem 2025 年第一季財報電話會議。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、財務業績和營運計劃的預期，並且僅代表截至今天的觀點。

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 and 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的前瞻性陳述中預期或預測的結果有重大差異。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近的 10-K 表年度報告和 10-Q 表季度報告中的其他部分都重點列出了可能導致實際結果與這些前瞻性陳述所表達或暗示的結果存在重大差異的因素。

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

我們不承擔公開更新任何前瞻性聲明的義務，無論由於新資訊、未來事件或其他因素。今天的討論還將涉及一些 GAAP 和非 GAAP 財務指標。我們提供非公認會計準則財務指標是為了向投資者提供我們認為能夠表明我們核心經營績效並反映我們持續業務運營的資訊。

We believe these non-GAAP financial measures facilitate better comparisons of operating results across reporting periods. Any non-GAAP information presented should not be considered as a substitution, independently or superior to results prepared in accordance with GAAP.

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。任何非 GAAP 資訊均不應被視為替代、獨立或優於根據 GAAP 編制的結果。

Please refer to our earnings release issued earlier today and available on the Investor Center portion of our website for reconciliation of these measures to their most directly comparable GAAP financial measure. Leading today's call is John Sheridan, Tandem's President and CEO, who will be joined by Leigh Vosseller, our Executive Vice President and Chief Financial Officer. Following their prepared remarks, the operator will open up the call for questions.

請參閱我們今天稍早發布的收益報告（可在我們網站的投資者中心部分查閱），以了解這些指標與最直接可比較的 GAAP 財務指標之間的比較。主持今天電話會議的是 Tandem 總裁兼執行長 John Sheridan，我們的執行副總裁兼財務長 Leigh Vosseller 也將出席會議。在他們發表完準備好的演講後，接線員將開始提問。

Thank you in advance for limiting yourself to one question before getting back in the queue. John, you may begin.

提前感謝您在回到隊列之前只問一個問題。約翰，你可以開始了。

Thank you, Susan, and thanks everybody for joining us today. In the first quarter, we demonstrated strong execution throughout our business. We delivered more than 20% growth for the third quarter in a row, with records first quarter sales in the United States and our highest quarter ever internationally. In addition to driving top line growth, we are delivering on key operational initiatives to strengthen and enhance our business, while increasing profitability. And in the first quarter, we demonstrated meaningful improvement in adjusted EBITDA year-over-year.

謝謝你，蘇珊，也謝謝大家今天的到來。在第一季度，我們整個業務表現出了強勁的執行力。我們連續第三個季度實現了超過 20% 的成長，其中美國第一季銷售額創歷史新高，國際銷售額也創歷史新高。除了推動營業額成長之外，我們還在實施關鍵營運舉措，以加強和提升我們的業務，同時提高獲利能力。在第一季度，我們的調整後 EBITDA 年比有顯著改善。

Another highlight of the quarter was FDA's clearance of Control-IQ+ for people living with type 2 diabetes, followed by the New England Journal of Medicine's publication featuring the benefits of Control-IQ-plus. I'd like to thank our employees for an impressive start of the year, which positions us to deliver on our goals in 2025 and beyond, while improving the lives of people with diabetes.

本季度的另一個亮點是 FDA 批准 Control-IQ+ 用於治療 2 型糖尿病患者，隨後《新英格蘭醫學雜誌》發表文章介紹了 Control-IQ-plus 的益處。我要感謝我們的員工在新的一年裡取得了令人印象深刻的成績，這使我們能夠實現 2025 年及以後的目標，同時改善糖尿病患者的生活。

Starting with a deeper look at our Q1 performance in the US, we continue to see growth year-over-year in new pump starts and achieved a double digit increase in customers converting from multiple daily injections for the last four quarters in a row. This strength is from demand for our newest offering, Tandem Mobi, as well as our flagship pump, the t:slim X2. The product mix between these two offerings is healthy, and the demand for Mobi is on track to contribute meaningfully to our near and longer term financial goals.

從深入了解我們在美國第一季的業績開始，我們繼續看到新泵啟動數量同比增長，並且連續四個季度實現了從每日多次注油轉換而來的客戶數量兩位數的增長。這種優勢源自於對我們最新產品 Tandem Mobi 以及旗艦幫浦 t:slim X2 的需求。這兩種產品之間的產品組合是健康的，對 Mobi 的需求有望為我們的近期和長期財務目標做出有意義的貢獻。

Our products are expanding the large and underpenetrated insulin pump market, as approximately 2/3 of our new starts are coming from people converting from multiple daily injections. We also continue to see great loyalty from t:slim customers coming up for renewal. Renewal rates have remained at a consistently high level, along with our customer satisfaction scores, our mix of new and renewing customers remains roughly 50:50, which we anticipate will continue throughout the year.

我們的產品正在擴大龐大且滲透率不足的胰島素幫浦市場，因為我們大約 2/3 的新產品來自從每日多次注射轉變而來的用戶。我們也看到 t:slim 顧客的忠誠度不斷提高，紛紛續約。續約率一直保持在較高的水平，我們的客戶滿意度得分也很高，新客戶和續約客戶的比例仍然約為 50:50，我們預計這種狀況將持續全年。

Q1 was also our first quarter operating under our newly expanded field sales and clinical structure. This expansion and our realignment of existing territories has progressed according to plan and is now complete.

第一季也是我們在新擴展的現場銷售和臨床結構下運作的第一個季度。此次擴張和現有領土的重新調整已按計劃進行，目前已完成。

We welcomed a high caliber of talent to complement our more tenured field employees, and our territories are now poised to realize productivity gains throughout the remainder of this year. Another successful commercial initiative in Q1 was the launch of our best algorithm yet, Control-IQ+. This algorithm makes better control easy, easy to start, easy to use, and easy to personalize.

我們歡迎高素質人才來補充我們資深現場員工，我們的地區現在準備在今年剩餘時間內實現生產力成長。第一季的另一個成功的商業舉措是推出我們迄今為止最好的演算法 Control-IQ+。此演算法使得更好的控制變得容易、容易啟動、容易使用、容易個人化。

For example, our profile setting calculator is a software wizard that only requires a person's total daily insulin and weight to get them started on Control-IQ+. This is a feature that benefits both patients and healthcare providers as it simplifies and streamlines onboarding to our AID technology, which is tested, trusted and now better than ever.

例如，我們的個人資料設定計算器是一個軟體嚮導，只需要一個人的每日總胰島素和體重就可以開始使用 Control-IQ+。此功能使患者和醫療保健提供者都受益，因為它簡化並簡化了我們的 AID 技術的入職流程，該技術經過測試、值得信賴，現在比以往任何時候都更好。

Control-IQ+ launched in late March and is indicated for use by people with type 1 diabetes ages 2 and older. Following FDA's recent clearance, it's also now cleared for adults living with type 2 diabetes. The pivotal study supporting this clearance is the first and only large scale randomized control trial of automated insulin delivery in people with type 2 diabetes. It was also the most rigorous evaluation of AID for people with type 2 ever conducted and the outcomes were incredible. Significant improvements in time and range in A1c were demonstrated for the people using Control-IQ+ compared to a control group.

Control-IQ+ 於 3 月底推出，適用於 2 歲以上第 1 型糖尿病患者使用。繼 FDA 最近批准後，該藥物現在也已獲準用於治療患有第 2 型糖尿病的成年人。支持這項批准的關鍵研究是針對第 2 型糖尿病患者進行的首次也是唯一一次大規模自動胰島素輸送隨機對照試驗。這也是迄今為止對 2 型糖尿病患者進行的最嚴格的 AID 評估，其結果令人難以置信。與對照組相比，使用 Control-IQ+ 的人的 A1c 時間和範圍都有顯著改善。

These results were seen cumulatively and across a broad range of ages. They were also equally demonstrated in people who chose to count carbohydrates in the study compared to people who had used a more simplified approach by entering fixed dosing at meals.

這些結果是累積起來的，並且涉及廣泛的年齡層。在研究中，選擇計算碳水化合物的人與採用更簡化的方法（即在用餐時輸入固定劑量）的人也同樣表現出了這一點。

This is significant as it makes the bolus process even easier without sacrificing improvement in clinical outcomes. Also, the synergy between Control-IQ+ and GLP-1 receptor agonist use was highlighted at our ATTD presentation in March, showing how well these therapies work together. We're proud of the outcomes from our pivotal study and the tremendous accomplishment of being featured in New England Journal of Medicine.

這很重要，因為它使得推注過程更加容易，同時不影響臨床結果的改善。此外，我們在 3 月的 ATTD 演示中強調了 Control-IQ+ 與 GLP-1 受體激動劑之間的協同作用，展示了這些療法協同作用的效果。我們為我們的關鍵研究成果以及在《新英格蘭醫學雜誌》上發表的巨大成就感到自豪。

This most recent publication marks the fourth time that our Control-IQ technology has been featured in journal, which is unprecedented accomplishment in our industry, and speaks to the strength of our studies and our AID algorithm.

這篇最新出版物標誌著我們的 Control-IQ 技術第四次在期刊上發表，這是我們行業中前所未有的成就，證明了我們的研究和 AID 演算法的實力。

We are excited about the growth potential this type two indication provides, as it more than doubles our addressable market. Control-IQ+ is now broadly available and we have begun initial commercial efforts to people with type 2 in select areas. We are using this early phase of launch to gather customer experience data on training and onboarding, as well as reimbursement and channel access, to inform our expanded launch plans and expectations for the remainder of the year. Channel access continues to be a top initiative for our company, and Leigh will discuss our Q1 progress more in her prepared remarks.

我們對這種二類適應症提供的成長潛力感到非常興奮，因為它使我們的潛在市場擴大了一倍以上。Control-IQ+ 現已廣泛可用，我們已開始在特定地區針對 2 型患者進行初步商業推廣。我們正在利用發布的早期階段來收集有關培訓和入職以及報銷和管道訪問的客戶體驗數據，以便為我們今年剩餘時間的擴大發布計劃和預期提供資訊。通路准入仍然是我們公司的首要舉措，Leigh 將在她的準備好的演講中進一步討論我們第一季的進展。

Turning to our business outside the United States, the strong sales momentum we saw exiting 2024 continued in the first quarter, where we delivered our highest quarterly sales results ever. This was driven by demand for our t:slim X2 platform, which is available with Dexcom G6 and G7 sensor integration in approximately 25 countries.

談到我們在美國以外的業務，我們看到的 2024 年後強勁的銷售勢頭在第一季得以延續，我們實現了有史以來最高的季度銷售業績。這是由我們的 t:slim X2 平台的需求推動的，該平台可在約 25 個國家/地區使用，並整合 Dexcom G6 和 G7 感測器。

In addition to attracting new customers, we are also beginning to see customers renewing with Tandem, who first bought a pump, when we entered these markets four or five years ago. It's a meaningful opportunity, when you look at the historical pump adoption rates outside the United States, and it will serve as an additional source of growth as we look to the future. Operationally, our plans to begin direct sales OUS and select countries are progressing well.

除了吸引新客戶之外，我們也開始看到客戶與 Tandem 續約，四、五年前我們進入這些市場時，他們就先購買了幫浦。如果你看一下美國以外的歷史幫浦採用率，你會發現這是一個有意義的機會，而且它將成為我們展望未來的額外成長來源。從營運角度來看，我們在美國和部分國家開展直銷的計畫進展順利。

Transition service agreements are now in place in the select countries where we would go direct in 2026, and we are developing and executing joint transition plans that are designed to ensure the proper business continuity and minimize potential disruption. We've also been furthering the efforts we began last year to hire in country talent. We are preparing to enhance our sales efforts to support and technology offerings outside the United States, both for our direct and distributor led countries.

目前，我們將在 2026 年直接開展業務的部分國家簽訂了過渡服務協議，並且正在製定和執行聯合過渡計劃，旨在確保適當的業務連續性並最大限度地減少潛在的中斷。我們也一直在進一步推動去年開始的招募國內人才的努力。我們正準備加強我們的銷售力度，為美國以外的國家（包括我們的直銷國家和分銷商主導的國家）提供支援和技術服務。

It's a pivotal step for our company as we deepen relationships within the European diabetes community, while strengthening our financial position to accelerate sales growth and drive margin expansion. I'd now like to turn the call over to Leigh to talk about quarter one results and expectations for the year.

這是我們公司邁出的關鍵一步，因為我們加深了與歐洲糖尿病界的關係，同時加強了我們的財務狀況，以加速銷售成長並推動利潤率擴大。現在我想把電話轉給 Leigh，談談第一季的業績和今年的預期。

Thanks, John. As a reminder, unless otherwise noted, the financial metrics I'll be discussing today are on a non-GAAP basis. Reconciliations from GAAP to non-GAAP results can be found in today's earnings release, as well as on the Investor Center portion of our website. Please note that, 2025 sales and margins in the US are not impacted by the Tandem Choice Program, which ended in 2024.

謝謝，約翰。提醒一下，除非另有說明，我今天討論的財務指標都是非 GAAP 基礎的。您可以在今天的收益報告中以及我們網站的投資者中心部分找到從 GAAP 到非 GAAP 結果的對帳。請注意，美國 2025 年的銷售額和利潤率不會受到 2024 年結束的 Tandem Choice 計畫的影響。

Our Q1 performance was a strong start to the year, exceeding our guidance for both topline sales and bottom-line EBITDA, and we are on track to deliver our 2025 commitments. Worldwide, we achieved record first quarter sales of $234 million, or 22% year-over-year growth. We also improved EBITDA 5 percentage-points year-over-year, while investing in market expansion efforts, demonstrating our commitment to profitable growth.

我們第一季的業績表現強勁，超出了我們對營業額和息稅折舊攤銷前利潤 (EBITDA) 的預期，並且我們正在按計劃履行 2025 年的承諾。我們在全球第一季的銷售額創下了 2.34 億美元的紀錄，年增 22%。我們的 EBITDA 也比去年同期提高了 5 個百分點，同時增加了市場拓展力度，體現了我們對獲利成長的承諾。

Focusing on the US first, we delivered another Q1 record with $151 million in sales, representing a 15% increase year-over-year. This growth was driven by three factors that position us for longer term growth. First, we had healthy pump shipments to both new and renewing customers. Second, we had strong supply sales driven by a high rate of retention and improved customer utilization across our sizable install base, which was the primary factor contributing to our outperformance.

我們先關注美國市場，第一季銷售額再創紀錄，達到 1.51 億美元，年增 15%。這一成長受到三個因素的推動，這些因素使我們有望實現長期成長。首先，我們向新客戶和續約客戶運送了健康的幫浦。其次，由於客戶保留率高以及我們龐大的安裝基礎的客戶利用率提高，我們的供應銷售強勁，這是我們業績優異的主要因素。

And third, we continued to improve our average selling prices. The favorable pricing came largely from our DME channel efforts, but we did realize meaningful pharmacy pricing benefit even on the small volumes we fulfilled this quarter.

第三，我們繼續提高平均售價。優惠的價格主要來自於我們的 DME 管道努力，但即使是本季度我們完成的小批量，我們也確實實現了有意義的藥房定價優勢。

This continues to reinforce that our newly launched pharmacy channel initiative provides a significant opportunity for the future. We're pleased to report that, we now have approximately 30% of US lives covered under the pharmacy benefit with a mix of commercial and government lives compared to the 20% that we shared on our last call. The contracts we have in place, plus ongoing negotiations confirm that durable pumps are well accepted under this benefit and flexibility exists for the structure of reimbursement across pumps and supplies. The contracts we have entered into so far continue to be similar in structure to our DME agreements, which are not subscription models.

這進一步證明，我們新推出的藥局通路計畫為未來提供了重大機會。我們很高興地報告，現在大約有 30% 的美國人（包括商業和政府）享受了藥品福利，而我們上次通話時公佈的比例僅為 20%。我們已簽訂的合約以及正在進行的談判證實，耐用型泵浦在該福利下很受歡迎，並且泵浦和供應品的報銷結構具有靈活性。我們迄今為止簽訂的合約在結構上與我們的 DME 協議類似，不是訂閱模式。

We continue to scale our capabilities and gather data on our increasing pharmacy channel access. Our early experience in processing orders has been encouraging, enabling us to serve customers at significantly reduced out-of-pocket costs. This lowers the financial barrier that historically may have prevented people from adopting AID technology.

我們將繼續擴大我們的能力並收集有關不斷增加的藥房管道訪問的數據。我們早期處理訂單的經驗令人鼓舞，使我們能夠以顯著降低的自付費用為客戶提供服務。這降低了歷史上可能阻礙人們採用 AID 技術的財務障礙。

We are focused on advancing our pharmacy capabilities as part of our broader market access strategy, which remains centered around having a multichannel approach to best serve our customers, while driving volume growth and profitability through improved pricing.

我們致力於提升我們的藥房能力，這是我們更廣泛的市場准入策略的一部分，該策略仍然以採用多通路方式為客戶提供最佳服務為中心，同時透過改善定價來推動銷售成長和獲利能力。

Turning to markets outside the United States, we started the year off strong with all-time record sales of $84 million. This 35% year-over-year growth was driven by continued demand for t:slim, strong supply sales and early positive momentum for renewals. The first quarter benefited from nearly $5 million in orders that we originally anticipated would be placed in Q2.

轉向美國以外的市場，我們今年開局表現強勁，創下了 8,400 萬美元的歷史最高銷售額。這一 35% 的同比增長得益於對 t:slim 的持續需求、強勁的供應銷售以及早期續約的積極勢頭。第一季受惠於我們原本預計在第二季下達的近 500 萬美元的訂單。

This shift in timing was the largest part of our outperformance relative to Q1 guidance, and we're maintaining our expectations for the full year. Moving on to margins, our Q1 performance demonstrated progress on our path to achieving our near and long term profitability goals. Our 51% gross margin was a significant accomplishment, as it's in line with Q4 where we have historically seen a seasonal decline from the fourth to the first quarter.

這段時間上的轉變是我們第一季業績超出預期的最大原因，我們也維持對全年業績的預期。談到利潤率，我們的第一季業績顯示我們在實現近期和長期獲利目標的道路上取得了進展。我們的 51% 毛利率是一項重大成就，因為它與第四季度一致，歷史上我們通常看到從第四季到第一季的季節性下降。

This was primarily driven by a reduction in the per unit cost of pumps, with efficiencies gained in both manufacturing and nonmanufacturing costs. Demonstrating improvement in profitability is a key objective for us this year, which we delivered in Q1 as our adjusted EBITDA margin expanded at an even higher rate than gross margin, improving 5 percentage-points year-over-year.

這主要是由於泵浦的單位成本降低，製造和非製造成本的效率都提高了。提高獲利能力是我們今年的關鍵目標，我們在第一季實現了這一目標，因為我們的調整後 EBITDA 利潤率的成長速度甚至高於毛利率，比去年同期成長了 5 個百分點。

This improvement was primarily driven by leverage gained within R&D, which was also an important offset to SG&A as we invested in our US salesforce expansion and the infrastructure for direct European operations beginning next year. In addition, we began executing our plan to drive greater efficiency within our customer support functions, which are designed to modernize the customer experience, while driving cost savings.

這項改善主要得益於研發部門所獲得的槓桿作用，這也是對銷售、一般及行政費用 (SG&A) 的一個重要抵消，因為我們從明年開始投資於美國銷售隊伍的擴張和直接歐洲業務的基礎設施。此外，我們開始執行計劃，以提高客戶支援職能的效率，旨在實現客戶體驗的現代化，同時節省成本。

The benefits from these initiatives will begin to be realized in the second half of this year. As a reminder, adjusted EBITDA does not include the impact of certain nonrecurring transactions, primarily associated with the amendment of our agreement with AMS medical original shareholders. As you can see, we achieved our objectives for Q1 on both the top and bottom line, and are well-positioned for the remainder of the year. We ended the quarter with nearly $370 million in total cash and investments, and anticipate returning to positive free cash flow, both for the second half of 2025 and on a full year basis. With that, we remain confident in our ability to support key commitments, including repayment of convertible notes due in the second quarter.

這些措施的效益將在今年下半年開始顯現。提醒一下，調整後的 EBITDA 不包括某些非經常性交易的影響，這些交易主要與我們與 AMS 醫療原股東的協議修訂有關。如您所見，我們實現了第一季的營收和利潤目標，並為今年剩餘時間的業績做好了準備。截至本季末，我們的現金和投資總額接近 3.7 億美元，預計 2025 年下半年和全年自由現金流都將恢復為正值。因此，我們仍然有信心我們有能力履行關鍵承諾，包括償還第二季到期的可轉換票據。

As we look to the remainder of 2025, we are reaffirming our sales, gross margin and EBITDA guidance. The broader environment is very dynamic, but the building blocks for our original guidance assumptions remain intact. Starting with worldwide sales, we accept a range of $997 million to just over $1 billion, reflecting our goal to deliver double-digit growth for the second year in a row. This includes US sales in the range of $725 million to $730 million, where more than 70% of our sales for the year are expected to be generated from predictable and recurring revenue streams from supplies and renewals.

展望 2025 年剩餘時間，我們重申我們的銷售額、毛利率和 EBITDA 指引。整體環境非常動態，但我們最初的指導假設的基礎仍然完好無損。從全球銷售額開始，我們接受的範圍是 9.97 億美元到略高於 10 億美元，這反映了我們連續第二年實現兩位數成長的目標。其中包括 7.25 億美元至 7.3 億美元的美國銷售額，預計今年 70% 以上的銷售額將來自供應和續約的可預測和經常性收入流。

Similar to years past, we anticipate sales will step up in Q2 highlighting that the average increase across the last three years was 13%. Then, we anticipate sales will increase modestly from Q2 to Q3 with our highest sales achievement in Q4. This cadence comes from multiple factors that are the building blocks of our guidance. First is overall seasonality associated with insurance benefits. We assume this will be consistent with 2024 along with the progression of renewals, which are back half loaded based on the timing of pump sales four years ago.

與過去幾年類似，我們預計第二季的銷售額將會上升，過去三年的平均成長率為 13%。然後，我們預計銷售額將從第二季到第三季小幅成長，第四季的銷售額將達到最高。這種節奏源自於多種因素，這些因素構成了我們指導的基礎。首先是與保險福利相關的整體季節性。我們假設這將與 2024 年的情況一致，同時續約的進展也與四年前油泵銷售時間相比有所回落。

Next and unique to this year is the scaling productivity of our expanded salesforce. Disruption from adding and realigning territories was well managed in the first quarter and we anticipate it will take 9 to 12 months for territories to scale to full productivity, which puts the greatest benefit in the fourth quarter.

今年的下一個獨特之處是，我們的銷售團隊的生產力擴大了。第一季度，增加和重新調整區域所造成的干擾得到了很好的管理，我們預計各區域需要 9 到 12 個月的時間才能達到全面生產力，這使得第四季度的效益最大。

The last of the factors I'll highlight are all of our new growth opportunities, which are more heavily weighted to the second half of the year. These include new technology launches, benefit from our encouraging ASP trends, as well as broadened pharmacy channel access and type 2 commercial efforts. Sales outside the US

我要強調的最後一個因素是我們所有的新成長機會，這些機會在下半年佔比更大。這些包括新技術的推出、受益於我們令人鼓舞的 ASP 趨勢、以及拓寬的藥房管道准入和 2 型商業努力。美國以外的銷售

are expected to be in the range of $272 million to $277 million. We anticipate sales to be relatively flat across the remainder of the year, which reflects the timing shift of approximately $5 million in sales originally anticipated for Q2 that were fulfilled in Q1, as well as approximately $15 million-$20 million of potential headwinds in the back half of this year, as we prepare to transition to direct sales in select markets beginning in 2026.

預計在 2.72 億美元至 2.77 億美元之間。我們預計今年剩餘時間的銷售額將相對持平，這反映了原定於第二季度實現的約 500 萬美元銷售額的時間變化，以及今年下半年約 1500 萬至 2000 萬美元的潛在阻力，因為我們準備從 2026 年開始在特定市場過渡到直接銷售。

Incorporating these factors into the second quarter, specifically, we anticipate worldwide sales of approximately $238 million. For gross margin, we are reaffirming our 2025 expectations to improve gross margin to approximately 54%, and adjusted EBITDA to approximately 3% of sales. We expect to see continued margin progress across the year as pump sales increase, efficiencies are gained as Mobi scales and we demonstrate further operating leverage.

具體來說，將這些因素納入第二季度，我們預計全球銷售額約為 2.38 億美元。對於毛利率，我們重申 2025 年的預期，將毛利率提高至約 54%，並將調整後的 EBITDA 提高至約 3% 的銷售額。隨著泵浦銷量的成長、Mobi 規模的擴大以及我們進一步展示營運槓桿，我們預計全年利潤率將繼續增長。

Our margin expectations incorporate minimal impact from tariffs, which we believe will be immaterial as we are employing a number of strategies for our supply chain structure and product category, including a well-established tariff exemption. It's been a strong start to the year and our results are beginning to reflect the benefits of our strategy as we deliver on our technology portfolio, demonstrate strong retention and enhance our business model.

我們的利潤預期包含關稅帶來的極小影響，我們認為這將無關緊要，因為我們正在針對我們的供應鏈結構和產品類別採用多種策略，包括完善的關稅豁免。今年開局強勁，隨著我們實現技術組合、展示強大的保留率並增強我們的商業模式，我們的業績開始反映出我們策略帶來的好處。

As our business continues to mature, in addition to driving pump growth, we remain focused on improved profitability through increased pricing, executing our margin improvement initiatives and discipline cost management.

隨著我們業務的不斷成熟，除了推動泵浦的成長之外，我們還將繼續致力於透過提高價格、執行利潤率改善計劃和嚴格的成本管理來提高獲利能力。

I'll now hand the call back to John.

我現在將電話交還給約翰。

Thanks, Leigh. As you can see, we are delivering on our key objectives for 2025. This is a testament to the rigorous planning and thoughtful execution of our team. We are continuing to transform our business to achieve our longer term goals. As we look to the future, our pipeline remains the most innovative and robust in insulin therapy management.

謝謝，Leigh。如您所見，我們正在實現 2025 年的關鍵目標。這證明了我們團隊的嚴謹規劃和周到執行。我們正在繼續轉變我們的業務以實現我們的長期目標。展望未來，我們的產品線仍然是胰島素治療管理領域最具創新性和最強大的。

Our distinctive technology ecosystem, includes an insulin pump systems, advanced algorithms and digital health solutions, and we are rolling out new commercial offerings under each of these pillars in 2025. Starting with our pump systems, we intend to offer two new sensor integrations in 2025. We will begin our US launch or FreeStyle Libre 3 integrated with the t:slim in the second quarter, and that will be followed by Mobi. Internationally, we plan to begin offering Libre 3 integration with t:slim in the third quarter.

我們獨特的技術生態系統包括胰島素幫浦系統、先進的演算法和數位健康解決方案，我們將在 2025 年推出每個支柱下的新商業產品。從我們的泵浦系統開始，我們計劃在 2025 年提供兩種新的感測器整合。我們將於第二季在美國推出與 t:slim 整合的 FreeStyle Libre 3，隨後推出 Mobi。在國際上，我們計劃在第三季開始提供 Libre 3 與 t:slim 的整合。

We also intend to support the 15 day Dexcom G7 sensor at launch. Another feature enhancement we intend to begin offering for Mobi this year is an Android application, which will require an FDA 510(k) clearance before launch. Mobi is currently under CE Mark review. Following approval, we will begin country registration and reimbursement discussions to bring our newest pump platform to all the countries we serve. Our goal is to begin launching Mobi outside the United States, with multiple sensor integrations by the end of this year, and continue to roll out through 2026.

我們還打算在發佈時支援為期 15 天的 Dexcom G7 感測器。我們計劃今年開始為 Mobi 提供的另一項功能增強是 Android 應用程序，該應用程式在推出前需要獲得 FDA 510(k) 批准。Mobi 目前正在接受 CE 標誌審查。獲得批准後，我們將開始國家註冊和報銷討論，將我們最新的泵平台推廣到我們服務的所有國家。我們的目標是在今年年底前開始在美國以外推出 Mobi，並整合多種感測器，並持續推廣到 2026 年。

Infusion sets are another key part of our system, and we have been developing proprietary technology to extend wear time. We made an FDA submission for a three day indication using this technology late last year. Following its clearance, we are planning to quickly file another submission in pursuit of a seven day indication. Advanced algorithms and our commitment to AID leadership also continue to be a top priority in 2025. As discussed, we launched our Control-IQ+ algorithm in the US in the first quarter, and are planning to begin launching internationally by the end of the year, pending regulatory approval.

輸液器是我們系統的另一個關鍵部分，我們一直在開發專有技術來延長佩戴時間。去年年底，我們向 FDA 提交了使用該技術進行為期三天適應症的申請。在獲得批准後，我們計劃迅速提交另一份申請，以尋求七天的指示。先進的演算法和我們對 AID 領導地位的承諾也將繼續成為 2025 年的首要任務。如上所述，我們在第一季在美國推出了 Control-IQ+ 演算法，並計劃在今年年底前開始在國際上推出，等待監管部門的批准。

The last area of our portfolio, I'd like to highlight is our progress in digital health solutions. Tandem source is the foundation of our digital offerings, serving as the hub for patient therapy information, healthcare provider reporting, parent analytics, as a portal for customer sales support.

我想強調的是我們投資組合的最後一個領域是我們在數位健康解決方案方面的進展。Tandem Source 是我們數位產品的基礎，是病患治療資訊、醫療保健提供者報告、父母分析的中心，也是客戶銷售支援的入口。

Tandem has offered a cloud platform for the past decade in the US, and last year, we began rolling out these capabilities internationally. It's an important step for our launch of the t:slim mobile bolus outside the United States that we are planning for the second quarter of this year, as well as our international launch of Mobi.

Tandem 在過去十年中一直在美國提供雲端平台，去年我們開始在國際上推出這些功能。這是我們計劃於今年第二季在美國以外推出 t:slim mobile bolus 以及在國際上推出 Mobi 的重要一步。

Rounding out our pipeline, are the technology solutions we plan to launch beyond 2025 that are designed to further expand our portfolio, and bring the benefits of our technology to more people living with diabetes. We're making great progress on our tubeless feature for Mobi, which is now in the verification testing and manufacturing build-out stage in support of a future 510 filing.

我們計劃在 2025 年後推出技術解決方案，進一步完善我們的產品線，旨在進一步擴大我們的產品組合，並將我們的技術優勢帶給更多醣尿病患者。我們在 Mobi 無內胎功能方面取得了很大進展，目前正處於驗證測試和製造建造階段，以支援未來的 510 申請。

Development for our durable Patch Pump Sigi has moved to San Diego, allowing us to best leverage the expertise of our advanced pump development team. Lastly, we remain steadfast in our commitment to bring an industry-leading fully closed-loop algorithm to market. We recently completed a fully closed-loop feasibility trial. And in Q1, we signed a collaboration agreement with the University of Virginia's Center for Diabetes Technology to advance our R&D efforts on fully automated closed-loop systems.

我們的耐用型 Patch Pump Sigi 的開發工作已轉移到聖地牙哥，這使我們能夠最好地利用我們先進的泵浦開發團隊的專業知識。最後，我們堅定不移地致力於將業界領先的全閉環演算法推向市場。我們最近完成了一次完全閉環可行性試驗。並且在第一季度，我們與維吉尼亞大學糖尿病技術中心簽署了合作協議，以推進我們在全自動閉環系統方面的研發工作。

In conclusion, you can see that, it's both a busy and exciting time at Tandem. The opportunities in front of us are numerous as we execute on our sales strategy, increase pharmacy channel access, scale growth into type 2 and commercialize our robust pipeline. By doing so, we are creating new possibilities for people living with diabetes, while achieving record results that align with our 2025, and longer-term financial goals to deliver sustained double-digit sales growth and profitability. Thank you for joining us today.

總而言之，你可以看到，對 Tandem 來說這是一個忙碌而又令人興奮的時刻。隨著我們執行銷售策略、增加藥房管道訪問、擴大 2 類成長並將我們強大的管道商業化，我們面前的機會很多。透過這樣做，我們為糖尿病患者創造了新的可能性，同時取得了符合我們 2025 年和長期財務目標的創紀錄業績，實現了持續兩位數的銷售成長和獲利能力。感謝您今天加入我們。

We look forward to keeping you updated as the company continues to progress. Operator, we'd now like to turn the call over for questions.

我們期待隨著公司不斷進步而向您通報最新進展。接線員，我們現在想將電話轉交給提問者。

(Operator Instructions) Matt Miksic, Barclays.

（操作員指示）巴克萊銀行的 Matt Miksic。

So I wanted to try to get a sense of how -- in addition to the performance you outlined in the quarter, how some of the salesforce changes, salesforce realignment, any of the one-time issues that came about in the fourth quarter have moderated or gotten behind you? Or are they still in process that just kind of an update on that. And I'll skip the follow-up and pass the next person.

因此，我想嘗試了解一下——除了您在本季度概述的業績之外，一些銷售人員的變化、銷售人員的重新調整，以及第四季度出現的任何一次性問題是如何得到緩解或解決的？或者他們仍在進行中，只是對此進行更新。我將跳過後續內容並傳遞給下一個。

Thanks, Matt. Well, first of all, I want to say that, there were really no disruptive events that occurred in the fourth quarter. All we were doing at that point in time was hiring people. And as of the beginning of the year, and most of those people were on board, and as we exit the first quarter, the expansion is essentially complete. The territory realignment is complete. And we saw some modest disruption, but nothing more than we anticipated.

謝謝，馬特。嗯，首先我想說的是，第四季確實沒有發生任何破壞性事件。當時我們所做的就是招募員工。截至今年年初，大多數人都已加入，隨著第一季的結束，擴張工作已基本完成。領土調整已經完成。我們看到了一些輕微的干擾，但並沒有超出我們的預期。

I would say that, now it takes salespeople that are new to the company, and new to the territories, about 9 to 12 months to just get accustomed up to speed, and we'll see gradual improvement in their productivity over the next several quarters. And the good news is that, we expect them to be fully on board and producing in the fourth quarter. So it's a high-quality team. They complement our existing team, and we're very happy to have them on board. And we think this is just a logical thing for the company to do based on where we are in the market.

我想說的是，現在新加入公司、新進入地區的銷售人員需要大約 9 到 12 個月的時間來適應速度，我們將在接下來的幾個季度看到他們的生產力逐步提高。好消息是，我們預計他們將在第四季度全面投入生產。所以這是一支高素質的團隊。他們對我們現有的團隊進行了補充，我們很高興他們能加入我們。我們認為，根據我們所處的市場狀況，這對公司來說是一件合乎邏輯的事情。

Mathew Blackman, Stifel.

馬修布萊克曼，Stifel。

Leigh, I wanted to ask specifically how much price played a role in the US. I think our math says about 2%-3% for pumps, maybe upwards of a 10% lift for supplies. Is that roughly right? And I guess the follow-up there is, is that the right magnitude for us to layer in going forward? Is this sustainable? Or is there something unique about the first quarter?

Leigh，我想具體地問一下在美國價格起了多大的作用。我認為我們的計算顯示泵浦的增幅約為 2%-3%，供應的增幅可能高達 10% 以上。大致如此吧？我想接下來的問題是，這對我們今後的分層推進來說是否是適當的？這是可持續的嗎？或者說第一季有什麼獨特之處？

Thanks, Matt. I would say, you're in the ballpark there on the pump side and the supplies are probably closer to what you are thinking from a pump perspective. And so it's really performing again like we did last year in terms of price increase. And I think, this is the new bar to think about as we look to the rest of the year from a pricing perspective. I'll say in the US, in particular, the majority of the price benefit did come from our work in the DME channel.

謝謝，馬特。我想說的是，從泵浦的角度來看，您的情況大致相同，而且供應情況可能更接近您從泵浦的角度所想的情況。因此，就價格上漲而言，它的表現確實與去年一樣。我認為，當我們從定價角度展望今年剩餘時間時，這是一個需要考慮的新標準。我想說，特別是在美國，大部分價格優勢確實來自於我們在 DME 通路的工作。

But even though we only had very small volumes in pharmacy at this time, we did see a meaningful contribution from a price perspective in the first quarter. So it gives us a lot of encouragement for what this can do for the business in the long term.

但儘管我們目前在藥局的銷售量非常小，但從價格角度來看，我們確實在第一季看到了有意義的貢獻。因此，這給了我們很大的鼓勵，讓我們相信這將為我們的長期業務帶來正面的影響。

Steven Lichtman, Oppenheimer.

史蒂文·利希特曼，奧本海默。

So just on the salesforce expansion and realignment, great to hear it's going as expected. Understanding the ramp that you mentioned through the year, but can you talk about where you're deploying the new individuals, where you expect to see benefits? And in particular, how that will dovetail with type 2 expansion?

因此，就銷售團隊的擴張和調整而言，很高興聽到一切進展順利。了解您提到的全年成長速度，但您能否談談您將在哪裡部署新員工，以及您期望在哪裡看到收益？特別是，這將如何與 2 型擴展相吻合？

I would say that, we've done a lot of analysis to see exactly where there is opportunities to realign, and make the territories more productive. We're not going to speak specifically to that, nor will we talk about the numbers, et cetera. I would say that, we are -- as I indicated in the prepared remarks, we are now in the process of actually doing the salesforce pilot. It's live. It's in a meaningful number of territories.

我想說的是，我們做了大量的分析，以準確了解哪些地方有機會重新調整，並提高這些地區的生產力。我們不會具體談論這一點，也不會談論數字等等。我想說的是，正如我在準備好的發言中所指出的，我們現在正處於實際進行銷售人員試點的過程中。正在直播。它覆蓋了相當多的地區。

We've trained our internal people and they're out there selling right now. So that's happening with our existing team. And typically, we evaluate the salesforce size and it's something that's traditionally done near the end of the year. But I think right now, we feel good with where we're at. We've got a good plan for the existing type 1 and type 2 populations in terms of supporting them. And as we said, we're moving forward.

我們已經培訓了內部人員，他們現在正在外面銷售。這就是我們現有團隊正在發生的事情。通常，我們會評估銷售團隊的規模，這項工作通常在年底進行。但我認為現在我們對目前的狀況感到滿意。對於現有的 1 型和 2 型人群，我們制定了良好的支援計劃。正如我們所說，我們正在前進。

Brooks O'Neil, Lake Street Capital Markets.

布魯克斯‧歐尼爾 (Brooks O'Neil)，湖街資本市場 (Lake Street Capital Markets)。

This is Aaron on the line for Brooks. Congrats on the progress. I'm just curious, if you maybe had a mix in mind in terms of what you expect from pharmacy versus other channels longer term. I appreciate the color, and commentary on the progress from last quarter to now. But I guess, my question is, how do you see that dynamic sort of playing out over the next 12 months or so? Any additional color there, that would be great.

這是亞倫為布魯克斯接電話。恭喜你取得進展。我只是好奇，您是否對藥局和其他通路的長期發展有什麼期望？我很欣賞這種色彩以及對上個季度到現在的進展的評論。但我想，我的問題是，您認為這種動態在未來 12 個月左右會如何發展？如果有額外的顏色就更好了。

Great. Thanks for the question. So when we think about pharmacy this year, as we put together our assumptions from a guidance perspective, we only factored in modest contribution. And we're really just getting started there. The first quarter was really a lot about the operationalizing of it and making sure we are putting in an effective and efficient infrastructure to support this for the long term.

偉大的。謝謝你的提問。因此，當我們考慮今年的藥房時，當我們從指導的角度提出假設時，我們只考慮了適度的貢獻。而我們實際上才剛開始。第一季主要致力於實施該計劃並確保我們建立有效且高效的基礎設施來長期支持該計劃。

But I'll say, from the very early, very small volumes and very early learnings, it gives us -- it makes me super excited about this opportunity long term. And it's something that we think -- as we think about the risks and opportunities for the year, could pose more of an opportunity than we originally even anticipated. So we look forward to continuing on this journey and talking more in the future about what kind of impact, it can have on the business long-term.

但我要說的是，從非常早期、非常小的數量和非常早期的學習來看，它給了我們——這讓我對這個長期機會感到非常興奮。當我們思考今年的風險和機會時，我們認為這可能會帶來比我們最初預期的更多的機會。因此，我們期待繼續這一旅程，並在未來更多地討論它對長期業務產生什麼樣的影響。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

I know, Susan is going to kill me for asking two, but I'm going to. There're together.

我知道，蘇珊會因為我問了兩個問題而殺了我，但我還是會這麼做。他們在一起。

Just one, please. Just one.

就一個吧。只有一個。

All right. I hate to burn it on this one then. But just the AMF write-off, is that saying anything about timing of Sigi, because I think John or Leigh kind of had in their heads that, that would be out sometime in 2027. But given the write-off, does that mean that the time frame to get this thing to market is even further out, maybe very end of the decade? I mean, how do we interpret that write-off and what it means for timing of Sigi?

好的。我討厭把它燒在這上面。但僅僅是 AMF 註銷，就說明了 Sigi 的時間問題，因為我認為 John 或 Leigh 心裡已經想到了，那將在 2027 年的某個時候推出。但考慮到註銷，這是否意味著將該產品推向市場的時間會更加遙遠，也許要到本世紀末？我的意思是，我們如何解釋這種註銷以及它對 Sigi 的時間意味著什麼？

Thanks, Matt. I think it's actually the opposite, Matt. It turns out that the agreement we had in place had a number of contingent liabilities in it. And by terminating the agreement, it just gave us more control and flexibility over the development path. It was a great -- I think, it was a great deal for both parties.

謝謝，馬特。我認為事實恰恰相反，馬特。事實證明，我們簽訂的協議中含有許多或有負債。透過終止協議，我們對於發展路徑有了更多的控制權和彈性。這是一筆很棒的交易——我認為，對於雙方來說，這都是一筆很棒的交易。

But now we've brought the development activity back here to San Diego. We have a very experienced team of pump and system developers that are working on it. And so as I said, if anything, this is going to improve our time to market, not reduce it.

但現在我們已將開發活動帶回聖地牙哥。我們擁有一支經驗豐富的泵浦和系統開發團隊致力於此。正如我所說，如果有的話，這將改善我們的產品上市時間，而不是減少它。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

I wanted to talk on the gross margin line here for a second. Given the strength you saw in the quarter, can you help us understand what were the puts and takes keeping the gross margin at the 51% level that you had indicated given the significant strength you saw in the US here and the traction you're seeing with Mobi?

我想在這裡談談毛利率。鑑於您在本季度看到的強勁表現，您能否幫助我們了解，考慮到您在美國看到的顯著實力以及 Mobi 的牽引力，將毛利率保持在您所說的 51％ 的水平需要付出和承受的努力是什麼？

Sure. So I would say, first of all, we're very excited to have Mobi as part of the mix and a growing part of the mix of our business, because it's one of the most important factors in delivering on our long-term gross margin targets. So as we look at how we came in, in Q1, it really was, especially compared to a year ago, showing an improvement in pump costs, but actually both in t:slim and in Mobi because Mobi is just beginning on its journey of becoming accretive to the business. So this year, you think about the Mobi pump driving accretion. In 2026, you think about it coming from the perspective of the cartridges.

當然。所以我想說，首先，我們非常高興 Mobi 成為我們業務組合的一部分，並成為我們業務組合中不斷增長的一部分，因為它是實現我們長期毛利率目標的最重要因素之一。因此，當我們回顧第一季度的表現時，確實，特別是與一年前相比，泵成本有所改善，但實際上 t:slim 和 Mobi 都是如此，因為 Mobi 才剛開始其業務增值的旅程。因此，今年，您要考慮的是 Mobi 泵驅動的成長。2026 年，你從墨水匣的角度來考慮這個問題。

And so those will continue to build up over time. And we've often said that, Mobi gets us more than halfway to our long-term gross margin target of 65%. And maybe another piece of color today as well that, I don't think we've shared before is thinking about how to think about that progression.

因此，隨著時間的推移，這些將會不斷累積。我們經常說，Mobi 讓我們實現了 65% 的長期毛利率目標的一半以上。也許今天還有另一種色彩，我認為我們之前沒有分享過，那就是思考如何看待這種進展。

And with Mobi in the mix, with what we are thinking about from a pharmacy perspective from this early evidence and also thinking about going direct in 2026, we believe we see a pathway to get to a 60% gross margin as early as next year. So we're really excited about where we are right now and where we're progressing and our ability to deliver on that.

有了 Mobi 的加入，結合我們從藥局角度考慮的早期證據以及我們在 2026 年實現直接銷售的計劃，我們相信最早明年就能實現 60% 的毛利率。因此，我們對目前的狀況、所取得的進展以及實現目標的能力感到非常興奮。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

I guess, I wanted to ask, I know you made some comments in the prepared remarks about the pharmacy progress and hoping to just double-click on that. You talked about, lives covered. It does sound like you're just really getting started with those patients. I was wondering if you could give us some color on the early experience and maybe talk about how you think the uptake will be through this year and next, when it could actually be sort of a material portion of your business?

我想問的是，我知道您在準備好的評論中對藥房的進展發表了一些評論，並希望對此進行雙擊。您談到了，生命得到了保障。聽起來您才剛開始治療這些病人。我想知道您是否可以向我們介紹早期的經驗，並談談您認為今年和明年的吸收情況如何，屆時它實際上可能會成為您業務的重要組成部分？

Yes. Thanks for the question, Matt. So first of all, we were excited to share that we've increased our percentage of lives covered in the US under pharmacy going from 20%, which was what we shared at our last earnings call to 30% now. So we're starting, I would say, at a really high mark in terms of coverage.

是的。謝謝你的提問，馬特。首先，我們很高興地告訴大家，我們已將美國藥房覆蓋人群的比例從上次收益電話會議上分享的 20% 提高到現在的 30%。所以我想說，就覆蓋範圍而言，我們的起點已經很高了。

What we were learning in the first quarter, particularly as we were testing out the benefits with different people coming to Tandem was that it really does dramatically offer a lower out-of-pocket cost for patients. And so that can be one of the most pivotal factors in terms of addressing, one of the bigger barriers to adopting pump therapy, particularly durable pump therapy.

我們在第一季了解到的情況是，特別是當我們對來到 Tandem 的不同患者進行益處測試時，我們發現它確實大幅降低了患者的自付費用。因此，這可能是解決採用泵療法（尤其是持久泵療法）的最大障礙之一的最關鍵因素之一。

So we think it can create -- increase our access or our MDI expansion over time in that regard. The other element of it is in the pharmacy channel, as you're probably seeing and hearing from many of the competitors in the space, there is a pricing premium associated with it with the value that they put on these advanced algorithms and the clinical benefits from the patients. And so that really can help drive profitability for us.

因此我們認為它可以創造 - 隨著時間的推移增加我們的訪問權限或 MDI 擴展。另一個要素是在藥房管道，正如您可能從該領域的許多競爭對手那裡看到和聽到的那樣，與之相關的定價溢價取決於他們對這些先進演算法的重視以及患者臨床益處。這確實可以幫助我們提高獲利能力。

And so like we said, it's very early right now, but the contracts that we have in place are really good, solid contracts that can deliver on that profitability, and we'll continue to drive it forward and give more color in the future, as it becomes a bigger piece of our business. But for 2025, still think about it as only a modest contributor.

所以就像我們說的，現在還為時過早，但我們現有的合約確實非常好，非常可靠，可以實現盈利，而且隨著它成為我們業務中更重要的一塊，我們將繼續推動它向前發展，並在未來賦予它更多的色彩。但對於 2025 年而言，它仍然只是一個適度的貢獻者。

Chris Pasquale, Nephron Research.

克里斯‧帕斯誇萊 (Chris Pasquale)，腎元研究機構。

I was hoping to talk about the decision to just reiterate guidance after the good 1Q. You beat consensus by about $14 million, back out the $5 million that got pulled forward OUS, you're still up $9 million. Is there anything that you're looking at now that you're more concerned about than you were at the end of the year, maybe in terms of the economy? And then does the margin guidance contemplate any impact from tariffs?

我希望談論在第一季度表現良好之後重申指導的決定。您超出了共識約 1400 萬美元，扣除先前在 OUS 中提前籌集的 500 萬美元，您仍然盈利 900 萬美元。與年底相比，您現在是否更關注某些事情，例如經濟方面？那麼利潤率指引是否考慮了關稅的影響？

So when we look at the building blocks for how we put together our guidance at the beginning of the year, there's nothing that's changed about our confidence level, our ambition this year, what we think we can deliver on. It really was looking at the broader economic environment and just thinking about how dynamic it has been and how dynamic it may continue to be across this year. So, we thought at this point, despite the nice deliverable in Q1 that it was more prudent to reaffirm at this time, and then we'll continue to execute on that as we look across the year.

因此，當我們回顧年初制定指導方針的基礎時，我們的信心水平、今年的目標以及我們認為可以實現的目標都沒有改變。它實際上正在觀察更廣泛的經濟環境，並思考它一直以來有多麼活躍，以及今年它可能繼續保持多麼活躍。因此，我們認為，儘管第一季取得了不錯的成果，但此時重申這項承諾是更為謹慎的做法，並且我們將在全年繼續執行這項承諾。

And then from a tariff perspective, factored in at the beginning of the year and still factored in is the minimal impact that we expect from tariffs this year. So we really don't see it being a big headwind for us.

然後從關稅的角度來看，年初就已考慮到並且仍在考慮的是我們預計今年關稅的影響將非常小。所以我們確實不認為這會為我們帶來巨大的阻力。

Anthony Petrone, Mizuho Financial Group.

瑞穗金融集團的安東尼‧佩特羅內 (Anthony Petrone)。

Congrats on the solid quarter. Maybe a little bit just on Control-IQ type two indication, early days out there. Just a review and recap on what's baked in for guidance for type 2 MDI conversion specifically for this year and how you expect that to progress into the second half, specifically within the PBM world?

恭喜本季業績穩健。可能只是 Control-IQ 類型二的指示，還處於早期階段。只是回顧並概括今年針對 2 型 MDI 轉換的具體指導內容，以及您預計該指導將在下半年如何發展，特別是在 PBM 領域？

I'll start off by saying it's been approved now for about a month. We have already provided about 300,000 people in the marketplace access to Control-IQ+ and all of our new pump shipments are underway. I think that when it comes to the actual benefit right now, it's too early for us to measure. But I think Leigh, you may want to comment a little bit on just what's planned in guidance and things like that.

首先我要說的是，該提案已經獲得批准大約一個月了。我們已經為市場上約 30 萬人提供了 Control-IQ+ 的使用權，並且我們所有新泵浦的出貨都在進行中。我認為，就目前的實際利益而言，衡量還為時過早。但我認為，Leigh，你可能想對指導中的計劃和諸如此類的事情發表一點評論。

Sure. So from the perspective of this year, I mean, we really just launched not too long ago, and we've only factored in modest contribution in 2025. One of the areas that you mentioned from a PBM perspective is really focused on the reimbursement element of it. So from a commercial perspective, the coverage for type 2 patient is very similar to type 1 in terms of access. And so no concerns there.

當然。因此，從今年的角度來看，我的意思是，我們實際上剛剛推出不久，我們只考慮了 2025 年的適度貢獻。從 PBM 角度來看，您提到的領域之一實際上集中於其報銷要素。因此，從商業角度來看，2 型患者的覆蓋範圍與第 1 型患者的覆蓋範圍非常相似。所以不用擔心。

From a Medicare perspective, there is coverage, but it is a little more onerous to get someone approved. And so that's where our efforts are focused is really on -- actually from an industry-wide perspective, we're all focused on trying to improve that access through Medicare. And so that could be a bit of a gating factor initially as we think about the opportunity, but we're confident in our ability to drive it in the longer-term, both through the DME and other pharmacy channels.

從醫療保險的角度來看，雖然有覆蓋範圍，但獲得批准會更加繁瑣一些。這就是我們努力的重點——實際上從整個行業的角度來看，我們都致力於嘗試透過醫療保險來改善這種醫療服務。因此，當我們考慮這個機會時，這可能是一個限制因素，但我們有信心透過 DME 和其他藥房管道在長期內推動這一機會。

I'll just add one other thing, and that is that when you look at the type 2 study we did, we actually produced the first clinical data that's been available that actually evaluates the effectiveness of the C-peptide test. And so we monitor people with high and with low C-peptide results. And in both cases, we saw great results from Control-IQ. So I think this arms us and individuals that are seeking to reduce some of the burden and hurdles that people have to get over to get on to a pump with type 2, and we're excited about having that data.

我只想補充一點，那就是當您查看我們所做的 2 型研究時，我們實際上產生了可用的第一個臨床數據，可以實際評估 C 肽測試的有效性。因此，我們對 C 肽結果高和低的人進行監測。在這兩種情況下，我們都看到了 Control-IQ 的出色效果。因此，我認為這為我們和那些尋求減輕人們在使用 2 型糖尿病幫浦時必須克服的一些負擔和障礙的個人提供了幫助，我們對獲得這些數據感到非常興奮。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

I wanted to just follow-up on your comments, Leigh, on the contracts with the pharmacy access. You mentioned that the revenue recognition will be similar to the DME channel. Has there been any limitations? Or have there been any pushback in terms of your negotiations with payers? Or is it smooth sailing and you expect every contract going forward to mirror what you have in place today?

Leigh，我只是想跟進一下你關於藥房准入合約的評論。您提到收入確認將與 DME 管道類似。有什麼限制嗎？或是在與付款人的談判中遇到什麼阻力嗎？或者一切順利，您期望以後的每一份合約都與您今天簽訂的合約相符？

Sure. Thanks for the question, Josh. So first, I'll confirm there are a couple of things we've learned in our early negotiations, which are DME pumps or durable pumps are widely accepted in the pharmacy channel. And secondly, you can employ a variety of reimbursement structures in the channel. There's no one set solution.

當然。謝謝你的提問，喬希。因此，首先，我要確認我們在早期談判中了解到的一些事情，即 DME 泵或耐用泵在藥房管道中被廣泛接受。其次，您可以在頻道中採用多種報銷結構。沒有一個固定的解決方案。

And so to your point, the contracts we have in place today do follow more of a DME-like model. They're not subscription-based. It doesn't mean that we might not consider something like that in the future. But for now, that's what it looks like for us as a business. And so we don't anticipate any headwinds that you may hear when people transition to a subscription model in the future.

所以正如您所說，我們今天簽訂的合約確實更符合 DME 的模式。它們不是基於訂閱的。這並不意味著我們將來不會考慮這樣的事情。但就目前而言，我們作為一家企業的情況就是這樣。因此，我們預計未來人們轉向訂閱模式時不會遇到任何阻力。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

I wanted to touch upon OUS, international, a lot going on there with respect to new launches. Just wanted to ask about sort of the competitive dynamics and the win rate you're seeing internationally? And then how should we think about retention internationally? Is this going to be based on what you've seen so far, roughly comparable with the US renewal retention rate?

我想談談 OUS、國際以及那裡發生的許多有關新產品發布的事情。只是想問一下您在國際上看到的競爭動態和勝率？那麼，我們該如何從國際角度來考慮保留問題呢？這是基於您目前所看到的情況，與美國續約保留率大致相當嗎？

Right. Well, I'll say that, first of all, it's a very large market that's less penetrated than the US. And the good news about it is that the healthcare systems in the OUS countries seem to see the benefit of AID systems for their patients as well as for the economics for the various country systems. So we're excited about being there. I would say that there are -- our two main competitors exist in the OUS markets, and we're competing against them.

正確的。嗯，首先我想說，這是一個非常大的市場，但滲透率不如美國。好消息是，美國以外的國家的醫療保健系統似乎看到了 AID 系統對其患者以及各國系統的經濟效益。所以我們很高興能去那裡。我想說的是——我們在美國市場上有兩個主要競爭對手，我們正在與他們競爭。

There is the third player, a smaller player that's up and coming. That's doing reasonably well. But I would say that the competitive environment really hasn't changed in the last couple of quarters. We're holding our own and I think it's just as it is. The other thing I'll say, though, is that if you look at the technology that we're planning to bring to market, we have mobile bolus, we have source, we have FreeStyle Libre 3.

還有第三名球員，他是一名身材較小、正在崛起的球員。做得還不錯。但我想說的是，過去幾季的競爭環境確實沒有改變。我們堅持自己的立場，我認為情況就是這樣。不過，我想說的另一件事是，如果你看看我們計劃推向市場的技術，我們有移動推注劑，有來源，有 FreeStyle Libre 3。

We have G7 15-day. We've also got Mobi OUS under review. So we have a tremendous amount of technology that is under review right now or in the process of being transferred. And we think that, as I said, we feel very competitive in that market today. You can see the results we're experiencing are quite good. And when we have this new technology there, it will even be better.

我們有 15 天的 G7。我們也對 Mobi OUS 進行了審核。因此，我們有大量技術目前正在接受審查或處於轉移過程中。正如我所說，我們認為，目前我們在那個市場上的競爭力非常強。您可以看到，我們所取得的成果相當不錯。當我們在那裡擁有這項新技術時，情況將會變得更好。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

This is Nathan Treybeck on for Larry. Congrats on the strong quarter. Just a question on competition in the US. What are you seeing today? And I guess, your outlook for the rest of the year when we think about Beta Bionics and the Medtronic as their Simplera Sync approval?

我是 Nathan Treybeck，代替 Larry 發言。恭喜本季業績強勁。我只是想問一下關於美國競爭的問題。你今天看到了什麼？我想，當我們考慮 Beta Bionics 和 Medtronic 的 Simplera Sync 批准時，您對今年剩餘時間的展望是什麼？

Sure. I think that it's a large, expanding and underpenetrated market in the US And it's not a zero-sum game. I mean multiple players can be successful in this market. But I said, it's very much like the OUS countries right now.

當然。我認為這是美國一個龐大、不斷擴張且滲透率較低的市場，而且這不是零和遊戲。我的意思是，多個參與者都可以在這個市場上取得成功。但我說，它現在非常像美國以外的國家。

It's very competitive, but there hasn't been a lot of changes in the last couple of quarters. And I think that we're holding our own. I mean, currently, there continues to be two large players, a scaling start-up is working on it and just making progress in the market. And we also acknowledge that there's a new competitor coming, but we're ready for it. We've understood this for a while, and we're prepared.

競爭非常激烈，但最近幾季並沒有太大變化。我認為我們能夠堅持自己的立場。我的意思是，目前，仍然有兩家大型企業，一家正在擴大規模的新創公司正在努力並在市場上取得進展。我們也承認新的競爭對手即將出現，但我們已經準備好了。我們對此已經了解一段時間了，並且已經做好了準備。

Relative to Simplera approval, as I understand it, it's probably a second half commercial launch. Right now, we're very close to launching FreeStyle Libre 3 in the US market. And we've got 15-day Dexcom sensor, G7 sensor coming as well. So, I think when it comes to sensor technology, we are -- we have the very best on our products.

相對於 Simplera 的批准，據我了解，它很可能是下半年的商業發布。目前，我們即將在美國市場推出 FreeStyle Libre 3。我們還有 15 天的 Dexcom 感測器和 G7 感測器。所以，我認為，就感測器技術而言，我們的產品是最好的。

And I think that when you look at the actual technology that is used to pump, I think we feel very confident that the pump technology that we're using is very competitive with the devices that are in the market.

我認為，當您看到用於泵送的實際技術時，我們非常有信心，我們使用的泵浦技術與市場上的設備相比非常具有競爭力。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

Maybe just one on the US new starts. And sorry if I missed this, can you just confirm whether you're still tracking that mid-single-digit percent growth in the US for new starts this year? And what does that assume between MDI starts versus competitive conversions?

也許這只是美國新起點中的一個。抱歉，如果我錯過了這一點，您能否確認一下，今年您是否仍在追蹤美國新開工的中個位數百分比成長率？那麼，MDI 啟動與競爭性轉換之間有何假設？

Sure. Happy to speak to that. So I'll start with in the first quarter, we saw double-digit growth in MDI conversions, which is the fourth quarter in a row of that since we returned to growth last year in the second quarter. We do still, in our guidance, assume that new starts will be mid-single-digit growth year-over-year. And as you think about new starts as the mix of the business, between new and renewal, it's roughly a 50-50 mix within that new population.

當然。很高興談論這個。首先從第一季開始，我們看到 MDI 轉換率實現了兩位數成長，這是自去年第二季恢復成長以來連續第四個季度實現成長。在我們的指導中，我們仍然假設新開工數量將同比增長中等個位數。當您將新業務視為業務組合時，在新業務和更新業務之間，新業務與更新業務的比例約為 50-50。

It's starting to lean more towards the MDI conversions, which are roughly about 2/3 of new starts. So I'm feeling very good about our opportunities there and our ability to continue driving that with the products that we have and all the great products that John just listed out that we'll be adding this year.

它開始更傾向於 MDI 轉換，大約佔新啟動的 2/3。因此，我對我們在那裡的機會以及我們繼續利用現有產品和約翰剛剛列出的我們今年將增加的所有優秀產品推動這一發展的能力感到非常滿意。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

This is Anthony on for Joanne. I know it's early days for OUS renewals, but are you expecting sort of a similar high rate of renewals OUS as we've been seeing in the US?

這是喬安妮的安東尼。我知道 OUS 續約還處於早期階段，但您是否預計 OUS 的續約率會像美國一樣高？

Yes, I would say it in crunch. We're just at the beginning of the renewal opportunity, and we're starting to see the early momentum we're hearing from our distributors, their success there. I wouldn't anticipate that we'll get to that exact same measure immediately that we share in the US, which is that we get to about a 70% capture rate within 18 months. It took us a few years to build to that here in the US, and I think the same will occur outside the US, but we have no reason to be concerned about our ability to hit that goal long-term.

是的，我會毫不猶豫地說出來。我們正處於更新機會的開始階段，我們開始看到從我們的經銷商那裡聽到的早期勢頭以及他們在那裡取得的成功。我不會期望我們能夠立即達到與美國完全相同的水平，即在 18 個月內達到約 70% 的捕獲率。我們花了幾年時間在美國實現這一目標，我認為美國以外也會發生同樣的情況，但我們沒有理由擔心我們能否長期實現這一目標。

Jayson Bedford, Raymond James & Associates.

傑森貝德福德 (Jayson Bedford)、雷蒙詹姆斯 (Raymond James) 及合夥人。

Congrats on the progress here. Just a quick one from me. Have you seen -- I know it's early, but have you seen any change in the mix of your type 1 versus type 2 new user mix?

恭喜你在這裡的進展。我只想簡單說一下。您是否看到過——我知道現在還為時過早，但是您是否看到第 1 類和第 2 類新用戶組合有任何變化？

I would say, Jayson, it's probably -- it's too early for us to say. As I said, we have started the programs. The people are out selling right now into the type 2 community. We continue to see good progress on the type 1 side, but I think that there's really -- we don't really have any data here we can share at this point in time. But I would imagine in the next call, that will be a different story.

我想說，傑森，這可能——現在對我們來說還為時過早。正如我所說，我們已經啟動了這些計劃。人們現在正在向 2 型社群推銷產品。我們繼續看到 1 型方面取得良好進展，但我認為，目前我們確實沒有任何可以分享的數據。但我想像在下一次通話中，情況將會有所不同。

William Plovanic, Canaccord Genuity.

威廉·普洛瓦尼克（William Plovanic），Canaccord Genuity。

Just to switch over to the P&L. I'm wondering, we did see a pretty good healthy jump up in SG&A nominally. Is this a new normal as we should look as a nominal level for the rest of the year? Or were there some onetime charges that we should think about backing out as we go into the forward quarters?

只需切換到損益表。我想知道，我們確實看到銷售、一般及行政費用名義上出現了相當健康的增長。這是否是一種新常態，我們應該將其視為今年剩餘時間的名義水準？或者，在進入未來幾個季度時，我們是否應該考慮取消一些一次性費用？

Sure. When you look at SG&A on a non-GAAP basis, it did increase year-over-year, and that's tied mostly to our salesforce expansion in the US also starting to make the investments in building our OUS infrastructure, all hitting that SG&A line. That step-up it took from a year ago was pretty hefty, but when you look across the rest of the year, it won't be as much of an increase across the quarters.

當然。如果以非 GAAP 為基礎來查看銷售、一般和行政費用 (SG&A)，它確實同比增長了，這主要與我們在美國銷售隊伍的擴張有關，同時也開始對建設我們的 OUS 基礎設施進行投資，所有這些都觸及了銷售、一般和行政費用線。與一年前相比，這一增幅相當大，但縱觀今年剩餘時間，各季度的增幅不會那麼大。

And that comes particularly from the fact that we have some other cost-saving initiatives under way in support of our customer service operations that will help to fund these investments that we're making in the field. So this year, we're still very focused on delivering on our profitability even with these investments, and you'll see that come through in the P&L.

尤其是因為我們正在進行一些其他的成本節約舉措，以支持我們的客戶服務運營，這將有助於資助我們在該領域進行的投資。因此，今年，即使進行了這些投資，我們仍然非常注重實現盈利，您會在損益表中看到這一點。

Our Michael Polark, Wolfe Research.

我們的邁克爾·波拉克（Michael Polark），沃爾夫研究中心。

I want to make sure I understand this Sigi charge. If I look at the original agreement, there was up to CHF130 million of earn-out potential. It looks like the renegotiated agreement is CHF68 million. And so the question is, why would the AMF shareholders agree to this? If I put words in your mouth, it seems like they're getting something sooner, so not waiting as long.

我想確保我理解這個 Sigi 指控。如果我看一下原始協議，我會發現獲利潛力高達 1.3 億瑞士法郎。看起來重新談判的協議金額是 6,800 萬瑞士法郎。那麼問題是，AMF 股東為什麼會同意這一點？如果我把話放在你嘴裡，似乎他們會更快得到一些東西，所以不用等那麼久。

And the trade-off for you is you get to maybe go faster than you otherwise would have. And I'm tying together -- tying this with the San Diego move for Sigi development. Do I have the numbers correct? Do I have the why you took this deal correct? Any color would be welcome.

而對你來說，代價就是你可能會比原本的速度更快。我正在將此與聖地牙哥的 Sigi 發展舉措結合起來。我的數字正確嗎？我對你的接受這筆交易的理由理解正確嗎？任何顏色都受歡迎。

Yes. I mean I think that's roughly the numbers. And I would just say if you look at it on a discounted cash flow basis, it's not a bad deal for either party. And I think it's -- like I said, there is the opportunity to take control over this ourselves and not be linked to another entity, which is primarily the reason we did it. And as I said, we did it in a way that both parties, I think, were pleased with the results.

是的。我的意思是我認為這是大致的數字。我只想說，如果從折現現金流的角度來看，這對雙方來說都不是一筆壞交易。我認為——就像我說的，我們有機會自己控制這件事，而不與其他實體聯繫在一起，這也是我們這樣做的主要原因。正如我所說，我們採取的方式讓雙方都對結果感到滿意。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

And I was hoping, Leigh, if you could bridge us a little bit, you commented on potentially reaching 60% gross margins by early next year or by next year. I appreciate that Mobi is a part of that, but you also have the potential headwinds from shift to the pharmacy. So that's 10 points from where we are today. So just wondering if you could give a little bit more color about the puts and takes that could get you there when you do get there?

Leigh，我希望您能為我們做一點鋪墊，您說到明年年初或明年毛利率有可能達到 60%。我很欣賞 Mobi 是其中的一部分，但你也面臨著從轉向藥局的潛在阻力。這是我們今天的 10 分。所以我只是想知道，當您到達那裡時，您是否可以更詳細地介紹您需要做哪些準備工作？

Yes. Great question. So I would say, there are three main drivers that, I would say, give us the confidence that we can get to 60% as early as next year. And I'll start with Mobi, and we have demonstrated proof with Mobi on the market as we're seeing the volume scale, we're achieving that cost efficiency that we anticipated. The Mobi pump this year will become accretive, which is why we are guiding to a 4 margin point or 3 margin points improvement over last year, getting to 54%.

是的。好問題。所以我想說，有三個主要驅動因素讓我們有信心最快明年就能達到 60%。我將從 Mobi 開始，我們已經在市場上證明了 Mobi 的實力，從銷售規模來看，我們正在實現預期的成本效率。今年的 Mobi 漲勢將會增值，這就是為什麼我們預測其利潤率將比去年提高 4 個點或 3 個點，達到 54%。

As we turn the corner to 2026, the cartridges will start to show their benefit as well becoming more accretive. And so that alone is one of the most significant pieces. Then as we look at the early learnings from pharmacy and you categorize pharmacy as a headwind, but in our world, it's actually a tailwind. So our structure is very much CME-like, meaning that we get reimbursement for the pump as well as for the supplies. And as we look at the nature of our contracts, the early evidence of what we're seeing as we are checking patient benefits, we believe that we will get meaningful price improvement as we look ahead.

隨著我們進入 2026 年，墨盒將開始顯示其優勢並變得更加增值。因此，這本身就是最重要的部分之一。然後，當我們回顧藥學早期的經驗時，你會將藥學歸類為逆風，但在我們的世界中，它實際上是一種順風。因此，我們的結構非常類似於 CME，這意味著我們可以獲得泵浦和供應品的補償。當我們審視合約的性質，以及我們在檢查患者福利時看到的早期證據時，我們相信，展望未來，我們將獲得有意義的價格改善。

And so as we continue to penetrate pharmacy, that will also really help from a profitability perspective. And then the last piece that will only be the early beginnings of it, but as we go direct in select markets outside the US, we will see a revenue and a margin benefit there. And so the combination of those 3 factors together are what can help us to deliver on that 60% as early as 2026.

因此，隨著我們繼續滲透藥局，從獲利角度來看這也將真正有所幫助。最後一點只是剛開始，但隨著我們直接進入美國以外的特定市場，我們將看到收入和利潤效益。因此，這三個因素的結合可以幫助我們最早在 2026 年實現 60% 的目標。

(Operator Instructions) Travis Steed, Bank of America Securities.

（操作員指示）美國銀行證券的 Travis Steed。

This is Stephanie Piazzola for Travis. I just wanted to clarify or follow-up on the new patient numbers in the quarter. I heard the comment on double-digit growth in MDI, but curious about overall growth in new patients when you consider the competitive conversions as well.

我是特拉維斯的史蒂芬妮·皮亞佐拉 (Stephanie Piazzola)。我只是想澄清或跟進本季的新患者人數。我聽到了有關 MDI 兩位數成長的評論，但當您考慮競爭性轉換時，我對新患者的整體成長感到好奇。

Yes. So when we look at new patient starts, they were up year-over-year with the biggest driver or contributor being those MDI conversions. We do continue to see some headwinds from a competitive conversion perspective. But really, I would say that's in line with what we anticipated starting last year going into this year and in our long-term models. And so everything is moving in the right direction there.

是的。因此，當我們查看新患者數量時，會發現它們同比增長，其中最大的驅動力或貢獻者是 MDI 轉換。從競爭轉換的角度來看，我們確實繼續看到一些阻力。但實際上，我想說這與我們去年對今年的預期以及我們的長期模型一致。所以一切都在朝著正確的方向發展。

Shagun Singh, RBC.

沙根·辛格，RBC。

I was wondering if you could maybe elaborate a little bit more on your type 2 opportunity, go-to-market strategy, how you're positioning yourself versus competition? Obviously, the massive MDI population there, but how are folks deciding between your offering and competition, especially patch pumps? Any detail there would be helpful.

我想知道您是否可以更詳細地闡述您的第二類機會、市場進入策略以及您如何定位自己與競爭對手？顯然，那裡有大量的 MDI 人口，但是人們如何在您的產品和競爭對手（尤其是貼片泵）之間做出選擇？任何細節都會有幫助。

Well, I guess I would say that, first of all, it is a large opportunity. It's, I think, roughly 3 million people in the US that have insulin-intensive diabetes. And we are working aggressively to get out there and take advantage of it. We think our pipeline lines up very well with the community.

嗯，我想說的是，首先，這是一個巨大的機會。我認為，美國大約有 300 萬人患有胰島素密集型糖尿病。我們正在積極努力，充分利用這項優勢。我們認為我們的管道與社區非常契合。

One of the things that was very interesting about our type 2 study was just the number of subgroups we looked at. And I think the subgroups certainly indicate that it is a very segmented market. And as a result of that, we feel that having a portfolio approach to our product strategy is the right one for this significant segmentation.

我們的 2 型研究中非常有趣的事情之一就是我們觀察的亞組數量。我認為這些子群體確實表明這是一個高度細分的市場。因此，我們認為，對於這個重要的細分市場而言，採用產品組合策略是正確的選擇。

So I think that right now, as we indicated, we have begun our sales initiative. We have a meaningful number of sites that we're doing, I'd say, a pilot study. We're evaluating the training, we're evaluating the materials we're using. We're basically understanding the messaging towards HCPs and we're also looking at reimbursement and market access. And so as we refine that, our intent is to move that out beyond just these sites and have it deployed throughout the entire country.

因此我認為，正如我們所指出的，我們已經開始了我們的銷售計劃。我想說，我們正在對大量站點進行試點研究。我們正在評估培訓，正在評估我們正在使用的材料。我們基本上了解了針對 HCP 的訊息，我們也關注報銷和市場准入。因此，當我們完善它時，我們的目的是將其擴展到這些站點之外，並部署到整個國家。

So as I said, these are -- this is just early going. It's the right thing to do. We want to make sure that when we do step on the gas that we have an effective program that will catch on. And as I said, we expect this to drive significant growth for the business going forward. Also, just finishing that saying that our -- a lot of the research that we've done recently has indicated that people who have type 2 have seen the results of these AID systems.

正如我所說，這些只是早期階段。這是正確的做法。我們希望確保當我們加大油門時，我們有一個有效的、能夠流行的計劃。正如我所說，我們預計這將推動未來業務的顯著成長。另外，最後要說的是——我們最近進行的大量研究表明，患有 2 型糖尿病的人已經看到了這些 AID 系統的效果。

And I think that they're very concerned about their own health. And I think the ease of use and simplicity that comes along with the therapy benefits is making them more likely to consider that. And so we're excited about that.

我認為他們非常關心自己的健康。我認為治療益處所帶來的易用性和簡單性使他們更有可能考慮這一點。因此我們對此感到興奮。

And I'm currently showing no further questions at this time. This does conclude today's conference call.

目前我沒有其他問題。今天的電話會議到此結束。

Shannon, let me just say one thing before we leave. I just want to say that this is a busy and exciting time for Tandem. And the team is executing at a very high level. There's numerous opportunities in front of us, such as the sales strategy, the pharmacy channel access, the type 2 expansion. We've got a robust pipeline.

香農，在我們離開之前，我只想說一件事。我只想說，對於 Tandem 來說，這是一個忙碌而又激動人心的時刻。而且團隊的執行力非常高。我們面前有無數的機會，例如銷售策略、藥局通路進入、2型擴張。我們擁有強大的管道。

And these enable us to continue achieving our results and more importantly, helping people with type 2 -- with type 2 diabetes in general. These opportunities are also -- they align with our plans to deliver sustained double-digit growth and profitability in 2025 and beyond. We're excited about where we are. Thank you.

這些使我們能夠繼續取得成果，更重要的是，幫助患有第 2 型糖尿病的人——一般患有第 2 型糖尿病的人。這些機會也與我們在 2025 年及以後實現持續兩位數成長和盈利的計劃相一致。我們對自己所處的境況感到非常興奮。謝謝。

Thank you. This does conclude today's conference call. Thank you for your participation. 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。