Tandem Diabetes Care Inc (TNDM) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Tandem Diabetes Care second quarter, 2025 earnings conference call. (Operator Instructions) 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.

您好，感謝您的支持。歡迎參加 Tandem Diabetes Care 2025 年第二季財報電話會議。（操作員指示）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 welcome to Tandem's second 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，歡迎參加 Tandem 2025 年第二季財報電話會議。今天的討論將包括前瞻性陳述。這些聲明反映了管理層對未來事件、我們的產品線、開發時間表以及財務業績和營運計劃的預期，並且僅代表截至今天的觀點。

There are risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in our forward-looking statements which are described in our press release issued earlier today and under the risk factors portion of our most recent quarterly report on Form10-K.

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聲明中預期或預測的結果存在重大差異，這些前瞻性聲明已在我們今天早些時候發布的新聞稿中以及我們最新的 Form10-K 季度報告的風險因素部分中進行了描述。

Today's discussion will also include references to a number of GAAP and non-gap financial measures. 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 and other information regarding our use of non-GAAP financial measures.

今天的討論也將涉及一些 GAAP 和非差距財務指標。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，以了解這些指標與最直接可比較的 GAAP 財務指標的對帳情況，以及有關我們使用非 GAAP 財務指標的其他資訊。

Today's call will be led by John Sheridan, Tandem's President and CEO, who will be joined by 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 in the queue. John, you may begin.

今天的電話會議將由 Tandem 總裁兼執行長 John Sheridan 主持，執行副總裁兼財務長 Leigh Vosseller 也將出席。在他們發表完準備好的演講後，接線員將開始提問。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 everyone for joining our call today. Looking back at the first half of 2025 and the second quarter in particular, I'm proud of the progress our team has demonstrated. We achieved record second quarter sales both in the US and internationally. We've strengthened our business model by progressing our multi-channel market access strategy, including accelerating our pharmacy channel initiative.

謝謝你，蘇珊，也謝謝大家今天參加我們的電話會議。回顧 2025 年上半年，尤其是第二季度，我為我們團隊所取得的進步感到自豪。我們在美國和國際上都實現了創紀錄的第二季銷售額。我們透過推動多通路市場准入策略（包括加速藥局通路計畫）加強了我們的商業模式。

In addition, we made meaningful progress in transforming key business systems to improve our commercial team's effectiveness and increased profit margins. Lastly, we achieved significant product development milestones in Q2 that keep innovation at the heart of our business and laid the foundation for future growth.

此外，我們在轉型關鍵業務系統方面取得了有意義的進展，以提高我們商業團隊的效率並增加利潤率。最後，我們在第二季度實現了重要的產品開發里程碑，這使創新始終成為我們業務的核心，並為未來的成長奠定了基礎。

We'll be speaking to each of these accomplishments on today's call, and we'll also provide color on how we're thinking about the back half of the year. Starting with a commercial update, in the US we saw year on year increase in pump shipments. This includes continued double-digit growth in renewals.

我們將在今天的電話會議上討論每項成就，同時也闡述我們對下半年的展望。從商業更新開始，在美國，我們看到泵浦的出貨量年增。其中包括續約量持續保持兩位數的成長。

Renewals were just over half of our pump shipments, and as a trend we anticipate will continue through the end of the year, which demonstrates our strong retention. Our growth in pump shipments also reflects the adoption of our technology by people using multiple daily injections.

續訂量僅占我們泵浦出貨量的一半多一點，我們預計這種趨勢將持續到今年年底，這表明我們擁有強大的保留率。我們的泵出貨量成長也反映了每天多次注射的人們對我們技術的採用。

People converting from MDI once again made up about two-third of our new pumps starts this quarter, which is a reflection of our continued focus on attracting people who are new to pump therapy. We continue to be an industry leader in new durable pump starts. This is a testament to our technology and the transformation we've been making in Tandem's commercial organization.

本季度，從 MDI 轉換而來的患者再次占到我們新啟動幫浦的三分之二左右，這反映出我們持續致力於吸引幫浦療法新患者。我們繼續成為新型耐用幫浦啟動領域的產業領導者。這證明了我們的技術以及我們在 Tandem 商業組織中所做的轉型。

We broadened our operations and refined processes while investing in systems and talent. Our technology also continues to stand out among customers and healthcare providers, with number one ratings and categories such as reducing the burden of living with diabetes, performance of an AID algorithm, clinical outcomes, and favorite pump.

我們在投資系統和人才的同時，擴大了業務範圍並改善了流程。我們的技術也繼續在客戶和醫療保健提供者中脫穎而出，在減輕糖尿病生活負擔、AID 演算法的性能、臨床結果和最喜歡的幫浦等評級和類別中名列第一。

I recently heard a customer comment that control I remembers when I forget. It was a succinct and powerful statement that captures what we strive for, improving the lives of people with diabetes. Our high customer satisfaction scores reflect that we are furthering this mission.

我最近聽到一位顧客評論說，當我忘記的時候，控制我會記得起來。這是一個簡潔而有力的聲明，概括了我們的奮鬥目標：改善糖尿病患者的生活。我們較高的客戶滿意度分數反映出我們正在進一步實現這項使命。

Tandem Mobi, our newest pump platform, continues to receive positive feedback for its versatility and wear, comfort, and flexibility to detached. It was a key contributor to new user demand of Q2, as evidenced by year over year increases in its adoption.

Tandem Mobi 是我們最新的幫浦平台，因其多功能性、耐磨性、舒適性和拆卸靈活性而不斷獲得正面的回饋。它是第二季新用戶需求的主要貢獻者，其採用率的年增率就是明證。

This comparison is important because Q2 of last year was the first full quarter that Mobi was available and it likely benefited from some pent up demand. Mobi also represented a greater percentage of our new pump starts in Q2 compared to a year ago on track for achieving our near and longer term financial goals.

這種比較很重要，因為去年第二季度是 Mobi 上市的第一個完整季度，它可能受益於一些被壓抑的需求。與去年同期相比，Mobi 在我們第二季度新啟動的泵浦中所佔的比例也更高，並有望實現我們的近期和長期財務目標。

We are pleased with Mobi's performance, and our goal remains to expand its addressable market through additional features and integrations, starting with the addition of Android control before the end of the year.

我們對 Mobi 的表現感到滿意，我們的目標仍然是透過增加功能和整合來擴大其潛在市場，首先是在年底前增加 Android 控制。

Our flagship pump, t:slim X2, continues to receive high customer satisfaction scores for its larger volume insulin reservoir, multiple sensor integrations, and the convenience of having touchscreen control on the pump.

我們的旗艦幫浦 t:slim X2 因其更大容量的胰島素儲存器、多個感測器整合以及泵浦上觸控螢幕控制的便利性而繼續獲得較高的客戶滿意度評分。

In the second quarter, we announced Eastland's compatibility with Abbott's FreeStyle Libre 3 Plus sensor. Early access for this integration is now underway, and we plan to expand to full US availability this fall, followed by launching internationally and integrating with Tandem Mobi.

在第二季度，我們宣布 Eastland 與雅培的 FreeStyle Libre 3 Plus 感測器相容。此整合的早期訪問目前正在進行中，我們計劃今年秋季將其擴展到美國全面可用，然後在國際上推出並與 Tandem Mobi 整合。

Another exciting market expansion opportunity is our ability to bring cannabis technology to people with type 2 diabetes. Following FDA clearance earlier this year, we began to pilot type 2 commercial activities. This provided valuable insight for our portfolio positioning, sales force planning, patient training, and reimbursement strategy.

另一個令人興奮的市場擴展機會是我們能夠將大麻技術帶給第 2 型糖尿病患者。今年稍早獲得 FDA 批准後，我們開始試行 2 類商業活動。這為我們的投資組合定位、銷售團隊規劃、病患培訓和報銷策略提供了寶貴的見解。

In the pilot territories, we saw a greater type 2 adoption compared to the non-pilot areas. The strength of our New England Journal data and the value proposition provided compelling evidence that Control-IQ+ is easy to start, easy to use, and easy to personalize.

在試點地區，我們發現 2 型採用率比非試點地區更高。我們的《新英格蘭雜誌》數據和價值主張的優勢提供了令人信服的證據，證明 Control-IQ+ 易於啟動、易於使用且易於個性化。

This lends itself to a new and exciting development and our active efforts to drive improved access for the type 2 Medicare patient population, which includes approximately 1.3 million people with diabetes who use insulin intensive therapy.

這有助於實現新的、令人興奮的發展，我們積極努力推動改善 2 型醫療保險患者群體的就醫機會，其中包括約 130 萬使用胰島素強化治療的糖尿病患者。

The Senate Appropriation Committee recently approved a bill that would require CMS to address coverage for insulin pumps to ensure that all requirements, including measurement of C peptide levels, are consistent with clinical standards of care. If enacted, CMS would be required to provide a briefing with 100 within 180 days.

參議院撥款委員會最近批准了一項法案，要求CMS解決胰島素幫浦的覆蓋範圍，以確保所有要求（包括C肽水平的測量）符合臨床護理標準。一旦頒布，CMS 將被要求在 180 天內提供 100 份簡報。

In the third quarter, we are expanding our type 2 efforts, which will continue throughout the remainder of the year. One of our top priorities is improving channel access by reducing the barriers that discourage people from adopting pump therapy. We will discuss more on our pharmacy channel progress, but there is one update that I would like to highlight.

在第三季度，我們正在擴大第二類業務的力度，並將在今年剩餘時間內持續下去。我們的首要任務之一是透過減少阻礙人們採用泵療法的障礙來改善渠道准入。我們將進一步討論我們的藥房管道進展，但我想強調一個更新。

Beginning in Q4, we plan to start selling t:slim supplies through the pharmacy channel to our eligible customer base. It's exciting evidence of our business transformation and important for our current t:slim customers, as it can make pump therapy more affordable.

從第四季開始，我們計劃開始透過藥局管道向符合資格的客戶群銷售 t:slim 用品。這是我們業務轉型的令人興奮的證據，對於我們目前的 t:slim 客戶來說也很重要，因為它可以使泵療法更加實惠。

Turning to our international markets, the team delivered strong overall performance driven by demand for t:slim, increasing pot renewables, and growing supply sales.

轉向我們的國際市場，在對 t:slim 的需求、大麻再生資源的增加以及供應銷售的成長的推動下，團隊取得了強勁的整體業績。

Commercial efforts are also underway. Prepare for the launch of the Tandem Mobi as we recently received CEO. We are now pursuing additional regulatory and pre-commercial activities such as securing in-country registrations and reimbursement.

商業努力也在進行中。我們最近迎來了首席執行官，為 Tandem Mobi 的推出做好準備。我們現在正在進行額外的監管和商業化前活動，例如確保國內註冊和報銷。

We are also continuing the rollout of the mobile app and Tandem source that are prerequisites for Mobi's launch. Operationally, we plan to begin direct sales in select countries next year, and our preparations are progressing well.

我們也將繼續推出行動應用程式和 Tandem 來源，這是 Mobi 發布的先決條件。在營運上，我們計劃明年在部分國家開始直銷，目前準備工作進展順利。

We continue to attract and hire in-country talent, and our team is executing well against our transition plans. This shift is a pivotal step for tandem to globalize our leadership, deepen relationships within the European diabetes community, and strengthen our financial position by accelerating sales growth and driving marginal expansion.

我們繼續吸引和聘用國內人才，我們的團隊正在順利執行我們的過渡計劃。這一轉變對於 Tandem 實現領導地位全球化、深化與歐洲糖尿病界的關係以及透過加速銷售成長和推動邊際擴張來增強我們的財務狀況至關重要。

I am very pleased with the progress we've made so far this year in preparing for the transition and the current sales trends that we've delivered. As you can see, there have been many strengths in our performance for the first half of 2025, where we delivered top line growth whilst demonstrating marginal improvement.

我對我們今年迄今為止在過渡準備方面取得的進展以及我們所實現的當前銷售趨勢感到非常滿意。如您所見，我們在 2025 年上半年的業績表現有很多優勢，我們實現了營收成長，同時也顯示出了邊際改善。

We also gained a number of insights that inform our thinking about the remainder of the year. Overall, we expect to achieve $1 billion in worldwide sales, which is a significant milestone and goal for our company. Sales from international will be a bigger contributor than originally anticipated with more moderate growth in the US as we progress our commercial transformation.

我們也獲得了一些見解，為我們對今年剩餘時間的思考提供了參考。總體而言，我們預計全球銷售額將達到 10 億美元，這對我們公司來說是一個重要的里程碑和目標。隨著我們商業轉型的推進，國際銷售額的貢獻將比最初預期的更大，而美國銷售額的成長將更加溫和。

The team remains laser focused on bringing the benefits of our technology to people living with diabetes worldwide and expanding the large and under penetrated markets we serve. I'll now to turn to call over to Lee for more on our second quarter results and updated financial assumptions for the year.

團隊始終專注於將我們的技術優勢帶給全世界的糖尿病患者，並擴大我們所服務的龐大且滲透率較低的市場。現在，我想請李先生進一步介紹我們的第二季業績以及今年最新的財務假設。

Thanks, John. As a reminder, unless otherwise noted, the financial metrics I'll be discussing today are on a non-gap 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.

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無差距的。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。

Please note that 2025 sales and margins in the US are no longer impacted by the Tandem Choice program, which ended in 2024. We started the year strong delivering year-to-date worldwide sales of $475 million or growth of 15%.

請注意，美國 2025 年的銷售額和利潤率不再受到 2024 年結束的 Tandem Choice 計畫的影響。我們今年開局強勁，年初至今全球銷售額達 4.75 億美元，成長 15%。

The majority of this growth was driven by pump and supply volumes with 4% pricing improvement year over year, which also contributed to gross margin expansion. For more than a year, we have been setting new quarterly records each and every quarter both in the US and internationally.

這一增長主要由泵浦和供應量推動，價格年增 4%，這也促進了毛利率的擴大。一年多來，我們在美國和國際上每季都創下新的季度記錄。

Second quarter worldwide sales of $241 million set another record for highest second quarter sales in both the US or US markets. US sales in the second quarter were $170 million, representing a 9% increase over the prior year, which was the first full quarter of Mobi availability.

第二季全球銷售額達 2.41 億美元，創下美國或美國市場第二季銷售額的最高紀錄。第二季美國銷售額為 1.7 億美元，比去年同期成長 9%，這是 Mobi 上市的第一個完整季度。

The demand for our portfolio of products remains high from new customers, and loyalty from our existing customers is evident both in growing renewal and pump supply sales. Our focus on channel management and expansion also drove a meaningful year over year increase in average selling price, primarily through our [DME] channel efforts.

新客戶對我們產品組合的需求仍然很高，而現有客戶的忠誠度在不斷增長的更新和泵供應銷售中也得到了明顯體現。我們對通路管理和擴張的關注也推動了平均售價的年比大幅成長，這主要得益於我們的 [DME] 通路努力。

Pharmacy volumes remain small relative to our overall pump sales, but we continue to enhance our operational capabilities and validate our assumptions for this opportunity. Our entry into the pharmacy channel was predicated on two objectives to lower out of pocket costs for our patients and to drive sales and margins more in line with industry costs.

相對於我們的整體泵浦銷售額而言，藥房銷售仍然很小，但我們將繼續增強我們的營運能力並驗證我們對此機會的假設。我們進入藥局管道基於兩個目標：降低病患的自付費用，並使銷售額和利潤率更符合產業成本。

We are still in the early stages but are already seeing examples of patients paying zero upfront out of pocket under our current agreements. The pharmacy contracts we have signed are similar in reimbursement structure and revenue recognition to our DME contracts, but we also continue to discuss pay as you go models which we are confident in our ability to support. Our experience to date underscores our confidence in meeting our business goals for pharmacy expansion.

我們仍處於早期階段，但已經看到患者根據我們目前的協議無需支付任何預付款的例子。我們簽署的藥房合約在報銷結構和收入確認方面與我們的 DME 合約類似，但我們也繼續討論按需付費模式，我們有信心能夠支持這種模式。我們迄今為止的經驗強調了我們對實現藥局擴張業務目標的信心。

We are working aggressively to build on this opportunity in multiple ways. Our team is making great progress in our conversations with PBMs and payers to expand insurance coverage under the pharmacy benefit. We currently have approximately 30% of US lives under coverage and anticipate signing additional meaningful contracts in the upcoming weeks that will be available immediately.

我們正在積極努力，以多種方式抓住這個機會。我們的團隊在與 PBM 和付款人的對話中取得了很大進展，以擴大藥房福利的保險覆蓋範圍。目前，我們的保險涵蓋了大約 30% 的美國人，並預計在未來幾週內簽署更多有意義的合同，這些合約將立即生效。

We are also expanding our pharmacy distribution network to maximize the patient access we currently have, which provided incremental benefit this quarter through initial stocking orders. Last, we are advancing our strategy by beginning the contracting process to offer patient access for t:slim supplies in the pharmacy channel.

我們也正在擴大我們的藥房分銷網絡，以最大限度地擴大我們目前擁有的患者管道，這透過本季度的初始庫存訂單提供了增量收益。最後，我們正在推進我們的策略，啟動簽約流程，讓患者能夠透過藥房管道獲得 t:slim 用品。

Considering we have an installed base of several 100,000 t:slim users in the US, this could provide meaningful benefit as we build on our pharmacy coverage for t:slim beginning in the fourth quarter of this year. Recently, CMS issued a proposed rule that updates Medicare payment policies and rates for DME providers, including two changes for insulin pumps.

考慮到我們在美國擁有數十萬 t:slim 用戶，這可以為我們從今年第四季開始擴大 t:slim 藥局覆蓋範圍帶來有意義的好處。最近，CMS 發布了一項擬議規則，更新了 DME 提供者的醫療保險支付政策和費率，其中包括針對胰島素幫浦的兩項變更。

The first is a proposal to alter the reimbursement structure for pumps from a 13 month rental to a pay as you go model. Similar to my pharmacy comment, we are confident in our ability to support Pay As You Go.

第一項提議是將泵浦的報銷結構從 13 個月的租賃改為按使用量付費模式。與我的藥房評論類似，我們對支持按使用量付費的能力充滿信心。

The second proposal is to include pumps and competitive bidding, which is a Medicare initiative designed to reduce costs and improve access. Overall, traditional Medicare represents a small portion of our business at less than 10% of our US sales.

第二項提議是包括泵浦和競爭性招標，這是一項旨在降低成本和改善醫療服務機會的醫療保險計劃。整體而言，傳統醫療保險僅占我們業務的一小部分，不到我們美國銷售額的 10%。

Should CMS move forward with the proposals as written, it's an opportunity to bring tan techno technology to more people living with diabetes, and the structural changes may ultimately provide benefit to our business. We plan to participate in the current comment period and anticipate final rulings in November.

如果 CMS 能夠按照書面形式推進提案，那麼這將是一個將棕褐色技術帶給更多醣尿病患者的機會，而結構性變化最終可能會為我們的業務帶來好處。我們計劃參與當前的評論期，並預計在 11 月做出最終裁決。

Now, I will turn to our performance outside the United States. As a reminder, last quarter we noted a $5 million shift in timing of sales from the second quarter into the first quarter.

現在，我將談談我們在美國以外的表現。提醒一下，上個季度我們注意到銷售時間從第二季度轉移到了第一季度，金額增加了 500 萬美元。

In the second quarter, we also experienced slight headwinds from distributor inventory adjustments and preparation for our transition to direct operations in 2026. Yet, we were still able to deliver record 2nd quarter sales of $70 million.

在第二季度，我們也遇到了經銷商庫存調整和 2026 年向直接營運轉型的準備帶來的輕微阻力。然而，我們仍然能夠實現第二季創紀錄的 7000 萬美元的銷售額。

We saw benefits in the quarter from early traction and renewals, as well as favorable currency dynamics. Moving to our company's margin performance, a key objective for our business is demonstrating improvement in profit margins.

我們在本季看到了早期牽引和更新以及有利的貨幣動態的好處。談到我們公司的利潤率表現，我們業務的一個關鍵目標是提高利潤率。

Our plans for driving gross margin expansion and operating leverage this year are on track as evidenced by our second quarter results. Our second quarter gross margin was 52%, reflecting an increase both year over year and compared to the first quarter.

我們第二季的業績證明，我們今年推動毛利率擴張和經營槓桿的計畫正在順利進行。我們第二季的毛利率為 52%，年比和季比第一季均有所成長。

Pricing was the primary driver offset partially by product mix and non-manufacturing costs. Importantly, the Mobi platform is a key driver to our long-term gross margin expansion, and its benefits are beginning to materialize as we gain more manufacturing experience and scale volumes.

定價是主要驅動因素，但被產品組合和非製造成本部分抵消。重要的是，Mobi 平台是我們長期毛利率擴張的關鍵驅動力，隨著我們獲得更多製造經驗和規模產量，它的好處開始顯現。

The [Mobiros] per pump has already improved meaningfully year over year, and the platform margins are expected to continue improving over the course of the year as pump and [carchurch] volumes grow. From an operating expense perspective, I'm particularly impressed by the execution of our teams to deliver on our profitability targets while making meaningful progress to prepare our people, process, and technology for our next wave of growth.

每台泵浦的 [Mobiros] 產量同比已有顯著提高，隨著泵浦和 [carchurch] 產量的增長，平台利潤率預計在今年繼續提高。從營運費用的角度來看，我們的團隊執行力給我留下了深刻的印象，他們實現了盈利目標，同時在為我們的人員、流程和技術做好下一波增長的準備方面取得了有意義的進展。

We are taking action to both modernize how we go to market through a combination of efforts within the sales force, channel, technology, and process redesign with the goals of offering an elevated customer experience while scaling headcount more efficiently.

我們正在採取行動，透過銷售團隊、管道、技術和流程重新設計等方面的努力，實現行銷方式的現代化，目標是提供更高階的客戶體驗，同時更有效地擴大員工人數。

These changes position us to compete in a highly competitive market while also delivering profitable growth. As a result, operating expenses grew 10% year over year, driven by SG&A investments. Going forward, we expect these investments to be offset by savings, which will begin to provide benefits in the second half of the year.

這些變化使我們能夠在競爭激烈的市場中競爭，同時實現獲利成長。因此，受銷售、一般及行政費用 (SG&A) 投資的推動，營運費用年增 10%。展望未來，我們預期這些投資將被儲蓄所抵消，並將在今年下半年開始帶來效益。

R&D expenses were essentially flat year over year, a result of our continued focus on efficient delivery of new innovations. We ended the quarter with $315 million in total cash and investments. The quarter had two noteworthy uses of cash.

由於我們持續注重有效率地實現創新，研發費用與去年同期基本持平。本季結束時，我們的現金和投資總額為 3.15 億美元。本季有兩項值得注意的現金用途。

First, our 2025 convertible notes matured in May, and we settled the balance of $41 million using existing cash. Second, we paid $8 million as the first of five annual installments towards a $36 million settlement agreement that includes a 10 year worldwide non-exclusive patent license and a covenant not to sue. We view this as a positive development that will allow us to focus on innovation in our business and for our customers.

首先，我們的 2025 年可轉換票據於 5 月到期，我們使用現有現金結清了 4,100 萬美元的餘額。其次，我們支付了 800 萬美元，作為 3,600 萬美元和解協議的五次年度分期付款中的首期，該協議包括 10 年全球非獨佔專利許可和不起訴協議。我們認為這是一個積極的發展，這將使我們能夠專注於業務和客戶的創新。

Looking at 2025 overall, we are on a path to achieving double digit growth of $1 billion in 2025 worldwide sales and have updated our guidance accordingly. In the US we anticipate more moderate growth in the back half of the year, which reflects the US dynamics between our commercial evolution and the competitive environment, partially offset by benefit from the pharmacy channel opportunity.

放眼 2025 年，我們預計將實現 2025 年全球銷售額 10 億美元的兩位數成長，並已相應更新了我們的預期。在美國，我們預計下半年將出現更溫和的成長，這反映了美國商業發展與競爭環境之間的動態變化，但藥局通路機會的好處將部分抵消這一影響。

Outside the United States, our sales performance confidence has increased as we continue to drive our international strategy. In particular, we have assumed a $15 to $20 million dollar headwind associated with going direct. We now believe the headwind will be reduced to approximately $10 million and we expect continued strength in growing the market overall.

在美國以外，隨著我們持續推動國際策略，我們的銷售業績信心也隨之增強。具體來說，我們預計直接投資將帶來 1500 萬至 2000 萬美元的不利因素。我們現在相信逆風將減少至約 1000 萬美元，我們預計整個市場將繼續保持強勁成長。

With these updated assumptions, the expected geographic mix will be sales of approximately $700 million in the US and $300 million outside the US. Turning to margin expectations, we are executing to both our manufacturing and operational goals.

根據這些更新的假設，預計美國境內銷售額約為 7 億美元，美國境外銷售額約為 3 億美元。談到利潤預期，我們正在實現製造和營運目標。

We anticipate achievement of gross margin in the range of 53% to 54% as a reflection of the change in geographic mix of sales, and expect to see margins expand across the quarters as pumps sales increase and additional Mobi efficiencies are gained. Impact from tariffs has been negligible, and we expect that to continue.

我們預計毛利率將在 53% 至 54% 之間，這反映了銷售地理結構的變化，並且隨著泵銷售額的增長和 Mobi 效率的提高，預計各季度的利潤率將會擴大。關稅的影響微乎其微，我們預期這種情況將持續下去。

Importantly, we remain on track to reach the quarterly milestone of 60% gross margin as we exit 2026. From an adjusted EBITDA perspective, we are no longer excluding expenses for in-process research and development in our non-GAAP results in order to align with views recently expressed by the SEC.

重要的是，到 2026 年，我們仍有望實現 60% 的季度毛利率目標。從調整後的 EBITDA 角度來看，為了符合美國證券交易委員會 (SEC) 最近表達的觀點，我們不再在非 GAAP 業績中排除在進行中的研發費用。

Therefore, our adjusted EBITDA guidance for 2025 is now being recast from 3% to 5%. This change is solely driven by 8 points of margin for the $75 million IP R&D charge associated with AMF Medical that occurred in the first quarter.

因此，我們對 2025 年的調整後 EBITDA 指引現從 3% 調整為 5%。這項變更完全是由第一季與 AMF Medical 相關的 7,500 萬美元 IP 研發費用的 8 個點的利潤率所驅動的。

In support of our operational EBITDA margin goals, even with our growth investments, initiatives to deliver efficiencies are expected to begin materializing in the back half of 2025 with increasing benefit in future years. We also anticipate returning to positive free cash flow in the second half of 2025. I'll now turn the call back to John.

為了支持我們的營運 EBITDA 利潤率目標，即使我們進行了成長投資，提高效率的舉措預計也將在 2025 年下半年開始實現，並在未來幾年帶來越來越多的收益。我們也預計 2025 年下半年自由現金流將恢復為正值。我現在將電話轉回給約翰。

Thanks Lee. I'd like to express my thanks to our employees for their outstanding hard work so far this year. In addition to the progress they are driving across our business. I'm also proud of how the organization quickly addresses issues when they arise.

謝謝李。我要對我們的員工今年以來的出色努力表示感謝。他們也推動了我們業務的進步。我還為該組織在問題出現時能夠迅速解決問題而感到自豪。

Last month, we initiated a field correction notice to inform t:slim users that we identified certain speaker versions that have higher than normal failure rates. We are taking necessary steps to address this issue, and there are no changes to our financial expectations as a result of this notification.

上個月，我們發起了一項現場更正通知，告知 t:slim 用戶，我們發現某些揚聲器版本的故障率高於正常水平。我們正在採取必要措施解決此問題，此通知不會改變我們的財務預期。

We wanted you to be aware, as we will be taking measures to aid customer awareness, such as issuing a press release. The final topic I'd like to discuss today is our new product initiatives, and our pipeline continues to be the most exciting in insulin therapy management. Our distinctive technology ecosystem includes insulin pump systems, advanced algorithms, and a digital health solutions, and I'll have a few updates to highlight today.

我們希望您能夠意識到這一點，因為我們將採取措施來幫助客戶提高意識，例如發布新聞稿。我今天想討論的最後一個主題是我們的新產品計劃，我們的產品線在胰島素治療管理領域仍然是最令人興奮的。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，今天我將重點介紹一些更新。

SteadiSet is our proprietary infusion set technology. In the second quarter, our team submitted a SteadiSet 510(k) in pursuit of extended war time. I am proud of how swiftly the team executed our regulatory strategy to file the submission. It serves as a great example of the urgency of our teams are demonstrating across the business.

SteadiSet 是我們專有的輸液器技術。在第二季度，我們的團隊提交了 SteadiSet 510(k)，以追求延長戰爭時間。我為團隊如此迅速地執行我們的監管策略並提交文件感到自豪。它很好地體現了我們的團隊在整個業務中展現的緊迫感。

I'm also excited to share that our extended wear technology is now incorporated in the Mobi tubeless design, which provides users the option to wear Mobi as a tubeless patch pump. It's an innovative solution for people who are interested in versatile wear options and gives the users the opportunity to change their insulin cartridge and infusion site independently of each other, which helps minimize insulin waste.

我也很高興地告訴大家，我們的延長配戴技術現已融入 Mobi 無內胎設計中，為使用者提供了將 Mobi 作為無內胎貼片幫浦配戴的選擇。對於對多種配戴選擇感興趣的人來說，這是一個創新的解決方案，它讓使用者有機會獨立更換胰島素藥筒和輸注部位，有助於最大限度地減少胰島素浪費。

This feature is of strategic importance as we believe the extended wear time will be of benefit to people living with type 2 diabetes who often have greater insulin needs. Last, I'd like to thank everyone who was involved in the fully closed loop trial we completed in the second quarter.

這項特點具有戰略重要性，因為我們相信延長配戴時間將有利於患有第 2 型糖尿病且通常需要更多胰島素的患者。最後，我要感謝所有參與我們在第二季完成的全閉環試驗的人。

Our internal and external research efforts to date have been foundational in shaping our longer term objectives for a fully closed loop system, and we remain committed to advancing our R&D efforts. Looking ahead, we continue to make meaningful progress in our collaboration with the University of Virginia Center for Diabetes Technology.

迄今為止，我們的內部和外部研究工作為塑造完全閉環系統的長期目標奠定了基礎，我們將繼續致力於推進我們的研發工作。展望未來，我們與維吉尼亞大學糖尿病技術中心的合作將繼續取得有意義的進展。

In addition to these updates, we are working closely with both Dexcom and Abbott on new technology integration and continuing to advance our [C I] patch pump platform.

除了這些更新之外，我們還與 Dexcom 和 Abbott 密切合作，進行新技術整合，並繼續推進我們的 [C I] 貼片泵平台。

In conclusion, we are doing the right things to position tandem for success with our product portfolio, commercial evolution, and by strengthening our core business model. Each of these initiatives supports Tandem's commitment to sustainable long-term growth and improved profitability while reaffirming our dedication to enhancing the lives of people with diabetes.

總之，我們正在做正確的事情，透過我們的產品組合、商業發展以及加強我們的核心業務模式來取得成功。每項措施都支持了 Tandem 對永續長期成長和提高獲利能力的承諾，同時重申了我們致力於改善糖尿病患者生活的決心。

Thank you again for joining us today. We look forward to keeping you updated on the company's progress.

再次感謝您今天加入我們。我們期待向您通報公司的進展。

(Operator Instructions) Matt Mixic, Barclays.

（操作員指示）巴克萊銀行的 Matt Mixic。

Hey, thanks for taking the questions. So I had a question on, the, CMS proposal, since that seems to be, kind of in the front of everyone's mind about, pumps that like yours that have been sold through that channel.

嘿，謝謝你回答這些問題。所以我對 CMS 提案有一個疑問，因為這似乎是每個人最關心的問題，就像你們透過該管道銷售的幫浦一樣。

Can you give us a sense of how you think, if that were to go ahead to and maybe that's maybe that's the crux of the question if that were to go ahead, but maybe if it were to go ahead, as sort of sketched out or something similar, how you'd anticipate that, affecting your business both kind of top and bottom line, that I did want to follow up.

您能否告訴我們，如果這件事繼續下去，您是怎麼想的？如果這件事繼續進行下去，這也許就是問題的關鍵所在，但如果這件事繼續進行下去，就像某種勾勒出來的或類似的東西，您預計這會如何影響您的業務，包括頂線和底線，我確實想跟進一下。

Sure, thanks, Matt. I guess I'll just start by saying we do not believe it will have a material impact on our business, and in fact, we anticipate it could help drive more people to pump pump therapy. So when we think about it, traditional Medicare is less than 10% of our sales, so it's not a very big impact overall. In transitioning to a pay as you go model is something that we've contemplated anyway from a commercial perspective as we've pursued the pharmacy channel.

當然，謝謝，馬特。我想首先要說的是，我們不認為它會對我們的業務產生實質影響，事實上，我們預計它可能有助於推動更多人接受泵泵療法。因此，當我們考慮這一點時，傳統醫療保險只占我們銷售額的不到 10%，因此總體而言影響不是很大。在我們拓展藥局通路的過程中，我們從商業角度考慮轉向現收現付模式。

And so when we think about it transitioning for Medicare, we see that as a positive as well. So overall, we will continue to monitor this closely. We'll be participating in the comment period and we look forward to hearing the final ruling later this year.

因此，當我們考慮轉型為醫療保險時，我們也認為這是一件正面的事。總的來說，我們將繼續密切關注此事。我們將參與評論期，並期待今年稍後聽到最終裁決。

Thank you. Matt Taylor, Jefferies.

謝謝。馬特泰勒，傑富瑞。

Hi, thanks for taking the question. I was hoping you could talk a little bit more about the pharmacy progress and John you said on the prepared remarks, there's this access that's going to open up in Q4 for supplies. I guess on that specifically, is there a benefit for tandem in terms of pricing and maybe just help us understand how much progress you've been making and how material pharmacy overall could be in 2026.

你好，謝謝你回答這個問題。我希望您能多談談藥局的進展情況，約翰，您在準備好的發言中說過，第四季將會開放藥局的供應管道。我想具體來說，就這一點而言，串聯在定價方面是否有好處，也許可以幫助我們了解你們取得了多大的進展，以及 2026 年整體製藥業的發展情況。

Sure, so I would say overall we're super excited about the pharmacy channel opportunity and actually advancing our multi-channel strategy. There are so many ways that it can benefit the business for us. First of all, it can just bring more volume to tandem as we work to lower the out of pocket costs for patients and bring more people to pump therapy overall.

當然，所以我想說總的來說，我們對藥房通路機會感到非常興奮，並且實際上正在推進我們的多通路策略。它可以透過多種方式為我們的生意帶來利益。首先，它可以帶來更多的治療量，因為我們致力於降低患者的自付費用，並讓更多的人接受幫浦治療。

Secondly, we see it as a revenue driver and profit improvement. Opportunity because the pricing is at a premium to what we see in DME today. Up to now, it's a very still a very small percent of our business, of our US pump sale or US sales overall when we think about it because it's so far it's just Mobi that we've introduced into the channel in the first six months, and we've been very focused on operationalizing and really looking for ways to maximize the coverage that we have today.

其次，我們將其視為收入驅動力和利潤提升。這是一個機會，因為定價高於我們今天在 DME 看到的定價。到目前為止，這仍然只占我們業務的很小一部分，占我們美國油泵銷售額或美國整體銷售額的很小一部分，因為到目前為止，我們在前六個月才將 Mobi 引入渠道，我們一直非常專注於運營，並真正尋找方法來最大限度地擴大我們今天的覆蓋範圍。

So with 30% of coverage lives, we already have a really good start. We have some other contracts we expect to sign here in the coming weeks to increase that coverage already this year. And then by moving t:slim some supplies into the pharmacy channel, that's another way to really elevate or I would say accelerate what percent of our business pharmacy can represent for us.

因此，有了 30% 的覆蓋率，我們已經有一個非常好的開始。我們預計將在未來幾週簽署一些其他合同，以擴大今年的覆蓋範圍。然後透過將 t:slim 的一些供應品轉移到藥房管道，這是真正提升或加速藥房為我們帶來的業務百分比的另一種方式。

That benefit will begin in the fourth quarter. And so as we look ahead to 2026, we're not giving any numbers yet or color on how to think about it, but just know that it is one of the key levers for driving our business going forward.

該福利將於第四季開始。因此，當我們展望 2026 年時，我們還沒有給出任何數字或具體說明如何思考它，但要知道這是推動我們業務向前發展的關鍵槓桿之一。

Thank you. [Chris Pascual], Nephron Research.

謝謝。 [Chris Pascual]，腎元研究部。

Yeah, this is Carol on for Chris. I thought it was a nice raise in the guide for [OUS]. It seems like it's less about the sales transition and that bump. Just kind of curious if you can share a bit more commentary on why that change in the Outlook. Thanks.

是的，這是卡羅爾為克里斯表演的。我認為這是指南中一個不錯的提升[美國]。這似乎與銷售轉型和成長關係不大。我只是有點好奇，您是否可以分享更多關於為什麼 Outlook 會發生這種變化的評論。謝謝。

Sure, so our OUS business has been performing very well, and we're really excited about it. Another area that I think is vastly underappreciated for how we're driving the business there, what we've seen is great strength and performance in the first half of this year.

當然，我們的 OUS 業務表現非常好，我們對此感到非常興奮。我認為，另一個領域對於我們如何推動該領域的業務發展被大大低估了，我們看到了今年上半年的強勁實力和出色表現。

And as we're preparing to go direct, we had anticipated that we might see some headwinds this year as distributors reduce their inventory levels or [dest]. In advance of that transition. What we've seen so far is some limited destocking activity, and it's also we've changed our expectations on how much that headwind could be for the year.

當我們準備直接銷售時，我們預計今年可能會遇到一些阻力，因為分銷商會減少庫存水準或[目的地]。在這轉變之前。到目前為止，我們看到的是一些有限的去庫存活動，而且我們也改變了今年逆風程度的預期。

So we originally estimated $15 million to $20 million and now we think it'd be closer to something like a $10 million headwind. One exciting point too is that in the markets we're beginning to see the signs of early traction in our renewal opportunities, so far that business has been growing almost solely based on new market development as we expand the MDI market and we also get competitive conversions.

因此，我們最初估計逆風規模為 1500 萬至 2000 萬美元，而現在我們認為逆風規模更接近 1000 萬美元。令人興奮的一點是，在市場上，我們開始看到我們的更新機會出現早期牽引力的跡象，到目前為止，隨著我們擴大 MDI 市場並獲得競爭性轉換，業務成長幾乎完全基於新市場開發。

But now renewals, which have been such a reliable recurring revenue stream in the US, will become a better opportunity for us outside the US. And so that is what gave us the confidence to raise the guide for those markets for the remainder of this year.

但現在，續約已經成為我們在美國可靠的經常性收入來源，而對我們在美國以外來說，這將成為更好的機會。因此，我們有信心提高今年剩餘時間內這些市場的指導價。

Thank you. William Plovani, Canaccord Genuity

謝謝。威廉·普洛瓦尼（William Plovani），Canaccord Genuity

Yeah, great, thanks for taking the question. So I just want to kind of dig into the new patient numbers a little, just by our math and looking at where the street was. It seems like for the US, maybe you know you outperformed on the new MDIs competitive about in line, but in terms of renewal, maybe a little lower. I don't think there's anything in the prepared remarks, any color on the US renewal rate. And then same on the US you just commented on it a little, but kind of what percentage of the mix was it? Thanks for taking my question.

是的，太好了，感謝您回答這個問題。因此，我只是想透過數學計算並觀察街道的位置來深入了解新患者的數量。對於美國來說，也許你知道你在新型 MDI 競爭方面表現優於其他國家，但在更新方面，可能略低。我認為準備好的演講稿中沒有任何關於美國續約率的論述。同樣，對於美國，您也只是稍微評論了一下，但是混合比例是多少？感謝您回答我的問題。

Sure, excuse me, I'll start with the US piece of it. When we look at the mix of shipments in the US, our renewals grew double digits, and they represent a little more than half of the shipments this quarter.

當然，對不起，我將從美國部分開始。當我們查看美國的出貨量組合時，我們的續約量增加了兩位數，佔本季出貨量的一半多一點。

And so we do expect that trend to continue through the remainder of the year. It is one of our most reliable revenue streams, highly consistent capture rates, and we're seeing great traction and continued progress there from a renewal perspective.

因此，我們確實預計這一趨勢將在今年剩餘時間內持續下去。這是我們最可靠的收入來源之一，具有高度一致的捕獲率，並且從更新的角度來看，我們看到了巨大的吸引力和持續的進步。

And when we looked at new starts, they did grow from the first quarter into the second quarter. What we're seeing this year when you break down new starts between MDI conversions and competitive conversions is that MDI is outpacing from a growth perspective. We still, we are still seeing a bit of headwind from a competitive conversions.

當我們觀察新開工項目時，我們發現它們確實從第一季成長到了第二季。今年，當我們將 MDI 轉換和競爭性轉換之間的新開工情況進行細分時，我們會看到，從成長角度來看，MDI 處於領先地位。我們仍然看到競爭轉換方面存在一些阻力。

Well in line with our, with what we had anticipated as one of our large competitors has it has evolved in their business to some extent and the opportunity itself is just lower this year than it has been in years past. And so we're very focused on how to drive the NDI opportunity because that's where we think we can win as we go forward in future years.

這與我們的預期一致，因為我們作為大型競爭對手之一，其業務已經發生了一定程度的變化，今年的機會本身比過去幾年要低。因此，我們非常關注如何推動 NDI 機遇，因為我們認為這是我們在未來幾年前進中成功的地方。

Thank you. Our next question comes from Anthony Patromp with Mizuoer. Your line is open. Anthony, please check your mute button.

謝謝。我們的下一個問題來自 Mizuoer 的 Anthony Patromp。您的線路已開通。安東尼，請檢查你的靜音按鈕。

Shagun Singh, RBC Capital

沙岡辛格（Shagun Singh），加拿大皇家銀行資本

Oh, great, thank you so much. I wanted to touch on the US guidance reduction. It seems like it's been lowered to about $700 million now. You did talk about the commercial organization. Can you elaborate and maybe touch on, what's going on there and how we should think about trends into the back half of the year?

哦，太好了，非常感謝。我想談談美國指導減少的問題。現在好像已經降到7億美元左右了。您確實談到了商業組織。您能否詳細說明並談談那裡發生的事情以及我們應該如何看待今年下半年的趨勢？

Thank you.

謝謝。

Hi, ur second. I just want to say first of all, I think we got a really strong first half and a very strong, second quarter. Obviously, we had record sales and sequential growth and gross margin, as well as, a number of, positive accomplishments along the way.

你好，你是第二個。我首先想說的是，我認為我們的上半年表現非常強勁，第二季也表現非常強勁。顯然，我們的銷售額、連續成長和毛利率都創下了紀錄，同時在這過程中也取得了許多積極的成就。

And as we entered, 2025, we indicated that we were making some fundamental business transformations that we felt were really essential to bring us to the next level and help us deliver predictable double digit growth and profitability. We have a couple of key elements to that.

當我們進入 2025 年時，我們表示我們正在進行一些根本性的業務轉型，我們認為這些轉型對於將我們提升到新的水平並幫助我們實現可預測的兩位數成長和盈利能力至關重要。我們對此有幾個關鍵要素。

First of all, Leigh's talked about our multi-channel market access pro program with improved pharmacy channel coverage. We have, we're modernizing the business systems that we used. In our commercial organization to improve fi efficiency and effectiveness, we've got a great portfolio. We've also expanded the sales force. We're going direct to US and we have the type 2 opportunity. We are making great progress on each of these initiatives, and we've accomplished a lot in the short term.

首先，Leigh 談到了我們的多通路市場准入專業計劃，該計劃提高了藥房通路覆蓋率。我們正在對我們所使用的業務系統進行現代化改造。在我們的商業組織中，為了提高財務效率和效力，我們擁有大量的投資組合。我們也擴大了銷售團隊。我們將直接前往美國，我們有第二類機會。我們在每項舉措上都取得了巨大進展，並且在短期內取得了許多成就。

I would say that some of the adjustments to the US numbers really acknowledges that a number of these initiatives are still in process, and that has delayed some of the benefit. So internally, I think we feel good about where we're at, but we're still implementing some of the work that's required to see the benefit of these, as, transformational changes. I'd also say externally we have, the competition remains intense, but there is a new market entrance this this quarter, and while we have very limited experience with their product, they have built a larger than expected sales organization so we know it's going to generate a great deal of noise and it's likely to cause some pausing in the second half. And so, as I said, we're focused on building a strong organization. We're excited about where we are, but we're taking a realistic approach to the second half based on these factors.

我想說，對美國數據的一些調整實際上承認其中一些舉措仍在進行中，這推遲了部分效益的產生。因此，從內部來看，我認為我們對目前的狀況感到滿意，但我們仍在實施一些必要的工作，以看到這些變革帶來的好處。我還想說，從外部來看，競爭仍然很激烈，但本季有一個新的市場進入，雖然我們對他們的產品的經驗非常有限，但他們已經建立了一個比預期更大的銷售組織，所以我們知道它會產生很大的噪音，並且可能會導致下半年的一些停頓。因此，正如我所說，我們專注於建立一個強大的組織。我們對目前的狀況感到興奮，但我們會根據這些因素，對下半年採取現實的態度。

I think I'll add a point here too as we think about the back half of the year on a worldwide basis, often get the question how to think about the cadence of sales as we've adjusted these expectations. And the way to think about the third quarter is that we expect to do about $235 million in revenue worldwide. It's a slight step down from what we saw.

我想我也會在這裡補充一點，因為我們從全球角度考慮下半年的情況，經常會問到這樣一個問題：當我們調整這些預期時，如何看待銷售節奏。對於第三季度，我們預計全球營收約為 2.35 億美元。這比我們看到的稍微差了一點。

On the second quarter, some of that has to do with some of the dynamics we saw in Q2. We had some modest stocking benefit in the US. We also had some foreign currency benefit outside the US, and so there's a slight step down going into the third quarter and obviously then we still expect to see a strong fourth quarter as we tend to do with the seasonal curve.

就第二季而言，其中一些與我們在第二季度看到的一些動態有關。我們在美國獲得了一些適度的庫存福利。我們在美國以外地區也獲得了一些外匯收益，因此進入第三季度後，我們的業績略有下降，但顯然，我們仍然預計第四季度將表現強勁，正如我們通常所看到的季節性曲線一樣。

Thank you. [Lawrence Beelson], Wells Fargo.

謝謝。 [勞倫斯·比爾森]，富國銀行。

Good afternoon. Thanks for taking the question. The press release talks about a sustained double digit growth. Is that referring to 2026? And if so, how do you get there with the US renewal opportunity, being flat on a year to year basis in 206 for the first time in many years. Thanks for taking the question.

午安.感謝您回答這個問題。新聞稿中談到了持續的兩位數增長。那是指 2026 年嗎？如果是這樣，那麼如何利用美國的復興機會實現這一目標？這是多年來首次在 206 年實現同比持平。感謝您回答這個問題。

Yes, so when we talk about that, that's our long term goal that we plan to drive in the coming years, not just one year in particular. Renewals, as I mentioned earlier, has been such a strong piece of our business. In fact, our recurring business between renewals and supplies is now about 75% of our US sales. And you're correct, when we look ahead to next year, the number of new opportunities coming to markets from a renewals perspective will be flat to what we saw this year.

是的，所以當我們談論這個時，這是我們計劃在未來幾年內實現的長期目標，而不僅僅是某一年。正如我之前提到的，續約一直是我們業務中非常重要的一部分。事實上，我們的續約和供應之間的經常性業務現在約占我們美國銷售額的 75%。您說得對，當我們展望明年時，從更新的角度來看，進入市場的新機會數量將與今年持平。

There's still a sizable growth opportunity for us with renewal all by themselves because of the way the waterfall works. And so when we have people renew, it's not right after their warranties expire. Over the course of about 18 months, we capture about 70% of our customers who whose warranties expire. So there's still a pretty sizable tale, if you want to call it that, from people who came to market last year and this year. And so then that will help drive the growth in 2026.

由於瀑布的運作方式，我們仍然擁有相當大的成長機會，可以自行更新。因此，當我們讓人們續保時，並不是他們的保固期到期之後。在大約 18 個月的時間裡，我們捕獲了大約 70% 的保固到期客戶。所以，如果你願意這麼說的話，對於去年和今年進入市場的人來說，仍然有一個相當大的故事。這將有助於推動 2026 年的成長。

Thank you. Josh Jennings, TD Cowen.

謝謝。喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Hi, this is Brian here for Josh. Thanks for taking the question. On the updated gross margin guidance, the 53 to 54% is pretty comparable to the prior guidance. Is there something that's offsetting what I assume would be margin pressure from the change in mix? Is that an impact from Mobi outside the US? Thanks.

大家好，我是 Brian，為 Josh 服務。感謝您回答這個問題。在更新後的毛利率指引中，53% 至 54% 與先前的指引相當。有什麼可以抵銷我認為的組合變化帶來的利潤壓力嗎？這是來自美國以外地區的 Mobi 的影響嗎？謝謝。

Sure, I'll talk about the benefits that we expect to see in gross margin this year. The first one comes from Mobi as a platform. Pump is starting to see that improvement in terms of cost per unit, which we anticipated this year. So as we progress through the remainder of the year, we'll see benefit as pump sales increase overall, but as Mobi becomes a bigger contribution and continues to scale and volume, that overhead rate will come down. Cartridges for Mobi as well.

當然，我會談談我們預計今年毛利率會出現哪些提升。第一個來自Mobi平台。正如我們今年所預期的，泵浦的單位成本開始有所改善。因此，隨著我們在今年剩餘時間的進展，我們將看到油泵銷售整體增加的好處，但隨著 Mobi 的貢獻越來越大，規模和銷售量不斷擴大，管理費用率將會下降。還有適用於 Mobi 的墨水匣。

The real impact we began to start to see we will be in 2026, but we'll start to see some of that as we get closer to the end of this year. One of the second opportunities for gross margin comes from our pharmacy channel expansion and with moving to some supplies in there, that gives us even more opportunity to expand the margins this year and increase the profit.

我們開始看到的真正影響將在 2026 年出現，但隨著今年年底的臨近，我們將開始看到其中的一些影響。毛利率的第二個機會來自於我們的藥房管道擴張以及向其中的一些供應品轉移，這為我們今年擴大利潤率和增加利潤提供了更多機會。

And so the reason that it, it's now 53% to 54% is purely based on the change in the geographic mix, which affects how margins play out. And so with the US and US dynamics, we now expect to be in the range of 53% to 54%.

因此，現在之所以會出現 53% 到 54% 的差距，純粹是基於地理分佈的變化，這會影響利潤率的發揮。因此，考慮到美國和美國的動態，我們現在預計該比例將在 53% 至 54% 之間。

Thank you. Danielle Antalffy, UBS.

謝謝。瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Hey, good afternoon, guys. Thanks so much for taking the question. Just a quick question on, the new patient starts in the quarter and pump shipments and just curious if you could comment on you know where you think the market where market growth might be and I know I appreciate we have some of your competitors yet to report, but obviously there's some share dynamics versus market growth dynamics here curious if you could parse that out. Have you seen competitive pressures actually increase another market entrant? Anything you can say about that in the US, and I'll just leave it at that. Thanks so much.

嘿，大家下午好。非常感謝您回答這個問題。只是一個簡單的問題，新病人從本季度開始出貨，我只是好奇您是否可以評論一下您認為市場增長可能在哪裡，我知道我們還有一些競爭對手尚未報告，但顯然這裡有一些份額動態與市場增長動態，好奇您是否可以分析一下。您是否看到過競爭壓力實際上增加了另一個市場進入者？關於美國的情況，你有什麼想說的，我就不多說了。非常感謝。

Sure, we typically don't comment too broadly on how we think the others are performing in the market. We do know that we have been a leader in durable starts and expect to continue to have that position as we look ahead. We do believe the market is still growing overall. It's large and under penetrated.

當然，我們通常不會對其他人在市場上的表現發表過於寬泛的評論。我們確實知道我們在持久啟動方面一直處於領先地位，並且希望在未來繼續保持這一地位。我們確實相信市場整體仍在成長。它很大，而且滲透性不足。

There's room for us to grow, as well as the other companies that participate in it. And so overall, we look forward, we believe we have ways to drive that opportunity as well within our own business between our product portfolio, our pharmacy channel expansion where we can lower the out of pocket costs for patients, can help us attract more and more patients to durable pump therapy, and so, we feel like we will, like, as I said, maintain that leadership position.

我們以及參與其中的其他公司都有成長的空間。因此，總的來說，我們展望未來，我們相信我們有辦法在我們自己的業務中推動這一機會，透過我們的產品組合、我們的藥房管道擴展，我們可以降低患者的自付費用，可以幫助我們吸引越來越多的患者接受耐用泵治療，因此，我們覺得我們將像我說的那樣，保持領導地位。

Thank you. David Roman, Goldman Sachs.

謝謝。高盛的戴維·羅曼。

Thank you. Good afternoon. I want just to touch strategically on the business as you look forward. You, you've been consistently committed to the model of a multi-pump platform to serve different channels within the market, but as you reflect. Kind of on the evolution of the business where you are today and the profitability, is that a strategy you think you can reasonably continue to execute given the resources you have and a competitive landscape where each of your competitors are uniquely focused on single platforms?

謝謝。午安.我只是想從策略角度談談你們對未來的業務展望。您，您一直致力於多泵平台的模式，以服務市場內的不同管道，但正如您所反思的那樣。關於您目前的業務發展和盈利能力，考慮到您擁有的資源以及每個競爭對手都專注於單一平台的競爭格局，您是否認為您可以合理地繼續執行此策略？

I think we continue to believe that the portfolio approach is the right approach. I think that when you look at the marketplace, it's very segmented. There's different people want to wear, control, and interact with their devices in a unique manner, and I think that if we were to focus on any one of those particular devices, you don't cover the entire spectrum. I think that, with a product that has a touch screen and a 300 unit, reservoir, we're seeing continued interest and growth in that product.

我認為我們仍然相信投資組合方法是正確的方法。我認為，當你觀察市場時，你會發現它非常細分。不同的人希望以獨特的方式佩戴、控制和與他們的設備互動，我認為，如果我們專注於其中任何一種特定設備，就無法覆蓋整個範圍。我認為，有了一款配備觸控螢幕和 300 個單元水庫的產品，我們會看到人們對該產品的持續興趣和成長。

We do believe that, having the versatility of Mobi, that will be, first of all, it'll be tubed and tubeless, giving people a great deal of versatility is an important product, and then we think that there's absolutely a market for, a tubeless only pump. I think over time we'll continue to evaluate it, but as we, as we feel, as we stand right now, we feel that we still need to have these products. I will say that the organization is making a great deal of efforts internally to drive efficiencies in how we design, I would say mobile apps and sensor integrations so that these things are actually easier to implement that might meet the eye.

我們確實相信，Mobi 具有多功能性，首先，它將有內胎和無內胎兩種選擇，為人們提供極大的多功能性是一種重要的產品，然後我們認為，無內胎打氣筒絕對有市場。我認為隨著時間的推移我們會繼續評估它，但就我們目前的感覺而言，我們覺得我們仍然需要這些產品。我想說的是，該組織正在內部做出巨大努力來提高我們的設計效率，我想說移動應用程式和感測器集成，以便這些事情實際上更容易實現，可能會引起人們的注意。

And so I think that. As you just saw from Lee's report, we've actually maintained our R&D spending flat, over the last quarter, and we had continued to expect to see the efficiencies in our R&D spending while continuing to drive a very innovative pipeline.

所以我認為如此。正如您從李的報告中看到的，上個季度我們的研發支出實際上保持了平穩，並且我們繼續期望看到研發支出的效率，同時繼續推動非常創新的產品線。

Thank you. (Operator Instructions) Richard Neitter, Truist Securities.

謝謝。（操作員指示）Richard Neitter，Truist Securities。

Hey, this is, Felipe on for Rich. Just the type 2 opportunities is really large and under penetrated, and I know you guys have talked about, like a limited scale launch. I'm just wondering like, can you help us understand the decision to. To start with a limited launch, I mean you're only one of two, manufacturers with a, an indication for the population. It seems like a big opportunity and just put that in context with your expectations for, patient starts on the go forward. Thanks very much.

嘿，我是 Felipe，代替 Rich。只是第 2 類機會確實很大，而且滲透率還很低，我知道你們已經討論過，例如有限規模的推出。我只是想知道，您能否幫助我們理解這個決定。從限量發布開始，我的意思是，你們是僅有的兩家針對大眾的製造商之一。這似乎是一個巨大的機會，只要把它與你對耐心開始前進的期望聯繫起來。非常感謝。

Yeah, I mean, you're right. We think that the type 2 indication obviously doubles the size of the addressable market. We're very excited about that. I think that the pilot was a, was something that we thought was important to really understand the market before we stepped on the gas. We did not want to make any kind of footfalls. We wanted to get it right from the beginning.

是的，我的意思是，你是對的。我們認為 2 型適應症顯然使可尋址市場的規模翻了一番。我們對此感到非常興奮。我認為，試點是我們在加大力度之前真正了解市場的重要一步。我們不想留下任何足跡。我們從一開始就想把事情做好。

And I will say that if you look at the pilot territories over the last quarter, they have performed better in type 2 adoption. We're excited about that. I'd also say that right now, we are expanding the type 2 efforts to a significant number of new territories based on the experiences that we've had in this past quarter. And we also, we intend to continue the expansion into the range of the year.

我想說的是，如果你看看上個季度的試點地區，你會發現它們在 2 型採用方面表現得更好。我們對此感到很興奮。我還要說的是，根據我們上個季度的經驗，我們現在正在將 2 類工作擴展到大量新領域。我們還打算在今年繼續擴大業務範圍。

So, I think we're happy with the experiences that we've got. We, we've learned a great deal in that quarter, and we're now applying that to the, a much broader percentage of our sales territories in the US. So, we think it's, we think it was a wise thing to do and we're benefiting accordingly as we do this expansion right now.

所以，我認為我們對所獲得的經驗感到滿意。我們在那個季度學到了很多東西，現在我們將其應用到我們在美國更廣泛的銷售區域。所以，我們認為這是明智之舉，而且我們在進行擴張時也因此受益。

Thank you. Jeff Johnson, Baird.

謝謝。傑夫·約翰遜，貝爾德。

Thank you. Good afternoon, guys. Lee, I was hoping I could ask again on the international pump starts number in the quarter. I think the last three quarters I have you, and I know it's tough with a lot of moving pieces. You don't give a ton of exact detail there, but I've got your new starts internationally up anywhere from 15% to 25% to 30% the last three quarters. This quarter in my model they're looking.

謝謝。大家下午好。李，我希望可以再次詢問本季國際泵浦啟動數量。我想過去三個季度我都和你在一起，而且我知道這很艱難，因為有很多事情在變動。您沒有提供大量確切的細節，但我了解到，過去三個季度，貴公司在國際上的新開工量增加了 15% 至 25% 至 30%。根據我的模型，他們正在本季進行觀察。

Like they might have been down 10% or 15% to get to your updated, even your higher second half guidance. I've got you down even if I adjust for some inventory drawdowns, 20%, 25% in the back half of this year on new starts internationally. Just, can you confirm maybe my ballpark math there and maybe what's going on with the fundamental trend some of those moving parts? Thanks.

例如，他們可能已經下降了 10% 或 15% 才得到更新後的、甚至更高的下半年預期。即使我調整了一些庫存下降，今年下半年國際上新開工項目庫存下降了 20%、25%，我也已經讓您失望了。只是，您能否確認一下我的大概計算結果以及其中某些活動部件的基本趨勢是怎樣的？謝謝。

Sure, maybe I'll start with one thing, to remind you about the first quarter and the second quarter was that we did have a timing shift of orders in the first quarter we recognized about $5 million of orders and supplies that we originally anticipated in the second quarter.

當然，也許我會從一件事開始，提醒您有關第一季和第二季的情況，那就是我們在第一季度的訂單時間上確實發生了變化，我們確認了第二季度最初預期的約 500 萬美元的訂單和供應。

And so there's a bit of that that's going on between the two, and then that means that what you see externally isn't necessarily indicative of the demand and the replacements in the market. What I can confirm is that our placements on patients did grow year over year and so we are still performing very well. We just have those timing variables that are a piece of it.

因此，兩者之間存在一些問題，這意味著你從外部看到的並不一定能表明市場的需求和替代品。我可以確認的是，我們安置的患者數量逐年增加，因此我們的表現仍然非常好。我們只是擁有其中的一部分時間變數。

And I'll add the other element to this quarter. We did start to see the beginning of some destocking within one of the key markets where we plan to go direct next year. And so shipments did reflect a lower number where again placements still showed growth. So I think maybe that will help.

我將在本季度添加其他元素。我們確實開始看到我們計劃明年直接進入的一個主要市場開始出現去庫存現象。因此，出貨量確實反映出較低的數字，但投放量仍呈現成長。所以我認為這也許會有幫助。

Thank you. Mike Kratky, Leerink Partners.

謝謝。麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

Hey guys, thanks for taking the question. This is Brett on for Mike. Just wanted to go back to the 60% gross margin target exit 2026. I mean, obviously you have, pharmacy penetration broadly getting better with Keith Sloan coming for you, Moby pump helping, Mogi cartridge helping next year. What gives you the confidence that you can resets 60%, maybe Moby ubal is coming next year as well.

嘿夥計們，謝謝你們回答這個問題。我是布雷特，代替麥克。只是想回到 2026 年 60% 的毛利率目標。我的意思是，顯然，隨著 Keith Sloan 的到來、Moby 泵的幫助以及明年 Mogi 墨盒的幫助，藥局的滲透率正在普遍提高。是什麼讓您有信心重置 60%，也許 Moby ubal 明年也會推出。

Yes, so, when we refer to that 60% next year, we're speaking to the quarterly rate as we exit the year. So if you think about the path of gross margin in any calendar year, it scales up from the first quarter into the fourth quarter just based on the growth in US pump shipments following the seasonal curve if nothing else. And so from where we are today and and how we expect.

是的，所以，當我們提到明年的 60% 時，我們指的是今年年底的季度利率。因此，如果您考慮任何日曆年的毛利率走勢，那麼它就會從第一季度擴大到第四季度，這僅僅是基於美國泵浦出貨量遵循季節性曲線的成長。那麼從我們今天的處境以及我們的期望來看。

To exit this year in the in the mid to high 50s, it's not a stretch to be able to see us achieving that 60% in a year from now, particularly now that we've shared, we've layered on incremental opportunity from our pharmacy expansion with TL supplies, considering we have hundreds of thousands of TSL customers today that without even purchasing another pump. We can transition them to the pharmacy channel on a supply basis and increase our profits.

如果今年的銷售額能達到 50% 左右，那麼一年後我們實現 60% 的目標並不困難，特別是現在我們已經分享了，我們利用 TL 供應的藥房擴張獲得了增量機會，考慮到我們今天有數十萬 TSL 客戶，他們甚至不需要購買另一個泵。我們可以將它們以供應方式轉移到藥房管道並增加我們的利潤。

And so, and as you said, Mobi, of course, is one of the big drivers. I think what's great is we talked about Moby for so long as a could be a contributor, and now we're actually seeing it in our results and so it's a proof point for our ability to drive and why we feel so confident for next year.

所以，正如你所說，Mobi 當然是主要推動力之一。我認為最棒的是，我們一直在談論 Moby，因為它可以成為一個貢獻者，現在我們實際上已經在我們的結果中看到了它，所以它證明了我們的驅動能力，以及為什麼我們對明年如此有信心。

Thank you. Our next question comes from Anthony Petrone, Mizuho Americas.

謝謝。下一個問題來自瑞穗美洲公司的 Anthony Petrone。

Thanks. Apologies earlier just juggling a bunch of earnings calls. So thanks for getting us back in here. A question on Libre 3 and the t:slim opportunity, that combination specifically, just wondering when you look at the, expansive Libre 3 install base, and how much of that represents white space, for T Slim specifically, and then I'll have a quick follow up.

謝謝。抱歉，我之前只是忙於處理一堆收益電話會議。感謝您讓我們回來這裡。關於 Libre 3 和 t:slim 機會的一個問題，特別是這種組合，只是想知道當您查看廣泛的 Libre 3 安裝基礎時，其中有多少代表空白，特別是對於 T Slim，然後我會快速跟進。

Yeah, I'd say that, if you look at the US market, the last time I recall hearing from Abbott, they have 300 to 400,000 people in the US that use the Libre pre sensor, but do not use pump therapy.

是的，我想說，如果你看看美國市場，我記得上次聽到雅培的消息，美國有 30 萬到 40 萬人使用 Libre 預傳感器，但不使用泵療法。

And so I think that, we're very excited about it. I mean, we're in the midst of our early access and as I said in the call, we intend to go to full commercial availability here this fall. So we think it's a huge opportunity. And I think that, there's existence proof as well.

所以我認為，我們對此感到非常興奮。我的意思是，我們正處於早期階段，正如我在電話中所說，我們打算在今年秋天全面實現商業化。所以我們認為這是一個巨大的機會。我認為，也有存在的證據。

If you look in the OU US markets, there is a company in the US, OU US markets who does have pre liberty through integration, in a relatively short period of time, they've got about 50,000 people using the device. And so our market research in the US indicates that there are people who are absolutely interested in pump therapy, and for one reason or another, they don't have it today. But we think it's a wide open opportunity for us and we're excited to get there.

如果你看一下 OU 美國市場，你會發現美國有一家公司，OU 美國市場，透過整合確實擁有預先自由，在相對較短的時間內，他們就有大約 50,000 人使用該設備。因此，我們在美國的市場調查表明，有些人對泵療法非常感興趣，但由於這樣或那樣的原因，他們目前還沒有這種療法。但我們認為這對我們來說是一個廣闊的機會，我們很高興能夠實現它。

Thank you. (Operator Instructions) Joanne Lunch, Citi.

謝謝。（操作員指示）花旗銀行的喬安妮·午餐 (Joanne Lunch)。

Thank you so much for taking the question and good evening. International seems to be going a bit better than than previously expected. Can you just sort of give us an idea of how you look or think about that rolling out into 2026 and how you think about adding, maybe more direct sales people and or more regions. I appreciate it.

非常感謝您回答這個問題，晚上好。國際情勢似乎比之前預期的要好一些。您能否向我們簡單介紹一下您對 2026 年推廣計畫的看法或想法，以及您考慮如何增加更多直銷人員或更多地區。我很感激。

Yeah. Yes, thanks, Joanne. So we've already started this year in the first half of the year with investments that we're making in those markets outside the US, building up the systems, hiring the talent, doing more in depth market. Search for how we're going to approach those markets to make that transition. And so we look forward to the ability to start taking some of these operations direct.

是的。是的，謝謝，喬安妮。因此，我們今年上半年就已經開始在美國以外的市場進行投資，建立系統，招募人才，在市場上進行更深入的開發。尋找我們如何進入這些市場以實現這一轉變。因此，我們期待能夠開始直接開展一些此類業務。

We feel like we can drive them in a different way with an intimacy that we have with our own products that maybe our distributors don't have today. It also just structurally provides an opportunity because we will relieve some of that pressure that we have on revenue where we give up price in order for our distributors to fund their operations and so we should see some revenue and some margin benefit as we begin these transitions outside the US.

我們覺得，我們可以用一種不同的方式來驅動他們，因為我們對自己的產品有一種親密感，而我們的經銷商今天可能還沒有這種感覺。這也從結構上提供了一個機會，因為我們將減輕一些收入壓力，我們放棄價格以便我們的分銷商能夠為他們的運營提供資金，因此當我們開始在美國以外進行這些轉型時，我們應該會看到一些收入和利潤收益。

Thank you. Travis Steed, Bank of America Securities.

謝謝。美國銀行證券公司的特拉維斯·斯蒂德 (Travis Steed)。

Hi, this is Stephanie Piazzolla on for Travis. Thanks for taking the question. On the lower US guidance, could you talk a little bit more about maybe what changed versus last quarter on the commercial evolution side? And is there any way to think about how much of the lower guide is related to that versus the newer competitive entrant headwind that you called out? Thanks.

大家好，我是 Travis 的 Stephanie Piazzolla。感謝您回答這個問題。關於美國較低的指導，您能否再談談與上一季相比商業發展方面有哪些變化？有什麼方法可以考慮一下，較低的指導值與此有多少關係，以及與您所指出的較新的競爭進入者的逆風有多少關係？謝謝。

Well, I think the commercial trans transformation is, it's made up of, it's salesforce expansion coupled with, upgrades to systems, tools and processes that we use to manage the interaction between the sales team and customers and HCPs. And if you look at the key metrics during the during the first half of the year, we saw, rep productivity improved quarter over quarter, but these new systems and sales tools are just not completely implemented yet.

嗯，我認為商業轉型是由銷售團隊的擴張以及我們用於管理銷售團隊與客戶和 HCP 之間的互動的系統、工具和流程的升級組成的。如果你看一下上半年的關鍵指標，我們會發現銷售代表的生產力比上一季有所提高，但這些新系統和銷售工具尚未完全實施。

And so, I think it's just we're, as I said, we we're just trying to be realistic about the second half. We're not where we want to be in terms of implementation, but we certainly understand that these are key steps to take to make ourselves more comp competitive in the future.

所以，我認為，正如我所說，我們只是想現實地看待下半場。在實施方面，我們還沒有達到我們想要的水平，但我們當然明白，這些是讓我們在未來更具競爭力的關鍵步驟。

And I think it's also just be cautious, I'd say, when you consider there is a new player with a large sales force, and anytime you see a new product in the market, we see pausing. So it's difficult to say which of the two, but I would say that they're both there and we're just trying to take that into account and being realistic as we forecast the second half.

我認為，當你考慮到有一家擁有龐大銷售隊伍的新公司時，一定要謹慎，而且，每當你在市場上看到新產品時，我們都會看到暫停。所以很難說是哪一種，但我想說它們都存在，我們只是試圖考慮到這一點，並在預測下半年時保持現實。

Thank you. William Plavoni, Canaccord Genuity.

謝謝。威廉·普拉沃尼（William Plavoni），Canaccord Genuity。

Yeah, great, thanks for taking my follow up. I'm just curious, you talked about pharmacy contributed some in Q2 as maybe some of those new partners started to build some inventory. I'm wondering how much of a contribution was that and because I mean your US number was basically in line, so that was obviously a boost and how much did you expect coming into the quarter? Thanks.

是的，太好了，感謝您接受我的跟進。我只是好奇，您談到藥房在第二季度做出了一些貢獻，因為也許其中一些新合作夥伴開始建立一些庫存。我想知道這貢獻了多少，因為我的意思是您的美國數據基本上符合預期，所以這顯然是一個推動，您預計本季度的貢獻會有多少？謝謝。

Sure, great question. We didn't specifically quantify, but I can say it was a few million dollars of benefit that was provided, which is why when you think about going from '22 to '23 in the US, so we usually see something they call it flattish revenues because of just the seasonality, we expect to see a similar type of step down going into the third quarter, based on some of those documenting dynamics. We do think this is a really important step. This will really help us. Capitalize on that pharmacy opportunity that we have if we, even with the coverage in hand today, we can have a broader reach by expanding these distributor networks.

當然，這個問題問得好。我們沒有具體量化，但我可以說它提供了幾百萬美元的收益，這就是為什麼當你考慮從 22 年到 23 年在美國的情況時，我們通常會看到他們稱之為平穩的收入，因為僅僅是季節性的原因，根據一些記錄動態，我們預計在第三季度也會出現類似的下降。我們確實認為這是非常重要的一步。這對我們確實有幫助。充分利用我們擁有的藥房機會，即使僅限於目前的覆蓋範圍，我們也可以透過擴大這些分銷商網絡來擴大覆蓋範圍。

Thank you. Our next question comes from Jayson Bedford, Raymond James and Associates. Your line is open.

謝謝。我們的下一個問題來自 Raymond James and Associates 的 Jayson Bedford。您的線路已開通。

Good afternoon, thanks. Just on the US pump guidance, I think you hinted at it earlier, but historically you talked about a 50,50 split between new users and renewals. With the latest guide, what is the expected mix between new users and renewals in in 25?

下午好，謝謝。僅就美國幫浦的指導而言，我認為您之前已經暗示過這一點，但從歷史上看，您談到了新用戶和續訂用戶之間的 50,50 分割。根據最新指南，25 年內新用戶和續訂用戶之間的預期組合是多少？

Yes, great question, Jayson. So we do now expect that renewals will be a little more than half as we go throughout the year as we made our, updates to our guidance. It was really more a factor of our expectations for for new pump starts. We had originally had an assumption that those would grow mid single digits year over year. Now it's more likely those will be flat to slightly down, and so that's the primary change in the guidance update.

是的，傑森，這個問題問得很好。因此，我們現在預計，隨著我們全年更新指導意見，續約數量將略多於一半。這實際上更多的是我們對新泵啟動的期望的一個因素。我們最初假設這些數字將逐年以中等個位數成長。現在更有可能的是，這些數字將持平或略有下降，因此這是指導更新中的主要變化。

Thank you. Anthony Petrone, Mizuho Americas.

謝謝。瑞穗美洲公司的安東尼‧佩特羅內 (Anthony Petrone)。

Just a quick follow up again on, the difference in renewals. You have more type 2s coming in relative to type 1. Is there anything notable there? But it, I guess the math is suggesting that your retention rate in type 2s is somewhat better. I don't know if that's a fair statement. Thanks for taking a follow up.

再次快速跟進續約的差異。相對於類型 1，類型 2 的出現更多。那裡有什麼值得注意的事情嗎？但是，我猜數學顯示類型 2 的保留率會更好一些。我不知道這是否是一個公平的說法。感謝您的跟進。

Sure, we don't usually speak to type 1 and type 2 in the renewal versus new population, but what I can share there is that our type 2 have generally been in the, 5 plus, mid high single digits that I guess I would say it's a percent of our overall shipments, and we don't typically. We see a difference in terms of retention of those types of customers. We are excited going forward with our type 2 initiatives and hopefully some positive movement on the reimbursement side that we can really maximize and start to see type 2s grow as a percentage of the business and help drive incremental growth in future years.

當然，我們通常不會談論更新與新人口中的類型 1 和類型 2，但我可以分享的是，我們的類型 2 通常處於 5 以上的中高個位數，我想我會說這是我們整體出貨量的百分比，我們通常不會。我們發現，在保留這些類型的客戶方面存在差異。我們很高興能夠繼續推進我們的第 2 類計劃，並希望在報銷方面能夠取得一些積極的進展，以便我們能夠真正實現最大化，並開始看到第 2 類計劃在業務中所佔的百分比不斷增長，並有助於推動未來幾年的增量增長。

Thank You.

謝謝。

I'm going to, I'm just going to insert myself here for a moment. There's, I'm surprised we didn't get more pipeline questions, and I just want to go ahead and talk about some of the exciting things that we do have going on. As I mentioned in the prepared remarks, we did get, we did submit steady said. For the extent of where fusion, capability, which was really excited about.

我要，我只是想在這裡插話一會兒。我很驚訝我們沒有收到更多有關管道的問題，我只是想繼續談論我們正在進行的一些令人興奮的事情。正如我在準備好的發言中提到的那樣，我們確實得到了，我們確實提交了穩定的發言。對於融合的程度和能力，這確實令人興奮。

And, right now we're working on, just as soon as we get approval, we'll be working on seeking, reimbursement and we're also building out, the manufacturing capabilities. But, I'm excited to, indicate that we plan to launch steady set in the US markets in 2026.

目前我們正在努力，一旦獲得批准，我們將努力尋求報銷，並且我們還將建立製造能力。但是，我很高興地表示，我們計劃在 2026 年在美國市場推出穩定的產品。

Along the same lines as we made this decision to incorporate the extent of our technology into the [tubuless] version of Mobi. Mobi, the Tandem Mobi will allow people to wear it as a tubuless pump, which provides great versatility and wear. But it also enables people to change the cartridge and a fusion site independently, which we believe will save on insulin usage, and it's also going to be beneficial to type 2 users who just obviously use more insulin on a daily, weekly basis.

就像我們做出將我們的技術範圍融入 [無管] 版 Mobi 的決定一樣。Mobi，Tandem Mobi 將允許人們將其作為無內胎泵佩戴，從而提供極大的多功能性和耐磨性。但它也使人們能夠獨立更換藥筒和融合部位，我們相信這將節省胰島素的使用量，並且對於每天、每週使用更多胰島素的 2 型糖尿病患者來說也將是有益的。

So as I mentioned in the past, we are in DMV testing and manufacturing buildup for for tubeless Mobi, but I do want to let you know that we also plan to launch Tubeless Mobi in the US markets in 2026. And we think that these are two really exciting, developments for Tandem, and I think it's really going to do go a long way to improving the competitiveness of our products. In 2026 and beyond, and I'm just sorry, I just wanted to take the opportunity to share that with all of you guys.

正如我過去提到的，我們正在 DMV 進行無內胎 Mobi 的測試和製造準備，但我想讓你知道，我們還計劃在 2026 年在美國市場推出無內胎 Mobi。我們認為這對 Tandem 來說是兩個非常令人興奮的發展，我認為這將大大提高我們產品的競爭力。2026 年及以後，我很抱歉，我只是想藉此機會與大家分享這一點。

Thank you. This concludes our question and answer session and today's conference call. Thank you for participating. You may now disconnect.

謝謝。我們的問答環節和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。