DexCom (DXCM) 2 May 182018 Q1 Earnings call transcript

Company Profile

Participants

Matthew Dolan	DexCom, Inc.
Kevin Ronald Sayer	DexCom, Inc.
Quentin Blackford	DexCom, Inc.
Steven Robert Pacelli	DexCom, Inc.
Jeff D. Johnson	Robert W. Baird & Co., Inc.
Margaret M. Kaczor	William Blair & Co. LLC
J.P. McKim	Piper Jaffray & Co.
Robbie J. Marcus	JPMorgan Securities LLC
Kyle William Rose	Canaccord Genuity, Inc.
David Ryan Lewis	Morgan Stanley & Co. LLC
Danielle Antalffy	Leerink Partners LLC
Jayson T. Bedford	Raymond James & Associates, Inc.
Ryan Blicker	Cowen & Co. LLC
Joanne Karen Wuensch	BMO Capital Markets (United States)
Chris Cooley	Stephens, Inc.
Steven Lichtman	Oppenheimer & Co., Inc.
Chris Pasquale	Guggenheim Securities LLC
Isaac Ro	Goldman Sachs & Co. LLC
Ravi Misra	Berenberg Capital Markets LLC

Call transcript

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Operator

Welcome to the DexCom First Quarter 2018 Earnings Release Conference Call. My name is Adrian and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. Please note this conference is being recorded. call Matt the turn now over Dolan. to I'll Dolan, you begin. may Matt

Matthew Dolan

and DexCom's and is XXXX President and our Steve operator, President Financial you, Executive Strategy and first Vice Kevin Quentin President Executive welcome DexCom's Pacelli, today Thank Officer; us and to quarter Corporate Chief Blackford, With earnings Sayer, Vice our CEO; of call. Development.

questions. question limit with prepared we an the our one for will your open analysts so remarks call will begin statement. we one then We At and our can time, will opportunity and participating begin follow-up for with to that today. Harbor up provide Safe everyone I

that the the forward-looking and the factors forward-looking events, strategies, from expectations call actual expressed that these these results. actual after as made currently law, uncertainties, to conform statements presentation and we on by reports to implied and are statements make actual Commission. results could available to in and of those assume will or competition, the anticipated required Annual of differ with to may filings Except and obligation forward-looking update Securities products, DexCom of operating statements detailed differ forward-looking Form in other as various and by such materially Exchange the statements. to information this in forward-looking this any hereof subject in no to date presentation All are reflect constitute quarterly statements results included XX-K, plans cause forward-looking or from statements statements DexCom's materially today's The on beliefs, are statements. of Report about Form Some XX-Q based These those performance. on future and we intentions, could management's risks date

GAAP information not accordance our presentation certain cash-based in we refer with be this for discuss in their additional isolation, or of our it respect in been not prepared substitute I'll measure. measures call, should and to these for, accordance of the in and our results. during Additionally, The GAAP. superior GAAP have as with results a the that with the over to tables of comparable to financial to that, will non-GAAP considered directly reconciliation financial release to Please measures a prepared turn Kevin. With most Investor Relations website portion earnings or

Kevin Ronald Sayer

Thank on initiatives. Steve followed Quentin last for to review, my time, an I will strategic outlook and financial for give up open the Like joining us. then our I who key provide conclude to we on will by before introduction it pass and a update an with Q&A. will you you our on business thoughts

off We start to a are here great XXXX. in

by range feel grew above well-positioned year. to far we XX% this rate revenue so quarter anticipated and $XXX This First growth sits XXXX our million. very

key grew one-third indicators, with spoke door. has helped including drive sensor Our operating over you the as top-line international showed from spend all excitement control, initial team our growth growth team, sprinting and The better-than-expected good system, this a DexCom sales, rate. GX From about field the get time phenomenal. top-line last the been volumes, out the profitability expense short again, clearance the at additions, new our perspective, our just to we been product the FDA's In since patient of has result.

created industry-leading a quite the of while fingersticks performance First, has buzz. elimination maintaining

new of technology. improved experience auto-applicator this factor addition, and excited great the on-body the the simplicity form community diabetes In have to an

to turn June. financials. a call I commenced will the and on launch our track Orlando over limited Quentin ahead launch full for has ADA we meeting in remain a of review year's now for Our this of in

Quentin Blackford

in quarter growth to compared reported for worldwide quarter basis first the the $XXX $XXX of DexCom XXXX, Kevin. same of on of XX%. representing million XXXX, million a revenue Thanks, for

quarter strength which saw and momentum We the pleased saw the business the clear both in continued the and U.S. that part Year during business in XX% has in New uptake grew the among broad-based XX%, grew and by population sequential our our into we in we Medicare respectively. continued supported are momentum carried as with revenue by internationally, very the the international XX%. fourth It is

the three gross margin margin gross generating to factors. of profit year, gross Our XX.X% a prior quarter first When quarter in our a to same the QX comparing it XX.X%, negatively gross impacted was of compared by million, prior of year. the margin $XXX was

inventory to the obsolete last excess generation device accelerate in touch we screen prior receivers our First, year. as took we we new charge related to transition an the launched

points both Second, program. quarter. our the the of pricing. some continues GX see items XXX these Medicare upgrade third, deferring we and QX basis shift totaled aggregate of first after OUS in in And The toward lower the and revenue introduction our approximately headwinds we to where mix of effect approval began

of Medicare posted growth the QX Average totaled in the transmitters penetration increased XX% an heavily primarily presented million XX% as our to increase growth while revenue in geographic XXXX. in very to of revenue saw reflects quarter. for continues businesses. for pricing the compares of of in to receivers remains important for $XXX international an was consistent million and compared over $XXX our XXXX, year recent more year was our and tables rate release, in reduction, exceeding the of As QX revenue sales Operating towards global revenue with due This and quarters, first mix International some expenses favorably CGM that international history. the focus press with area our XX% to have in our mix us single-digit sensor region. weighted business, OUS our time

$X.X to time As I stated journey. another deliver strong importantly, this $X revenue and Most a for or $X from share-based point within is non-cash approximately earnings on tremendous million, non-intensive our markets. million, X% which of impact initiatives quarter our this marketing, accelerated expand increasing a in margin our up quarter a call, expansion, increase strategic as DexCom demonstrate our XX% was of which of income, continued positions leverage us to cash year. million investment to and adjusted DTC has continues data opportunities to earnings expenses, over and negative a first last the prior that the This EBITDA, financial leverage loss well X% included the key compensation story international that in the or in we or quarter opportunity into represents be that it and positive generating positive Adjusted pipeline operating in invest R&D for EBITDA every year. to excludes

loss net $X.XX to Adjusting exclude income investment related of million a per our loss net was Our and or $X non-cash million, was share. convertible of $X GAAP loss non-GAAP expense $XX notes, to interest non-cash million, $XX the in along cash ended $XXX and entire a million our million available. loss equivalents a share. $X.XX quarter with and strong line per $XXX remaining including of or with flexible credit revolving sheet, We balance million

Looking we XXXX, of million. our now million ahead and million of to happy to-date of $XXX anticipate to guidance for versus $XXX $XXX revenue are balance the our to total performance the million prior with year $XXX

hearing GX some Consistent to transmitter Kevin the GX their GX mentioned, on are for are with the and that new hands wait purchase availability. quarter physicians are experiences, For we get patients as second our eager platform. a to new delaying launch previous patients our of

which for who have launch, upgrade earlier, we to two with a during discussed transmitters mentioned program window previously, result the are comfortable we in I GX offering an other second will market upgrade customers the purchase get GX will by are of a free when conditions revenue available current GX be revenue estimate As which the able deferral. along Considering with quarter. the the consensus impact we Street transmitter

non-intensive expected with the core is mid-to-upper XX%. of operating identify XX% call independently. strategic With range, any the which over efforts would that, additional will we increasing Again, full-year spend margin this Our Steve the in turn to for update. for gross outlook expenses with I rest associated the excludes approximately a P&L unchanged and our

Steven Robert Pacelli

we of held glucose platforms. and iCGM, integrated Since our that a the of a accelerate number on or Quentin. sensor continuous partners excited of conversations monitoring, have of approval, the the Thanks, our are advent insulin interoperability with delivery GX could number key

industry and of this week, others and discuss implications how push these a leaders of Trust FDA, can the with approval the Just to the JDRF, collectively we initiatives gathered Helmsley group last forward.

Although a step this is it the category direction. right major new early, iCGM believe is still we in

partnerships. More Our on further we're read we the this that the is able system. integrated the we that consider a based meantime, out given positioned, products configurations initial we believe to rolled as may strategy. were insulin seeing very X we multiple Class are well progress requirements In with the develop surrounding delivery be on previously

to cadence steady we assess we see years landscape, the leapfrog As products. few systems to a a with highly next over currently now opportunity market an potential available drive competitive current the of

that of delivery. integrated goal Our is automated collective systems smart population, target meet insulin of to the a deliver our and needs platforms pens including with diverse variety

remain space, name gestational, to Beyond management the obesity, a non-intensive we and hospital, DexCom's opportunities about as insulin alternative the diabetes delivery, in such markets just enthusiastic pre-diabetes few.

new leverage fully-disposable these technology moving multiple Our systems opportunities. and are CGM allow of us into will next-generation our devices to ahead, design the

will pilot Our XXXX. ongoing, diabetes these management non-intensive have progress efforts updates more and we in are as into

GX pass our help for that evaluating With Kevin. remain core exciting. we value insulin will that The I significant a bottom-line We segment. diabetes us management. as early CGM to that, CGM to ease-of-use The is that will but of level system establish brings novel back a performance us know are also opportunities beyond that management intensive other it offers and platform

Kevin Ronald Sayer

most year-over-year at see did Steve. in good leverage. again exceptionally growth, but the time of demonstrated is shifting exciting sustained even the we This you, dynamics. The be only ever financial performing Not we market well, business Thank face strong is revenue to DexCom.

toward said, management a and jump significant steps the care As tool We of is go. commercial CGM goal spite difficult primary next we our and for through drive several success in system in the with continued replace provides GX, and years. appreciate ease-of-use, a growth, like everyone's which the performance the with in to standard is represents we of the launch. we go fingersticks very platform ready us glucose have know In always long diabetes to still and removes our a CGM A as patience community the board. as we sustained have fingersticks to to long-term GX, ways across

Our cross-functional congratulate moment to worked them progress get take to team our this to-date. very on to want point. has I a to hard

launch very call assumptions are surrounds with our on hit forever. and our the will you cusp for category of CGM have raising this question all We bar positioned the well introduction are primary utilization we We of know and believe the we to targets, the pricing the on GX.

pricing, GX to ASPs could We are our GX relatively we per patient consistently changing revenue believe labeled a assumes sensor priced annual which in respect GX our currently a our and remain with guidance flat ASP imply internal between on per-day With although assumptions sensor GX. basis, not would models. increase, be

We modeled all saying assumptions, along. similar trends have also fairly what reiterate platforms. between the On been two utilization let us of these we've top remaining

much seen impact competition First, it than is a more environment before pricing. and have can competitive we

GX and in but pricing. of CGM bundling a DexCom Second, the structure take pharmacy could to of the operating positive in gives environment, of packages to advantage also have payers front which get potentially our Medicare-type impact both the the opportunity or further This opening every us we could to up include on will that. commercial improve channel, impact access

standard our with that that believe creation FDA's call, safety this roadmap. use future special reiterate our to the we new and well-defined a the of from set have and the bar to CGM these ensures pipeline, meet our controls the last accelerate category ability establishes a regulatory the future agency will now into product products drive devices iCGM To of rigorous path. effectiveness delivery that criteria. the to for We of aim clarity Looking has

DexCom Yes, In a soon published, as personnel as to Yes. we meet if had standards. fact, special controls had asking we were do. these these few we

to we will exceed so do continue will We them. and

barrier-to-entry. practical this decision, controls significant On special the the represent side of a

significant trials indications. still such a features, such will other new of performance new first to and improved system enhancements, run algorithms we need development, systems example, product goals our in disposable as to sensor, including For achieve include clinical some membranes and that our label XX-day and as

the to Also, finish a I up, Before and benefit the line. for The group the this over process. I approval wrap tremendously. will with be entire FDA leadership all leadership thanks long their moment team people took take this should through this you This of and it proud for partnership get thank hours diabetes achievement. to effort the DexCom must

pleased Now that We we have had from seeing conclusion, appreciate see team to get the real-time are are for to DexCom open you and XXXX, forward door. effort now strong employees. the very like our significant In already is sincerely continued with to GX to Matt? providing hard next We offering. milestone, the celebrated updates we start additional up would Q&A. that DexCom's out demand have look working call the for back a quarter. CGM we I to

Matthew Dolan

Kevin. you, Thank

a our ask to one themselves follow-up. provide reminder, audience we limit only and the to complete please one instructions. As Operator, Q&A question

Operator

Please comes Thank And go question from Baird. you. ahead. the Johnson first Jeff from

Jeff D. Johnson

Thank hear you me evening, Can you. guys. Good okay?

Kevin Ronald Sayer

great. Yes, everything is

Jeff D. Johnson

wondering pricing say on your to utilization sensor your just XQ to the stable, of Great. growth. this contributed of all U.S. I want we're a impact competitive that kind so again you from I what the having was commercial and kind business of is look what step your the for of and on comments especially business Kevin, point. that kind figure to at standpoint, I'm on trying are GX back volumes can commercial out your for pricing competition but and implications U.S. agree that GX, with sensor you, at

Kevin Ronald Sayer

continued our our U.S., respect current with the new U.S. by were sensors hit by things business And competition the very our this as And, top numbers, our We we our in patients. supported on met quarter. is certainly our goals. robust patient of that, in we Certainly, of We patient them. new met numbers. to usage saw expectations

not anything with out to did ordinary the we respect patient So see attrition. of

ours fact we've that not the least copays all have that of patients' balance products where markets participate competitors' the numerous first impacted the because with predictable switch patients being stories who and versus been deductibles If the is theirs. Now, resetting. that over quarter always of in anything, try over and try patients switch we to and by But, heard competition. said, and we everything who

quarter first No in no, commercially was U.S. very good So, problems.

Jeff D. Johnson

to All my want right. Quentin, margin And, maybe ask for Great. a just gross Thanks. I follow-up, question.

factors combined The So trying on think a been we've you model mix CMS, contributed to OUS three basis I the XXX basis. broke and out all points that to that.

I'm further say would And and obsolescence somewhat basis future next assuming much come of those at XQ you our quarters, in how can on provide The So model points XXX that see model over we of I least revenue those deferral and that charge any was the the embedded. out transient more detail out of had? couple two of be factors should the quarters? Thanks. into

Quentin Blackford

have you're was reconciliation mix model. trying Jeff. question, over is vast the XXX points to reconcile of that year and and E&O your good for was right, laid OUS majority and the you in Yes, I models. year, And necessarily And you not out that basis Medicare was something far would really relative had your in to already guys in. And away the

talking of shift that past. here is meaningful excess we improve reductions year-over-year that charge a on had rolled of a with is our the plans And receiver upon and seeing job had mix done in moved good inventory. the in quality the issues rates a more and incredible we've amount of receiver. accelerated we receiver about. the we new that warranty took year, but we we're obsolete an receiver, the receiver, teams what still out and seeing it's So And that we're trying towards new in our done last respect essentially new of to that the What the to we have were old

over But seeing benefit up year point, first charge. we the margin. your warranty reduced ended quarter, in course obsolete cost headwind the you and is we does a will of to that what see excess as took the the So that

actually course over So to a will but turn and the of be was this we it the us, get us. benefit around for behind something year, had

that's the the the of in quarter. we XXX first majority basis so it took yes, But points. And vast

Jeff D. Johnson

you. Thank

Operator

next Kaczor comes Margaret ahead. go from from Blair. And question William our Please

Margaret M. Kaczor

the Hey. Good question. for afternoon, Thanks guys. taking

Any First really for payer you pharmacy the that? better can those how timing in your one that what in up terms level have of and maybe stage regarding than of you're commentary reception been been the on pharmacy? And of give contracts. on guys GX past? for GX at Has clarity with it has me at is following us many the the

Steven Robert Pacelli

pharmacy of is guidance we're some $XX purposes in when price labeled a an GX that higher as So around we're static any Margaret, our is on building give basis maintain going guidance tell. assuming that. So signals Steve. had process, pricing, something of X-day to the per places very, on too whether if a GX. have a this the sensor would day advance early direct-to-commercial that. We same as have very remaining in we're I'll why X still we modeling the to early side, for We're into mentioned, very, efforts true to we're pharmacy. on the few take successes say hope so, is for which early. Kevin a going and contracts for is the basically sensor for our but sensor, in just early you and we frankly to conservative very right? I it's for But where ASP this Gen early where, We've to label has the translated kind

Kevin Ronald Sayer

what prepared add try extent patients. patients Medicare, to be get we the we for fall. with so that, said easier going to the and isn't move pricing CMS GX. interesting it from our easier that We've certainly to us should we'll the just back expand And and and And those for this, to over, Margaret. this can models, but business already done we've I'll to new like And access remarks, GX in for opportunity I'd sometime to we'll to going change that in manage the pricing Yeah, entertain and filed make product interesting to go models come to with in to take we're able payers more Europe.

Margaret M. Kaczor

coming Got is else it. give integrated from what the up on And up asking to can on us out as guys back some the had may clarity any Thanks. then it before because of think I a commentary you discussions you ruled the new Or it now table? And the have of for solutions, that you table? follow Steve why is to JDRF, et cetera? back is Is on for that? someone some

Steven Robert Pacelli

So What? I Nasdaq. -? Can thought you you said

Kevin Ronald Sayer

If we've anything we out. Have anything ruled ruled out?

Margaret M. Kaczor

things Yeah, were that now. right on back table maybe that are ruled out the

Steven Robert Pacelli

I product to would if living at are world on be I in cetera, looking partners not can they there just, that there're made X may anything, put that on side, things table. might say that software months on mean the XX because No, in Class configurations Class world certain cycle have cycle, the for review taken actually sense, be X a the that we're have a et side, But review may X expedited. looking back we're software at, with some integrations the

process So product and recent. discussions partners with much still the are approval evolving, just was the because GX so like payer though, plans

Operator

McKim from ahead. Please And from our next question J.P. Piper go comes Jaffray.

J.P. McKim

pricing taking question. first guidance Hi. as the broadly just Thanks wanted and one touch on just then just I for well. to on

QX of half up quarters and you year for growing QX obviously year, the than put back a that. this Given little is slower just the good and the two XX%

there's mean, you interpret is I back You of – just we implied how caused just just how lot more of a in pieces? need to for? rates? that the want half that the remain Is should QX counter I So has we growth Or to to it should conservative? interpret that delay that? moving GX a want

Quentin Blackford

a good Quentin it's question. Sure, is This here.

pricing keep there. trying don't dial about and into I in point. stiff ourselves into the came to Certainly, QX There's (XX:XX:XX) don't to to these of I that think guidance. to of with materialize. we're going a time, timeframe we'd ahead We that navigate them and want then able that and at this are consistent we've we here. we've to we considerations we're well number. they to ourselves couple we're got the think At that's been the in competition same talking things have some mind, year. get contemplate not If hopefully effectively what forward-looking out those as But get QX upside ahead

in we The And but contemplating execute it, well. so and to our to we we're confident landscape be competitive as continues as that evolves mindful navigate to we're it. of want ability very well

on is to think not we Street's So the at, time, getting of basically for of out. reaffirmed at some device there GX would keep to the folks ahead come wait ourselves. to again, defer I is tell I of point this mind QX, where in you in thing the revenue just as and this the aspect needing there

transmitter. to We them upgrade have quarter. deferral which currently GX going who a folks does are within buying the We're the of in result charge free

look to that's be going to in revenue if that's not why trends, you've sequential at to keep quarter on so the got QX, sense make of in you able may And mind. but weigh that you the number revenue and

I as that But we QX. we to looked So then you be things going the your certainly QX will modeling will and make make sense, numbers considered those at sense. if that are for adjust your QX, think

J.P. McKim

a part and Kevin, Is of bring down keep over about of the label kind cost XX-day wear, strategy get well? you when on you That's the bring better around system? as the to know, hey, pricing pricing when helpful penetration? payers just to was we're and then, kind and just the it the decision price you're your you as you we've time you XX-day is something that little price, got the flat that then increase harder taking down a back price? it on think broadly, then is to same And expanding just a keep sensor made are and payers, way the money, that to saving of you gradual one is pushing Or that to

Steven Robert Pacelli

Yeah.

So is Steve. this

in it's remember slight critically to sensor of modeling, that might purposes we to we some and revenue use, we that as guidance with conferences uptick. a back payers clear, decision our But made contracts type adding we've at average certainly, important static. this pharmacy, and we've per bit if for extent and What coverage for intensive we would use said the to didn't that upside, said that day to our also negotiate we bundle for per as that said lower be for some to year Kevin is Just payers bundled now, assuming Gen and a in Xs can remains What down. the we patient that there pricing this, access, access a the solutions, of exchange mentioned, universe. access, price we're is said improved say per we to that a I've bring if we our that improved day in Kevin's potential years the probably maintain per pricing improved similar potential upside little or pricing we the to remarks, go negotiate to the X GX, – get internal

here, a made we're the there's say to down arbitrarily X decision wouldn't what price that accurate pricing. not to our That's just So lower but of lot saying. a Gen it we've moving parts to be

Kevin Ronald Sayer

a and done patients we've like long as What that's from that for That said sensor, a we've we that that cost XX-day XX-day model, all sensors for plays we've this. heard and sensors. long through on time, I'd wear the we've into add something lower modeled we're to fewer shooting worked is would that certainly. they time, for What

looks. on to consider. perform with two you can the system as I the have put the special We one, consider how side. see in to out have yet Number and that to we comfortable will by that revenue have perfect XX to confident enough, And need and really very haven't what the example we data of run a where the side, been performs. does evaluate while give the have XX. to cost we now FDA well are things we controls study the system how our we We're days with we're that

the respect a run we a warranty. a and to of will new – in I've days Certainly, at day patients model I've shipped to If team. example, pillars DexCom four, a for study have one works sensor Are new to two, simple day XX at XX? to old number very We to helpful ship is one thing going that at one But we've know new anything a performance. every worn just never within have that lot our yet need never consider with days. falls and I've develop body, you we don't And really program, out. time. so when off development sensors. first I that on to is had last we XX my how embark a products we four the is,

performance. compromise will We never sensor

X. GX you GX to to when and cost the they the GX XX-day with for what we've because as and life us versus cost, you is can convenience, And the it. third talk of less use and is one done people just second see than not ultimately will The one manufacture

consider those as forward. go all we we So things

Operator

question from from our comes JPMorgan. Robbie And next Marcus

Robbie J. Marcus

congrats with And the start million. was maybe question. the guidance good gave really to quarter quarter million first on on I call, fourth Quentin, could Great. XXXX for the When $XXX quarter. guidance the guidance $XXX you it and

up ended better doing almost million $XX You than that.

people that XXXX a you think the want that of of you look year, want into much your XX% nature way into just Or one growth. of and you don't people rate that? it Is XXXX? half into the ahead that going at you the rest – is to to more as product factoring it's conservative of read exit of back the sort the biggest launches too for in from So

Quentin Blackford

do early the our has the very I a an more to the we're biggest indications this history come environment it's in And a it that stages effectively. product and is quite has continue at launch We're navigated what the able that pressure, certainly, in to some in of GX with the that are under effectively, feature set early Yeah, pricing of time. going of be think like does. premium that In particularly with that latter we've point to company. midst

imply very any If So here the excited of the growth be so time, in speaking and about are of to what those in XX% well you're that The we're guidance of out bullish, about you're back latter seeing in half we're because half the ahead the of aren't we going headwinds the can what more navigate unnecessary would to it rates contemplated, you very expectations. roughly but our going get right. it's at same back to year, there. introduce excess the XX% point risk ourselves with

Robbie J. Marcus

as growth you the you Medicare mentioned be and such You how international. the try Thanks. fourth us sort of you ultimately sense improved appreciated. because would can Can help first you and gap give in quarter help us the then any seeing, gave quarter patient for you're a mentioned what buckets? between from couple give and of a what substantial did, it's different difference, you a the of you And bridge guidance Medicare; what

Quentin Blackford

in did both tell here. No, question see anticipated. and you good it's I we Medicare Medicare, a a incredibly uptick additions, that a question business to perform new slight as well. continue We would patient fair

and QX, time, we pathway been were X. at change get into time, FDA a be day at spend particularly could approval have point that I on about, discussions imminent. but that to in wasn't think out something talking any the call that GX and the couldn't of the thing could with in frankly the talk we that about in to the going knew Class with deep go front but the the back the could we you big the time we lot It

day sure there that so announcement, want number going introduce a say we that. were there an was or that QX We didn't be wanted was if risk. that we knew And to approval, make of to to mindful we in after two earnings that and risk

the in business, aspect business. commercial and but and performance up roughly the our Medicare can half business, leaves true half, other board. the international the And in It's that operational really chalk so the in you that it's across is that to beat alone, it's the then

very the and not volumes time, you, were So dealing surprise. to have very approval were contemplate fact underlying GX same tell with negative but early we the that what saw, we could trying I performed a with the well. would be very at We happy the we

for So the as of accounted that well. beat some

Operator

Kyle And Please ahead. question go Rose the comes next from from Canaccord.

Kyle William Rose

Great. wanted I to Thank take we GX and as think from any of you just then the smaller there those think forward you and calibration as you about very strong are I truly I as and the alarms mean, investors on product really back a the a as talk the the think what adding biggest features. a that here quarter. all really well factor, as and accuracy the step far step think standpoint. about understand no when out stand new of But you much, don't that on-body applicator, the value appreciate? and alerts really form you congrats think

Kevin Ronald Sayer

other important is. a anything before, that think the insertion the over stick they a was. to love stronger saw have rely is and is text they and you're let continued to system think great I it to of patients patients patient very, and No else. calibration device. another take that compliance can to going the it physician's much puts can heard is can insertion don't But about saw that would I'll (XX:XX:XX) and it I've ease increase the DexCom look chip most their it And the feel possibly we trepidation, patients utilization guys launch office And on and very the the number because a performance the device, the I that ease-of-use GX from we look that said, if it I message that conveniently like who things you lead I it Is else tell calibrations got that. is eliminate system other I'll in heard you for went this, if Kevin. be will person hit in study, two equation. also. It's in that's thing the truly push needle no a they've of people because can stick But time, the don't They to into have at insertion on tell a say good and nobody a very use. And this on me. step-up. Every is big a very, With who their insertion you she finger, is on? some from limited fingersticks button They We device, looks and in video use. either. as us class I focused there's of we haven't very DexCom from with and when DexCom this can really think rely child anything. indescribable. and the at and used ignore new you a put And first to such and almost patients, on foreign experience awesome. button. today, the new-to-CGM going don't This

about than around, all we launch a So couldn't we excited be one. more product are this

Kyle William Rose

just then guidance. on And follow-up one Great. question

around bit alluded I question, – think competitive I – about second the jump the full somewhere little still XX% at to there? had the XX% in year, of talking in of headwinds play embedded the And here? some if in don't I were we have previous your the out upside that is updated we but potential about pricing think, the kind which remarks you I half that you QX ball of guidance. guess it how think year, in of beginning guidance kind you the contemplated you should think is a a of and call and a when to the on Quentin those

Quentin Blackford

no there. Yeah, change

those can continue of And the type We to navigate assume if headwinds. well, again, fantastic. then we same

Kyle William Rose

taking you the much Thank Terrific. very for questions.

Operator

Stanley. question David next from go our from ahead. And Lewis comes Please Morgan

David Ryan Lewis

Quentin, couple much. for a so Thanks of financial questions you.

Just just obviously Is if what principal stronger to the say for sort that you you're you is beat. Would factor? volumes raising incremental of U.S. that The ex-U.S.? had the driving broader, a raise quarter it's say, and incrementally? the by

Quentin Blackford

Yeah, it is.

David Ryan Lewis

Okay. And think your this Verily light Gen receiver too X then, about that timeline receiver Kevin, iCGM is X I know around you have it's say your updated if guidelines it of probably the early pipeline, And about for to relative and optional somewhat early, you you year? the do optional, of but Verily think comes to if earlier timeline an updated Gen in guidance? sort the

Kevin Ronald Sayer

now. is I'll And very David. factor This of together plans we're get to apparent purchasing contemplating had willing XX% risk even now about optional, study. filed. consists receivers. a here to with success mitigation where putting reimbursement patients take is and there, It's Europe, human that that so Kevin, We've our that. go really we that in great With FDA receiver respect to lot and less of than program that we're of are have

some that respect much provide still we X, fun that too upfront on patients is opportunity eliminate us can see here, and it's you balance, have With lot And bit of a new Verily wires, algorithms, cost, R&D it many to faster. sorts with have we within you, think process. as a be new tremendous a to What walls and R if there to we here. the down all put there honest in how certainly there amount that So of I got can to going Gen technology of because far And will R&D things we of ourselves. our to go group respect really technology, really we to I've over with is going could sit faster, discipline membrane things. little of as in

right XXXX, goal many now and changes. is contemplates XXXX Our many,

have use. we've elegant get to spent bit Gen and dollars we example, on to of every market the this something insertion for just replaced every patient a tens it is and X, millions as to engineering For in bit have seamless of as device Verily

with we But to ear. by goal. play done. transition a XXXX just of we that's We'll absolutely opportunity manufacturing to some So that find go David, be faster, If we'll be as one, would. work our as this big the going stick has so to it

Operator

question And Please next from the Partners. from Leerink ahead. go comes Danielle Antalffy

Danielle Antalffy

the much afternoon, guys. so Good Hey. for taking Thanks question.

longer a about all a Just, on thinking you lot for dynamic view Quentin, commentary. talk of with term? know here, you new your to little margins but means I you're about long-term? a bit parts what there this that on for how moving the operating love Can relatively question is margin company, balancing to it I'd competitive whole pricing the get pricing expansion

Quentin Blackford

that the end already some you're things run has or roll in further. get to we to There lot course pricing any front fact a closer interesting I and focused need identified, we plans in here. pressure XXXX well, drive over going and Yeah, to absent the many that of be time. But you to on pressure over on the opportunities that pricing it reduce company operating future then to the get to has it that start really fact produce head those And of business of the as us, of place year see as the into drop the accelerates time, there of the improvement to still costs to we're and are need the we only top going the focused think to into is of product. margin things

you're it that about quality any of accuracy are be out price levers without goes. have, going to operating able that Mesa, the and ultimately organization a world-class that out price this to facility stood the meaningful combat see the years capacity drop to we profile. puts and through to operation compete leverage Or start things if it of going get some that we overhead cost the the the and into to to into future. – you the to a and in margin that really head-to-head sensor for team by the manufacturing up start put You into take that reductions engineer meaningful will bottom-line to automation there, there And any the from the the potential you're and Arizona R&D we the the handle example, then costs once sacrificing into (XX:XX:XX) there. that system team improve of you're And profile done market need in are where going talking to going the of has to that business. They're get of us for headwinds let that's perspective already straight

can profile about the always be always So excited going of things. spend We to meaningfully the you we going business, get that. And to of to can the is proven and into want competition, we're out-innovate that to to innovator. believe we're we're do R&D We those our do future. that then we area in. and into continue we've going expense an be an kind operating that

that's profile of terms we'll But versus how automation, opportunity the and our to think the we very differently taking relative becoming nature today, online into group all always of in kind manage business in the future. G&A manual we into looking So about spending of in the you peer more be today, are have really crosshairs and meaningful get where of terms probably outpaced to there. we those have right as we're the things that of efficient terms do we think in what to

levers front and those accelerates So that focus, we're in of The but pricing matter what. there to only of the marketplace focused on us no operating them are address margin in meaningful concerns. pressure of any many

Danielle Antalffy

there. reimbursement Perfect. market players? you could like a share much. type market Wondering coverage Thank so have competing shifts all Thanks if another and talk you're just seeing international about bit Germany for versus a relevant on Xs? dynamics, the Xs there little And the with in you strong you're type much specifically What where question that. quarter so you markets

Kevin Ronald Sayer

Hi, Kevin. Danielle. This is

managed patient. even intensive down yet. absolutely markets primarily type primarily we're where is for is product or to European example, Nordics in it we're across not those market a respect It's but in and into With of patients very, in it's the good used type reimbursement, have being our or those X number in X where growth strong, Our area all markets, non-intensive Germany reimbursed. broad-based management the getting we very competition,

We haven't reached down that far.

Operator

our And James. from from comes Bedford question next Jayson Raymond

Jayson T. Bedford

the but questions, I taking congrats apologize would you if I quarter. faster than are the these the on Hi. off sales. year, and installed Good grow think and that for afternoon, base the thanks you started mentioned redundant,

here, in base still grow faster you the lift in sales sales the to do guidance installed Given than the expect XXXX?

Quentin Blackford

business is revenue that contemplated from Yes, faster the business for see growing the have dollar international are outpaces U.S. some a the revenue So mix the the reason the going business, you And to of lags do. faster as that right? business, as perspective, because we the a rest Medicare it mix some base grow dollar pressure, installed which while than is means to bit. continues you're our ultimately pressures

Jayson T. Bedford

remind a of then run just And in And potential the been wear wear. XX-day sensor, employed bit When terms the there's commentary device? us XX-day for here the just on study a X you Okay. will you can just of I the timeline on XX-day Verily Thanks. think that?

Kevin Ronald Sayer

sample communicated the scope certainly run in the We as we We to lot this size exactly and criteria. need middle those of We're we anything, what there. would the have get trial the to determining points all part FDA statistical of of the need, trial we presenting in The requires it and of patients how ultimately really won't. to year. IDE discussing a setting, of controls and study, many special not an that do internally then

expect the that half to in XXXX. early We'd run we're So of in that. back

Operator

ahead. go your Please from Schenkel from And & Doug comes Company. question next Cowen

Ryan Blicker

Thanks Ryan questions. my on for taking is for Hi. This Doug.

with You utilization up versus that average, sensor for remain GX, given to GX noted sensors the on year expect you end per patients similar wouldn't using GX. more shut-offs? Why four

Kevin Ronald Sayer

What that's said modeled. You know is we we've what? what

many they year utilization that patient be take and respect with a by Remember a in-between function wear anticipate. economics. break And sessions. sometimes does by a we driven as nature days many if how defined driven can that's sometimes they the what they necessarily patients. and of that's said do haven't of utilize? We their That's to just a sensors how sensor two many sensor That's wear things: How sensor

so. sensors for several be do I've not they example, As parents while talked they and a from get followed, away whose for if can kids, to their little will

and we everything the kept theory, absolutely they sensors wear, sensors. extending purposes It's the the if for would our modeling, you In XX-day of for haven't patients With But and theory, except don't in off, X,XXX two, out wear now all they patients We GX we even number and early. right. purchase sensor my buy so sensor on until anybody's go. run more we shut for there really have were know time and you're consistent even on had just I'm more.

Ryan Blicker

if for growing program on GX normalized Got large sequentially, any be it. around a then the That's QX, primarily headwind you color that, the relative basis, delta XX% where I is, give expecting provide And Assuming maybe to growth. revenue sequential can of you on which is on where about big you'd was the more Street XX% just think transmitters? Street a due you're would to think how helpful. more from upgrade pretty can you be I to a number there? the it's color Any mentioned

Quentin Blackford

No.

way. who right from be, We could the imply best, the the I quarter. to just understand we our seasonality think it well what what tried would We've both historical the may model to you're wait to impact thinking about the from to think choose the make on potential deferral purchase. as as folks

the may fact launch that or there's fully We'll to late in of back ourselves well we quarter. back come us headwinds the get kind can, contemplate of ahead them. try not here need So versus do believe know for when revenue exist getting QX no we can in that they will QX, it but overcome again, they and these of to in that navigate some the there be as as given

Operator

next Joanne BMO from Wuensch Capital comes our And question from Markets.

Joanne Karen Wuensch

me hear okay? you Can Hi.

Kevin Ronald Sayer

Absolutely.

Joanne Karen Wuensch

nice by Wonderful. Very way. quarter, the

Steven Robert Pacelli

you. Thank

Joanne Karen Wuensch

talking a launch We're Libre, sensor. competitive into approval Medtronic and spend intra-quarter three for have the quarters minute you just we the landscape? of stand-alone maybe two, about now Can its

else. you You're anybody to are than this What closest seeing?

Kevin Ronald Sayer

Well, growth. we just posted XX%

Joanne Karen Wuensch

I'm That's why asking.

Kevin Ronald Sayer

start guess will We've not patients I I'll earlier. there. DexCom other can I guys then I – the said Libre. and seen to to back losing comment go what I let I'll

left. haven't patients Our

that – to of great sensor have continue We've launch writing that heard. you have do a heard really Guardian the multiple had that appreciate physicians all growth that's to ease Medtronic's of times. It's We calibrate prescription we've respect but with Connect. that

guess the could lower Australian only us priced The Australia, reimbursement in significantly excitement head Medtronic compare approved over with And to it in us have together for the example. As where in I've Medtronic long them Government and I not XX% we out and And is field, I CGM office to that. head share. I've heard ago. and in we've than came the gone point for physician's been not

So we to I and wary everything time factor add? been we're up being not we're see – don't business don't – do and to out a in that and this view has but have point Steve, look as mindful there. that anything certainly this one you our we Quentin, but in is will at

Joanne Karen Wuensch

Thank you.

Steven Robert Pacelli

No.

I think that (XX:XX).

Kevin Ronald Sayer

Okay.

Joanne Karen Wuensch

then what launch limited going you. follow at to that as steps a are of thank And GX expect And we full ADA? all to from the the up, my launch

Kevin Ronald Sayer

operations right in launch on when learn biggest We're we've limited do and you nips us to do of sensor startups. able and of some manufacturing fix build to is all pleased and you been the And we full Our before the step things product, inventory, little already process we're we're we at to out masses first scale. this. that learned launches There's got a to up the getting very up now. couple always running limited that like go the building inventory a we've with

those. so And we've incorporated

got we earlier, said more all early so got built we in things stocking June, so to up initial arrangements We've stock were We've It's with today. get our orders up. launch lined ADA. That to means payers. to As to we inventories. X out. distributors building May get the get quantities their place it's before contracts expect force coming We've full distributor some in to get got for they can

all I T can here, you about launch, regularly, very very cross hands detailed, I and good. this far meet to So deck every arduous, long, it so is brutal dot meetings literally to and every Joanne. they on tell so on

Operator

Chris from go our And next Stephens. Cooley from ahead. comes question Please

Chris Cooley

afternoon. for Thank questions. the taking you Good Hey.

give follow when Just the project us I the a have quick its maybe any up. UNH bit elaborate at Steve, data non-intensive management on on just specific, and application? for point. this we update that ones see diabetes two might little more one you quick initiatives other maybe and, more and then me And could

Steven Robert Pacelli

kind that going to gestational, X,XXX a think you're mentioned Yeah, when in so us gathering got on be the to and the particularly, We've published Xs point. on of iterations We obviously, his intervene. its It'll and as the clinical of time not product, to clinic enrolled now, I is allow of data is will the evolves of identify some some in it ability one before, patients out Kevin be think north like at in GX, medical type of these I on that have X go – But early end – we've Like through mentioned these future right next obesity, pre-type questions. us the probably the to data well. of of see certainly kind year the of in put thing we we're people try part hospital, to a and the this hospital, linked out into focusing as we things form, in us, then pre-diabetics go data Xs then to journal the to this. to is really using first of just the closer said We platform more future to products thing platform. as a Gen but the anecdotal. allow to have hear right? talk more first needs any hey field sure really, on think this about non-intensive, non-insulin-taking spend to Not we'll current the cadence really this of thinking year, type kind or X first. lot And a and we

really opportunities. whole broad So host of

the markets. near-term, coming obviously, these intensive into going core alternative of years, our to branching the for still business really out see future, but to first, The the you're be the of going some us revenue, over foreseeable is

think really be important us. going it's for to I

Chris Cooley

if of you any between in of growth I helped of give apologize can to quarter much. that dollars you. in very at you juggled quarter terms as here. first how Thank a and the couple the the the on populations, to Medicare drive or Thanks I've any calls of you did this give Super. color, terms strong color, then touched terms starts pertains results? or in commercial in outset; And so But it the either

Quentin Blackford

the our the competitive the out not Medicare did into additions. Medicare to and A, fueled Medicare We Yeah, by going that breaking down of commercial which get there and the some in continues continues accelerate. provided strong see color is of to business to opportunity business, business to What would being we're well to terms continues specifics an be, for we that reasons. in uptake able commercial demonstrates be patient new as realize very have

extent to of going color So that's provide the the there. we're

Operator

And our from go next Lichtman Oppenheimer. ahead. Please question Steven comes from

Steven Lichtman

guys. Thank you. Hi,

five inflection can specifically X type the maybe U.S. in the performance penetration and three market population, over in penetration. you certainly Guys, looks like physician customers, are roll your insulin within out, intensive with the go your could? it to based seeing Libre the on on your what next Given we're population an years, discussion where latest thoughts if

Kevin Ronald Sayer

the can I no believe with absolutely their X would truly type the that we and X to on least type Kevin, in manage connectivity, as have I CGM. calibration, patients, condition product think technology portfolio I manage GX information number. devices, This we patients believe the but without be how anybody I disease, space type would question. high. disease that CGM other their somebody Difficulty] They times, I and that's said I again, refine as intensive believe and should value be data XX%. I penetration know the is we stretched with we I over I that think X type provide manage (XX:XX:XX) charge, a for include time, that I their to believe we These don't understand the provide space. and our the of at have, should the given health. [Technical the don't, just that and And is a think great that need lead diabetes don't with intensively to to need it. interoperability overall how have really X the numerous penetration

Steven Lichtman

the Japan. to guys. Thanks, I a if know Kevin. this thoughts year opportunities we mentioned last from earlier. you some for in up, country before just you follow the hear guys on as call, additional And apologize of end you new you've latest expect But Should mentioned I still the think on opportunities there?

Steven Robert Pacelli

Yeah, some we before of previously. I as Europe. second any launching an in hope and end Korea of evolves We be would time Japan. We're approval the kind really in now mean, certainly. to expect mentioned quarter most in opportunities direct at other looking reimbursement the Japan

So yeah.

this will an important certainly of balance and Continued XXXX through year international into us. the be expansion for contributor

Operator

Chris ahead. next our from from Guggenheim. comes And question Please Pasquale go

Chris Pasquale

frequently. Kevin, thanks. to change patient's mentioned less desire out their you Yeah, sensor

they with in appeal competitor back advisory have that in next factor? panel form What few a the positive You meeting sensor; implantable could potentially March an approved another on the long-term here thoughts a be had of months. your are

Kevin Ronald Sayer

That's started about. the the I past. product talked pillars back of where go And to I'll in that DexCom the

to got perform. You've

a patient. You've requirements fits got meet fine. system got prefer patients is that into to you've to convenient, those cost of categories and If that and the it, be

replace Europe, appears we there get And in who if system We that enough, some for that. our be their data but believe can think that's with clinically may at And advantage enough small that But patients enough, any uptick prefer tremendous may reasonable. they that seen use convenient look not it. to have. can have and easy We them we we that wish that well. technology somebody and we system how

Chris Pasquale

helpful. then transmitter then for timing production; update of items two Medicare can you the second – of give That's pipeline and share availability And Gen with GX an cost the lower patients. on first, Thanks.

Kevin Ronald Sayer

With can that tell at respect that wise. any believe ramping the Those timeframes two share world, – XXX(k) up middle XXXX. GX in different late go function, faster diligently. to We let hope We engineering now desk. my it Medicare see one on work really than filing because that is launch The transmitter lower doesn't would we're and are we the we're a I transmitter the that we that cost me the early have. XXXX, that perform current in the you, to

writing letters. We're with We We CMS a basis. meet on are politically. engaged regular

population. going We the are commitment by I end we'll the that configuration without of infrastructure to on with resolve We're up not resolved, to come hoping this we does. If go to will our diabetes I you let team and it, seniors a them But the ecosystem. have important can't tell to the their made that get of in is Medicare portfolio too behalf share. to Medicare absolutely quarter. It important it's our product to and

on really the I a So next hopeful have announcement positive I'm call.

Operator

Goldman comes from go Isaac question next Please Ro ahead. from Our Sachs.

Isaac Ro

a for regarding Wanted pricing more I guys. for taking little detail receivers afternoon, the comments if Thanks on the Good your get transmitters outside question. could U.S. and to

think said pressure. little of a I bit you ASP

drove what curious, that? Just

Quentin Blackford

things. are couple is aspect look a Mix Yeah, versus And as then other optional you at the distributor. there, geographic and one we of just throughout direct drivers is or receiver within country geography the the mix, Europe. the

patients who do continue to so option. receiverless And the find you move towards

on per pressure of the bit a puts calculation. overall it revenue So patient

Isaac Ro

jets Okay. to fly Thanks. (XX:XX) the by. for Wait

Kevin Ronald Sayer

you. got We've

Let's let jets here. couple before fly a by Isaac. the of us you Give go, minutes

Isaac Ro

I their them problem. service. for No thank

Okay.

program. would on Libre the Just Verily – sorry a be the I'm follow-up

it's that development in mentioned guys You there.

about is increase of Can over kind years? Sounds investment kind Or of this well? the XXXX Thank it as year Is of in like investment it's think the going there you us help track. on it when into thing? a couple next to you. peaks

Kevin Ronald Sayer

R&D Our all project in R&D money now biggest is right product. on, our is most investment already, really front the big spending Verily and the we're candor on of second the

the phase study we The still validation as ready how to variables are we're that, then we're first it's discussing (XX:XX:XX) is some decide to going in where launch where and one and in get and which run internally. verification a

Our as have we going into biggest that. Verily of product, neat really right second things investment that a in now lot is

forward first and and it one will modify it spend of standard better. three the our R&D get make going out, for we the as we as that years be part So next really then

Operator

And go question Misra Berenberg Ravi from our ahead. Capital. next comes Please

Ravi Misra

Hi. Thank the for questions. taking you call. Two

to characterization? acquisitions? optional with Thank secondly, of margins? gross of receiver margin little a just manufacture one that with been And your patient new then wondering the launch, are just a having. you we and was to be I device and kind of the on I a what a strategy that existent that less could long-term. thoughts kind that to purchase of follow-up step or on patient impact or you've commentary be had you. for on think seems to what think potential on bit function gross The it first driver? about couple I'm the Are how a kind you Having kind the in of points could was conversions curious be the be of tailwind longer-term GX acquisition. is my patient focusing of patient And would that, basis should agree this Would

Quentin Blackford

it to With profile. gross a respect going gross nice a on something future the margin to to size has the impact move it margin as a do it will corporate the just than not meaningful profile is margin, contributor the more It optional margin. gross a average of a but will that away tailwind is on goes from amount, going time. just altogether, over that make in away yet, move become the or by currently We're is so a the up it pretty receiver be and receiver be we receiver receiver the potential and less gross meaningful

Kevin Ronald Sayer

Yeah, and and I'll your question. that add answer then to second

better, from our the it And gross analyze our on gross as how patient offer at stuff the how margins per we services to it out. pricing this that's away make roll will of products profit value and the us is move is we While and we profit the a will look line decrease and models gross we patient. that we what that

are there way pluses minuses, and will So We're we're of to GX of do. them. we all patients, and respect the pursue do strategy. we that, are going we after there all always as it going to this With weigh

of wait We've the the everybody up we patients get to literally, for will big so for as respect very it's gate, for can and get waiting to serve had out from the buy CGM. to we not many upgrade the GX program with good patients a so to enough be us. to attempt will they build our But continue them We do the GX to GX and as launch upgrade. response to purchase – able existing

Operator

Kaczor comes from Blair. from question last our Margaret And William

Margaret M. Kaczor

guys. Hey,

Just follow wanted to something. up on

beginning true-up weighted a Can cost the commentary pricing you guys of call that's are that patient, have some relative the data on to available for available. Thanks. there that's these the that Specifically, few databases to pricing of you at relative the the had cost the data databases? average this guys

Steven Robert Pacelli

that. take is This Margaret. Steve. Sure, I'll

out-of-pocket up a would price an was traditional what us back frankly of our price much a DME to out our as and we So receive as so GX co-pay, that co-insurance WACC our The strategy. a GX, opportunity really rebates than We a gives the that do we is to would patient what pricing pharmacy instances and/or net pay we get pharmacy pricing revisit isn't higher as of our a kind of end percentage closer really a paying end get company. expense and the having WACC, we launch With the pocket to have WACC the in problem representative the back have take net and GX look provide look and those strategy. would could higher, we pricing they that of our individuals the up co-pay. pharmacy, to a in to was. versus the many net to some payer, get is a co-insurance pharmacy, rebates

the we pay payer. out actually get pricing pricing, We folks to those of out-of-pocket perspective. appropriate rebates So much price net we what can isn't with net of lower we as if reduce the here pocket, to can and to have from can can we back much do again representative reduce to which like as an WACC, really our lower pay also is the what in they co-insurance, net DexCom, value XX% a potentially

a – real a is positive for this So real it's us.

Margaret M. Kaczor

Thanks.

Operator

I'll turn now for that Kevin question-and-answer our to And session. remarks. back concludes final the over call

Kevin Ronald Sayer

participating. for you, everybody, Thank

history of like This complicated cash it and yesterday, theme would've launch, with. in how Anniversary early marks of calls. my explaining GX. a executing like the thousands this enough affected of global in in it's we time, gone and key in literally patients typical by full unknowns every connectivity that associated the to this A from now DexCom seems launch, in about anticipated, different. a we've participation change we DexCom This far to patients our much more exciting away day, we've United we're and complex Xth but In March; mode DexCom's product the been earning have on single at the environment speed. the another While and a today in We survive In thing world. over we'll most first-ever hundreds is ever play with approval to of in States, here is warp fashion, GX few in GX be all and period role received a the is lives late early of June. now thousand the launch

three future Have DexCom first a and day, incredible about to than – standards for limited hold haven't possible young continued in to technology our launch GX the patients. she's lady disappointed. to one going ourselves you continue We be of The highest and the is Early their with everybody. of at experience she phase teenagers her best share texted our who that phones? deliver GX, beautiful, I'm continues a Upon Do our say unbelievable. words Thank from first amazing. support. to other anything great reviews on your a to teenager.

Operator

gentlemen. and may This conference ladies today's participating, for disconnect. you concludes you, now call. you Thank Thank and

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