DexCom (DXCM) 22 Feb 192018 Q4 Earnings call transcript

Company Profile

Participants

Matt Dolan	Vice President, Corporate Development
Kevin Sayer	Chairman, President and Chief Executive Officer
Quentin Blackford	Executive Vice President and Chief Financial Officer
Steve Pacelli	Executive Vice President of Strategy and Corporate Development
Jeff Johnson	Baird
Margaret Kaczor	William Blair
Raj Denhoy	Jefferies
Steven Lichtman	Oppenheimer
Danielle Antalffy	Leerink
Kyle Rose	Canaccord
Travis Steed	Bank of America
J. P. McKim	Piper Jaffray
Ravi Misra	Berenberg Capital
Isaac Ro	Goldman Sachs
Chris Pasquale	Guggenheim
Suraj Kalia	Northland Securities

Call transcript

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Operator

Welcome to the DexCom Fourth Quarter and Full-Year 2018 Earnings Release Call. My name is Adrienne 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. [Operator Instructions] Please note this conference is being recorded. call Matt the Corporate Vice turn Development. now over Dolan, to President, I'll go-ahead, Please sir.

Matt Dolan

and DexCom's welcome earnings operator, you, Thank to call. fourth XXXX quarter

Corporate Chairman, review quarter and We Kevin year. This will prepared our followed fiscal a President, by Steve President and then be and a DexCom's a provide of our from the outlook will who of CFO; XXXX Development. Executive Quentin Blackford, President and update and of from remarks summary Pacelli, financials will and CEO, our our begin Vice Executive Vice strategic Sayer, with Strategy

open Following opportunity the to our prepared for that, let's everyone a follow-up Safe remarks, we time, and the question for will that questions. today. statement. analysts With we so one ask our up At review we an your provide Harbor to themselves limit call can

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

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

turn to I it over Kevin. Now, will

Kevin Sayer

XXXX for for joining Thank today put, DexCom discuss incredible an we Simply several us you fronts. on year year-end was as results. our

broke $X any, First exceeded greater year-ago. than through revenue compared to annual revenue. leverage. company and full-year have foremost, record its over XX%, continue we XX% Very growth also the $X billion reached delivering companies demonstrating expectations, same while device as fourth period quarter our and the revenues growing profitable most organically if posted while of to The on billion Clearly, mark a in on the quarter growth at focus non-GAAP year-over-year. medical few, we fourth

system our around with Class iCGM. for special redefined growth mid-year believe the continued drive for we March. provide launched in and been has continue to GX this for to approval patient outstanding. GX a and roll for a DexCom. GX Beyond With best-in-class in We FDA globally. feedback that the CGM numbers, system the it platform additional GX GX truly established markets controls and out meet we Initial to becoming opportunities II newly agencies has received U.S. late the first will being

both balance amending underpenetrated. convertible sheet initiatives, Medicare our of we decision did our of Beyond acquisition our note and including that late and strengthen in which financing remain pipeline by fourth International our with the solidify significant in significantly with quarter. a and product GX, support TypeZero in the inoperability agreement we adoption Verily; the saw increases advance we We markets, both in

is light our and production GX to internal dedicated manufacturing we our scale is the and need We our goal to from have the not we uptick full-potential. build we foot need set must This meaningful late significant these achievements to The rethink needed few demand, patient I but but of the infrastructure a capacity for in infrastructure part infrastructure Arizona better goals gratifying of this that us hard of which DexCom of drove determination in beyond. accomplishments in how make double our We additional sustainable print scaling aggressive achieving today, team, forward, Similar for to incredibly All organization announcement do, will have facing milestones both expand In and our to GX have place meet of and positioned put today. all year-end. we enough. working and within future. of happen. a for XXXX must come to in recognize customer facility, our not a success these our by every dedication to had be the XXXX the is our for The going at serve rapidly launch growing the team businesses GX. to build continued effort also base, manufacturing companies to for this that to capacity, that and just to anticipation made its

the our have changes, increase including support to serve past outsourcing same this an of location, expanded are have have our quality customer with to reduction expansion and numbers that the types efforts, Philippines provide on San facilities, in increase a includes third these our overall in increase will will new in staff certain of and and in These reorganized staff as much always customers demand expected more and locations such we’ve during of while a organizational being parties. to resources to steps These and that strong occur our individuals This will both an over business efficient continue next period result transition our despite well relied patient now Quentin accustomed the manner. employees at ability I and over the possible of our in they taken initiatives as This become they year. the Arizona occur grow We walk over move To therefore as open significantly high-level update. years functions Diego employee to step a to to difficult through on our financial as several the which changes other support over in had to our customers. the you decisions This focus the leave adapt we while up, deliver experience. supporting turn necessary is us necessary with and maintaining months. the on further Quin our differentiate a years. meet the and have ensure our sum for financial execute this next will impacts several recent to several implications positioned will Dexcom results well continues call through effort. seamlessly those to

Quentin Blackford

quarter reminder XXXX to million Kevin, quarter reported for on for $XXX representing the clear you, basis will acceleration same $X.XX our revenue was both a compared primary which I quarter same and call. a million as revenue we business, Sequentially, over year decline the XXXX, the currency saw quarter. in-line $XXX Thank quarter to growth in upside. ago XXXX, basis. that the on of the reported on by up in commercial are website. drove in This worldwide non-GAAP materialized ramp throughout constant fourth of refer of particularly sustained with year. U.S. that our figures in XX% of over A growth the Today, growth in a we our in available record XX% of was driver driven to some revenue us to billion awareness Notably, GAAP provided results our the the building was for revenue patient, expectations per was third which this despite the on a the third that reconciliations

overall of revenue result $XXX the the XXXX, our QX of third million research of of and commercial basis on a Nonetheless, resulting U.S. of for charge year, growth International were of pleased $XXX our improved XXXX, to Operating to an related attempt our as sales in throughout our foreign non-returning move changes. Fourth our the QX to outstanding to three expectations our and in some $XXX in quarter of to expected XX% of be growth from business margins this quarter. our see million. quarter of a accelerating were shift agreement. with pressure achieving realized consistent XXXX. as from the patient. This the excluding gross quarter Consistent first one-time XX% and quarters continued these profit half the out our the operating year growth exchange up million, favorably and in expected Verily in we’re As into the fourth quarter Apart as in the proactive compared continue fourth an million play growth the amendment $XXX Medicare our gross we expenses as contracts a were including noncash fourth XX% by headwinds to back particularly channel payer reflects to with direct to the quarter. impact revenue reported saw million mix, with charge, the a markets. compares rate begin per $XXX delivered XX% on and driven we expenses development QX including growth year-over-year XX%, or and increase quarter and were channel, well pharmacy businesses, international we continued XXXX XX%, of

year, of for with the less full adjust than related expenses, through the rate XX%. at that non-GAAP amended XX% of operating the For realized half non-cash we Verily growth for charge which agreement to

a profitability revenue delivered controlling the in meaningful of organization improvements XXXX result, profile. and In great this than addition better our did to job spend in expected

the research this quarter. EBITDA, the of compensation XX.X% million was which fee and producing adjusted time. or share-based of a the profitability revenue business that consistently development is profile over for non-cash Importantly, excludes Demonstrating fourth and of $XX.X capable impact

million net non-GAAP was $XX.X per or $X.XX share. Our income

financial with QX which following back to offering stability goals we the proceeds long-term the laid progress December in XXXX. in million with convertible cash in front sheet This invest the fortified $XXX being Investor with billion in on made and having offering roughly need out net We’re nearly key comfortable the incredibly initiatives. remain equivalents, We balance profitability quarter includes in our flexibility of our Day happy in strategic and $X.X our provides ended share the repurchase at and financial XXXX. our note

availability to continue million line full have We of of revolving credit. $XXX our

in between by headwinds offset Turning $X.XXX associated higher we channel related we patient anticipate billion full-year rate revenue January, assumes as outlook the volume $X.XXX billion. with and provided to growth per shifting early a mix. to This revenues patient XXXX, of of decreased

a announced the that we initiative summarized, of Kevin as us business. position and earlier better release growth to press today corporate increasing meet our in saw demands our you As will in

related margin we Gross half we full-year margin to non-GAAP incurred XX%, As going be primarily will million the financial roughly and adjusted from XXXX forward. XXXX non-GAAP X.X%, in the improving margin a consideration, to results. With of will result, roughly to restructuring be charges financial our approximately incur and approximately that expect XX%. excluded results EBITDA in that first expanding following anticipate to increasing $XX operating

a have We call With our a to versus non-GAAP strategic on I over comparability turn a now for on as of as Steve non-GAAP included presenting for well update. purposes. website, GAAP consistent a the financial historical basis will that, reconciliation results trend results

Steve Pacelli

year sensor primary well great as continued The year, at our of have plan Quentin. launch balance In for a Hybrid forward shifting for we our the was U.S., to we near-term the U.S. recently in strategic the for Thank algorithm as planned GX partners roll-out the includes multiple of Medicare of the to a outset Tandem’s system XXXX delivery which acquired later our of insulin year. XXXX. to the Closed Control-IQ GX priority and GX remains Loop and our TypeZero. we introductions of progress look begin from you, this platform, DexCom patients

they as excited well Insulet we making platform, pens Lilly are the as with progress pumps look to about connected as and to the on bring both We continued are market. Horizon

pen smart Our with integration continue we Novo advance announced to that since and partnership October. program Nordisk in

these in commercially that and in push We expect and see available systems to will Dexcom integrated pen forward XXXX collaborations to smart XXXX. are other continue

work with future you agreement of November, product our amended commercialization improving Verily goals of saw aligning real-time many This we all significantly As disposable our fully our development further as CGM. collaboration strengthening royalty in profitability and our payments, the we long-term amendment interests outlook. toward eliminates a

in release. Onduo, a and XXXX on remains track or or GX we United drive X Type core Type working With continue pilot XXXX as system economic efforts they health late the collaborate people Our utilize for benefits CGM in diabetes. to GX next a with population and non-intensive with tool to on others generation early horizon, the as for X Healthcare, programs on

we both Both impediment markets. burden in to for In kick in and the health major an new are these glucose to of on of system. represent economic addition, uncontrolled applications track and patient this a to year gestational studies markets, presents health hospital which

remain progress. we questions these we While positioned enables GX and forward steps. the We as key studies leverage in platform technology next updates as us are to determine to early a stages, look well providing to that answer

it opportunities expansion pass strategic to With As and continue you pipeline can back see, of Kevin. we I importance we that, initiatives excited drive the will about market a are and ahead. number to

Kevin Sayer

as a general. of historic will Thank you, diabetes DexCom Steve. technology year in milestones XXXX in for stand and

for awareness growing and the CGM. of XXXX outlook contemplates value the Our

the own and based position Dexcom long-term competitive on leadership Our operating moves GX optimize channels proactive increasingly and for to distribution technology, efficiency. landscape, our position

the now Q&A. like enter with XXXX benefits excitement the and around open ahead. up for CGM awareness would Given of our that accelerating opportunity to XXXX, of lies the throughout I growth we the call Matt? growing

Matt Dolan

Thank you, Kevin.

As one only audience we ask question to limit follow-up. to with a a reminder, themselves our

instructions. to many additional provide please as complete address we allotted. please If ask will time Operator, in as the you attempt the like requeue possible would and questions, to Q&A

Operator

Baird. question Thank you. Jeff from comes [Operator first Instructions] from Johnson Our

line is open. Your

Jeff Johnson

can okay. me, you guys, hear you. evening Good Thank

Kevin Sayer

problem. No Yes.

Jeff Johnson

to so Alright, is for pretty and deeper be I there going going thinking queue, the questions some I’m sure taking great. revenue things was was like to is that, my Thanks call. so be I in question to you the simple, over year they updated you in initiatives on if looking Medicare place that use guys put participate could hospital heard the be CGM in just anything that any or from two? could kind next of

Steve Pacelli

but think will Steve. that near-term. relatively on lend we focus terms in-patient in the specifically a programs, CMS to business of in is Jeff, the we Nothing that evolving in particular control this has that are aware glucose absolutely setting itself

before heard for. of not being readmissions glucose paid of as result control, poor You’ve mention a

you new focal should that a that commercial for down trickle as hyperglycemia as seeing We’re the then expect into would point core CMS and payers obviously well.

it. still pretty yearly, but all we’re So, exciting it’s it’s a opportunity, over

Jeff Johnson

to or we obviously gating of half of the second higher least updates first you just on and lot of XXXX at Quentin, conservative point? us should should half the two models to then be thinking of months we’re And versus know be be up kind here, how somewhat into Thanks. quarter this we just setting growth any and looks guidance a kind at

Quentin Blackford

start Yes. we about We at good into feel XXXX as where here. we’re

XXXX, we back are think up of naturally you given tougher growth I that rate. course the see just we the XXXX given in accelerating would against half the growth comps over of lower the saw

first back half. lower the growth in think rates than half you higher expect So, I should the

would the the in In bit to and and the of the the we point what reflect which growth trends would just we a year, a XXXX more tremendous seasonal was look XXXX year of to cadence, course saw over the out trends expect profile I different. in seasonality little of the acceleration caused XXXX. of business terms

is first and think – in-line to is think about So, the it. revenue XXXX right probably way I with of which in so the XX% quarter, or thinking XXXX about

Operator

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

open. is line Your

Margaret Kaczor

the a growth the with Good for delivered you just original guys obviously Maybe Hi. the follow-up Xx start on thanks guys, guidance just to guidance. questions. afternoon XXXX taking to question, off

those year of defer kind the you year? last into as this to look including are at weighting this guys risk made, assumptions to you year, do XXXX as relative So, how that relative looking last third you and year

Quentin Blackford

the the of you think course I show over out beginning headwinds last we business as of year. go laid we the it that back the up the some year, of in anticipate to may

think fact did showed year headwinds originally but to at in we in I look look show start they up, up you later what anticipated. than those much back that when the

clear very on. were early we So,

patient full could in until there quarters and quarter. fourth the that really be revenue then We third the quarter those to worth expected in the see a didn't start business. We per headwinds really

think they that per about know by what’s XXXX, the different probably we’re patient the in So, $XXX know the as they expect at going in are all things to continue about XXXX, about and in growth, we revenue is contemplating it into of growth the million be saw similar a year of the in we per approaching to When I dollar little to guiding how in look started out. with now absolute you we to are is headwind is, business were our we $XXX to we’re I playing they when that been $XXX when of the later right play think we’ve think respect impactful but we about somewhat we dollar We guidance, guidance. QX, than are absolute revenue there’s so a million clear timing patient to headwinds bit originally manner expected. although million

if actually the about a gross year, just back for with in which million you what you’ve line to more increase course right or of is that, of delivered were less over So, the in XXXX. $XXX normalize we got

it base that on of growth dollar is look pretty think but rate consistent. absolute off growing you we're when the a is starts growth sense much coming a of, it So, make way. to lot The more difficult down that obviously I at

Margaret Kaczor

on as about update XX% think the guess pharmacy And little I it now? of, going as any us quarter, guys to of rate was seen that a throughout can you mix under follow-up, last the that thing and of kind I mix in you plays by are out do have [percent-lives] driven then as just coverage, Okay, change a then bit ad an grow XXXX? that’s on helpful. yet you that and give how the patient percentage are seeing ad a you expect terms that pharmacy

Kevin Sayer

that I’ll is Margaret. Kevin. This take

that and above most through to lives covered Our of can doesn't benefit over just all slightly DME dual our let vehicle. physicians over lives awareness recovered that, of up again And mean XX and it also, with covered have a remind it’s pharmacy plans and pharmacy, they patients pharmacy. and us were now, they processed XX% through me we you to because drive have be

accelerate had channel drugstore well talked continue some see direction. which some process, really that good DME several untapped a think a mix, XXXX. ship call And are as better the to for much things that exciting in We tremendous the going very channel expecting the of their rather opportunity pick wins, we as can over alive the the about expect months have peer and to local, Quentin to course discussions in national regional at is year. we’re the and in earlier, position. and past quarter, We through level over We’ve you and I some first know go us the up patients in than product they mix into and

do business field definitely the shifting team So, to our as there well. and so we're driving encouraging and

Operator

comes from from And Raj next our Jefferies. question Denhoy

open. is line Your

Raj Denhoy

some performance near of just still markets of Wondered term the in the ask the reimbursement Germany in? in the afternoon. mostly quarter, I are very establishing strong international already in there terms you're good countries coming and and contemplated Hi, from or other again if about could

Quentin Blackford

existing The within. from we in are operating Yes. the that guidance is primarily growth our coming countries

and how up XXXX expect how countries to we don't we been seeing let where concerned about more revenue and about the then contributors all in it we're additive the the at to we the it product that we’ve the market Korea it’s We big into will into approval becomes think as be future. look talked those opportunity start Japan, get there’s when to we're think like regulatory the numbers, performs and I I overall into far number but can see open incremental opportunities as fact think to overall recently.

Raj Denhoy

targeted more larger I be and that contributors? past here routine where countries reimbursement might there XXXX could up? other you open to the establish Are that specific markets that you for here UK large in think you’ve mentioned expect some

Kevin Sayer

progress making the certainly UK. We’re in

several to We large make continue are the funding where years available is of geographies initiatives, expanding are couple government where available. and they a Italy. progress funded where population are in there There CGM CGM announcing over

this all opened we so fund where For go a so but and DexCom cover will of they patients I'm cover those okay for where and flocked will example, We now eaten take that pursue are, bidding to not CGM, and are to into XX a Australia are example, even many expand and were for advantage in going CGM to days, as said, countries opportunities. [indiscernible] had years we bid they these and of competitive saying, going not They to only we had are situation, and up opportunities. aggressively those say will they several CGM. million details we adults within will those more, situation, budget in for they much XX entire ago pretty up

So, of and advantage where can opportunities take next the we we’ll those advantage those take year. of of we care rapidly

Operator

from our Lichtman Oppenheimer. question And next from comes Steven

is line Your open.

Steven Lichtman

guys. Thank Hi, you.

pharmacy course second I more also a getting how extending becoming for and of into ask want your discussions the in coverage around I you payers about of this talked revolve start past with think year? that making and contributor Type could progress revenue that to the Type on much the X X’s, opportunity, You’ve are that intensive intensive

Kevin Sayer

access. with discussions is the model that The of decision is think contributor. get and players become takes more to pushed while this coverage these all decision overall to our coverage but our We what of pricing as lot model, than what down pricing a people. and has business access access will it helpful, the ask expand the we A to patients been Medicare for is Medicare it in individual a all of conjunction more revenue

intensive to been all with talking We to Type them. – unplanned But our intensive are we in variables these X now the of and faster it patients a under will Type all portion I’d that Medicare access large physicians can of love to believe to just We all and already. increase need insulin covered Medicare within we've have access X using have access. intensive they’ve they coverage. it insulin technology so, X increase really than Type very candid awareness be population of been is. that And you

Steven Lichtman

And year? on then Will in potentially United a it. non-intensive this update outcomes Got as follow-up. there we any study get the

Steve Pacelli

all findings the become really with we’ve this a really pilot they is rest Again, as not a share a as Medical thing want do the that to kind X not guys they their programs If just reasonably of X pilots before non-insulin with It’s you evolving said be on the and hold to Type we’re proprietary. world, Steve. into out doing, is is real of is of patients non-intensive Type and – a going real don’t This Journal. but taking frankly, guys data but think are world. to have fronts on the study the world, United, and with are these published world. large of that something very of investigator it competitors The very studies. a real And number this last be principle work these

can't United imagine be to going vocal going going I anything to think see is it. publish and we're I not about certainly permitted to to so, be about you're the United or don't too pilot And

think probably not. is the So, answer I

Operator

Antalffy from question from next Leerink. our Danielle comes And

Your open. line is

Danielle Antalffy

taking Hi, good thank afternoon so for guys, the question. you much

pricing but question, your relates seeing? Just this trajectory. to we so Europe That’s you're or more then So, worse question it think seeing that kind in increase Thank think for XXXX, to to And we’re obviously right incrementally curious at not do I updated of how guys? any guess product? the is for competitive the and U.S, get longer-term it’s repeat the of U.S.? itself headwind the at than impacting I as I appreciate each mean, and I change that is, is specific growth that right sort will the the bottom here it first you’re Abbott you the like have it’s pricing year about specifically price in now what much. landscape follow-up and

Kevin Sayer

good that all Kevin. is That’s try the competition, time. respect very take and to This I’ll question. Danielle. With we competition take a seriously

continue past. Quentin to as for than more by the example would than has on Medicare the currently we it the business our I greater slowed U.S., other the hasn't our it in While vision channel pharmacy often for advantage to we channel our With on to before want pricing take do move if respect is competitive in design into that has as competition. pricing pipeline, channel to much and future been those products anything say focus our forward relatively well we the says, growth and things we us environment and as trajectory, and our has of but remained consistent, channels, lower price we recognized

We our We talked factory our turns at GX. GX talked as pricing We’re Day be preparing building it long-term be. environment out a whatever we the Analyst to the of the for talked the viable doubling capacity competitor in Arizona about in lines. about over to

the at market cost price. of brings. over premium seen get the Europe the and preparing believe a look going continue far We As as a market is others the fact profile reason for technology what we the reimbursement we we’re whatever our very our we’ve recognize CGM in the is to forward, to on and so valuable is technology value

those to We will models. work

in U.S. models those to work will the We

we’re so worthy it our with through the take being has we received we’ve have and have for it patients and those expenses grow make operating been it its of premium talked well. to will can ends, access product better as That been all as said, where far, do easier for mix, about, we connectivity increase will price and get features decrease to channel of its to that. but adapt and and and also its think if we We our the that payers advantage opportunities we performance, amicable accuracy, its

Quentin Blackford

add. just Yes. Danielle would I

you early CGM revenue from volume the ways traditional so opportunities going folks and of a so are patient but sticks from in the that patient of to think of the that go you so revenue opportunity open the volume the headwinds, the in of for per headwinds intensive volume CGM to significant I a the numbers I profile that there, adoption markets is years us we’re in of diabetes up think, again any more is be front opportunity way think those to there that growth of I different while growth world per these from significant see converting beyond finger significantly as of I out come. runway think may time, some there’s perspective other over technology tremendous

Danielle Antalffy

Thank Got guys. so you it. much

Operator

Rose And from question our from comes Canaccord. next Kyle

line open. is Your

Kyle Rose

Great, hear you me much. Can alright? thank very you

Kevin Sayer

Yes.

Kyle Rose

Great.

longer-term on professional Just that then kind next of is of product kind it version, I’m one near-term cost I late the wanted help should the interim have XXXX, mean you And be early understand into you question lower may expecting GX of transmitter, on over period extended potentially GX just here what priority, the months there the know roll-out cadence of XXXX the margins. milestone the more the for an some just or back course getting over globally wear a dig us be time we just there, whether wondering be? product XX I the GX, and Medicare obviously to months, in think is timelines GX the to of the anything XX reaffirmed I

Kevin Sayer

interim a me. fun and We great improvements always a one of That’s question for our at look product. certainly

with improves is. once done, launch – out you an at because every model where we we we long this Not go algorithm after If launch we really we have with everything all we’ve example can look significantly generation and data, come that figure performance. ever for it

So, we technology. algorithms are our exploring with new GX

We are longer time. wear also exploring

for our help We for have the iCGM the cost certainly we whatever period remember, longer differentiators will talked be a changes. lower have We’ve caveat XXXX. of half and patient iCGM and sure through of the We is and time. be. through that have that us broad around with transmitter make second during our We will certainly to inventory now, in the standards that ability may they iterate meet scale experience can out got and that do features to longer got but software key be our full meeting one cost wear the standards reduction

our software really better and offering condition the and but to decision them patients tools we focusing for we manage can till tools as manage information offering will experience they’ve acquisition on and at we those for better look get Certainly If bring make We it, make experience in tools to their market. and patients meaningful better, development we to if support them the to to TypeZero them are better our condition. and done a but we intend developed tremendously not day. tomorrow, GX, done every this we wait mistake get about have them no make with and want do and each GX, there to more get no we so, will patient

Kyle Rose

to as you expand charges but when you’re help capabilities should over obviously mean can from how CapEx internationally, year you. perspective, on some the of near-term and any this operational those should an guidance taking about of operations building the margins think And us some a lower-cost region some we understand of the impact capacity? manufacturing Thank going then kind maybe how Quentin term just operating you then I long invested to that

Quentin Blackford

Sure.

cost to with about is years or over range Investor at talked of taking in that we kind consistent of including going assume that think also mid-XXs that improve to expectations next to so. as five lower there what There be patient allow be we're our in back the that will I we we lower of margin several continue later gross to transmitter for us levers terms the December, with going headwinds that year, cost Day revenue in in the per out is us this expect are but product, well. that dealing

So, the the come offset will cost from will ultimately the I savings offset per patients. those benefits think lower headwinds – revenue that

with consistent now where or there’s relatively to at if we than better being as we’re upside execute and deliver can that about think it. So, great

big that. really capacity opportunities we in, believe and not it hit Markets focusing capacity have the tremendous in but be year. the of areas want and of of real were in double Kevin in markets that We one we on over make potential the address the us. to see to sure opportunity the is front there think on I of course about yet is to that we how

capacity facility, CapEx the building see So, over as some well up lines, rooms ensure to year going spend just north of significant you're automated we as we’re that in out clean course fast out of incremental this can. and possibly our to XXX million Mesa build stand

think the So, to that’s I way it. think about

year. to margin, to That’s operating a a over laid of basis XX% XXX terms get horizon. roughly cadence, points a five-year out In we plan

late We’re I And with today. that making not understand, of not therefore the patient well committed it’s are out XXX a fact ensuring guidance and one reorganization transition, to think that’s points you here the I that is think we’re a that committed that this getting all through we at looking know we every experience pathway equivalent important levels or workforce focused and of in in market roughly company performing resources to each basis at the we’re great and in performing the better incredibly are to on we’re we year, towards where down. XXXX can reduction come today, way any down our we XXXX, midst until and the XXX than that points laid GX delivers along start in good we're then the progress the year basis far to as as getting in this and necessarily but that

to Otherwise, a a here. transition leverage got cost the smooth better in at. you’d we alone. you L through about see can P&L this would that there’s ensure out that that duplicative coming good year feel call and that about more are so, we the And get where P& We're just year we great to long-term we I feel confident this laid plan But it.

Operator

next Lewis David Stanley. question Morgan comes our from from And

line open. Your is

Unidentified Analyst

quarter. David. this the Congrats Hi, [indiscernible] for is on

follow-up. sensor for XX-day trials update see the Just any on – the got an year? could one this we that later for approval is something for and there have I me one for GX is and

Steve Pacelli

comment in near-term not specifically that’s something We’re pipeline. the to on but certainly timing, it’s the going

Unidentified Analyst

increase you year? percentage point increase expect XX% about the And lives would over today, XX% think going XX that pace had we the quarterly of last covered the quarter, you course to That pharmacy channel. forward Okay. then should or

Steve Pacelli

push mean XX% important pharmacy that thing not just as we an predictable. to channel the pharmacy a business we our It’s important that of Kevin that as say into that processing when the of hard thing and mean, channel the said, I XX% continue transition have commercial can business to is through pharmacy commercial have lives doesn't benefit we the to yet. we we’re remember remember the

education under addition the of not lives is the through pharmacy covered folks just contract than also otherwise. into additional So, it’s those transitioning and it channel

Operator

from comes question next America. our of from And Bank Steed Travis

Travis Steed

taking Hi. I had question iCGM. questions. a Thanks the for about

on patients all it wanted of get I can picture, having for think we big have competitors if the can an you that how those on does one and with if just payers, impact think competitor day you but does the another your conversation changes are better or iCGM, debate to customers? larger patients ask not, the get conversation do

Kevin Sayer

approved about standards in some means, get we performance as I other fronts. competitors know payer the Where than the In I the they they I’ll channel believe our relevant Kevin. wonderful that meetings sit payer us know to don't iCGM here of really quicker. and set two take is bought against extremely all becomes honesty, iCGM the iCGM in get up sensor. and system various products is today what This DexCom's that Yes. as for through much it. designation on about

for we product I said approved. earlier, for iterations standards when As future to get us shoot

product XX-day to needs have with that insulin with FDA that different can space. if we clarity before designation. more software file for and augmented points in we drop pump perform that and talking that pens, various and various and and to they the approved. the systems, around many we others about, in operate pump designation, we’re intend around get will we We assisted AP example, we two, love into software to partner know iCGM get to sensor need interoperability For you how they’re there’s systems And product exactly different that Number data algorithms. when people. Then can how attain to that sensor with us systems, this CGM go the the opportunity give a an software systems already into

our the helps is significant it becomes we us faster designation, go all we that with it already but and partners now partner We’re we all go a Where anyway. faster, our evaluating people number help change in and time of honesty, when technology. try

in platform on we somebody iCGM for like or and XX-day to because and that our they showing a clinical our don't with the choose try works iCGM offering run integrate future can another when go to the platform, incorporate the without system we’re want they into study go because the properly at immediately partners just market GX in sat when we they So, We to former center the tandem past. running Insulet filing. literally meetings technology technology a to with are example, not or

side. don't a driver the comes performance is we’ve always always on I been it and sales that. So, a the where driver in. know that big DexCom iCGM with that’s has led

Travis Steed

co-pays, into committee traction customer also that gaining behavior? And your you’re of one payer preferred that important think and all do is a about changing at competitors question, how seeing you talking is is something the in

Quentin Blackford

that is both there some out different goes quite competitors think of are between that ways the that I there. probably honestly

thousand in advantaged point policies any direction been our well advantaged keep has where we’ve either think, that to of a working in competitor we’re contracts or I knowledge. to is could nothing been that all and mind other there There different significance of is north payer through. we

it’s it or of rumblings a on hear scale. we So, very small there, usually here

in nothing of it’s significance So, there sure I’m and concerns nothing but out pockets, that us.

Operator

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

open. is line Your

J. P. McKim

kind income the any tandem days from taking notable for that with Thanks have in connected that you MDI, you recent Hi. wanted – of given shift you are to control question. months? just and strength pumps, ask, seen the in like the then like adds and any you, from difference your patient I now,

Steve Pacelli

No.

had we where seeing, historically a pump the did heavily been last years over users. several weighted more we’ve what think shift I been to see we

our patient I represents, it’s appears the which patients to and kind most anecdotal. patients. basically market are don't patients We the MDI are of ads is new of think, pump perfect we're but data, our that again XX% balance have it what U.S. XX%, the tracking in

J. P. McKim

one pharmacy. and Okay. just on That’s the helpful

revenue more and this hear have or strategy these is, will or and contributor forward? walgreens to of going is push GX large point see actually call these wondering it of the You the material centers at is stocking how are you you much enough that the, that more kind in a to evolves of it I of strategy that this just and I’m so, say how how much want in-house,

Steve Pacelli

stocking model Look, stocking been contribution that there relationships through. toward our would business in in distributors no shift way would any the orders from have incremental type has come skew or or no that results

our Ks a matter and our enough, fact, significant were MD&A our in you’d meaningful call and that’s of the As see enough Qs and case. they out those if us of not

driving at that point. of any have this don't we results So, the

honestly, back it’s fourth well of single we what anticipated accelerated had the into quarter was You year. was I beyond encouraging additions the the quarter, every is go patient new think number of what most and

So, there. And the from really that’s There a anything think the is driver. tremendous not perspective that’s been these drove of I stocking momentum has any results.

Operator

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

Your line is open.

Unidentified Analyst

margins to to is Yes, how guys capacity for XXXX the – Are question that? is able impact expanding in in this going Arizona, [Matt] is that gross to regards in XXXX? with quantify the My Joanne. and hi, you

Kevin Sayer

is is at unit What In of different production just XXXX, I'll being Arizona there up weight you out we're to faster up degree adding there if it. stood clip, with a already a is it's incremental facility but incremental put standing on and we that Mesa been the into think capacity from increasing for the a margin lay gross of about how moving kind profile not pieces. the lot

incremental absorbing that So, all you're cost.

as a you're of have going international a have have the but Mesa now again, mid-XXs, but lower weight a to And designed That have of per the the result shifts year. XXXX a associated have with benefit to gross the long-term So, really full-year benefit cost of channel facility, XXXX will you of think in have business to faster, you transmitter more full continue you back transmitter, grows are going way cost of you out of revenue headwinds out What be shift. you full-year as gross will put with get to as far Not don't you impact ahead though about the the the into to the of any those to channel right to benefit on year patient this some into margin over going impacts that incremental out time. the we've different now of roll-out transitioned will lower levers pharmacy mix think but XXXX, the and get results. continues probably is baked as getting course will I playing the the your offset in the you're margin. over that is playing by

Unidentified Analyst

That's follow-up. helpful. my just then And

with competitors your an partnering have and for well. as any announcement with taking they’re made thank Novo that questions? the that impact up of your them Nordisk, Does with strategy One you

Quentin Blackford

relationship. announced Not And Novo been longer at mean, I that. our with in We relationship than that as all. Novo October. they just you tell far announced I for know can we've with back No. working you

technologies intelligent their software integrate to market. to push that with continue forward CGM to to our We develop tools, software be coming will together robust tools pen insulin

earlier So, any this has I that announcement impact. think don't week

Operator

Marcus JP next Morgan. question Robbie from comes from our And

Your open. line is

Unidentified Analyst

thank Robbie. is actually on you. Hi, This [Christen] for

of acceleration, a that do users. moving question XXXX follow-up. rapid for Thanks, where of that have it's put harder Abbott the saw levels been But you in? numbers. know the for then we the one course Type think market. to and I where how CGM in on versus And active development million do XXXX? X have just track out compete penetration user markets now in the diabetics see overall CGM you I over the for very see they about X.X had Just you overall to you

Steve Pacelli

define than we Europe. U.S. the XX% specifically that intensive our Type Abbott's know what far space. technology. I'm seen in your mean, and down Abbott patient to going patient to you think kind perspective, a a lower an on in here the much I what non-intensive we've the contract prescriptions But in that of we're track pushing using think comment what probably come not I of actually active X about will patient I how It's and little base X numbers Type because we penetration, to from is harder

install hard think so larger probably little their been over a tell. of longer to kind base a there, patient bit I but is has in Europe, Abbott

infancy the I we're all addressable in terms is of we here in that think still really still, our patients. story

go. So, we've got a long way to

Unidentified Analyst

that be coming in the terms you you midway you know And other through And partners? of uptick the ASP of, sensors launch then Control-IQ Control-IQ any Tandem. of How incremental my that we through do follow-up baked will Thanks. Tandem sell about is up sales have for in business that of with thinking should launch have your you launch in this system? the year that of you with just versus

Quentin Blackford

Yes.

near in of ASPs so going least pharmacy delta that with the in sensors change at is that DME not change be on launch anticipated to the break there the we're So, gave relatively things respect that the many to components Certainly, for wouldn't will term way you this either there. our terms is there or down any But one the guidance I be through mean, no we the guidance. year. the process whatsoever. won't we of product, of the in

Operator

next question comes Ravi Berenberg Capital. Misra from from our And

is open. line Your

Ravi Misra

the for thanks Hi, questions. taking

to a on a of but figure margin. of range just on revenues, So, – kind you get gross kind point wanted have Quentin, you a

essentially we my year-over-year a haircut on like-for-like that per around there? I the is I So, the a because but how reduction? the patient of you're little of is revenue, of transmitters. okay, is to is flat kind that then cost think about think a And taking it lower And bit range, between the top restructuring. follow-up of of of your guess, margin mean, these kind kind do of cadence is, right range, bottom the any well of of the question first kind of my

into more you a just you have bit in around, upfront could you of that in What you. you're help are Thank understand tremendous savings putting give the you that the continue risk then to expecting tie growth there? how little us that investment at If look kind as us And there. severances forward does the driving?

Quentin Blackford

and that's respect of so playing part Yes, of the on or kind year try it. you channel. that's transition I'll a margins, impact to pharmacy through is With cost the channel to through the for lot hit getting on remind I can of me there. the full hit we're back of and that the there a the offsetting if the it lower don't only how continued half a towards pharmacy and benefit transmitter

if annualized like-for-like of a not a it's considered. basis full-year So, it items all necessarily one-for-one was being

I on approximately XX%. and and In came the point terms think gross we of said range the the revenue out on margin,

different ranges. revenue the based I think, upon to you'll find it's into going their round

that's $XX about the a end little and was happened of we low happened that we it's the identify when feel reorganization flex individuals primarily severance Most but could both going which the pretty today, to on With triggered we to as or we that to So, and work restructuring most year the right million that around be to that's high the most half talked of related through the we incur of impacted those today. retention. whether we the transition. about it And incurred to going a cost bit good or we've in respect first there's that that of are going of set year of costs be date, this will has end XX% range. now

Therefore, us or of the part we the like mentioned what get than of I until the we upon communication. triggered year line run continue recorded performance today. first a to will good with currently is that better part you've be half metrics at that over those going or happen it's the So, expenses expense although in be some earlier, of to going people to in course

remove foremost a through we'll then going quantify out managing well. We’ve non-GAAP is to left transition. We're in of good makes experience this the So, sense. the costs accountable where we not any those did all start holding it But those exactly what of is. ensuring to for ourselves separate costs. our first duplicative to not And patients to that results. We're and those

it EBITDA for XXXX we’ve We’re not at longer-term this quantify helping margin point, be XX% margin put out of enabler operating to going over a nice goal XX% to and five-year there that benefit us that that but certainly will achieve horizon. goal

Operator

Schenkel And Cowen from our next from Doug question Company. and comes

Your open. line is

Unidentified Analyst

Hi, to comparison, year. seem but seems base amount would that so, decent the that correct? I'm it's install a install for doesn't momentum Doug, correct? this it that tough thanks taking your is in occur? Is for per Is patient if It my revenue [Ronald] versus that even your I headwinds, like in questions. that XX% the imply this is slowing? why the at guidance like of base XX% XXXX. appears know high-end looking And XXXX, decelerate grew factoring growth,

Quentin Blackford

or to base the going the patient not we're install Yes, about talk number.

to earlier and in the it. think different tied each in everyone I players different out at it has got how market Steve the of definition laid the a look tend differences into

pretty the revenue coming XX way of that our I to about on headwinds XX%. that our headwinds and of price patient XX% that clear to layered or to in think XX% think we've about points is XX% guidance been growth. per potential We've the take volume the down assumptions from guidance, it our top or in

mind couple I So, what perspective from things. in XX% stronger think a but was XXXX, our different to on a in got up you keep yes much volume guidance XX% to

that got difficult base. growing grew of. had more It growing than launch you off of You of don't in much was base that in off XXXX growth repeat GX XXXX. XXXX off XX% we different a you're XXXX that also in was what XX% the base much And

XX% can if reasons There's be is And then I to couple more growth something lot slow of it bit. terrific. think with. to very might So, why there going a XX% you a deliver happy there. volume that is still we're opportunities than

Unidentified Analyst

their expansion patients you program? can average? then within or more plans How broadly? patient per can expand DexCom XXXX? how you specific them for only often you this Thank And And How to is U.S.? for using annually about broadly expect And they're the do Okay. talk Onduo's CGM on in high-risk talk on about you.

Kevin Sayer

component how CGM can medications. it fantastic. to be make many business number to Type patient can they'll has going is the this as I pills. are I worked happens We There's their not this us them your more my will when make by to and a I different players all what tool properly CGM is what what exercise be it's over critical be through is of this an does. And possibly as exercise routines, help this Absolutely serve The not gee, present information nothing management. a does, well, all give think out change more view work question quickly we in for potentially a do it huge with We studies We difference. a year time. the take offerings information plans. then is a Type or can. with can Eli them. becomes And figure if when we worked use medications diabetes can is CGM We of ever this and programs very reset they different implement Their X Work what manner people on as tool. take had we typically they privy as big that like we patients much where Lilly you when going I diabetes. the will with my and in them. as be use manager patient And believe in CGM believe and changes to a get lifestyle educational and the loves CGM any of information view product that condition that's as does. do And one go out He provide talk to X We look And to a by something to at sensors. market. out you to bar their a that X other a something Type that model. Similar the it to Onduo's nothing.

Operator

Isaac from our from question next And Ro comes Goldman Sachs.

Your line is open.

Isaac Ro

question, a Good can on for Verily the just some update an afternoon, In – program. guys. your us will milestones key in if loose development starting and this thank first great of you, expectations making you be Maybe what's terms what that terms, calendar give year the of are for point.

Steve Pacelli

year committing the Isacc, of so was be it us to track. on you our this launch XXXX about the it's really, it talk the end remarks launching technology Verily. Yes, product a remains Steve. and platform going to together as referring next with GX by that or of Verily We're incorporates part the going That the in product is of call prepared to GX It's a first anymore. and DexCom heard the not of specifically will GX we're first time forward. What that line and

point, of – we're or regulatory year but to update in specifically goes the going on the comment at of probably trial filings we'll you clinical this terms guys terms on. not as milestones In

Isaac Ro

for question you. Quentin, you the That's fine. And on Thank guidance. a then

of velocity of or may Can be a could us may bit just Can think little margin the of quarterly this all just that seasonality? you of the on and not operating year? here P&L revenue year if help cadence kind a non-obvious aligned of Can be Thank this you with with that pharmacy there's moving in say to revenue little bit the the if you. funding any beginning growth, the mismatch to kind you of expense help parts that business. the the given us line from we combine about top growth the Just year?

Quentin Blackford

of the be into cost smooth and the to first through time, Yes, period the first QX. in of in I through whole which part, half then this is the transition ensuring to really point way back going we're the start of third-party to think that towards into of year that to late starts part our we a a and the alleviate for to have be to workforce mid service QX Philippines the continue half duplicative and willing and P&L providers, going run

So, operating that operating improvements you margin to place margin half year. take in necessarily but you're with ought those don't the headwinds first sequential have you see going course of significant the over think year, in to improvements should of the the I expect year-over-year in

Operator

question Matt from UBS. next comes from Your Taylor

Your line is open.

Quentin Blackford

you are Matt, Hi there?

Operator

Okay.

on. move will We

comes from question Chris Pasquale Next Guggenheim. from

line Your open. is

Chris Pasquale

definitions for the willing past. think guys install in to at color appreciate but share have And on the base I consistent. patient would you're us on to that around pretty sensitivity our provided least true there, you new XXXX up I would metric? Anything Thanks. some number, the be adds new help also models

Quentin Blackford

tell you install new of adds that very would I growth, the base. primary the similar were driver but patient overall to

buying period actually the definition a patient this if universe. space. ours patterns in think the consider normal I that's of patient of not of players repurchasing consistent sure very across patient a until We are is different new and a for a new a really purchase I'm don't the across they time.

we define I patients space. very in this new how even is think So, the different across players

Chris Pasquale

Okay. share this impact Quentin, Can And of what that cost magnitude transmitter flows actually anything the quantifying the how to in through. on reduction gen from nail you trying where transmitter like? the down terms of looks you're of today and the to then the next just

Quentin Blackford

I'll Yes, is of quantified way where absorbing the through problem go. we it plant more that you're that. can It's tell the push significant the more better in with you it able haven't you're it gets. cost, and that The volume the the to

with new we're it get benefit difference structure So, we full meaningful that But the to complete not XXXX to of full structure. or see in identify it production – us. cost new the difference becomes we're going it not in XXXX the more going capacity total the as in to

Operator

question next Lismund] James. from Raymond our from comes And [Matt

Unidentified Analyst

Bedford. the thanks I'm levels. is for for on retention about My really question questions. Hi, Jayson

maybe GX to among is GX kind the with GX? and improved with And still the seeing how for it forward going of you see and Thanks. here room do increased GX are base levels complaints relative you trended? retention So, user

Steve Pacelli

been being done we've have we've on very really here a teams levels focused it the watching retention job GX with with nice and what it. Our seen pleased and

once although we've ability job But of been done patients have our seen improvement retaining they've improvements to in a to on nice a retain bit there. We some really always there folks got has technology. our DexCom

Kevin Sayer

at The This of we and interesting map majority add economic what the our the we reset. think co-pays us our phone one than and circumstances factor app those for GX quarter much forward is as what better will as have largely I happens been look retention is And we first be the thing in patients where use deductibles as time our I GX in more charge as a patients is particularly is before, well. going of Kevin. can pictures will

and we still QX anecdotally better. patients sales those hear data. everybody GX the it need they Are afford It's a those what what know think can back likes I they biggest mean lot a It's are there? whether still the we in I do. performance. is yet. been not we more patient we We lose don't with all product And coming money. reason can

Unidentified Analyst

only Oh, was sorry. thanks, my I'm question, that

Operator

I'm sorry.

comes question Northland Suraj from Kalia next Securities. from Your

Suraj Kalia

everyone. afternoon good Sure,

you'll around a have my hands to pointers it. of provided So, lot get trying and I'm Kevin,

Thanks or between quarters your is is guys manufacturing, the six you bps. channel I the don't a pharmacy DME delta subpart ago a kind directionally the questions. billion] And pharmacy the XXXX FY is, are remember channel? understand of from gross reason put what pharmacy the of guess to you at of model terms understand give move line can us I what I into us to movement taking of that you're expectation us item question Can right I is, channel. margins understand we [$X.XXX price mix. the for I'm down let's assume roughly trying how outlook for agreed. that XXX is revenues. least the now, OpEx and trying so for Help Let's the in my all how around the say the makes ask channel? it giving and of that. to sense delta And reconcile

Kevin Sayer

mix, DME a talk when as is in as contract a a my I'll effect days magic other. margin to of come but and literally down. It ship day, for and This over we that lower-average to shifting on be channel and mix time With the disclosed the kind about CFO one. out. these numbers think that of we go versus At bunch there end Quentin, throw the and margins Medicare old margin, between I per And arrangements. won't we've have how a respect the Kevin. formula contract. our through I'll as very started year foreign larger business will patient never the and DME goods The per back is foreign markets. on take do average come channel And Again, our beginning. year. was percentage and is not per what costs our just down is Medicare increases, to deterrent no difference good. pharmacy margins channel. revenue revenue per we markets per pharmacy. revenue structure that fact was each And varies that average based continues of of in that those we them the patient We go pharmacy the do lower patient of

over I do time. think it we can

Quentin Blackford

we From in dollars model that make Yes, to DME operating model attractive can we can the than to Suraj, at I would more we're margin just perspective, very The an add business convinced profit pharmacy us. it. is channel. a

will So, margin it gross push for tailwind to operating we ultimately weigh it it's bit, continue might to the a margin. going hard. the for And while on a be

and at be the us looking creator to at right the the end it's thing be it's for long going over term. So, value day the of to of

Operator

from question next UBS. from the comes Taylor And Matt

Your line is open.

Unidentified Analyst

[indiscernible] is for Matt. this on Hi,

on for my I have questions. ones. I Sorry, two mute. was Thanks taking quick

Thank patients CGM? currently on if your percentage activities, device? for you So you versus give of received earlier you. GX, the generation of can GX possible more pilot us feedback the also, first, so what's color with far on And

Quentin Blackford

business. GX product. GX, GX. the international to transitioning it's now space in folks GX a But a of Medicare in majority can U.S. the of but the we then the moved still And U.S. that have Obviously, commercial majority of towards U.S. I moved business, the markets tell GX U.S., still the the lot is you Well, in GX folks our utilize have into on in

have to going get it. your You're to I question. didn't second repeat

Unidentified Analyst

sorry. I'm

with activities just is got pilot So, question your far from CGM? so feedback the your disposable second GX the you've

Kevin Sayer

It's to really very small. there. really Nothing report

Unidentified Analyst

Okay, thank you.

Operator

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

Kevin Sayer

participating for call today. everybody you Thank our in

activity up the in know not is $XXX anniversary. may the revenues the XX year commercial next last opportunity. you and massive much to two of it's years. This million are But go is ideal product for faster. our but having launched beyond to annual We're on first We billion fully, I birthday technology picked revenues. actually after this years mark the annual company the to positioning know revenues XXth $XXX we Something in hit in never is this fully the DexCom's we XXXX next going in dollars in we over and and million committed pipeline capitalize our easy,

and As much meet Have thank once look goals. in a day. to great to XXXX to and year of infrastructure build you business addition enable We product this our growing forward necessary to our pipeline to everybody great a the those want today is us heard again. to the pushing focus

Operator

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

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