All right. Good morning, everyone. Thanks for joining us for this fireside chat with Tandem Diabetes Care. My name is Jacob Dodd, and I work with Patrick Wood on the US MedTech team here. I'm delighted to be joined today by Tandem CEO, John Sheridan, and CFO, Leigh Vosseller. Before we get started, a few disclosures. For important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. With that out of the way, John, I think you wanted to start us off with some opening remarks. Thanks, Jacob. I also would like to suggest that if you look at the website, you can check out our Safe Harbor statements as well for Tandem. I think that it's a really exciting time for Tandem. We have, over the last couple of quarters, embarked on a real transformation for the business. We think this is going to drive double-digit growth and profitability over the next year, starting next year and beyond. I think the key elements of this transformation are, first, it's a multi-channel access strategy, which, in addition to being in the DME, we're really moving aggressively to get more of the business into the pharmacy channel. The pharmacy channel has a lot of benefits. Specifically, there's lower out-of-pocket for the patients, and it's easier for physicians to prescribe. Because of that, there's an inherent advantage, I think, to having that. We understand the importance of it, and we're building out the team and moving aggressively, as I said, to get more of the business into the pharmacy channel. We're also making a number of significant improvements and driving efficiencies in our commercial team. Recently, we expanded the commercial team. The expansion was complete in the first quarter in the U.S., and we're seeing productivity improvements now as we move through the year. We've also embarked on a strategy to go direct in certain countries in our OUS business. We have teams in place now. We expect to actually build out the sales organizations, establish the infrastructure. That's all underway. We plan to actually initiate business on January 1, 2026, in several specific OUS countries. We're excited about that. We're also making a number of improvements to the systems that the sales team use to interact with our internal sales organization, with customers, and with HCPs. We think these efficiencies not only drive cost benefits, but also make the sales team more productive. We've just entered the type 2 market in an aggressive manner. We've completed our study. We've embarked on a pilot. We're now expanding beyond the pilot. The interesting thing about type 2 is, over time, as more AID systems have come to market and as people living with type 2 have become aware of the benefits of the AID systems, the simplicity, the discretion that comes along with these systems, more and more people with type 2 are willing to consider pump therapy. We think that the market has significantly more opportunity than it would have a couple of years ago because of that. We can talk about that as well. Finally, I think that Tandem Diabetes Care has the most exciting pipeline in diabetes. As an organization, we have executed predictably to deliver new technologies to market, and we don't plan to stop. We've got a lot of exciting things happening in the second half of this year, in 2026, and beyond. We can also talk about that. We are very excited about where we're going. We've got a great team and a great plan. As I said, our goal is to get to double-digit growth and profitability in the near term and continue to have that ongoing. Great. I hope we get a chance to touch on all those topics this morning. Maybe to kick things off, it'd be great to dive in a bit more on the pharmacy channel. It's an area where Tandem has had a number of recent developments that you've announced on the coverage side and product availability side. Could you maybe remind us what those are and what the latest is in pharmacy? Sure. I'd be happy to. We did kick off our pharmacy journey this year for the first time. We started with the launch of our Tandem Mobi system into the pharmacy channel on January 1. We now have about 30% of lives in the U.S. covered with pharmacy contracts. We have more contracts that are imminent that we will have coverage before the end of the year. Obviously, we're working very hard to expand that coverage as we go into 2026. Things are moving along very well there because of the great success we've seen so far. It's not so much about the volumes that are there, but it's the proof points that have solidified what our thesis was, which was we could get higher revenue per patient. We could also see a lower out-of-pocket cost per patient. Because of that, we've decided to quickly move with t:slim X2 into the pharmacy channel. Beginning in the fourth quarter, we'll be offering t:slim X2 supplies in the pharmacy channel. That could have a more meaningful impact on the business more quickly than we are seeing with Tandem Mobi system just because of the hundreds of thousands of patients we already have in our install base today that are ordering supplies. It gives us a great opportunity to see that benefit in the near term. Oh, great. I think you touched on some of this, but maybe just to dive in a bit further, you know, there are the various benefits to pharmacy in terms of the rebating, the tiering, lower out-of-pocket costs. How does the patient tangibly start to see some of these, and how does Tandem concretely translate those into higher revenue or higher margins? At the beginning of this journey, the focus was really on understanding how things work in the pharmacy channel. It is about getting that profit, incremental profit, with the volume that we expected to come through. With the patient out-of-pocket being lower, and that's been proven, and it is a combination of our strategy of how we use the rebates, what tiers we are placed on, and also the use of copay assistance, we do see a meaningful difference between what patients pay for a durable pump in the DME channel. We've seen examples of patients having zero out-of-pocket, for example, with the pump. As we look ahead, we think this can help also drive incremental volumes as we are able to market this and help physicians understand. The goal is to reduce the myth that durable pump therapy is costly so we can drive more patients to pump therapy because we do believe that's one of the number one barriers as to why 60% of type 1 still don't use pump therapy today. You recently discussed having around 30% of covered lives contracted in pharmacy. It'd be great to hear what your visibility is on the remainder there. Do you expect to approach 100% in the coming year or two? In your negotiations, have there been any sticking points where maybe there's less certainty? Sure. As we've gone out this year, we actually started off the year with a higher% of covered lives than we had anticipated we would be able to achieve in this initial step in the process. We are very pleased with the progress we've made so far. When you look at comparables of people that have transitioned into the pharmacy channel, you typically see a three to five-year progression to getting to a level of what I would call optimal coverage. With what we've seen so far, what we know, the conversations we've had, we believe that we can get there on the faster end or the lower end of that range. You can look to see us getting to optimal coverage in the next two to three years. OK. Maybe shifting gears to another area of recent opportunity for Tandem, which is in type 2. Of course, you got FDA approval early this year and are in a pilot launch, as you mentioned. How is that proceeding relative to your expectations, and what is the scope of it compared to how you foresee the full rollout? Yeah, I think the type 2 market, as I mentioned a moment ago, is an exciting opportunity for us. It essentially doubles the size of the available market in the U.S., and it's even larger OUS. I think in the U.S., there's about 2.3 million people who have insulin-intensive type 2. As I said, there's more willingness to consider AID therapy, wearing a pump 24/7, because of the benefits that the technology provides, but also the fact that it's easier to use, and it's very discrete. We did embark. We got the approval, I think, in the second quarter, and we basically completed a pilot. We're excited about the results. We've seen improvement in the areas where we actually were initiating the pilot. We've learned a good deal about how to go forward now. We are accelerating the expansion into other U.S. territories as we speak. Some of the things that we learned really were that the value of the clinical data that we generated in our study has been very meaningful to the physicians. They see the immediate benefit. I think the patients as well see the benefit that it'll provide to them. There's that immediate benefit of just feeling good for the immediate patient experience. There's also a substantial reduction in the longer-term comorbidities that come along with type 2. They understand that. They are, I think, very inclined to be willing to take this technology to basically deal with that in time. Last week, one of your competitors in durable pumps also received FDA approval for type 2. How differentiated is Tandem's offering in type 2, and how at all does this competitive approval affect any timelines you had in mind previously? Right now, about, you know, let's say 2.3 million people in the U.S., roughly 100,000 people use a pump. It's only 5% penetrated. I think there's a big market development opportunity out there. The mission there is that we need to get out. The more the merrier, actually. I think it's a huge market, very underpenetrated. I think having three players in there with marketing, with clinical, generating evidence of the value of type 2, to type 2 patients, will increase, I think, the uptake. I think having another competitor out there, we're competing with them anyway. What this really does, what the approval allows us to do, is to actually market to that community today. We already have roughly 30,000 people who use our products that have type 2. They use it off-label, or they were off-label. Now that we can market, we can, as I said, develop the market and continue to pursue more people in time. Maybe one or two more on the competitive front. You've recently called out a new entrant likely to create turbulence in the overall pump market. Based on your experience with previous competitive launches, how should investors think about the potential impact to Tandem, and over what sort of time horizon do you foresee most of that being concentrated? Why don't you take it, John? Sure. I would say that if you look in time, even when we have our own product releases, there's typically pausing that goes along with it. What happens is the diabetes community is very well connected in social media. They talk to each other. They know what's going on. As a new product comes to market, if they're thinking about pump therapy or they're up for renewals, they're paying attention to what's happening in the market. I think when a new device comes, they want to hear about it. They want to understand whether or not it's good or bad. Typically, what happens is physicians will put a small number of patients on the device, and they'll wait a quarter or two to see what the results are. I think the people who are using the device will talk. They'll talk to the community. People will start to hear about it, and so will the physicians. That's, again, it's usually a couple of quarters that you see where the community pauses because they know there's a new device coming, and they're just interested in it happening. We've seen that before with any new products that are competitors and our own. It's just one of those things that happens. I think it was just, yes, we know that's going to happen in the back half of the year. I think it was just a matter of being cautious as we entered the second half. Maybe zooming out, as you look out across the broader landscape of diabetes management, I'd love to hear your big-picture views on, over the last few years, what's surprised you, or how have your assumptions about the market changed, whether it's in terms of the split of patients preferring pump to patch to durable pumps, GLP-1 disruption, anything like that? Sure. I think if you look back into the 2018 and 2019 time frame, it's when Tandem Diabetes Care really started to see acceleration and growth, brought upon by the Basal-IQ product that we introduced in 2018. Shortly after that, in 2020, we brought Control-IQ to market, which was really the first effective AID system in the market. I think back then, the basis of comparison was the therapy benefit that the technology provided. I think that's how we competed, and that's how we actually won because Control-IQ continues to be the best algorithm in the marketplace. Back in those days when there were a few others that had it, it did quite well. The thing that's been amazing over the last couple of quarters, even maybe a year or so, is the basis of competition really has changed. Not only do you have to have therapy, those are kind of table stakes, but there's also form factor. Form factor is a very important element of it. I would say ease of use is an important element of it. I think that these are new. Even in addition to that, excuse me, is market access. I think the ease of getting the product. These are all factors, I think, that go into a person's mind as they start to select the system. As we've talked about already, we are transforming the business to address these other factors that drive competition. We feel very comfortable with where we're headed. I think that it is a competitive market. I think that's a good thing for people with diabetes because what happens is the competition drives innovation. I think we're certainly seeing that in diabetes today. It's not only Tandem Diabetes Care, but it's our partners and our competitors that are all innovating quickly, bringing new products to market to help people with diabetes. I think that the basis of competition is what I would say has changed. We're running to deal with those as part of the business. I'd also like to spend a bit of time on the company's financials, maybe to start on an aspect of the business that perhaps has flown under some investors' radar, which is the steadily increasing recurring revenue base for Tandem. How important is this to the Tandem story? Now that this is a higher percentage of overall revenue, does that start to unlock anything for the business that hasn't been possible before? Sure. I agree. I think it's been underappreciated. When you look in the U.S. in particular, about half of our sales come from supply sales from our very large install base. Another 20% to 25% comes from our renewal sales. These are the customers who love the product and are coming back to buy their second or even third pump. There is a predictability that comes with that and it has been a big revenue driver for us in the past years and will continue to be in the coming years. The way we can unlock that more as we think about our exploration in the pharmacy channel is to really realize a higher profit margin on those supply sales in particular. That will really help from a gross margin perspective, where with the greater supply sales in the past, because of how our gross margins are split between pumps and supplies, it has been a bit of a pressure point. We can start to bend that curve, and we can see gross margin improvement as we look ahead. That is why we're super excited about the opportunity to move t:slim X2 supplies into the pharmacy channel in the fourth quarter to really unlock some of that opportunity. Related to that point, you know, despite the increase in recurring revenue, I think maintaining consistent profitability has been viewed as somewhat more of a challenge for the company in recent years. What have been some of the obstacles maybe to that more consistent profitability? Are there any near-term opportunities to bring costs down and margins up? Absolutely. A number of ways that we can drive our margins, both gross margin and operating margins. It starts with revenue. I'll say one more time, pharmacy and the benefit that we expect there. Even on the sales that are going through today, just to get that price appreciation will make a great difference. Secondly, I would move to cost of our products. We launched Mobi last year. Mobi in the long term, as we get to scale, the pump itself will have a 10% to 15% lower manufacturing cost than t:slim X2. The supplies ultimately will have a 20% lower manufacturing cost. Mobi is a great example of a first step in our product portfolio where we'll expect to see better gross margins over time as new products come to market. With Mobi alone, we can drive gross margin to 60% or greater as it becomes a bigger piece of our business. The next step is as you look into our operating expenses. We're very focused on driving efficiency in our operations. In the past four to five quarters, you'll see that R&D expenses have been relatively flat. We've made significant investments in the prior years, but we now have gotten ourselves to a new level or the appropriate level of spending to support the pipeline and deliver on the innovation that John mentioned. Also with our commercial transformation, we're really looking at how we can put more automation in place, create more efficiency within our operations of how we support our customer base from the very beginning in the ordering process all the way through to the customer support process over their four-year warranty life. All of those coming together will help us drive to our longer-term goals of a 65% gross margin and a 25% operating margin. You know, in the vein of the greatest margin targets and improvements planned for the near future, you've discussed recently a goal to have a 60% gross margin run rate by the end of 2026. How should we start to see that progress quarter over quarter? Will it be a somewhat sequential steady ramp until then, or could there be a quarter that represents a sort of turning point and a bolus of sorts of basis point in gross margin improvement? Sure. The way our gross margin typically scales in a calendar year is it follows pump sales. Back to my earlier comments, with pumps offering the highest gross margin out of our product portfolio, and because of the seasonality of our business in the U.S. in particular, you usually see the lowest point in Q1, the highest point in Q4. Even as we exit this year, we expect to be mid to high 50% from a gross margin percentage. You'll typically see a small step down in Q1 again, then driving it to that exit rate of 60% in the fourth quarter of 2026. As we continue to drive more business into the pharmacy channel, that might smooth out that curve that we see with gross margin across the year. As we continue to push more in there, you'll start to see some differences. For now, that's the way it usually works. We expect to continue to see, though, annually, an expansion of gross margin year over year. OK. Maybe shifting gears, we've heard a couple of times you allude to the transitions in terms of the sales force and geographic changes as well. Can you remind us what those changes entail and why the timing was right for the U.S. transitions earlier this year and the plan for international in early 2026? Sure. We did expand the sales force in the first quarter. We've completed the expansion, and as I said, we're seeing sort of steady growth in productivity for the team that we brought on. I think that if you look back over the last couple of years, we really haven't invested in the sales organization, and I think it was due time. We want to increase the reach and frequency of the organization in the U.S., and this seemed like a good time. We typically evaluate it at the end of the year and make the decision entering into the new year, and we had everybody on board really at the beginning of the year. Again, we are moving ahead with that. I think that another aspect of our sales expansion really is how we sell. I think that the organization has traditionally been more focused on the relationship with the physician and selling based on relationships. In the last year and a half, we have brought on new leadership in the commercial team who are really now focused on data and analytics and using this data to drive the decision-making into the marketplace. It's a very complex market, and I think having this data basically improves the effectiveness of the sales team. Certainly, that's really where we're moving. I think the last thing, there's a relatively complex infrastructure within the business today that's used to support the sales team, to manage the order entry process, to manage the interaction between the external and internal sales teams, as well as the patient and the physician. Today, that's a system that's been in place for years, and while it was very effective when we were smaller, now that we're larger, it's not as efficient as we'd like it to be. Because of that, we have to have a significant number of people operate the system as revenue has grown over the last couple of years. Part of this transformation I'm talking about is updating these infrastructure systems that support sales, so the sales organization themselves are much more efficient and can be more productive in the field, as well as saving significant costs to the business. That's another important initiative that we've got going on in the U.S. today. You mentioned our OUS expansion. I think that we've been in the market now in the OUS countries for roughly five years, and I think it's that amount of time where companies begin to look at the opportunity to take the steps on themselves. We have indicated at the beginning of this year that we are planning to go direct in certain countries. It's a process that's going to take us a couple of years to get, you know, we can't do it all at once. We're gradually going to be moving into countries by country and then take over the sales processes ourselves. At this point in time, we've been hiring the sales leadership in the countries we intend to go to in 2026. Very capable people. They're already starting to help the business in the OUS countries. We're establishing the ecosystems or the, excuse me, the IT infrastructures to support just the processing of orders, et cetera, in the OUS countries. We think the benefit we get will be that we think our sales team has the ability to work closely with the physicians and the patients in the OUS markets and just sell the product more effectively. Not to suggest that our distribution partners aren't doing a good job, but I think we just feel like we can do it better. We also have a great deal of technology in the U.S. today that we want to get into the OUS markets. I think having our own team there will accelerate the speed at which we can do that, which we think is very, very important. Finally, I mean, I think that by going direct, we'd certainly save on margin, which is a big part of the overall focus of the company today. It's double-digit growth and profitability. I think, as Leigh has mentioned and I am, profitability is hugely important. We are taking steps to really drive the growth and profitability on an ongoing basis. This is a big step in that direction. Even ahead of some of these changes, you mentioned on the most recent earnings call as well, an uptick in international shipments to patients new to pump therapy, underpinning a guidance raised to the OUS business. What are you seeing in those markets to attribute this momentum to, and how durable of a benefit do you see this being to Tandem? Yes. As John mentioned, we haven't been in the markets outside the U.S. near as long as we have in the U.S., and the business has been largely driven by patients new to Tandem, both competitive conversions and people converting from MDI. That has been the backbone of the growth. We continue to see growth in that as we came into this year. We're also starting to see the benefit of our renewal opportunities. They are starting to contribute, and we expect for them to become a more meaningful contributor as we look ahead to the business outside the U.S. As we look across our coverage of U.S.-based insulin pump companies, Tandem does somewhat under-index internationally in terms of sales. How should we think about the international opportunity longer term for Tandem and what might be needed even beyond going direct in some of the markets like you've been mentioning? Sure. I would say that right now our primary focus would be developing the markets that we're in. We operate in about 25 countries outside the U.S., and in those countries, there are roughly 3 million people living with type 1 diabetes with a penetration rate on average below 20%. There's still a lot of room to run in those markets. I think we'll have our hands full on taking on these direct operations in the coming years, so that will be our primary focus. As we move further out in time, much more longer term, we'll start to consider expanding into other markets where you see other people have a larger global footprint. Another interesting thing about the OUS markets, I think if you look back in time, most people that had diabetes would use pens, pens and needles to get insulin. You know what's happened more recently, I think, is as the health systems in each of these countries have begun to understand the benefits AID systems provide, they're beginning to look at them closely. England, for instance, has just completed a study called the MICE study. They had a high number of people in a clinical study for a couple of years where they evaluated multiple AID systems. What they saw, they saw a substantial improvement in the quality of life of the people who were using the systems. They also saw a significant reduction in adverse events that come along with managing diabetes. The benefit of that is there's a substantial reduction in the cost to actually provide care to people with diabetes by using AID systems. Where, you know, in the past, it was pens and needles. Now what we're seeing happening is the countries themselves are actually encouraging people that have diabetes to use AID systems. There's no reason in my mind that we can't even see more growth opportunities in the OUS. It's a larger market. It's underpenetrated. The health systems are basically supporting the implementation of these new technologies. We see that, and I think this is an explanation as to why go direct. We see this as a huge opportunity in the OUS markets. We think we can manage it really good with our own team. Shifting gears to the product pipeline for Tandem Diabetes Care, correct me if I'm wrong, but it sounds like SteadySet and Tubeless Mobi might be some of the nearest-term launches for the company. How important are these additions to the portfolio, and what are your launch timing and ramp expectations? Sure. I think that when we first started, I believe that we are taking a portfolio approach when it comes to the strategy for new products. That's because when you look at people who have diabetes today, U.S. and OUS, people want to wear things differently. They want to control them differently. They want to interact with them. There's a great deal of needs out there. As a result of that, we think a multi-product strategy is more effective at meeting the various needs of the community. You know we have t:slim X2 on the market. It's a pump that has the interface on. The control mechanism is on the pump itself. It uses 300 units of insulin, which is more. That's something that would be more likely for people with type 2 to appreciate. We also have Tandem Mobi system. Mobi is small, discrete. It's very versatile in how you wear it. It doesn't have a touchscreen. It uses a mobile app to control the device. Very different products. We are seeing differentiation in how people respond to those. I think that by having two products, we can meet the needs of more of the community. That's generally the way we're going. We're evaluating this carefully in time as we begin to collect this data. In terms of new product introductions, Tandem Mobi system is currently in the midst of its launch. I know it's been on the market for a year now. As you look to the future, we're planning to add the capability for Android mobile apps this year. We plan to add FreeStyle Libre 3 sensors to Tandem Mobi system after that. that. Mobi now has received CE mark, and we're in the process of getting company registration and reimbursement established OUS. Those are big things that are happening to Tandem Mobi system that we really think gets us to the point where it is fully launched. You also mentioned Tubeless. Right now, Tandem Mobi system is versatile in that we have an adhesive patch you can wear. You can put Tandem Mobi system anywhere you'd like on your body with a very small infusion set. It essentially is a patch in that implementation. We do have a patch, a Tubeless Mobi system that's being developed for Tandem Mobi system that we will bring to market next year. The way this works is it's the exact same pump. Everybody in the market today that has a Tandem Mobi system will have the opportunity to convert from a tube implementation to a Tubeless system. Today, with a tube implementation, you have an infusion set and a cartridge. These are the supplies that you replace every three days, roughly. With Mobi Tubeless, you'll have an infusion site, which is the patch. The patch has a cannula in it, and you'll have a different cartridge that interacts directly with the patch. You can take the pump off, and you can put it off and on into the system. Everybody that currently uses Mobi can just buy a different set of supplies, and they can now have a Tubeless implantation. The other thing that's interesting, and Jacob, you mentioned this, is that we acquired Capillary Bio a couple of years ago. One of the things that was very interesting about them is they were working on an extended wear infusion set. Today, infusion sets last for roughly three days. With SteadySet, it's up to seven days. We have now developed the SteadySet technology so that it's available as a system. We just received FDA approval on the SteadySet infusion set. We're also using that same technology on the infusion site for Mobi. Mobi will now have the ability to wear the infusion site for up to seven days, which is an enhancement to the customer experience. It also works out that the technology that's associated with SteadySet has a kink-free cannula, which is a really big improvement as well. It's a great experience wearing it. We're just basically deploying this technology on the SteadySet, the infusion set, as well as the Tubeless version of Mobi. These are some things that are coming for Mobi, which we think are very important in the relatively short term. Just continuing in the line of Tubeless Mobi, it sounds like there are clearly some similarities, some important differences. How, if at all, does the go-to-market change for Tubeless Mobi? Have you detected any signs of pent-up demand where perhaps there are anecdotes from the field of patients that would love to go with Tandem or would have loved if only a more patch-like option had been available? I mean, I think right now, as I said, the basis of competition, one of the elements of that is Tubeless. Not having a Tubeless offering gives one of our competitors a great advantage to sell that system. When you look at all the products in the market today, if you talk to endocrinologists, they'll tell you that Tandem has the best algorithm, by far the best algorithm. The other ones are good enough, and since there are other factors that go into the selection process today besides the algorithm, form factor matters. Once we have a Tubeless offering, which we think looks just like roughly the same size as the current competitor, what is the basis of differentiation? At that point, it becomes the algorithm. I really do think that with a Tubeless offering into the market next year, we start to take and grow the business in the Tubeless area, which we haven't had the opportunity to before. We think it's a much more competitive product to the existing Tubeless device, and I think having a better algorithm is going to give us an advantage that we have in that market. Control-IQ, the algorithm, clearly an important asset for Tandem Diabetes Care. Are there any developments or improvements to that expected in the near future, maybe along the lines of more hands-off interaction for physicians and patients? Yeah, we introduced Control-IQ+ in the second quarter. It's actually what the technology that allows us to go into the type 2 market, as well as peds, fingers, and older. We also made a number of improvements to the ease of use with Control-IQ+. We have a settings wizard that basically all it requires you to do is enter weight and TDI. When you've done that, the wizard basically establishes all the settings in the systems for you. Once you've done that, which is easy, you get the benefit of Control-IQ right away. It's immediate and sustained improvement in managing your diabetes, which is a big improvement. We've shown in our clinical studies that you can basically just enter a certain amount of insulin for every meal, and you get the same benefit as if you manage insulin titration very carefully. We're excited about that. I think it does level the playing field as far as I'm concerned when you look at the comparison of that product to others that are on the market today. Certainly, I think that the area of focus for us today is on a fully closed-loop system. This is something that we've been working on for quite a while. We have our own group of algorithm engineers within the company that have been doing this. We've also partnered with the University of Virginia for quite a while, more formally at the beginning of this year. We expect to bring a fully closed-loop algorithm to market here in the not too distant future. We haven't said specifically when, but I will say this is really, I think it's the North Star for the business. We think this will substantially change the marketplace. This is something that's going to absolutely drive an uptick in the penetration rate for both type 1 and type 2 people with diabetes. We're very excited about this. It's essentially an opportunity. You have the opportunity to set it and forget it, basically. You don't have to interact with the system at all. If you'd like to, you can. This is going to be a substantial upgrade to the technology in the market as soon as it's available. John, Leigh, thank you very much. It's been a pleasure. Jacob, great talking to you. Thank you very much. Thanks.