Dexcom (NasdaqGS:DXCM) FY Conference January 12, 2026 10:30 AM ET Company ParticipantsNone - Company Representative 2Jake Leach - President and CEONone - Company Representative 1OperatorThanks for joining us at the first session to kick off the 2026 JPMorgan Healthcare Conference. I'll give a warm welcome to the Dexcom CEO, Jake Leach. It's his first time as President and CEO up on stage here. Jake.Jake LeachAll right. Good morning, everybody. Thank you, Robbie. It's an absolute privilege to be able to kick ...

本文转自【深圳晚报】； 拔火罐大家试过吧？ 深圳一男子居然因为自行拔火罐 被送进ICU抢救 近日，深圳一位中年糖尿病患者因腰腿疼痛在家自行拔火罐，本希望缓解不适，却因小小的烫伤创面出 现全身性感染，两次进入重症监护室（ICU），经历呼吸衰竭、多器官功能损伤等一系列状况，最终在 医护人员全力救治下逐步恢复。医生提醒：糖尿病患者在高血糖状态下，皮肤护理需要格外留意，日常 养生操作也需谨慎评估。 一个小伤口带来的全身性影响 去年12月初，深圳天气变化明显，患有多年糖尿病的张叔（化名）腰腿痛症状再次出现。他想起拔火罐 可能有所帮助，便使用家中的火罐在右侧腰臀部位自行操作。然而这次拔罐后，皮肤表面形成了溃烂创 面。三天后，疼痛加重、创面持续渗液的张叔来到深圳市第三人民医院急诊科。医生检查发现，他右髋 部皮肤已出现约5cm×5cm的伤口，判断为烫伤导致的软组织感染。 ▲张叔拔火罐后留下的伤口 接诊的骨关节科医生陈国能说，糖尿病患者因长期高血糖影响，全身微循环较弱，皮肤会变得比较脆 弱。"普通人拔罐可能感觉温热舒适，但糖友皮肤敏感，温度控制不合适时，容易发生烫伤破损。"尽管 急诊和骨关节科医护团队及时为张叔进行了清创和负压 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的 转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 行业：糖尿病患者高基数+慢性病属性产生巨大诊疗需求，器械技术迭代造就广阔市场。 IDF（国际 糖尿病联盟）预计2050年全球糖尿病患者数量将达到8.53亿人，并持续增长。糖尿病患者基数大，加 上其作为慢性病的特点，使得糖尿病成为医疗器械行业的重要市场。 1）监测：技术迭代带来新机遇，CGM海内外成长空间巨大。 CGM（连续血糖监测）相比BGM（传 统指尖血检测）优势显著，技术迭代带来巨大的市场机遇。根据灼识咨询数据，全球CGM市场规模将 从2020年的57亿美元增长至2030年的365亿美元。 2）治疗：贴敷式胰岛素泵快速发展，人工胰腺有望成为未来主流。 胰岛素泵是新一代胰岛素给药设 备，其中贴敷式具有更强的可用性和更高的患者依从性，市场占比有望提升，代表企业Insulet收入持 续高增长。闭环人工胰腺可以最大程度接近胰腺的 ...

混合闭环胰岛素输注系统(左：贴敷式胰岛素泵；右：动态血糖仪"小圆片") 微泰最新一代动态血糖仪 位于余杭区的微泰医疗总部 商报记者骆伊莎 近日，在被誉为"行业风向标"的中华医学会糖尿病学分会第二十七次学术会议上，微泰医疗器械(杭州) 股份有限公司(以下简称"微泰医疗")前瞻性地展出了正处于国家药监局注册阶段的混合闭环胰岛素输注 系统，引发广泛关注。 这一被称作"人工胰腺"的混合闭环胰岛素输注系统，提供了一种全新的血糖控制方案，其整体构造包括 动态血糖仪、胰岛素泵和自动调节皮下胰岛素输送量的控制算法。 微泰医疗执行董事兼高级副总裁、首席战略发展官施永辉介绍，该产品预计明年正式上市，有望成为首 款在中国上市的国产人工胰腺系统。它既代表了未来糖尿病的管理方向，也凝结了微泰医疗过去十余年 的技术结晶与核心使命——让更多糖尿病患者可以摆脱血糖束缚，过上健康人的生活。 科技之眼 据施永辉介绍，该混合闭环胰岛素输注系统通过无缝连接动态血糖仪与胰岛素泵，实时获取血糖数据 后，再利用AI算法自动调整胰岛素输注剂量，实现"监测—决策—输注"的全自动化管理。"我们不仅采 用了模型预测控制(MPC)等先进算法，还融合了自抗扰与自适应 ...

Core Insights - The article highlights the challenges faced by diabetes patients in managing their condition, emphasizing the need for detailed and personalized management plans to improve patient outcomes [1][2][3] Group 1: Patient Management Challenges - Many diabetes patients struggle with long-term management due to a lack of symptoms, leading to medication non-compliance and poor lifestyle choices [1][2] - Emotional factors such as anxiety and depression can complicate diabetes management, affecting blood sugar control [9][11] Group 2: Medical Approaches - A modern Chinese medicine approach to diabetes management includes a classification system that differentiates between types of diabetes and stages of the disease, allowing for tailored treatment [3][5] - The integration of Western and traditional Chinese medicine is becoming more common, with clinical studies exploring combined treatment methods [5][7] Group 3: Importance of Education and Support - There is a critical need for health education in community and family settings to help patients understand dietary adjustments and medication management [4][10] - Family support plays a significant role in diabetes management, with the need for a balanced approach to avoid over-restriction or neglect of the patient's needs [10][11] Group 4: Prevention of Complications - Diabetes patients are at a higher risk for cardiovascular diseases, with studies indicating that about one-third of diabetes patients may have concurrent heart conditions [7][8] - Early detection and management of pre-diabetes can prevent the progression to full-blown diabetes, highlighting the importance of regular monitoring [8] Group 5: Future Directions - The "Healthy China Action" plan aims to improve diabetes management services and increase the treatment and control rates of diabetes by 2030 [8]

Core Viewpoint - Sanofi Bio showcased its new generation Continuous Glucose Monitoring System (CGM) at the 8th China International Import Expo, highlighting its advancements in diabetes digital management [1][3]. Group 1: Product Innovations - The Sanofi Aikan CGM is based on third-generation glucose sensing technology, reducing product size by 60%, enhancing comfort and concealment [3]. - The sensor's accuracy has reached international leading levels, with improved anti-interference performance and a battery life extended to 15 days, providing a comprehensive glucose fluctuation profile [3]. - The product has received EU CE-MDR certification and is currently pursuing FDA registration in the U.S. [3]. Group 2: Market Strategy - Sanofi Bio has integrated Trividia to leverage its established brand and channel resources, successfully entering mainstream retail systems like Walmart and Amazon [4]. - The company exports an average of 40,000 devices monthly to over 40 countries in Africa, targeting both grassroots healthcare and home users [4]. - Sanofi Bio ranks as the fourth largest blood glucose meter company globally and holds the top position in the Chinese market [4]. Group 3: Collaborative Ecosystem - Sanofi Bio participated in the Sanofi Type 1 Diabetes Ecosystem Cooperation Forum, discussing new diabetes management ecosystems with representatives from various sectors [4]. - The company emphasizes a multi-party collaboration model involving government, industry, academia, healthcare, and investment to create a sustainable diabetes management ecosystem [4][5]. - The integration of rapid testing capabilities, continuous data collection, and personalized analysis through the SinoGPT AI system aims to cover the entire diabetes management process from screening to long-term management [5]. Group 4: Future Vision - Sanofi Bio aims to become a global leader in diabetes digital management, focusing on innovation in medical technology to enhance health outcomes across diverse demographics [5].

Company Overview - Dexcom, Inc. is a leader in the medical device industry, focusing on continuous glucose monitoring systems for diabetes management, competing with companies like Abbott Laboratories and Medtronic [1] - The company's technology aims to enhance the quality of life for diabetes patients through real-time glucose monitoring [1] Market Performance - On October 31, 2025, Wells Fargo set a price target of $93 for DXCM, indicating a potential price increase of approximately 36.36% from its current price of $68.20 [2] - Despite this optimistic outlook, Dexcom shares fell 12% in premarket trading due to executives indicating that the growth forecast for 2026 may not meet Wall Street's expectations [2] - The current stock price of DXCM is $68.20, reflecting a slight increase of 0.02, or approximately 2.93%, with trading between a low of $68.00 and a high of $69.17 today [3] - Over the past year, DXCM has experienced volatility, reaching a high of $93.25 and a low of $57.52 [3] - The company's market capitalization is approximately $26.74 billion, underscoring its significant presence in the medical device sector [3] Investor Activity - Today's trading volume for DXCM is 6.76 million shares, indicating active investor interest despite recent challenges [4] - The price target set by Wells Fargo reflects ongoing optimism about Dexcom's growth potential, although meeting growth expectations will be critical for future stock performance [4]

Core Viewpoint - The report from CITIC Construction Investment maintains a "Buy" rating for MicroTech Medical-B (02235), forecasting significant revenue and profit growth from 2025 to 2027, driven by the rapid expansion of Continuous Glucose Monitoring (CGM) products both domestically and internationally [1][2] Group 1: Financial Projections - Revenue projections for MicroTech Medical-B are expected to reach 5.31 billion, 7.89 billion, and 10.66 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 53.78%, 48.53%, and 35.00% respectively [1] - The company's net profit attributable to shareholders is forecasted to be 0.03 billion, 0.43 billion, and 0.93 billion yuan for the same years, with staggering growth rates of 103.99%, 1618.91%, and 115.63% respectively [1] - The price-to-sales (PS) ratios for 2025, 2026, and 2027 are projected to be 6.24, 4.20, and 3.11 times respectively based on the closing price on October 13, 2025 [1] Group 2: Market Dynamics - The company experienced significant growth in the first half of 2025, with a substantial reduction in losses, primarily due to the rapid market penetration of CGM products [1] - The domestic market is expected to continue its growth trend through a combination of online e-commerce and offline hospital sales, while the second-generation CGM has entered multiple European countries' healthcare systems, indicating a large potential for market share expansion [1] - The approval of the core product, Equil patch insulin pump, for use in children and adolescents aged 3-17 years is anticipated to contribute to structural growth in the second half of the year [1] Group 3: Long-term Outlook - In the short term, the company is expected to maintain high revenue growth driven by the ongoing expansion of CGM products in both domestic and international markets, with a potential to achieve breakeven for the year [2] - In the medium to long term, the company holds a unique position as the only domestic firm with both patch insulin pumps and non-calibrated CGM products, providing a significant product portfolio advantage [2] - The upcoming launch of second-generation insulin pumps, artificial pancreas systems, and advancements in AI are expected to solidify the company's global leadership in diabetes management and open up long-term growth opportunities [2]

Core Viewpoint - Luna Diabetes has successfully completed a $23.6 million Series A financing round to advance its automated insulin patch pump system, which aims to provide a more convenient and effective solution for Type 1 and Type 2 diabetes patients [1][10]. Group 1: Product and Technology Insights - The insulin patch pump differs from traditional insulin delivery methods by being lightweight and discreet, making it more suitable for daily use [5]. - The patch pump eliminates the need for infusion sets, reducing barriers to use and increasing acceptance among Type 2 diabetes patients [5]. - Luna's closed-loop system combines continuous glucose monitoring (CGM) with the insulin pump and control algorithms, aiming to minimize manual intervention and approach the functionality of an "artificial pancreas" [7]. Group 2: Capital and Industry Background - The investment from notable firms like Vensana Capital and Ascensia Diabetes Care indicates confidence in Luna's potential within the closed-loop system and overall diabetes management [10]. - The global market for insulin pumps remains underpenetrated, with less than 40% adoption among Type 1 patients in developed countries and even lower rates for Type 2 patients [11][13]. - The combination of CGM and insulin pumps is seen as a transformative solution for diabetes management, with increasing discussions around insurance coverage for these devices [13][15]. Group 3: Market Opportunities and Challenges - Luna Diabetes targets both Type 1 and Type 2 diabetes patients, significantly expanding its potential market, especially among the over 400 million Type 2 diabetes patients globally [11][12]. - The pricing and reimbursement landscape poses challenges, as traditional pumps are often expensive, but if the patch pump can be priced competitively, it could enhance market penetration [14]. - The ease of use and discreet design of the patch pump may improve patient adherence, particularly for busy Type 2 patients who prefer less visible treatment options [16]. Group 4: Future Prospects and Industry Evolution - If Luna successfully navigates clinical validation and regulatory approval, it could disrupt the dominance of traditional pump manufacturers [18]. - The evolution of diabetes treatment is moving towards integrated systems that combine devices, data, and algorithms, enhancing patient management and clinical decision-making [19]. - The development of the patch pump and closed-loop systems represents a significant shift in diabetes care, promising more convenient and precise management for patients and valuable data for healthcare providers [19].

Core Viewpoint - Diabetes is manageable through monitoring key health indicators and implementing scientific interventions, which can significantly reduce the risk of complications and improve quality of life [4][21]. Group 1: Key Health Indicators - The article introduces 12 essential health indicators for diabetes management, including blood sugar, blood pressure, and blood lipids, which can be monitored at home or through regular check-ups [4][16]. - Fasting blood sugar should be maintained between 4.4-7.0 mmol/L, with levels above 7.0 mmol/L indicating a need for adjustment in nighttime glucose control strategies [5]. - Blood pressure should be strictly controlled below 130/80 mmHg, especially for those with kidney disease, while LDL-C should be below 2.6 mmol/L [6]. Group 2: Metabolic Management - Body Mass Index (BMI) should ideally be maintained between 18.5-24.0, and waist circumference should be less than 90 cm for men and 85 cm for women [7]. - Regular monitoring of urine microalbumin (less than 30 mg/24h) is crucial for early detection of kidney damage [7]. - Annual eye examinations and foot nerve assessments are essential, as these often provide early warnings of complications [7][9]. Group 3: Specific Health Monitoring - Liver function should be monitored regularly, with ALT and AST levels ideally below 40 U/L, as 70% of diabetes patients may have fatty liver [10]. - Uric acid levels should be controlled below 420 μmol/L for men and 360 μmol/L for women to prevent complications [11]. - Cardiovascular health screening is vital, as diabetes patients have a 2-4 times higher risk of coronary heart disease [12]. Group 4: Management Strategies - A scientific lifestyle management system is crucial for controlling diabetes indicators, emphasizing a diet low in glycemic index, saturated fat, and sodium, while high in dietary fiber [18]. - Exercise recommendations include daily activity for at least 30 minutes, five days a week, with heart rates maintained at a safe level [19]. - Medication should be individualized, with metformin as the first-line treatment, and regular assessments every three months to adjust treatment plans based on HbA1c results [19]. Group 5: Diagnosis Standards - Diabetes diagnosis requires strict laboratory testing standards, including fasting blood sugar levels and glucose tolerance tests [20]. - For asymptomatic individuals, a single abnormal test is insufficient for diagnosis; confirmation through repeat testing is necessary [20]. Group 6: Conclusion - Continuous monitoring and management of blood sugar and related indicators are essential to prevent complications associated with diabetes, ensuring a healthier life [21].