“I cannot tell you the exact month, but I know it is going to happen, and it is going to add close to 10 million people that do not have coverage now and will be able to have coverage, which will accelerate commercial coverage too.”

In context

“arket today is around 10 to 12 million people. There are about half a billion people with diabetes, so I have already narrowed it down quite a bit, and even in that narrowed-down world, we are still very underpenetrated. If you look back at our growth trajectory, going back fifteen years at quarterly revenue, it is never always up and to the right on a perfect 45-degree line. There are periods of modest growth—call it 8% to 10%—followed by very long periods of strong acceleration in the teens to 20% growth. Those acceleration periods are typically driven by different catalysts: reimbursement, geographic expansion, and new product launches. I see a lot of catalysts still ahead. On reimbursement, you mentioned CMS type 2 non-insulin coverage. I expect proposed language for that coming soon. I cannot tell you the exact month, but I know it is going to happen, and it is going to add close to 10 million people that do not have coverage now and will be able to have coverage, which will accelerate commercial coverage too. I have not included that in my guidance, but it is a sweet spot for us in terms of our channel strength, promotional strength, and reimbursement coverage. Internationally, out of the top 10 markets in the world, only four have gone full-blown basal coverage, so there are another six very large markets still in process. We have built evidence to support that movement, not only from a physician side but also from patient advocacy. We showed in an RCT, which I talked about earlier, that patients on basal do better with Libre. There is so much opportunity still internationally and in the U.S. I do not think the patient TAM is tapped. You will have moments where growth modulates a little bit, and then the next catalysts come in and drive growth. You have to look at the bigger picture: you have”