DexCom, Inc.

First Quarter 2019 Earnings Release Conference 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-answer session. During the question-answer session, if you have a question, please press star, then 1 on your touch-tone phone. Also, please limit yourself to one question and one follow-up question. Please note this conference is being recorded. I'll now turn the call over to Matt Dolan. Matt Dolan, you may begin.

Thank you, operator, and welcome to Dexcom's first quarter 2019 earnings call. Our agenda begins with Kevin Sayre, Dexcom's chairman, president, and CEO, who will provide a summary of the quarter, followed by a financial review and outlook from Quentin Blackford, our executive vice president and CFO, and then a strategic update from Steve Pacelli, our executive vice president of strategy and corporate development. Following our prepared remarks, we will open up the call for your questions. At that time, we ask analysts to limit themselves to one question and one follow-up so we can provide an opportunity for everyone participating today. Please note that there are also slides available related to our first quarter performance on the Deskom Investor Relations website on the Invents and Presentations page. With that, let's review our safe harbor. Some of the statements that we will make in today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs, and expectations about future events, strategies, competition, products, operating plans, and performance. All forward-looking statements included in this presentation are made as of the date hereof based on information currently available to Dexcom and are subject to various risks and uncertainties. and actual results could differ materially from those anticipated in the forward-looking statements. The factors that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements are detailed in Dexcom's annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements after the date of this presentation or to conform these forward-looking statements to actual results. Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP with respect to our non-GAAP and cash-based results. Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis. The presentation of this additional information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP. Please refer to the tables in our earnings release and the investor relations portion of our website for reconciliation of these measures to their most directly comparable GAAP financial measure. Now I will turn the call over to Kevin.

Thank you, Matt, and thank you, everyone, for joining us. We are off to a great start in 2019 with much of the momentum that we experienced in 2018 continuing into our first quarter. First quarter revenues grew to $280 million, a 52% increase over the first quarter of 2018. Once again, this strong performance was broad-based as increased volumes in both our U.S. and OUS businesses drove results above our expectations. even as we absorbed the pricing headwinds that we have anticipated. We have spent years developing our innovative technology and demonstrating real-world clinical outcomes, and as awareness builds, demand for Dexcom CGM is very strong among both new and existing patients. We remain confident that the company is well-positioned to drive toward our long-term targets, particularly as we expand the rollout of G6, and improve access to CGM. With this growing demand in mind, we are on track to meet our goal of doubling our G6 capacity by the end of 2019. From a cost perspective, we are demonstrating good expense control, with revenue growth outpacing the increase in operating expense growth by more than two times. We continue to believe that patient outcomes demonstrate the true value of a CGM. In the first quarter, we showed real-world data that demonstrates the effectiveness of our urgent low soon alert in the G6, which provides an actionable warning in advance of a dangerous hypoglycemic low. Not only have we seen a further decrease in hypoglycemia among G6 users with this feature, but this has been achieved regardless of a user's frequency of screen views. We also showed a correlation between users of Dexcom's share and follow-ups and better time and range for children and adolescents with diabetes, once again highlighting the importance of this feature to our user base. It is outcomes such as these that have contributed to Dexcom's great reputation among clinicians and allow us to capitalize on the increasing global awareness around CGM technology. The kind of demand we are experiencing can also bring certain challenges. This is especially the case in the first quarter of every year as we must reconfirm benefits and document clinical necessity for each patient. The process can be burdensome at times, with our teams going back and forth with clinicians and payers on the patient's behalf. To our customers, we understand the fundamental importance of Dexcom CGM in your life and are working around the clock to make sure that you are cared for. We saw improvement in our ability to meet demand and serve our customers effectively. As the quarter progressed, I believe that the initiatives that we introduced to expand our customer support infrastructure are progressing well, with several areas showing meaningful productivity improvements. Considering the significant level of demand for Dexcom CGM and the strength of our first quarter, we are very pleased to be able to increase our revenue outlook for 2019. I will now turn the call over to Quentin, who will provide detail on this outlook, as well as a review of our financials.