DME KOL: 分销商将吸收削减，制造商不受影响；CGM增长加速；DXCM稳定

osure information, and information regarding the status of non-US analysts on pages 4 - 8 of this report Matthew Taylor, CFA * IEquity Analyst1 (212) 778-8721 I matt.taylor@jefferies.comYoung Li * I Equity Analyst+1 (212) 778-8671 I young.li@jefferies.comMichael Sarcone,CFA *IEquity Analyst1(212)778-86061msarcone@jefferies.corMichael Toomey, CFA * I Equity Analyst+1 (212) 708-2630Imtoomey2@jefferies.comMatthew Aspro * IEquity Associate+1 (212) 323-3907Imaspro@jefferies.com Jefferiesin 3Q-4Q24. He cited a ~10-15% price premium for DXCM vs ABT in the DME channel. Mr. Burkenotes CGM growth accelerated from high teens in 2H24 to ~20% y/y in 1Q and 2Q25, fueled byexpanding Medicare indications, awareness of clinical advantages, and PcP education.Please see important disclosure information on pages 4 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 9c JefferiesSpeaker Biography:Dan Burke is an independent consultant for Private DMEs advising on growth strategy. payer andmanufacturer relationships, and the Medicare landscape, like the Competitive Bid Program. He hasmore than 20 years of executive experience in the healthcare industry: spanning sales, marketing.Blue Cross, Aetna, CIGNA, CCS Medical, Liberty (now part of Cardinal), Bardy Diagnostics (now part ofBaxter Healthcare),and ADS/USMEDwhich led to an exit.Please see important disclosure information on pages 4 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesCompany Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300Analyst Certification:I, Matthew Taylor, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Young Li, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research reportI, Michael Sarcone, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Michael Toomey, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsI, Matthew Aspro, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedn this research reporAs is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)RecommendationPublishedRecommendation DistributedFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call212.284.2300Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month periodHold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month periodThe expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below s10 is 20% or more within a 12month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow s