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  "docSlug": "34401c2968d1",
  "documentTitle": "Dexcom, Inc. (DXCM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-21 00:00:00",
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  "pageNumber": 10,
  "pageCount": 83,
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  "notes": "The slide uses a red dashed box to highlight the divergence between sensor and transmitter revenue growth starting in Q2 2018.",
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      "kind": "callout",
      "text": "Interestingly, management stopped breaking out the size of its patient base as of the end of FY18, thus hiding any deceleration in patient base growth that this suspicious segment-level sales pattern may be revealing.",
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      "text": "Revenue Growth, YoY",
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      "text": "Sensor Revenue Growth vs. Transmitter Revenue Growth",
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      "kind": "paragraph",
      "text": "Spruce Point believes that the market interprets Dexcom's total revenue growth as a sign of healthy growth in its underlying patient base. We believe that Dexcom's recent aggregate revenue growth is inflated by one-time factors...",
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      "kind": "paragraph",
      "text": "The market interprets Dexcom's recent sales growth acceleration as proof that the bull case is playing out... Our diligence reveals that a significant share of G4 and G5 users \"hack\" their sensors... many G4 and G5 users stockpiled \"cheaper\" legacy sensors...",
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      "text": "Source: Dexcom SEC Filings",
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      "kind": "title",
      "text": "Recent Sales Growth Gives Misleading Appearance Of Underlying Patient Growth",
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