{
  "docId": "019dd923-622c-750b-8b98-916758668d1f",
  "docSlug": "34401c2968d1",
  "documentTitle": "Dexcom, Inc. (DXCM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-21 00:00:00",
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  "pageNumber": 44,
  "pageCount": 83,
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  "slideType": "comparison_table",
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  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "Uses red boxes and arrows to draw attention to 2018e data points.",
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      "kind": "callout",
      "text": "Abbott’s share of the U.S. CGM market has already surpassed that of Dexcom and all other players after just one year of sales – even before the release of the Libre 2",
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      "kind": "callout",
      "text": "Rapid worldwide adoption of the Libre",
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      "kind": "callout",
      "text": "Abbott's share of the U.S. CGM market has already surpassed that of Dexcom and all other players after just one year of sales – even before the release of the Libre 2",
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      "kind": "chart",
      "text": "CGM Users By Company - United States",
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      "text": "CGM Users By Company - Worldwide",
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      "kind": "metric",
      "text": "CGM users",
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      "kind": "paragraph",
      "text": "Diabetes patients appear to be responding to the new economics of the CGM landscape already. In Europe, where the Libre 2 is already available as of 2018, Libre uptake has been rapid, driving worldwide customer base growth of over 100% in every year since 2016 (versus <50% in every year for Dexcom). Further, in just its first year in the U.S. market, the Libre’s customer base has already surpassed those of Dexcom and other competitors. Bulls argue that Dexcom’s and Abbott’s CGMs address separate markets, but we believe that the relatively rapid uptake of the Libre helps to demonstrate the price sensitivity of the population of diabetes patients – even T1 patients with relatively intensive healthcare needs.",
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      "kind": "source-note",
      "text": "Sources: Dexcom, Abbott, Medtronic, Eversense, Spruce Point Estimates",
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      "kind": "title",
      "text": "Customers Already Responding To Incentives",
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      "beatId": "57853612-8cdb-4648-b278-7d9915ef8097",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
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      "evidence": "Spruce Point highlights the struggles Dexcom faces, including limited growth runway and unsustainable growth outlook.",
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      "name": "The Reveal",
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      "evidence": "Spruce Point reveals the limitations of Dexcom's growth runway and the impact of competition on its growth outlook.",
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