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  "documentTitle": "Dexcom, Inc. (DXCM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-21 00:00:00",
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  "notes": "This is a classic 'concede and pivot' slide used by activist short sellers to frame the bull case before dismantling it.",
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      "text": "We agree that CGMs likely represent the future of diabetes care, but believe that the Street is misinterpreting both Dexcom’s realistic TAM and its recent record of growth.",
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      "text": "Total Revenue",
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      "text": "Revenue Growth, YoY",
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      "text": "Revenue Growth, YoY: 53%",
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      "text": "Dexcom has posted what appears to be very impressive growth through the last several quarters. Quarterly revenue recently hit an all-time high of almost $350M, and year-over-year revenue growth has accelerated in each of the last five quarters, recently rising to 53%. The consensus view is that the CGM is a relatively new piece of technology with only ~25% penetration among U.S. diabetics at present, but that CGMs are quickly becoming a standard device used by all diabetes patients (or by all T1 diabetics at the very least), and that Dexcom is well-positioned to take a large piece of the pie as the manufacturer of the gold standard of stand-alone CGMs. We agree that CGMs likely represent the future of diabetes care, but believe that the Street is misinterpreting both Dexcom’s realistic TAM and its recent record of growth.",
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      "text": "Source: Dexcom SEC Filings",
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      "text": "Sell-Side Consensus: Accelerating Revenue Growth Proof That The Bull Story Is Playing Out",
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