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  "docSlug": "34401c2968d1",
  "documentTitle": "Dexcom, Inc. (DXCM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-21 00:00:00",
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  "pageNumber": 50,
  "pageCount": 83,
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  "slideType": "market_sizing",
  "function": "size_opportunity",
  "density": "overcrowded",
  "nDataPoints": 48,
  "notes": "Includes three distinct data tables: Diabetes Statistics, Market Shares, and Market Penetration.",
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      "kind": "callout",
      "text": "We define the core U.S. CGM market as T1 diabetics and T2 diabetics who take insulin with either multiple daily injections (MDI) or with an insulin pump, and who have an insulin plan that requires frequent changes based on CGM readings",
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      "kind": "callout",
      "text": "Exiting 2018, we believe that the U.S. CGM market is 25% penetrated",
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      "text": "Abbott’s FreeStyle Libre gained FDA Approval on September 27, 2017 and was launched commercially in 2018. We estimate that the Libre now has 38% market share and has already passed Dexcom after just one full year of commercial operation. We believe that the impending release of the technologically-superior, yet still affordable Libre 2 puts Abbott in a position to take even more share in the near future.",
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      "kind": "callout",
      "text": "Abbott's FreeStyle Libre gained FDA Approval on September 27, 2017 and was launched commercially in 2018. We estimate that the Libre now has 38% market share and has already passed Dexcom after just one full year of commercial operation.",
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      "kind": "metric",
      "text": "market share: 38%",
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      "text": "We see the core CGM market as T1 and insulin-dependent T2 diabetics. As discussed, the Libre performed impressively in its first year on the market, achieving 38% share in just one year. Note that, before the introduction of the Libre in 2018, Dexcom’s impressive growth came against no real competition in the stand-alone CGM market, as Medtronic and Eversense do not fit this definition. The market remains a two-man race between Abbott and Dexcom. We see the total U.S. CGM market as 25% penetrated.",
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      "kind": "source-note",
      "text": "Source: Spruce Point Estimates ABT, DXCM, MDT, SENS SEC Filings, Transcripts and Corporate Presentations, American Diabetes Association. 1. Other includes US patient estimates for Medtronic and Eversense",
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      "kind": "table",
      "text": "Market Shares of Core U.S. CGM Market Opportunity",
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      "text": "Core U.S. CGM Market Penetration",
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      "text": "U.S. Diabetes Statistics and Core U.S. CGM Market Opportunity",
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      "kind": "title",
      "text": "The Current U.S. CGM Landscape",
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      "beatId": "57853612-8cdb-4648-b278-7d9915ef8097",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
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      "evidence": "Spruce Point highlights the struggles Dexcom faces, including limited growth runway and unsustainable growth outlook.",
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