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  "documentTitle": "Dexcom, Inc. (DXCM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-03-21 00:00:00",
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  "notes": "The slide uses two charts to contrast market participant claims with independent data sources.",
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      "kind": "callout",
      "text": "With penetration now accelerating, we believe that this corroborates our view that the U.S. T1 CGM market is ~50% penetrated.",
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      "text": "% Of U.S. T1 Survey Respondents Using CGM (March 2018)",
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      "text": "U.S. T1 CGM Penetration Year-End Estimates: Sell-Side Institution",
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      "text": "U.S. T1 CGM penetration: 50%",
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      "text": "Market participants tend to paint a rosy picture of the remaining U.S. T1 CGM growth opportunity. Abbott, for example, recently offered an estimate of U.S. T1 CGM penetration of ~33% at a sell-side healthcare conference. However, we find numerous credible sources which estimate U.S. T1 penetration closer to 50%. This includes two well-respected sell-side firms with detailed CGM market models. Importantly, a team of academics and medical doctors found that U.S. T1 CGM penetration was 38% as of March 2018, and that penetration grew by ~7% annually through the last two years. With penetration now accelerating, we believe that this corroborates our view that the U.S. T1 CGM market is ~50% penetrated.",
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      "kind": "quote",
      "text": "Foster et al. \"State of Type 1 Diabetes Management and Outcomes from the T1D Exchange in 2016-2018.\" Diabetes Technology & Therapeutics. Volume 21, Number 2, 2019.",
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      "kind": "source-note",
      "text": "Source: Foster et al. \"State of Type 1 Diabetes Management and Outcomes from the T1D Exchange in 2016-2018.\" Diabetes Technology & Therapeutics. Volume 21, Number 2, 2019.",
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      "text": "Sources Agree: The U.S. T1 Market Is Highly-Penetrated",
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