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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": 57,
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  "notes": "The slide uses a 'bear case' projection to illustrate a 'cliff' in growth, framing the company's future as unsustainable.",
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      "text": "Just one to three years' worth of U.S. patient growth remaining given the recent rate of U.S. patient growth",
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      "text": "Dexcom U.S. Patient Growth Will Soon Be Exhausted",
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      "text": "U.S. Patients: 143K",
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      "text": "With only ~143K unpenetrated U.S. patients available to Dexcom... we believe that growth in Dexcom's U.S. patient base is potentially set up to collapse in ~2 years...",
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      "text": "Source: Spruce Point Estimates",
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      "text": "Market Overestimates Future Patient Growth, Which Could Fall Off A Cliff In 1-2 Years",
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