{
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 59,
  "pageCount": 83,
  "prevPage": 58,
  "nextPage": 60,
  "slideType": "market_sizing",
  "function": "size_opportunity",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses two charts to contrast the number of patients in developing countries with the actual healthcare spending power in high-income countries.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bar_chart_grouped",
    "bar_chart_grouped"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-916758668d1f/59",
  "deckHref": "/decks/019dd923-622c-750b-8b98-916758668d1f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-916758668d1f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-916758668d1f#slide-59",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "callout",
      "text": "We believe that management's and the sell side's discussion of international markets as a significant growth opportunity inflates Dexcom's apparent TAM to investors. Dexcom's market opportunity beyond the U.S. is currently limited.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe5f3ef2-af8c-43ed-9f4b-2713311324e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.46,
        "x": 0.02,
        "y": 0.42
      },
      "kind": "chart",
      "text": "Top 10 countries for number of adults with diabetes (20-79 years) and their healthcare expenditure, 2017",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5dbc467-9a9b-4697-ad25-2df03b93aac3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.49,
        "x": 0.49,
        "y": 0.42
      },
      "kind": "chart",
      "text": "Total Healthcare Expenditure and Mean Healthcare Expenditure per Person and per Income Group",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c911bf28-f50a-4c8b-b0f9-97572c6ecf36",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "The top 10 countries for number of adults with diabetes – the majority of which are large developing-market countries – account for 69% of global healthcare expenditure on diabetes. However, ~80% of global healthcare expenditure on diabetes is spent by high income countries, with, again, ~50% coming from the U.S. alone. The U.S. is responsible for the significant overlap between these two populations and appears to represent one of the sole scale addressable markets for CGMs (particularly high-end CGMs like Dexcom's) at the moment.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "659ae929-7b20-40ce-8a76-72362c325e69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: International Diabetes Federation 2017",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99422798-60df-44db-bd5c-9027a9ebf441",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.02
      },
      "kind": "title",
      "text": "Ex-U.S. CGM Opportunities Are Likely To Be Either Small Or Difficult To Access",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7dd38b00-35ca-4949-8fcd-3ed11b68a9f7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "8134a48b-dbd8-4801-a735-4f8209bd7e97",
      "evidence": "The slide presents grouped bar charts, but does not explicitly show a 2x2 matrix.",
      "confidence": 0.5
    },
    {
      "name": "Market Segmentation Pyramid",
      "slug": "market-segmentation-pyramid",
      "agent": null,
      "layer": "slide",
      "matchId": "b09ad765-72f2-4b10-b460-74b89a029439",
      "evidence": "The slide discusses top 10 countries for number of adults with diabetes and their healthcare expenditure, indicating market segmentation.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "market-sizing",
      "slug": null,
      "matchId": "09007e63-378a-440f-9e55-acb6e7918ffa",
      "evidence": "The slide uses data to estimate the addressable market size for CGMs outside the U.S.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}