{
  "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",
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  "pageNumber": 6,
  "pageCount": 83,
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  "nextPage": 7,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a contrast-pairs framework to juxtapose market optimism against activist skepticism.",
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b98-916758668d1f/6",
  "deckHref": "/decks/019dd923-622c-750b-8b98-916758668d1f",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-916758668d1f#slide-6",
  "components": [
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      "kind": "callout",
      "text": "However, we believe that recent sales growth offers a false image of patient base growth, and that Dexcom’s patient growth opportunity will be severely limited over the coming ~18 months at the very least.",
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      "toolName": "Visual emphasis",
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      "kind": "chart",
      "text": "Dexcom Revenue: Guidance vs. Spruce Point Estimates",
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      "kind": "framework",
      "text": "Bull Interpretation vs Spruce Point Interpretation",
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      "componentId": "49b68015-6161-4cff-83a6-605f4ed3e3c5",
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    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Revenue",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "The market interprets Dexcom's recent blow-out sales growth as proof that the bull case is playing out... we believe that recent sales growth offers a false image of patient base growth.",
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      "kind": "title",
      "text": "Sugar High On Unsustainable Sales Growth: The Market Is Misinterpreting Recent DXCM Results",
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  "metrics": [],
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      "name": "contrast-pairs",
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      "evidence": "Direct juxtaposition of Bull vs Spruce Point interpretations in three distinct columns (A, B, C).",
      "confidence": 1
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Complication",
      "beatSlug": "complication",
      "evidence": "Spruce Point presents several complications, including the market's misinterpretation of Dexcom's sales growth and limited patient growth.",
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      "name": "Pattern Hunter",
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      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "ec60a922-a471-43e6-9110-ad29b38faf08",
      "evidence": "The deck presents several contradictions in Dexcom's growth story, highlighting the market's misinterpretation.",
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      "objective": "Identify patterns in Dexcom's growth story that contradict the market's interpretation.",
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