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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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  "slideType": "market_sizing",
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  "notes": "Uses a red 'X' overlay on a chart to visually dismiss management's TAM projections.",
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      "kind": "callout",
      "text": "As Dexcom's remaining market opportunity is rapidly exhausted at its current price point, long-term Dexcom bulls are effectively betting that the Company will be able to overcome its extensive failures...",
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      "kind": "callout",
      "text": "As Dexcom's remaining market opportunity is rapidly exhausted at its current price point, long-term Dexcom bulls are effectively betting that the Company will be able to overcome its extensive failures in bringing a down-market CGM to market - in addition to its monumental scale disadvantage - to produce a low-cost CGM at a reasonable margin.",
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      "text": "Dexcom U.S. Market Opportunity",
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      "kind": "paragraph",
      "text": "While management cites the U.S.'s 3.2M insulin-dependent diabetes patients... we believe that populations beyond the core will remain entirely unaddressable until Dexcom dramatically cuts its price.",
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      "text": "Source: Dexcom Investor Day Presentation - Dec 6, 2018",
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      "kind": "title",
      "text": "Management's Long-Term Market Opportunity Unachievable Without Drastic Price Cuts",
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