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  "docSlug": "34401c2968d1",
  "documentTitle": "Dexcom, Inc. (DXCM)",
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  "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": 61,
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  "notes": "Uses a visual timeline/flow of news articles to demonstrate management's failure to execute.",
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      "kind": "callout",
      "text": "Dexcom recently amended its licensing agreement with Google whereby royalty payments were replaced by an up-front payment of $250M in DXCM shares (source). We believe that this reflects Verily's loss of confidence in Dexcom's ability to come to market in a timely manner.",
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      "kind": "callout",
      "text": "Dexcom recently amended its licensing agreement with Google whereby royalty payments were replaced by an up-front payment of $250M in DXCM shares. We believe this reflects Verily's loss of confidence in Dexcom's ability to come to market in a timely manner.",
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      "kind": "image",
      "text": "News article 3: DexCom plans to launch G6 CGM, first fruits of Verily partnership in 2018",
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      "kind": "image",
      "text": "News article 1: Google, DexCom to lower cost, size of continuous glucose monitors",
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      "kind": "image",
      "text": "News article 2: Dexcom's first-gen CGM sensor developed with Verily won't see light of day, at least in the U.S.",
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      "kind": "paragraph",
      "text": "Without a down-market CGM suited to the price-sensitive T2 market, Dexcom's U.S. growth runway is rapidly becoming exhausted. We believe that Dexcom management has been aware of the impending need to produce such a down-market CGM to bridge the gap to the T2 market, but has failed to execute on its plans to develop one for five years.",
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      "kind": "quote",
      "text": "We may still launch that product outside the U.S. in small markets just to gain some experience. — Steven Pacelli, executive vice president of strategy and corporate development at Dexcom.",
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      "kind": "title",
      "text": "Dexcom Has Been Trying – And Failing – To Develop A Down-Market CGM Since 2015",
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