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  "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": 63,
  "pageCount": 83,
  "prevPage": 62,
  "nextPage": 64,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide uses a red box callout to highlight the cessation of patient base growth reporting in 2019.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-916758668d1f/63",
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      "kind": "callout",
      "text": "FY19: DXCM management STOPS REPORTING PATIENT BASE GROWTH just as U.S. T1 adoption inflects down",
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      "kind": "chart",
      "text": "New U.S. CGM Adopters By Diabetes Type",
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      "text": "FY16-18: Dexcom patient base grows with rapid adoption among U.S. T1 diabetics; FY19-20: Low Dexcom patient growth with no T2-targeted CGM and limited U.S. T1 runway; FY21 On: Price-competitive environment with CGM commoditization and lower prices for T2 market",
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      "text": "New U.S. CGM Adopters",
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      "kind": "paragraph",
      "text": "Had Dexcom moved faster to produce a CGM fit for the T2 market, management's patient growth expectations for FY19 and FY20 would look more realistic... For at least ~18 months, Dexcom will be dramatically outpriced by the Libre 2...",
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      "kind": "source-note",
      "text": "Source: Spruce Point Estimates",
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      "kind": "title",
      "text": "Dexcom Is Too Late To Bridge The Gap From The T1 Cliff To The T2 Ramp",
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      "evidence": "The slide contrasts the historical growth period (FY16-18) with the projected decline and competitive pressure (FY19-21+).",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck presents the potential consequences of investors failing to recognize the limitations of Dexcom's growth story.",
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      "objective": "Highlight the cost of inaction for investors who fail to recognize the flaws in Dexcom's growth story.",
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