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  "documentTitle": "Dexcom, Inc. (DXCM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-03-21 00:00:00",
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  "notes": "The slide uses a table to highlight a 56% price increase discrepancy, framing it as a 'hack' by users that masks underlying price sensitivity.",
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      "text": "We believe that this 56% increase in effective daily sensor cost contributed to observed revenue growth.",
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      "text": "effective daily sensor cost: 56%",
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      "text": "We also believe that this helps to corroborate our survey’s finding that a significant share of Dexcom users extend the lives of their sensors, and that they are more price-sensitive than bulls generally believe. Had it not been for the fact that many Dexcom users hack their sensors, and thus artificially reduce their annual sensor prices, we would not have observed such a strong decoupling of sensor sales growth from transmitter sales growth, as annual sensor spend would have fallen by 9% rather than increase by 56%.",
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      "text": "We believe that the observed sales growth in Dexcom sensors can be attributed in part to an effective sensor price increase with the release of the G6 CGM. While the daily sensor cost to the payor actually fell from $12.79 to $11.63 between the G5 and the G6 if users did not use their sensors beyond their recommended duration, the sensor cost per day increased from $7.46 to $11.63 assuming that patients use their sensors for an average of 12 days, as we gleaned from our survey.",
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