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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",
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide uses survey data to challenge the bull case for Dexcom by highlighting pre-buying behavior.",
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      "kind": "callout",
      "text": "Have you purchased more sensors in the last year because you are fearful that you may not be able to get them in the future?",
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      "text": "We found that 63% of respondents who used the Dexcom G4 or G5 stockpiled legacy Dexcom CGMs in anticipation of the release of the G6 and its more expensive sensors (taking into account the fact that the G6 cannot be hacked).",
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      "kind": "metric",
      "text": "percentage of users stockpiling: 63%",
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      "text": "We believe that the divergence between sensor sales growth and transmitter sales growth can be attributed in part to this \"pre-buying\" of legacy sensors ahead of the release of the G6. The apparent pervasiveness of G4/G5 sensor stockpiling also further corroborates our finding that Dexcom users are more price-sensitive than bulls believe, and that the Libre 2 will be a greater draw among Dexcom users than the sell side expects.",
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      "text": "Interestingly, and crucially, our survey also indicates that legacy Dexcom CGM users stockpiled their older and cheaper G4 and G5 sensors in anticipation of the release of the G6. We found that 63% of respondents who used the Dexcom G4 or G5 stockpiled legacy Dexcom CGMs in anticipation of the release of the G6 and its more expensive sensors (taking into account the fact that the G6 cannot be hacked).",
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      "kind": "title",
      "text": "Price-Sensitive Dexcom Users Stockpiling G4/G5 Ahead Of G6 Release",
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