{
  "docId": "019dd923-622c-750b-8b98-916758668d1f",
  "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": 7,
  "pageCount": 83,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "The table uses a 'Before' and 'After' structure to show the impact of G6 release and G5 transmitter repricing on cost competitiveness.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-916758668d1f/7",
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      "kind": "callout",
      "text": "If, per our survey, 70% of G5 users were willing to assume the risks involved in hacking their transmitters for the sake of 33% annual cost savings, we suspect that a material proportion of Dexcom G-Series users will be willing to switch to the now-comparable Libre 2 for the sake of over 80% annual cost savings.",
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      "kind": "metric",
      "text": "Sensor and Transmitter Cost to Payor per Year: $977.68",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "Until now, Dexcom has been the only true stand-alone CGM with a high/low glucose alarm... Unless it cuts the price of the G6 heavily, Dexcom's remaining growth runway will be severely limited.",
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      "kind": "source-note",
      "text": "1. Dexcom recently increased the price of its G5 transmitters from $300 to $599 to encourage all G5 users (including \"hackers\") to switch to the G6\n2. Average G5 sensor life of 12 days when \"hackers\" are included, per our survey",
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      "kind": "table",
      "text": "Comparison table of sensor/transmitter costs and life for Dexcom G5, G6, and Abbott Libre 2.",
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      "kind": "title",
      "text": "Forthcoming Libre 2 Nearly Technologically Equivalent To G6, At Far Lower Price Point",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Complication",
      "beatSlug": "complication",
      "evidence": "Spruce Point presents several complications, including the market's misinterpretation of Dexcom's sales growth and limited patient growth.",
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      "evidence": "The deck presents several contradictions in Dexcom's growth story, highlighting the market's misinterpretation.",
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