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  "documentTitle": "Dexcom, Inc. (DXCM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-21 00:00:00",
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  "pageNumber": 73,
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  "notes": "The slide highlights a contradiction between management's guidance and the competitive reality of the CGM market.",
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      "kind": "callout",
      "text": "Importantly, analysts appear to anticipate steady growth through the near-to-medium term, despite the challenges which Dexcom appears set to face from mid-FY19 through FY20.",
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      "text": "CAGR: 25.4%",
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      "text": "Dexcom's long-term guidance anticipates growth in the patient base at a ~25% CAGR through 2023, together with a steady but shallow decline in average revenue per customer...",
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      "text": "Source: Spruce Point Research. 1. Dexcom issued long term guidance at their investor day on December 4, 2018. We assume the midpoint of its revenue guidance of $2B to $2.5B in 2023 and 65% gross margins",
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      "text": "Historical and DXCM LT Guidance revenue model table",
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      "text": "Management Wants To Have Its Cake And Eat It Too: Can't Have Both Stable Pricing And Patient Growth",
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