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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 sensitivity table to argue that downside risk is significantly higher than upside potential.",
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      "text": "Beating management revenue guidance would require a significant beat in net patient adds given likely downside in average revenue per customer per day",
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      "text": "As management admits that average revenue per customer will be down through the foreseeable future, we expect this figure to be no greater than $7.50 in a best-case scenario",
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      "text": "FY19 Revenue: -46.2%",
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      "text": "Dexcom revenue sensitivity suggests asymmetric downside risk to revenue guidance: Beating on patient adds would yield only limited upside: 10K more net adds generates ~1.0% greater revenue beat. Missing on average revenue per patient per day would yield significant downside: $0.50 decrease results in ~6.1% greater revenue miss",
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      "text": "Downside In Sensor Pricing And Patient Growth A Potentially Powerful Drag On Sales",
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