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  "docSlug": "34401c2968d1",
  "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": 80,
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  "notes": "The table highlights a pattern of negative market reaction to competitor product milestones.",
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      "kind": "callout",
      "text": "The forthcoming Libre 2 is at least as consequential as Abbott's past two CGMs from a competitive perspective, and could cause a more drastic move in DXCM shares.",
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      "kind": "metric",
      "text": "Price Reaction: -33%",
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      "kind": "paragraph",
      "text": "Abbott's Libre has dominated Dexcom's G-Series in recent head-to-head competition for market share even before the release of the Libre 2, which should close most or all of the technological gaps which remain between the Libre and G-Series. The U.S. launch of the technologically-strong, yet inexpensive Libre 2 could undermine what remains of the G-Series' competitive position. The market expects the release of the Libre 2, of course - but it also knew that Abbott was set to release new CGMs in 2017 and 2018, yet Dexcom's stock still suffered in the immediate aftermath. The forthcoming Libre 2 is at least as consequential as Abbott's past two CGMs from a competitive perspective, and could cause a more drastic move in DXCM shares.",
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      "text": "Source: Spruce Point Research",
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      "kind": "table",
      "text": "Event, Date, Device Features, Price Reaction (End-Of-Day Price); FDA Approval of FreeStyle Libre Flash Glucose Monitoring System, Sep 27, 2017, First device to eliminate need for fingerstick glucose reading, -33%; FDA Approval of FreeStyle Libre 14-Day Flash Glucose Monitoring System, July 27, 2018, Longest-lasting sensor on the market (14 days), -7%; FDA Approval of FreeStyle Libre 2 With Optional Real-Time Alarm, Mid 2019 (Expected), Optional high/low glucose alarm, inexpensive full-service CGM, ?",
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      "kind": "title",
      "text": "Abbott's CGM FDA Approvals Have Not Been Kind To Dexcom's Stock Price",
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