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Dexcom, Inc.

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Research Overview

S&P 500
Mar 21, 2019

After conducting a forensic financial and accounting review, Spruce Point believes DexCom, Inc. (NASDAQ: DXCM), a manufacturer of continuous glucose monitoring systems (“CGMs”) for diabetic patients, is facing market saturation and lacks product diversity based on a misunderstanding of the addressable market. Based on our investigation, we estimate 45% to 60% downside risk, or $65 - $85 per share.

The report highlights several key concerns with the company, including:

  • In our view, true TAM is already highly penetrated
  • We believe that Abbot’s Libre 2 is an underappreciated competitor
  • Evidence that the market has mistaken recent sales growth for patient growth
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