Core Insights - Sands Capital Select Growth Strategy reported a portfolio return of 6.3% in Q3 2025, underperforming the benchmark's 10.5% gain, driven by strong corporate earnings and AI enthusiasm [1] - DexCom, Inc. (NASDAQ:DXCM) faced a one-month return of -8.29% and a 52-week decline of 19.94%, closing at $62.53 with a market cap of $24.52 billion [2][3] Company Performance - DexCom, Inc. is a leading producer of glucose monitors, experiencing stock price pressure due to industry weakness and scrutiny over product reliability [3] - Despite challenges, DexCom has shown accelerating year-over-year revenue growth for three consecutive quarters, with Q3 2025 global revenue reaching $1.21 billion, up from $994 million in Q3 2024 [4] Future Outlook - Management raised 2025 revenue guidance cautiously, which disappointed investors, but this conservative approach may allow for upside potential in the latter half of 2025 [3] - Potential catalysts for DexCom include strong adoption of its new 15-day sensor, expanded Medicare coverage, and clarity on long-term plans, with expectations for margin leverage contributing to profitability in 2026 [3]

Group 1: Artisan Mid Cap Fund Performance - Artisan Mid Cap Fund's Investor Class fund ARTMX returned 8.80%, Advisor Class fund APDMX also posted a return of 8.80%, and Institutional Class fund APHMX returned 8.83% in Q3 2025, significantly outperforming the Russell Midcap Growth Index's return of 2.78% [1] - The strong performance was primarily driven by holdings in the health care sector [1] Group 2: DexCom, Inc. Overview - DexCom, Inc. (NASDAQ:DXCM) is a medical device company specializing in continuous glucose monitoring (CGM) systems, with a market capitalization of $25.651 billion as of October 15, 2025 [2] - The stock experienced a one-month return of -13.68% and a 52-week decline of 5.95% [2] Group 3: Investment Decisions Regarding DexCom, Inc. - Artisan Mid Cap Fund ended its investment in DexCom, Inc. due to operational challenges and strong competition from Abbott's FreeStyle Libre platform, despite recognizing the significant opportunity in Type 2 diabetes [3] - The fund opted to exit its position in favor of companies with higher conviction profit cycles and more compelling valuations [3] Group 4: DexCom, Inc. Financial Performance - For Q2 2025, DexCom, Inc. reported global revenue of $1.16 billion, reflecting a 15% growth compared to $1 billion in Q2 2024 [4] - Despite the growth potential, the company is not among the 30 most popular stocks among hedge funds, with 60 hedge fund portfolios holding its stock at the end of Q2 2025, unchanged from the previous quarter [4]

Core Insights - Roche has announced a $50 billion investment in its U.S. operations over the next five years, including a $700 million investment in a new drug manufacturing facility in Holly Springs, NC, aimed at supporting next-generation obesity drugs for Genentech [1][2] - The new facility is expected to create over 1,500 construction jobs and more than 400 permanent high-wage positions [2] - Roche plans to invest up to $550 million by 2030 to expand its diagnostic site in Indianapolis, enhancing U.S. production capabilities for continuous glucose monitoring systems [2] Company Expansion Strategy - Roche's investments are part of a broader strategy to strengthen its U.S. infrastructure in response to proposed tariffs on pharmaceutical imports, which aim to incentivize drugmakers to relocate operations to the U.S. [5][6] - The company currently operates 13 manufacturing and 15 R&D sites across eight states in the U.S. [5] Industry Context - Other major pharmaceutical companies, such as Eli Lilly, Johnson & Johnson, and Novartis, have also announced significant investments in U.S. manufacturing, collectively committing over $100 billion to expand their presence in the country [7][8][9][10][11] - Eli Lilly plans to invest $27 billion in four new manufacturing sites by 2025, while Johnson & Johnson has committed over $55 billion for manufacturing and R&D over the next four years [9][10] - Novartis has announced a $23 billion investment over five years to manufacture key drugs in the U.S. and establish a biomedical research hub in San Diego [11] Stock Performance - Year-to-date, Roche's shares have increased by 13%, outperforming the industry, which has seen a 6% decline [3]