{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019dd923-622b-71dc-a6db-81a8a09bae5a",
  "slug": "1bbbc8a9f010",
  "title": "Solventum Corporation (SOLV)",
  "subtitle": "Trian Fund Management · 2025-01",
  "author": "Trian Fund Management",
  "date": "2025-01-08 00:00:00",
  "pageCount": 25,
  "kind": "activist-deck",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "targetCompany": "Solventum Corporation",
  "targetTicker": "SOLV",
  "document": {
    "id": "019dd923-622b-71dc-a6db-81a8a09bae5a",
    "slug": "1bbbc8a9f010",
    "title": "Solventum Corporation (SOLV)",
    "rawTitle": "Trian Solventum Healthcare Trian Solventum Presentation Jan 2025",
    "authorId": "06_Trian_Partners",
    "authorName": "Trian Fund Management",
    "authorDisplay": "Trian Fund Management",
    "kind": {
      "slug": "activist-deck",
      "label": "Activist deck"
    },
    "sourceType": {
      "slug": "activist_investor",
      "label": "Activist investor"
    },
    "fileName": "2025-01-Trian-Solventum-Healthcare-Trian-Solventum-Presentation-Jan-2025.pdf",
    "sourceUrl": "https://trianpartners.com/wp-content/uploads/Trian-Solventum-Healthcare-Trian-Solventum-Presentation-Jan-2025.pdf",
    "sourceDate": "2025-01-08 00:00:00",
    "presentationDate": "2025-01-08 00:00:00",
    "ingestedAt": "2026-04-22 16:53:50+00",
    "status": "ready",
    "pageCount": 25,
    "orientation": "portrait",
    "aspectRatio": 0.77272725,
    "targetCompany": "Solventum Corporation",
    "targetTicker": "SOLV",
    "metadata": {
      "local_root": "/tmp/legacy-images/1bbbc8a9f010",
      "activist_firm": "Trian Fund Management",
      "origin_corpus": "contrarian",
      "extraction_seconds": 294.209755897522
    }
  },
  "coverage": {
    "pageCount": 25,
    "pagesIndexed": 25,
    "pagesWithImages": 25,
    "pagesWithMetadata": 25,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 176,
    "chartCount": 10,
    "metricSlides": 0,
    "toolMatches": 17,
    "documentToolMatches": 4,
    "frameworkMatches": 16,
    "arcMatches": 1,
    "beatMatches": 3,
    "loopMatches": 2,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": true,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "Problem-Agitate-Solution",
          "slug": "problem-agitate-solution",
          "status": "active",
          "bestFor": "Sales pitches, urgency-driven, competitive displacement",
          "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
        "evidence": "The deck follows a clear problem-agitate-solution structure, highlighting Solventum's underperformance, agitating the issue through peer comparisons, and offering a solution through margin expansion and growth.",
        "isPrimary": true,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 21:55:11.472753+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 5,
        "arc": {
          "name": "Problem-Agitate-Solution",
          "slug": "problem-agitate-solution",
          "status": "active",
          "bestFor": "Sales pitches, urgency-driven, competitive displacement",
          "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 2,
        "name": "Problem (Identify pain)",
        "beatId": "02c21229-e904-4b66-a230-854917fc7ed8",
        "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
        "beatType": {
          "name": "Problem (Identify pain)",
          "slug": "problem-agitate-solution-problem-identify-pain",
          "status": "active",
          "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131",
          "version": 1,
          "description": null
        },
        "evidence": "Slides 2-5 highlight Solventum's underperformance and decline in performance since spinning out of 3M.",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Complication",
          "slug": "complication",
          "status": "active",
          "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
          "version": 1,
          "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.9
      },
      {
        "to": 14,
        "arc": {
          "name": "Problem-Agitate-Solution",
          "slug": "problem-agitate-solution",
          "status": "active",
          "bestFor": "Sales pitches, urgency-driven, competitive displacement",
          "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 6,
        "name": "Agitate (Make it worse)",
        "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
        "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
        "beatType": {
          "name": "Agitate (Make it worse)",
          "slug": "problem-agitate-solution-agitate-make-it-worse",
          "status": "active",
          "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
          "version": 1,
          "description": null
        },
        "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Development",
          "slug": "development",
          "status": "active",
          "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
          "version": 1,
          "description": "The middle stretch in arcs that have one. Often where length problems creep in."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.9
      },
      {
        "to": 23,
        "arc": {
          "name": "Problem-Agitate-Solution",
          "slug": "problem-agitate-solution",
          "status": "active",
          "bestFor": "Sales pitches, urgency-driven, competitive displacement",
          "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 15,
        "name": "Solution (Provide relief)",
        "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
        "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
        "beatType": {
          "name": "Solution (Provide relief)",
          "slug": "problem-agitate-solution-solution-provide-relief",
          "status": "active",
          "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
          "version": 1,
          "description": null
        },
        "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Resolution",
          "slug": "resolution",
          "status": "active",
          "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
          "version": 1,
          "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.9
      }
    ],
    "loops": [
      {
        "to": 23,
        "from": 2,
        "loop": {
          "name": "27_cost_of_inaction",
          "slug": "27-cost-of-inaction",
          "status": "active",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "description": "Quantify what happens if the audience does nothing",
          "familyLabel": null,
          "categoryName": "Urgency",
          "categorySlug": "urgency"
        },
        "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
        "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
        "position": 0,
        "objective": "The cost of inaction is a decline in shareholder value.",
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 21:55:11.608775+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 15,
        "from": 11,
        "loop": {
          "name": "21_before_after",
          "slug": "21-before-after",
          "status": "active",
          "bestFor": "Product demos, process improvements, ROI justification",
          "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
          "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
          "familyLabel": null,
          "categoryName": "Comparison",
          "categorySlug": "comparison"
        },
        "matchId": "e48883c9-3c60-4e4a-9a45-5c0081624b7c",
        "evidence": "Slides 11-15 show the decline in Solventum's performance after spinning out of 3M.",
        "position": 1,
        "objective": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M.",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 21:55:11.641705+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "tools": [
      {
        "tool": {
          "name": "Before/after framing",
          "slug": "before-after-framing",
          "status": "active",
          "bestFor": "For turnaround / reform proposals",
          "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
          "version": 1,
          "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
          "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "document",
        "agents": null,
        "matchId": "ff7d7f59-8588-42a5-b938-9c43a8a66afd",
        "evidence": null,
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For turnaround / reform proposals",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:49.936794+00",
          "model": "unknown-legacy",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": null,
        "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "CEO quote contradiction",
          "slug": "ceo-quote-contradiction",
          "status": "active",
          "bestFor": "When management credibility is the lever",
          "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6",
          "version": 1,
          "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415",
          "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "document",
        "agents": null,
        "matchId": "2b8fd11a-621c-4e6f-907d-0811eb1c4340",
        "evidence": null,
        "pageRefs": null,
        "priority": null,
        "whenToUse": "When management credibility is the lever",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:49.936794+00",
          "model": "unknown-legacy",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": null,
        "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n  target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n  you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n  which means it lands in WSJ/FT/Bloomberg coverage.",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Peer gap chart",
          "slug": "peer-gap",
          "status": "active",
          "bestFor": "When relative underperformance is the core argument",
          "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf",
          "version": 1,
          "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3",
          "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "document",
        "agents": null,
        "matchId": "fde1cac2-50da-481a-958b-c761f49ac355",
        "evidence": null,
        "pageRefs": null,
        "priority": null,
        "whenToUse": "When relative underperformance is the core argument",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:49.936794+00",
          "model": "unknown-legacy",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": null,
        "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n  opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n  against direct peers in the same category.",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Sum of parts",
          "slug": "sum-of-parts",
          "status": "active",
          "bestFor": "For breakup / spin-off theses",
          "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125",
          "version": 1,
          "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f",
          "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "document",
        "agents": null,
        "matchId": "0aff0a3f-9f35-423d-9042-2f5f324565a0",
        "evidence": null,
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For breakup / spin-off theses",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:49.936794+00",
          "model": "unknown-legacy",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": null,
        "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n  \"this company trades like X but owns Y, which trades at",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Audience Definition",
          "slug": "audience-definition",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
          "version": 1,
          "bodyDocId": null,
          "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "ea2f2763-4a50-456c-a53a-898954b9525a",
        "evidence": "The unfortunate reality is that, since spinning out of 3M earlier last year, Solventum is not performing nearly as well as it did as part of 3M.",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:27:02.502181+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 2,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "9a7131a2-ea46-4edd-b47b-d49190787091",
        "evidence": "By restoring performance to prior levels, we believe the Company's shares could be worth $140 by year-end 2027, substantially higher than current levels.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-17 03:27:02.588232+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 2,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Thesis archetype",
          "slug": "thesis-archetype",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb",
          "version": 1,
          "bodyDocId": null,
          "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "98fed678-bbdb-4bc1-af95-21f30597d83e",
        "evidence": "Trian believes Solventum has a tremendous value creation opportunity.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-17 03:27:02.546189+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 2,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "optional",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Executive summary",
          "slug": "executive-summary",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
          "version": 1,
          "bodyDocId": null,
          "description": "A condensed view of the entire argument on a single slide / block.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "3dddb285-723f-48f6-b5f4-a98deede0400",
        "evidence": "The unfortunate reality is that, since spinning out of 3M earlier last year, Solventum is not performing nearly as well as it did as part of 3M.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 03:27:02.709146+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 4,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Storytelling: audience calibration",
          "slug": "audience",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-23ea-723a-87c0-af1d78d702d2",
          "version": 1,
          "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656",
          "description": "The same thesis, written for four different audiences, produces four",
          "familyLabel": "narrative-block",
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "agent": "storyteller",
        "layer": "slide",
        "agents": [
          "storyteller"
        ],
        "matchId": "39264631-3f99-42a6-92ef-763d7a7fd9e5",
        "evidence": "Dear Fellow Solventum Shareholders,",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:27:02.74921+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 4,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Audience Definition",
          "slug": "audience-definition",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
          "version": 1,
          "bodyDocId": null,
          "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "1a6d1139-373b-40a2-a6c6-e88dddbd7938",
        "evidence": "The slide is addressed to shareholders and analysts, indicating a clear audience definition.",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 22:52:22.848699+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Executive summary",
          "slug": "executive-summary",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
          "version": 1,
          "bodyDocId": null,
          "description": "A condensed view of the entire argument on a single slide / block.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "36441899-20ec-4014-9405-3b82abaf7c18",
        "evidence": "This slide serves as a summary of the key points, providing an overview of the situation with Solventum.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 22:52:22.807613+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "0a244263-3714-4df8-a56c-3b2f79912e0e",
        "evidence": "The slide presents a table comparing Solventum's consensus forecasts to its historical performance.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 22:52:22.929845+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 6,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Storytelling: the closing ask",
          "slug": "closing-ask",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-24e0-70ab-8dd9-983832c1c665",
          "version": 1,
          "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d",
          "description": "The single most important slide in the deck — after the cover. The final",
          "familyLabel": "narrative-block",
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "agent": "storyteller",
        "layer": "slide",
        "agents": [
          "storyteller"
        ],
        "matchId": "947cdd9d-02bf-4eb0-b750-d24a81fb887d",
        "evidence": "The slide presents a clear call to action, outlining the steps that Solventum should take to improve its performance.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 22:52:23.053654+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 8,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: Cover",
          "slug": "cover-slide",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3",
          "version": 1,
          "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65",
          "description": "The first ten seconds. Build it deliberately.",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "036c806d-4956-49be-adc2-449e2fc32c36",
        "evidence": "The slide serves as a cover page, including the title, date, and logos.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 22:52:23.136588+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 9,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "dfc1d9bc-76b2-41b1-be3f-cd893d58f2f3",
        "evidence": "The slide presents a table showing Solventum's 2023 business mix.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 22:52:23.216909+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 10,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Comparison frame",
          "slug": "comparison-frame",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
          "version": 1,
          "bodyDocId": null,
          "description": "Two or more states/subjects placed side by side to expose a gap.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "937378ea-b097-4076-8bea-12d1864916b6",
        "evidence": "Consensus expectations, which are influenced by how the Company has positioned itself to analysts, are far worse than how these businesses have performed historically",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 22:52:34.000267+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "2x2 matrix",
          "slug": "matrix-2x2",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8",
          "version": 1,
          "bodyDocId": null,
          "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "8e697a26-9356-4082-b639-206d196623ca",
        "evidence": "Spin-Outs >$5bn Market Cap Since 2014: 1st Standalone Year vs. Pre-Spin Pro Forma Adj. Margin",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-16 22:52:34.076782+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 18,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "4285a3f0-46c0-4694-ae52-d402a9c3e6aa",
        "evidence": "Analysis of 3M Health Care spin-off performance and potential",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:23.926+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "frameworkName": "breakup-spinoff"
      },
      {
        "matchId": "867c11d3-5c43-41d4-ad2a-d087b0354d05",
        "evidence": "Comparing Solventum's current performance against historical 3M benchmarks and peer spin-off data.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:30.677+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 6,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "65ef0c93-3020-482b-9f72-0ba118109c5b",
        "evidence": "Section on Clarifying Capital Allocation regarding deleveraging and dividend policy.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 21:04:27.075+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 7,
        "frameworkName": "capital-allocation-framework"
      },
      {
        "matchId": "55157075-7560-4ca8-a1d0-ee43b0ab7983",
        "evidence": "Direct comparison of two business units over time",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:28.241+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 11,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "25f719f1-0b3f-4732-9842-b78b2bb659f4",
        "evidence": "Uses analyst quotes to validate the investment thesis.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:24.655+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 12,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "a1357712-109e-411a-a295-5b5a316b7db9",
        "evidence": "The slide anticipates and counters the current market valuation by showing historical analyst consensus.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:24.684+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 13,
        "frameworkName": "preempt_rebuttal"
      },
      {
        "matchId": "7fd094d0-4f3f-4a3e-8d58-8ceec827562c",
        "evidence": "Comparing Solventum's valuation multiples against peer groups to highlight a discount.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:27.678+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 14,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "78063c5f-3aa1-43e1-a867-e6eee46a285c",
        "evidence": "Compares historical performance (before) to revised 2024 guidance (after) to show decline.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 21:04:24.722+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 15,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "855d577c-9ef0-4ebc-8d58-858613ba83c6",
        "evidence": "The slide identifies a performance problem and contrasts it with market conditions to diagnose the issue.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 21:04:25.778+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 16,
        "frameworkName": "diagnostic-test"
      },
      {
        "matchId": "ae2cb93c-37ec-42fc-a3ea-c9679f44ab2c",
        "evidence": "Direct comparison between consensus forecasts and historical performance metrics.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:27.984+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "58a7b351-52e4-4040-96f0-c324103cabac",
        "evidence": "Benchmarking Solventum against historical spin-off performance data.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:24.919+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 18,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "953c856c-a5d3-4c7f-96cb-12b070b96ac7",
        "evidence": "Compares Solventum's projected margins against 25th, 50th, and 75th percentile benchmarks of other spin-offs.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 21:04:25.032+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 19,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "8860e2b2-308d-457c-85ef-923ffb46ba66",
        "evidence": "Comparing Solventum's cost structure against Covidien and GE HealthCare to highlight inefficiency.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 21:04:25.243+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 20,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "2c6dad84-0e5a-4c72-842e-6bc418e00314",
        "evidence": "Uses case studies of corporate spin-offs to demonstrate value creation.",
        "framework": null,
        "confidence": 0.95,
        "extraction": {
          "at": "2026-05-02 21:04:25.279+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 21,
        "frameworkName": "breakup-spinoff"
      },
      {
        "matchId": "126543b6-3059-4476-8e11-8a1c0e956a36",
        "evidence": "The slide explicitly compares two time periods (2015-2021 vs 2021-YTD 2024) to illustrate a performance gap and propose a solution.",
        "framework": null,
        "confidence": 0.95,
        "extraction": {
          "at": "2026-05-02 21:04:26.192+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 22,
        "frameworkName": "before-after-bridge"
      },
      {
        "matchId": "68e933db-cf8b-4a09-8aab-6bdc37cbfa93",
        "evidence": "Presents a structured valuation bridge from sales/EBIT to implied share price.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 03:32:55.139+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 23,
        "frameworkName": "valuation_table"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": {
    "tone": "analytical",
    "notes": "Bundle of three documents in one PDF: (1) press release pp.1-3, (2) signed letter to Solventum shareholders pp.4-8, (3) 16-slide deck pp.9-25. Classified as full_deck since the slide presentation is the dominant artifact and the letter/PR explicitly reference slide pages (e.g. 'see page 14 of the attached slide presentation'). Signed 'Trian Fund Management, L.P.' with no individual signatory — author_name left null despite Nelson Peltz being Trian's known founder. Tone is collaborative-analytical in the Trian house style ('initiated dialogues', 'engage', 'work collaboratively') but with urgency language ('alarming', 'unprecedented', 'worst-in-class'). Visible '10XEBITDA.com' watermark suggests the PDF was sourced from a third-party aggregator rather than Trian directly. Precedent-spin benchmarking (slide 9) and allocated-cost comparison (slide 11) are the strongest original analytical contributions.",
    "kpisCited": [
      {
        "detail": "Consensus '24-'26 avg 0.9% vs. 3M Health Care historical 3-5yr avg of 3.0-4.2%",
        "metric": "Organic sales growth"
      },
      {
        "detail": "Consensus 2026E 20% vs. 3M Health Care 10-20yr historical avg of 26-27%",
        "metric": "Adj. EBIT margin"
      },
      {
        "detail": "Solventum -424bps vs. peer average +125bps and 75th percentile +242bps (31 spin-outs >$5bn since 2014)",
        "metric": "1st full year post-spin margin change"
      },
      {
        "detail": "Solventum 10.4% ($853mm) in 2023 vs. Covidien 1.5% and GE HealthCare 3.7% at spin",
        "metric": "Corporate cost allocations (% of sales)"
      },
      {
        "detail": "Sell-side average ~$144 (range $117 JPM to $187 Barclays) vs. current $69",
        "metric": "Implied pre-spin share value"
      },
      {
        "detail": "Solventum 12.6x vs. Dental peers 13.5x, MedSurg peers 16.0x, 3M 16.9x, HIS peers 20.5x, Purification peers 25.2x",
        "metric": "NTM P/E multiple"
      },
      {
        "detail": "2021-YTD 2024: Solventum 1.8% vs. Wound Care peers 6.5% and IPSS peers 6.7%; reversed from 2015-2021 when Solventum led peers",
        "metric": "MedSurg organic growth"
      },
      {
        "detail": "3Q24 LTM 0.4% — slowest in >10 years excluding COVID lockdowns (40 quarters analyzed)",
        "metric": "LTM organic growth ranking"
      }
    ],
    "closingAsk": "Use the February LRP announcement to outline a credible plan that restores historical performance, simplifies the portfolio, and commits to disciplined capital allocation.",
    "extraction": {
      "at": "2026-04-22 16:53:50+00",
      "model": "unknown-legacy",
      "runId": null,
      "seconds": 294.20975,
      "promptVersion": null
    },
    "scqaReward": "Restoring 3-4% organic growth and 26% EBIT margins at a 15x NTM P/E implies ~$140/share by year-end 2027 — roughly double today's $69 — with further upside from portfolio simplification and multiple re-rating.",
    "thesisTypes": [
      "operational_turnaround",
      "breakup_spinoff",
      "capital_return",
      "multiple_rerating"
    ],
    "top3Reasons": [
      "Solventum's 424bps first-year margin decline would rank 3rd-worst of any US spin in a decade",
      "Pre-spin sell-side valued SOLV at ~$144/share; shares trade at $69 today — >100% gap",
      "Restoring 3-4% growth and 26% margins with a 15x P/E implies ~$140/share by YE 2027"
    ],
    "scqaSituation": "Solventum, spun from 3M in April 2024, inherited Health Care's #1-positioned franchises that grew 3-4% organically at 26-27% EBIT margins every year for two decades inside 3M — a portfolio of niche, daily-use medical products.",
    "thesisSummary": "Trian owns ~5% of Solventum (SOLV), 3M's former Health Care division spun off in April 2024, and argues the company is dramatically underperforming its potential. Inside 3M, Health Care consistently delivered 3-4% organic growth at ~26% EBIT margins for two decades; since the spin, growth has collapsed to ~0.9% and consensus 2025 margins of 20% would mark the 3rd-worst post-spin margin performance of any US large-cap spin-out in a decade (-424bps vs pre-spin pro forma, versus +125bps average for peers). Pre-spin, sell-side analysts valued the business at ~$33bn / $144/share — more than double today's $69. Trian demands the February LRP announcement restore historical performance targets, divest Dental, Health Info Systems and Purification & Filtration (~45% of sales), and commit to disciplined capital allocation. At 3%/26% metrics and a 15x P/E, shares could be worth ~$140 by YE 2027.",
    "primaryDemands": [
      "Use the February Long Range Plan announcement to set ambitious targets restoring 3M-era organic growth (3-4%) and EBIT margins (26-27%)",
      "Right-size overhead costs — Solventum retained ~1,000bps of 3M corporate allocations; reinvest savings in sales, marketing and R&D",
      "Simplify portfolio by divesting three non-core segments (Dental Solutions, Health Info Systems, Purification & Filtration — ~45% of sales)",
      "Clarify capital allocation: initiate a dividend once leverage drops below 3x, authorize repurchases, and target 2-3x net leverage range",
      "Align management compensation with key LRP metrics and shareholder value creation"
    ],
    "scqaResolution": "Management must use the February Long Range Plan to set ambitious targets restoring historical 3M-era performance, simplify the portfolio by divesting three non-core segments (~45% of sales), and commit to a dividend, buybacks and disciplined capital allocation.",
    "thesisOneLiner": "Solventum's post-spin performance collapse is nearly worst-in-class; restoring 3M-era 3-4% growth and 26% margins plus simplifying the portfolio can double shares to $140 by 2027.",
    "precedentsCited": [
      "GE HealthCare spin from GE (2023)",
      "DuPont's sale of Coatings (Axalta, 2012)",
      "Covidien spin from Tyco (2007)"
    ],
    "scqaComplication": "Post-spin, organic growth collapsed to ~0.9% and 2025E EBIT margin of 20% implies a 424bps decline versus pre-spin pro forma — the 3rd-worst spin-out margin performance of any $5bn+ US spin in a decade.",
    "narrativeInterest": 4,
    "notableSlidePages": [
      13,
      14,
      15,
      18,
      20,
      24
    ],
    "peerCompaniesCited": [
      "3M",
      "GE HealthCare",
      "Covidien",
      "DuPont/Axalta",
      "Medtronic",
      "Becton Dickinson",
      "Baxter",
      "Zimmer Biomet",
      "Teleflex",
      "Stryker",
      "Smith & Nephew",
      "Convatec",
      "Dentsply-Sirona",
      "Envista",
      "Danaher",
      "Sartorius",
      "IQVIA"
    ],
    "valuationFrameworks": [
      "multiple_comparison",
      "precedent_transactions"
    ],
    "visualCraftInterest": 3
  },
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "title": "This is a press release style summary slide.",
      "function": "summarize",
      "imagePath": "https://imgproxy.kitesheet.com/4h8bP_EAhYhuSq8Jaldzn_C9pU0ra2DC2MgnuUCFjdg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xYmJiYzhhOWYwMTAvcDAwMS5qcGc",
      "rawType": "executive_summary",
      "block": null,
      "metadata": {
        "slideType": "executive_summary",
        "slideTypeCanon": {
          "name": "Executive summary",
          "slug": "executive_summary",
          "status": "active",
          "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 61,
        "componentCount": 7,
        "textChars": 972,
        "nDataPoints": 3,
        "notes": "This is a press release style summary slide.",
        "elementsJson": [
          "headline_text",
          "subtitle_text",
          "paragraph",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:27.462+00",
          "seconds": 7.615,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/1",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-1",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.19
          },
          "kind": "callout",
          "text": "If Solventum Can Restore Performance to Historical Levels, Trian Believes the Company’s Shares Could be Worth $140 by Year-End 2027 vs. its $69 Share Price Today",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.462+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d414eddf-1c9d-4f39-a7fb-6f9234576cc9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.1,
            "y": 0.8
          },
          "kind": "list",
          "text": "Solventum was 3M’s best performing business – it was consistently 3M’s fastest growth and highest margin division.\nAs an independent company, Trian believes Solventum should be able to perform even better than it did inside of 3M...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.462+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "60e3e0ce-bfa3-464c-a5e7-07df69b172c3",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $140",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c1-f1702b2e7788",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.1,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Trian Believes the Company Can Further Enhance Value Creation Through Improved Operating Performance, Portfolio Actions and Prudent Capital Allocation",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.462+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1e3aa5ab-3e4b-4c14-97b9-38c5129d13a4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.8,
            "x": 0.1,
            "y": 0.3
          },
          "kind": "paragraph",
          "text": "NEW YORK, Jan. 8, 2025 – Trian Fund Management, L.P. (“Trian”), which beneficially owns ~5% of Solventum Corporation (NYSE: SOLV) (“Solventum” or the “Company”) and is the Company’s largest active shareholder...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.462+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "988ea531-3ce7-4823-9758-dea24eba4c67",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.13
          },
          "kind": "title",
          "text": "Despite Performance Declines Since Spinning Out of 3M, Trian Believes Solventum Has Potential to Drive Significant Improvements as a Standalone Company",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.462+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e82b54c6-f78e-498b-863d-196c6f5eafde",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.25,
            "y": 0.09
          },
          "kind": "title",
          "text": "Trian Issues Open Letter to Solventum Shareholders",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.462+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4f8f8368-cbf3-45ba-98d0-d1e50cd6e73a",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/USVGuv652abQ3FS6LuC0XCkqCjxUUIxcwrjfoEdJJIA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xYmJiYzhhOWYwMTAvcDAwMS5qcGc",
      "imagePathAlt": "https://imgproxy.kitesheet.com/cwUGaedxtU38jWy2JHfstyvwOL0HAR_WyDpmp3Qm4bY/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xYmJiYzhhOWYwMTAvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/_JYLOA0UyQlYA8talCq-3NBJp1AfnTcI8uYhc-CoWHU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xYmJiYzhhOWYwMTAvcDAwMS5wbmc"
    },
    {
      "page": 2,
      "type": "setup",
      "title": "The slide is text-heavy, structured as a series of bulleted arguments.",
      "function": "summarize",
      "rawType": "key_messages",
      "block": null,
      "metadata": {
        "slideType": "key_messages",
        "slideTypeCanon": {
          "name": "Key messages",
          "slug": "key_messages",
          "status": "active",
          "canonId": "019de52d-0712-703f-89f5-bda6688faf3f",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 97,
        "componentCount": 21,
        "textChars": 3370,
        "nDataPoints": 10,
        "notes": "The slide is text-heavy, structured as a series of bulleted arguments.",
        "elementsJson": [
          "bullet_list"
        ],
        "confidence": 0.9,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:35.138+00",
          "seconds": 15.274,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/2",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-2",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "The purpose of the spin was to further improve performance – not take a major and prolonged step backwards.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-16eae458c308",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.38
          },
          "kind": "list",
          "text": "Consensus estimates (albeit not Company guidance) expect Solventum's margins to decline by (425bps) in its first full standalone year, which would make it a bottom decile performer.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1d87d2c9-26b1-4837-ba4c-bbab612c95d9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.69
          },
          "kind": "list",
          "text": "Three of the Company's four reporting segments are strategically and operationally distinct from its core MedSurg segment. Combined, these businesses represent approximately 45% of the Company's sales: Dental Solutions, Health Info Systems, and Purification & Filtration.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2fb83ac2-63ea-4999-817a-7df3cad6e49c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.62
          },
          "kind": "list",
          "text": "By restoring performance to historical levels, Trian believes Solventum's shares could be worth $140 by year-end 2027 (see page 14 of Trian's slide deck for details).",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "347bf4d2-c671-48c1-9787-b2dc2c6c70f0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.59
          },
          "kind": "list",
          "text": "Trian believes historical performance levels and spin-related opportunities should help frame the goal posts for Solventum's operating targets and broader strategy.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "598b525c-3ecb-4fd7-bfdb-13f2e5469467",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.1,
            "y": 0.5
          },
          "kind": "list",
          "text": "The purpose of the spin was to further improve performance - not take a major and prolonged step backwards.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "638e17c7-6059-4b7b-811c-ab027f6cba7c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.24
          },
          "kind": "list",
          "text": "Today, Solventum's growth and margins are at historic lows, and the Company has not created an expectation for meaningful improvements going forward.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87e23940-130d-4cf0-8ea1-1706831d023a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.56
          },
          "kind": "list",
          "text": "Over any reasonable multi-year time period (3, 5, 10, 20 years), the business grew 3% to 4% organically at a 26%-27% EBIT margin inside of 3M.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8f5aabd5-00fc-46fd-91c2-db7b41ce37d7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.1,
            "y": 0.3
          },
          "kind": "list",
          "text": "Trian analyzed comparable mid-to-large cap spins over the past decade. The average mid-to-large cap spin delivered approximately +125bps and +160bps of margin expansion, respectively, in the first and third full year following separation compared to the standalone pro forma adjusted margins disclosed pre-spin. Spins at the 75th percentile delivered +240bps and +300bps of margin expansion over those same periods.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "98b962cb-f946-4cab-97b5-c458009d8300",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.8,
            "x": 0.1,
            "y": 0.18
          },
          "kind": "list",
          "text": "In a short period of time, Solventum went from consistently growing organically at a low-to-mid single digit rate at a mid-to-high 20% operating margin - to a business that is barely growing today at a low-20% operating margin, despite its core end markets continuing to perform well.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9d0865e6-f95b-4e46-8fa3-bf288b519aff",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.79
          },
          "kind": "list",
          "text": "Divestitures could accelerate Solventum's deleveraging and enable value-enhancing capital allocation decisions including dividends, share repurchases and bolt-on M&A.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a767587b-bb23-4391-9084-f9ff236e20cb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.1,
            "y": 0.74
          },
          "kind": "list",
          "text": "Reducing portfolio complexity can improve focus and execution at the remaining businesses.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b2220a87-54ff-4f78-a773-92a7f5ea2456",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.1,
            "y": 0.46
          },
          "kind": "list",
          "text": "Solventum's performance decline has gone beyond the scope of 3M spin-related headwinds and appropriate layers of conservatism. Great companies drive businesses forward and set conservative guidance in that context.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ddc760ee-498e-4844-bf2c-8f7c1d95cef9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.76
          },
          "kind": "list",
          "text": "While non-core, Trian believes each of these businesses is highly valuable and likely worth a substantially higher valuation multiple than where Solventum trades today.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e415c82a-f19a-41b0-8ae9-9ec2f4c25670",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EBIT margin: $140",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-19cf0b23b83f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.1,
            "y": 0.54
          },
          "kind": "paragraph",
          "text": "Solventum must outline a LRP that restores performance to historical levels and beyond.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0984e32f-63c3-4718-8d3a-2efe0b0c4975",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.09
          },
          "kind": "paragraph",
          "text": "Similar to other spins, Solventum should be able to increase investments in growth and fund those investments with savings generated by right sizing its overhead structure and increasing focus and accountability throughout the organization.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5a7f4d34-3eb6-40e0-97e8-23341ac1f44c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.1,
            "y": 0.16
          },
          "kind": "paragraph",
          "text": "Solventum has seen a major decline in performance since spinning out of 3M.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9c40b51b-f067-4987-b1e1-7aaa8faf68ee",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.43
          },
          "kind": "paragraph",
          "text": "Some have suggested Solventum's step-down in performance will result in an extremely low bar and easily allow the Company to \"beat\" on earnings expectations over time.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c4e4b8f5-d3e4-4013-b65c-4e1cf6177c16",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.1,
            "y": 0.67
          },
          "kind": "paragraph",
          "text": "Simplifying Solventum's portfolio can further enhance the value creation opportunity.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c674f8c3-5db3-4c94-9e09-f7852ada854e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.1,
            "y": 0.28
          },
          "kind": "paragraph",
          "text": "The expected decline in Solventum's profit margins is nearly unprecedented.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:35.138+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e412efff-4dc1-4638-9829-1a1cb8656518",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Audience Definition",
            "slug": "audience-definition",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
            "version": 1,
            "bodyDocId": null,
            "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "ea2f2763-4a50-456c-a53a-898954b9525a",
          "evidence": "The unfortunate reality is that, since spinning out of 3M earlier last year, Solventum is not performing nearly as well as it did as part of 3M.",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:27:02.502181+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 2,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "9a7131a2-ea46-4edd-b47b-d49190787091",
          "evidence": "By restoring performance to prior levels, we believe the Company's shares could be worth $140 by year-end 2027, substantially higher than current levels.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-17 03:27:02.588232+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 2,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Thesis archetype",
            "slug": "thesis-archetype",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb",
            "version": 1,
            "bodyDocId": null,
            "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "98fed678-bbdb-4bc1-af95-21f30597d83e",
          "evidence": "Trian believes Solventum has a tremendous value creation opportunity.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-17 03:27:02.546189+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 2,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "optional",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Problem (Identify pain)",
          "beatId": "02c21229-e904-4b66-a230-854917fc7ed8",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Problem (Identify pain)",
            "slug": "problem-agitate-solution-problem-identify-pain",
            "status": "active",
            "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 2-5 highlight Solventum's underperformance and decline in performance since spinning out of 3M.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 3,
      "type": "setup",
      "function": "front_matter",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 34,
        "componentCount": 6,
        "textChars": 533,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:24.092+00",
          "seconds": 4.132,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/3",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-3",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.25,
            "w": 0.764,
            "x": 0.118,
            "y": 0.551
          },
          "kind": "disclaimer",
          "text": "Except as otherwise set forth in this press release or the accompanying letter and presentation, the views expressed in this press release or the accompanying letter and presentation reflect the opinions of Trian Fund Management, L.P.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.092+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1a83a958-0375-40b3-a193-ec2e593ebf6c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.045,
            "w": 0.764,
            "x": 0.118,
            "y": 0.115
          },
          "kind": "paragraph",
          "text": "Founded in 2005, Trian Fund Management, L.P. (\"Trian\") is a multi-billion dollar investment management firm. Trian is a highly engaged shareowner that combines concentrated public equity ownership with operational expertise.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.092+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3b44ec3b-2182-4f79-ae25-c48c03e62c24",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.018,
            "w": 0.085,
            "x": 0.118,
            "y": 0.518
          },
          "kind": "title",
          "text": "Disclaimer",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.092+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "010b93bf-8210-4f2b-8b44-4ce2cf8ffb5a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.018,
            "w": 0.125,
            "x": 0.118,
            "y": 0.247
          },
          "kind": "title",
          "text": "Media Contacts:",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.092+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1f785362-9b6a-4c57-9a07-516b2a26a97f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.018,
            "w": 0.285,
            "x": 0.118,
            "y": 0.094
          },
          "kind": "title",
          "text": "About Trian Fund Management, L.P.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.092+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e67e6407-12b5-4129-9bcb-3759866c7ac0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.018,
            "w": 0.135,
            "x": 0.118,
            "y": 0.417
          },
          "kind": "title",
          "text": "Investor Contact:",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.092+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ef44e276-5bc3-4cd2-b411-fb7bbb95d128",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Problem (Identify pain)",
          "beatId": "02c21229-e904-4b66-a230-854917fc7ed8",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Problem (Identify pain)",
            "slug": "problem-agitate-solution-problem-identify-pain",
            "status": "active",
            "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 2-5 highlight Solventum's underperformance and decline in performance since spinning out of 3M.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 4,
      "type": "setup",
      "title": "This is a formal activist letter serving as the cover/introductory page of a presentation deck.",
      "function": "frame_situation",
      "rawType": "executive_summary",
      "block": null,
      "metadata": {
        "slideType": "executive_summary",
        "slideTypeCanon": {
          "name": "Executive summary",
          "slug": "executive_summary",
          "status": "active",
          "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e",
          "version": 1,
          "description": null
        },
        "function": "frame_situation",
        "functionCanon": {
          "name": "Frame situation",
          "slug": "frame_situation",
          "status": "active",
          "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 60,
        "componentCount": 7,
        "textChars": 913,
        "nDataPoints": 4,
        "notes": "This is a formal activist letter serving as the cover/introductory page of a presentation deck.",
        "elementsJson": [
          "paragraph",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:23.676+00",
          "seconds": 3.533,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/4",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-4",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Absent significant improvements, it would mark one of the largest declines in performance of any comparable spin over the last decade.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-5bbfd9a9c8a3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.15,
            "x": 0.29,
            "y": 0.04
          },
          "kind": "image",
          "text": "Trian Partners logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.676+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0bf3ef53-5443-44b9-8c8c-4680398d8298",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EBIT margin: 26%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-5c5e4afa7c3c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.84,
            "x": 0.08,
            "y": 0.75
          },
          "kind": "paragraph",
          "text": "We believe Solventum has a tremendous value creation opportunity. By restoring performance to prior levels, we believe the Company's shares could be worth $140 by year-end 2027, substantially higher than yesterday's closing price of approximately $69.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.676+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0c6e8854-23ab-45bb-9c01-1e8462a95622",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.84,
            "x": 0.08,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "The unfortunate reality is that, since spinning out of 3M earlier last year, Solventum is not performing nearly as well as it did as part of 3M. Over the last 3 and 5 year periods, we believe Solventum was not living up to its potential as a division inside of 3M, yet it still averaged 3% to 4% organic growth at a 26% EBIT margin.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.676+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "14c0f811-fd4e-4cc0-b191-dc6cfcd5ec3c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.84,
            "x": 0.08,
            "y": 0.16
          },
          "kind": "paragraph",
          "text": "Trian Fund Management, L.P. (\"Trian\") beneficially owns approximately 5% of the outstanding shares of Solventum Corporation.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.676+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ae6cbf96-467e-472e-80b8-57fd421b638c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.35,
            "x": 0.08,
            "y": 0.84
          },
          "kind": "title",
          "text": "A Brief History of Solventum Pre-Spin",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.676+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4a6075c6-0de9-4e58-80e9-d2ba65860a29",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Executive summary",
            "slug": "executive-summary",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
            "version": 1,
            "bodyDocId": null,
            "description": "A condensed view of the entire argument on a single slide / block.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "3dddb285-723f-48f6-b5f4-a98deede0400",
          "evidence": "The unfortunate reality is that, since spinning out of 3M earlier last year, Solventum is not performing nearly as well as it did as part of 3M.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 03:27:02.709146+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 4,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Storytelling: audience calibration",
            "slug": "audience",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-23ea-723a-87c0-af1d78d702d2",
            "version": 1,
            "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656",
            "description": "The same thesis, written for four different audiences, produces four",
            "familyLabel": "narrative-block",
            "categoryName": "Narrative & Transformation",
            "categorySlug": "narrative-transformation"
          },
          "agent": "storyteller",
          "layer": "slide",
          "agents": [
            "storyteller"
          ],
          "matchId": "39264631-3f99-42a6-92ef-763d7a7fd9e5",
          "evidence": "Dear Fellow Solventum Shareholders,",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:27:02.74921+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 4,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Problem (Identify pain)",
          "beatId": "02c21229-e904-4b66-a230-854917fc7ed8",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Problem (Identify pain)",
            "slug": "problem-agitate-solution-problem-identify-pain",
            "status": "active",
            "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 2-5 highlight Solventum's underperformance and decline in performance since spinning out of 3M.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 5,
      "type": "analysis",
      "title": "This is a text-heavy slide from an activist investor deck (Trian Partners) detailing the investment thesis and subsequent disappointment regarding Solventum.",
      "function": "diagnose_problem",
      "rawType": "executive_summary",
      "block": null,
      "metadata": {
        "slideType": "executive_summary",
        "slideTypeCanon": {
          "name": "Executive summary",
          "slug": "executive_summary",
          "status": "active",
          "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e",
          "version": 1,
          "description": null
        },
        "function": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 58,
        "componentCount": 6,
        "textChars": 1184,
        "nDataPoints": 10,
        "notes": "This is a text-heavy slide from an activist investor deck (Trian Partners) detailing the investment thesis and subsequent disappointment regarding Solventum.",
        "elementsJson": [
          "paragraph",
          "quote_block"
        ],
        "confidence": 0.9,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:23.926+00",
          "seconds": 3.448,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/5",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-5",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Unfortunately for shareholders, Solventum's performance since the spin has not lived up to its promise.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-f10211502cbf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.8,
            "x": 0.1,
            "y": 0.05
          },
          "kind": "paragraph",
          "text": "Having followed 3M for many years, we have long admired its health care business... Solventum has greater opportunities to drive performance improvements as a standalone company than most spins in recent memory.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.926+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1c9fddf1-fa69-429d-aff1-1cfa7a9dec3f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.8,
            "x": 0.1,
            "y": 0.62
          },
          "kind": "paragraph",
          "text": "Unfortunately for shareholders, Solventum's performance since the spin has not lived up to its promise... Consensus estimates project less than 1% revenue growth and margins flatlining at 20% - both at historic lows.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.926+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ea3b1fc0-bf46-4f46-8d40-8fac42609d25",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.7,
            "x": 0.15,
            "y": 0.33
          },
          "kind": "quote",
          "text": "So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.926+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0aa95944-3891-4ff6-aed7-e6d6e0dd6f5d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate. And furthermore, we really get to optimize things for us specifically versus a broader organization. And so part of the reason we're going to be able to expand margin are some of the benefits of becoming a stand-alone company. — GE HealthCare",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-f7bbdfa73cf6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.1,
            "y": 0.58
          },
          "kind": "title",
          "text": "Solventum Has Not Lived Up to its Potential",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.926+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "269b47fd-67ed-4045-aac6-6d379ca0c75c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Audience Definition",
            "slug": "audience-definition",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
            "version": 1,
            "bodyDocId": null,
            "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "1a6d1139-373b-40a2-a6c6-e88dddbd7938",
          "evidence": "The slide is addressed to shareholders and analysts, indicating a clear audience definition.",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:52:22.848699+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Executive summary",
            "slug": "executive-summary",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
            "version": 1,
            "bodyDocId": null,
            "description": "A condensed view of the entire argument on a single slide / block.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "36441899-20ec-4014-9405-3b82abaf7c18",
          "evidence": "This slide serves as a summary of the key points, providing an overview of the situation with Solventum.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 22:52:22.807613+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "4285a3f0-46c0-4694-ae52-d402a9c3e6aa",
          "evidence": "Analysis of 3M Health Care spin-off performance and potential",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:23.926+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "frameworkName": "breakup-spinoff"
        }
      ],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Problem (Identify pain)",
          "beatId": "02c21229-e904-4b66-a230-854917fc7ed8",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Problem (Identify pain)",
            "slug": "problem-agitate-solution-problem-identify-pain",
            "status": "active",
            "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 2-5 highlight Solventum's underperformance and decline in performance since spinning out of 3M.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 6,
      "type": "setup",
      "title": "The slide argues that management is setting low bars to ensure easy beats, contrasting this with historical 3M performance and industry-wide spin-off margin exp",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 94,
        "componentCount": 11,
        "textChars": 1820,
        "nDataPoints": 24,
        "notes": "The slide argues that management is setting low bars to ensure easy beats, contrasting this with historical 3M performance and industry-wide spin-off margin expansion data.",
        "elementsJson": [
          "headline_text",
          "data_table",
          "paragraph",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:30.677+00",
          "seconds": 10.149,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/6",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-6",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "We would understand if margins declined due to investments in growth, but organic growth is worse than when Solventum was inside of 3M, and the Company has not created an expectation for improvement.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-9ed3998a7633",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.6,
            "x": 0.12,
            "y": 0.46
          },
          "kind": "list",
          "text": "Q2 2024: 1% organic growth, (530bps) of EBIT margin compression; Q3 2024: 0% organic growth, (320bps) of EBIT margin compression",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8992a220-d4fa-448e-8680-736837e548c7",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "organic growth: 0.5%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-a2402ea65c87",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.82,
            "x": 0.09,
            "y": 0.77
          },
          "kind": "paragraph",
          "text": "Within that group of 31 spin-outs, the average company saw approximately +125bps of margin improvement in its first full fiscal year. Consensus calls for (425bps) of margin decline for Solventum, which would make it the third worst performing spin.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6514e146-1023-4597-9cc7-0822584a65e8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.82,
            "x": 0.09,
            "y": 0.28
          },
          "kind": "paragraph",
          "text": "We find this performance step-down hard to comprehend. Solventum's core hospital end markets are growing faster today than they had during many of the historical periods in which the entity delivered 3-4% growth inside of 3M.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cbfbe376-aeb7-42c9-9552-1e8dc83995cb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.82,
            "x": 0.09,
            "y": 0.51
          },
          "kind": "paragraph",
          "text": "We hope that this unprecedented performance decline does not inform the starting point of the LRP. The reality is that over any reasonable multi-year time period, the business grew 3% to 4% organically at a 26%-27% EBIT margin inside of 3M.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ddf6909d-0b32-4d1b-b4da-811a7d9aa32a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.82,
            "x": 0.09,
            "y": 0.68
          },
          "kind": "paragraph",
          "text": "The Company has occasionally blamed the spin itself for why performance is suffering. To put Solventum's expected margin decline in context, we analyzed the adjusted profit margin progression for U.S. primary listed spun companies.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ef32d4bf-4c0b-463d-a170-71f0e64eb1fb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.82,
            "x": 0.09,
            "y": 0.37
          },
          "kind": "paragraph",
          "text": "Some have characterized Solventum's positioning to the public markets as setting management up to 'beat and raise'. We too believe management teams should guide conservatively and exceed expectations – but there must be an element of reasonableness.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f4008312-57a1-4df9-a1f6-1e8998389794",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.76,
            "x": 0.12,
            "y": 0.08
          },
          "kind": "table",
          "text": "Consensus Forecasts (2024E-2026E) vs 3MHC Historical Averages (3yr, 5yr, 10yr, 20yr) for Sales, Organic Growth, Adj. EBIT, Margin, and EPS.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0f81c856-22d5-4f20-856b-73bfbc915412",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.7,
            "x": 0.09,
            "y": 0.65
          },
          "kind": "title",
          "text": "Based on Precedent Spins, Solventum's Margin Performance is Near Worst-in-Class",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "deeeb4be-1aa4-4ba0-97ac-94a4c243d536",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.64,
            "x": 0.18,
            "y": 0.05
          },
          "kind": "title",
          "text": "Solventum Consensus Forecasts vs. Historical Performance ($mm)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6578addb-fd12-4bf1-ad5f-cc4f17e11568",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "0a244263-3714-4df8-a56c-3b2f79912e0e",
          "evidence": "The slide presents a table comparing Solventum's consensus forecasts to its historical performance.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:52:22.929845+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 6,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "867c11d3-5c43-41d4-ad2a-d087b0354d05",
          "evidence": "Comparing Solventum's current performance against historical 3M benchmarks and peer spin-off data.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:30.677+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 6,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 7,
      "type": "evidence",
      "title": "The slide combines a quantitative precedent table with qualitative strategic recommendations for the company.",
      "function": "cite_precedent",
      "rawType": "precedent_table",
      "block": null,
      "metadata": {
        "slideType": "precedent_table",
        "slideTypeCanon": {
          "name": "Precedent table",
          "slug": "precedent_table",
          "status": "active",
          "canonId": "019de52d-115e-757e-a38f-486981054171",
          "version": 1,
          "description": null
        },
        "function": "cite_precedent",
        "functionCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-142b-714b-86d4-58aad7b568ec",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 57,
        "componentCount": 7,
        "textChars": 764,
        "nDataPoints": 8,
        "notes": "The slide combines a quantitative precedent table with qualitative strategic recommendations for the company.",
        "elementsJson": [
          "headline_text",
          "data_table",
          "paragraph",
          "bullet_list"
        ],
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:27.075+00",
          "seconds": 6.515,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/7",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-7",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Solventum is not the first company to be spun out of an integrated parent, and the magnitude of the performance decline is far beyond the scope of working through the 3M-specific transition agreements.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-2230883e6546",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.8,
            "x": 0.1,
            "y": 0.55
          },
          "kind": "list",
          "text": "Restoring Performance, Simplifying the Portfolio, Detailing Strategic Priorities, Clarifying Capital Allocation.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6ff24d51-0a8c-4626-a451-c3a45f96d01e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "margin progression: (424bps)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-24aaa2608fa9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.8,
            "x": 0.1,
            "y": 0.28
          },
          "kind": "paragraph",
          "text": "Solventum is not the first company to be spun out of an integrated parent, and the magnitude of the performance decline is far beyond the scope of working through the 3M-specific transition agreements.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "980fe89a-9353-445d-9bae-9483c6acc67a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.1,
            "y": 0.1
          },
          "kind": "table",
          "text": "Precedent Spin Margin Performance (bps) for 1st and 3rd year post-spin compared to Solventum, 25th, 50th, and 75th percentiles.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3cbe6014-56e9-4992-b539-a60a5c28bf7b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.1,
            "y": 0.45
          },
          "kind": "title",
          "text": "The Path Forward",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "30cd33bb-3e66-46a8-8fda-3575d2998d31",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.05
          },
          "kind": "title",
          "text": "Precedent Spin Analysis: Margin Progression vs. Pre-Spin Pro Forma Adj. Margins",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9c546c84-17b1-4ee1-baf2-54394be0f028",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "65ef0c93-3020-482b-9f72-0ba118109c5b",
          "evidence": "Section on Clarifying Capital Allocation regarding deleveraging and dividend policy.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 21:04:27.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 7,
          "frameworkName": "capital-allocation-framework"
        }
      ],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 8,
      "type": "setup",
      "title": "This is a text-heavy slide acting as a formal closing letter from an activist investor.",
      "function": "closing_ask",
      "rawType": "closing_ask",
      "block": null,
      "metadata": {
        "slideType": "closing_ask",
        "slideTypeCanon": {
          "name": "Closing ask",
          "slug": "closing_ask",
          "status": "active",
          "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c",
          "version": 1,
          "description": null
        },
        "function": "closing_ask",
        "functionCanon": {
          "name": "Closing ask (contrarian)",
          "slug": "closing_ask",
          "status": "active",
          "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 54,
        "componentCount": 5,
        "textChars": 2068,
        "nDataPoints": 2,
        "notes": "This is a text-heavy slide acting as a formal closing letter from an activist investor.",
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:27.445+00",
          "seconds": 6.765,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/8",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-8",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "We believe that the Company is best positioned if it moves quickly to simplify its portfolio, but not at the expense of rushing to sell businesses at subpar valuations or based on depressed profitability levels.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-8dcb604a7ab5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.84,
            "x": 0.08,
            "y": 0.41
          },
          "kind": "paragraph",
          "text": "Across growth, margins, portfolio and capital allocation, we believe there is significant opportunity for value creation at Solventum. We hope the Company's management team and Board share our and other shareholders' enthusiasm for Solventum's future and demonstrate that in February with an LRP that reflects the Company's prospects. We look forward to continuing to engage with fellow shareholders, management and the board to ensure that Solventum lives up to its full potential and justifies the promise that existed at the time of its separation from 3M.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.445+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "22338b09-264b-49ef-8b40-1f6b3b25a10b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.25,
            "x": 0.08,
            "y": 0.57
          },
          "kind": "paragraph",
          "text": "Sincerely, Trian Fund Management, L.P.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.445+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8a95eb83-2a90-4d06-92e8-1570bee16015",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.84,
            "x": 0.08,
            "y": 0.05
          },
          "kind": "paragraph",
          "text": "distinct from Solventum's core MedSurg segment, and combined, these businesses account for approximately 45% of the Company's total sales: Dental Solutions, Health Information Systems, and Purification & Filtration. While non-core, we believe these businesses are highly valuable in their own right, and at Solventum's current valuation, we believe that every business inside of the Company is worth a substantially higher valuation multiple than where the whole Company trades today.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.445+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a80c3533-0122-4a24-b174-f0f615fba124",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.22,
            "w": 0.84,
            "x": 0.08,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "We believe that the Company is best positioned if it moves quickly to simplify its portfolio, but not at the expense of rushing to sell businesses at subpar valuations or based on depressed profitability levels. As portfolio complexity is addressed, management will be better positioned to optimize execution at the Company's remaining businesses. Importantly, divestitures can also accelerate the Company's deleveraging and open the door for value enhancing capital allocation decisions. Once the Company de-levers to below 3x net debt to EBITDA, we believe it should initiate a dividend and authorize share repurchases, especially if shares continue to trade at depressed levels. Longer-term, we believe bolt-on M&A, when executed properly, can further drive value creation.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.445+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "adf7b2ef-8459-4c35-aed3-7d774a912b02",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Storytelling: the closing ask",
            "slug": "closing-ask",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-24e0-70ab-8dd9-983832c1c665",
            "version": 1,
            "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d",
            "description": "The single most important slide in the deck — after the cover. The final",
            "familyLabel": "narrative-block",
            "categoryName": "Narrative & Transformation",
            "categorySlug": "narrative-transformation"
          },
          "agent": "storyteller",
          "layer": "slide",
          "agents": [
            "storyteller"
          ],
          "matchId": "947cdd9d-02bf-4eb0-b750-d24a81fb887d",
          "evidence": "The slide presents a clear call to action, outlining the steps that Solventum should take to improve its performance.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 22:52:23.053654+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 8,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 9,
      "type": "setup",
      "function": "front_matter",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 10,
        "componentCount": 4,
        "textChars": 100,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:22.907+00",
          "seconds": 2.223,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/9",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-9",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.35,
            "y": 0.97
          },
          "kind": "disclaimer",
          "text": "© 2025 Trian Fund Management, L.P. All rights reserved.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:22.907+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2b576a45-5aac-4a60-b87a-bc0b65aaf7fe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.09,
            "w": 0.26,
            "x": 0.11,
            "y": 0.81
          },
          "kind": "image",
          "text": "Trian Partners logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:22.907+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4d14d1a3-cd0e-40f9-b586-3fb25edd331d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.64,
            "x": 0.18,
            "y": 0.4
          },
          "kind": "image",
          "text": "Solventum logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:22.907+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8a7016e3-97d8-4eab-b034-2a819a8decac",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.2,
            "x": 0.69,
            "y": 0.83
          },
          "kind": "paragraph",
          "text": "JANUARY 2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:22.907+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b794264b-a633-4691-aacb-499550dd3a3a",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Slide recipe: Cover",
            "slug": "cover-slide",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3",
            "version": 1,
            "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65",
            "description": "The first ten seconds. Build it deliberately.",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "036c806d-4956-49be-adc2-449e2fc32c36",
          "evidence": "The slide serves as a cover page, including the title, date, and logos.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 22:52:23.136588+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 9,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 10,
      "type": "setup",
      "title": "The slide uses a table to summarize the 2023 business mix across four segments: MedSurg, Health Info Systems, Dental Solutions, and Purification & Filtration.",
      "function": "summarize",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 46,
        "componentCount": 5,
        "textChars": 971,
        "nDataPoints": 8,
        "notes": "The slide uses a table to summarize the 2023 business mix across four segments: MedSurg, Health Info Systems, Dental Solutions, and Purification & Filtration.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:23.857+00",
          "seconds": 3.106,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/10",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-10",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.04,
            "w": 0.5,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "disclaimer",
          "text": "Source: Company filings, Trian analysis. Note: Segment financials reflect 2023 figures. Margins reflect pre-spin adjusted operating income margins.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.857+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e0c78ddf-f4e9-4642-8be5-f0fef6beedfd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.28,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "list",
          "text": "While Solventum’s businesses are very different from each other, in many instances, they share attractive business quality characteristics: Invented and continue to define their respective product categories with well recognized brands; #1 positions across the portfolio in consolidated markets; Focused on categories where performance matters, and Solventum’s products perform the best; Products are often low ticket, yet niche, critical, daily-use items and services for customers; Limited direct reimbursement risk across the portfolio; Highly cash generative operations",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.857+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "96a96af4-8bc3-49e8-a999-34256c872539",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EBIT Margin: 33%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-d82327259402",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.52,
            "w": 0.92,
            "x": 0.04,
            "y": 0.39
          },
          "kind": "table",
          "text": "2023 Business Mix table showing Sales, EBIT Margin, Core Products, and Business Highlights for MedSurg, Health Info Systems, Dental Solutions, and Purification & Filtration.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.857+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d76012e0-41d8-4367-9359-9842a51092cd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.75,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Solventum, Formerly 3M Health Care, Owns Advantaged Businesses",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:23.857+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "35cbdf36-98c2-403a-819a-8aa65518d318",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "dfc1d9bc-76b2-41b1-be3f-cd893d58f2f3",
          "evidence": "The slide presents a table showing Solventum's 2023 business mix.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:52:23.216909+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 10,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 11,
      "type": "evidence",
      "title": "The chart includes a table summarizing average organic growth over various time horizons (3, 5, 10, 20 years).",
      "function": "compare_peers",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 56,
        "componentCount": 7,
        "textChars": 677,
        "nDataPoints": 24,
        "notes": "The chart includes a table summarizing average organic growth over various time horizons (3, 5, 10, 20 years).",
        "elementsJson": [
          "headline_text",
          "subtitle_text",
          "line_chart",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:28.241+00",
          "seconds": 7.313,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/11",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-11",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "3M Health Care had grown organically every single year for more than 20 years, even through recessions.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-b83871a7b41b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.68,
            "w": 0.92,
            "x": 0.04,
            "y": 0.22
          },
          "kind": "chart",
          "text": "Organic Sales Growth: 3M Health Care vs. 3M RemainCo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:28.241+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0a561b14-c1a1-4715-8c50-62982d640593",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Organic Sales Growth",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c2-bccec28277ef",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "paragraph",
          "text": "3M Health Care had grown organically every single year for more than 20 years, even through recessions. The business had consistently grown at more than 2x the rate of the rest of 3M, and it delivered that growth at substantially higher profit margins than the rest of 3M.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:28.241+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dc2f79f7-e071-4c4c-ad69-348bee137820",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.5,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings, Trian analysis. Note: Health Care organic growth excludes the pharmaceutical business which was divested in 2006 and 2007.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:28.241+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "50a21981-2ba3-4069-a7bd-b181674dbcd0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.37,
            "x": 0.13,
            "y": 0.36
          },
          "kind": "table",
          "text": "Average Organic Growth table",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:28.241+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6df93c19-b06c-4a7b-b3d8-544ea6ff110f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.68,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Health Care Had Long Been 3M's Best Performing Business",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:28.241+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7c29a6f2-aea9-43b4-a765-3a46a6082b4f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "55157075-7560-4ca8-a1d0-ee43b0ab7983",
          "evidence": "Direct comparison of two business units over time",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:28.241+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 11,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        },
        {
          "to": 15,
          "from": 11,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "e48883c9-3c60-4e4a-9a45-5c0081624b7c",
          "evidence": "Slides 11-15 show the decline in Solventum's performance after spinning out of 3M.",
          "position": 1,
          "objective": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M.",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:55:11.641705+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 12,
      "type": "evidence",
      "title": "The slide uses a 2x2 grid layout to present four distinct analyst perspectives.",
      "function": "cite_precedent",
      "rawType": "cite_precedent",
      "block": null,
      "metadata": {
        "slideType": "cite_precedent",
        "slideTypeCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-12ec-72be-8881-51b438fa76c7",
          "version": 1,
          "description": null
        },
        "function": "cite_precedent",
        "functionCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-142b-714b-86d4-58aad7b568ec",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 69,
        "componentCount": 7,
        "textChars": 1523,
        "nDataPoints": 3,
        "notes": "The slide uses a 2x2 grid layout to present four distinct analyst perspectives.",
        "elementsJson": [
          "headline_text",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:24.655+00",
          "seconds": 3.629,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/12",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-12",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.03,
            "w": 0.15,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "disclaimer",
          "text": "Source: Equity research.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.655+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1f939acc-b872-48c3-98d4-986d779844dc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.45,
            "x": 0.04,
            "y": 0.6
          },
          "kind": "quote",
          "text": "The planned Health Care spin-off... should unlock value... We value Health Care at 13x 2024E EV/EBITDA, consistent with peer multiples...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Testimonial",
              "slug": "testimonial",
              "status": "active",
              "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "testimonial",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.655+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "06934dc8-458a-465b-8df0-f5ea1d677347",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.45,
            "x": 0.51,
            "y": 0.6
          },
          "kind": "quote",
          "text": "The Health Care spin may create value in the long run by ensuring that a decent chunk of MMM's earnings are not subject to the liability question marks... We value Health Care at an EV of $46bn (~17x '23E EV / EBITDA)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Testimonial",
              "slug": "testimonial",
              "status": "active",
              "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "testimonial",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.655+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2b52dd4a-9247-41cf-bc89-f833f54d7691",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.45,
            "x": 0.51,
            "y": 0.14
          },
          "kind": "quote",
          "text": "Of 3M's legacy portfolio, Health Care represented the largest and historically most profitable business... significantly higher optionality to fund organic and inorganic growth.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Testimonial",
              "slug": "testimonial",
              "status": "active",
              "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "testimonial",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.655+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6b176800-af35-4b1d-adde-ea0c9b83b206",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.45,
            "x": 0.04,
            "y": 0.14
          },
          "kind": "quote",
          "text": "Health Care is 3M's most attractive business... By separating Health Care, we think ~40% of 3M's current EV is effectively ring-fenced.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Testimonial",
              "slug": "testimonial",
              "status": "active",
              "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "testimonial",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.655+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f8badf0a-63aa-41c0-a2e4-70bd374e1d25",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "\"Health Care is 3M’s most attractive business. Long-run organic growth, operating profit, capital intensity, and cyclicality are all better than the RemainCo.\" — Bernstein (September 2022); \"Of 3M’s legacy portfolio, Health Care represented the largest and historically most profitable business within 3M given its highly defendable market positions\" — William Blair (July 2022); \"The planned Health Care spin-off, expected late 2023/early 2024, should unlock value... The Health Care spin-off will not have the litigation overhang currently facing 3M.\" — Bank of America (July 2023); \"The Health Care spin may create value in the long run by ensuring that a decent chunk of MMM’s earnings are not subject to the liability question marks.\" — Barclays (July 2022)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c4-6b3e478bb6f1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Recognizing This, 3M Analysts Thought The Separation Would Unlock Value",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.655+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bc9346c0-3247-4033-a19a-31c78723923c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "25f719f1-0b3f-4732-9842-b78b2bb659f4",
          "evidence": "Uses analyst quotes to validate the investment thesis.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:24.655+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 12,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        },
        {
          "to": 15,
          "from": 11,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "e48883c9-3c60-4e4a-9a45-5c0081624b7c",
          "evidence": "Slides 11-15 show the decline in Solventum's performance after spinning out of 3M.",
          "position": 1,
          "objective": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M.",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:55:11.641705+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 13,
      "type": "setup",
      "title": "The slide uses a table to contrast analyst expectations at the time of the spin-off announcement against current market pricing to argue for undervaluation.",
      "function": "preempt_rebuttal",
      "rawType": "precedent_table",
      "block": null,
      "metadata": {
        "slideType": "precedent_table",
        "slideTypeCanon": {
          "name": "Precedent table",
          "slug": "precedent_table",
          "status": "active",
          "canonId": "019de52d-115e-757e-a38f-486981054171",
          "version": 1,
          "description": null
        },
        "function": "preempt_rebuttal",
        "functionCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 61,
        "componentCount": 6,
        "textChars": 1223,
        "nDataPoints": 88,
        "notes": "The slide uses a table to contrast analyst expectations at the time of the spin-off announcement against current market pricing to argue for undervaluation.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "valuation_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:24.684+00",
          "seconds": 3.244,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/13",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-13",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Even at the low-end of estimates, JPM thought the company's equity would be worth ~70% more than where it trades today",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-07c44cf78cec",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.18,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "list",
          "text": "3M research analysts originally modeled this business generating approximately $2.5 billion of EBITDA, well above the $1.9 billion of EBITDA that analysts currently expect for 2025. These estimates were published prior to disclosure of the hundreds of millions of 3M corporate expenses which were previously allocated to Health Care and retained at 3M, which burdened that $2.5bn of EBITDA. A standalone structure should cost significantly less, implying that original estimates for Health Care’s standalone EBITDA could have been even higher",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.684+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "34a1769c-d2d1-4b23-908d-c99db5b391c0",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Implied Share Value: $144",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-0b9a7ecacf13",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Source: Company filings, 3M filings and transcripts, FactSet, equity research, Trian analysis. Note: Where analysts did not make a net debt assumption, we assumed 3.5x leverage, in line with the high end of 3M's guidance. Share counts are based on the current share count. All estimates were made between September 2022 (after the Food Safety divestiture closed) and December 2023.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.684+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c4c7528c-f0d0-40c8-9ffa-b55b634e1f35",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.92,
            "x": 0.04,
            "y": 0.34
          },
          "kind": "table",
          "text": "Original Equity Research Valuation Estimates for 3M Health Care ($bn, except per share)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.684+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5d6eb039-9e2d-4d2c-bc5c-2da509140278",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "3M Analysts Thought Solventum Would Be Spun Out at a ~$145 Share Price",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.684+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b0f6a50a-dafb-4cb4-a769-544555461ece",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "a1357712-109e-411a-a295-5b5a316b7db9",
          "evidence": "The slide anticipates and counters the current market valuation by showing historical analyst consensus.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:24.684+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 13,
          "frameworkName": "preempt_rebuttal"
        }
      ],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        },
        {
          "to": 15,
          "from": 11,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "e48883c9-3c60-4e4a-9a45-5c0081624b7c",
          "evidence": "Slides 11-15 show the decline in Solventum's performance after spinning out of 3M.",
          "position": 1,
          "objective": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M.",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:55:11.641705+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 14,
      "type": "setup",
      "title": "The chart highlights the valuation gap between Solventum and its peers, suggesting the market is underestimating its earnings potential.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 60,
        "componentCount": 6,
        "textChars": 1275,
        "nDataPoints": 14,
        "notes": "The chart highlights the valuation gap between Solventum and its peers, suggesting the market is underestimating its earnings potential.",
        "elementsJson": [
          "headline_text",
          "paragraph",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:27.678+00",
          "seconds": 6.204,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/14",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-14",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Solventum trades at a lower multiple than each of its subsidiary peer groups, and it even trades at a discount to 3M, of which Solventum was historically the best performing part.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-7481f9345896",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.62,
            "w": 0.92,
            "x": 0.04,
            "y": 0.24
          },
          "kind": "chart",
          "text": "NTM Price / Earnings Per Share Multiple",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.678+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "53934013-c614-4d15-8bc2-f2ea428c3074",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NTM Price / Earnings Per Share Multiple: 12.6x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-7a8ce05dad6a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "paragraph",
          "text": "Solventum trades at a lower multiple than each of its subsidiary peer groups, and it even trades at a discount to 3M, of which Solventum was historically the best performing part. These depressed valuations are capitalizing consensus expectations for significantly lower earnings than what we believe this business should be generating.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.678+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e63098e5-b2de-47e9-b58c-565682e66453",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company filings, FactSet, equity research, Trian analysis. Note: Dental peers include Dentsply-Sirona and Envista. US Large Cap Value Med Tech peer group includes Baxter, Zimmer Biomet, GE HealthCare, Teleflex, Medtronic, Hologic and Becton Dickinson. MedSurg peers include Baxter, Teleflex, ICU Medical, Becton Dickinson, Steris, Smith & Nephew and Convatec. Health Info Systems peers include IQVIA and Craneware. Purification & Filtration peers include Sartorious, Donaldson, Danaher, Repligen and Xylem. (1) 3M EBITDA multiple is adjusted to include announced litigation settlements.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.678+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dfbca7e9-f831-4fc8-8d15-eec970eec044",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Instead, Solventum Now Trades at a Discount to Each of its Subsidiary Peer Groups",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.678+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e59e2a9b-8678-4ae3-b2e6-eecb18ff049b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "7fd094d0-4f3f-4a3e-8d58-8ceec827562c",
          "evidence": "Comparing Solventum's valuation multiples against peer groups to highlight a discount.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:27.678+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 14,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Agitate (Make it worse)",
          "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Agitate (Make it worse)",
            "slug": "problem-agitate-solution-agitate-make-it-worse",
            "status": "active",
            "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Development",
            "slug": "development",
            "status": "active",
            "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1",
            "version": 1,
            "description": "The middle stretch in arcs that have one. Often where length problems creep in."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        },
        {
          "to": 15,
          "from": 11,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "e48883c9-3c60-4e4a-9a45-5c0081624b7c",
          "evidence": "Slides 11-15 show the decline in Solventum's performance after spinning out of 3M.",
          "position": 1,
          "objective": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M.",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:55:11.641705+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 15,
      "type": "evidence",
      "title": "The slide uses a before-after framing to argue that the spin-off has resulted in performance degradation rather than the expected improvement.",
      "function": "expose_gap",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "expose_gap",
        "functionCanon": {
          "name": "Expose gap",
          "slug": "expose_gap",
          "status": "active",
          "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 71,
        "componentCount": 8,
        "textChars": 1012,
        "nDataPoints": 6,
        "notes": "The slide uses a before-after framing to argue that the spin-off has resulted in performance degradation rather than the expected improvement.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:24.722+00",
          "seconds": 2.896,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/15",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-15",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "We often see spins lead to step-change improvements in performance, but Solventum’s performance has taken a considerable step backwards relative to how it performed as part of 3M",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-3d9a1cef1ee0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.92,
            "x": 0.04,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Organic Growth, Adj. EBIT Margin, and Unlevered FCF comparison",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.722+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ff1b87df-bb6a-4add-b530-3c87c1b5c77f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.26
          },
          "kind": "list",
          "text": "We find this disappointing given our belief that Solventum has greater opportunities to deliver improved performance than many of the spins with which we have previously been involved in",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.722+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "37c5158b-c850-4e6a-b4d8-6b090b3398d2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "list",
          "text": "We often see spins lead to step-change improvements in performance, but Solventum's performance has taken a considerable step backwards relative to how it performed as part of 3M",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.722+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "648527c5-580e-49dc-a432-ee611847100a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "list",
          "text": "We believe Solventum was not living up to its potential inside 3M, as the business had 4 different CEOs over its last 5 years, struggled through two large acquisitions, and lacked focus inside of 3M's conglomerate structure",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.722+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f2ec162f-cb8e-4375-b7ef-4f7b1144d1cb",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Organic Growth: 3.0%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-42f43a716520",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.9
          },
          "kind": "source-note",
          "text": "Source: Company filings, Trian analysis. Note: 2024E guidance reflects midpoint of stated ranges...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.722+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "11097c6f-d417-456a-90da-cb96efa1bf4a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.7,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Solventum is Performing at a Lower Level Than It Did as Part of 3M",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.722+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4b9869a0-42ea-46b3-a6c5-1dc818ad2e80",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "78063c5f-3aa1-43e1-a867-e6eee46a285c",
          "evidence": "Compares historical performance (before) to revised 2024 guidance (after) to show decline.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 21:04:24.722+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 15,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        },
        {
          "to": 15,
          "from": 11,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "e48883c9-3c60-4e4a-9a45-5c0081624b7c",
          "evidence": "Slides 11-15 show the decline in Solventum's performance after spinning out of 3M.",
          "position": 1,
          "objective": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M.",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:55:11.641705+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 16,
      "type": "tension",
      "title": "The chart uses a waterfall-style ordering (descending) to emphasize the current low performance.",
      "function": "diagnose_problem",
      "rawType": "problem_statement",
      "block": null,
      "metadata": {
        "slideType": "problem_statement",
        "slideTypeCanon": {
          "name": "Problem statement",
          "slug": "problem_statement",
          "status": "active",
          "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4",
          "version": 1,
          "description": null
        },
        "function": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 55,
        "componentCount": 6,
        "textChars": 955,
        "nDataPoints": 40,
        "notes": "The chart uses a waterfall-style ordering (descending) to emphasize the current low performance.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "bar_chart_vertical",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:25.778+00",
          "seconds": 3.904,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/16",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-16",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.45,
            "x": 0.39,
            "y": 0.405
          },
          "kind": "callout",
          "text": "Organic sales growth over the last twelve months has constituted the Company's slowest LTM growth rate in over a decade, excluding the COVID-19 lockdowns",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.778+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a5176932-7809-4969-818d-69d1d3451f95",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.31
          },
          "kind": "chart",
          "text": "Solventum LTM Organic Growth Over The Last Decade (40 Quarters)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.778+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "19dc148f-d725-4182-ba0d-1ce411a84dcc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "list",
          "text": "Solventum's organic growth over the last twelve months (\"LTM\") has been the slowest of any period over the last 10 years, except for two periods which were impacted by the COVID-19 lockdowns\nThis disappointing organic growth comes despite Solventum's core hospital end markets performing better today than during most of these historical periods, and the Company having already started increasing investments in growth",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.778+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3fdc5a9f-cd6e-46fe-92e4-143e7be94c9a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "LTM Organic Growth: 0.4%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-5e1da762df6b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings. Note: LTM organic growth calculated as simple average of the last four quarters of reported organic growth for 3M's Health Care Segment until 1Q'24, and Solventum's reported organic growth for 2Q24 and 3Q24.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.778+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b1fc0e87-4750-4b1f-9e7a-5ca7bf476b93",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.7,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Solventum's Recent Organic Growth is the Slowest in Over a Decade",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.778+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d63ad372-17c4-49c9-9370-cf042e24de31",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "855d577c-9ef0-4ebc-8d58-858613ba83c6",
          "evidence": "The slide identifies a performance problem and contrasts it with market conditions to diagnose the issue.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 21:04:25.778+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 16,
          "frameworkName": "diagnostic-test"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 17,
      "type": "tension",
      "title": "The slide highlights a discrepancy between analyst expectations and historical performance to argue for better potential.",
      "function": "expose_contradiction",
      "rawType": "comparison_table",
      "block": null,
      "metadata": {
        "slideType": "comparison_table",
        "slideTypeCanon": {
          "name": "Comparison table",
          "slug": "comparison_table",
          "status": "active",
          "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2",
          "version": 1,
          "description": null
        },
        "function": "expose_contradiction",
        "functionCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-171f-776f-887c-73edaff4cf9c",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 59,
        "componentCount": 7,
        "textChars": 751,
        "nDataPoints": 24,
        "notes": "The slide highlights a discrepancy between analyst expectations and historical performance to argue for better potential.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "comparison_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:27.984+00",
          "seconds": 5.984,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/17",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-17",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "It is perplexing that both growth and margins can be down so much – despite better end markets and significant reinvestment opportunities.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-929b86ed6fd5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.88,
            "x": 0.08,
            "y": 0.18
          },
          "kind": "list",
          "text": "Organic Growth: Expected organic growth of ~1% is well below historical averages of 3-4%\nEBIT Margins: A 2026 exit EBIT margin of 20% is (600bps) to (700bps) below historical averages",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.984+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3353cdcc-f429-448e-88e8-305f6e517250",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EBIT margin: 20%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-97dc7a25cb27",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "paragraph",
          "text": "Consensus expectations, which are influenced by how the Company has positioned itself to analysts, are far worse than how these businesses have performed historically",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.984+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3412e212-d752-4486-b313-3addabbda839",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company filings, FactSet, equity research. Note: Figures represent average of estimates available on FactSet.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.984+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "679c89a8-3045-427e-841b-a3799d0b0225",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.92,
            "x": 0.04,
            "y": 0.45
          },
          "kind": "table",
          "text": "Solventum Consensus Forecasts vs. Historical Performance ($mm)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.984+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1c69dc76-7083-40f9-9d8f-ab82c9741a3f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Expectations Remain Disconnected from Historical Business Performance",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:27.984+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4cefe201-d176-4e30-85cf-f4eea012c5b6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Comparison frame",
            "slug": "comparison-frame",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
            "version": 1,
            "bodyDocId": null,
            "description": "Two or more states/subjects placed side by side to expose a gap.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "937378ea-b097-4076-8bea-12d1864916b6",
          "evidence": "Consensus expectations, which are influenced by how the Company has positioned itself to analysts, are far worse than how these businesses have performed historically",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:52:34.000267+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "ae2cb93c-37ec-42fc-a3ea-c9679f44ab2c",
          "evidence": "Direct comparison between consensus forecasts and historical performance metrics.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:27.984+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 18,
      "type": "setup",
      "title": "The chart highlights Solventum's outlier performance in margin deterioration compared to historical precedents.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 52,
        "componentCount": 6,
        "textChars": 808,
        "nDataPoints": 35,
        "notes": "The chart highlights Solventum's outlier performance in margin deterioration compared to historical precedents.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "bar_chart_vertical",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:24.919+00",
          "seconds": 2.712,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/18",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-18",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.3,
            "x": 0.52,
            "y": 0.74
          },
          "kind": "callout",
          "text": "Solventum’s margin deterioration would rank as the 3rd worst",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.919+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3314baf4-2126-45ca-bad0-14337ee61323",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.48,
            "w": 0.92,
            "x": 0.04,
            "y": 0.34
          },
          "kind": "chart",
          "text": "Spin-Outs >$5bn Market Cap Since 2014: 1st Standalone Year vs. Pre-Spin Pro Forma Adj. Margin",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.919+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d2ef21cf-b380-4929-87b1-c1c199a53a59",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "operating margin: (424bps)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-b392ad8a20a6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.13
          },
          "kind": "paragraph",
          "text": "To put Solventum’s expected margin decline into context, we benchmarked it against every US primary listed spin over the last 10 years (through 2023) with a market cap >$5bn when spun, excluding companies in the energy and balance sheet financials sectors",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.919+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "43c3ee18-15b9-4113-b5f1-44a729f9d5fc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.89
          },
          "kind": "source-note",
          "text": "Source: FactSet, equity research, Company filings, Trian analysis. Note: Analysis compares the standalone pro forma adjusted operating margin in the last fiscal year pre-spin vs. the actual reported adjusted operating margin in each company’s 1st full standalone year.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.919+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aca7b59e-462d-4b7d-8772-effa63b867d5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Solventum’s Expected Margin Decline Would Mark the Worst Performance of Almost Any Spin in the Last Decade",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.919+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4f65d95d-d41a-452c-9746-5bdc4cc5e3f2",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "2x2 matrix",
            "slug": "matrix-2x2",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8",
            "version": 1,
            "bodyDocId": null,
            "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "8e697a26-9356-4082-b639-206d196623ca",
          "evidence": "Spin-Outs >$5bn Market Cap Since 2014: 1st Standalone Year vs. Pre-Spin Pro Forma Adj. Margin",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-16 22:52:34.076782+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 18,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "58a7b351-52e4-4040-96f0-c324103cabac",
          "evidence": "Benchmarking Solventum against historical spin-off performance data.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:24.919+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 18,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 19,
      "type": "setup",
      "title": "The slide uses a 'Precedent Spin Analysis' to justify a 27% margin target for Solventum.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 45,
        "componentCount": 6,
        "textChars": 646,
        "nDataPoints": 14,
        "notes": "The slide uses a 'Precedent Spin Analysis' to justify a 27% margin target for Solventum.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "comparison_table",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:25.032+00",
          "seconds": 2.792,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/19",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-19",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.62,
            "x": 0.34,
            "y": 0.76
          },
          "kind": "callout",
          "text": "It would not be unreasonable for Solventum to consider 75th percentile performance, implying a 27% margin, as an internal stretch target.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "64770137-4d54-4604-9319-d3326a58830f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.9
          },
          "kind": "disclaimer",
          "text": "Source: Trian analysis and diligence. Note: In instances where the spun company has not yet reached its 1st or 3rd full year post-spin, consensus is used as a proxy...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1c7b1ab1-ad67-4215-8665-9ab2f38e41ec",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EBIT Margin: 19.9%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c4-7e7c5f9fa9d1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "paragraph",
          "text": "Solventum's margin performance is expected to be near worst-in-class, despite what we believe are greater opportunities to right-size costs and realize savings than most spins over the last decade",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "43366864-7df0-4bed-8788-b2b5df4d703f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "table",
          "text": "Precedent Spin Analysis: Margin Progression vs. Pre-Spin Pro Forma Adj. Margins",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5b30994d-6f06-4eb8-9325-fc5a5a8f21cc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.6,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Solventum's Margins in the Context of Other Spins",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "29799df7-b3e8-4eb4-a774-3d9b66e5e7d8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "953c856c-a5d3-4c7f-96cb-12b070b96ac7",
          "evidence": "Compares Solventum's projected margins against 25th, 50th, and 75th percentile benchmarks of other spin-offs.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 21:04:25.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 19,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 20,
      "type": "setup",
      "title": "The slide uses a bar chart to compare historical Solventum allocations against peer benchmarks, arguing that Solventum was over-allocated costs by 3M.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 73,
        "componentCount": 8,
        "textChars": 1078,
        "nDataPoints": 8,
        "notes": "The slide uses a bar chart to compare historical Solventum allocations against peer benchmarks, arguing that Solventum was over-allocated costs by 3M.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "bar_chart_vertical",
          "callout_box"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:25.243+00",
          "seconds": 2.984,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/20",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-20",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Solventum's corporate cost allocations were much larger than what either Covidien or GE HealthCare were allocated inside of their former parent companies",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c4-00798665e7e2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.45,
            "x": 0.05,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Corporate Allocations as % of Sales",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.243+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c905758b-d948-4b68-9ac5-4f732ed47670",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.45,
            "x": 0.52,
            "y": 0.35
          },
          "kind": "list",
          "text": "Solventum's corporate cost allocations were much larger than what either Covidien or GE HealthCare were allocated inside of their former parent companies. In fact, Solventum's corporate cost allocations increased over time. In conjunction with Solventum's separation, 3M launched its biggest restructuring effort ever.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.243+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4e28b4d1-910f-41d6-b7af-5196d8d8c10e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Corporate Allocations as % of Sales: 10.4%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c4-04dc87a168a6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.9,
            "x": 0.05,
            "y": 0.16
          },
          "kind": "paragraph",
          "text": "We believe that these allocated costs offer a significant opportunity for Solventum to right size its overhead structure as an independent entity, realize savings and reinvest those savings in driving faster organic growth",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.243+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b3d4f952-8096-4d90-863d-00c63f062d43",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.1
          },
          "kind": "paragraph",
          "text": "Inside of 3M, Solventum had a large corporate cost allocation (approximately 1,000 basis points) – the vast majority of which was SG&A-related (approximately 800 basis points)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.243+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e0db4073-3acf-46cf-a0d6-4cbd226847b7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings, equity research, Trian analysis.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.243+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5eb6c267-8ce0-4fdf-a494-45625e7508e1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "3M Cost Allocations Offer a Significant Savings and Reinvestment Opportunity",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.243+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ec49d7ea-36e5-4747-9242-a04d607a9fc8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "8860e2b2-308d-457c-85ef-923ffb46ba66",
          "evidence": "Comparing Solventum's cost structure against Covidien and GE HealthCare to highlight inefficiency.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 21:04:25.243+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 20,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 21,
      "type": "setup",
      "title": "Uses case studies of GE and DuPont/Axalta to argue for corporate spin-offs.",
      "function": "preempt_rebuttal",
      "rawType": "preempt_rebuttal",
      "block": null,
      "metadata": {
        "slideType": "preempt_rebuttal",
        "slideTypeCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-1225-7368-af32-6381fddabdb3",
          "version": 1,
          "description": null
        },
        "function": "preempt_rebuttal",
        "functionCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 79,
        "componentCount": 9,
        "textChars": 1115,
        "nDataPoints": 7,
        "notes": "Uses case studies of GE and DuPont/Axalta to argue for corporate spin-offs.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "quote_block",
          "bar_chart_vertical",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:25.279+00",
          "seconds": 2.967,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/21",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-21",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "The carved out entity reported EBITDA that was $229 million higher than what was reported in the same year inside DuPont, meaning 500bps of costs were allocated to Axalta and stayed at DuPont",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-e0aecf7c85da",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.45,
            "x": 0.05,
            "y": 0.5
          },
          "kind": "chart",
          "text": "R&D Investment and Adj. EBIT Margin for GE HealthCare",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.279+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aeb11e2a-99b2-4cf4-9bf0-de63015f997a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.4,
            "x": 0.55,
            "y": 0.45
          },
          "kind": "chart",
          "text": "Axalta EBITDA ($mm) comparison",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.279+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8f872755-7597-412b-a719-47c1d6728530",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.15
          },
          "kind": "list",
          "text": "GE's Spin of GE HealthCare and DuPont's Sale of Coatings",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.279+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "43bfaeec-a3a6-480c-bcf2-46ae3c80c3cb",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EBITDA / Margin: 500bps",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-e8f9542fd49a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.43,
            "x": 0.06,
            "y": 0.3
          },
          "kind": "quote",
          "text": "So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.279+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6b677c90-dec5-4469-90c6-520e0b6c670b",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "\"So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate. And furthermore, we really get to optimize things for us specifically versus a broader organization. And so part of the reason we're going to be able to expand margin are some of the benefits of becoming a stand-alone company.\" — GE HealthCare (January 9, 2024)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c3-e6cf8563254f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings, equity research, Trian analysis.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.279+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fe3a48fc-aa15-443e-8a10-c6f61d188875",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Companies With Smaller Corporate Allocations Have Seen Meaningful Benefits",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.279+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "367e0093-292b-461c-8e65-cd83ef1d1a90",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "2c6dad84-0e5a-4c72-842e-6bc418e00314",
          "evidence": "Uses case studies of corporate spin-offs to demonstrate value creation.",
          "framework": null,
          "confidence": 0.95,
          "extraction": {
            "at": "2026-05-02 21:04:25.279+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 21,
          "frameworkName": "breakup-spinoff"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 22,
      "type": "evidence",
      "title": "The slide uses a before-after structure to highlight the deterioration of Solventum's growth relative to peers.",
      "function": "diagnose_problem",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 77,
        "componentCount": 8,
        "textChars": 1391,
        "nDataPoints": 6,
        "notes": "The slide uses a before-after structure to highlight the deterioration of Solventum's growth relative to peers.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:26.192+00",
          "seconds": 3.613,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/22",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-22",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "3M’s MedSurg segment used to deliver leading organic growth. Today, peers and end markets are performing better than in prior periods, yet Solventum’s MedSurg business is performing worse",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c4-423f38c3d6eb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.45,
            "x": 0.04,
            "y": 0.35
          },
          "kind": "chart",
          "text": "2015 – 2021 Organic Growth",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:26.192+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bc674ad5-028e-4ffc-b60a-113cea4049d4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.41,
            "x": 0.55,
            "y": 0.35
          },
          "kind": "chart",
          "text": "2021 – YTD 2024 Organic Growth",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:26.192+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e7e12722-3f95-41db-9bd6-68bbd6eb2b2e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "list",
          "text": "3M’s MedSurg segment used to deliver leading organic growth. Today, peers and end markets are performing better than in prior periods, yet Solventum’s MedSurg business is performing worse",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:26.192+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1c2e715d-3adb-4354-86de-a0b0a1ab0fd8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "list",
          "text": "We believe Solventum’s leading market position and superior product performance give it an advantage, and organic growth can be re-accelerated through increasing investments in the sales force, innovating into adjacent product categories, and driving adoption through expanding use cases and developing international markets",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:26.192+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ce2ec211-b922-4828-962b-a1ec9a4c25e8",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "organic growth: 1.8%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c4-466fdb07f0ae",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company filings, Trian analysis. Note: The majority of the Company's Wound Care business was acquired for $6.7 billion in 2019 (Acelity). YTD 2024 organic growth is annualized to represent a full year. (1) Wound Care peers include Smith & Nephew's “Advanced Wound Management” segment, ConvaTec's “Advanced Wound” segment and Coloplast's “Wound & Skin” segment. (2) Infection Prevention & Surgical Solutions peers include Becton Dickinson's “Medical” segment, Baxter's “Medical Products & Therapies” segment and Teleflex' “Surgical” segment.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:26.192+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2dd38999-68e1-4353-ab93-f03a5506b8e1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Overhead Cost Savings Should Be Reinvested to Drive Growth at MedSurg",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:26.192+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fb9c4e56-49c0-47c3-b341-41255dca0535",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "126543b6-3059-4476-8e11-8a1c0e956a36",
          "evidence": "The slide explicitly compares two time periods (2015-2021 vs 2021-YTD 2024) to illustrate a performance gap and propose a solution.",
          "framework": null,
          "confidence": 0.95,
          "extraction": {
            "at": "2026-05-02 21:04:26.192+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 22,
          "frameworkName": "before-after-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 23,
      "type": "setup",
      "title": "Includes a 'Restoring Performance' WholeCo Valuation Analysis table with supporting commentary.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 84,
        "componentCount": 9,
        "textChars": 1536,
        "nDataPoints": 8,
        "notes": "Includes a 'Restoring Performance' WholeCo Valuation Analysis table with supporting commentary.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "valuation_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-17 03:32:55.139+00",
          "seconds": 3.857,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/23",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-23",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c4-25974ede0bbb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.89
          },
          "kind": "disclaimer",
          "text": "Source: Company filings, Trian analysis. Note: Although the above analysis represents Trian's estimate... this presentation does not recommend the purchase or sale of any security.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-17 03:32:55.139+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "06f26c60-fbf0-4ba3-afe6-a8f5416cb5fa",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.46,
            "x": 0.5,
            "y": 0.4
          },
          "kind": "list",
          "text": "In line with the last 3 and 5 years inside of 3M; Assumes savings from 3M corporate cost allocations are reinvested in growth; Assumes no share repurchases or M&A; Opportunity to earn a higher multiple; Simplifying portfolio can lead to higher multiple.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-17 03:32:55.139+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8b4669db-3968-41d5-81c9-9ffad45ba721",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "list",
          "text": "We believe that Health Care was not living up to its potential inside of 3M - it had 4 CEOs over 5 years and lacked focus inside of 3M's conglomerate structure. Still, the business grew +3% organically at a 26% average EBIT margin over this period.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-17 03:32:55.139+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "962d0f4d-9895-4d0d-91ce-ce38cffc865a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Potential Implied Share Value: $140",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:51:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-ee38-728b-98c4-286bd6e86dfb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.21
          },
          "kind": "paragraph",
          "text": "If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-17 03:32:55.139+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a78403d5-07fb-4f71-8f17-3f55eeb6b58d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.45,
            "x": 0.04,
            "y": 0.4
          },
          "kind": "table",
          "text": "Sales $9.2bn, % organic CAGR 3.0%, Adj. EBIT $2.4bn, % margin 26%, Adj. EPS $9.33, NTM Adj. EPS $9.33, NTM P/E Multiple 15.0x, Potential Implied Share Value ~$140, Implied FCF Yield ~6.7%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-17 03:32:55.139+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "885437a5-779d-42ea-831d-8ed1b0afa0b4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "By Restoring Performance, We Believe Solventum's Value Per Share Can Double",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-17 03:32:55.139+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "62fbba79-26ea-4b1f-9fb9-fce018d6f32e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.04,
            "y": 0.34
          },
          "kind": "title",
          "text": "Solventum \"Restoring Performance\" WholeCo Valuation Analysis",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-17 03:32:55.139+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "df535061-3255-41e8-82b4-5174372be119",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "68e933db-cf8b-4a09-8aab-6bdc37cbfa93",
          "evidence": "Presents a structured valuation bridge from sales/EBIT to implied share price.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 03:32:55.139+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 23,
          "frameworkName": "valuation_table"
        }
      ],
      "arcBeats": [
        {
          "to": 23,
          "arc": {
            "name": "Problem-Agitate-Solution",
            "slug": "problem-agitate-solution",
            "status": "active",
            "bestFor": "Sales pitches, urgency-driven, competitive displacement",
            "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Solution (Provide relief)",
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "matchId": "54c36245-fc4d-4b60-b18f-b8821597fc31",
          "beatType": {
            "name": "Solution (Provide relief)",
            "slug": "problem-agitate-solution-solution-provide-relief",
            "status": "active",
            "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.9
        }
      ],
      "loops": [
        {
          "to": 23,
          "from": 2,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 21:55:11.608775+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 24,
      "type": "appendix",
      "function": "appendix",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "appendix",
        "functionCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 3,
        "componentCount": 2,
        "textChars": 49,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "data_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:24.727+00",
          "seconds": 1.883,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/24",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-24",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.825,
            "w": 0.924,
            "x": 0.038,
            "y": 0.098
          },
          "kind": "table",
          "text": "Acronym and Definition table",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.727+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0cb95993-47c1-4253-8541-0e7600e82502",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.273,
            "x": 0.038,
            "y": 0.044
          },
          "kind": "title",
          "text": "Appendix: Definitions",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:24.727+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c8dfe936-3745-4dff-9c2b-108b9ee56203",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 25,
      "type": "appendix",
      "function": "appendix",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "appendix",
        "functionCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 8,
        "componentCount": 2,
        "textChars": 290,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:04:25.018+00",
          "seconds": 2.092,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/25",
        "deck": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-25",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.85,
            "w": 0.92,
            "x": 0.04,
            "y": 0.1
          },
          "kind": "disclaimer",
          "text": "Except as otherwise set forth in the press release or the accompanying letter and presentation, the views expressed in the press release or the accompanying letter and presentation reflect the opinions of Trian Fund Management, L.P. and its affiliates...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.018+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9bc3208c-9d4b-4580-837b-6d53ab5186a3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Appendix: Disclaimer and Disclosures",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:04:25.018+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "352245c3-682b-4ca9-9275-1a3fd6265860",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 2,
      "to": 5,
      "label": "Problem (Identify pain)",
      "description": "Slides 2-5 highlight Solventum's underperformance and decline in performance since spinning out of 3M."
    },
    {
      "from": 6,
      "to": 14,
      "label": "Agitate (Make it worse)",
      "description": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration."
    },
    {
      "from": 15,
      "to": 23,
      "label": "Solution (Provide relief)",
      "description": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal."
    }
  ],
  "loops": [
    {
      "from": 2,
      "to": 23,
      "label": "Cost Of Inaction",
      "description": "The cost of inaction is a decline in shareholder value."
    },
    {
      "from": 11,
      "to": 15,
      "label": "Before After",
      "description": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M."
    }
  ]
}